' ois arp C N Hatfield and E. J.

. \ i

‘ ' »

i I

JANUARY 31- 19.5’ e ' 11-is cHA1u.ofrrl-:'rowN cUAgoiAN . PA E

A ._ I _ llsli clloss i

iilllusl. llllelllle

, January llat, at 'IM

'|l,';lhiil the Beard naenof the City Hill.

Mr. Norman Summerville, K. C., of »1~,,|»¢pp, Chairman of Colncll md 01 the Executive Committee ag qw Canadian Boll Crea Boo- M, will address the meeting.

ALL ABE INVITED.

""4-28-3|.

lil, B. Engineers

In Convention

Thl

Cou 0_- \`ll'

J, A, M¢LE0D Lnllerled ut 4 cents a word strictly;

. " .

ml-lm. 7.8

igpseial to tl!! Glllrlllanl Vice-President and General Maiug.

giiirrr Jorm, N. ia-. Jul, so-at er.

the mmm mum* of the “Weir issuers of The Bank of Nova Scotia

"on of professional gnglneera of “_ B. held yesterday ifternoon G.. U_ Tm-rms, division engineer of the goncfon division of th, Canadian National Railways. was elected pr_e- ,idiriit succeeding A. R. Crook- “nxs of Saint John. There was a. large representation ,f members from Moncton. Fred- -,ricwi-i, Siwkville, Chatham and ,mer provincial centres, Tile re- port of the council showed that mm are now 145 members in the mociation. Councillor; were elect- ,4 for the ensuing year as follows- Bslnt John district, C. N. Hatfield 4 D. R. Smith. Moncton dis- uef.-H. C. Crudge, Moncton, and 'ii 1.. west, sacxviile. cliiitliam als- gfigt-L. L. Theriult. Fredericton tutrict-C. A. Macvey. The audit-

ovens. The nominating committees sp-

polnted consisted of the following H

~ Ann

Saint John district-John N Flood ind Cl. A. Vandervoort, Moncton N

P°rts

ara elsewhere in this issue,

im ‘

S. J. MOORE

esldenf, who presided at the l0lat

llll Meeting of The Bank of

ova Scotia in Halifax on the 25th

u_,mc¢__v_ c* Bmcimtt .ng ,y_' instant. and whose address appears

nillir, rredericioii uistricr_ia, i-i. °"

I 7 Sch o o l s I n

gliigi-iorn and R. A. Malloy, Chat- liun dtttrict-D. A. Jackson and w, R. Campbell. The sessions were followed by a banquet.

Found Pot Of Money Buried

mother page.

Playdorvns

. N. S.. Jan. 30.-

Beventeen schools are entered in un

for and Senior interscholastic

hockey playdowns for Nova Scotia.

In Graveyard Senior teams are New Glasgow,

ssLTSBU'R.Y, Md., Jan. 30.-Dir

wvery of a pot of money in an N

Halifax, St. Patricks, Dartmouth. Kentville, Kings collegiate. Sydney Academy. Junior entrants include

w Glasgow and St. Patricks.

uuiduud fue" Wd ue" hm eiiiviiie, windsor, wouvule. Ma-

Oll '

gg; reported by Vance Butler, a h filling station operator. m_

The value oi’ the flnd.Was esti- uteii by nuclei- at s':io,ooo. Butler said he recently purchas- lil some land for $300 and had set two Negroes to work clearing the ground. While they were digging, they discovered the land formerly

last rriiiay, a iimemade brick " uult was foilrld. 'I‘lle vault prov-' n

Negroes succeeded in removing the 5

lild been used for a Brave yard. ess summary ,ssued today’ takes

h th tr

ed tp be empty but w en e nd toward the British mnrktt-

e Bay, Chester, Lunenburz. TTU Westville and Sydnby-

Bank Statement

(Canadian Press) lvloN'rnEA1.. Jen. so.-'rl-ie Bank lvioi-itreal, iii its mimil-ily busi-

ote of a shift in Canadian eXD0\°l ads, away from the United States

Practically the whole of the $10.-

wiiius Mid,-,,, to ,he ,huh 'Queen sql!/lac school. me

the'

Cross Society tonight. Jan. 31-11.

Balancing The 1°

cept a sound compromise, He then

went into the lobbies ol' the Cham- boom in British materials, the pap- ber and personally earivassed mem- or

im- _ 1--h :.=== V -' , - - _ ._°_, ,_

llls' lei roll lilies: llllss The Bank ofNova Scotia Looks to

-At 35 cents per pound 7 __. _~-_,,,__,

per half lwuod Pack-

_ __._.l» ‘A V ' 'U

package, or 18 cents

age,

' 'Tea is Extra value. -

33. i. _

- iii

" International Co operation to

Brin About Trade Revival

, ‘ I ° °

' sl_uENosE 3ff'1`.; .g

._.%___,

I Y TASTES GOOD ALWAYS DEPENDABLE SPENDB WELL

___-

u column ia reserved for qi|s¢||'¢ 3,3

nfy news ol local interest but ud-

tlllng of a newly nature may he 7° able .la advance-

Forllm tonight. 7542-1-31-li.

