r

_, mPq-EMBER 1s. 1932'

olnio Conference pointing the. way to the possibilities for economic co-

THE C TO\VN GUARDIAN

credit isexpanded. What is im- portant is that there should be

sThe Story 0i

I

PAGE FIVE

operation between nations, it may confidence in currencies and in the, not be foo much to hops that tnosbillty of busnoss and business men‘ example will suffuse the minds of to overcorne..On the whole, there-' other peoples. Tn, London Confer-lion, I feel more optimistic today ence in December may go=iar to than I have been for many months saner economic policy. Al-'for after all one can at least find many evidences oi constructive en-

An

MONTREAL, Sept. 14 - (B; The Canadian Press) - Leader or a group of 26 men and women of the Royal Astronomical Society,

Sees Promising Evidencei Of BusinessReadfustment

Eclipse The Household Word For Tea

a.

Full Text Of ‘Optimistic Address Delivered By Presi- dent McGregorAt Annual Meeting Of Chamber ,Of Commerce. Success ‘Of/mp erial Economic Con,.

ference Is Warmly Commented Upong

Immnx, Sept. l4. (By thelstandstill and others but slightly the opinion that we need to be Qfllldllll Press)-—Business in his {better oil’. with railroads hardly very wary oi this spectacular rise opinion was on the threshold of the | earning anything to resemble a de- because it is not based on realities upgymg. announced Colonel W. L. cent dividend. with price-cutting as yet. Furthermore we business

Moqregor, in the course 0i his pres- gdential address to the annual

nleetins 01 i119 c1111“!!! 31151111191‘ ‘ °°m4m1°d 10W Pflws Ind moratoriag ences and when so many readjust- o; commerce here yesterday. Mr. Mc- I being declared on farm mortgages’ menu are still required.

Qregflf said this was also the opin-

- ‘on oi many leaders in industry.

col. MacGl-esorh address follows:

vrnree years have elapsed since we depression bore down upon us. ThICB years, that is to say, if we j-sgard the stock market collapse oi

v 1919 as the beginning which we of

s

un- American Contlnent are inclin- gd to do. Yet in reality it has been established since then that certain important phases of business began go get out of line as far back as

I twelve or more months prior to the

‘Wall Street break. In other words, we may say that in 1928 there appear- ed signs of maladjustment which, virtually impTJKslbTe to interpret at that time as positive indications of

.a crisis, were yet the forevprnirlg

ngns oi critical days ahead for bus-

iness. What has come to pass since,

then is familiar to all of us. Tile period has gerlerally been termed

gone of depression and sometimes

more conservatively as one of abnormal business conditions. When we consider, however, that it 1s largely if not entirely a phenomen- on in which relationships are out

. oi line, I am inclined to use the

term "a. crisis of maladjustment" for it best describes in my opinion the state ofaffalrs we have been and are experiencing. Proceeding. then, with that thought of malad- justment in mind let us consider whether readjustment is becoming

apparent and to what extent for 1e 11111111! place favorably. We may many) have been blasted by the we cammexmtrewvew unm’ lucmnot make big profit; but what lsfllnoptso called statesmanship oftno while that the outcome of the r-ltv o1 following up the work or tho

a time as the relationships between various types of business get back into lines permitting a flow of goods—in other words until certain

? fundamental readjustment; are ef-

fected, Now let me here inject the warning counsel that we business men are better advised to face the facts and voice our candid opn-

ms rather ma“ to W" away d‘? some of our manufacturers feel ever, was a climax of a most en-

, llbcrately from those ghouls of the , night we prefer not to see. For the

wkh to be father to the thought is a poor policy in business forecast- ins-

Prcdlctloln Fulfilled

Many of you will remember that

1 last January I released a statement

on business which Among other things was. rather different from Illslly views then held. Subsequent

below costs of production still veryi evident, with agriculture faced with .and other mortgages too, and with

our overseas trade so far below nor-

mal that I would rather not refer a to it. -

i

Already an Threshold

In face of such facts and many others one cannot trumpet recovery but, it can be stated (and it is my own flnn opinion) that we‘ are 8.1-‘ ‘T9115? 0119 slop on the way-or as I llflVg chosen to express it above "we are on the threshold."

