42.‘l2ll._~i-.1.?:i{ \em,ew gf Canadian Business And Industry For I930 5,. Honourable If. ll. Stevens, llllnLster of Trade and Commerce , hundred and thirty i135 bgny} i; year of serious in Canada, as indeed L thc civilized world. While ‘mun, “flop has been less affected m Dimes: other countries, as is n1?“ 3d by 11m comparative posi- wdcn; m“. fiwurities 1n the money Noni‘. of London and New York. nmrhhcOu11ti-y' has undoubtedly suf- w mivm-civ from the repercussions we? skoyldyialtuflliOll. The immedi- M tltwllfic of the depression has been ra-it and disproportionate decline Lghllolggnlf‘ prices throughout the world. affecting moi‘! llflflliiuiffllt 111g focd products and raw materiasl which M. _.,,,,p1y in large quantities U, other countries. In November m0 11,.- trcneral index number o! ‘hoksaig- priccs in Canada. which is fairly representative 0i’ $11050 0f nthcr countries. stood at 79.8 P?!‘ m; of the 1926 average as compar- g wlht 957 per cent in the same "K111i of 1929. or n decline of ap- pi-aximritcir one-sixth in the last “who months. This means, of murfif‘, that commodities which sold m 55 .1 vent‘ ago will on the avcragc “~11 for only $5 now, but it means much more than that. Under the ynmpllftitffl svsicm of modern pro- ductloii, thc decline from $5 i0 $5 111 mi» wliorsnlc prices of general com- madam in many cases wipes oet the 9,0111; of thc enterprise. and thus does awav with the incentive to pro- duction, unless or until the expenses incidental to production can be pro- portionatclv reduced so as again t0 makfj production profitable. Accord- ingly the business man who uses capital and employs labour in his business has found that, for the mo- inept at least, he has nothing to gain from continuing in nwdlm- H"! while most business men are actu- all)’ continuing to pwdflflv in the ex- pectation of better times to come, a considerable number have either closed down altogether or are work- ing only part time. with the general result that in the business worldto- day we find large sums of idle mon- or and considerable numbers of idle IllPll, ‘rhcrc arc vcrlaill large firms con- iiilnizigr production in order to keep vnirlajrwl many vshom they other- ui-c would lay off. 1 would like to fir» "Ill t‘ii.: a-‘iiim on the part of icah iiiins. in Canada _who are in - a tlv relieving the unem- Ninctcri mdoubtcdil’ pprr: sion MC “pr. tlir- most serious feature racial iiccliiic in wholesale ,. p. it. iiicqiialiiy‘. certain com- lll.'3(lili"ii and ccriain classes of the fOllllllllllltY living proportionately for mon- rc iiisly affected than others. l'vl'llll.’ll‘,\' 1irodurr-rs have up to thc prcsciit timc siiflcrccl more than pro- ilucrra of manufactured commodities, ilic avrragc indcx number of the ]1l‘l(‘"$ of 252 raw and partly manu- farturrd commodities having declin- rd from 97.2 on Novcmbcr 1929 to 701i ill thc sanic month of 1930. v-iiili- thc nvcrage index number of the prices of 276 fully and chiefly iuanutacturcrl commodities has fal- lru viili- from 93.5 to 93.1 in the “"1" licrind. But the greatest suffer- l‘l'$ havc iii-en thc agriculturlsts; the 81711121‘ iiidcx number of the prices "of ‘*5 Camiiliil" T111111 products of the firlrl has dcclinefi from 94.8 to 49.3, "r "Y “fliltiv 4B per cont, in the past 117111‘ months. Thirteen animal Pmfllifh cf thc Canadian farm have fared railicr better, in that the aver- li"! inclcx number of their prices has fifilb-"ri only from mo to sos. ‘lni: nu tlic two together, 59 Canad- ian farm products had an average Prim index number of 07.0 in No- "mbfl 1'11". as compared with 101.5 a rear cai-licr, indicating a decline approximately one-third in gen- '"] Pitt" 0f all Canadian farm “mm” t" i1 51119.10 year. H3115.‘ however, is of the past, and nlééol-‘g HM practical use in post [hp “$11: Expert opinion inclines to ""11 iimt the fall of wholesale ml?