JANUARY s. 1933

Wolves Lose To The Hawks 2-0

Relentless Atta-fz-k- By Hub Team

Too Much For

. gregation.

(Canadian heal) MONOION, Jan. li-The Mcnoton Hawks caught the Halifax Wolver- " pff color tonight and defeated 1h 2 to 0 in sblazlng fixture of e Maritime "Big 'I‘hree". before u gmall crowd of fans here tonight. The game found the Hawks at their season's best and they swam- ed all over the Hallflfiinlflis 3mm whistle to gong, scoring one goal in m, first period and adding anoth- i: in the second. And then adopt-

lhg the sound policy that the best,

defence is a smart offence, checked and back-checked the Wolverines Iomplstely into submission. Only mg sensational work 0f Leo Sar- gent saved the Nova Sootlans from i. general route and even he was boxing into the cage several times uter- making seemingly impossible gtops, to s60 if he really did keep his cage clear. It was a brilliant rlimax to a strenuous three days of hockey for the Hawks who have played three games inns many nights since the. start of the New

Y , . m OPENED FAST

Play started in a whirlwind and the Hawks set the pace racing straight through the Wolverines for tome close 1n chancesFour minutes and eighteen seconds after the start of play Irvine carried down and worked around th/e defense and then passed the rubber back to Burrage who slipped through in front of the net. Burragc had plenty .0! time and he took it. Sargent “ lumped for the shot and as he did .Burrage slipped it into the'empty side of the cage. McDonald and "Beasley ldrew penalties and when they returned Ivfiflonald was chas- ed and when he returned Bun-age was given two minutes for tripping Ferguson.

In the first five minutes the Hawks had three open opportunities to scorc and Gill and Conrlally eombned right in on Sargent who made one of his sensational saves. ‘line period was Monctonfg 11y s wide margin and play was light- ning fast. Gordon Kennedy drew a

t penalty for charging McDonald in- ‘ to boards and while he was ab-

w, Sargent was about the busiest man in town, but he staved off the thrusts and the bell Hawks sortics around the Halifax

Halifax Ag-

NIW STYLE OI‘ BAGGING

Masher wentback to his usual position when the third period end- ‘cd and while Gill was still in the box the Hawks rrcsented something lnew in the way of ragglng the puck. A-player would carry the rubber to the Halifax blue-line and then shoot it back to the Moncton end of the rink. The referees did not exactly know how to deal with th‘: play and ‘let; it; go. Lavlgne was penalized for tripping Connolly and Gill followed for tripping. Graham lhauled the feet from Duke Mc- Donald as the little centre ace was through and took a penalty for ,saving a. likely looking goal. Then Burl-age was chased for dumping Masher and the teams played with- out their regular defence men.

The weakened ranks of both teams held tight until all the pen- alized players returned. The Hawks dominated the play and had the Wolves fighting hard on the de- fensive. The speeding Hawk for- wards found big holes in the Hall- fnx defence and only the sensation- al work of Sargent saved a mount- ing score.

Tllmilshout the entire period the Wolverines had few opportunities in Mbncton territory so closely were they ‘back-checked and the fugggd work of the Moneton reg;- guards kept the few" thrusts that filtered through the forwards, well away from Foster. Just before the 1,91] McManus was penalized and the Wolverines rushed the Moncmn 9589. the bell ending a skirmish around the Moncton goal.

SUMJVIARY FIRST PERIOD

P-Mvncton. Bun-age (Irvine) 4.1a Penalties: -McDonald, Beazley, Mfllviwld- Barrage. o. Kennedy. Stops: Sargent 10; Buster 9.

SECOND PERIOD 2-—Moncton, Connolly, 13.06, Penalties: Burrage, Laughs, web- ster, Gill. _ Stops: Sargent l5 Foster 5.

THIRD PERIOD

‘ ITPKCE.

ended the No score. Penalties: Lavigne, (3111, Qrahhm ;l‘“!"§.°_u iii-i. " Hi1... W1 .1120!!!-

Theteams started iout at the lame klling pace in the second period and the rival squads played wide open hockey, the forwards taking considerable punishment fro-m the defense lines. ‘The Gra- ham-Lavignc rear guard of the Wolves seemed a bit dazzled by the speed of the Hawks and were not up to their usual form, as James, McManus and company through and around them. But the great Sargent kicked ‘out the rub- ber from all angles and distances.

