._._..._-_.r__ “Qvr-uwpa-w-uu. PAGE EIGHT 4-, M9 i‘. u < _ _ s _ - _ \ ‘\\ac'i€‘('n‘€ Efikianll a\\IL\‘C§\\§<s\<sx\\\‘\qq\§gq§a((1 When you shop at Rix‘s, 1i means. surperior THRIFT ::l l ~‘i])i'lilll' (,1 i/ITY in foods! '10 this we add the i . .1 ill ~.:\'i~l~ ilizil mikes silre you gel EXACTLY l-ll _\.l.. l-ililii .\l iiit‘ ltlxs your slog-Pain for satisfac- J ~ llvli \\.‘i\ lit-ans. L’ tins »~ 21k (Jr-ape Juice 1 pt. hot 20c llrecii llihaiis, 2 tins — 23c Dales‘. ‘Jhilll- Heels. L’. tins 23c Raisins, bulk, 1-23 ltaisins. iable.- pkg. -- 23c Success Vanilla. 2 01.. Iioi., 2 for ~- -<.‘L"Y 'l‘illli:l!ue.~:. - ‘.1 tins t: Blilicc .\lc:li. 32 til. f‘: lfiiitlc ~ ~ -- 23c Swims h‘: 'l'ilnl:lio Juice. L! 1-2 ' 2 tins - ~- - — 10c Fraulicrries. U ‘Q .l.\\l_-\ll‘.\ GRANGER. uood size. 1 doz. -- -- - gi slcicilil-Jss (.R.\l’El"lll'l'I‘, i riu- _ _ - _ - - iIllPiiltlilt GRAPES, 2 lbs. d Apples". ‘IIICIXIIIISII REDS. Apples. .\IacII\"I‘(ISII REDS. “e have a larue display of :1 NITTS. Cll()(‘OI..-\TES_ fancy boxed and bulk. Fresh- ‘Ej l_v packed and reasonably priced. U RI X’$ l5 RD CE RY LON GWORTH AVE. ~ LONGWORTH. I02l-l02'2 2.35.5.5 $11.“, f§7_‘til_l,ti.;, lid (I 3X5 OROCERY Floul‘. pkg. —- -— extra large. l doz. med. size_ 1 doz. - CHRISTMAS CANDY. aiaazlziaaaiaaazaanazziaizzaxzzlwiuéanxsiaaziiazzizlzasizixiasssssaaaz;=>ihh\=h!iu>u--—- QUEEN s. UEEN ST.l60l'|602 Klkllecvrixfli-aifl-I-i-I £4. _ MORELL VILLAGE SCHOOL fiiliior roll for November B n- (lei . X-l. Waller Collin. 2. I _M.,,~v f{p,x.sl‘li‘i', :1. liiibcrl. Ccfiin. Jean MacAdam (hadc lX-l. Lloyd Cox._ 2.A1cx's Robbins, ZlCatherine Kelly. , Grade IV-1. Lois Cox, 2. Gerard Glade VIII-l. Evclvii Geldert. Afacinnis, 3. Pearl Hawbolt. Primarily depafllllent Grade YII (A) -1. Harry Robbins. Jay andTeresa Rositcr lIKilhlYlC-S for the manufacture from ‘pulpwood oif a wide variety of l new materials, of which at the mo- linent artificial. silk is perhaps the 3. J-‘hn Zviavlniils. 2. John (lnudet. 3. Million-ms 'k R05- 5011115 (IF Mortgage Sale ‘\.il..- i» hi-rehy uni-ii lliai tlli-ro l.-..i.i i»: lh.~ |..ilv l‘4\ilr|~ l...ili|i..ic i" l ll.ll‘I<l\li‘|4l\\ ll lll is- iltitll’ lilllliili-il \1'I‘l'- oi‘ i.. l.i.i fr.‘ iii lllllirw i,.....i.- - .l.-..irll..-.i l.. .... ll.ii.-..i...i~ “mm Enmbmh Webster and Rita Iii Hilrtlziiilv" li.lII‘l| III4I'IIIIII'I‘ l,'l, lllli) r.-..... \...i....._. \i.-ll......|.| l,...ii~ii~ l‘. i-lillii-iililil lo Que-m liilliilrll Itliilllll, illiillo ulilfl III l.ltiil i~.tiiili|i- llllrslllllll i.. .. ]Ill\\t'I‘ i.l ...l.~ .»....i..l...~.i ... ii..- i-.l.l ......-ll......-, .l.-r....ii i....l.... i..-i-.. llliuii- in the |tll_\'ll ll ill prllli-lpill iiiul IIIII'I'V“QI .'4l'l'|lf‘l ii I'l‘|I_\. r |....iii-..i..n. liviili t» "I" h. . lhi~ llili I|Il\ ..| ll.-i-i-...|ii-i~ A. I . ,\l(II(I(l.\lI\. 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IiirlIi-ll ill Primi- (lilillll Iii I‘I'IIH‘I‘ Liilliiril |.|..i..l ,....i l,.i..i.. l’. |.\Il||\ of (‘Ililrlillli-liliill lilurl-uilill, lllr i-xlii-ll- llifQ in lhi- lliilfll‘ lluiui-il i-iiliili- prai- lh- i~<ili~i| for r i..i l..i-ih~ h... ii‘! |\l'r ills I lulu lli hi. ,. . ill ll Prollillv l iillll li Ill‘ llvlil ill illi- r~-...ri |IlII|~v ... li.,-.rl..il»-l<....._ In q..-.-.i'- '......., i.. il..- _..l.i l'i...l...-i-. on .\lilnolil_v ih.- mi-iiili-ii. ililv ii! llvlh villi." lint, PIIIIHIIL’, .ii ilu- IIIIIII‘ ii! "l -k fliri-ililiiii iii‘ llll- ‘lllllll’ in...» ll u... llll} Illlll ill lllv- NIIIII l\il\~i-li ililil tho lllle I . i~i-.i-il i... PFIIVPII i-ir h. ‘stlill iwiiiii... \IIAI on llinllliii n! N. \\'. IAHVIIIPI‘, ‘ism, Proctor Ii-r ullil Ifiifllnllrrs. \l|lI I iii hi-ri-hy IIFIIIW‘ lliiii ll lfllfl liflpy i..- Iiirtllniill ....|.il.ii..-.i in ...-.....-,....-¢ ....l.il.i..-.l i.. Phi.» - l.. i-uii. wi-i-li \\'fuhl .\ I I ri.||....l..e ..iii.ili-.- |.|i..-i-.i riwlirrliffiy Il'l!I\I‘I_\‘ nl or ni-lir llll- temporary Prlilltllr l llllfl "f? wtrv in oh- ‘ ii-i-i. r.....-..... Illnvk |.. r-l....-li-il.i..“~i. or...» , lilmernn illorr-illlil. at thi- Illlrl‘ of hora Hllilih l iv ll ll u- in m»... , l diiwi-iiiiii unlit“ 1:." thl- iii-n ma" In loared most, frvourablv with re tilts - - niu-l-nl. (‘minty nroro-{rvhlnlvicd in the United States in _III‘I"4I\III lnll-riutml In ..-|il. iii III‘ iii-iir lhi- |'0\IlI linnk of , r-..-~ii.i i....i ..l III‘ III‘:II' ll... "rink 0| ‘ Niliii Flu-Ila Iinlll iii (‘lliirlnllntnwfi ‘rr -i.iiil m. 1h... iill lvffilllll Ili- ti-il In III!‘ “aid L-tilte vls llfnrs- m... |lil\l' .i..i- "our" ihi-iml. ....<i.-.