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. _ sPEQ§LQéLE&'QSMi1tiuMYv...f/;S¢=fl.' ' . ,.,,_,, ., PAGE FOUR

SEPTEMBER 2, 1933

l-_

P. Vice-President, J. IL lllrlltfi l’. In! A. llnclilnnon, I'D. U. 0.

Editor and llunaglng Dlrcctor-J. B. Burnett, I’. J. l-

Allfll‘ in In rhilmr~—

Frank Wllksr Ind D- K- c!!!"

morning Daily (funnllrsl 1mm i-‘i-uil-per your (in Qdvnnoi) delivered $1.50 per year (in mlvnnre) mailed in Canada llid United itlhl ADVEIKTISISU IKEI'RBSI'INTATI"IB

UNITED STATES-The lieckwlti {r51 Building, New bark (Hy, ' ' Building, Killlhlll (‘ity- “llluugllby

Ailnntu; hlonndnock llulhllnf, 8a

gfiudelphlu.

special Agency 1nd, New York Cm Molar: ' , Town Building, Chicago; Glenn Bull! n Francisco; 118i N0. filth I134

SATURDAY, SEPTEMBER 2» 1933

, MONDA rs HOLIDAY,

-' Following similar action taken by Ohe United States, the Parliament '01 Canada. in 189i enacted irglsla- - tlon establishing the first hlondnl’ m SeptHilbPr as a pubic holiday. Iince which time it has bren known bud observed with lncmasulll D09‘ ‘nlarity as Labour Dav. In a state- ment published a few years agO. Mr- Tom Moore, prescient of the Trades and Labour Congress of Canada, declared that the observance of this day "serves as a continual reminder

accordance with whatever monetary policy has been selected. It is prob- able that, in a country having so large an interest in international trade and so dependent upon 1w"- elgn markets for sale of her exports as Canada, stability of ths foreign exchanges mim- than stability of the price level would be the oblevt of a Canadian central bank. In the view of the Queen's writers what is needed is a small institution. modest in its beginniBB. but conch!» o! gfgwth a; its experience increased.

9f tho indispnslble pert that the workers play in the for-word march cf progress and emphasizes thcl constructive influence that can be wielded through organized activity and unity of purpose." The words are lwllplly chosen, and flttlngly describe the object which the labor organizations have had in mind. In this Province especially it can be laid that the constructive signifi- cance of Labour Dny has been kept steadily: h: mind. No more useful nrgolllrzztznn exists ln the commun-

lvy than the labourers Protective Union, whose well conducted annual parades and sports on

ha-bour Day have been a. feature in Charlottetown for many years. Our citizens have always taken a. deq; htcrest in these fimctlons. and we hurt that thhl 31°01“! celebration on Monday will bu largely attended 31d will be successful in every way.

A CENTRAL BANKS

Home of the chic: recommendations made ln"l'ne brief presented to the Banking Commission on behalf of the Provincial Government, the Boards of Trndv and farm organiza- tions of Prince Edward Island was for the establishment of a Central Bank. In this connection it is in- teresting to note reference to the piurpoce of such banks in the current number of Queens Quarterly. The cuticle is one of a series published by the Dcpartmcnt of Political and Economic Science of Queen's Unl- yerslty. The writrrs state that many of the claims made on behalf of a central bank tn Canada rest on a misconccpllon of the power and functions of such an institution. It would not prcvvnt bunk failures neither would it necessarily provide more adequate funds for the financ- ing of agriculture or of any other industry than at present. While at times it would make credit more plentiful, at other times it would be the duty of such u bank to restrict credit. To c. very considerable ex- tent the functions and operations 0f a. central bunk are entirely out- side the scope of commercial banks, and a central bank in Canada need affect scarcely at all the ordinary operations of the commercial bank- ing system nor the relations of the bankers with their customers. The prime duty of n. central bank is to control the business of redlscount- ‘lng for the mmmcrclnl banks in or- ‘uer to achieve its monetary policy- [indlrectly this control of credit ex- ‘erclses a. control over the price level rivlthin the country and over the for- kign exchanges. A ccntrul bank is giccessarily in touch with other cen- tral baniss and forms thc pointof Eontact bctwccn the domestic and the international financial markets. mils, it will be noted, was 011cc! the advnntagm stressed in the re- presentation mncle to the Commis- Iion at Charlottetown. Members of the. Department Al: Queen's who are writing on, this subject describe in some detail the mature of the Flnnncc Act, which is administered by the fcdcrnl Depart- inent of Finance and supervised by the ‘Treasury Board, a body com- posed of five Ministers of the Crown with u. Dr-puiy Minister of Finance ‘acting as secretary. They point to what they conslclcr to be the funda- ‘ynentnl weaknesses in the Act, and assert that in no other country is 11,.» (wry or ("mfmlllng credit in- truotvzl in ihc civil service or to ‘bollllcal heads of Government. The