Bert Connolly had one of his big nights and led countless tricky u- saults on the Halifax goal. He poke-

e "our the Moncion blue-line and ewng the Wolves’ forwards down the ice, sprinted away alone and es he skated straight in on the Halifax defence blazed a low shot past Sargent. The shot was barely off the lee and was travelling like n bullet. The goalie kicked as the rubber settled into the meshes. Webster was penalzed and the Hawks controlled the rubber almost nl the time he was away and when I came back to the play Gill drew lwo minutm for charging.

MOSHE]! INJURED

It was while Gill was in the Den- llty box that Barrage crashed Mosher with the most terrific body check seen here this season. Mosher eamc straight in and Burrage step- pltd into hTm. The Halifax centre ace went over backwards and land-

Stops: Sargent. 14: Foster B.

raced l

checked the rubber from MlcGlasll-fG- Kennedy

LINE- UPS HALIFAX MONCTON ' Goal Sargent Foster Defence Graham - Gill lfi-Vlflle Burrage Centre Masher McDonald Wings Ferguson ' Irvine Beasley Connolly Subs

McGlashen James lVlicManus

Lennon Webster Lawlor Miller

How They Stand In The N. H. L.

CANADIAN SECTION

P W L D F A Pt-s Toronto 20 l0 7 3 30 39 23 Maroons l9 8 10 1 45 51 l7 Ottawa 19713303017 Americans!!! 5 0 l 33 44 14 Canadiens l8 5 ll ii 31 43 12

AMERICAN SECTION

Rangers 16 11 4 3 57 39 25 Boston 19 10 0 3 50 33 23 Detroit 20 9 9 2 45 47 20 Chicago 19 7 7 5 34 36 l0

ed on the back of his head and neck, It was some time before he was brought back to his senses and then skated dazedly to the Moncq to players‘ box instead of his own. as relieved by lvllcGlashen. The

od ended with Gill in the pan-

lity box and the score 2-0 for

_ Monet/on. A

s. BAND

TOIIIGIIT i

CHALLENGE

We the Bad Cats do hereby chal- lenge the Mlten Hornets to a. friend- ly game of hockey to be played at Milton anytime . Signed Coach Biighty Kenslow; Line-up: Bad Cats, Goal, T. Barrett; Defence, B. Mac- Mi-llan, J. Foley; L. Wing, T. Will- lama: B. Wing. Currie; Centre, Mc- liwen; Bull, P. MbCailum, J. Dowl- ing and H. latter.

MONOTON, N. 3., Jan. 4- William C. Grocl. high sheriff for Weetmorland County and former-mayor of the city of Houston died at his home here tonight after. n few weeks ill- nsI at the pge of M.

uocxex _

‘Ihcsday night was n gala night in Marshfisld it being the official Owning of the new rink IN ’ by the nm-al Club of boy: and girls of_ the community, but helped out by most of the older people of the place. i

and lunch counter, and a splendid crowd of boys and girls, young and old, gliding gracefully along through

sight. The Dunstaffnage Club which ex-

few days, were out in full force and were warmly welcomed. _

The rink, which is one hundred and sixty feet long by sixty three feet wide is surrounded by a board fence eight feet high, a house ten by twenty accommodates the Grey ,Dort engine which had not been running for eight years but fitted up by Clarence Foster and Mr. Good of the Echo Garage, and also the generator. A rest room with n lunch counter and dressing room are housed in a. building 10 by 30, this together with a promenade complete the outfit.

The wiring, fitting up the gener- ator and engine was done by Mr. Good and Mr. Foster of the Echo Garage who deserve the warmest thanks for their generous act, work- ing after night for weeks at a time until everything was in perfect shape, and working to the satisfac- tion of all hands. On account of the whole community working so hard. and long, it would not seem fair to mention any names: yet every one knows that the boys and girls will have to thank Heath Foster more than any one else for what we hope will be many nights of pleasure. Arrangements are being made to organize a hockey league ‘among the clubs of the districts.