“ 1111s nearly spent its force, and Iénntvl-‘iriat. remains is the readjust- "govfl the wholesale prices of dif- fillin-hcnmllloditlcs to each other. the M‘ of retail prices to corres- mxuchal i wholesale prices. and the m m“ n of costs of pioduction lo as prom“: production at lower prices romplflég When this process is (cmif-PHB or even in a fair way to and éhc "- Drosperlty will return, inaugural; capital will facilitate the the m" on of new enterprises and ‘Immense of employment. m" oi’ the depression has been and wound for some fifteen months mm m! farmer to have fairly well mm oree. ‘rho extraordinary "i" 91mm M m: m the “Mmmvhuumnaunm 3:1 Jhile tho si-nuh ominous’ tent ‘OPP?! It the rate of 01¢ per M"! in Oct! three‘ months‘ treasury m" n" lobar 19D. it is paying at November“! 0111! 9 1-0 Der cont in can bone nae-in other words, it I _ w 23 now for approximate- fluwi" ii wit to borrow ll a your on ‘M50111. "10 IVOYIII TIM 011M105 call loom in the New York .,. ,. a; market, which was 8.92 per cent; in September 1929, was only 2 11¢,» cm; in December 1930. Beyond 110111;; then, there will be abundance of new Cflbital available at reasonable rates of interest for thc new developments of 1931. Ii: ls thedeclared opinion of economists that inter-egg rages must be 1111119113111’ reduced and there are those who believe that public bond issues now carrying a fate o; approximately five per cent; W111 probably ranch a definite 1cm] 0f below four per ccni. 1t wi11 be 1n. tcrestlug during thc coming year to ivntch thc stabilization of interest rates. The different industries of Cau- adn may now be reviewed individu- ally. Agriculture As already stated, the economic di-‘Dression of the past year has borne Pflfilftllhirly hard on agriculture, and more especially on Canada's largzst. crop, wheat. As a consequence of the heavy world production of 1929 in the Northern Hemisphere and of 1929-30 in thc Southern Hemisphere, the price of No. 1 Northern Whcat at Winnipeg, which was $1.68 per bushel on August 3, 1929, has fallen to 57 3-8 cents on December" ll, 1930. A distributing factor in recent months has been the resumption oi’ exportation on a large scale by Soviet Russia. '1 Before the Great War, Russia was the world's leading exporter of wheat. and present ex- ports which this year amount to ap- proximately 80,000,000 bushels repre- sent less than 10 per cent ofRussiiFs total production, and while there is admittedly a shortage in some classes of foodstuffs and clothing in Xtussla, it. is generally accepted by those who are well acquainted with the situation that there is an abund- ance of wheat for internal consump- tion. Furthermorc, Russia meets cost of production by its policy of providing for its workers in cor":- munal form" and incurs no fixed ll- abality by losses resulting from wages paid out of borrowed money, and 1n my opinion wheat producers should face the probability of tho' export from Russia ncxt year of a much larger quantity than that rc- prcscntcd in the figures for this your. Again, thc troubles in the Far East and the low price of silver have tended to limit our power of dispos- ing of our wheat across thc Pacific. Finally, thc latest Australian crop reports forecast the harvesting in January and February next of the largest crop on record. Mineral Production Oii thc whole, the depression of 1930 has not affected mining so sev- erely as agriculture, though much lower 1iriccs have been in evidence, more especially iii the metals, whcrc copper, lead, zinc and silver have been particularly affected. The pre- vailing depression, however, did not prevent further expansion in the physical output oi‘ several of thc lui- portant metals and minerals. Dur- ing the first nine months of thc year, the 1irocliictlon of copper was 235,000,000 potinds, an increase of 32.5 pcr cont ovcr thc same period of 1929. The output o.’ zinc at 195.000.-, 000 potinds shoivcd a gain of 30 1ierl cent. The production of load was up by 5 per cent. nickel by 8.5 per cent and gold by 4.6 per cent. Petroleum production, again. showed a gain of 31 per rent. On the other hand. thc physical production of coal. salt. gypsum. asbestos, cement and clay products all showed declines in 1930. The total value of production of metals, non-metals and fuel. during the first half of 1930 was 110,340.