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‘II-IE _C_HARLOTTETOWN W GUARDIAN

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PAGE FIVE __-=

Livestock

Monramc. o '_ __. Dominion Livestcecfk JBft-‘Iilili “e

M, Y. Stock - Exchange

1.1111 * ~ i Twill» wfltigllill‘ o I N l N G

Agents \Vantcd M

r9 sauna‘ A

m, Jlto, 1435 Mflll

t . 1, h/IOHIYPJI. ca n N4-

tliftl _<‘.‘.111'.1'y 110mg

Gvnritiiii, L-ta-lfifll. strayed ¥*.111T\~|_;n_ " ~——~ -——-~'- _-~——— —-i~-- fffi<flllnlfle‘l‘lyfllllli‘ldlfltlwgEgrllli srnavco maroon. BLACK. 1w l"? “llll hart-time sesrvicg Give voars on my vf°lnl~iil~j~ 11111;; 111 , ' ' ' gebe-lfi 1w! . Pmlnillflrlhiflgnghe‘xlilaslgslliwtfa glilttilnfelatl‘ ‘Archie Chap- cmflllnnv, 1.1111111“, R s_ p91‘ North Granville.

_1.;2-12- _

b83-12;3_-31.

r; ____y

FTHR SAIJE A rsw EXCEPTIONALLY rm: cross FOX P . Muted with your Silvers will produce tine crosse Willi Ireok white ioce foxes may produce the lYPe "l" moods such high prices. Cross iox pelts enter the Wis: DUTY FREE and command good 915°"-

p 1.20 FRANK, Sbtillipfllli

i‘

UPS

s; motod r com- United

I‘. E. I.

Montreal Stock Exchange ~

__._ ported there were 108 cattle rail . (txiiiiiillan Press) §§§"§al*v£lg1rnbs.al1.014 ll es ~.iii:l~ (Qimamjn ha.) s e 1 - ~ Close Montreal livestock mallltetsit ‘$0.1M famk‘ m“ u 2 ! Grass calves were about 25 ceIits 1331121515111 15g b‘ 1 1- cwei- other kinds n -'~- - -

lg I12 aftgiélégls rtmgedlltrom $350 l” “"25 C“ 0mm!“ o 1-4‘ _ 5 ° Q1141 W. There were no Coll Car Found 1 g i: Ifgldl Aedllew d cows made $5.50 Can Car Pfd 22

76 a4 gind m um lnds from $4.50 t~ s5 l Can Pacific 5 1-4

75 élcmmon biltffihfifs down to s3, lCan steamship 4 1-2

_ . anners and cutters $2 75 p, Celanese 39 1.2 35 1 4 Common bulls mostly $3115 u, gons gmeltpfd 39 - l om ca go

g3 2:3 Veal calves ranged frcm $1150 to Dom Bridge g1 1-2

34 b: $11 with three choce veal; up to Dom Steel B 9 3-5 37.14 $11.50. Grassers were .25 cents Dom Textile 33

>13 L8 lower. selling mostly for $4.50 w Dryden 51.3

16 ma $4.75. How Smith 14 1-9. 21 34 Good ewes and wtcthors were $10, 11111) Tob 14

33 b2 Cults and bucks $8 and SIIEQD $350 Int Nickel l 34 3-4 3B 34 toHM. h fililssgwfzilirrrls 2g

4, B ‘ilgxigge $1122 ggeetcriuaé s11 for Nat Bre-

. ' ~ - - .0 u W $9

g? i: A_ drew $1 Der hog prcmluI-rl vrillitlei Iwrlml-la 56 i-8

m 14 discounts on off grades. sows were ggxélnlcggp e 1'5

l“ :2 $5.50 with a few young sow,- SL Lawgcom 1g a-‘

'- _________§_ S! Lew Pro 1s 1-2 St of Can 14 1 c b GIIRRENGIES s‘ °‘ "

