‘i My a ~ p a UI-‘JJPPURTIJNITYGL sir Charles Gordon gives lntcresflnk review of what chartered Canada are in; for the depositing, Never before uncmploymcn and direct relief loomed-so large as Advissbillty of Governments to g,“ market to effect lens term mim- than Governuwnt railws losses 00am"; greatest detdtrcnt Canada's my of‘! rqgovury, -_--_____ wmancm-loinlll ‘ M - annual re standard. The 117th AnnunlGoneral Mcet- compared with coal or oil. If those ing of the Shareholders of the who arcprorie to criticise what is Bank of Montreal was held in the called the cspi Board Room at- the Bank's Head- quarters _ THE PRESIDENT'S ADDRESS sir Charles Gordon, President, in addressing the “areholders. said. 1n part : Gentlemen»- The general statement of Bank roi- the out year. m!“ of which have been distributed to this meeting, _wlll be presented to you in its details by the Gmsral Mall-ass and will, I hope, prove satisfac y. observe that these are continuing in smaller figures than in times pust. The demand from comma cial borrowers for bank loans is still at a comparatively low level, due to the fact that these custom- crs are in large measure able tlggocfimfigxfzfi. Con,” If! lalso in excess of last year and root lrly large. It ls en- , know that our farm- | ers as a whole. in better condi- 0 ' the p nt volume of busi- {ifiglfsm thfiwn resources, with the result. that a lsr proportion‘ we 0r the Bank's assets wish to see must perforce be invest- ed in high-grade securities. 1 gi ing m- u uidit and’ -li v grea q y Eréaar stre th in our position!“ must natura y be reflected in smaller profits. You will note how- ever tha. we have been able to earn veiled for some time past comfortable margin to be lorward~to profit and loss. BANKING the reduced dividend which has tgre- g wi s carried The effect on the commercial banks of the banking legislation of the year will in the main be to lessen their earning power by the curtailment of their note circula- tion privileges and by the operation oi intcrcst-limitat n features, Any move which woul further curtail the earning power of our com- mercial banks would be highly un- wise. That our banks sho d be maintained in s sound position both in respect of the character of their ssets and of their ieurning power s a matter of supreme importance to the country and particularly I may say to‘ every depositor. Depos- itors in our banks throughout tb lat in the maintenance of a sound make itself felt to that end. Now that we are upon" the subject go banks and banking in Canada, might touch upon a few points artlcuiarly which I ‘should like to ring to the attention of our own stockholders and depositors and also of the whole Domini . Such a mass of evidence has on pro- duced with regard to banks during the past year that it is a question whetheror not the public. or our own stockholders, have found time to read it, or, if they did resdtgi whether or not they conocntra on the most essential points. I ould like, therefore, to present a w figures which can be under- stood and carried away. 1. The total of assets under ad- ministration by our chartered banks s nearly three billions of dollars 2. In the blnks of Canada there arc some s, _ .000 depositors, our own bank ovcgdaduliilxoni t 3. Deposi ‘rgcev r g ll ear some 837,000,000 in interest. ' 4. The interest which share- holders in the banks received was 12,000,000. T’ I think we may therefore con- Eider that this vast body of (rim- tors, which outnumber the D who voted at the last genera elec- tion in Canada, arc vitally inter- ested in the stmngthcnllll 01 0"! gunk: and the maintenance o 5F he prefe holders of the banks whilst those who have supplied csplf-ll 0! the banks, and who receive their dividends only after the 837.000.0011 to which I have referred have been paid, may bo considered as tho common shareholders. in addition to this, it mtlst- be borne in mind that no shareholder of our. chartered banks can receive one cent of his capital invested in glelired ‘still allutlhc depositors have en pa n . Another matter which should be impressed ugon the Public is the nature of t e services which the banks are performing. In a country as vast as this, with towns an villages in remote districts. the value cf these services can hardly be estimated. Within reasonable distance of nearly every point in the West where a farmer br his grain to a country elevator, e can et his s cashed or make s deposit, s chartered bank. and he lmowsetliat when he wants ' back to “i "“‘°...