1
v'
'-
'
"
'
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fcIU
'1-
''1
31
'
k
f
:
:i
PAC2
TWO
THE
DAfLY
NEWS
i
DAILY
EDITION
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fall
E
THE
DAILY
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Jack
Pine
and
Cedar
HYDE
TRANSFER-PHONE
580
Unshaken
Faith
in
Future
of
Canada
Expressed
at
Royal
Bank
Annual
Meeting
"I
have
witnessed
many
depressions
during
the
last
fifty
years
and
I
see
nothing
in
this
one
which
weakens
rny
faith
in
this
country."
Sir
Herbert
Holt.
President
ioc
"While
I
do
not
wish
to
voice
my
prediction
as
to
the
date
3.00
$800
9.00
of
business
recovery,
it
will
be
very
disjppointing
if
an
improvement
does
not
take
place
in
li)32."
M.
W.
Wilson,
Vice-President
and
General
Manager.
I
I
At
the
annual
meeting
of
The
looking
to
the.
futu.i"
with
conft-
Royal
Bank
of
Canada
held
at
the
dence."
i
Head
Office
in
Montreal,
both
the
...
,
',.
President,
Sir
Herbert
Holt,
and
General
Managers
Address
the
Vice-President
and
General
Mr.
M.
W.
WiLson,
Vice-President'
Manager,
Mr.
W.
M.
Wilson,
were
and
General
Manager,
stated
that
emphatle
In
their
expressions
of
maintenance
of
the
Bank's
asset
'
unqualified
confidence
In
Canada,
at
a
figure
as
high
as
$325,000,000
'Sir
Herbert
Holt's
mature
and
reflected
not
only
the
conservation
;
:
world-wide
business
exnerience
Is
of
existing
business
but
also
the
reflected
In
his
statement
"I
have
witnessed
many
depressions
during
ithe
course
of
the
last
fifty
years
and
I
see
nothing
In
this
one
which
weakens
my
faith
In
this
country
The
tone
of
both
addresses
was
one
:
which
of
quiet
optimism,
exemplified
by
Mr.
Wilson's
remark.
"While
I
do
net
wish
to
voice
any
prediction
as
to
the
date
of
business
recovery,
it
will-be
very
disappointing
it
an
lm-
.
.
.
nrovement
does
not
taice
place
aur-
C.
btevens
01
bkidecate
took
the
manager
of
tng
1932.
The
leaders
of
pontics
the
Nakata
Exporting
Company
of
Seattle
out
to
look
jSJTSSSX
over
a
few
stands
of
the
old
croWn-trranted
timber.
What
about
and
the
indictment
against
acquisition
or
new
ana
aesiraDie
connections.
He
referred
to
the;
substantial
over-subscription
of
the
Dominion
of
Canada
National
Service
Loan
as
an
achievement
of
our
government
and
Cana
dians
generally
muy
well
be
proud.
Strong
Liquid
Position
Maintained
The
liquid
position
of
the
bank
was
maintained
at
substantially
the
me
ratio
as
a
year
ago.
quickly
realizable
assets
being
more
than
48
of
liabilities
to
the
oubllc.
In
referring
to
the
Unviable
record
of
the
Canadian
banking
system
dur-'
wno
D,ock
the
wa
wiu
e-''ns
the
period
til
world
any
depression..
thia
iniS
firm
Him
winrpd
ameu
waa
as
nemiOCK
hpmWk
W
logs
that
mai
were
vpr
pvnnrtnhlf
expqreaOieVvere
pointed
aialn
mdeed;.
The
President
,Mr.
Wilson
said:
Onee
the'
Taken
from
leased
land
the
Clause
against
exporting
be-
out
that
with
quoted
values
of
ability
of
the
Canadian
banking
Mmp
nnprntivA
;most
securities
well
under
their
In-
system
to-take
care
of
the
needs
of
mi
uP"cft,wvc'
j.
.
i
trlnslc
worth.
Improvement
could
the
country
has
been
clearly
de-
ine
snips
controlled
ny
mis
iirm
are
01
ten
inousanuoe
expected
as
ana
wnen
measures
'monstrateti.
