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PAGE THREE

NOVEMBER 13. 1933 . ~

CENTRAL Glillllllll

This column In leurvol hi’ Glliil

,v-,,,,,¢y news of local Interest ‘lui al- vrnlnlng of a nwsy nature an N -pneried at 4 eeutl a word strlofe ,gp-uble in advance.

ST. PAUUB TEA and sale on rhursday, 16th. Gifts, fine fllllwl. mitted article, candy and refresh- ment tables. 3053

,rr uoivm-Mrs. J. Arthur Lewis ,,411 receive on Wednesday, Nov. isthfromdtodatthshcmsof her mother, Mrs. B- Ray Holman, pg Brighton ROM. 2681

Dlt. J. D. REDDlN'S Charlotte-

town office will beclosed from the iath to the istn. :soo

BRING Tl-IE CHILDREN-Bt. muy; Thursday aftemcon for their rpeelal attractions. 2651

cxinurrloiv or rlimrmos

by Mrs. Gass, 10'l Queen Bt., Mon- day and Tuesday aftetrnoon. 2669

B! SUB! T0 HAVE HIGH 'IIA at st. Paul’s Thursday. Delicious i-oust chicken, ham, tongue and hot scalloped potatoes will be rcrrcd. 3353

DINNER TENDERED “MERRY n|lNSTRELS"-At the conclusion of l-lallowe‘en tea. last Thurs- day evening the Holy Name Social Coiiunittce tendeiv.\‘ a. dinner ln the .Holy Name Club to ths "Merry Mlnstrels" cast. 'llhe catering was attended to by the ladies of the st. Charles Auxiliary who prepar- ed and served the “big feed" that was much enjoyed by all. When all satisfied their appetites Mr. Ern- est McCai'ey, chairman ol’ the So- ciul Committee, treated the boys to cigars and cigarettes, after which Mr. P. B. McTague eloquently ad- dromed those present in words of gratitude and encouragement. This was followed by short speeches by R.+~\'. E. 0'!-lanley. S. F. Doyle, M. J. MoQus.id, Wm. Morgan, Alf Doucette, Wm, Trainer and Clar- ence Howatt, all of whom express- rd themselves, as being most pleas- ed with the success of the Minstrel Show and with the many pleasant outings with the show during the past summer and autumn. Before dispersing, Mr- McTague on behalf nf those present, extended a vote of thanks to the ladies of the St. Charles Auxiliary to which the President. Mrs. W, J. Maclntyre, replied stating that it was s real plensiire for them to have theop- poi-tuniiy of showing their appre- ciation in a. tangible manner of the work the Holy Name Society has done since its inception a little more than a year ago.

ransorrnas si*

Mr. Albert Roop. of the Bank of

.M<.>l\troal. has been transferred to Moncton and leaves for his new position on Friday. ‘

Dr. Seaman and Mrs. Seaman are

leiiving this_,moming for Montreal. They will be the guests of Dr. and Mrs. David MacKenzie for g fgw weeks.

Friends of Mr, stewart; yvu, third year student at 'Prince of “"‘1‘~‘-= C°ll€s'2 wg# regret to hear that he has been oblged to under- ‘U all °P€ratlcn for cppendleitls. ll” is in the Prince Edward ls- liind Hospital, where hs is resting conifoitabl .

r .- »_-_-_

BIRTHS

'--i-~“~===

N1)ERb--At the P. E. Island

llvsiiltiii on November iotn to Mr. and Mrs. Elmer Saunders, City, a daughter.

ARMSTRONG-At the P. E. Island Hospital. November l0th, to Mr. and MVS- G€0l”Ee Armstrong. Union Road Il duugliter. .

ll_0LMAN-At the Z l. Island Hos- liitnl on November 12th to Mr. and

;\ii~s. Robert Holman, city, a daugh- (‘l'.

DEATHS

lin/loLitylin`£hTrf`Eity`,`rfi. 1933. Sergeant Peter Brad‘ey~ Fun- eral .frcm his lste residence i4 D°“3'*35 55-' Tuesday morning at 8-46. to the ciiuoii of the Most Holy Redeemer. thence to the E. C. Cemetery.

@_.___

D. MacLean

UNDEBTAKEB

EHBIAUII I

c|‘*!'|°tteto1rn and

North Wiltshire |

Phone |49

l-- ____-

or. fl. il. Garson

cmuomaorou.

