TI1E
NEWS
DAILY
PAGE
SIX
Fresh.
HENNE
'
I
II
I
.In--
COGNAC
BRANDY
Stock
Certificates-
-
Honds,
Insurance
Policies
and
Legal
Documents
of
every
description
SHOULD
BE
PROTECTED
AGAINST
FIRE.
Safety
Deposit
Iloxes
In
Our
Fire-Proof
Vault
Provide
This
Protection
The
small
cost
of
rental
for
these
Deposit
Boxes,
is
really
cheap
Insurance
for
'
your
valuables.
,
f
S.
D.Johnston
Co.Lld.
610
2nd
Avenue
Phone
130
Prince
Rupert,
ILC.
Progressive
merchants
advertise.
This
advertisement
is
not
published
or
displayed
by
the
Liquor
Control
Board
or
by
the
Government
of
British
Columbia
LUMBER
Clark's
Ketchup
4
Bottles
for
in
1x6
No.
1
Spruce
Shiplap
$23.00
1x10
No.
1
Spruce
Shiplap
$25.00
1x6
No.
2
Spruce
Shiplap
$20.00
L10
No.
2
Spruce
Shiplap
j.
$22.00
2x4
and
2x6,
8
to
14',
S4S,
No.
1
Common.
.
.
.$25.00
2x4
and
2x6,
8
to
14',
S4S,
No.
2
Common.
.
.
.$22.00
Kiln
Dried
Flooring,
Ceiling:
and
Finish,
Mouldings
'
Lath,
Shingles,
Doors,
Windows,
Etc.
.BIG
BAY
LUMBER
COMPANY,
LIMITED
PRINCE
RUPERT.
B.
C.
Sawmill
and
Head
Office,
Seal
Cove,
Telephone,
361
Retail
Yard,
Cow
Bay,
Telephone
423
TELEPHONE
657
VALENTIN
DAI
It
Y
FOR
SKEENA
BRAND
Creamery
Butter
&
Cottage
Cheese
FRESH
PASTEURIZED
MILK
AND
CREAM
DAILY
Early
Delivery
Throughout
the
City
Specials
For
Monday,
Tuesday,
and
Wednesday
Australian
Raisins
3
lbs.
for
Corn
Flakes
Per
pkt.
Singapore
Pineapple
2s,
7
Tins
for
Beeklst
Honey
5s,
Per
tin
Helnz's
Tomato
Soup
9
Tfns
for
50c
10c
95c
90c
100
Pickled
Pigs
Feet
Cutlets
jj
J
QQ
Dollar
Sodas
Per
box
Fancy
Assorted
Cookies
3
lbs.
for.
65c
Buy
From
the
Merchants
That
Advertise.
Their
Stock
Is
"Permanent
Partners
Of
The
Continent'
ijjlnRihging
Declaration
President
Macaulay
8
Describes
This
As
Effect
of
Sun
Life
Company's
Investment
Policy
j
'fa
Wisdom
Vindicated
in
Wonderful
Report
The
President's
Speech
For
Past
Year
j
'
MONTREAL,
Feb.
25:
A
most
lucid
explanation
of
how
little
the
fluctuations
of
Wall
Street
affect
companies
which
buy
securities,
not
for
re
s'
V
fLsale,
but
for
investment,
was
given
by
President
T.
D.
Macaulay
at
the
'annual
meeting
of
the
Sun
Life
Assurance
Company.of
Canada.
He
reduced
to
the
plainest
terms
what
is
obscure
to
many,
when
he
compared
Uhe
Stock
Exchange
to
an
auction
room
where
prices
fluctuate
accord
-i
ing
to
the
mental
condition
or
the
bank
balance
of
Uie
bidders,
and
not
according
to
the
intrinsic
value
of
the
articles
on
sale.
Mr.
Macaulay
ex-
i
pressed
comparative
indifference
to
these
things,
his
company
being
concerned
primarily
and
chiefly
with
the
continuance
or
increase
01
dividends
on
the
sound
securities
held
by
his
tompany.
Impressive
Vindication
of
Investment
Policy
And
Judged
by
that
test,
the
head
of
the
Sun
Life
Company
surely
had
remarkable
vindication
of
his
Investment
poller
in
the
report
he
submitted
to
a
crowded
meeting
of
enthusiastic
polteyh
lders.
Not
only
Iwas
he
able
to
report
new
assurances
for
the
year
of
over
1650,000,000
1
...uj-l.
n
nnmnani
t.-nll
n
fha
fhrAA
htlltAM
marlr
rtf
anir.
ances
In
force
he
was
able
to
show
profit
earnings
which
have
risen
close
to
$43,000,000.
