PAGE FOUR GIIIRLWITETOWIIGIIARIIIAN l magnum-w. Chain a. run-n. Il- P- Viv-Profile". 4- i- l-"W- "- J- '- lcanhlr-Ialont-OQI D. A. llnllnnon, D. l. 0. Aloodtb lemon-hank M.“ IL‘ 11100) u maul: u min-ow.» °"' w. 51".; nu Idltor and lounging Director-J. l. Burnett, I‘. I. l. Wllkll‘, and D. K. pll yea: (In advaneq) delivered. a t» Canada and United amen. MONDAY. JULY 20. 1035. OMINOUS BEGINNING money on short term treasury bills on a yield basis of 1.38 per cent. in Our contemporary evidently d0QB‘Cpng,d,|,, 1t ha; arranged a large not wish to give its readers the, banking credit in New York for benefit of the considered olfllionlone year at the low rate of 3 per o1 the ‘Toronto Globe regarding the, bent. It has been able to float election results. After exulting in eight-year bonds on a cost basis of the mt that 42 per owi- o! theasl per cent. voters of this Province will be without any represfilltation in the next Legislature, it comes as a shock to be told by the leading Liberal newspaper oi Canada that “by the figures themselves the Lib- erals were in no wise entitled to the absolute rule they obtained." The vaunts of Mr. Lea and the local Liberal organ that they repre- and twenty-year bonds on a 3.10 per cent. basis. These results have been achieved as a result or the Government's isustained policy of maintaining the national credit at a high level. It has furthered its campaign for cheaper money by convers-‘on loans, ‘involving over ;1,ooo,ooo,ooo of old bond issues at lower interest rates ,with an attendant saving to the sent “all classes of our W991i?" “'0' treasury of $14,000,000 per annum effectively answered in the Glob’: Ln interest charges. It has taken editorial. the lead in getting the banks and The tet oi Liberal sincerity ha-‘i trust and loan companies to lower come more quickly than was antl-~ their interest :ipated. The Liberal party organ, by suppri-‘ssing all reference to the Globe editorial, has given a very good indication oi what the electors may expect under Liberal dictator- ship! ‘ A TIMELY SUGGESTION A pertinent suggestion is oflered. by The Montreal Gazette in com- menting on the provincial election results. we quote: - - “Mr. Lea. is an experienced ad- ministrator, having served in a pre- vious government as Minister oi Agriculture and for a short time subsequently as ‘Prune Minister; and today, after the exuberance of Tuesday's political triumph has passed. no doubt he wishes that his party's victory had not. been so' pre- ponderant as Tuesday night's count- ing oi votes revealed. The result of the election, while placing upon his shoulders a heavy responsibility, confronts the Premier-elect with what may be termed, in the circum- stances, a crowded opportunity; and the success of his administration will depend not only upon the talent and tact with which he handles the immediate situation, but also upon his ability and daring to make other opportunities» as he goes along. Ofic"opp6rtlm'ity very pertinent to what local Liberals have affirmed to be the party's con- sidered policy may appeal to Ml ‘ Lea. before he has been long in of- ficc. It will arise from these facts: With one-fifth the population of Nova Scotta, the Province of Prince Edward Island has just as many legislators as her neighbor. Time after time the independent thought that evidently has now expressed itself all on the Liberal side has forwarded petitions to the Gov- ernment praying the authorities to pass legislation that will reduce the membe ship of the Legislature by fifty per cent. Were the new Government that Prince Edward Island soon will see in ofiice to ful- fil a Popular desire in this direc- tion-a desire that hitherto has been expressed in vain-it would give striking and convincing proof of the earnestness and sincerity of the Hon. Mr. Lea and his party in making retrenchment and rigid economy the first plank of a Lib- eral govemments administrative platform." The Gazette's suggestion should at least appeal to the Liiberal dep- uty leader, Mr. Thane Campbell. inasmuch as it was embodied in a resolution passed by his own con- stituents at the convention at which he was nomianted. It is also the opinion held and expressed by the president of the Charlottetown Liberal Association, Dr. 1. J. Yeo. Speaking at the Iris meeting, Dr. Yeo is "reported in the Patriot as having stated; “Ocst of government we believe was too high in every province, and he hoped that the Liberals would lead the way and cut the membership of the Provincial House in two. electing fifteen members instead of thirtih" ‘This appeal to the electors no doubt played its part in the Lib- eral victory. The concern expressed by every Liberal candidate for