< II\\ illiiili il-lil si-ni n! iii li.i.ri lhn l'll|l ihn- iif .\'i.v- l-liilii-r \ ll. I017 nliil Ill Hui Ilvnl It'll‘ n! Ills ‘|l'l_Il‘I|\'l roll". I '1. (Hid) II. L. PAIMIJR Judge n! Probate L-IITI-ll-Il-SB-II-l-I IHHKIWLHII ‘Ivresa Coffin and Reginald MacAdam (equal) aylllifliil Giles Jay, 3. Beth Gcldert. Grade V-1 Grace y 80 rmcdial- deplrtillcnt 2. Grail‘ Vii-l. l-‘Im-rie Halvbolt rpqmn 3, Helen Coffin. 2_ Rial-caret. Kelly, 3. Jll Glade III iBl -l- Bobby McEwen. George Golder-t. 3. Athol Ding- lvrll. f-rnde 111 iCl -l. Ada Hawbcll. ; lion for export of increasing quan- f? Owen K011i’ will B41111’ MflCImil-‘i. titles of him-grade bleached sul- (tHclcn MacDonald and, \\'alti=i~ MacAdum. (Sri -1. Joan rsteelc. viii It!‘ Dllill h; Pllilllv .\\ll'| .... ill 2‘ Rob?“ Wmson and George Kenn Grade ll 1J1" -1- rt, 3. Jack Coffin. Glfldl‘ 1 no exams n 1 oqua ll ~> ill ILu-rlon O'Brien. uilriliilui-e. 'l'i.i- Eastern _ ‘SUBSCRIPTIONS w the Charlottetown Guardian may b9 harried to their R009 Afchie Hmne" . ‘ROBIN noon FLOUR is ec- \. II. l 7 .- ..r iillihlo. \. lloil-lilii ~l-. ti‘: 0f ii..- (~i.....i,.» ..r .i. ulililil iiuiil ('lill"|,\' ,tliis counlr. IN ~ on tlli- of Jlllliiw I’. llmieltoli. "I (‘hur- ~..i.i. Illirilir, ....ii ill-lulu! mt i......lv, l*ii.-...i-_r. ll..- thi- l\||l\\lP mm..- i-nlilll- prnyllil ml" III NIIIWI "If III“ Iillf- . i-ii h. lllr iililil l-t-ihlli- til hi- IIIIII illillmlr ~..rr...;i.i.- l‘ii|lrt ti. l)‘. Iii illn iiiliil Province .,¢ ,.|.....“ "fauna. fulfl-IIOIDII ol the Innu- l|i|\‘ i.. ~|.i-.. i»..ii..- =l ally they i-llii why lln ' ‘ IF pin-sell and the lilinlnte I'IH\I‘II ll“ IITII_\'4‘|I ("r .....i i... i..i.i'i... of w. H. lii-iiiliav. Whirl-- .\iui I ilii hen-by "fill? that l Qrlin torn-Ill! niibllnllrll In uiliu- III'I\'I|IIIIII‘I‘ plllilliilicll In (‘har- iiulelim II ilfnrrliiilil mm- in each work Illl‘ iii Il-ivit (our lriiiil Illl- lliill- Iii-rent nlil I'1III\' lion-of he Inrillivlili ITIVIIQII In the (‘lillrl Hill '!‘!ml iliil’ lam.) n. 1.. mimm lrlI-lil-U-fi-i-Q-lll did . THE CHARLOTTETOWN GUARDIAN l Ganadafs Economic Achievements and Prospects tlicvicwod gBy lanllors " Confidence in ‘Canadzfs Capacity for Recovery BANK OF NIONTREAUS 120th ANNUAL MEETING Sir Charles Gordon Sees Continuance of Better Times if Dominion Not Unduly Affected by International Disturbances-Points to Strength Reflected in Financial Statement An impressive record of strength and of expanding business in keeping l “ilh the markoci improvement of trade and commerce throughout the Dominion during the past year W88 presented at the 120th annual meet- ing oi" the Bank of Montreal, held recently in Montreal. The balance sheet showed that for the year ending October 30 assets had increased $24.500.000 t0 a total Oil $829,600,000; public deposits $26,000,000 to a. wtai of $681,000,000; current loans in Canada. 023200.000 to a. total ot $182,500,000. and net profits by $226,821 t0 a total of $3.408.328; while the readily available aswets amount tono less than 79.58% oit liabilities to the pl. . Sir Cl7afie< Gordon. G. B E.. the president. declared that the state- ment u as the strniest that had l been pfvfiflfllfid during the tenyra s , in \\'IlLCii he had been presld nt. I adding that every contingency had been explcred and provided for. with i- vlnv to mflntainng the prsition ‘a long he_ld bv the ill- stitution iii the very fro"t rank of the biiilks of this continent. BUSINLSS CONDITIONS IN CANADA Filssing on to a revzciv c-f genera. 1 industry and commcr-i- in the D-- illlilllull dullhg tile year. the Pres- ident said t“... taken on t.le vln.;.e business COHCIIIIOHS had L681’! much improved, and were a happy cen- llXoL Willi the CUIIdAIIOIIQ o. but two years ago, the one really serious set-back being in thcsc portions of the Prairie Provinces Where drought caused total or partial failure of the cmps. ‘Were Cati- ada as dependent as it formerly ivas upon tile cash return derived from the export of wheat." he so d. "‘the flict that this year's crop of that commodity fa‘l.s so far short o!’ the alerage would be calamitous. 