Bulletin mensuel de la Chambre de commerce française au Canada, 1 janvier 1966, Juin

REVUE DE LA CHAMBRE DE COMMERCE r AU CANADA JUIN 1966, No 588 « ^ m .*1 *$ CN » 4 # $# # ' = = He said it may seem strange that the company is competing with U S.firms “who are so well established," but stressed that the French manufacturers are convinced that their equipment is not only well-constructed but in many cases completely new, unavailable elsewhere.L e plus caauo ocscnu ou monde AIR FRANCE Service PDS 1, Place Ville-Marie Montréal, Veuillez m'adresser gratuitement les brochures en couleur sur vos vacances européennes à prix réduits hors saison.Adresse_________________ Ville___________________ Mon agent de voyage est Province.Science teachers from all over Quebec are visiting the exhibit.22 CHAMBRE DE COMMERCE FRANÇAISE AU CANADA RESEARCH AND DEVELOPMENT : A MAJOR ATLANTIC ISSUE cent.Germany spent about 10 per cent, and the proportion was even lower in Belgium and the Netherlands.Science and technology officials of the OECD member countries (Organization for Economic Cooperation and Development) decided in January to study ways to bridge the gap in research and development between the United States and Western Europe.Some “spin-off” effects from space and military research and development are expected to benefit normal civil research objectives, the reports said.However, considerable controversy exists over the extent of these indirect gains.“It is in fact probably much too early to make any satisfactory estimate as, at least in case of space research, the effects are likely to be long-term rather than short-term." The report pointed out, however, that heavy expenditure was not alone a guarantee of success since efficiency of research and quality of research manpower could vary greatly.Some American ces have suggested that the efficiency of basis research is higher in Europe but that development work is more efficient in the United States, the study said.The OECD ministers agreed in Paris on the need to examine national policies affecting the migration of scientists, the flow of technical information between countries and the influence of government research competition.The recommendation was based on the findings of a recent OECD publication, The Research and Development Effort in Western Europe, North America, and the Soviet Union." The report compared the amount of financial and human reserves devoted to research and development.known in industry as R & D.on the basis of statistics available in 1962.Western European countries included in the study were Belgium, France.Germany, Great Britain and the Netherlands.sour- The greater size of large American firms, pared with their European competitors, gives the United States a significant advantage particularly for large scale or expensive development work requiring highly specialized equipment.The report said, how' that some economists and scientists believe unfavorable environment com- The findings were considered experimental and tentative because data in this field have only been recently collected and national procedures still vary.Due to differences in research costs, the report used a “research exchange rate” for effective expenditure comparisons.ever.that the large firm is an for successful research and that the small firm has significant advantages, at least in the early stages of basic and applied research." U.S.Spending Tops Western Europe’s At official exchange rates, the United States spent in 1962 about four times as much on research and development as Western Europe and probably about three or four times as much as the USSR.However, at the research exchange rate, the United States spent only about two and a half times as much as Western Europe and perhaps only 20 per cent more than the URSS.On the other hand, possible economies may be obtained in a large, single country, such as the United States or the USSR, which cannot be gained to the same