ONE HOURS' SKATING with and aff/er sports Forum toni ht

7842-1-831-ll.

HEAR Mlt. SOMZlVlERVll.LE at

Annual Meeting of the Red

“Lu” '1`° P- E- ’“'°M"- Bw' noupou, Jan. ao.-<c.P.l-eric

|iamin Cloe received a. telegram yes-

terday saying that her sister, Mrs. ah

Stanley Munroe, Bedeque, P. E. I

was

Island to be with her~sister.-

Penis, Jim. so.-iA.i>.l-'rue gov- W1

ei-nmentg (;,p_n¢e3 or getting 3 ,ww goods bearing them shall figure in! lease of life on financial measures th

ppeared to have improved tonight

w’ taxes and economies instead 5°

ng that he would be willing to ac- w

ers in an attempt to will a ma- ceived from Santiago, Rio De Jan- ority for the compliomfie elro, and other parts of South Am- Cll"1‘°i”i`-S Slfkecll was frequently erica for artificial silks and woollen

niterru led b heckle

i .

culrlllli cllillllililll iuiiu U35” ¢ii"`®

ish

" h d D il Ex-

serlously ill with double pneu- gzdmg to t 9 sun ay R y

monla. Mrs. Cioe left yesterday for

the

F’°d°"°°°” Gl“""' released, but new the situation is

reversed. The Council appointed by British manufacturers in June,

31, has selected six colors speci-

fically tp break the Paris monopoly.

Fr e fl C h `What the colors, or rather shades,

are is kept a profound secret, which

I-leretofore British manufcctllrers

tn ¢,he_ wwpmme of “mme Paris monopoly was described byf,

Minister Charon ln principle of a the EXPNSS1

proposal for 7,000,000,000 francs in

no il of the 10,ooo,000,oo0 rp, md pn. British Color Council, told manu- viously demanded. fl Appearing before the Chamber of be

Deputies today, Cheron said that this Autumn. But many did not ales the budget is balanoed believe he could really know.

France soon will hui- to live on borrowed money. Sections of the he had Dinnhesled were shown in chamber opposed me Finance Min-'Paris Now that the possibility or ister's plan for balancing the budget f0 including reductions in the pay of Di'

civil servants and the levying of manufacturers and dyers are spec- he new taxes, lallzing in the six colors the coun- l Finally, Cheron agreed to the eil predicts.

new figilre of 7,000,000,000 and the

position of the govemment, which m

for a time appeared iii danger of warehouses for the Spring. Experts

being overthrown, was improved. b Meanwhile Premier Paul-Boncicur of made ii conciliatory statement say- th

"Cloths of all shades are being ads secretly and stored away in

elieve that about $1,000,000 worth

orth will be made in all," ~ 'There are already signs of the

. TUESDAY

Mission Band, regular meet- ing-Social Hall.

0-Senior C. G. I. T., regular

meeting - Social Hall.

0-Stlidy Class, W. M. B., reg-

ular meeting - .Home of Mrs. A. C. Sinclair.

Color Style In New Year

textile manufacturers are now ad of Paris in fashion colors ac-

ss.

d to walt for Paris colors to be

ll not be divulged until the dress

e Spring fashions. The situation created by the

“Last November, Robert F. Wll- , the creator of colors for the

ctllrers that certtain colors would wom, and would sell their cloths

"This Autumn exactly the colors

recasting in Britain has been oved, aiimost all the important

U00ds have already been made in e new colors. Probably $10,000,000

continues. Orders have been re-

made in the new British

brick, they discovered a rusty iron pot beneath the vault and in the pot was th¢ money.

Says N. S. Coal

Has Pre fe rence

lf0N'l’R.EAlL, Jan. 30.-Not one lon of coal now being mined by the company in ohio is being used on any psrt_of the system where it li econoniically possible to use Nova Scotia. coal, R. C. Vaughan. Vice President in Charge of Pur-

wes and' Stores, declared today l a statement replying to recent criticism of the Canadian National lullvays for the re-opening of 'the iiiliies of the Rail and River Coal Oompsny, is subsidiary of the Can tdllin National. “These ohio min- ll." Mr. Vaughan said in his stile' liieiii, "were not acquired by the

p Canadian National management ` but were the propel-ty of the old Ufulil 'ii-uulr and in that way line into the pomession of the Canadian National,"

WOMEN ELGIBLE FOR. POSTAL

SERVICE JOBS

BOSTCN, Jun, ao,-.Postmaster William E, Hurley today oorlfirm- lil a report that girls and ytiiiiil 'Omen are now eligible under the lltssaehusetts Service Act for ID' . iloilitment ag temporary mall ear-

llml truck drivers and other P05"

office department positions. Ulvii service circulars. he said.

