*sEAsoNEi> . BONDS~ /

Priced 1d Yield .6 % and More’ .

gust " eial_Authorltles agree that the lgvpggbl. W,” which enable you do obtain a yield oi 6% and "m. more from higher grade Bonds will not long continue,

Our current broadly diversiﬁed liat oiiers you an mum] ollliofillll"! i0 lllmi your January (undo in ‘high ‘All, 3°54‘- swi"? l" ‘1 m"! lrriced to yield 6% or more,

with rmllwi ammo oi iurtlier prom through increase in market value. . "

kcorr GLADLY FURNISHED,

Eastern Securities Company

L I M I T E D . W. H. V. DUNBAB, Manager, cuaanorrrrowu _ so. 101m \ MONTREAL ‘ . lumen MONCTON suiuluaasma ‘ Illlnlllcrolu ‘i

Members oi The Montreal Ola-b Market

Members Standard Stock and Mining Exchange Members oi Vancouver Stock. Exchange.

Private Wires to leading Exchanger‘ and all Branches. Orders Executed on all Markets,

A Service you will Appreciate.

o? Grafton Street

inianaorrcrowu

- - . orrica

- OTIAWA Other Maritime Branches Halifax. St. John, Mouton. "Y New Glasgow; Sydney. Pholles 119E119!-

"I.

A ,,1»ys1.ci11e»1 Gem Reports , Most Silccssful Ycarfililiistory

c. a. new. vase-resume. and

rm,» to Canada. _ I

The annuairmeeting oi sharehold- ers oi The Royal Bank oi Canada | not only marked the close o! the most successful year _on record, but was rendered specially interesting by constructive addresses delivered by Sir HerbcrtHolt, president; O. E. Neill, vice-president and- manag‘ director, and Morris W. Wilson, gen- eralmanager. _ ' _

Bir Herbert, in addressing the shareholders, pointed out that in spite oi the losses incurred by thou- sands oi investors-throughout Can- ada‘ and tho United. states, the strength o! the business structure is such that there is no reason to look iorward to more than a moderate re- cession in basins-s during i920,

"Fortunately," he added, "specula- tive excesses were conlined to semi-l ritics; commodity prices have 1e- mained stable; inventories are low; employment and wages are being

maintained at a relatively high level. m

tho improvement in industrial elli- clcncy has continued and the 1mm- ciai position oi industry is excellent. both because oi large liquid reserves and satisfactory pronts during last year. Such conditions warruug op- timism." -

Situation Warrants Optimism

Dealins with conditions in Canada, Sir Herbert stressed the iact that neither the pr , in, lo "lgn trade nor the situation in Canad indus- try, trade and agrlculturepwarrant pessimism concerning the outlook tor the coming year. 1t is true that the small crop, the stagnation in the lumber industry, the ‘iaiactory price for newsprint and the decline in security prices have somewhat dampened enthusiasm, but I look lor- ward to 1930 aabelng a year oi nor- mal activity in business unless un- foreseen developmcrlt in the world wheat situation react in a to cause further substantial injury to Canadian interests.

"Many runners in the west incur- red substantial losses as a result oi the destruction vﬂouglit by the drought. It is discouraging to see the results oi a years work destroy-

low.

Dependable Service... . g - A A Sound Investment

managelneat makes possiblctdcpendable service to

numerous communities through strategically located elcctrlcpand

gas producing plants. One of the Associatcd system electric generating

stations is considered the most cﬁcient in dis country when ‘s11 factors including interest on the investment’ aretakcn into account-

Af utility investment backed by WidNPYQQ "Vi" with “w?” from themes, stores, and factories, ingwafﬂliilicﬂlly @8111“ 8""; oﬂers attraction than a strictly investment: in one in- vdustryinfaeiaglecommunitgnservina 1,300wom1111i¢i==iﬂi11=i1n**“i _ 5nd,, and the Philippine Islands, the Associated Systern k,a~__uiajor public a successful record of achievement

. , . .7 ' - ~ ' ' " ' iL ‘

_ _ Exercise Your ‘.‘ Rights / sntddiedeires, Associated o» elddaleeeie Company. 3a 11mm: Allotment" Certiﬁcates be made on a convenlnt \ plan-Jib with sllbdcrlpﬁon and $10 monthhr. A

f “ ' eachangable aitervjulyiilii, ‘mo. " mp-fel-Stoclrswitliaprcaeatcaah _

cd. Nevertheiem, the large crops

Total Allah and Proilte Conatittte lug - Bank Not Carrying lo-called

Blr Herbert Holt, President, roiuls out/rarities smarts o! the Business Structural: Such ThatThenia Noleaaonh Than a Moderate leoeaaion in Bnalhteajtarlngltlt. »

underlie nil-ester,‘ Urges Canada 1d s... hlier Advantage oi Enonnola Toarkt Traﬂle Irern. the United States -Wonld Make Purchasing o! Canddlaii

hook Forward to- More

lfroducig An llsaeptial Part oi , .