extent in the separate states of Western Europe, the report pointed out.There are no doubt a number of research functions normally performed more agency meteorological research, building research, and research into testing of materials." economically by a single European government than by independent states.Examples are The scale of resources committed to space and military research was stressed by the report as one of most important factors in comparing U S.and European research expenditure.Approximately.60 per cent of the total U S.expenditure was devoted to space and military research compared with about 33 per cent in Western Europe.Efforts May be Duplicated — Even in U S S R.The study suggested that the possible duplication of research efforts is even more likely between competitive business firms in the same industries than between European governmental agencies.A considerable amount of duplication has been evident France’s expenditure approached the proportion of United States’ spending in this area.Expenditure in the United Kingdom amounted to about 40 per 23 JUIN 1966 Definitions of "scientists and engineers” varied somewhat, but there were about 436,000 "full-time equivalent" scientists and engineers in the United States, about 415,000 in the USSR, and 148,000 in Western Europe.Research activities were classified into four sectors : business, general government, higher education and private non-profit (Table 2).These international definitions, agreed at a conference in Frascati, Italy, in 1963, are economic and legal, so that a business such as a railway or coal mine is classified under its form of ownership (private, public, or mixed).in the Soviet Union, despite its centralized and staterun economy.Percentage of gross national product devoted to research and development and the number of R & D personnel per 1,000 workers were also considered as partial guides to a country’s research expenditure (Table 1).Approximately a million persons were engaged in research and development in the Soviet Union in 1962, excluding the Project-Design organizations ; nearly one and a quarter million in the United States and about a million in Western Europe.TABLE 1 — R & D Expenditure 1962 TABLE 2 — Who pays and who spends Total as % Spending of gross per head national at official product (at rates ($) market price) Percentage of total expenditure in 1962 Tof at at official exchange rates ($ millions) R & D personnel per 1.000 working population Sources of funds Higher Govcrn- Areas of expenditure HigherGovern-Business Education ment* Business Education merit* United States 35 Belgium France Germany Great Britain 36 Netherlands 65 2 63 71 10 19 United States 17 531 Soviet Union Belgium France Germany Great Britain Netherlands 93.7 3.1 10.4 63 37 65 13 22 7.3/10.4* n na na na t 30 70 48 14 38 133 14.8 1.0 3.5 60 40 61 20 19 1 108 1 105 1 775 23.6 1.5 3.8 n 64 63 5 32 20.1 1.3 3.9 n 35 60 14 26 33.5 2.2 6.1 n 239 20.3 4.5 1.8 * includes non-profit sector n — negligible f included in "government * "conservative estimate" and "project assumption" respectively, n.a.— not available o » a a & "3% #&:• & j a € 3 CJ & W C’est la vie à bord du paquebot FRANCE qui fait toute la différence C’est l’élégance.Vous la sentez dès votre arrivée à bord.Vous vous croyez presque à Paris.Un service parfait vous entoure à tout instant.Nous accourons pour satisfaire votre moindre désir.Deux paires de stabilisateurs assurent une traversée calme.Vous êtes à bord du FRANCE.Que pourriez-vous souhaiter de plus?TRANSAT Compagnie Générale Transatlantique 1255, Square Phillips, Suite 506 • Tél.: 866-4647 Service régulier entre New York, l'Angleterre et la France.Voyez votre Agent de Voyages pour tous détails.Service régulier de fret entre L’Europe et les ports Canadiens.ff g N?r t 1 24 CHAMBRE DE COMMERCE FRANÇAISE AU CANADA R & D Measured by Payment Flow U.S.Business Provides Most Financing In these terms, the United States business sector accounted for nearly three-quarters of all research and development expenditure in that country, although many of these funds came from government grants.In Western Europe, the business financing and performance proportions were much smaller.Only in France and Britain did direct governmental activity reach significantly high proportions.The results of industrial research and develop- be judged to some ment in a particular country can extent by the flow of payments outside the country for technological know-how and royalties (Table 3), the report said.