glandular: u, 19a_o_ STOCK QUOTATION l Maming Stock Letter

u Pltfleld and Co's steels and rails. 1uollvdrfivatc WIN) yoRK, Dec. iii-Accord- w Jones Prime Minister _. Dvgm make a statement in - - sitl n. 91‘ 01¢ “ffoiofilan opapers the Kin! _ e Me ma“; m favor of the Duke and paw Jones reports that "i! Y“... market ore-fwd 011 mfilrilted volu '18 but later r1111 ‘e ‘o-nmg impltrlcd. In view ‘he mmm of the London mar-

TORONTO, Dec. l0—Aldermao—- Announcement is made of plans foi- stepping up the prrent mill from 500 to 1,000 tons daily cap- acity.

Federal Kirkland-Looks higher. It was a strong feature yesterday with an excellent calibre of buy- ing in evidence. As stated in re- cent personal wires feel this stock has definite attraction as a spec-

Nd

c 11°15

111° t‘ l. o1 the New uiiiuoii. t and Si; aSéSxi-dny we would Yiifktmzn mamm- m-m o ‘ Tashota-Shareholders yester-

mie hesitation un- day approved increare in author- ‘ 171E553]! sstgitement is made, ‘ill B“! market look: as though it it! 111° dc a temporary bottom at “ma we wguld expect better lmllam. in me day. Para- es directors are scheduled to lillllfioday m take dividend action

the 51x per cent preferred stock. Izwoulti favor the farm imple- oiLi, amusements,

cing will probably be announced.

Rouyn Reward—Work is report- ed to have started yesterday at Rouyn Reward the property ad- joining Pontiac and Powell Rouyn. A crew is understood to be at sur- face work preparatory to diamond drilling.

or less were quoted at 85 1-2 to 30 cents a dozen for A large. 28 for A medium, 27 for A pullets, 23 1-2 to25 l-2 for grade B and 22 to 23 for C.

Butter wa". quoted at 25 to 25 1-2 cents per pound for carlots or less of no i while lots to retailers were 28 to 26 i-2 for solids and 26 1-2 to 27 for prints.

1 Exchange

'5 h Pitileld a Co $333211: oily Montreal Stock’ mhmge and Curb Market),

t’l Stock Exchange

Close

(Supplied by Pltficld k Co, members of Montreal Stock Exchange and Curb Market)

llnckl

Abitlbl Asbestos Bnlhnrat Beaubarnoil Bell

Brazilian Brow (‘orp Can Ilruck Silk

Ii i.‘ Pow A lfullrl Prod Pun (fern

Can Nor Pr (‘nu (‘nr Fri Cari (fern

Can Ilydo llfd (Tan Inrl Al A

1i

Doru (‘our I'M Ilorn Bridge Dom St B Diim Stores Dom Tex

lion

illni: Elcc A B Ifrusor Co Found l‘1i " Gcn St Wares f-li Goodyear How Smith

lrit Ilmv I'M r

linkc “Hulda , 3!‘- Mnsi-cy ilrir . 7 7 .\l1‘i‘oll Ft Mil Pun‘ Nat Brow Nat St (‘irr .\'or.1iill:i Pow Corp l"\ QucIn-c lH-w ' Sliuwlnlgan

St Law

Sou (‘an l’ J uilil, Fl nf (‘an

St of (‘nu PM

1a 111,; c".- “1 FINANCE 24s". ‘J-l y.

BY FREDERICK GARDNER

_ Associated Press Financial Writer l" NEW YORK, Dec. l0 — (AP) —- With tension over the British cri- sis limited by abdication of the King, and confidence in further" domestic business recovery renewed selected stocks rallied sharply in today's market.

Steels, mines and specialties for- ged ahead for gains of l to 2 points. with a few jumping 5 or so.

WASHINGTON, Dec. l0—(AP)— Loans on securities to brokers and dealers, held by weekly reporting member banks in New York City, were reported today by thu Federal Reserve Board to have totalled $1,- 059.000,000 for the week ending yes- terday, an increase of $57,000,000.

Loans for the corresponding week a year ago totalled $950,000,030.

