l E i l I

i Y. Stock Exchange

‘islofll CI Am O Ind I I 1-4 Am hr Pr 1 7-! All Redhfm‘ 9 1-2 Am 168 1-4 Am 11 1 Ana 28 1-4 B 1-2 5 1-2 15 37 3-4 73 3-4 89 1-2 83 1-4 1 1-4 30 1-2 28 1-2 35 1-4 38 1-8 46 3-4 51 7-8 17 5-8 2'2 1-41 Cvt N01‘ Pfd ."l 3-8 Hudson Mtr Cur 5 8-8 Int Tel <12 Tel 4 Kenneoott 35 1-4 Mont Ward 56 3-8 N Y. Central 16 5-8 Nor Am Co 2'7. I-4 Nor Pac 8 1-8, Paramount "‘ 7 l-B Pen R R 21 3-4 Phil Moi- 83 3-4 Phil Pet Co 39 1-2 Pure Oil Co 8 3-4 Radio Corp 5 3-4 Sears Roe Co 81 5-8 South Poo 13 Std Oil N. J. 43 3-4 Texas Corp 43 7-8 United Air 44 3-8 United Corp 2 3-8 Ilniied Drug - 5 3-8 United Gas Imp 14 1-2 U. S. Rubber 36 3-4 U S. Steel C0 5S1 U. S. Ind A1 22 Vanadium 30 Warner Bros 3 1-2 West Union 23 3-8 West Elcc 106 l-2

(Canadian Press) Close Bell Tel 8 1-2 Silk 5 Bldg Products 17 Csn Cem 7 3-4 Oan Nor Pr 17 1-2 Car 25 1-4 Can Ind Al A 3 1-4 Csn Steamship 8 81 1-4 Cone Smelt 46 8-4 Diet Seag 23 1-2 Dom Bridge 87 3-8 Dom Steel B 4 1-2 Dry 10 Ilbunda Co 10 1-2 Gen steel Wrs 9 1-4 Hum Bridge 6 1-4 How Smith 20 Imp Tob 15 3-4 Int Nickel 44 1-2 Int Power Pfd 88 Massey Harris 6 McOoll Mont 8 1-3 Mtl Power 30 3-4 Nat Steel Car 64 Shawinigan 23 St Law Com 4 8-4 St Law Pfd 1B Sou Cari Power 14 Wpg Elec 2 1-4 W g Elec B 2 1-4 ONTREAL, Jan_ 15—(CP)—

Prices declined fractionaiiy in quiet trading on the Montreal stock ex- change wday. Many trader; ignor- ed the market, bein, mostly con- cerned with the new Dominion of Canada war loan.

Losses were sprinkle" throughout the list. In metals, declines appear- ed for Nickel, Smeliers and Noran- da. Lower utilities included Brazil- ian, Gatineau and Shawinigan. United Steel, Canada Cement. Dominion Bridge and General steel Wares were among construction los- ers, Also backward were Interna- tional Pete. Imperial Oil, Price Brothers, Howard Smith. Canadian Ceianese and Ogilvie Flour. Hamilton Bridge, Building Pro-

New York Curb

(Canadian Press)

Stocks Am Cyariamid "B" 32 Am Cras & Electric _ 37

Am Super Power 7 1-6 Assoc Gas & E1 “A" 1-4

Brown Co Pld 23 3-4 Brown Rubber 3 1-4 Cities Service 4 1-2 Creole Petroleum 21 1-8 El Bond d: Share 7 3-8 Gulf Oil Corp 36 1-4 Humble Oil 61

Iockheed Aircraft 28 1-2 Niagara Hudson 5 3-8 Pantepcc Oil , 4 3-8

Montreal Curb

(Canadian Press)

