4f,” I‘ 5".

ls...- d?!

if

N-‘v~':\$% r ~,

t

PAGE FOUR

i'iiE GIIARLOTTETOWII iiiiAlllilAli

President-W. Chester b. Licbuio, ll. P.

vloo-Nrnloeut-J. VB. Bunion

seereiary-Lieua-trol. l). A. alaeliunoii, D. I. 0.

. . Editor anil Managing

Director-d . it. kluruqzc

ASlOCllil Editors-Frau! Walker and D. K. (‘nrrig Morning Usily iiouuded 1887) 80.00 nor year {in advance) delivered. $4.50 oer rein iia advance) uiuiied lu Canada iiud United Staten. ADVEBTIQIIG RIJI‘IIIZ5I'ZN'I‘ATIVEU

UNITED STATES-Tho Beekwfth Building, New for! City, General lie

lug, Kaunas City, Wiliuugliby Towel’ Building Chicago;

Building, St. Louis; Glenn Building

special Agency lnc. New Yorl Central tors BlllhliI[_ Detroit liilcrnam Buiio byuiliuatu Trust Blll

..\iliiuia; Noiiaiiuocl Building,

Francisco; i135 No_ 05th Street, A’A'|l.ild¢lXlllil_

Morning Maxim Most of us are self-deeeivers: salvation dawns ivlien we begin to find

Ourselves out.

MONDAY, MARCH 20, 1933.

WAN TED-IF POSSIBLE

The Institute of Patcntces in

Great Britain has just published the third edition of its pamphlet,

“What's Wanted." The L/ondou Times mentions some of the 800- odd contraptions that somebody or other would like to have invented. They would seem to belong to the category of things interesting if unimportant. They include: A cap- tive golf ball that u'iil_ indicate where it would have landed if play- ed in the ordinary way . . . an illuminated collar stud . , . a deck chair in which one could sit side- ways . . . an adjustable back- scratcher for use in the bathtub . . . a machine to imitate the barking of a dog in the house when necessary.

All these things "wanted" lend themselves naturally to wise and Undiy reflections-which the Lon- Ilon Times very cleverly sum>1les-- upon the essential simplicity of most human desires. For it seems lhat nearly 'all the BOO-odd desired Inventions listed with the institute were of this general sort. In fact, there is only one among those noticed by the Times which would Iuggest an unusual cflort of imagin- ltion on the part of the desirer, nalmely, "an instrument for screen- ing of! the force of terrestrial grav- Ital-ion." ‘

INFLATION FALLACY

The Canadian Bank of Commerce letter for March contains a. surn- mary of monetary developments through the centuries, and traces thc origins and results of various forms of inflation, especially those of the present day, with an outline of the evolution of money. The in- formation it contains is based upon official and other reliable data. and is published for the benefit of those interested in the current business situation in Canada. The letter, which would occupy a. full page of

The Guardian, is too lengthy for

Iqproductlon, but the concluding

paragraphs may be quoted as fol-

lows:

In all periods of depression the Mags is held for a time by monetary their can summon

magicians who claim that wand of inflation

iwcalth without the aid of work

trade and good faith among in- fal-

"dividuala and nations. Their lacy is as old as money itself. As Angeli says: “Men have seriously assumed that wealth consists, not in tha acquisition of things to cat 0nd wear and use~whieh as a rule nations have resented receiving. as witness the tariff barriers of the civilized world-but in gold, or ‘money,’ which nations throughout all history have scrambled for as nisuperior kind of wealth." The ‘I14 requires not so much new money, as more work for its pres- ent stock; if the velocity, or tum- over, of money, which has been slowed down by forces outside its sphere, could be increased to a normal rate there would be no need this oi‘ any other discussion on iiillation. But before money, even though it now be in sufficient supply oln function properly, nations must boldly attack and overcome the problems described by the Preparatory Committee of Experts {which drafted the agenda for the ‘(world Economic Conference, and one of these problems, it should ‘be mentioned, is the disorganized ..‘Jtate of exchanges. When, either thc execution of the Commis- 3911's plan, or by the strength Efid initiative of individuals money Kugain given its opportunity to Yer-form gord work, we should aim 3Q the ultimate goal of all sound Eonetary effort-a money, which,

, 1 (as John Stuart Mill pointed ‘fin it cannot b: absolutely in- manufacturer. -~<

‘vw~%rism" incur»? we

variable in a moving world, would at least not be subject to such violent, changes in value, upward or downward, fig.- have octurrtd in the past, even though, as Ml‘. J. M. Keynes has indicated, this may be achieved only through a. process of gradual evolution.

EMPIRE TRADE GROWS

':'.l(3 new orientation of the trade of Great Britain from foreign into Empire channels is pointedly om. phasized in the latest statistics is- sued by the British Board of Trade for the month of January. This change in the direction of the flow of commerce is almost as striking as that shown by the trade of the Dominions.

