I 1 press oi Britain at Murray Bay, .. ,. d1 - ‘ country further agreed to reduce v-v’ acreage next year by 15 per cent. » SEPTEMBER 1.193s " 1 MIGIIAELZS went can sreculs Red Rose Tea, per lb. . . . . . . .... Sugar, 10 lbs. . . . 2 Large Can Beans Peas, 3 for .... C0rn,3for Pineapple, 2 for . . . . Salmon, 2 for . . . " Dates, 4 lbs. forf. . . ; . .- ‘Corn, 2 doz. for ... . Tomatoes, 3. lbs. for ... . Onions, 10 lbs. for . .. Blueberries, 4 lbs. for . Milk, per quart . . . . . . Cream, per quart . .1 Oranges, per ‘dozen . . Special Low Prices. On MIGHAEUS GROCERY \ Li? THE CHARLOTTET OWN GUARDIAN cnocrnv . "J1 70c. 25c. 29c. 29c. 25c. 25c. 35c. 25c. 25c. 25c. -_.:....;......._....; -.;|;-r¢-.-|....-.; --¢-_---¢.s¢....-: ln'l.l'lllelseolllef ooeaeosseeoa! 29c. 29c. Fruit. ' Cor, Ensign _& Ipngworth Ave. Free Delivery ' i Phone 1071 Stabilization 1 Discusses Parley (Continued from Page l) v ps-nied by his sister, Mrs. W. D. Herridgo. Early this morning he , diaembarked from the liner Em- motored to Quebec where h; was greeted by an impromptu recep- tion and came on to Montreal where another cheering crowd as- ecmblei at the station to meet him. Spcaksofferley In his talk tonight the Premier touched on the highlights of the World Economic Conference, ex- pressed his firm conviction that far from being a failure the con- ‘ ference had done s. tremendous amount to smooth out some of he bumps in the road to world econ- omic recovery and contributed not ' a little to the cause of world peace. Canadians who had been led to believe the Prairie Provinces the granary of the world might be shocked, m. Bennett laid, when they were told that France this year would produce between 76,000,000 and 100,000,000 bushels more wheat than Canada, that Italy would pro- duce 70,000,000 bushels more and that Germany and Spain together would produce substantially more. ~ Gravity of Crisis Inis illustrated the gravity of the wheat crisis with which the confer- ence oi exporting and inrporting na- tions dealt. With huge stocks on hand in Canada and the United States, with the European countries increasing acreage and this year harvesting a bumper crop it was obvious something had to be done to ensure the normal workings of the law of supply and demand. The problem was to’ see that the produc- er got s. fair price, that the commu- er was not victimized and that the huge stocks should not clntinue to overhang the market and depress prices. Y The a5 ement signed by the re- presentatives of the nations assemb- led at Canada House in London, would accomplish the purpose the Prime Minister believed. Under its terms Canada's export this year was to be limited to in the neighbor- hood of 200,000,000 bushels and this "I am happy to say that common sense and reason prevailed st the Wheat conference," said the Prem- ier. ’ MARRIAGES_ F?vr1=r:o=s-ao==sw=u.p-oii Ali'- us-t 31 at the residence of Dr. E. H. Ramsay 71 Upper Prince Street, Charlottetown, Harry Cummings of Charlottetown to Beatrice llillsa- both Boswell of Mount Mellick. nzsirlfs (WOTiET-on Thursday, jig, Bl, 1933, Margaret O. Crockett, widow of the late J. T. Crockett in her 74th year. Funeral private. Interment People's Cemetery. Please omit flowers. STERNS-At 191 Kent Street, on - ‘\Thursday, August 31st, Mrs. Harry Stems, aged 71 years. Euneral from her late l idence on Saturday, September 2nd, service starting at I o'clock. Funeral leaving at 2.30. In- The monetary committee oi the Economic Conference accomplished a t. ’ Me amount oi good even though agreement on the currency stabilization question was not reached, Mr. Bennett went on. In this connection the Conference made two important declarations. It reaffirmed that gold was the only satisfactory medium of exchange but it also declared that gold need not be used in transactions within a single nation but only in the settle- ment of international balances. On the currency question it was also agreed that paper money must have a. backing of metal reserves t, but that having regard to the pre- vious declaration that metal need not be used in domestic transactions a reserve oi 25 percent metal would be sufficient. Important decisions were also reached in connection with the position oi silver in the monetary scheme. The reasons which prevented the United States from joining in a. stabilization plan could be readily understood, said