economy in adnllniatriioiimchould makeiteasyforldnilentoilfll“ ‘undo fifteen of his icllowora to geslgn their seats. therein 01'0"" ' ‘h; ‘a saving in sidebar-indemnity whicbcouldbeappliedtofialano-g montage-tn. j _‘ ‘LOWER INTEREST RA TES charges. The out- come is that mortgage funds are now available at 5 per cent. and 5 1-2 per cent. and that money is obtajnable‘ for commercial purp:ses at considerably reduced rates. The purpose of the administration has been to promote Canada's recovery from the depression, which is well under way. League of Nations’ stat- istics demonstrate that this Dom- inion has led the world in the rap- idity of its climb out oi a six-year- old world depression. EDITORIAL NOTES It will probably take the usual three weeks for the MacMillan Government to hand over the reins to the coming Dictator. By the end oi this week we should know definitely the date oi the Federal election, which, generally, is believed to be Monday, Sep- tember 23. It is with unfeigned regret that we learn that the state o! health of Hon. W. M. Lea necessitates his undergong further specialist treat- ment. The gubernatorial visit was an outstanding success, ‘thanks large- ly to the generous hospitality of the Lieutenant Governor and Mrs. DeBlofs and the kind co-operation of the Clerk of the Weather. The past five years of Federal Government have been the most strenuous and worrying since Con- federation; and we are not .yct out of the wood. The prospect is that the next five years will be equally, if not more, lmrassing and formidable, requiring a sure and steady hand and head at the helm. The Canadian press generally is now beginning to realizorthat the success‘ui campaign oi misrepre- sentation o; the Lea. party connotes dictatorship, the abolition oi the Parliamentary system and civil and religious freedom generally. Hitler first obtained parliamentary power constitutionally by gross misrepre- sentations, false promises, and a soap-box demography. Then he abolished the freedom oi the press, curtailed the liberty of both Cath- olic and Protestant churches, im- prisoned political ,,_one'nts and finally suspended parliamentary government and declared himself dictator, which he still remains. Every Editor in Canada. todaylwith vision realizes what Mr. Lee's so- called victory foleshadows for Can- ada-and dreads it. It is interesting and instructive to recall that one oi Hitler's main planks in his political platform in seeking election to power, was "a balanced budget." And how did he accomplish this in his first fiscal year? Exactly as Mr. Lea now plo- poses to do here, by book-keeping manipulations. He reduced the ex- penditure from 8,300,000,000 marks to 7,000,000,000 marks, but he did so by including as revenue, 1000,- 000.000 payable to the states and municipalities, - and by reducing the amount set aside icr debt re- duction from 430.000.000.000 to 100,- 000,000 marks. .He "balanced his budget in much the same way as the Lea Party propose to do, by in- creasing the public debt. Our new Governor General, Lord Tweedsmuir is not only a nov- elist of diatinctdcn but a raoonteur not surpalsed even, by the late Lord _Ab_erdeen. a predecessor in Notes By 7718 Way In a recent hone of the Interim Magazine, Kenneth Collins, a noted advertiairlz man. who is Assistant to the President o1’ Gimbol Broth- ers New York. has an article on Courage in Advertsing, and he brings out the fact that those who have attempted the daring during this depression of ours, have won out magnificently. Yet ll,‘ ggyg that only a very few have attempt- ed to do the daring at this time. The others have simply stood still or didn't know what to do. "Adver- tising," he says, "the normal mot- zve in business, has become all clogged up with doubts and fears." Mr. Collins decries the Micawber idea oi waiting “for something to turn up." The United States has 42 per cent. cf the world's monetary gold, France has 22 per cent. and, 3111;. ain 7 per cent, yet Britain's finan- cial position is infinitely stronger than that oi France or the U. S.