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Engineers,
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founders.
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Etc
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THE
DAILY
NEWS
Wednesday,
Bt,ieafc;;,
3)
iQ
Signs
of
Improvement
Noted
,
At
Bank
of
Montreal
Meeting
Sir
Charles
Gordon,
President,
Stresses
Inherent
Vigor
and
Soundness
of
General
Econsiiile
Structure
In
Cahada--Sees
Period
Approaching
When
Comparison
With
Previous
Year
Will
Be
More
Favorable
Reaction
in
General
Business
Due
Prlrirl-
pally
to
Dipressed
Grain
ahtl
dlher
tjommbdity
Prices;
f
W.
-rPVin
nnli'f
Jnol
o?fiin
tnn
in
Pvifaln
to
ItifrirttCrirt
rr
f
r
mfll
In
trt
A.
Bog
and
Jackson
Dodds,
the
General
Managers,
Draw
Attention
to
"Maintenance
by
Bank
of
Traditionally
Strong;
Liquid
Position
Profits
Compare
Favorably
in
Difficult
Banking
Year
Canada
Fortunate
In
Her
Banking;
System-Ample
Money
Awaiting
Investment.
The
annual
general
meeting
of
the
shareholders
of
the
Bnk
of
Montreal
was-
marked
by
a
distinct
feeling
of
wsnfMence
in
the
general
outlook
Iri.ljanada.
Sir
Chatlis
Gordon,
President,
In
summing
ti
his
views
of
the
situation
expressed
tho
opinion
ttiat
when
the
turn
in
conditions
come
Can
td
will
Be
found
leading
the
Dmc-seton
In
the
return
to
pros-Derity.
W.
A.
Boglnti
Jackson
Dodds.
the
Oepral
MarJnjr,
in
th!r
report
potnttd
out
that
(Hnada,
is
stttsft-tarly
fortUnal
In
her
tonkin
System.
The
tmniMomi
strong
liquid
position
of
the
Bank
hiw
been
main-'
taind
and
this
hid
been
accomplished
vrlthiut
cuitaHlns
the
credit
requirements
of
cu-tomera
Sir
Charles
)r
reviewing
the
pHn-
velopmenfc,
and
have
an
important
bearing
upon
our
future
outlook.
Reason
For
Confidence.
In
summing
up
his
conclusions
Sir
Charlee'-slaled
thlt:
In
this
virile
country
of
Canada
with
its
abounding
resources
there
can
be
no
permanent
depression.
"My
own
view
is
that
when
the
1
turn
cornea
Canada
will
be
found
'
leading
the
procession
In
the
return
to
prosperity.
That
viw,
1
think
yoU
will
agree,
finds
full
justification
from
the
manner
In
which
this
country
has
been
withering
the
rtorm
and
from
the
vigorous
and
practical
remedial
measures
which
we
as
a
people
have
applied."
j
General
Minsters'
Address.
The
address
of
W.
A.
Bog
and
clpal
developments
of
the
year,
aald
,
Jackson
Dedds.
Oeneral
Manager?,
dtwit
n?nts
pai
ueurany
with
the
re-
':
1
i
i
i
i.
-
t.
"T
nm
iiit
u-in
s
Trv
BrdMfv-
mdrt
f
UirDahk
fd
the
nast
fiscal
many
peopie
m
uanaaa
UV
The
rrt
said
m
part:
-As
to
look
on
as
spectators,
having
no
personal
interest
in
it.
j
have
not
roIfired
any
iaesjrmi
know,
the
Banks
of
the
world
TJie
United
States
elections
have
been
rjf
more
direct
in-1
from
depreciation
in
the
securities
;
at
large
are
passing
through
one
of
fewest
because
the
vagaries
of
the
U.S.
tariff
have
affected
j
which
the
Bank
holds
as
oatt
of
its
,
the
most
difficult
periods
in
history
Gahada
very
Considerably
J
assets-.
From
this
you
will
under-
j
Canada
Is
singularly
fortunate
in
4tand
'hat
rcat
onre
has
been
ex-
her
bank,ng
8Vtem.
