~1 A an _. April 15th, 1933 "‘ Returning via steamer leaving Boston 4.30 l’. M. i April 25th, 1933. For Further Information Apply Ticket Agents i APRIL 1, 16s’: rnznuz We are now in a position to book orders for Fertiliser h, up, coming season, as follows: CHEMICALS-— MURIATE OF PO In good order. Our prices on Chemicals are we have reduced the prices which brings the value per carload ohipmenw wc will authorized agents. Don't foil elsewhere. - SUPERPHOSPIIATE . . . SULPHATE OF AMMONIA 200 " NITRATE OF SODA ..... I00 “ MIXED GOODS- ‘4-8-7 4-8-10 All in 100 lb. bags 0n all of which we can make IMMEDIATE delivery or shipment from the Island Fertilizer Plant. All the above Chemicals and Mixed Goods will be freshly ground and bagged as delivered or shipped from the Plant, which guarantees perfect mechanical condition with bags Chemicals that it. will be to the farmers‘ advantage to use our Ready Mixed Fertilizers. Our Cash on Delivery prices on both the Chemicals and Mixed Goods ‘are the same as all competitors. For Island Railway at‘50c per ton over the Ex Plant price. Book your orders early either direct with us or with our A. HORNE & 00. L'-——-—-r-—— EBSi *4...‘ -.. 100 lb. b TASII .. 200 “ z" 4+1: about the same as last year but on Mixed Goods $3.00 per ton, unii so closely in lino with the deliver at any station on the to get- our prices before buying V‘V'V_4 F INFLATION (Continued from Page 1t P any constructive criticism of Can- ada's banking system. During the recent period when American banks were going down like nine pins, when literally thousands of them failed, with colossal losses to de- positors, critics of Canadirs bank- ing system had little to say, and less still whcn finally the wholc United States banking system laps- ed into a. state of suspended ani- mation." ' As to lending money, bankers were criticized by applicants for loans for being niggardly, and by those having difficulty in repaying advances, bankers were blamed for b00118 been i200 liberal. ‘There were well defined prin- ciplfls to follow, however, sound cc- Icnomic laws to observe, and cen- turies of banking history and ex- perience to draw upon for guidance, "Lending," ho added, "would be the sinecuro many think it is if it; were ' not necessary to gct the money kn» Q Discussing interest rates, he pointed out that the total of no- tice deposits in chartered banks in Canada on 31st December, 1932, was 4% less than at the end of December, 1929, and. loans were 33% less. ~> ‘ With falling revenues from greatly reduced loans and decreas- ed business activity generally, it, would naturally be impossible gm- the banks to meet their overhead costs, absorb inevitable losses, con- tinue to pay interest on deposits at 3%, pay dividends which are es- sential to the retention of public confidence, and at the same time reduce lending rates. ' U. S. Interest Rain In- the United States, rates of ln- terest ransed from no interest to 4% on demand deposits and from no interest to 5% on time deposits. The higher rates were paid by banks that used the money for Purposes such as investing in molt-Buttes, which are forbidden under our Bank Act. The danger in 100M118 UP bank depositors‘ funds in real estate and mortgages was ' PHONE 21 1 i Retail Lumpy-Bright-Clcan. POPULAR. Sikclal new loiv prices on ““°°°- ll. ll. LAB My, but they’re good! i STEWAR rs BAKED BEA NS r91 savory dish for your.’ Saturday evening meal; 20 cents per qyart. PIES PASTRIES, ROLLS’ DOUGHNUTS. STEWAR T’S BAKERY KENT ST. l . ' COAL SYDNEY. . . . VICTORIA . . . .PREMIER Wholesale THEY ARE PROVING VERY $7.75 Der ton, Cash price only. slack coal. GE & co_ ssoueensi. I . S _ . l1- BANAiilIlN NAIIIJNAI.’ BAIIIAYS BUST Via SAINT JOHN In Conjunction With Eastern Steamship Lines Steamer sails from Saint John 7.30 P. M. i For EA g > ‘in \' foreseen when the Bank Act was passed originally and had been de- monstrated by the recent banking situation in the United States. As to loan rates, if all loans were equally safe. liquid and cost the same per dollar to make and col- lect. the rate would be uniform from one end of the country to the other. It. was a notable fact that during the War money was obtain- able ln Canada at lower rates than prevailed in any other of the bel- ligerent countries. Since that time, loan ratcsin Canada have been re- duced. "Farmers in the Prairie Prov- inces." ho said, "pay lower rates than do farmers similarly circum- stanced in the North Western States. It is true that rates to farmers in old settled districts in Ontario are lower still, and the ex- planation is simply that by reason of greater diversification of crops the risk is less, payment cf interest; regularly and of principal at ma- turity ts more definitely assured, and the cost in a bank of handling the businus is lower, the turnover being greater. The loss ratio is also lower," Branch Operation ‘lb operate a branch, however. small, cosh at least six thousand dollars per annum including sal- aries (whlch are frequently criti- cized as being too low), rent, taxes of various kinds, light, heat and equipment. In addition there was the interest paid to depositors for the use of their funds. Giving every-day cases to illustrate the difference in cost of handling large secured and small unsecured loans, both of which, he declared, a. bank welcombs, he remarked that con- sidering the small volume of busi- ness available at country points, the cost of operating, the risk and amount of work involved. an eight percent rate was reasonable. Actu- ally, the differenccibetwecn a 7% and 8f; ram on a loan of $500, at six months, was $2.50. This was not a vital matter to an individual borrower with legitimate use for the money. but it was a vital mat- ter to a country branch on its to- tal loans, and in very many casos would represent the difference be- tween profit and loss. "At present," he continued, "the majority of small Western branch- cs are being carried on at a loss. in the public interest and in the hope that they may become profit- able when times improve.” Dealing with what he said was a widespread belief that bank shareholders receive an unduly large return on their investment, he said this misconception arose from the fact; that dividends arc declared on the par value of the stock-MOO per share-whereas the dividends arise fromthe earnings of a much larger sum, namely, the capital and reserve funds, which constitute the investment of share- holders, who are also under double liability. The paid-up capital of the banks was roughly $144,500,000 and the reserves stand at $162,000,000 as ad- ditional protectlon to note holders and depositors. Of the reserves, about $103,235,000 was paid in by shareholders in cash as premium on stock when new issues were made, the balance representing earnings set aside from time to time over the course of years-in the case of the Bank of Montreal 115 years. Shareholders of the ‘Bank of Montreal now rcceivcd under 5% on their investment. Well Defined Powers Touching ‘on the relationship of loans to deposits, he said banks were given well-defined powers un- der the Bank Act, but the power to create something out of nothing was not one of them. Professor Soddy, of Oxford, an authority on Radio-Chemistry, who began his career as an investigator of radio- activity at McGill University, had published a book on “Wealth, Vir- tual Wealth and Debt." in which he maintained that a bank creates "fictitious" wealth or titles to wealth by granting loans and mak- ing payments merely by a credit entry in a deposit account. As against this theory Mr. Dodds re- marked that it was not upon Cur- rent Account or Demand Deposits that banks rciied for the where- withal to make loans, but upon Savings Deposits. "There is a curious idea in the minds of some," continued Mr. Dodds, "that a bank can lend eight or ten times the amount- of its cash deposits. Dr. Phillips, Profes- sor of Economics at Dartmouth College, says this is not true, add- ing that a bank is profitable es- sentially because it can normally lend an amount roughly equal to its Savings Deposits, Applying this statement to the Canadian situ- atton, it will be found that in each of the past ten years Savings De- posits