...-..... -..a-»-sms Qau-rIyEHIEI-flfl.

llnriicll, l“. . . llll for J. Ii. Ullrlltll, l’. J. I.

. (‘lii-ntnr 8. alc-Lurn J l

linlltur illnl Mr ill) l . lill i.. .\. llJrhlllllllll u. s. o. Assm im Ltl in» ll-inilk “illker lllliA D. h. Currie

Morning llillly (Fuumleil llltfl)

$5.00 pi-r _\.iir tin lJ\l\|AIll'l-) ileiiterul

14.0.1 DP!‘ 31ml‘ \lll llll\ll||1‘P) Illll led l0 - $5.00 pi-r gi-iir iln ililullli-e) ilulilid l0 \.‘

VTVEIDTYESDAY DECEMBER, 8, 198'!

lo City E. lnlunil ll inuil U. B.

Cranberry Station For P. E. l.

Establishment of an experimental area for lhc Fllltl)‘ of \‘l‘(llll)t'l'l'_\' production iii Prince Iidivaril lslzinil. has been authorized in advice inst ft‘L't‘l\'(‘tl from Ottawa. This project [is under the lixpci-iiiiirntal Farms Branch, and will be athiiiuistercil by the Illustration Station Div- isioii of which .\lr. l§.l._ Eaton is supervisor for the Province. The location will be on the farm of Mr. Fri-d Chcveric, East Point, and consists of a iizitiirxil, (lav-land cranberry area, typical of most in the Province. A comprehensive set of BXpCfllllCllHll plots is being laid out.

B. Of T. Jubilee

The lloard of Trade celebration this cvtlllllg is another niile-stone—or go-mile-stoiie — in our commercial ‘history. During the past half- century the Board of Trade has functioned rc- giiarlv in the interests of our industrial and com- mercial llL‘\'Cl()])ll1(‘llf, under _a succession of able and, for the most part, disinterested presidents who hail no particular axe to grind apart from the general good of the community. hlany 1m- portant policiesof improvements in Provincial af- fairs were first initiated, and subsequently press- ed to a conclusion at the lloard of Trade. Suc- Qgggiyp giivcriltilfilils have found the Board of Tradi- ii thorn in their sides, largely due to the fact that the nien comprising it were ahead 0f their tiiiii- auil hail vision for the ftitiire. When the lloaril was inactive ivhicli has been seldom it \\'.l‘s‘ iliii- for llll‘ most part to the fact that it ivris for ilic time being in control of politicians p; m,» ciyipe of the partv in power. The Cliarlotte- town Iloiril of 'l‘radc has been a powerful in- fhictice for good in our_ midst, and during_ the next so vczirs on ivhicli it has now entered it is sincerely to he hoped it will equal if not ex- cel its past cnviahlc record.

Divergent Policies’

it lllZlV he gathered from the Minister of Agi-iciiltiirds lcttcr on horticultural develop- niciit that the Federal Government is assuming the full financial responsibility for the horti- ciilturisfs services, and that he will be an of- ficial of the Federal and not the Provincial De- partment. This evidence of Ottawa's interest in the fruit industry comes at a time when rumors are afloat as to an Anglo-American trade pact which rnav have the effect of wiping outffllt‘ apple anikother fruit preferences in the ‘BflflSll Market. Nova Scotia growers are particularly concerned about this prospect and have gone 0T1 record, together with British Columbia and Oii- tario growers, as being strongly opposed to ‘any reciprocal agreements, relative to apples, iv-iich will affect in the slightest degree the preference enjoyed by Canada under the Lnipire pacts 0f i .2. Ulit seems incredible that a policy of encour- aging fruit production should be inaugurated coincident with the abolition of these preter- ences which have bccn the greatest stimulant to production that Canadian horticulture has‘ cvci‘ received. Perhaps the explanation lies in thc report that neither hlr. flardiner. ll"? Federal Agricultural ltlinistcr, nor Mr, Dunning is favorable to scrapping the Empire preferences for another ITS, trziile pact. and that the initia- tive. in this matter comes largely from Premier King.

Anficosti In The Limelight

lllt‘ l-llllltl of Anticosti, according to the lion- trt-al tiia/x-tic. is oii the point iif being sold to a Spmppup. mainly. (lllllpUSPtl of Dutch and (10t- [11,11] (‘flplfilll-‘KQ who propose io_buil<l and operate an the island a siilphite pulp iiiill. .