NEW YORK, Dec. 10 - (GP) — Official control, traders saidmain- me o - tained order in a narrow advance ‘k “n I HD8110, 1111011100811; QUO- d m Qunmcjg; ggglnstthc ; gumlllilltil- mus emu dollar following

l!“ 11-11-25 1-8 to .25 1-2. statement of Britafnboonstitution- . mediucartons: A-l large .453 .1 "1535 tot-mm -

n,“ 431“ 515- 5'1 P111193! 33- The pound sterling advanced I-2

32 - 54119171111111 ~34} A9111‘ ccilt to $4.90 7-16, Frciicli frurai “'27 ‘lam 29 t0 B0: B-meil- rc > o» i-s cf a (Till. lo 1-2

' to ‘n: c '25- m"; .110 Nrtlicrlaiids guilrll- closed uowrizmnmfln‘ 7"") .05 of a cent; higher. C slinll [ind UnChEALI D"- 1°-'P1'1¢" fluids hcrdcncd l-il to 100 l-3.

0m "w! i» slirhilv lower NDW YORK. n». 1o _ (AP! - imam m!“ ‘mm Pmduw 11'1"‘ Cotlm fvturcs vlrisrd vcry stcudy

u,“ 1' “ q"1‘~"1~"“1°- today, 12 lo "11 lligllcv. new irr-l

"1 css shipments in carlots ii

Wcsirrli 1mm, 7's! Air li yo rli» luollvcrm

Produce Prices

Momma, Dec. 1o _ (c?) - ""1911. Nor. 1 $1.20; No. 2 ‘"11 NO- l $1.22; N0. 4 $1.111 1-1; "n; 5 81.16: barley, C.W. No. 3 "I i110. 5 77; oats, feed. No. 1 .52 *1: N0. 2 .54 1-2; oats, C.W. No. 1501-2, wring wheat patents, k .0: seconds $6.40; bakers 11- winter wheat patents, choice B “.85; white corn 88,50. "l1- wn $31.25; shorts, ton ‘.515, mlddllngs, ton cams; i-oueo < bile so lbs. $3.45; hiiy, No. 2 1°11. carlots $9

to 07; Jan. 12.40; March l . lzMnv 12.24 lo 25: July 12.07 to .08: Cci. 11.64 to C3. Spot stcady middling; 12 98

LICNTREAL, Dec. i0 - iCPl —

00005

c produce section today

1 H" "qi1.‘.cd. - ,' ['53s sp:t-— A-1 largo Sula; 1 A-mariw» 2:1: A-Illlllfii m: B- 1. f» ' l"" ‘.2 25; B-rncuiunr 23 l-lz; C,

~ . “it Que. regradcd .25 l-8

“r M l l“ ~" 22h. “(Hal n .11 i" .1 cur-r averaged twi "extra rants “l "‘ fgi- ("it Ice v.‘1'l~ Q1‘ l:"l.< urn Il"‘ ' Oil m I: V, -

P. If I. (‘V 5.1 Cu". 00'», ."l.i0 s. alts. 00's $1.20 m $1-

M! .

(-1- to Z5.

ized capitalization and new tlnan-'

Sir Charles Gordon Warns,

another substantial addition to the

The financial statement showed total assets to be $805.l00,000 as compared with 3792.860 0C0 a year ago. with quick assets standing at $606.50’c‘.000. representing 83,27 <75 all liabilities to the public. Deposus by the public were shown at $653.- 000000, an increase of $1i600000, Profits. after ilic deduction of Domi- nion and Provincial Government taxes. amount to $3 181,501 as com- pared with 530115.212 in 1935. an in- crease of $176000. A feature was the announcement that the Rest Account had been increased to $39- 000,000 bv a. transfer of $1001.00!) from Profit and Loss Accornt, This sum of 539000.000, which had been accumulated from profits over the past 119 years and pr:- mlums on new stock issued, was held, it was explained as a protec- tion for depositors: that is. as pro- tection for deposit liabilities the Bank has not only 100"» in corn-r- vatlvely valued assets. but in addi- tlcn assets renrescntnz $38.0'l0,000 of Capital and $39,000,000 Rest.

THE PRESIDENT'S ADDRESS

Sir Charles Gordon, in presenting the report of the directors, drew attention to the continuance in high figures of the Bank's assets and to the relatively high liquidity of those assers, remarking: "This is the ninth annual meeting over whichl have presided. The report which was presented on the first occasion when I had the pleasure of address- ing you as President, xiamelygdii 1928, showed that our commercial lcans ntthat time amounted to45'ib of our deposits and our investments to 15%. Today the commercial loans amount to 21% and the in- vestments to 64¢. This representss. great change; in fact, so great has been the change that a large portion of our business has bsccme, for the time being almost of the nature of an investment trust. In a recent visit to New York I found the same conditions existing with the larger institutions there. In their case, however, interest is paid upon less than one-tenth of the deposits plac- ed with them and therefore they are able to loan funds at a very low rate of interest—in fact, at a‘.- most any rate-and still meet the’: overhead. The reverse is the case ill Canada, as while no interest is paid on deposits in our current depart- ment. the largci- volume of money is placed in the savings department. with the result that we pay interest upon nearly seven-tenths of our total deposits. This interest must be earned. in addition to the Banks cost of operating, before there can be any rcturn to shareholders. Wc