“It would be reasonable to expect TABLE 3 “Technological balance of payments" The private non-profit sector was not greatly significant in either of those countries, unlike Germany and the Netherlands where such institutions as the Max Planck Institutes are important.Such differences in national practices also affected the United States higher education sector, which includes the Federal Contract Centers financed by the government (Table 2).Ratio of payments to receipts Receipts Payments Balance Transactions with all countries United States (1961) France (1962) Germany (1963) Transactions with U S.only France (1962) Germany ( 1963) Great Britain (1961) Western European five (1961) 45 0.1 +514 — 67 — 85 577 63 2.7 107 40 2.7 135 50 4.8 53 - 42 - 42 - 69 —206 5.2 10 52 The amount of government finance for research and development in the private sector varied appreciably, but was highest in the United States.Great Britain and France, where it reflected substantial expenditure on military purposes.Until recently, public expenditure in the business sector in Germany was small, but this situation has been changing rapidly since 1962, the report said.86 5.1 17 251 5.6 that an under-developed country would have negligible receipts but significant outlays, depending upon the scale and speed of its development plans, and would thus have a substantial and long-term deficit Tout Homme d'affaires • • • .industriel ou commerçant, a profit à commander l'édition 1966 du fameux Bottin International.Plus de 250,000 adresses de fabricants, importateurs, exportateurs de 25 pays.Pour chaque pays : documentation géographique, industrielle, commerciale et touristique.Plus de 2,500 pages de texte.Atlas de 102 cartes.Le guide mondial par excellence, indispensable dans tout bureau bien organisé.POUR ACHETER • POUR VENDRE POUR TROUVER DES AGENCES, DES REPRÉSENTANTS DANS LE MONDE ENTIER.BOTTIN INTERNATIONAL 1966 DIDOT-BOTT1N.PARIS, FRANCE, ÉDITEURS DEPUIS 1796 Dépliant explicatif sur demande à M.Jean Nolin, C.P.354, Westmount, Montréal 6.JUIN 1966 25 in its ‘technological balance of payments’ until it reaches industrial and scientific maturity.“A developed country on the other hand would normally have substantial receipts as well as payments as a result of its own successful research and development work.A persistent favorable balance would be an indication of reasonable success in developing new processes and products, arousing demand for licenses and know-how from abroad.LANCOME PRODUITS DE BEAUTÉ ET PARFUMS * Agents: COSMEX LIMITÉE MONTRÉAL II.S.Has Favorable Balance The United States possesses a very large and growing "favorable balance,” the report said, while the principal Western European countries have a large "unfavorable balance.” Furthermore, the “unfavorable balance” of the Western European countries arises principally from their heavy and growing deficit with the United States ; two-thirds of the total French deficit and half the total of the German deficit were due to this, the report pointed out.Payments to the United States by the Western European countries of $250 million exceeded receipts by $206 million in 1961.This compares with a déficit of $111 million in 1957.The ratio of payments to receipts for Western Europe as a whole in its transactions with the United States was 5.6.PEUGEOT GARANTIE 24 mois ou 50,000 milles DAN LANDREVILLE INC.Tel.: CL.6-1645 4745 