—vm

Stocks Close Abitibi Com 90 Abitibi Pld 15 1-2 A;bestos 25 A B Oil 23 1-8 Beauliariiois 6 Bathurst A l4 Don A 9 Fraser V T O 19 Ford A 20 Imp Oi] 15 In! Pei-e 21 3-4 Melchcrs A Price Coin 20 3-4 GRAIN WINNIPEG. Jan. 15—(CP)—

Gains oi more than a cent were scored by wheat futures prices on Winnipeg grain exchange today as increased tension in Europe held sellers lo the sidelines. Only mod- crate support. was necessary to boost valurs and at the close they were 1 1-8-1 1-4 cent higher, May at 8'! I-B, Jly 87 7-B~88 and Oct B9 1-8 oenis.

Buenos Aires quotations stead ed a little afler a shaky start and near the finish were only l-4 cent low- er.

NEIV YORK. Jan. 15—fAP)— Foreign Exchange: Great Britain (‘remand 3.97 3-4. 3.97, 3.97 3-8: Ca- bles I197 l-4' 60-day bills 3.952 90- day hill: 3.93 l-4; Belgium 16.81: France 325 1-2; Germany 40.2511;

ducts, Canadian Car common and Dosco improved a little.

Total sales: 42,100 shares: Indus- triais, 17,300; Mines, 24,800; Bonds, nil.

e Livestock

MONTREAL, Jan. 15-—(CP)—- Cattle moved slowly at steady to firm prices on the Montreal live- stock market, the Dominion De- partment of Agriculture reported boday_

Rgceipts were cattle 943, calves 851, sheep 1,095 and hogs 1,075.

Lambs were steady and mere was an easier undertone to lllt . , market. There were not eii _,.l sales of cattle lo establish prices

Medium good to good veal ca.ves were 25 to 50 cents lower, other grades were steady. There were no tops. Good veals made $11.50 w.th medium around $11 and common light veals down to $9. The bulk of the sales were made between $11.50 and $11, Drinkers ranged from $6 to $8.50 and gi'as.~.ei's were $5 i0 $5.50 mostly $5 to $5.25.

Lambs were steady. Sales were made on a flat basis at mostly $5 with an odd small lot up to $8.50. Receipts were made up on pracbcai- Iy all buck lambs. Sheep were from $3 to $5 selling mostly from $4.50 to $5,

There was a weaker undertone to the hog market. There were no early sales registered, and sellers were holding for higher bids.

Produce Prices

MONTREAL, Jan. 15—(CP)- Produce Market prices here today. as reported by the Dominion Dc- partment of Agriculture, follow‘: Butter: first grade ci-eamery prints, Jobbing price, 29; first grade solids, Jobbing price, 28 1-2; Que no 1 pasteurized, regracied butter, wholesale Jobbing price, 2'1 5-8; Qu- no 2. 26 7-9. Cheese: Ont white and colored, current receipt price, 17 15-16. Eggs: graded shipments 1n used free cases, selling price. A-iarge 22 1-2-23; A—medium 21: A-pul- lets 20; B-large and C unquoted. Potatoes: Que no 1 751s 1.10-1.15; Que no 2 751s 95--1.00: NB no 1 75's 1_25-—1.30; PEI no 1 75's 1.30-1.35

Italy 5.05; Canada .88 l-4.

Advertising ‘Rates-

MlmImui-n Charge for Any

Central Guardian locals, 5o per word; 2c per word; Announcements and Coming Events 3o per word; Classified 3c per word; In Memorium Floral and Spiritual Offerings, Cards, Condolence 70o ner Inch. Wedding engagement, 40 words for 514,1, and 10 cents for every additional 3 wor s. 70c per Inch or 4c per word. inch, Address and Presentation

Appreciation, 4i! cents per application.