It
has
been
Nmv
thP
rnnrliHnn
is
18
rhflnjrprf
A
nronosal
has
been
'
S
T
iII?nSe7"
rPtP,.
SLS
iS
in
our
investments.
.
able
to
withstand,
without
apparent
i
the
u
Premier
of
Canada
for
Pela-j
made
by
nterEmpire
been'tram'
the
heavy
drP
the
prce
tlbnships,
which
has
been
turned
down
by
the
government!.
most
difficult
one
not
onlv
for;0
commodities
and
lh
the
market
in
power
in
tnat
country,
i
ne
uenneu
proposals
nave
Deen
supported
by
the
Conservatives
of
Britain
who
are
at
pre-!
sbnt
in
opposition.
The
Liberals
there
have
allied
themselves
with
the
government
in
opposing
the
Bennett
pro-nofeals
and
for
the
present
nothing
isleing
done.
Possibly
the
Bennett
action
will
throw
the
Liberal
and
Labor
parties
together
more
than
ever
and
thus
insure
that
the
present
government
may
remain
in
power
for
another
VPhr
hr
two.
FiVP'rvthiho
is
uncertain.
Commenting
on
the
situation
the
Winnipeg
Free
Pres3
aaVs:
:j
Unless
the
Ramsay
MacDonald
Governmen.tdecides
to
appeal
to
the
people
as
a
matter
of
policy-a
course
which
Mr;
Arthur
Henderson
has
just
said
they
have
no
intention
$1
following
the
Government
can
only
be
defeated
in
the
H(?lise
of
Commons
if
the
Liberals
join
hands
for
that
purpose
wih
tne
Conservatives.
This
the
Conservatives
are
collfiting
upon
them
to
do.
The
instinct
of
a
political
party
riBt
in
power
is
to
fight
the
party
that
is
in
office;
the
in-lhct
of
every
party
in
power
is
to
regard
every
political
combination
which
does
not
belong
to
its
caucus
as
a
hos-ll(party.
These
are
states
of
mind
which
have
been
car-X
i
over
from
former
political
conditions
when
these
tac-t
were
natural
and
correct.
It
was
in
conformity
with
jHlm
that
in
1924
the
Labor
and
Liberal
parties
quarrelled,
with
the
result
that
they
both
spent
five
years
in
opposi-t
3ri.
That
experience
and
its
consequences,
together
with
the.Dmcrgence
of
the
fiscal
issue,
have
combind
to
create
a
situation
in
Great
Britan
in
which
the
Liberal
fltical
ty,
which
holds
the
balance
of
power,
sees
clearly
that
jisresponsibility
goes
far
beyond
voting
to
destroy
a
gov-eTmnent
of
which
its
members
are
critical.
The
Liberals,
j
ill
fce
the
last
election,
have
recognized
that
they
cannot
of-H
;
themselves
as
an
alternative
government,
that
for
the
jjsent
the
best
that
can
le
hoped
for
is
that
they
will
be
tble1
td
act
as
a
balance
in
government.
This
means
that
ly
must
consider
when
they
vote
not
only
the
government
hey
might
displace,
but
also
the
government
that
would
t&ke
its
place
a
consideration
which
crives
them
cause.
i
'
'Whon,
therefore,
in
the
critical
debate
on
the
vote
of
want
of
confidence
at
the
opening
of
the
session
Sir
John
Slrhon
appealed
to
the
Liberals
to
vote
in
accordance
with
thfe
old
idea
that
a
party
out
of
power
should
have
no
con-jfft
ehec
in
a
party,
that
is
in,
he
got
only
four
followers
in
tH&ttouse,
while
from
without
particularly
from
the
Liberal
press,
he
got
nothing
but
hard
knocks."
bahks
but
for
practically
aU
classes
'
"
01
wcunuea
wnien
nas
taken
of
business,
and
this
has
been
re-Pce
as
nas
eise-
tleoted
In
our
profit,
but-neverthe-
j
where-
A
reduction
in
Bank
figures
less
ample
provision
has
been
made
"
a
natural
sequence
01
tms
ae-
for
all
losses
and
prospective
losses.