M. w. Wilson, General Manager, in leviewlng ‘Report, suites Both

New llecord Ier Canadian Bank- llndigeeiedlecuriticr.

ancthigh prleesnt previous years had improved the iinancial position o! the farmers so that ‘lnost oi’ them were more iortunateiy situated than tarm- erlrin other parts oi the world. Nei- ther the low price ior the crop, oi 1928_nor the small yield o! 102B has causedgeneral distress, in the taco oi the vtwo uniavorable years, the volume oi westem business has been maintained at a surprisingly satis- factory level." ' . "Advantages 0! Indrutrﬂ Advisory 1 ‘Council » ~ Alter dwelling on the success ob- "cd by PT sldent Hoover in secur- lg“ the active co-operation o! indus- al leadership throughbutthe coun- tryia the recent crisis, Binlicrbert urked that it would be to the advan- tage‘ o! Canada to establish a non- partisan Advisory Council,,compoee& oiiuien oi outstanding abilitydopre- seniative o: industry. lariouiture and 1m. This council would bring about a close rapprochment be- tween government, industry, _, ‘ - ture and labor that would assist the

-Canuda more advantageously than

' chandisc taken out o! the country

, inltheir own country. Where manu-

- they niightguk the government to

formulation and execution o! chec- tive measure for the maintenance oi that equilibrium which would ensure stable prosperity. V. Insummarizing general conditions in the country, Sir Herbert said:-

‘p "In most lines, business has been conducted with prudence and conser- vatism. The conditions which pre- cede‘ depressions are not present. Although there may be - some re- cession irom the recent high levels yo! maximum activity in industry am’

trade, there should be no doubt tha‘

,0! that balanced pansion which has characterized our recent pros- perity." . . ' Vice-President's Address

_C. E. Neill, vice-president and _mapaging director, submitted to the

“ a vary ‘ t _, ,

by ‘which Canada might benciit too tar; greater extent irom the tremen- dolistourist trallic that ls comm, annually into the‘ country- from iii» United States. -"_As a definite move~ mentdn the direction oi trade ex- panslonff said HNeill, "Canon... should become known at a counts, -w~here thdtauristirom the United States might purchase distinctive articles» oL-merchandisc at lower prices thanarlsieaslbie in a coun- try ,0! prohibitive tarilis, The geo- graphical position oi the United State's has‘ given“ Canada an oppor- tunity to develop the art o! skilled merchandising -in ‘a marine‘ that does not exist on a similar scale-in other countries. ‘

‘fWith due recognition oi the im- portance oi the tourist trade in Eu- rcpe, it must b; conceded that Cdll- ada holds .iirst place among the playgrounds o! the world. Tho scenic beauty of the Canadian Rozk- ics. the lakes and rivers oi Central Canada, the historic landmark; and traditions o! Quebec and the sum- mcr resorts oi the Maritime Prov- inces. arc attracting approximately ﬂiteen million visitors a year. The Dominion Bureau oi’ Statistics has estimated that thcseylsitors spent 260 lllilllmLdOllﬂil in the country in‘ 1928 and in 1929 the total must have been close to 300 million dollars. It is-cstimated that only about 60 mil- lion dollars oi’ this sum,‘ or less than t4 per capita, was spent "ior goodsmvhich were taken irom the country.

Unparalleled Opportunity (or Trade.

‘This great annual migration pre- senta an unparalleled opportunity ior increasing our trade. As yet there‘, has been no concerted eilort to build the tradition that there are purchases which ‘can be‘ made in

in thaUnltccl emu. It is estimat- ed that in France, the amount oi rile-to each visitor averages about 8750. Ii wecould make purchasing in, Canada auﬂiciently‘ attractive so that the average value oi the mer-

by, each visitor amounted ‘to onlY one-tenth oi this sum, it would make a difference or more than one bil- lion dollars a year-in-ourtrade. -

;}"It,.wiil require large-scale adver- titinfw ‘make visitors from the United States realise that numerous iilins which are new or may in the nttr iuturebe placed on ‘the me llltiin Canada, can be bought in this country at prices substantially be- lqw those which they have -to pa!

ilcturerghand merchants can agree among‘, einaelves‘ to such a policy,

place m speciﬁc articles oi ioreigu on the tree list with a vlewto using such items as lead- ers in the promotion oi the sa1s.ol' alliedolaeaealod goods oi Canadian

um: ‘

‘i v llanagefa Address . _ll0i'ﬂl W. Wilson, general man- acm-reviewed the 011th annual n-

theproepects favour a continuancr ~

Tris caisson."