And here are my reasons.

Taking agriculture first. it is authoritatively reported that Can- ada will harvest a ryally good wheat crop this year while the products of mixed farming are also reported in higher volume. Now I admit that prices are very low and thatwhile bids for some farm produce show signs of higher levels. wheat quot- ations will most probably remain at near present levels or very little higher. At such levels, however, we shall control markets as U. B. prices are‘ quite out of line. Meanwhile our traders anticipate good business from Europe. In other words, Canada. has adjusted her price for wheat in line with what gthe world is able and willing to pay and we shall do 800d businm at that level and pro- bably ltquidate a volume of carry- ‘overg from past years when we weYe

' nearly < heartrendlng

ready in my opinion there ls strong evidence of potentially bold read- justments irl tariffs. I believe there is a change of thought in process in the United States for example. This, together with continued pres- sure from the International Cham- ber of Commerce and business at

restrictions downwards all over the the world to something approach- ing a reasonable level. Add to ths. war debts and reparations in which sweeping readjustments are required for the sake of commod- ity prices and of relieving busin- css the world over from the burden of the dcadweight oi years of de- structlon, and one can understand ,the need for bold staiosmanship. It is the lack of such statesman- ship which has kept us dragging but I believe we are already past the time when politcans; and people are prepared to receive sweeping revisions. Look how the world received the Inusarlne Agree- ment. it would have been impos- weshould not be too extravagant slhle five or even two years ago. in hope to the extent to which _ This is a. splendid sign and wc can commodities will rise although the derive encouragement therefrom. trend can be regarded as the pie-I scursor oi the end to commerciall stagnation. The iull return is in" dependent upon the fostering and implementation of a bold co—0P91'- ative intematonal policy.

When we talk in such vein oi these things we come to a ‘power- ful realizcton oi the'~l.ct that our business is almost entirely depend- ent upon world conditions or at least the prosperity oi major nations. If the oasis oi maladjustment towhlch return of confidence in the U. S. I refer is not altogether plain todollar, the firmer tone in com- us in the domestic sphere ‘t is cer- modify markets, and the gradual tainly quite clear to BHYbOdY W110 reentry of funds for investment and has followed international trendsflng speculators 1n trade, There are The economic iopsyturveydom of the many evdences to suggest that pest few years practically surlmss- dstress selling is over in most lines es 111.1" understanding. It has b13911 oi raw commodities. There is also to look on strongy discernible the impres- while the glorious efforts of such slon that lbusiness and governments men as MacDonald; Chamberlainflare gathering the reins into their

men should be careful to avoid pro- gnostications based on slim evid-

Lausalme Conference

As to the rise in the prices oi the raw commodities, the Lausanne .onference no doubt had much to- do with restoring confidence. Many are cheered because they feel that the rise is evidence of the economic law oi supply and demand again functioning freely. Yet it seems that

Regaining Supremacy

Meanwhile, bear in mind such ly improved economic outlook in Great Britain, the fact that Lon- don is regaining its supremacy as the centre of international finance, the financial co-operation being more strongly evident than ever between New York and London, the

out oi line with world parity; The !readjustment has starisfidyell and

if anything, more important we are working ourselves info a. sound po- sltion-and a much sounder ition than we have been for q some time.

present circumstance. I believe that much better as a result of some

good financial housecleaning

air quite shortly.

17111189038140" l! 11191118 511- 911' uatfon. The full effects, however. whgch L; bound to come berm-a m- open to business. Governments have tremely difficult situation but it is t we" bound to he held back in view, “my normal business can be ex. certainly done their part and done!

so hand in glove with the ccmit- ions oi business generally that we fcannot expect otherwise. The po- 'sition of Canadian transportation is i-such that it was necessary to set up _,s Royal Commission to '

the late Herr Stresemarm and Jirun-‘hands and that we may expect ing (to mention only n 59W 01 tangibilities. ' Yet as I say its, pointing out

is awa"ted. I

certa'n other men. The politico- London Confgrencg financial intrigues beneath the ggnnot possibly overlook the loot

pos- surface in Europe these Dis-it fowl that foreign exchange is not oper- 111151119-55 15111011811013 uite years are almost as scandalous as gtjng naturfilly- It is being operat- "n which movement your National i .they are amazing and unbelievableler-j grtificialy. I refer, for example, Chamber here in Canada. has act-