Summerside

Fans attending the opening 801119 of the newly formed Town M88119 were treated to sixty minutes of. hectic battle when the Gimmies and

capitals crossed sticks atfthe Crys-

tal Rink on Tuesday night. Bitter

rivals last year in the Mani-Mn

league under the names of Bum-

mersde Hockey Club and CJZML.

there was much of the old Snlrlt l“

evidence. I The Capitols emerged the victors by a, 2-0 score, Mac Steele scorinB half way through the first period, on a pass from behind the nets and

Clovie Perry on a sblo just before‘ the final bell. _ l The play was evenly matched through. most of. the “the. cgpltfllg. belngcontent to playde- fensive hockey in the last b01100- Peters cage was the scene of more than a. few rnixups and he had his hand; full keeping the rubber out- side the "posts.

Play in the last two periods was rough and both teams found them- selves two men short at times.

Charlie Cahill handled the whistle

very capably- LINE-UPS GIMMIES clPlTol-B Goal Schur-lnan "W! Defence I Woodside G730!‘ 1,9,, Gauthier Forwards

Bovmess Arsenault O'Brien PhlllllYPS Gay Perry Jamieson GB-lllllll" Hohnhn D. Steele Dickie M- Bt-"le Hqfng C. Steele

Highfield 2 North River I

Mr. D. L. Bethune, M. L. A-. after being introduced to the fans by Mr. Cordon Stetson faced off and declared the southern section of the second district ot Queens league offcially °l>91l-

Wally Rodd. scored the winnini tally for th! Granites unassisted.

Space does not permit mention of individual players, but by the brand or hockey handed out last nigh; the fans in that section are going to have plenty sport in the 1933 hockey season.

The game was ably refereed by Walter Shaw and on oampbell-

Lineups are as follows:

pects to have their rink going in a‘

GRANITES LINDTS Goal week, Newsorne l Defence Cullen ' K- Wlrrsn Qu-gdn ' G. Jewell Forwards w. Rodd I. Warrm n. stead Stzvensofl S. Hurry Ltdner J. Rodd Thompson C. Hurry C. Jewell Mf-Kinnon - Doyle

111E CHARLOTTETOWN GUARDIAN

LOOKING-

’EM OVER

BY "TEC" FRIDAY'S GAME

Halifax Wolverines and Moncton Hawks have split their home and

A slllemlld she" °l me- n“ V"? home games, winning by 2-0 scores N“ °l 113M‘- " m“ dram‘ “m” in respective clashes. The Valrmen,

revamped and travelling in cham- pionship form will leave- Moneton this morning for Charlottetown,

ing second section game tomorrow nlsht.

"Chuck" O'Connor, Abbie coach, interviewed by the writer last night, stated he was yet undecided as to what lines he will start against the Halifax team. He add- ed, however, that his boys are ready and Steve Vair may expect a hockey game in all its flourishes, and wide open at that, when his lineup takes the word against the

‘Abbies tomorrow night.

Fans no doubt still remember that last hectic game between these teams on Forum ice. They still remember the speed which the Red Shirts maintained throughout the piece in order to turn the fighting Wolves back 1 to nil; and tomorrow nightfs clash, an even more important encounter will doubtlessly produce hockey that, will go down in history as the most dynamic ever sccn here.

l

CLEAN SLATE

The Abbies hold the record for clean play inthe Maritimes during the current season. In a match with Ottawa LaSalles in Charlotte- town Monday night they went through the entire 60 minutes with- out a single penalty. Perhaps Tommy Oliver, Walter Ferguson et al made some New Year's reso- lutlons.

Lwglg Ovens , CENTRAL eulmnun '

FORUM—BAND TONIGHT.’ P6!‘- fect ice. ' 7439'“

CONTRACTOR HERE-Mr. W. L. R. Stewart, of the Stewart Con- struction Company, Sherbrooke, P. Q., arrived in the city last even- ing for the opening of the new Prince of Wales College building which his firm constructed. Mr. Stewart expects to be in the city about a week. -

HOUSE ROBBED—The residence of Mr. Bert Paquet, 140 King Street was entered by several u. known