M°"""" "' MINING .. it r mow YORK. Dec, 3—(CP)—'I'h€ ‘I'm m‘ m“) m", mllgd lépélg‘ dollar gllflkllllf! free ___ r15 flfifl I050 T15 y 0n the 6 1.3 FYITBiEH intent-nee Market today, i mm§9§'“$§ 33m)

14 1-4 ThedFar Eastern currency ad- stocks ’ ' mo“ l8 3-4 llarlfélatigil ca) athcentutcii 23.64 cents Acmg Q11 m i2 1-4 n fl e n ted States Ajax O11 21 ._ dollar and Sterling gamed 1-2 Aldcrmuc 15 10 1-2 cent to $4.04. The Canadian dol- Anglo Cdn 55 ._ lar was a trifle lower at 8G 7-11 Anglo Huron Z25 9 1-4 cents. (Ottawa Foreign Exchange Arntfiled 3 l4 1 2 Conttrgl Boar?) rate 9.09-8.91 per Aunor Gold 210 2 - cen scoun . l Bagamac 11 — —~—— Bankfield B

gcalfEx 1 5 5-3 on 1e 10 Cram Bldlmd 12

Market Al‘ A r gg-lyg/Ics g; 1-2 ——-— BraIorne 995 CHICAGQ, Dec. 3-—(A1f)—-Whcat ‘Broulan g4 futures PTIECS vyere COIlfIIIIGgI tho a gulf Ajnk 435 - narrow ra 111g range o a ou n‘, a E in 14.5 ——~ til". razor: .. .12

. i“ (- d1 pugs) c rm spoa 1c. y, ‘c c n" ' "1 miiilll.‘ illil rlriltiktiallillglwl; base 90 1-8. up 5-8 cents. a1. t1:c_ (in t; lCas Trelh 55 niciuis .i1\r1 indusirials lower; bg5l- bul- wgsbuxbé? d“) "Ital" l Y gglc 1?? ' ‘. ‘ ." d . a ‘Vance an a c own o tun‘ - “m” fill? iiviiii gold stocks at 89 3-8—1-2. Oillel’ WIYQSI. fillfl Jli cliestci 12a ,0," hmugh-j-h |owu_ corn futures closed near thc day‘- lCf-lflhflllolll‘ 84 "iTIi-flvliivkfi closed umhanl- liiws- lconlamm 14° H‘ ‘ ’ Wheat ckscld unchanged to I l-2 l: -.__, stl er ta 11.1011: s 111i ~y M‘: ‘mkslqslgt"lt‘nd!llq)fffi:ubglif ‘prlxcesovlgeoenlbcl? so 3-8 . Mar lllilillf‘ 011 25 "g a6 7-11-87: corn 1-2-7-8 . .15 off. ~ Iyvqursue a ___ Dfifémbel‘ c1 5-8-—l-2. May so r-algflstyM-"l 290 .34; and cots 3-11-11-4 lower. 223 e ~ - - . I 3__(CP _ I<cd Knk 4 1.2 PFOdUCB PTICBS prigfcmcved w H)‘ n llfrancocul" 41 1 4 narrow lmits today 011 tn- Wiimi- 1C. . ‘ , '

_ , _ 9 1 L, i ‘OHS Lake 39

11.. Dec. a-(crl- ‘V’, ugi‘“.;?3_-.§‘l‘.‘if“‘l“i¢i.$‘ IoHle-tl ceitll lamgali’ 15 1-2

u ‘ken prices here today. lower with Deccntbol‘ at 1a 1-8. May l Cunngagold )3 a

by tlio DJHIHIOU - '11 1-8 and Jilly 7a 3-4 vfllitS. 1 ‘ _‘ 46 1"-

01 AHICUIIUTQ follow" B m Aim-ivy“ 111\Q'-"fl1\f"d w th l Hfilcmw 2 -

lifwt graze‘ flcrrarnegy nrjclég the lzc-glgrti ll1.llllll,1ill1 lcv- l fgfk pr J cg price. 3 : rst gfa e ‘e1- : Ho“, , ‘o

st .1 -\ m"; c. 32 1-2: Qlle- Cram close: F mfg“ Mm g5 1_-,

lli i l ‘I.1li'iZ€fI. current re- wmali Dm- 73 1.315, May i7 1-8 vlckcl -

_ , l l 34 3-4 top. 111cc 11 3-4. Quebec no 2, 30 B_ July 7g 3.4. Jack ‘v31 31 : 1r r iio_l pastcurlwd. while- 9M5. DN- 33 1.g_ 311p,- 3: fi-llA. Kpn- Add 355