Mr. Bennett. A country oi 120,000,000 people with 17,000,000 out oi work owed its first duty to its own people and could not be expected to jeopardize the suc- cess oi its own recovery plans by prematurely entering into interna- tional commitments. . On the economic side, assigned to the other oi the two conference divisions important results were attained. th Friendly Adjournment "In the main, said w. Bennett, "I can say the discussions which took‘ place,the information which was ‘made available to the dele- gates and the realization acquired of the points oi view of one an- other enabled progress to be made in determining how the conference could move to secure the operation oi the old law of supply and de- mend." It was fortunate, the Premier be- lieved, that the conference did not end abruptly after the position oi the United States made agreement on stabilization impossible. One of the delegates who pressed most strongly for an end at the time had since admitted the wiser course was taken. For instead of dispers- ing with some feelings of resent- ment the atmosphere when the adionrnment came was so friendly as to make a reassembllng oi the gathering an easy task. “Rarely have I seen better ev- idence of good will among men than prevailed in that gathering when we separated," declared the Premier. "I am not unmindful oi the fact that the peace of Europe has been severely menaced in the last few weelu. Conditions are perhaps worse than those which prevailed in 1913 but the very gathering of the conference and the mutual ‘ ‘ ” ‘ made pence more secure than it would have been if the conference had never been held." in 15- I‘ tic Canadian Loan The huge oversubsoription oi the recent Canadia loan of 215,000,000 ($75,000,000) in lbondon showed that the credit oi Canada never stood higher in that financial cen- tre than now, declared Mr. Ben- , torment People's Cemetery. 1v. p. MacLean UNDIZRTAKIB IMBLAMIB Charlottetown and North Will-shire Phase 140 paid on much smaller loans and in some cases as little as 18 percent and never the whole of the issue was taken up by the public, This -—~ ~ ~__._.»___..___ time the public ovcrsubscribed the presslve, said Mr- Bennett- Repre- sentatives of more than one north- The solidarity of the "lwssly- em European country had said bound together nations oi thg Brit- they wished they were members of ill Empire" had been most im- amoltnt of the loan many times. nett. He com, red the reception accorded this loan to the last pre- vious loans floated in London in 1913-14, then higher interest was Conn tourists visiting the city present time are Mr. N. G. S. Shaw, Miss A. Della. Shaw and was Oscar Bradley, New York mus- Mrs. C. A. Salters, Concord, N. H, I ician and. musical director of the Chicago, Municipal Opera here during tho and My, nnd M", q g, about ,summer months. He was stricken 3.111;“, They n" fggflgtgygd at i as he was leading the orchestra dur- the Canadian National. Mrs. H. B. Alexander, Friends of Mr. J. J. President of the Prince Edward Is- land Potato Growers Association, are glad to know that he is re- covering from his recent indlsposi- Mrs. CENTRAL curnnuu 1111111» WW1 WM t-w an Th] ~QIIIIIIII Is reserved for nserlell II d cents I word 32C. iaaynble In advance. ZION CHOIR. practice tonight at 7 o'clock. CHURCH SERVICES-The Pow- nal Charge of the United Church of Canada. Services for Sunday. Sept. 3rd, are as follows: Clifton, 11 a. m. ; Mt. Herbert, 2.30 p. m.; Pownal, 7.30 p. m. Rev. Geo. A. D. Elliott, Min- later. DURING OUR. SALE we will have extra specials each day. Mc- Leod and Jenkins. it. BRB/OKFIELD - The services in the Brcokfield Congregation on Sun- day, Sept. 3rd, will be as follows: Brookfield, S. School, ORANGES, WEEK END SPE- CIAL, 25o a dozen or 2 dozen for 45c. McLeod and Jenkins. CLYDE RIVER-The Sacrament V of the Lord's supper will be dis- , ment. however, in the lessening of U” President ‘i’! "m pensed in the Presbyterian Church the number of cases reported today. we bring to your attention a 5pe_ Clyde River, at the close of the 11 While 41 cases were reported ycs- manager l?‘ i“ 1311110119 Oanfldi- m“, mmme of a fame, who a m. service on Sunday, Sept. 3rd. terclay, only 24 were listed today. “m” Nammak- Quabec- The other ,'I'hc evening service will be at a o‘- Oi these l5 were in the City of Si. menfief-‘l °5 the Pa"? lmhlded the clock. All are cordially invited. Queer IIQ/II oi‘ local Interest but so- vertialng of a newly suture ‘may be Itrlcih 10.30 a. m. FRIDAY torium. 