Then turning to industry and Delay, excuses and refusal on them; the managing of sterling ex- ively participated, the Governments transportation we find very drastic one hand have counteracted con-‘¢j.,,nge_ Th“ management 15 e5. of the Commonwealth-are readjust- Yelldlustmcflis beinS made ioflt the structive, wise and far-sighted ef- wqqa] at the moment bu; U; can- irig tariffs to facilitate and en-

forts on the other. Lausanne, how-i-ngg 50H an fgfgvef and must in time return to a satisfactory and

‘automatic bass. Neville Chamber-

couraging nature to a Conference‘

1111f! ‘bristling with dimculties and has 11in in pttawa assured us that it be extremely well satisfied with the those now undergoing the unpleas- ‘led Europe a long way on the fflfldlwij] and gt; 1s an open set-mi; that results of the Conference and ac- ant process will also breathe purer to readjustment. Already there OaIliLondQn is aiming at such a basis. cordlnsly it is up to us 110W 1°

readjustment

be discerned an easing of the sit-‘That 15 a ecessafy

or our Empire Conference in Ot-i pectin tawa and now that that is satin

“faotorily concluded business awaits. Finally. 111st 511YV9Y the budget

the outcome o; the 10nd,,“ con-Vposltlofls of the, major nations. ference in December. It certainly Great Britan is the only one which

1111811789 lseems that the wayto internation- 18 119111‘ 11 Sfllmd basis 811d 100k 111- Empire which 5s a polcy long since

major readjustments as the great’

Miss Mary Proctor came to Montreal "for the simplc enjoyment of watching the eclipse Iof the sun—for one minute and 20 iseconds." Miss Proctor ought to jknow what pleasure there is in I- would like to refer m passing viewing eclipses for she has seen

deavors which should be effective towards giving business" a chance ‘to get back on its feet.

Governmental Economy

large throughout the world lsbound to the necessity of practical re- fm" when’ ‘me efmh 1“ N°rw“3'"' to lead to a readjustment oi trade adjustments being further evident Umwd states’ spam and England" ‘

-n public admufnrulmm through This vivacious little lady has

out m“ counmh mesa repdjush also written l2 books on astrono- mems should take the form o! mical subjects. lectured throughout

Sm“ economy‘ Business ‘or some ‘he British Isles and acted as total

Mme put has fen keenly the tax eclipse correspondent for the Daily_

impositions of federal, provincial Telegraph o’ Lona” °“ °°°“s‘°“'

and municipal bodies and now m_:furnishing that paper with an ex- 5M8 upon policies of public “Xmnce elusive story of the phenomenon of more in keeping with the present August m’ this year‘

day‘ The rev. s10 mm’ governments Miss Proctor tells oi an interest- nom “mt to waist Wm on the ing experience while acting for

whole require to be quite far-reach- the Daily Telegraph during the ‘mg and m not a “w us” thue eclipse of 1927 in England. With other newspaper correspondents

lSl f kl ll t b6 dl-llstilclislttrl: all-trail:- oltllam ofo the she new from mloyde“ w the mm‘

question for public overspending to o‘ England and rose Q2000 feet’ continue on "5 present male‘ u well above the clouds. Unfortu- oilot had not been

we are to avoid the danger of “new the . Crippling the chances o! business washed tthat ittwould become dark to progress, Governments in this 3n Jus as ommy apprmwhefi’ country must draw in the} homsq e switched on all the lights. This

naturally spoiled the whole show. The pilot duly repentcnt promised -Miss ProcWr he “would do better next time." "Do you know when the next me will be?" she asked. He shook his head. “i999!” That was not the worst part of ‘he experience Miss Proctor ex- plained: "The other plane full of reporters did not reach the pain of the eclipse in time, and as a re- wult they did not see it. When we ‘ancled they followed us and some of them crowded around me and listened to my description. They mad: for London in fast motor ‘cars while the rest of us took the bus. When I got to London here was my own description published in a rival newspaper before my own story was written."