Q being issued stating that wo-

__ lilly take examinations 101' li' positions. Women and girls "00 Nm the sxa _ ations will be ill'-ble for jobs belzmning Ilebruary

Questioned about the type of “""°f'in women appointees mllhli 5° “pected to wear, Postmaster “Will replica: ~-vows misi- uk ul* Diospectivs women candidates." -._..__;_

h"'l'liere is but one sound law in "lime me iliac in un els me :Ni law of supply, and demand mferlnli wiui_uiat law usually

ln trouble or chaos."-Charles

U- Bcilwlib, ~

639,880 decline in Canadian domes- tic exports for December, as com- pared with the corresponding month last year, was in exD0i'l5 to the United States, it says.

The United States market, it continues, is virtually ¢l°5°<l W farm and livestock products from Canada, not a bushel of wheat or barley having gone from the D0- minion to that country in Decem- bei-, nor a pound of butter, and only $32,000 worth of cattle. Ex- ports to the United Kinsdvui. how- ever, increased durlnk the S9~l“° period by $729,000.

“In a large survey of Canada/s

1°;-sign ti-ads in 1032," the sum- mary says, “the impressive feature

`ls the sharp decline to Great Brit-

_ sin."

The summary contains a brief

reference to removal of restrictiolis on Canadian cattle shipped to thu United Kingdom and notes exporl-S of animals are being made in fair volume from Saint John and Hali- fax. » Stiltcmcllts of chartered biiiikS f0\` November 1932, it says. "S1i°W 5"' eral important chanB¢S lil W' counts" during the month. “Pro- ceeds of the loan issued by the Dominion Government resulted in an increase of $60397-000 ln federal deposits, brlllgliig tllc wtill UD l° $105,754,000. Notice deposits rose by the sum of $8,109,000, but therfl was a reduction of $2l.116.000 lf* demgnd deposits, making a net dc- crease of $13,007,000-

"1-mldings of government secur-

ities rose by 835,600,000 to $55.15!# ooo, the highest figure °u f°°°"l-

BY LAMPLIGHT wh", 3 lamp is first lighted it

should always be turned as l0w IS possible. This aDDll°S W l“`“°l“g stoves as well as loml>S f°i‘ lllhuns Purposes. Then i-sire the wick gradually until the Chimney L’ 'um enough to stand thc full glow.

lamps should never be placed U1 a draught or near H l°°l‘l“5 Ulm'

A draught causes the wick to dn; up .md gmoks and heat may Cflliid the mirror-esntclully ln ‘°°

lweatber.

The Radical Sociallsts and the

Socialists are seeking a compromise agreement. ,

L. Of N. Presents

GENEVA. Jan. 30.--(A.P.)-Dis satisfied because Japan failed to re- ply to its compromise proposal on conciliation, the committee of 19 of the League of Nations today pre- sented the Japanese with a -virtual ultimatum that the response should be ready when the committee recon- venes tomorrow aftemoon.

Thus another twenty-one hours

were given for realization of the last possibility of a conciliatory settle- ment of the Sillo-Japanese dispute.

Tile committees proposal is in the

form of a question: “Will Japan withdraw other objections to the plan of settlement suggested by League leaders if the League as- sembly agreed with Japan that the United States and Russia shall not be invited to participate in a con- ciliation commission?"

These other objections which Ja-

pan advances and, which the coin- mittec is unwilling to accept, are* that the resolution embodying the conciliation formula shall not men- tion the question of recognition of thc Japanese sponsored state of Mahchueuo; that it shall provide for ii small conciliation b0.dy Of UVB or seven members instead of a larg- er one: and that this body shall hnve advisory and not directive functions in direct negotiations be-

tween Japan and China.

Yosuke Matsuoka's own sugges-

tions for compromise were Present- ed to the committee, but the com-

mittee declined to consider them.

OLD EVENING GUWN

You can make a handsome and

unusual dinner dress out of an old ,vcning gown by cutting off the back and lnakiiis U- ‘WW b\°l¢ IW long sleeves of lwe- The lwo Can be a matchlna Smile. but a con- trasting color sometimes has more charm-white with black, rose with

blue and so forth 1

P Y T5.