And
as
though
in
mockery
of
the
gyrations
of
ths
Stock
Market,
the
dividends
actually
being
paid
on
Sun
Life
stocks
are
$3,374,000
In
excess
of
those
payable
on
these
share
when
purchased,
while
the
rights
and
stock
privileges
have
been
worth
about
$17,000,000.
Great
National
Future
Shared
by
Company
"Through
our
large
stock
holdings,"
he
said,
"we
have
become
permanent
partners
in
the
great
utility
and
other
corporations
which
furnish
such
assentlal
service
that
they
may
almost
be
said
to
be
part
of
our
national
life.
"We
believe
in
the
future
of
our
entire
nations
both
Canada
and
the
United
States.
What
will
they
be
fifty
years
from
now?
Doe
anyone
doubt
their
future?
"We
have
hitched
our
investment
policy
to
the
star
of
this
Continent,"
Mr.
Macaulay
declared
amid
loud
applause,
"and,
lit
particular,
to
our
great
cities,
and.
Just
as
surely
as
they
continue
to
grow
and
prosper,
so
surely
will
our
investments
grow
and
prosper."
Mr.
Macaulay
spoke
as
follows:
"It
Is
with
very
special
pleasure
that
I
move
the
adoption
of
this
fifty-ninth
annual
report
of
the
Company.
We
have
grown
accustomed
to
great
and
Increasing
pros-jerit'y,
b'ul
Ine1
achievements
of
the
oast
yearssuW&0a11
previous
re-
ords
rri
eyff
Wr
'History.
"The
tfewXsltences
paid
for
reached
the
huge
total
of
$551,
000,000.
Even
more
impressive,
however,
is
the
fact
that
this
is
an
Increase
of
more
than
forty-
eight
per
cent,
over
last
year.
was
purely
a
Stock
Exchange
panic.
It
was
not
caused-
by
any
trouble
in
general
business.
We
did
not
see
the
closing
down
of
factories,
wholesale
discharges
of
employees,
and
other
symptoms
of
business
distress
such
as.
marked
the
great
depressions
to
which
our
minds
revert.
Outside
the,
ranks
of
the
unfortunate
speculators
there
was
little
to
show
that
anything
unusual
was
happening
in
the
Wall
Street
auction
rooms.
On
the
wildest
days
of
the
reaction
the
business
of
the
country
went
on
as
"The
Assurances
in
force
now
Men
continued
to
work,
chll-
exceed
S2.4OO.660M),
an
increase
or
OT'
hWTbillfeh.
But
a
few
years'
a'g
weloTced
at
reaching
the
one1
btfltorrmark;
we
now
now
have
passed
the'
second
billion
j
and
are
well
on
towards
the
third
I
billion.
"The
Income
has
reached
$172,000,000,
and
the
Assets
are
now
$568,000,000.
"More
Important
still,
the
profit
earnings
of
the
year
have
risen
to
nearly
$43,000,000.
We
have
as
Usual
applied
a
considerable
proportion
of
these
earnings
to
further
strengthening
the
position
of
the
Company.
"Another
$10,000,000
has
been
deducted
from
the
market
values
shown
in
the
report,
raising
that
item
to
$30,000,000;
$1,000,000
has
been
written
off
the
Company's
buildings,
while
over
$2,000,000
has
been
added
to
our
various
special
reserves.
"The
sum
of
$22,000,000
has
been
distributed
as
profits
to
our
policyholders,
and
In
addition
to
all
this
nearly
$8,000,000
has
been
added
to
the
undistributed
surplus,
now
more
than
$00,000,000.
"This
wonderful
showing
is,
as
always,
based
on
a
valuation
of
our
securities
enormously
below
the
market
quotations
actually
exist
ing
at
the
close
of
the
year,
so
that
the
real
strength
of
the
Company
Is
only
partially
disclosed.
Stock
Exchange
a
Mere
Auction
Mart
"That
such
results
should
be
achieved
in
the
face
of
the
Stock
Exchange
panic,
of
which
we
have
heard
so
much,
may
at
first
appear
strange.
It
is,
however,
not
so
prising,
for
we
are
apt
to
mate
the
importance
of
that
crisis.
!srlriii.
fhnnoh
It
urns
What
la
th
dren
continued
to
be
born,
the
po
pulation
continued
to
grow,
the
great
electric
companies
continued
;
to
increase
their,
output,
enlarging
their
power
houses
or
building
new
ones.