MR. TUFT'S VISIT

m "News! Notes" in today's Guardian, “Agricc " refers to m urterestip: series of talks. illustrtt- ecl by motion pictures, to be deliv- ered next week by M121. W. Tufts at Souris, Hunter River, Crapaud and Brs/ckley, the subject being "Bird Life." No one in Ol-nld! 1| hotter qualified $0 Iiblk on this subject, and as arrangements are being made to have the school children hear Mr. ‘Iufts. it is hoped full sdvsntagc will be taken of this opportunity. How many children ma distinguish by name the var- lous species of birds which frequent this Province? How many have in- timate knowledge cf their habits and seasonal nugratiouis? The 511b-

ject is an intensely interesting one, and has too often boon neglected as sh cduoatlonci factor. Adults as

wcussshndmnwudpwaithys better acquaintance with our bird lifc. It is hOped, therMOrE. thQ/t bk. Tufts informal lectures will be largely attended, and tint the op- Dfirtunity will be extended t1) other sections of the Province of hearing him at some future time.

run ramp MAN

"Every business, properly manag- cd, takes an inventory of ii! stock 11nd Plant once a. your," remark! the London Daily Emma.

‘Take an inventory s! ymyflclf.

‘Every man is, in a sense. three persons. Om, the man hc thinks he is: two, the man his friends think he b; three, the nil-n he really is. ‘rho onJy one that you have to worry about is the third.

“Study this third Man. You can know him ifyou want. Write on a piece of paper the hours he works and the hours he wastes each day. Find out your true assets and lia- biltiea.

‘Then you can deal with your- self on the basis of an honest trad- ing account." '

EDITORIAL NOTES

"It is," says the Toronto Telegram, "a simple fact, which many Can- adians apparently have overlooked while listening to the ballyhoo that has been a major feature of the U. S. drive against depression, that Canada is progressing toward re- covery aa rapidly as any country in the world and more rapidly than most. Furthermore, this recovery is of a. more balanced order than that which is being achieved in the Uni- ted States, where prices, production and payrolls are fLr from being in equilibrium, and it has been gained without using artificial and danger- ous economic stimulants."

An analysis of the provincial election returns in Nova. Scotta. has been made by the Moncwn ‘limes, which finds that Liberals polled in tho asgregatc 131,500 votes, 0on- servatives. 115,200 and other parties 5,535. Thus of the total vote the Liberals polled under 53 pcr cent. and the Conservatives just over 46 per sent, so that a change of sev- en votea in the hundred would re- verse thc result. Or reckoned in another way if the members had been elected by the popular votc of the whole province the result would have been,16 Liberals and 14 Conservatives, leavfng the vows

duty of a central bank is to control of third parties out of. the ques-

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ii

THE BHABLUTTETOWN GUARDIAN

Notes By The Way

Itisncwproposedisspendsmil- lion pounds to make Port of Spain in 'I‘rinldl.d a deep wafer nort- This would involve dredging and construction work on a. lar89 899° quits beyond the finances oi the island, and application has been made to the colonial development fund for c. loan. The Trinidad Guardian says the work would be economically sound if the loan were granted without interest. The lack o! deep water harbors at most of the islands is a. serious handicap.