The
type
or
organiza
'were
v;r
talron
taken
irhljK
which
Vnll1r1
would
result
rpeillt.
In'ttnn
In'.tion
MnHar
under
idViIKi
which
thou
they
nnamfo
operate
en
n.
LUiis
caui
hum
nit;
v
nmucu
iu
niiiu
i
un
vaiKura
:
1
-.,.
AAntAAA
i
u.
.1.1,.
1
,
i
,
,
,,
,
!"
iwi
ikiuiu
ui
luiuiuciac
ui
un
iiun
viur
uauu
10
uutr
u
uiuhui
Mm
Uf
Aitnna
ntiri
IVlt.
"
n
l-n
T
i,
rtMilft
i
nnr
1-
m
ri
1
u
Ua
fimhat
1
IIThIUiI
c
.
.
,
...
Vn.lU.
t
Vil
h
I
I
1
4
!..
.
I.
.
'
they
required
so
no
business
was
done
!SJS3&
As
there
is
little
demand
in
British
Columbia
for
island
'system
during
a
time
when
disor-
hemlock,
although
it
makes
excellent
flooring,
many
peo-in,""
JV.mS
?nan.
pie
think
the
export
of
these
logs
should
be
allowed.
Pro-!
other
countries.
He
expressed
the
vision.might
be
made
that
only
Canadians
be
allowed
to,
-f
cadouTd
be
Work
ill
the
woods.
-
j
attributed
in
no
small
degree
to
the
As
a
general
policy
we
do
not
favor
the
export
of
awlgJfflSgjS:
material
from
the
country
but
as
a
means
of
restoring
the
j
try
had
been
supported.
finnninl
nnnrlirinn
nf
thp
rnnntrv
it
wnuld
spom
tn
hp
n
!
Before
moving
adoption
of
the
Sir
Herbert
referred
with
.
r
i
report
very
good
emergency
measure.
profound
regret
to
the
death
of
Mr.
Heil,
after
a
lifetime
spent
in
the
service
of
the
bank.
"In
his
passing
the
bank
has
lost
a
wise
councillor.
'his
associates
a
loyal
friend,
and
I
Canada
an
eminent
banker
and
We
are
glad
to
be
able
to
back
up
Hon.
R.
W.
Bruhn,;
ef
clttab"fn
minister
of
public
works,
in
his
plea
to
Ottawa
to
provide
i
situation
to
africuiture
and
ml
work
fnrthp
mpn
now
hoarrlinfr
in
thp
rnnd
rnmns
nnrl
dlsn
i
principal
manufacturing
Industries.
,i,
r
.i.
rrUn
Sir
Herbert
referred
to,
the
plans
iui
wiiicio
ug
atcuuv
vi
wuii
xuc
n
uviutiai
iiiiinsici
which
are
under
way
fox
a
con-
has
the
right
idea
and
has
been
urging
it
on
Ottawa.
He
isolation
of
the
principal
nfews-
n
-i
i
j
ii
n
i
-.
i
iorlnt
companies
Jn
Eastern
Can-
says
mere
are
seven
inousanu
men
in
me
rjnusn
oium-
ada.
and
expressed
the
opinion
that
bia
camps
and
they
are
restless
under
the
enforced
idle-!
the'
development
though
difficult
ness.
He
had
visited
a
number
of
the
camps
and
found
that
:
uveCd
wghTy5
SeKieii
the
men
Would
much
rather
be
Working.
Canada
was
to
continue
to
maln-
TK11Ai?KlQ.i1mlrt,rQf
nnrl
aV,nf
c,JAni
Una
Uaan
t,.,a
J
the
supremacy
to
which
she
Is
mi
imiuiv
iin.ni
uuu
iiiiii
ooiv-iii
Lrtrcii
uujn;-
j
entitled
Dy
reason
or
ner
natural
lnnitl.,
w...
.1.11.1
1...4.
.1
t
l!ll
.
!
.