est, rue Ontario The "technological balance of payments" figures also give some indication of those industries in which the United States lead is most marked, the report pointed out.For example, the United States’ overall ratio of receipts to payments with Germany was highest in electrical machinery and electronics (receipts 30 times as big as payments), in other machinery (22 times), motor vehicles (11 times), and other transport equipment (6 times).In chemicals COMITÉ NATIONAL des VINS DE FRANCE JOUR SANS VIN ?JOUR DE CHAGRIN ! ! ! TABLE 4 — “The brain drain” Migration of scientists and engineers to the United States in 1956-61 Prenez du vin à chaque repas.C'est un peu de bonne humeur et une aide précieuse pour votre digestion.Migrants as ratio of 1959 output of science and engineering graduates Country of last permanent residence Scientists Engineers Both groups Canada Switzerland Norway Netherlands Greece Sweden Germany Great Britain Italy France 12.5 48.0 32.3 10.6 22.4 17.0 Les vins de France sont les meilleurs 3.4 23.8 16.2 7.9 21.8 15.1 3.6 20.7 10.2 1.3 16.3 8.8 Montréal 2060 McKay 6.0 9.8 8.2 937-9135 2.6 17.2 7.4 0.9 1.7 1.3 Brochure gratuite envoyée sur demande 0.5 1.2 0.9 26 CHAMBRE DE COMMERCE FRANÇAISE AU CANADA Between 1957 and 1963, the United States’ share of patents registered in the Western European countries was 17 per cent compared with 10 per cent of United States patents taken out by nationals of these five countries.In addition, during the 1950's the American share of European patents was increasing faster than the European share in United States patents.and petroleum products, the ratio was only 3 compared with an average of 6 for all industries.Patents Furnish Rough Guide Patent statistics (Table 5) provide additional, but less conclusive, information on the results of research and development efforts, the report said.However, only the proportion of patents within a particular country taken out by nationals of that country and by foreigners, compared to total patents registered, serves as any indication of research "output." Small or less-developed countries tend to have a large proportion of their patents registered by foreigners, for example, 90 per cent in India and 93 per cent in the United Arab Republic.In 1961, French patents in the United States amounted to two per cent of the number of domestic patents, while American patents in France were equivalent to 45 per cent of the number of domestic patents.The comparable figures for Germany were 5 and 21 per cent, and for the United Kingdom, 4 per cent and 21 per cent (of applications).TABLE 5 — Patents 1957-61 % % % of patents taken out in U.S.Total patents taken out taken out taken out by fore:gn by U.S.applicants applicants Geoffrion & Prud'homme AVOCATS et PROCUREURS Belgium France Germany Great Britain* 218 995 Netherlands 0.2 57 904 157 700 103 076 85.1 17.2 59.4 17.1 1.7 11.5 4.2 32.4 Montréal 3 612 ouest, rue Saint-Jacques Tel.: 288 -9161 47.0 18.4 3.6 16 352 74.5 17.7 0.8 * applications, not issues Avec les compliments de J.B.MARTIN Co.Ltd.(veêoutA et peêucheâ) 445, SAINT-JACQUES SAINT-JEAN, P.Q.JUIN 1966 27 years.The latest available figures for 1963 suggest a renewed increase in such immigration to the United States after a falling off in 1961-62, the report said.The largest increase was in immigrants from Asia, which rose from 520 in 1962 to 1,262 in 1963.Immigrants from all Europe increased from 1,684 in 1962 to 2.232 in 1963.ILS.Attracts Brainpower The greater concentration of resources on research and development in the United States has resulted in the attraction of foreign scientists and engineers to research projects in that country.As Table 4 shows, the greatest migration of technologists to the United States in recent years has been from (excepting Canada) the smaller European countries and has been more marked among engineers than scientists.Emigration from France and Italy has been slight.It is quite