““ r.““‘“,;’§..%l“; a, so , h? m tarp-Either: has besnuthe case ars . of theolbansjiainduzizaries $0.. which our business structure rests have shown progressive bettcrmentadur- gbitghuulo i210 mori und 00nd . 0 . ' tlon, has" ri -- a re ‘ , illlv were . fart - at inure-electric WWII‘ svaikblclst mmnvatlvalv short ylm sud st __a low nun 0Fliu0urniAi~~lul Siliouc. , W500i" civilians nesuuiicrs so v AlllETll ruin wuiui our noon. i 035$ I AIUTHER ALWAYS UREIIS. " ‘ 0a ‘Iulininteguuptcdlytlfor mac forcibly the wlsdomrof- ‘nfii-Cw‘ “w”. m‘ “m” y s" '_ , reserving e right o! isdsmpticn $00,000,000 I: 1032. ' _ amount the increase , Recent evidence cornmeal loans has halted and that the trend ins “up! ft Z country mflzltughscteryr n’ Bu‘ e o . i giuoneys not sly to be achieved upon n "year. and for fifteen dst ‘which connection it be of free goods. the raw domestic manufactures. have kept pace with those of duti-' ble . The external com talistic system would i look around in Canada and observe whet private initiative pilshirm everywhere. they w all fairness have to admit that it is dgini; its hill-Dart ln laying BIMW t ue .. vey of our exicrnal Xborts over imports which 1930, has amounted The wdVBDtl-QBB of dargs favourable balance has been manifested in man least in maintain the Canadian do GRIOULTURE The harvest in Canada was y. but; as a whole, about hatoflsst year wi the - vantages of somewhat h her prices. ,'I‘he wheat crop is In the matter oi profits you will?" 09° Wm l‘ external commerce is market found for Cansdi ducts in Empire countries, Ports to Empire countries in the six months ending September hav- lns been 8168000000 f 846 . or 87.6% over tho 1n 1933. while our ex- to foreign countries rose but e the Western Provinces. audcxton- si lief measures will again be the farmers there. RAH-WAYS I have in addresses to the share- holders in previous years mentioned our national problems of which bears hcavi upon the oitirens of Canada. Na. I put aha railway question Government will turn They have undoubtedly cflt to our Western arm- OTB. . CONDPHONSBTW THE UNITED ited States the eilorts ‘ to st ula business have continued past twelve mouths the outs and- OI th - fills 0f 0kg mamas? annual dc purposes but also for of public works and the develop- ment of natural resources. result there has been some upturn in usiness ted b th artf- crea y cse ilcial means, but there has not as yet been any steady or sustained ry. Sufficient time has elapsed to studyithe effects of the New Deal, and after sifting out the pr pa ,-onc comes f0 the conclusi ‘ economic experi- i! t to bri abo ‘tnd vi ‘:1! bimkin structurc anditistobeinane or ‘ ng usrc v expedtegd that their influence will of trade have not materially im- proved cdnditions. date been to bicreasc Govern- ment debt to unprecedented heights regiment industry. rcstric gains the currency, and mcrcsac es. The lowest semi-official estimate as to the number of those requir- ing relief within the United Stslu is iv.oo0.o00. and. unf number is incrc various schemes of he New Deal. There are signs that the admin- lstratlon now realizes that large of public funds provide rai-y rélief, and that the roblem of unemployment solved permanently only by the en- couragement of private busin . stimulated by the prospect of mak- ing legitimate profits and iuiham- pered by too much Government m ad ' YMENT SITUATION ' aver before in the history of Canada or the United States , problem of unemplo lnent and» petitive direct relief loomed so l dues today In essarytosccthesefl restore- and the serious burden im "Pm "V! lllilflysrs of Canad . The co-operativs measures m- aware, fallen far any adequate relief, the very immediate beneficial results can the present sys- ssr that other and more must be applied. vernment railway losses the biggestJeak in finances 811d the greatest deter to Cansdas financial reco e delay in adopting effect- fllliwe I have given you are part of” the evligilteince HAM; we some or sooner the betisr-atlfglrfilr r312 Way Problem on a scientific basis. remember thatioday e‘ 8011118 Dominiolrhavc a very direct intcr-' that the sources of raw gag-g dispensed with much cse materials to power 357017181185. automobiles, P9 ys. Railways competing other can never succeed y the throttling of oom- systems but by the elimin- f useless competition ' by . inelligent direction. the greatest problem that we have. first step is bad to face since the wsrrTbere were always some people who were regulation of all forms the United Dortation under s Federal Canada this fact did ‘IlWWPOTlBHOn Co not give the Governments very "W"! W1 1 mpch concern and no legislation of . 