and

fit:

111-111-iiifi iii my arm an1l` _

aa- 1935

l 'SHOP from Ho|man's Catalog

aluliii 111 1i|»,11.i1111

111111.; ,;;ii-e\1:.~1_ \'i-ry s|»1-1‘l;1|` ,;|,11

HAIIVIPTON .0TRCLllT. '|`l11‘ lit-

ltll * \l l

111111- l`i1111-1| 1-l1iii'1li1-S111 ll111i.4i1:i\. _'

‘ll :1.11i.; |Iziiii|>t11ii.Z\ p.1i1.; \'i -l1-1'1:i-

l. 11.1.1.

1111.-1 ::11llr\r<-1| witli rIi1-u-l `

ncurltis knows what rt.-1111 AT HOML---.\l1-11. .l. l1‘. .111-1.1-1111i

Mrtinnrfmm ,_ iiilll |11- xii, Ili1i1.1- |1`.1|:i_v, .|1'iii11a1.) if ' ,_ ' . p‘".rfl "`111I 1i1..i1 l"l'l'i`l1i11‘1l11li`;i1 \`;' i'|i

lir li1iit-lit. of thi.-ii Um., H' .M ` lun '

siilfcrers. ' i H " " ‘ ' "~""-5

from it mzin in '

W|,,, mm] m|mm._ LADIES' FL-\NNELETTE .\i;:l1|

1-1-,lit-f, nnrl 111;-nl,,i111i1.~=. 11111;-_ .-111-1-11-1. V1-1') _»-11.-1-1:11

a simple home 1-1-I-1111. l'1'11\\‘i1i1 111-1111., |.1il.

tri-111.1111-nts-l t.ook=_ p1C1|0NA|;|p-5 _\,,,. ,__

1°r11v1i_1| l,ol1lm1-to';1,,. ,;,,,,,, -. .. ._ .' _ _

:intl iii lo.-;.~1 tliiiii . ; _ ' _ _ . `,_ _

my nml'3t‘i0“ wusfliiillliiin- llii-11 ‘ii A H

iif hi-ailing, lit. to thr-

LADY OF

S|0nn's

.1\1iI1l l.1iii\'. :\_v1i1- t'.i|1-1111111- iii 111

|11-iii-wail s11li.\-<f1'i|1li1i11_

lliii iii-1'ii11-1'1\“ tiuiilc 11111( (‘iil1-111111

.._______________ fiiirl 1111- .\11l1l I,u1ii.;_Syi1+- 1-11111111111

_ ` loin- willi 1-l11'Ii 111111' 111- 1-1-111-1\'1.1.I_

ti Sl|\lK|Nt3 FAST. » 'l`l1t1 tilliiril

1111 -1i;i|1I_v 11|' i-1111-ii1lz1i'\' i1i'1- 1:11111;

4*) 11-ry iiisl. 1111 11111 It-live

'|1111-1`i1l iii 1111-' 1-iiriii-.1 11;' livi- 111111- '.1.~1 \1'i-ll :is l'1ii‘ ai iliziry oi' 1-\'1-111

1 11-1:1‘i|1| 11111.

APPLE JELLY ----*<*'>- --'-'

.. ,,,__ ,,, ,,,,,,,___, ,,,.,,_,.,()rdiiiati0n' Service ’ 11 V1 1.1 1,111-111. 1»‘11I tlii-111. Rev. (L Rilnd

1| ,111 1.1 ii l:1i'i.;1- |111- -

1- 11 -1-11; \\'i1l1 _iiisl 111-, _ _ "“"‘_ ‘ , I

11,11 |(,,,1|, |1,,.,,,f,-,,,,, It--1-. 1. 1. Itiiiiil lil (riipiiiitl (,)1'~,

1 1_1] |,.,,,|,.,,-_ [|,,.,,-1111111--il l'i'ii-.<1 iii All S1iint'_< (‘:1l-l

1;,,. , , ,, .,.1|_- im.. mm |,, |11-1l1':il l|z1lil`i1x_

111- ‘ 11 111-~1-‘wifi :ii 11, ...1 l (111 1111- -|111 biiiiilaiy iii A1111-11| Illi- ]:11;I 111| _.11|| (.,,,,,|,,|| 1,, |,,,|_l.\1'1-l1li1-~l11ip 1\I` .\'111'11 S1-111111. |11-lil '11

' 'iliiiilil i1:'ilii1:i1i11i1 111 1111- l`:11l11-1I1'1il‘

CHERRV JAM V |111 lliilltiix, iiiiikliig 11111.- 111-ui-1111 £1 1 -“-111-1-ie¢4_ 1-111111114. 1|", |w,1_ i':i`siii_u two ilnzii-oiis io the |1i'lr>s1- 1111 11l:1111li

1111 'l`l11-11 iilliiw to 1-vi-'

llinni 111111 :iild to h1'>ii1l.

(;U|’;RANT CHEESE -1111111 \\'iia ill-livn1‘eiI'l1y |1111 Ri-1'.

Il.l

11 1 111 11,11 ,.,,,.,.,,,,, _,..||_,-,,1,, _ ‘iiiiii-111111111111. rf1i¢1rii1 11t‘ St I

1 - > 11-1111:'-‘s :i111l 1-liiiiriiiziii 111’ |111-

- j , - .;_, -. _ .,.

-, " ; . - 1<i.‘ if -. ‘

i: ' -- lin-1111-' II ‘ ‘l ‘ 1'

, `_ . ._l .F _ . ,_ _ ,,M,_l

~.._1 ,- . ' 1; ' ' 1 ._- 1_1 “xp” ".