were larger than all loans in Canada, call loans excePWl. "B" in the year 1920. This demonstrates “T1710! tho truth of Dr. Phillipa’ statement and that Dr. Soddym theory has no application to banking in Canada." ‘fuming to the subject of curren- cy inflation, he traced its disastrous effects in European countries and held up for the ' pectlon of his hearers the envelope of an ordinary l ,,“ red letter posted in Danlil on 28rd October, 1m, addressed to the General Manager of the Bank of Montreal, This bore twelve poet- age stamps, each of 500 million marks, or a total of 0,000 million marks. To illustrate the present value of the deflated German mark, he also exhibited notes with a face value of 5,200 million marks, which he said at the old par would have been the equivalent of $1,252,084, 000, but which at the new par were equivalent to one-eighth of a cent Fiat Money No country. he continued, ever sets out deliberately to issue un- limited fiat money, any more than would a sane person set out to be- come a drug addict. The first dose is an attempt to overcome a com- psratively small evil, and by pro- grwsive stages the poison cats out the vttals of the victim. Some people contended that in- flation would enable debtors to pay off what they owed and all could then make a. fresh start. Exper- ience showed that it does not work out that way_<n1 the contrary, in- flation promoted speculation and encouraged people to go into debt. Furthermore, the shifting ofthe load from the debtor to the credit- or would not solve the problem. "May I point out," he ursued, ‘that banks arc at once bot debt- ors and creditors. In fact, is it not so that almost every debtor is a creditor. certainly everyone with a bank deposit or note, an insurance policy, a wage contract, a share of stock, a Government bond or note, a mortgage or bill receivable is a creditor. “Who, then, are the capitalists we hear so much about? ‘rhey are usually regarded as a group of idle rich who render no useful service to society. But on looking calmly ma, the matter we mic that they are the very people I have Just mentioned-everyone‘ with a bank deposit or note, a wags contract. and so on." If the subject were analysed it would be found that practically ev- ery adult in Canada was a capital- ist in one form or another. International Aspect As to the international aspect of currency inflation, the effect of dc- preciating the value of our dollar deliberately would be to stimulate a “flight from tho Canadian dollar" and thereby to add doubly to the present heavy burden of meeting obligations payable on U. S. dol- lars, “It is an elemental-y fact," hc remarked, “that one must return whatever one borrows-whether it be a book, a lawn-mower, a guinea or an American dollar. No abst-ruse question of exchange enters into it so far as the lender is concerned; he merely wants back what he lent, plus the hire or interest according to agreement. Certainly we in Can- ada would not have accepted at par German mraks, such as I have shown you, in repayment of a loan of Canadian dollars, nor is our largest creditor prepared to accept at par a depreciated dollar in rc- payment of American dollars. “In the latter post war period the Federal Govcnunent of Canada and the provinces borrowed in the United States at, say, 5%, when Germany, Brazil and Poland, whose credit standing was lower, paid 8%. T9 appreciate what the difference in rates means, lct us take as an exsmpl¢ a forty year loan, to be retired by sinking fund through equal annual payments of principal and interest: Disregarding the fact that underwriting commissions are higher when a borrower's credit is impaired, a $1,000 million loan to Canada at 5% would have required an aggregate of 2,331 million U. S. dollars through the term, to retire it. while the other countries men- tioned, borrowlng at 8%, would have to pay 3,354 million U. S. dol- lars, or an additional 43.89%. The maintenance of Canada's credit is not only n matter of common hon- esty and national pride but of dol- lars and cents. "To adopt deliberately a policy of depreciation of our dollar would be indefensible. 