-- London Advertiser. Naturally the sentiment on the continent is that the Ethiopians will trim the pants of! the Italians if Mussolini inssts on precipitating such a war. The odds are assured- ly against the blacks but Italy has not been so hot either, as her per- formancc in the Great War will show Only the circumstance that the Germans were on their last legs when they essayed that final as- sault against the southern front, saved the Italians from a devas- tating collapze. Unfortunately the memory of that debacle has faded from the Italian memory too soon. —Woo:istock Sentinel Review. Thc clergy has an emphnglg and a function separate from all other members of society. By and large it is disinterested, it is conseci-gtgd, The teachings of religion, whether social or personal. have_been so little tried that when reaffirmed, they fe?m startlingly novel in any 5K6. The doctzine of unselfish love is a dynamic that can heal any error-political, economic, social, personal. Preach on. valiant teach. The P. E. I. Elections (The Ottawa. Journal) About the only thing Conserva- tives oan say about what happened on Tuesday in the “Garden of the Gulf" is that this isn't the first time people have gone wrong in a garden. Moreover, we confess quite frankly that we haven't the aintest notion of what particular thinks brought on this particular frailty, and so unanimously. What with keeping an eye on Ethiopia and Mussolini, the while bothered some- whgt by our politicians up here. we havent had a minute for Prince Edward Island, don't know whether its great contention was over pro- hibition or potatoes. or lust (as often happens) over ordinary per- sonalities. . . . The "Handwriting on the wall"? Well, perhaps: but there's so much handwriting on the wall these days, and so rnuch of it just plain crazy, more oi it doesn't matter. People, or a lot oi people. seem to have 50¢ into the mood that everything that is wrong, labor under the profound and pathetic delusion that govern- ments can and should set every- thing right. There's no rhyme nor reason to the thing. Time was when most of us tried to take our troubles brave- ly, and to remedy them ourselves, hoped for better luck next time. ‘Today we've got to the stage where if a man gets a bunion on his toe he expects a State doctor to come round and remove it for him, with the bill charged up to the tax- payers. Governments must be everything, do everything, pay for everything; must be ornnipotcnt and omniscient, all-wise and infal- lible; must cuddle and coddlc us all in the vast blanket of its pater- nalism; see that we're cozy and comfortable from the cradle to the grave. Truly, these are strange times. They sec democracy stretched into a paternalistic socialism which too often weakens those it attempts to benefit. For the dole has unques- tionably put the spirit of beggary into many who take it, just as it has hardened the hearts of some who have to pay it. And mean- while govcrnment, which ought to be one of the last things in the life ers of faith! More courage to the pulpit and yet more pcwen-Henry Goddard Leach in The Forum, Surf-riding is not, as one might Suppose, a human monopoly, for it was known to the beavers thous. B005 0f Year's before the first man ever ventured upon the water. Ob- servations at Whlpsnadc and else- where have divulged that the beav- ers tail is employed not, a; once supposed. in the manner o; a trow- el for smoothing the walls of its abode. but as a sort oi raft cn which the‘ young can safely ride, clinging tghtly the while to the thick hair on the parental hind. quarters-Iondon Observer. iThc gangsters who rule I Gog. many are beginning to do lo the Roman Catholics what, they have done to the Jews and to those Protestants who refused to submit to Reichsbirhop Mueller. Civil, p01. itical and personal liberty were crushed in Germany when the Nazis came into power. The rem- nant of religious liberty is now be. ing destroyed. The 0011118 usually work and think while the other fellow sleeps or dreams. And his is the reward oi’ oeurase and vision. There Ire always those, handy about, m whom all blame for catastrophe and misfortune is placed. But blame does little, if any, good, The 0411108 blame no one. ‘rhey gc ahead. Often they “fly blind." But they so ahead. Business will rap- idiy recover just the moment that people unload their fears, their Blooms. and their doubts. Are we 10-0! capable than our fathers. with times over the advantages that they psscssed? Hail to the daring! In ‘England there ha; bu“ m interesting discussion as to why people sed telegrams. And it devel- oped that by far the greaim- 1mm. ber oi "wires" are of a joyous rm. ure. More good news than bad news is ticked out and sent its way by the operators. less than 2 per cont. of the telegrams sent irl Britain are messages of ill omen, while dcub. lo that are mesgaau of joy. The rest deal with what, in a “new war. may beau-entail as business. Canada has kept her position u fifth in exports among the nations oi the world. This is recorded in "10 Leaaue of Nations trade report for 1034. Not only has Canada held her position. but she has gained as regards the percentage of m; Wvrldls export trade that is hers. The figure now rtands at 3.90 per 09M; that of 1033 was 8.50 percent. This is Canada's beat showing