I Y. Stock Exchange

(Canadian Press) ‘my, Close For Pr 8 1-8 2n": Radiator l8 1-2 M, T51 fed 148 1-2 Am lvater l2 1-8 Armpnda 34 3-8 Atciuson 36 7-8 Ati Refln n 8-4 B511, Ohio 6 3-4 Bald-aviil i000 l3 BHHilX Av B 1-4 Beth Steel 71 1-2 (‘hes ch10 . 33 1-4 pnrysier ‘lg 3-4 Ccm 501' 5-8 Commonwealth 5o 1 1-2 Con Casi 39 1-4 Con Fxhson 28 l-4 Corn Prcduoia 62 l-2 Cilfilrfi Wflilllt 26 3-8 Dzipuntt 144 1-2 Eioc Auto Life 34 5-8 Bloc Li l0 1-2 Gen .ec 41 1-2 Sen Foods 37 1-4 Sen Motors 48 5-8 Widen 22 1-2 Joodvear Til! 3i! 3-4 s», rtor Pin 34 5.3 rfudsfin Mir Car '1 1-3 nr . int Tel Tel 5g 1 2 Kennecof-t 43 3-3 ifont “lard 50 1-3 ifurmv Corp t 3 v 1' Central 17 1-3 Natl Cash Reg 24 1-3 New York N l! 1 1.4, Nor Am Co 31 1.3 Ncr Pacific 1o 3-4 Pnck Motor 4 1.3 Paramount 11 5-3 Prnn R R go 1-3 P1111 .\forris g5 3.4 Phil Pei O0 so 3.4 Put S81‘ N J 30 1-8 Pure Oil O0 1o Radio Corp ' 7 34 Radio Keith Orpr g 3.3 Scars Roe Co 73 South Pacific l7 l-I 5'6 Oil N J 5o 1,4 Etude Com 7 , TCXBB CO 44L: United All‘ 35 1,3 United Oorp 3 United Drug 5 5.5 United Gas Imp 11 U S Rubber 49 1,,‘ U S St C0 q] 1,3 fl S gill Al A 3 ana um Warner Bros 2g b‘ West Union 3 54 lies‘, Air DYING 3g 1.3 “°‘l Elm m i-s Wodivvrth 50 L8

Montreal Curb

(Canadian Press)

Blocks m". Aintibi Com j 3.4 22 1-2 10'! 21 5-3 3 9 6 _ 18 l6 l-I 33 . I40 1'7 ftfeichers A i’. 3-8 Price Com u l6

Price Pfd

Bank-s.

(Canadian Press) ‘*-

lioek; ‘ma, Canada _ ‘ Commence 174 Montreal 39g cval Bk 1&4, our Bcotis _

Currencies

MONTREAL. Dec. '1 -(GP)— loss of nearly 1 l-2 cents showed itml Montreal foreign exchanges £< for the Pound Sterling at‘

- 15-16 whi the United suites dollar strengthened 1-10 of °ll<> iivr cent to 13-16 premium. French francs declined substant- ially to 2.11s s-a cents.

NEW YORK. Dec. 7 —-(AP)— Pirrwure developed against the FiFiiFli franc today in foreign ex- "miiiic- dealings. aTlur French unit declined 0i f3 rants to 2.63 5-8 in terms of ‘Pf United. States dollar and it zit“ lscileved the official control iiiviiiti it necessary to bolster the fll-fliiflv for the first time since book's advance started. The lvLiTlllllIr 0h forward francs, how- ti!‘ rontiniled to narrow.

l‘ "flint! was also offered free- d" losing l s-a cents to $4.68 1-4 “filling the day. Bankers attribut- mmfiiir- retreat largely com- h mai transactions. ’I‘hc Canad- dtiu dollar lost 1-32 to close at s.

mount of 13-16.

lfl"? lifilgs and Swiss franc were ‘ixtirnwiy higher while the Nether-

“fl-i Builder was a shade lower.