811 an [Til THealth However, Report a Decrease in Number of Cases of Sleeping Sickness. 820 6 lsix victims to the death list. Of the 53 deaths attributed to the , disease, 34 were in St. Louis County land l9 in the city of St. Louis, which during the earlier part of the 819 outbreak had been singularly free from the malady. r Health oflicers found encourage- Louie and nine in St. Louis County. The death oi a child of encephal- Arm revelers-Amen: the m. was reported at Litchfield, 111., at the i today. Among the patients in St. Louis ing the last performance of the scu- son Sunday night. He was taken in 0N Fanny‘ Sept In‘ and com hospital where he has been in z nuing for two weeks, we offer 3°m1'°°m“' Fm“- special values in groceries, and vegetables. McLeod and Jenk- ins, corner Kent and Queen St. 818 ..i_ STOLEN GOODS FOUND-A quantity of the goods stolen week-end from m. E. N. Kaye store was found yesterday under a i’ versndah of a. house on Dorchester ‘ Street. Some children noticed a bag ‘°'P-)-*5°$‘°"s m the hiding ma“, and reported United Baptist Convention of the to the householder. who informed Marlin“ Pmvmce‘ The good, confined today, with the President, Rev. L. e police. chiefly of tobacco. fruit United Baptists In Con vention ""1 At Fredericton FRAEDERAIUTON, N. 3., Aug. 31- of the annual opened here ‘D. Ackland, Bridgetown, N. 5,, in the chair, and will continue until wmsnoa United Church oi Oan- 511mm!’ elm“?- ada. Services on the above charge , for Sunday, Sept. 3rd, are asfollows: °1 the 7m‘ annual cmwentwn M,‘ North wh-mloe’ u m m; south the United Baptist Vienna's Mis-A. wmfloe, 3 p_ m; mghflem 75o sionaxy Union of the Maritime ;He trusted that m; deuberauomi p. m. There will also be service in PTWmWSI the North Winsloe Church in the Wwdsiwk. N- 81. Wee N-eleflied! evening at 7.30, when a Sacred Drs- Reside"? 911181‘ °1'1'1¢°T,5 91917994 ma entitled "The Challenge of the were lvilss M. E. Hume, Correspond- Croes" will be presented. Rev. Thos. - Palcthorpc, Minister. __.__.________ PERSONALS Mr. George Paynter and Mrs. Payntcr, Freetown, were in the city yesterday on a business trip Mr. and Mrs. A. A. Rankine left yesterday morning on return to Fltehburg after spending the summer in the city. Among those who have recently foturncd to the mainland after a few weeks’ vacation in Belfast, P. E. Island, are Mr. and lvfrs. Ritnam and their son oi Sackvllle, N. B. Miss Isabel Mullins, R. N. has left on return to New York after spending a six weeks vacation with her parents, Mr. and Mrs. W. Mullins. Mr. and Mrs. George I-laslam, of Springfield, have as their welcome guests for the weekend, Mr. and Mrs. Samuel P. Hayden, oi Halifax, Nova Scotia. Mr. and Mrs. Frank Riggs are being welcomed home after s nine weeks’ visit to British Columbia. Their many friends are pleased to see Mr. Riggs so much improved health. n. Mr. Albert Dalsiel, of Georgetown, and Mr. Walter Dalzicl, River, arrived in Charlottetown last evening after visiting the Toronto Exhibition. They also visited their brother William, at the Canadian Bronze Co., in St. Thomas, Ont. -__-_ the Commonwealth ‘Irainor, Murray John Pstrlquin‘ formerly Nettle MaoOeilum of Waltbun, Mass, accompanied by her daugh- ter, Mrs. Earle I. Leard left Thum- da/y evening to spend a short visit on P. E. Island. While there they will be the guests of Mrs. K. Waite, Kensinginn. . At the session llcro this mornzng Mrs. E. C. Sunder, ing Secretary, Miss C. R. Fullerton, Recording Secretary, Mrs. J. W. Seamann, Treasurer and Mrs. J. H. Morris, Mission Band ‘Treasurer. Mission Band Banners Charlottetown, P. E. L, and Allison, IN. B. , .