since hard times descended on interne- tional commerce, “Witness my hand and sell.” etc. So concludes many u legal 40¢. ument, and then a bit of gummed piper supposed to represent a seal is stuck o “ the signature. But of what real significance is that bit oi paper, which might be at- tached by anybody? Now that questionable evidence, why not have the signature attested by an im- pression. sayfiin printer's ink, of a crer who died and appeared before the Golden Gates of Heaven. "St. tiais," said Lord ‘rweedlmuit, "I have donemy beat," laid the Bord- erer, "up to my lights. I have been the death altogether of I3’! b]- pnsorva jealously their old instit- utions. "Oar forebears," he laid, lishmen. A year ago I got the Bishop of Carliale, and last wed only Just missed the Bishop- Durhamr- ‘Well. that is fingerprints are known to be un- i Peter asked him for his credenq’ of men, has been allowed to grow into s bureaucratic giant, fed on every variety of tax that politicians can devise, and, like the daughters of the horse-leech, forever crying "Give!" So far as Prince Edward Island is concerned, we doubt much whe- ther its people are less well off to- day than they wero twenty or fifty years ago. We imagine they have more of creature comforts; more of good roads and well-kept farms,- more oi modern machinery and improvements to lessen toil-on their farms: more of all the inventions and things which make life more enjoyable. Yet they are less con- tented. Twenty or fifty years ago lhev knew little of government. They raised potatoes and seed grain anli good horses. and if things went badly, or crop failures came, they locked upon it as their bad for- tune, or as a temporary oversight of Providence, hoped or felt that the next year things would be bet- ter. That the thing to do was to rise in revolt and blame and de- stroy solne Government, feeling that some other Govamment would right everything for them, never entered their thoughts, It is different today. Under that State paternalism which feeds up- on itself, which causes men to look more and more to givernments, the people of Prince Edward Island, like the people everyhewerc else, “D9015 everything from govcm- ments. blame governments when everything doesn't come. 'I'hat, as much as anything, is the explana- tion of the present mood of dis. content; the thing behind the tale of government downialls every- where. Politicians, sta‘ n every- Whe". they had better note these things One of the first penalties of patemaiism, and its worst pen- any. is the public appetite 1c creates for more and more assis- tance. The demand for help, for manna from some treasury thought to be inexhaustible, bewmeg l; giant maw; its appetite insatiable. As a destroyer of government sta- bility, and of self-reliance, as breed er of discontent, there is nothing to surpass it. That mood is abroad in Carmela today. If a farmer grows too much grain and cannot sell it, he expects 9°10! Bovernment to buy it. If the grasshoppers eat his grain, or drought or rust destroys it, or it is him"! 011i’! b? hail, then there is also the government. If a man 1°00! hi! Job. or loses some job that he likes. and doesn't wish some other job he doesn't happen to like there's relief. And so the thing’ aces-in a vicious circle. Farmers, manufacturers, meloharm, lgbqp. ,- t Bil-jams: W. Barron. MD. USING EXTREME HEAT 1N TREATING MENTAL CASES You have likely read about the "malaria" cure for that type of men- tal patient who has also paralysis. The patient was inoculated with the malaria organisms and the heat or fever of the malaria caused so much improvement in some cases that after the malaria was cured by quinine they were able to return to family and business. In other cases no improvement was noted. It was felt that lt was the extrema fever caused by the malaria rather than the malaria itself that brought about the improvement. Recently another form of heat- lhe drug known as dirlitrophenoi - has been used in another typo of mental ailment, that is dementia praccox, where the individual is iu a "perpetual dream state". l-Ie pre- fers to be in a "dream" rather than face the realities of life. Drs. I. Finkclman and W. Mary Stpphens, in the Journal of Iathc- logy. London, record their exper- ience in treating 12 female cases of dementia praccox of the “depress- ive" type whcse ages ran from 10 to 63 years and their weights from 135 to 107 pounds-the heavy or over- weight cases. All but two of the cases had been in the institution from two to twenqr-four years. Only one of the patients showed any de- sire at first io co-operate with the physicians in an endeavor to obtain help for themselves, but as their condition improved