.1 pllcr, (Josh. 32 1-8;_ "__- Julv 31 1-4A. _ . Lzittrshore 19 3.4 1-4: Qu.bcc no 2, flesh, Bay-Ry; Drc 43B, I\'I.:_v 43 3-813. 1 mam“. 509

. s1 1-2. July 41 3-412. , li..._ii.~i Cad 7 3-», $10111 white. current ___,- ————— ——- L“1lf}h t 51 w; 13 lliglfig-rlgel-llalilqcsl- - lli/liile r. 1. i1. ice: . - — ~ ocnssa ' l jlilte ard colored, whcle- 23$ ta. q price, 14. Quebec - 59 cokrrd. 1 lrrlent Jrglglpt 111; 11:1. 171 3-4: who esa e c ng —~—-—- 117 pri-s. l-i ‘ (Canadian Press) _ _ 53

i-iigéi-Ll““iélliifl‘”li‘li‘ié‘.“ Ail-dill‘; Stocks ("W i.“ '. 1 A-cuvets 82 » 311 B-— Canada T 2

nal 24 1-2 commerce l” ' 56 a-i l“ no 1 75's amntreal 192 30 - NB mountain Royal m“ I15

r11 ' ~'~”*- PE! cobblers no 1 Nova Scotin '" lOlnPeu 15 1-8 - _ -_ p131 mounmin, m 1 -———-—-————— lPr-lncul‘ 141 Keep Minard's In the home. ‘Pandora 3 ‘ ._ __ Partancn 3 ‘*" ‘" ~—~~— ' ‘ -—d__— Tavlnaster 24 Pcrron Gold 171 . glck Crow

_ , _ ioiiccl"

hilliflfllsillg “alt-S . Payable I" Advance ggxlglla 10g l P "c t n 320

Mimimurn Chlrle for Any ll|'""”'“'n" 25 can“ nlensnoGold H b2 ~ _ - . I 4- w tern and Eastern local.- 1st Afllli 9 r1122‘t-.11<"*11..::.;';t..,°: P".1:'.-:..-iif. oi- oi

tlihsiiit-il 3c Incl‘ word; lri Mcmorium Notices 70o pci inch; this "I lSlllld River 5 3-4

rliii-iii Illlll siiliniiiil omit-in Cards. m, so 1w "Mm"- ‘Immst "l ls-“WQOY 42 1-2 toiiiliila-ncc 70o per inch. Wedding elllllilmenl w w"'",‘\” h" ‘u ifillmll“ so and 10 rents for every additional 3 words. Notices 0| ‘fir-inks "i" nlglna 760

l1 i ii. 10c oer Inch or to a r d l- “ “I. *“b’"‘lm°"; 515°“ 4'9 1 4

\l11i‘t‘1.'l In t W01’ . l! -

"arts or: inch Address and Presentation $1.00. Jtlirr ra cs n sxlave Lake r9 "‘“lIr1\IlI1Il. l bleep Rock 194

lglirdlwaillslke lag 5'8

n __ gudkcontl 33 1-4 . - ~ e illltllt.‘ illld remote Help I'm bale 1111c iiilmg‘ hi; Wanted fiiiT-Kii. -'-"171'1'om1i1§o1. I 1

___.____- uUfhi-‘S ‘lhllfi l_ yvdr» nl~~v-- wi-‘e- gm; 011s a; 1.3 “IN IODME" is. rt. b, b11211-(JtuLlti\Vit_uA1-l2_3_hy Uppfl. cda 185 uiisitmiq Qlufig 51511.9“ etc. "o r’ " M’ ' "" "“"‘“ veugfeb 290 l _ _ Wen go 21 _ I ileiiiiiiien-wloe exams helm L051 _ wood cad 9 11.11 11.111111, Free Booklet. ___________ _ _,___ ,_____.. W“ Hurg no