0f "if! Board of an immrtant character was ll the co-ordination of our railways. A second st unemployed, bu totes and th powers similar to those Railway Com - a wider and $35.. e. There h - 50m I ill th t ‘.1! t I alga tbesrdeigold “fir: m o s , cm oyincn misnaln this doia-and other‘ Dominic Municipal sflslrs perutlve $620!!!! is now an was havebeen taken toward o0 ti e extravagances which develo more prosperous times. menial expenditures, however. Parll go far in introducing social e ation of this nature. en some twenty-Alive years and! many Acts of Psrlia shunt in GreatuBr-itsin the organ; so effectively. It is ard wa of deal determination to the every form of government. . Th task of balancing the Fed- budget is rendered difficult b l the cost of une by the war icgac ons, and, v tional Railways deficits, the terns u charge of not less than $150,000,000. urea dinary- ievonug of the Dominion Government in the seven months hi, offtbe current fiscal or 81st, last to have 000. an increascof 0086300.!!!» ove it still far Thero‘ was an the past over o events 810,000,000. covery however, amounted to wt n of government osc- llggtion it is to distribute to those! eral t ed. Iiegisl deal with ‘this whole subject will have to be-inider- t e vsrnm ts the United States wise the problem will will be im getlt ill c will not m?!“ backdoor M"! d EUROPE AND orurxr nnrrsnv In Europe the situa excess of revenue mouths have wl sued ost which have‘ not helped the re of “peace and proqlsrity. The san- l ‘ELK’? , L ' tolbiefly or. loans Emmlmpfflilflflfillfi in _ _ mom In Great Britain the situation cestfu infer-ting ooh in fG-elnlndnt. "gourd. On "kW: kldfifi" ‘”°‘"°“.° the first nine Nil-lull a taxation-lit deserves; and It “l? e m, - 9M tfld within th no: o: l ~ est-i’ 4 rid crisnwrrirwwfl’ OSITIDII. . portant vernrnsntal borrow ion i-term for l. reason- bi. .50.. $01.»... witlrthe l o th' loan itself‘ Ior some term e . years this type o! flngxndfll un snada and as a result wchsve many bor- rowc who would Kindly ‘ahead- van go of present favourable con- dit to re d grass as pronounced ‘gther countries. Among the reasons we must count the fact that we have not been so ready as have some others to seek a panacea in the control of industry or in eco- nomic experiments of one kind and another. In Great Britain. wiioss returning prosperity consti- tutes an inspiring object lesson. the people have made a united effort to promote business. In this single- n‘ minded objective extraneous re- forms and rlments have been side-trucked. ere “has been no attack on private initiative. The low point of the depression occur- red earlier in the United Kingdom than in Canada, and similarly, while recovery commenced in the United Kingdom during the sum- mer of 1932. it was dela ed in the case of Canada until e second gunner of 1933- It is s. reasonable cduction that the wisest course for us to follow is to give single- minded devotion to reviving busi- nes by the methods which emer- lsnoe has shown to be fundamen- tally sound and not to interfere with the improvement now under way by applying new and untried theories and enacting hampering legislation. - With respect to the outlook for the com)’: lylear, there are many reasons ' lIO justi! the hope for a continuation of he betterment which we have witnessed during the past year. In the first place, I would say that events arc cm ha- sizing how great is the nat onal asset we gossess in the good sense and the omogenoiu character of ur ole.’I'h. asIhv ‘di- gategie eu. aem t re is comforting statisti- fisl wide-neg tacit} tlgggclovujdds are . an c-r- e once. 0003:3180 c our resources are so large and so varied that when one door of opportunity closes another al- ways opens. It has truly been said that Canada's