OCTOBER 19,1933

Kellogg's CornlFlalres an ﬂhg or“. inal-Ahe standard of quality every. where. Always sold with the personal guarantee of W. K. Kellogg:

“If you are not satisﬁed, return u" "ml"! TQd-lillll-grecn package and we will reflmd your money.” Made by Kellogg in London, Ont.

GET THE sssr

- HOME FIRES

The tlres in you h m aiter day during therwhglbewlvnterllave to bum steadily ‘a,

A small expenditure now In putting your furnace and

airy-cs lll perfect condition will save n great. deal during the

LOWEST and LATEST PRISES

I Get our quotation on all installation jobs.

BLOWERS. OIL BURNERS HOT WATER. AND HOT AIR FURNACES.

Fred H. Trainer

"mm 3934- ao onsrmn smnirr.

’_

I867.

a - $SKWDOG

BISCU

i?’ i. o

Take a.’ tip from Jimmie

FEEII IMPEIIIALS Fllll FINE PELTS

Says Jimmie to Sammie “Tia true,

Of ﬁn'e fox pelts, l’ve raised quite a few. You take it from me,

I’m now telling thee,

Twas IMPERIALS that saw the job through

IMPERIAL BISCUIT 00., LTIl.

Charlottetown, P. E. I.

EM Vii Sill

Having purchased. the Dicks pro- perty, 1A,, mile from St. Dunstan’s College, I am offering my entire stock

GRANITE AND MARBLE

MONUMENTS

at clearance prices, as I shall soon build and establish my business there.

We have eighty beautiful Monu- ments and the early purchaser will have the best selection.

SIIIIIIIILEII & BELL

Establihed Over. 35 Years Phone 1095-J.

' 160Kent Street.

=I=__*

Emphasizes

THE CHARLOTTETOWN GUARDIAN

Need Of

yRevision In Interest Rates

I Minister of Trade And Commerce Addresses

Camilla" S00E15)’ 0f Cost Accountants

And Industrial Engineers - Explains Present Predlcament.

MONTREAL, 00b. IS-“Substan- detailed ﬁgures o! the public debt

ilal downward revision of interest o: cm“; _ Dommgunl provincial‘

olntly were. ﬁrst. that interest rates elected everybody. "In my opinion Bvﬂything conceivable uzust bc done to bring down tho gctcral rate oiI interest upon enterprise. Thssl 11005111 mean we should waste timsl 1n recrlmtnatlon of bankers and, others The skilled mini- in nus country dealing with questions orl cost and high finance ought to keep constantly in mind the fact that while in times oi buoyancy and ex- trsvagance and wild gambling, menl psy 6, 8 or 10 per cent, these rates cannot bs justified as normal con-

rstes ls essential it Canadian indus- and municipal-amounting u; sd-‘ditions and the rates should be m’ “d agriculture i! Y° “ca!” l 075000.000; corporation and rall- greatly lowered.

burden which, otherwise, will crush

it completely," Hon. H. H. Stevens. 000; on which the annual interest‘

way debts amounting to $2,097,000.-

Mtnlster of Trade and Commerce charges amounted to $427 000000

declared recently in addressing the Montreal chapter of the Canadian society of Cost Accountants and In-, dustrial Engineers.

"In my opinion everything con-

ceivable ought to be done in this’

country to bring down the general rate of interest charges bearing up- on enterprise" he stated.

"While in times of abundance, ex- travagance and wild gambling rates may be set at six, eight or even l0 per cent, these cannot be justified as normal conditions and the rates .hould be greatly lowered."

Mr. Stevens, outlining w»... h, consk} red justifiable rates under present conditions said a m“ 3.. round three and B. half per cent on bonds ought to be attractive; a rate around five per cent for the gen- eral householder should be consid- ered the normal rate in that cate- gory. -

Farmer Can't Afford High Rate

The farm mortgage debt totalled $700,000,000. The public indebted-

ness oi $2,332,000,000 in 1914, had tn- .

crease to $8,972,0Q0,000 according to the latest figures.

"This 1s not all due to tbs war." he went on to soy. "Undoubtedly ths msjor portion oi the Dominion debt is due to the war. The rail- ways increase is in part, though not wholly, due to public ownership These are things worth very care- ful study and analysis."

The increase tn the indebtedness of corporations was not due to bona tide developments, in his opinion, but was due in part to the water

I that had been poured into the copl-

tal structure ot industry. The causes of the‘ provincial indebtedness tn- cluded extravagance, ordinary legit- imate developments, automobiles, in respect to which large sums had been spent on highways. It was not yet decided whether such construc- tion had been beneficial, and to what extent, or extravagant.