British imports from countries

within thc Empire reached a grand total of £240,000,000 1n 1932 a5 compared with £247,400,000 in 193! while British purchases from for- eign countries fell by no less than £l59,000,000 to a grand total 0f £454,- 000,000. Incidentally the gross fig- ures given of foreign trade offer testimony to the fact that there is more than sufficient reason for the Dominions and Colonies to increase their share of the business with Britain, whatever British require- ments can be met from Dominion and Colonial sources. Statistics with reference to the increase of Empire trade show that Canadian imports to Great Britain increased from £33,000,000 in 1931 to 243,000,000 last year and as the Ottawa Conference decisions are developed to their full extent a still greater advance can be expected, especially lf the business men of the Dominion pay close attention to quality, requirements, steady streams of supplies and the warehousing of commodities until thc distrib- utiire concerns are ready for them. South Africa. shows an increase from £13,000,000_ t0 £15,000,- 000 in the same period 2g Australia, despite her domestic and financial difficulties. has more than held her own with imports to Britain of £36,000,000, while New Zealaiids share stands at no less than £37,- 000,000.

The change over in the trade from foreign to Empire sources ls all the more striking when the ' figures are examined in the of the low-price levels. For instance, Canadian wheat entering Britain

light

in m2 is estimated at 2,100,000 tons. Fortunately Empire from Great Britain decrl-‘Hwd by a road. The Assembly has passcdwith- far smaller proportion than similar purchases by foreigners, despite" the trade depression. '

buying

EDITORIAL NOTES

British imports of lobsters from Canada. in January amounted to ‘I60 civt. compared with 132 cwt, g year ago.‘ Canada supplies most of the British requirements of

A statement has been cabled from London showing the large amounts paid in income taxes by wealthy Englishmen. Before the introduction of tariffs the British was largely dependent on the in- come tax for its revenue and the to; became so high that it i5 claimed capital was in some cases driven out of thc country. The London statement says that sir Abe Bailey and sir Edmund Davis, who made fortunes in South African mines, pay each year half a million dol- lara in income taxes. Others who pay in the vicinity 0f A quarter of a million a year are Bir Hugo Hlrst. head of the General Ifleotrlo Oom- pany in Great Britain; Sir Inigo Cunllile-Owen, head of the British American Tobacco Company, and sir Louis Baron, another

Government

Win00!)

32,; 57w». “"""'“"“"‘*t¢i'-'$WH‘-v <*.?s'f;i;~.» ~

that

NOTES BY TIIE WAY

If there is to be an international economic system at all, says the London News Chronicle. and if world trade is to revive, there must be a much freer exchange of goods generally than exists at pies- ent. Unless the Economic Confer- ence is able to achieve this. neith- cr the gold standard nor any other international standard. which en- deavours to fix the exchange rates between different countries, can be permanently maintained. In other words, before we attempt to co-operate once more in setting up an international monetary system, we niust make it a condition not merely that the war debts are reduced to a harmless proportion, but that there is a radical change in the present situation as regards tilflilii and trade restrictions.

T‘ 711's ui‘ mare than twenty of the largest cities iii northern Eng- land, including Manchester, are protesting against the cost of public relief falling so largely upon the municipalities. The local tax rates are already in excess of l4 shillings on thc pound and it is felt that the relief casts should be spread over the whole country. The protesting municipal bodies seem to have reason behind their case, anti no doubt fair consideration will be given to their representations. In a way, says an exchange, the situ- ation resembles that in Canada, where provincial and federal gov- ernments have been forced by cir- cumstances to share in the expense. It is a difficult problem on both sides of the ocean.

Following the example of stud. cuts in an English university, the young men and women undergrad- uates of Victoria College, Toronto, voted by a majority of six "that this house will not. under any conditions. fight for its King and country." The action may be ac- cepted as a peace-time gesture, but it is altogether likely that in a fictional emergency these students would be found in line with the rest of their fellows as willing de- fenders of their country and its cause. That is what happened in i914.

b

0m: of the first acts of Hitler, the German Chancellor, after the general election a week ago, was to replace the Republican flag on all public buildings in Germany with the old Imperial colors. In the course of the election campaign, the leader of the Nazis, it is true, de- clared that, he was opposed to the return of the Hohenzollerns. But the Chancellor had hardly been assured of retaining power beforc it was made decidedly manifest that he was favorable towards the restoration of the Throne and" that to him an Imperialistic pOllCY seemed best adaptable to the German temperament. 1t is diffi- cult. in the light of these events, to escape the fear that there is in preparation a. war of revenge on the part of Germany. Hitler, m. 11155 than thc former Kaiser, seems to nourish the Prussian ambitions of yesteryear. Hitler's dream, no doubt, is of a great German union which shall embrace not only the Gcnnan provinces, but likewise Austria, the Fathcrlands former Polish possessions and, again, Al- sace and Lorraine.