- 000 as compared with $123,702,000 in the same period of 1929, or a coin- paratively moderate decline of 8 per cent in value while volume increased. The latest reports indicate that be- fore long Canada will be the second largest- producer of gold in the world. The firm: engaged in the mining industries reporting their employees monthly have shown seasonal in- creases in employment in the last few months, mainly in coal-mining, although the commence ‘ of min- ing operations in a large metallic ore mine in Manitoba during the autumn has also considerably im- proved conditions in that arovo- The index of employment in mining hu avenged rather lower than in 1929, but higher thanin 1929 and earlier yurl of tho record. Forestry Tho- induatriu which derive their raw materials from the forests have always been among the leodini i11- dustrles of Canada. may draw their 3116b a rapid growth it ls not cur- total catch oi‘ [Columbia in the first ton months of row material from a forest are: which, after all the demands that, hove been made upon it and 01hr!" the destruction b? fire. still extend! over an czfitlmatcd area of 1,151,000 square miles, nearly ten times as large as the British Isles. In former times the lumbering in- dustry in Canada was second only in importance to agriculture, and in more recent times we have seen the rise o! the more highly manufactur- 1118 0111p and paper industry to be the most important single brunch of manufacture in Canada. The total value of the production of that in- dustry ln 1929 was almost $244,000,. 000, and the production of paper alone was valued at $193,193,000, of which newsprint, the largest item, accounted for $150,800,000. Canada's newsprint production in 1929 was 95 per cent greater than that of the United States, which a few years ago was the worlds leading producer. The Canadian figure for 1929 was 2,- 725,000 tons, as compared with 805,- 000 tons as recently as 19:1, Ann prising that there should have been recession, and thc figure of news- print production ln the first ton months of 1930 stands at 2,110,635 tons as compared with 2,244,518 tons for thc same period cf 1920-21 dc- clirie of 6 per cent. Employment in the pulp and paper manufacture at the beginning of November was only about tcn per cent lower than at thc same date of 1929. On thc other hand, employment in logging, thc P11111313’ 11199058 in tlic pulp and paper industry and in other indus- tries based on the forests, was, at the i930 date, little more than half what it was at thc same (late cf‘ i929, and tWo-thlrd= what it was at thc samc date of 1928. ‘ Fisheries On thc whole, thc fisheries cf Cau- ada in i930 bid fair to show u b01110- what increaoscd yield and a. rather smaller total value. Preliminary fig- ures of the catch of sea fish in thc ten mouths ended October show thc total catch as 9,150,838 cwt., of an estimated valuc to the fishermen of $22,143,426, as compared with 8,927,- 242 cwt. valued at $23,262,696 in the corresponding pcrlod of 1929. The increase in the amount of thc catch is due to the salmon fisheries of Bri- tish Columbia while the decline in the value is due to thc fact that a. larger proportion of the catch of sal- mon is of the cheaper varieties. Thc salmon in British 1930 amounted to 2,304,959 cwL, valu- . cd at $7,491,752. tomparerl with. l,- 320,721 cwt. valued at $6,736,384 in tlierc has bccn in 1930 has bccu rc-i but in October _ ‘boon lcvcrscd, and we find a bal- or depressions and uoxv in (‘\'lt'PllC'J;lQl‘.S brunclius bv tlil-ii‘ aucc cf exports OTCl‘ imports. T111111 in Canada indicate tlic pivflnibilitvf:Ernest Eradlflv arslstvcl h" o! manufacturing i>\"o:l\'.:il0n in 1930 we Canadians arc commencing 011cc trot thrrc will be br-lcii" tiiii“; inlA.i\fc1=i~ci~ 1 will inrritiilily bc lcs-i than in 19133.] again to scll more to thc outside,;!