GRAIN

NWTNNIPEG. Dec. '1 4cm- klmllDCK wheat futures prices i lddtxl in the closing stages of a silk-t session today on inbren-"vi "Elllliil credited to houses with ‘Willem connections. The closln gall" ‘was 5-8-1-2 lower, Dec. s 1-8. May 62 1-2. and July 02 l~fl cents. "Export business was com t- irly light and estimated n 300.- , liliFliels. Shipments were made ill-m Atlantic and Pacific ports. w nrlr- throuahnut the morning ‘is dull and lacked feature. Come ‘Oval and eastern houses made . mall purchases absorbing what- afr offerings appeared. Volume of t "inns transacted during the day "will"? was light. h, ‘Vrrpool closed irregularly ii-ild _M"ll"i‘ to l-4d lower and ‘Rite-non , l"! at three o'clock was 1-2 cent glfzhcr to ilnchangcd. United émilrgixrmarkets showed firmness

('-'l'li Whcat trade produced lit-

rntinwia-m and spreads were "l_"‘,l]"n"rd. Pit trading in coarse ""1 r hrcurht out some support

. b, , MNJIH?“ 1311i. price range was

STOCK QUOTA TIONS

-_____.;

Montreal Stock Exchange

“"55 l Close “PM ‘ ‘ 168 1-4 Brazilian ‘ 9 7.3 B C Power A 27 - Bldg Products s1 1-2 Can Cement 9 Can Cu Found 17 Can Car Pfd 3a Ind Al A . g 1.2 Can Pacific 5 3-4 Celanesc 15 Cock Plow 3 1-3 Cons Smelt g1 3-3 Disvi. Seag 2,1 5-3 Dom Coal Pfd 17 3-3 Dom Bridge 35 Dom Steel B 11 3-4 Dom Textile 52 Gen Steel Works g Gypsum ' _ 5 7-5 How Smith 12 7-13 Tub 15 1-4 Int Nickel 54 lake of Woods 1541-4 . He" 61-4 W91’ 30 -4 Nat Brew 4g l Nat steel OI s1 l- '70 Power Com 1g Shawvinixan m 1-2 Quebec Power _ St law Com 4 1.4 S. law Pfd 1g Steel of Can 73 Steel of Can Pfd 6a Win flee A 175 Sou Cam Power ._ Win lliec B 110

Produce Prices

MONTREAL, Dec. ‘I —(CP)_ Prices weakened on the produce section of the Canadian commod-

ity exchan e toda and butter, chew. an eggs s owed narrow losses.

Butter spot: Que. fresh 21 1-4- 8-41 Que. (B2 score) regraded 21 3-4-‘1-8; Que. (38 score) 20 1-2-

7-31 Que. (38 score) buyers‘ in- specflon 21 l-Ba; Saskatchewan Nov. 19 22s.

Cheese spot: Ont. white 10 1-2b: colored 1C 541115;, white l0 spot: Ont. A-l 33 . A-

m iurns 21a, A-Pulleltls-soma,“ 3-- lsrge 25s, B-medurn 24a, O 21a.

To arrive: Butter and cheese unquotcd.

MONTREAL. Dec. ‘f -(CP)-— Wheat, Northern. No. 1 69; bar-

ley, Canadian western No. 8 48; wheat patents, firsts 5.15; sec- osts, feed No. 1 35; flour, spring onds 4.65: bakers 4.45: winter wheat patents. choice 3.05-3.25; white corn 4.40; bran, ton 11,25; shorts, fon“‘21.25; middlings, ton 24.25: rolled oats. bag, B0 lbs 2.- 35: hay. No. 2, per ton, carlots 10. Cheese Que. white 10 1-4: color- ed 10 5-8: butter No. 1 solids 22 1-2: No. 1 prints 23.