New York is apparently getting ready to adopt a new rule of the

out a dissenting vote, the Esmorld bi" Tfiqulring that "pedestrians walking . . . on the paved portion or travelled part of a. roadway . . shall keep to the left of thc centre line thereof, and turn to their left instead of right side thereof, so as to permit all vehicles passing their. in either direction to pass to their right." Automobile organizations have long been urging legislation along this line, but until this year it has made little headway in this jurisdiction, though other §tatcs have already adopted a similar rule. Perhaps the legislators at Albany were influenced by Com- missioner Hu-netta recent report that 205 persons mot their death walking on rural roads last year.

Many wonder what keeps the Russian bear so quiet while Japan is strolling all over Manchuria, where the Czars always claimed first mortgage at least. It is said in Europe that the one success the Soviet administration is showing is in a stronger and better-drilled army than ever beforc- Why, then such masterly inactivity while thc Japs are marching on? Why is that army kept. at home? That puzzle, in turn, becomes a reminder that, lu the war with Japan in 1004-05, thc Czar also kept the best of his troops at home. depending mainly on fresh and ill-trained levies for thc operations in Man- churla. The Czar dared not do oth- erwise, and the insurrection of i905 showed that he was well advised. -

,. _ oigyi __,,.,_._;-.u.~.=-r..afd..i

THE CHARLGPTETOWN ouaaman

What ma» of £00m

B» lam: Barton. MD.

REMOVING TONSILS DUES N61‘ PREVENT SOME AILMENTS

Although tonsillltis occurs ln poo: children just as often as in thou who are well-to do, it has been found that the number of young- sters who have the tonsils removed is much greater among the well-to-

do than among the poor. While this may be due to the

fact that the well-to-do can pay for , through space, shows, u, Mr, soi- the operation and the poor cannot,

nevertheless ii. is a. fact that thou- sands of poor children have the

tonsils removed without any cost

whatever.

-Is it worth while for a yoiuigster, to have the tonsils removed? Does| termed chiefly m mmmg shares’

removing the tonsils prevent lil- ness?

Two English physicians, Drs. J. A. Glover and Joyce Wilson made observations on the amount of nose, throat; and chest trouble among 1400 school children 13 to l8 years of age, more than half of whom had had their tonsils removed.

They found that those who had had the tonsils removed had a larger number suffering with nose, throat, and chest ailments than those who had not. I

Parents might well ask why so many tonsils are removed if the above ailments occur. more often than if the tonsils were not re- moved. Suspicious tonsils are rc- moved because after a number of attacks of tonsillitis the tonsils are no longer cleaning or clearing out the blood of harmful organisms, and hence rheumatism followed by heart disease may attack the indi- vlduai.

In other words of two evils choose the lesser and. it is safer to be with- out diseased tonsils, even if some ailments are more frequent, than to take a chance on rheumatism and heart disease.

However it must be admitted that, as these physicians point out, a large number of the operations for removal of tonsils in children are unnecessary, cause some risk to health and life. and give little or no retuni.

f Remember, diseased tonsils or tonsils that obstruct the breathing should be removed. There should be no delay or hesitation about this because poison is entering the blood in one case, and the blood is not receiving its normal supply of oxy- gen in the other.

Toiisils uiiich are performing their work properly even though large. should not be removed just because they are large.

Jiz . 042x25

FROM TINTERN

ABBEY

For I have learned To look on Nature, not as in thc hour Of thoughtless youth; but hearing oftentimes The still, sad music of humanity, Nor harsh, nor grating, though of ample power

To cliastcn and subdue. And l have felt

A presence that disturbs inc with the joy

Of elevated thoughts; a sense sub- lime

Of somcthiiu; far more deeply in- tcrfusccl,

Whose dwelling is thc light of sci- ting suns,

And thc round ocean and the liv- ing air,

And the biuc sky, iuicl in thc mind of man;

A motion, and a spirit, that ini- pels

All thinking things, all objects of all thought,

And rolls through all things. There- fore am l still

A lovcr of the meadows and the woods,

And mountains; and of all that we behold

From this green earth.

——-‘Noi'dsworth, 179B.

."...~.- ...,-. w

Mr. Solllowgy A

_('r. n. n. in the when...“ n“; l

141a Hz. Story‘

A volume which is interesting on quite u. number of counts has lust been published by Mr. r. w. o. solioway, under the title of “Spec- ulators alld Politicians." to cl- plsin principally the rise and fall of the still well-romonsbered stocky bioking firm of solloway end Mills.