J&P3»I19S9 With 'Fingerless Girl

An Ultimatum*

other accessores already are being made to tons with the six secret dyes-the colors that will be sccn in Paris next Spring.

Wins Scholarship

LONDON, Jan. 30,-A 17 year old B¢rm°ud-ivy girl. bum without fiitgers or thumbs on either hand, has won a London' County Council art scholarship. she can knit, sew, and play the piano, and can actual- ly write faster than most people.

She holds liel- pen, pencil, brush-

es, or needles between her two palms.

She is Mies Carrie Rivett, who

lives with her parents ln Nceking er, S. E., and is now studying i nt Camberwell School ot Arts and Crafts, specializing .in lettering.

All her talents she has develop-

ed in the last six years.

At 13 she was such a clever little

artist that her work was sent to an exhibition at Dresden as an example of the value of training physically by defective children.

I-fer work is the pride of her

teachers and fellow-pupils at the meeting House School, Peckham. where she received her training, and her latest efforts are the ad- miration of her new school at Camberwell, ‘ ,

For several years she made her

own dresses, but she has not the time now.

“I should like to be a poster and

advertisement designer," sile con- fided to s, reporter "and when I leave the school of arts and si-afts I hope to find s. good job."

“We are not nearer peace fouricen

years after the armistlce than we were the day before the armlstlcc was signed."-Albert Einstein, ‘ "It takes a hundred years to change the public mind on a great question."-Carrie Ohapmqn Catt.

lors. British shoes and many_

President S. J. Moore Believes Business Depression Halted-Stresses Need for , Scrupulous Discharge of Obligations Abroad - Calls Attention to

Heavy Burden of the Public Debt.

Canadian Dollar.

General Manager J. A. McLeod States that Volume of World Trade Has De. Clllitfl by 32%-Ui`§¢S SW09lil¥\Z R9ClDr0cal Reductions in Tariffs of Trading Colintries to Bring Revival-Emphasizes Strength of Banking System-Opposes Further Depreciation of

l‘RE5lDEN'l'S ADDRESS.

Mr, S. J. Moore, President of The

Blink of Nova Scotia, lu addressing the shareholders at the Annual Meet- ing held in Halifax Wednesday. ex- pressed keen satisfaction with the Report of the Bank's operations dur- ing the year in which im One Hun- ureotli no-tliaay was belelii-amd. "in view of general conditions it must be regarded as an exceptionally good report.”

1932 Was a Year of Disappointment.

“Turning to world affairs, I must

say that the year just ended has, on tba whole, been one of disappoint- ment. For the most part, the hope- ful forecasts so generally made a year ago, have not been realised. The most signal disappointment has been the failure to secure world-wide international co~qpei-ation, to deal with what are essentially world-wide international problems. It is be- cnuae our most important problems depend in large measure for their solution upon international action. that I speak ilrst of them to-dey."

The Laumnne agreement has not

been followed by an equally 511° gestlfrg from the United. States. After quoting from a recent slleeilh in which Dr. Nicholas lllurray Butler. President of Columbia university. drew a striking parallel between the proposed lifting of the burden of War Debts from the world. and B blood tl-audusien to save a weakened patient, Mr. Moore continued: ,"lt is of good Omen that a new conviction is taxing root; tae belief that while all countries are sufferers as a result of this long delay, the people of th! United States are themselves the prin- cipal sufferers. For their sake, as much as for that or the nannies °f Europe and our own country, B rBP}_d

accord is very much to be denim!-

He pointed out that the world has

witnessed certain positive achieve- ments during the past few months. Britain, by her successful conversion operations "has once “SUD d¢m°n' strated her capacity for leadership among the nations. It is ln a time of stress such as the present that she most freely draws upon the virtues of her people," The Imperial Econ- omic Conferenee, too, provided I heals on which more muy be built-,

"Tho Conference at Ottawa was a

beginning only. Certain agreements, on quite s. llmlbzd scale. \\'0i'B T-here completed within a few weeks. lt is for the broadening of these agree- nlents, and the broiidenlng and deep- ening of the sentiment upon which they rest, that wc should now work. Moreover. while working for the de- velopment of infer-Imperial trilde, we should make it clear to the world that we do this. not with the con- ception in mind of an isolated Em- pire, but as the groundwork cf ia co- operative effort to revive all interna- tional trade. In t-his connection, we look forwnrd to the meeting oi’ n World Economic Conference within

the next few months."

