' ed Ohio Wesleyan whore m: grou- JANUARY, 30. 1937 router, Surgeon lilld filvlc Leader Large Numbers Take (l- N - R. Excursion ___ “TQNGFON. N-B.. Jan. ]II "d "l6 lflllseot ooaoh exouafigrlguef operated {mm u‘. “alum” w 1°" we New vol-u. mt 0on- Th" rollowlnr was copied in port “mil "lltlonal Rally/eve station-l iron: "lllfl Dally W130!‘ P91", Dover. ruscurliwue mum!» Ohio. Jan. 9th, l‘ u” Edvlfwd wit“ W5": Vlll- rlrlfilldl throughout this pro- l létmlfitfizhalolrlllizvlli have In W" vlnce will learn with regret of the Hlmrmmank Show ihalzlew Illllllud mo: in New Philadelphia, Ohio, o! ma, my mm to: all‘ mm in Di; oolemsn. who visited the Is- m we um ma] wlhn will laud 80"" "m ""- ouainst the Boston Bruno in Milan? Dr. H. ll. Coleman, one of the ‘ rll league hockey m; “pow; d“ best known physicians and lvur- i V511,,“ ,0 New You,‘ w,“ “w. 3; eons in ‘Pascal-owes County, and. opporwm, flue of the oilstanding citizens or, play we gem “m” New Philadelphia died at his home m, 5mm, d“ JsllllBYY 9th following a lingering] Wm“, may illnese due to a form of heel-t dis- l February and ruse. Dr. Coleman was forced to ~ Olulodlece W Yvrk Americana on Roosters on weeday l Return limit for this retire from DTBCUCO lust ltloy. Ho Feb’ and and f o N W, the only child of Proi. Louis, weqmrmifly, pabnflalr‘; as?’ Jag p, inld Miro Coieuuln, dprlngboro. Uoduhexuursionsfrom Canadian N,” Hc utlcildod Bprillgbnro mlblil; school and at the uge of‘ 16 cutr- Mom] Bunions m ‘ha Mariam“ are l1]:.0 being operated this weck- cud. Today on excursion is bglng operated to New Glasgow. N5. To- are 8., tlolrs in es and from station; on l:..i'll with class honours in 11110. l“ §°""°d ‘*3 1mm?” ‘n L‘"~]*"'”]‘l° marrow Saturday excursions Hvfili-l-fll- Cb-“ellmd: m“ “"59? Di? bring olzcraféd frbm Halifeli N Dnrlloy P. Allon and iilon under the “m, an“ John Na w s“ - lslucd Dr. George crlle. Hm Murmm ‘ ' 11g opened an office for pruotltv: ' ‘ Prince Edw lfllmdlcme w‘! Bums” l" New aide. PEI. Return l‘mlt ‘or all o! fflnlfclicslllllffgaui-flllklllfffl. u-‘fufefife ' lllfiw? excursions is Monday, Feb- l‘ ll ‘ ‘ Dr, R. B. Burton with uhonl he lrus L my w“ woolated for five yczlrs. I Hold 11g -a naserve officers corn-. miix on, ulhen the Unltrli Siltss‘ m-olul- clnbrollcd Lu ll Wurlli “m, Dr. Coleman W83 assigned to alholzcld barracks in Ilonolulu. ,1, nun-nil, where he srrvvd for ‘two h,“ BRADALBANE RURAL W. I. The January monthly meeting o! lllP. Brads. bane Rural W. I, was hold at the home oi’ Mrs. Angus is on Wednesday evening, Jan. l. -- n". The lust your 0f ills -'\Cl'\'ll.'(‘. _ l]: urns post surgeon m tho hur- The“? was a“ “Ltemance 9] 913M m}: He ivns must/iron oul. of membms and two vwwrs‘ Mrs‘ A‘ C: McDonald pres lug opened by eillsinu the Institute Odo followed by repeating m9 Greed in unison. R011 call was then responded in. in,- >€l‘V]OE with the runk of llllijf)!‘ wed‘ The meet‘ and inter was advanced to lilo l‘fllll( or l cutenant-colonel which colnlnls- ' Slllll he hold in the f€>l~l'\'t corps I'll“ l‘? died: N0 Yvllort was given by school Allcr the war Dr. Coleman opcn- , committee. ed an offce above whet ls now,‘ Hick committee reported having the ltolli restaurant and ]<’\lll.‘!‘l‘i‘lIl0\" visited sick and dflnfllllng mm, 9d his office to l-hc TlL$CHTl1Wfl§ Sav- = A letter of thanks was reed from h1g5 a; Loan Co., building. , MP5» JflmPS F. MEI-good for fruit sent Dr. Coleman was a nlenzber of lluflgmvillglrllllilolrillellvfllilifll and since re- tllo city council in 192K) and 1921 H 1 - 51m was president of council for 111B following committees wsrc roll: yours from fora to llnz. A» Q/lgllmlallifil U!" "Bltmouth: school. rho presiding officer of council he n l , a m5?" PM Mn." was a lkeen and efficient student Mrxmiydbsfigi M“? ggus mm‘ and u lly sovernmeut- l ' f f. » ‘°°d' "mlmmhw" if» also had served as llresident ,‘;§,“,’,5‘,,T“““ ma W55 M”3"°"W°' "f l“? charm?’ o] Comma“? was. It “fl-i decided to buy material the first pres dent of} the New I lo “lake m, autograph qum u" Philadelphia Kiwanis cub; wus o Angug Gm“, w b“ l <' ' pot commander of TllSC.-I'i\\\‘l15 Slllne, y ma anal m’ I mars: “ill l" c: rower in» lll ' ' - lw 1e. aentlne verse. s,,,.,.,,tMe;1|(t;?1 5411mm; i1 post prf- sllprrwtllililggilllsed by singing God Slflfll O l0 llfi/CHYIIVRS ‘ouny l! G ng. lllcdlcul Socirty. l A "fruit" wntest was Pllt on by Dr. Coleman also served ns pro l Vml“ M“'~]“"*°" “m W" by Mrs. slusllt oi’ the Uni-u) Ho piinl Stiff, J- J- McLeod. A contest "what son" surviving are his wile. Muleurct: 1"“ ‘m lll’ mime McDonald and o lilo sons, Roiz-crt I... Cll- nauli and W“ by MW b11911‘: Todd Blld Mrs. Nllllllill Art-hill‘. at fYWl" mi on»: *7‘ J Mumm] A Fiddle" wfllflsf daughter. Mangaret Pilxenrun. at W‘ ‘“' by Wm“ Mfiulew" W" l1" so vluli by Mrs. Mound, Lungh burnt‘. (Mm. Cfilfllliifl was form- m by Lhyhcqtaas “slated crlr lforgurel: Campbell, riuuubtcr" “l”; “H, :- flu‘ late Donalz‘ r: and .1fiii"l ]'"V,,]Y,],‘".5,,,.I‘l1',;]]? Qgdh T“ “p i '2‘ r w u .l-'“'“ H" a “" “ '- lcvan-“lbollls l]! “nl-Oufw ‘ M“ JKJ‘ mum‘ kmdly lnvmd .- ~11 » 5- ~ l - ~ v ~ fur lll"illlh"'.\‘ to her home f0!‘ U19 and 111's. Wiusloc Stu- y: DUWIU’, Chulfioftc-lolvn. Archibald Benton, tlou l. _ ncxl. mecllug. ll‘tl]l'l0L posse copy) 1n IHQIYIOHG"? Mr- nud Mrs H s. Callback and JP" ' \Vl‘<‘i:l]l. R. T. Holman Lin; Wlwllll. n. T. l-loimunll Hardy-are ‘ r-l-lll: Wrllltu. King Edward LDL, w‘ " l~ - -- -~.l: , Bcdcque and surrullnllulu dls- tinnulllilllviily]xzhlzmgergyéeerufgi: trluls were saddened on New Youlw F“, LE7“ wreath’ we“ an‘ liuy when it wins h-ulllcn lllut jm, ‘M, I ' n3 ._ V _4 ‘h, .. . . r2 anon All‘. and AM” ‘MW B- FHMJ “Ml W" °-‘ “ .< no from: Gavel] LOBA' 5on1 hnluc to his eternal ITS]. Previou. fun" in“, HUN“ Quirk] 5m; ~wy lo ins illness he hurl l» n engaged ‘ ' W“ Rim“ ‘Gaul; f‘; y" ' in mercantile wolk lll Lilo cupuolty ' ‘ “ ‘l m“ spray’ oi llovellfnil Baimulull for the film . ' “mi, ‘X1115: ljllm” gamble] spray‘ oi R. T. Holman LtlL. and uni» wry ‘AIL ink, :3 rid ‘a021,, ‘ngscn’ ‘Zpmy’ uuce sful in his cullu" [loin-r 0i _"“- a m c M“ mm] may’ a (N13,, d. y‘ mm‘ h i?