The Bentrallfiuarllian S} lble in advance. coivnneurlolialn INBUB- ANCI. L-BTOQ-T-Zl-KIL THEATRE Till? WO-llE-LO Annual Tea is w to be held at e Cuxidal Home gnu “ma! """‘“""“" m?“ ‘ihilsut... P. 0. INSPECTOR FROM 0T- TAWA-Until such time as the re- arrangement of the P. 0. staff here has been carried out, Mr. W. C. McEachem. of the In- vestigation Staff, Ottawa, will be in charge of the Inspectors Office. . W. M. Brehaut, Postmaster. retires on the 22nd of next month. after which there will be a general maximization oi the staff. Mr. MoEachern is an Islander, a na- tive of Elmira. where his father still resides. VAN WINKLE- COOKSON TRUTH-Mrs. James S. Cooksoil of West Union avenue. announced Friday at a tea at her home the . n- HARDLY PAID ‘engngflnfifit oi licr daughter, Miss i iDorothy l-Iodgson Cookson, to Mr. IONDON—(CPi—-An emp OYBe 0f Russell G Van Winkle. son of Mr. Wk PATILIQLIJ ~ WEI]! IIIflNAII SOUBIS-THUII. latil.__ DIONTAGUE-SAT. I0"!- me 1133-31 Mm smuggled over 100. Clifford S. Van Winkle. and tile lsupper served at the Charlottetown Van Winkle. of l-ligll- Pilozt-l wilt-re the young couple were late Mrs Talld Park. Miss Cookson, an alumna of Trenton Teachers‘ Col- |lege is an instructor in the Hunt- ington L. I Junior High school. She is a member of the Bound Brook Junior \Vomall's Club and] former State Chairman oi Music. l Mr. Van Winkle was graduated from Rutgers University and the Parvavd Gra"uate School of Busi- lless Administration. He is a mem- ber of the Haivard Club of New ‘York. and is with the American z: ;Suretv Company. New York N0 l date has been set for tllc ‘Mddlllg. llrilc Chronicle. Blind Brook. New , iJersey) Mrs. Coslpln who is a blank silver dlCs from tile WIIKS 1w hiding them lri cigalette boxes was sentenced to l8 month's 1m- orisonmcilt. "Opp; [EITRAYED rrswlcrl. England-lulu“ 1 make a good Journey. than Churchill will meet with a KY"! 1‘5~‘i' Yea“ the lnscrition on rart oi a floatlri minc mashed up cn the ea-t 0088f- af Engand. I-‘Juv-ar-vuv ‘r-"N s 's‘.ster of Miss Laura I-lodgsovn of p Charlottetown. visited the city last summ" with her Illvfi dawzhters. l t the Misses Helen and Francis Cookson. I THE REAL Powlzn FOR A —“— m“ 'I‘\\"0 FURROW PLOW Personals i‘ "ZIPS farmers llllv? Mrs Fred 5111191170" hflddltvon. or 3‘ 1x 5 ' ' 't' ' i \ tile _‘ . - l , IS Vlkl 11",! lll Lil!‘ f‘ If semfhed the "Mikel for at guest of hcr dailglllcr . x Dcn- ouillltv, general 011F005“ aid Grant and Mr. Grant. - ~ st ~ nstruc- -———- nacm" "f ‘he be‘ to | Corporal all: calla-nun of {lie P. Ho" and at the price to f" E. I. Highlanders. has arrived ill their pocketbooks. 11"‘ Citv to vlcud a short furlough . _ _ _ t .with his lliothci‘ and brother. Mrs. “0 3P9 WT.‘ PlWl-“cd 9,." Callaghan and Jimllllc. , announce that :\lliSSBY'H!1l‘l'lSi - i Co. have nlzlde flffilflflwmenlsl Lgq-(lslhc-ljlxipol-ialEPOICyI-Iglllliscelfg W!“ ve“ Beck °r Murray m“ u." meg‘ “handily with the Cleveland Tracttor $136k watch," L; Snéndi-Y-‘g a- f” bor. _ W50 p‘m_l3_ Tam (Enmmm MR C A ROY Cm [m- a Smaller {rgc or days a: ill" home- of his parents. Private L0,‘, H f I DXB 9.61 mcg 31.2 m." DJC -. ’ ' ' ' . _ _ M ,1 “['_ .1, _ 1) 1__ 17 _ 3' erlfml ° L‘? P- ' " ' ' resident nd Mancgin Dir tr than the famous illl .Il. and lu§pe._.“‘§,,l,sbn‘fa m“ f: _l_. nlcluaukrllcl-s 1S spending g 6-02 mac. 423x‘? .‘..__..._‘? _._‘.__ff_°__ Chailancci" Whlvh We "W- ——————i— gjfséa§jnpgi‘,,elj,,gg{°“r- M" m‘ 11.00 p m>_mnogews Bullet," Somewhat modest bvvirminx- wo- stlil selling.‘ _ This new tractor is a Row ) Eastefl] Gflaflhan Crop 'l‘_vpc. cilllilllled ‘I'm l Rubber tires i) x 2i rear rai- v ings draw bill" l2 h.p. hell l8 i shipping “eight Z135 lbs. ‘ l ‘This column is lcaerved for news of local interest but. adver- tising of a ncwsy nature may be inserted at 2 cCntg n word strictly payable in advance.__A Sec your local ‘SUBSCRIPTIONS to inc‘ {Charlottetown Guardian may be l handed w their Rept. Al'cll.e i Hume Massey-Harris Dealer for lllfllltl‘ particulars u-'ta-".'