It is up .5 the citizens of Canada ‘.0 make this view articulate to their representatives and also ice-operate with governments in a practical manner to assist them in finding sound means for retrench- ment and by ceasing to ask for further public expenditures. The Canadan Chamber of Commerce is committed to throwing its full weight and energies into this im- portant wcrk. It will do its part and has the support of the busin- ess leadership of the country in its task. As President of the Cham- ber I call to the people of Can- ada also to work individually and cooperatively to the most desir- able and in fact essential end oi assisting federal, provncial and‘ municipal Governments to econo- mize.

Success of Empire Conference AN ALL ROUND-BANK CLERK Another task which faces Can-

adian business today is the neces- MONTREAL’ Sept‘ l4 fl (By

The Canadian Press) —- Holiday-

kers returning from visits to 1 il f . sum“ - mpera Economic can erence some of the smaller French villa-

the unanimous request of organized ‘gas "en has d6 Quebec" bring back

of London,

"SAMBA."

TIA

tKilled . In An Accident

The young man mentioned in the following article is a nephew of Mrs. George Grant, Pleasant Street. His many relatives here will regret to hear of his death. '

(Belmont, Mass, Exchange.)

The cyclists who had made up the party who went to Montreal over the holiday week-elld served as pail-bearers at the funeral of Arthur W. Baker of 72 Palfrey Rd, Thursday afternoon. Baker was kill- Qd in Gardner, Mass, early 'I‘ues- day, morning as he rounded a curve on his motorcycle.

The funeral service was conduct- cd by Rev. Dr. Heath, pastor of the Waverley Baptist Church. lnent was in Mt. Auburn Cemetery. A wealth of floral tributes testified to the esteem in which the young man was held.

He was one of a. group of six local motorcyclists who had spcllt the week-end in Montreal. When the rest oi the party stopped for sleep Arthur and his companion,‘ John Baker of 84 Poyson Rd., rid- 5 lug in tandem, continued on. At; the intersection of West Broadway and Pleasant St, in Gardner, Bak- er's machine crashed into an auto- mobile operated by Gabriel Kanp- pinen of Templeton. Arthur W! Baker, the driver, was almost in- stantly killed as his neck was brok- cn in the crash. His companion.- John Baker, was thrown 20 feet] from the machine but escaped with I minor bruises. '

The injured boys were rushed to ‘

Gyciis

the Henry Heywood Memorial Hos- , pital where Arthur was pronounced I dead. John was treated for his in- I juries» and discharged from the hos- pital. Both boys were of the same age. l9, and the same name, but they were not related.

the Empire’ tales of changed times there since handicraft markets have slumped. “It used to be that the women folk made so much money from their lspinning and weaving their hus- courage a more stimulating flow of lbnnds could take it easy". mused- trade among British nations. Weiggglzgrsexlzxlforldhe my“; 5:12:11 ‘msmm m“ ha" g°°d “m” wlchurch to chat with some tourlstoi "But now! Well, the men have to roll up their sleeves and go to ,work. It's not like the old days. The Qwomen earned big money then.‘ They worked hard, making home- spun hlankets. ‘catalogues and hooked rugs and sold them as fast as they made them. Now the tour- ists don't spend as much money. 1o the husband must go to work.“ Some of the women in ‘these dis- tricts, tourists say, have been to normal school and often are the

make use of the greater possiblties

it well. Ist us appropriately ao- knowledge our Empire statesman- ahip, It is now the resonsibllity of I business to promote in a practical’ fashion greater trade within the

Arthur Baker had lived in Bel- mont for 12 years and was gradu- ated from the Belmont High School in 193i. He was employed by 1119 local S. S. Pierce store. He is the l son of Mlzand Mrs. Edmund J. Baker and is survived by three bro- I ihers, Lyman S,, Karl W., and Har- old E., one sister, Muriel, all of '12 , Palfrey-Rd. He was a former mem- bet of the Methodist Episcopal § Church School and had also been u Boy Scout of that church troop.

