ANUARY 11. 193s

cKs_,_B6lVl>s

0 ontreal

Stock Market

(cgoadlan Pres!)

.. u. ... ans ass

RODUCE

(Canadian Tress)

-' .Al. Jal is-Hesvy volume u...) ploor demand forced h e“ pugces down. two to three ' nts n dozen on the produce

‘flyflery market hsrs today.

11h mild We

n," 1,, ,\[1\nii'£'iil in the last week. , receipts mu grllllcd eggs in csrlots or less

1m llt 20 to 21 cents, firsts at 28 11 cents llmi puiiets at 22 to 23 1, 1| lion-n. Storage eggs in car» or il-ss held unchanged at 22 11 for c-lirlls, '.‘l cents for firsts 19 cents n dozen for seconds, To m" eggs ill cartons lost from n, 11m l-l-nts a dozen. rloil or less of no 1 grssrbut~ ‘m slr-nlly lit 21 cents I pound. 1,1; were 47 tnxel. helli stead ilt 81A to 8% currcn ntario white, 10 i r rill-rout Ontario colored and ‘, 11:‘, lcms n who fo- earl! 11o llllllle. Receipts were 18

ililitlé! n-er-o firm New ‘Brunswick . slollnlnllls per $0 pound hag he- quutrri at 56 cents, Prince Edward 11.1 green nlountnins per 80 pound ' ,1 m wits and Prince Edward “.1 grerli lllnuntnlns per 00 pound il $13K" '

lvrsrocx

(Canal! an Broil)- 0.\'flli-lAil_ Jllll ill-There were cmle, 210 cnlvl-s, 1.101 hogs and 2 bllor sale ou the two Montreal mes mllrilels today. he S. S. Airtllria is reported to re Si. John, N. B" with 401 cattle Glllsgorv ml January 23,

lllllll v 500 l-llttle are to sa-l on Sullllrlll. Tllc two shipments will rs tlla yllrlls this week for ‘ Ht. n ullll llnljfllr. ullllys offerings of cattle were ally vows llllll steers of plnin to t fnlr lpllllliy with one load of ‘um good to good steers. There n‘ m» rllriy snles. ‘lllves ncl-c stclldy. The bulk o!

vclli valves were of fair quality l wcn: solli for $5.50 to $5.75 with li slllnll lots up to $0.25 and 38,50. ssers llrnllgllt $2.

Melina

y“ (Canadian Press)

MINING

(Clansdlsrl Press)

Olos ‘A

stbor stimulating pm- tloll large quantities of eggs have

totalled 2,108 cases. . two to three cents, extras being

Pivotal New York Stocks

seconds . Qtehlson .

uburn Motor ..'.__... ... Cansdl Dry osl ~... .... ... C P B

EXCHANGE

(c mu r DIONTREAI-l, 1:: ir-grltish

‘ lal Deputy 0mm Mum, omcisll installed the officers o! St. Law

in regular form, Pest Grands.

shall.

13 .0‘. Vanlderstlne as Warden. A. O. F. Gill as Secretary.

A. J. H0019 as Treasurer,

W- D- Wlye as Chaplain.

B. B. French as Guardian.

St. Lawrence

Commercial League Guardian Pub. Co.

QUOTA . I. O. O. E Lodge Installs Officers

On Thursday evenlni. the 12th instant James P. Campbell. Spec-

r°n°° 1048c no. 0 and Wiltiey 1043c no. 27 for the current tel-m, assistins Bro. Campbell as installing oiilcers were

Theo. Berliner as Grand Mar-

PflOY D. Worth Robb. MscKlnnon

K. J. Bur-hoe

nlirlry: my 201,5; July 201,4; Oct

(alumni Pa") W. Burnett . . ltocha P - M. Carmichael . 1221232. .1 - n vessel .. As G 11nd “El I C. Nelson .... ‘51332113115, _ w} A. sherreh 219 11a 101 El Bond and fihnze . 1g‘? Total__2fififl' 23:52?’ W352 '...'::: h‘. Bum in: P;te . Lost by default. sznbllnlgll"..."I..'"I'..".II'.III 21v. Hlsh single. C- Nelson. 245 pins- ~——-— Hlgll three, C. Nelson, 6B8 pins. - . Prolvse Bros. G RA 1N ‘r. w. 1.. lzovrs; 171 25s 221 w. Whitiock 161 14s 131a ' A. Henry . . 208 226 186 (cmhm PPM‘) F Adams . . ,, 190 14s 150 WINNIPEG, Jun 1s- P. McTague 144 79 1B4 - cLosE sluy 45%; July lusi- Oct T°t“1_2687' gallant: sluy 4m; July 4m; Oct liolmlns Lid- olitr: Mu can; July m4; Oct m“ by damn"