-.'a.f.l-uw-et'vu'rsnm' L lill-l-lil- l Personals ..‘Mrs. Bruce vYc_n_of Monta uc sllppfll on the klicllcll floor in er I name and sprained lIPl‘ ankle.—M l ...'Mr. Evails of Tlgllish arrived ill Montague On Thursday night by ‘Lfflln on business-M Lloyd James of Chsrlotletolvn mot- ARGA ‘N , d _ . FA lgfjcsmelglsllgimaguc illls weck on T . . ‘Mr. Prank McCarl-onls ‘Mr. Villccni Blake and Mr. “é o , many _ _ friends will be glad to learn that he I is steadily improving after his rc- _ l cent flCCld€IIt.—M -(-llllg- _. . . , . _ ylunrn.’ JANVARY 26th a‘ v .. Tile people .n the vic.nlt_\ of Montakue will be ulazi to know that the road from Montague to George- tOWn was opened on Friday after- noon for traffic.-M SATURDAY. JANLARY 2.lh Mons Jan. 29 1940 IIWI . ' u» $1.20 Prom CIIARLOTTETONVN Proporilonutely/ flow larel from tit/wt y‘/ll'tltll ‘Mr Roy Corbett who has spent ast three lverks relieving at: ank of Commerce ill Monta- gue returned to the Albcrton branch 0f the Bank of Commerce this week-M I Children u! I‘ lie _ and under Twelve year: or age HALF FARE. Tickets (i004 in DA)’ (JUAUIIHH ONLY ‘shower the newhy-wcsds with confetti couple hilve the good wish cut at P. W C days with llcr parents, Mr Navy is spending a few days home ~ ray Harbor. -coverlllg from her recent lllHEsS ' Boyle-MacDonald liuptlala iating. The bride looked charming in a of Royal Blue Chiffon Velvet with hat and shoes to match. Her gloves were of ivory kid and she r wore ll corsage bouquet 0t deep pink roses and maiden hair fern. IiShe had as her bridesmaid Miss Sadie lvlaouonald R. N.. a former classmate at the inoe Edward Is- land Hospital Training School who ‘was dressed in a gown of Teale Blue brocaded crepe with mfitchln l0- uesslilles and corsa e of Tat man Roses a.lld Maiden air fern. ’I'he ' cere- mony the blfl e‘s mother was hostess to the wedding party at asumptuous lcgislcrcd. LJdlsef ill the evening lriends oi the llcwly- weds. including f0i1ner classmates and student nurses of _' tl1E>Pfli1C0 Edward Island Hospital a Training School of which the bride was ll graduate bcin a popular member of the 1939 t as. called to and gocd wishes. Be ore leaving they decorated the bridal car with colored streamers. old sIIUBS, appropriate signs, etc. The happy young couple left on the nlornlllg traill for a short hon- eylllooll ti-lp to Mcncton and other points I'll New Brunswick inciud‘ng a visit to Mr. Boyle's uncle the Rev. E S. Weeks and Mrs. Weeks of Mill Stream. U on their return Mr. and Mrs. Boye will re ldc in Hunter Ryer where Mr. Boyle is engaged in busi- IICSS bciniz a valued member of the llrlll of lVIcGulgnn and Bo ie. Gen- eral ltit-rtllallrs. This popu ar voting _ es of a host cf friends for g long and very happy wedded life. P Murray Harbor And Vicinity 9. hflss Rutll Beck who is a stud- spellt the holi- and G George Chapman of the Royal With his parents, Mr. and Mrs Milton Chapman. Miss Sybcl _l-I—c_rring who is a student at P. W. C. spent ille lloidays with her parents. MI‘. J alld Mrs. James Herring of Mur- The smelt fishermen report some frlir catches of smclts. The many friends of Mrs. James Bell regret to hear of her continu- cd illness. k Friends of Mrs. David Brooks are glad to learn that she is re- On Friday night Dec 22, the children of Murray Harbor United Sunday School presented a very Clljflyhllle Christmas Concert. The, chi drul acted their various parts sp endidly and in an orderly fash-l loll, which was very much appreci- lited by the large audience. Fol- lowing is the programme: Opening Chorus. Everyone happy at Christ- mas. Recitation. the Prince oi peace by Beryl Howe Christmas Carol. Gcntel Mary. Exercise by Primary Pupils, Christmas Cheer David lrvinlt. Christmas Caro. Away; in a Manger. Duet, Till l-Ie Comes by Dorothy and Reta Chap- man. Christmas Carol. Infant Holy. Recitation "Jy four girls. Pcacc Love. Joy and Light Solo. Christmas Slumber Song by Reta Chapman. Recitation. Santa Sur- prise by Prudence Penny. Reading. Silent Night i-lolv Night by Terey Davey. Near the conclusion of ille programme a tele- For Further lrllllflllllllllfl Ummtlf any 7'l"l.'rl l.