("nmppsnqppl i.“ thi< report lhc Quebec Chron- irlc-'l"i-lii i ('Xlll't‘.~~l‘< sonic zinxiety: Apiicnq o inil with ziii area of more than 3.000 iiii l’ sitiiateil in thc Gulf of St. Lawrence off the (iil-lif‘ l't'!\lll~lllil. lt is right at the front

I

(lorry m" ("aaiiila in general aiiil of the Province of t_‘)iii-hi~i~ lll particular. ".\laii_v of its." says thfi lilllPllUC tizipei", "liavi- niit yet forf-Ifilfc" lllc l?‘ ifmq m‘ llfl‘ |lisi‘il\‘('l'_\‘ of cement foundations in llii< (ll<ll'it"i lll iiiii that although ostensibly for iiiilii.ti,.il lilll‘l‘tl~'"\', would have served equally well fiii‘ gun eniplziceniciits in certain contin- glvrivs,

i “Toilav ll'-\' lll‘lll ever can Canada afford to make Il\2llll‘lll(‘ to a possibly RFZFJFP-“lvc ford!"

power anv property capable of being developed lllltlCl‘ pUIlFf‘ coiiilitiiiiis into an effective military l~;q».(\ for aiiai-kiiii; this lloiiiiiiioii. in the event pf \\‘,'\l‘—-Il(‘t'lIll'(‘Il or iinili-clzircil. And if Anti- rosti is sold to a lhitch-(iiirliiaii syndicate, there i; withing to pl‘t‘\‘t‘llf its use iu that way. But even :iii:irt from the threat of invasion Quebec fn|‘l'|ii1l\' iloi~< iiiit ivaiit to sec a community of fr“... tnifllfi ti. 8on0 lhitch and German people Sfftvleil tiff llli‘ ("mist (if f ilislif‘ .'\< fl Cflllfl‘ 0f Nflll priipztiyitiila fvoni which the entire Province may ac iioioiiieil.

"The public interest takes precedence over pfivtlt‘ lllll'l'("sl_ of ni-ce-"sity. and the deal mit- liiicil l)\‘ the flan-lie can only be a losing one for Canada and fhicbcc. no matter how great the (‘L‘(»|]iil]]li‘ ailiaiitagi-s- of which it holds nut the promise iiiai- he. Ottawa should act iiumi-iliiitc- h- flllll slim at all costs the salt of .\iiticos‘.i t0 iptprcsls lllllliT .\dolph Hitler's thuinbl"

The Bond Market

n! ~-i-- \_ l-l. .\inc= 3' Co, have is~ucil an in- tori-Eur whirl of \'{ll‘illliiill iii hoiiil prices dur- ing! the |i."~i ten ‘il'.'lF<.

hlilii-ii-ih public ziiti-iiiiim seems to have been (iii-cried fi-iiiii the bii-h-gi-aili: bond market iii the |i‘l~'f viiir. s-iiiiie si-giiificaiit changes in its posi- tion have l;ll<(‘ll place. .\s far as prices are con-

cerned, they reached their highest point in Sep-

P

teinber. i930, and receded until April, 1937. Since that. time there has been a modest recovery although the zimount of new capital raised and the volume of bond trailing have been lower than iii many years.

Despite the recent successful financing by thi. Dominion, Ontario and New Brunsivick, inac- tivity has continued although certain develop- ments, ivhich are noted, zippear to have been strengthening the near-term position of the high-graile bond market. The conclusion should not be draivii froni this observation, however, that a pronounced upward movement iii priccs is inevitable. Rather it may become apparent that the inactivity in the bond lll1lfl\'Cf represents tlic attainment of a balance of “natiiral’ demand and supply factors at the present time, which is in contrast to the “artificial" aids which carried bond prices to ncw peaks iii i931}.

Except for the period of iinscttleincnt when _Great Britain departed from thc gold standard in I931, the course of liigh-grziilc boiiil prices was almost llflllllCl‘l'll])lt‘lll_\' upward from the lat- ter part of_ 19.21) until the auiiinin of i936. This rise of prices was accomplished in the earlier stages under the niost unfavourable circiiiii- stances and is an zichievcincnt of first iiiniortziuce in the depression period.

The rise was, in effect, an evidence of the power of government intervention to overcome, through monetary means. a combination of ad- versities which in themselves could hardly have failed to hold bond prices (lOWll. In the main these unfavourable influences in the depression period were the constant decline in our national income and the substantial amounts of govern-

mentdcficits which had t0 be financed by new Scctiritics.