1 As matters stand, however. this pal‘- tial failure of our gieatmt cash crop is partly offset from the nat- ional stimdpoint by the higher price for this year's crop and by the fact that the general crops in every other part of Canada have been. on the whole. remarkably good. Also, perhaps even more im- portant i= the fact that Canada i‘. i. lam-n (icmonstlnting in the past year a remarkable resiliency in productive enterprise." As ouc instance of the latter. he cited the marked increase in the discovery and production of gold in response to the world demand for the metal. continuing. he caid "The rapid pltgress that is being made in every tor of mechanical ‘ operation and in _ie use o! all kinds of mailutactures of metal. combined with the demands caused the arillainent programmes of the larger nations. has centred at- tciltiiziiupoii Canada. as one of the leading producers of the most val- uable industrial nletals viz., nickel, zinc, copper‘. lead and aluminum. and other metals used in steel U‘ '< r‘ ' |allcys. Canada's response has been such that with the exception of iroll this collntri" ls now the world's largeJ. exporter of base tncluls‘ "Than the ilflllollig programmes ind which have been undertaken on 2. Lilla an unpiecedentcd scale by nations abroad have found Canada re- .sp0ii(i1ilg by large increases in the export of lumber and other bulld- ing- products such as zisbestbs and psluu. ‘Similarly. the rise of large-scale most spectacular. has found a re- sponse in Canada, in the produc- phitc, the raw material of these new industries. The greatly in- creased demand for newsprint has been reflected in Canada in the pan year in record production and export of that commodity, which for years ‘has been the larg- est manufactured product in our cicpoit trade. “It is this resiliency in industrial enterprise, so variously‘ expressed. that endows this country with so great u capacity for reculperatlon. "Then there is the tourist trade, which provides a highly." imp. riant stimulus to domestic business." CANADA'S IIIANUFACITWIES NOW IVORTII THREE BILLION Sir Charles observed thui until recently Canada was regarded as a ,(30ililll‘_\‘ devoted almost’ anbrey to lviori: loilvcs of belief‘, agriculture, Today agriirzillure pru- l.'..ilii from each b. . vided 3.3 laer cent of the exports, and other forms oi industry" the balance. Canada now employed 600,000 pzopir- ' 30.000 workslupsi. mills and inctci and the annual value oi its manufactured pIOdtICLS lfliflllillillul to more t-hiln three bil- licu (iOlllliS. "The nerds and the intern-is oi‘ the 1: 12o [IOFLZOH of our poplvation vrhil-c le\'_i-1llircd is dir liv depen- cni upon those operatic ' he said. "murt be taken into cnnsideratvn b? tho c up n whom devo v s. the administraton of the affairs of E1\II‘I.OY'\l"‘.\~'"' (‘I "WI-i T4) ALI.- TIME RECORD Turning to the oni|l‘.;_viila=iit sit- lrllilill, S11‘ Charles remarked lllat the ilpturn Wiiltll ocillrred a year ago had C0llliflli0tl at a rapidly accelerating rate. ‘In fa-ci." he said, "the level of the Dominion Bureau of statistics wige-ciii-iiing employ- mcnt, indcx on Octrber 1st last reachcrl practically the point at which it stood on the same date in i920. The phvslcnl volume of Dro- iiucliou is also almost up to the 15"") level. The twonstructlon industry a'l over Iilp country. he said. had shown a considerable measure of recovery this year. hut it was still not by any means up to the i928- 1029 level. Residential construction work had. Sir Charles said. been stim- "lair-d both bv a, greater use of the Dominion Hollslnc Act and by the "time. Improvement Plain. which latter. with the cn-nvwriwon of the banks. had dom- all that was ex- pected l0 brim: about gv-cafcr ao- tivitv in hundreds of centred tlirouwhout thi- country and com- the some perird of time. GROWING FOREIGN TRADE Sir Charles observed that the - eided iii-tteruieut in Canadian bu - iltffli during the at in! Wu‘ due tghitliilevlregival foreign o a been growing owl bounds For the first seven months of the present fiscal year, April to October inclusive, the total of this trade amounted to 01.103.000.000. with a. favourable balance- of $176,000,000. This total of trade sholved an in- crease of $199,000,000 as compared with the similar period of i036. The latest fllibres available. he said. indicated that for the calendar year exports and import» would attain a total approaehiiia two billion dollars. of which some 2.000.000. or practirifh‘ one mil- lion dollars for every tvorkirg dav, would represent a balance filiollr- able to Canada, and necessary to her as a debtor country. He noted. however. that until the next haivest there ivould be but comparatively small gxlvrts of grain. that export figures for metals would be affected if the JACKSON DODDS present lower prices continued, and that in regard to the eiopzlrt of newsprint to the United Slates the market outlook was not clear. Commenting on the fact that no less than four-fifths of Canada's trade was with the United Kingdom and the United States. he observed that in the 12 months ended Sep- tember 30, Canada's trade with the United States was around sifis,0d0.