Eggs in cartons: A-l large 44: a-ggrge 89; A-medium 32; B 31

Potatoes: Qud. No. 2 son so-so; n. B. No. 1 80's 1.054110; N. p.

BANK OF MONTREAUS

Business llBIiS. Sir Charles Gordon,

pointing."

In his presidential address, re- viewing economic conditions in Canada during 1938. Sir Charles dealt. particularly with the coun- i-rvs domestic and international re- lations ‘in the light of the present world situation. He spoke with deep satisfaction of the amity existing

tween the Dominion and tlhe United States, sflying:

“Nowhere else in the world to- day 1s there such an example of mutual trust and respect as that undefended border line between Canada and the United States. It ls an inspiration to know that the legacy of pmce which the makers of the two nations lmve handed do\vn to us is being preserved and every day made stronger by the people who hold that peace in trust.

“But if our relations with our neighbors are so good. “Ill-lat! of our relations among the provinces of Canada?" asked the president. "We hwr a good deal these days about the things that divide us and far too little about. those which unite us. Instem of fostering or magni- fying grievances between West and East or between East and West. should we not rather be thanking our good fortune that we have so great a West and so great ail East? “Riot are our grievances compared with the tragic strains

bean nations are suffering?

"Among the causes o! tlhe troubles 1n Europe are land hunger and inadequate natural resources. These are fundamental issues of which we as a. nation know nothing because we have as our national dntmain what any European nation would regard as a noble empire. Yet we becloud the vision of this nattional domain of ours. in which ova-w man can dwell in peace. with none to make him afraid,by magni- fyintg our grbwiint pains. by coun- tenanclng, and even for political 1nrrposes fostering, sectional strife and bv pnrtchial and provincial views of problems and responsibili- ties that should decided on broad naticnal lines."

BANK IN STRONG POSITION

In opening his review of business, Sir Charles touched on the progress of the bank (lurinrzthepzwttwelvc months. observing that the finan- cial statement was equal in strength to any that had been is- sucd durin-g his eleven-year tenure of the positicn of president.

“Though it has been a year of pron-t uncertainty in respect to the immediate future," he sald. "and a

N0. 1 mts 50's 70-75: P. E. I. No. l mfs 1.25-1.30; P. E. f. N 1 whites 90's 1.20-1.25. MONTREAL. Dec. 7' -(CPi- Egg prices remained unsettled in quiet trading on open produce markets here otday while most other roducts moved at yester- day's evels, tihe Dominion De- partment of Agriculture reported. Creamery butter prints to re- tailers sold for 23-23 1-4 cents a pound and solids for 22 1-2-3-4. Western butter delivered in Mont- real was offered at" 22 l-4 for fresh and regraded. Que. No. 1 pasteurized in wholesale jabbing lots was 28 1-8 for regraded. Ont. white cheese sold for l1 1-8 ‘cents a pound sndcoiorcd at l1

New York Curb

(Canadian Press)

Swelrg Close Am Cyan B 26 Am Gas lilac 32 Am Super Power 5-8 Brown Rubber 6 1-2 an Marconi 1 1-8 Cities Serv 8 3-4 Creole Pet 23 E1 Bond Share 9 7-8 Gulf-Oil Corp 3'! 3-4 Humble Oil 67 l-l Lockheed Air 29 7-8 Nlflg Hudson '7 3-4 Panlielpec Oil 8 l-4 Pierce Governor 16 l-Z

lone Star Gas

MINING

TORONTO, Dec. 7 -—(CP)-— Volume was the heaviest tn s month today on the Toronto ex- change as buyers bid up for some of the western oils and n. few junior mining issues. Prices were inclined to ease off under profit taking in the late afternoon but all index groups except the gold shares held moderate gains. - over reached 549.000 shares.

