THE (THARLUHTTOWN GUARDIAN

STOCK QUOTATIONS

N.‘ Y. Stock Exchange

(Canadian Press)

q-I-i a m vriiiifhis f ' - -' . ma; 7 mnia- end w QT-‘li-ti-fié-Wa... tllyfliwliglkQl-ir: l ‘A m" f pool." Am m Pr 3 3-3 Am Water 13 1. NATIONAL; LIG 33%; " "3 HT & POWER CO. Halt Ohio 351g “’° arise: =6 ' r-lasr non-roses: noNDs n cm. o l: l1: ‘minimum nov. m. 1m "g AT loo AND accuoan nvraaasr r0 mu» can (xnmonweetits 6c 41 Con Edison ‘ ' F. J. BRENNAN & GOIIPANY LTD °‘" °" °° 331-8 I Com Products as a-s a. m. BAGNALL-MANAGEI. W" WNW A 12g l-4 Bank of Nova Sootia Building (mgmgeggqn 00 git!) Lite :11? p-121 Y ___ _ p o... an. 4., 3Z4 i ’ ‘ Gm as a-s Gen Motors 4,7 1.4 Goodvf: Tire 34 - - - _ Advertising Rates-Payable |n Advance 9,3,1»; 51g, 0,, 271;; Minimum Charge fol Any Advertisement as Cenla. m g??? 54 1-8 central Guardian locals, 4c per word; Western and Eastern locale Kenneoott a: 1.3 2o per word; Announcements and Coming Events 2c per worn Mont Ward 49 Classified-Zn per word; In iifcmorlam Notices, 70o per Inch; um g1 Murray Corp 7 7-3 uloral and Spiritual Oiie Cards etc. 4c per name; [otters oi N Y Cen 17 3.4 Condolenca 70o per inch. ed nut 40 werda (or $1 N010! fish 25 Ind 1o ccnte m every additional words. Notion nka and New York n n - Aglplolilltiflll, 70c per inch or 4o per word. Lists oi Subscription; Nor Am Co l-2 4 cents per inch. Other rates on application Nor Pacific 12 7.; Minimum charge for any advertisement twenty-five ecntl. £20k Motor 4 1-4 l 1 _ R R i; a B F O7 l-I Agents Wanted _Female_l'lelp Wanted_ m‘ 5g: §°J g1" I — ‘mm "——~'“- hire on Co 1o BUILD AN INDEPENDENT WAN TED -- MIDDLE AGED Radio 00m '1 3-3 business of your own with the woman for keeper in ooun- K 0 z 3.1; distribution oi over 200 guaran- try. Write D dian. teed necessities in select district. L576-1-14-3i. South Pee 1a 5-3 Every daynis pa da . Repeat olgél- W‘ smdgoflc g 9Y5 on 8 . WE)‘ l‘ I. - success guaganteed to all hxbnest, work wanted Tam $1,’ Bmllltlflllo, alert men. Write tc- Unltgd A11- 37 7-3 day without obligation to Familex WANTED-JJXPERIENCED GIRL United Corp 3 1-4 9°» 57° 5t. clement. Mmtfeiil- wu/nts housework. Anolv Guard- vilified 3B8 Imp l1 7-8 - N-l-tf; __lan. __ L-l'1_7;1;16-_3i. U s letting:- 3 '51-: Male Help Wanted Wanted in? “fig” A 3?, Q1: WANTED — MAN-“fiiit Filifi WANTED_4 QILVERY Dog wgirélel-IMOIN? 2g 1-2 work. Steady Job. Ramsay Auld, w“ 0|- admm wme 5mm,“ West Air Brake 291-4 West Covehead- 12-86-1-14-31. Dry“ ox" m” Quinn“ Weelt Elec 1101-4 - I..-110-4-16-3i. WWWWW 49 ‘1-8 ArPRgNgelQrE deWAtNTffic F) ——-—-————~'~—~ earn ar r ra S ort our _ 5N1) $3,939 ‘gilfillnai; "M" 5,81%; wéoll "State sxfigdfilqnandupricc —“ - ' Appy "E" clo Guardian. ‘ 1,1411 1, 15,31 lfprwSale -—‘"" —T_ __

FOR SALE _— GEESE. APPLY J. E. Doyle. North River. m____1-_1=.+=;1;1Lw_-e1-

FOR SALE-FULL SILVER MALE Fox. Priced to sell. Pridham Johnstone, New London.