“ u Eur xiurlolw and waliol- Roberts; Sprny. h H 1L n ‘l __ sr°§ ' ‘f, “ _, ‘lull: .s l\l€é'rlbllgl‘l's and Beczeque us: llnollfe with all whom h. (time , YWA ll: contact; and during lilo lhrco, ' ' ' years of suffering lu- ll]‘-\'il_\'5 gri-cl- oli ills visitors will: a smile unrl (lzefzrllcd to Lillk ubvu: chocrz cvlurs l'll].]ll‘l‘ than spook or his own suf- icrinu. Ho lnld scrum] trips to Mon- lrl-ul and Toronto for .~])l(3 n] froul- l lll-Jill. which helped bu] lzlli lh] curl‘. ]]l‘ nus only 31 ycurs of ugl: jll t ill > Lila prhm- u muuhoul. unll pin: lr-s in: hud been in the hospilnl for =1 his sickness- fortune selrlurrl ti) ‘l illllrul three nluntlw, but medical alum: upon him. nnd hc c :1 ll ‘mlcili and kind nursing seemed oi Km‘ hnppy llic, fhrolorc it win: l no mull rum hc was called away .\l.ll grout dctcrlnillnlioll flldfl he l lll llllf‘ prnnvagl manhood-lit the rlvlllu with tllo slur.» n1: of o "l" i‘ "l" "l -, _ _ 1,9,“, d153,“; as he mm l-l p“, up lie WlLS‘ a native of Lower hee- u“. b», f= m I mud bu, 105, 0d," l town, o sou oi Judson and the lain I "5 g L - . . W151i lllfllllll. (‘Fuvlclrl Burns nnd Will iourrcr Winn Prolzdenixa ruled l _ - ' jmrrwlQo he was mm? n__.,,,n,d ,0 in: kindly rcmclnbcrled by“ 108411! ,0 hunch M t mnmvh we "mm, , lrlcnrls fllld schoo moles lll-lie; * . "F ‘“ - . 1:: early life ho wellt w lxelileld. vi Christ a llcnlo owl; oil llilll 41.11 tsurfi" wuk up mm, muffled and "m" The“? “P” M‘ l" "M17" h“ was u. prominent farlner in that lo- g”; "KI G5“? nlrlukfiuizvo 31:5 culily. Twenty yours 1B0 lll ID‘! 1:1]; ‘l "ir- PS- 0 l‘ '22“ - ' ' wife revisited the b01118 0 We lKflthlocul Mrs. 0"" Dmmy chieldholzd, and were warmly wel- Che-iton and Marlon. whim] "Mllel comcd by a host of friends. lll Ccnlral Bede-qua. Hc “'11s a person of strong Christ- Thc funeral in the United Church . m, character. of a kind 31d rift/g‘? Bidrqnc of which Mr. Frlzzcll W115 j diriposition and llll Burl)’ i?!" ' a in , ~ l-ntlcndPd = l» much regretted. Rcvfvlxrvguyagrgr], 21:52:‘. condllct- i ‘Besides n. sorrowing wife. he H] the scrvice assisted by Rev. , loa\cs to moiun their 105$ Elli? J_ w_ A Nich01_.-on_ Nod-u, mggquc. children. also his father now l rel! - Rev. Mr. Fraser. pastor Boricquc Bnll- don! of Keliield. one] thelfvlfllgnil lot Church; and Rev. Gcoruo Ayers sis ors and brotlffs-raaflgdg’ (N025; Sllmmcrsidc. The choir under lhc rlflllk WW3" l “u ' d,,.(_,.,,|on m, M11 John swan‘ or. n1'1l1 Hillmes’). and Leslie ll] 0f GEORGE B. FIIIZZELL L-4126-1-30-1l MR. PERCY S. BURNS Friends and relatives throughout flu: province will learn with ug-et o: tho pussluu in Saskatoon Hospi- l.:i. Silflt; on slulclny, Jan. 17, 1937, ll l‘or y S. Burns, uftcr a lingering Jinllus, a lllinist. renderedlevorlte lll-mm of iérlzcllitloub lvalsseé garlébifon (lcccnsed. "Rook or A805". “Load Bu, 4341c’ Viclol‘ Winfield) and Klllflll’ Light". Qurlrlcttc “Nearer My 50d to Thee" lung by Th ‘B: ""3"- Dr. Henry Mcysc. Frcc‘ nloysc and Arthur McForllme. A due-t "There l‘ ll Land" sun; by Mzs. Chufi. 31cm and F: 2d Mnysc. Mr. Orrin: "it for the address, "I hnvc lunch!» , l llflod l ht" wlu a. vr llltlfvl‘! ' ' lie one. “At the close ofnfhc Church 5mm calm; who feels so keenly thl “Price ecu. Bro. .1. u. Nlolml". loss of a kind and effective“ “l1 Conducted the Mnsonic eerviw ' omlllrr- ll thc 1 h, n Diet. Muster W. -— l Broom ‘bead 51:19 or the Or-lla-w (‘OWBQY “"6"” Wm! £‘|‘\'l(‘(‘ nt the grovuidc. The 96's" “i” Mr r - . Brn - :..§.“c‘l’:°:':§{§;,§§,‘,‘“‘?,m,,.b.y pQRTLAND. Mel. Jul. all-gt‘): lords-n Connell, Charles Mclvor and —Col\'bo_l‘ Huolws- 194- 1W‘- - . ‘ vi olnh Callback. The floral tfibuics wcll known m naglftggntzd Pr; .- Kelli id; Harold Powell $1133.‘? g] 0., .3: Lottie (in-s. n- wn c5131“) Lower Freetown. P. I. I. The illncrnl 100k Place wednes‘ (my, Jun. 20th, interment at Ke- lelrl. T] ._vmpnthy of the whole com- mrlllfylg goes out to his lfltfl’. MIS- ‘Pro: pmwk p, u ; c» , m’, Jn“n lvrcstilns ""35 ‘mil; and Jul.» cxrccenl. w. ‘ Com-z. 185- "¢*'°°- l“ m‘ “u”: "ll Mrs. n. A. Derby,- Crescent. wrestllnlz W" M": ‘mu mmamazmrmnvmm, dthrfl“ y and the Detroit Red~ l l HI‘. bflAKLUl l l‘. l'UW]\ GUARDIAN PAQli “r: VE ‘ General Manager H. Mr. 1'. A. M Bfljllt 0f Nnvncgffllllliflfms 102th Annllll] Meetin holders at Hull lllerlt o! The miciressin the of the s ure- _ _ 74X: N. l, on tho 27th llisfuut reviewed tho further recovery " l; ‘Hillel year. liq eluted "that the "Rllqne income had lncrousod by gp_ 11rd bland to Bummer- ' i.'.“.”"""*ielv 1% from 1935 to mo. . U19 most’ striking and obvious gains ‘Plgwllllfillvn have occurred in the lle ofmelhl mining, bone metals and {old boll: r produced in recon] volume. ‘m-“mll? i’: W0, impressive advances were 4"]"“,"°d lll "l6 Output of non- motulllu mlnoruls-ilunloly in the pro- duction of coll], asbestos and struntura] ulaterluls. (lonely following mining, "B1116 flllfl substantial iucrousos in the “lfifllllflllll 0f newsprint oull lumber nulls. while other manufacturing in- ‘hi-lilies WW8 on tbe ‘whole more active." ‘ Retell and larger and the freight. Tl population wholesale trade was rullwuye carricd more lo not. income of the flu-u: was of; loust i035 in excess of the mtol for the previous your, lflrsely as a result of higher Wheat prices and orlltlrged rcculpts for dairy products. Employment showed on gnureuso of 4 importer eion w t]: lt cuusu of this roccrlt expou- ue o. further substimtiu] rise in e vulue of Cnlllldiuu exports. _Mr. lilo-Loud then turned to a} ro- vlow of the gnnerul course of recovery li.";i::i.