1111:," - .1 ‘ _' .' - ,1i111l 1111- 1:11-lit A111' 1-.`:1-1

, ._ » - .1 - 1 ' ,S .1 H1 _

, ,,,,|, ,,, ml W ' This compensation was necessarily partial.

` ' ' " iii - - ' 4 The Government could not afford to rc- Y°’"‘ 1..... sume service on the full Gold Value of

- 1

1111 \11 11111111 111| |111 11i`

r>ft.liisan1zi7.lni:ly1°'" hi' ‘ 1

st-nds `

SHOULD AULD ACC-1l11\Il`lT

ANGE BE FORGOT 11111 11-1111 1111

liiiiisr-. |1‘11-1- with ylilli' lit.-W 111

THREE CHOICES. .\ I)1-l111.\1-

111111111-wilt-lt111-oiiit iiiiil milf-111|111~,

is 11111 lute. ltuiii-\\' tuilziy 111111 111-1 v1>1li' 1:lioi1-1- 111' tI11'1-0 1111-1- 1-aili-iitliirs. 1

THE FARMERS GUIDE AND cA1_Er~1o/xn 11-111 111- 111111111 1-111-_vi -

l<`|-1-.i- with 11 111-11' 111* ri-iii-\\':il .\'1ii1 ,

11111

,_,1 'I`l1i- l’i'11i‘11.~il1i1iil liyinii wlili-li ‘

11 11121112 Iiiiil :ill loin-111111' iv1i1-iI‘lIi1- 1'-'iii'vl<:1-. ii-:is "()1i .l111'~1-1 l11.,,,_ mm W" HS "WHL 11111131 ll1i.iik.~1." 'I`l1c iiriliiiiititiii _<1-1'-I “-

ii.

1 ...wsu 1111-;,__ |,11|_ 7_;;11,:,_1M',

_i~.iEi;'r1i1c or i\iRvAN s.'\i\.c. l.»FioM |»111~'1;111i11-il iiiilll lurili-11-111-» “'“- ' 1;;.'.:~1i1

l./\DlE`S' POlR|.£T TW|LL,Il;i1|1l\-.l “ -""~§".1' 1| >.~1> :it 1111.1 |1111:

K 1

1`I!;111-2|-I.\l1li

BALANCE OI-' OLJH l.ii1li--s`i

-I 11.1114 lo 1-I1-111' ii: llai‘i |1i'.i:.- rind;

1 1 -ii =1ll'. i’i'11i\‘.-.1- lL11i.1_, 1,111, ,

TI1&11\-ill-l.\lLli.l

~| \.1

|1111 1111111111 .1 ,t \ 1 1 . 1

3111111. ,l

11.11111 11: ‘ "

‘.1 _ '- `: only 11 li-1.' 1111111- - l 111| 1

it iiiitil it '.

1 1

..¢ ._

4`_'r _-¢.. fc- i

,.,,.._.. _ig-

:i1l1|i11;- - . -1: '.

'IM MARMALADE

--11 11111 |1i111i1|1. .11'|1-1' 111-1--11i|_v 1.1` |111- t‘Ii111'i'Ii of (11111 111-1 11111| 11-111111 1111 11 11111111111 1I1\ II1 11111111111 lliit 111- t‘Ii1ii1li I

1 I 1 11| 1111:11111ti1-_- 11l|11l I-.111-1111111 111111 |1111 111-|1:11'l1-il l1‘1\'1l

-_-1-1'\'i1-1-, |111- .\|>11»'111I11- 11iii1i:1'li'_1' an l`i11iii

11.1~1.\ii1_:: il |l11-1111211 ;1~:i~-\1.- |11- t'l\1‘i‘I. 111111 iilsii sziiil 111:11 tlii-.I

‘-111 it 11 " 1- 11j» 1 E.-1-iilil 1-sit-1-111 tlii- iiii1ii1st1'_v,

|1111 :is tlil- j1ii1-1- :<11-1

Rexah

Tablets

P,'°"‘11t|y relieve the worst

'°""\= of lndlgestlon, flat-

lllencs and dyspspsla.

A_ 'i-1111'i wiii Cllllvince You of Their Merit

PRICE so cENTs _AND $1.00 PER soxf

SOLD ONLY BY

111| |i11I|» 1`111' :1 Iitll1-11-1' 1111- _1-1-11- i1l'(‘lii-ist. .V111 ('i1i11ii:i1.:-I

11111: 11111 111, vi11rl1. II1- 1-11111-lii1I11| his 1'1--.

'11-11 _\'11ii1lii1ili 1i1ii1'|1.~' \\'ilI1 11 11i1l1‘ii'11i.: 111I1li'1-ss 11111 111 11 1-1111- l1111'11 1111-. 1111-111- 1-1111111111111-s, 1

1111 1-1111.111 \\1|l 111 :|1111 'l'l11- 11111111-s 'il' |111- 1‘:11i1li1l:111-\- :1|'1-,P

riiiu lill ll|1- 1:111'1`:1--1- 111' NIV. I-`, It |I11|l1111-11i\', .\`lii|1 lIi11'I>111‘.;

11111-11 1111 1111,, i1111- 111-11111111: li--1'. lf. t‘. lt:111<l. l’1'|1i1-Mi

II11-11 it is 1-1-:ulv |11 1'1'-1lI<I\1:1r1I I~l;1i11I. ullrl lti-1'. It. -l.‘

iT"1’1| li1'1- iilill |\r`1l 111 1»1i1'1-. lt11.~~'-1-1\:111-111111 111' N1-\\' Will:-1'|`111'il.‘