WANTED -FIFTY (50) CORDS Wood. Will not accept more than

n . ihose wishing to u l w kindly leave their ildllgeg with the

ury 10. 1930. The Company re- - serves the right to accept orie-

FOR

t i ti . L-86-1-l4-3i. gs ifiwcrgmell; etfihiyfi",

-.—_—-—.-=———-—_i"-—= B. Wood, Secretary.

FOR SA1E—NEW SIGN-ll. ELEC- I.-135-l-1'l-1l. tric Portable Drill 5i " r ar ~ ——— $65-00. quick sae $45.01. ones L

, Electric. Saintqdohn n-zia-i-iz-ai 08¢

SALE - PONY SLEIGIg UNION ROAD

and harness almost new. Boy McQuarrle, Hampton. L-84-l-14-3i. 1

FOR SALE — GENERAL PUR- se mare four years old. Sound. rdon Crockett, York.

. L-68v-1-l_4-l_'l;lli-2l.

FOR SALE — AYRSIIIBE COW 7 ears old due to freshen. Robert

ynes, Dunstaffnage. n;1..a-1-1._'1-=1.-

RUBBER GOODS, SUNDEIES. etc. mailed inbplain. saalveldnxra — Ni‘ D05 paid us. 0t mall-order catellogue, savi 80% Mail Order Dept. box 91, amll-

ion. Ontario. N-758-l-4-12i. R B S, B ,

large standard size for auto utter use. Pull arm lining,

w ancy scallop felt edges. Price $10.00 shipped express on receipt of money order. Bulmers, 688 Liverpool Street, Montreal. N-ilifi-l-l6-2l.

H ‘fLfcasional

Gard: ,

l]. F. ANGNIBALD

Chartered Accountant 146 Richmond _ Street Phone 41. I’. 0. Box 12

5-2.-

M LEOD 6. BENTLEY W. l. BENTLEY. 1L0. J. A. BENTLEY. 1L0. C. F. BENTLEY. LLB. Barristers and Attorney-at-Law

MONEY T0 LOAN 159 Richmond Street

FREDERIC A. LARGE A

Barrister. Solicitor, cto. Successor to D. Edlar Shaw, LC. Prowae Block. 127 Grafton

M to Lon Collection?“ Real. Estate

' ’ MARITIME ADJUSTMENT BUREAU CREDIT -'- COLLECTION! Oil-EDIT IIPOBTB IIIIIONAL LOANS harden Bids. Charlottetown Phone 1216 ' '

h M. ALIAN EARMER canal re s tiers-on". “W21 93”?“

are.

Atili w: ’ ul-fift'ifi'd'.t’°‘f'°"‘tii.f&

noti Grove MacMllian. . Rowar

'8. 52

LOST - BETWEEN and Davis s» Fraser's. Brown Buffalo with sireen lining. Finder please leave a R-ixts Groceéylor n on

d, L-81-l-14-3l.

Miscellaneous J“

FUR COATS SHOBTENBD ONE dollar. Cloth 50c nip-z repairing 61 Elm Ave. 87 i, l3, 5 l. LE .more skates and boots. them now and receive or them. Exchange Store, 106 Rich- L-142-1-17-6i.

ILENT AN XERVAC HAIR mulator to use in your own home at $7.00 er month, Jones Electric Saint J0“ . 'N-815-l-11-3L

To Let TO LET-HEATED APARTMENT.

furnished, electric tame. Appl Guardian. L-22-1-12-8

STI-

UNDATBD MONEY BOX

f“ (By The Canadian Press)

its‘... York —Pcund 4.117 c- c: Canadian dlr .00 5-82; franc 2.63

“at Paris —Pound 177.20 fr: o. g1: avto n; Canadian dlr a1.-

In Gold --Pound 5e. 5d: U. is‘. dir 50.46 cents; Canadian dlr ca.- 96 cents.

lllnasfe resnovea atainl.

