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.» ' ° 1 .' . . - 0 O e - E rASbl s i afMayor Economic Experiments i . ;i_»;h;»l}f .,_..W,i..;.k_.,.\,_._._v;a~;__;;_£.._ i. _ i. P - E . t ta l ization urmg 19 3 * ' e 0 ‘ ’ “' _ ‘ ‘ __ ~ A ‘ "‘ . 1 I ' ' i... ' . ' . .1. t T. l. u . ..s .1 ..._ ' ....... in I heir Proper Persbectwei i ~ i“ s- - "~ - . - A , . V‘ v i‘. {h :... ME . >-. q __ i ‘Broad Priie Advance in lune And July Only Mal-w _ . i i L .- . . . . : ~ - nterrupuon to Leiaurely Drift u] od-w- -1 1 " Q1. >- -- n»... pllmflpeghcirlla’: if. lg. Toircarlzierlfecorry Frog; Dzplhe, 1 J _: h; m: _ 3E _ n“ _ swam’ yd“, u“ , _ >_ _ ._.._. , p 21ml at 0o our care f0 um , i l l; L.“ Hang Created Worldqpldc Interest . . '_- f rt EQUIEY again mode a determined e; s .33; . ' ‘"1 o towar s s tion during 1933 and i - ‘ i ‘_ _._._ IT HAS BEEN SAID wisely that problems can be‘! on the WM,’ exhibited ‘autumn apprecialigrltigouglh Prim - viewed in their correct perspective only when looked back . _ '1 11% Year i I it is doubtful whether the financial comm r - ' “,_ _'upon in retrospect and from the vast array of political.‘ much ninth! it‘ “my” m“ 1' “"11 feel ‘ economic and social developments that have passed steadily l A n" "m. hum,“ ‘ma, d" Md m” u n period I i" ‘. . , . . . - i - l u 0 " ; before ul during 19.33, it is virtually impossible to conceive; gztsiregrzuuiz srslbiiuauon. While 1t is now agm what will be regarded as its keynote when considered im-‘ 1 remap,“ m“ "mu" qusylxfghmfnwzffx“glfi ‘fife sgzlliliiy ' I " s . - e C0 .__._. partially ii icw _ycars hence. This despite our present real-h -- f Y f“ M-B- mlfnmlfnxltflmlll" ml1fillaigitllrllllgilhclil- mm “h” "1 I "flzation that the piist year will adorn the checkered pages of i i internntioaai financial developments during r1315; “m?! ,‘,'Q§,,°‘“f‘“““l~ i ' ' liistory as a year of action. albeit experimental action. Let‘ - é Eli: lflégk, oonnequenttllywgill benoonfined as closely ns 92$‘; u i us examine tlicn what has been witnessed. _ l; chafing?‘ krrwlniolro: w. moyngmoowrylm y nod commodity markets. \_ ' Until reccntly many bclicvcil that recovery from the depths of uni 1 i - 5 °° p 1i" m“ "11 "I'll- ‘ economic upheaval that took us four years to plumb could be bzuccl on a} i F ‘umxtgnaiegt um“ mlb hsules on the Mom, ’ ' r- r" '" l - all “vi ' us c" clc" f cu iula-i i Ill ruched the I! Ange for me l A_ _simplc sequeme of i\iut.., that Lie so c ed cio ir o n , 5 yaw-l pa“ ha‘ “and”: the a" esumaym at 7250000 yeq l. F: l tire notion and reaction would be quite as efficacious on the upgruclc its, I hfhh (m. "at "an Jul, mrwud against 2,397,333 5115'“: ‘m lggifa-YR i "11 11W l1°“‘"- ; ,1 '"' the trend wu sub ecoed to a moon.’ A Y“ “' “" We see now. however, that it to not so simple nftcr nil. Not only. _ i “m; Q1 "mug “cm-mm. which 7' 0/ q »- '" ~ have foreign exchanges and commodity prices on moziy occasions refused ; ' I delpltn many‘ wu r. Sgqu-iry Reform ' r to function ltifCOrdink to pgtitern but! ffflflzhtlihl; to tihnse many lrtieh" and h VOLUME i ‘ublmrflliéwg lalhfiihirmthecyiel: m The m” yo" was a m] ‘ -" unexpected actors appear » to con use e ue. a resu via-s‘ (ooou unillrsl) 5 _ n pm‘ ". found neccutry.’ to rosort to some of the most lPWtaculnr economic ex- I _ __. . ‘l l‘ ' ‘m gzgglsy ‘M11: ma“ 912m.“ ° m “Wm? 111°"!!- Not ... ‘ -~ ~ Deriments ever attempted. h . ii J- I but “follow” y t pm“, M In order L0 dispel some 0f £1160 i ,- y c~ I than w" h m u‘ upturn which’ .. ..-. interruptions lu world recovcry. 9 “n extraordmar‘. Symon or Cork , ', inter w” etlmulgted by the 9mg;- lcndiug muons ciirly in 1931f prc- ' ‘_ y " ' , , 1 i ‘r l " ency measures Md by Prui- pared for a World Economic Coii- gfigsspfegdeggseiiiglligg 153$ L! 1i no 5cm Roosevelt in h attempts t0- 191-91143: convened 1H 11111111011 011 {snowing qiggriwrin] powci“; in i111" _ _ wards economic reh fllhtlfln. ‘mm Junc 11!. ’llic inipoiiniit nuture cl finer _ _ , I C d reached l 011ml! In N a‘! _ _, _ , _ gcncy. control of production, a m hm b ew ork Stock Exchange » this niccinig \\.\. sppmcnt iiom a prices profits conlpmmon _ a a lflf . spurred y tremendous minimum m“ in _~11 partial list of tho pi-uicipab prob- and the bongo; labgf‘ {pin} d . k it vlty stock “bun” of mug amp that wsse oijkq lcms that awaitcil mud still do “on as w ‘m, countrys cconomlci J-mum Fem", Mmh Ai-rll lllly MINI‘ 5'91"‘ GM" ' 9 t?“ 599° age. 171°"- thg fionu-efl 3m“ Exchan" g "““‘U.5°1““°“' Jmw“: 1h?“ “we policy" the right to debnsc nioncv. The above chnrt specially prepared for this review. ‘ a vivid days prior to 1920. The up urn “mun! '1 “'1'” m“. redistributzoia of ihc worlds mone- m beha“ o‘ ‘he demm. ?lfl‘scs" , he‘ i“ u n ‘he Momnd ennui" and" u“ . . d "a m ‘an’! w u: D! l 0n l clsh basis the p ‘ tar old; hlilblilzdlibll of cur- . "" - i picture of: mar opera ans o "l" d 0 ll 51-0038 5811111 under a5 y g . authority to produce inflation in g c" - 0 mm u "14 l P?“ 199°"?! 1!! LM my; The oven, l rend“? mdmuo" “f Such ab" the interest of ccrtnlu classes" tho‘ 9 3 8 p“ 71h 1| g d h d h‘ k in middlh “:99 which 66mm,“ g Uniicd 51A!“ 0111-1‘ Ill-m" 011191’ also reserved he m: ctgmmm“ normnl barriers to trade RS pro- "gm w apportion private “Ieanh, l Pr" ‘"1119 1;" n” 5 m"; n" "n" . forelin currencies following if; de- the u“ of puhcm hock!“ ll .. hum,” tariffs‘ and a raising o; and mconw throughout ‘he "Minn. , with the hllh n 3 n . on nriunrh ‘p e I y "ll-Is. ‘ "5 t B S t fline to new low leyelua. Before n‘, m_ m m Isl the 191M of whilhwnl" commodity and the power §p€C1flC1iiy in rc- I aeembengitrinhilrfehrrillluic "n hmm‘ n“ mm ‘ ow pa" ‘ . sggginhggikeiiillfixliiiilgeeeiiigs ‘ifzgn m}? m“ m prices". After many" wccks of fruit- ' ‘ . w en prsct less discussion and tremendous ex- gggfhggltc gahéguggcuslic . Volume scached its highest lcvcl on June 2'1 when “(MES ahnreshE 0 P. t ggcrlént-lliourlaevlfoétlitlggvyoeofrm dud!!! ‘was gladly can. pgndjturqs’ mg ‘Conference adjourn- m, ewnjythlng ti)“ is priced m M 0 n e changed hands. a four-year record for a single days transactions lnd I . . ‘ . t. ed 1n mum] {mum vyiqy? Pffhlpg dun"! and w ha,” the value of comparing with the largest hlrnmcr in 1932 at 56.806 shares. It wu Train‘, Famhueh is ‘ii "saw - ":'sl‘;3;.l°'.l..‘.°.‘£'“‘° "l" “t”: m“ "Mr- r "r or‘ .. w? ....... o........n.s a question of 1r rt ur n er, _' ' o were rnnuc . - - eminent British economist. Shortly $525 gfijigiscsafigd '22:}: Th‘ pa“ 1°“ m m” mm” m“' 17"" 5"“ ‘ 0°" hi.