____._-_____._ VALLEYFIEID W. M. S. MEETING On Tuesday afternoon, Aug. 8th, the Valleyfield Auxiliary Women's Missionary Society, Mission Band and Baby Band held a most en- joyable meeting on the lawn at the Manse, Vnlleyfield. With Mrs. S. M. Martin, Auxiliary President, presiding, the following interesting programme was given by the Mission Band: Chorus-“The Emblem of our Mis- sion Band"-Band ' Recltation-"Smile" — Alice Mac- Pherson. Recitatioh-"Grandmothcr‘s Days" —Nora Bruce. Solo-"Jesus Wants me for a Sun- beam"-Irene Bruce. Dialogue—“0ur Country" — Bruce MacLeod, Jack MacLc-od, Sterling MacLeod. Recitatlon-“My Birthday Quar- teW-Katherine MacPherson. Duet - "Mighty Army of the Young," Helen and Lillian MacLcod. The Auxiliary considered "it an honor to have Dr. C. C. and Mrs. D. N. 13., present on this occasion. Remarks by Dr. Jones were list- ened to with interest and pleasure. A word from Mrs. Jones and ap- propriate remarks by Rcv. D. M. Sinclair were also appreciated. It was leasant to see so many visitors meet with members of the Auxiliary and Mission Band. There were four-- teen babies present. Scvcn new names were added to the Baby [Band Roll, making a total 0l1l‘01l~ ment of seventeen. Ice cream and cake were served by members of the Auxiliary, and a 1' very pleasen social hour spent. ....___.______ She sniffed contemptuously at her husband, who sat silently reading his newspaper. "Do you remember before we were married you used to say that you were unworthy of mo?" she asked him. ' , He looked dully at her. “Well, what of it, anyway?" hc asked. "Nothing," she shot back. "Only you seem to be spending most of your life $171118 to prove it to me." L. Choir Rehearsal, Church Audi- | x m on E ilEATHS nu: Authorities, ST. LOUIS, M0., Aug. 31.--lA.P.) There W111 not be any resuler -—The "sleeping sickness" epidemic preaching service: Hertsvllle. 3.15 made a fresh start today by adding p. m., s. School 2 p. m.; Hunter Riv- er, 7 p. m., S. School, 2 p. m. Jones and family of Fredericton“ t? Many Changes (Continued from Page 1) ' Term loans; also that the iAct be amended to authorize 4°!‘ Seed. fertilizer. and on crops ‘other than grain crops, the “cur. 11y for such loanrto include not 011111 the crops but also the lands 1190K! which they may be gmwm up W 25 percent of the assessed plug, CrlticLsm oi the banks’ policy in llsecllrins loans in marketing or ifox furs was made orally by Mr. P6191‘ G. Clark of Summer-side. I The sitting was concluded st 11.70 ' gs. m. The members and staff of‘ the Commission loft by car for st, John, where representations will be [received with regard to New Brun- ‘swick conditions. i Ofliclal welcome Extended t I 1 Yesterday's sitting in the Com’ Jicdcration Chamber was largely ‘attended. Seated with Lord Mac- 1millan at the» “Confederation Fathers‘ Table" were his colleagues ‘Sir Charles Adds, London, Bing- “land. Sir Thoma; white; Turontov ‘war-time Federal Minister of p1. ,11I111¢¢. Hon. J. E. Brownlee, of Ed. im°111°1h Pwmler of Alberta. and ‘M11 391111111111’ Leman, Montreal, Canadian Bankers Association and general Secretary, Mr. B. J. Roberts, of the Finance Department, Ottawa; ‘Mr. A. W. Plumptre, Assistant Sec- iretary professor of Banking 5nd 011119116)’ at Toronto Uhiversit/yp Air. Robert Brydie, Toronto, who‘ “"5 91111186 0f the official report;< Mi‘. T. w. 0‘Neill, Ottawa, clcrkfl Mr. Rey 510W". representing the Canadian Press, and lvfr. J. F.,1 Fisher. of the Bank of England,‘ who is accompanying the ¢Qmm13_; rlon in an advisory capacity. 1 Citizens present included Hon, J. A. Mathieson, Chief Justice of nine Province; Hon. John A. Mac- Donald. M. P., Senator Sinclair, All‘. W. Chester S. McLure, M. P., and representatives of the business, bflnkins. and agricultural coramun- , ity. Opening the session Lord Mac-' 111111011. as chairman of the 00m. mission, first called on Hon, Dr, w ‘J, p_ lvmcMman, Acting minder: _ face the humiliation of the refusal ‘who extended a welcome on behalf 1 by 5 bank for the 3mm amount of the Province. I-le said sometimes | required‘ ‘those investigating conditions 1n Canada forget that the Island is s. mrovinw True, we m, the smallest i banks is the short terms on which ‘the loans are granted. The nature P10111006; but we regard it as very 1mp0rtu-nt and it was here the Con- federation conference met in 1864. - would be bene-l flcial to the farmers and fishermen of the Island. ' ' f the Commission (luirmsrfs Reply The chairman expressed thanks for the words of welcome. He] ‘Stated ma, their mqumes relatediless than 51X months, or in many were ' awarded to Sydney Mines, N. .s_,? to all the provinces of Canada‘ and it is desirable that a sitting '1”; hem m each provmca The Con” t ive organizations such as cheese mission in coming to‘ Charlotte-l town were very favourably impress- ed by the prosperous appearance of | the fields and realize that the Isl- and is greatly blessed by nature. There was, he said, no need w apologize for the smallness 0f the