natural, the report said, that the most capable young research workers should gravitate toward those research centers which offer them the greatest opportunities for their work, both in terms of material rewards and scientific excitement.The report also pointed out that this international working experience would benefit in general their fields of technology.It is evident, the report said, that some countries face a serious and continuing net loss of scientific manpower."Furthermore, there is evidence that the drain is more serious in terms of quality than in terms of quantity.Probably only about 5 per cent of the total stock of American scientists and engineers were trained abroad, but 21 per cent of the 631 members of the United States National Academy of Sciences were born abroad and 18 per cent were trained abroad." Brain Drain Increases Regional Imbalance However, this migration also tends to accentuate regional concentrations of research activity.These favored areas exist in all large European countries as well as in the United States, despite strong counteracting policy measures adopted by the central and local governments.Over 70 per cent of all personnel working on research and development in France are concentrated in the Paris region.Over 70 per cent of Soviet scientists and engineers are in the Lenin- The total emigration to the United States from four out of five countries in Western Europe considered by the report amounted to 6.500 scientists and engineers from 1956 to 1961, probably equivalent to about 6 per cent of Western European new graduates in science and engineering during those grad and Moscow regions.Over 30 per cent of WESTMOUNT REALTIES CO.s#® Fondé en 1910 S3 • RÉSIDENCES ^oNÏÎfï}' • HYPOTHÈQUES • PLACEMENTS IMMOBILIERS Café de Paris Somptueusement décoré dans le style Louis XVI avec son Lounge Bar : Thé - Cocktails et son Restaurant : Déjeuner - Dîner RENÉ DURON 1367, avenue Greene, Montréal, Canada Tél.: 935-8541 PEUGEOT Maritime Bar : Spécialité : poisson Ritz Café : Petit déjeuner, déjeuner et dîner à prix modérés GARANTIE 24 mois ou 50,000 milles GRANDS GARAGES DU QUÉBEC Tél.: 273-9105 Tél.: 331-0362 Le Jardin : Thé, Cocktails, Déjeuners et Dîner 306 est, rue St-Zotique 2955, boul.Laurentien 28 CHAMBRE DE COMMERCE FRANÇAISE AU CANADA United States research and development scientists are found in California, while their British counterparts are grouped in London and southeastern England.On an international level, this concentration benefits the United States and the Soviet Union, where, the report estimates, probably over two-thirds of all the research and development scientists and engineers in the world are now working.But, the report pointed out that "the differences between the United States (or USSR) and Western Europe pale into insignifiance by comparison with the gap between all these countries and the less-developed countries of Asia, Africa and Latin America." ASSELIN, BENOÎT, BOUCHER, DUCHARME, LAPOINTE Ingénieurs-Conseils ASSOCIÉS M.Hector Asselin, ing.M.Marc Benoît, ing.M.Raymond Boucher, ing.M.André Ducharme, ing.M.Gérard A.Lapointe, ing."These three areas probably account for over 80 per cent of the world’s research and development manpower, but they contain less than 20 per cent of the world's population.On the other hand, areas containing more than half the human race probably account for only five per cent of scientific and engineering manpower." The report pointed out that the decision to remove the disparity between technological manpower in Western Europe and in the United States (and the USSR) should depend policy.SOC I ÉT A I RES M.Alban M.Deschênes, ing.M.Frédéric Dréville, ing.M.Robert Gameau, ing.M.D.L.Harris, ing.M.G.Edgar Ransom, ing.4200 ouest, boul.Dorchester - Tel.: 931 -1731 Montréal each country’s science on In addition, the report said that the goal of closing the gap with the United States in real per capita outlays in some or all Western