The session oened with a quick advance inc thcmsecondary and

nny wes rn o . pemyallte failed 0t steam up with the juniors, trading meagreiy at a gain of 1-4. Cheaper issues hei only a small portion of their gains as profit-taking increase. The close was still up 3 to 'lcents for angle-Canadian. CaiflllPy-Ed- monton Calmont Hi hwcod. Foot- hills firmed about 1 cents.

Smeiters stood out in the base metal group with a gain of 2 points. Other base metal leaders were irregular. Noranda and Hud- son Bay weakened in the last hour and Nickel held a. minor 88in- The close ws-s up nlilrliwl-l’ l" while-Amulet, Ventures, Sherritt and Alder-mac.

East Malartic was a gold 995i- ur-c, advancing to a new hiffli Bi 2 1o and holding a twin vi '1 cent-d Sr-nior golds held sunny and Ml- mw losses appears-ti for Ciiriboo-

d R k, God's‘ glllglllPmllllllleolseglil-Cocksllllii. 'Mc- Watters and Pamoiii‘.

Industrial shat-sis sfrcnizill fill-

ho utilltv, Steel

paper uwzlefflgorlnslocks. Prav-iliim recover”! slightly fliill lm'l°l'l"l Oil and B. A, oil uc~~t"d a ivrinor gain whiic Ford A. I) stlilPr'~‘-'1"i‘- grams and Walkers common r. us- ed IOWI-

penrcd

ycnr f‘C1l:.f‘(|Llf‘1l.lly of some hesitan- cv in l-TUSIIIPFS. the strcnaitih of your bank con-finite: ilnilnpaimd, nn-d the volume cf our commercial loans has shown a measurable increase." The president, in discussing busi- ness in Canada, chamnterlzed the pas/t year as “not tmsatisfactory, lmvilr; in vitvv the otnditions which have ptcvaliod in other" countries."

INDUSTRIES MAINTAIN FAIR RATE 0F PRODUCTION

“Most of our industries." he ob- served, “have maintain-ed a fair rato of meditation and although there has been recession in some line; this- has been offset largely in 0111C!‘ fllrections with the marked activity of zilinimz contributing in increasingly imports-nit. measure t0 the vxe-lfare of many subsidiary en- terprlsrs from coast to coast." The president spoke with satis- fact-ion of the crop ref-urns. through- out tlle country and of the good catches of ll5l1 on both the Atlan- tic and the Pacific. Push markets. however, had been depressed. "The lumber industry has had a difficult year." _S1r Charles sit-id. "caving f) cur mlftl e-\'l>0i‘t dtfiliflllll and lower Dricss.’ u "Production of neuspflilii. l}? stared, "has been nutrkediy‘ less than last roar. but I cm "lad “l sav ilicrc has been no rccuIrEuCE ' iinoatt ccmpctitioil winch

of the cut.- _ proved so (ll$‘fl$if'(l1lS in ycais 2011i by, Durln-i: rccclu uwzeks ncusprin

ccnsumplivil has lnuprovecband ihf‘ outkok for the comm; WM i8 mole hopeful."

Turninar 10 (‘$170M l-mfll‘ ‘he. lllesl" dent said: "The recuirc-nt crises in Europa. inc situatioivm the Dilem- and the (Erpmssion lll the United 5111105 have all combined to Hive ll setback w "111- export. trade, which for the twelve months ending Octo- bu!‘ 31st totalled $973,502,009 I15 com-panrd with $l.l59-929-0ll\l i" m“ same par-fad last year. f - ures 11311061, a {an in price more than in volume. Our bulBH-ce OI trade null remains favourable to the extent of $214,875,000. ln our exports we are closing the year 0n a more hopoilll 110591 in View °l all“ importance of the trade upturn i“ the United Status and the paslnil’ of one war scare in Europe."