;
erBP
m
vaiues.
i
in
tunes
iiKe
me
present
n
is
m-
Decline
In
Commodity
Prices.
;
evltable
that
losses
suffered
through
e
hfavy
fall
to
price,
must
affect
Since
our
last
meeting
we
have
been
witnessing
a
decline
In
com-
"-..'.r..:.'
JT'L
11"
"
due
to
restriction
of
credit.
There
Is
r.11'6
""f"
Pulsion
an
abundance
of
money
available
for
sound
commercial
purposes
and
credit
is
notttnted.
Prices
of
many
staptes
of
prlmarj'
produetlon
are
now
extremely
low.
to
which
condition
the
prevalent
dullness
of
trade
Is
principally
due.
Such
Important
for
all
losses
and
doubtful
loans.
"You
will
note
that
the
traditionally
strong
liquid
pqsitlon
of
your
Bank
has
been
maintained.
This
was
accomplished
without
curtailing
the
credit
requirements
of
our
customers.
Profits,
while
reflecting
commodities
as
wheat,
sugajj
rub-
T,
"0"1
T
,fu
y
'
ana
J
the
er&l
bu,uleM
01
the
TOun-are
ber,
raw
cotton,
wool,
tin
copper
and
lower
money
rates
In
fej
levels
all
now
at
lower
price
than
In
1913.
Examination
of
the
fl-!
e,Sn,
marke
navf
bn
Ie
than,
gores
of
the
foreign
trade
of
Canada
"J?
to
malntato
the
usual
shows
how
tare?
a
part
the
Item
of
wheat
plays.
No
other
single
com
modity
approaches
this
cereal
in
volume
and
value;
as
a
consequence,
when
crop
failure
occurs
or
prices
fall
below
the
line
of
profitable
pro
duction,
the
whole
business
of
the
country
Is
adversely
affected.
That
has
happened,
the
wheat
crop
of
.
Quick
assets,
namely,
cash,
call
1929
ws
short
In
Quantity
;
the
cron
"ns,
Bank
balances
and
securities
of
1930
faced
low
orlce
and
a
glutted
of
a
readily
realizable
nature,
market:
and
the
foreign
trade
re-
"Cash
Reserves
to
Liabilities
to
kurns
the
results
of
these
unfavor-.
the
Public
are
13.33
per
cent.
able
factors.
In
the
twelve
months
1
"Capital.
Heat
and
Undivided
ending
September
30th.
total
ex-.Profits
amount
to
$74,947,000
an
sorts
of
Canadian
produce
had
a
value
of
$130S.22.0OO
In
1929,
and
of
$982,098
000
in
1930,
being
a
decrease
of
$321,130,000,
of
which
decrease
$167,185,000.
or
more
than
60
per
cent.,
was
In
the
ttem
of
wheat
and
wheat
flour
alone.
To
short
distributions
to
shareholders
"Our
Total
Assets
now
aggregate
$826,900,000
against
$965,300,000
a
year
ago,
a
decrease
of
$138,400,000,
Which
may
be
considered
a
reasonable
contraction
in
view
of
the
conditions
which
have
prevailed.
Of
this
total
$438,100,000
consists
of
Compared
with
$74,632,000.
Rest
and
Undivided
Profits
are
now
$2,947,000
In
excess
of
our
capital.
"Deposits
aggregate
$697,300,000,
a
decrease
of
$83,300,000.
Demand
deposits
have
decreased
$72,600,000.
Deposits
after
Notice
amount
to
Crops
and
congested
markets
can
be
j
$409,600,000
as
compared
with
$420,
traced
much
of
the
reaction
In
general
business,
the
decline
in
railway
traffic,
the
diminished
earnings
of
carriers
by
land
and
water,
unemployment
of
labor,
and,
above
all,
diminished
purchasing
power
of
the
agricultural
class.
"Approximately
one-half
the
population
of
Canada
derive
support
directly
from
the
farm,
and
while
this
year
their
labor
has
been
rewarded
with
an
aggregate
average
quantity
return,
low
prices
have
reduced
profit
close
to
the
vanishing
soint.