‘l;*rll:t£:" M" m“ “PM Recovery in Retrospect "fipert from a fow interruptions, flllilflDSe conditions hove been inlprov- ing steadily for near] four years. Sn fer ea one can see, he trend is still upward. In such circumstances, we may do wel lo pause in the course of our dsy to oy problems and ask our- selves W ore do we stand? “Wlzat has been the character of recovery? In its essentials, I think wo oen suy thllt it hue boon nuliuly generated by a substantial rovivul of export trlule. ‘file rising veluo of exports hull particularly stimulated the depressed runur lnrlustrilnofngrioul- ture min u; on foroetr . (lrulvirlg ro uotion and enlurgul refill‘!!! in hoes roups have luuulll, u butler deman for nlunufucturcl] goods and for services. With lllruor fllfllrlllltd, till: poo lo engaged ill tllosu plilullry ill- due rice have iucrcusuli their pllrcllllelss, solnotinles long iluiorrcli, of munniuu- turell articles, blorc cnlploglueut in the minus, in tho woods, uln] in lumber B-lld newsprint wills, hos furillrr uln;- meufcd such buylul . Allliillonill equip- mont, and suppliceflnve boon reuulroll especially iu nlotul milling. An greater output, conllliiloll with in- creased purchases, bus proviliurl flu: railways with more trllflic. lll those. and other ways, the lllilllllftl of erpurui- i113 primary production lulve sprlllld outward null rosultcll i n grctllor uni ivil y in urban centres. ‘fills in lllru bus nleant more eluployuncllt Wllirh ]l.l- ugulll incrcusorl purl-busing pom-l‘ un-i rllflhfil‘ stimulated conditions of bus:- , strnl-f inn. It is in construct ion, indoor] nous. “In short, the cllocls of oxpluulin "uroigl: trlldo lluvo grullulllly uurkvl] through tllu oomlouuu systulll um] llllvo ultimately elfuruu] occuputioile of u purely doninsiil: ('ll1ll'lLltfiJl'. ‘fills plo- noes bus boon noilllor direct hm‘ rupill; novcriinrlcss, we cuu sac its influence ro-lloy in grculcr or lcssw dour-cc iu ulluusl: evcry [illmlo of business 0n- dnuvulil‘. “lll response l0 improved export dcnnun], ruclol ruining lulu il(]V.' ) new icuks of activity. iliclll u-lul. mu] Ulllbfl‘ inilnslrlcs llnvo l'(f]‘4)l1]l‘l] lnllrked revivals from the eluinlpllint 0f volume, though in the crlsl: of nowa- print tho lIlCFIXLiG in prion lllLi boon comparatively sluul]. Fnruluru hnvo experienced sllnlulrlnlt bcl l or Llulcs but rue still for from |ll'(i,\‘]N!l‘illl.4. “fuming lo thc iulluslrlu] livid, it nppcnre tllnt fnl-toricu milk rggruule for individual onllsunlplion urc- l,'\'Il\'IlA]]v)' u ruling at luvclu not fur from thou: o 1928 and 102i). The liellvviulllls- tries, though assisted by grolvixru lll!- mnnrl from automobile p unfsunl] iron: the luincs, continue to foo] the luck u] (lrllurs for flu: purposes of now con- l i ( l l i i l that conditions remain most depressed.‘ Recovery llas Not Boon Complete “Such a stuicnlvnt of ollr prcscnt f ‘ ion brief null incomplete us it is {Tally demonstrates that we um stil] for from full recovery. Viewed against the excuptioulllly dcprcsucl] conditions of 1932 and curly iillill, tho currcut gimqtio nppcure, and indeed is do- cided Ifovourublc. But]! we take as our o lootlve the full em loynienb of labour and resources, ticru l8 lms reason for satisfaction. “Approximately one million persons -w0rkeru, formers, alubtholr dcpcu- dcute-ara still lo receipt of relief payments. ‘lhot is to tiny, that about 0% of the people of Cnnlufu, largely flugulh no_ fault of their own, are dependent m varyma dome "r9" government, unistuuoefor tholr maln- ienancc. Nor does this complete the picture, for there remains an unknown 1119M]; unquestionably lurge numllor of per-com; who are not on relief but who ore without em _loyment._ "At first glnnco t 1B condition may not. seem com tible with the subsum- tlol inureceo o 8m fiylllfl": dim"! {'38 tfour are. ‘ Ivlrllfl Wm P grperson! at work in 1930 was 31% motor than in 1033 and only 10%, low the peak level of 1029. 'l he fact is, however, that the population 0f working wlfikr-doy rnuch larger than m 192 , to specific data are not nvoillble, it to eafe to any that the cmployoblo working foro! llll INWII by more than l "s d the pant seven ycore. lfthcmwo take ntoour caloulv “w. tho growth in the population mun‘ work, we ore lad to the con- clusion that cmplo mcnt is at leilet 20% below a {eve which could be considered u fsvounble. "Before leaving this uestion, we ~hould do well to romcm lcr that the i ~91“ of unomplo meat have box-n and bolow-liverugc (impl for the world u o ml] no very h gh. There nre the whole dnrln three successive yearn. wvlunmuulnalnmpmvueslmmu mmulvuwoh Prilsldfitllt J. A. McLeod ea budgets and economl F . Patterson says “easy --.may promote rm uub Ln %0Vfll‘ flu: your. The most ' cull-ins into the soy-u: is on uofulll dun skilled lobnur. '1' is bur-inning cons dustries of the U le good TBNSUII developing in country. lzlln of t respect to ifs efforts on younger persons." The Position of the Buildlnz Wade: inns nun] , ] ling]: fuxullol: r]l.-ll'lllll.l_~_',l-.sl (lll: purl-linen lull] n] l‘L‘.‘]] (‘-13.10 null lllllllll l: ]l\n‘t]l]1‘.i]\‘l2ll,|I]'lPVl|if']il] uul bu: ll : lllll] [flu- kcql this ubjcuuvo in llllilll." ls ugrllul] lure. Uvspilo flu: rcvlvll] flint hllflnlllfl] llll~ iq-ovllu-l-s, The not uggrcguto iuclnnu of fnl-lncre during the pus-t your Wild ullnut infill below tho nvcrllgc of tho is iulldc for tho lower costs of tho goods \\']l]L‘]| flu: former buys, it appears tinlt f u n: oue yours. of iuoolnc has been more ecvera, for whom, him played the greatest purl. in the reduction of agricultural revenue. l Although wheat prices hove boell T151118: returns have bccn reetrlcloli by the exceptionally small crops 0f the llwt fum- ggrgsulllt Moreover, income _rol_n wheat line boon very unevenly dlstrl~ butod, owing to the continuance of scvora drought over largo nrelu of the southern anll control Prlllrlfli- agriculture is on the whole ancourlfl‘ lug. llln in noarl ovor fflplfipmllgfi to n [$10,111 mar qt in Great Brltnin, inure altllitltntizn is bfllrlillll i n w c e roe llglllerusfusfim the United Htgwe ha: eniewd Cnnadill ' fill" and vegatoblel hove been KIWI lll lu-gcr quantities. favourable aspect: of the picture ll t _ oloarly marked tendency W"!!! 8W6 diversification in northern 1nd control leclione of tho Welt. eumlull in being ra lidly liqullllllod- It now up reduc 6'0” of the crop ecu-nu on July 81st. The current price of around 8L2wr buehs] given much owe! for lot 14> tfun. ye unemployment, unbalanced c nationalism are back complete recover holding Y llwlloy” i8 I101 a “cure-nll" ulunced recovery of relief, with the reellltin t ' the budgets of gamma on ‘ our govcrnuu-ints. 1' urtherniore, there are the less obvious but very irnpurluut costs of a l-vlciul nature. Irulvl‘ ill lhl: losses of efliclorlily tint] lllurule lllllollg tlluso who for long periods hltve boon withoutemployment and to tho dlllluullics of young men who reached working age during the depression. “Extended periods of nncmployment hnvo gravely imiillircd the abilities of o. large number o fornlor workers, For runny of these the mg to work curl at slim. Even under t lzirllumsfuncos, the problem of govern- nlurlt assistance to many uuo]: [lemons is likely f0 rcmuin. ln addition, your: inc-n who _wou]d normally have [hung lull! llllvo In runny orwes been without a l ncud not stress pllrullulont vocutioo. the 80cm] costs and even the dangers uutlon, for it is obvious that uospccts of return- lcst lll! regarded on he umut flivourlllllo of this sit lock of opportunity to acquire training and the development of discontent. B11100‘? tho younger generation are boun to have repercussions for many yours to conic. "Que of the results is already becom- lllg uppurout. 