The national income-by which i5 [meant the aggregate incomes of all those engaged in pro- ductive effort—declined, according to estimates of The Bank of Nova Scotia, from $5,879 mi]- lions in i929 ‘to $3,226 million in i933. Such a reduction, cvcii though partially compensated by falling commodity prices. was so severe that it seriously reduced the net volume 0f savings. Consequciitlyi it would have been normally ex- pected that the ilemand for bonds would have been less keen than usual. On the other side of the equation was the fact that the total of public deficits, to be financed by bond issues, and re- sulting from railway losses, unemployment re- lief expenditures and so forth, was stibstantial in the depression years.

In such a situation, it was hardly to be expect- ed that an increasing public debt would he ah- sorbed on a rising scale of bond prices hv a, nation whose national income was falling. lYet there was such a stibstantial rise in recent vcars that Canadian high-graile bond prices surpassed thosebf any previous period in our history.

This unexpected result flowed from several causes. chief of ivhich was our departure from the rigidities of the gold staudaril and the initia- tion of an “easy iii0iie_v" policy here and abroad.

The contrast between the high-grade bond ‘market at tbs‘ present time and at the height of easy money ’ intervention hes in the fact that the conditions of demand and supply seems to have undergone a radical change in the recent past. On the supply siilc of bonds is the fact that ini- proviiug business with rising revenue collections has so hettcred the fiscal positions of major bor- rowers in Canada that aggregate borrowings of t1c\\'_capital arc the smallest in many years. Ac- cording to a recent prcliiniiiry cstimgltg of t1";

Bank of Canada, the ainoiint of new capital is- sues “<15 only $30.4 millions in the first nine lfloflills 0f I937 as compared with $266.3 mil- lions in the corresponding period 0f I036. In other words, the siipplv of new boiiils has been smaller recently than in many years 3m] it is m; expected there \\‘lll bc any marked change in the final quarter of this vcar.

I Editorial Notes l‘ Naval llattlc of thi- l"alkl:iiiils this ilatc, i914. Ill It i‘ *

Ariuoiinccitieitt is lllllflt‘ elsewhere iii this

issue of the (ioveriiiiiciit's Youths Tiraiiiiiig

scheme. n- =i< * v

ln the llritish lloiisc of (foiiiiiiiiiis. the .\lin~ isler of llciilth. Sir lfiiiiislev \\'o0d. ri-vt-aleil the startling fact the pit t-iit popiilzitioii dc- cliiic. if continued. would reduce llritaiifs 44.- 000000 pllllllllljlnll to 5.000.000 iii ltli) vcars. To find a l‘Clll(‘(l_\’ for this ,\l1ll(‘ of ziffai i a hill is being debated to priiviili- a "iniily census iii lf)_§i'§-—a hill which llii: i-ppiisitiiiii has iii-signat- ed the ".\'ii.scy' Parker" llill because of the iiiti~ mate questions the cunsiis takers are expected to have answered "

=ii s 4i s

The Duke of \\'iiiilsoi' has ciiircllcil his per- mission to .\lr. (illllllllllll .\l:icl;i-ii"ii' to write his iltitltcirizcil biivgraphy‘ to tlillt‘. .\lr. hlilckciitit‘ approached the l)lll\'(‘ zuiil was given to llllll.'l'— stand that llis Royal Highness would wi-lcoini: a book to be written by .\lr. .\lilCl\'(‘llZl(.‘, llut af- tcr full coiisirlcratiou of the synopsis supplied by hiin (hlaclceiizic) aiiil of what such a hook would iicccsszirily involve, llis Royal llighiicss wrote to inform Mi‘. Mackenzie that he could not supply iiiforinzition for it.

x =ii n»

A correspondent suggests wc initiate a hiiy- at-hoiiie campaign, \\'hat \vc want probably more is an export iiiiirkct for our stirplus. Most of us consume our own hoinc grown products- unlike Nova Scotia we do not iinport o0 pcr cent. of our butcher nieat fi'oiii Toronto, although much more comes iii cold slonige than is ncccs- sary or ilcsirable, With fruit it is different, we import far more than we should because of the Government's neglect to foster the in- ilustry. The Board of Trade could :10 into this matter, and enlighten the public by publishing the result of their investigations.

4 n

Engagement of $i,8o.t,ooo gold in Canada for shipment to New York ivas rcportcil Sat- urday to the Federal Reserve Bank of New York. This was the first shipment of gold from Canada to be reporter] since Oct. 27. It rc- siilteil from the recent ili-cliiie in the price of gold in London, which oucc more has inade it more profitable. for Canada to negotiate ship- ments of the metal to the United States. The Bank of Canada normally sells abroad; at frc-

quent intervals. most of the ncivly mined gold which it buys from Canadian producers.