FOR SALE AT PLEASANT GROVE

Work Wanted .______€. COUNTRY onu. WANTS uousa

Payahleiin Advance

Advertisements 25 Cents Western and Eastern loesls

Notices 70c per inch; Lists of etc., 5c per name; Letters ol

Notices of Thanks and Lists of Subscrl tiona $1.00. Other ra s on

izucre ofw oa d. A 1'2 riiiismFQ suggrfiiisaii-i-llilj-la-‘ed’.

work. References. Phone 1714. L9“ 14-576-1-16-21 . LOST ~— LADY'S GOLD WRIST Nuf5|ng ‘lgllawh. Reward. ippg 11.111131121- - -b '- -l'-‘ .

NURSING WANTED-BY TRAIN- ecl practical nurse. Good refor- ences. Phone 194-1. 11-535-1-15-31

p‘ Male Help Wanted

APPRENTICE W A N TE D '1‘ 0 learn Barber Trade Shnrg Course.

Ex ri. iralning. Molar Barber Col ege Halifax. N455. For Sale

FOR SALE -~ COMPLETE SOUND

stem for rink. Appl ' " care guardian, L- 95-1-13-18.

FOR SALE - JUNIOR (YIIAIIIPION Jersc bull. Apply Harold Slead. Brac icy. 11-529-1-15-21.

FoTfitu-cbiivan wiiA-rrTcir. 63 Prince Street. L-524-1-l5-3L

WANTEI) MAVD. COUNTRY GIRL

LOST-Slam ON GREAT (mogul: Street between Grai ton and Kent.

MINN s G _-_ , (Cssislhe Pull TOD-ONTO. Jill- 15—(CP): _ Aldermee all ADC C421 97 Amtll 14 Aunor 3.4a Begamu M Blnkfleld , M I-I Bgsee Met BOI-l’ N 1-4 BQMMQ LU! Bidgood 18 B18 MIBI 1i l-I Bobjo ' Bralome . 11 Broulan 01 Buff Ank 8.80 Buff Cdn N Bunk H111 N Cal Edm 3.10 Calmont 41. Mal 79 Cas Treth 73 0011f, POM Chester 94 1-3 Chromium . Coohenour 71 Commoli 30 Conlaurum 1.74 Con Chib 10 Con Smelt 46 3-4 Davies 27 Dome N Dorval 04 1-2 East Cr 07 1-2 East M81 8.5 Eldorado 1.00 Falcon 4 30 Fi-ancoeur 61 Gillies 07 1-8 Glenora 01 G ‘s Lake 60 Goldale 20 l-I Gold Eng 21 1-2 Gold Gate 21 Goodflsh 01 1-2 Gr Bousq 02 3-4 Gunmr 60 Hard Rock 1.30 l-larker . W I-Iollinger 14 7-8 Home Oil 3.85 Homestead 06 1-2 Howey 136 Hud Bay 31 3-4 Int Nick 44 1-2 Jelllcoe 15 1-4 J M Con (Y1 7-8 Kerr Add 3-50 Kirk Lake 1 44 L. Shore 30 1-3 LEIIIIBIIIIG '1 . 10 Lana Cad 18 Lebel I 01 3-4 Little Il 3.05 Macassa 4-40 MacLeod 3-30 Madsen 53 Maiartic 94 Man 8c Ea 01 1-4 u/lcInt-yre 53 McKenzie 1.37 McVlt-tie l1 1-2 McWaitcrs 44 Min Corp 1.25 Moneta B3 Morris 95 Nayhob ‘. 32 Newbec 09 Noranda ' 77 1'4 Nordon 96 1'3 Norgold 05 1-2 Normefal 53 O'Brien ‘L59 Pamour 2-15 Partanen 0'7 1'4 Pawngsfl 49 1-4 PEITOIT 2-90 Pick Crow 4-05 Pioneer 2J5 Powell 1 93 Premier l 1-35 Preston 2 17 Royalile 34 1'3 St. Anth 15 S871 Ant 2-32 Sand Riv 13 Senator 51 3'4 Shawkey 94 1'3 Sheep Cr 1 15 slnrritt 1 1° Siscoe 5° Sfaden 50 Slave Lake (Y7 ‘s. a. Pete 05 1-1 Steep m» 1-80 Straw L 94 3'4 Sturgeon 12 Sud Cont 95 Sullivan 93 Sylvanite 3-30 Teck Hugh 4~1° Uchl 98 Upper Can '75 Ventures 4-19 Waite Am 5-65 Wendigo 09 1'3 Vfiltsey 09 Wood Cad 74 Wri Harg 7.95 CURB Brett 01 Coast Cop 3-90 Mandy 12 Pend Ore 3-15 N t. Any one caught trespass-