High single, F. Adams, 243 pins.

as,‘ High three, T. W. L. Prowse, B31 _ CA8]! ruler-ls pins. ' 11$ 2x30: 4,3,4?! 110%" 3m“ 5mm“ a‘ 6°‘ 1gb 3 ggaililéaf: 11.. ‘sgw-Zssih m; udslm’. P. o. Acorn 11o 14s 207 "" i "° P '° “""" r‘ s. Biatch .. zoo jfgfilltlré s!» f» g gang; r11.’ sliczuyv H Thornton .. 14s ‘l-Vo fged 13st; Rojecilflll I'll/EB; Track W’ smith "" " 109 2222-1 N 1 a w q \_ 4 P w S Johnston 213 1'10 2s; "blond c ‘w 24; 1.53.18 n" :23; T°t“1—249°~ Truck 2114. l Stewart's Bakery . . . . . . . .. -—-~- " Lost by default. Bruce Stewart s. Co. P. G. Acorn 161 ‘150 138 F. s. Blaicll 151 14o 19a H. Thornton ........ 164 119 196 Scores at. the Miniature Rifle gV-Jsm‘; 1,4, range last week were as follows: ‘T°:al_2:;3_" “m.” A" _ . Dlslarné Telephone 00.182 H9 m5 I 1 M“ w“ Tm‘ WZIWI-skeillfl: I: lso 11s 5' 5- mmxm‘ " 97 -” "3 $.11. Smith 14o 151 11s ‘7- 5- m” 9" °° '1” n. M. MacNevin 21a 11s 11s w- Wm“ 9° 95 185 .1. r. Moore m 11s m 2:; W. Dlnhll . . . . . . .. 95 39 184 Tom1_2620_ L: :48 w R‘ seam“ " 9g 9g Majority for Island Telephone 00., .. ... ... ... 3d R. PNWIQ . . . . . . .. I 9 97 pml -' 1°, 1.. a. MecDougsll . e1 as 180 High single, s. Johnston, a4 pins. 81% '1‘. R. ’I'hiis 84 BI 166 High three, B. Johnston, 070 pins. a?‘ n. n. Horus 9s - as c. N. n. 011m Milne £2 A. V. Bpillett ..... 87 — 87 Maroons 8 _ J. n. Nelson is: m! M :16?" in” as s2 lso f: " rm m i‘ c §.'§.§'§.'.‘..'.' '19 a4 lea W. c. MacLeOd . -- 109 l" 1L5 m, 7s so 14:1 Ruby Campbell 111 110 ‘M, ...'7,‘.. -_.§",2 r. Bumett“........ 4o s3 2 $231,143“- " -’--"°"- enkins - s4 v4 "M4575" n‘ J _ a1 Capt. Sam Hood Missing ,.. . s E. Ilbrguson V‘ “a a" _ _ _ q D H m _ 3., T, M, Breh..ut . ' °' s. s. MacDonald .466 M n‘ my — as 1r. n. Hewett - 244 164 A‘ “M” a’ '3 .1. Izell Rice .... ..14s u: L." Stevenson 82 s: Towkmm J. B. Johnson ‘is — BM,“ w- 5- "fl-‘m 7‘ " 75 J. RJ-Iowutt .... .. m lan .- J. W. Johnson . -— ‘l5 ‘L- w_ Q Dav,” u °~ ‘Bmh - '58 " as !I... D. Can zron .. 0- Hqrlm- .. so — “'0. Blenkhlm _ assume . — =4 3* H.B.Dov".las 121 m. Ori Monday of this week the T°m].'-1731, high scoer in class "A" W“ b? Osmpllilfll .l.~s. Munrunli Ind 1h class "B" w. rlqruwubehs ‘ll HI

as ‘by n. r. Jhmleson.

F

. . , -. use “r. see u. I

"rhobluh is new meeting reg-l M5114 MacCsnneli ........ 110 niarlyeseh Monday and Wednes-

dly 1 he's handicap 511W‘

Urban Gallant ........ . 00

Geog-lg r-iennessey ........'20l

Total-WIS. Bowling Tbllllhi‘ be on hand '1 to il-Y's Men.

s to iii-Y's Men and llsnattd.

