I-"Ymz Notice The Man Who Wears Them”

OUTLINES WORK

ituatiou or an eﬂort to peer in

EQ"?!

or political interest

is the job of a Central Bank. and how does it do it?

"Turning ﬁrst to the question OI why the machinery of a Central Bank is ueceded. I think it is ob- vious that at anygiven time the

country requires a certain amount pi money for the conduct of its business Operations. and the brim- ary duty of a Central Bank is to see that there is the riizht amount of money in existence-neither too much nor too little. By “money? I mean not only notes and coin. but deposits in the banks.

"If we lived in a static economv

where the volume of business. the velocity of circulation and the level of prices never varied from one month to another or from one vear to another. l sILIDDOse it would be possible to operate quite satisfact-

orily with an unrhanzinz amount carke of money. But, in fact. no oudnguma;

does live in such an economy. The active circulation of notes in the hands of the public in Canada va- ries with the seasons nnd from yc'ii' to vein". A seasonal variation of 15 millions is not out of the way:

prices have ciiu.~.ed_ an increase in the active (‘lfCllllllioll of some 42 millions. You crn undersinnri. loo.

an amount WlllCll uwuild have been sufficient to finance Canadian bus- iness thirty years ago is not likelv to be adequziie for the needs of today. It is obvious. then. that our IDOITCLRTY SYSYGII! llllllSl P055955 R satisfactory degree of elasticity. The factors which make it possible for changes in the supply of mon- Q1 to take place are not automatic. Deliberate action is required lo en- sure the smooth working of the system.

great national importance that they cannot be dcnlt w-lth by a number of uiico-ordinated agen- cies. Some one body must be as- signed the duty of exercising con- trol. and have no other interests

ulil aL-o var)‘; tho;

Central Control "Xhaso nutter-s are of nmh

which would clun with its respon- sibility for tho regulation ol our- re-my and credit. This b the rea- the public press, son why there are Ccntml Banks in operation in most countries. In- stead o! havlnsr central bank func-

of government. the Governments have uncured to entrunt these functions to moeialized unmit- iom. The lows under which they operate vary. But- the banks all have one thin: in common: their monetary policy must conform to the policy o! their reuoective Gov- lrnmonts. No other conception of

performed by a deoziruneiit

In situation is possible m this day, h View of the vital eﬁect which monetary policy can have on the attains of a country.

“ltramielv enough .the. supreme control of Government hi matters of monetary policy does not 1050:;

(kivoamie 10h the n,

trail! Bank use-cut w» annd direc- tors. thing wrontz s. mon- etary sense they are In “bu” °f 3 charge of the affairs of a. Central Bl

HIR 28 TEIIIS MEI IIHE IEEI IIIIYIIG IORE RIIII MORE TIP TOP DUTIES. IIDI IIMIE TIIIII TIIREE IIIllIOII SALES PINE “THERE'S IIO HLIE LIKE TIP TOP.”

$2495

Ill TIIHIIVI TS "II "NONI. HIQHHS

uomsmu u» “a

collectively keep of their

fume. and ‘by law must keep at least 5 per cent. The Central Bank has control of the amount of these IQBiTVBS.

to its assets In any way whatever, the Central Bank increases the re- serves of the other banks. because the cheques which it issues in pay- ment for the securities or other wens which it acquires are depos- ited ir. the chartered banks. and swell the deposits of these banks 3E5??? gfregglzaga‘ If‘; on; connection the Bank would not Dawn“; m m, Mme way any be able to acquire that full know-

" ' ' ledge of a Government's petition which would enable it to rzive the best service of which it in capable

i E E

and tailored to yaw meuunnonls

iiiuiiil lull;

have

my QHABLOITETOWN cusnnrm , I-h-‘ﬂ un rennet-h; v w- ' "N011, ll d0!!!‘-

Condition of Bllldlll: ' "W0 think It proper Ilhlt

The Central Guardian. y’ ll-IOSPITAL’ .