(]'n‘ ilulriéiliil} In the Throat i That tickling in tho tllrunt. is most distressing, mill in caused liy a cold leltling in tlu- illrnnt. Th: dry. ilanl PuUflll not only keeps you in nllsery nil filly long. but Bllll prevents you getting a goud night's sleep. WM! you need to relieve this tickling cough ia Dr. Wood 'a Norway Pine Syrup. This valuable prnpnru- titm ll compost-ll of tlw lilo-t sooth- ing and healing flXllnvlnlllllf llnrka and herlla with whit-h la rnmlllltml the virtue: of tile lvurlll filnlcus Norway pine tree. When you nk fur “Dr. Wendi" lee that you get lt. Ba ‘l’. Illbura 0a.. UL. Toruau». Oat. OOXO§§4000OOOOO§O§§QOOO ' EWVMI ll. IIEEFE SAYS PRICES DON'T LIE Ilyrrl Aspirin l2‘: - -!24' fill Alplrln 12 - — - Ilr wfln ion - - _- - at Iarwelgan (‘MI Liver v“OOOOOQOOO&OO0OOQ cram ill-rived from Sarita Claus. that he was 0n his way. and soon tht- Jollv old feilow arlrved on snow shoes. and distributed candy and rlpplle= to the excited children from a wcll laden Christmas tree. 'll fat-t Harlin said than it was the lwsl Christmas tree that he had won for some time Mrs W. I. (Irccn was lllP organist for the aveninr The children were very "Pnhlv iraincri by the teachers of the Sunday School. CHARGED WITH ATIIIIPT- IZTI ROBBERY l HALIFAX. Jlill. H-‘CPI — Ar- thur [kills Matthews. Jr.. 25. I-Ial- in)’ will. arrested Saturday night‘ and tllillgt-rl with attempted rob-, \’)"li' \v:til violence. Police Mid, Mutrlluu-t beat W. Harly Jackson.‘ 5". a taxi driver abfilil the head 'Jolln Bennett [W008 Producer d didn't have time to buy a wedding twice before and Wanger once. —J. William Black of Sadcville, N. 3.. had an eye removed in hospi- tal here today. Last night as hel was stepping out of his automo- bile he slipped Xlnd struck his eye on a projection on the door. 'u'b'ln"h:u:in'n'u'la'fii'l|'h'lfn"u‘n'a'l|'u'b'b'hF §........................... I-IATG, 9.12 meg , 32.8 m. m.; RNE, 12 meg., 25 m. LONDON 7:15 p.m.—"i'i'MA,, __ “it's That Man Again." GSD. 11.75 meg , 25.5 m.: G80, 9.58 meg. 31.3 m. ROME 1:30 p.m -—News in English: Tuesday Symphonies. 3R0: 11.81 meg., 25.4 m.; IRF, 9 83 meg. 30.5 I1. MAD 8:25 p.m.-—News 19.7 m. TPBII, 11.88 meg, 25.2 m.; TPAQ, TPBII, 11.88 m~g.. 25.2 m.; TPAA, 11.11 meg . 2- a r“ information slant“ in to Supt. Agent Phillip Arsenault, Bloomfield. and bearing George Palmer's signa- ture. was written by me. L-574-l-16-1l. rm: CI-IARLOTTETOWN ouaalilau mv 39th General Their decision u» be married was said, that he At this time last year, Business in general was making a hesitant recovery from a temporary eco- nomic recession, but it was grati- fying to note that substantial gross had been made since 103 , in spite oi recurring political disturb- ances and threats of war in Europe. These war threats developed into an armed conflict in September, and Great Britain and France are now at war with Germany. Bow profound will be the ultimate effect of this war on our economic. political and social life is still to be determined, but the march of events is so ramlfied in its num- erot manifestations that any hy- pothesis ofiel-ed at this time would most likely lose whatever merit it may have in the light oi next weeks or next months developments. Generally speaking, economic until after arriving in Phoenix. Bennett has been married IIAD EYE REMOVED AMHERST, NBA Jan. 14—-(CPl Today's Short Wave Radio Program conditions in this country showed a marked improvement in 1939 over After a tAlI Time .s Eastern Standard) those prevailing in 1938. TUESDAY, JANUARY I8 BUDAPEST 7:00 p.m.-—Musical Program. MOSCOW 1:00 p.m.—£mgllsh Language rogram. RVSG, 15.24 meg., 10.7 RID in English. EAQ] 86 meg , 30.4 m. y TOKYO 8:30 .m.—Mus.c JZK, 15 l6 meg, PARIS 9:15 p.nl.