‘Hires Year Palmer Graduate IM Prince St. Phone 101! Home Cslls llade.

Banking Commission A

(continued from me in whloh such' on institution asm.;

1,, mt,,,.;,,,,¢,m ,md ,memmoml “UU all tho expectations that tho

Dublic mind might attach to it, A

'ML in is “amd mn me need central bank could not cure all the for international monetary co-oper- e

t t

m°D°\~l\’Y °°'°D¢ratlon are also dealt

IUDB il “ment and constant, par Mt' be 5 5°“’°° °f “numued °l'°¢|l tlflllll-Fly 111 View of the importance mr “U b°"°W°’5 °“ “ll °°°°-5105!? that external financial inter rela indeed “S °P°Wll°l15 ml8ht as of- gmmhgps mv, wumed in me mt ten be restrictive as expansive.

decade. The report goes on to say

1-mf, 1-gh, ptecln degree to which services would, we believe. be very

he level of economic activity in the

by concerted international monetary lotion. may be a matter.of opinion,

port

consi ,

world as a whole may be influenced 1°’ me Present “l1d€‘V¢l° ii and

but that si common direction in structure; it would provide a suit-

DIODSW-fy policy may have an im

ant influence in avoiding eco- °f B 113501151 P°ll¢y in regard to

cmic excesses or in stimulating re the extemal value of the currency;

n ._ vival is beyond dispute. “The go. it

ith many difficulties, its effects m

operation of Central Banks is beset skilled financial advice for the D9. W .

are limited or distorted by many cial govemment; and, finally, it D o

on monetary influences; but ii we

' w

wish to continue that mutual inter- could maintain relations with sim. change of goods and services which liar institutions in other countries.

in the past has stimulated the eco-

wh _

nomic life ofall parts of the world, pg,-g_ 1,, Canada with Wmeh to

we ought to use all possible means m of bringing order into the realm of

conomic ills of Canada; it would

"On the other hand, its posltlvs

derable' it would substitute

deemed over |. specified pmgd pg 8 years.

itcd to five Percent or six percent . cumulative,

THE CHARLOTT

i i ~ .

6. The dividend should be lim- th

b Pro

We therefore recommend that

e Dominion Government, prefer- ly with the cooperation of the vlncisl Govemments, should

‘$351 m'°vl‘l°“ 1°’ dividend forthwith institute a special invest-

° P’°Vl°l°1\ l°r l'°°°fv°S igotion into the whole problem or

the remainder of the profits should

the provision of short and inter-

Ko tn the government. mediate rural credits with a view

'l. The bank should be the bank- to

er of the Dominion Government

the preparation of an adequate

""1 might 515° by l8'f¢¢U\¢llt bs- mission to parliament."

come the banker of provincial gov-

The report also deals with' various

ernments. miscellaneous questions relating to

8. A minimum deposit equal to, 1

existing banking practice. Regard-

anomalous system a more rational and unified control over the credit

say. five per cent of. its deposit li- abilities in Canada should be main-

le instrument for the execution

would be increasingly a source of

inlon and possibly for the provin-

uld provide a central body which

ich find at present no counter

aintain contact."

ng the statutory maximum interest rate of seven' percent provided in the Bank Act, the report states that

xtlrdthzybzxh °°'“m°’°m bwk all charges made in excess of this

' rate are illegitimate, although “the

il. The bank should take over b

the issue and management of the Public debt of the Dominion Gov- h

anks appear to have taken the

view that if ii. client agrees _to a

igher rate than seven percent and

eminent (and possibly also of thei actually pays "_ 5° N tg render the

Provincial Governments)

yment irreccverable, the transac-

, ' ' P5

` tion is legitimate."

Bmk's Operation

which tho bank should bo iiuoweo. F

to conduct. should be: ` mbse

su ction still subsists, that the their strong rinancm, position' can

fa) To buy and sell gold; tb) To buy and sell silver;

In support of the retention of the

10_ The principal opemuons provision, it has been argued that

e purpose which parliament had view in originally enacting the

should not make loans in

Dissents:

international relations. In the mon- etary sphere the genn of such order to

is to be found in the inter-relations .bank Ml. Beudry mmm wma

of Central Banks working to har- th monlze' national policy with the D needs of the international situat-I

ion." C

before the respective legislatures. st

Slwh balllfs are eminently suited to full approval of on the provinces bs the instruments of imperial mon- before the venture is undertaken.

etary co-operation.

