,i,'_\:; »2`- :.12 .~‘.“f; `l‘~ 1:. f. _-1 ` ’ 'Me- ..,_.-'_.;j' '\ 4 _ °,\c?§-5," :i§§ifff'~¥\‘°-‘ I to ‘Qs ~;..c» ~~ tl? >_~`. "..f~,i" »‘ 4' 1 (Q `l`.\' Q -;.~_II¥1¢I»5“- l 1 ,\ Y* in fel . ,Q ‘ _ , 2, -Q1." “ I i;."‘__-:lf `£:.§`-a... 'fri -"`,-.f'l`~'1 .`;~.'g.‘.\‘.“¢,= "1 _'_ ' 1 M, .1 ‘"4 , ,'~.‘.“_~-1 -i 1 -_ ._-> _».,§»_-"1 " ,. _, , r fi "iris 7; .I _' `I.< ,I1 ,U 1 j fl' sues : ,test i I ,-_ .V ‘~_,-,‘.- / _ ,Lai ri ,‘. If 1 I - ' I . , -. l I Q i \ ¢ X 1%.' ?E f ‘.1 I d nit'-` _ UIQ. gftifsz. Helm. . .‘. , as ‘ i 1 _ 1 V _ I, `~ 'K :xl »,._,. _ fl/-."f{.` ; r. iff Fiart Sta rt gat :Cf \‘ wir: -1 ‘\§\'I»l i'i'_;!_ ‘- »:` " \, " -1' ` _ r _ ni .:'.:‘ 1 . _ ° . ` ai '4 ° . not 1 ' ' » u I I 5 `- /~` ,_ ', L ‘I I ,M 1 ` ._ Hr 3', 4:9.; X' K ':~j_Nf_ '1 " 1. .- ‘E- .;'f`»\ -5.- 1, \ _-fi A ’ 2. f = ‘ '_ 5. \ .\ ~ ` 5. \\,- , ,,‘ -_ 1 . ,, f 'if , ,.. _ , , JA. ,F 1, 1, sl = _tf x -1, i 1 .,_, f Jr " .. . . "li . 1, . I ~` 1 5; .11 Q.. ‘f`*»5 i N _ iw' 1 sl '_ .. »-,: if I '~ ‘,I. if. . 3 1 ` if I i V, , A... _ _ 4 . _ _ _ _~. _-1-»f.=é-f.;-r--'- ="”"""""' ‘ I ' Y _,L _ . . _ -.1 _x_..m..m- -_--"-:L_ -*.417-- . » i I 1 as-_-_<, _...ss _-A if :I ' I i fi lr- == ' THE MURNING GUARi)IAIi SATURDAY, MARCH lil, 1934. THE RATE OF INTEREST. Seven years ago Dominion ll per cent debentures were quoted at 1015. They are now quoted at about iid. This does not indicate any depreciation in the credit of the Dominion, which was never better than it is today, but it indicates s very different condition of the money market from what has prevailed In recent years. Hon. Mr Fielding who was able to borrow in London on Canadian account. at less than 3 per cent a few years ago now finds it inconvenient to renew the deben- ture which are falling due, and is report- ed to be holding them over, or borrowing money temporarily of the banks at 4 or ii per cent, Some Opposition newspapers are referring to these conditions as indica- tive of the waning credit of the country under Liberal rnlc,whlch is mere childish- ness. Relatively to Bri ish Console our Canadian Goveriimerit securities never stood better. Money is much dearer than ii. was and the same credit will not un- able a borrower to procure it. on the same rate of interest as in years past. But dear money has an important bear- ing upon the Grand Trunk Pacific bar- gain, as we shall sec. The Government has undertaken to build a first-class rail- way from Moncton to Winnipeg and to lease the same to the Grand Trunk Pacific Couipany for fifty years at a rental of ll per cent on the cost. The work must be built at once. “We can- not wait, becausc time does not wait," Sir Wilfrid Laurier has told us. Hence the money must be borrowed as the work proceeds, big money too, and we must pay for it such rates of interest as the market calls for. We must pay this ln- tervst during the progress of construction. and until the Grand Trunk shall begin to pay its rental ciil per cent.. There will be necessary depreciation of the road. Bri.ii:es and station buildings will be- come old in fifty years. Of course the Gcmpany must keep them in repair, but the difference in the value of old and new buildings, masonry, bridges etc. will :be the country's loss. All this time the Company will be pay- ing biit il per cent. It is certain that the Government cannot now borrow the money required to build the road for ll per cent. llow much more we may havc to pay can only he guessed, And of the future, who knows? The present condi- tion of the money market was not anti- cipated when the Government undertook this gigantic contract. In the fifty years to come there may bc many such cases oi financial stringency, possibly much more severe than the present. Canada may be compelled to pay 4 per cent, 44) or 5 pct' cent io renew her borrowings before the half century elspscs, and all we can get back will he a Il per cent rental for ii. pirt only cf the time we are paying the higher interest. rate, and suil`ering from the de- preciation in the value ofa very costly work. The outlook is not a roscate one. An Absolute Necessity. So Tliiuks At Least One Travel- ling Mzin. Iwoulil as soon think of starting out without my mileage books and grip as io start outon a trip without a box of Stuartls i)y.~pcp.~in 'l‘ablct.~i in my vnlise, said ii triivcling man who rcprcsenis a St-. Iniils hardware house. Why i Because I have to put up at nil kinds of hotels and boardingliouscai have to cnt good,bad and indifferent food at all hours of thc day and night and I don`i believe any man`s stomach will stand that sort of thing without pretest, anyway I know mine Wonn't.. It has to iiavc something to break the fall and Sr.uart`sl1y»pep,~1in 'lyrbigig i_~ the crutch l fallback on. My friends often "josh" me about It, teii1ncl`m -in easy mark for patent medicine fakers, that advertised medi- cines are hninbugs, elc., ln1tI notice that they are nearly always complaining of theiriiohes and pains and poor digestion, while I can stand most any old kind of fare and feel good and ready for my work when it needs mc, and lbelleve I owemy good digestion and sound health to the daily, regular use of Stuart'a Dysdepaia Tablets, year in year out, and all the "joshirig" in the world will never convince me to the contrary. I used to have heartburn about three timesa day and a headache about three or four timesa week and after -standing this lor four or five years I began io look around fora crutch and found it when my doctor told me the best investment! could make would be a fifty cent box of Sl-‘ll\°L`S UY§D6l!sia Tablets, and I have invested about fifty cents a month for them ever since and when I stop to think that that is what I spend every rlay for ltlilara, I feel like shaking hands with my- self for Ioan keep my stomach and digestion in flrrr. class order for fifty cent. a month. 1don‘t care for any barter lifg insurance. My druggist tells me they are the most Dennlar of all stomach medicines and that thu have maintained their popularity and '°°°"° NMI* N101 do as advertised. Ther brine main, aaa marie an vase. count In n patent medicine as much as in selling barbwire. I L The legislative session is now close upon us. We must now prepare for politics. In reply to a question the Finance Minister the other day admitted that a temporary six months loan was placed in London last. October ol £500,000 at.'4§ per cent and another of £&)0,000 in January at 33 per cent for four mouths. Apparently the Japanese invasion Of Manchurla will when it takes place, be Imade from Korea, across the Yaiu River. it may yet be a month befoie the forces there are sutilolent to bring about a west battlc although our despatches indicate ‘an earlier conhlct. They matter of the Russian cruiser which overbauis British merchant ships in thelldedlterraucan has been brought up ln' Parliament. This cruiser makes use nf neutral ports 'While