- 000 greater than her trade with Great Britain, due to the tact that Canada buys more largely from the United State-s. For years trade with the latter C0\lXiii'_Y showed a heavy balance unfavourable to this country, thereby greatly complicat- ing exchange difficulties. For the i2 months mentioned. however. the balance, allowing for exports of E010 Wtfllllflg $107.000.000 showed a. balance favourable to Canada of about 324000.000. The speaker fofowed with a re- ference to esent disturbed bus- iness cond tiohs in the United states. ' and uoted a New Yolk authority to tie effect that what the country most needed was a ret from the rcg-ramme of reform which had ecn pushed so rapidly in recent years. (‘A ADPS LEADERSHIP IN INTE NATIONAL ECONOMIC (JO-OPERATION Sir Charles observed with satis- faction that while such a large pio- portioli of Canada's irucio lavas with Great Britain and the Uniud States. neither our Gzherlimcilt nor our business men “.1112 neg est- ing opportunities to further trade with other countrzi». "Oru newsprint producers, for GYQIITDlG," he remarked. "ii i build- ing up for tlicai-i-‘lics a posizltn of lnl.p;..'tiiiic,e ill a varioy of over- seas markets and are now sun ly eXliflfiliig their product to" or thirty countries. Within tlie past two years formal trade llrrililg-c- ments have bran ceilchizlvd by ihc (laverument with not less than fif- teen countries. and llvzotliltious are proceeding for rimilrir- trilr-"e cx- paiislon agreements with othrrs. "fI‘c:la_v, cumin claim,- tile (liftlliC- tion of being one of thr- fcv." CJllIl- tries in the world \-.'.i ii lhlflily no trade quotas, no rxchainzc res. tions and no cinblirgoes other than those associated with the liziIflC in arms. Ill the remedy for uor‘d-\v.di: civil and iliteruatioiliil hilllt! ha. iii intertiatlunal economic co-opcrll- tion as I believe it dcel. tiien Canada. I lihilik it can be said. is doing its full share in leadership along that line," ltAlhW/iYS AND TAXATION Reverting to conditions at ilome. Sir Charles observed tila‘. while the year had been one of great im- provement in trade and in enlpl :_':- meht mid in the finances of the central government, there were two fncliors which still drained much too large a proportion oi t-hc country's nattouai income into un- productive channels, The first was what he termed the most uneconomic situation which existed in regard to the rail- ways. and the second the heat’ and overlapping taxation whic- burdened every form of blhltiflFd entcgirlse and which as Rilpilllfi to indi duals meant, that few people had any surplus funds to invest in new ente rises, “The re urn on investment in the Canadian railway .." Sir Charles said. "remains entirely inadequate and get the coon‘ mic waldo realit- l"! OI! the compctetivs- operation of the flltl0ll'a two great railways Systems hm oontininlcl unabated It ll to be particularly regretted that the town‘!!! of the country should he burdened with unnecess- uv cutie Oct limp loom i‘; a SIR CHARLES GORDON. (LIL a_t_a. time when general taxation for unemployment relief and other essential Government services is a0 heavy and economy in W51” 9*‘ pend ture vitally necessaiv. Sir Charles believed. NW9"! that there was accumiulatinl evi- deuce of a more widespread under- standlnr that a sound solution of the railway problem was r tilled to create confidence in the 0W"! "nus isia hopeful feature." he said. "for with understanding of the serious complications of the present situation should come d8- terlnination to put into effect th-ise remedial measures which are nec- essaigv and indeed in the long Hm inevltaife." REVENUE AND TAXATION W tr. r rd to LRXIUOH. (he Presidenteggld it was hlEhlll 9"- cnllrflging to note that. dwPite the drain of the national railways on the country’ revenue, the 0061:!- meut in our national finances ‘ti: been such that. Tleasufv °m° l‘ now hoped that a balanced budfleg might be consummated at the en of the IITPSEIIt fiscal Y6"- ‘Thin’; ‘he said. Sta?