under the use of dinitrophcnol they began to show interest and willingness to co-oper- ate. No change was made in their diet while taking the dinitrophpenol. The average loss of weight was 1% pounds per week and treatment was continued for 30 days in some cases and 60 in others. The rate at which the body pro- cesses worked under the influence of the dinitrophenoi was about 40 per cent above normal. Two of the 00-595. when: the excess fat was due to the urlderaction of the pituitary underaction of the thyroid gland in gland in “l5 skull and not to iho the neck, did not respond to the action of dinitrophenol. That is these two patients did not lose any weight or use up extra oxygen as did the other cases. Five patients improved mentally under the treatment. Thus we see again that the “fev- er" or heat that accompanies an ill- ness is really beneficial if it remains at, or can be kept within, safe limits. ers—ali look to the State. To some government. And if the State or some government be unequal to the task, ii government by hand- out fails down, then the multitude rises in revolt, and a government goes down. We hate to end on a note of gloom; more especially as we began with a garden. But the truth seems to be that just so long as we go on with this policy of paternalism, of leaching people that the State has 9- 011"? 1'01‘ ills, that it is a Great Physician for all their troubles with some magic wand that prq- duces gold for everybody who needs it, this unrest will abide with us. T710 thin! is Just human nature. A Provincial Issue (Amherst News s» Sentinel) “Undoubtedly Liberals will claim that the Prince Edward Island land. slide on Tucsdrry leaving not a. sin. 81o Conservative in the Legislature, has a federal significance, but those who have followed the platform dlg. cusalons during the campaign will know that the matter of economy in administration wng stressed more 51-00081? by the Opposition leader, Hon. Waiter Lea and his lieutenants than any other single issue. or course it is claimed that the Mac- Millan Government had not prose- ed the claims oi the province as smfllzly as it might have done at Ottawa. and that the increased subsidy oi $150,000 a year wag not a fair rccogniti-in of the rights of the province. Premier Macmillan readily agreed that he was disap- pointed in the size of the aiward, but it still rerrfaliisifibdieen whe- Iioweriirg The Interest Rate Structure 3y Hon. Edgar N. Rhodes, Minister of Finance / A resolution passed by the Ottawl Imperial Conference in the Sum- lner of 1032 recommended in part "the creation and maintenance within the limits of sound finance. of mob conditions as wiilassist in the revival of enterprise and trade. Among these conditions are low rates of interest and an ‘ “dollop of short-term money." Canada joined with the mother country and the other Dominlons in this resolution, and sirwe than the Gov- ernment has in every sound way on ’ the movement for re- duction in interest rates by nor- mal economic processes. As pointed -out in the Budget Speech of the Minister of Finance delivered in the House of Com- mons on April 18, 1934, the basic elements in our whole interest structure is the interest rate paid on salvings dkiposits. 15f this rate is maintained at, say. 3%, the yield on the highest grade securities will be higher by s. certain normal per- centage, and, similarly, the yields on other public securities and on private corporate issues wlil- ex- ceed the rate of high grade bonds by more or less traditional per- centages. On the other hand, if the savings bank rate is reduced by one-half of one per cent, or one per cent, it is likely to be followed by a corresponding reduction in the whole interest rate structure the usual differentials between the various types of securities being substantially maintained. In view of the basic character of the savings deposit rate, the Gov- ernment has encouraged the efforts made to secure a reduction in the rate paid on interest bearing, de- posits in banks and other deposit receiving institutions. The first re- sult of these efforts was that on May 1, 1933. the chartered banks, the Quebec Savings Ban-ks and the Dominion Post Office saving banks announced a reduction from 3 to 2'.é% on savings deposits, while at the same time a similar reduction of 1,5 of 1% was made by the trust and loan companies which accept public deposits. On July 1, 1034, the later institutions made an addition- al reduction of it of 1%. On Oc- tober llth the Minister of Finance was able to announce that the chartered banks and the Dominion Post Office savings banks had de- cided to reduce the rate pa-ld by them on savings deposits from 2% to 2%, effective as of November 1st. The Quebec Savings Banks agreed to make a similar reduction on December 1, 1034, while a number of the important loan and trust companies in Ontario agreed to make a further reduction oi ‘Kl 01' 1% efiective. January 2. 