F-M. Stationary " Diesel Engines

For isolated power plants where electric power la

not available, and for standby service, Fairbanks- Morea Diesel Engines have proven thoroughly

' dependable and remarkably low in powenyoper- atien and maintenance costs. la mine, mill, grain elevator, railway yard, town and city light, power

and pumping plants, in countless instances they

are giving entire satisfaction using cheap low grade

‘ fuel oils. They are made on the 2 cycle principle

in a wide range of sizes from 25 to M0 H}.

Norton

rel? quickly removing metal,

aerviceswhere ., ' ’ ., wh

ee will ﬁnd a Norton Wheel that

who

Grinding

producing a high finish on any rust ' ls an be

material.

any.” higloada trio Truck:

Yale controls are sun ate. Let us

Automoiv Supplies

laour Automotive Departments we carry large

and varied stocks of su plies, replac and garage equipment.

arages, Repair Silo

enient parts and

owners of Bus and Truck ﬂeets are assure oi an

excellent service in parts and su

lies. such as

Spark Plugs, Chains, Fire Extin hers, Wrench Sets, Brake Linings, Pistons, Rin a, Pins and Bearings, Ignition and Battery Ca le‘, Gaskets,

Carburetors, Alemile Fittings, ctc.,

as well as

complete equipment for repairs, and maintenance, includiniICrancs. Tire Changers, Presses, Spraying

Outfits,

olsts, Test Stands, Air Compressors, etc.

' \ Yale Hoists and Trucks For‘ pmcticailyevery job of lifting sjnd moving

w, in p or , Yale Unit that will do the Work ' and safely. arenian

o powered,

Yale mar

here's a quickly, easily c‘ Yale Hoists both hand p; overhead trolleys ' tly and easily, _and Yale ' are quick to transfer of safety are unusual, and pie, safe and easy to oper- atudy your material moving problems -ui many cues our engineers have made real savings with Yale equipment.

Elcc~

for cattin -eif,~ for for any

will cat quickérr:

produce a higher finish, or turn out more» pieces at. a\ lower cost. Norton Wheels are carried in stock at all branches and at your service are men have made a study of removing metal by ‘ grinding. They will tell yon the right wheel to produce the rnort work at the lowest coat.

in our sixteen Branches you will iiad nocka oi me- chanical equlpnilrlr and shop supplies the! ior variety and quan- my are unequalled in Canada Aside Iron: the many llnea nude by us, we have been selected to represent many oi the world's outstanding makers oi machine tools, machi- ncfy. equipment and supplies. Our general caulogue shown clear- ly how wide a service we provide for Cana- dian industry. Acopy will be mailed with- out lhargd.

"Dz-e

CANADIAN

ST. 101m QUEBEC

Transmission

Equipment

To ensure the ueady and ecouomiealilow; oi‘ power from drive to machine, proper shaitin ,1

-- hangers, bearings. pulleys and belts are cssen ' ,

and here you will find Graton & Knight Leather and Diclis Balata Belting. Fairbanks Wood Pul-

1eys,_

Barry Steel Split Pulleys, Hyatt Roller

Bearings, as well as the numerous appliances ne-

MONTREAL ' OTTAWA TORONTO WINDSOR

ceesary for the transmission of power. v ‘ ' a , ' m COMPANY £imited~ KITCHENER LONDON 403

.00

Wﬂohtillllodﬂﬁl Q ~

FI‘.\Vll.LlAM WINNIPEG REGINA SASKATOON CALGARY EDMONTON VANCOUVER VICIORIA

Winnipeg

s. .1 Tani-r?