“I don't think, speaking oi agri. culture." he said, "that any farmer 01m afford to pay eight per cent out of the ordinary farming operations carried out in this or in any other country today.”

The minister said there was an equity in those things that must bc recognized. It was the duty oi the‘ trained mind to so conduct an v analysis of such matters that they ’ got into the public mind and con- science so that accurate knowledge would be obtainable.

"while our population has in- creased in that period by 36 per cent, our Dominion debt has in- creased 725 per cent provincial gov- ernments’ debts by 388 per cent, railway debt 88 per cent, corporation debt 489 per cent and municipal debts 160 per cent.

“The percentage of increase is out of all proportion to the increase in population“ he said. "To apply a test. here, the milllllftlitl “'1': pro- duction has increased l4. 36: cent and yet. corporations indebtedness

i The subject of his address was has increased 4B8 per cent.”

' "The Influence and weight of Dcbtl Charges upon Costs—In Industrial Production and Public Administra- tion." There was a large attend-

_ ance, with the president, D. R. Pat-

‘ ton, in the chair. He referred to Mr. Stevens in his introduction, as "the father of technical education

in Canada." 1

Mr. Stevens ssid he had told the manufacturers about s. year ago that, ln his opinion, the financial interests in business had, perhaps,

too large a part in the dctcrmlmv‘

tion oI the policies oi industry and commerce. That was not said to depreciate the value of the financier .n business affairs, but he tic-sired to emphasize the fact that the trained‘

technical men on the stalls of bust-i

ness and industrial concerns ought to play s. more important role in the direction of the destinies of their businesses.

Great Improvement in Operating Costs

The great improvement in oper- ating costs in recent years had been hugely due to cost accountants. Controlled had been the chief field oi their

operations, but the field oi unccn-l

trolled expenditures was becoming increasingly more serious.

Pointing out the technical dif- ferences in controllable and uncon- trollable expcndltures, Mr. $tevens_ went on to say that in the final! analysis no expenditures really were ' uncontrollable, and the opportunity ' for control actually precedes the consciousness of danger.

ln times of buoyancy s. business concern will borrow heavilyhnd contract to pay a certain ruin! 0i ntcrest which at the time might

be called the current rate, but ac- l

expenditures hitherto ‘

Mr. Stevens went on to a conslds oration of the distribution o! the coiuitrys indebtedness, and. said it was a matter for some encourage- ment to find that Canadian hold- ings of bonded indebtedness had in- creased from 38 to 61 per cent; while bond issues were being more readily absorbed ln Canada nowa- days than formerly. “This brings into our hands g greater degree of control of the situation than we en- joyed in 1914," he pointed out.

The minister said that the amount of farm mortgages he did not al- together regard Bs alarming in re- lation to the value of farm property and general production. Of the 654,000 Canadian forms, but 250,000 had mortgages totalling $700,000,000 on which an annual interest bill oi $49,000,000 was paid.

But tn relation to the revenue startling evidence was available oi the burden of mortgage indebted- ness. While in 1032 the total rev- enue from agriculture was only $429,000,000, as many as 39 per cent of the farms were under mortgages, so that $167,000,000 of the total

revenue was subject to mortgage charges. This in eﬂect meant that the farmers were paying in interest charges alone $29 out of every $100 of revenue.

Mortgages Incurred in Better Times

"These mortgages were incurred in buoyant years but have to be paid in bod times when _pricc levels are low. It may be done for a year or even a year or two, but it cau- | not possibly go on. No farmer. with alarm us his major undertak ing can possibly pay $29 out of eve: $100 he makes in order to dischnrr, the interest on his indebtedness."

On the whole, however, Mr. Stev-

..inlly ls not warranted by the ns- I m; said, the mortgage obligations turc of the business under review. ogcanadjgn forms is not dtsproﬁ lncn during tho period of i110 debt portlonate to the real wealth and

1t becomes uncontrollable expendi- lure.

"Your business as cost account- ants is to seize the opportunity when control can be exercised and see that the business is not handl- Cnpped by the imposition of a ions contractual arm B9109!“ in T0593“- to interest."

Proceeding, Mr. Stevens went

value oi the properties. In 1929 the farm incomes totalled 81.034.000.000. which in ma: fell to $422,000,000 or! about 40 per cent to what it wos 1n 1029. That was a terrible isll due to the drop in commodity prices. i Dealing with the interest demand on buslnes turnover, Mr. Stevens ‘; said that s great cry would 8° "P if the government thought to 1m- pose a turnover tax oi one per cent. Yet in an indirect way business to- day was paving s. turnover tax of one snd s quarter per cent. In 1928 when the net income of Canada wr- $5,303,000,000 interest of $261,000,00\ or five per cent was bolus 0011i

In 192B, the total income was $5 506,000,000, snd the interest charg- $388,000.000 or 5.7 per cent. In 193

the total was 03.024.000.000 on which interest of $427,000,000 was beine

paid equal to 1t per cent. “While income has fallen, chars

remain the some, and these con-

the income of the country s sum 001ml to 14 per cent of the total for

carrying charges."

