JANUARY'_1_4» 1'24‘? . __~_-.-.-__~:--—-----*

Gorliini-e-tnii-porati A “l Securities I

BOUGHT - SOLD — QUOTED

F. J. BRENNAN o 0o. LTD. a

Member! Investment I‘ ‘ ' Association Of Canada

E. M. BAGNALb-Manager m. lflghmolld st. Chnrlottewrvn Telephone mo i saint John — Moncton - Fredericton — Halifax - Sydney

'/PRUFESSIONAL cam»,

_ nsu. w. HIGGINS l J. s. Burnett. '.|..s.

Barrister, Solicitor, to.

CHARTERED ODDFELLOWS BUILDING ACCOUNTANT 134 Richmond Street _____ Charlottetown, P.5d.

Bo: 414 TeL 2880

Currie Buildi-ig

.____ii E i

MORRELL

l CHABLOTTETOWN

m. ms v.0. Boa m 1

V_ AND William A. Raid"! COMPANY 5.5., 8.8m. l1- Aams-raa, soucrron, Etc. '1?"- “rssiz; or“ __..__________- “may ho L08; “do” C°u°°fl°m Eastern Trust Building l‘ ___. _ Charlottetown - - ——; i Phone m1 Box su i I t... A. L- Mc¢I=¢=¢ ,. '__-_--- DliNTlsT | "an" X-r-t i i Dr. J. c. Gallfllll‘,

Whig?! Bruiltglliitétilfgr 4 B_ §¢_ l DENTIST

hone ‘Z91

Pickard Building 151 Great George St. DENTAL X-RAY

Phone 2067 |

A. Walthen Gaudet, LL.B.

GLASSES FITTED

J. S. TAYLOR

OPTOMETRIST BARRISTER, SOLICITOR, Etc. . Phillipa Building “m; Kent and Qceen 5i!- 111 Grafton F-treet "m". w“ Money to Loan Collections

amnion by Aroclntlvcnt 1 Phone: Ieaidenco 101B l

_ _, .__

Matheson 8i Peake A. W. IiIATIIESON. K10, A. H. PEAKE, 8A., LL.B. Barristers. etc. Collections - Monty to boars O0 Great George Street Charlottctowr

E__._______... .

, BARRISTER. SOLICITOR,

i NOTARY

Ros al Bank of Canada Chambers

Charlottetown, P.8d. Successor ‘ George J. Tweedy, 14.0.

Gaudet 8i Hazard

i, iuoNav r0 LOAN I

Canadian Bank of Commerce Bldg

MacPhee 8r Trainer H. F. MacPHEE, B.A., K-O. E SOMERLED TRAINOR, BA.

. McOuaid

Chas. ll

201 Prince St.

. J. A. MeGuigan NOTARY, ETC. BARRISTER, SOLIC] ‘OB, CURRIE BUILDIYF

.____i____.i__ Palmer 8i Haslam s. s. HASLAM. our, nus.

Barrister, rm. Bank of Nova Scotis Chambers Charlottetown, P.E.l.

Bell 8i Mathieson

SABRISTERS, SOLICITORS, 0o. R. R. BELL, ALI... .

D. L. MATIIIESON, L.B., ILC. Attorneys at Law LOANS ON CITY AND FARM PROPERTIES 150 Richmond St. (flrlottetown, P.E.l.

Joseph R. MaeMilian, LL.B.

BARBISTER, SOLICITOII, Etc. 75 Queen Street

PHONE 770 "one: to Loan

M. Alban Fanner MONEY TO LOAN B.A., LL.B. BARRISTER, SOLICITOR. Etc. Charlottetown, P. E. I.

Collections

Frederic A. Large, ILC.

Barristers, Solicitors, Notaries, Etc. Canadian Bank of Com ierc Bldg.

GILBERT A. GAUDET, B.A., LL.B.