This column h reserved (In um}: loci-l interest but Ml a IlQIly nature may be

i@i-i_ruisii_lzoyli_alee_ll__ mraisal of the existiniz businﬁ

wY

ma. mw-anmmo narrows

iainthemlndil m hwtodwittililbolizglcastctroln onion -ldlnao e - iimumgw Penn 18

true today: b (i: century our twcII we meat imm-

' (Continued from go g) ullod

brieﬂy the annual collections which

llgecrbellged could be still further

ea-s ‘Ber th tin votes 0;? thafiksmgvseregoxtﬂigwetg the auditor. Mr. H. . Putmaa. who assisted durinn

the Wardens o! St. Paul's Analio urch for the use o! the Parish

ere last niahrs meeiina was

held. and to the press. A schedule attached to

ancial statement indicated tha

ber o! patients in the

institution during the year w" 5a

t

ae futurmcomments on the course

l markets or events o! commer- wag cmuum“ u”

inn fessional men chased

1'.’ ca" Mme...» sure:- 2a:

place in this or other countries: all such tbinﬁ are notrlmgylly gigsldo the scope of a specc a ver- xior of s Central Bank. But it is open to him to tell somethinil about the mechanism and object- ives of the ornniiiation be repre- genia. and invitation committees sometimes say that even that rath- er technical subject will be oi in- most to their members. 8o I am here today to speak to you about central banking activities. I will try to answer the questions: What

u. m. i" urirurme“ tlagboat [Iiouible con-

"During the yearmoertain

boots only 82.39 per pair. 8a Ferguson's.

WE WISH t0 b“)!

good nod oats. Notify Departmen of rl- M: culture. -

LADIES navy blue ties 0n

81.98 pau- st Purdie 8t can. m. mu“

bim-waymen who carried on their aecupatlon with the can‘;

inzar ain tore- Jiéoi“ _

Song Service iJoint _ Committee Meeting iigiiﬁ’ Held At Y. M. 0. A.,

Following were a number items on the schedule e i937 ﬂizures in brackets.

Prime Mlnlsln n

er of surizicai patients dur-

medicsl patients duriniz yeu. 595 i644): number o! obstetrical nat- 1 ients during year, 196 (184):

ber of infants born durina _196 (186): number of deaths 111R year. 80 (71): number of pat- ients paid accounts in lull. 1340 11361): number of unpaid accounts evening forvyear, 331 (333): number of free j patients during year, 264 e1 cost per patient day. $3.04 ($3.00): tree patient; @ $1.50 '2.2B3M

. A in letting suf icieut ven ceitan Parts of the kit w beinfnzoived; will be tailed. p d the Rmund floor were com- lls. etc, were painted. and boiler rooms, corridor, were done 0v er my muresco. The ms were polntegt.‘ This whole sec-

iniproved appearance

Th6 Joint Committee 0i’ Ministers, I P. W. C. Students andxY. M. C. l prexntatives which determine; and programme of the‘ Young People's Sunday Song service ‘iynet 3

present ‘were Rev. G. Carlyle Web Stet‘. Mr. Lynn Burnett. M; H. L. Denton. Mr. Lawrence Tombs. Mr. Keir Mo- Rev. s. C. Cooper, Dr. J. A. , patient day. 82-50 (I Mr. J. W. Boulter, Blick. Rev. A, E Mac- Kcnzie. and Norville E. Luck, The

chen is on the way

cuttings (slips) to u, I think I had that purple beech zit . mind Mhen I wrote u; SIJQRGSUHQ that oriuiinc

laies-"They lend

usually travelled in little biands. m ‘ had be,“ m 0mm,” in

. acoost -l ‘m1 “hams such u ma and wish to 10in it

Ralph. per dlem.

with . M pneumonia. Bad Others o! us had blood X-rnys. typhoid sh um

. Here are the bills doctors’ "36- Hwpitui. $209. All

would appear in the distance. and Dretendintz not to like th question the services. their arms and marked if attacked. S54 a year

his short account of what has and the idea is

proposes another tarian use. in the to! “Dear Aizricola»l re interest your stnry inones" in the Gu