Interest mm Affect Wide Yubltcs

Mr. Stevens s; d that two thing."

' “Debt increases must be consider-I ed today as abnormal snc ought to = be restricted. Let us get the idea in our minds that the rate of bor- rowing in the last l5 years. not only I is not norms], but is nowhere near i normal. It is disproportionate eithc

l to the wealth, the income, the pro» ductivtty or the ability oi the people to psy.

"If we are to continue borrowing at anything like the rates oi’ recent years we should be ensuring our ruin. ~

"Canada, thank goodness, has s wide margin oi safety, but don't; let us impinge too much upon that margin. We should give the most careful scrutiny to our resources ‘~ and restrain our tendency to bor-‘ row.

"There ought to be more money put into business In the form of] non-obligatory securities, instead of in bonds. More money should be put into business as capital, than in the form oi capital indebtedness.

Mr. Stevens again referred to the disproportionate debt increases rel- attve to. the population increase. The corporations indebtedness also was excessive as compared with thc' increase in productivity.

Courage Necessary

Addressing himself to the mem- bers of the society hs said that if cost accountants built up s fund of real knowledge and brought it to a ltrue science then it would not. be

long before industry everywhere I would take no important step in tin-

anclng without first consulting them.

In his contact with business men he found s. tremendous amount .oi' inefficiency and lack of PTQDBI‘ I knowledge and. proper care. It was, | o! course, desirable to plan, and to have knowledeg of those pitfalls business meets with, but what was required moi-ewes a little courage on the part of those who know, 0o impart it to those_who have the power to do.

Oppose Union 0f Leeward And Windward Is.

sr. (spouse's, Grenada, Oct. 1'1 _(C.P. Cablel-Proposals for am- algamation oi the Leeward and Wndward Islands will be opposed tomorrow in s. resolution to be in- troduced into the legislative coun- cil and supported by the nominat- ed or ‘unofhc al," members.

Hon. T. A. Marryshow has given notice oi’ his intention to present_ the resolution which expresses dis-I approval oi the closer union com-I missions recommendation that the, two groups of islands be joined in ' s. single colony under one governor.

The resolut on may be supported by the five elected members. who with the nominated members, form o majority. All elected members have held meetings oi their con- stituents, st which resolutions were adopted opposing the closer union proposal.

‘MORNINGAOAN! 0:0 THE new DRESS 0o OVER BIG AT rue DANCE LAST uncut?

AWFUL. AND WE TRIED EVERYTHlNGI

3 ouuo, YOU mwofr! REMEMBER DORI

wwu A smear HER SKIN wAs? our IT'S so CLEAR mo LOVELY now ems

NOXZEMA? I'VE HEARD 0F IT. I'LL ASK MY DOCTOR

NOXZEMA DOES CLEAR UP BAD COMPLEX- IONS QUICKLY. ITS MEDICATION DRIVES OUT IMPURITIES THAT CAUSE BLACK-

" HEADS, LARGE PORES, ,c———' oumsss nuo even

PIMPLES - n sorr- (if; eus AND senses ’ as; SKIN "rexruasJoo

JOAN, DARLING, I NEVER REALIZED

HOW LOVELY YOUR SKIN IS‘.

A GLEAQER, SMO0TIIEII SKIII

In this big bargain jar of famous medicated Noxzema Cream

DON'T think your skin is hopeless! Don't envy tho loveliness of others! l-Lnd your complexion worries-wave money, too-—-with this low-cost scien- tiﬁc formula that quickly brings real skin beauty by correcting skin filllIl>l

Already over 6,000,000 grateful women have gained Nearer, smoother, Ioveiicr skin through NOXZCIHLI.

lmﬂs what's in store for you! Noxzema is utterly: i. ‘forest-fl: more effective than cxpensivcly pel-

>4 ' A ch.

M M=°“"'°

,‘-\\\\‘\‘\\\\\\\\q

basic was scale.