—Drallla in English. gress was evident in the late Spring and during the Summer months. Rush ordels in September were an» effective stimulant to trade and manufacturing. and a sharp up- turll created an almost complete transformation. A recession experi- enced in'tlle wholesale and retail trades in October and November was short-lived, and a revival was evident in December and since. It SC, 0.58 meg. 31.3 m. PARIS 11:30 ram-News in English. TOKYO 12:40 a.m.-A Talk in English. Z1 9.53 meg., 31.4 m. v can be said that the year ended COflfQSSIQII with major indices pointing higher and that expansion of business will ‘_"" be continued if there is an intens- 1 WI!" l" 5"" "l" “m "u" °‘ iiication oi the conflict in Europe. Mc‘ The rate of activity in leading! industries continues to increase‘ rapidly. Steel and iron production, has risen constantly during t-lle past I few months and reaclled a level fifty per cent higher than in June last As Canada will probably have to supply Great Britain and France with considerable quanti- ties of war material. the steel in- innon. C. about Station Signed BEN THERXAULT. Bloomfield Slflfglliél. I The Provincial Bank of Canada Annual Meeting A quiet but New weddinl i°°k enoumx. Aria. Jan. ls-aal-i . , P323. 25.i'.i',.‘“‘.“.f.‘.°d.5“li $3193.". 533;; fxalnvyyhgi wmgrilggw; President s Address and General who m.- NIary Vivian Maclsoll- - - ' ~--° or ‘iv-v- ~ w rm“. "a": was“ "i ' M ’ C z “w” R‘ Mumm“ “n” ‘m’ m“ Extender for five ears the orlce- anager s onunen s Wallace n. macuonaiu or ueoree- blond no" brunette? ‘cue-s’ and we “Qfify f,“ bflmfflflflfifflfe? fig’, producer decided to be married '—'—- 51w, George n. Boyle and tilelale gggfiwfofavellgglflnbiflt lflflfighmafnflelfi The Provincial Bank of Canada held on Thursday y 11th, at MN- Gevrse d~ Bwle of Cornwal. hereYw luwmom m‘ drlvkg. m“; its Head Office, 221 St. Jauiea Street Wed, Montreal. the thirty-ninth ;§,a‘,f,‘f,5°',,°;‘°§f‘,° c‘,’,‘,,,';‘;§,,,,8“"m‘pu°,;,1§’j of the n m. and cppcllrea at the General Annual Meeting of lu Sbardholflerl. Rev. Lewis D. Murray, B. A.. oific- figtggn 1cm“ bun." ‘Mm!’ b" PRESIDENT'S ADDBEB! denly as a result of export con- tracts at. better prices. Stocks being low .tlle out for 1989-40 should be rrglggh higher than that of 1988- l . Power output by the central elec- tric stations is much in excess of what it was a year or two ago. re- flecting further manufacturing ac.- tivity and the multiplied use of el- ectri: appartus in homes. Although the chief stimulants to the increased activity in leading industries may be attributed to the advent of war, it is a notable fact that most of these industries have exhibited steady and uninterrupted improvement over the past several years _ All provinces should be benefici- arir oi industrial expansion, mainly the eastern provinces. which are well provided to be of assistance in supplying the requirements of foreign markets. since they are favoured with diversified industries. extensive agricultural and mineral resources and extensive transport facilities. Construction in Canada has ly from the effects of the depres- sion. From time to time, there have been periods of temporary lnlprove- ment but activity in this field has remained at a ower level than prevailed during the years imme- diately preceding the depression. Heavy taxation and moratorla. amongst other things. have been discouraging factors in the building of dwellings in urban centres. Some suppliers of building materials have enjoyed fair progress in reoent years as a result of public works _ having been undertaken by Gov- ernments. The Home Improvement Plan. operated by the Dominion Government. has been a ‘stimulat- illg incentive to the repairing and modemizatlon of buildings and this has contributed to a certain degree of activity. Building awards in the past year indicated a modest qllick- enllig in interest by contractors, but the total results are not yet impressive. War periods usual y dis- couragc building and the outlook for the wining year is thus obscur- ed. On the other hand , plant construction and the