salvation is that she is still a land with a frontier. Once wheat and forest products were the important treasures of our soil. To these are now added gold and the highly-important commercial met- als with which this ‘country is so lavishl endowed. I would be very much appier if I could say that marked improvement has also been shown in other countries, for the welfare of the individual is bound up in that of the whole. Canada is particularly susceptible to outside influence; we must not forget that as our position is largely that of an e r, conditions in other countries must have a. great bear- ing on conditions here. (Applause) THE GENERAL MANAGERS‘ ADDRESS. Mr. W. A. Bog, as Joint General Manager, read the Address of the Joint General Manage-rs, which was inn} part as follows: r . Chairman and Gentlemen: On behalf of M)‘. Dodds and my- self I have the honour to present to you the one hundred and seven- teenth annual balance sheet of the Bank, from which you will see that the" strong tion of the Batik has been filly maintained Important changes in the bal- ange sheet figures are as follows : Assets amount to ur Total $759,100,000, compared with M08.- d a o .000 W11‘ BE ~ Quick Assets. includlngmoétsllii so; ai $491,200,000, represen of all liabilities to the public; of i, these assets actual cash amounts to 12.77% of such liabilities. Our large holdings of uici: Assets em- phasize the diflic ty of employing our money in commercial loans. Investments, not exceeding mar- B ket value, amount to $318,000,000. practically unchanged from last year 0dr investments in Dominion and Provincial Government secur- ities included in the above amount to $284,000,000. ' g “Current loans in Canada amount , 230.800.4100, a decrease of s5.- 300000. Bank deposits now in ex- istence could readily finance n. vol- ume of trade substantially greater than that of today. However, until the tendency towards restrictive legislation upon business opera- tions is more clear-l defined, and until the uncertaint cs in the lipid of international relations have been removed and the opportunity for profitable employment of bor- rowed money becomes more ap- parent, business will probably show some reluctance to expand. We never lose sight of the fact that lending money for commercial pur- cs is the backbone of our cam- nk DOW"; we are ready. and al- ways have been to consider appli- cations for loans which fall the category cf prudent benkln risks. We have phssixed this feature in our advertisements in recent months in order to contro- vert a widespread misconception that there is a lack of banking credit. These advertisements did not announce a new policy, or even , the revival of a policy; they simply restated s policy from which the Bank h as at no time d namely, that of affording every reasonable accommodation to com- rncrclsl borrowers. We might add in this connection that the total of authorised for our borrow- ing customers is very la excess rgcly in of the amount which they have found that they can use to 08B advantage. In valuing our assets. ample pro- ‘m vision has been madc foi’ all bad and doubtful debts and any dc- praclation of securities. ts are slightly lower than Prod those of tbs previous year: after deducting Dominion and Provincial Goavarnment ‘haxss they amount to as compared with l3.- cam ui ma As a result of the lower interest rites prevailing and the difliculty gf. koémpiovinv money ts l by. other institutions re- n and calving deposits reduced the rate of intarest. ‘ghtis action eshaluldhalailil; rec v ass governor n s iii t sir efforts to establish budget so brium and should also cori- trihvlc to Business recovcry. but in A illtslaiifi’! these objects it would be have illus- s mistake to lower tbs rate 0a GUARDIAN ssvlnts deposits to the point of ti; ootltaglng thrift. It is so portant that the rate s is on fifiimfi°m“°“li..“d“lfiiul°iw'““ of the investors of small and mod- erate means and thereby secure that wide distribution which ls so dcsiiable inLpublfli; financing; a: mus rs iigwaaglsain: carat”? cannot fall at cr country. CONDITIONS 1N CANADA At ‘our last Annual Meeting the illlfifllii‘ .’l“°§.