European countries might be realizable, although a difficult and long-term objective in the case of civil research.RIEL, Le DAIN, BISSONNETTE, VERMETTE & RYAN AVOCATS et PROCUREURS But, it warned that the "gap" of four to one or more in the space and military fields would be more difficult to close because of Europe's distance behind the United States and the USSR in provision for higher education."Even if the present ambitious plans for expansion are realized the available resources in the 1970’s are still likely to be smaller than those of the United States or USSR ” TOUR DE LA BOURSE 800, Square Victoria — Montréal 3.Suite 2104 Gerald Le Dain, c.r.Clermont Vermette Jaime W.Dunton Maurice Riel, c.r.Albert L.Bissonnette, c.r, Gerald J.Ryan, c.r.Jean-Louis Tétrault Adresse Télégraphique : "RIVERDIN" Tél.: 866-6743 ( "European Community ", March 1966) K 11\ g?¦ V » v JJj L ¦ X :—sÜ" J .m 1# " mm zs 2055, RUE FAYARD MONTREAL 22 Spécialités pharmaceutiques JUIN 1966 29 L'expansion de votre entreprise a-t-elle réduit votre fonds de roulement ?Raymond, Chabot, Martin, Paré & Cie LE SYSTÈME DE FINANCEMENT Comptables Agréés RoyNaf Jacques Raymond, C.A.Guy Chabot, C.A.Guy Martin, C.A.Jacques Paré, C.A.Jean Brissette, C.A.Philippe Rondeau, C.A.Jacques Girard, C.A.Jean-Pierre Roy, C.A.Gilles St-Pierre, C.A.Claude St-Denis, C.A.Robert Gagnon, C.A.Serge Saucier, C.A.Gabriel Groulx, C.A.Germain Chapdelaine, C.A.Michel Guertin, C.A.Jacques Légaré, C.A.Robert Huot, C.A.Ne laissez pas le manque de fonds de roulement ralentir le progrès de votre entreprise ! RoyNat offre des prêts de $25,000 à $1,000,000 et plus pour renflouer le fonds de roulement, refinancer des dettes, acheter des terrains, des bâtisses, de l'outillage ou pour acquérir une entreprise.Termes flexibles.Pour assistance financière dans tout projet industriel ou commercial, communiquez avec : RoyNat Ltée HALIFAX, MONTRÉAL, TORONTO, WINNIPEG, REGINA, CALGARY ou VANCOUVER ou toute succursale de : LA BANQUE ROYALE DU CANADA BANQUE CANADIENNE NATIONALE MONTREAL TRUST COMPANY CANADA TRUST TRUST GÉNÉRAL DU CANADA Montréal 3, Que.La Tour de la Bourse, Prés.Jacques Racine ACTIF : $3,800,000 & X C.E.Racine & Cie LIMITÉE COMME.1909-1966 L La PAIX ASSURANCES comme A comme Courtiers en Douane et Transitaires P PROTECTION AUTOMOBILE INCENDIE comme A comme Membre de la Chambre de Commerce Française au Canada I comme X plaira ! comme .k LA PAIX Edifice Board of Trade 300, rue du Saint-Sacrement Montréal I COMPAGNIE D ASSURANCES GÉNÉRALES DU CANADA vous servira COMME .Aucune autre Compagnie ne le fera ! Téléphone : 849 - 5291 465, rue Saint-Jean, Montréal • Tél.: 844-8632 30 CHAMBRE DE COMMERCE FRANÇAISE AU CANADA Telex 01-2169 Câble : STARBER, Montréal L'ORÉAL ST-ARHAUD & BERGEVIN LIMITÉE Courtiers en Douane Expéditeurs Entreposeurs Camionneurs Agents Transitaires PRODUITS CAPILLAIRES * DE HAUTE REPUTATION UTILISES 4 bureaux dans Montréal pour vous servir ; un seul numéro de téléphone : 844-1561 DANS LES MEILLEURS Bureau chef : 118, rue St-Pierre SALONS DE COIFFURE Succursales : 7403, Boul.Newman, Chambre 214, LaSalle, P.Q.Air Cargo Terminal, Chambre 120, Aéroport de Montréal, Dorval, P.Q.6378, Chemin Côte-de-Liesse, Chambre 237, Montréal.Membre de la Chambre de Commerce Française au Canada COSMAIR (CANADA) LIMITED HAMILTON, ONTARIO SWISS CORPORATION FOR CANADIAN INVESTMENTS LIMITED BREVETS D'INVENTION MARQUES DE COMMERCE EN TOUS PAYS (Compagnie Suisse d'investissements Canadiens, Ltée) Filiale de la Société de Banque Suisse, Bâle MARION, ROBIC & ROBIC ci-devant ACHAT ET VENTE DE VALEURS MOBILIERES GARDE ET GESTION DE TITRES RENSEIGNEMENTS FINANCIERS MARION & MARION (Fondée en 1892) 2 100, rue Drummond, Montréal 25 Adr.télégr.: Swisinvest — Telex : 01-20171 360 ouest, rue Saint-Jacques, Téléphone : 288 - 2152 Montréal TOURISTES CANADIENS PEUGEOT Pour voyager ÉCONOMIQUEMENT, consultez A.d'ANDIRAND GARANTIE 24 mois ou 50,000 milles AUTOMOBILES Membre de la Chambre de