expansion of those already existing may have a beneficial effect During 1939, nature was partic- ularly bountiful, and agricultural interests in every part oi the coun- try benefited from larger crops of higher quaiity. which has contri- buted materially to better tile farnl- ers' economic welfare. Coming at a time when foreign countries were making cmcrgcalcv demands for considerable quantities of grain, this proved to be a happy coinci- dence benficial to the farmers and retail trade. This large crop has helped to expand ilreigllt move- ment arld to tax elevator and ship- ping facilities by rail and water. Canada's enviabie position amongst the trading nations of the world has not only been maintain- ed, ‘out has been satisfactorily ex- tended durirlg the past year. with the ever-growing volume of raw an finished goods going to other countries. Imports- have increased in keeping with added industrial activity, but the balance in our fav- our remains gratifying. As a conse- quence oi the war in the latter pal-t dustry is bound tq operate at full capacity. and moat likely will be called on to make further enlarge- mellts of plants and erections of new blast furnaces; this will bepar- ltlcularly essential if the requirements The Bankruptcy Act NOTICE TO CREDITORS of domestic consumers of steel are to be ta-ken care of and orders fill- ed for metal to be used for peace- ful purposes. Nickel. copper and zinc which were fairly active throughout the first part of the year. have attain- ed a prominent position as there is a steady increase in output and -sllipping. The year 1938 has added another chapter to the epic story of the Ca- nadian mining industry. A record output was relzistered by gold mines and producers’ revenues were add- ed to further by the premium on US. funds since the beginning of the war Imports of cotton and rubber have been much higher ainoe last September than previously. Moat branches of the textile industry are operating at high levels and the rubber and shoe industries find it. difficult to fill orders for local requirements and for ex rt. Substantial gains have en rea- isteled in the clothing industry, and in certain quarters manufacturers are complaining that deliveries of raw materials are slow, while con- tlued pressure by retailers for de- liveries is taken u In indication that inventories are low. The output of paper registered advances over comparative months of 108G. except during the first quarter oi the year. since Ben- tember. prices are firm and the trend ia upward. Bhipments are higher and bring in better returns on account of the premium on American funds and export ship- ments yalfe in that currency. In the Matter of the Bank- ruptcy of James P.McC1oakey of Charlottetown, P. E. I. Merchant. Notice la hereby given that James P. McCloskey of Char- lottetown, County of Queens in the Province of Prince Ed- ward lsland, made an au- thorized assignment. on the 10th day of January, 1940, and that the first meeting of creditors will be held on the 22nd day of January, 1040, at l0 o'clock in the forenoon at the Law Courla Building, Charlottetown. To vole thereal. proofs of claims and proxies must be filed with the Custodian prior thereto. Those having claim! a- gainst the estate muat flle the aarne with the Custodian or the ‘Prusiee when appointed before distribution la made. otherwise the proceeds of the estate will be distributed among parties thereto. with- out regard to ouch elallaa. Dated at tetown it‘: 13th day of January. 