("niii-iiittt-town tstmrrliaa Yllno Centi- Founded 1887

ilitiiiiing Guardian.

n. iii Gredit its. llliaee in Business

Modern Business Rests Almost Exclusively

0n Credit Which

Wealth Represents Security Which has Marketable Value. '

(Contributed)

'i‘iii-i-o are tow business men llllll. of lute years have not been f',ll'.i‘(l to realize that it is com- ilillklilVﬂly easy to take advantage in‘ good tinieir and rislnz markets. but not no easy to discern the cans» t»,- it-nitiii disturb the regular course

(if l Hi6 and "i-sittisriramcuit "to

aritiripate and so safe guardwne‘: lllilslitesis from periods ofdepress-

. ion untl 0i’ falling markets.

Thi-ro ure imany causes which llillli! iibout this alternation of good illlll llllll times". When only one par- ilflllili‘ line is effected, the immed- lilk‘ Piillvieﬂ mn-y generally be dls~ ri-riirii. lint when the depression ls geiiri-ul it has been caused by fac- ibis iiiiit have been working slowly lllll >lll't'ly beneath the surface and

\\'illi'|l tiscilpe observation until iii<ir ucciintulatstl effects enforce oiiviiiiiiii.

'i‘iiu common catise atsslsned to uu such iluciilatlon in ltuslness is ilivillrllllllUllﬂn- in a sense this is l*\'l‘l'l true; ‘but. it lB-HGCGBBBPY to iltlit‘ iiintthis does not necessarily lll91lll tlint too muehitas been pro- iluvrii liut only that more hiss been tiriiiliirutl than the market demands. A Xiiiiiiii, normally’. regnircs twen- ly iiiillioiio oi iboots and shoes par its factories can supply

ﬂlllllllll. lllvﬁ Seemingly, here, supply and iiriii. ..ti are susceptible of easy uti-

jllsllllvlll, (leaving out of account Tlll‘ possible invasion ‘of the market iiy iiiiiiigii sources of supply.) Bil! in suiiii times the market‘ will ab- hllYlt ililrly millions. Whereas ln inure it will not take fifteen iiiiiiiitiis. Thus it will be seen that piiiiiiiiiiiin must be coordinated. no: i-sitli the legitimate demand but

_ iriiii llie purchasing power of the

lllill‘l\lI. (lorry the enquiry a little iiurlliiti- and ltwill he iqlltld tllﬂltllﬂ pun busing power of the lharketde- llllllile‘ pi imarlly upon the expansion fill<l rolltfilCtltlll oi’ tiredlts.

'i‘iii~ uncertainties of business t0 tint l‘i“illl. principally from the en- llllv-‘il over use. during th War lllltl Ilti- ovel‘ present nb se of (‘r<ii'ii.

lbw. rn business rests almost ex- - \l‘l_\' upon credit. The assets" I‘ bunks. oi our brokers, oi our .. Companies kcmuonetst i

MOVES i._ I,’ t._y sPEEcHArEgﬁT-illrlg

miutige was lllil‘l)tllit*l.‘tl.

ThefPneopltis ‘Paper’

Although Not Actuial

almost wholly cii tit-edit obligations. They are not tictuzil weitlllh. but Securities which possess value in proportion to their marketability. The holder cares little about their reul value so long as they possess exchange vu-iue.

A man may [iotsieas a million in Bank deposit receipts. Stocks, Bonds. &c.; and within a few hours his Assets may shrink 25% or even disappear. For even though the act- unl wealth upon which his Securi- ties give him a lieu remains the some their marketability may be impaired. ‘Conﬁdence ls the cthici’ factor in mnintainting stability. A telegram c! u dozen words inn-y lower the value of Stocks and Bonds by hundreds of Millions.

in order to tinderstanthwhy this is so and the nutture oi the prob- lem we have to face, it. is necessary to trace the development ui’ our system's finance from their begin- nings. p

