k, ggii-NG cancel.- will be no Praia]: 1110111111011 =1- l-louse 011 111 a! *1 M“ m be 11. P. Tupper- "’5-1- cmcunu- o1 Parson??? . 1, held on - 0W6 willppheruary 13th at “n11 roads per- "l a 11111.1.»- q I‘. .' KEQ/ypcre was, 11 MAR-o at the 11111rket ‘yes- itetldsnt mo,‘ showing" oi gggcggs 55c, hcalea ' 75o 1 "uflansnrgzaos- ' _ ..u,,,y,.Fei1rn11ry1l3tl1_ °“‘°'s“, ckle 3 11. m- 1, 111. Hubert‘ 1T‘ I field. 7 _ 115111111‘. I (mg-tone of ' the _5:v:8|,;hgd on the City. w e was weighed _ tlm y'all: “$101.11.... it Newsoiti. . _ She was a pure Blizlillllghllll and tipped the l" 15 cwt, 1111d 15 lbs. 1T1 o1--At Vancouv- - Q, January 16th. suddenly. ',,b19 pneumonia. Elcho e 111 his 57th year, son of the ,1. I, 11nd 1111's. John R. Bourke fly of 11011111 Stewart, P, E. , peceased is s-uuvived by his _. 01,1; widow, also one sister y,,,|;e_ Philiiplne islands. one ,- Tenipiv oi’ California. in‘ 111 l11 01-01111 View Burial b10211 05A __.--¢o>-——~<—‘ PERSONALQ. .‘\. J. l\ic_lv\tlu111. Selkirk, 11111- - city. Archibald lvilttiilonnld. _ Ferny _ entered the ‘ City Iiospitall 1 till)‘, ‘ _ H. J. lllaciionnld. St. Col .1111; i11 the city yesterday, lness. . ~. .. limes MacDonald. Bedlurd. _ 1i1i10r lo the city yesterday 11111111. 111111011 Penllergast of i-Iope .ls visiting friends at l(eu-. » 11.—li. ' many friends of Kenneth jcnthport. will be pleased to 1111111111 steullW-imPFW/illll \1\1 rtont operation for 11D- 11111511111101’. E, inland Hos- e mnnrfrlenda of hire, Hort J. iiillllB. Weslmoreiand. regret . r11 of l10r serious illness but _ 1 the skillful treatment of iir. ‘ liovyar. all look forward to. '1 TGCUVPTY. _..i<om---- unit Suffer n'l let rheumatism. lumhaxzo. che cause y011 an hour's dis- nrt. D0 what millions have f0r 65 ears. Apply St. Jacob's get its. instant relief. You it must end silch pains. else l1l not have lived so long. ‘ smabbgon 3 PAIN ~ Country . lllave opened up a l‘ 8 store at 178 ~ “ ‘fen Street (next to q,“ T- McKenzids 1°’ Shop) and, ‘a-m gtelmred to-meet ic in theeirt tllnhlje pub- eé“! shop is wen m- . up and gfqcked “high ade as- ,‘ Wm- oun ' ‘"8 store m a t”! flptfcial attention I __ Qmyen to fillin- ‘Plpjons " 1 . all orders Elwllcli Alvin 21'1- a lsFAcrro 7 b . to the national honor and prosperl y. 11 .. .i11pq-.-~1~,v _ 1 . . .. fr,‘ w“. -._..,..._ ‘ p y were ‘sellin Why? - Because‘ he h Today, thousands W .11.. 111B ‘fish 0.11mi, lhgbggifinm‘ “ - w ' the u‘ n far helowlheir intrinsic m“ v cmtwy. clievetl in the British people. I - ' of Rothsclulda, in ' every walla‘ of life, throughout Canada .1 w», ‘ 6:» ~€1.»u§1'--.--- 041' a b A? .r§;’1‘: .-.___..-_ 1 4,. will» United Soto. are buying German Conaola wens-any are “a111,, .1 - s fraction of their gold value._ Whit? Because they believe in the EflIlIll-d Pr“? m- "id ill"!!! lheNapoieonlc Warl, Bri- ‘ tilh Consoll (as England's Consolidated Annul. tiso are boot known) sank steadily in value. Great Britain. at the and of thase protracted wars, found hugely m m; position o! a victor who had plied up a huge dccbt, For u while, confidence was shaken in-lher ultimate financial recovery. 4 ‘ ~ g Following the example of tho 110111» of Rothschild. many investors, confident that England's rscovsry ‘was onlya matter of time. purchased British Consul; at a fraletionof their intrinsic valus. ‘ - ‘ » within a. comparatively few‘ yearrtheae "my; m. vuvlora were able to sell at top prime and thousands Th; “ind 3gp“; The period before and aftsr the ‘War of the Revolution in the United States witnessed a similar performance on the part of government securities. The French people had loaned large aumfto the Americana. The United States were using a depreciated palpar currency. which had ‘iltrlsfgoid value, ln' payment of tbels debts. Holders of American Government Bonda Ilrongly protested