“M-“°° 5°* l“*"d°‘l“°‘° in addition to the reasons given

ortuno because of the existing ec-

onomic difficulties in Canada; be- ause it is difficult to conceive that

Attention is drawn to tho fact, such it bank would be free from that in south Africa. and Australia political influence: and because Central Banks have become an in- world monetary and financial pol- dispensible element in the financial ieies are in such a state of flux machinery and that legislation for that Canada should proceed cau- the creation of such institutions in -tiously and await developments be- India and New Zealand is presently fore founding such a bank. I-le also

the central bank proposal because,

In dissenting from the proposal establish immediately a central

at the time is at present inop-

icsses the necessity of gaining the

Sir Thomas White dissents from

. by Mr. Loman, he believes that

Th°'Fm““°° 5”' a°°°‘jdm5 "° th” such a bank would be "an impedi-

inaiority of the commissioners, does mem to the government' in bm not supply adequate central banking trying penoch when direct unfeg

facilities. The powers of this act te are entrusted to the Treasury re

Bmud "which is in effect 3 °°mm:t` establishuient would be sufficiently

to t tn fi oil ii-

thus directly in poutiouinoncs." It ffm; cofmtxa; ';mf;°';c_

too of the Cabinet and they are

is pointed out that tihere are pro- 0 eminent advantages to the state in e eutrusting the special and highly technical functions of a Central S Bank to a body “not subject to the H violssituaos or pouueoi iiro." °’

in concluding that, as between an administrative board," which was

recommended by the Canadian following qunnfymg paragraph to"

is note of dissent:

Bankers” Association as c first step, h "and a Central Bank, the latter al- ternative is clearly preferable.” ln-

sofar as a. board attempted to over- tion of the sdvisobllity of the es- come the special difficulties with tnblishmcnt which it would be faced. “lt wvllld cunfuio. iles with the government

an ma

require powers and an organization so ssentially similar to those of a

C¢I\ll'¢l 35111! is W make ll Ilaifllflll relating to the promotion of intra-

to inquire why a Central Bank

should not from the outset have which may mam-muy mfluemo

that determination of which the

been established."

"So for from the time being in- m

opportune, we are of the opinion that _there are cogent reasons for its early establishment." The incon- vertibility of the Canadian dollar would moon that “tho Brink would be spared at the outset the risks with which it might be faced if it began its operations with a legal ob- ligation to ensure convertibility at a time when gradually accumulated economic forces might already have weakened the strength of the cur- rency . . . We are unable to see in what respects such an institution could effect any material disturb- ance" in the existing financial sys-

tem.

A Decisive Influence

The commissioners admit that in the absence of a highly developed money market the control of a Central Bank in Canada over the financial system could not be as sensitive as that exercised, for in- stance, by the Bank of England. They hold, however, that the fin- ancial system and economic life of Canada are already sufficiently well developed to make the instruments of the discount rate, the purchase and sale oi' securities and operations in the foreign exchange market of sufficient importance in the hands of a well-managed Central Bank to give it a decisive influence on the credit situation in Canada.

On the question ol cost, it is poin- |

ted out out that an organization

adapted in its structure md size tc the present Canadian sys m, need be neither large nor expensive.

Experience, skill and integrity are

required in the management of a Central Bank, but the commission- ers "have no reason to suppose from their discussions with leaders in Canadian finance and industry that these qualities are lacking in Can- ada. On the contrary, they are con- vinced that there are resources of intelligence combined with experi- gpso md public spirit fully adequ- ate to ensure the successful manage- ment of s Central Bank."

The majority of the Commission

summarises its position sa follows: "We should perhaps sound 0. note

ll . xistlng banking system ci’ Canada upplemented by the provisions of ie finance act" affords an effi-

__ iey to the government of the day

The ma-Wrny has “° h°5lt°u°“ 'which must, in the last analysis.

be responsible for the policy.