Business is More Stable in Canada. Turning from these more general

issues to the Pmbleml P¢¢\1ll\“' 9° Canada. Mr. Moore said, "During the past few months in Canada the de- cline of business activity seems really to have been arrested. It would be foolish to minimize the present force of the depression. but it is ll matter of satisfaction to us all that slhw Midsummer last the sltuntiorl has been comparatively stable. There is still widespread unemployrnent. and the relief of destitlltlon is a heavy burden, alike on olir municipalities ‘pd on our governments: but we may be thankful that the ,magnitude of the problem has net. in recent months. increased."

Moreover, he pointed nut, the Cana-

dian merclirindise balance of trullé has improved substantially during the past year. This, in view of our great external obligations, is a matter for satisfaction.

Canadian External Obligations Som-

pulously lllsclliirgl-d.

' "For a young country like our own. with almost i.-olllldless natural re- sources, there was. of course, diirlfiis

‘tho depression, only one policy to bc

ptsrlued with regard. to creditors abroad: the scrupulous discharge. ac- tnrdlllk to the strictest iernls of nur Agreements, of all obligations arising on account of past borrowing. Any departure from the strictest icmls of shone agreements would not only have reflected at once upon the good faith of Canadians, but would also have been found, at some future time and under normal ilnanclal condi- tions, to bring nbout its own ratrlbll- tion through lasting damage to Can- adl'| credit."

j The Mounting Cust nf tloveniment. ‘ Thmlgh the miiinlcilflnce nf Can- adim credit abroad lit xiii costs has been both prudent nlld honourable. aald Mr. Moon, we must not fail to recognise that it liris involved ll heavy strain upon our public finance.

"Phe growing rust or government

-Ndeml, Provincial ililii Muillcipul- il I. fell menace to Cnnnda. The ac- cumulation of annual cicflcita which, sooner or later. are ilddcd inevitably to the funded debt of the taxing au- thorities, momentarily' rellevu the situation-but at iho cost of a grave lneteaag in our fuiurc burdens.

"ln times of prosperity. citizens are

apt to view with n lenient eye nn- anclal practices which. whether in good timid or bad, should always bs daplored. On, or ll-ie consequences

only consequence that we should welcome). is a realization on the part of taxpayers, generally, that the pub- lic business is their business. that every dollar of public expenditure m-ust come out of their pockets, and that the funding of deficits involves sn increase in their obligations in- dlvidually."

Prices of Farm Produce and of Other Goods Are Still Uuhillanced.

Of all those who have been hard

bit by the depression-and none of us has escaped-it is, perhaps, the farmer whose plight should arouse the greatest concern. Broadly speak- ing. an everyone in Canlldn knows, whenever the farmers in this country have been disposing of adequate crops, at home and abroad, at prices which were not depressed in relation fb the prices of manufactured pro- ducts in Canada the country has been prosperous.

lt has been the experience of many

depressions that in them the fami- ers of Canada were compelled to sell their produce at prices which were abnormally low in relation to the prices of goods that they must pur- chase, Far from being nn exception to this general rule, the present rie- prmssion is the most consplcuolls ex- ample of it within living memory, To-day the prices of form prndilcc are depressed at least by one-third. in relation to the prices of goods that the farmer must buy. Thus. whether for the pnynlent of deb; or for ‘the purchase of goods, the frlrm- ers purse at present is qllitc illlidc- quately filled: and quite apart from the meeting of obligations resulting horn past borrowing or pgs; pup. chases, the question of the present and prospective capacity of the farmer to buy the products of other Canadian industries is of such press- “18 lmP°i'tanoe. that I need not en- large 'upon it.

only W'h€l1 the prices of all of our

principal products are in line with one another. can we look for the chimneys of our factories to smoke as they did in the busy dilya probed. ing 1930: and for the workers who now sit in idleness to and abundant °mPl°yment again at the loom and

at the lathe.

The World in a Slate nf Siege.

In conclusion the President dc-

clared that, with the dislocation of markets, the raising of impedlmpmg to trade, and tile dwindling nf in_ temational commerce, the *world is living in a state of siege.

"I would end on this note: that

in la beleaguered city the prnlnngeq and successful resistance nf the be- sieged cltlzeris depends more upon H1211' 80011-will towards mio iinntiier, upon their confidence in one smother, than on any other factor. Mutual good-will is necessary to the conrlllct of life in ordinary times. It is the first: and most vital necessity. during is period such ns tlillt in which we now llve."

GENERAL M1\Ni\GEll'S ,\l)DIiESS.

Mr. lldclicod reviewed at some

length the profits for the year, and the changes in the items ef the Balance Sheet. Pointing to the breakdown of the gold standard in i931. the new restrictions on trridc which more than thirty countries had imposed to meet this emergency, and the extraordinarily depressed prices for basic commodities, even in relation to tlie low lcvcl of nll com- modities throllgh the world, lic characterized thc your 1932 ns most difficult for the buslilrzss mnn or banker. In view of these conditions. ho declared, the Blink was fortunate in being nblc no present so favour- able astatcmcnt.