--1 t c D-llU-JB 1.141., ‘ioronw l0. LOST _ A PM“ up Boy-g ~ UNHSTED r»

Dialect in cullau No A8911“- _ glasses, 111 u_ case marked. ulc gum o" . T L‘ ""' “a~:f~"s..:r...,""rent; one ~1- - 0 et Iyéllflilll. Reatlrd Al letuiiit-tt fol ‘I01 T- ‘HM_‘_‘- '1 n1 Cla-te. 0d 0111101‘ FY1119‘? siiri, “ARAM” “Jfli-“EZTQI. atuieet. u-iv. _____1:‘_"P_‘13§_'1‘l:_‘_‘_‘l FE

-e-ln-i By Frederick Gardner

L-30-12-3-2l. ‘ “IAN'I‘ Associated Press F1 anclal Writer \_ ' —-——--———-—— 15,553.23 c; ,0... (J\\‘11 iiiin .1>.¢:mv1 NEWYORK, Dec. 3—((AP)—Se- Wanted lpqependcilt, wrilc tcdav 101' lHf lcctlve lmplovemsnt was to be seen ff - . . “yak-i Jlto Proposition No risk untul .11 today's stock market. 11AM‘ 1 __ ONE HEATED 300M thirty dav ulal cffci '11ic inc i, D.st;llers Seagram. Brazilian unliil-iifuirti. Phone 1638- complete line oiierc jTruction and Marconi, in the Can- L-57-l2-1-1i. Products far consumers. action 11st. advanced small frac- W“ -—_-__--_--- now u, . ii the new tic . liilrd, Impfrlal Oil and Lake 1 ' omen and mcn north .. .e ncs lo". as much. I“ enflneuus w l The Associated Press average of

60 Issues was unchanged at 44. month ago the composite stood at 40 and a year ago at 50.4. Trans- fci-s totalled 449,200 shares compar- ed with 478.300 yesterday.

Allied Chemical retained a point vslvaocc when directors announc- rd at. s2 extra: total payments of tlto company. though. have aggre- gated s8 this year against w in 1939.

in the losina- division were 11.5. Sit-cl, Bethlehem, Crucible steel. General Motors, Chrysler. Grod year. Montgomery Ward. Standard 011 of N.J., United Aircraft. West- mi Union. Consolidated Edison. nu Pant. American Con, Anaconda. Ki-iiiieoott, N.Y. Central and Great Northern.

improvement was retained by Seal-i Roebuck, Amer! m Tele- viizoi-e. North American. _Loew‘s Paramount. Union Carifde, Sperry. American smelting. Rtbber and Oheswenlfe 8M 01110

Bankers Review Canadian Business Scene After Year of War

Bank of Montreal President Sees IlewPro1l1ems,New Opportunities Confronting Canadian People

COMMENDS GOVERNMENT ACTION ON ROWELL-SIROIS REPORT

Holds Wheat Crop Is Asset of Great Potential Value —

Culmirlating a comprehensive

review of

-Deprecaies Spending On Peace-Time Projects

the Canadian business

scene with an enjolnder to his countrymen to "do everything that in us i lies to keep our house in order," l-Iuntly R. Drumrnond, in his presi- ‘ dential address to Bank of Montreal shareholders at their annual meet-

ing prob

The president said that while Canada was at present on the crest of‘ a wave from a business view-

01m. with employment higher

an in any previous period and industrial output on a swiftly ris- ing scale. it must not be forgotten that there will be an aftermath He declared, therefore. that “it behooves us all. while contributin in the utmost in. the prosecution 0% the war, to keep in mind the aci- justments which will later become necessary."

“Eiconomy in private and public expenditure," he said. "should be practised to the utmost and pro- jeots not relating to the war effort should be postponed to a time when they will not interfere with that effort and when the employment they afford will be needed. We

winds. but must do everything that in us lies to keep our house in order. We need prudence in gov- crnmental expenditure. prudence in business administration and pru- dence in our individual commit- merits.