1 . TIIE EASTERN TIUST COMPANY Custodian 0TH»: l“ Richmond M"!!! Clllrkflelcwll, P. I. I. or. a Zotlcl- road M tile north end] 0'. LllP city last. Friday night. The umber industry. which had --declhled in till-IO. improved aud- L-fl-l-ll- ll of the year. some of the channels of trade have had their course chanced. Some markets are clos- ed while others are open to us. The countries of South America are now attracting more attention from Ca- nadian exporters than formerly. Steady betterment of economic conditions in the United States has been a sighificant factor in the im- provement oi our export position. In a consideration cf wholesale and retail conditions. the year should be divided into two distinct carts: the period preceding the outbreak of war and the period immediately following the declaration. After pursuing a steady coursc throucll most of the Spring and Slimmer, all fonns of retail and wholesale trade were vitally stimluhted at the beginning of September. Price levels rose all along the line: net advances in average prices of food material in September and October were reported at l3 oer cent. mil prices of manufacturing materials at 30 per cent for the samr- period. Regulations imposed the war- time Prices and Trade Board in- fluenced the levelling of prices: the prompt acceleration of business that n-mvailed in September. econ- eioncd by heavier pzlrclla-cs in an effort to renlonish invwtorlcs than below normal. or in anticipation of speculative yvofits disappeared. and the prices came flown fr. mzlrly lines. but the avcraize is still ll per cant. to 10 per cent higher than in The bond market was more ac- tive in i939 than in i930. New is- sues offered to the public were for a hi er amount than during the prr-voua year. and Government and municipal issues were taken up never been able torecover complete- i MR. J. J_ MORRIS Manager Charlottetown [clinch Dominion Government after the outbreak of war, which was partly for the repatriatlop of securities and the balance ior govcrllilient expenditures-hosts fully kliCil up by the brulks. indications zlrc al; ready evident that tile public wl.l be asked to sllbsfzflbe to a war loan in the near future. In spite of the expansion in busi- ness activity, the stock market fail- ed to respond to the favourable de- -velcpment in commercial and m- ‘dustrial lines. The tone remained conservative in the face ol accum- ulating evidence of business re- vival. At the time of the establishment of the Foreign Exchange Control Board at the outbreak of war. the banks were appointed "Authorized |Dealers". The regulations enacted b this Board, which cover all for- elygn exchange transactions, have had the effect of discouraging the export of Canadian capital, the withdrawal of foreign capital which had found a haven in Cana- da, and to promote the conserva- tion of foreign balances for the payment of imports or for the dis- charge oi liabilities incurred before the declaration of war. No one can quarrel with the motives of the Board in the circumstances. as it is most important that we conserve nil our resources in order io carry on. all outside markets being closed lto us. i Money rates on securities have lrcmaincd at a very low point. Pre- jvious predictions as to when t-he 'ratcs on loans would turn upwards were not realized in 1930. notwith- standing the fac‘ that bank loans have increased. 'f‘he low-rate money poficy has imposed great sacrifices upon all who possess capital. whether nluch or little. If one considers the rapid in- crease of the national debt. during the past. scvcrlll years. occasioned mostly by deficits. social legisla- tion and the burden created by the Canadian National Railways. wllich had reached ll very high point be- fore the outbreak of war. it is ob- vlous why the Canadian people would appreciate a measure of re- lief “lrough modification of certain cowtly social legislation which have h-cll enacted of recent years for the purpose of coping with condi- tloixr. which existed at that time but which have becn greatly im- proved since. The vcllucs of our Govern- ments have constantly increased during the past fcw years but cx- penditurcs have also increased in greater proportion ill relation to in- comc. and taxes have now reached a very ‘ligh Zcvcl. As a consequence of the opiuinlz of llostilitlcs...last September. the burden to hc impos- cd on this country is likely to be heavy and the population will be asked to make extensive sacrifices. It