Of
wheat,
the
crop
was
00,-009,000
bushels
larger
than
in
1929,
but
what
was
gained
In
quantity
was
lost
In
value
an
Increase
of
about
30
in
production
being
offset
by
a
60
decline
in
price.
"It
Is
the
history
of
all
new
coun
tries
that
they
depend
at
first
upon
the
utilisation
of
their
most
available
resources,
and
later
turn
to
manufacturing
and
similar
pursuits.
Canada
at
the
present
time
IS
In
an
intermediate
stage.
We
have
been
making
use
of
resources
most
teadliy
converted
Into
money,
but
are
now
entering
the
Second
stage,
that
of
manufacturing.
In
1915
the
gross
value
of
Canada's
agricultural
products
was
$1,118,094,000,
and
of
i
her
manufactured
products,
$1,-'
381,347,000.
In
1928
the
figures
were:
gross
value
of
agricultural
products,
$1,730,304,000,
and
of
manufactures,
$3,769,650,000.
These
figures
illus
trate
the
trend
of
our
economic
de-
400,000.
During
recent
months
deposits
In
our
Savings
Department
have
Increased,
an
indication
that
with
the
passing
of
abnormal
conditions
In
the
stock
markets,
the
inherent
saving
tendency
of
the
people
is
again
In
evidence.
"A
notable
Increase
during
the
year
In
the
number
of
small
accounts
is
especially
gratifying,
as
we
have
consistently
emphasized
the
fact
that
the
Dank
of
Montreal
welcomes
small
accounts.
It
Is
our
experience
that
the
amount
represented
by
many
small
accounts
is
a
more
stable
quantity
than
a
similar
total
represented
by
a
few
large
balances.
Situation
In
Canada.
"In
Canada
Ihe
collapse
of
stock
speculation
"which
occurred
Just
prior
to
our
last
Annual
Meeting,
has
been
coupled
with
a
decline
in
commodity
prices
sufficiently
wide
spread
to
affect
nearly
every
form
of
business.
Canada
Is
fdrtunate
In
that
Its
inebme
is
derived
from
a
variety
of
Important
trades
and
occupations,
most
of
which
are
based
upon
raw
materials
existing
in
abundance
within
our
own
borders.
"Unemployment
and
over-pro
ductlon
are
both
unpleasant
fea-turrs
in
the
present
situation,
and
to
alleviate
these
evils
Canada
should
use
every
legitimate
means
to
Increase
and
extend
her
trade.
We
have
great
hopes
for
the
growth
VICTORIA
EVERGREEN
PLAYGROUND
cf
our
uade
with
the
Orient,
a
market
of
increasing
importance,
and
,
for
thi
continued
development
of
'
Vancouver
cs
a
seaport.
Our
exports
)
to
the
West
Indies
show
a
considerable
Increar-e
during
the
last
few
years;
.iur
Atlantic
seaports
greatly
!
faclllta
our
trade
with
this
desirable
market.
"The
return
of
prosperity
will
probably
be
slow,
but
there
ore
grounds
for
believing
that
the
bot-tj.ti
of
the
depression
U
near
at
hand,
thare
Is
the
possibility
of
a
tfl-ons
l
slowing
down
during
the
early
winter
months."
Man
in
the
Moon
Sing
a
song
of
hard
timet
People
full
of
whine
Even
though
they're
sitting
On
a
rich
gold
mine.
Talking
about
bread
lines
No
one
apends
a
sou
Though
the
Bstfd'tlmes
never
r
Affect
me
or
you.
Sing
a
song
so
simple
About
the
price
of
grain
Oh,
these
hard
time
pessimists
Sure
give
me
a
pain.
"But
darling,
If
your
earache
Is
better,
why
do
you
keep
oh
crying?"
"I'm
waiting
for
D-Daddy
to
c-come
home.
He's
never
s-seen
me
with
an
earache!
'"
When
we
have
time
to
forget
for
a
few
minutes
about
the
unem-Dlaved
alnrur
nome
the
-
radio
fan
and
pour
out
their
grievances
about
radio
reception.