this action. In 1785, M. Otto, Charge d'Affa.irea of Francs, wrote to John I-Iay. than Secretary for Foreign. Affsirs:— Those lonna represented the labor. the wstchlnga Ind fortunes of s great number of individuals wh'o ha coma to the awlstsncs of the United" Stiles" in" most tbmlpqltuous times. Ancient com-mp cl-l houses in France Precedent: find the elves reduced to beggary from having placed too mu confidence in paper money and loan office certi- floltn. His Majesty cannot ssmwllh. indifference the looses sustained ‘by his subjects." . _ w, _ ' John Adams. United States Commissioner 1o France. supported the contention that the use of depreciated W951‘ money to wipe out debts was inequitable. ‘On July 11th, 1789, he wrote to Robert Morris thst:-— ' "Every hesitation, every uncertainty about paying or receiving a just debt diminishes that sense of moral obligation of public justice which ought to be kept pure lri ~evcry American‘ mind. (Creditors have n11 inalienable right so be satisfied, and that by the fundamental prin- ciples of society. Can there ever be industry or decency without it‘! To talk of a sponge to wipe out 11 debt or reducing or diminishing it below its real value. 1n 11 countrywould betray a total ignorance of the first prin~ olpiea of nationalfififty and interest." The whole question had become of national impor~ tanao. Alexander Hamilton's conception of financial in- tegrity and the sanctity of public obligations of a mone- tary nature is well set forth in an extract from his report sa Secretary of the Treasury. in 1789., Every breach of the public engagements. he wrote. whether from choice or nocelbty, is in different degrees hurtful ‘to public credit. And a. year later. General George Washington. Presi- dent of the United States, in his address to Congress. January 8th, I790, said:-— “I ealw with peculiar pies-sure at tlia close of the last lesaion the resolhtion entered into by you expressive of your opinion that an adequate. provision for the sup- port of the public credit is .s matter of high Importance In this sentiment I concur." _ . Boon after, the American Government made en equitable disbursement 1o the holders of its bonds. Those who had purchased these securities when they 11ml been selling abstraction of their gold value when lSEIIBQ-—-IIIILIII bu! pronounced them worthlesn—mude fortunes. Franc; French Government securities passed through a similar experience at the time of the wax ‘ with Prussia. VIn 1870, declaration of war against Prussia caused a heavy fmii in quotations for French Government securi- ties. 1n spite of the fact that France went through the heaviest strain of war financing known up to‘ that time. besides the revolution once more creating 11. rewu-blic. and two funding operations which reduced the interest rites to 8%, the payment of a wsr indemnity to Germany. proof of the resilience of a great nation is found in the fact that these bonds steadily recovered in price until they reached their maximum prioe of 105.25 'ln I897. Thousands of investors, in Frame and out. of it, who had purchased her government securities when they were selling at 7% of their normal value were thus made oom- p._ vely wealthy. ' condugjon The exiperiences of England. thefllnlted States and France, undoubtedly prove that thegresfest fortunes were made -by those who, ln the Mme of the most pronouncediinenclal and political dark- ness, ponoeclsed enough grit and enterprise to enter the markets as purchasers of govern-meat securities when they want begging for buyers. ' The Opportunity Today‘. rm‘ We are of the opinion that analogous opportun- Ge n? ltiesrfor lucrative investment ealab-tga through the purchase of selected German Governme qnda. For several years new we have persistently advocated their purchase. In the face of strand criticism, through olreulare, lettsro and newspapers, we have ‘convinced thousands throughout Canada and the United Suites- that the opportunities for profit through the purchaaa of ae-, lected German government securities have nova been equalled In the annals of world investment. w. give below figures showing the prices at which we sold German Government Becuritias approximately one your ego and their curs-ant quotatixns:— Year Currant Ago 1 Prlcm - —Per lgigllon ‘. t s (1014-1111) no. .1 .0 33$3€§°‘l,,.