‘ zggbefi- nrd w l c l it’, ‘D e ' rvlvient set itself when it took office two years ago. anal better progreéfi has been mode than the anest- sanguine then (lured to anticipate. decrease‘ in taxtition: it certainly will be reflected m the strerlfllhen‘ trig of the 211N339 credit structure ofIillhiiOggllixdl-lgifl his remarks. Bil‘ Charles, while not attempting a. forecast on the Canadian busine=$ outlook. expressed hi1 wnfldw“ in Canada's "remarkable 050110 gm- mqovery," which, if mt. 833%’ ,3 unduly by international - turbimoes. would. he felt. m6"! I continuance of the better time? which Cllhfldlflfls had experieiw during the post- Y9"- Goniidence Expressed In Future of Alberto "Observers at a distance are apt to misjudge Alberta and its cit- ‘Zens by m; preeelll; state of affairs there." said Jackson Dodds. Ken‘ eral manager of the Bank of Mon; treal, lat thtem institutions recen lmhua mee i;- "It, is," he continued. "one o! the‘ most. richly endowed Dim/mi: h“ in the mldst of its vast aetu re- sources there has qeen in some gis- tricts virtual destltuiion and es- pair. Efforts _made t0 00m Wm‘ such a situation .011 P)?“ u?“ are necessarily 519W "1 "fww noticeable results. and distl‘ people fall easy prev l0 010m B" of quick relief from their thou 1e. "In the case of Alberta, hem" the disorganized sound mHiJOYIW °1 electors realized it. the Pwvmm w“ conlmitted to a quixotic adventure. "The cost of that EIWBT-menh as it has been called. cannot be calculated in terms of money alone’. and it is not unlikely that the chic", sufferers will be the very T190019 promised to 1101p. It ill to be hoped that there mflv be a wmwriswflfl gain in the lesson to be learned by those who would wrerk_ the climb; iishcd order oi’ things, imffierfff! though it mav be it has .._en ".5113; "éjegllilllgifis of constructive e o u uii- ' "Oru confidence in the ultimate return of normal conditions in Al- berta cannot be better expressed than bv saving that we have en- deavoured to continue doing bus- iness as usual at our branche= in that province. where we have thousands of valued cu. n. Banker Discusses Factors Contributing to B ette r Days ln Great Britain Speaking of his visit this year t0 Orrin. Bflvdlll, an" Charles uoluon, iii liltitilftkxililg lsank o1 lvfiinircai hi1fife‘.l0i.(.‘I‘5 at their recent annual illceling, said that busmes in the Ulllhiu kingdom nus unuuzitneuly in a healthy condition, with great- er iuululrial activity and more pcowe engaged in gainful occu- patom tilali at any time in its llkstory’. "lt would be a. mistake," he re- markcd. “to ascribe thfs wholly to llie reiirniament programme. Un- iloubtedly that i. a contributory factor, but the real basis of the rcvivul is to be found elsewhere. "Pfiilllllglg. the revival began with the option by the National Goveriuncht of a tariff that ave reasonable rotcction to Indus ries and made possible for them to compete in the domestic market with the Products of the cheap labour o foreign lands. when lower standards of livi prevail. By securing to domestic ndustries. the home market. the foundation was laid for larger unit. produc- tion at lower costs in spiln 04 lid- vanci prices for raw materials and la r-un advantage in both the home and foreign markets. "Then the Government, by bal- ancing its budget. and by Illbllll- inf the pound sterl in all 001m- tr es with which real: Britain does buslncsi. created a condition which has brought about a notable eiapimsion in export trade. Also.‘ Great Britain has established an efficient and scientific avltem for . dealing with uno lovment and has not boil; cniiien with a measure r unemployment reli~ on the statute D0055 and letting it g0 at that. "Then of no less i rtancc ti! the of the Bf}? me to hedge pl-l ate enter- prise awund with rqii-eqin elm- ditionl but to encourage it in every IQ pith. Ihq ht j ll Public’s ‘Desposits of $681,000,000 Are Not ” “Fountain Pen Money l General Managers Discuss Commercial Loan, Business Trends and Public Financing-Wider Distribution of Government Bonds Desirable Substantial increases in total ivsets, in deposits, and in eommelfilll loans. were revealed in the financial statement presented at the Blink | of Montreal's 120th annual meeting by Jackson Dadds, general manager Presented also on behalf of his fellow general mlmmr. G- W- Spinal?- Dodds‘ report showed that the assets of the bank had risen b)’ 500,000 u; $329,600,000, the highest figure since 1029. m‘, 8T4, One of the most important. fea- tures of the statement was the in- crease shown 1n current. loans in Canada of more than $13,000,000 to $182,500,000. For the year ended September 30, the current loans of all the Banks had increlued by $75,500,000. While this increase was welcome, said Mr. Dodds, it was not commensurate with Hi0 8111M“ in the volume of lili5lil€5$ and the improvement in ccnunodity prices. On the basis of the usual rela- tionship between the trend of loans and volume of business, commodity prices considered, the banks in September, 1937, he said. should have been abc ti report commercial loans at about 01! per cent of the total in September. 