111 1-i ~111\p-l'11|1i-_, l1'11:- ‘I`li1- 111111-.11 1.--11'\'ii-v \1':1.~‘ |11 lit-1-11-I

1111 |1111 T111- 111111 111 111'- i111., willi |111- 1-11|--11111 1-it-11| 111111 ltr

i ` ` 111- .|1111-

- 11 -*,111 .' 1`1-i "f' ` _

111111 1l11'1-1- orili-rs, 111111 .~;polii1 111' 1111:-1

-in---1\_. --

1\\‘i1>‘ 11 |1;11'1|1-i|l:11‘|_v 1|1i]11~1-~‘.< -

'i:.-|1ii'i111; 11111-111-111 11111-11 Ilis tlriii-1-I

- 11111111111-I1-il |Ii1- 1-11-11111111111 1\1`tl11-I:1y- \

--1.-iili-111 .\l111i1‘._ Iii-1'. I. _ ~

(71|1ii1ii11,-,l1;111i .iiill 1`11111

1‘t‘li11i1-li \\'111'l1I

------~-mom----»

IN MEIVIORIAM

1011111 Firzcian/11.1: 01125 1 'suonENi.v or 1-is/rar

FA1i_uRE. ,

. _.. _ I

(New Bedford Times)

1 .ltiliii lfilzgt-riilil l';itli1-1',11i‘ ltr. l’. . |11-i‘11i11‘1l 'l"llzg\‘1'1iltl 1111-1| 111 Iii.< 11111111- 11| 11'- R11-111111.11111 Stri-1-1 S1111-` ,1lii_v 1il`t1-riiuoii .Iiiiiii:i1'y llllli iii th--‘ `l ugt- 111' 119 y¢1i1r.<11 Eutliiu his illiiii--1' w'l11 the titinlly Iii 1i|1p1i1‘1-iii good huiiltli. he luy ilown at 2 11'1-luck. isnyliig that lie felt tlri,-.1l. Slinrtly ,afterwards ll 11-us nntli-etl that his] lirezitlilng wits Iiiliort-il. ii 111111111' iwnr-1 liiiiiietlliitely cnlle1l. |1111. 1-1111111 -do iiiillilnz. D1-nth 1-nine very 11-'-l1'1-1 ‘\`ii|ly iit 5.45 P. M., shortly iitti-1' ltha Inst rlte¢1'ol’ the (¥l11|1'L'li |1110

|hi-en adiii1liils1.1-11-1-il.

1 1Mr. Fltzxi-rulil was lioi-n nt Kil- -iliiri-, ('i1pe. l’. l-1 I., nnil criiiii- tn, ,New 112-i'Il’oi'1l iilmiit 515 yeiim al-Z0-l 1l1'1»1‘ 10 yf-1i1'.~1 his wiii1 nniployotl an .lllizht wnti-Iiiiiaii 111 11111 New 11011- fnrd (‘o|111er works 111111 tor tho 111211

_ _ .- T111, C1111_r:1,n'1~1~11'r_nwi\1 1111.1 1111111111 A - ‘ -PAGE SEVEN,

,,',,,_,,,“,` IMMENSE PROFIT POSSIBILITIES IN

agulii 111 lliiiii.~1 _\ 11\t-is.ii\‘ I 2 O

A FEWlu1li1.-s' wiireli 111111151-:s.‘

|11 the year |919 the City of Hamburg

(Germany), floated a loan. This loan was

kréown as the Hamburg 4V2% State Loan of l lc?--Series B-the flonds forming part of this loan are the securities which possess possibilities of earning profits up , to 32,000% on the capital amount invested today. V

|fl““"_b“l'€ 4!/2% Bonds represent a direct

Obligation of the City of Hamburg just as City Of Montreal Bonds or City of Winnipeg Bonds represent a direct' obligation of the (-|*Y`0f Montreal or the City of Winnipeg. ln`G<'-rniany. City of l“lamburgiBonds are legal investments for trust funds and savings l>HIll<: ln_short‘: the prime type of security.

Ciinzulian l‘1i11nicipz1l or City Bonds are

payaihle. that is. they nrc bought, sold and rt-deemed with Canzidiiii lylnney; lil¢¢wi5¢ German Miinii-ipal or Ci_y Bonds are pay» abli: in Girrinzin l\|oney i,e,_ m;1rl1;g_ 'lhg Paper lvlarlt, or what is known as such, hav- ing no value. it miizht be thought that the Bonds which are payal-le in that money or

curzency are *also without value. lt is not ao, iowever_ li-inlwiirg 4'/§ 'fi Bonds are not only worth hunilreiis of dollars in cold cash 1""-lay. but they will be worth much more in the future ‘

\Vi- can best judge by comparison. Take

fore-.\:1iir1p_lc:City oiT1>ronio Bonds, a $l00 City of \l`or1>i11o Bond today is worth $100.00, pcrliaps iriorc. in Canadian Money;

(i;ai1aEli'in (lk/loi‘1cy(<~f111sists of Notes issuecll t e .nun ian 101'-'-rnment: every .1 1 Note is tlieoieticiiliy worth $l.00 in Gold. supposing, however, the Canadian Govern- ment was to print mainy millions ol Dollar Bills without at the suiiie time increasing the 'Gold Reserve: it is obvious that if there was no real dcman-'l for the new Currency Notes or Dollar l§ill_.-., there would he no nie:-iris of sccuriiig the ner.f_ss;1r_\' Gold lit-1ierve_what would happen? Simply this: those Notes or Bills which were already in circulation would lost-_ sorriee of their value Since the newer Notes would shzire in the theoretical dis- h1.ir.=:i>r11enl of whrit was in Reserve.