- parties in the early hours of yes- -

tcrday morning and was robbed of a number of miscellaneous articles. City police arc working on the ease, but as yep, no arrests have been made. Several of the stolen

articles were picked up near the robbed dwelling. WEEKLY AUCTION AND

DANCE-The big lnld week attrac- tion of the B. I. S. was an out-

standing success, with a large crowd’

eager to co..test the auction forty- flves game. After eleven games the results were: Ladies first, ma. Mar- garet Simmons, second, Miss An- nie Joseph; Gents. first, Mr. Wil- iiam ‘Irainor, second, Mr. E. Mc- Guigan; Lucky table, no. 10, drawn by Mr. bouis Arsenault. At ten o'clock the floor was laid for the big dance with scores of people taking part in this great past time, to the excellent music rendered by the Island's leadig orchestra. The dust nuisance was eliminated completely by a liquid wax, tried for the first time, this liquid wax be'ng an experiment of Bro. Peter Walsh, which leaves the floor at all times in a glossy condition putting an end t0 the dust nuis- ance.

STAFFS ENTERTAlNED-The annual dinner of the combined staffs of the Prince Edward and Capitol Theatres was held last night in Milton's Old Spain. Mr. C. J. Gallagher, manager of the theatres, inaugurated these din- ners when he first came to Char- lottetown, and he has continued to hold one every year since. Last night's dinner was as usual a great success, dinner being served to eighteen including several guests. After a splendid repast Mr. Gal- lagher said a few words, expressing his pleasure at having his fellow workers gathered once more at the banquet and hoping that they would all be present at many more such gatherings. Mr. Alfred Mc- Keamey moved a vote of thanks to both Mr. Gallagher and Mr. F. O. Spencer for entertaining the staff.- The motion was seconded by Mr. Ted McKearney and heartily endorsed by all present. Mr. Arthur Gaudet expressed his appreciation at being once more present at this

There was an unusual ending to a hockey game at Arnprior, On- tario, when the home team and and Carleton Place played a. 3-3 draw. With the score 3 to 2 in the third period and only one minute to play, Oliver scored from a face- off in front of the net. The final bell rang, the band played the

lNatlonal Anthem, the players were

the 51mm“ “km ma“ ‘t buulllul the scene of the Red Shirts‘ open-' undressing, and over half the fans

in attendance had left the rink, be- fore it became known that the time-keeper had announced the end of the game 30 seconds too soon. The teams were recalled to play the thirty seconds, and in that time the score was tied up again. Thirty minutes of overnm rid riot bring another score.

i

l - 20 YEARS AGO

New Glasgow won the exhibition | game from Sydney at New Glasgow, l 3-3. The ice was not in good eon- ; dition. and fog prevailed. There was a fight. in the third period when Harry Scott cross-checked Mike Murphy and the latter coun- tered with a right to the face. Scott retaliated and they both went down. The clash became general and the police ceased the battle. Scott had a. bruised forehead and a. partially-broken nose as a result. He said that early in the game he was hit with a stick cutting his forehead; that later Mike Murphy had rapped him several times be- fore he cross-checked him, and that when they went down Jimmy Murphy had landed on him. Rat- tenbury, Chisholm and Cooke were tried out by New Glasgow, the regular team being Morrison, Wil- son, Doran, Gregory, Murphy and Wilkie. The Sydney ream were; Toby Macdonald, Ferguson, C. Mac- Donald, Scoti, Dunpliy, Tcirault George Stewart. was referee.

UNUSUAL ENDING l

I

(Continued from Page 3)

l l

the exports of foreign produce which had llievlllusly been entered as im- ported are added to those of Can- adfln exports, we have in the latestl twelve month period a favoluable balance of $51,780,000 on our (om- rnodity trade, a5 compared with an unfavourable balance of $30,231,000 in the preceding period. Thus the. improvement in the year is approxiw matoly sazoooooo, an achievement‘ which murt necessarily facilitate the

Enlplre countries were some $11000- 000 lower at $220,257,000 in tllc last- twelre months than in the preced-

annual function. At the close a vote of thanks was- tendered/ to Mr. Richardson for providing so sumptuous a supper.