REPORT 0F TRUSTEES Following was th Board oi Trustees:

"Your trustees herewith the 55%, annual re

path ha: travellers as to d from the hospital their ability to fight

h If the travellers were going to and timorous. A heavy close to them

(Ablished. An ssh

J. A. lark and Rev. G. C, \Vrb- ster opened the session with prayer. Thevipurpgse of the m€€LlmZ was cw e r r ‘ f ti and since 1932. improvement in Inst se p 0g anmms O 1e business and a higher

property for the nurses

and fmmasrilhe nurses Home. (Havel would "do up bee

and wave his pistol If this material is obtainable

ucompi most interesting, ‘catching ‘on. The cities in the Uni M! prepayment plans ocwrs. Such an ar-

musetnent is probabl alternative to "a comp assurance that will empl the

ORMONES AGAIN

I bmllght before rk of three scien-

u. s. Wit/mi?

Continued from 2g

d b0 Z531 “'2... u?“

see a good opportun here in the prepay; berry plants and the CllIlIViilImdI the blueberry in a com in this Province.

Blueberries are b in New Jersey with tory results to the cultivator the great buabenr in the 1 has been the great '

armed he would ha. ride behind them and tum off at the next cross-roads. his men care- fully watching his doings.

Asimpie yet effective ruse af- ter a suocmsrul robb izo to the nearest inn. enmage a

to

its present conditio statement, and its

"The chairman of the Finance ivir. it. L. LOLLOXA, will answer any questions relative to his Slfilglnffflb that may not be under-

“The chairman of the Pro ert committee, Dr. J. A. Clark, W1 you all you wish to know about our kLI dkcussinn propvﬁy and equipment. ‘Mr. Geor e McLeod. chairman

ing

be pleased to tell of the efforts to- Bmhwn wards getting the best value in food stuffs, and methods used. v

Mr. Alfred Pickard. chairman oi‘ the Nurses Home Committee. will information relative to at very fine Institution, (unner- e Cundall Home.

Our first, and sad, duty, in to report the sudden

, leaving the main entranc

en. under MI’. A. Mc- Eachems management, hree well matured v

level 0f ions in i-u pmt to the pyQm-amnps tor next Full and Winter. The wide _ "Hilly Cominittcc. _ vﬂllrii! pcoime outside of irialc anuvunt of commented on. Mr President of the S. C. M of Prince of Wales Col‘c';e and Norvflle E. Luck last spoke briefly on the pro- gramme activities

eral unpmvement of t Elly to the garden. 50m trees were removed whole front cleared o!

“med have "s" m!’ readers the wo

w} s, dead they were after. and would scour the the country tor miles without suc-

which followed men!’ cumnas and even mm the

centaae of success Is hence the price of plants is , high; so high in fact that I ~ it costs one thousand dollanq plants alone for m

acre.

If we can easily and rcudil cuttings of our wild blueberry will be comparatively simple , very much improve on the berri

_ WW5“ improving the ser- vices next season. commﬁtee was appointed as follows to study further a number of Lyne". raised and to confer wl‘h the in- coming executive ccmmittr» at the Opening of Ihc Fall ierm-ivlr. Law'- rerice TOOmUS- Rcv. Miss Irene Mdlieod. tier and Norviile E. Luck. Committee recorded its tion of the gnvrinus extended by the following in the holding-z of _

services. The Minisier; and church Bonrrh. the organism to all l-hcpmgrammesspeskers

music. to the church sextons. and

Olavel. however, was impartial he nave directions to prevent being

traveller should take all the

tial equipment, tar-y

111W“! for the robber ll

sred on the highways, where the m travellers were. and a wondeﬂu] hmpmu was Id no time looking formvictims

man for many years zulded and perhaps some cross m _ the H ml

, msn and a frie at our last annual meeting.