£i‘iii.l“° ’°" o cer- tain mcasure of yrewvery bu: had supplied groimdivfor hope that the firscigzery ‘wotuld continueumin 108i. withstanding the tendency for con- sumption o _ to behind production. and also for dfillwmaddicdue in l ve c c n , crease csu rs idly than c’ ction. c r n psrtoiedulg l i tercsted in and the abllised It does not appear pro le that satisfactory stabillzationbflzif t world's moneys can be achieved upon any other basis than a gold standard. The Ottawa Agreements ve to Canada a much needed mar ct for po to Great Britain-have beer. exceeding our imports from Great Brl by an increasing mafia. With respect to the United St s. although Canada's unfsvourabit- anea on merchandise account was reduced from $3ll.000.000 In 1920- 90 to $44,000,000 in 1113-1-84, this trend ii new in process of being’ reversed. nrid the unilsvorable balance with the United Stains is rising rapidly as com- pared with last ycsr. This discount on the American dollar and the hi tariff against our arri- cirltura products impede the free flow of goods heroes tllc frontier to our dlsgdvsnfage. BANKING LEGISLATION The Act incorporating the Bank of Canada will opcraitc dually to re- duce , the long-ealab isbod privilege enjoyed by the char-tend bunks to issue notes. That function is to be undertaken more and more as time goes on by the new Bank. Meanwhile, the partlgl withdrawal of the circula- tion privilege will curtail till-e ser- vices as well us the cam-lug power of the chartered banks. The bunks have assisted immeasurably in the (1976101)- ment of Canada, particularly by open- ing branches in nearly every bgmlei lu the cfiuntry, As long as we could issue our own notes there was no un- productive tia-up of resources in till money at any of our branches. Bank hares up to the mount o! the Bank's capital require no cover; above that amoum they are fully covm-od by gold or legals, except that during the crop moving period some leeway is permit- ted. They are secured by s first lien on assets relatively huge. Canadian bank not-eh are issued only as business activity requires and when the lair-mediums need is filled the notes flow hack to the banks and are re- deemed. This has prevented any in- fllltlcn of ills currency insofar as if is represented by bunk circulation. Business may st times be inflated and this in itself may create m: abnormal demand for currency. but this essentially different from tbs emis- sivm of notes not required by trade. The automatic features of the Canad- ian bunk note has bgen the subiect cf stinted prsino by banking autbortiel in tho Republic to the Souiih. Under the amended Bank Act s fur. thor mtrictiun has been mpogqg limiting the maximum interest rate that may be charged. In the Plfll hanks were able to charge intqrmt n a reasonable ru-to commerisu with itigeratingtcost-s. in the districts when esocossamhihtbss rvgat . fee: o»! the llminaxvtion noggin 20g; may- meon the dli v c between g profitable and an unprofitable branch. Profits will be lowered and operqv. ing losses increased through the n. striations mentioned shove and the gm‘. bglalgélvaf-ligc‘ alternative the c otgms- o“ unprofitable "5 °‘ Cullildfl’! rheolast assets is s "I'm 11601110 who have been sncour. azed y a sound banking gygtgm yum, provided s convenient and cure refuge for their money. It is s mists-ks to dis- wlllllkfi the one and weaken the other. n an economic sense. the mos: 1m. bortnnt individuals in eoci 1 small capitalists. It i, w, m h’ nation's worker-q filist we. ls bankers, must safeguard. The avsr-lgo deposit 7° Y Imlll; llqloclltoru and to invest when their deposit balances ac. "mfliilaie- Yet for a great him mono in the bankreprcsents the sole bulwark flinlnat misfortune Borrowers as u "l!" "6 prover-tr owners: as s rule fairly well-io-do: not seldom vvealtbf "9 (he "Vilma denositor is relatively Qmfltwgmllllll; our first duty is to pro. it is wel-l to boar in rnhid Mist bad our hanks opcooled under tho unit system us in the United States there would have been many failures in dis. trossad districts. In con-trust to what happened in that country, the (IQPOSROFI undo in Canadian hunks wore always uvsileble—no one ms kept waiting Y" his money. The lllflmnfO loss m depositors in cloned hank! in m; gnétocd States will be not less ‘than Q i‘, MMDM- such s loss if’ applied l: l-flflflria. on n liiisls of rclntive pop“. ion would amount to 3100000000 CONDITION! ABROAD Industry in Credit Britain has shown an