MocGUIGAN 8. TRAINOR ‘

"ARK I. MIQGUIGAN. K-O.

O- ll‘. CLAIR TIAINOR, LA. lllfllhrl.’ Solicitors. lief

Bank. Richmond Street. Charlltotgvgn

PALMER It HASLAM

I. I. PAI-MII, LO. A. l. IASI. v ~ sire-iii‘ “£+.i‘-'"* Bauljaiiiav: Scot ‘I’. ONII TO LOAN,"

curctlrrr s. Auonzws rouaaal. nlaaoroas IIIIAIMIII

manna Koran. a». eaaaisnu. sonloltroa i

1...... 34 -

three (8) cords from any o e,

‘IORONID. Jan. 16 —(C7P-—- The stock market suffered from a. mild attack of blues in the open- _ing session oi the wee presumab-

1!. Secretary before Febru-l ly the result of New York influ-

ence. Basa metals shares held up and the gol s were off only slight- ly at the case while the indust- rials lost .55 in the index and the western oils were definitely weak

in the final riod. ‘The oil share index dro 1.18 to stand at 38.53 at e close, the lowest level

since the middle o6 December.

’ Volume held up at 710.000 shares:

Despite the general note oi de- ression, _the market had some rading features. Naybob stood

out with turnover of 112,500 shar- eszand s. price gain of 1 1-2 to 46

Realising weakened a few golds Augite traded. 92,000 shares and closed 1 l-2 cents down. Broulan lost 4 cents and East hdalartic, Hard Rock. O'Brien. Tamour, Pioneer, Preston, Powell-Rouyn and rWrlght-Hargreavee all closed

c

low .

The base metal group traded in quiet tempo and a gain oi l-4 for International Nickel was the main chan among the ‘ ‘ s. Waite-Amu t firmed .5 cts and the close was ‘down for icon- bridge, Sudbury Basin and Sher- ritt. Eldorado was the on active silver stock and it back down to 2.12 for a loss of 5 cents. Western oil prices weakened “ii” m. "eh: .2.“ ‘lam’ o s ppe ore ge ng buying s rt. The close at 2.88 was down cents net. Foothills dropped 15 cents and losses oi 8 to 0 cents were netted by Cal- gary-Edmonton, Calmont and Royalite ‘closed unchanged e . -

Produce Prices

MONTREAL. Jan. l6 -(CP>- Despite inactive trading, butter and cheese prices held i on (gen Eoduce markets here today.

c inion Departmen of

t Agriculture potatoe a un . m........ .2..." 1,1: cs. .1. upward turn but poetoes gave

ground.

tailors sold for 24 1-2-25 cents a pound 8nd solids for 24-24 1-2. Western butter was unquctcd. Que. Nb. 1 pasteurized regraded was 23

1-2. Ont. white and colored oheeae sold for 12-12 cents a, pound. Graded egg patents in used free cases were o (cred at 24 l-2-

1 P. E. I. . - . ' No .1 P. E. I. whites 90's 1.20-1.25.

MONTREAL. Jan. CP)—— Eng prices settled and firmed slightly on the produce section of the Canadian commodity exchange today while other ofireinga gen- erally wene steady to a sheds ess-

ler.

Butter spot: Que. (82 score) 23- 28 8-8; western regraded 23-23 8-8; Que. (38 score) 22 1-8a:' Que. thirds, not returnable buyers‘ in- spectlon, 21a.

Cheese soot: Unounted.

Eggs spot: Ont. A-large 25a, A- mediuln 24a. A-pullets 23a.