I l l l l

l l

l l

110cc that with the encouragement- whlclr improving trade will give to business enterprise. the demand for banking accommodation will increa- se and that at our next meeting wc shall be ablc to report u better bal- ance bclwcrii commercial loans and

‘gilt-cdgcd investments."

A YEAR 0F RECOVERY

Tlirnirlg lo a review 0f the tvadc and inrlu." "y of Canada. lic said: “It lms bccn said ihnt fam- _ today has many spokesmen, confidcwc but few. I fcchtliat Cll'Cl.llTiSI'."illC"S warrant my speaking with more cori- fldcnce than for several years p‘st regarding conditions in this country. this view being based to a great ex- lent on personal observation. In mv recent. trip to the Pacific Coast I found a marked improvement over the conditions which prcvailrd at the time of my previous tour two {mars ago. The _ycar' under review can truly be said to be a year 0i recovery in which with certain re- servatlons. it- can be claimcd that every province of the Dominion has participated. If‘ I were preaching a sermon instead of addressing a meeting of shareholders, I would sav that a, note o.‘ Sursum Corda-—L ft up your hearty-should strike a responsive chord eVG-Wlvllele "0111 the Atlantic to the Pacific. Five fundamental feiit-urcs are outstand- ing in any review of the yearspro- gross. They are: the recovery in agriculture. tlio cxt.r1\o_rdlrl'i1'.i'i1("1Y- icy in mining. tlic all-time record_ in newgprint produrfon. tlic rratifilflil incrpasf! in 11cc tourist trade. the striking expansion in our eXPOW trade."

I-lc showed how thesc features were reflected irr the conditions cirr- icntly obtalriingiritlie various prim- lnces. observing 111 conncclsxon W1.“ tho Prairie Provinces that‘ an l-lfl has bccn given to the who c West by the bcst wheat price level 111 3701115- the value of this V981‘? 91°11 13°11‘? estimated at $l97000000 as com- pared with $156.000.000 1°81- T801‘- An acldcd factor in the uplift is an cxmrt demand which is raurldkil 11's; glpnlfnsl; the depressing cl ud tin has overshadowed the market in the form of the ‘large carry-Ovfl‘ 1'1""

- . rs.

MITIPIII; yglJlLDING INDUSTRY While this had been a vclllr Gov“... Lhy-Qughflllt Canada.

rslllillllcd Ill("‘.‘ iverc ir-lwliallt 11l-

Eiiistrics ill which vcc-avzlvy W05 01115’

now becoming 00111119111- Thoy “m”

llic building inausiry and gllliilrlmggf

known us" tlic 001111-111 80° 5 i d

“its by \\‘lllClI was meant n us-

irics’ which supply the requirements

forhproduction. "Buildillil 11nd c1191‘

Liil goods ludu-lries are nniollil 111'"!

first to fcol ll depression ‘and U"!

mgr, to rccovcr.“ he said. We are

approirchlirg the time when 3:10P‘ swing in thcsc industries may be iiiiticiplllcd. T-lv best way to Siilglli- lute this and to bring our w oe economic llfc i3 a balance is to in- iroducc an elcnient of certainty

about tho future into the picture. I

f,“ glad to OlL-ETVB that this feel-

‘mg apparently permeates the ad-

ministration at Ottawa."

He colnniczidcd tire Home Im- provement Plan put forward by the Donfllllon Government. acting on lhe recommcndationofthe Nation- M Employment Commlssibhidei-illl- c'i its scope and the co-operation "lhlch tile lldllks were giving w it, ‘lild ioiicherlon the plan for devel- oping low cost houslugto which at- o-inglon was now being ven by the National Employment- 01l-

trong expressions of confidence in keynote of the proceedings at. the annual meeting of the shareholder: of the Bank of Mcnlreal, held a-t the head office of the Bank in Montreal on December 7. The meeting v. as also informed that the bank is-in an ex- posits had been further protectid by reserve account. Sir Charles G. B. E., president, was in the chair and the 119th annual report which waspresented was unanimously approved.

trcmely strong position, and that de

THE (IHAl{l.i)'l‘l_‘i_'./\_:{l§' GUARDIAN _,

However, Against Policies

That Would Bring Credit of Country Into Disrepute

the outlook ln Canada were the

Gordon,

adding: "The adoption by the Domi- nion Govemment of a, broad hous- ing policy of this nature should withopt question have a consider- able effect in putting to work mcn whom the depression has hltmore severely than almost any other type of Canadian citizen," EXPORT TRADE

Sir Charles proceeded to deal ivlih the continued expansion of Canada's external trade and the growth to substantial proportions of the favourable balance.