lncrmse in activity. Retail "l" are 3.3 percent gii-ator than a year l8“- and reduction in unemployment proceeds ateadllyg tho number of ‘m. Employed liavlflk decreased by over 179909- “Milly has continued very plentiful throughout the year with present niies of interest near record lows. ram sums of British and for- elgn money seeking employment bnv created an extraordinary rice in stoc exchange securities, helped of late by the announcement of largo repay-mean of treasury bonds. British funds an now at prices which have not been seen for runny years and are on .9. nrcrlm v a t percent basis. The London market is not "l; m», from ieflirltilon Is I'm-ms m flotation o! “lam” “B01931 Issues but certain exceptions ronflnuo to be mada_ par- ticularly in favour of Empire rqquln. menu. General conditions in Prince can an! he said f0 have improved during tho ll"! Yell’. that country having 9g. pcrieuced serious political and fln. anclal troubles. Tbcio has been n. trenchment in Government expendi- ture rnd successful conversion and sinking fund operations, but collee- tlon of faxes has not been up tn ox- llecitaiions and the 10$ budget eati- mnte figures meal a deficit of res p00 000. Foreign trade is at s low ebb, tbs adverse balance of frgdo for the nine months ending 80th Septem- hsr lui being For. 4,fSll4_000,000. llllb fnrlrffs and quotas rwi-triot importation of raw materials. with rmsequgng n. dnction in industrial activity. ,. UNITED STATE! . In the United Ristes, followin lbr gcuergl closing of the hanks in rob, i083. some of them pcrmaneuily. and the strengthening 0f the capital struc- ture of a number of lnoiihiilonl with funds supplied by Government agon- clcs, lm rovsmont bu taken place in the ban in: situation, and bani N- scrves I tho lands of the Fedora Reserve Banks have reached un- precedented figures. In the ‘More: of demand for commercial loans and with no new industrial investment il- sues of importance being underwritten since the ennctmont of, the localities cl. w‘ its aovcrn ivomilticsylbr lmnkii il-.i.~i.ig the post in-olre months buvu added runterleily to their loll- IN MEMORIAM Ill. D. l. MOPHEB-BON Mrs. p. n. McPherson, whose‘ maiden name was Elizabeth Mar-L garet Walker, passed sway at the ‘ ‘ Hospital with tragic sud- denncss on Nov. 10, 1034, aged 43 years. The death of this estimable woman and her newborn babe came as a great shock to all who heard of it, especially to all who knew her. fsr and near. Expressions of sym- pathy and sorrow for the bereaved husband. children. aged mother, brother and n: relatives were heard on every lip. This parish were pro-g’ lag foundly touched by this. to us» my visitation. We feel it to bcablow audatseriiolulitpinoigel ranks, a gap the no soon made up. Abounding evidence of this was seen in the packed Church of Caledonia at the funeral services. conducted by her minister, the Rov- Allieter Miursy. Thank God it ls s rare sight to see the mother with bar newborn infant in ber arms kidiorcstinthcsanle casketanri grave. Strong men were in tears. There were but few if any dry eyes in that thfflflflsd church that day. be The minister. in his deeply toucbin address, remarked that in all hi minis‘ y of nearly i0 years, be nevc conducted a like funeral service, an that there never was the like in tr. hataagriwum-n products‘ our ex, ;Cllfldflllll Olll-IIOII b61078. M18. MC Pharaoh was one of the finest typ of women. remarkable in many ways She impressed us as a genuine Christian, most interested. in the S. B. and YPS. and indeed in all forms of Cfiristis-n work, in short, in everything that made for peace. goodwill, and the extension of Chrlsfffiiingdom on earth. In the home, she excelled as a wife and mother, patient, indulgent and most unselfish." Her thoughts were con- stantly of others. The bereaved are her husband. three children. Jean Catherine, Mary, andWilliam Wallace, her aged and feeble mother. three brothers. James in Charlottetown, Dan in Bos- ton. and Charles 15., in Caledonia. The poll bearers were Messrs. C. K. Martin, Alex. and Ken McKenzie, N. Giliis, Chester Martin and" J. M. McPherson. The burial was in Vai- lsyfield. We mourn, believing and hoping to meet in the resurrection of the lust. (Patriot please copy) mczu. Notes (Continued from P889 3) great Parisian hospital, by the