‘<oo> 15.00 ssooo City of Berlin is (10101 . 110.23 City of Berlin is (1110) -- - 1°- City of Berlin is (um -- ~‘ 1° cuy of mung 4a (ow-war) - "°-°° ouy of 3-1-1111 u (10111) .. 40.00. What are the causes for thus unp- what are the reason-athst ' ‘ ill 1° Q movement 1a but precurwry to a ribs of W" poi-Mona? Than ‘two questions we now propose awsr: I the late war. Germany Garmany Ind the war 0:90:06 pr “ l1ly the whole Bodnded on all sides with countries against 07:13:13,111» was fighting, the nation literally speaking. was eating Naolf. Not a cent could she ‘borrow from the out- 1 1-1 i sad to finance her military. ffdivzlwhlll: ctirillll findarltdlrlrrfglaoldme from the German 190001! ‘ha-flab 20x13» of stats and municipal government loans wars floated and at one time ths government am- ually compelled oltlaena to subscribe to s. loan. Thin m: was known as the Enforced Loan of i922 sndula an‘ M I which this investment house confidently be was o far below its intrinsic value. war‘ and for . At. th close . dull" uh“ a 11m. followed she several Years y bankrupt. German Paper xIQrKDIlJQS: in rsaml. whéla ‘ab: Ivtvasaign w“ bu“? Gfiondoncy-Ifiranutlaghklfduulu rmmd cirla-w‘ y! ‘ par marks aa interest on their govvm:‘.‘“b::r';“l_*‘ '9‘ "° “urh- w“. worth"! “dul 1.11: eliti- mqt flnaiy suspended mtereat DlYmWi-l "'1 i Earn” cal and financial uncertainty £11m film" “ rcnovod. The coat of llvinl number ofunsnvvivvfl INF was a time of, most Helmlm" m . Panic-stricken Gsranan nl I" jgwy uqoidatiea. the fact. that interest l “'" W?“ - M-r“ "r .11.: 9301121111: hgcdfiumfi-‘ia-"u" w“ sum-Hm» rm ‘n’ "' 1 -:cl1'“J-¢'='1g~“'$7 llczgawsz 1T»: run m Maul-WI"- 1. Ho“, :10! Iurops at that tfrnl _ in a, chaotic aonditlcrh watery waa npaati ltasif. .1‘ editions wars much the lama as Infill the“ srmath of other wars in tbs world's m?“ 9Q” ‘i ‘u . factor-ad larger weak - by weak ‘WNW ‘m’ were on mini"! IN‘!- ‘that was hailed as the panacea. for kept ‘ lncrsanfnl _ German people. LQTrETOW1i.eualibtmfoasefro‘ 1235.110 f" 1f 1 ‘Brltidi 1.1.511. w... 111. Batu. People. a Good investment the (Barman People‘ Are 'r"'1"“, “ "1; l“ Many ofthese far investorshave already reaped lt is more than half a century since the investing public has heenofferodlthet opportunity that the facts set below, taken collectively, constitute. lt may. mother fifty yearsbefore the opportu nitywilioccur-again- .. They not only merit your careful consideration and judgment, but you owe it to yourself to decide and ant at‘ once. German Government approximate gold value a! ~ Deaoninatlono- Proust Price (has of iaaue will be worth Profltl 1 10,000 llarka . 8 . 2.311000 ' " s 2,335.00 20,000 " '. . . . . . . . . . . . 90.00 ' 4,760.00 - 4,670.00 "“ 50,000" " . . . . . . . . . . . . 225.00 11,900.00 11,675.00 100,000 " . . . . . . . . . . . . 450.00 23,800.02 23350.00 250,000 - " . . . . . . . . . . . . . . . 1 1,125.00 59,500.00. 58.37500 500,000 “ . . . . . . . . . . . . . - - 2,250.00 -. 119,000.00 116,750.00 ‘l,000,000 "'. 