193i The chartered banks announced that effective June, 1035, the rate 0f interest on savings accounts o! firms, institutions. organizations and corporations would be reduced from 2% to 1%. At the same time the interest on fixed term deposits was reduced from 2% to 115% on deposits of 00 days or over and to 1% on those of less than 00 days- On current accounts interest will be paid at the rate of 1% on mini- mum monthly balances of $50,000 and over. Another factor in the reduction of interest rates has been the com- prehensive program of debt con- version pursued by the DQ101111” Government during the past four years. Since 1931, as the various Victory loans have matured or be- come subject to call, they have been refunded on a. lower interest basis. To date over 81.000.000.000 of thew loans floated from 1916 to 1910 and bearing interest rates of 5% and 5% have been refunded with an attendant saving in interest charges of approximately 814,010,000. -In this connection the 1034 Refunding Loan was especially significant as it consolidated the gains of ‘the previous four years and established the credit of the Dominion at a record high level. The saving in interest as a result of the conver- sion of the li%% Victory Bonds maturing on November 1, i084, amounted to over $4,000,000. On May 15, 1935, the Dominion Government issued a 880,000,000 loan in two maturities-eight and twenty yearn. The eight-year bonds, carrying 21.4% coupons, were sold on a cost basis of 2.57%, and the twenty-year 300's on s 8.10% basis. Mr. Tea Poll Recommends as a. refreshing drink BRA HMIN ORANGE“ PEKOE TEA These low interest rates reflect the Plolress that has been attained in reducing antes on the highest gra sec ea. In addition to the direct debt of the Dominion, efiorta are being ex- erted to reduce the annual inter- est charges orl the anteed debt of the Dominion. The first step in this program was taken with the calling of $35,000,000 456% Cana- dian National bonds due 1008 at 1N on June 1, 1035. The aavirls! 1n interest by the refunding oi this issue amounted to 8524.300 l Yell‘- Further refundings of callable or maturing bonds of the Canadian ‘National Railways will take place as the opportunity presents itself. Another step in the program of securing a better organisation and a lowcrina’, of the interest rate structure has been the policy oi the government of issuing short- term treasury bills by public ten- der. Numerous ‘issues havc been made since March, 1934, on a. very favorable basis. The last issue was made on July 12, 1035, when three months’ bills were sold on a yield basis of 1.38 per cent These issues of treasury bills have been bought in part by banks and in part by other ‘ ‘ and industrial cor- porations with surplus funds seek- ing investment for temporary pur- poses. They have contributed to a better organization of the short- ering of the cost of short-term money which has also had some influence on the long-term market. With the establishment of the Bank of Canada it is hoped that further progress will be made in organizing a short-term money market in which a supply of suit- able credit instruments. readily marketable, will always be avail- able for temporary in estment. The re-entrancc of the Dominion Government into‘ the British mar- kct has also tended to lower do- mestic interest rates. In September, 1033, a 4 per cent. loan, totalling 215,000,000 was sold in Iondon at par, and in May, 1934, an issue of $10,000,000 bearing a 3% per cent. coupon. was sold to yield 3.48 per cent. Both of these London issues were greatly over-subscribed, re- flecting the high standing of the Dominlon's credit in that market. In August, 1034. a banking credit of $50,000,000 was arranged in New York for one year at the low rate of 2 per cent. 'I‘his external bor- rowing has been beneficial not only from the point of view of interest saving to the Dominion but also because it has left a correspond- ing t of domestic funds availhble for financing industrial recovery. But in order to secure low int- erest rates a borrower must deserve them. Consequently. a comple- terms money market and to a low-l has been outlined above has been the elect made. by the Dominion to protect its credit by putting its financial house in order and by the uous efforts made to balance the national budget. It is note. its budget on ordinary account in the fiscal year ended March s1, 1086, for the first time ainco 1020- 30. Ordinary revenues exceeded ordinary expenditures by over $3,. 