'l‘lle Shrlnkngc of lnicrnsilonal Trade.

"It is beyond question in my minrl

that tho most rlL=tiirbili~, fciiturc of 1032 was the continued shrinkage nf international trade," said Mr, Mc- Leod. Referring to n. stnicnlcnt previ- ously glvcn by hinl to the press (in which lie pointed out that the mer- chandise exports of ilvonty lcziiilrlf; Collntfies. reckoned in gold villucli, had contracted, since -rho twelve months ended in September. 1929, by 8l4.000.000,000-or by nllllnst. ex- actly 60%) he proceeded now to give on estimate of the shrlnkrign lil the vnlume of international trhrlo,

"It appears that sinco the Bprliin

of 1930 the volume nf lnwrilntlnnfll trails hos nlsn been rapidly alirlrlk- ing: and that, if the twelve months Gliding Bdpfémbil, 1982 (th0 lalcst twelve months' period for which we have complete figures). bo compared with the twelve months encflri-: September, 1920 (that is, the twelve months immediately preceding tile crisis), the shrinkage in the vollllilc of exports from the twenty couxitricu hae been slightly more tlmn 3253,.

"This shrinkage in volume, so filr

as we know. continues nt the present moment, and if anything, fit a somewhat more rilpld rlito tiliin bc- fore. If the tendencies in operation at the close of i032 should ronfinue throughout 1988, by the cloan of the present year tho world will bn con- ducting its business as best it Ion, with a volume of trade reduced hy nearly 50%. from the pro-deprrasioll total. ln terms nl' vlllllc-, the rcrilln- lion will, of course. hc far 'l r. I need not enlarge llpnvl the rcriolls- neal of this po‘~iblli~‘y."

Urgent Need fnr Trnilr Revlvail.

"To no small extent. the sl\riiil:'~l:i‘

that I have tricfl io mnnallrc l~:i‘= been due to the persisicila rolif\:‘...r-li of War Debts. With this rlliijci-L llie President has lllrcaiiv dealt. at l=f\.ll1 length, and with his obs:r\'.1¢in...= I concur. But to qllitc a cni~<-.!ill-r- able extent it v~ nl~i duo rr. the riutrictions on trade which have li-on

_of this depression (and, perhaps the.

imposed artificially. by means of l:.gli

` tariffs and exchange regulations.

"The nations have been vying with

one another in a disastrous competi- tion to safeguard their own markets; and measures which. had they been undertaken only by one or two countries lndlvldllally, Inigllt have been defensible, when imposed by rinitcns of countries simultaneously, with the same nationalistic objects in view, have inevitably been pro- ductive of suicidal consequences for all. `

"No phenomenon connected with

the present depression is of more sinister significance than this. No measure is more pressingly needed nt the present time, than a sweep- ing reciprocal reduction in the tariffs of all of the principal trading roiintries, which will release the now thwarted productive energies of their citizens. and permit of an ex- pansion nf their commerce. In this matter, the world is waiting for bold leailersllip,”

Dangers of Currency Depreciation.

Mr. McLeod said that, under the

present difficult conditions, it is not unnatural that many have been at- trriclcd by proposals for “root-nnd- brziiirh" economic changes. Foremost of those llc citefi the proposal to de- liberately further deprcclato our cur- rency, now quoted at a discount of about 121;, in New York. ".l‘hl.s would involve at the present time a prcmillm on New York funds in Canada. of rather more than 40%. I confess, frankly, that I should regret very much such a policy, and that I sec no salvation for ua in further currency depreciation. On four grounds I would oppose it.

“Ill tho first place. it. would, for a

considerable time at least. creatg a situation of intolerable difficulty for Canlicllan public bodies with oblige.- tlons to meet in New York.

"In the second place, it is an open

question to what extent the further depreciation of our currency would inure directly to the benefit of our prlmiiry producers, ln the form of hlglicr Canadian quotations for their wares. The world market is still a buyers market, and the recent be- haviour of newsprint prices suggests at lcnst thnt the purchasers overseas, und not our own primary prodllcere. might be the most direct beneficiaries from the continued depreciation, of our own currency; that is, for ex- ample. that such depreciation might be followed by reduced prices for Cnunnian wheat in Liverpool. hither than increased prices in Winnipeg.