4,500.00 238,000.00 235,500.00 (Germany 1on1 the VWar. but the inherent wealth of her mines and industries, the skill and ‘inventive ability of her ifiopie atllllromalned. In 1923, Frank Harris. one of America's formroat political writers; in his Travel Notes, wr_o1e.in part: "To talk of Germany as bankrupt in nhsoiutply idiotic . . this German people is very‘ proud . . . no beggars here aa in Rufiis and Poland. This people is disciplined. . . It will {bear hardshdpe in stoic silence as it did sffar vthe Thlity-Years War." Further on he says: "The farming claadlos are very well off. and -lt must ‘always ha ramombcreduhst nearly one- thi‘rd“of Germanydlve by the land and off it." , Auction of 711.000.0110 people -of the character and ability’- of the Germans. could not be cuffed: their incen- tiva courage and their business elblllty could not be killed. Reggn Plays {Pan England and the United States , I ' at ism. roalizedlthat a bankrupt Germany meant trade depression the wtorld over. They returned to the elementary economic conception that what was good for German prosperity would in the long run be good for British. American and Cnnldlnnuprosperlty; nations of the world prosper together. as well arr suffer together. The outcome of this awakening was the setting up of the Ds-wea‘ Commission, which comprised Financial experts from ovary country of any imyportnnce. in the world. This commission eventually su milled the Plan urops'a ills and this it baa almost proved lfaelf to be. ' For five years Europe had been st-adsrtandstlll. Many‘ believed that ehe was slipping bsckvv d. but the final acceptance by the Allies and Germ-any ifted like 11 our» taln. the veil of uncertainty that hfld at ed progress and rehabilitation. . i Ggrman Bonds Rige Almost‘ overnlgi t German Gov- ernment Securi lee improved in price. Sensational rises were an hourly occurrence until i‘111:1l‘i_v. those securities which we had rec vmmetided resch- ed their present level: some went high 1r and suffered a reaction; the great majority showed a stupendous rise. We have answered the first question. ilct ‘us now look to the second. ' .1 Germany and the Dawes Plan T!" ' "Y" of 11" ' Dswlea’ Plan is to obtain from Germany repsrsltions for trrritoriad damage. and financial loss, ‘bythose nations with whom she was at war. The plan is therefore s. virtual first 'lien on all Germany property and indtmtry. . Germany is compelled for the mo nt to ignore her own internal obligations; before all ei vrepsmtions pay- » manta must be met. Anyone who foa- s. moment doubts her ability ‘to discharge this obligation Ioven -s‘ooner than she ls expected to do so, betrsyspt-‘grleat ignorance of the economic and financial conditions in‘ the_Gera_nany of today. Tqga] Indebtedness lit has been odim-ated that the total indeibtedneos of Germany under the Dawes’ Plan MpIQOODi-I at present value, sibout forty billion gold marks, or 10 billion dollars. Now, this amount represents whet‘ Genmeny owes to the outside world for the war. The present gold value of he! total internal obligations hsavnot been ostimaued. The amount, of course. is large. for Germany raised every osnt of war cost st home. ' ' Ali the figures used in the estimates, and_eisewhero. when not obtslined from our personal records, are taken from sources whiclmws believe to be reliable. Cost of W3;- to A1119; The war cost England, in round figures. i3 lull-lion dollars. It cost France. 88 billion dollars. And it cost the United States about 27 bll-lion dollars. - The ability of these last-montlonedl countries to pay their war‘ debts la indisputably conceded. To those who cry that Germany can never pay reparations and resume interest payments and redemption proceedings on her internal securities, we make this answer: Gernrmny has only one-quarter the werdebtlof Eng- land to pay. We believe she can shoulder both-burdens at the name time. Moreover, we confidently expect that. Our Service IT l8 rsaaon for gratification to investors throughout Canada, the ivnlllQd 81st»; and Newfoundland. by inventors in aelected German