1m; " CHARLOTTETOWN CQARDIAN

IONS u Summersi? i Town League

In their tilt with ‘the Gimmies. the Dry Cleaners emerged on the y long end of a 50011118 bec- D17 - Cleaners bagged five and Gimmiss four. Both teams were working short handed as several of their membe were laid up ..wlth the prevailing flu. 1

F. ‘f-‘ooclslde opened the scoring after three minutes of play, when he realized on a. long shot, and Holman followed with another goal from a mixup in front of the Dry Cleaners net. Half way through the period Schurman best Mlllman for the Dry Cieanersflrst goal

Th, 0mm‘ m. both has" a", and Danny Gallant tied the score Wildcy

s. few minutes before the bell.

gulp‘?! lgorlrl;|c“.... v Noble Gram, .' mgrftizolsege; minutes pgaytsevhurt. Jllll ll ... e a niixu X15 , Wvllinsllilrouse L“ F‘ Dawson Herb “mum and two min tes 1 tarp!‘ yWoodsid Woolworth . Vice Grand “ " - °

again evened the scores when his shot from centre ice rolled past de-

Hec. Sect . L A_ stew", y E Adams fencemen and goalie.

Fm seam Five minutes later Dickie scored K Q Lem}, a pretty goal when he took the

puck up left lane and best the Dry Cleaners defense, placing the

Presents S

"Canada has

Sir Herbert liolt deals vigorously

Outlook.

The Sixty-fourth Annual Meeting of The Royal Bank of Canada

ful year. Tile Sta‘ submit- ted sllowcd lllc Bank to be in a very strong liquid position. Of the Total Assets oi‘ $765,512,920 the Ll- quid AS8015 alnoullied to as much as $355,929,015, and wele equal to 52.86% of ull Liabilities to the Pub- lic. An outstanding feature 0i the Liquid Assets was the large holding of Cash Assets, wilich reached a. total of 01m Hundred and Sixty- Four Millions.

The Annual Meeting brought to- gether a large number of- share- holders, nnd iliiib‘ marked by inter- esting and instructive addresses by Sir Herbert llolt, the President, and Morris W. Wilson, Vice-Presi- dent and General Manager: Vigorous comment and sugges- tions ns regards several of the out-

hockey game, but developed half- way through the first period into a

5 scintillating, breath-taking contest,

the Kensington Grsnites took the measure of their old rivals, the Cape Traverse Blcodhounds by the score of 4-3 Monday evening.

The game, which was played in the Kenslngton Arena, went into one period of overtime, and the fans were on their toes till the final gong.

Clint l-lowatt started the scoring about a minute after the Opening whistle, receiving a. puss from C. Macwilillims, his right wing. About eight minutes later, W. Gardiner shot from outside the defence, and Hickey misjudged the drive to let it trickle into the net.‘ With two Hloodhounds in leash in the pen- nlty box, the Granites pressed their advantage, and scored two rapid- flrc counters, the first a Cousins to A. Bernard play, the second the re- sult of a. smart play by O. Darrach who went right around the Blood- hound kennel to poke the disc in thcicorner. With the two teams back at full strength, the Kensing- ton sextet continued to bore in, realizing shortly again, Jsmieson slipping the rubber over to Wed- lock who was parked in front of the net. Carver hadn't a. chance on this one. The game continued fast throughout this grame but no further scores were chalked up. The big parade to sinners avenue was in full swing.

Amid a deluge of penalties the teams struggled through the middle frame, neither side having much advantage. C. Mscwlllloms got the only goal of the period on a lone venture down the right lane, and s. steaming drive from fairly close in. Neither team were able to break the deadlock during the third ses- sion; feeling was high, and the re- fereeswere kept busy waving the gladiators off. When short hand- ed both teams worked valiantly and held their opponents until the pro- digals returned.

The overtime session was still young when Jsmicson and wedlock put on their act again, Jslnieson skating in deep, slipping the puck to wedlock in front of the cage. Car- ver was given no time to save. The remainder of the overtime was pack-

lloyal Bank of xiianalla

CASH ASSETS 164 MILLION DOLLARS

tsined her credit unimpaired

problems — Elnphssises need for Government Economy - imperial Conference — Canadian Business Conditions — international

Mr. M. ‘W. Wilson reports on satisfactory years operations - Cont“! Bank discussed — Measures needed for business recovery.

marked the close of a. very succcss- Jneetlng any further tests which -

llc liabilities,

public liabilities. the notable market which took place during tile ycar, and said: “Canada. again proved its capacity io provide the funds required by our During the year the average yield

trong Statement

with Railway and other national

In concluding Sir Herbert said that Canada was fully capable oi

might be imposed but felt that present indications polnicd to the initiation of ll recovery ill 1933 if s. reasonable degree of interna- tlonlll common sense and co-cpcr- stioll could be secured.