'l'llo rlurnllor of new skilled trodes bus for yours been much below average. flow l. mt business is improving them ‘get of u. ehortu 1o of lie condition, in eed, picunue in certain in- uitcd Staten and there to believe tho-t it is lesser degree ln this Thu work 0f the Natinlul] [lloyrncn]. Commission is tllercfore no utmost importance, es ecinlly in ahalf of lwlllfluf: conditions lllwa been t sllflsfuctnryin hulllllng construc- tiun null in tho uuflnltrics closely als- "Ernpl sou-iota! with it. 141st your, tho build- lll r trodes provider] work for loss than lll: f us muny pullplo as in the flvo yours lunnulfintely pro-culling tllo depression. “Vl llilu clnpluylncllt in the building Hell] as at Wflilll} lluel llll]. incl-reused dur- ing filo punt; your, there bus been a out expnllsuin in tho construction of l1lfillllilll1ld. It is in fllo provision of housing tbut tho ])(J.~‘.<]])]]lt]l)S of iln- pruilclncnt uppeur most fllvournblc. \\ 1134c uln] Xlhtlvllfl] costs aro still \vc]] I)K‘]4J\V flu: lcrcls of prosperous yours null illurl lgllgcs urn lining confronted at Inner lllflni. (Juvorillneuf. assistance lllruuu]: tho Ilullsllll; Ant null thruu flu: llunlo llllllfrlVlllllflllb Plull, in t lc nporutinn 0i yvhjcb the Chartered liuuks urc glut] to co-opcrllte, is llll-illlllg low cost nllulcy more generally uvlsii- ublo, Pr: flap: lilo lllllst serious bhrrici‘ Lllil] inlpclilug rcvlvul is the big]: null vurlcll lllllllllf] .1] fuxlll lull on properly. in muuy munlcj lilllllbfi lullliug L~L'IIUI.L$]_Y llunrflrzlpe ululivo llllilllur. Alluve u]], it l?‘ flzu >1: uwli-i-"os u slrnluz restrictive influence upon the [llln-Illllllltfl ironic-owner." Nlltiil for Rrvisim: ofTuxiug Syslcru "']']in fifllioduei uln] sfllliue nf flle lll:- ltlll hurl-l sllnlvl: vol-y C]l1|ll]_V till: nlrsslre of Lllo lnlllrlliul-ry of public lllll] nlolc plll'l.lul:]ur]_y' of the llelllllllllllll of luxiug poucro us llo- fllll] lnliliil-ipil] . it is my oplllllln flint o. ion of lllu (‘|l]]]']‘. fuxilfiol: .‘l|]'\']]]] r strlll-luro u] lilo lllunluiun, u'il ]| u vluw to oilic’ our \'L]l lllilallllVfiflllllPllllll bullies, would g|'l.|.](']' uln-ordination Hill] more 'llf. rlllinrlllu: oi tunes‘ us llffllllfiflflll luvo lllVllllf-‘lllfll effects upon business gclllillllly‘ lilll] upon construction in pururulnr. 4 _ _ _ pllvll u rcvlslllll llngllt involve difficult l rcullzu, of ouurso, that i] ullllenllsrli ncuustituliulul] nuturc, but luv. ' 1H1‘ ] llllicvu, rupullll: of suluillll: ]\\'U should llr will] ullvlecl] to Recovery um] Ibo Farmer “lilo (illlur inlliur ilnllulry \\']l0|'0 urllu-l- ilIl|ll'(lVl'I|l\Ill]l in “Niall l|t'L;l'.:.>]ll'_Y lus ulroully occurred-urn] it fins been: tutu] fsrui lnuoruo le still lllwntll], purtlculurly in tho Promo in: yours, 1925 t0 1929, 1f ullmvllncc lie uln-busing puvrvr of the agricul- fpllpulul inn no u. wluila Wll8 some lllfli, buluw the levels uf those prosper- “In the Pruiria Provinces, the loss “Apart from wheat, the position of Dniry output hue been sfoudily Province. Fltld lo ion of "r Ono of the meet “Returning to wheat, our excessive are that t e cnrryovcr will be to small proporl-folll by the Hut no Mr. Molpoll willie‘! 0W "the pruotionl ellullnntlflh 0f survive whcut eforks is the direct. result of Wllfiflli P111108 l8 8 reflection of rorlunod Hllppllce rather ihun of inrrcnsorl do- mund. ntionallstil- tendencies, fostered by political fours, buvc for yfllllfl past been reflected in protection nnd ul-livl: cnlrourilgolnent of 8|.(l']l'll]l\ll‘8 in tho lm(_lo_rtlrlg countries of Europe. ‘illosc p0 lolee have been effective in lcsscninu the dependence of such notions upon imported Wheat. ll" the tcmicul-lcs toward economic self-sullil-ioncy urc not reversal, one cnnnof. hclp but foo] lllut one or two llltt]itr-Llulli-nvernge crops in the chief exporting l-uuutrivs might have unfortunulo nun-km. (Jilli- soquenoee and [night lillully involve the accumulation of new surplus stocks‘. “While I say this, I still fool tllul u large crop in the Prairies is (flllllllllilly dhslrable. It would do more than uny- tlllllfl (ilso t0 stimulate Cuululinll busi- llflee. TD avoid the rclaurroluzc of it when]: sllmlue this country luust sock vigorously to (levelo ncw mllrlrlels . . . . Every effort should lo director] towards kfiflylll down the cost of product lull so t t a farmer's net inconle nllly be well sustained while at the some limo permit] lug the continuous solo of Conu- lilun wheat on the worlll nlurlrlrt. In this regard, it is noteworthy lllot flu- costs uf the goods the forull-r buy» hove been slow to rise lluriu the pu-l fcw yours, just us they wore s ow to lull during the preceding yours of I'L3('.K“~'~']UII. in luldition, the folulleucy tou ' greater diversification in tho \\ est Fllllllld be cncourugcd wherever proc- ticuble " Progress Toward Balanced Budgets “A further requisite of full rec-over ' is the balancing of budgets, forlorn, provincial and municipal. During the Bast year, considersble pro rose has een mode. Revenues, Eflpflffllfily in the case of tha Dominion (invorlurlent, have been above expectations and some further reductions ill expenditures ]lilV(‘ boon nollicved, Tho Folllrlul llltflrl]: is llkoly to b0 below llilflll nlllliuue‘ fllr flu.- lirst time in soycro] yours. .f)]ll‘]l|' flu: lustful] fisi-ulycurib ville 151ml.’ llillllllllw. short of recclllilg it lluL-lnoc. hlllrullrcr, some 0f the pi-llvillrlo] g0\'l.ll|ll.l]i|l]»>' buve also ulurlc definite ‘ingress. “Pile doprlrssion lllls invuivl-ll Ian-go llpel-iu] expenditures \\]l]i‘]l burl: ])1'l.