Currencies

. 16 —(OP-— NEW . 16 —(AP)— A minor decline in the British Pound tended to drag other Eur- an currencies lower in terms oi

a United States dollar today. Sterling di ped 8-16 of a cent to $4.67 9-16, e Swiss franc lost .01 cent and the guilder .02 cent. The French franc at 2.63 7-8 and belga were unchangxend while the Canadian dollar proved l-32

to a discount of 27-32 per cent. MONTREAL, an. 16 —(CP)— Pound Sterling eased 1-8 cent. on Montreal foreign exchanges io- day to 84.71 9-16 while the United states dollar gave up 1-82 at 27- 32 premium. French francs de- clined slightly to 2.66 3-32 cents.

Grain

WINNIIPDG, Jan. l6 -(OP)- Wheat futures held firm in ‘dull trading on the Winnipeg market today as minor offerings were ob- sorbed by light seaboard and com- mission house demand. Export business in Canadian wheat was confined to a few loads worked from both seaboards and was re- ported to include a minor amount of no. 4 Northem to be shipped on an all-rail basis from Ibrt Wil- liam to west. Saint John. .

Prices moved narrowly and fin- ished unchanged to 1 cent higher, with May at 62, July 625-8 and Oct. 82 7-8 cents.

Cash wheat again was ne lect- ed, with operations restric odd cars for mill and terminal ad- Juatments.

Pit trade in coarse grains was dull as prices held within a nar- row range around previous clos- ing levels.

MONTREAL, Jan. 16 —(GP)-— wheat Nortnem, No. 1 71; barley Canadian western No. 3 46; oats, feed, No. 1 37 l-4; flour, spring wheat patents, firsts 5.05; seconds 4.55; bakers 4.35; winter wheat patents,» choice 2.95-3.00; white corn 4.10; bran, ton 21.25; shorts, ton 22.35; mlddlings, ton 24.25; rolled oats, bag, 80 lbs 2.35; hay. No. 2, per ton. carlcts l0. Cheese Ont. 12-12 1-2. Buticr No. 1 solids 24 1-2.

Eggs in cartons: A-1 large 35;

A-large 28; A-medlum 27; C 26.

Potatoes: N. B. No. 1 mt: 80's 1.05-1.10; N. B. No. 1 mts 50's 70-72: P. E. I. No. 1 mst 90's l.- 25-1.30: P. E. I. No l whites 80's 1.20-1.25.

MARKETS AT A GLANCE

(By The Canadian Preaa) Toronto —Mlning shares steady; industrlals and western oils lower

Montreal and New York - Stocks closed lower.

W ipeg —Wheat unchanged to l-8 cent higher.

New York -<Jotton. rubber and looifec lower; sugar firmer.

Thimble Theatre. Siarring_ POPEYE—— Now Showing-“This Isn't Leap

SUSIE, w DARUNG.“ 3%"€3%I5"E*€i*é’=“°

Montreal Stock t Exchange

QSOOII Ch" Bel Tel 1 Bialflian ~ 3 7-3 B C Power A 24 Bldu Products 1e Can Canent a 3-4 Can Co: Pfd 33 1-4 Can 1nd Al A 2 5-3 Can Pacific 5 3-3 Con Steamship 2 1-2 Cock Plow 7 1.3 Cons Smelt 5a 1-2 Dist Benz 1o a-a Dom Coal Pfd 1c 1-2 Dom Steel B 11 Dryden 5 1-4 Gen Steel Wares 7 1-2 Gvpelarl 5 3.4 l-low Bsrdth 13 mo ‘Dob 13 ht Pow Pfd 75 Mum Han-is o 1-8 idcColl Front s 3.4 idtl Power 3o 3-3 Nat Brew 41 Nat Steel Car 57 3.4 Powerdaorp ll l‘: ebeo Power 17 Sou Can Power a 8t Ialw 4, St. 141w Pf 14 Steel oi Can 74 of Oe/n PM '71 Win Eiec A 175 Win Elec B ... , . r LIUCSEOCk/

MONTREAL, Jan. l6 —(CP)-- Cattle and n08! ruled lower on Montreal livestock markets today while calves and lambs held steady, 9090111118 to re rts from the Dominion Agricu ture bureau. Re- ceits: 1.085 cattle; 708 calves; 1,- 165 hogs; 584 sheep and lambs.