‘2l. In thc first the corresponding period of 1929. The puck 0f British Columbia salmon rorci from 1,322,170 cases in thc ten months cnclcd October 31st, 1929, to 2,139,351 casca in thc corresponding period of 1930. During the fiscal your cud-ad 1920‘ Canadian fish and fish products found markets virtually all ovrr thc ivorld. and in spite of depressed con- ditions generally. total exports roach- ed $35,097,000 as compared with $36,- 156,000 in 1929. Imports of ihcsc products amounted tr 33.700000. about thc same as in thc 1ircvluus fiscal year. Canada's fish cxport trade includes everything from fro- zen smelts and carmcd sardines to canned whale meat, but the biggest sinblc item in point of value is cari- ncd salmon, the value of this (‘Q111- modity exported being $8,302,000 ,ln the last fiscal year. Bcsldcs cnnncrl and prcscrvcd fir-h tlicrc is a big. and growing export trade in fresh] and frozen fish and thc figures in; this particular are one of the fcwi bright spots in the fiscal vcar 1920 trade record. being: $il.48~i.00-3 m} compared with $11,258,000 in 1927.‘ Most of thcsc exports go to thc: United States, and thc pl‘f‘iltl‘.'~‘li suvlcl itcm. lobsters, had a value of $2.319- 000 ac compared with 51.613000 in’ the 1ircvlnus year, thus ncmnutiiv: for tar more than thc increase in value of fresh fish exports as a ivholc. ‘Production of Electricity In time past CanacYai-i manufac- turers were oftcii rcpronchcd with their dependence on United Statcs coal for fuel and for power, and it ivas claimed with some show of rea- son that thc lack of coal in thc chief manufacturing provinces of the Do- minion made our manufactures dc- pendgnt on thc good will of thc United States-m dcpcndcncc which had more than a mcrcly theoretical significance during the early years of the war, when wrman-Americans were doing all in their power to pre- vent thc manufacture of munitions of war for the Allies. Since 1921. though the production of manufac- tures has greatly increased, our im- ports of bituminous coll have largely fallen ofl, being only 13,888,000 tons in the latest fiscal year as compared with 18,408,000 tons in 1921. This decline fl due to Central Canada's effort to find in her own "white coal" a substitute for the black coal of the United States. otween 192i. and 1929 the hydraulic turbine horse pow- er installed in Canada increased from 2,784,000 to 5.7721000 horse power, and during 1030 it is estimated that some 400,000 horse power additional bu been added to the installation. Further, while in most of our in- duntrlu tho available 1980 fkuree HON. H. H. CHARLOTTETOWT ' ‘rtcr vi Trade ._....,... . . ..__ ... [Nyvhnnvawf-r STEVENS ' and Commerce aiioiv with 19' lty in iiic 1"" on mouths of 1930 is about l'_- p: (‘out liighcr than 1:1 the same 1icr1od of the 1irczcding year. As yct only about one-seventh of tho nt 1ircso1it 1'ccorcl?d'\vatei' jowr-rs have bccii (l'.‘\.'f".O|)C(l, and the work of further dcvclcpizxcnt ii; act- lvcly ilvpiargrcss. lnutnllatlous ag- gregating more than 1,680,000 1131's: 1ioivor arc now undo:- activo develop- mcnt from coast to coast. T719111’ cf those installations are :0 designed as to permit the introduction of addi- tional oqulpmriit, ivhich when cum- plctcd will add a further 2,090,070 liorsc powcr to the total. Manufactures Nineteen liviiiilri-d and twenty-four was bcyond tnicsztlon thc greatest _vcur that Canadian inzuiiifiictiircs too, have bccn in hmallcr value Bflltgyig figure being 129.9 as coiiipai-»'sclioo1 \‘.'-'.l'(‘ 1121f! on .l‘.~ at" CV91" tllon zidii B00300. cxporlcuccvl, the total produc- of inanuliictiirctl goodu iii Can- cessiou from an r-xtrzugrdliiarlw lvgii level. Turtlirc, whit: the grosri vulu? his will lic iuigoly due. t) the (‘Oll- r-iricraflalyi loivcr prim; of the ravv may tcrials which have gone into til? flint the volum; n; .,l in thc 1111209552 of matiulnrturc vvll l be not 101')‘, uiifavorablr lazfancc of $15,449,671] 0503:7051 {r0111 5i_itl2,000.000 :1 $l.452.-; mucli lost; than iii tlic dlugl year. The average index thc (‘lli]ll(l_\'t‘(‘.