Province. “We have an excellent proverb in Scotland that some of you may remember: "Good gear Pings on sma.’ backs." His Lordship explained that the travelllngs of the commission are not confined to actual sittings but to finding out for themselves the economic conditions in the differ- ent parts of Canada. He said that the primary object of the inquiry was to get facts concerning the economic conditions in the country prior to tho revision of the Can- adian Bank Act at. the next session of Parliament. The Commissioners will find whether the banking system is inadequate to the task which has been laid upon it. "No financial expedlents", he added, "can. overcome the forces of nature, but much may be done to assist recovery by a wise banking policy." An unwise banking policy would retard recovery, he said. It was the obpct of the Commission, after careful survey, to make re- commendations looking m the pro- vieion of banking machinery ade- quate to present and future needs of Canada." Among other things, the com- mlslon wished to get statistical information showing the debt of the Province, the rate of interest paid and such other information as is usually included in a Budget speech. ~ ~ BRIEF PRESENTED The followin, brief, prepared by a committee representative of the Provincial Govemmont, the Boards of ‘mule and farm organizations of the Province, was first read by Hon. Dr.' 'MacMillan, Acting Premier: , The Right Honourable Lord Macmillan, P.C., and Members of I We herewith submit m- your consideration the following brief in connection with your investiga- ltion of the financial system of ' Canada. set out the difficulties exper- ienced by the people in our Prov- ince who are, for the most part, ‘i enfiaged in the cultivation of the‘ soil, care of live stock, fox fanning “ and fisheries. We have no indus-‘ | activities. In this respect we differ! from the other provinces oi Can-l ads. I In presenting the ma. sushi which we feel you should have, we cannot do so without referring to the general financial system of Canada, as no matter what our provincial economic situation is, it must be involved with that of the I rest of the Dominion. ' We do not wish our brief to be I ‘iicrpreted as a plea for foo easy‘ "stilt, but rather that those who’ are engaged in farming and mar- keting may have available the funds necessary for the proper‘ transaction of their business with-i out being handicapped and thereby; foregc the advantages that might! otherwise be realized." ,1 stated, the farmers of this Province I do not enjoy the borrowing powerl which their assets warrant. May’ holds real estate normally valued! at $9,000. In addition to this, he; has live stock worth at least $l,-I 000, also the necessary farm im-, buying and sellingrates on for-‘ plements for carrying on his workleign exchahge i‘ excessive and the lie owes against this property $2,- 000, borrowed on mortgage. He rc- qulrcs immediately $100. Hgappllc-s to the bank and offers to give his note endorsed by his son who is of legal age. He is refused the loan unless he is able to have the note endorsed by an outside party. Similar instances of refusals may be mentioned. As a. result of this ‘tries of any size apart from these: {funds incurs considerable loss- ‘particularly when the premium on ‘velther foreign or domestic funds is high. Should not the buyer or sell-l _cr ch10? the benefit rather than ‘the banks? ,1 “An ‘Act respecting Banks and| PAGE THREE Yilllll" DOLLAR BIIYS MORE l a 901mb Bflllfs Andrew's Gillette Mentho- Kidney Own Liver Blue Blades 151mm Pills Tablets Salts 25o Large Size 39c 22o 49c 11kg, 49c 14501 Bum Auto Sirop Bisma-Rex Mineral Oil Disinfect- Maltese ' 31nd“ For All Extra Heavy an; 1 lb. Tin 25c Stomach l6 OI. 3 us. 85o pg‘, Troubles 69c 88c 75c Ml 31 Burdock Norwegian Klenzo Malt Cod Liver Shaving Ross-Dru i-Un SAINlaOHN-FREDERICTON-MCNCTQN usury-aw»,li;.'