‘ goto right of note issue; the com-

---__._..._..._.g¢g “ming uwthadesm tolmereislbuikswnumoiuobore-

red governmental action is manl- stly required," that its immediate

cmic recovery' -and that "the

ent instrument of financial pol-

Siri Thomas, however, adds the

"The determination of the ques-

of e. central bank for

d Parliament of Canada. 'I’here y be considerations of policy

perial and international _trade

embers of our commission have d can have no immediate know-

ledge, We are not legislators. We make our recommendations and set out the reasons therefor upon the evidence adduced before us and having regard to our individual views of existing conditions in the hope that our report may be oi’ as- sistance to the 80V€1‘l'im9llif arid parllnnicnt in dealing with thc many 'important and p@l‘Dl€7<lllB questions which have formed the subject of our deliberations as com- misslonersf’

Constitution of a central bank: In an appendix to the report

there are suggestions as to the main features of thc constitution of a central bunk in Canada. These

81'!!!

l. The bank should have a head

office and should be allowed to es- tablish branches, to act as note depots, etc., and to' take over the offices of the assistant receivers general.

2. The capital should be $5,000,-

000, offered for public subscription; ull shareholders to b`c British sub- jects resident in Canada. a. 'rho bunk should be managed

by a board composed of a Bovernor. deputy govenior, assistant deputy governor and six to eishli dll'¢¢t'°"~ The govcmors should be men of usted banking experience and the directors men of diversified occu- pations; none of the latter should be bunkers or bank directors and no mcmbpl- of thc board should be ia. member of the Dominion Parlia- nm-,L 0,- nny provincial legislature,

or a civil servant-

Prnposed Constitution

The first governor, deputy gov-

ernors and clirctors should be ap- pointed by the Governor General in Colli1cii.‘ The directors should retire in rotation. Future appoint- ments of thc govemor and deputy overnors should be subject to the

B epprovul oi the Governor General

in Council.

4_ Tha bank should have the

during any one year, or to a pro-

volving such risks as to warrant the

change; C (di To buy and sell 90 days' (or

ent.; that higher rates than seven or cent constitute a. burden too

13° d“YS`) Prime bank °\‘ Wmmef- lieiiigr for agricultural activities to cm bins? bear: that although competition ex-

(e) To buy and sell a. limited

amount of six months' agricultur-

al bllis; | (fi To buy and sell short term

(up to twelve months) domestic Dominion and Provincial Govern-l ment securities;

tg) To buy and sell s limited

amount of long temi Dominion and provincial securities;

(hi To buy and sell short term

securities of the United Kingdom, British Dominions, the United States and France;

(i) To buy and sell a limited

amount of long term British and United States government secur- ities;

tj) To grant advances on any!

of the foregoing (or any other readily marketable securit'es);

(ki To accept deposits without

interest;

(1) To discount promissory notes V

suitably secured of banks up to say _° 15 days' currency. c

_ m

U' The bank smuld be pmhlb' ing only two and a half dollars on

ited from:

ta) Engaging in trade; E (b) °

Making unsecured loans, Paying interest on deposits;

(d) Allowing the renewal of

bills; '

(e) Advancing to the Dominion

Government in excess of say 33 1-3 per cent of the income expected

(ci

vinciai government in excess of say 25 per cent of yearly income, in both .cases the repayment oi

varioiis banks it is not manifest in the rates of interest demanded from boi~i'ou‘ii~ig customers. particularly ~oiri those engaged in agricultural

piirsuits and that in consequence piirliainent. was justified in enacting a iiiaximuin rate of interest."

“On the other hand, in support of lie repeal of the provision, it has

lsts iii the services extended by the

tuiicts in which if regard be had to llic iisk and to the cost of pic viding ciedit, a charge ln excess of seven percent is warranted: that l

t _ _ been argued that there are circum- s' ‘ ,

ic enforcement of a rigid maximum loan rote of seven percent would so rest riet business as to necessitate the closing of a large number of small branches, especially in newly-settled i districts, and thus deprive many comniunities of banikiiig services except 'at the expense and con- enienee of long journeys; that a barge of, say. one percent in ex- ess of seven percent is a small utter to the customer, represent-

loan of five hundred dollars for months while to the banks it

ay make cumulatively the differ-

ence between being able to carry on st branch in a particular district or closing it dovm: that in 1854 all usury statues were repialed in Great Britain and the principal of restricting rates of interest aban- doned, as being ineffective and ln- expedient in the public interest; that if the banks were unable to

lend. atqraies over .seven .peishlentn

advances to be C0mP1€f£ by the wheresuch charges were justifiable

end of the first quarter after thc close of the fiscal year.