‘ ‘nailing in wui Btreet n; sub. on a rflictlon, y, before the conference opened he depogits 11915 01 1119 W°T1d 1135 5N1’! We 01 e 0 c°veied by “mum from u” ject to mm; Interruption; 1g; 1933, 68. the holder r131, asked: "Will America now take o Th’ ' l . I 1 m ‘great uncertainty as reflected by s "my 9i"- l°14 h" 91°11“? 11°“ Onllsrohimfter the president de- "fllfllent in his account vreapombuny cummemurale with‘? imrii gait: Ogicat step u n ’ c almost ‘Xhprmdenwd ‘lucmmons more influential than any metal or m“ . mgionqig. bum,‘ mu. dating!‘ shot reaction i, her tmPOrtance in building up a Y’ Li‘ “eff”? P° “f” , m _ . , , , commodity in mouldinz the new dny. the princiou mukete in the an m ‘when; 0 orvgui ‘nmework o; a world order’ pom taken oln ay 2 “hen Pres dent n e niaior currencies. From n 1 l '0 of human history. It in! 12d the United Sh‘? cloaedlendcdid not omen provided lnfidmzfnlihltxwhleb um as we“ as financial and mom goosevet 131111013108: thaththe H1135 10w o; 316i)’. h“, Deoemb", we way to unexplored spaces and ‘paper: im Mei-och o8. an h“ m‘ w depmued mum iimu- 0mm?" Stixilldlrgubv cilinitrrlegslllonatl tistngiic mun“ 519111118 his rleen in New (‘$11M ‘thofnmlnt. ton"! commflvmzid d Amman 59'9"‘ Th’ M11" d “M91111” W? A I E . ' I" “"6 Thus no obligations remained pay-I York m 1‘ high m November o! . . . ginlgmlfililpogf-lnt lfytllaw “to m July)?” vmeghd ggheglexeiulxi enfiwtig“ n” N. i 1.1 l _ n Able in gold or gold Curflnicy". This dwhlrllstunléed 3171M funds in Production Aml Export Curlmlment Agreement Srgned Gold y, m, only “mum, m“ ohm“ bwomamféo "Wm f W m“ someohérmngtaggg-i-fl leollmunist “Lmpoifiiy niigiiriiiii} tiiiseriiiissl} m!“ :1 J1: 31 gftigetdpginxxini; A! World Wheat Conference Outstanding In- l!‘ "11111181! "Q9136": PIYIIQM fidugo Iggentdooirpleratit? for tw $1131“ :19 o“? uwerbtivumu . _ wine , qa- o 1‘ ve hurries e mm o my“ PRESIDENT ROOSEVELT now "he, progmm, Almwgh n, ms in February last to a discount of fluence. cifjay sf,“- my'°np§,dmmn,mwm. oleflcll min an uni to to survey notations i: m: Domin- ltood out in thc opcn as an econ- time it was suggested that it would 5°11"? 3'19 IX? WM- ..._._ w modiiy, in my pm 9f m; warm, 01141-11 "P 1!! $11911’ W01’!- WMB - 10n- "17011 0X1 Dist abuses andmli omic isolationist. lie was appar- now be unnecessary for President Pcrliaps the most important lie value is not determined. n in mun’ lumm‘ “w” we" "wmnundnums 1°‘ “"11 e1 ' entllyi very anxiotus [O§O—d()p8l‘ll;l.co1:i1R0OS9\'§1t ItiJh det-hilnil the gold ldoi- ilvsné gr ‘are flnaniglal ‘ya?!’ was DOLLAR WHEAT, that nebulous goal of the past your the cue of other me tlin, b, fixed an‘? 11%: w; tgohgagim. 