“We need a determined and unit- ed front; to limit the inflation of costs of material. wages and the cost of living—-the “vicious spiral" which created such havoc after the Great War, when astaggering re- adjustment of prices marked the return to a peace-time economy and left widespread misery and ruin in its train. We must bear constantly in mind that conditions such as now prevail cannot possibly last, and that when the inevitable end to them ccllnes. avd we enter upon the ntov chapter in our his- tory and the ilistory of the world, the readjustment will tax every vo- scurce that we possess nationally and individually.

“It is not an easy life to which we arc being s1“ . but a hard life. Heavier trials and sacrifices titan we have known arc likely to be imposed unon 11s loefore tile curse of Hitlcriszn is removed from the world. Removed it will be. Life has no moaning for any free peoples unless it be removed. and not all the powers cf darkness can prevail against the conscience of mankind. now thorouohlv arous- ozi Already, hccailse of tho war. Canada 112s attained an import- "co among tllc nations of the world such as it could not other- w'=.e have aitain~d in certs-rations When viciorv comes-nnd it nlav be sooner than wo 01I'7!".'I—-€1101‘- mous new laws, new problems and. fYl“'\t"Sl o" i111. new 0p‘7'11‘t.l"\ltii"S will confront 11s. Lot us. there- fore. do cvervtlllne in our nawcr

to be worthy of the ntlsiFon WIIICII i"r-€ shall be collrrl nDfm to as=ume 'in the loconstvliclioi- of the world 0r. a new and a finer basis."

BANKS STiXTEMltIYI‘

Mr. Drummond. in his opening remarks. commented briefly on the banks financial statement which was laid before shareholders. “It ‘is ‘with satisfaction." llc said, “I report that. uohvithstancirirr the unusual tinlcs through winch we are bassinet. your bank continues in its customary strong position Our total assets. Wllllf‘ showing a decrease from last year. continue at a high figure. F1111 provision lhas been made for all losses and we are in a strong position. as al- ways. to moot any contnflvncy.

“Notwithstanding a heavy in- crease in taxation. willingly borne. profits under a generally larger vol- ume of business have been suffi- ‘cient to care for this added im- lpcst, to pay dividends in the same amount as ill the tin-it several years and to carry forward a small nlar- lziii to our profit and loss account iThis result has been due largely ltu the hard work and loyalty of the bank's staff. In my remarks of last year reference was made to the restriction lzilaccd upon bank rofits bv the very low rates of ntercst prevailing and other fac- tors. and it is interesting to note that, for the twelve months nclf under review‘, on average assets of seraoooooo. ivlilcli is seooooooo more than last your. the not carn- ings for each $100 of the Banks assets wrcre 35 cents."

wan FACTOR DOMINATES BUSINESS lNDlCES

In revievzlng the business situa- tion. the piesldent observed that, while a year ago business was just beginning to feel the impact oi tvar conditions. today the economic lndices no longer give the true picture of the ebb and flow of business because of the over- riding influence of the mobiliza- tion and the progressive utilization of every asset the country pos- sesses for the most intensive pro- secution of the war.

"We fully recognize the stake which is at issue." the speaker de- clared. "We know we are fighting for all we havi- and are. and our whole national economy Is geared to that realization. Few of us who were hcvc last year thought Call- ada could go s0 f!" In effort in the production of material aid as she has _ just at the lar-riiiiiiinir. The pro tlon of war supplies will be im- nmnselv grenm. ncxlllvenyt- i n1‘

" usincss LwIlPYfl Y l 5 5 ' of b that practically

I

"iclenh 1w slullldtlklflill and com . x0 o v - Irleagiallnlthtlvitv is reflecting the

of oiii- war programme-

lnwnslw been the impor-

loutstanding has .tance of our mining industry. only n fully recognized and of the lgreatest help Ill stabilizing our ex- change. Onr railways are show- in; the highest traffic returns in years. Employment is at such a high level that we arc approaching the point vilhcro it may become ne- necessary. as Great Britain. to curtail peace-limo activities for tho purpose of. furthering the II

ff t e or rally. Canada had

A 1' nu wennulillng 1940 which. the

done presi-

must not throw prudence t0 the.