Inflation Defined-The process of issu-

ing; K Lirr/_-ncy Notes without adding to Gold l"1es1crve is known ns inflation, i.e., the l\'ioney lueizomes inflated. To return to our supposition: if this procreso of inflation were cnntiniicd for very long, Canadians would soon lo.-te all soiise of the actual Gold \/:iiuc of tl1cir't`iirrency and it would be fc-izrirl nr-item-.'1i~y to measure its value with tl_1~ vuliiv of some (urrency that was sound, ic., worth its l'n<‘<=. \/nlue in Gold. During ll‘.- G .rt w'l11 .‘ 1-l ` . C th l'1iii'ccl)r:;"11te; l0'1lll'lir` a Cuncn y was e

lf the inflation process should continue

until l Canadian Dollar ($|.00) was worth only 25 (ents ($0.25) in American Money and convftrsclv l American Dollar ($l.00) would be worth 4 Canadian Bills ($4.00). it can thus be seen that a City of Toronto Bond of a Par or l"1'1<‘e Value of $l.00 could be bong-ht for- --25 - American Dollars ($25.00). 1

lf we will further suppose that a period of

a few years clapses between- the date on which ii would take |00 American Dollars ($l00.00) as well as |00 Canadian°Dollars ($100.00) to l'»iiy a $l00 City of Toronto B1-iid. unrl the flale on which it required iirlu 25 /\i1=1~ri11:1ii Diillara ($25.00), while it s‘i|| icqiiimrl |00 Canadian Dollars 'S-l0f`I.00) to pur:-.l1.1se tl-ie same Bond we 1

will have a ;_o1»rl idea of the situation in

Gci'in‘-in l\'|iii1i1'.ip§l Bonds today.

When the (ily ol Toronto calls its Bonds

for l{i-1'_l<-mptioii, which we suppose the City will do at the _end ol the two-year period. it ia olwiniis that if thi- bond holders are offer- ed (`an:-irliiin Dollars that are worth only onctiinrtr-r ‘.4) of the-ir Face Value in

' .

Gold when thi- floods wi re issued, a great iiijii.-li1re will lw :lone tlicni. Moreover, it is extreme-ly unlikirly that the bondholders would accept depnriatecl Paper Money in payment of their chiirges on the City. of

Toronto.

Sit|mt"an in Gcrmany---Thnl isjiistwhat

l-um.-cneri in Gernimi-g 11l't1r the Great War. \.\‘e11l|h invc-.sl<>1l in G1i\ei_ inoiil and Muni- izipnl sei-iirities was liler:\ll_,- wiped almost

I f '1`t.ncel -1' l-..'l11` fGer n

.fi1ii.'\¢i,-y‘eh0)tir 1~xaiiipli~nT1l'[i1 iff Toriiiiiio B.-md tlint :;u|>i.»o11e1lly |o=_1.-1 three-quarters ($4) nffits |5111-1- Gold Value is almost farcical in coiripiiristiii with the losses in Gold Values wliicli took pl.;ce in German

(io\'cri11111~iit and l\’lunicipal Bonds.

A classical indication of the extent of the

Depreciation in Gold Values resultant upon the inflation of German Money is furnished hy the fact that |000-Mark Bonds were never traded in alone: Bonds were dealt in that aggregated millions of Marks. A Bond transaction that involved $230,000-00 would have attracted some attention before the Wait, yet in |92 3, The lnvestment House of C. M. Ccrrdisiio 51 Conipiiny, sold many millions of Marks in German Government Bonds for 11 fewti-n=111fdolliirs--before the War the same transactions would have

involved millions of Dollars.

The greatest f:x1iiiipli= of (urrency lnfln-

tion that the world has ever known, took

_ ~_ ,...-_c...i:; i _ i i _

ll.\1i'oi1ty _vi-,ziri-1 has h1;p|\ Spf-cliil-\@-11_' “""""‘“""”i'°"" 7' i ' T" Ti'-W l’l1|1llt‘ ()lllt‘!!r nt NtlBlll.\Wt:11n Mill. R( ,nllm (.,|‘lmli‘_ ,1‘ ,,,,,,,,,_\ ,nl \\-,.,i came (9 Mnrgll tylien qnltp 3 yoiliiu

He li-iives it .<1:rrowlng wlte 111-1- _H,`_|,m_ _,",m,"‘_ Hn, 111 _ ._ 1.1 ....111 1.1111 |11- ni1i1'1~l111l l11‘i1l- .

Isuhi-Il Mol,eii1i, loriiierly of Long ` ‘___ ,__@¢> » - 1:1-1 11.12--11 1-1` l-Illl11|\111I1- 1111111 _<11i~1'i1 ltlwr P. E. I.. two sniis J. \\'liei-»‘ WILLIAM KENNY 1-< l1liii 'l`-1:1-tlii-1'll1i=yri>n1-eil 1111-ir 1-ck :1-1.1114111111. Sales .Vli11ii\ize11 111', _ 1',1111il_v 1-1 |1\~1- 111111.-1 111111 111:---1- The Fnnmuun Exim" "MW" (`""l 'I`h1- (`h1'isli1ii1s love- 111 11111 111.1-1-' 1 11111--1: 1111! 1111111111-il thi- \'ii‘L!l1i vlontreal' mm' Dr' P' Bernard Fnfifl | 0 1 i-11|-i|l\'i-1-' 111' `1l1'_ \\`il 1-11-11 1 111111 11-111- nl' |111- n11>.‘1l 1-0-11- 1|.~|1:I111-1' \\i-1‘1\ wltli l1l11\ nl tliu ¢-111| _\i'1l1111' 1\|‘ ltiiniftirtl, l\11ll1 111 \\I111|11:s1-,I I»_\- --1,-mv |1111 f.<|\,.,-in|1y in ,hp in ,|,,. I-_.,_1,1|\. ,.;,»1-1p_ ;1,,| |, 111-11|(