Early sales of cattle were on the b11516 0d’ M-Wio

Can- ners and cutters were from $2.50 to 63. Common bulls made from $3.50 to 84.50 with butcher bulls around $5. There were not enough glgly sales oi steers to establish oe

s. Calves were about steady with the close of lest week. Good veals made 81050 wan with medium kinds selling up to 610. Common to ant fair quality veals were $8 to . Drinkers ranged from $6 to 87.50. Grassers were $4.25 to $5. A few ewes and wethers made 68.5. The balance of lunbs were practically all bucks and brought 46.75 to $7.25. Sheep were from $3.50 to $4.75. Hogs were again easier. Bacons were 80, fed and watered, and

_cuts on off grades. Sows were $7 ,to $7.75. Hogs sold on rail grade brought $12.85 cold weight.

New York Curb

(Canadian Press)

Stocks Close Am Cyan B 25 1-8 Am Gas Elec 35 1-4 Am Super Power 3-4 Cities Service 7 3-4 Creole Pet 22 3-8 l2 Bond Bhan 11 5-8 Gilli Oil Corp 361-2 Humble 00 67 3-4 Loo All‘ 31 3-4 Nina Hudson 8 5-8 t Oil 6 7-6 ewe Gov , — Lone Star Goa - Banks (Canadian Press) Stocks Close Canada - e 1'72 Mont-seal 220 ‘ Nova Scotla

NEW YORK, Jan. l6 -(AP)- Foreign exchan : Great Britain demand 4.6’! l-16, 4.67 3-8, 4.- 67 9-16; 60-day bills 4.66 11-16: demand: Canada .90 5-82; France 266817-13; Germany 40.15; Italy 5.-

thc .

Seventieth Annual Meeting Royal Bank of Banadal

Canadian and International Economic Situation Discussed by

Morris W. Wilson, President

couruging.

A oompirehcnaive review of econ- omic conditions both in Canada and abroad, mm particular reference to the dangers of the economic p0- llcles now being pursued in Ger- many and Ital?- featured the address of Morris W. Wilson, Prui- dent and Managing Director at the 70th Annual Meeting of The Royal Bank of Canada.

Mr. Wilson referred udth satis- faction to the fact that conditions in Canada had been relatively stable despite the seflaaok in the [United Slates, Recovery from the ‘recession. which was general dur- ing the closing months of 1837 and the first half of 103a, had made notable progress and business in Canada had now resumed its up- ward trend.

MINING INDUSTRY

Since the inception of the depres- sion in i880, mining had consistent- ly furnished the backlog and the most enoouraalna factor in Cana- dian industrial life. Volume of pro- duction in many instances exceed- ed in 1938 the high figures of i937. 1ihe output of gold had again reach- ed a new record of approximately 4500.000 fine ounces, valued at $164,500,000, an increase of 14% over 1937. The spectacular progress achieved in petroleum operations in the Turner Valley of Aberla was also noteworthy. stated Mr. Wilson. By the end oi November, 60 crude oil wells were in produc- tion and drilling was under way at 20 others, with out/put during 1938 175% greater than in 1937.

Unemployment and relief were

still serious. atlhoukh wfltiflued improvement was reported.

"Tourist trade returns had been most enoouregi-illl- 05018115941185 by

tourists in Canada, totaliinl 9-D- proxi-matcly $2'75.°°°.°09 dim!!! 1938.

.NEW TRADE AGREEMENTS

l Mr. Wilson commended M81111’ the new trade agreements WWW“ Canada and the Uniicd States Md between the United 5W8“ and Great Britain. he 881d- "mark the greatest departure from the policies of trade restriction and national self-sufficiency since the war and cannot fail to further the common outlook and cordlallty 9X- lsting between the British and Am- erlcan peoples. It is strikln! mil- lhe agreements, covering an enor- mous volume of trade and embody- ing hundreds od reductions of duties and lessened restrictions, include not a single increase. At the pres- ent time no detailed analysis of the efiect of tlhe agreements on» spec-ml! industries is feasible but there can be no doubt that they will bring about an important expansion 1n trade."