Gen. Manager's Address

IVH‘. M. W. Wilson, Vice-Presi- dent arld General Manager, in re- ferring to the position cf the bank. said that an outstanding feature of the Statement was that cash and cash balances totalled $164,630,000, or over 24% of pub- total liquid llssets being equal to over 52.8015. of l-ic mentioned improvement in the

for government bonds

public bodies.

i’ i h i J. D. W cihilgfiueflfilllll-Feusnuurgfilgé‘ m: ebaterw N' mcholmn disc in the corner of the net. Just standing domestic problems of royal B k t C d , l guuy “"19" before the be], Mo t m r t, d Canada "nd ‘ill able summary of \ llll 0 EDI! I C 059d 0 n- ‘ llvfflllows: A. R. Dover W. M. Munroe n 8° e y e the world economic situation and 2331:1211‘ geisha .'.;9g,'r!6B conductor the score once more when he real- me prospects ahead; a Strong plea gum.“ afhnun“ ‘M, ‘mum, v_ L Ham“ F m h ized on a nest pass from Schur- for the amalgamation of the two 3913mm 1,1,1" 1m, ' . - 5- h mam Haugway through the thlrdicnnadisn railroads, as the only 3'1"" "11""! ~93“. _ o- clllfd manner in which the grave Cana- gfililnflllflxli lev fiat quoted a 3_ C_ vlnydersum He" Johnson session Gallant scored the Wm‘ ‘dian railway situation can be solv. Cwcllamlm Oélliwdnnlllagtllidz... I Guard ning goal and Gimmies then played ed; mgerventmn by the provincial Blmlmnsktlkronak .1921 . . F L Reno": . Hugh MMK” all men forward but were unable goyerninents to COIISfiN/fé Canadian n an ulnar .0172. '. ' to 1;}; b y _ nn urn resources, an 0 prevcn gergglnyrrlléllccfiogflsr} "m n. s. N. c. T§;f';me_;p5,c°r° e m m” be“ the collapse of the vitally import- “ WEN“ A °~ P- w" l». um bu...2:2:1il:s;*":.;:.<1:*lil;;$112.2": roece rllc mu . . L_ 5, N G , H ll _d Ii l .4015. ' Goal ure o-opcration are not suc- “lolflgzfy r333.» 1-‘012- ‘L R Campbfl P- J- 5mm" Phillips Mmman ‘ifegsfuhcand o. condemnation or ex- 1I,',',',1'!“,,‘;':9?&sh2“24' R. S. V. G. Defense Icessive governmental expenditure, gsollnuyfn (111584. mm R. L. Huestis D D Morrison Moo" Lea gagged the “ddmss c’! the presl’ ugos vs nar . ~ I, 5 v G - New Zcnland rlollnll 5-4070. ' ' ' ' . D. Gallant F. Woodsida Sir Herbert sold in part: gcrwav kraneiailiglil. J. I. Mclrn‘; Gordon Swan - Forwards 1 "The power of rtslstance which 21:12:21.1]? a ' ‘_ '1 R. S. S. ' ._ n this ccullLy ilos shown during the '51,..." lr.r.i.“,..".‘.’l,r' 4.02011. y, g D tior~fltt Theo sent“, s“h_‘"'"““ wmdsld“ Lilli-d your of tllc depression is Spain pesetll .0010. ' L ' M°ms°mul 39mm" cause for collgl'."i.u.a.i.ion. With no gziegzrrllhfirivmtlrli-fioiloglz S B Fr h - 5- 5- Wheaten Dickie financial assalance from other Unite‘! states, dollsr 14% per-cant] ' ' me chaplm“ MMKQPZ?’ Wii-Yd O'Brien gglllélll-rllcsoi aligns; wlaflchsfiaflnsl rem um. l , ‘~ - lllsw YORK, Jan iB-(AJZI-For- 5 F. Tubmh H P, u, sfluphaét arranged on a strlchy bllSJZl-ISS clwn exchange steady. Great Bl-‘tnin. '. ' ‘ ' a , Refer“ ‘charlie can!“ basis, with currency d.p;ecisticn 335: low 334: closo 8.84: France 300- J. HG. __ . , » . 95- rm ‘51155- Belgium 1:1 ss~ our» “l mm“ °f 5°“ ‘muted u‘ 9' ‘my min}, 70%.. 5",,“ 8130f ' F- H- Stanley Em Molclnnls - - moderate percentage, and . w.th ' ___ , none of the resitltctions cnlfotieigln l . ,» ozzchany or n crnaliona ‘ra e Y. _ which hove been found inevitable N Y ‘ .____ In agame that opened slow.y and d, 5,, many 01,5135, Canada, has r o o looked as it it would be Just another Jved up to the letter of her con-

tracts and maintained her credi. unimpaired. In doing so she has followed the tradition of the Brit- ish Empire as a whole. It is no[ exaggeration b0 say that the sta- bility and soundness of the Em- pires ballking institutions have ,plsyed an important part in the creation of this good record.