Government and llunlci Table Showing CurrenLPrices Profit (lgrussian) 3l/_>_% Consqls Bonds rising back to it will not be long now before pressure on the various political parties by every German citizen owning a government bond, will he irresistible. It must not be supposed that inventors in German Government securities today must wait unt Jspnrntinns have been paid before they will have op drtunitlea of liquidating their holdings at substantial profits. The per- formance of German bonds during i924 is sufficient proof that such is not the case. ~ Gennany‘; Progress The press daily carries incontro- vertible proof that Germany is makmg rapid strides. financially and economically. to- wards regaining her former status. Her budget has been balanced, and not onlv balanced. but she is showing .-\ surplus each month. Favorable commercial treaties have been or are now being negotiated. - (lold exports to Germany. mode possible hy tho re~ cent flotation of the loan under the Dawes Plan. have increased the holdings of the Rfllffhlbafili and furnished it with the legally required reserves for the issue of addi- tional currencies. assuring the stabilization of the new Gold Mark. and precluding any possibility of renewed inflation. ° Her payments in kind. made since the Dawes Plan went into effect, amount to 22.000000 gold marks more than the total expected. The expectancy was about 83,000,000 gold marks monthly. o - Germany's Potentzal Prosperztyl Germany's pnten-tisl wealth is common knowledge. We shall not. therefore. burden the prospective purchaser of her Government's bonds with figures enumerating her mines. factories. shipping tonnage and the like. Instead, we append the opinions of four famous Americans whose symposium on Germany today appeared in a recent issue of the Berliner Tngoblntt: - lifellnn, Secretary of the Treasury, said in part:- “‘ One of the first effects of the Dawes Plan has br-n the growth of a new mental attitude and outlook on the part of the ‘people of Germany and of sll Europe. A new spirit of unity and a sincere desire for peaceful and amicable adjustment is apparent. The people are lh-lnking in terms of co-opers-tlon rather than conflict; pence is indlspe sable as a condition precedent to econo- mical progress §pon the German people themselves. The actual burden of reparations is not so great or so dis- heartening na theuneertalnty under which they have labored. . _ . "Already. a certain sense of relief and something of ‘the old-time industrial vigor and thrift are pervading your country. and there exists a, Wholesome air of con~ fldsnce that your obligations samba met and the country restored to its pro-war greatness." - Dr. Nicholas Murray Butler. President University, in his contribution. said:- "Thers is no animosity in this country. and 1 doubt ‘ whether ‘thora in any animosity in any other country to- wards the new constructive spirit which is manifesting itself in the German States and which will. we hope. establish itself for a long time to come in ‘control ofthe ln-tsrnali pollolsa and the foreign relations of the German o. le. v - p. p" We regard the so-calied Dawes Plsn as intelligent. businesslike and practical. We look forward to its fair and jun administration and to the steady rehabilitation of German industry and commerce. It is inconceivable that the German people, with their amusing contr don to the ‘world's scholarship. the world's‘ literature. the world's edenoe. the worldfa art and the world's economic life. should not resume ‘s leading place among civilized undone, as soon as the liberal oplrit displaces and puts underfoot the remnants of militaristic autocrscy." Willie H. Booth, I . ldent. of the New York Chamber of Commerce. wrote in part:—- " "The ease with which the recon-t German loan was floated emphasizes