5_A_ , Barristers, Etc. i nanmsran. SOLICITOR, i 2"“ “"15" °""‘°‘“" NOTARY, Eli». i "is" m" "midi" | Dr. W. R. Carson cuannorrarorvn Chunpmm. P 11°59 i7" Palmer Graduate I CHARI-OTTETOWI"

Phone 1012

MONEY TO LOAN g

gs _ GQARDIAN. cnsnwrrsrown

T

TORONTO. Jan. 13—(CP)-'i‘wo mining stocks featured the busiest session on the Toronto Stock Ex- change today since Nov. 18. 1947. Reports late yesterday of ‘an en- couraging copper flnd at Waite Amulet mines in the Rouyn district of Northern Quebec sparked Waite and Wlltsey-Coghlan, a neighbor-

ing properly, through today's heavy session. Wiltsey-Coghlen turned pver

some 1,115,000 shares of the total volume of 3,395,000, to show a gain of three cents and touch a new high at 37 cents. The stock opened under pressure of realizing sales, boomed ahead to 3'! cents and re- acted to selling pressure to close at 31 cents, about triple yesierdey’: opening price.

In view of the market activity. Waite Amulet late today issued a statement outlining available in- formation from the’ latest drilling.

A handful of western oils rosc strongly in the last hour. Calgary and Edmonton, Pacific Petroleum, Anglo-Canadian and Central Lcduc showed gains ranging from five to 50 cents. . The exchanges closing index showed golds up .12 at 99.12, base metals up .16 at 109.98, western oils up 2.47 at 58.10.

At New York

NEW YORK, Jan. 13—(AP)-The stock market teetered a bit lower today in the slowest trading of the week. Losses were small for the moat part with only. a handful exceeding a point. The setback was due more to tepid buying interest rather than any hard-hitting sales pres- sure. Late in the session a. faint pick- up soon puffed out and the general price level at the final bell was at or near the low for the day. Turnover amounted to only 700,- 000 shares. This was 10,000 below yesterday and the lowest since only 640,000 shares changed hands on Jan. 4.

At Montreal

MONTREAL, Jan. 13 -(CP)_ There was a slightly firmer under- tone at the close of trading on the Montreal Stock Exchange and Curb Market today. Most gains were fractional but two issues mov. 0d ahead more than a point. Trad- ing was lirrhi as only seven stocks had turnovers of more than 1.000 shares each. Mines also moved into higher ground in exceptionally active trading. Bell Rights were traded for the first time. rinsing at $1.17 after hovcrih! around $1.20 most of the day. This. added to the common "Wk 8'- 39 1-4, shows the issue about firm with yesterday's close. Aii-iwllgh the paper index was improved slightly, selected issues were on a downswing. Price was off ‘two points at 56 1-2 while Inter- national Paper dipped 1-2. Brown. Rolland. andiAbitihi were shaded. Base metals were also shaded. Aluminum skidded 5-8 to 59 7-8. International Nickel and Hudson Ba)’ Mining slipped 1-4. Oils were on a fractional up- BWiYIB- Home moved ahead 3-4 while B. A. Oil, Imperial Oil and McColl added 1-8. International Petroleum dipped 1-8.

tillAlli

WINNIPEG. Jan. 13-(CP)—The United Kingdom was allocated 600.- 000 bushels of wheat under the Canadian agreement in export busi- ness reported on wlnnlpegiGrain Exchange today. Switzerland was reported to have purchased 350.- 000 bushels. Prices of coarse grains futures moved within a narrow range in dull trading. There was an increase in offerings, partly represented by hedging sales. Support was less ag- gressive, resulting in an easier tone. Rye was sold by commission houses. There was the occasional

1 few trades. H, R, flfld The price of class two wheat was CHARTERED ACCOUNTANTS reduced two cents from yesterday. Cash prices:

OFFICES- Oats: No 2 CW 78; ex 3 CW 75 "u" IN CIIABLOTTETOWN Swfiiilzand fox 1 feed 74 1-2; I a: < I ec - ; 2 ecd 69 1-2; 3 feed

Charlottetown w “mum s ‘ so 1-2; track 75 1-2. Toronto Phone $080 Boa 247 Barley: 1 and 2 CW G-row 1.26 New Glasgow RANDOLPH ‘V. MANNING, 1-4: 1 and 2 CW 2-row 1.14 1-4; 3 ‘Pruru u A. CW 6-row 1.18 1-4; 1 feed 1.11 1-4; Kcntvlile 2 feed 1.10 1-4; 3 feed 1.05 3-4: 2 __V_H_V__ V __> >__ CW yellow 1.12 1-4; 3 CW yellow

~ ~ »—— ---- ~ 1.11 3-4; track 1.08 i-4.