Referring to the subject o! ‘in- terest rates’, Mr. Wilson remark- ed. “I believe l-t often true that if the relationship exists long enoith. the debtor comes to hate his credit- or. By the same tdren, I suppose he begins to question the morality of interest. once the payment seems a burden. If you believe in the pi‘ ciple of private property Y0“ must, believe in the legitimacy of interest. If it is proper for a per- son as a result of thrift to enquire. say a small property, thwe are few, if any. who would suggest that. this property should be available for use by others without some oom- _ pulsation. Thcreforeifcompensa-

AFTER "n-us you STAY OFF Mv LAP

Year!” — Tomorrow — “Second lChildhdod.”

and Managing Director. —Co|n-

mends New Trude Agreements. - Points out Failure of Econo-

mic Policies of Totoliioriun States.

Sydney G. Dobson, General Manager, Reviews Balance Sheet. —l Continued Progress Shown. — Present Outlook Distinctly En-

tion for the use of property be legritinmte, why should compensa- tion for its equivalent, the cost ex- pressed in terms of money, be less so?"

INTER-HT RATES ,

"You frequently hear it asserted that the burden of interest hes be- come intolerable and that relief can only be brought about by dras- tic measures. A forced conversion of public debt is sometimes urged accompanied by reference to the action of Australia in 1931." Com- menting on this point of view. Mir. Wilson said that the average rate on the outstanding Australian debt had been cut by 25% since that country's debt conversion in m1. The average rate of interest on Canada's outstanding debt in the Same period had been cut 29%. "The best way to keep the burden of debt as light as possible". con- tinued Mr. Wilson. "ls to maintain Yoincreditat. high standing and thereby obtain the benefit of low- wt current rates. The rate at which the Dominion borrows com- DQ-ies most favourably with that of other first-class nations."

FOREIGN AFFAIRS

The situation abroad remained difficult. stated Mr. Wilson. and expressed the opinion that “fate will overtake the totalitarian coun- tries in due course if. in their efforts to become strong, they con- centrate on the military point of WW and disregard the first prin- ciples of sound economics as they "e (101118 8t present." The decline in German exports had become wl-"E Since the September crisis,

"Dam Bvflllflblfl indicate", he said. “that in i938 total exports WW actually less than m 1932 and i933, the nadir of the world depra- slon and the fast two years prior to tlhe Nazi regime."

"Internal business 1n Genngny 13 eXvi-‘edlnzlv active and full employ- ment hes been achieved, but only at the cost of colossal deficits in the Government budget. Indeed one German authority has stated than an amount equal to 50% of the national income is absorbed by Government and party agencies." It was obvious. said Mr. Wilson. that no country could pursue such a po- 1105’ Without producing serious in- flation and urfesa it were reversed. he could not see “anything but a continued lowering oi’ the standard of living in Germany. These re- marks apply with equal force to the Italian situation.”

The decline in business activity in Great Britain had been halted and buslnws in the United Sta/tea had. since May last, shown the most rapid recovery ever reported in its statistical annals

Mr. Wilson also spoke with satis- faction cf the cioser cooperation and mutual understanding achieved in relations between Great Britain. France and the United states and also the colmtries of North and South America as evidenced at the recent Lima Conference.

“The outlook for Canadian busi- ness is again favourable and the up- ward trend would seem to be defin- itely restored". concluded m. Wil-

lio You Need Money 1 S50 -- S500 2 "~*.......‘="i."<.-.'E'Z:'*E~.:..”-‘

needed vacation or for my will film's.

Ne embarrassing quee- tlosss ta borrower or an- doraera.

GENERAL FINANCE EASTERN LIMITED "flili-“fil-h‘ Clilrloticldill. P. l. l. Look in! (Jgrllgldcnllll [All

Office Honre—8.00-6.86 Saturdays 6.00-1.00

1990 with courage and confidence.‘

Mr. Sydney G_ Dobson, General Manager, in reviewing the Annual Balance Sheet. remarked that tha bank's total assets were now at th highest point since 1929 and to deposits had reached a new room- level. Current loans increased mo- derately during the year but I more active demand for commer- cial loans was desirable.