3L?" in uh‘ intirire. ‘gllgmsenme e wor movemcii s iin isci si n. i or un er c in a on provis ons, 1c c in suspens n o e gold v y ' r" ' - h; d d . ' mom — so long as ilicy moved toward i the clamor for inflation daily 1n- standard by the United States on or “Wm Pas attamFd on both the “i mnlpeg Gran‘ Exchange in; JFI-riioy gogwrnxgfgurxrdm the rehabilitation of his own coun~ creased in volume. It was some April 19 although for some time and Chlcago 8081.11 of Trade ‘luring 1933 although gram pursuits. Then never hu been from i1 a.m.. t0 3 11-h;- ll‘ try. This wns Cvldviit from his few months later. however. that pnst, the inomisry and banking futures, were 5111119012, throughout the year, to wide price m. Qverpfgductlon o; pm operations were not resumed until summary T(‘_](‘(‘ll0n of (iii pleas for the fldflillllSlffltlfln definitely nn- sy-m-mq of that, Qountfy hag been variations due ti) p001- gmpq the erratic fluctuations of Production has been l! lllfid by the ‘"117 31' on M1311“ ‘i m‘ N" 1mm 3'41"“ Mmmm" °1 17111’ __ _ rurrcncv stabilization iit the World iiounrcd a fiscal policy and in the subllet-h h, cnslduabh shun the f - h u ‘i‘ ta] h f th U . d supply and n“ by the, album‘ u York Stock Exchln wu a lln ada before the Royal C . - Economic Conference. Previously meantime inflationary ardor cool- enormous "serve o‘ 801d ‘vauablc 0791811 exc anges‘ .le exper men p ages o e mte in ma u. N om"- men]; um “tad m an‘ n u 5 p31" ‘ m o“ " on m" mud“ h _ _-:he had maintained that this im- ed off somewhat under the obvious the P05585510“ o; a favourable blh $13193 monetary POHQY- 1119 world wheat Conference and commodities. vengiiigfiplodad m“ o“ which we -- -portant matter must be solved be- hesitation of the President in re- an“. o; trade and the hymn“ o’ governmental transactions. Gold h" no mm “no u“ “Mspsngd m, 3911mm‘ a‘; fig;- fflrc 311 01W A5 1b “'85- 1118 U1111Pd 50111118 10 11115 OXPMIBHL substantial 10,918“ Habhmes seem. While unable to mnininln its cxalicd position for a protracted period 059953 m h; in; n CV81‘- . ..' l States precipitated a deadlock too Then ln a nation-wide radio ad~ ed go pmglude mg possibility o; Enough market action was provided during June and July to compel the Erucleseih?“ "nil? (cw ‘gm, D6011»! 11H lnplrently lluullh 1'33’ “httronfigewiiulégh: ghgiggefiort’ °1 dress, President Roosevelt pro- such a, 55¢‘, Chicago Board of Trade to suspend operations for two days, later curtail compsutionoy]? i: hi’: s..'“'ven cs0 n. n. 1," dth ""1 1h] ' ad; _ _ " ' ‘ ' . “swig We” in? .412". "mas" "n.':“.i1§;‘;i.':"3.§.t'::“.”. tm.'i=::=:.“.‘2:s brr...z.""tiz c a at’ 1nd' I Y _ _ o ts qucsiion rom tic or 1' ed t h M“ '. c crican o . cents on ovom r of the * - i 2 I; 391111011111‘ Conference agenda, ex- Jistvgdwfigrig tuniurtgerzlclzée a“; the dollar b. :ame a nominal market P11118911 15911116911 11 111811 01 911 11114 5 same ycnr. m manmum- ‘m! 1' “$111131 ‘Q11’ ornp r Ive Ices n ear I. "P9"! “v c unanimous that econ- r159 and m“ 0g Qgmmodlty prices" m "m" °1 the mmmfilng 801d low of .4414’. during 1933 while in The following tabulation lndl- m‘ n ‘pmmmm o: w“ “p” ‘ IINANO‘ " f“ °m1° 1"‘1'°1\F"l1°1-1°" would b? control over foreign exchange fluc: 514111111" wmnckfi- T11? Pound chum“, 1t fluctuated between cstcs the high and low price of the cent‘ B “m” my other “ma” DEREK l. Deoollbfl‘ 9» extremely" difficult unless this sub- “much, (hmugy, regulation o; the sterling in Canada however. during 3117i‘ and “s; on July 23 1939 cheapest future at Winnipeg and 1n ‘he puma‘ of m“ o’ “m mm‘ I918. 1032. 1W1 W115 RWHPQUW fivlllfll- F011°W' Rcfundlng Finance Corporation's 11W "my part of tho month re- which hm“ ash“. dam whén ‘h.’ Chicago ouch month during the mg’ with ‘ N“, Hutu‘ h: ‘n Th, Hgrfld’; swung {Mex 235g i599 3 This: an nzziccincnt betwccn Prcsi- gold purchasts; impounding o; the mnined relatively slcsuiy botween h, wheat dncn f L b ., h: past vcar: they cm mm W1’ “d ‘ “ad “we 5t h y 1 ( my u 1'43 43704 dent Homer nnci the Prcsidcnt- coumry-s 01d and nnwiv min“; 301d a. range of 4.10 and 4.1450, but with “gm , f ,‘ “c ‘a. "Pm" " ‘ " "hlch P91111114 o! profit-mom»: on B?‘ .°l“m° m) " 720000-000 1. 000-000 " ‘elect. Franklin D. Roosevelt, Great- in the Treasury. Monetary 1nfla~ the unsettlement of the United gelllpesg g‘; at lump“: w“ ‘Jvlnnipuh- the operation? ulnar-sum Bank Clolrlfi‘ a 5§3l‘063 “3-‘1116091384 ‘Brit-Hill ilgrvrd 1° $501155 111E "m1- tion as a moans of bolstering com- States dollar, activity broadened x; n8 a; ' f §,°°“‘p“°d Wm‘ an y m“. Loy cum‘, "cord m m’ arodmflon Oanldlln Dollar (NY)u w l $10114 i $685 with the United States. N0 mocllty prices was to be used only and sterling qprcciatcd sharply. Bfmfie 0'15“ 2"“ a bushel m.‘ Bunny " ‘u M“ 013°“ h" been o“ o‘ ‘ m“, m. Pound Hurling (NY) $511M 83.30% d: . rpolicy WES 160M011. hvlvfiver- and after all other methods had failed. business at one time on April 20 chiem r ' m3 ' The 1m“ u’ February ' M 46!’ creasing quantities In 1553- 1m‘ ggqigwunt. lute (NY), .2°6 7'1” ~"whi1e Enzland paid the rim ln- (United States gold Purchases were bszng mpomo at 44v A reaction ca“ w“ “"6 a‘ “WM “ 1°" Mm“ "55. ‘w’ “m” ‘““°°'°“°' °‘ “"1” 3°“ Rgflyggd g-mings- ' " ' "'1"‘°°1"“‘11“°°""1""P”Ym°"1=' low“ extended to the foreixn then set in but wnb ‘fluctuations Apr“ m“ '19“ we" ‘WM m Brim“ “mm” ' ezaeeooo szmooo -- -|gv¢fg1 ather- natigng including market) were Cxperhnoer. and It we elk M3)’ 165W .5851 B1111 UP until l!” NOSE 0f ClllldlT ' ' “H0911” France, defaulted. Further discus- the umatlgn stood at 438 The monetary policy. on Jifly 1o bu“. June 30?»; .02 sold came from this source and lode ' 453m 0r‘ aions between Great Britain and Evolution o! weaken?“ m the United Sh“; dob nels was recorded up to 4.85 but nt July .. .08 .69 deposits in Nova Booth. . . his United suites in October and 1 he w, 1 m M 5 1 this juncture commercial bovine 5'18"“ ~19" B" The second period or dueiop- 41 01m last. failed u» break the The NRA bfgwwxrf efchan; Ufhmfgffa; g$irqunly dicloscd. igéthor with gifgzlmf" "£211 '"'~’;"l;%;':¢"1"£w YWII 1111090. Bank bi France .... .. . iaaooooooir. .._ . e . . " . ’ covern cnu - ‘_ . - . .' u; ’ gem" gong, howevm [he Prgs]- ALL THIS appeared to indicate iixllmllglefrmrwfguzigcgg‘13f; tion to 4.65. Lgic in the sailiiengacy November .65-"l .581: said $100,000,201)? wuilgcgviieofl commonnms ,. gent-em; w” prgssed mm more that the administration was swing- r com on A m m The o; the British GOVOrnmg-nt [nngunggd -Cb|eqo— pliicers. The hilh point in Qnnufl Wheat. No. 1 N. (cash) 50% _451 ..intimato questions concerning his 111B WWflPdB 111181161111 Cimsflrvflflsm- pf.“ l t 9h - v ‘“ a conversion offer in respect of ' Illlh bow production wu reached in 19m Cotton (apot) . 