Commerce Française au Canada ROGER AUTOMOBILES LTÉE Tel.: 932-2925 32 bis, route de la Reine, BOULOGNE-SU R-SEl NE ( Seine) Tel.: 825-2924 Adresse Télégraphique : SAINTOR - PARIS 4269 ouest, Ste-Catherine JUIN 1966 31 LE CONSEIL D’ADMINISTRATION DE LA CHAMBRE DE COMMERCE FRANÇAISE AU CANADA CONSEIL D'ARBITRAGE MM.Guy Boulizon G.Boussion René Duron Joseph L.Klein R.Malterre B.R.de Mossy R.Mazur Paul Galt Michaud, C.R.H.de la Myre Mory Michel Pairault CONSEILLERS PRÉSIDENT M.Pierre A.Salbaing MM.André Bochand René Crozier Jean-Loup DH erse François Faucher Hubert Godin Patrice Jordan Bernard Lcrvigueur Roland Olivier Nell Phillips Maurice Riel Georges A.Roy Etienne Spire VICE-PRÉSIDENTS M.Gérard Parizeau M.louis Jalabert SECRÉTAIRE M.Claude Boyer TRÉSORIER Al.Martin Forest NOTRE CARNET Nominations M.Marcel Faribault, président du Trust Général du Canada, vient d'être nommé président de l'Association canadienne des sociétés de fiducie M.Henri G.Gautrin, président de Janin BUVEZ À VOTRE SANTE! Construction Ltée, a été élu président de l'Association des Constructeurs de Routes du Québec.M.Gerald G.Ryan, est nommé administrateur de l'Union des Carrières et Pavage Ltée.CÊIESTINS VICHY EAU MINÉRALE ALCALINE NATURELLE - PROPRIÉTÉ DE L'ÉTAT FRANÇAIS I The Wabasso Cotton Company Limited an-l'élection de M.Louis Hébert, président «M 0 nonce de la Banque Canadienne Nationale, à son conseil d'administration.A h I PS M.Lucien Roland vient d'être nommé président du comité de direction du conseil d'administration de Consolidated Paper Corporation Limited.M.Louis A.Lapointe, président de Miron Compagnie Ltée, est nommé au poste de membre du comité exécutif du conseil de Industrial Acceptance Corporation Limited.National Trust Company annonce la nomination de M.André Charron au conseil d’administration.M.Charron est vice-président exécutif de ].L.Lévesque & L.G.Beaubien Ltée.ftfl - ^NCi Je Honni» I i $ $ frgPBftSj) Nécrologie M.Ludger Simard, industriel bien connu, président de Marine Industries Ltd., est décédé à l'âge de 72 ans.Il était administrateur, entre autres, d'Air Liquide Canada Limitée.Il était membre de l'Ordre du mérite maritime de France.Nous avons appris avec regret le décès de Madame E.Coullenot, nous présentons à notre ami E.Coullenot nos plus vives condoléances.LA SEULE véritable eau de Vichy vendue au Canada Importée directement de l’établissement Thermal de Vichy, à Vichy, France Méfiez-vous des imitations !!I Exigez CELESTINS.Représentants Exclusifs au Canada : Herdt & Charton, Montréal 32 CHAMBRE DE COMMERCE FRANÇAISE AU CANADA En France quand on dit! “ça y est”.i cela veut dire, entre hommes d’affaires: “marché conclu” Ce “marché conclu” peut avoir une signification hautement profitable pour tout homme d’affaires canadien traitant avec des pays du Marché Commun.Que vous soyez importateur ou exportateur, que vous vous intéressiez aux créations de la mode parisienne ou à la production industrielle actuelle, l’Europe vous offre des possibilités à ne pas manquer.Air Canada vous aide à exploiter ces possibilités, qu’il s’agisse de vous préparer l’horaire d’une tournée “éclair” de villes européennes .d’acheminer rapidement pour vous, échantillons ou étalages.de livrer sans délai par fret aérien les produits que vous avez vendus.Air Canada connaît l’Europe—et les besoins des hommes d’affaires canadiens qui doivent s’y rendre.Un simple coup de téléphone à votre agent de voyages ou à Air Canada .et bientôt vous volez vers l’Europe, en route vers un “marché conclu”.n 4 % AIR : ¦ i.CANADA © r CREDIT FONCIER FRANCO-CANAD EN (Fondé en 1880) # PRÊTS EN PREMIÈRE HYPOTHÈQUE SUR PROPRIÉTÉS RÉSIDENTIELLES, COMMERCIALES et INDUSTRIELLES.SIÈGE SOCIAL : Montréal: 612 ouest, rue Saint-Jacques COMITÉ DE PARIS : Paris : 18 avenue de l’Opéra SUCCURSALES ET AGENCES : Montréal - Québec Regina - Saskatoon Toronto - Ottawa - Fort William Edmonton - Galgary - Lethbridge Port Arthur Vancouver Winnipeg Victoria Brandon Nanaimo