1t would profit us nothing and in the end cost us dearly. It would force our competi- tors whose currency is depreciated by impairment of credit to depre- ciaté still further, and if we fol- lowed them down and down our exports would finally be given away. Meantime, we would be obliged to pay more for our necessitous im- ports such as cotton, wool, coal, petroleum, et oetzera. Not Practical "There is a strong conviction in somq quarters that the depreciation of our dollar would raise prices of primary products in Canada. But this has not worked out in practic- al experience; for example, the price of wheat did not rise and fall with the rate of discount on our dollar; on the contrary, on more than one occasion prices fell when‘ the discount rsto rose, and vice versa. In the House of Commons, on 4th November last. Mr. E_ J. Young, member for Weyburn, ef- fectively exploded the idea that Australian wheat growers had ben- efited from the depreciation of the Australian pound by almost fifty percent of its par value. He proved that they experienced the same motorist breatlessly, "but I'm try- difficulty in paying debts, and actually received, measured in terms of gold or of Canadian cur- rency, less per bushel than tho Canadian farmer. Inflation is not a way out of depression but a way in, and leads ultimately to chaos. To inflate deliberately would be to render nugatory the three years of necessary purging that business has had. Any breach of faith in currency matters ‘ entails conse- quences which soon cancel out any imagined benefits. I shall spare you any discussion of the proposal to tie our dollar to the pound, which, as the pound stands today, would merely be inflation in ancth- er form." ‘ Concluding, he said that in a world-wide depression, good times would not be brought; back by tampering with Canada's Bank Act or her currency. The adoption of fantastic schemes on the part of tcn million Canadians would not help the world's two billion people one iota. He paid tribute to the fact that the newspapers through- out Canada, with negligible excep- tions, were doing an important work in supporting the best inter- ests of the country. While they published the views of exponents of monetary schemes and cure-ails. they did not endorse such views-— on the_ contrary, in the great ma- Jorlty of papers, opinions expressed editorially were based on sound principles and a desire to promote public welfare. "Before better times can come," he added, "competition in depre- ciation of currencies must cease; international debts must be adjust- ed, tariff barriers which have been erected beyond peace time needs must be lowered reciprocally, per- mitting of exchanges of goods, and payments in goods; Government expenditures and taxes must be dc- creased; budgets must be balanced —whtch in our own case include Federal. Provincial and Municipal -wages and prices must be brought into proper relationship again, so that prices received by farmers and other producers of raw materials may be brought into balance with prices of products of the factory, thus restoring activity and employ- ment in cities and so increasing the demand for the products of the farm and factory, providing traffic for railways and ships, and s. de- mand for the many other necessary services which contribute toward the high standard of living to which this country has become ac- customed and to which its people areentitled. "In the East, I never miss an op- portunity to say, and there is no reason why I should not repeat it here, that Canada will be amongst the first to benefit from improve- ment in world conditions and that one of the best proofs of it is that almost every farmer, in so far as is humanly possible, is producing what he requires for his family's substance. This has been an im- portant factor in causing the banks to retain their faith in the West and to go on lending to Govern- ments, farmers, merchants, manu- facturers, and, indeed, to every one conducting business with honesty and reasonable efficiency. Millions of dollars were lent by banks last year and