10.10 11-95 ‘ own country. On February H, the The President boson w show much :1" “F, °' m’- °"°"°"- “l” m" the outstanding balance of use, January... .. sioa 44v. when cursors output was vllued Hon (oer cwt) . 0.00 41>" nsusn W115 startled by the suddcn more readiness, 1° "m" 1° m" "1 m” ° W" °"" p" m‘ ‘m’ 000.000 United xinsobm t": Per February . .491; 4e at amoooooo. Between iaoo and Cooper (w 1M - 1W4 1'5“ _and unexpected declaration of an 11180116111 5311b"! 8x11911911“ 11"“ wwrded bctwec" t"n”°u°“" oem, 20 your bonds due 1n 1937. March .. .5615 .4814 1907 production gradually de. Bur Bilver fol.) . .483 n15 _ emergency banking holiday in the a1- lml’ 111119 511199 111° 111111111113 d9‘ A‘ the beginning M M“ the“ Commercial buying was encouraged ADP“ ~71 ~53" emu“ 1° “#101100 in "1" 1511'“ u“ (per lb‘) ' U5 "n? State of Michigan. Declared by 111w"! 1" March. It was also ap- was great activity 1h 111° "s" by this new development and the May 314'; 551/, year. Zinc (per lb.) . 1.50 11- v ‘Ggvprnqf wpiynm A (jomswck a, parent that a further reconciiia- York-London exchange and wide mam “and m an erratic market Jum _ Mn,‘ 371.1‘ 71w discos-cry o; ‘h. Pmumm y prcclpltatcd by the threatened col- tion between Wflohmmon 11nd tho fluctuations won current. owmii uu-md h, (“your or tin; dollar, in July . . .. 1.111,; .391; camp in i909 followed by the Kirk- lapsp of mi- Umon Guardian rn-ust’ bankers had been effected since an to the uncertainty of tho outlook. the closing day, o; the month vio- August LOP/i J1 “m, L539 51'1"" 111 1913 ushered 111141!!! dun!!! 1119 If”!!! 91ft 0f aponsolfisof bond issues by 1" npcrntlnq 2o hanks throughout the 1X1V0$11Il11118 committee of the The rate which‘ mid closed on 1cm huctuauons Wm meow“ and Bpptpmbgf .9314, .8115 in tho third and most important the you under revlgw. yninm, on tmd csnib in for some criti- 1 "M" '1" """‘1“-" "m-‘Pd 111° Wm” NR‘ 1mm“ “m” w” “° shmw’ Am" 29 l“ 3-8‘ “"1 11*" 1” ‘m 1 one time thc rate fell in n2 owbbbi- 91 em Prrlod In Canadinn gold issuing clchunlu expanded sharply “m” » nsei r" " rmiciloii of tho yc-ir on all equity D1 198111111510 §h°f1-11‘1’m “Yum 11" on May 6. but bear covering as- “m, quohhon bong 44hr, Nsvcmber ‘Q31; £50.); activity, in the iutter ygni- our wui V" n" Th than“ hum," pr°pmed Miami’ {‘?,’,“§"f,'",{,“us1 “m tmnmodny lndrkels‘ business when such was Justified’ 513m“ by a commercial “mum Again the Cnmrdian dollnr follow- u h ' I ‘old production '1'“ ‘tau-Hut :3 predicatedeupon m; I throo. 511115111111‘ Plan- ’ "nip sginmpm “w; niinviared So far, the President's actions for dollars brought. B recovery to Cd stem“ depmmahna, on nuance 0F OUTSTANDING interest to Slowly. but surely, with minor in- c“ o“ whm m duh m". nee to im e n tux of 4 cents F.un‘i(-\\."|];\L n f(_~\v dflyg m” when had been confined largely to the|nround 3.8550. In pursunnoe of the to 505 M “m” during [he commodity markets was the World wrrupllom our gold production ' V’ W" e snare on aiioitock sold which wo n illcnis \'.'i‘i'i‘ informed flint they 11ml 51°F! in moi/ew- Ii We» inflationary policy or the United man“; "Unmd Sh,“ Md, m Wheat Conference in London m. ms morphed upward year by you. d“ °11"°""¢° “"4 m" "" have raised the total taxsiionvtguld might nninirsiv fire m cent of now lonorcni- howovvr. 