the confidence which the investing public and the world has in Germany's credit, and the integrity of her intentions on tho order created by the Dawes Plan. to Investors of Columbia to this investment ~house that it has been, instrumental in 1bringlng handsome profits Alpart from the fortunes that were made pal Bonds. we were successful in provlngm source of rproflt to those of our clients rwho bought Bridhh, French and Italian Government Bonds during the yearn than their respec- tive currencies touched record lows. The following table. giving the high. low and current quotations on the thros moot important European currency unite, illustrates graphically the opportunities that have ocourrad from November lfll to data. 1 i}; gh "low ‘flan-fins Pundfiofling I4. i4 J8 - I-‘(f-ano . . . . . . . .l .681 D8415 .0580“ ldrl ‘. . . . . f. . . . . . . 46.728 93815 .0410 The rernarkwbia improvements I second column. greatly enhanced the Our organisation has been bro limpatlon on the convenience and ht to a Mgb state d! 0f hi inveatm at our offices. ' floAnothar la lant ‘feature of our service to clients is ‘mailed free to anyone anywhere. This publication while economic davdlomnonts in those countries in which our d1 interest to Lil in matters of foreign exchange. ' - We invite you to take full THE 1 ‘personal forms: Initial smsent o] 40% of P141113"! DWI-l’ f" cmmim F311 t mow be M . ..,, N... ORDER The tlnves nient House of . ‘O. ‘M. COBDASCO 8: COMPANY, 290 Si. James Street, Marcil Trust Bldg" . ‘ MONTREAL, CANADA. dlntei-"my order for German Government (Prussian) 355% Cmsois, and insured mail. ' I enclose Is!“ 313;. tor t. . 881110. call NIIIIQ IQIIOOIIIIol§_Tl_a_Iaa_aaaala_~ulaa(w':'li Address ,.s.-_,-_...1...... Ideoalosalassaa‘alll‘galoaaaaess w by t figures ‘st ths extreme rllht, ve-lua of those bonds and exception dealing for the advantage of our organization. mvssrmcr .' " t Mmcnu-m-P-‘ms-sm ' of B d; 01th h llu Id for h. v oi o be purchased from an msdar AWN,“ F" m‘ on ' ow ‘mm m oocomfzlstiu ill". "Balance of 00% payable in loin- Mod of purchaser’: option. 1 . . aa-oompsrad with those in the ly large proflfa were made. _ s place when the inventor livaa sou no Department is equipped to render by mall. We invite mail of efficiency. enaa, for our Mall Service ullneu l" . . ths,'_ ‘ t careful" personal attention to the accounts of the as who u-anaaot their b bualnaaa, and our experience has boon that clients served in thin way are u well ‘M’. an those who an the Fordgn Exchange Bulletin. published monthly and moot part with political, financial and enta are most interacted, earrlal much information of l4 la st your service for the asking. ' nous: or "itimPalvvi. ( W‘ the following equal monthly minimum orders: 54000 llorlu. BLANK . 4 .....‘1s2s Oaalaaaaaaasaaaaassa in’ you are tmforwardmo by registered in full payment for oalanaaasaaaal_a_s_laslaa_v4aa aaaaaaasseaasarlalIaOaaIslea-aalalaoaoaaasas nan) ~ scum) saaaaaoaoolnlololtasaa "So far as the United States '.a concerned. there are extremely good prospects t“ placing Germany on a moat favored-nation commercial treaty basis!“ Fred. '1'. Kent, President of the Bankers‘ rrcssbr- poratfon. New York City. aald:—- 1 "The feeling is great in America that Germany. under the Dawes Plan. la s very different Germany from that which prevailed aubsequcnt to the Armistice.