ing or cutting wood on pro- perties known as Arthur and Gillls properties will he prosecuted. Signed,

CLIVE McNEIL.

‘Seven

lloyal

Fomen My Morris W.

en Britain's Position.

Exchange Contra‘

A striking comps-neon between the Canada of 1914 and to-d-ey with particular reference to the Impor- tant economic contribution this country can make to the milled cause were features o: m; gouge“ KIWI! by Morris W. Wilson, Presi- dent and Managing Director, at the Seventy-first Annual Meeting of The Royal Bank of Canada.

"Canada," he said, "is In s posi- tion to contribum assistance to the cull-w In truly ImPPe-"sive propor- tions. to an extent, in fact, that may decisively turn the balance if the other contending forces are anv- flhing like equal."

PROGRESS SINCE I940

Since 1914 Canada's eoorialnc structure had been virtually tram. formed. stated Mr. Wilson, from one based mainly on agriculture to

one of grea t diversification in which manufacturing played u leading role. He predicted this

trend would undoubtedly receive an even greater stimulus if the present conflict is prolonged.

"In our past crop, yields were again abundant, the total wheat crop for all Canada falling but little below half a b1lll0n bushels. Thus the Second World War finds us in a. unique position to continue as the ‘Granary of the Empire.’ "While Canadas manufacturing industry played u noteworthy role ln the production of munitions dur- ing the last war, should the need arise, we shall be able to outstrip greatly anything we were able to do at that time.

"The iron and steel industry, which under war-time stimulus reached a prak of a million tons of. pig iron annually in 1918, has dou- bled its potential output. Arcraft manufacturing has assumed impor- tant proportions, and the ground- work has been laid for rapid expfln- sion.

MINERALS VITAL IN WAR

"War power to-day depends lar- gely on minerals, particularly metals. The expansion of the Cana- dian output of such products since 1914 has been spectacular In 1914 Canada produced 773,000 fine ounces of gold. In 1939 production was nearly seven times as much as in 1914. Nickel increased from a pro- duction of 451/.- miiiion pound-s In 1914 to 227 million pounds 1o 1939. Copper production has increased eight-fold during the past twenty- five years. Lead output is eleven times as great. Zinc production has gone up from 22 million to 381 mil-

lion pounds. The output of alumi- nium is eleven times as great, and when plant extensions now under way are completed, production will be increased to nearly fourteen Limes what It was in 1914f “To-day Canada is a very differ- ent nation from the young unsea- soned country that went into the last war.

WAR AND CANADIAN ECONOMY

"It seems to me quite clear that we have facing u; the prospect of maximum employment.

tion of morale before their econ- omic and military resources are exhausted, the decision in the pies- ent conflict will depend largely upon economic staying power."

"Never before in our history has it been so important that every one of us should practice thrift and industry. 1f the time comes when unemployment l; no longer a prob- lem. we may find ourseivescom- pelled w curtail luxury and other non-essential industries to make way for more essential prcdiiction_ Furthermore, capnal and other ex- penditures, public or private, not

enemies collapse through deteriora- I

directly related to winning the war,

ly. should be definitely discouraged. It is to be hoped that under these circumstances, labour and wage g disputes will be completely avoided. | Those who are fortunate enough to remain at their regular employment in Canada inust not exploit the

situation for their own curls. Cap- WESTON ROLLINGS‘! ital must also be willing to con-

L-44Z-1‘11-13-{ tribute its full share.

