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Bond Prices Drop Following Bank Action

(By Iorbee lthude, Canhdien Press ‘ Business Editor)

1001028110. Jan. S-(Clfi-The Bank of Canada today stopped setting prices for Dominion of Oenade. bonds in a move which woe immediately felt throughout the Canadian investment commun- ity. and which caused drops in the prices of both Government and corporation securities.

The action was widely inter- preted as an anti-inflation step and part of a program to stop spiralling prices, though some quarters thought it might merely mean that the Bank's accumula- tion of bonds was approaching the maximum allowed it by law.

On the whole it seemed to fit into a general move in both Can- ada and the United States to reiae interest rates of money enci thus discourage loans, thereby eheckingthe amount of money competing for the present short supply of goods.

The Bank's action came with- out warning end waa received without panic.

Government issues quickly drop- ped up to $.50, still leaving the issues "selling at a premium, and at this point buyers apparently found them attractive and bought m I .

in Ottawa neither the Govern- ment nor the Bank made any ex- planation today, but tonight

lp-fContinued on Page 5 C01. l) ~

Clrllsiprovos In loose lay Ilospltal

__d._.

GOOSE BAY, Labrador, Jan. 5 —(OP) - Condition of 14-year- old Glenda Rcbcrts flown here New Year's Day from Harrington Harbor, Q-ue, by an R. C. o " mercy plane, was reported slight- ly ‘mproved tonight.

The girl is suffering from pneu- monia with complications. Tomor- row. en R. C. A. F‘. Dakota h~~~' at Montreal's Dorvel Airport will flv a new sunpiWof oxygen (here. It will be the fourth such flight in the last.‘ three clays.

Coming Events "Meeting Hamilton Lodge tn-

night Urgent business. Members please attend.

"Annual Meeting Rose Valley United Church in ‘the Church. Fri- day, January 90h. at two P. M.

"Hockey at New Glasgow rink tonight, North Rustico versus South Rustico.

"Annual Meeting Kingston Pub- lic Hall, Kingston Hall, Thursday, January 8th, 8 P. M.

"Loading Hogs at Vernon. T116!- dey, January 6th, for Canada Pack- oro. W. Crane.

"Loading Hogs at Ellie Station oeoh Thursday for Canada Packers Ltd. B. C. McLean. Phone.

"Collecting: hogs ovary Thurs-

day for Canada Packers. Phone N.

A. Cutcliffe or write me. D- 1»- M80-

l Dowell.

ding Hogs for Canada Pack-

"Unioeding oar of Feed, Wednes- day and ‘lhia-oday. Oll Cake, Barley Meal. Iran, otc. W. H. McCoufl.

"Rio Annual Meeting of Ladies of the Y. M. C. A. Tues-

day, January 0th. at 3.15 at Y. Iooshuartors.

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liner Ileeioro. lsedeibaao, until :80 e.ai.: Jordon Denali. Bun- liver until noon: Summer- satii mo not: eea len- Ietu _I an. leaolloa one

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I “am Oheago. .- toodioe Hoes hr Cenad era each ‘thus-eds! film... It possible‘ ‘moo. Carleton. leoflotoan. , Bodegas. Newton. Co: ‘traverse lno Con. osora L. D. Con. Phone AbII 11,

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GITAWA. Jon. I --(O!) q; 14-point Jump in the official coat» of-living index, thrusting It to an all-time peak of 146.0. was an. lwiwfld 9008?. stirring immediate speculation as to nether the iri- d"! mifht sweep over the 150 mark in the months ahead.

The Dominion Bureau of Static. tics reported that the Index bro- pelled by hiizher food costs. climb-

at Dec. 1. and this does not take into account snv price increases which may have occurred during December. These will show when the index is reported again next month. The index is calculated nn the basis 1935-30 8011815 100. ‘

Another indication that the in- dex will mount is the rising trend of prices for bacon, beef. eggs and ham as a result of upward adjustments In the new Anglo- Canadian food contracts. ‘These advances will be shown in the re- portof the index standing early in March.