1-
..1
i
1
iL
1
if
I
n.tr.M.nnA.
icssiv
iwuuujcvi
uut
nieie
i
tuu
liiiie
vu
struiuiiteu
it
uut
it
quick
action
is
taken.
MR.
BRUHNIS
RIGHT
TELL
THE
CUSTOMER
People
are
sending
out
of
town
for
their
goods.
Why?
Because
they
are
not
kept
properly
informed
of
the
prices
at
which
they
can
buy
at
home.
If
they
knew,
they
would
buy
here.
It
is
impossible
for
the
merchant
to
meet
his
prospective
customers
personally
every
day.
He
can't
keep
them
.posted
on
the
trends
of
business
unless
he
adopts
some
fttVlOt
moflinrl
than
nahannn)
nnntnnt
TXv
wlvatfciiirr
Viniti-
Railways
The
appointment
of
a
railway
commission
was
mentioned
with
approval
and
the
belief
expressed
that
such
a
commission
should
be
capable
of
bringing
in
recommen
dations
which
would
in
large
mea
sure
solve
the
present
very
serious
situation
caused
by
uneconomic
cempetltlon
and
duplication
of
ser
vices.
The
President
stated
"Sav
ings
to
the
country
of
from
$60,000,
000
to
$75,000,000
a
year
are
possible
ana
wis
witnout
impairment
oi
l
service
to
tne
puonc.
Imperial
Conference
WW1V.
VV.IVl!
Willi.
UU1SUIIUI
WUIIUlVh
11
U1
1
HOlllL.
HUH"
T1-.1-.I
4
11-
-
.
.
a;
as
.
....
.
.
...
.
ruuiniiK
uuv
iiiab
as
iuiik
ever,
ne
can
do
it
easily.
When
he
has
anything
particu-:
.
other
nations
raise
intolerable
tar
larly
attractive
to
offer
he
can
tell
them
about
it.
To
do
j
JjlftIigeu
ntMMSKathe1
this
daily
is
the
desirable
method.
Each
day
brings
its
own
ferent
parts
of
the
Empire
should
problems
and
its
own
changes.
The
customer
likes
to
know
i
PJ1
h?SSrassed
bhopnin
he
about
these
and
appreciates
the
confidences
of
the
mer-!
results
of
the
imperial
conference
chant.
t0
De
nela
tn
Ottawa,
provided
care-
...
.
iful
analysis
and
close
study
pro-
r
m
i
i-
t
i
i.
Daily
advertising,
kept
alrve
with
news
of
the
store,
lsiduced
a
scientific
tariff
structure
the
best
possible
means
of
keeping
business
good
when
au
things
are
quiet
1
Mm.
Had
Eczema
All
Over
Her
Body
Mr.
Leo
Wrdlpr.
Sprinirfonl,
Ont.,
write
For
a
lone
nhil
I
u
trouMrd
with
ecternt
kllottr
my
body-It
would
burn
and
itch
to
night
I
could
not
rut.
I
tried
different
remedin
but
of
no
rail.
1
u
tdriied
to
UVe
Burdock
Wood
Hitten.
and
tlUt
Ukioc
five
bottlei
my
Mood
iu
completely
I'leared
of
the
eeteira."
iplng
home
industry.
I
Publle
Finance
The
success
of
the
National
Service
Loan
was
referred
to
as
a
not
able
achievement.
He
stressed
the
fact
that
both
internal
and
exter
nal
revenue
had
been
reduced
by
the
decline
in
the
activity
of
trade
and
that
excessive
expenditures
by
governments
and
municipalities
:had
placed
a
heavy
burden
of
interest
payments
on
the
people.
:
There
never
was
a
Urae
In
our
view
of
the
transactions
that
come
before
them
and
I
think
It
will
be
I
admitted
that
the
disposition
has'
been
to
deal
with
problems
in
aj
rymDathetic
and
constructive
man-!
many
;
ner.
Business
in
Other
Countries
Entirely
satisfactory,"
were
the
words
used
in
describing
the
bank's
experience
during
the
last
year
in
the
foreign
countries
where
it
op
erates.
Mr.