000,000. Over and above ordinary expenditures, however, mlbetantial expenditures are still required for unemployment relief, capital ex. penditure, and the C.N.R. deficit. With the substantial success that has been achieved in adjusting the interest rate structure to more normal levels, there will undoubt- edly be an increasing tendency cm the part of lenders to offer funds and accommodate business on the basis of a correspondingly lower rate of interest. The first reduc- tion ln the banks’ savings rate was followed ‘fllffifidlfltely by a reduc- tion on bank loans~to pubIio bodies and to agricultural borrowers. Nawspape reports, at the time of the second reduction in the savings bank rate, indicated that the banks were analyzing the rate charged on commercial and collateral loans and that concessions made in con- nection with such loans were being I worked out by the individual banks. It is gratifying to note that several of the largest mortgage lending in- stitutions have . ntly been lend- ing money on first mortgage secur- ity at a rate as low as 5% per cent. for prime borrowers. Under the new Dominion Housing Act, B0 per cent. loans will be available to in- dividuals desiring to build homes at an average coat of 5 per cent, which is the rate at which funds are now available on first mortgage to farmers through the Canadian Farm Loan Board. These factors indicate the tendency of the re- duction in rates to spread gradually throughout the whole economic system. This will obviously provide a substantial stimulus to further business recovery and all classes throughout the community will benefit.‘ It should be noted especially that all this progress has been accom- plished aolely by voluntary means. 'I‘here have been no forced conver- sions of outstanding securities and no arbitrary repudiation of ron- traots. Canada has honored the terms of her obligations and con- sequently her credit standing in the domestic and in foreign mar- kets has never been higher. WIND3OR, fink-After brief close-down Chrysler Corporation re-opencd their plant a. week ago and will operate on four-days-a- week schedule. mentary part of the program which iiil-Zii-iikiifl i, llorlcl: or ii ll , NEW ICURRIE BUILD Iii. +lH€H%J-ZE§Z~Z%§H% W. K. Rogers Agencies Limited and City Ticket Agency Canadian National Railways §:-:§:-:'§§:-:§:-:s. Removal. ated in I ING-ISI ' Queen Street xE-wca-flcg xgsrzgi‘ IMIVS - ther Hon. Mackenzie King will pm- misc l larger subsidy in cage hg should be the head of the next gov- emment. "Apart from this there is no quea- thumb or finger tip offthe person be a seal so authentic no one could successfully dispute it. For that matter. a duplicate of the finger- print could be filed in the registry ofilce-Glencce Transcript. under secret orders nil, upon the selfsame tide. -occeq wmlna Mlgil gun signing the document? Here would‘ tion that the Island farmers have suffered severely during the ,year through the lack of market for their potato crap rind that if it had not been for the side line of fox fanning. they would have been in a much more difiicult position. It l; not clear how any government could be responsible for this lack of mar- ket, but the tendency of human m. W" l! to find a soapoioat and us- ually the gov-l- ‘ H ~ one makes the appeal-gets the first missile of resentment. ' Mllitating agaimt wheat and f ur imports from Canada to editerranean countris, France and her Mediterranean colonies (par- tlcular‘ Algeria have become wheat exporting areas within re- cent months. llalr Restorer A delicately perfumed pre- paration which rector-cl. strengthen and beantlfiea the hair. IT WILL B-ISTOBI GRAY HAIR T0 ITS ORIGINAL COLOR An excellent hair food ton- Proflt and Loss A Bank of Nova nerves of the halt and scalp, this producing a Ploh abundant growth cl hair. Promotes n new and super- ior growth when the hair falling and is " useful in preventing dandruff anddealreylng parasitic hair klllon. II! follow the direc- tions ealphlly and you will be annual at the recalls, Gflabottletodaysoeonil. MACSPIGWOIIMPOWDB Averyefleetlve llncdy in tbetraatmcatafworau. A nreeare. llalladlnprotnptlyat- The 2 Macs 4 146 Richmond; E’. R.‘ BROW Fire, Life, Accident, Sickness and Plate Glace Insurance at Lowest Rate. . Agent at Summer-aide, Lloyd Lewis flflflmmfi, B.A.,C.P.A.,C.G.A Certified Puplic Accountant and Auditor Bookkeeping systems installed or revised cconnta Computed, Company By-Laws, Minutes, Annual Statements and Reports Prepared. Administration of Estates a Specialty. MONEY‘ TO LOAN. Scotia Building Charlottetown, P. E. I. 4i Charlottetown worthy that the Dominion balanced -