The 2.4 point Increase flint the ooot-of-Iivlng Index about a point above the approximate fill-point average at which It stood in the peek "inflation" year of 192.0 when nrlces sliv- rockeiod after the First World War.

Meflnwhile. the Bureau reported that the weekly index of whole- sale prices also advanced.

0n the basis 1926 equals 100. the index o! industrial material prices rose from 143.7 for the week of Nov. 28 to 145.0 for the week oi Dec. 26. influenced main- ly by a sharp increase in crude

oil and firmer prices for live- stock. The index for Canadian farm

products. calculated on the some basis. moved from 127.4. t0 134.2 in the same period, with higher prices reported for grain, tobac- co. livestock, milk, eggs and wool. ‘rho cost-of-iiving index now now is 10.9 points above its level at Dec. 1, i046, and 15.4 points over the April. 1947, rating.

Saint John Banker Coing To S’siiie

SAINT JOHN, N. B., Jan. 5 - (CPlfflllilflint-tncnt of Gregory M. Mulilioliand, accountant of the Pro- vincial Bank here, as manager of the Bank's branch at Summerside, P.E.I.. was announced today. He expects to begin his new duties next week. Born in Saint John, Mr. Mul- hollsnd began his banking career here in 1938, served overseas with the R.C.A.I". and was made an thon- orary member of the Czech Air Force.

MacArthur WRIT“ Accept llomlnatlon

MADISON, Wis, Jan. 5 —(lA;P)— Douglas MacArthur definitely has indicated that 11o would be recept- ive to the Republican nomination as president of the United States, a prominent supporter said today. The supporter is Fred Zimmerman, State Secretary for Wisconsin, who said that a message from uhe Gen- eral expressed the belief that "there can be no greater satisfact- ion than such as comes from the conildences reflected in the select- ion by one's neighbors for public service—no more chalgnging ro- sponslbility than lies the fllfil- meoit or their trust."

ed from 143.6. at Nov, 1 to 145,0

‘ beginning the first

Toronto Mayor Returned For Fourth Term

Greatest number oif votes ever accorded a may ornlty candidate in Toronto, Ont, civic elections returned Mayor Robert H. Saunders, seen with his dauBhter. Mandi. to office for his fourth succes- sive term. The entire board of control was re- elected alon8 With him-

‘ Covers’ Prince Edward Island Like the Dew cnanwrrardtvu, CANADA, ~ TUESDAY, JANUARY o. 194s

New Defence College Cpcns

KINGSTON, Ont, Jan. S --(CP) -0pening Canada's new national r‘ ‘ college. Defence Niinisteii‘ Cioxton warned today that the time has not been reached “when any nation can rest on its arms in t-hc assurance that there will be no aggression."

With other nations, Canada must be prepared to take her place in her national defence, he told the i'f senior officers and civil servants weven-month course at the college in ancient Fort Frontenac.

The Minister said, however, it is inconceivable that Canada “would be involved in any war except as an incident 1o an attempt at world power."

He stressed the necessity of teamwork in Canadian defenceaimi added that it was vitally important to have teamwork. too, with friend-

ly nations, "because Canada will never fight alone.”

"We must mover fall into the habit of thinking that war is in- cvitable," he continued. "If war comes, it will come as the result

of sovme other nation's action. If it should, any war involving Canada

’ would be a world war and l roan

war."

The Minister said that in such l w-a-r Canada must be prepared t0 make the best use of her natural resources for her defence. Defence services involved much more‘ than training in use 0f unmi- The co-ordination of the Navy. Army and Air Force was not enough.

BRAINTREE. Essex. England - (CP) — Because of the electiic current cuts in Britain, the council has to stop the Town Hall 010K which has the motto "Hold t0 ti!

Truth" inscribed above it.

IQNDON, Jan. 5- (Reuters)> Britons spend some 04.000.000.000 every year on gambling, a report by the Churches Committee on Gambling states.

Tho mport estimates that Iri- tons in 1M mont $1,800,000.00!) on horse racing, s1,'l20.000.000 on grey- hound racing and $80,000,000 on football pools. The report believes that Rio totals for 1W! will bo higher, especially in the ceoo of football 0001s.