Railway Problems

Ill referring to the report of .he Royal UUmllL5Sl0i1 on Chans- pcrtation, Sir lierberl expressed the opinion that co-cpclxltlon be- tween the two rnllruad systems to effect mutual economics will no. prove drastic enough to out dawn in any adequate degree the unllual deficits of the government railways and expressed the conviction that the solution lay in complete amal- gamation. He. felt fears of a. mono- poly were groundless and that under proper safeguards unification would result in a co-ordinntcd transporta- tion system adequate i0 the needs of the country and conducted at n minimum of expense-

Government Exile!!!"

“For many years. GOi/efnment expenditure has been on an ex- cessive scale. Extravfliéflnce has characterized the budsvts 0i 1w- tlonal, provincial and municipal governments. Throughout the country there is a Smell“ d3‘ lliiilid that budgets be bfllllllwd and every effort nladc to 118M911 the heavy burden imposed upon the people by reducing the unduly heavy 1axstion.

"There is a noteworthy dupli- cation of Government in Cflliudfl- which leads to the excessive cosi- of sdnllllistration. We must seri- ously consider whciilcr this coun- try can afford to millfliflln B’ many as nine Provincial Govern- ments. together with the FY1161‘!!! Government, each with an elabor- aic organization. The whole D0111!" lotion of Great Britllln is govern- ed by n. single Parliament which finds time to legislate. not only for all internal matters, but also for those which concern the Em- pire as s. whole.

Reviewing the Inlpcrllll Confer- ence at. Ottawa, Sir Herbert said that the material ncilicvclnents at-

on Dominion Government long- term bonds declined from 5.20% to about 4.8335. distinct and very satisfactory im- provement which should be carried further as addi- tional cnpital seeks investments in gilt-edged securities."

system of Canada adequately serves the needs of the country, he said that o. Central Bank could perform few services not svailalfe under the plesent system, and would not in any sense do away with the neces- sity of requiring adequate scnlrity for banking nccommeuation, nor permit bunks to undertake long- lerm Lrallsscwions instead of short- term advances for reproducdve pur- poses. ulon of celltla. banking is not one to be dispose... ol said: "i. slluulu hope tlllii; if Punis- menl. is cahed upen to ucal wltll llle matter, Llle uuvelnlllcnl. wll.

tllulougliry by u DOG)’ 01 experts, lil- cluurllg sew-rd. lrulll olufil.‘ 1.01m..-

plsuilcul ii/Ufuiilb‘ o. a central bank. l collless w a. liilltiuylllllé 1.0 tinker wlull our llllullclal machinery 1n a tlllle like uIliS."

This represents a

in clue course

Pointing out that the honking

Recognizing lhul. the ques-

Eliillmdflly, he

lrst. nave the proyeut exullllneu

ues wllo llllvo llau experience m the

Price Restoration

‘Filflflflltlflllwll

new. u.

‘f u-ll"

20111.1(. FORUM

‘l‘llls colurrln is open for the discussion by correspondents of questions of intere Thr- Guardian dour not necessarily endorse the opinions of ncllpnndenta,

(Continued from page 4) —-——i——-—-_..

commodity with a. factory value or 85 minutes of human energy, on a llilfllliliiy production machine, for which the worker received in pay- mcni. for his labor, about 27 cents It $10.00 for 54 hours. The differ- ence betlvcen this and $16.00, being‘ albsorbed in prom; and overhead, Ynlcchanical improvements, what wal and cost. of material, divided be- tween the manufacturer and m". chant. Farm Labor Review).

This is not academic economics, us professionally taught in the edu- cational institutions of the world. with a, capitalistic flavor, as I stud- ied it, as well, as may of you read- ers did. It is, however, applied eco- nomics, as practiced, in the msrts of industry and sadly experienced by nine hundred million workers of the world.

These facts, bring us to a pre- vious statement, "morally corrupt," which I used 1n describing the sys- tem of price and profits. By this, I meant the extremes to which men and women are driven in order m survive. Chastity and morals alre sacrificed to the gods of want and need. Men barter their honesty and women their virtue. oolne gangsiers and statesmen be- come conniving politicians. Cheap political grafters are in the saddle riding the old steed of democracy straight for the precipice of poll- tocracy, (rule by politicians) which.