repayments received jus- tified the trust imposed. "The interdependence of the East and West was never more clearly understood than it is today -gocd thfies here mean good times there, and bad times here mean bad times there, and cven the much maligned banks can be pros- perous only when their customers in the East and West are prosper- ous. Prescnt conditions will not last indefinitely and no one with a knowledge of Canada's history and the traditions of herpeoplc can har- hour any doubt, even in thcsq dark dayshs to the destiny of our coun- try." +O44§4§O0O4 i Sunday 11.00 A. M. CENTRAL lillillilllilli -._._ -'l-b,’a column ll reserved for news of local‘ interest but ldvertlllng of I novvay nature IRA! be inlarted l0 I cents a word strictly payable in ad- vance. v COOPERATING WITH FISH- ERMEN-In yesterday's report of the discussion in the Legislature on the Estimates, Mr. Bethune was erroneously quoted as referring to Fitzroy Street, yesterday. Mrs. N. W. Lowther received with the hostess. Mrs. E. H. Ramsay and Mrs. Ernest Coffin poured. The door was open- ed by littlc Anne Dorlon and Joanie Lowther. The guests were met by Mrs. Bessie Waller. Mrs. N. W. Lcwthcr, Mrs. Hibbert l-lowatt, and Mrs. Elmer Ritchie ushered. The ones THREE MONEY SAVERS SMOKERS HERE'S A BARGAIN $1.00 KOLA PIPE AND PACK AGE PIPE CLEANERS Both For 45 Cents CANDY SPECIAL A WHOLE POUND OF ASSORTED CARAMELS Qnly 29 Cents THEY MELT IN TIIE MOUTH South Ritstlco in connection with MEN p01; __ illegal fishing of lobsters by New LOOK AT THIS CHILDREN _, i Brunswick parties. Mr. Bethuneis 5 GILLETTE RAZOR “sagas ’ reference was to the south shore of BLADEs ‘ " the Province, where through the "m1 A 25° T“ §TORK co-operation of the federal repre- vm“ g!‘ 5”5°"d°d Poglgg“ ‘ I sentatives and authorities he was AND Mcessizs A 511m Bowl-Lg able to obtain assurance that this 0F PURTE-‘PT i LANGLOIS LAVENDER NORWEGIAN Practice would be largely discon- SHM-ING (mEAM C6D “VER o" tinued. Mr. Bethune mentioned the “ ‘ < mt that Mr. Brodie, of New All Bfor 59 cents B031 P0!‘ 551-00 Brunswick, who formerly used to mo m0 fish legally with about thirty boats A. B. S. A: C. BAYEIUS in these waters, had agreed to send PILLS 559m“ only eight boats this year. 19 CENTS 9s CENLS monass ,1" DELIGHTFUL TEA-A very d... 2 racrraoas VICIQUQAPO v lightiul afternoon tea, under the ‘a CENTS 43 CENTS 1,, (INT; auspices of the Willing Circle of ' " ‘ ‘ Kings Daughters was held at the 1:0,. Prompt Dc] ivory home of Mrs. S. A. MacDonald, A SPECIALITY PHONE _._21()__ ROSS-t DTU- SAINY JOHN-l REUER>CION~M<JNQT - Untitled- A ~»--; fist ruAr>t.Q* T_E"C'YWN 9 ladies serving were Mrs. F. W. Mor- ris, Mrs. G, D. Steele, Mrs. B. O. Kcepiiig, Miss Margaret White, Miss Pearl Johnson, Mrs. George Keefe, Mrs, Philip Cobb, Mrs. George Van- Buskirk, Mrs. F. J. Holman. The rooms were tastefully decorated 1n mauve and rose shades, and tulips, sweet peas and snap dragons adorn- ed the tables. ATTEND CONFERENCE—R.eprc- sentatlves of the Maritime Co- operative Egg and Poultry Exchange and the Prince Edward Island 60-. operative Egg and Poultry Associa- tion met in Ssckville Thursday and held a round table talk on ways and means of securing closer co-opera- tlon in marketing, with a. view to getting better prices and reducing overhead expenses. A. R. Jones, Saint John, manager of the Mari- time Exchange, stated this evening that the business of the organiza- tions had been discussed at some length but that there was nothing definite to announce at the present time. Among those present were: P. E. I. association, J. A. Thompson, president, W. B. McLellan, John J. McLeod, A. Laird, Walter D. Ros, J. N. A. Gallant, H. L. Machon, J. E. Dingweli, F. Campbell; Maritime Exchange, A. R. Jones, Saint John; W. H, Anderson, Port Elgin, presi- dent; N. G. Thacker, Bridgetown, N. 5., vice-president; A. T. Reed, Rollingdam; H. R. Allen, Moncton; K. T. Campbell, H. 0. Clark, Saint John; F. L. Wood, Fredericton; Wil- liam Kerr, Moncton: J. N. C. Des- borough, Middleton, N. 5.; J. P. Lan- dry, Truro, N. S.; W. R. Chisholm, Pomquet, N. 5., and