"ln file third plflce, the temptation

to what may wr-ll be culled 'competi- tive cllrroflry depreciation’ is n strong gcnernl temptation, In respect of various-i proclllcts, we find ourselves in competition with Austrnlla, New Zea- land, Argentina, Denmark, and vari- ous other collrltrics prodllnlrig primary prodlicts. Any one of these Cnllntries might reasonably suppose that it wolllrl bcncllt at the cost of fhc rest, by further deprcclntillg its currency. Hill; should ouch of them rittempt to

in motion down ii steep and slippery slope, with a distant objective that would bn brellglit. no nearer by pro- gressive deprcclrltlon. but would steflrlily recede from them,

"ln the fourth place, while recent

experience has shown tllat the dc- liherato depreciation of ll national sur- rcncy can easily be brought about, I lim not sntisilcd that once llnvlnr: entered llpon ll Cnilrrc of ficllhnmic rl<`ylrs~Clil.tiili\ in Cnnmln, we could call ,li halt with the :func crlsc crlri nssllr- lzilcciof success,"

The Present Nu Time for Radical Evperlmenis in Banking.

Of tho proposal for the establish-

mont of n central bank. Mr. McLeod nil”-,crvcd that filo depths of n severe ricprccslon rio lint furnish the most siiitrblo sllrrolllidings for undertak- in'1 :;llc1'l s. tnsk.

.‘l‘ongth of the Chartered Banks a Nrillnnnl Asset.

"I doubt if tllc critics of the honk-

ing system llrire begun to realize the trcrnondolis value to the country of thc stability lilsplnyed by the Chiar- frrilrl Banks during this depression. li. is difficult for lla to imnizino the riiri'uii.r0\ls cnllflcquences thnt would have been visited upon the people of Cnllndn, had tho banking syswm of till-; colirltry llccn vulnerable during the rms: tllrco yeun.

"Beyond the borders of this rnuntry.

we llnvo witnenod bank failures and suspensions, which have deprived lvholo communities of their banking rosozlrccs-which have reduced thc solvent busim-lis and the solvent de- pnsitor, without warning, to the annie .straits as the bankrupt. That no such npcctuclo hal been witnemcd in Cnnadri should he n matter for nen- gratlllntinn on the part. of the public, as well an the bankers themselves.

"lt should be emphasized, however.

that we have escnpcd these appalling drlngcm, only becaui-in we pfmaesn a banking system of exceptional strength. Cnnudlan bnnkx have stood the shock of these years without mil- lng upon the government or tho puk- lin for specllll measures of nsslstareo. There hall been no nocd and "0 tllnllgllt oi pledging the credit of the iiiition, in order to keep open the doom oi' any bunk.

*I iliirillld add flint thc hunks stand

to-d.~iy_no lem ready tlinn they ill iii 1020, in provide accommodation for any legltiznilfe Cnniidlall hllsinesa venture with snuml pwlspecte. The ilrellt alms of their investment. post- iollnll, some $700,000,000. is itself the imcnsllrs of the-lr rcadlllesa in lend l for commercial plirpnnrs. end of their capacity tn do sc; for it is the funds llmlscd in current business, which are being invested at present. in gov- ernment anil municipal sccllrlllaa of 1 high quality, but loryleld. It h not

secure an advnntageolls position by i this means, all would find themselves Pm” gpg", \v|.|¢¢|»)_

vslmolv woMsN's iN1'l'ru'rE

"It is up to the teachers io train 5

mankind,-to develop the mind from the competitive one of today to I.

contemplative one."-Lady Astor.

The -regular monthly meeting of

, __,__ . _._

lopellcd with thc Ode, followed by Seven sick calls lvcrc rirporlcd.

the Creed repeated in unison. All ilitcmsiiligg pnpor oil “Floors

The Secretary lrrid, the illllllilcs limi their fillishillg and carc was

the Vernon Womens' 1nstltute'iook of the last meeting wliicli wi~l'o up- iheii road by ilie Sccrclzliy, | place at the homo of Mrs. Bert proved. l Roll call gl 'liic iiexl meeting ls; Drake on Janilclry 17. The presl- It wus decided illnl ii llvlr wnicr to bc iiliswr'i~crl by uinllinu the tall

dent occupied ilic i-liair. Meeting bucket be bought for Lilo sciloul. lon tile délikcy.

‘the lender, but the borrower, who for obvious reasons holds 'baekf'

Close Relationship of the Banlu to Government and Business. """I'here is no trained banking exe- cutive in Canada who would dissent from these observations on our bank- ing aystem. Nevertheless (and con- trary to what il evidently ailppnled by many who nnd the notion of a central bank attractive) the bankers are by no means opposed to fresh ideal of a constructive character. - Their standpoint is peculiar tg them- selves in only one respect. Their ' practical experience from year to year ln the financing of governments, a¢- riculture, and industry, has impressed upon them as no corresponding ex- perience has impressed on outside criuce, the limited possibilities of banking action in a slnglo country tp stave od the hardships of depres-

son.