‘U n major rouse of budget iiulil-lts, \\llh iluprrlvcnlvnt in lulsinvss sumo rclluc- ]]l)ll ill these expcrlsca bus ullcully lll-on liulliuvcd uni] if recovery volllinul-s, further savings will Ullllflllllllzllly ]u* allude. But o. succession: of dclil lie in l-llo fl-llerlll, |lI'UVl|ll']1l] and puullllpn] licilis lluvn loft behind thorn u. grin]. ltcclnuulullor: of new despite conversions to ] run-s, hon resnlml in ll- ]IIl'l'(’fiSG in dobt charges. more, us I lluvcnlrrrllly" ]lll]]l_'|lfffl]. rill-ll. is m: pruspcul. hf f‘I)lll]l]]f|l‘]_V vllllllnui- lug fillallrin] iluslslllul-l: fur sum-x of the must unfurtluultu viclinls of lllc dc- uln. "Tllu mlrrcnt fur-k of lulbnll-l: in flu- felfrln] lulduut is fin-only flu: lllsllll. lll u l:_y llulllll. lflltblffllflllllf)’('lllll]l1l.lilh] lll-ll. u grunt rluu] u] U]ll'IIl|l]fl\!l|1¢||f'. 1:: l'(||]l]('l']li]l dirvltily lllll] fll<]]l'l.t'|]Y will: flu: In: k UfHUW1'l)l|§]|']]i2I.]lill llill] lrll]: llup ~-~l‘ll furl]: inrulnc. ']']:l-~;c snluu: fin m: lrvilllllurtulll 4 .-.l|.<c:~l:l'll~.~fr|: rullully llulllc. liulllllllg ll-u noruullly uni: of fllu llllgévri]: r fltlplll. lllllillllllh, nro f/Hlily uurlll-l] in only hllllll] vullulll: nu: vllll-zlt, owing fl: sllliri- l-lups‘, ll-lrl fill“ clinic ullsssinlpurlllul. i]l1lli'ui'll*.\‘r|lll::. Although i]. is llfl]:gtliflfillfyI'|‘l'(|g|liAL;l] this (‘null illll l5 rc-eplnlsibln fllr grllulol‘ fll‘ sl: in r.li]\\':l_y ]].l]]l - illuu the v-uupvtlllvc gums on tllv purl. the truck." ]]| brilli- Th0 lmnu-lfinlo Uullouk for lhlainl-ss "The ilnuuvliuli» nufllmk flu‘ llusi~ Irvin-l, but]: lflllllPulfli null lxxplllf, fllvlulrlll-lc lo uouliullcl] ilnpll»: l‘llll'll|.] ||'l|\-']I]l']] flnlt pmlvo 1:4 nullnllullvll.‘ lbcrhupu [flu Illlld] ]ll rlrflrnillg l]! \lllll|l- incur. of flul [Illa]. ylur lulu ]>('l'll flu: llllllllllC ]ll'l'|.']I‘.l'l.\]]fIIl of roulvcly lll flu: Llnilcl] Hinton. Vlllilo the prubll-nls nf our grout. lll-iglllrullr nro. fr)‘ lll: ml: in solver], l]l]‘l'Ll X171)’ muslin in brill \ llluttllollilu; l]muvrllll-llf.lsgilllulrillg ll lllllluvlllllill vi‘ |ll‘]I, llllrl lll-u,‘ llllflrllml-llll llovolllpnlurllol, will ourl-y llllnlllllfi“ '01‘- wnrr] for some time in vunlv, In addition, present ilniil-uiiuns point u: the nlunlll-nunuc of nr-uvo colullliulls in the business of our (l]]ll'l‘ glint customer, tho lnitcll lfluuliuul. \\l‘ have guol] ronsun, tllorcfluc, to look forword to further increases in export trade. - “Auolhcr encouraging rlcvolngvlncnt outside the burdure of Uunlulu hue bonll devaluation of lilo Frcnlrh from: and the other ‘gold bloc’ current-inn in (so-operation with the Govorunlcnis of Grant Britain and the United Htuilw." Mr. McLeod mlule the point tlulf devaluation should llaeisf, recovery in thO "gold bloc" countries with favour- abla oiTecte upon their trlule both export and import. He added t nt the monetary cooperation held llopc for more liable ext-bongo rates which, if maintained would “providea llltrllfl upon which constructive action only more readily be tnkcn mwarrle the reduction of other trade barriers and to- wlrde a revival of foreign investment." The Disturbed International Situation "111030 development» are encourag- jng. But no we are ell painfully l\\'lll'€, they Ira the bllghl. lpots of an other- Ille dieoouraglnp: and dlnturirlng in- ternational lltuatina-mora dangerous than anything the world hlul fan-ll since I014. The Covolluntof the League of Nation: flouiod. T he Flu-t o, upon which we placed u: much flit , hue broken down. Hpllin, n by civil war, has become u butt field upon which citizens of cor- toln nations of lllurogm, whom Guvcm- menu are ofllolnlly nt pom-o with one mother, urn " ‘ In opponlng camps. Th]: situation he: lncrraacd tile rink oi’ on unusual-Badman Incident war, an ovontuellty which moat nations d the THE Blur or NOVA scorn REVIEWS] TilE t SUBSTANTIAL IMPROVEMENT lN BUSINESS AND APPRAISES PRESENT POSITION l "For Cnnada, pence is tile llllwilllllfl) ]llll‘llllllllyllllfllf, uln] n] rcsiriulvl] lllll~ , i l ml], " ‘l l ll,'ll\..~l<] lll in] w] Illlullv... i ] i l I ]il:].llll.l.i l] rnlull u] ‘ Luuulin 1 lllli] l'l.-l|li'_ ]llll‘(‘$ lll Illc blllflx lull: hols, .\l:-l um y [Nlflllllllni nf tho bunks‘ \1'l.'l‘(‘. i . ]\\1]]] lilo Hunk n] (‘him-bl lllll] n] Icon] owl‘ lllu your. us.» l.~, ]|.'lli]\ i]l‘[lll‘l ' lllilvillfl]]']]l\']'l\lil]l1\l‘]flllllll-w] .'l>, lug]: as iluti u] IUZU. requisite 0f lusting couunluiu uclfum. 1t would be illlo to dolly flint the arlnaulent rlwo is having fuvourul:ll- r0]:U|‘('l1->i>‘lUliS upon ovrtlnu sol-turns of the flllhfflfltifi sirnviuro. lint ll\'l'l‘- \\']ll‘]IIl]l\C{]y morn llllllllffllllf is flll- fol-l thut intensified cvnuonlil; llilllllllillblfl, now |llart and pulru] of fill: buillllnu up of urmunlcrlls, is holding lnlwk Villlll] mcllvol-y nlld tluls rcsf rilzllllg l ‘unlnliuu ulqlrlrts. It ie Kllftllly f0 lll: lnlpl-l] llllll >Zlil]]_\' will prrvui] llud fllul. l in: lfllllvlil] prlll-lcnls which flu-o the ilvurld ull] bl- solved through arbitration uud com- promise." General lllarlugcr’: Address Aftor rrlvielrlu nt some lenrll: Lin: vhuugcs in illo irons of’ tho llulnnre sheet and the prnills fur the _\t‘ill', :\]r. II. ll‘. Puftcrsnn, (il-nvrn] lilunncl-r, turner] lo the nluro gvncrn] plublclll» onnfrlnllill the Bank Hill] spoke, iu pm], as fr: luvs: "Wlllrlrullllroslsing yuliylust your wl: iniilllufcl] (but in our opinion u. l'l'l'].1|lll nlcuslirl: of rcl-uvl:|'_y hull olrl-ullir (hr rum-r] unlf flint we wlero Hisllilol] in looking furwllrd to lfliili trill: u nll)l](']'- ale fooling of Upflllllrilll. ']']:l: )'¢-:ll' lliln justified our Uliflllllfll] null lllllllllllLll we hurl tn contour] trill: l: flu-filling rule of flltL-rllst ml high-brittle suvur] l lr-s, in which we lluve u. lnrgu invusuul-ul, we are llllppy tn bl: llllll: ]0_[|l'(:n('||]» in you tolluy u, report iS]|ll\\]ll|§ illl inl- provcnivlll. nl" roundly rumor) in curli- lllgwl alter f2l..\\!~l. “Our lulu] luxcu continue nf; a lligll love] uln] ill lUJlfi wl: pull] tile Vlllllllle lllxllng llllillfil in (Unl-lllll. $],]l]l':,'.