_ 30 per cen

war l

l

crops. “Sales of

dent said. had been a year of good _ livestock dairy products.’ he observed, "have been satisfactory and the aggregate of revenue to the farmer will be‘ large. What, in the final account-

esterday, declared: “When victory comes enormous new tasks, new ems and. greatest of all, new opportunities will confront us."

HUNTLY R. DRUMMOND

anri

GOVERNMENT FINANCES

In referring to the finances of the country, Mr. Drummond urged

economy in all “peace-time expen- .

dltures" so that Canadlrs war tusks

‘might be the better prosecuted. '

He referred to the Price Control

was “zealously seeking to stabilize prices."

“The Excess Profits Tax," the president remarked, "largely elimin- ates company profits; it IS equally the duty of the Governmenttosee that wages, which form the major part 0i.’ the cost of manufacturing. are not unduly inflated."

On the subject of taxation, Mr Drummond observed: “War has cast a glaring light on the clumsy and inequitable structure of over-lap- pln taxation which has grown up wit iin the separate jurisdictions of our various governments, andIam glad to note that the FederaiGov- eminent has called a Dominion- Provincial conference for the pur- pose of considering the adoption, without undue delay, of the main principles and recommendations made in the Rpwell-Sirois Report.

"This report was compiled after several years of investigation and study by a most sincere and able body of men. If taxation of an es- sentially national character, such as taxes on income and succession dues. were reserved exclusively to the Dominion Government, as the Commission has recommended. 1t could be levied with greater equity, efficiency and economy to the join‘. benefit of government and taxpayer Business would undoubtedly bene- fit from a definite allocation as between governments of taxing powers and o! control over busi- ness, and the saving to the country in costs of governmental adminis- tration would be great."

GOVIQRNIVIENT CONTROL$

Recalling his remarks at the 1939 meeting on the subject of overn- mental controls, which. whIle ne- cessary in war-time, must of ne- cessity act as a weight and retard- ant upon the free operation of business. the president declared: “If only for the purpose of keeping the matter to the fore, I would re- peat here that when peaoe is re- stored these controls should be removed as rapidly as conditions ‘Dormit if we are to avoid whole- _sa1e reginlcntation of industry and ilobour, which would be contrary lto the very spirit of the freedom ‘for which we are fighting."

The speaker referred in glowing

you go" as f speaking to sharehol

next year by additio “The magnitude’ obligations on the

bodies in every

ivinning the svar."

6d.

not be estimated. that one of the

N

Europe and its impo progressively Back of

ada holds in store."

Mr. Drummond while the mar lEul-om ed, the increase ports had been re the twelve

ous year. same period 000,000. Calla amounti 000.000 during months, was no figures and shou favoura

the

‘president, “is that our ance of trade with states. which formerly by means of our with other coun be arranged in a. credit b and a debit States (for w these must now erally.

“As PC8111‘ repatriation of C of securities held in

states. to the total calc our interest an mcnts to residen and from th shipments of gold an the tourist trade.

the balance is agai our dollar is a United States. Canadians for travel in states has

trol of all Cona that country a if necessary.

of regulating the

hi f am lb" the neop irnado most wililngiyfk

lust they totalled $1.150. t more than in t Imports had risen in the 46 per cent to dais gold production,

"The difficulty today.’

While landing the Gover nr as lavas consi dcrs n‘- the 1231': cf Montreal, declared that the gap between revenue from taxation and war-time expenditure was tr "S0 far as estimates are at prose programme of production, the Dominion Government purposes alone during the curve be added non-war expenditures the Budget This form normal peace-time expenc nal heavy war appro of prospective cxpendlt Government and on priv continue to avoid inflation. For the (government. all expenditures which do not contribute to the n the lowest possible limit and this duly field of administration. personal expenses and will do so w