shed by

ofour

nswAgg d‘ i

nature more than accounts for the Lake hare Mines Ltd- _, 19,53] b:".t:.";.:::.::i;" 3355.2": Mo’ a Bu» M @- -- i‘ . ratrictlng -= commercial credit in Mcnousa“ Mmes A" "' " '2? canma'to mks advantage o, high McIntyre .... 17.23 “u; that prevailed 1n New Ydfk. Mining Corporation 2.9.» 1 _ . "The growth oi’ our bilslness in all Nlppissing . ..‘ 1.70 ' ' h» YOUR INVESTMENTS lng, and 1 mun: the bank has moul- - Pmm" Mme, Com _ __ I tained its reputation oi taking care Premier Gold Mines 1'5, _ y _ _ ' _ oi the legitimate requirements oi its Sm Anwmw ‘w i 5 i\O\\ , as the New lear begins, 1s an excellent time custome during a icuit period. - ~-- '" ~ f lo lake stock of your investments. Perhaps you hold In commcntin, on the recent stock Sherritt -Gordon Ltd- 3109 ‘ some securities in a doubtful osition Pcrha s om market developments, Mr. Wilson siscoeuoid Mines .. .. 111' . ldb p . ' p 5 e "m: “Th” past year has not been st d8 - m cou c exchanged for others with advantage. _Why without its dmlculﬂes. Money has saibuigﬂglgil-a --~ 3<T n?! consult us tibrzlutihlse points? Our experience been “m; and the stock market l1 _ - J o many years ml e investment banking business is panic m Vocmber and November _ Sylvanite Gold Mines ... ... All a; your d,5p053]_ the like d1 which the modem world Tcck Hush" - 56v I . . . has never seen - creat d t d T a .. .63 , s QR PM“ sun’ askfm- °"F mnﬁdenual. ‘AnaI-vuml anus“, p,°b1e,ns_ I Em Bggpiynrzo 1333183110 com‘ 3m Service blank onuvhlch to 11st your holdings for our 53y ma; our experlcnw Wm, our ca“ vlpond Con,“ Mme‘ W unblasscil analysis andopinlon of every security you loans was entirely satisfactory, Mar- m m, own. A constructive criticism of your general invest- klnlllrltlnglxgdlet mo; brgromlptg Wriz Hargreaves .. .1 mam plan will also be given. We suggest you write us i De en to 11y. limit that we are not carrying any ' - so-ciilled undigested securities. (Uﬂmkd) - _ "This is the sixtieth year in th 1 ‘ d "iobli-‘ihmtm "I ‘Ilw Roses! 62am: Abana .. 1.251 MLLeo 7 Young? elr Co‘ oi Canada. During these sixt ! - - m, expulsion o! Canadian 3:33,‘: ... ... ... . Limited non and internal and extemit d' ' -. - - - ha; gugppgggd m; mos; optima-s“: Fﬂlllilllbfldlﬂ ... IVI era t... 5.16; Menopohmn nu"d‘ngl 1.07973“) 2 expectations. There is no institution‘ Hudson Bay 11-59‘ Montreal on“. Hqmilrqn “n.4,, tr"- 1~-~ been more closely identiﬁed‘ m. Nickel .. as as v y; wrclopmcnt than The Pend Orellle 4.1a ,.Z__I‘ __ '.l‘l'l"‘t'h‘i_ Qyzgzamgfbtfisﬁfliég Ventures s15 in m1. or Canada. The views: ' lust expressed by_ the Prisident 1115-; CHICAGO (mam EXCHANGE _ tiiyconildenoa in the continued in-| - ‘mm i" ""111 def" f0 Cnn- M . 1.251“ ~ - c» wow-- m sync? 3 in ...‘; ..1..,-.5\ ecor Business for the past, the continued growth oi the 1 13114 i , , bmkwm be dependent upon the Juy ... ... ... ... ... ... . (i C d B k weliare or the u; 1mm mdustm S and tﬂdil 0f Canada." WINNIPIG GRAIN EXCHANGE _ _ _ V , NEW business records were esrabll ‘sraxoann srocx arm mama May l-- 1-37“ Cmadm bmkllmyu" “d d” ‘"99"’? “CHANGE July _ u ' m L39“ ‘tor l_930 and following years are very bright, l: __ o... :1: .:: :.. .:: 1...!- i- =1» i-nw new Aconda .. .01 f a m‘ ' Amity Copper s» Gold .11 on. Qvorllrious The posiripn of Canadian banks and bank stocks ‘mum mm, ___ M, with particular reference 1o last fall's market Arno Mines Ltd. as Ajax on 1.s1_ dedmeisihorcughly examined. Barryllollinger .. .1 1 11 6us 1.1a. .. .11 . ' nedmd uineshd. . a: 1.50 A“'7'”"“'”‘"'°”,"F"-d'°f'”""'7°"- Bideood Consolidated .0: a A. 011 52.00 ‘ Baselleiels ... .. 3.411 Dal. on co. ... 200 Clericy Consolidated Mines .\ .03 Home Oil ... ... ... 9.35 ’_ - ‘ a on: . gems Mines h: at Ilzillﬁrlaglom gm... , llaeArtbar surefire-J's aaaiaberaaae, r. one-sun __ GIIIIAIL Hﬁilﬂ ... ... Is- 13% smlmthn:u‘ n“ ' "‘ "° " 1'05 Pieaie plan aw name on your lln 1o receive youl- “Market Letter» "ﬂy-me rlnadadtonyn Mines... ,, . . ... ... ... .. . - . , qrandviaw Mines ... ... .18 calmeut ..'. ... .... 1.43 Nun- . iioillngeroehnlidetedn. ......s.oc Mayiens ... ... i0? 3-" Jreweycielairluns ... 1m anu on; ... ... ...‘ 111s i ... ... .. Moommonvealdi Pete 5L l '41 .

a» , -,-.,---~f--;--»—--- -~r - - .-