‘§ in the mount < - - v I . < ,,.' i. _, ... lllflllfltflfii; rcptiriiiij: iiiiizitlily is; till‘ imports in our lradc with t‘Ollllli'l“"i decline of nearly 510.007.0051. lliiial “oil laden (,l,.i~.i..~. 1.. 'f‘i*.t' Bureau of S1,; i:.i '; stood lil 103. in Lhc first clcvrii months cf 1930 :12‘, compared with 117.3 in i110 same pcr- iod of 1929 niitl 109.8 1928. Thus cnipluynirnt in Canad- ian mautacturiiig industries has in in the some! l l _ I period of 1228. ‘llii: l". n rltcllnc cl vi ,, __ ~11 i=1 0.6 pcr ccut. n: compnrczl with last, ‘L’ E -_ Q your, or iii nth/rt" “TQTdJ. the report-f g- § _=_i g ~6- ing (Initiation ll"1\'illl(\(".l|‘.'(‘l‘fi (“ll-Ii e- g i=1 21.2,, plnyirvl only l5 men in 19110 wliri“. 3 54 §p tlicy cmploycrl 15 iii i913!) and 15 in‘ k2 E l: H’: 1:- a 10130 . i‘ ‘ r a" atcl ' .9 l‘ C‘ 1928 ' ‘owl been 1,1,) o iin 1 r n ‘Jznvjny ‘_ _9~ 93.683 ‘ ' . ‘1"<'b1“-1a='i' 09149 74o 412 I .' i, i i‘.':l91i0."l.i ., ' ‘ ll tfwllfnil-Tnyrlu-‘iliqx: lllnllll;'li‘f"xl"llollf’ ‘Mann gummy]! ‘Imus q‘, l,“ bQQ, 4M,‘ lffijlpw; 711111! 52,509,160 ~13. .670 ail“ ff] (my; m‘ iin ‘u; .‘l_c_‘l 11111:: 101.544.1117 79.403709 --22.os1.1oa r: \ .' .9 . z . a.’ _ nice] 1;“ “linker _,n__m__i__in_: m" _ Juno ............ . . . . .. 91.543991, 90.530249 --11.007.73: thcir“ f-iclorv employment. in Cilil-IJU]? 84‘55O‘n35 77905521 “ ‘ nil-i l1 lwuiuiiaiiivliiccl at '1 muchmulzufm '77'906‘234 7013123766 hiéhw HI] mp_|“m “we Um“ si-piciiiiici- ....................... .. 97.900201 2.190.271 »-s,7o.7.o27 smrw “jléw m; ma,“ mmna,c‘diociiibci~ . . . . . . . . . . . . . . . . . . . . . . . . . . .. 793511251 81,207,932 211139.581, on‘ m; H-mm bqro as HQ; DDmini__ni,‘l'cii 010111.115‘ ’l"i1tnl . . . , . . . . . . . . . . . . .. 871,516,482 762,723,552 --109,090.93') Burc-iu of Statistic.‘ iiirlcxcs Favor-E —‘ “" " I .-; ozuioo 5t l t. "s." i o - . . l n F 1 b I "m n ' J n c TIJlIRPOFlFl-IOH and Communication tcrprctation of banking statuiiraa,‘ tobcr. compared with H13 Canadian index at 104.6 on Novcinbcr 1st. An cncourziyfng rcncwal of activity hnr. fCCflllllfV been evident in thc textile group, while the food liitluritrics have, also isroviclcd work for largo mun-i bcr of 1icrsons. fruit and vcgctablc canncrlcs having bccn 1i_articularlyi busy this ycnr. f‘. Construction The value cf construction contracts awarded in the first clcvcn mcnths of 1930, as compiled by thc lVlacLean Building u Reports. Ltd" stands at $432,457,300, as compared with $544.- 105000, $382,289,900 in the corres- ponding periods of 1929, 1928 and 1927 respectively. While ‘the 1920 figure is considerably lawer than that of 1929, it is nevertheless higher than tho figures for any complete year from 1913 t1 1927 inclusive. Again it has been achieved in the face of a declining level in the prices of building materials, the index num- ber of such prices standing at or average of 93.3 in the first ten months of 1930, as compared with 99.9 in the some period of 1929. The November reports on employ- ment in the construction industries indicate that such employment eon- ‘dizctioil in the commodities LlllllCS active for this time of year. Sonic thousands of men arc now working on rciicf uiiclcrtaklugx, and thcir earnings will tend to increase employment in other lincs. But al- together apart from this relief, a relatively high lcvcl ofcmployment is] being maintained in building con- struction, vshcrc the index of No- vcmbcr 1st, 1930 stood at 145.3 per cont of thc i926 average, a figure which though considerably lower than at thc same date of 1929. was substantially higher than in Novem- ber 1921i. External Trade The cxtcriial trade of Canada ha: in i930 been ailcctcd, so far as cx- port: g0, by thc smaller crops of 1929 and 1930 and the lower 1irlccs obtained for thciri, as well as by the general tradc depression. Imports, -».___. .-_..... ..-.-q-. a-i-q. ., an}: t; (l",.'l!l‘€‘ rs u rcgult Ll L114- cuniprtitluii cl l...‘ automobile. At any rzitc, tlic grand total gross rov- cnuc: of tlic more l'2‘]l‘.