12, 'I’li§'b'ank shouldwoncentratc'

the gold holdings of the country.

13. The bank should maintain n

proportion of 25 percent ln gold and foreign exchange against its outstanding note issue and sight liabilities.

To some of these suggestions

Mr. Beaudry Loman and Sir Thom- as White take exception. They urge particularly that the 25.percent re- serve of the central bank should all be in the form of gold. Hon. J. E. Brownlee is opposed to pri- vate ownership `of the bank shares and of the attendant voting rights. He recommends that the capital be subscribed by the government and that all directors and executive of- ficers be appointed by the same authority, The latter suggestion has the agreement of Bit Thomas White.

ltural Credit

In regard tc rural credit. the

Commission agrees that the need for some new organization “is a real one" . . . “evidence was adduced both by individual farmers and by representatives of farm organiza- tions t.o show that as a result of this declining revenue the maintenance andoperattng costa of farms can- not be inet, farm debts have con- siderably increased, taxes are un- paid, farm equipment has seriously deteriorated, and a large percentage of farmers are unable to obtain new credit to meet the operating costs incidental to putting in and liar- vesttng the crop.

"Ilhis evidence was confirmed by

representatives of the banks, partie- ularly in Regina, where it was a- greed that a large proportion of

farmers could not carry on their

operations without some form of credit, that the credit could not be

supplied by the banks and that it serious problem therefore existed

which had to be met if agriculture

was to be revived; The indebted- ness of many farmers appears to be such that evon s substantial rise of

sgriculttuml prices would not be suf- ficient to warrant the extension of s new credit through ordinary eoiii- mercial channels."

"The material placed before us on l-ml lllllkct in the course of nur enquiry is not sufficient to enable us to make a specific recommendi-

smuuitiiopruuoronn vnuiiio

in view of the risk, many borrowers owing to the banks' inability to uccommoditc them 'would be driven to money~lcnd/ers not under the some restriction; that to deprive borrowers, who are willing to pay more than seven -percent where such cliarges are justifjalic, of the opportunity of obtaining loans from the banks would restrict their freedom and often prevent them from engaging in profitable enter- prises."

Four of the coinmissioncrs, after

careful consideration of these arguments, ieecmmznd that the statutory maximum should be abolished. lVLr- Brownlee dissents from this on the ground that the statutory maximum sti`l serves a.

useful purpose and adequate reas- ons for its repeal have not been

adduced. They agree, however, that if the maximum is retained the section of the bank act should be made clear and "rt penalty for

contraveriticn should be imposed-”

Period Of Loans

Regarding the dlscrepzmcy be-

tween the periods of loans. which run usually for three or four months, and farmers' require- ments, which are-for credit of from

six to twelve months, the com-

mission recommends that “the banks would be well advised in the case of satisfactory customers to endeavor to meet their wishes and convenience in this matter."

Collections

Regarding charges for cpzrating

accounts and coiecting cheques. the commssfcn iecogiiizcd that the costs of these services to the banks justify same charge, but recom-

mends thc Canadian Banks to_

"consider wlictlier it would not be in their interests and in the in- tciests of the country to extend general par privileges nnd recoup the consequent expenses by exten- s‘on of the cllstom of making phm-g¢g by ugzeement for carrying active accoiints and by l‘<’5il‘lCt-l0I\ nf the use ns cliequeing accounts or saving riep0‘llS_ upon which ln- tcrsst is paid-"

Spread ln Interest '

Regarding the spread between

the rate., changed to the bank;

“C11 HH Oflanlzation might take and the rates charged by the banks

to provincial governments munici- pallties and school boards, the rg. port points out that banks only draw a small portion of their fluids from this soiuce. The great ma- jority of' their liabilities are the deposits of the public. The costs of banking operations require s spread between the rates paid by

and comprehensive scheme for sub- the bank on d'pfsits and the rates

charged by them on loans. In his memorandum at the end of the re- P°l'¢. however, l-lon. J. E. Brown- lee urges that interest rates on de- posits and loans alike should be reduced. The evidence, he also says, shows ciearly that higher rates prevail on government and municipal loans in the westem provinces than elsewhere, and this _is unjustifiable.