.tgrvgvr,~.v-. on a bank and casheEFWorTe-‘of its branches, or by another bank outside the local area but within the Province. is considered to be a] drastic charge and should be great- ly reduced or entirely eliminated. It has been suggested by a banker that in place of issuing cheques The "Jellies", a very charmlrg for small amounts bank money or- g musical revue with a cost, of one ders could be used. We fail to sec ' hundred, composed of Summerside where the saving to the bank is_ boys and girls. was presented at effected by using a money order‘ the High School inst night by My, rather than a cheque, and ii these Desire J. Bourquc to a large and- money orders can be issued at a iencc. minimum of five cents why should, Never before has such n pg. not, the same rate be applied when} formance been seen in Summer- chcques are used? ‘side, and was worthy of a troupe It is felt the spread between the. 0f professional actors. From the opening number, "Smile All the While," to the grand finale, with the introduction of lvllss Mary McNeil as the "Queen of the Jellies," there was not a dull moment. Scene three, "A Living Garden," was perhaps the mast charming of all the numbers, but every scene had a charm all its .Section 8B, sub-section (I) ofimvn. “A Gypsy Camp" and "The In- Large Audience Greets “Jellies” In Sum m e rside party buying or selling foreign Banking 1923" provides: "The Bank‘ dian Love Song" were full of song attitude on the pa“ o! m; bag“ may lend money to a. farmer upon‘ hits and dramatic action. "Tell Me Evzxagid; 3:352:85; udhfigflsxctisr; 1 the security of his threshed grain I Cutie" made a hit with all and the th f ." against the banks, and so great is grown upon e am‘ this feeling of antagonism thatl “Pirates Bold" was most unusual. In our opinion, this section; The striking costumes, extroordm- f m d t ma“ loans Wm ; should be amended to include oth-li ary lighting effects and quaint armeto wnetie oexiem of paying"...- farm products, foxes, fox furs‘ backgrounds. with the rhythmic even the expenses of mortgaging their property for loans under 6100, and have applied for such rather than Another objection our farmers raise against borrowing through the of the farmer's operations is such that he needs his loan for a period of from six to nine months. To be obliged to renew his note at the end of three months, and in many cases monthly thereafter, is a hardship as well as an expensive means of obtaining money. It is felt that the banks should grant in’ the first instance a term of not circumstances nine months. There are also smnli co-operat- and butter factories operating in this Province that are in a good financial position who are finding it difficult to have the banks carry an overdraft for sufficient; money to allow them to pay their patrons at the end of each month a per- centage of the value of the butter or cheese which they consider it advisable to hold for higher prices. And notwithstanding the fact that the factory is owned by the patrons i and is free from any liability, the 1 directors in charge must give per- sonal security before this loan is allowed, and this practice creates the feeling in their mind that the banks look upon them more as people not to be trusted than as worthy citizens working in the in- tcrcst of their community. Larger co-operativc marketing organizations have always been able to secure the credit they rc- quirc, but occasionally under cm- barrassing conditions. Specific cases may be mentioned if neces- sary. Another grievance suffered by our farmers is that loans secured at the bank previous to the drop in prices of agricultural producm must be paid before they can se- cure additional funds from the banks, which in many cases handi- caps them ln carryifli! 011 111911’ work, Such accommodation, if prd- vided, might result in their being able to pay off both loans thus incurred. The opinion is general that the interest rates 0n loans are too high and there should be some flexibility in the rate. It is an unfair propo- sition to require a farmer who bor- rowed money when the prices of the products which he markets were from 100 per cent. to 300 per ccnt. higher than they are today to continue to pay the same high rate of interest on his loans. The banks in this respect, have a social obligation in helping torestore the economic condition of the country. which they are unwilling to as- sumo. the Royal Commission on Banking and Currency. Mr Iord and Gentlemen: and prepared fish. videe: "The bank may lend money‘: I to the owner, tenant or occupier,‘ night and everyone should int of land for the purchase of seed grain upfm the crop to be grown from such seed< movement of the dsncem made the ;whole revue truly delightful. The performance is repeated b- Sub-section (B) of section 88 pro- it a point to be there mid they security of any] will not be disappointed. w The proceeds are for the Prisca , County Hospital. S. tnllllilltts 1mm? m “PEG” E x all N a E grain." . In our opinion this should b", amended to include fertilizers. In conclusion we are of the opin- ion there should be established a Central Bank. 1, To act cs a. banker's bank. 2. To act as a fiscal agent and thereby possibly achieve econ- omy in public finance. 