-i‘i\ll 1 . 1' 1 - _ 1-11 111- 11111111-_ I-`i-:iiik 11|' l~`:i<I<-i1i1Iii--llionii- 1\|i--1'1- 111- 1\'.1~1 11111 1i_\'~1 tht- 1-1-11 th-111 iii 11 fi-\1‘ 111111111114 niuw- |111

\\‘:|11_ l.<111l_<: 1-f (‘;iIil1\1‘iii1i. iiiiil |11-1' 111'" ul j-1ii1_\' lI’° "mi--1'--1 -1- `1- \v1\11ll 11111-1- i-1-li-‘iriilcil l1'x tt ‘Ii-ii 111-rt til liiinie niitl 1l11‘<-r- il11\11:l\lf‘I`§;'2litli was U11- liirizr-lt. “vcr rr-eii ln 'wmliliiitz whmi :ill 11111 fa”-ll_\1 ‘---'I Kat|P_ A111111- 111111 M111- 1.\lrs. llf-ru'-Mor¢\ll_ trleiiila r-omlnz from all 1nInniir-il 11 _lf1_vh1is 1-1-11ni111i_ 11111 11--1l'i1

1-1-111-l.-11-11t im-111111113 Ile 1111>: tziltli- Blnnott) nll 11|’ lliistoii. also Iii! .-parts to pity tliieir last 1‘e1-1|1¢=1:ts to will he iloiie, May 111- mst In peace.

1 ni

1 ul' this Llty. two 1laughte1i1,]m$‘l;fM“:; A\hl_()|l4 “IW (w,,,_“>, `_\,_,1,,,_ ,,,,,,,,., 1,, ,ha ,1,,,,,|1y

lluvler ot tho Sisters ot* m ‘(`m.I.w‘w" "WV l|_:H_m_d 1. ‘M "mth ,mm work mm ,,,,.|,., |,,_ F“il¢mvu|:'¢ “H01 Eriifiiyl Afllwl `l:iit‘li 1111 (`I1ri~11iii-i~1 |~‘11- ""11~ -.mritv 'l`lif‘ 11111- .\l1'. Koniiv iv.-is :iii 1111- 111111 rltf-s of Ili-l_r t‘l1111'i-li of asi1iser.l‘s.,rstyl“‘- - _`,~ |_ 111w111d~<-1.01-1. ' |1111-2 M1- K1-----Y W--1 ."""" '" -" “\"'F"""‘f'l’. "`l'f,‘.` "i1f'1ii.11`"i.1i'1ii..'1

tnkes place In 1Sl.. Mr1ry‘s Teresa on .\litrrl1 1'.!.1l\. I-*<11* =|'\‘l “'11 1"" >*‘~"-* "h

place in Germany during the years that followed the War. ln fact, the Gold Value of the Gemian Mark depreciated from _lan- ,uary lst, |9l9, to November 29th, |923, to such an extent that the Mark ceased to function as a Currency and it wu neeeggary to introduce a new Currency.

New German Money_The new monet-

ary unit is known as the Reichsmark or more commonly the Mark (this sameness of name has led to endless confusion), and it has today a Gold 'value of 23.0 cents ls had

the old Mark prior to the War.

At the beginning of l9l9, l.000,000

Marks in German Currency had an approx- imato Gold Value of $I22_0OO_00, jug( prior to the adootion of the new monetary unit in November, |923, the Gold Value of l.000,l)00 Marks. in German Currency was an infinitesimal fraction of a Csnt-- in fact, the depreciation had been so great that German Marks were traded in trillions, one trillion (i,i)00,000,000,000) Marks ‘ having a Gold Value of about 24 Cents.

ln spite of the tremendous decrease in

the Gold Value of German Currency. Ger- man Government Bonds, State, Federal and Municipal issues retained considerable Gold Value in comparison. True enough, their Gold Value was ridiculous by comparison with nonnal Gold Values (German Gov- ernment 5% Bonds worth $238,000.00 be/ fore the Great Wzxr. could be bought for $l0.00 or less during the latter months of |923), butnevcrtlmeless, the great faith of the bondholders that ultimately Gold Marks would be paid where Gold Marks had been

received, kept prices up.

Prices of German Government Bonds

reached their lowest levels at the height of the inflation period. At that time (in the hall of |923), The investment House of C. l\l. Cordaaco 61 Company, strongly advised Canadian investors to buy selected German

Government and Municipal Bonds.

The outlook at that time, however,

was one of extreme gloom. All of Europe was in a chaotic condition. ln- fluflon had been taking place in many countries. Confidence was at d lo_w ebb, The problem of reparations was hang- ing fire over the heads of the German people. Many lost faith in the ultimate recovery of Europe to anything up- proaching pre-war conditions. i

The Dawes-Young Pian-- Then came l

the Dawes-Young Plan and the liinanciiil Coiniiiissions; uncerteiintiirs were removed.

The road to future prosperity was lnicl open. - Conlidenceireturiicd. Hope 1-.priiiig anew in l the breasts of the German people. Thfy ' agreed to shoulder the Reparntions burdf.-n. The wheels of industry began todurn once

more.