Oh,
list,
to
the
racKet
The
radio
nolso,
It
racks
all
my
nerves
Dletirbing
my
poise;
It's
louder
than
static
A
terrible
humming,"
Yes,
night
after
night,
We
still
hear
It
coming.
Qood
music
It
drowns
When
the
radio's
turned
on,
No
more
qan
we
hear
Mozart,
Mendelssohn.
Our
favorite
Jazz
Is
nothing
but
roar
Above
latest
fox
trot
The
noises
still
soar.
ictorla,
Canada's
evergreen
playground,
offers
a
strlklns
z'-.
to
the
rest
of
tbe
Dominion
during
the
winter
month.
t.,r
uiuer
parts
vi
uie
counirj
are
omnneiea
in
snow,
8Unim
r
r.?
O
really
Joss
Its
domination
there.
The
climate
Is
so
mild
ha
.
1
.
of
sporU,
usually
subject
to
eaoaaJ
HmltajUoni
elewhpro
la
f
II
are
all-the-yeor-round
recreation,
and
the
beautiful
setting
of
Y
n
Island
never
loses
its
charm.
Victoria
Is
wwtnHallj-
beautifu.
O
accumpanrlng
pictures
chow:
(1)
The
impress
Hotel,
the
C
Pacific
Railway's
Imposing
hostelry,
heAdrn.Hfrs
of
all
sn
:
sporting
events
and
Mecca,
of
thooMlnda
wfeo
"teh
to
escape
tho
r
of
tVe
prairie
winter.
(2)
The
"gallery"
al
ttf
Crytal,QM'iui.
Ing.
(3)
Dathers
in
its
dwtawnlng
popl
v(t
nutebart's
Gnnicn-
r
a
quarry,
but
now
one
of
tho
ftneM
ihfefi
In
the
world,
t")
"
famous
Malahat
Drtre,
winding
for
miM
through
beautiful
mou;
and
(6)
A
golfer,
driving
off
at
the
7th.
tee.
ij
She
will
always
lie
proud
of
a
General
Electric
pi
CTUll
E
hrr
delight
on
ChrUlraal
morning
Iim
the
it
jom
gift,
General
Electric
Refrigerator!
For
iliyi
I
and
months
and
yeart
to
rome
the
will
nlwayt
be
proud
of
ita
gleaming
beauty
proud
of
the
way
It
Ughtrnl
lier
load
of
hum-drum
drudgery
,
.
.
proud
of
the
way
it
ave
money
on
fowl
bill.
P.et
of
all,
yon
ran
glre
her
a
General
Elertrie
Refrigerator
o
eaully
that
your
poelrtkook
will
ararrely
feel
It.
Now
la
he
time
to
drop
In
and
r
the
fhrlMmaa
dUplay
of
General
F.leetrie
Refrlgrratora
at
the
neoret
dealer'a.
EASY
TERMS
ARRANGED
GENERAL
(ELECTRIC
ALISTEEL
UEFlilGintATOIl
1.8
"JOB
"
.
For
Sale
by-
-
Northern
B.C.
Power
Co.
Ltd.
Prince
Rupert,
B.G.
Cnaranterd
I.y
CANADIAN
nr.NEIUI,
El.KCTTim
CO.,
Mm'tej
6naMttAX3nsflBBSCSnBa3nanSBJ33a3H
.
gaaWaBBSaTBBaaflBBMBHSHBMBBIBITB-
TELEPHONE
657
VALENTIN
DAI
it
V
FOR
SKEENA
DRAM)
Creamery
Butter
&
pottage
Cheese
FRESH
PASTEURIZED
MILK
AND
CREAM
DAILY
Eariy
Delivery
Throughout
the
City
i.tsuuiuiisaiiaa
Dr
Alexander
X.RAY
SERVICE
PHONE
975
nESNER
liLOCK
DENTIST
fict
the
habit
of
reading
the
advertisements
in
this
papcf
and
taking
advantage
of
the
help
they
btWtff
J'0"