Messrs. Sanford Phillips. O‘Lea- ry, Earl Ellis, Ben Dunville, West Cape and Russel Rogers, Coleman motored to the city yesterday’ and report" the roads in excellent con- dition for the time of year. The party returned to their respective -,homcs last evening.

superiors Win International Ho ck eymCup

ST. MORITZ, Switzerland, Jan, 4~The Edmonton superiors scored the most one-sided victor-y of their tour of Europe here today when they trounced the Brit sh Ice Hoc- key Association 13-1 to wi the st. Moritz international hockey trophy. It was the second time the trophy had been up for competition.

Nesblt; scored the only tally for lEngland in the first periozl. whle for Canada Jimmy Graham netted five tlmcs, Albcr‘. Powers three times, Wiliam Montgomery. twice. Brown twice, and John Yammie once. .

Of the 18 games played to date by theEdlnolltos aggregation they have won 16, lost one and tied one. One Dec. 18, in Paris an all-France team held the Canucks scoreless while they tal‘lcd three limes a.d in Berlin on Dec. 26, the Berlin Sknbng Club held the visitors to n one-all draw,

Early Seeding Best

While the sunflower is a crop ‘which adapts itself to a compara- tively wide range of seeding con- ditions, experiments carried out by the division of Field Husbandry of the Dominion Experimental Farms show that the largest yields are obtained from early seeding. Thin- ning out to a distance of six inches apart in rows produces higher yield than either closer or wider spacing on sandy loam soil, while on clay soil the crop of sunflowers has been greater where it has been left unthinned.

WHERE THE Will-EAT SVENT

An interesting picture of the dis- tribution of the 1931 wheat crop is now available from n statement is- sued by the Dominion Bureau of Statistics, which shows the follow- i113 distribution: Exports 207,029,555 bushels; Human consumption 41,- 500,000 bushels: Seed for 1933 crop 30,763,000 bushels; Feed for live stock and poultry 32,606,000 bush- els: Lon in dinning 5,010,000 bush- Ell; Unmerchantable 2,826,100:

ing period, when they amounted to‘ $231,012,000. Nevertheless they a- mounted to 42.7 per cent of total exports in the later period as oom- pared with 36.4 per cent n the earlier Exports to the United K111i;- dom were actually greater in value in the latest ilcl-iod at $170,510.000l as compared wilil 5177291000 in the‘ earlier. Exports to Australia aIsoI showed an increase "to $6,845,000. from saaarlooo. Exports to Hone Kong yvere $1,027,000 as compared with 51.427000 and exports to the British Free Stae $2,772,000 as against $2,507,000. Exports to other Empire countries showed declines 1n value that were not necessarily de- cllnes in quantity. Finally, when the great. decline in values is allowed for, it 1s ev dent that the $220,257,- 000 exported in the latest period, represented a larger volume‘ "or, goods than the $231,012,000 of the preceding period. A

The Empire trade of Canada l5 now commencing to show the effect of the agreement negotiated at the Imperial Economic conference. The, figures for the month of October show that, no less than 47.5 per cent: of our exports went to i110 Unll/ed Kingdom and 54.6 per cent to the Empire as compared wtli 36.4 per cent aild 44.6 per cent respectively in the some month of 1931- 011 tllfi other hand, our exports to i-llc Unted States in October 1932 were only 23.6 per cent and to all foreign countries only 45.4 per cent 0f the totnl as compared with 36.4 pcr cent and 55.4 poi" cont respectively in October 1031. In the later period. 55.5 per cent of our imports came from the United states as compar- ed with 57.7 per cent ill ill" Fill 91'»

l ‘frnnspcrtzltirill

Railways Ln Canada as elsewhere have had a, difficult time in i032. and their difficulties have received cxilamtive consideration ill the R0- port of the Duff commission. Road competition of the private auto- mobile, thc motor bus, and the mot- or truck have all diverted traffic ff°m the railway lines, which are also being affcctcfi by the general d0" pression. Thus the total cars loaded in Canada in the forty nnc weeks own to December l0 numercd only 2079,7551 a» compared with 2.155.775 in tile some period of 1031. The only chicf class of commodlii‘ l" which 1932 car loadings xvere infill" er than i931 car loadings was Halli and grain products, 370,307 car:- 0t which were loaded in the 1031! PCT‘ 10d as compared with 367.703 in the 1931 period. To S0100 (‘Klem- me incrcate in canal tonnage may ex- plain the decllne.in railway.- cal‘ loadings, since the 110W Welland Ship Canal carried up to Nuvfillbel‘ a0, 19:2. assume tons of traffic or an increase of 1218,0114 ions 0V0!‘ the 103i traffic. The Si‘. Lfluifllce canals also reported traffic of 064?.- 584 tons as compared with 6111151124 tons in i031. As the result of dcclnlng busin- ess, ihegz-ocs operating revenue of the two great rnfirals in the first nine months of 1032 was only $216,-