"The excess of exportsflhe said "is, of course, decidedly advantage- ous to the Dominion as a. debtor country and at thesame time there is in the continued upward movc- ment of this trade a factor of the utmost importance in its bearing upon the general industrial welfare of Canada. It is particularly grati- fying to note that the products of agriculture are regaining their nor- mal place in the export list. The reciprocity agreement with the Un- ited States, which became operat- ive at the first of the year, has con- tributed to a heavier exchange of products between our neighbours and ourselves, and the results on the whole appear to be satisfact- ory. The Canada-United Kingdom trade agreement of 1932 is due for revision next year and it is gener- ally assumed that the Dominion will be asked to augment its con- cession to British exporters. The present ratio of trade between Can- ada and the United Kingdom cre- ates a prlma facie case in support of such unanticipated request, but the Canadian Government will have to consider, as, indeed, is necessary in all such negotiations. the calcu- lable effects of new concessions upon domestic manufacturing industries and domestic industrial employ- ment."_

Classrng wheat, the tourist traffic, newsprint and mineral products as the four most important items en- tering into our international trade, he dwelt more particularly on mineral products. "

A NEW MAJOR. MOVEMENT

"Thls country," he remarked. "is now well launched upon what is un- doubtedly another major movement in the history of her development. I refer to the mining of metals. Our physical heritage of minerals is being appreciated now that the whole world has entered upon an agc in which metals are so urgently required for many new purposes. The activity in mining such mcmls as gold, copper, nickel, lead and zinc is phenomenal. It has been estim- ated that atotal of more than $200.- 000.000 annually is being placed in circulation by the mining industry. of which in exccss of $100,000,000 goes to payrolls of mining emp'oyces and up\vardsof$75,000,m0 for sup-

plies and equipment. This does not trike into account dividends and runny capital cxpcirditures, nor (loos itinclude taxes paid to governments or ihc industry's large payments for transportation service, with the resulting bmiefit to o".1i" railwryvs. With regard to capital expenditures,

1 would like to emphasize the point ihat the activity in mining devel- opment which we are now witnes- sing would be impomible were not capital, that great and little-under- stood instrument of modern indus- try. available. It is capital which finances the prospector, capital which provides machinery and ex- plosives, cnpiial which sink shafts, capital which takes chances on finding hidden treasure and, when that treasure is found, it is capital which provides the means of mak- ing the stubbornrocks yield upthat treasure. A recent survey which the Bank has made suggests that of all Canadian industries that ofmlnlirg, with its collateral activities, is the greatest contributor to the federal income tax."

BALANCED BUDGET IN SIGIIT

AT 0'l‘TA\VA

Touching upon how the state of Dominion Government finances had refiectcd the change that has rc- cently come over business and other conditions, he said: “Total federal receipts for the fiscal ycar to Octo- ber 31st were nearly $268,000,000, an increase 01011000000 over the same period of last year, the largest sin- glc increase being registered in in- come tux collections. Slmriltancous- ly, total cxpc-udlturcs wcre down from $280,000,000 to $275,000,000, due largely to the reduction in the Can- adian National Railways deficit and decreased relief expenditures. Thus. up to October 31st. the excess of total expenditures over total rove- nue is only 07.000.11.00. If the pres- ent rate of revenue receipts is main-

gd, with accompanying mea- sures of operating economy, thereis every indication that the deficit of the Dominion Government for the present fiscal year, aside from lCans and investmenls which prcslrmahlv may be classed rs rrcuvcrarlc, will be reduced lo a relatively" small figiirc. .