especially in need of such accom-i

The Government of Jlplll has. shin-ply denounced the Japanuef exclusion clause in the immigra-I tlon act of the United States. Ini that matter Japan is wasting its; breath. Tbs people of Ocliforniai have had a. good deal of experience I with immigrants from Japan. Theyf an very industrious and frugal people, but they do not assimilate and them would be a very strong objection to intermarriage between Americans and.‘ Japanese.

re uapuumasmamricanf realisn, says the Baltimore Bun. this ‘ studied effort in stampede the country into s great naval building

‘program by minimizing the purpose?

0f nsvlu as fighting forces and

emphasizlnz if not exaggerating,

their part in industrial recovery." “Rscovery" of a sort might be pro- I vided by expanding the machine-

gun lndusrty until every citizen was

on a. twogun basis. but in the end

we might wish we had paid the

dole instead. There Ls still time for

the American people to pause in

adding up the profits from battle-

shlp-building and ask themselves

whet thcy intend to do with the

product 0f this enterprise in recov-

ery. But they will have to hurry.

Racial experience mly in (he long run supply the deficiencies of individual experience. Older civil. izations, as in the Orient or in the independent villages of. Mexico, know that here is no great hurry about anything. ‘rhelr pcoplc dis- cover in youth what we learn only at the lact- We ridicule their re- flmfllt ‘W015. manner-tomorrow. Yet perha/ps they are wiser far than we, and perhaps some day when we get the dust out of our eyes and the whiz of new machinery out of our ears and the mrell Of mm; battles out of our nostrils, we, too. 9119-11 b0 5534118 994311 to the other, “Them is always plenty o: time,"

It seems that flue use of tbs word democracy in regal-d to the East is misplaced. What the East wants is TBBI-‘Qhslblc government. the means of changing the direction Qf public affairs at intervals in nccord with the needs and spirit of the time . . . What we are flnnly wnvimeq that the East as a. whole has its heart set on is the limitation of mlwmwy, whether autocracy is rep- mE-Ycd by Monarchy in slam or by the wverelsnty of the British Parliament ' and its subordinate Governments in India.

The rumor that Nada who mm expelled from Austria are planning a return is disquieting. The whole situation bristles with danger, M- though the Gennan government, 1,; rem-ted to have assured Italy that there would be no further interfer- ence with Austrian affairs, broad_ i155“!!! stations in Germany have been sending out reports of speech. es which ought to have been ban. ned. The report that a proposal to 9111MB‘! the Austlan army in order to provide a satisfactory control of the German border ls certain w arouse bitter feeling 1n 391-1131, Nevertheless. neither Britain, nor Mm” n01‘ Wily can ignore the at- titude of Germany toward Austrlg, 011° report says that France is prg- flared toglve financial support to Austria, whose finances are in baqn shape. --__

B01110 my carry the noise and the color of political meetings but the newspapers, after all, carry the 18m. the permanent record, and most listeners, having received a certain fleeting impression of what muff“! from passages overheard in the intervals of a. bridge game or some other domestic enterprise, 100k to the printed pages for new; of what really happened,

1‘ 11 perhaps "Ifnrislnl that India. also c. country when labour W“ m 1W by comparison with “w” °Y 331110118 and America, should be the first to take action to prevent Japanese dumping. There are many other aspects of the proh- lem “d °n° 01' quite an extraordin- flfy character has been exercising tho mind oi Canadian manufactur. firs. There has been an importation into Canada upon quite a large scale of rubber-soled footwear from Japanese factories located in 5ing-' 990m. where they have the bene. W4 of mnpizc preference.

Trinidad, with an extensive trade, u,

RESIGNATION

Why, why rcpine, my pensive friend, I At pleasures slipped away? Some the stern Fates will never lend, And all refuse to stay.