The
great
corporations
whose
stocks
we
own
continued
to
expand.
continued
to
prosper
and
to
earn
even
larger
dividends,
Just
as
if
there
were
no
dealings
in
their
shares
at
aU.
What
happened
was
merely
that
last
June,
in
a
wild
burst
of
enthusiasm,
speculators
bid
up
prices
beyond
normal
levels,
and
this
in
turn
produced
a
wave
of
selling
which
began
as
profit-taking,
but
ended
in
a
panic
which
carried
prices
as
much
below
normal
levels
as
they
had
previously
been
forced
above
them.
The
prices
of
November
last,
of
course,
show
ed
a
great
drop
from
the
quotations
of
mid-September,
but
in
reality
that
great
reaction
did
little
more
than
remove
the
temporary
bulge
caused
by
the
over-enthusiastic
bidding
of
the
previous
months
of
the
year.
The
actual
intrinsic
value
of
the
shares
was,
of
course,
not
affected
by
the
fact
that
the
speculators
had
exhausted
their
bank
accounts
and
had
had
to
lower
their
bids.
Dividends
on
Securities
Greatly
Increased
'The
Investor
who
buys
for
permanent
holding
is
but
little
con
cerned
as
to
the
prices
which
may
be
bid
for
his
stocks
by
those
who
frequent
the
Exchanges.
What
interests
him
is
to
know
that
his
dividends
will
not
only
be
paid
regularly
but
will
gradually
increase
with
the
passing
years.
I
will
apply
this
test
to
our
own
holdings.
At
the
present
time
the
dividends
ae
i
place
where
public
auctions
are
we
purchased
them.
This
is
equal
1
held.
It
differs
from
other
auctions
'
to
one
and
a
quarter
per
cent,
only
In
the
articles
sold,
and
in
the
'annum
on
the
book
value
of
all
volume
of
the
transactions.
It
is
no
j
our
holdings.
We
have
also
received
Imnrn
tn1
nf
thU
-iiirtlAn
than
nf
i
riehtS
and
stork
nflVllCCeS
WOrth
MllQQallpm
HrnrPPV
f.V-"wKw:ons
thaUthenrlces
bid
I
about
U7.p00,000.
And
th
end
I
to
mUballCUl
UlUlCiy
LU
are
an
infallible
index
if
the
real
noVyet.
Even
since
the
tim
began
Limited
417-423
5th
Avenue
East
rilONE
18
AND
81
.
0.
Box
575.
'value
of
the
articles
dealt
In.
The
I
on
say
October
first,
the
dividends
itlmlsm
or
the
pessimism
of
the
bid-
ed
about
$1,500,000
And
we
have
readers.
They
are
frequently
much.celved
rlghU
with
a
value
even
In
better
evidence
as
to
the
bank
ac-,
these
markets
of
$1.100,ouu.
counts
and
credit
of
the
bidders;
No
Losses
hy
Permanent
Investors
than
of
the
value
of
the
stocks
bought
and
sold.
Business
as
Usual
To
imagine
that'loss
was
caused
to
any
except
those
carrying
shares
on
margin
because
market
prices
"That
was
exactly
the
situation
In
1929
marched
BP
a
hill
and
then
during
the
recent
price
reaction.
It
marched
down
again,
Is
to
remind
TERRIBLE
SUFFERING
Day
And
Night
With
Eczema
Mrs.
Msrtln
H.
OicArecht,
Winkler,
Mm.,
writes:
"I
have
used
1
i
v
-'
VJPI
97
V
Jg-
with
good
results
for
wiema.
My
f
.and
shoulders
were
limply
covered
with
blotches
of
this
terrible
disease.
"Nothing
did
me
any
good
until
I
took
your
medicine
and
it
has
relieTed
me
of
the
terrible
suffering
I
had
to
go
through
day
and
night."
Put
up
only
by
The
T.
Milbum
Co.,
Limited,
Toronto,
Ont
me
how
an
old
friend
told
me
mournfully
some
years
ago
that
he
had
lost
over
a
million
dollars
dur-ng
the
preceding
twelve
months.
When
I
replied
sympathetically,
he
j
added
with
equal
mournfulneu:
'Yes
I
have
lost
over
a
million
by
not
buying
stocks
a
year
ago
when
iiey
were
low.'
The
losses
supposed
o
have
been
suffered
by
pennan-J
nt
investors,
audi
as
the
Sun
Ufe.
ire
like
those
of
my
Jocular
friend
they
are
not
losses
at
all,
but
merely
profits
which
we
might
have
made
had
we
known
just
when
the
peak
-fas.
and
had
alter1
ed
our
practice
so
as
to
sett
ont
at
that
time.