_ Reflecting the new confidence in the future German Government and Muiiicipnl Bonds made spectacular rises. Mziny issues jumped hundreds of dollars overnight. The table following illustrfilcs graphically the ex- tent of the first great rise, and gives at the same time an indication of the cxtcnt of the

previous declines:

I-lonils. All qiiptatlnm per l.cl1f1.1\00-.\|»srk Vnlt

Full 0| |112! Fllll 0| |023 |"H|l t|f|l|i5¥

City of

Berlin 4| $5,500.00 Bremen 45 . . .. 8,000 011 Coblenz 4: 6,750.00 Cologne 4s 7,2.'11'1 00 Dresden 4| 7,0»!1t1.'!0 Essen 4| . . . . . 7,500.00 9.75 13,000.00 Frankfurt 4| .. 7,500.00 9.75. lt"1'.00(1.(l0 Leipsig 4%! .. 7,500.00 9.25 13,000.00 Munich 4| 7,250.00 19.00 2ii.00'".’.)0 Stungnri 41 7,500.00 12.50 15,1111: .110

Gov’t. War Loans 5| 5.500 00 6.00 2,500.00

At what wmi believed to he the top of ?he

rirst rise. The~|nvcstmr.-nt House of (ff M. Cord-'isco & Company advised its clifiits to\ sell their holdings of Gorman Bonds :ind take their profit.-1.

$ 9.00 l'l.(l0 ` 11.00 10.60 9.50

$13,000.00

9,(1l1t".1'i0 5 1100.00 l'S,00t.'.{1t1 lfi,001',‘.00

During the months that followed prices of

Gvriiinn Government l’11`ii1rls held ste: dy 11r<111n¢{ their rr 1:r.‘i1tly'i'c.1i-lifid levels. /-\t t`1at time thc pre-.<:1ii1`e of the litinrlliolrlers on the Govfzriiiiienl to have service re-siinied, i'.e., paymf-1-1 of principal ziiifl interest (which had hm-11 lf-moornrily siispi-nclcd), on Fed- eral, State zinrl Muiiicipsil lionds, began to be fell. i

An election was only a few months off.

Both politiiwil partii-;1 priiiiiised a carcful sonsidemtiuii of thi; rlcniiinds of the holid- holrlers.

Revaluation Explainerl- \X’ h e n Gei-

many had :i1;11-plcrl the 11.11115 of tlir Da1'1-ss Plain. th'-re was no provision niude for ‘lic redcriiplion of liizr own G-.1vcr11n.i~iit, S1120 and Miiiiicipzil olyligiitii1iis-tlioii-=1inds upon tlioiisnnds had lost their fortuiirs during the lliflatioii period; their Bonds liiid bqcoirie well-nigh wortlilf-ss. Thr- rm-ovcry of Ger- man industry and finzini-e from the clzite of the acceptance of thi: l).1\vf.~r Plan was sir rapid, however, that her nationals per"-‘i‘.'r‘r‘l tliut there would be u surplus 1-viiiaiiiiiig

after the /\11iiuity |"11_','iii1~i'its 1.-rC:»t‘ril>t‘d l-y the Dnwizs f’l11n and tho ilcniand for ci-m pennation froiii tht- Guver11::.ent on account of lofisvs suslainocl through the deprcciuiion

ll: - i1ii.~'|'1-1-tiinu 111 l`:ilI frliiii :1 l11»1'r<1-. lllll

ii1\;1|id 'uit his kiii1l 111111 ,ui-i1i1'1l

I1 --1111‘ 11--vt-r 1I1‘sf-rli-11 Iilii1_ |11- wats

1,11 -1- l1'1iii11‘1i to <‘1111111|i1i11. 1-vi-11 |11 '-1 `.:1~1i illiii-.-.~, ’l’lii‘11i- .-1ui1.< 111111 mii-

i11,1 111111-1~ Iii-1ii1:< 1111111111- 111 1-1-iiiv li11ii-i-_ ll1- ilii-tl l11i|i|1i1y. f111'tllIi-11 liy

wliit-ii lin wiia :il\\-11y.~1 ri fc-rw-111 11ml

1 I

.\‘i111»1- ll:-ii lit- li:1_< 111-1-11 1111111-si :iii |11- 11|

l, 2,000.00() Marks . . _ . .

ln the Gold Value of Government securities

¢FAnve~ 1. <.AEi_1c .1111 became ineesuint.

German Bonds. The measure of compen- lation. accordingly, took the form of Re- valuation Government Bonds were to be revalued, that is. an agreed upon Rate of Valuation would be made; this Rate would apply on the nomial or original Gold Values of the various Bonds. To illustrate: |09?- Revaluation of War Loan Bonds meant l0'/T of l,000,000 Marks, each Mark worth 23.3 Cents or l0% of the total $238,000.00 which would be $23,800.00_in Germany. of course, the Revaluation was expressed in so many Gold Marks for so many Marks Par Value of Bonds.

The Election took place. The Nationalist

Party which had promised l 5% Revaluation to bondholders came into power. lt must be understood that l5% Revaluation meant that the Govemment would pay Bondliolders l5% of the Gold Value of their holdings. ln the case of German Government 5'? Bonds aggregating |.000,000 Marks, men- tioned heretofore, which were worth $2 38,- 000.00 in l9|4, |5% meant a Gold Value of |50,000 Gold Marks, or $35,700.00.

The Rtvaluatioll Lau)--A few months

afterthe election a Revaluation Bill was submitted to the Gemian Reichstag (Parlia- ment). This Bill promised only 5% Re- valuation and later the rate was still further reduced to 2'/2%. On _Iuly l5th, the Bill was macle a law and the first step in the way of honorable settlement of her national obligations was taken by Germany.