buying order attributed to Ameri- can account. May flax attracted n

W0 ‘Mining Stocks Feature Toronto Trading

___.

(Canadian PNII.) TORONTO. Jan. 13-

31600 Discovery . 795 Dome 25 Dom Bk 2400 Donalda . 5500 Dulamn . 12500 Duvay 2000 East Amphl

10000 Glenora . 5400 Globe .. . . 9500 Gods Lake

18100 Gold Man

15000 Goldhawk

10100 Goldora .

iiiliiiKiii l! KEI ilEYIlil-lili

We offer as principals

Cumulative

Iliilfl.

of products. PRICE: $20.00 per share to

143 Richmond St. '

w .. - r ‘ ! "Looks lilac you're making lots of money using Guardian Wan 1 - i 2:: ycu're eating wciil"

t

Participating

"CLASS “A” 511A!!! (No per value) Preferential cumulative dividend st the rate of $1.10 per m.

yield 5.50 per cent.

Complete particulars on request.

11500 East Cr 10 3400 E Mal 236 11900 E Sulli 330 2100 Elder 40 6300 Eldona 73 11200 El Sol 11 1.3 1420 Falcon 445

3500 Fed Kirk . 06 1-2 3500 Francocur . 10 - 1450 Froblsher . . 221 2050 Giant 55o 3400 Gillies

2000 Goldvuc 5000 ‘l-l llwell . ..

17300 H d Rock . 24 2000 Hurricane. . 10 3700 Hasaga . 79 2000 Headway . 05 4000 I-Ieva Gm 12

620 l-Iolllnger 12 1-4 16850 I-Iosco 29 5500 Howey .. 34 1-2 630 Had Bay 56 2000 Hugh Mal 05 1-4 375 Imp Bk . 28 3000 Ind Lake (Y! 644 Int Nickel 35 1-4 4500 Int Uran 47 1-4 2000 Jack Waite . 17 6000 Joburke 21 5000 Jollet . 48

45600 Kayrand 14 6500 Kelore . . 19 1.2 2050 Kerr Add 15 3-4 7500 Kirk- Gold 09 3-4 38925 Kirk Lake . 167 1225 Labrador 610

101100 L Dufault 126 2000 I. Fortune . 03 7.3

6000 L Rowan . 07 820 Lake Shore 12 200 La Luz __ 245 2000 Lepa Cad 05

11000 Lapaska .... .. 09 1-2

(Con Linued on Page N14)

ll 8i M BEARINGS Blliliiiiii Ltd.

In addition when in say calendar ycsr dividends of $1.10 per share have been declared payable on the Class "B" shares, then the Class "A" shares shall participate equally, share for _§hlfQ, with Class "B" shares to the extent of 20 cents per share, in any further dividends declared payable in such yea-r.

The Comlmiy is controlled by Rsnsoine and Mules Bearing

Co.. Unified Nev/ark-On-‘Irent, England, which has built up, overs long period of ycsrs, s. world-wide reputation for quality

F. J. BRENNAN o c0. LTD

I. M. BAGNALL-Mansger Charlottetofln Saint John —- Houston — Irederloton - Halifax - I

Telephone 1470 the!