Rllliiiii out mm AWN

By John A. Boumnn, Associated Press Stall‘ Writer. BERLIN, Oct. l7.-(A.P.\—Unit:zl =

talked with Chancellor Hitler today about Nazi attacks on Americans and declared aftcrxvarrls that he felt “somewhat better about the gcirerol outlook than in the post days."

limited time only (Anniversary Special)

This 83c package represents the former 75c is: plus fax, etc. This week, the price of (he big econ- omical 85c iar of Noxzema is reduced f0 only 64¢.‘ Ger your inr of Noxzcma today- while rhis offer is

\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\

C11.’ w/zi/c 11:1: r-lmzizrrmry CIj/l-r fails! A large 83c jar for only 64c—get your jar at

\§\\\\\\\\\\\\\\\\\n\\\u\\\\\\\\\\\a\

second 10 per cent reduction in the

uls ilave been empmvcred by their membership to call a strike rather 121cm accept the out,

Prime Minister R. B. Bennett rc- lcentlv asked both parties to con- |, iinuu ziegotintions 1n the hope of u E favorable settlement.

IS WAITIIIGI FOII YOIl

fumed creams and lotions. It's gnaselnvs, medleatrﬂ Noxzema penetrates deep, gets rid of hidden poisons that muse bicmishcs—~its rare medicines soothe and soften —-_its ice-like astringent: shrink the coarsencd pores to exquisite ﬁneness.

For askin as radiantly clear and free from blemishes as science can make it-follow this simple beauty plan for 15 days: Massage in Noxzems at night after remov- lnp; make-up. (It skin is dry or ﬂaky, apply several times, as much as can be absorbed.) In the morning wash oti" with warm water followed by cold. Then apply a new light layer of Noxzcma as a foundation tor your powder. In this way Noxzema works all day and all night, too. Continue using Naxznna until every bnzziry-znizrring skin ﬂaw liar disappeared!

3r Jar u NOXZEMA 64¢

still good. -

SAVE 19f‘ Get This Big Value

‘s i~ now as a reminder to gets-aurjar ofNoxzcmn

ALL DRUG and DEPARTMENT STORES

L\\\\\n\\\\\\\u\\\l

It was s rainy day and John's roadster was continually getting out oi control.

"You got a nice skid there," ox- clalmed s traffic cop as John's csr came to s halt. within an inch of a telegraph pole.

"What's than?" said John haught- ily, “this lady is my wife!"

The union offici-

Relievtviuliit: Bontrol Periodic

Disturbances

i.___.. be you endure drsggy bschdisli

3 headaches and distressing

and aches every month? D0

you suffer from cttmps so bad than

yonhsvstomyin bedhheywdwl

nsuseaosd? How msny m

has you tried without mild?

Doe's be dlscourll¢¢ H". A. something dis: is slmost sure to help you. Take Lydia B. Pinkhsilfs Tab- lsusfewdsys before rheerpecml discomfort and notice the differences This modern Uterine Sedstive not only brings blessed relief from parl- odlc ailments but in sci! It»! ill

cnuss of the trouble. fenisnot usl

bri permanent relief. n’ rm l-Sold by sll

American officials silbseqilcntly said they uxrrc greatly l‘(‘ll(‘\'!‘fI nt the apparent solui on of what began to look like a tense situation and bo- cause at last s. decisive move had been made to safeguard foreigners from attacks xvheu they failed to salute the Hitlcriie Swastika em- ‘vlem.

The Ambassador's account of his 57-minute conference with the chancellor left no doubt that Hit- lcr is fully aware of the ctlect a rc- currenclcs of such incidents have abroad. ,

Shortly before the visit two Nazi, storm troopers were sentenced to six months jail terms for attacking Ro- land Vclz, a native of lticriden, Conn.

States Ambassador William E, Dodd

HENTRMBRS or AER our

(Canadian Press)

OU know you get better results in

cooking when you use Carnation Milk. You prefer it for making cream sauces, cream soups and salad dress- ings. And you know you save when you use it for creaming coffee. fﬂlitl and cereals. The economy of Carna-

_|n¢hislisndysinbon

‘IJBOLIIBL obligations extract from

Q that stood out clearly and signifi-

MONTREAL, Oct. l7.-—l-'l'onl an authoritative source tonight. came a denial that formal conferences be- _ ‘ tween the management of the rail- way comps-ilk and vice-presidents I of the running trades employees had come to an end. The rumors had stated that s statement would shortly be forthcoming announcing terms of n compromise,

The negotiations would continue, an official of one of the railway ompanlcs sfntrd. Both the lllll0ll men and negotiators were silent as ‘:1 the mngrcss lacing mulls in L11" usputc which centres around the; putting lnio eifcci. last May of s|

Carnation Milk

. WORLLYS LAR

lion is increased at today's low prices.

Write now for two valulblo Ins booklets-"l00 Glorified Recipes" and "Contented Babies". Address Carnation Co., Limited, Toronto, Ont.

” From Contented Cows "

MIL»

GEST-SELLING BRAND or swoon/n o