"lf those who tn-day lzitleine tho

banks most freely should at some time in the future find themselves charged. with the responsibilities of government, they will perhaps bo surprised to discover thist in all dia- cusslom of ways and means tbl banks ara at their service and anxloill to help them. Very conscious, at present, of the supposed faults of the Canadian banking system, they will presently become cqlially con.

sclous of its virtues,"

"lf and when the day com", mgy

too will probably realize the Limited pomibillties of dealing with depth- slon by manipulation of the bank- ing system. There is no magic in it for the correction of ihe gravest evlll at the root of our present or plat troubles. All impartial thinkers have. indeed, known for some time what are the gravcst evils to bo corrected in the present, instance. and what are the most important steps that should be taken. Most of them lla beyond the scope of banking action.”

The Slow Process of lnfematlonal Agreement.

The main measures that are need-

ed, he pointed out, are those for which lntematlonal action is nqeg- mry. "Intemotional agreement in a tardy product. We may hope hgw. ever, that in respect of at least some of the principal measures to he taken, 1938 will witness the colislllrimatiola of asrcement.”

The Ballvvay Problem.

The railway problem. as one of the

continuous drains on the publle purse. he discussed briefly. *With- out venturing, fu detail, to dlscum the railway problem to-day. I would emphasize the fact that present cir- cumstances severely limit our firea- doln of choice, in dealing with aug transportation problem. To put it bluntly, the choice should be re- stricted to what we can afford; and ia population of only ten million; of people, burdened with the cost. of maintaining forty-two thousand mllel of steam railways, ia bound to con- sider the proposals with which it ia confronted mainly in the light of possible economies that each pro- posal offers.”

Citizens Have withstood the Strain. In his concluding remarks, Ur. Ido-

Lood emphasised the courage with which our citizens have withstood the trials of depression. "ln an at- mosphere of doubt and confullan, and of much loose speculative think- Lng on the supposed 'breakddwn uf our clvillmtionf dangers have been faced and privations endured with exemplary patience and good humps.

"Upon continued mutual talerinm

and good-will more than on anything else we depend to sustain us tflruulh these trying times. We have not failed ons another in the past. vi believe that we shall not fall in K future."

Is Winner Over L a B a r b a

MADISON SQUARE GARDEN

New York, Jan. 30.-(A,P.>-Seaman

Tom Watson, British featherweighi champion, came through his firnt North American test with flying colors tonight, winning a convin- cing l2 round decision over Fidel LaBal'bba, rugged veteran from Los Angeles. i_ Flustercd a bit at ihe start. sp' parently still unsettled by the wide- lly ballyhooed "trial by fistic jury" llc vvag forced to undergo before :hc New York State Athcletlc Com- mission would acccpt lils fighting status, Watson rvcathered two ear- ly knockdowns and came back to oufflgllt ghr- iulrlyheacied Call-

,iorliiull by fl lvlclo nlzirgfn.

Almost under the gllii in thl

first roiind. il slvcf-piilg loft hook _lolfcd tllr- pale and startled Brit- on from his foot hilt lilo Seaman clinic buck flgllfillg fllrlolisly with- ,mit tnkiili: lilo hc-lioilt of a couilt. Again ill ilie foiirtll, as llc bounced off me ropes., Wnlsorlis _law oollld cd with one of Lr‘barba's loft slvlpcs nild llc ww ilolvll ill th! slag again, but lic still ‘ook H0 collllt.

Once lic hrid felt thi- canvas

ulidcr him, Wulsorl, ll spindly leg- ged veil-ran nf the Klrlrfs Navy, calllo bark with il vciigeallcc, His pnlvlllg left bool a gailoo oil Ln- bal'ba'5 fn<~,». nlld lib collsisfcntly ly»=lcrl Fidel in thc i`li‘l'cc iifzllfing

nf. time flllarfe-r.=.

Out On Bond

WILMINGTON, N. C.. Jilll. 30.- rA,P.\-Cilpiuill C. C. Halliday of Si. Gi-ol'i;o.=. Bermuda. und Albcit lvofsol of Halifax, N. S., were re- lrilsorl from jail bolld today and as riloll :ls lilo \\'r.‘aillr‘r r-lcrirs they will put in .sm with llir- British l vcsscl Toniicr and its 840 gesri, of

liquor.

The Taililcr, ,seized by coast

gilardenicli 10.8 miles uif Cape Hat- teras, was illiol' released under l the one-lloiir sailing clause of iiie sniuggliiig trosiiy with Great Brit- ain when it wng' able io make only seven knots 18.4 miles) an hour

.i-.»¢.

Seaman Watson'

By Edward J. Neil Associated

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