NOTICE

of the

Al. the Annual Meetlnl

l“ P_ U_ n w‘. dggldgfl (,0 hold lhell‘ ‘ SWSKIIOIdCIS

lnnu“ 2s a l: III I’ l’ s B - im.“’i'..."v- been sppoinfied l0 hllflllfl

1h d ee sale ol tickets. Ilobt. GilllgnllarAl. B. Il- D. Coulhliu and William G0 t]. .

, ROTECTIVE UNION I ABORERS P LEMUEL BUSH.

Becretlty. L-577-1-16-7i .

Some in- l dustries, of murse, will - versely affected by the war, but the majority will undoubtedly expen- ence a great stimulus. The benefits [therefrom must not be reiained by] except to a normal degree, The Government has de- vised a sound system of taxinll excess profits, but. it is also essen- tial that any atwmpt atprofiteering should be ruthlessly suppressed." In view of the strides which hath been made since 1914. Mr. Wilson‘ believed that Canada, "can do per- haps more than any other part of

TIPPIE AND “CAP” STUBBS

cnanwu cuaaman

ty-frst Annual Meeting

Bank of Canada

Unprscedenled Business Activity Willi Maximum Employment _ _ Wilson, President end Managing Director. — Reviews Canada's Relation to War. — Con Perhaps Do More Then Any Other Empire Country to Strength-

fl Sydney G. Qobsep, General Manager, Highest m History. — Continued Progress Shown. Working Sinoothly. _

Reveals Assets of Bunk -_- Foreign

i116 minim or any other country with the single exception of me United Stem "

BUY ALLIED GOOD!

Mr. Wilson unpheeiaed particu- larly the need for buying l/mpxj- mll-m wwuut of sooiu from omit Britain and France. "In this way," he said, ‘funds wiu be made avail- able for the gauche-re of wheat and war supplies in Canud-a, leaving the gold and foreign exchange reserves of Great Britain for use as a last resort.

EVOPYI-hlnk 1e must be done to stimulus Canada's enpom with a view to commanding purchasing Dower abroad. "We are in an ab- solutely unique position to supply KOOds to Great Britain and fiance. This must neceaarily lead to busi- RQ“ M10710’ such as we have not previously known.

TOURIST TRADE

"It seems to me also that the war affords Canada. a unique op- portzun ty to develop nix-me;- 1g tourist trade. It therefore behooves our governing bodies to bring the unquestioned attraction; o: Canada as prominently as possible to the attention of prospective visitors from the United States. In normal years, tourists spend as much as $250-300 million in Canada. This trade is thus an important factor in our international balance of pay- ments. As a means of strengthen- ing our economy and providing for- eign exchange. our efforts to at- tract tourists should be redoubledj’

BUSINESS PROSPECTS

Mr. Wilson reported that In spite of disturbing conditions business during 1939 was reasonably and maintained a. level well above that of 1938.

"If for any reason peace should come within a comparatively short time, we would soon revert with- out difficulty to the not unsatisfac- tory conditions which prevailed be- fore the outbreak of hostilities. If the war should continue for a pro- tracted period-and this is the basis on which our plans must of neces- sity be made-I think we shall have a period of unusual industrial ac- tivity But as we prosecute the war, We must not lose sight of the readlustments which will follow the return of peace. 1f our precautions are well-planned and adequate, the hesitation in our progress will not be great."

GENERAL MANAGER'S ADDRESS

Mr. S. G. Dobson, General Man- ager, lii revising the Bank's bal- ance sheet remarked that the gen- eral progress of the bank during the year reflected an upturn in business wh.ch began in the Surn- mer and which under the stimulus of war orders became quite active in the Fall of the year. The bal- ance sheet was particularly note- worthy, he said, in that the totals shown under cash assets, securities, total assets and deposits were at

T101955 0111' - the highest figures recorded in the

history of the bank. Total asses now standing at $1,014,708.36 were the highest on record, this being the second occasion in the banks history on ‘which they had crossed the billion dollar mark.