5 I see the rainbow in the sky, E The dew upon the grass;

I sec them, and I ask not why - They glimmer or they pass.

With folded arms I linger not

modstlon, l To call them back; ’twerc vain: | In this, or in aomtfother spot, ' I know they'll shine again.

--Walter Savage Landor.

Japan's Problem

(Vancouver Province) I

Vital statistics from Japan show an increasing birth rate and a. de-Y creasing death rate. The birth rate’ ‘in 1932 was 32.92 per thousand of §populatlon. The death rate was 717.72 per thousand. The net in- lcnase, it will be seen, was slightly over i5 per thousand of populationp or 15,000 per million. For Japarfsl 65,000,000 the increase would be_ about 975,000, or just under a mil-E lion.

Japan has more people now than she can properly support in her poor and mountainous country, and with population growing at the rate of a. million a. year, her troubU les promise to increase. In the good old days, when the pressure of population became too great, emf- gratlon offered an outlet, and, dur- ing many centuries, wave after wave swept from Asia into Europe. Then Europe became congested and the tide swept on to America. Great Britain, following the in- dustrial revolution, found a. new means of caring for an increased population, She turned her island into a worshop, brought raw ma- terials from the ends of the earth, used her 1mm and coal to turn them into finished products and exported them again. Out of the profits, of manufacturing, mer- chandlnng and carrying, she fed herself and built up credit balances abroad. But she pretty well de- strayed her agriculture.

Japan has tried emigration as a means of relieving the pressure of population. But door after door has been closed to her. There arc still opportunities in south Am- erica, but not for anything like a million people a. year. There has been emigration to Fonnosa, to Korea, to Manchuria, to the cities of the China coast. But the amount- of emigration possible i0 these areas is limited. Most of them are densely populated as it is. As ad- ministrators or merchants, the Japanese can exist there. But they can not compete with Koreans or Chinese, whose standard of living is appreciably lower than that of the Japanese. Manchuria. is the only region really open to the Japanese and they do not like Manchurla. because its winters are cold, and its brown plains and dull sky seem too vast and hostile.

imitating Great Britain, Japan has also tried the expedient of in- dustrializlng herself. She has, or had, some hope of becoming the workshop of the Orient, and, in a measure, of the world. she has the advantage of s. vast rcss-rvoir of cheap and adaptable labor, and in the pasty few years she has shown what she can do by throwing her cotton into China. and India and her electrical goods evcn over the American tariff walls. It. was ns a great source of raw mninrlnls and a vast. potential market, not as a field for colonization, that she sought control of lvfnnchuria.

But in her industrialization, as in her imperialism, Japan started late. When she began reaching out her hand to the Asiatic mainland, she found the day of imperial ex- pansion had passed and that the other nations looked uskancg at her ambitions. So, too, she had barely got her programme of in- dustrfalfsm well under way when the era. of economic nationalism opened and she found herself faced with tariff walls.

With every million added to her population, Japan's problem be- comes more acute, and, so far, there fa no solution in sight, 1t is her relatively low standard of liv- ing that gives her her advantage in foreign trade and that is the

. name blessed.

Some R/Jyal Commissions live only in fill pgcon holes with rc- ports no one but a. pooof-recder ever sees, but the FDYI-l Commis- sion on Banking now peregrlnating through Canada is nct likely i=0 end 50 inglorlousiy. ‘Ibex! is more talk today than ever before about banking, currency, credit, mone- tary reform and other mysteries of finance. Outside Baffin Land it would be hard to ccmc by l. citizen who has not hisown notions as to what is wrong with the money system and how it should be rc- made. The five eminent gentlemen who compose the Rnyll Commis- sion, if they are um experts. arc at any rate wise. Judicial, exper- ienced and (to varying degrees) open-minded. The blue book they produce about Canadian banking lll not gather dust m library

|shelves, or at least not until it has _ been diligently road and translated

into law.