Investment Business

The commissioners do not re-

commend that the banks should withdraw from the investment business. They refer to the velur ble assistance which the banks, with their widespread branches and

rend'r _in the flztaticii and distri- bution of Dominion, Provincial and mtuiicipal seeiuities. “There seems to us no justification for legislative interference with the practice which ensures keen competition and ciosc tendering."

But "while there is no doubt of

the banks' right to deal in securit- ies we could not. fail tc be im- prcssfd by evidence cf abuses. It may be true that the volume of in- dllot ial or other securities sponsor- ed and distrubuted by the banks may have been small in compar- i=;on with that of the governmental and inun'c'pal issues sold by them, but wi, nsvertheless, slroligly llrge ii]i1.li the Canadian banks ilio ad- vlsability of refraining from deal- ing in, or distrubuting for their own account, any but the highest class securities available' in the country, and iiiorc particularly those issued by govcinincnts, mun- icipalities ahd ct-hfi' public or semi-pubic bodies."

Section 88

Regarding section 88 of the

Bank Act, the ieport says:

"The se:t‘on is anornrfous inas-

much as it contravenes the general principle of law that a borrower cannot pledge articles which he retains in his own possession. This principle affords a safeguard to creditors and is of importance in a. trading community. We recognize that the section was introduced to meet the conditions of a develop- ing country lacking accuinmula- tions of working capital and we are not satisfied that its utility is spsht, although the time may come when the advantage of retaining it 'may well be questioned( We do not advise the repeal or the sf.-eiion but we do not thirk tliui it should be further enlarg~d." ,

Dirac tora tes

In considering the alleged sub'

ordlnaton of eastern and westcm interests to those of the central urea, the report rcc mniends that "the shareholders of tho Canadian banks should, in their own interest, consider the advisabiiiiy of prov- idlng not only a fair but a gener- ous proporton of directors from the eastern and western sections of ‘the country and oi further extend- ing their local committees for the purpose of sllaying any regional fee`ing of discrimination."

Considering the matter of bank

elfrectorates, the repoit also states “it would seem unwise to :cstrict membership in bank dire:-iorates tc those 'who are not cliiectors of oth- ef cp;-pg;-at1o:is," for this would preclude the tiaiiks from obtaining as directors men of affairs active- ly engaged in business enterprise and with wide knowledge of com- mfreial and financial conditions.

“1t must be left to the sense of

propriety of directors not to place themselves in a pesition where their interests may conflict with their duty on which may justifi- ably attract ‘unfavourable com- ment.”

The report suggests that any

banks whose by-larws at present permit directors to vote or be pres- ent sit meetings of their boards when credits to themselves, or any fi;-n-ig or eonpcratlons of which they are partners or directors, are un- der consideration should introduce 0, by-law foxfoidding the practlcc.

Bank Profits

Regarding. bank profits, the re-

port 'points out that the average net profit available for dividends over the past decade was 6.36 per cent of the shareliolders' invest- ment, and that, siniiliirly calculat- ed, the dividends pad amounted to 5.93 per cent. ln considering whether these rates oi profit arc reasonable, ri-:ccuiit must. be taken of the earnings upon other types of investment, of the double Izu- bility which attaches to bank slznr- el and of the desirability that mon- ey should be a'.'cilc.blc from tml to time for bank caipllal.

ng additional ltotutory protection need he accorded to insurance agents other than that already pro- vided in the bank not and provin- cial legtslation. They recommend that the legal restrictions indirect- ly imposed by the bank act upon the deposits of married women in the province of Q/udaec be rescind- ed.

The terms of reference of the

Commission required them “not merely to examne the banking sys- tem of Canada and its operation but`a',so to investigate the working of the .finance a/:t and other re- lated statutes, to consider the ad- visability of establishing a central banking institut.on, in study the entire monetary system of Canada, particularly in relation to com- modity prioe movements: and inter- national exchange fluctuations, to consider whether the monetary sys- tem of Canada may be so modified and developed as to facliiaie Ln- tra-imperial and international oo- operation in policies designed to promote the ie-rival of tra/sie. the :increase and stability of employ- ment and the raising of the level of oommodty prices, and gmt-rally to make such recomniendaticms as we may deem proper and revising or supplementing existng ieg;s1a.- tion or for the adoption of other measures calculated to promote