“ An Enghgh Banker's View llontngu CnNormsmGov- ornur of the Bank of England. when negotiations for the loan to Germany under the Dawes Plan were in progress in October, i924, aald:— "1n importance. as in amount. it completes, an lt_ were. a aariea of international lonna devised with the 011.1017! of stabilizing conditions in Central Europe lifid of helping nations to begin now or inter to meet their international obligations. l believe that the security provided for the bondholders not only has the approval of the Repara- tions Commission, but should have the approval of'ln- vsltors in ell countries. Over and shove the (mention of security I lee in this meeting a sign of the future. I believe that the uncertainty and lat-k of err-operation which may seem u» have prevailed in Europe for tlm lest few IBIPI arm at an and. l believe that the issue which ll about to be made in New York. ea well as in the leading capitals of Europe, will mark the turning point in the reconstruction of Europe. Hitherto. we nave look- ed back; henceforth. we shall look forward The occa- sion 1a unique. The loan is safe. constructive, recon- structive nnd democratic. it is greatly to be recommend- ed and should appeal to all." These opinions but confirm the sound logic in the old belief that, as a rule. although wars and revolutions may retard civilization. they have the lllillluillfll" effect of stimulating human thought and endeavor. ,'l‘hua in the case of worn there usually follows a period r-f expan- slun- and invention in the defeated as well as in the victorious country. Qui- Qwn Forecast l-Iven as long ago as i921. we our- selves. in a forecast on Europe's future, at a time when we were offering Austrian internal bonds. anid:-— "The Nations of Europe arc not iulng tmnitrupt: they are not going to repudiate their debts. (in the con- trnry. if history trachea us :111_\".l1ing, tin-y are growing u|1 to them. W1» expert to see 1111 expansion of material wealth during the next few years which will make ox- isting debts look. ridiculous by comparison. 'i‘i11- 1\'11r awakened Europe to many things: from now nu,- mu- chinery and production will play quite: 1111 111g :1 purl, in her development as it does 111 ours. This will result i11 an increase in her cupltn output, and cl1rrer=povldz11gly increase “111-res and purchasing power of the 111rilv11i11z1l. ‘Taxation \vill not be a huge burden. imruuse incomes ' will be higher. Every day which paiwrn l1rl;1g~' horns more clearly and more forcibly the fact iii. lIur-pe, in the main. is steadily coming buck to 111111. and that the unparalleled conditions cruised h?‘ 1h!‘ great world war cannot long prevail. \\'he11 111 11f 11-e11 111‘ - - I and populations of nations luntl their 1' efforts to the task. nothing I11 impossible.‘ .-\~.1Hi will come back, so will Germany and all of (‘enrrtl MIIFPIPQ," AfQQf-Efiecti 9f Wal- The opening of -‘l11- Wrsmrn Statics- and the l11Il111t1.:1l duel» opment of the Southern States nfiter the Amp .1-1 Civil War; the stimulation of mdnufacture 11nd 2131 both France and Germany as u. remit of 1hr Franco- Prussiun War; the industrial and poll 111i airnkeniru: qf Spain and the stimulation of agriculture and t~oir1n1z~rue . Cuba, Porto Rico and the PhilLn ' ~"= 'oi111\\'.11g Spanish-American War and the be) 11.2 of ' occupa-tion in Russia resulting from 1 i - War. All these may be regarded no 11511-1» Germany has entered this period of expansion. this transitory period through which slu- i:- 111111‘ passing that 08ers such unprecedented (l[)]lt)l'llllllllC-' l0 1111- lllvléalol‘. Political observers believe 1.11111. 11.1'r1111-e stub-o 1111111 of government has come into belnp: l11-ti1e p1-im-ipnl 11:1- tlons of the world. This govdrnnient has been neg-om- psnled by more just and sound I-vliixuniii" c-lunlixinns: both of these lesd to a better e1|1'.ity behind :he bonds of their governments. . ' The inst war was absolutely without prc its size. scope. methods 11nd destruction. B111 if, pastwars as s precedent. then since the Great \\ sr-w-nv on d larger scale than any before it. the "euulls, will be larger, the debts greater. but the expansion and simi- uiatton of energlesthst are beginning to follow Wlllvillll he ‘greater. ‘ ’ What ‘To Purchase 1 LA meticulous study of the markets has convincedus that. German Government (Prussian) 915% Consuls con- stitute the _mos't uttracgive opportun-ity for profit, along the Jlnas we have already described. on these skins markets today. ' ‘ ' Prussian (05% Consois formerly formed part. of the consolidated debt of Prussia. having no fixed 1111x011: maturity, but reducible by purchase, have been ‘sdrled to, replaced by new issues. but their interest" prior w the developments mentioned before. 