1929. Actually. the total was only 55 per cent of the i920 figure. Pointing out that the ratio of the Bank's investments to deposits was 60 per cent, Mr. Dodds said: ’ a. w. SPINNEY ‘This is much higher than we would like 1t to be; we would pro- fer to have a larger proportion of our funds out in loans for produc- tive and business purposes. But it is beyond lii18_])O\\'l2i' of a com- mercial bank to increase at will its total of safe loans; the inita- tlvfl lies with tile borrowers. A com- mercial bank cannot afford w have idle money on its hands beyond the amount required to nleet ord- inary withdrawals and for cash re- serve purposes." MANY FACTORS IN LOAN QITUATION NOT TEMPORARY In considering the various factors which had mlitributed t0 the reduced demand for banking m. wmmvdatlons. Mr. Dodds sflld that it must be recognized that nanny of them are not of a passing nature. “On the other hand," he pointed "thanks to invention and scientific ieooarchnew industries are always coming into being. rcsultipg in new sources of business for the banks "One does not need to look back many years to the biith of the Automobile and motion picture ill- dustries. aeroplane building. radio, FflWn and cellophane laahu-factur- inig. the pioviding of honles ivitil electric appliances uiid artificial Pt-‘fflkeration. and the introduction of air-conditioning —i0 mention only a few. Yesterday's luxuries "6 Wdflvs necessities and the lame will be said tomorrow, “During the past 120 years the Blnk Olf Montreal has kefpt abreast. of the cilangiiig times, consistently taking its full part in aiding basic productive pursuits, old and new industries. trade and conlmerce. 33001118 i5 all essential part of the intricate machinery of industry and business-in addition w sup- plemeiiting capital employed, cour- merical bank provided many other necessary faculties mid services. atalnst to clients which rciresenls relauvebi their smiilliicst icm operating expense. BANKS A S 79.58% LIQUID The assets of the Bank, standing l! $829,600,000. were the highest sinw i029. Of this amount $599,- 000,000 represented quickly avail- m? Principle that the more money Dflville enterprise lilalcc the largir are the contributions of ccmmercall and industrial organizations and of their sharehcfders to the nation- al treasury in the way of income taxes. In this connection liiay be mentioned the many thousands of ocmpalues operating not only in Great Britain but n an parts of the world, which. being domiciled in London. contribute to the fin- gerial Exchequer. 'I'hcse factors ave made it possible for the Chancellor to balance the budget witlroaoe as well as to provide this years quota for the rearmament programme." Enamel-lilting other ewliomic fac- tors by which the British Govern- ment had assisted biisines, S.r Charles added: "Many of the changes which 1 have mentioned have taken years to accomplish, and mill? amendments have been mode to actc which have been on the statute books for years. 'I‘h.ls has meant the building up of a Service competent to admin- ister oil the various i1CtiViti05 of the Government dealing with unem- ployment, dd age pensions and the l' l l1 of the finances of the countr ltl towns in an ()1‘(lt‘i‘l_\' manner by ie ‘treasury I men- tion thclio points becomi- we hcv u Royal Oolnmimloi. to i..- te luch quutiona and thori- are many mgittfn of this kind which ii o n no. ilcio uunuillnonuwi" m“ 9- < able resources.‘ 901111 w 79-53% M liabgliglzevslaéoobghe public, amountinl t0 . . . Th4; 13m portion of liquid assets in made u of investments which. not exceed market value. amount to $437,700. . Included in this total are Dominion and Pro- vincial government securities, $344,- 900,000, 1 "This extremely strong poaiton said Mr. Doddu, "is beyond ord- thaly needs and reflects the lwli that the demand of our customers for loans for commercial purposes Ls still considerably below normal.’ DEPOSITS SHOW INCREASE Among other highlight-l. the state- ment presented by the general manager showed that deposits by the public had increased by 62B.- 000.000 to“ $6811\,/iI)r00.000.d Coniénengllél on this em. .Dodssa "‘ - spite all that is written and said nowadays on the subject 0t ‘loans creating deposits’. ‘foun pen money‘ and ‘monetizln ’ assets, in- eluding what is de as ‘our cultural heritage‘. it is safe to say that not one oi’ our customers whose balances make at; our total of deposits by the . has any doubt whatsoever as to how his or her d it came into being.’ PRO ITS SHOW MODERATE INCREASE The profit and loss account allowed net earnings. after de- ducting Dominion and Provincial taxes. at 53.408328. as oolmlllflflil with, $3,181,501 m l936—en inlcreue of $226,827. In commenting on profits, Mr. Dodds pointed out that Dominion and Provincial taxes for the year. without taking into consideration taxm aid to municipalities, a- mountc to over 27 percent oil the Bank's net ‘profits, 0r over 32 per cent of the dividend. TRADE AND COMMERCE Turning to the industrial and business ife of Canada, MLDodds said: “Business activity continued to show, during the first night months oi’ 1037, striking increases over the respective parallel periodn in i936. Nevertheless. rcccuion appeared this year three month! earlier than it did last year. "This earlier decline was duo to various factors, including lower exports of wheat.of whiohCmoda has relatively little to sell this year, and lower prices latterly for basic exports. Both exports and imports exceeded last. year's fig- ures; but the rise in imports has been lnore rapid than the rise in exports-and exports, have recently fallen off frown preceding inon _ —with the result that for several months the excess of exports over imports has been substantially lees than in the comparable months of 1036, although the increase this your in revenues from touriit traf- fic may have restored the balance. "The, milling industry. despite lower prices now ruling for these metals, should make a. gerofltable showing, having had the nefitof a higher level of prices for the greater part of the year; gvid pro- duction to the end of September exceeded last year's by 9%. Ibfllt industries have been active em- loyed: there has been a r notion ii the number of entployables on relief; and car loadings. until re- ci-otlv, showed wide advances over 193d." IIOME IMTROVEMIENT PLAN Commenting on the Home Im- provement Plan. the general man- ager said: “Taking into consid- eration that the plan was not launched until near the 0nd of 1936 band littiletioutdoor wtzi-‘k ‘was; possi le unti e apri , the fact that about 30% individ- ual loans were made to October 3i. iiugurs well for the auoccso of thcTplan. H t l t “ ic e cc on une 09mm and the economic life fipCaneda. cannot but be beneficial. and we are happy ~io have been able to aid the efforts of the governments in this direction. We have given our full co-opemtion and you will be interested to learn that of all loans granted under the plan, over one-fifth has-- been made- by- the‘ Bonk of Montreal." INVESTMENT MARKET INCREASINGLY RESTRICTED uh the subject of investments, the izcilcral manager said that the market tor high tirade bonds was becoming increasingly restricted and the absence of wide distribu- tion of new issues more and more apparent. “The low yields," he observed, "have failed to attract rivnte in- vcstors, many of w om have drifted into speculative issues. in some cases with unfortunate re- sults. A wider distribution of government issues is most desir- able, not, only from the point of view of encouragii thrift and a potential wider mar at in tunes of stress. but in order to maintain an identity of interests between the citizen and the state. "This Wvilld rubella for a higher sense of ruponai iiity on the part of the citizen lmd result in less pressure being brought to boar on governments to spend public mon- eyn. "The recent appoin ent of a Royal Commission on lnion- Provincial Relations," he contin- lied, "affords an opportunity to all qualified bodies and individuals to assist by submitting carefully pn- pared contributions for study and consideration by the Roy‘! Coin- mission in the hope that a w» may be foundto arrest the growth oi’ government debt, the duplica- ,tion of functions of governments and the overlapping of tuition." FUTURE DIVIID 5 DII-‘IIGULT TO DIS RN Passing to the world situation, Mr. Dodlis expressed the feeii - that at no time porhapl hld i been more difficult thin It Ne! ent to review developments ade- guately and to see into the imme- iate future. your intern» "During the " tlonal problem have coll uqd to Indicate In guard , " ' l DECEMBER i. 1931 he continued. " f‘ tional as Ira, economic ditfigultignslvliaid French government COHLu . make strenuous effort. m“ l“ come are also sources of c mm" On the other hllldflnliltllytixlcsn." $119 ‘"008 and dete.