111M {non sums. the Fxieral Reserve Bank cum“ Wm subject w mama which an agreement was signed in being nugmemed by my 4m“. quickly tmiuormea into a niim- nne 1a cents a choral 125w ‘M, m," d,.,,(._s"_=_ This nmnumnd w must have jobs. The obvious resumed purchnles of government flucwnmn ‘he “mnfum “m” h, August inst. This constltutecl the cries in British Columbia. Manl- mini activity which in turn neoee- 113st.” ht 1.1;!“ rgggremad i spprsxninuzy szs oniiooo OI the method o! nrovidins the“ WM o" securities in the open market and the who‘ m- m hon", ,0 3 m, first definite plan Covering output tobe. Northwestern onmio Ind sinned some mi! additlml. Tomi {m OHM m‘ k5,", and Quebofl 11-51111-0011000 1hr" l-‘cd up in the P"°1'"1°"‘ 111°11'11"‘ ‘>1 Public “m” inter in the month udcflniie weak- km b. u m] ,0 “m, ound and cxport of an agricultural com- Qllfbfl. until the llrze total of transfers on the New York 51M! provincial taxes. Whllc time im- smws 8w Honors-i unutuuons. Instead of 11111111118 11"’ '"°"°Y nose in the dollnr developed and 315:‘ jfqfpcfoufl ‘ g “r modlty to receive approval of "193"," m vlluo w» Produced IXChIIIIQ proaurnsuio rieooonoo on a sinnnz if}: ll-Iichigllifs Piflill-ii-IV moratorium figéslilzioxgnlgvélffgg: g3: tho rate nizain rose to over 4.00 to mm“ the ymner‘ pa" m, Aw nations represent‘ g a. majority of 11114331 $uzvhlufl lgwaig! according tecadtbfiiprililrleoaf tggtfmud was inter cxtciiilv-il hut virtually o t hunk‘ “he it by s mm the pound Duran; this period the 5 ‘Elm w evident the world trade in that staple. m‘ ¢ I914 500m hi! rcuultedkln Y ' 1-7 110111191?“ - 9 forsmttcn in tho ririirme t that !°'“m°"B‘t h ~' m m" 2mm Canadian dollar varied in con- 3"" '"°"° 5“. yd n '“ m i’ Signed by twenty-two nations. the "'°IJ°"1"I 01 I llrls '0 »- followed n: sonic 21> other states ‘zest’ k u 5"” f“? gum or the formity with sterling the robe on ‘nd the cmamnn o M mo‘: s: flllrfimflm W91I171Y11°°111T1 11111719111‘ o‘ m" momru" “d “m” '1 h a when u fedefll tax of liiiiiiod. iii varying dccn-os. with- ggtlofijcufjirnclpyoyed Band Wm‘ m_ London in Montreal ranging be- 121mm,“ tgzfaghré: gzmilgriecl‘); utcly and will remain in force for m“g.m“:g' “u”??? "I11 l! 5171mm“ dam‘ m“ "n m‘ l, provincinl to! 0f 6 ccntsfi-ob; ‘p 117N111! PHI diniz safciluflrdlhl tween 4.40 and 4.56, whim Amerl- °"-“'°" two years 1m‘ m“ 111131115131 o! ll Q1111 P" I-hlre-Jm‘ h , . _ . , _ r I _ dustry bcnefitting all round it was h, ‘h, Unmd 5mm; wen covemd . _ Prollertlol. thit- hlve stood r gnu, s. . i-izishitiiz? $128125 r3220‘; slwv- Pofliblo that. Without MP1"! "m" ca“ hm“ m m“ "mom "mm m on recessions or the Amefloln dol- Emu“ “mum” w” wmuum years. m lllln amohl m?“ of retaliatory measure. the Ne! B" hem] hum. o, even "mug wage, n narrow range between 13 and a1 and although this nation later Lend" at bills‘ rpérmlttllngt fnuratoria in industry would simply were,“ m’ i5 per cent premium. sfffiilxfllzlefifmxxhzelflllwtglellctmm "pruned mm‘: dmhuucthm ‘m, ghost of Y toek gltifoethe s?