' a 1

Ogpé./9 Actually 'C' 1, KILLS

El. au. ran/is

'O ‘°`~‘-" /\ -LICE and

40000 l\||1'rrH on your

FOXER or PET]

Tlifre In no substitute for

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KEROL- `

'I he l‘ElU'E("l‘ DlSl.\‘I"EC’l'AN1,' Another Unouer Product, i)rdrr from your l’ux Bu|-|p|y lillulf. DHI: or_6snsr»l Store, if uniblnle in oiiiiiin ihrre-write tin diro¢t_

Cnniuliun Distributors; .ANADIAN C0-OPERATIVE .VOOL GROWERS, LIMITED. |l|C.~\D» 0|`l"l('lE: TORONTO ~i.\'rnri|o_ llmnehela Weston, 0nt__ 1,5. Jmxlillr, (|||r,, Ileglnls, §m¢k_

nvnnx Nuiuunns or

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The Lfivestors‘ index of industrial

coiiimon stocks was 89.2 for the week ending November 2 compared ivrtii 861 for the previous week. Domestic utility common 39.4 com-

of Canada."

ln regard to these terms, the re-

‘Wiithin the latitude of so wide

a reference it might no doubt be open to us to attempt to investi- gate every aspect of the political, social and oconome life of Canada. We have taken a more moderate view of the duty eiiiriistecl io ils and hlive coiisidergcl it rather to be our task to t~iil.ei‘ upon the f;elci of these large topics only ili- soiar zis they affect and are af-

Puliiical Aspects

"Such questions no doubt have

their pol tical aspect but they need for their solution light. not heat. It is obviously well that such a time as this the adequacy of the financial mechanism of any coun- try to the now demands' inade up- on it should be examined in order to ascertain whether the cxsiing mcclianisnl is working well ci* could be made to work better, not only under existing conditions but un- der those likely to prevail with the return of normality. The vvorld will not rc;|iin io the ‘status quo ante.” Wllcli ;ii~c:ipei'lt_v icturiis, li. will rc- turn to a world chaiiged in many important i-cspccits. We have in _gee wlietlter in the particular sphere of our iiiqiti-5.' Criiiada has the best. equipment to deal with those new conditions, liaving Ngard to all their economic ;`ii1plications.”

The report, consists of :iii intro-

duction, n brief history of the growtli of Cziiizicliun financial in- stitutions nnd a valuable summary of the rvoi~ki.ng of these inst tutions, in particular of the operations of tho chartered banks. There than follows a elubpter which sets forth the general economic and financial problems of Canada which are in- evitably associatcd with the de- rponclencc of the country upon world markets and the bnlziiicc , of international payments. lt sing-

the economic and financial welfare'

port says: i

gssis the inadequacy of the

cents.

oertions for the price of mo, strictly payable i.r| advance.

__ __1_`_0 Let

HOUSE T0 LET - APPLY 20 u§§‘8';l,§‘- ___ .__. _ . 2""

STORE T0 LET - 144 GREAT

George Street. Apply 146. 2570.

.'I'oi’§AiT_`3'§ i1'uk‘TT¥€iiiitE*i't';s"u`i and Ewa. Amos Rodd, Milton.

i . _.___ ..___..26.‘;‘~

Male Help Wanted

RELIABLE “AN T0 TAKE CARE

store route, Distribute and coll(-rl. New product. Protected territory. Earn excellent weekly iiicoiiic. Borland Nut Co.. St. Paul, Nilill.

N-731.

Miscellaneous iiow`ro our A' tiovaiisbibvivlii

Job. Free Booklet The M. C. C. Ltd.. 'I`oi'onto 110' 542- i-lvtlvnrrigirorib ;"niNiir§ii<`§in-

img pny We start 501| The Canadian Kindergarten lrstittltc _T2¥9i‘9_i1".." __ .. _"_§‘.3;

Female Help Wanted

WOMAN WANTED T0 Sl-IW FOR

its at home. Srrviiig macliiiics necessary. No selling. Ontario

sdvll\°¢auD4l»¢\lil||\°M1°\s|l‘ The ¢cmmiseicuerssoa|idu:that~l puppy gmpmy, mpg, ug,

pared with 39.1, common of com- panies abroad 64.9 compared with 62.9 and for all three groups 64.! compared with 62.7. _

existing financial machinery par- ticularly that of the Financial Act, to cope with the problems.