The period in which Soiloway and Mills rose to their peak in Canada was the balloon-time - of, the giant gaseous era, 1006 to 1020 and nothing we_ have met with yet, since the harpoon plunged in- to the gas-bag of illusion on "which thc world was swimmhis siddllv

IOWHY does, how tremendously full of gas that era was.

solloway and Mills began, as Mr. Solloway now relates, in a humble way as stock-brokers. in-

in a. modest office on the Kround floor of the Metropolitan Building. Toronto, on February 1, 1926, "with a capital of $17,000.".

Mr. solioway says: " We had no experience and were practically ‘unknown!’

The staff was "one stenographer bookkeeper-a. young girl of about 1g {years of age who had only a‘ few months’ experience in office work: a young man of 18 to mark , the board and do errands," and Mr. solloway himself, who had no private office-(thlngs he appar- ently did not favor)-but sat out where the customers could see and hear him, and did the trading personally.

Mr. Solloway remarks-“I had never worked in an office and had no knowledge of office work. As some of my friends oft/an said, about all I had was a. ‘few ideas?’ He also explains "I . . . knew nothing about book-keeping. I have always refused to learn anything about technical accountfns be- cause I do not like it."

By 1929, from those beginnings, the firm of Soiloway. Niills d: Co.

"Was doing business with over 70.000 customers. throush i011? offices (thirty five in Canada, 3 in the United States, one in New- foundland, and one in London, England), and transmitting thou- sands of orders daily over a. pri- vate wire system of 13,500 miles which connected us with four- teen stock exchanges of which we were members, and other ex- changes ln Canada and i110 U0"?- ed States by affiliations with other brokers. We had a staff of 1,500 employees who/daily hand- led thousands of orders for stocks and grain, the value of which ran into many millions of dollars... I remember one Saturday obtain- ing the information from head office that during the two-hour session of the exchange, we had transacted a. volume of over $10,000,000 of business."

These were indeed remarkable harvests to have reaped “in the short space of four yea-rs" from $177,000 and Mr. Solloways "few ideas." The rewards, too, were phenomenal.

In 1928. having been in business since 1926, Mr. Solloway “decided

to put some money into Turner Valley in order to encourage the development of Alberta's oil re- sources." He bought Mayland stock at s10 a share. “giving Mariam! Company $300,000. I gave the May- land Pool $200,000, paying them $10 | a share. I gave Home $20 a, share, i giving them a million dollars." Mr. Solloway quotes himself cs saying in 1980:

"I agreed to give the Imperial oil a half-million dollars the other day for their Southern Iiowery company. I bought 100-- coo shares. 1 bought 125.000 sh"- es of Dalhousle off the market, which I am content to carry ov- er if necessary for a. year or two 1 am financing several compan- ies in the field today. but I ain obligated to give Mill City a tn- m oi $1,200,000. I figure that I have five million dollars invested in Tumor Valley today.

"I have more at stake in Al- berta today in oil development and money invested in other things than anybody in the Province of Alberta, with the exception of perhaps Mi‘. Burns. We have ‘spent a lot of money in this province." (January f. 1030.)

On June 23, 1930, Solloway and Mills paid $250,000 in fines w the Alberta Government.

"October 20 to 80, i030, Sollo- way and Mills pay $860,000 in fines to Ontario Government.”

“July '1, i931, Solloway, company, Limited, pay 0100.000 in British Columbia."

000

at the Alberta and Ontario trials and the ciiipenaa in connect‘ therewith, I had spent approxi- mately 01000-000"

oualy; come today as an amazinl revelation. of the terrific 011880"

Mills d: programme. fine of make a start on it by mending the

Iii‘ which the oxygen was pouring inilo- the stock market during the boom in speculative shares: how Iwiflliltlvo in some cases Mr. Sol-

loway himself admits:

"My attitude towards oil de- Wiwment fn Alberta is that I. want to oncourogirtha financing 0X_Wlld~0&ii oil ." "I thlit wild-cutting is the great- est thing which can happen in

‘ Alberta, because smno oi.’ these

chm are in: to brine in fields." '0

How fully the public supported Mr. Sollowayb attitude generally towards stock speculation is mgifi eated by his statement that-

"On January i0, 1030, when Premier J. N. Brownlee decided to arrest Mills and me, Solloway, Mills and Company had in their possession between $25,000,000 and $30,000,000 in cash and ae- curitiea belonging to the public."

Concerning lvilr. Solloways claims

that had certain reforms been_

made in the laws relating to stock broking in Canada his company would still be in existence and con- ferring great benefits of service and industrial activity on the Can- adian people, we are left wondering how benefits can become national when speculation moves as far from lnduatrlabrealitfes as it did during the great days of Solloway and Mills.