“When \v." corridor that during tlic past six years these deflcltshavc averaged OVCI‘ $133,300,000 per year,’ hf‘, ri-markcd. “ii. is gratifying t0 note that. at ‘nst- thcrc is in sight. a bRlflilCPd budget-the goal 0f svcrv finance iniriisi ci" and the cornerstone of any pl'(2f'1‘i.1l"l(‘ for restc“! birslncss cuniidcnr‘ and thr ircu flirictlzlniirg oi pri Jtc elltripu '

T1115 rmruvav T“ ‘

With respect to brought in by thc~ stituting a board c for the inanagcmc . dlan National Railv of three trustees iiiiu. _‘ late GOVOTIIIIICIIt-Eill Cu.‘ l I "It is at yct too early to apprnznc the value of this cliarlflt of svsiclll. although the appointments 161 thr Board have been such as to lic general approval. It is co".i .11

e d.that the new directors wil ta e it as their duty to exerum :'\- ery effort to redircc the .. .'. annual deficit .0. the publicly calm-ii ; railway s-iysnom, T.» some extent this, may possibly be accomplished ii‘:

measures of lntemal economy. Tol

SIR CHARLES GORDON, G. B. E.

some extent savings can probably be made by measures ofiurthci" co- operation with the Clliliillflil Pacific Railway, which, presumably, will be ready to assist ill every proper fashion." .

As to the announcement of the Government that it had undercon- sideratlon a measure to provide for o. revision of the capiral structure of the Canadian Naiional Pail- vvuys, he said such a proposal was commendable if a revision of the railway accounts to bring theminto keeping with accepted accounting practices was necessary, but he added: “Unfortunately, there is always the possibility" that, in en-

In presenting the 119th annual W. A. Bog. speaking on behalf of ager, Jackson Dodds. pointed out feature o.’ banking, not only in Ca

mercial lcans and, as a result, the turned to investing in securities. “A number of factors have coil-

bank credit." he said.

facilities have been instrurnentalln reducing the size of inventories of both raw materials and finished goods carried by ,1ll1511l'355 011191‘ prises, thus lessening the worklilu capital necessary to finance 0119111“ tions. Another factor has been tilil-i business corporations have been ublc to obtain their requirements by means of public financing encour- aged by the prevailing lou level of interest rates. These steps 111W

concenti-ationof busincssiiito large companies has, in many instances, enabled the various components ul these corporations to arrange thcir financing through the parent organ- izations, which generally have been

deavouring to havcthc railway ap- pear self-supporting, some may urge that part of its indebtedness SlIOIIAd be transferred to the general ac- counts of the Dominion. There is rhus a. vcry real danger" that the accuracy" and completeness of the record of publicly owned and oper- ated trausportalionulill be obscur- ed. While it may not be palatable from the point of viewof those dir- ectly "concerned in the results of the Canadian N ationrrli Railways, a strict account is necessary to record fully the total losses. the deb.s and the annual deficits which have resulted, I11 the iiricrcst of the proper fro,- ming of future policies ivitli respect lo tne Canadian National Railways, it is to be hoped that no changes will be made in sucli accounts which ivcluld fend l0 make more dif- ficult a. proper understanding of the true fuels of the railway situation. "The iaublicly and privately own- ed railways will benefit ‘from the increasing volume of business which is evident in Canada. It is to be hoped that this relief for the tat;- pirvcrs will be considerable. but I wish to record again the opinion that prudent administration of the public affairs requires that we should give the most careful con- sidcration to some more complete and permanent solution of n grave national problem that can be ob- tallied by any expected increase in earnings. It is urgcntly necessary that every effort be made to re- dricc to the minimum the burden placed on the citizens and tax-pay- crs of this country by the maint- enance 0i‘ an unnecessary mileage of’ railways.” THE CREDIT OF THE DOMINION Referring to his remarks at the last annual mcctingonihe change of Government tliul. had occurrcu 11151 Prcvoiuslv. he said: "I think you will agrce that in the interim the airuirs o1 the UOIIIlZIIOII have been ill good lrairds, butI am sorry that 1' cannot say us‘ lllllCll for ail of our provinces. Our shareholders are all aware of the changes which have been taking place inthe vari- ous provinces wirii ll visw r0 better- lilg rlicii" financial liifklltlll with re- garclto debts. You will have your own idvzis on llrn- sllbjlfil. icrpiiriia- tion, which is nothing more orlcss than a breach of conrruchrs some- iimcs talked about, mldlcinrnotsee llO\\'l.li1.§‘ llncof ihuirghtcairbe pur- sired without the creditor rho whole Llciirlrrroir coming lrltc disrcpute," He also touched on tlhlrisciiithc slack market that IHIGDOCII contin- uous for some lll0lltilfi, expressing tho hope "that the government may not; continue i0 :1 point whore we shall. “fitness, even 1n small (lcirrcc, s recurrence of those disastrous experiences that prcccdcd lhc do- pression from which we are now emerging."