The chapter entitled "The Exist.

ing Canadian financial system and thc- 0:-'taibllsliiii<»n»t oi a Central Bank" is the moot lmportaiit cf the roport. ll. states the general illne- tions of ccntml banks. describes the part which they play in modern

[apron by me more rm.-,rific subjwt financial systems and outlines the

of our study, namely, the baiikirigil

‘ fziccrl and the place which would

iroblems which would have to be

imve to be occupied hy a central bank in Canada. It refers briefly to the usefulness of central banks in other British Dominions. Chapters on agricultural credit and on miscel- laneous problems of banldng prac- tice follow. The concluding recom. mezidatioiis occupy only a. page and they are followed by the memor. nnda and addenda of various com- missloncis and by fifteen appendices mostly containing statistical mater- ial regarding the operations of the

chartered banks. ;1zi'

NOTICE

All interested foxmen and

others of the 4th District of Prince County are requested to attend a meeting in the rink at Borden on Monday evening. Nov. 13th, at 8 o’clock to complete arrange- ments for the fox exhibition being held on ,November 21st. 2665

il. 0. U. F.

District mt-¢‘t’ng will be held h

Orltlfellnws Hall, Charlottetown lilnndny. Nov. I3. 1933. Sessions ni 2 :ind 8 p.m. Deputy Grand Mnsfel Brother Robison. Motu-ion, will be Present at l~vl~ning session, All 0dd» follows wclcnmc.

____ :evo ___...::l;:_-_;__; .v _..r..___-_'_ ;r:--r'*~. ;';':f:~_.-._-fu;-._~~::;Tl

5*OO~¥§+*'f*°§O-fO&O9v9'O'OO~OOQ 0-0 W*

» Advertising Rates-Payable in Advance

Central Guardian locals, de. pci- word; Western and

Eastern locals, 2c._ per ward; Announcements and Coming Events, 20. Der Word; Cluneilied, 24:, per ward; In Memo;-|35 Notices, 70c per inch: Lists of Floral and Spiritual 0B’es‘~ lugs, Cards, etc., dc. per name; Letters of Condnlence, ’l0c. per inch; Notices of Thanks and Appreciation, loc. per inch 0|' 40 Der word. 0|-her rates on appllcatitms.

Minimum Charge for any adveriiseincnt twenty - five

%¢44-4-¢o»++¢n4- -oooooooooorooaeo-vo-ooo-oo-0-0000-oc-0440)

RATE:-Ze per word, three In-I

For Salt:

l°°l____;.__`_’______.. ;'__;s..‘_". FOB SALE - AllfT'I`lUN FOBTY-

Five. Bridge and Whist Score Cards. Guardian Central Joi: Printcry Nov. l-tf.

-._ ->-___.:“._. .:_._'_;._;;~,l*-___L '* GRA\'l‘22\'5TElN APPLIES 75c PER

bushel. Also M'tc!ntosli Apples.

F, S. Rccvcs, Southpoii.

cnnuosiw sUi'1'i\nLr: Fon

lining outhouses. etc., le por sheet. Guardian Office. tf.

-_ f -Y-'4"_1:’*1: T.. Y i-‘Z 1-'on s,-lu: on 'ro m:N'r-on

sirublv rrisiiiciicc, 10 Grafton St Iiiiiiicd:atc occupation. Apply 1»’alin~~i' & Flirnicr. 2592

FOR. SAL!-I-MALE AND FEMALF i pups from lnrgc litters, over 100

l to pick fi-om. Some pair silvcrs.

G. Claiiclc Smith, East Royalty.

2800

FOR SALE - AUCTION FORTY-

Pive, Bridge and Whist Score Canis. Guardian Central Joh Priiitery. Nov. l-tf.

I-‘OR SALE - 50 ACRES LAND IN

good culliviitloii. shore frontage. 3 miles to City limits, 1 mile by

' ire in \\'i:\ll‘l`. Apply "J," Guard-

ian. 2579.

51' __'____‘i°_”._"_”.-_"1: _ . TT ;

,.__.___..__.les1S.i._.

LOST-(l0liD WRIST \VA'l`CH AT

i tli Foriiin. Finder please apply

li.?Mncl.ean, P. E l.-land Hospi-

il tel. UI

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