771a Banking Commission (JBM. in the Winnipt! Free Press)

--COAL’-- l VICTORIA $7.75 AVON $7.00 FULLY SCREENED FULLY SCREENED

DELIVERY EXTRA

11m 0g credit extended to rurl-l

' mumcpalitles.

“Would you lend your own mon- ey to them on the security they offer?" asked Baron Macmillan of ‘This momentarily

fttlffiyi... Lindal, who conceded PW“ A c0_ ruoNa Mics’ that what he had in mind 990 a QUMDIBLAND STREET 99o

was a new source of credit, or a new tray of making it available. and he did not blame the banks for being cautious with ‘depositors’ funds. But there is no doubt the fact was brought home to the commission that something needs to be done to make the banking system more responsive to the needs of agriculture.

722. '\

Use Brahrnin Tefa Refreshing as only fresh, pure

Orange Pekoe Tea can be. [Sold only in red, airtight packages. .

€__

Chat 300p

Boron Mamnilisn of Abarfcldy, who is chairman, had the distinc- tion of putting his name to hhc only blue book in history that ever made money for tbs publisher. The British “Treasury Committee on Ffiianoc and industry," over which he presided in 19$, brought out l. report which became l. best seller overnight at fivc shillings the copy and brought in cnmlgh revenue to; pay for the inquiry. Maybe the Macmillan Commission in Canada will lilcewise pay its way and pro- vide two reasons for calling its

lord Macmilan, born Hugh Pat- tlson Macmillan, of Greenock, Scotland, where his father wus a clergyman, is ans of the champion chairmen of the British Isles. He‘ has been head of boards crf in- qulry into all manner of questions, including the British pharmaco- poeia, the coal industry. the in- come tax, "street offences." wages in the wool industry. His distin- guished talents as s chairman were evident in Winnipeg lad. week. His long bald bsad looks eminently Judicial. On his loan and blrdllke face he wears horn-rimm- ed glasses and s. look of affable alertness. He keeps the witnea on the track with c. wittidian, pulls him out of s purple palsagc with an acute question and pub him M; his case with a gentle word. sir Chcrlcs Addis, the other Briton on the commission, is also the son of a Scotch msnae. Sir Chaa-lcswasadirooforofthsilcnk of Ibigland for fmwtccn yours. ‘The quiet serenity of the counting- house enilolds this white-baked 0'“ like a mantle. ‘Ibo list of his db ‘ is glamorous: the Peninsular and Oriental Steam Navigation Company, Chinwc Central railways, Iibngkohg and China. bank, and many more. But Sir Charles is first s bunker, and he looks as though he could say no to a. ousltomer and make him take it like a sugar plum.

Along with these two Iondonsru sit three Canadians: Bir ‘Phomss White, the cldcr stctsanan and fl- nancier: Ma". Beuudry human, shrewd French-Canadian banker. and lvlr. Brownlee, of Alberta, look- ing morose and csreworn as any westsm premier has a clear right tolodkinthesetimumltitislill in all a. very affable, genial and even. chatty Royal Oommluion.

Last week in Winnipeg, iihe commlmiflners sat at n table in a long committee room in the Legis- laiivo building and heartened while Manitoba citlnens took pot shots at the bankers and fliclr me- thods. But what was most re- markable about the evidence as a. whole was its mildnesc. There is. of course. an obvious difference between denouncing your banker in camera. and doing it in public, and perhaps some of the witnesses were pulling their punches. How- ever that may be, many of 131cm were ready to give the bankers credit for being not only able and efficient but tender-hearted an well. One French-Canadian far- mer took the trouble to come into town to tell the commission ho and his neighbors were satisfied with the banking acwmmodct they got. Mr. Lemon was pleased, when this witness went on to explain that he and his neighbors went in for mixed farming. m. Ixmsn perceived a clear connection be- tween this fact and their prosperi- ty and their good standing at the bank. it‘ was quickly pointed out to him that there are tracts in the west where the fan-tiers must live or die by wheat.