The Canadian Government has been trying, not without some difficulty, to explain ils position in regard to the sanctions adopted: by the League of Nations against Italy. The necessity for this arose out of the fact that it had been stated that it was Canada that had taken the Initiative In_pro: posing the sanction kaying reference fo el coal, Iron and steel exports 19 Moly.
Mr. Ernest Lapointe, Acting Prime. Minister during Mr. King's absence fon vacation, pointed out that the suggestion made to, the committee of the League by De. W. A. Riddell Canada's permanent "dciogate Geneva, was in expression of his personal opinion, The suggestion. that this personal opinion should be taken og the view of the Dominion Govern: ment was quite erroneous, according to Mr. Lapointe, although he hesitated to say what the view of the Govern ment actually was. He felt, however. that the Government did not intend to take the initiative in proposing extension of the sanctions being Imposed.
Mr, Lapointe went on to say that tke Canadian Government had declared. lis "continued and firm ad~ hherence {0 the fundamental aims and deals of the League of Nations and {lg Intention to make participation in the Teague the cornerstone of its foreign policy in the generat feld." Further, successive Canadian Governments had opposed tke view that the League's central purpose. should be to guarantee the territorial status quo and to reply upon force for the maintenance of peace, without dissent: from "any appreciable section of Parliamentary or public opinion."
Inferential Statement This statement of policy cannot pass without some comment. It infers, if it dace not ne tually state, that the Canadian representative. ai Geneva is mainly an observer. Wh: hho says inthe committees of which he Isa member must not be taken {00 seriously, since the haire Gor ment may Told another view, and can quite readily discredit the atslements made at Geneva.
Of course It|{ probably true that the viewpoint a much safer one. But it should Be, mutch mare clearly defined. Cana~ dri's foreign polley Is at present very vague and uneerialn, and might wei: bbe clarified botare ether important lames come up for discussion, Tie annual meeting of the Bank of Montreal took mince this week, and the addresses reflected the mors confident tone in ancial elretes. "The president, Sir Charles Gordon, noted In his: remarks that the year tad been one of fairly steady recovery in trade. although. tke expansion was not marked ug that during 1994. Despits this fuct ko declared that all the most Important problems in Canada's national affairs "remain. to be. deall with. These problems he mentioned og being the oilway. striation, employment, the wheat surplus and newsprint. And he felt that what the people at iarte wanted to know not what can not be dane abou these matters, bul what can be done.
Rewspapers might continue to buy [their material at less than cost.
'AS a summing up of his address. Sir Charles Gordon emphasized thai one of the major planks in the plat~ form of the Likeral party was the definite and. emphatic promise balance the budget. Me referred to) the example sot by Great Britain in this Fegard, and said that the Cana-people are entitled to look for 'a_similar fulfilment of a similar Objective by the new Government at Tu presenting the report of th: Joint general manorers. Mr. Dodds Feviewed the annual statement of the thank, and discussed seme of itt salient features. The main changes In the balance sheet arose out of the establishment of the Bank of Canada The gold and coin held by the Bank Jot Montreal, which stood al ove $15,000,000 a" year ago had now drop: ped to some $1,700,000.
Current Loans not Active Current Jonns had not been partie cularly rative, die. to the tendency for such loans to lag after a lon period of depression begins to. brea" lip. Customers, Mr. Dodds declared tend to use up their own accom= mulated funds before they seek capita Clsewrore. And he also. felt that Canadians. through' exchange opera Hons oF otherwise. were. using for-feign funds obtainable at very low rates. He heped that this practice would turn out less disastrously than did for many in. years gone by when the Tow rates elsewhere blind:! them ta the risks involved in borrow: Ing outside the country.
"Me. Dodds stated that there hag been' a heavy charge on tee bank' turds on account of Increased taxa Wu. and In thie connection suemested that there had been a Tons delft from the original Intention of taxing to] cover slate and municipal essentia! expenditures. He said'—"The burden of taxation Imposed by our numerous governing bevlies Fos grown to the: point where It consumes capital re-Sources, saps energy and enterprise Giscourages Industry. production ant construction. and thereby -Inereases unemployment. Direct and Indirert taxpayers are beginning to take a Uveller interest in what Is being done with their hard-earned money, an. taxing bodies are beginning to realiz: that, unless taxes are" reduced by effecting economies in public expendi tures. the source of taxation wil ultimately be dried up:
Text read from the printed page and cleaned; old type leaves the occasional error.