FoUowinz
the
Continents
"Star"
'When
investing
our
funds,
we
look
always
to
the
distant
future-ten,
twenty,
thirty
years
hence.
Through
our
large
stockholdings
we
have
become
permanent
partners
In
the
great
uUlity
and
other
corporations
which
furnlth
such
assentlal
service
that
they
may
almost
be
said
to
be
part
of
the
national
life.
We
believe
in
the
future
of
Montreal,
of
New
York,
of
Chicago,
and
of
aU
our
great
cen
tres
of
population.
We
believe
even
more
in
the
future
of
n
our
entire
nations
both
Cftntd
and
the
United
State.
What)
wtil
they
be
fifty
years
from
nowJ
Dee
any
oae
I
doubt
their
future?
We
have
hitch-
j
ed
our
investment
policy
to
the
star
of
this
Continent,
and
In
par-
j
tieular
to
our
great
cities,
and
Just
t
as
surely
as
they
continue
to
growl
and
prosper,
so
ausely
will
our
In-1
vestments
grow.
and
paospec.
What
need
we
care.
for
the
moods
or
poe-ketbodks
of
in-and-out
speculators?
Why
should
we
reverse
our
policy
and
throw
our
great
holdings
on
the
market
for
some
possible
temporary
gain?
Could
we
be
sure
that
we
would
ever
get
our
shares
back?
We
prefer
to
continue
as
per
manent
partners.
Sun
Impregnable
on
Rlarkrst
Day
1
'
Wm
mini
nf
mum
mriIiUf
market
quotations
when
preparing
our
annual
reoort.
but
our
policy
I
Is
so
to
undervalue
our
holdings
that
there
can
be
a
tremendous1
drop
In
prices
without
even
reaching
the
figures
at
which
our
se-
j
curl
ties
are
carried
in
our
accounts.
Iut
year
we
announced
that
we
had
a
margin
of
$100,000,-!
000
to
provide
for
Just
such
a
possible
.market
crisis
as
we
have
experienced.
We
expected
a
reaction
I
but
I
confess
that
we
did
not
ex-!
pect
one
of
such
severity.
Our
as-
sets
have
now
been
tested
by
one
of
the
worst
financial
reactions
In,
history,
and
you
will
be
interested;
to
know
that
the
provision
made1
by
us
for
such
a
contingency
pro-
Tuesday,
February
25.
MONDAY,
TUESDAY
AND
WEDNESDAY
two
snows
7
and
9
p.m.
RICHARD
BARTHELMESS
wilh
MARION
NIXON
In
His
Greatest
All-Talking
Triumph
"Young
Nowheres"
Talking
Comedy
"The
Dancing
Gob"
Song
and
Dance
Novelty
"Mexicana"
Paramount
Sound
News
Admission,
20c
and
65c
S
:
e
the
beautiful
new
Ford
bodies
at
our
showrooms
Now
on
display
for
the
first
time
-
The
Canadian
Car."
S.
E.
PARKER
LTD.
PRINCE
RUPERT,
B.C.
A
NEW
BRAND:
GILT
EDGE
MARINE
PAINT
GILT
EDGE
HOUSE
PAINT
Guaranteed
Pure
A.
W.
EDGE
CO.
Phone
Kcrl
53
2ND
AVENUE
P.
O,
Kot
4'J
SAVE
MONEY!
Try
C.
C.
Ketchum's
PHONE
771
Minehead
Coal
THE
REST
AIJ1LRTA
COAL
IN
PRINCE
RUrEUT
Save
10
per
cent
In
weight
and
buy
our
coal,
which
is
always
under
cover
and
full
weight.
Egg,
1-inch
to
3-inch
.
.
-.
SSW
Stove,
3-inch
to
6-inch
$12.j
Furnace
Lump
$13-j0
that
I
am
blind
to
the
merits
aiso
from
which
to
get
an
rvrr
f
;
;
of
well
selected
bonds
and
mort-!
vision
into
the
future
wlw-'
ed
mor
than
ample,
for
even
on
gage8
as
investments.
There
if
be
planned
for.
What
is
"'if
'
the
blackest
of
the
black
days
wc
much
to
be
said
for
them.
Their
Uo
be?
The
realities
of
the
i
'
Sl
1
still
had
about
$85,000,000
of
the
values,
nominally
at
least,
do
not
are
far
In
advance
of
w
1.:u
amount
Intact
as
a
margin
of
ex-
fiiii.iint
traUv
Thv
nr
nnrtle.
that
we
even
Imagined
pi
!