A poll (Gallup) taken in Peb- ruan. 1M. showed that probably one out of eves-y two adullo in kitein participates in the foot- ball lytoin of betting b! Wm the results of footbal-

atelioa-and that if per cont of

the public omega in morothen one form of batting. , etroag smoke have boon mode recently. both by rnsoioerroi Par- liament and by Churches. ea the lingo sumo wont on lalnbiinl. ‘in some oases the attach were made.

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on moral grounds. But main criti-

Bs-itons Spend Huge Amount 0n Gambling

clan was that the football ponls absorbed manpower at a timc when the country's essential in- dustries, engaged in an all-out export drive, |.re short of labor.

Football pools have been describ- ed ae the seventh melor industry in Britain, with a turnover in 104'! amounting to some $4,000,000,- 000 and employing, it has been said, some 200.000 persons.

One errvbei- of Parliament, Cyril Osborne, who is also a stock- broker end economist. laid in tho House of Commons that the chances of forecasting 30 correct football results was 8,468,784,401 to 1. But the Government hee ro- fused to atop the pools.

ft argues that it is not tr rilbt to interfere with how tho working man spends his own money In hie own time. .

There has also been an Incroaea in the popularity of INYIIWM racing. About 00.000000 sumac attended the $00 tracks In 1941 and receipts ' were five time:

Murder. Charge laid" In Winnipeg Slaying

WINNIPEG. Jan. 5 Deputy Police Chief George Ja- rnieson said today a. charge of murder had been laid against Clarence G. Richardson, 26, in the "snow bank" slaying of attractive 25-year-old Mrs. Ann Varty.

Former King Michael Iiow In Switzerland

LAUSANNE. Jan. 5 —(AP)— Former King Michael of Romania returned today to this fashionable Swiss resort for a prospective re- union rwlth the Danish Princess who has decided to “follow him wherever he toes."

Cries of "down with Commun- ism" and "long live the king" greeted the 26-year-old ‘former monarch upon his arrival with his mother. former Queen Helen. end the rest of his entourage in the eight-car special train which left Romania two days ago.

He seemed surprised the cheers. but he did not smile as he walked towards ‘his waiting auto- mobile through the crowd.

Publisher And Author Charged

TORONTO. Jan. 5 -(CP)—A high-ranking officer of the Royal Canadian Mounted Police said to day that an RCMP. constable had arrived from Edmonton to serve a warrant 0n Jack Cooke, purblisher of New Liberty magazine. charging him with criminal libel.

However, the official said, before the arrest can be made the warrant must be endorsed by e magistrate here. -

The RCMP. officer said ho un- derstood that JR. Cartwright, K.C., of Toronto, has been appointed to act for the Alberta Government in the charges brought against Mr. Cooke and Harold Dlnguian, Ot- tawa newspaper men.

Cooke's family said he was "out of town," and it was believed he W35 in Buffalo, NJ. Dlngman ie in New York to cover meeting; of the United Notions. -'

French House Adopts N e w '1‘ a x

-—(CP) ~—

Measure

i

rants, Jan. s ~—(AP)—The Nat-

ional Aseenibly tonight adopted Premier Robert Schuiman’: tax irleosuires akned at achieving

French financial stability-a. goal the country must realise to reap the f-uil benefits of aid under the Marshall plan.

I ‘Iihe measure. adopted by a 3.15- to-268 vote after Scniunan pleaded with the opposition to let him work ifor French recovery in peace, amounted to a vote od confidence for Sol-iisrnan. It was his second big victory since he assumed office. His latest triumph came less than a month after his Coalition Govern- ment successfully fought off Com- munist attempts to tie wp France with a general strike.

Opposing him this time were the Cccmnunists. the Peasants (Farm Bloc) and the De Gaulllsta. Some moderates abstained. The Opposit- ion sought five different time: to tack amendments on the tax meas- .ure. Each time tihey failed, and eeclrvote amounted to an express- ion of confidence in Schuman.