Gen Eiec

Gt Nor Pfd s... ..._ ----c St. Oil NJ _.__ _.._....... Kennecott ._.. -__-

Sales Stock Close Mont Ward ..._.. ._- ---

North Am - Z300 Akaitcho Phil Pete 1000 Alger ...... .. U S Rubbe

3700 Am harder _.. Radio Corp 28400 Am Yknife Texas Corp 25300 Anglo Cdn 495 United Air .. 23 1-2 2500 Ang Rouyn .. 34 Van Air Z3 29m Apex , 07 38 West Elec 25 3-8 35400 Angco . 64 34 West Union 28500 Area . 17 1-2 U S Steel .. 2000 Arjon . 09 3M0 Armistice ..._. ._ ._.. 09 34 07 1-2 93 3-4 Commerce . 15 1-2 Montreal 24 1-2 Nova Scotia 355 Royal Bank 22 14500 gsnkfiellé! . C; L‘ 50 k of on . 36 g3 3;; 3; 1;; as Montreal Exchange w BaselMet g Beau ieu ....._. ._.... 2500 Bevcourt ._.... 30 grating coco Bldgood _ ___.._ 1s 1-2 B l: 0,‘, 69700 Boycon . . 05 - 350 Bralorne‘ .. 935 glggkpsrfi: “ ““ T“ ssoo Brit Dom . as 1321f“, 12800 Buffad .. 22.. can Bug," 700 Buff Ank 275 35mm,“ 1000 Buff Cdn 18 can cemegt " 6500 Buff Ri .. 08 1-2 can Pacmc 5225 Cal Edm 660 cehmese 9000 Callinsn .. 08 1-2 can C" 33g gglfiibgfw 2° Cari Car Pfd ' 1400 Cas Treih gfzilf‘ " 8000 Cent Led cflfikillll)" 2210 Cent Pat . can Vick’ ' 3500 Cent Por _ Dom Ends} 15500 Centremaque Dom can pm 1500 Chem Res .. __ 50 Don A 10500 Cheskirk .. . 10 Di S a ' 1100 Chesterville . $3 Dosm gage! B 2000 Citralam 05 Dr den 3000 Coastal ,, 34 his" " 4200 Cochenour . 225 F0 d A 4500 Colomac . 0e F0; d - 2600 Con Beattie 59 G “S? 3405 Con Duequesne . 54 He“ s ‘tires 3200 Con Home 11 1-2 How Enid 24o Con Smelt 12o 1-2 Hfmw 1k 3° 1200 Conwest . 136 c r I ad i‘! 8000 Crowshore 12 an n 2700 Cub mi- 55 1"‘ Nilkei 71000 Daragon 14 Imp on 7200 Davies Pete 4o h“ Pa” 5500 Decalta 1m‘ Paw" 1100 Delnite 1"‘ “P” 8700 Denison . Imp Tob ' 4500 Delta go: gaff: 15900 Dickenson Lake woods

lisw York Exchange

Anaconda Am Car and P‘ ._. Beth Steel N Y Central Chos Ohio ..

i1-

._.-

aasusgsasaassassuf IIIE S 12323322221

Mass Harris . McCall Front Nat St Car Norenda .. . Price Bros Quebec Power . Shawlnlgan St Law . St Law Pfd St Law Pfd 2nd Dom Tex Dom Tar Wpg Elec A St of Can Brazilian .

Produce

MONTREAL. Jan. 13 - (CF)- Produce prices quoted here today were reported by the Dominion Department of Agriculture ss fol- lows: Eggs: Free cases. A large 45; med 42-43; A pulleta 35-36; B 37-40; C 33-38. - Butter: Current receipts Quebec no 1 pasteurized 67 3-4; no 2 66 3-4: wholesale Quebec no 1 pas- teurized fresh and storage 68 1-2. First grade creemery print job price 70 1-2, solids 69. Cheese: Current receipts western white 31 3-4; western colored 32 15-16; wholesale western white 33; western colored '34. Quebec white 33 1-2. No other prices established. Potatoes: Quebec no 1 75 lbs new 1.25-1.30; NB no 1 75 lbs 1.40- 1.550; PEI no 1 75 lbs 1.50-1.60.

MELION HOUSES FOR WORKERS '

NEW DELHI - (C?) -Labor Minister Jagjivan Rem ‘has stated that the Indian government has a scheme to build s million workers‘ houses throughout the country within ten years at a cost oi $300.- 000,000.

and freedom-Rig dcvcioprnent—'

inherent in the Socialist and Com-

promise of Canada's future were

nrwiiicli liberty is doied out like

James Muir, Vice-President Canadian Banking-Royal record of 9,067,488,000

The threat to personal freedom

mums; ptillusophifli, and the high

stressed at the Annual Meeting o1 the Shareholders of The Iwyal Bank of Canada. "On the evid- ence before the world today, capi- telism works" said Sydney G. Dobson, President. "It works so well that the lowest paid workers 1n mess North American demo- cracies are better fed. better housed. and better supplied with the comforts of life than are the great mesa of the population of coilcctivlst. countries. And they alloy freedom."

“Our successful develo -t. of natural resources confirms our be- lief in private enterprise as the best motivating force in an econo- mic system. All the natural re- sources imaginable are useless un- til they are brought out where they can be turned into service- able goods. and the primary seek- er, the most successful finder, and the greatest manufacturer has been private enterprise.

“Under this system people think hard and work hard because there are reasonable rewards. The need of incentives is recognized in every country where men are free to choose whether they shell work or not work, and how herd they shall work.