Carryover, July 31. 1932, 130,948,901. A total of 456313.556 bushels.

563.362 as cemparcd with $203,577.-

Znd. Section

_ ;_I_’AGE SEVEN

FORUM H-O-C-K-E-Y

Opener

Friday Night at 8.30

Charlotteto

V .

wn ABBIES S

Halifax Wolverines

Reserved Seats-Silo, 75c, $1,00_

Balcony-fie. 2f

morning a

decline of $47,000,000. Operating ex- penses were also drastically cut down by economy of operation, so that net operating revenue in the firs’. zilne months of the present year was $20.85G,633 as compared with $18,140,721 in the same period of 1931, and operating" income was $14,000,750 in 1932 as compared with $10,362,720 last yl-nr. Further rc- drlctlom in operating expenses are expected us the result of increased cooperation between the two great competing lines as the result of the

the Lac-cilia grain :hipmcni-. Retail Trade

Retail trade like other branches o.’ national activities, ,was on a rather low level in 1932 than in 1931. Nevertheless, the autumn f g- ures of employment in retail trade shelved the expansion which l= usual at that season, though on a. rather reduced scale. The index number of employment in retail trade was 124.8 on December 1, i932, as compared with 121.2 on November l, 1932, 119.0 on Oztober l, 1932, and 133.7 on December 1, 1931.

Finance

Among the most satisfactory feat- ures of the Canadian econcmc sys- tem ill 1032 has been the sound- ness of the banking situation and the public confidence shown in the as contrasted with the dis- trust_manlfested to a considerable eXeflli in the United States, where 1,190 banks with aggregate deposits of $604,000,000 suspended payments In the first ten months of 1932, while no Canadian bank has sus- pended paymellis since 1923. No run has taken place upon airy Canadian bank throughout this long depres- sion and no manifestation of lack of public confidence has been ex- perienced by any banking institu- tion. 'I'hc total of the not cc depos- its of the chartered banks of Canada at October 31, 1932, was $1,370,600,- 000 as compared with $1,360,000.00) at the end of last year. While notice deposits were thus maintained, the total of current loans declined to $018,600,000 at the end of October as compared with $l,082,000,000 at the end of last. year so that the surplus 0f notice deposits over cur- rent loans was nearly $353_000.000 ill Octobcras compared with $278,- 000,000 at the close of 1931. Further, in October 1932 the non-current loans of all the chartered banks together, after more than Lhrcc years of depression, amounted in $13,456,000 cr less than one half 0f

$2,857,000.000. This must be regard- cd in the circumstances as an ex- cellent showing.

Insurance

the Etand total of new

current funds. The grand total 0

of the population or $3.250 "per fam ily of five. P.l“c 1 ‘ F’ l" ‘-t. Cne r-f the most notable pheno lrcnn that have nece-sarily result!‘

720 in the same period of 1031, or a

frcm the great. define ill gol

In spite of the great derlressioml insurance written 1n 1931 was $782,716,000, the» prospcfoug, fmgcuhl of lhQ Wlal Prellllllms Plld by lllQ Cimildfiillnt all undue expansion lends tA l5" P901919 l“ m9 50ml? Y”? belngidcfcat its own purpose. We 11884 $225-°°9i°90- l" ll"? fir“ m‘ "mnlllsl more business men who will man- of 1932 new insurance to the ag- gregate amount of $334,000,000 has been written by the large-l’ Cflil0dli\"‘c\'cr. is not ellollgll. Our business companies, indicating a total of new, mo“ fpquipg h qqmpfitent; insurance written m this Period erlledgo my, Jilly of thcr Own h-dug. about $400,000,000. ‘This indicate. clflifll’ that the NOD30 8P0 Sllll Rble-ilrrir own industry in other coun- to effect considerable savings from trics and of the state of business their incomes and are actually saving

life insurance in forcc in Canada is today approximately $650 per head

N] Children's Seuls-Qfig

Ticket sale opens at Forum Box Office Thursday

t l0.

prices is that every-where the. hpydeh Canada At Close ‘Of 1932

.15»: i.