The extraordinary tax proposal is designed tomop up 125.000.000.000 francs (about 81.030.000.000) of ex- cess piarchesing power to pay for reconstruction and re-equipment expenses. A Government spokesman said the bill was a pillar of the fundamental economic policy of the Government.

It is aimed at farmers, business- men and members of the liberal professions. such as doctors and lawyers, wiho already pay tax on profits, and persons in the upper income brackets.

All can escape its provisions by subscribiil‘ ‘b a special bond issue for an amount equivalent to what they would have to pay under the tax bill.

The disapproved amendments were designed to free many artis- ans. farmers, and persons wiihwar damaged property from the tax. The votes were successively 308 for to 272 against, 306 to 213,308io2’f1, 308 to 259 and 307 to 274.

BLIND!!! BY EXPLOSION

IHEDERJUION. N‘. 3.. Jen. S -(OP) - Suffering the lose of the eight o4 both eyes and facial injuries when he received the full . blast of a premature dynamite

explosion in the Gerald King Mine at (ihipinan. George Hickey, 3!, is today a patient in the Victoria Public Hoopital where his condi- tion ie described as "good."

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greater than before the war.

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Presentations To C.ll.ll. Employees 0f Medals 8. Awards

Five retired employees of the Canadian National Railways. Prince Edward Island Division. will receive the Imperial Service Medal for long and meritorious ser- vice at a. ceremony to be hem this morning at 11 o'clock in the es- eembly hall In tihe local station building.

His Honour Lieutenant Governor J. A. Bernard will make the pres- entations. Mr. D.W. Kyle, Moncton, N.B., regional supervisor of First Aid. will preside at the function.

A large n/urnber o! employees will also be the recipients of First Aid awards, which will be presented by Hon. W.J.P. MacMiilan, O.B.E., Railway medical officer. "

Other C_N.R. employees at Sum- merside and Borden will also re- ceive First Aid awards, vrith the Sununerside ceremony taking place today, and, at Borden on Wednes- day.

The Charlotte-town Hotel class re- ceived their awards at a ceremony held there last night, with Mr. Kyle presiding. and Mr. Gordon Foster. hotel manager, making the presentations.

Following is a list of the recipients of awards and certificat-

es: Imperial Service Medal-Mr. Ern- (Continued on Page 5 Col. 4)

Record Price Paid For Choice Calf BUTTALO. g-lan. 5 -(A.P)

—A record price of $40. pcr hun- dredweight for a choice calf was

12 PAGES

F ISHERJIiSS RESEARCH BOARD REVIEWS OPER

Cost - of - Living At

Bo leedwioip h always etpected and .. hated by those in poleaaion.

MAXIMS t

or A l MERE MAN ' who

abowe indications of

Seek Solution To

Of Jobs’

, For Older Workers

Job problem of Canada's "older vrorkerW-ths man more than 45-- is not yet solved but a vigorous start has been made towards ‘ts solution, Labor Minister Mitchell said today.

The Minister said the picture is brighter than it was a year ago,

. though still clouded by employers‘

preference for younger workers.

‘Ilhough the number of unplaced job applicants 45 or over had dropped by October to the lowest point since the Second World War, nevertheless the percentage of older workers in the unemploy- ‘ed group had reached their high- est point in the same period.

At Oct. 30, unplaced applicants registered with the National Em- ployment Service in the “over 45" category numrbered 27,466. about 12.000 less than a year previously At the same date, unplaced male applicants in this category con- stituted 36.6 per cent of all un- placed men, against 30 percent a year previously.

Decrease in the total was at- tributed by Mr. Mitchell to "in- tense placement activity by the uneznployment service in co-oper- ation with other groups interested in the proiblem, and the natural beneficial effects of the tight labor market.

Most promising feature, he said. was that great interest had been aroused in the problem through- out the country.

"There now is a. general realiz- ation of the seriousness of the problem." he declared.