I llflTiES av TllE WAY l

Down in Florida, we read, the resiucnts nvlng along the rignL-of- way ‘of a certain railway eompnined of the slirlll whistle used on the locomotives. ‘Fae railway company decloed to do something about it. ‘they arranged to give the people the opportim ty of assisting l‘. choosing another kind of vvlikstle. Tile method adopted was to equip a locomotive with six different types of whistle sand w have it stop at. l9 cities from Jaekscn-iile to Miami.

t. eneli centre all six whistles were tocteti ii turn and the people askeii to vote. Between 80 anu 90 per cent. favoured "No. 3," descabcd as an instrument producing a "deep, peris- lng tone—capab!e ' of providing ample warning without being of- feizsivef-Winnipzg Tribune.

In a bilok, “This ls My Story," just written by Mrs. F. D. Roosevelt, wlfe of the U. S. President, she Says that she stil. has spells of shyness when slie wlslies the ground would open and swallow me." Her state- ment brings to mild the incident of a well-known Canadian public man. who was e specially effective as a platform orator. To a close friend he admitted in late lite that. 1f at any time someone had opened a door behind him just. before lie rose to speak he would at once hate bolted through it-llraiilford Expositor.

‘l‘l'l"' (‘fI/\_Kl.()'|'|'

Britalnwill make a trade pact with the United States. There are many reasons for welcom ng it. Friendship follows trade, and Brit.- ain and America need to be friends. The talks on which the terms of this New Deal will be based have beer: communicated to the Domin- ion Governments. At. all stages they

have been informed, and, so farfno ODJBCUORS. British trade policy now rests (since the Ottawa Trade Treaties, 1932) on three bases. F rst, come the Bixtish producer; next, the Empire producer; third, the foreign tiroclucer. If the new pact gives preference to the Americans above all other non-British traders, the Dally Express will welcome lt. There are ways in ivlileh American indus- try and agriculture are cotnplc- I mentsry to our own. But let's be plain. Ottawa stands. London Daily Express.

Stuart. Chase, In an article ln Harper's, criticizes the mystic, nicanltigless verbosty of Hitler's oratory. Well, Hitler has pleiny of precedent, among the German phil- osophers, for these high-sounding abstractions. A classical example ls Hegel's definition of Iovc. "Love, said Hegel, “is the tdeiility of the relativity of the reality of an in- finitesimal poi-ton of the absolute totality of the Infinite Being." Hit- ler can hardly liope to beat. that.— St. Louis Post-Dispatch.

llcris mined in Landsmerc, llol- land, landing lirstrects. on roofs in gardens and in fields nearby. Housewives gave them B, royal wel- come and put. them in coops or in mts to cook. The biddies lind been picked up by a wh iawind that. des- cended on chicken farms in the country and carried tlicm to the town-Chronicle Telegraph.

The preaching of the doctrine that a nation to be real must be racially homogeneous beiirs directly on the United States. It. is the basis for Hitlers ingenious classification of this country as an emplre “govern- ed by a small nucleus of real Amer- icana." Millions of Americans of

German, Scandinavian, Italian and

other European racial stocks, who

are contributing t0 the welding of

a unified America will be surprised,

if not. outraged, to learn perhaps for i the first. time that they are not. "real

AmerteansP-Ncw York ‘Times.

As the Prime Minister put it: “Broadly speaking. I would say that the proper function of Government in relation to intiustry ls t0 create the conditions in which trade and commerce can be most successful carried on, only exercising us much control as may be necessary tn the public interest." Tliilt principle 0t benevolent. co-operaticn, ivithou; undue iiitcrfcnenes. is the anttliesla of the Sorlallst. partys crccd. which implies a regii a..0n in every d - partment. of ‘Le amounting in ef- tee‘. to ctn' .on. The idea that the vaal cs of ii lrgniy n- dllSil‘li\l‘.'.'Q'_| s tv cauil b: bfiitci‘ conducted by politleaans and 0.! c- lals than bv men trained and cic- rlr tasks is too faihas- l .\.iere but. it Soon lSi pliitforin. 1r ntay be that tile Ci v- . criinieni must iuiv ts- pair, but tha‘. part1: as Mr. Cliaililsii aiil , Insists, ciil}, to fzml the true lzal-i alicc be. flllJYlS a s niaurliio . .rl..--lJa:.y '1‘e1cg..ii;li- and Marnxng l o.l. l

out test of stat s-

Cllarls. 611190.. (irnrgia. (lfljlllyi county ta)’ collcitui‘, S.lil{','-,l(l L\v.i days to balance his bunks. he was, a. ll ckcl shy He evcn carried cn the grlm battle ‘Thanksgiving Day because tlicn he would be tree or interruptions. But the door Opillitl and l1 man entered. “I owe you n nickel," lie saltl. "They gave me too much change when 1 paid my takes."