0i (lebt has been hurt The m.

wrest Oil the public debt of Canada, file provinces and its municipalities lls =1 151F001‘ part of thenational in- ‘come than before ihc depression and is consequently more difficult J0 coiltct in taxation. Simiiarly in ‘ the case of corporations the share- ,holders have in many 11151111995 hhd {t6 forage their dlfidends even m the strongest corporations, in order i that the bondllolder may g-eceive élliS interest 1.1 dollars of increased ipllrcllflsillg power. Thug we simu- ltlon 11:15 been the very reverse of

that which prevailed from i914 t0 , 1020, when the bondholder and til" Flflllllililnt found that each monthly ~0r quarterly or half-yearly pdymgng

mfllnlfllalllfl! 0i 0111' lwfillglnfiil ill" Duff Report. Canadian transporta- k had a 5,113,191, purchasing power n‘ _ - - . .

‘temawna ccmnhlcje an “lance mm 339191“ may l?” “Pecifd wytllnn the last._Il1 these last thrcc

mlllofls (ll Cilllilillilll P0301193 V) benefit from the British dcc sion Ul1.)!Oal“l;‘ h,,,,.,.,.,.,.‘ 0,1,”. mommy or

ullartcrly" or half yearly paymcllt ‘has lladka larger purchasing powcl lihazr the last, and prices have fal- len s0 far and s0 fast that farm- ers and other business men and shareholders generally are asking if the prrsent situation is equitable. On the other hazzd, creditors and ' bondholders generally are asking if the stuation that prevailed from 1914 to 1020 was equitable. ‘In both cases 0110 may agree that it was not, but the difficulty of find- ing a remedy except through the restoration of the price level of 1929 is very great, and it remains ' to be seen whether by international action such as is recommended by Presdent Hoover these price levels can be restored. If not, it would appear that debtors generally-in- cludi..g the State as the largest debtor-must discharge their ligations as best, they can, re-fin- ance their borrowing at lower rater of interest as thefrmobllgatigns per

mit, and generally follow a course

of drast c economy in their current expenditures in order to reduce their debts. In fact, it i5 high time that [he world generally, and gov- cmments, particularly, should be- ‘gln to live within their means, cease going ‘llto debt and sec to it that as fm" as possible, every dollar that they expend shall be produc- tively employed. After all, debt of every kind is ordinarily an incubus upon the debtor. f1‘.i(l it is only in unusual circumstances and eras or rapdy rls ng prices that the debtor can afford to borrow at high rate! of interest and stlll- have some thing left over for himself. For the luation or for iilc municipality, as for the private corporation and the indvidual, debt is inherently 9b" dcctionahle and to be avoided. And lib be out oi‘ debt is the greatest possible advantage lil a period like the present. A5 the Scottish-Cana- dian poo: said many years ago: "He's a king upon his throne. who has acres of his own." Thus the farmer who has his land clear ofdcbi is in aninfilftely better position than his neighbour who

one per cent of ther total assets of‘ has a mortgage on n15 fan-h,

Conclusion

Fillllll)’. in busmcss we rcquirl men of a careful ard cautious typl .who w ll refrain from plunging intA

,cxtravaganccs of new plant anti new machinery 0110:‘. times are faoi

Inge their shareholders‘ money a-l iii it were their own. Integrity", how-

know

lltry as it exists in Canada but of

ihrougheru thc world as a whole Sire th’s Dominion is one of lhl world's greatest traders, those who arc conducting the producton oi and the tradc in the world com- modities which we export shoul< rpckc every ffort go acquire all " ~ -va'leb‘.- knowledge rw-ardlna th state of world markets and should avail themselves of the gov- (llcrnnrcntal facilities offered them dlio that end.

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