£7l llflll in Ol]|i‘l'l‘ll]ll|]l‘]('.n 512.1,] I I, so l but our Lulu] lnx llll] \\':IH lfil,f-]],-] l2. (blu- pnrimu: u] till: Hunt's tux bill wit]: illu l]]\l']<]l'lll]~‘l pull], vm. -\.'],l-lll,(ll)l), QIVP-u ull iluln-zliiilll of flu: cxlr-nt of tlie fux llllllllllfl] ol: tho curulug puwor of lilo 5:.ll c. "Ul-vlnsilnlully our: lll-urs criticism of the lulu of l]]\'](]l‘]]l.] puill by flit‘. Ullllrtl-rol] Hunks ~ ii: ullr cilsu ' ’ -—~]ulf. flu: 1L1] l- of llivillcnl] is not ll. true ]llI]]l‘l‘l fill] nf the return lcfllill/Ul] by the hllllllflllllllNTi ml flu-fr iuvusllnnllt. llllr llltrltlVfi Fun-l, which is lillgtily mulls up of preluilluzs lloulrlbllled Ivy shore- mlrlcrs 0n now issues of sfnlzk from time to time, is, as you know, lluuble our (lupilul. When this is token lnLO ' " -; ull]: the (luplllll, p; ] in‘ in our rust: only lllu boll]: tulllil 0f the Flllll lull-fl n" invrrilullrli nil-l lllln‘ fa‘ flu: (if mlnlll rl-l l‘|\'\']] by flu: r]l2]l'l']llI]I]l‘|.. far-an uln]: r ]ll'l‘>.l lll. l-unlllllons sill-l: n. |‘\.]l]l']l‘ (Iilll ]lurl]ly' flu rlzgllrdlld us luynlcrlt of leans cxr-l tall/u. ".:\|:::ll.f:lln1fllvro" ' . “hull. illll] llu: rl-plrylnllntl of 1m of nu zufvnlllll: nuull: by the lll ks‘ in illu lfilvllio J‘ll]l“l|-)’ ullr rnrlllllvr: l show 1m ]]l4'l\.il.\t5 for flu: yl-l-r ullil-ll is nlll-uluugillg. “l: ull: ]|l||:l']‘l] lllllt flu: llnv flfllll]: in llli~i (fffllilbflilvllb o] 0L1!‘ llllfslllllhzl bus been: llrtawlilf." ~| E [l3 Eridanus: uf‘ llnpruvl-lnvlll in (Jmnnuzrrlinf Lnaniui: Mr. ]'nl](: on fllvl: fulnl-l] in flit‘ ‘ l: lll llillllillll!I-.l‘IIl|l']]]]_Vlllil] nllirl] fl‘ll|l| ffll: lllulllllly bllilkllllfllfd ll]. fllo lllilllira‘ fl. l] u hlllllllll’ lcnlll-nl: for l-urrouf, bulls fr) IIIFHllI-wU hull mull slllllvl: n! rl- ~ lfC1'fl]lr|l]l'|‘ifl] lll! l]l‘\']']ll|IllllI|i] Illlifllill uvci- lll!‘ _v:'-ul'--— -. llv u] >|]l']] lllunlllu by 1w] ] lllni ]l:ll] l']~l ll il]\]ll'l‘— I-.]_\'- nun m l lllillllllw lll -]il]_\‘ ...l. ill _ :\ll‘,4‘]|]l'\'l', lllv llillll lll’ llll- fl] -l, ulliriu] trhllfflllfll]. l] fllPfllflll-l-llblllfjlbllllnllflfi]1lll]]ll\\' 21:1" filo fl-lllllil] sin: lulu] r-lluugl‘, if. uppl-wls‘ flld] liu: lll‘| llll-illllsl: fills livflll u l]: llvnlifl wllllllilll] u] b‘ '. lf flu: m luulnfuill- w], lflVll‘ 1.»; Lulu] IL“ (lll to nlltirlpullc :l mo:ll.<tL-:ly,.lll~lllll llvlarlillrnilxttvrclvc llA"l]l l‘. "'1 ].u liflu-l‘ lll-ljllz- ]]~~l']!\' llf flit: liunlllllu :~.,v~'l~rl: l:.]] fllilllrv, hftlillfllV mu] mo]: lllltll ]]ll|‘l!lla1‘l] ]'-]ll]i]l/ llllllnu flu: your just. Till: lulu] o] l.l]l ]l::ln.~l in l-qllullilllg In glczllcl‘ llltllrily‘ l'](I::l'l'], \\:|3 24:3,, ]l|l',_'l'l' Lllllll u. _yl':ll' null. in“: l1l1ll'\l'l'm~<1] llullilllgiilXovvnlllur, ':l.i:'». .Il>]l,fllil,llllflfllllllllllfdl‘lllrllH ll lllll l, .‘~]ilh\1'll nll Illlplflvlilllfl‘ ]-.l]\'llll('l] l! llnnk llcpul-liln um] '|‘]:4-ir Null: nf Iirrrlului‘ liln: uilh ~l-.a in lulu: "lu “if filo Vlllllllli! o] llullk lfPllllhlfri ul-ru un nl-l-llrufc |||\'i|>"]]|' of ]Ill.~|llli.\\ i:l-ll\'ll_\,', fllc prvsvlll. . tlllfrll r-lillll] llPYllflP-"l ho (]f‘.*l‘I']]l]‘l] lll l\\l]]]'ll]|]f‘, lilrflllrtllllllltllly it'll] no], fur ]]l\‘v]ll]‘l.‘ lli w no: u-pmlls uln ll\'i‘l’ i~i in» us import-uni. nu flu-ir lulu] uuulley vulllo. At lilo plosi-ni. lllllll, dcpnslls uro nut bciu usrl] as r11 l]l]]_V us in pros reruns K l , ] yours] During buvollllurr llmt, tlu-v turner over 1.32 flllllhi, wlurcnn lu November of lil27, 111138 und 1ll2U ibll ruins of tllrilovler 2.02, 1.09 our] 1.8;’: tlrncs, rospcl-ti y If. becolnos quite lrlllur, fhvrl-foro, lllu]. lhc lilrllil-l] cfTl-l-flvollosuuf tho l‘l‘l'l'I|] l-xpnnxilm of hunk credit nrisos from tllu flu-l. flint tho mfa at while]: lbqlusllu um bclng uscll lti sill] comparatively slow." The Pcreietonoe of‘ “Easy blunt-y" (knulilinnu "Additional [lll|'l']|l1h(‘fl of securities by tho hunks, iusurnum- companies and other iuvnlturu lnlvl: boon iwullnpflfllful by a further‘ rcllllctlun in the yioldu ull high rlulo bonds. 'l‘hc rule on Trua- sury ‘lills, though snmvuhut higher than the rl-cord Imv point rcul-hcd this Summer, in sl|]>.~l:nlli:l]ly lrnlvor than lvus the cal-m :1 your nun, while yiollls on lung~tvrm obligation: have llsu fllllcn l'(lIl.\](](‘l'l\]I]_\'. Al, filo prosvnf. time indoor], tho epreluln botworn yiollfs on Dominion of (Jluuula born]: and tluulo on tho sm-llrllion of tho Govornlnculn of tho [lntcd Sluice null fllo United Kingdom, arc much smllllc thnn tho spreads to which we had bcc-ome accustomed in yours poet. "llmiully speaking, lho Chartered " $48 Jliflfionl‘: ills twelve llll‘ Hunk nf (‘lllnlllli inlnrlgcl] its uwn boldllluenf scullrull-l-l lly pllrpfllXlllllllfifify An impunmlt purl. nf rill-so Ilurvlluwn Mlle] m: lluulli rustle l4: [lruvir o flu: Illflllflllllij] nouns lvlliw]: Wl-m I‘i‘I|l|l|‘(‘I] by lllu lnlllliu lot-bully» of tho slulumry Tliifllvflllll in flu: note virrulllfllln of tho (‘llllrlvrl-l] Hunks and also bar-oust: of tlua flu-roused volume of cirl-ulllliui: rrlquirr-lf by nuuo ucfive comilliuus uf bluinoss A alglllfllrflllfl portion o! this econ buying, however, bull the afoot inrrciuiin tllo (lush Chin-wt Blinks." The Uneven Dlngrfbutlon of Cheap Money “There is good rouson to bcllove that the reduction fn the yield»: on bligh- grurll: securities bus guru: fur ullnlnrll lu support, of this view I fllivl: inn llllllll points in luim]. I'll-st of lll], ll ]-'5i|ll]]l5('](l1ll‘ flint the brill-ills nf ‘ml-v llmnvy’ hnvfl boon iillnvmmlrkIllrllug]: llie Pl lmmuic slrlll-turv. filuzoulllv, lll" ||l'f'~.'~|||’fi of l‘]ll‘.’l[) money tends ti: l-ucouruqe exec ivs ex luneior: in rer- lLllH ul-llvifics, willie it we little eilol-l upon Olflvfh‘. If curried too fur, ll fllil_\' inomotc m: unbulunnlad rlu-ovcliv. " ']’- ' nlnncy’ has enabled olrlml: m: nt bodice to nluke sllhslolulu] Mflifllh‘. ll. bus also peruuttcd a run- llllrldlllc anlmltit of refinancing of lull- rlillllflllg lugh coupon issues on the purl of corporations of gum] 0min‘ ~~l-:::l]l:: I. A: ycf, however, it bun nut |l>li]]llf]=]fl uuy substantial volume of new iinunring. It heeled the way tn llnwri‘ rates (in murf ltgBB but. iilivll fl:- llul-lioue llllvo not icon rellcvtcll in 1y of reserves of the llllV months enllnl] Nova-pillar, l your. lluuk loom 1H u- I] n~ illl. -l lmlllllzustllllnrvl] :ll| nm-rl-l l: As u lllallll. u] film: lllllu ffPp/lrff". rlf .'"] ]r'l\]-t< f'| lll Fluliu! lulvull-xl] lmll: t-l". "i! l fit (n: Jum: Jill, l‘: .4, 1-: Midi»! m ll. M]: Jlull: Iii], fl.