MS ORDERS IMPORTANT AR FACTOR

ti more immediate 1B4!- bogmwrllllch who felt would have a stimulating effect on business was the prospect of Canada contribut- 11111: w the armament reuuiremflvi-l of Great Britain. "I "my say that early last spring when I was London." the president m. “there seemed to be B fie-ll"? l" ° ‘ m1 quarters to place 0mm l" munitions and a-iiflBnf-‘S iii Camila and I had s number of intefvivw-l wit,“ 1mprtant pee-pie in this re- gard. as I was anxious that Canada should participate in this W°ll<~ I" the” interviews I drew attention to the fact that in Canada we have n laws body of skilled workmen. in both the Montreal and Toronto arms, employed in ind-ustries which are not ‘vcrv busy at the present 111m and that under technical ad- vice the skill of these workmen could readily be adapted in the 11W‘ ducticn of armament-s.

"Later, sir Hardmen Lever, who is a member cf the Bank's London Advisory cc-nrmitiec. came herc u-"tlr n 1ni=.~.,n to lock into the wribiiity of using “Co! rs ourrcs we have in Canada for the pro-

Sir Charles Cordon" Urges United Front for Canadians

Secs Great Era for Country if Canadians Throw Off Secfionaiism-Takes Hopeful View on

Desprecating "parochial squabbles"

G.B.E., at the 121st annual meeting of Bank of Mcnlrcabsiiavrhoiders, urged ins counttrymerptq “r1133 with a 111111911 rout the gin-at. era to which the finger of dcstmy so unmistakably is

and stresses from which the Euro-

1 Hli}“__bl1AKLU ['1

‘Unfit’!

l2lST ANNUAL MEETING

Conditions

and sectionniism among Cana-

‘r41 U W 1v i111 AKULAJN

EUROPEAN AFFAIRS STILL DIFFICULT

Passing to 11w European situa- iion, which he tell. ran Still far from reassuring. the president said ~ ‘The COIlLHTJBUOll of war in the far East and in Sim’ . the Ilflriliititll and economic difficulties through which fiance ls passing, the treat- ment of minorities. in certain Eu- ropcan COUflitrlDs and the 11311011111 BSDYPaIICYIIS of those wuntries are problems which remain, but. to their solution a better interlmtion- a-i feeling engendered by 1.11s Mun- lch four-pwrer pact will. it 1s hoped. OOnY-r-bute materially,

‘In the United Kingdom, a1- though nmny branches of industry are less acute than they were a! this time last roar. .~'\'1l'li)t0ffl.s of domestic business have remained healthy and enucuragirlg during a difficult, period and there are num- erous indications of present. 1m. provemem.

"In regard to the overseas frn 01' the Uiiiifll Kingdom which ll... shown substantial curtailment, our l-QTWOT- MBMiler reports that i110 fimires now available for tile first hfll-l’ 0f this year show, as against < the similar period cf 19:17, urn. m» i export trade “ill-ll countries nude-r l the Ottawa and other trade 1121*.“ - merits receded but 125000.000 our of ; 9. wtal fall of $28,000,000." I

UNITED swarms cormmoxs i

‘Ibuch-lng on the economic tic-n in the United Stan-- Charles drew attention 1111‘ 1y to the large increase in tin \ i ume of avail-dale credit. uiiti ‘no spending powers of the pomit- ut- iected by the Government.

“It has. however, been relxrtxtl- demonstrated within m: nt

silun- 5 Sir k

SIR. CHARLES GORDON, G.B.E.

years," he observed. “that an i11-

Paying high tribute to those Sir Charles Gordon at the Bank

economic life.

metals. During the present ear 801d mining by the roduct on f 400.000 fine ounces o we see total production of gold annually."

fillNIiiG-Sheet-Anchor of Canada’s Economic Life, says Sir C. Gordon

aid.