of- ficial samtion of the French Gov- e. ‘, placsrded public places with the following announcement: "Alcoholism causes a great vari- ety of diseases, IIIBIW of them 111055 deadly - paralysis, insanity, disor- ders of the stomach and liver. dropsy-it is one of the most fre- quent causes of consumption. I'll:- ally, it complicates every acute disease." ' Oanuws liquor bill for 1932-38 was approximately $110,000, 000. This amount would make two great slices info the cost of the national bill for sickncm by providing cash in the family till for the times of sickness. and s blazer slice would be for the Prevention o1 the list of illnesses catalogued on the author- ity of the noted physician given above. Modern medical science is loOkinB ever more and more with a scepti- iugs of Government bonds The national debt of ‘the United State-s Government. is increasing rall- idly and it would seem that sense of balance bu been lost. 1n the short time of two years ibc gross public dcht a‘ bemused about 06000000 000 Government's main support for capital ll gbout 2d percent of their resources ricvv invested lo Government secur- ities as againet 0 percent in 102i). A sounder policy would ha to interest the public h! financing the New Deal as ft is distill-biog to think that during the next five years snort-term debt aggregating about 8i4,(l00,000,000 be- comes due. concnusiou In Quads the depression did nof reach the luvv levels experienced in many other counitrieg flthough one might have expected that a debtor country would feel i depression more k y than a creditor country. The intrinsic wealth of the couiitny was undoubtedly a proiective factor; tho stnbillh of the people another. A third was to be found in the banking system, In‘ this connection as avi- devnce of the confidence in our Bank held ‘broad the number of sharehold- era of the Bank residing outside Can- ada has increased during lho past year by over three hundred; since 1020 by more than eight humlmd. This con- fldencc ls justified as l can assure our shareholders‘ sud dopnsliors that the Bank is lu a strong gnd sound posit- n. The Chairman then moved, seconded by Mr. H. R. Drumuiond, that tho Report of the Dirt-clots, now rmid_ ho adopted and printed for distribution among tbs Shareholders. The report was unanimously adopt- ‘rnsmrs r0 run onrlcnns Hon. Rodolphe Lenilcux, K. C., then moved seconded by Mr. W. B. Blackadcr, that the thanks of the meeting ‘re berwhy tendered to thi- President, the Vice-Presidents, anil Dincfars for their attention to the interacts of the Bank imcr-ocfimi u.» Hon. s. c. u". burn, C. . G. moved. locouded by Mr. Ross H. Ifcilnsler "Tim: [he thanks of the Ali-vying are hereby tendered in the General Managers. the Assistant Gsnerll Manllgrm, the sup-- eilutvendents the Msnggcra and other officers of the Bank, for their services during the past year." The ballot for the appointment of Auditors and the election of Directors for the ensuing year was their pro- ceeded with. The scruiinoem appointed for the purpose reported that Messrs, (fhurlel ' W. i). A. Hodgacu, C. A._ and Glundluning, C. A. wore duly ap- pointed Audltors [no m. (Ollolflng gentlemen elected Directors: Thr Hon~ curable Thomas Abram, P. C, D. Forbes Angus-E. W. Bodily, K. C. W. . Black, W. A. ling, the Honor- ablo Patrick Burns, the llonourablr Henry Cockshut-l Nniumn J. ilnwes A. 0, Dawson, . R. Druminnnd. W. Sanford Evans. Sir (lbnrlca (lorrlon G. B. 10,, J. W. lilcvonnrll, Ross H Ncbfaaten F E, Msrcrllih, K. C IIJobGenersI the Hon. S. f‘. Meuc burn, C. M. G.’ irL-(Iol. llsrhut Mol- Ion. C. if. G. , c. sicc w. N. Tlllsy, x. c._ Sir . I‘. Frederick lVill-lamc-Tgylur, A t. a subsequent meeting of the Dlroclcrd lilr Charles Gordon (l. B. l0 l was elected President, and Mr. H. IL, Dvummond and Major-General the Honourable S. C. Mewburn, C. M. G were elected Vicc-Pnsldsurs. The Executive cciamimc cr‘ the Board was appointed. consisting oi Sir (‘hnrlcs Gordon. U. H. n, Mr. H. B. Driimmonrl, .\l='Ji>~' F-“Iivrivf llli- liiéli- ll oilriihlc ii C lirwvlnnni, l‘ and Mr. I. W. Benny K. C. 1- lluirt Forget WELLN ER’S A Wonderful Opportunity _TQ_ _AT- BIG SAVING$ Sale Positively Ends BlIY NOW. Jewelers Since I868. /. . .. . é Great Pro-Holiday Sale- - Buy Your Xmas yGilftls A SATURDAY. use. aui. Don't Be Disappointed- w. w. WELLNER Limited, caleiyeontheusc of alcohol Isl.