would. therefore. apprar lililclv to suggest that the practice of economy by all those who are cm- ploycd and who enjoy an lllcolnc. is a need of the moment. in order that we may be in a position to. cope with present rcquirclllents anal thosc of thc immediate future. promptly. Dominion of Canada. l short and medium terms hold the; Preference as previously. wllil", he yield remained low. g I The issue of l200.000.no0 by thei Our Govcrnlncnls have at prcsrnt grave prob ems to solve and those problems are those of all illc lla- tlon. Our support to the Allied cause will undoubtedly cost vast sums of mollcyv, which will have to be _paid fairly prolllpty. since the policy decided unml is a “pay as you g0" policy. Lot us hope flint there will develop a current of opinion that will prompt the in- dividual to (‘PIETITIIIIB wllat he can do for himself by saving rather than rely on the state and a‘sn ask lllnlself lvhnt. hr- can do for the state rather than ask what the stair can do for him. The careful management of pllb- llc affairs and a well balanced fi- nancial policy which are cssmltial at a1‘. limes. are now particularly important and should prompt. gov- crnmcnts to eliminate llsrll-ss ex- penses or cvpcilditures of a non- oroducflve character bv reason. nf the cnorlnolls outlav which a state of war has made l10C€"$Rl_\'. \'.'\ur 13"“: a raiWr to m-‘u . ’c lovilllv with the Government and ail oiher pllbll!‘ orgailizywltlrs lvrh- in ll§0llll arrl I‘P"C.'F\I‘\' ITVIIslIJCS to lleln the Allird causc and to meet, within the limits of its resources. thc legitimate credit rflqlilrpmoyl‘; of crrntnez-cc and inrill-irv. as well as finance and agriculture. all of which ivll‘ dclzlflcs be railvi nun-l to make nu oven grI-nfer cf-‘(lrt it the wnr continues. GENERAL ISIANAGFIPS ADDRESS a f 2 Tile Bank's slstullclll. for L119 fiscal year midlng 30th Novrillli-"l" 103B, was published rcrclzily. M10: dllylGcolrgeflhlfllanu-lzs 4 'I“IP|lh———-al' _ ..._. .. , i‘ ‘g ‘ ' _r~* m i Aqfggffgjf; _,,, < alum. UP FATHER 1 let was» Iofllea - —Uc . llltlAlflbnlllam-Q m: emu "Tr m: "PER ' TQRES Ml lion Mun f: CUT Tl F .QQQ wcou NDAUUVISHEQEIM t-ELLO- JifsCsir wane \ 01‘ ll It It AlTlIfl-E! 4 was sav? "roar ?M- umnv ogaslcg; To" 5 m “I "-’“'v‘3c*"t’u§l- GEE-US A Noogeol HEJAQ 1 M an; HAVE WWSTLE f" 1 BEGIN?‘ 5 O lieu: , EVERYTHING IN ‘ eat/as sow 4r rut ‘ JANUARY 16. 1940 l reeeivi the approval of Wt" | Board}: Direcio . During the first. few months of I the year, business was not very ac- tive, but an lmprwemuntbecumc evident in the Spring and was ex- Fall. Profits for the year were $457.- 17310 compared to $450,427.72 ill ‘I938. The balance at credit o. “Profit and loss" account. on No- vember 30th, 1938, was $341,036.03. and after adding thereto the plot- its for the year i939, the total is JWJOBJB. From this amount, Fed- eral and Provincial taxes, amount- 111g w $113,800; were paid. in ad- dition to which quarterly dividends aggregating $240,000 were distribu- ted to the shareholders. An a ro- priation of $50,000 was mad for depreciation on real estate $50,000 yvas transferred to "Con- tingent" account. as last year. After providing for these deductions, there remains a. balance of $347.- 00319 at credit of "Profit and Loss“ account. Total assets of the Bank, as at “November 30th. were 164543.008 25. ,Of this amount, liqvid Lsscts amounted to $4'$.Ui4.'735-06 0111011‘ 15 equal to '75 per cent of the Banks liabilities w the pubLic. compared with 73 per cent last ycar. l Cash on hand, cheques on other bangs, deposits with Bank of Ca- . . and ozher bank-E. amounted 1o $l~‘.94-7.6'l£l.8fl_ c;.l1l,.