A. F. Curry, Truro, N. S. PERSONALS Mrs, Sydney McLeod left yester- day morning on return to Blrsay, Sask, after visiting her father, Mr. J. D. Sterns, Souris, for the past few weeks. While in this city she was the guest of Dr. and Mrs. G. F. Dc- war. Rev. C. U. MacNevin, of George- town, has arrived from Guelph, Ont, where he was receiving medl- cal treatment. He is greatly im- proved in health, and expects to re- sume his-work at once. He preach- cd acceptably last Sunday (26th) in the Dublin Street United Church. one of the largest congregations in Guelph. His many friends will be delighted to hear of his restoration to health. The ’ Presbyterian Church In Canada ST. JAMES’ CHURCH Minister: Rev. R. Moorhead Legato, 5.1). Public Worship: , Morning at Eleven O'clock. Evening at Seven O'clock. Sunday School 2.30 O'clock. STRANGERS AND VISI- rons connlatuz l mvrrco. ‘ THE SALVATION ARMY ADJUTANT AND MRS. C. A. RIMMINS OFFICERS IN CHARGE Saturday 8.00 P. MP-Pralse Service. 3.00 P. M. Sunday School at 2.00 I‘. M. Put the Teachings of Jesus laic Action. 0040-0 0-0-0 7.00 I’ .M. E “i 03b: Esptist Church MINISTER-REV. a. c. vmcasr. n. o. ORGANIST-MRS. a. acuorr ruu. MORNING WORSHIP 11 O'CLOCK Anthem-“Sheep and Lambs" . . . . . . . . . .. . . . . . . iIosmer Scrmcrw-“I-‘acing Calvary" .. . l)r. Vincent. Anthcm-“The Splendors oi Thy Glory Lord" Woodward SUNDAY SCHOOL 2.30 P. M. A healthy Sunday School to-day moans a vigorous Church to-morrc\v. EVENING WORSHIP 7 OTJLOCK ‘Anthcm—"Slng 0 Heavens" . . . . . . . . . . .. Sullivzm Sermon-“Thc Authority of Christ." .. .. l)r. Vincent Anthcm-Wsavicr Again to Thy Dcar N me“ Shelby The Evening Service will be Broadcast by C. ll. C. K. You are cordially welcomed. t 5 i x z g. O z z 5 i z z i 0 i >O§ O4 Q4 §4§~§§§§4§4 O-¥§-§-O§§-O O O fifO-O-O-Q- PO Zion Presbyterian Church REV. G. CARLYLE WEBSTER, MINISTER. PROF. LOUIS D. THOMPSON-Organist and Choirlcader. evvo-O IIIORNING WORSHIP 11.00 A. l\I.—'I‘hernc: "Further Evidence of Puwcr" Anthem-"O for a Closer Walk With God" ..... Storcr Mr. Jack McLeod and Choir 2.30 I’. lVL-Sabbath School and Bible Classes. EVENING IVORSIIIP 7.00 P. M.—Theme: “What. Shall I Do With Jesus?" Anthcm-Jl-‘ather, Keep us in Thy Gare" Sullivan-Hodges Misses Jessie Lawson, Lorena Sarnpel and Choir. Soprano Solo-“A Drcnm of Heaven" .. Hamilton Gray Mrs. Arthur II. Roper “Seek yc the Lord whiic IIc may be found, call yc upon Him while He is near, and lic will have mercy upon you; and to our God, for lic will abundantly pardon." Isa. 55:6. Ch risif! o-oooso a@++s+o.a-so4-o+o&+o>o-“,H.“._., i ,‘f i z i i i i i z 4-OO-O-O-O-FOOQO404QO4 OO-O-O-O O 0-00-4-0-0-0-004-0-0-6-004 0-00 Q-O-QOQ-Q St. Paul ’s Church 5th suxnav m Lani‘ 11.00 A. M.--Morning Prayer, Holy Communion and Sermon-St. Luke's Gospel-The Rich Man and Lalarus. 2.30 I’. {IL-Sunday School and Bible (‘lxtsscsz 7.00 I’. llL-Evrning Pruycr and Sermon — Passion Series-The Cross. 8.30 I‘. M.—Studcnt Song Service. EVERYBODY IVELCOME. REV. H. I). RAYMOND. M. A-. RECTOR. >o+o+4oo¢+vo+o+4o+vo++o4o+o oooro- E 9 6 i i g oooo ooo¢044A4oo4 so e¢¢4¢444~¢~+¢ O-O@O§Q-§§§ UOO-O-OGO-Q-O-OOQ40-O-OO-O-O4OGOOGO-O-O O O O 006-04 F‘ Trinity United Church Ministers-Rev. (i. II. Ramsay. I). D. Rev. C. N. Brown, M.A. Organism-Mr. A. Roy Kendall, L. R. A. ltL, A. A. G. 0. 10.00 A. M.—I'ra_ver Meeting. i. 11.00 A. ilL-Public Worship. ' Sermon: Thus Salth The Lord-A hlessagc ior tho ' r Times Rev. C. A. Krug, M. -A.. B. D. Ml. Allison University. Solo-"Therc is a (lrccn IIlll" . . . . . . .. . . Chas. Gounod Miss Margaret Sir-ma _ Anthem-“Teach Me, 0 Lord" Atlwood t t} . 2.30 l‘. M.—Sunday School and Bible Classes. 7.00 I‘. M.--Public Worship. Sermon:-"Why I Believe in God or Why I Am a Christian-Rev. (LA. Krug. M.A.,B.D., Mt. Allison University. Solo-"The Old Rugged Cross" Mr. A. R. Gillis ." Anthern-"The Radiant Morn" ..... Woodward .- , s‘ This is the tan-a oi the spoflul 3'0""! people's servlm- ,_ t, All young people cordially invited. 1 Visitors and Students (‘ordlally Welcome. l 4 I ‘Annnnnnnaka AAAAAA khan-‘ i i i t f. H y. Morning Service Broadcast by C. H. C. K. ‘ _ i“