"Everybody knows the stock mark- e: has no permanent effect on busi- ness, but. it docs have an effect on the state of mind of the American business man who plays the milrk- ecs. He often mistakes his personal depresslonfor a business depress- lun. The stock market has no more real effect on American business tin: nthe results of a. dog race 1n CallfornlaT-Henry Font.

Only one who has seen a lynch- tng can appreciate’ to the full its horrible bestiality: the terror ln the Negro section. the festive‘. air among the whites, men like blood- hoimds in the Joy of the chase, the carnival spirit that. accompanies the fnflctfng of indescribable tortures on the victim. . . . And a Southern gentlewomah. Mrs. Dlxle Blbb Graves, rises to make her maiden speech ln the Senate of the United Stat-es, tears in her eyes, to plead against. the anti-lynching bllll-New York Post.

Fritz Kuhn, nntlonnl lender of the Amertkndeutscher Volluibund, paid Cleveland a visit over tlie week-end "to clarify the public mind about.

i (lpplllllg eflllliltitif-I p l nl".l Gearing; that, tn doing this. lt

the Volksbutul’: position." Some

l‘I'_|'>()‘WN GU.'\R_D_!AN

PUBLIC FOR UM

Ihln column In open lol flu illnuiinulon In urrenpundenh ol qunnilunn 0| lute-uni The Charlottetown Uunrdlna do» no: nuwnnnrlly ondornn the oplnlonn of nornnpnnrlnnnu

FOR CHINA'S USE

I Sir,-—Even Dr. Mayne is feeling tlle pinch of the new Chelton speedway. The doctor has a patient ciown near the school but since th.s Stop Traffic Highway has been put through lnsLcad of the doctor go- ing. the short and natural route he now has to go round by Seiirletowii, dowi. the North Carleton Shore Road until he comes to this new Highway. Then he ls forced to go into the fields and cross through farms before lie can get to his pat- lent. What a plly we could not. transport this new Campbel Gov- ernment Highway over around Nan- king. China, to stop the advance of the Japanese army. I am, Sir, etc.

CHELTON RESIDENT

Cl! ELTON CROSS ROADS

Sin-Recently there has appear- ed in the Forum several letters re the Campbell Government. new boulevard, put through here a few weeks ago. Several of tlie residents along this road are wondering why it ls that none of the Government members have vlslted this seasons latest achievement of the Campbell Government. Usually when a gov- ernment gives a d strict; a good road the representative members Ake to call around and receive the plaud- its of the people, but; strange to say so far no government. repre- sentative or official has been over it. Should any government, otitciiil or representative call around he may be sure 0f receiving full praise for any merits that. can be seen in such destruction.

I am, Sir, etc,

ANOTHER. CIIELTON RESIDENT

(‘HELTON CROSS ROAD NOTES

Sii-,—On Tuesday evening last a | inmerstde car was found in a ...;l way out the government. new highway project recently put through this district. Several people were on their way from the school north bound when they came across the car burrowed in the sand and mud untl the running board was almost. out. of sight. six men lift- ed and pushed and pulled and shoved for a good half hour. One of the sliovellers suggested that. all the sods and mud strewn by the machine be thrown back tn the gut.- ter so that. tne curs could have the old road again. Al; length Mr. Ray Campbell, who happened to be one of the rescuers, suggested carrying poles from a. nearby place, throwing them ln the tracks or LILCD cuts in winch the ca: was bogged and then the car could be gotten up unto the poles and the uccp cuts mignt. keep her on them and. in this way a rescue might. be made. This was tried and’ after six wiLmg men had g.ven of their beat tlu car was gotten up on the poles and finally pnsaed w safety. Such an embarrassing position does a ear no good, and furthermore when n. motorist. pays a government tax, that is said to be the highest car license paid in any part. uf the wc-rld, and the highest. gas tax by two cents a gallon, of any place on the American Continent, it ts only reasonable for the motorist to ex- pew. the government in return to iurnisli him ivitn a respectable road for him to ran his car oil in- svc-au of creating, through unfor- giveable negligence, a road than forces him i0 nave an auto pried imri pushed and shoved at. and finally run onto fence poles, cover- e-l with knots, spikes and nails. un- ttl she will go unfer her own power.