''
cess
valuation
still
remainlnc
to
uIaHv
qMi-omiva
nt
tim
mhn
n
fpw
vpnrs
aeo.
and
th
Tvrntact
nur
nrnlim
T
am
nnw
ahl
.ti..
i
hrlnVitsr
than
rvcr
I
'
-
aMjcK
ijuuutuuiio
ujcai
uuuuijr
w
"""
to
say
that
even
after
distributing
in.i
in
h
i.Ma
nart
nt
lmfliu
Hnro
tn
make
a
DroplK
'
Y
the
large
prorits
which
we
hav,
yoar
Biit
while
they
offer
greater
of
you
care
to
calculate
wi.:
y
annniinitMl
aftjtr
malrtn,
1Kb
f,ia
.
i
.
n
-
Hn.ittAH
...111
Ka
it
ua
run
Til
'
.
i
'.esiEianre
uj
price
reactions,
wcy
ninuu
win
u
-
iner
reserves
10
sirengmen
our
have
no
power
of
growth.
Person-;
anything
like
our
preseu
position,
and
after
adding
M.000.-
aiiv
t
nref.r
-nihh-
thnt
Hvn
nrneres
for
even
the
000
to
our
declared
surplus;
we
and
advance,
that
keep
pace
with
years,
the
results
will
surPrLs(,Jl
nave
uxiay
me
enure
marem
or
naiinnai
nrnnth
nnri
rinnmint.Wii
nirradv
occudv
a
iiMtivimi
Sh
is
'
-
uttu
VV
-
tually
being
paid
on
our
stocks
are
j
100
000.000
again
Intact.
The
blow
securities
with
a
future,
raihsr
$3,374,000
in
excess
of
the
dividends
i
"1C
""m
than
securities
which,
even
it
pro
poilUon.
Wc
have
a
charade
an
Individuality
all
our
uwii
Q
5
p
Stock
Exchange?
It
is
merely
a
payable
on,
those
same
shares
when
!
vlue
In
are
marked
down
and
we
tected
against
deterioration
(not.have
an
enthusiastic
army
95c
are
a
stronwr
position
than
niwav
.nut.iiivi
hv
col.i
cask-
icvholdcrs.
and
we
enjoy
w1
r,l-
If
;'iV
.Hir
hi
rate
'i
r.l.
..1
W
nf
pol-
miw
hAfnr
In
mir
haiArv
i
f
,ij..a
4U
n,,h1(
In
a
ViTV
Un
"
.
cl
can,
ai
oesi,
oniy
remain
oMt-.uuciiw
ui
mc
juww
.--
-
"This
practice
of
undervaluing
tlonary
and
unchanging
by
the
usual
degree.
We
can
our
securities
is
now
a
pertashent
.iHe
of
the
road
while
the
army
of,
forward
to
a
future
feature
flovr
investment
pmp.
I
progress
marches
,
past,
The"
is.
a
look
fomfl
to
the
tlnje
nqjk
happy
medlurnJil
imM
that.
pui
KWtQfflW
When
we-Whave
company
should
"always
'
have
a
an
wndftclaed
rrfargln
so
huge
large
amount
Invested
in
choice
that
even
the
present
large
figure
bonds,
but
I
also
think
that
In
the
will
appear
comparatively
small,
best
Interests
of
our
policy
hold-
It
Is
our
ambition
that
the
value
ers
a
considerable
proportion
of
placed
on
our
securities
will
always
our
as8et
should
always
be
lnves-be
buttressed
by
safeguards
so
ted
in
high
grade
progressive
corn-great
Uiat
market
Huctuatlons
will
mon
jtocks.
"
pffect
us
no
more
than
the
winds
.
n,
,
,
n
,
.
n.i,.f
utc
t,,al
PrP
'"y
that
whistle
around
our
building.
,
,
,
'
It
Is
a
wonderful
report
that
we
Securities
Compared
present,
but
I
always
think
of
the
"I
would
not
have
you
suppose
present
as
a
mere
ventage
ground
I
think.
1
glotWi"
that
even
the.
achievement
m
present
will
then
seem
small
let
VS
lUeVArget
that
ever)
J
tension
of
our
business
is
a"
tension
of
service
and
blessing
humanity,"
Union
steamer
Catala.
Cpt
j
E.
Dickson,
returned
to
port
av
o'clock
this
morning
Anyo
w
.
art
and
bthef
northern
pom"
8
sailed
at
1.30
this
afternoon
v
Vancouver
and
wnypolnts-