\2.reo to $7,110,- 136.80 ill 1038 Investment securi- ties have increased from $26,103,- 322 to $32,555,456. The main changes consist in an increase of upwards of $5,300,000 in Govern- ment securities maturing within two years: lzn ilinscase of aDDlOXI- nlatcly $2.800 000 Ill Canadian mu- iliclpal secllsitlest a decree-Y! 0f approximately $1,400.00 in long term Government securities. and $300,000 in other bonds, debentures and shares. In spite 0i the improvement in commerce and industry, the stock market has remained only moder- ately active, tile public showing greater inteiest in bonds and de- benturcs. Demand and short term loans against. securities at $3,391,- 011 were at a lower level than at the same date in 1938. Agriculture has made satisfac- tory progress ill recent years as re- gards both volume alld diversity of produce. Ill certain sections. the growing of flax, which had been lpractically abandoned, is again an appreciable source of revenue by reason of very satisfactory prices, and a greater demand for export. Tho growing of tobacco i-n the Provinces of_ Quebec and Ontario is expanding rapidly. Fairly exten- sive total acreage of untlllable land, which heretofore llnd becn consider- ed of little or no value. has been brought. to prOdllCllOll through the planting of tobacco _ llscd in the lllalluiacturiilg of cigarettes. The crop was good in 1930, out prices have weakened somewhat. The canning industry has had a remarkable year as a result of the harvesting of bountiful fruit and vegetable crops. _ Retail trade continues to undergo gradual changes in the cities as well as in rural districts, because of improved transport facilities. Credit is not used as freely as for- meriy ill communities adjacent to large cltics. by reason of the fact that the farmers can dispose of their produce throughout. the your. are in abcttcr financial position and in general pay cash for their purchases instead 0f secklni! credit. It follows that applica- tions for loans irolll tile retail trade have diminished during tllc past few years. Oil tllc other hand. loans for otilcr rcqilircnlerlts are more nunlcrnus. Olir total loans to commerce, in- dustry, zlgriculturcal and to inlan- cia‘. interests have not fluctuated extensively ill 1.0347. but Hnpllfifltlo"! for lolllis"llavFiilcrcilscd and the total nulnbcl" of our borrowing customers was hlfihQl‘ by 22 D0! cent than it was in 1938. The tot-Bl amount of ollr loans of this char- ncfrr. on Novcnlbcr 30th, stood at $10630 23R. which represented an increase of 3444.000 as comfiflYPd “vim the preceding year. Collec- “ray-g have linen vcrv satisfactory. Tho deposits were in progression. T'llc tcial ilmoulfcd to $5G.B20.364., all increase of about $T.400.000. on 1038, proceeding in crcat part from the rovcrnnlcnfs and municipali- ties‘ d" rsits. Duri: thr- vcal‘ all tn Bank's of- flrc: weft‘. visitor-l by Head Office officials. Tlvn new branches “"‘1'(‘ opened dllrinz the ycar in the City of Mcntren‘: om- at. 3542i Vlln I-lol-rle Avmue. at i"c inivrsectirin of Cote dos Ncigss Road and Van Horne Ave-rule. and another at the corner of Ogilvy and Qurrbcs Avenues. At the present. limo the Blink oper- ates 137 Branchcs and 1R1 aub- aaencics. distributed in thc Pro- vinces of Quebec. 0:2‘ rlo New Prvil-swick and Prinrr Emvalrd Isl- and. wish in thank the In closlnfl. v members of the Board for their kind cn-orcratian and also llliWk all ihc f“""“"‘l" of the staff of the Pa": 7"" “‘ ‘ d” '\'¢'i -ri"‘il"‘s and .f‘?'li'll‘:l~<~, U1!‘ your Just |r~lorr:'.. i icusrrlox t" ri-r RIHRD or DITEIZITOIYS i TIlc sh.'.:"l".nliit-"__ 1".‘ ‘ the tho (‘rim Ct-vasors o.’ tho Pwk and ' tho with] iv-nrufli s. ' tlrortctli"! lo 11"‘ c‘ Hoard o.’ Din‘ 'or< us lf"ll‘.\‘."' .\i~ .7 ' t . Sonltor Lou‘... f. ~ t ii f‘ t‘ Cfi. ti" Trl ‘r-zi" ll...» 111ml! O. ‘:' P‘ o-l inni- IY‘ for? ‘ll Chas. A .»'\- i. v a: (l .‘.Ir. l; . A ‘ITU-"AWFI and hfcasrs. m]. . Icllll Italian" a GM. A BlVOV A '1‘ |""'tt*d \' T-"e-vflrrfu .1 worth-q (r i,» f‘ .-|;r‘.l M (“nllili-vfvvv-r ("Wars lwid 'll\‘.ill7- Tlmv i" \\‘,1~ :r"~-' ~l i l. I a- l I I i (IIITII. I HHAMJIAI WI‘- l‘ v, l .v:'.il l1l1\1ll‘t l‘ I! I I n a ;ll-‘!|'-\t‘l" ‘!‘l .- :ll-- y -| vi i. 15m. rd r iii-MW‘ , 1"!‘ . ' . m- -,\ 3,. of a P-lcltli l. w“ 3‘ ~~.' nwu lure ~c lit: loathe‘ inlariconnient. .\"\l|ll'\ \ tended throughout the Bummer and.