‘ll"I‘.'. rail ways of Cauiarla in thc fri. lllll" months of 1930 aggrcgair-il 03.13.7181.- 603 as compared with $398,105,213 lil the same period of 1920, a decline of _ $58,723.S00..Ncarly two thirds of this decline was otlsct by savings on op- eration, but even so, thc operating lu- I come of thc railways in thc first| thrce quarters of 1930 was only $39.- | 007,543 as compared with $58,938,492 in the same period of i929. Naturally, l one element in bringing down thc operating expenses has been the rc- duction of the working force in 1930 than in any ‘year since 1926, as a rc- sult of the short crops of 1929 and, thc subsequent depression. Railway“ construction vvorl: was; also loss activr- in 1930 than in othrr rcctnt yw-zirs. Nevertheless, thc index of Clllpllljl- mcnt on railivay conr-tructloii ivar. distinctly lilglicr on Ncvicmbcr 1st, 1930, than on thc sainc datc of 1929. Wholesale and Retail Trade A noteworthy feature of the prcz: cnt situation is the relative stability that employment in trade has shown throughout the year, while at thc prescn time large numbers of extra persons are being employed to cope with the Christmas and holiday dc- iuantls. ‘This is particularly signlfi cant as an indication that thc pur- chasing powcr of thc bulk of thc. Canadian 11001110 and thcir standard; of living have not been very scrious- 1y affected by thc worlcl-ividc doprcs- l sion. The index of cmpluvinoiit in wholesale and retail trade lu thc! first eleven months of 1930 averaged‘, 127.1 compared with 125.4 in thc same period of 1929. thc previous. maximum. The number of person's: reported by the cooperating firms averaged 87381, working in depart‘ mental and specialty stores. chain or- ganlzations, vvliolcsalc and wholesale] retail and other sales organizations. Iimpoymcnt in trade in all prov inccs appears to bc wcll maintained; I in thc hlaritiincs, Quebec and Brit.- ish Columbia the index numbers on‘ November 1st, 1933, were higher than ‘l on thc sumo date in any other you‘: on record. while in Ontario and thcI Prairies they wcrc higher than ‘in. any other year except 1929, thc On-t thc result of thc dcclinc in exports and in DFlCCS. O11 tho whole, im- thc tendency has ivorld than vsc buy from it. In this intro’. month of our trade it 11111111)? l noted that we liavc a favbrablc bal- 11\1‘1111i-1Ci-1l1‘¢‘<1 015N105. 111111 N 1113.‘? b1‘, ‘H106 0f $13,513,522 with thc Unltcduiioiitlis l)'_".\'.'CCll July 31st aucl O:'—. Kingdom, moi-c n oflsct by an with thc United tStatr. Th: favor- Ofl ilble balance in thc 2122111711113 11800 period, current. loans declinirl aring i: duo to the cxccsu oi‘ exports ovc: ,$1,277,300.c9o to $1,331,509.00?) other than iliosc mentioned. following arc the fliiui‘ ten months of 1930:“ ed with 132.9 on N0\‘(‘llll)-"l' 1st, l . |nnd the Prairie figure 123.7 n5 com-i l't'llL'l‘.lll§I approximately $4.000: ports have iint-‘l thc latest moutlrpzirr-(l with 127.9 . .. T111111. \1‘11.l‘~"\'@1‘ 1'i?~'¢3hi911i maintained all (‘X66115 0W1" CXl>0'-'i<.[ Certain well known plicuiumviia us ;1>1'ugralniii;- us. 11121-1 w; unlly found tovrartl thc clone 111060, thc!"- 17:1: ‘icon in rcccnt months a sub" ‘ial increase iii llir: savings clcn til, our chartered banlzs. In thc ilircc: . . . i b31101‘ Slrt. ilicsc savings rlcnpsus in l‘ ‘:0 ' lil a 000.009 or by $30.0I>'J,000. in thc . . i thc e.‘:("~".'; 0i‘ :.\iiig.-< deposits. rrrr, . current lriziim, vxliicli la gz-iir-rsllv‘ Qwonsldcrcd vcry significant in tE-c i11- Thc chlrf trimsportatioii agencies in Canada-thc two great railway sys- lt‘lllS-—\\'t‘1‘C inevitably seriously af— fcctcd by thc great. decline ln thc 1929 crops and thc consequent rc- trans- ported at fixed rules. In thc period in’ a little over clcvcn months, up to lii-ccmbcr 6th, 1090, thc grand total of cars of revenue freight loaded on Canadian railways was 3,012,359, as compared with 3,370,377 cars and 3.