"In the stresful times through which we have been passing it may well be said that. mining has been the sheet-anchor of our Here ls an industrywhich over a period of years has measurably, offset contraction in other lines of activity by increasing its production and extending its frontiers. now a recognized source of world supply for many of Lil" bast-

gold in one month, and as the yrar clrse".

engaged in the mining indu-ligv, 1 of Montreals annual ifiifitlllg

Canada i-

a new record has been set up in or the first time of more b.1311

on the basis of $180,000,000

Great Britain wish to carry out. I think the results of these conver- sations and investigations will be satisfactory, as already contracts have brcn negctiattkl and we may hope that. acidit-ional busines will follow."

GUARANTEED “TIEAT PRICE

Speaking of the Government-guar- anteed wheat price, Sir Charles snicl: "While there are many who hold stun-f: views in regard to Lftlillfllllbflllfi a fixed price for any product. I think it is better to take a mtllistic vicw of the situation Wlidl which the grain grovscrs were faced, and if we do that it is diffi- cult to be critics-l of the stc-n the Govornnnr-ntt has takcmevcn though 1t may result in a. loss which will have to be made up from the no.- ‘fional exchcquer. l believe that for this your the rstta-bilslunent cf a guaranteed price for wheat has been a wise pleasure and cnc which, while primarifv brncfitimz the Prai- rie Provinces, has been helpful t0 business in every part of the Domi- n on.

ALBERTA OIL DEVELOPMENT

Sir Charles discussed with satis- faction the growth of the mining industry in Canada. with special reference t0 gold and otl.

“I think," he Stld. "the most out- standing slop which has been mode in tile (levclcpmcnt of our national resources has been in the results attained in the Alberta oil fields. Oil DYJGUCI-IOH there has now reached such a stage that it has commanded not only natloixal but international irtten‘..ion, with the re- sult that problems as to the best methods of transportation to dis- tant mnrkeis are already being dis- cussed.

"these are matters that await determination as to the regular vol- ume oi DITXIIICLIOII which can reo- sunably be counted upon, although the g-mwtir of production to date has been 51lGl1 as to indicate that possibly it may brim: Canada 1.0 a place second only to ’l‘r1mdad in the British Empire as a source of oil. Mealnvliiio, mcrzitinn of production has been put iiliu effect mndlng tlio development of markets and o-f facilities for reiinmg and distri- bution. What already is assured ‘is production of such a volume as wlil prove of marked benefit to the eco- nomic life of the whole prairie country, and a major inset. in d-c- veiopinzg Lin: great. mir. a‘ ‘ Lwhich lie" north of the glam grow-

ing BPCHS."

TRADI AGREEMENTS

Speaking of the 1._0W trade agree- ments wit-h the Unified States and Great Britain, Sir Charles said‘. "These treaties will affect in more or less degree evcry industrial H110 commercial enterprise in this coun-

"The situation has been s. pecu- liar one for Canada, ‘inasmuch as it has provided the most dramatic demonstration yet given of Can- ada's position as the natural liaison between Great Britain and the United States. Without Canada's co-operation the agreement making for closer commercial co-oileratlon between the two lcfilwt Enlli-Pil- speaking nations, so important at this iuncture in world ‘ affairs. would not have been possible. Can-

has given that co-operation, not without sacrifices and not without some misgivings as to what these sacrifices may portend.

"Partly as compensation for giv- ing way to American producers in the British market and partly as compensation iicr a lowering of our tariffs all niona the line in favour of American mailufaictures, Canada has received advantages in the American mavkit for a wide variety of the Droducis of,..ti1e_fann. the forest. the fisheries and the mires. Primary malucors in every pro- vince have loin: duired this freer

esq to the great market to the

uth. and we all hope that. the ad- vantages which it. offers to them will result in stroll a general in- crcase in the 1wnrcirasing pswei‘ of the nation as in offset the added competition uhirh many manufac-

_1‘D'nit-’

crease in the volume of available cmclit is of little avail as a stimu- lus. to activity unites 111x11 -uf- flcicnt confident-r.- wiilxnl munity to use it in a non the transaction of v\_‘r_\'t‘..1_; business. ,