-...iil@.i'°““‘ ado of Great. Britain, ileill. m“ tefnlfig% complications or: 3PM! li-r have i avoided. 5° I" mi "In world trade there has 5E the crisis peri , b I u trend is more favldiirltiixigugh u" remains to be achieved in n. w‘ vivai of international wmlllelftgri‘ ulcll PRAISE FOR E.\ll'L()1'|-;[§ In oloncluding his remarks genera manager paid‘ » .' to the stall. “In poipitlggfuéiuif dc corps, loyalty. Courtesy m, l,“ iiciency," he said, “the stall qe. not but be a matter of lifltif‘ satisfaction to you as shall-hull. era. The Bank's molt ‘ asset sdoeatlilott appear iii u... once ee s m t f i ' vest-moot is Us Drona“ m‘ and welfare of the stall’ " In discussing staff mailers v1, Dodds said that young m...‘ ‘H; toting the Bank's sel-vii-c bEChlli mem era of the Bank of liontieii Pension Fund Society luiil Ilium. satisfaction oi’ knowing that ll. would be provided for upon rem’; ment from active duty <lt‘_ on" roportioimte basis. any time if... on years‘ service if illcflpacjmwt "In addition," the general ma... r uid. “the fund provides to. rates is available to membergq our staff and o. considerable W. tion of the coat is borne bv m, Bank. When sick, cnermishlvq of absence is gran ed ivitn and it is a rule of the Bank gnuallvaiiations must he are s lso group accident sickness iniuralice nit low prm him rates available to the staff, ‘Permanency of employment, in cular, is a. feature of m. “<4 unemployed, and resignations m requested olnv in the event oflll. honesty or incompetencv. ., i? BERiI.1N- A new motor m] from Hamburg to the Denim frontier. as planned, involves 1h; boring of a tunnel more than q mile in tenzth and 100 feet wtiiq under the Kiel Canal. Mortgage Sale ma... is hereby given that tiun In l" lottetown in Prince Ildilnivl Ilhnll on the 23rd day of Decem- bcr A.D. 1937 at tho hour of ii o'clock noon the folowilng mm of landz-l-‘ifty acres and twenty- flvo ncrell at Primrose in Lot 65 in King's County, and titty-two ind one-hull acres and fifty-sir acres M Prhnrolo In Lot 54 in King’! County. Those land! are filly do- loribed in an Indentnra of Mort- {III dated September 26th, Li). 912 from John Williams of Prim- rose aforesaid, farmer, to Bmll Loilbc C. Mnclenniul; and the above Isle o! land is made pir- lllnt to a power of sale contained in the said mortgage, default hav- ing been made in the payment of principal Ind interest secmd thereby. For further particulars only to the undersigned. Dated this 24th day oi’ November AD. 1937. 5.11.0. MORRISON, Charlottetown. llortgogeo. uilo-ii-zs-iz-il-o-ic __..__ "rfzztznfl Mort age Sale TO be sold by public auctioned Prick)’. the 31st day of Dcuehlbar. I087, at the hour of twelve o'clock noon, in front of the Law Courts Building in Charlottetown, fill lllli tract, ace or parcel of land sil- uotc, 1y ng and being on Tillviiliiilp Number 22 in Queens County in Prince Edward Island, bounded BS follows, that is to say: Cciiliiwll- on the south side of the 01d Prince Town Road at the nonli- east angle of land formerly linlscti to Molitesuc 0.. Irving. 100W south to the New Road lciuiulg to Prince Town, thence mullrilidli’ along the road tvmiilv t'liflill5. thence north fifty-five i-llallls, thence north eighty-nine Uiiilllli west ten chains, thence ilti"l1lC first mentioned road, iliclu-l ilolll the road to the place of bfilllillllll; containing one hundred alli. s0- Qnty-three acres of laud. aul 11 bounded on the north ln pill! ii? the Old Prince Town Ruin, ill‘ the south by the new Prince iillil . Road, on the west by the iilinbill William Stevenson and Jflilll‘: lilil, and on the east by tho farms o! John Ferris and John HPPtflilTl. and is the same fann as was for many years in possession of ill’ late James Pound. The above sale is matlo under ii power of sale contained in in Indonturo of Mortgage dated tlw 15th day of May AD. i901. made: between George S. MaoLrod 0 Fredericton in Queens Collilji‘ l“ Prince Edward Island, Mc1'll\*"“; retired, and Mary J. Mikel-twill“ wife. of the first part. and Wuhan‘; E. Bentley o! Charlottetown in SAlD Inland. Barrister. and Albeit J. é Martin of Montague in Kill" County in acid Island. Cerium“;- Executora of the last Will i‘; ‘ruminant of Catherine iticlvicfil; late of Montague aforesaid, Sllllm woman. deceased. lactate. “Pmlo, having been-made in 0510M“ M the prinoipd and interest sccurl by the acid mortllfle- U“. For plrticuiarl apply f0 Mf m“ 6: Bentley. Solicitors, chill“ t0 wn. omit DOOOIDMI‘ m. 1037- ' WILLIAM s. BEN ruli- Ammr J. D. MARTIN. I mucous of the iiini. WM; tfi Illa (htherinc W!“ opened. b-tI-I-l-C