- 518.312 cars in the same periods of 1929 and 1928 respectively: 'I‘hc dc- cllnc of 358,018 cars in 1930 as com- pared with 1m is accounted for as follows: grain and grain products 42.780, live stock 23,923, coal 39,292. lumber 47,621. pulpwood 1,950. pulp and paper 19,135, other forest pro- ducts 31,287, ore 18,525. merchandise less than cor loud. 43,787, miscellan- cous 94.728. The only enumerated it.- cm showing anlncrcase is coke, of which 25,825 cars were loadcd in 1930 as compared with 20,835 cars in 1929. 'I‘l1e freight earnings arc univer- sally rccognlzed us supplying the great bulk of the revenue of Canad- ian railways, and a falling off hero necessarily has a serious effect on earning, while passenger earnings have in recent yum shown o tend- rrusc from 51210030119 at the rnrl of .lul_v to 32.102.002.000 at thc ciiil of October. which may be Cli:l‘.]\il‘.‘~‘tl \\'ilh an excess of $3,000,007 of cur rout loans over savings (‘Plllllfilj (in October 3i. 1929. Call loans also llC-‘Cl? been steadily (inclining in i-cuo-il months. Cull loam: abroad which wcrc $215,000,000 at iiic curl of’ .'\:,':- ust, fell to $l6l.700.t‘»00 at thc cud cf October; in tho canto 1icriii.l val loans at home fell from $220,000 059 to $214,100,000. Convcrsclyi. the baulvi‘ holdings of Dominion mid 1irir.iiir:.“ ‘government securities, which \ "c ‘$295,000,039 at thc cud of Jlil_v, roar to almost $370,000,090 at tlie cr..l ct October. Obviously, thcrc is n good deal of Canadian money vvaitlig iur 'opportunitics of 1irofitable invest- merit. Further. thc reccnt. tariff changes nre resulting in thc cnihblisliii-cni. of branch factories and thc iniprirint ion of capital. Thus an Eugrsh ifirm has purchased thc Hawthorn Imills oat Carleton Plucc. Ontario, and is installing English machincipv. This ‘is only one ‘of ovcr a dozon Ehigish firms coming to Canada. Various woolen mills, long closed down, 111v» commenced operations, and the wool- l understood also ‘gift from tlir~ i -. ill, ll: 1'2 11.1w; l:'.i:.:-.l a 1' ‘C(91) .l ..i, Hyucliiiii" 1L‘; :1 l). . iwfziiit, zuil it l'- u:ir!o"..tiu<| tl t llzuiiiltoii r"-r1i)rzii'i-iii i.~. llllt]"."~‘l iii: mauiifzictiit": of tiixplwtc. i;i (Juli 9.111‘. Atjillii, thc lllt'l'f‘(i"‘.l tT-maiml lr-r- "fcrtrlwl |iu'i','r.*i' 1. aiinllici‘ vxulcnc" u’ thc llflllrifPllC" \'-'|ll(‘ll Cauiutllun. fvcl in tlic luutrc- of tlioli" country. The 500.000 lion: available from tl._ iiul ilci7~lii1iiii<~ii1 of thc Bcauliarnoir. Povxcr Cf illlflll. has already l)€‘('ll all (‘on cci for, and it. is stated that cation will bc made Lu thc (Jim .. izicnt to authorize a larger dl" sioii of water for power purposcs. It if; that the present plans contemplate the fiilfltlllklllllPllf of great new metallurgical enterpris- cs; in i.‘ a iiclghburhucrl ol’ till‘ iji-z-iii liiiviirlii; (l‘.‘\'£‘|f)]ll!l"2llf». ' finally‘, ivhllc lllf‘ tiiiicn iiiriiii '11,, lOlYCl‘ \vli.vli will lir- J .9 q In P I'"_ IHVE . .l ill l.i.r‘.i':.1 '11‘ 11".‘ .‘|l'il Ycrl; 21in . :.11d'. i-n rlnl <".'.":i l.f‘.l yer"?- r-liiv 1'1 iiiinncc our ill ii \‘.'1i_',‘ which u.» In addition vvc had l""llll ii: of 1923 total ex- llii; if some $1.715,- 11200001100 of it ‘in subject to easy." :1» our own industries rc- .ii.1l capital. 'I‘l1us, while iiiav llf‘ suffering today, lll‘ position of thc Domin- ~ iiiv countries of the world tisfnctory. 1n the present ilJllCP», i! thosc of us who ~17‘ b r nil‘ will 1101p to find work fur .. ~ who arc out of-cmploy- iii-ii’ lll i-z-rlfi" iii liolp them t0 tido vvc shall find before 1" =1 c have found in the past. ‘ illilil it. ' '.\ii f"llf‘ ‘.L"Zl nJl lTlllill clruu: ,,i_,.,- ,i_.. ll 1...; All’. which we arc 1inssiiiu ltl'(' ivliiiliir-FM difficult for litc nation and tlimirn 1;, for many ncccssiotus individuals tlirg-s arc certainly not so difficult as iii-- which we have laced bclorr. llivuliixi -,ii~ii.-i v i‘ ' no iznvo tlono a good stroke of m. Wcsliall llnd .. or saving invent- ijl ll"l"t‘l ill!) labor of lil- .i1l.'.l intelligent workers to tin. .. ‘MIX present winter, hard as it is for lil‘ ‘do ‘lop tliv. grout. country in which lsrclaiiirclv" 1cm. cli.