LENNOX HOTEL

IoililStS at Lennox Hotel, SCUPlZi, July and August were: Victor Ling. R. H. McNeil], Charlottetown; Marie Peters, Rollo Bay; Ml‘. and Mrs. W. C. Hoyt, Miss Alfredo Griffith, J. P. Cannon, F. G. Kelly, l Herb Prowsc, Charlottetown;

Inter-

iFairvielv, N. S.;

"Fresh from the Gardens"

Carron, Charlottetown; J. R. El ride, Halifax, N. S.; N. M. For

sythe, Mr. and Mrs. L. A. McIn- nis and child, Mix and Mrs. T. M Howatt. Lilian Compton, Budd Howatt, Charlottetown; Michael Murphy, Belfast, Ire; A, T. Mur- naghan, Charlottetown; Blanche -Conroy, Charlottetown; George I Schurman, Halifax, N. S.; David L Redmond, Halifax, N. S.; Eric D. Murray, Halifax, N, S.; Irving Co- ‘han, Bridgewater, N. S.: Miss Ger- maine Senoy, Quebec, Que; Mr. and Mrs. R. C Howatt, Summer- side: Florence Hemsworth. Toron- to, Ont: Mr. and Mrs. S. H. Hill Montreal, Que; Thos. Dean, Syd- ney, N. S.: M. S. Jardine. Mt. Stew- art-; Mr. and Mrs. John Comptol and family, Bangor, P. E. I.; Rev. Louis S. Dougan, Mrs. Richard Dougan Sin, Miss Marion Dougan Miss Bessie Blanchard, Josepl Dougan, Charlottetown: Rev. J. E Dougan, Calgary, Alta; R. Gray Hilbert Frizzell Covehead; Elmer Saunders, Cove- hcud; T. D. Bennett, Stanley Bridge: W. C. Leblanc, Moncton; Eugene Perl-y, Tignish; R. J. Mc- Donald. Mr. and Mrs. Allan Mc- Aulay, Miss Marjorie Mitchell Charlottetown; Miss Agnes Pegot Antlgonlsh. N. S.; Miss Lillian Mc- Carron, Charlottetown; Rowland McAulay, Lloyd McAulay, Char. lottswwn; James B. Jay, Morell; c- E- MCGTEBor, N. J. Cheverle, Mrs. N. J. Cheverie, Charlottetown; S. M. Dunn, Harcourt, N. B.; Rpberj Emery, Wood Island: Mr. and Mrs, N. B. Lecruen, Braintree, Mass; Mr. and Mrs. E. W. Emery, stone.

‘helm. Mass; H. C. Deming, Wood.

stock, N. B.; L. H. Gesner, Am. herst, N. S.: T. D. Webster, Char- mtteiflwn- P- E- I-l Ritchie Quinn Charlottetown, P. n. 1.; n, 3' Frlnk, Belleville, Ont; A. J. Raney Ottawa. Ont; G. Leavers. Belleville, °111-i Q R- Lecvers. Belleville, out; Clem Ennis, Oshawa, Ont, ___________ “BEAUTIFUL ISLE or‘ Tm: gm.

How dear to my heart is this beau. tiful Island, ‘

With green-spreading meadows and crystal streams pure!

A Peace of enchantment. scenery bewitching_

9- may its wild beauty forever en. dure!

with

Iiild sweeps the breeze o'er its recl- colored bosom,

in the gay morn when the dew diamonds shine!

lvllilo flowers unfolding drink dee; the sweet nectar

Wh'ch brings fourth their beautj .50 pure and divine.

the maladjustments apparent. Theiriul readjustment is much clearer 1119 14110558-1 9510118 it 1911111194 511d adopted by business. In this work.

m-W cdllcated 96°11“? l“ ‘h’? Pmce- Collins, Halifax, N. 5-; H. J- P011‘ ‘ Let poets and punters exalt in the

_~ “Yin! "the next eight or » months will probably see a. great

" ly on the too hopeful side as far p as domestic business was concern-

‘ shall admit, however, that what I

events (fortunately for me) have turned out as I anticipated in al- most every sphere. I veered slight-