New-York tribune., 1921-12-22
ADVERTISEMENT

cities will take care of themselves.
Now that the United States has re-
stricted the inflow into that country,
now that Great Britain has awak-
ened to the advantage of directing
her emlgrants to outer parts of the
empire, the time seems opportune
for Canadian agencies of all kinds
to exhaust every effort to turn the
stream to our shores, so that our
vast uncultivated arabic TERRITORY
may be populated and made produc-
tive"
General Manage Address
Sir Frederick Williams-Taylor
the General Manager, in his address
to the shareholders referred more
particularly to the affairs of the
Bank and the manner in which
the various developments of the
year had been met. Of special
interest was the announcement re-
gardlng the unusual banking condi-
tions which had prevailed during
the past year, and in this connection
Sir Frederick said:--
Inevitably, losses brought about
through the unprecedented drop in
the price of commodities and the
heavy decline in the market value of
securities have in many instances
fallen indirectly upon the banks.
More money has been lost by
foreign banking institutions operat-
ing in certain directions abroad
than ever before in a similar period
in any country.
u think it may be asserted that in
Canada banks generally have been
more fortunate when compared
with those Of other countries, and
while doubtless all Canadian banks
have lost money in loan accounts
that have gone bad during the past
year, no disaster has developed"
Reviewing the general conditions
in the country, Sir Frederick
pointed out the necessity of paving
the penalty of having mortgaged
our future in the building Of su-
perluous railways and in other ex-
travagances. Summing up the stu
alton in this regard, Sir Frederick
said in part
AS regards the outlook in Canada
the prospect as affecting Canadian
business generally, l have no desire
to join the list of oracles who pre-
diet the date when normal condi-
tlons will be restored. For one
thing, values are out Of joint. Our
main dependence is on our natural
resources, and at present the pur-
chasing power Of the products
thereof is at the lowest level
reached for several years past. On
the other hand, we still have with
us high prices in other directions,
while retail prices generally are
conspicuously out of line.
1T is all very well to talk about
our vast resources, but we as a
people have pledged those resources
and wasted our substance to an ex-
tent only now being realized. Evi-
dence of this is, first, in the great
sum Of nearly two hundred million
dollars annually sent abroad to
meet the interest on our debts; and,
second, that our dollar is at a seri-
Gus discount in the United States,
with which country we trade so
heavily.
"The Canadian resources that re-
main intact are the manhood of the
Dominion and the industry and am
bition of our citizens. In these re-
spects Canada is still rich. and, hav-
ing learned our lesson from that IN
exorable teacher, stern experience,
we shall emerge from our difficulties
in time, wiser nation, and then
proceed to the full development of
great Inheritance on a sound and
sure basis, turning the experience
of the past to the advantage of the
future"