riders who kept th risks

Clavel met his match in Kin Charles. who captured him by ruse very likeoolne o! the highway-

the lord Mayor of the MBEISIIBWS

search the stables _ if a horse was found that did not belom to n. reizular frequenteir of the inn. to lie in wait for its owner. When the owner turn

he curried pistols. strstnﬂﬂn cleared the neii Inndon of these robber:

e. By the end of the eighteen cen-

I-lilln EOIIIXWII objects o! the coun- tryside ss an old write they Dlied their trade r the reign o! George I. We in vain throuah the "Histn Ens for mention o1 these criminals. but we know from other they were rigorously en taken. Transport- ation to the colonies as slaves was

Free Work IIIONICIIIQ ual 00st of the hospital

missed his counse during the year. t official duty was at the meeting of Trustees after the an- nual meeting when he nominated the present chairman him. At that time Mr. 8. A. Leod was appointed vim chairman. a as carried a great part of the Mr. Rogers’ work for th pital did got tllemen, but continued

I am in hearty accord with . Raevesb letter. for 1 have md - th unmoved blueberrieo whid have fruit half n5 larizc aizainl the native berry. 'I‘hcre mustil, acres and acres of land in the h‘ land suitable for blur-lwrrim great natural barrens which e much more productivell planting the right kind of

Fﬂwihl in Hoilandale. w Wu“! Distributed

free work is un-

The mrwtinz closed by Rev be

Montreal Newspapers

Raise Price MONTREAL. May 26 —- Three Montreal newspapers. The Star. La Prense and IQ Patre, tmdav that thev would rails» their pnoeii from 2 to 3 cents, effective

from 10B l ier amount to cent of the cost to

They are doing this in the States. and they are a shrewd new ‘ pie. not taking up a project wild ' Iihey see the dollars bcliiud ll! ‘

Balanced Budget for Year

SOYBIJANS FOR noiuiism , use (l)

nebec city newsm- bers are also fo IOWIHIZ the advance, which was previously made by To-

'.i‘he Soybean. in its memb : and shelled. temDl-s one w c

toendourfinaxiciaiyeuwiths small balance on the rliht aide of

Lmpr I’ people the fact that only through h; the untiring work of the Trustees. dry Superintendent, the med- the nursing services garn- eralljy, the heads of

, have we been

hlsch plane; and have mlinnged to dﬂfgpgn keep our expenditures in we our xecepis; but the time has now come where mentor ﬁnancial siatance is required.

bean can offer the some tanotv I always recognized its valet for feedinaz stock, but there ouizht m be some W! using so pleasingly fiuvomi a bu!

genuxed a, pamphlet with seventeu

COLD LEMON SOUIPFLE Boil very gently the yolks of 8 eyes, the lemon juice and grated ind o! 3 lemons. When cold add tabieqwoon gelatin. i-z of whipped cream, and th swell beaten to a

t in dlslT}IiowV§mer' “Id pl 51.x 5e. Serve n ' n° “w” w u» n13; dish and decorate with

t n‘. n must be u” giwe; cherries and angelica policies

account; ' {iéﬁowebadtoprov

1 1°" Riven loyal ac’ still trotih m“ I I or considerations _ rive all the rcclveﬁl one may Rive the I’i(‘ll(IlllK5~ mi g the minder wishes for the recipe. why. let her write in snl! she shall have it! . Soybean: can be lLhPd for iabl _ in the s3": way 0U!" "W" ‘M ._;ed. and in other well’! , __ ti; pamphlet. _ are gingivin {at and iii 90ml“ _ Ind the latter is of much hllll! The ylﬂlldﬂfloii some o my 1W1 nevrzaived) is recommended kiwi-ml Great Lakes r0610“ ""4 P“

Soybeans are useful in die! Gsbetic tlflélﬁﬂllgwﬁﬂlb? the!‘ conmaira v y tom carbohydrate content o! m,‘ soybeans is only KIWI" ha" m

and only two-fifths of the wiol l

are classed among the 9 or the i per cent vegetables; pu- amt of their content shah INB carbohydrate: thv Rm“ M. ed soybeans count as ii 5 W?