“In all collectivist economies - Communlstic or Sociallstic — the idea prevails that dictators or bureaucrats can arrange the lives of people better than people can do ii. for themselves. Capitalism. on the other hand. believes that individuals should be free to ex- press their abilities and thereby bring about a better standard 01' living and a better social order. "Our system hinges on initia- tive, the courage to invest capital. the right to take a reasonable profit from such enterprises es are successful and the obligation to stand such losses as may be incurred in enterprise which fail.

THREAT TO FREEDOM

“Socialism and Communism do not seek to make the best of peo- ple's minds and enterprise. 0n the contrary, their process is to level all people by dragging down those who might have superior attain- ments. They need a strong cen- tralized government with control over all sections of the economy. They are not systems of freedom, but of rationed democracy, which liberty is doled out like _so- cial security benefits. Incentives are lost, and individual initiative is smothered. Standards of work and product remain unimproved, because jobs are assured without regard for efficiency or perform- ance. The ambition of men d - cllnes to doing just. as much s has to be done and no more. ‘Pro- gress is sacrificed to s. worship of averages-and they are averages somehow arrived at so as be well withlmthe reach of the least progressive. Promotion on merit is abandoned in favour of promotion in turn. Skilled workers receive very little more than unskilled workers. It is only natural that such _a state of affairs should drive the best brains out of a country. "I believe in equality. so long as it is equality of opportunity in education. careers and public life. Socialism is a. force which holds back, while enterprise is a force. which propels us fog-ward, and gives men and women a chance to dis- play their talent and their worth."

FOREIGN TRADE

Viihile Canada's export figures had shown satisfactory gains dur- ing the past few months. Mr. Dob- son warned that, "there is rioihing in our foreign trade picture today about viliich we can afford to be complacent.

"Our present peak of business is being maintained to a large ex- tent by artificial respiration in the form of credits from Canada and the United States. To realize our position we need only imagine what would be the state of‘ our commerce-arid therefore of our standard of living-if the Econo- mic Recnvery Programme and our own loans to Europe were sudden- ly cut off.

"It is true that we can examine our rising export business of the past few months with certain sai-

Afnnual Meet

'Socialism and communism are not sys

Bonk assets - Profits moderately higiier-MDOQOOO

‘in the corrcspundmg period of

Sydney G. Dobson, President, declares private enterprise iilejt _ _ ht to take risks and reap re words the mogcr motivating force tems of freedom,

social security benefits.“

ond General Manager, reports

i948 was 0250 million higher than

o-

947.

Turning to domestic affairs. Mr. Dobson noted that wlule the pres- sure of demand has tends-d w push prices steadily higher, iieie has been s. levelling oif in the rate oi increase.

PRICE S

"It is with regard to prices." he said, "that the manufacturer and the business man have lllell‘ great- est worries. No matter how they balance increased labour costs with technical advance, and other 1n- crealed costs with prevention of waste. they are driven. in spite of ell their ingenuity, to raise prices to their customers.

"It seems to me that those who work for wages are ill-advised when they rush into dcrrfmd‘ which are planned to give iitem an immediate advantage through increased wages, while losing sight of the rm that there is an 1m- portant long-term aspect to be considered. How mum money a worker makes is far less significant than how much he can buy. and if he is to buy anything at all his employer must be able to stay in competition with manufacturers in the rest of the world." ELECTRIC POWER

The importance of Canada's hydro-electric power development to the national economy was em- phasized by Mr. Dobson. Wide dis- tribution of power and its healthy development had been, he said- vltal factors in promoting Canada's industrial progress and maintain- ing a ixigh standard of living. “Each installed hydraulic horse- power. if operated continuously, throughout the year, would be the equivalent of the power obtained from 4 ions of coal. On this basis. ilxe present hydraulic installation in Canada might. be aid to re- present the annual use of about 44 million tons of coal.

“There arc still largo reserves available for development. A gov- ernment tabulation shows 40 mil- lion horse-power available. and a little less than eleven million de- veloped by turbine installation.”

Discovery of additional oil in Alberta and Saskatchewan was a favorable development to which Mr. Dubson made special refer- ence. “It. has become evident," said Mr. Dobson, "that il/‘csicrn Canada. and particularly Alberta. has become one of the brightest Pfflibects for our future supply. It ls forecast that by 1950 thc oll re- quirements of our Prairies will be satisfied out of home production and there may be a surplus avail- able for other markets. This is important because every barrel of oll produced and consumed in Canada conserves from three to five dollars of United States dollar exchange." CONCLUSION