“ "f" m“ ° “w” ’ m5‘ output and pocket the resultant Speculative lnfluenoen largely ' t its quota, in r reports ndlcated "wwu" my h with“. s 0v - . he ap- . sobnnosextnubseneniinum °1 "' ""1" is- ' i- . .. so thod bll l t dominated the exchange: during "m-mubl” '°"“" mm‘ that any reservations migh. be Jersey Stock ‘ The- Amc-ru-ula ,"§°,',',‘,,',,,,.,,T°n'l"°,,..y.oii'ii’. pgrtilpzorl- Juno and in the closlnl days of Drcciatimtokgicyginllfigngjfill"; overcome in view o! the smell m“ m uum‘ 1'1"" “u 1'1’ "'1' 1 1 m‘ N" uéd 3'1 “ Banking (jrisis tion m the public works program the month the depreciation of the 5" 55:3 ma sumaouh “m” amount available for export from w . "an" m u" I11 5"‘ was therefore necessary. Obviously American dollar was moat pro- °" '1 o’ me the Soviet this year. In addition. i: - “W lg! ihll “n. ‘“ " 0N MARCII 4. Franklin D. industry must be controlled and mlncnt. the underlying tone being 1r° 3 P“ “em "'1' ‘hf d0” w“ 1B 90'9"?" 11111 ""1" 1900151111"! mum‘ '11‘ ‘n4 Roosevelt wris formally minim-m the belt olnn appeared to b: lnter- decidedly unsettled. Cmadim cx- moot-lb ‘jhllsl s1“ ""1 ‘"5 " Y of nmsin by the United emu my null‘, million bulhell an h“ an Prcsldcnt of tho unnnu States. fcrence by the government. en...“ w" quieter. alt-trough lwimd F mm some ism-in; on the formers “'1.” u h- M11110" Bllhlll but ma,“ h ,4 l» » i" I'm-n. . .. Thus undcr the new National periods of activity were cxperi- In October tho president of the Qmgmg goyuqg-"qh an “meme”, Y u- ‘m? MMMQ two h’ “ "‘ ' Born in thc rrcntlon of a fund- Recovery Aot. familiarly known as enced. The trend was generally in United sum announced his P0110 Until late in November. the Soviet m m‘ 5"‘ 1° "i"! “l? m. 4mm; '5 i” lmentnlly unsound banking ays- the NRA, the President became l sympathy with the New York- of creating n market for newly h“ exported only about II million “"707!!! l?! IDI- m. "u, m '1 ~ item “d nurses; mrbqgn this “f!!! "mnnaginu partner" in all industry [Amdon nu.- moving in favour of mined domestic lold at Prlool to bushels u compared with ll mll- “"5 law, when. - N‘? of emeflcnf! state holldlys com- and in this capacity demondod mneon. cm to an. whilst Unified lion-Michele iii HIS-c famine you mm ‘fi 3"‘: meat mm. have an mencing with Michigan. embracing ahortcr hours, higher wnges and 5mm m“; new“ from 1: pci- l: whim mm cxportu unwind to u” . ma“ mo" m w, ‘hwjh “o, virtually the cntlrc Union and absorption of higher coats by in- m,‘ mmqum on w, “n; o; m. only ll rnlilim bushels. ' u‘ -@'1'14 ‘ h u i: “my; flflgflfl] up] and gone fl!’ . . | with New York and Illinois duatry itself. in mun-i the iovcm~ man", u, Ion m m, 0,. m. mum.’ '5: M mud Ifdhtenhq an cousin . . "llfllbulileathatwuu hmtotlerultihlo M "Zing; twclfthhuktollplroentontfll . u-’%u-.mlieaeermonmeia:oplu. w - n n . 11p “fin ww- -~-- r . .. ---~-»- m ......... .. - _... ,4 mm in the form . the e t pom! , cashew mltgnnn of. genus-mi by ms new rwmberitiw end the ex- . m I" "W" Mm. nun In - his first official act that with the buying mm,‘ m” u’; “h” of m. Iilbi g n” m j at fle . .. a gbneiimicuiturseno labor pmidm o’ m.‘ m: blunt w re- n m, I“ ha“; m. g ~ mails: been “q BUN: iniernnpdfl ‘uh.’ h _ union as e run of “l; h , l per nae up! - u; the dqmehlifl _ hi‘. , § eon dbilll‘ F , h P w Q . ‘ 3.1“ U ‘Q Q‘ fl ‘ ' de- ‘ ill an c ark I'll I SI... “I t‘? is] ’ 4-4115? M ,._ s. ~..~ .>- . Ill ‘