‘ healing agent. It is on record that in the truce great public hospitals fonnalde-Jiyde, and furfural are well-recognized infle- dlefits of cigarette smoke. Acrolcin, according to the late Thomas A- E4154,“ 15 a by-product of- the burn- mg pgpgr and hag a violent action on the nerve centres. ma Thompson. "Rggnrdlng fui-furai, The Lancet. well-known British medical Jvllmfl. makes the following sfiawillflm "Furfural, the prneiplc aldehyde which we have found present 111 Griffith, nits McDonald. Julienn maul-red qila-ntleies in cigarette Isiflouroicrc, Madeline smoke. is stated to be about fifty me Dgylg, times as poisonous as ordinary l1- . . The records show that it (furfural) is absent altogether in cigar smoke,‘ This would seem to indicate that filrfural. like servicin- is p, ivy-product of the burning cig- tobacco. is a narcotic nelson m" in deal-illness to prusslc acid and constitutes about 3 per cent 0f most q; our flush n m be foddef‘ I01‘ the tobacco trusts let it enlist wiidi As s. matter of course Camila is sick, the effect of the laws of heri- dity added to the law of the effect of original transgression of the laws should be proclaimed from the houselop. , . . if or: excludes the ao-cnllcd Bold Pflllff of i2.800,00(l,000, Banks have been the some nun‘. scariest?" T’ I The following pupils have in Liverpool, Eng, its use as a. the- ' an avcrs8e 50°" 75% 1°‘ m‘ W?“ h. rspeutlc is declining sharply. Ten oillovcmber- years ago for 13.138 Dflflellfifl BP- proximately $6,170.00 was spent 011 alcohol. In 1033. with 37.095 Dati- ents only $1,090.00 was thus 8P8!"- The difference in the number o! Mitchell- patients was 343.967. 5nd ‘he dfi" ferencs in the cost of alcohol $5.- Grade x (Division 1) -~ Grace a , George, Blanche cn-initn, radars V“ Peppin, Irene Peters. V, , Division III-Alma Bllcchan,__ Grads, n: - Mariflrie Isabel Goodwin. Marjorie DWI! , Commercial Department —- Bit The physical effect 0f the mil- Mscl-ntyre, Jean Gaudet. Maféell lions of cigarettes being hflllfllbd Bcrnilrd- G130?! F “mtmv t‘ in Canada can be indeed by the dings of.Dr. J.W. McCormick. Toronto. as to the poison contained P0111. Grade V’!!! - Norma P001011 _ Gladys Bell, Reta Dowllng, Mil-racist He states: McKinnon. Dorothy Peters. "Mir ‘ Harrell, Mary Mitchell. Isabel "M0 Donald, Mary Ira-ppm. M-B-YBI gins, Marion Power. Grade VIP-Betty Ixightiler,“ ._ ippa Bradley, Rosalie K188!!! 1 - " cilla Chandler, Maflvn Q1111“! Grade VI-Joscphine Brown, Mary ‘~ Doyle, Eleanor Lee, Edith Ungleg." Helen Ooyle. Wilma Kym! . Grade lh-llancn Mitchell, Claire‘, Grade Ill-Marcia Murray, porle Murray. Marguerite minbh ,_ and Lorraine Oatway (oulisl), Incl! MacDonald, Eileen schlaver. Marion Burke, Grace Murray, Mary 111008-59. Paula Arsensult, Florence Lee. - Grade III-Helen Malone. Joe's "Nicotine. the Mil" 11W“ °l MacDonald and Noelle Blake icon; all, Ines Min-ray. Joyce lee. 0M’; ‘ rienne Collins. Phyllis Blanchard. ‘ Grade III-Bernice Min-ray, Anna Incoursierc. clafi-e Joyce Cantwcli, Lois O'Brien, Betty Redmond, Velma Carmody. Ida May Doyle. Mary xccughan. Bhlr M Donald. MacDonald, WISDOM Wcsmetooeekw-lsdornandunder- standing only in the days-Robert Hall. lengthmof AND Santa Claus Headquarters A. R. Purvls, (UP STAIRS) For Crown-up People Here you find Santa Claus’ headquarters. No denying the fact. No shutting your: eyes to the evidence piled up on every shelf in every ' department of this large establishment. Here is the place where your Xmas wants can be supplied This year the importation for Christmas Trade exceed in quantity, in variety, in quality and in novelty all former efforts in this line. Gifts for the liille ones The articles suitable for this purpose ern- . brace a list whose variety is surprising-and even more surprising are the moderate prices charged. Never was better value oficred from the article costing only a few cents to those of higher price. The worrying question of selecting a sult- ' able gift, will, we promise you. be easy of solu- _ lion in our store this season. in all the various lines we offer, you will find wide variety and ;_ sterling value enabling you to purchase proflt- . ably and satisfactorily. CARTER & CO., Limiiszirt; i SANTA CLAUS’ HEADQUARTERS x Jay, Gather _ . .{__.:-<.uva.=-¢-.__i_,_ __