However, the transactions may be masked by ttomplexitles. ull legitimate ibtisinesc. is barter. Orig- inally ttll transactions were made in (‘.0lIlm0(llll€8——lﬂl)0lll‘ dtelng class-

pus-xed into more complex forms. “A" ‘had wheat which he wishes to exchange tor ‘ilsh—'iB" had fish but wanted tiruit~——"f‘." had fruit and wanted wheut-—".-\" sold his wheat to “C," but as he did not want fruit took "C's" promise to deliver ll tertnlit quantity of ‘fruit to bear- er. 'l"lils he gnve t0 "'1!" in exchange for llslv-Thtts crcdit obligations-- due bills lind their birth. They were originally transfers of ownership of certain speciﬁed commodities, and this is and should over be rec- ognized as the test of their legiti- macy. When they came into gen- eral use it. was found desirable to have t-henrpayaiblo in n commodity generally acceptable. the supply and hence the valtfe of which was not sitblect to (torious fluctuations. There were two commodities which best answered these requirements Gold and ‘Sliver. though many oth- er commodities were adopted loc- ally. as in Ali-ion. Ltiitic; lll Vir- zinin. lﬁllﬂCfiﬁi Among the Hudson By iltidians, Blankets‘; l’ﬂ.\'llll‘/"1 ‘Vll-“l not ften taken in the article spent ﬂied hut this was utilized no n stand- ariiito effect tiXchnhi-wﬁ la 0th" arti lcs. Thus tirders on goldsmltlls woi- passed from hunt! in h-Jllili houy flutes liniorti tlii-t were pl‘\!-. seated for payment. > » To further tiicilitziio mutt

lied to the ziuieixlit "l llll‘ llrvrliii. v ‘tnetnl contained lll tilt‘ will ""41 ll“, fineness, thus tioiiig iiwii_y' with tht i noetl oi‘ having lt \\'l'lj:hi:tl uuil u» “Wei Tim tioxl slop was to illltllll (Continued on PR0" 95 l

i Charlottetown-

lt looks no any they all flll to it. make I bet that it is im- Jepeibte to at five code Blondie imitvo minutes. unassisted l! My“; In!" em in a minim 1 nl "Wlllll- _

‘ 7pm‘, iuunn- p tulle-tin‘

' .' . ...-.t_.__. ---= s.

' »-n....,...--._ .

Cmtnborrnrowul, c

‘commission to

any step towards reducing It. :

ﬁrs that. (Etiiittitftﬁ =

‘I'm-hilt: rin their: F21

(‘OVFRS PRINCE ED\VARD ISLAND LIKE THE DEW’

Theiuiiiirgeonhi llentis Strong

But Gentle

Sir Frederick Treves. the famous British su-reon. in his describing the qualifications of the skilled surgeon. says: '

"The stirgeows hands must be delicate, but they must he strong. He needs n lacenittkeﬁs fingers and it eeumnifs grip. He must have courage, he quick to think and prompt to not, be tsure of himself and rnptaiit of the venture he coin- mantis."

"He must kncuv the human body as a forester knows hits woochmust know it even better than he must. know the roots and branches of every tree, the source and wander- lug-s oi‘ every irivulet, the ‘banks-oi every alley, the flowers of every glade." , .

A stirigeoinlic contlnneis. "may he a clover manipulator and yet he mentally clumsy. lie may even be brilliant, ‘but heaven help the poor soul who has to be operated upon by n brilliant surgeon. Brllllancy is out of place in surgery."

A very moving story is told by Sir ‘Frederick in- hls chapter on "Breaking the News." tI-le recalls Sir William Jenner’s statements of the essential in a medical man. "lie needs titres things. He must be honest. he must ‘be dogmatic, and. he must he kind."

Sir Frederick their goes on to

ed an; such. But simple barter soon say.__

“The most vivid displays of feel- (Continued on Page 8)

l};

‘i

' l

HERBERT MARLET, M. P. Montreal Liberal. who in a three-

itour speech, warned’ the Govern- ment {it Ottawa, against any revis-

‘ion of the tariff to meet the vlewzi

Progressives or low-tar"?

He strongly advised a inquire into the whole tariff question before taking

of the Liberals.

i-w-nfr: Trslllitll-F

Mlrch 15th, 195T runs

lot of water when you are eat- ing them and should be eaten Qlgwly-a point In their favor. i’

Another good trick in to take a kettle of boiling water right‘ Offthn red hot coat: and balance ltonthe tip! of the MING’ Strings to any it’: oaey PIN!“ ed yowltlup your finger! 0h that enfoentnl put-t of the hello" will» you “can. vittti,‘“tiin_

A... . p. ~~._ 4's..-

ANADA, SATURDAY, MARCH 1s, 1924

v: I‘

‘fill ulituriail

__ .~, lost igxt. \\_. )1. _ _

Read- by-

-.- ._

Ever-ybdy

Annual §llllnrrlpllﬁlltt Delivered $5.00 ll!‘ Dltlll, Cit ullu nntl- 1'.