When it became known that only 21/; %

of the Gold Value of German Government Bonds could be expected for the present, the market which had discounted (i.e., risen to or reflected) a much higher figure, fell sharply. The table below indicates the ex- tent of the reaction:

All Quotations pl-r 1.000.000.1111..-ii i-1114

Bonds. Fall ut Full ol

iuzi inzi

City of

Government War Loans 5: 2,800.00 700.00

A secondary reaction followed and prices

moved still lower. lust prior t_o and im- mecliaitely after the Locarno Coiifeicnce. however, n vigorous recovery set iii and all

issiies are moving into higher 1;-rouiid.

During the course of the events depicted

above Hamburg 4'/3% Bonds of l‘)l9 fol- lowed the course of the market. As the Loan was issued in l9l9. when l,000_000 Marks had n Gold Value of approximately $ l 22.00000 City of Hamburg 4|/2 W; Bonds aggregating (i.e., denominations making up) a Unit of l,000,000 Marks had fa Gold Value of approximately $l22.000_00. ln the Fall of |923, however, the aforemen- tioned Unit had fallen to $6.50, and at the time of the first rise. reached $l.500.00.» Today a l,000,000 Marks Unit in Hamburg 4%'i.1 Bonds may be bought for as small a

sum as $420.00: ,

The Revaluation Law compensating hold-

ers of Hamburg 4|/2 Wh Bonds to ll1e extent of not less than 2',/3"? of the Gnlcl Valui- of their holdings places an approxizamle Gold Valug of $3,050.00 on every l,0(]0.-

I l 1

1 1

eiitral Guaiiliaii ' _ ._ .......

000 Mark Unit, or on every Investment °f $420.00, mnde in Hamburg 4V2% B°“d" today Every $420.00 invested today Cah- therefore, earn a' profit of $2,630.00. and this is only the first step. .

Many Cities in Germany are reported to

have made an initial Revaluation of their Bonds at as much as |0%, |570 and even 25'/0. We believe that the City of Ham- burg will increase the rate of Revaluation to 5”? before long. The financial condition of the Municipal Government has shown great improvement during the past months-

When the_City of Hamburg increases the

Revaluation rate applying on the estimated Gold Value of these Bonds-approximately $l22,000.00 per |,000,000 Mark Unit. every $420.00 invested today will earn s profit of $5,680.00 at 5% Revaluation: at |091' the profit will amount to $l l,360 00 for every $420.00 invested today.

“fe helieve that eventually, City of Ham-

burg Bonds will he Redf-emed at their nor- mal Gold Value or |00'.`f, and the far- isiglited investor can accordingly expr-ct that ultimately lic will obtain the estimated Gr‘1‘d Vzilllr of 1f»|22.000.00 for every |,000.(`1/`0 Mfirks Unit in City of lrlunilriir-: ‘il/'Z '17 Bonds or for every $420.00 invested today.

\Vealth of Hamburg- The present pop-

ulation of the City/ of Hnmbiirg is close to a million and a hizlf and is ste:-rlily increas- ing._ The City of Hamburg is the greatest seaport in Gfrmany. The City clov-s not rely solely upon its commerce and shipping for prosperity. lt has its own industrial plans such .111 railroad shops. ship yards, iron and boiler works, refineries, cotton mills. printing and dyeing pls111‘:;_ and many fitlicm.

Official figures fir.-in l:`.i1r;l-'ah source.. state

that the shipping and trnfi-3 f i l'lziml11:rg has been increasing by lf--“.1 'iiifl l oiinrl--, and that the Government _-liiplviiildin,-1industry'in the past yr- ir has made great strides towards regaining if.-1 lvirmer place.

The wealth of Hamburg and its citizens is

a common by-word in Germany. lt has been created, maiiitainerl and iiicreased in centuries.

immovable assets maintain a high stand-

ard of value whether expressed in Marks. Dollars, or any other currency. ln fact. the largest portion of its wealth having been created in gold value. the proportionate ap- praisal of the assets of the free city and free state of Haiiibiirrr in paper Marks, must to- day l1e infinitc",1f1`gher ihnn the totnl ‘Hcbt.

The fi>i'eg<=.1;;; iiiforr.-ialion 1~.on1-,erning

the City nf Hain' 111111 whose 4l'}'f Bonds we now ofrcr tri 1' 1-_r r1lii»-nts. has lar'-n gath- ered from r1"ia|'1" _-11iir1-1-s. l)1£-g-orls from our own c11r1'r~<p1:1r'ni~.ls :il1rf:11.1f! `111':-1111 112 that llierr- is pi'.i<‘€ic;\l|y no 11.1.1*-` j l \v1‘11_"1'1l ii- llif- city fit the zarerirnt tim-» n-il it 11-‘xy be c:_1llc<l one ofthe mo ft .lii__'1i1-'_'1' -'l-'!»'l¢l0D‘ ed indus"'r1`f.'l municipalities of G.‘r1‘::ny.

Apart from the forrffoingj considera-

tions ule are ofthe oyvf-'i:"1'n that Hai-rrburg 41,§% Bond.: are selling frrr ihclow their intrinsic market uoiwe. Ofher rr-uriicipnl bonds issued in 1919 are selling ary- where from $1.6' 3.0!) in 31'! 000.00 per million nzari: :.1-iit an fmmpirred wi‘.’i $420.00 for l*lc1-mlJ;':‘f_7 4|/2'):-~ Bon-'ls. They are only beginning to rigfit tl:-:ir position and consequently the coming months will r1nd.'1..i>t.'rd'.-`_v wi 1 ess _:ensu- lional advances in the r."-ce of Hamburg

425% Bonds.