‘ m. ']"n- l: ~ ‘ luau lllun h‘ ’ In ‘rue i]: infill] .~ l‘ J. 3U, llllil, Ilflf ::~l ll: i Hllilfi, f, j.ll ' are fHFHHIK HUT u! lt ell-st: r rnll: t]: was flu: Flliu‘ in pr», ivy-rule ,\- . “']']li- cnnlilll-n: bu: l]. l‘ llv] U1: Fuller .|:|ll'.s (iuvcllllulllt lu filllllhl ila duilrllc lit low llllkflfie]; rullla filly.“ bus ])1’ll||||]l‘ll u. e||l:~.l:tnll:l] unllulnl of gnvl-rnlncnt rcflllnilllu. ‘b.1043 lnnncy’ hue msisllli u lllrgu volume oi l-urmrotl: rv-lillnlll-llzg ll: ]fI‘-\4'l' rule: lull] sumo l]|‘lV lun-l-luillu. ll. bus L]]::f grcnlly slllllllluwll till: “Jllfltllb fol conmllu rlmlls. fulfill ].'i|li|]f]‘.' n] flu: uruul]: f] llllllli ('rl’|]l], |'i'.'4fl]] lug, flull: llw [in :"'J!l Hf cxlllz-d rl,.\l rvvwl lull] f1 l] ]|Y lJlL urcul. budget. l]. fl‘ ll»~, llus l-lc: llln lfununr of ||||ll.i]rlIl<\‘|] I“. \i']|ll‘]l lllljlllf. dl’\'l'lll|l il-IH lllll‘ ..| Jllfllr] ] lnlllr: lllllttl-Illl, 'l'|:<: m: zilllr.’ <11 llll .'l l] ] lnlllley lull: lllc rm: k ll, if] - l, n: :- ll bl-lilr rvlurn nlll] ll. lll‘: '1' ri~llnz ("l]l"|il|l]|]y pllcw, ll.- l-llipllxw/ll] illl: llllll |,,,- |i _ ll: flu: ll:l|l::~l::|.:l.-, ]]:l' '1 » 11in] lll sl.| n: lilllllll llnsl- lulu-l: :1‘ ll-:z:. (lflffkPfllr Mun: I|l‘|'.s in llu- Lrllul] hiatus "lll Allulll-l L: l. llif“ ]‘l'lfl‘ll']] ]'.’I~- w: ‘lflllllll lilllllilllllll] 1H] llll flllrl] ll]. Jill‘, iu the ]l'l.fll]]'y' l: lpllrcd lcsl-rvl-s oi lllflflllvl‘ llllfili". ‘fills fir]; lull] the lllllufslllzzll: l!’ If] ll-lllll lll]; f"'\i|'.'\f ll'>l'l'blir1 flilll 1f’. llllfll-lus h: R lfizlll. l|ll|"l| llcw building. It hue dlmu very hull: n: assist formers, purlileulully- llllhll in Tlillflifi]: Hem] of llnalnlullvlt. III llllflf, lll: benefits of ‘curly ulunry’ lulu: us" yl-t been enjoyed only in u llnull-rl iiclll. "ll only In: of smnl: vulllu to rlrvllloi: lllls plullt fliflllltl‘. As the Prcslllcni bus puinlcli mll, lbu inlluslnns when: l-ullllillnll: rullnllu lllc loust on! lsfuntllry urn cousin" -.lill|: null ulgrirlllllllo. In lilo llllfllllllla trlllics, be nutcl] lllut ‘cosy rulllllrv’ lull ::l:t_yct resulnul in any , lvllill: f]l<'l‘l‘. uus l‘ l'lIll\]l]\']']l]l]l5 rovlur], despite spiel-in] llrlml: lm flit: )1l!'].fl]']]|lI (lllvcllllllulll. 'l']u* Iulrt is tfnlt lllln-l" nlieilll-Ilve in- llul-urue bllPfl us lug]: tuxulnu: llll |lrnilvrly lull] lurk of l-ulllnlulll-o llllvr: in: nib uh] u tulllugclflaui. lll lllllllvllllg ilupruvlellllult. 'l'lil'niug t0 ll|l_l'li‘l|]llll‘l:, lllt‘. prullllllu in lzllllully a luultor of lnw ilurllluo flfa ug out of e. flflllllilllf vulllu of export blllfti. 'l']lc furlnlsfs primary lnelxl is uu enlarged donlulul rum u lmlll] ullll it is encouraging to unto tho]: the (iovcrulnl-nf; of. (Jllnwo filhi-l rol-ontly Flfllllflvd lie intention to give Flleltlli] consideration to lilo de- velopment, of agricultural Pxprirls. . “A br-ffcr llulllnce llctu-ocn agricul- turn] vxpenses and revenues is lllah desirable. Already cnnsiderllhln pro- gITh-v‘ has bcr-u mnllo throu h the ilrclll-(‘r risn in tho prices of fm-n: [l]'Ul]U('].\‘ lllull in thus!‘ of nlnnllf“ ]]lI'l'l] ymuls. ll: rillsusl larllaeru plus] l] clin- lllliunu our] rcsl rfitfltill of mlllkcis have filltlilk] (lflllillllllly llouvy 10550:! of in- i-‘Ulllll, debt nlljustlnoilt of u vuluntllry nuiure ls fcnlilllg f0 luwur fllrm (‘tléflh The rebuilt lllfjllfillllllllfS in Suskllt- (l]|i‘\\'1lll, for example, borer] 0n the [ll'llll'||l]i‘. of r: n-unlisls, should hnvc furlullrlllll: off ", l]. nluy Ilc l-luinlul] tlllli- f-lrrl l1 ll lllicliun.‘ lint] l']‘|l(l(]l:l] llm, Wllllfll uln lllwo econ (zlfiflwlllfifll, huve ills-o llrhlovcl] ull inlluluiiotu delzlousu in flu: furlncfs; B.\'[l]‘|l.~'\,'.~'. lint, lll-lion of lilo lullur kinli not only damages till: f'|'(5l]lb of iulllvllllllllu uln] of guvcru- nlcnls, llll]: B|l'l]\i:n lit ille very routs of Ibo l‘llllll'lli'f'l Sj-"bllfill upon Wllirll flu: ralrlll-llun 0f trolling nllrl exl-llul: a is llusll]. Wllut is gllinod in iullllc into millions, ll-ll n: Ilw m‘ \l\l»|-' on, \‘Kl'("d If‘. ]',|.1)~ ' fl] ff-lllllnd‘, V in n ]‘l|l.l]Illlll| l: ill/ll] |:~:|l: ].l||4ll:]‘.I l!’ l:..~ l .‘.:-wl-:i..r lln-v llilll luv-ll .. :.l ll: _'l)‘J flllllil: - lll ffllhi; f']l'l‘]]]]]~|il]]l'l:i, lflu ']‘l-. run: ly lllllillllli u l|l.l\' |ll/]]l'V lll ll) oil's-i, fill: l‘f]ll ‘s U] llllll ll: :~.:l]l-~; n] pull] llllllfl ]]ll‘l'1]\'||‘l >1 .l- lzulllllll-llnt] ‘lfllfhi. Allnrllrlr, ll. lhi‘ rl-ll-nlly lwltll sllllu] flint llll, ll-lrl I sf linen], wllll lilo lillllllihi] of lll»: ']'rl-u.~llry, is giving rlvllma l<:ll~l~]:»l;:- lull: to fllu plissll/lllly‘ U] ]i]]']ll'| |l:.:]l‘ll lit-s fl-‘flllfl. "ll .‘]llll]]I] ll]»ll lll‘ ]H]l]"l] lllli] mil-l l urillll: ]ll'1“\' lI]‘l'H lull: ll lll fl ‘fli I ||l!' llfllllll] l-;\1:::::--.:.l: lll‘ w: Ill] il: lfll’ up: l. lllulkl-l. .'\].:ll:l:: I'l‘l[l]l]l||li"]]]> in: lllluls llgllllhl slur-its lll-ll: bu: ll IIlPPl] by lllc fiVlfllfilli l inn-hungo- (‘pinnin- 511]]!flil'lllllll,:lllli\lfy lllu]: luv: i-.. Al flu: ‘l)l‘l'.\l'||] lillli‘ llll- llllwlllifl lll |'|l:l,{]I ulltlll 4 ~<l flint, :1": ll] llllls lull-l. lllllfll- lflllllllllllllllaflllll]]u']|'lllilfirlnlllllllllllf- in; lll iii/J} 111' llli‘ lugli] l \ .]ll<- 0] eilvlls cllrllr-l] um] llwll i..r.l=i-~ must Iflilllfl’: u rlllllllll’ l:l.ll,_‘.l: lll: llilllH BQllIlSfl rlnwkn lllr l|:-- [flllllflwl of [)lll'l‘]|il.~]l|g ur fill!’ in; shun." Export Tfinlll". Yiln] ti: fnnndn inn: ll] ‘l-ml. l-l] in llllllll] Mill: in ffirlllPwlll’. llll-llll -.-l f\‘4'iI . ills llnlf elllllli ]!]‘]|4]]I‘]il] Llff-“ld In its lll l flu: iluprllrclluwll, 1l:.:l. ]:.-l~l llllls fur tnkl-l: ]l];i1'4". ll. HlllV be \'.\']llI']l‘l] tn n» l. fnrlllvr f‘.‘([|.'\il~illll, ulln-ll, if it, u: lll-s, Wlll llrl~o plllllullly ml]. rlf flu: llllllhllill (if ginning ]‘\lli_)lL illllvmn illrrluglllvlll, flu: (5f'li]l0lllll' bllWlvllllT‘. lint us l lluvo filiillfJVliillltll in l-llln: out tho mdllvllnl: in lllu _\_']l]l].i nll lligfl-mwllle sl-l-lllllllas lluu uolu: fnr olullltzll, unr] fllrilu-r (‘Illllfllbli Ull ‘vuqv money‘ illvnlvcs slrrl-lus dangers o] ullllulurlrlw] 0x llllelllll. “The flu-t o tllu nluilor is (lull. tho Cllnuliiul: (illbllflflly lri own-ll] ll: m: export. buns. \\ l: nil: l-lpllilpcd l-y nolurc uln] llV flu: ]']]\|ll‘: uf runny yours to ])l'4li]l]f'f<l |'l'i']i\ll| lllllillfi lll n volume fur ill cxl.l:.