=' wing lliziii ~ :2" 1c! scarcely one gain- of 1907-08, 1913-11. rliivl 10.)‘! l . i"il'l',ll'l‘ rri p son for cal-h square Canada as a nation is vrc-r 11.11711 lll of land n . 1t will not be long wealthier and bcttci‘ ublc lu iviili- -~ tiu-rv ‘i vvorl: for all in Can- stand adversity than slic nus lil n11, similar period 0f former tiliivs. \',ll~"L‘.' thc (iuostlon of o (Jlenwood And Vviclinityi Bradley. Mr Ernest I Diuiblanc School. if; l holidays at his 110111? in Cllllfiuilf‘! town. 1V1; "ttighcii Sttniarf. Was‘. 110.11:- was a visitor to Eummcrsidn on Sat urdmv. Slvicl- . guests of Mia; ifaig Dunblanti. Ml‘ lfrluli .‘.l:!\i:;\‘.ii 01.11110 Christmas ut ilic lLlllL‘ of ‘iii. .. Mr 1121mm‘ Brit:- lfz-r i'r.c: Mrs Chi. . been ill for onic tun: . in; in hcaltli - i 'l'l1o ClOalllQ, u thc 22ml ill.L in 1h: Mrs Ncll A. Boultcr via; a1: , i chairman a mus! lntci‘ . | _ “““-°“ W‘ 1 that ill? C: iitllflll Pacific Railroad 111111115 vvcrc (‘Iiflllllllftl ill 11:." var 41mm cxtqu 1L5 11mg w pol-mm‘; "who: 703.5 iilltl . London. Colin. in order to Jean Livingstone and Til; Phcrzoii. lil.l'(l ,v..ir .~iucl': of Vlulcs College v.'.ic> i. in; his lioli Tho prompt thc 111111111; rcpli . ‘iiad 11cm lllI"l. during lhi 171st Tlic srlicul lmzl l;.'- (iecoratrrql for 11in r; ll‘l'.'.' :1 Gill‘. COYYIFl‘ U.‘ 1'71‘ l‘l.(‘lll. been 1irovi<‘~'l by 111': \V""""'.. ii: itliito and all 111'.‘ :11‘. n2“: s13 trotted. [D151 butzcn o.’ g.l‘.;. nu. Mrs Emcst bit-Pile . B55513 Bcultrr. Each beautiful gifts icaciivi‘ by hi..- Conimcnclatorj; by lVIra l\’lc1’l1r1".i:iii Mrs N i.l‘~ Port-y McFlirti on ‘ l; tcca. A V0111 oi iliiul" i110 lfnclihr. 9.11.1 l‘..!lll[".'lll~; til‘. i 11110.1 afirr singing. iin‘ hliiiiiiizilt Aiitircni. 1 e “fORK won't wait for a hrnidiirlu‘ to \\‘i‘.ll' ull. Dun! Innlc |i'l' aympulhy‘ .'ii such ltllllkm liiii 11v! some Aspirin. it non-r l.ui.-. Don't bc .1 rhriuiii; :ll|l\"l'Cl' from headaches, or -'lll_\‘ other pain. Sec u tinrtnr and gtl at. the cause. hlciinliinv. that! play iihiriyi‘. 'l‘h<:i'<~'~» .il\v..i_\;. quick comfort iii J\1~])ll'll‘. li ilcvcr (loos any harm. [sift it foolish to suitor any 11001110:- pain? It may lit- only ll simplu headache, or it iihiy liu nau- ralgiiitiruc-iiriiis. Rlioiiiiiiiii-ni. ‘Lumliilgo. :\.<piriii i» still tltt: sclisiblc thing in i111‘. T1101"? is hardiyanyi (it hi: ii;- p.111] tlir c tablets can‘! i'uii':\':; 1'1")’ tll'-" ii great comfort in \\'lllllt‘l'l vim lcn industry is looking ahead and 19111111! that it has I future in Cau- ilutltiiiai full‘; 1'1 1w to l>1"" (‘.'i1i:lv' ll." l, suffer periodically; they urc S "x i i TRADE-MARK REG. is ilicrr is broad for all today. 11c‘. lit} \l1"Il talc coiirago-“the best Nit; l." ‘Zltfltll llicrliliy oi‘ Ilebror :.. uiciuliig a fir." drux. with hcr cliiiiiiitwr. ." . llzkhfcfflicrscii cit L):l11‘;l'it"..~ ll. lli’. _-.' 13:110.. regret to learn 111.11, .‘.lr .1 iii A McPherson 1s now confined tn his lis-nie by illness. ~ 'l“"‘r.a Elli" of West. Cape inlays at 111': hcmv .L.l\i':l)uugall. “lr lliiriiplrg: Oulton was on a ' 1211.1 l’) fjgmniovsidc on Tues- Mclhmalcl returned on i=7 hi: lirirnc hi Glcnvvoocl I cm sever‘? l days. iii Elmscialc and 9.1:‘ .' -tiii Will“ ' EXTEND ITS LINES iioiviziixi), are. Jan. '~.'---<i-;1.' nfaniacliziii Prrasi A recommendation . vxiih it‘: Canadian Natlonezl which has already water (‘l thew 1101-15, is made in the 0.’ Port Dcvel the Providence so. according to .: veil here. uniitc.» also iu-gcd that six .'l'l‘\‘r‘ Now England sea- l cf tli~ single raihvi-Lv “lldffl for this tcrrii- . \‘l'\'g(‘.€‘i(‘(i chi-urge. ‘ t-d from dcvrr have P113111? ll of Nov: [England as councctliig at the 112th thc drunk lines _ 1... v7. of the Committee ;l officials of the urging that wulrr was vvaoxri. "~ "ll 1 any ‘I lZliYQ vent.‘ it it?" . ril tli: boy. : wrung about it‘ rclicd on fc: vlvvfii" l“ Li ' (iifiiiiu . = i1 piInt: ‘.1 in rod. f‘ . iltllif‘.'\.<1lii't l i.'1i»‘i‘i= iin 111.: dcprcss 11.: heart. .\‘.l driigziiizus. the,