Prominent» Island Editors 0i Years Long Past

Articles on the First ‘Newspaper Days of This Pmvllwe by J. H. Fletcher Copied From an Old P. Ezlslan d Magazine. ' A

The first issue of Tli= Ll d 1 . . Argus appeared on Nuncﬂh’elgéiglqflﬁisvgilnfll Ttticts oi’ hi: .». and the inst in 1882. I believe the lporiy-r {m- a ‘(tilt llvflell during which Tho ArgusR-iu iilllii. wad“ n ., , was a factor-Arum 1870 to 18S2i—— 1- iii '~§()[1|Q'[i]“u<'u" I ulhllihtnl was the most important 1ieriotl lillllll 1t»- iie iitl-illt~.,.'-l.(x|lllzg uuawligslll-l: tl iii. ~. .. i!" ‘Jltznldstltgryaosf‘Imagine’?!. Etlﬂiilftllllllli. Anti yo. !;i~ trui- geuci-titi.» pm] that mmmonnlenl for hdebltegtirvl i-iiiuritltl-tblzintl. when out of the 5- l » ‘ t . i< - l . abolished: that the compulsory ttriiiinzlnt; 21,118 illfpggbtltloipohiwflﬁ Land Purchase Bill—a measu b ’ - ( F. ' w ivhlch the rent-paying systemrevrazt‘ gmgflil§g .11“ Flmgcunlhloat ‘lime “WY With-Went Into ODQTa-tdlvtic it with! ‘i ifitliitu ilri-i “hull! U011: that the railway system wzs 5' 1 ' . ‘ . - ' f‘ ' lmlllgllrﬂttell; that Confederationlggﬁtchtlgitillldllllw‘lllhetlliloxle w“ ‘mil Called“ “its ocwmnlislietr you liked llllll ‘Il(“\\lilll;‘ 2! tl-tth ». -~ _ 't.. ‘ ' " pllgco ztlenshlnliiigltlz-yogtﬁgirentyréitrgl:iacotchtnrin ant’ possusotl many oi’. were effected. in connection iritlllihht Mme ‘nub o: ll :0 ' ;- -.;_ . .- Q . . entietivoretl to keep the paper iniwn? polrsélioilxllltegunmgléunlg Fume the van "t pmgress- Tl"? ﬁrs‘! Gilli‘ lCtt-swtomis for (‘liurlottet 6c m ll": Oriel that ever apepnreil in ﬂlllinatie an ll1ll‘l'll[ and ocwm e Islam‘ use". favoring the con-‘iirticnii illlll l’ holler onmethut ﬁlrucml" .07 fl llitffﬂlv-EHUEB fﬂll-lesteem‘ and confident? wont ‘l? way on the Island appeared in The. parties Hi5 Harp,- deateh ‘v25 :39: Argus of Nov. 15, 1870. The firstl.r‘,tte(l' | . ' ' . . article advocating the abolition ofllhe writ"): no Om mow than by‘ imprisonment for debt appeared in - ' .- - . .- The Argus. One of the first llllllrfﬁ lthsllllrllxrlihtvnltnllilillllllilhhsctillgs will} to see that (fonfetlerallon was in-lpniﬂci. Remy I 8° not kuéw ‘Nimble was The Arglls- 01W Oflhte was a llflllllilsliFlﬂlli. on illi- the first and llmle-‘it ﬁllillllllttle‘ 0T ctlitorni 71ft‘ but-Ii do know iii-i: “inclllljlllllllioldf ‘Lﬂtltl PuiTli-‘ise Al’! lit.‘ was .1 "l‘(‘?Kll'lill‘ contributor to I s l” mm” one of U“? ﬁrst l0 columns. Illr. Reilly was not trilli-

(£01111!