~.~. ll] nu: "h" drum-s- rl-llor by rrplllllullllu muy be more Hull: nifsrl. by llu- llllrlu dune f0 the hurr-url-lGl crcdit uhlll]: ull] un- l]lll]]l]l‘1]]_Y inullo llifW bolus difficult to ulpurllc, li\-'l‘ll ::l. iugller rules o lvllrlv. Fl-llllun: of the llllsic prob- ]l‘l|l“~' U] liilflltllflllfli liovs not liu wllllln ,l]lli Sflllli‘ of ‘luhy lllllllov‘ ' lwr lull-sf l]: lll: flupolll-ll l]l- l, in: llicvlnir silv- l|]|1_>']'i>|'bll\fl‘l'lll la‘ 1||ll] c ‘lliifllfllllls, ‘l-usy llllulhv‘ bus llrollirllf. about. burn:- ]Ill‘1>llil'S fur lll". ]‘]ll]I]l'l‘.\‘ of sur-llrilillu. '] lll: uu-lnull-l u] llulllszllllls of inlllvilflul] lli\lli'l>l u] lllllllfu lluvn in llllsi ully ]IL‘L'II olllnlilllilllllv l'l‘l]UI'i!l]. As a. rl-slllf. nf’ fill: llllV _\l::]:].~l lll] ]]ll']l' enlllrgul] hull]- lugs u] lgovlerllnll-llf. ollizgullllns um] lll tllu rluill- lllln ill clllulucrcizl] funding, the (‘hllrll-rlel] ffnllflfi‘ llllve been clun- [)(']]('l] to out tllc llllllll‘? f. rlill: ml snvnllgs l]l'|lll.~]].d frlnu tho [ormler ]L‘\'i1] of llfl, tn llle lrrl n] rulo of l _'I, lilll] hZlVU llllllf‘ y fiillllllll] t]]'»'i< l- 11s [Hill] to allllli. ullllorll. fol" hlllllllll‘ ruinous, llll" lfo iusllrlulcc (ll'll||]ll|l]f'.S hurl: pr: l lnwrr rllvillluuls null lluvo ill- rl. l-l] their rllLln-l nn now business. Nl\l-llll~~s to say, lluesn cluunrl-s hum l\(]\'()l‘>f3]y lllfol-lud in Vllljlllg llrgrl-l: u luluc. pru- purfilm of lllo (‘ulullluui people." Low fnl wept Rules null l]|i‘- .“~|l ‘lx .\].|r]u'l ‘L-lsy Int/HP)" hue llllf] ulhor ]lll< purlnlll. (‘]f\'I']ri. flu ullr in llnl Inn’ l‘l'].l||'ll\‘ on lngh-grnill: Iunuls lllll] nu lnluk \]]‘]Il|r.]]h', lnnlly invosllllwl hllvu lllrllcl] fuu" -:]s lhc slog-k mlirkpf, In llnu \\'l|_V l‘]ll’il])‘ uuulny (l\'\']‘]]ll‘\\'|lll.( 1mm file Ilmll] nlurkl-l, llilrll l-l-l-u ull llllflllflllll]: fllvlor in rllbillq Illl: ]('\'l'] ofslrlck pri .~l. ']‘|:i.-. l]-'\l‘.]lr|IH|l'.I]b]‘.|l]‘ notllnrvylllwfol]llslllllll1~lyiullllllalllo, fur ii. him ]l'l] fl: llllll ]l uulll-lgullinl: u] illlllrl: l-llrlllllus our] bu: ]Ill'|'l‘i\'l'(] the llll]l]],\'l' u] l|\'i‘l-1'\|lll|l>]ll]l. “As ire urn ucl] nuurv, ‘lull-y uullugfi bu: not llccn n pllvnlnlu-lun: |l‘l‘l|]llll' to Culihllll. lt must ho lll lulllol], indoor], that flu‘. pufsllunnc llf our]: n plllil- I'll flllei I‘Il]lll]l'_)’ fllloi l»: wll llliilll‘ |)l'l]l']ll‘il]\]6 ])\‘l'l]ll~'f5 of lll‘ luvi. lll-ll l‘0I|l]]l]flllfl of ‘busy nluul-l‘ hull: rulvl] in llll! built-l] Stun-s‘ lllll] lll ‘.11. llrillllll. "l‘]io course of finlllll-lul lll/Pills! lll flow two Ilutlonn is ]]l('I‘l'fllI'(i of more tbun passing illtcrixet to Llullullnlus." Tho Pressure nf’ Clu-np Funds in the Unilcll Slates “in no couuiry llllrl tho prcssnrorlf ‘crwy muuvv’ been rnrricl] furllhor thnu in‘ the .l ruler] Sluts-u. ']‘]lruu h fw- l-llrity llllfbllllfil‘! by tbo Ifollnrvle illulls uln] through nu unprouelb-uforl inflow of gold, tho cosh rosi-rvoe of the hunk- ing eye-mm wero rinsed to a level twine no lurgc as tllllt rl-quimr] hy lllw. llxl-oss reaervus-illoso uhovo logo] m- (|lllffilllfllllSklllvfllflfilEd frulu n ncgli- giblo figure in thc curly nlonths of ltlli‘: f0 the stupendous tofu] 0f $331K) millions by the beginning of lllilll. "Tho growing prouuuro of “WHO ox- caee ronervao hm] ulmaiiy stlmululrxl o u.’ tiu l"(!i|]l]|'l‘|I|l¢ll]n. ] pun flu: l7(]ll|l] of fiUFfl llFlllfllVlfl (]l']ll‘lill'v' HU]. lI].]V (lllT lllllllfy In import u ullll-a Y-lllvffv’ of lflllllllllllllllhr! l]|'l' ~..:_vv ll: lllll unlin- ]l.-l:ll|lrnllfs:l]i fur lll) llllll ]illl].lll]:! but also fllc lelemllurllr: u ' - n] lilo lnnllv Cnlllllllllns‘ llllLhlullf lll l]:l.~ pro< \.]Ul']]fill of illuso- l'\]li|l I. |::ll:iu~l.~. Am] us Illa I,]'l'~]i]I']1f bu.‘ l"l][!]l-'l'] m], ll“'< rllliuns in llln l quill ]]|lfl]‘]]]l‘§I1lf'vl\v llnlu lllllld fflll mun imp-ll lull] lilllllulll u zllll-l-lini; flu- p: llrlul :-l..ll' fl] lulslll‘ .. "ll nun: in: lllllllllll l] llui] ll» v lnruil-v’ pullwns ll] rill: ] lilllll] Mulls .'l|ll](ll'\'l1| lilll-llll, fl] ]].l' ml: ll]: llnlt ]]ll‘_V fllllcll illufll]! l] lla on l,‘ l.: llll-wl‘ VllllllllfPr, il-lvl: llllliil vlly a \.].~]l‘f] (‘llllulllllll l--|.l:ll.-s. .\]l-:l: luzlivl: cun- ifllillllnllll]l\']|l:|]']1l‘]$4ill|]]:'|i\‘IL'l'4'Jl] l-lriuull :.-l ]]'.\ll ]li‘] ll Il'l.:]l l] u llh llllltlfilltl] llllllllllrl lll’ u]. h l .::~..l];: hue pruvilllwlln-ul» i lllllii ‘ . lllll '1‘ y lll nloncyf in l]: lrl not u. 4-]: l llll] l1l],hlIl']l m: ll‘ - l|~.~r] Ll) llllllllnss lug]. j pUllFlpQ, “']']l ;::l..ll l illlvllufl." l l '1»- ll‘ l,,l<..:] | .l i] \~.- l'l>'\]l‘li ~.'|:- . ullll ll li‘\l\'l:] l-l‘ illll ::..:' . ]]Il'll] lull] ll -: l‘ uln. wvlllll-l‘ llflllllu. bl} 1': l: ll‘ IlPll‘. lulw fllu l::-»ll .~] l‘ llllpllurllp lll. lll] .:.::,..ll l...-l: . "In (‘llllllfll ir l. l:::.. l .~ i l .b f0 Inllu llll- um luv" (‘V lll l‘ l l ill Lilo ] .|‘l'|]li\l lull] “lll ..| ‘ll’ l:- ]l.':l'lr|‘ ]].-]ll; f» ml‘ lllllil] I lllllil‘ ..ll~1 . of} ‘tun; o5 l\]:]l\ . 1.4, _'ll..:...,,l l5 t ll) lll‘ ll: I:"llI' I ]].."l' lll ll Vi“ ll l]!ll r-‘ ill]l' r-l 1'] i l]l.lf. ]]]l'_\' lluva rm clfiolmlly. " t-l- l]l\ lIl/lllhd lnJull; null GENERRL l; rolnnrlrnblo oxpunsion in invmlulerlte. ‘Filo blinks, auger to uleka fuller use of lhvir u-srlurl-oa hlld been buylu’ sccuritioa, lllrgcl fhoeo arllllng out 0 tho finluu-ing o tho deficit; of tho llnifed Blame Govornmeflf; 39 Pm‘ ssivcly lower lelde. ‘Yllmllh "Mb Blinks fnrmucd their holdings of ee- curifim bocuuso of tho continued roe- euro of llu-ir liu-go. r-nsh reserves. ‘llle condition: in turn wlw tho direct result of two factors; iinlt continuance of tho ‘curly money’ polio on tho PM‘ of the (love. i u‘ , on nt-rllndllh ll" re ent o o apecl 0 $1 m» one; nuns. -~l liofelllfl uying has been largely in the shorter mnlurltien, it wan ruilwfod l" ll" l" lenn raw of interest. Fmm I of 4.39;, ll: January» 1°89» ti" "f l,“ on lung-torn! obligation: o t boilers] (lovnmmeut (l-l- "W" "W mm; more than eight your: hence) o new low mo! flufnz-iV/‘i: Whoa address at the annual Iaeetlngalpenl! .1