3. To take over, improve and‘ administer the m80111l16YY| created by the Finance Act,’ with a view of controlling, (Gunman Press) credit conditions within the 1 WINNIPEG‘ Aug 31_Burden.d country in the interests of the f “vim heavy hedging sales whim Pubuli- uvcre only partially absorbed by an 4. To deal in foreign exchangeiimproved export demand “was ‘with 15170 011.1961? 0f Stabilizing; prices turned downward on the the "me a‘ m? as P05511719‘ jgra-in exchange today and 610890 5- T0 047-01191?” Wm‘ m’ Gen‘ at levels one to 7-8 cents under the tral Banks of other countries. 1 pmvmus “nigh 6. To act as a financial adviser, value, we“, not, m; removed, to and research agent for the from "pegged." levels when the bell Government. sounded the end of trading. A little Realizing that similar 11109051- scattered selling late in the day tions regarding a Central Bank added to the hedglns W551i" 5nd» have “heady been presented in support wns not forthcmning. 0di- vnrious forms, it is not our inten- obcr option wound up at 70 1-4, tum to develop them here, but we December at 72 1-8 and May B1 shall complete our brief by H 511D‘ 77 1'4 Cam's’ porting document which sets forth in summary form our ideas in re- spect to a Central EH11‘- Respoctfully submitted. W. J. P. MacMillan. Acting Premier of P. E. Island. on behalf of Committee- Export Business Good Export business was the best in several day's but was insufficient to take care of the increased hedging pressure, which bore the market fractlnnnily lower in the early stages. Deliveries from farms i0 country elevators amounted to 2,- 000,000, yesterday and accounted for the horny hrdgilll; Olmrmlons- Between ycslcrrlflY$ P105‘? 11nd w‘ days finirh, export sales o'er» esti- mated in cxcoxs 0i 1,500,000 bilshels. which showed an increased interest in Manit 111's on lilo pert of im- porters. ltrun was 1111111’ 20119151 over we 1cm Canada however. 811d this may counteract the 118M138 pressure by holding up deliveries in the next day or so. Trade Volume volume of trade was quite I-P‘ preciable though as a whole oper- ations were not particularly active. vniuts held at levels about 1-2 cents above the “b92891? P111395 5°’! most of the day though they were given a boost at the opening by firm Livrrprol cabies. Closing quo- tations on the English market W61‘! 1 5—8d to l l-id higher. Demand for cash grains was slow though there was a better inqtliry for oats and rye but sales were Butter and Cheese Factories The Chairman: "We are very much obliged to the Acting Prem- ier for the representation which he has just read. A number 0f the topics to which he has alluded have already been brought to 0111‘ attention in other Provinces, but there are some matters 117111011 I think are 51900151 1° m“ Pwvmce‘ The question of the refusal of small loans to farmers we have hem-d p, good deal about elsewhere. and also that the currclwl’ 0! the advances is not “Yrmged so as to! m; in with the operation of nature by being coincident W191 111° hm“ vesting of the crops. But we have not before heard the relllllfemcllts o’ these small cheese and butter factories. Are thcro many such factories hero?" l-lon. Dr. MacMlllsn: “We have, several cheese and butter factor- ies, operatlns 811d “med m‘ “ w‘ operative basis." The Chfliillm“: "YW sliggespnot active and at the close 109B! that iherc has been some difficulty, i were some,“ _ and that the directors are called ___i_____ ‘ 1111011 l0 81" 111°" Perwml "m" Brown: "What made you start iiy- B“ whet Security can a co- cupping your hands when that wo- operailve organization of that sort mm stepped on your foot in the give to the banks unless they B09‘ ‘bus?’ some personal names’? 5x11911059 111° 1301101“ "I w“ d°""h'3' “m! I The bank regulation requiring the payment of a minimum of fif- teen cents on everv cheque drawn 1 worst ppcns and there is de- thought my wife WM 81V1118 8 m ; musical evening and was signalling that it was time to applaud." lficakmzrx. an?» small. Coarse grains trading was '