Mr. Dobson reported a greater demand for Commercial loans in Canada and that the total under this heading was now $312,627,311, an increase of $14,424,408.

Profits for the year showed u moderate increase but taxes now borne by banks had become a real burden. "These totalled in the case of The Royal Bank $1,967,751," he said, "a very heavy Charge con- sidering the bankk! earnings and

n01" 685901-101 t0 Keeping 0111’ 9C0"- l equivalent to 70c for every dollar Inmic machine functioning efficient-

paid shareholders. Everyone con- cedes that special taxation is neces- sary if we are to do our PB"- l" winning the war but the amounts I have mentioned represent ordinary peace-time taxes only."

FOREIGN EXCHANGE CONTROL

Foreign Exchange Control was now operating smoothly, said Mr. Dodizon in spite of its very wide ramifications and the responsibility with which the banks were faced at the outset of interpreting the regulations to the public “The manner In which this new, and ai first complicated, machinery was handled was most creditable," said Mr. Dobson.

Ln conclusion the General Man- ager forsa/w greater business ac- tivity during 1940 under the im- petus of war orders, greater em- ployment and more general ail-stri- bution of purchasing power.

c

1132 uzhszdoaz 125,835,403 13,350,249

9,744,504 9,031,963 ' 2,449,539 1,820,059

ONE 0F

FINANCE

B)‘ Frederick Gardner Associated Press Financial Writer

NEW YORK, Jan. 15—(AP)— Stocks suffered another relapse in today's market but came back near the close and reduced or cancelled extreme declines nuining w 3 or more points,

The Associated ‘Press averagu of 60 issues finished off .2 of a point at 49.3. ‘Transfers totalled 961,800 shares compared with 1,109,460 last Friday.

Down fractions to around 2 were U. S. Steel, Chrysler, U. S. Rubber, International Harvester, American Can. Westinghouse, U. S. Gypsum. American Telephone, Allied Chemi- cal, Johns-Manvilie, Kennecott, Southern Pacific and Loft.

Standard Brands got to wlthln touching distance of a new 1939-40 peak.

Canadian issues were quiet and generally steady after most of them opened fractionally lower. At the

STRENGTH e

THE WORLD'S GREAT LIFE

close Distillers Seagram remained off 1-4 and Walkers 3-4_ unchanged were Canadian Pacific and Dome.

TORONTO, Jan. 15-40?)- Stocks continued the downward drift on the Toronto market and closed around the day's low except for a spotty rally in the golds All

lindiuas were off .27 to .62 at m; fend of the session. Volume was |comparatively light at 360,000

shares and about 27 per cent of 1g was lmNaybob of the penny 11st, It was the market's sixth consec- utive decline.

leaders taking losses of 1-8 w 1-2 {were Bell Telephone, Imperial Oil,

International Petroleum, Ford A , and some of the steels and utilities.

Naybob traded 100,000 shares and firmed 2 cents to 32. O'Brien, Pres- ton, Aunor, Moneta, Pickle Crow and Perron posted narrow gains, [partly offsetting the wider losses

for East Malartic, Little long Lac, Macassa, Pioneer and Piemier.

Trading picked up a bit in the senior base metals with Hudson Bay weakening a point to 31 3-4 and Smelters and Nickel dropping fractions. Steep Rock lost 2 cents and Ventures 35 cents. Other is- sucs of the group snoivcd little change.

Royaiite posted a. decline of 1 1-2 to close at 34 1-2. Other recesions in the western 011 group svere lighl.. Calgary and Edmonton wrakened 5 cents. Soul-h End Pcie l-2 and! Home Oil firmed 2 ceiiis lo 2.ll5_