“It now is generally understood that adverse effects. only can fol- low the elitnlnatiomof a part oi.’ the Canadian working force from production, from the consumer market and from among those who must carry the weight of tax- ation, and more people are work- ing today to alleviate unemploy- ment difficulties of our unemploy-

pald today at the East Buffalo Livestock Yards.

ed senior citizens than evcr be- fore."

Sharply

Bidding Is iluiet At London» Silver Fox Fur Auction

LONDQN, Jam. 5 _(CP)—-Bidding woe quiet as the Hudson's Bay Company auction of 10,000 silver fox skins opened today with many sales between £4 and £6 ($16 and $24) and numerous lots withdrawn because bids were insufficient.

Fur prices still ihavo to recover from a decline first evident in mid- 1946. In March that year average prices of sliver foxes ranged front £5 10s to £7 6s with tihe highest prices in the London sale ranging from £7 for quarter-silvery to £20 for silvery.

In one group of 10 lots sold today the highest price was £6 15s and the lowest £4 1% 6d. Five of the lots were withdrawn as bids were too low.

Later in the sale 1.200 pietina fox and 10,000 ranched mink will be sold.

Pork Prices Jump

1nd Canada

(Canadian Press)

Shoppers in many Canadian centres today found big jumps in the price or pork products along with moderate increase in beef prices. Retailers in other districts said they would fall in with the general pattern oi‘ increases 8.: soon as current stocks were ex- liausted.

The advances followed higher wholesale prices for hogs and cattle, resulting from Friday's en- nouncement that under 1048 oon- tracts Brltain will pay more for bacon and beef.

Bacon prices shot up yesterday by as much as 15 cents a pound- to 05 cents—in Calgary, and by 10 cents a. pound~to ‘I0 cents for side bacon and 90 cents for back and casing back bacon-in Tor- onto.

Other hikes included:

Calgary-Most pork cuts up 1C cents a pound, beef up two to three cents.

Toronto-Jerk chops up 12 cents to 00. pork sausage up 10 cents to b0.

Monlrenb-Prices jumped l0 to 12 cents a pound for pork and bacon, beef up a cent.

(Continued on Page 5.601.

I

By Norman Crlbbeno IDNDON, Jen. 5 -(CP) —l-iun- dreds of Londoners are so eager to emigrate to Alberta that they can't wait for the Alberta. Gov- ernment to open its immigration office here.

A few minutes after A. J. Hooks, ' Alberto. Minister of Economic Af- fairs. and R. A. McMullen. Dlrec-i tor of Public Relations. moved to- day Imo rooms at exclusive Gros- venor House, Perk Lane Hotel. would-be emilrenla began bom- barding thorn with messages and phone cells.

The morning and afternoon mail brought more than 100 lot. tore from Inquirera who bod dis covered their address which was supposed lo be “secret?

roam since we returned froth the Christmas holidays we spent with our rela-

tives in the country." said McMill-

Many Londoners Are Looking To Alberta

len who served with the R. C. M. P. before he joined the Depart-

,ment of Economic Affairs in Ed-

monton in 1037.

‘S0 far we have been lIihllJCES" ful in finding an office and in any case there are many details

‘to be settled before we can start

recruiting immigrants . . . but 'still they ccme.”

During an Interview he was constantly interrupted by phone

calls from persons who had "heard you wanted new settlers."

The majority were clerical and engineeriiig workers with e smell number of agricultural employees. MoMulien estimated that ‘IS per cent were young married men with three or more children.

l-looke. who was a schoolteach- er before he was elected to the Alberta Legislature in 1085. sold that he hopes the flow of emi- grants to Alberta .wI11 begin next spring

Bllbecriptioll Delivered Mail 85.00, other Provinces 8

OTTAWA. Jan. S-JCP) — The

"Jflw ' U. l. ".09: '

Lobstefilomes In For Special Investigation

New FishMg-Croundst Sought; Many Phases Cf Work Discussed.

OTTAWA. Jan. 5 -- (CH-Bio- logists of Canada's Fisheries Re- search Board, pry-ins into the priv- ate life o1 the Maritime lobster, came up with the opinion today that he's not as-big as he used to b .