1f you're having friends to din- hid have only one maid, here idlli that ou can prepare in the marl-ling mor§ dish. but, ugaind this, you have a awe kl i

hallowed no. in e. a“! policies which they endorsed. If they did not 18!“. tinn should have laid so, and in those circum- MAXWOS m8‘? W0 perhaps

been replaced by others who did -__ not share their obiloettons."

$3} b1: controls the limtilsifiogl llllwlmed- and buﬁlmss “cums money through the medium of the other banks. and is therefore often l spoken of as “the bankers’ bank."

1m Canada. the cash reserves o!

the chartered banks comist of noun of the Dank o! Canada and dgoosits with the Bank of Canada. The notes are local tender. and the dapelita can be tanned into notes at any time. In Canada. the banks n M“ 1° m" "m iﬁlw“t.“i“.ﬁ"iit m in the“ two of the Dominion Government. and an such must supply them with the best and most impartial w-hich we are capable oi giving in

in mturo-ol ' maximums m“, nv TUE Sh?!

may Name our-BF:- tn ' s era own-luv, but it was a “p

h use an expression of that left the British iy from criminal tendencies.

COIIIUNTI‘! MEDICINE

I read the report of zrddua on of nurses from Pri allowed with

Erect interest m i ts nlsed i the address by Praéﬁﬁgt T. Holt:

man. The remark: imo from: Utilization culled to xgind an vo

wigiheiali is doing pr l1 y. connection with rants’ department.

t is hoped their annual reports i be incur-pom

ted report to be issued shortly.

It is the diﬂicult task Central Bank to endeavour to and mind aaainst such n. m-ne of events. while not check- ing the sort of revival which leads wail-balanced prosperity. It must act firmly, not too early. but Above all not too late.

; “I am not zoiniz to zive you an lxtenslve cataioirue o! our activit- "As ou no doubt

staxnant.

ton.

"We had some increases of Mai!

gupervinthe d 1:?”

ore. an , us

th matrimonial mute; umd we

s.l b in their

They were all valuable they an mined.

Juninon. who

ommnid

MRﬁ&tﬂO§

E

Biv buying securities. or adding ﬁmmml matters-

char beam’ reserve balances with it. This is the main wav in which controls °1 time IIOIM of other banks’ re- 1"‘ l “m” ti Tin speaker omohuiud that iin- 3"“

$5.3m ""‘"" "W" Ocnhutglc-nf 1°“. suntan-nautical:

vqzetabie. . _ v “Besides the new and "Md w’, as a number oi P"? . ducts from the dried beans m!’ uaod in a variety 0f nuniiinus mypetiging dishes. Th? than products are sofwbfﬁ" loybean mash mid soybiﬂll ‘r23. ;

(l) Green scwvbeeru- “my” 6M1, ' most Dalatablﬁ 11"" ‘fgii lull en the beans have lﬂilCtl a sins but are still succulen.

louoned with butter. page. The W!“ "

ina agents when Dominion loans are ﬂoated or Treasury Bills sold. By arrangement. we may perform similar services for provincial nov- eriunents. Such a would not be satisfactory for either the Ban-k or a Government unless it were of a continuing character. Ear without u close and continu-

i

i 5

i

a more intamivo tran’ relationship manly we were ab]

fig u i?

E

i:

E

§§

rian toad- ina people who are ill, which wo all d ‘icul

those who are ill olien tun foods that are C

2

E a

i

a 5

utionship o! a minty casual evidenced by occasional tran-

1 tio ioi im Contri P" "I" “m” "“ m“ “f; mitﬁtifitui u‘: financial Mlv a

1

u‘?

"out! zntaiwoﬂl

i? i

i»

i’! 3i’

l???