The table which is appended below

makes clear tl-.n profil |101 `-ililirs in City of lflanibiirg ii--‘:r°'-~_ Yi-fe rannr-t strcss too ,fgrenlly liir: iii-cf‘:¢:i11y for imrrifvli- ate rictioii. Pre-cnt prices .<lin\~:i in the. *f`l‘.|e, Cover every Pxprnsc. lionda :ire

delivered by registered anfl in."111red mail.

1-“*1.1111;1;'s1i1@i111.-fa1-11051-1-1”111-1111111-111111115 rr in the piirchase of

City of Hamburg 4'/2 %1301111s of 1919

Estimated Gold Valiic

li’-fir Value at time Revaliwrl Cold V.~1l1-1-5 of - Prf-sf-nt f’-funds al' .Tl 3' 1 nt 5', floods Price \`i/ere lssiivd ()_` l7;`,;~r111-.a1e,;| C,1,1d \/alue

42.00 84.00 126.00 168.00 210.00 420.00 840.00

ll}0,000 Marks . _ . $ 200,000 Marks . . . . . 300,000 Marla; . _ . . .

400,000 Marks

500,000 Marks . . . . . 000,000 Marks . _ .. .

5,000,000 Marks . _ . _ . 2.100 00

Don’t let to/:7ay's opportunities be tnmorroi--'.1 recrcts. Send your order in naw, and watch the Foreign Ercfia'-._-,re Bullrtifi (sent, wi.hout charge, to our clients) for future develop 111'.-nts.

I iriti Il`lVESTl\‘.E“|T HOUSE OF

' C. l/l. CORD/-\SCO 131 COMPANY

1=oRE1caN excl-,ANGE

»11ii~=, \\

"*"'_*_'*' _ ‘E `__-____m_.

FOREIGN l\'lOt‘._Y FOREIGN BOND; 111A1.cit mist suitoiric-zao s1'.i.1:4£s smszr

MONTREAL CP NADA

$12,200 1-11 $1 31151--ri 51;

24,-t(1tl.(111 (1111 Ot) 36,600.00 915.1111 48,800.00 1.221).-(,111 6l.0f10_r‘0 15251111 3,030,110 l2z.0111\.1`.0 1.11311 1111 5111111111 2-1~1,000.00 (1 .111:J_1;-1) I 2_._’1>11,00

610.1/-111.1'>'1 11.11,-1111 30,100.00

610 00 1,220 00 l,8'>`()_0O 2,440.00

Uwe oiruntl rein-noun; M11 vu ru u im

' f rash

l enclose herewith 111-1-1-11---11 1-*duel for $. . .. . . .. . . . . . _ . . _ .. in full paymeni for the

I -111-11--y -11-der

puzcliase from you of. _ ._ _ _ _. .. . _ .. _ . .Marks of City of ll.-inihiirg -ll 2'] llniiils (Elite

(stille lmuuril)

Loan of l9|9 $1.-ries B) 1vl.11:li you are to forw ini me hy registered mnil.

. . . . . . . . . . . . . . . . . . .. . . ....

Arld"‘~' . . . - . . . . .

9. 0.

-.`,_.__ 1.- 1 -_.___ _1.. Z __- _.__

Dale... . . . . ...

|1:i\"ni'. Rev. J. Itouiii-1’ 111111

_________,, _ _ ____ -.» ._ -fx _-.._ -_ .... _. _ 1 _ .__ _ ._ ...._. 1 .__ .......,. ..,____i_

mira.-,-<--.re-rw. ._-1.-»-_1.~.w-nanqu. na-‘da s . \....uu.inn-1tn11¢»1- ur- v¢rmv~uu»v~~»-»-1-nut --ou--wwf-nm-._-nan-naived-1mmr"

_v ;i1t1\-11lc-1l 11111-1111: his 111111-Hs ii-11:11. P1-1irl1-< (Mrs. 1111111-rt .\l1-l11-1-ii1- 11-11.- 1-11- .-11 .I1-.-irlv |11 1-il iii

‘I 11-'rl It 1:1111 111-11 l-i'1\tli1-r~=.li.°1- 'I`Ii1- 1'1111i-1-111 i1i11~'11 \\'=1.~' _~ 1111:

also by Itcv. Ax Sliiiioll. 11 1-I(\~'1=f'l`li.~11::1:~' 111` .\I1rr-ll 111111 ._1niii1-- 111 Ivy R1-1', .|, Ito111i1»y 11111-1-1\'.ii'.|- :ill

11-1111 1-1' 1111- fnliilly. II1- I1-.'11'1-4 10:81. '|'1\1'1 -us 111111 fini- sigh-1', ,111-11, 111,11 1-1-111111111-,1 nl 1111- kl111l fi-'1-111|

1111vii1'1i ii s11|'i'1-WI111: \vl1i1>\\‘ ll\i11lt1il»1-1-1 ('1|"i';iii 11[ S1. 'I`1~i-1-.~‘:i.< lli.<;i111| li1\1i111,f f;1i111-1- \1'1i.- 1:1111 In the

`illl1i1i1 of l’1'o\i1l1-111-1-. " l__|liii--llv |1"i-sf-i11»1- 11-111 n.. .-1i1-11i_\- 111111. 1i1lj111|,,,,. ,_,1,,,,.,,11-,-_ 1|... 111., |,11,.,,k

1 1

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1 , _

. ,, ._ , _`1,;1- 1

'J v`..)i

“ M' '1 *.:;`f"f*~i; - 9