tcnll for n decimal ciirrt-iit-y—~to sub-put “M134; it“; 1.15 h...“ effort»- smuw dull“?! “ml W111i forﬂViifl‘ marred by his tinfortunzit» ipountls, shillings llll pence. w s ‘habit of (iipplill; his pun in gull

l one oi’ the nous itdruraios lfl

and lashing" without inert-y those li i [he qhﬂulpyx ‘M H" I H __ ditl not like. llo triis tin zidcpt zit Counjlw ‘i; \ v _‘~’_ f?“ filllf‘ ‘r-atlllug homey,» and hurling venom- A_ _u_ r "_ m" “ml lmmm ll? is; tihilllpit-s against his anemic.» rliﬁlﬁladlrlillllDlflllfftl and iuiletl-iva-‘fllliis style was closely modtali-iii l“, ';“"S' I “My w”, l‘ ll“gr("‘_m niftoi" that of tho Irish agitators ca‘ pride when I look hock and lllllllll1g4§_ He “OHM inn-t. made m. lgdltlolllllyuirlguvfflullng slit-ct lieliludirffectlve writer; if lie had n llttlt- - g a l" “r o‘ pragwsiiiuore consideration for the opin- Qulte a number of the proinlu- ions of his twpponenls. But like 9M "19" 9f U"? Oil)’, after a few every other mun of violent temper l-‘lslws “f U10 Ilﬂl1@l‘il‘6ll<l¢*l‘9<l mt‘ and strong convictions, he failed 800i! SOFYiCE null Substantial to realize how those who did not ﬂymillltllY- AllKllllZ 111089 l lllliilltiscti oyc to eye with him could be "mil" H0"- Uﬁlll DHYIQS- Nllllilitincst. He belonged to the same Rankin. W. R. Watson, Robert iqtthiitii nf pniltic5 its Mr. Currie, Show. W. E. Dawson. wlllllllll illlll like‘ him was probably" sincere Heard A Ml-‘NMH- llml- DOIl-llllliiiitl honest. While Mi‘. Laird iisiotl Fetsllsell- (‘vi- f-‘Por out! a firwltii tgvl tliu credit iiii- the ability Others. l had inurh to learn. and Iiiiiiiiifoszi-il iii some of those urtic- l set about it as thouglrl was cnY - teixiit: school for tho first time. Tl most difficult and important Yllsl-fp “TT_““I'"""" i sought i.o accomplish was to (Eon-E ceul my own ignorance... ' One of‘ tho first nit-n l titer llllll‘ t-iivtiiiitici" with \\‘{l.5 ‘ tht- lillt‘. l-ltitiiilil ('lll‘l'lt'. nni- ' the editorial rxriii '- wvokly Pzitriiil. .\lr. ('lll'l‘l\! was :1 very liiiii-t‘ tiiiii-t'<ii1i‘t~tli1i':ii-- aiiiti‘ iinii ruli‘ 1y mun. Likv ll L'.l'*'lli iiiuiiy lﬁlilllflilllliil('lllllH oi tliul tiny he llllil nun nothing good in it‘ [toil cal oppoiiriii. 'l‘hv lost of‘ . every mun‘.- wortli was gniigttl by. \ his politic it‘ lu- died in thu nutl- i ttouft-ilvl‘ t- faith. The gntoi-t of] Ptii-iitlise swung open to receive, iiim . . . .’l‘h:it l\ll'. (‘urrio was honest ‘ in his convictions l have not tlicl least dotilit. 'l‘lie trouble with him‘ ivnzi that ho pormlltctl his prujudioi e5 to wurp his judgment. and to} camp his intelligence. As he grow. ,- oitloi‘ hc became more liberal. As’ soon. as he liegnu to nilx up in the , society of those hc once so flurccly i denounced. his huiuh Judgments began to relax l nd he became more kind, considerate und companion- ahle. ° Mr. Currie was an able con- troversionallst. He was well in- formed and ingenious in (lebate. l-lis style was more forcible than elegantIWhlle not eloquent. he In always pungent and cutting.

(Continued on Page B)

l I l

KEMAL

President of Turkey. ‘who has de- posed the Caiiph. and head of the Mohavnmedl church. and who has thus brought upon himself the op- polltion of the MOIIIMI of the world. Modems trim “arty-en's ¢ "up." g “muggy, “d lands glitter-ed in I in ave cl - ad Q rgmgrﬁgﬁrmgulty (gr pry. llﬂ '0!’ I OOQIII lllﬂ OOITIIIGPGIII

g g1 hi; boycott of Turkey. They declare to ' mpmwillé %llll ml-wKliTt-lut " ‘minutes iiiuiiiﬂue ntn- Itdlilrﬂlyjﬂlﬂ named the iillllqilllops uaeiitiotit in mi cnitlph w! my MR1 h" nieﬂtotl or aloertainlng ttteitiueqiimm in lndll. -