11nd always bevn pygmy‘. ly and fully paid. ' ., ‘ v - In l920,.they were transferred to the central gov- ernment of Germany, andlhun are now direct obliga- tions of the Reich, backed by the entire resources of the German Republic. Goid value .when Issued Th: gold value (of German Government (P flflllllii) 855% Bonds is ‘based on the gold va-‘lue of the old German Mark ‘before the inflation period. The mark had a gold value of 23.81: in 1914 when the majority of the bonds under Prussian Consolidated Debt were issued. A bond of 10.000 mrrkn denomination had a. gold vniua. therefore, of $2,880.00 in 191i. Prussian citizens who bought these bonds paid approximately that amount for Consuls when they were issued. The fact that the bonds have been transferred r0 the central government in no way affects their true gold value. The German Government ls under just as m11ch obligation to honor these bonds an was the Prussian Government. study thg Tab]; A glance at the table. showing prices and profits possibilities. will show that these bonds can‘ today be bought for 545.00 per 10,000 marks. When they are honored by the German Govern- ment they should be worth approximately $2,380,000. Dgn-jand Increasing Our E u r o p 0 a n correspondents advise us ‘that after a careful examination of investment circles there they have discovered that-European participation in German war and. f- r ioanjecuritias has reached tremendous proportions. ngilah, Dutch and other European investors have acquired an enor- mous portion of German Bonds and are holding thsm for an early rise. 1 ‘The steadily increasing demand for German Conlols, as, was the case with War Loan Honda, can be anpaoted to pause them to go to much higher levels. _ Another additionally important factor la the buying by the German Government itself. Console are retired hy- w purchase, and the German Government, according to roll a advices, has been buying back a large number of these boil at their present low quotations. The wisdom of this move la immediately apparent. The Government is enabled to rdtlra enlarger part of its obligations at a fraction of what if received for them. There are. then, the following‘, favorable factorb, that should enhance the value of German Government Oounola, within a comparatively short time. ‘ l. Legislative action regarding resumption oflntaraat payments by the new German Government._ "2. increased buying by European investors.‘ Y _. » 8. Determined buying by the German Government Markeqabiligy As they are quoted on the ~Barlin'and .. - leading German Block Egchnagaa, than securities are traded in throughout the financial aamrsa of the Iworld for spot cash. Thrlnventor can dispose ot-hll bonds any time, anywhere, for cash at curnnt quoti- tipna. The desirability of this freedom of aotian ia important. In conduaion It may seem hard to ‘bellows thd the . profits shown iby the ialbia are ammo. but those who are famrllisr with the profits than have already been‘ made during i024 ars far from at German Government 5'7. (lluéllll) Honda reached a level of 81,000.00 after having sold aa low as Old. psr million markl. and all in twelve months’ time. should not be a: ail surprised to ass German Govanmm (Iranian) 155% Oonoois duplicate this parfornnanas. ' Can you afford to ignope this opportunity? the