Wilson
pointed
out
that
the
Bank's
foreign
branches
have
never
been
allowed
to
expose
themselves
to
rifK
or
loss
tnrougn
exenange
fluctuations
and
as
a
result
their
experience
during
the
last
year
had
been
entirely
satisfactory.
Commodity
Levels
The
General
Manager
expressed
the
opinion
that
the
restoration
of
commodity
price
levels
to
the
basis
of
1924-1928
was
essential
to
a
really
satisfactory
recovery
In
world
business.
He
made
favourable
reference
to
the
anti-deflation
measures
now
being
considered
by
the
United
States
Congress
and
felt
that
they
Justified
the
hope
that
corrective
forces
would
soon
be
at
work
in
that
country.
Business
Psychology
"As
the
depression
continues
the
factor
of
business
phychology
Is
one
of
constantly
increasing
importance,"
Mr.
Wilson
declared.
Distrust
and
lack
of
confidence
are
largely
responsible
for
the
extreme
to
which
world
business
has
gone,
lie
Indicated
that
we
In
Canada
had
been
particularly
fortunate
in
this
respect
and
said,
"Confidence
j
tn
our
country
and
in
our
ability
to
solve
the
problems
that
present
themselves
Is
above
the
average
and
In
my
opinion
is
amply
Justified
by
our
past
record
and
future
prospects."
Lack
of
international
confidence
was
the
main
obstacle
In
the
way
to
world-wide
business
recovery.
Mr.
Wilson
went
on
to
ex
press
the
opinion
that
confidence!
eould
be
restored
by
co-operation1
between
the
leaders
of
politics
and
finance
in
the
principal
countries.
Signs
are
not
lacking
that
progress
may
be
made
along
these
lines
and
this
formed
the
basis
for
his
statement
"Wltile
I
do
not
wish
to
venture
any
predlcUon
as
to
the
date
of
business
recovery.
It
will
be
very
disappointing
if
an
Improvement
does
not
take
place
during
1932."
Mr.
Wilson
pointed
out
in
vigor-
ous
terms
that
we
must
not
get
j
Into
the
frame
of
mind
in
which
we
think
of
losses
as
pertaining
to
all
'
business
activities.
The
majority
are
holding
their
own.
he
declared.
I
and
while
reduced
earnings
for
the
time
being
may
be
Inevitable,
we-should
be
gratified
that
in
this
per-lod
of
transition
a
creat
majority!
of
our
Canadian
concerns
are
more
,
than
covering
operating
expenses
and
our
agricultural
population
Isi
staying
on
the
land
and
maintaining
the
acreage
under
cultivation.
ViWlf.
Closing
on
Vac
a
note
of
optimism.
Mr.
I
.
,
.
1
1,
,
4.
.
nisiory
wncn
h
wm
wi.7"wi1hii
said.
"There
are
signs
of
stabilization
in
number
of
d
reo-11$
brin
At.
!nVe
wSfc
J
vt
Sff"0115'
our
Physical-
assets
are
belns!
fi,3.1
7fnHunri?iiS
ihS.k,t
lntact
ttnd'
wlth
reasonable
British
National
Government
In
re-;
tna't
.
tlnd
Canad
m
be
onE
o
the
h.iV
KT,At
,lrst
countries
to
feel
the
good
re
and
balancing
their
budget.
,
suits
.i.
of
v,,,.i
R
'
Closing
his
remarks
Sir
Herbert
1
business
recovery.'
said
In
part
"It
has
been
said
that
nr
.
.
i-
y
It
Is
darkest
Just
before
the
dawn.
1YIAQ3PTI
hsiTITlPr
tlons
have
seemed
most
discouraging
at
a
time
when
Improvement
had
already
set
In.
The
violence
of
the
depression
must
of
itself
tend
to
produce
a
strong
reaction.
It
may
well
be
that
the
gold
countries
are
now
on
the
verge
of
a
rise
In
the
price
level.
With
a
sound
and
strongly
Integrated
banking
system,
no
important
Investments
In
Institute
Holds
Annual
Meeting
MASSETT.
Jan.
25
The
Graham
;
Island
Farm
rs
instute
held
Its'
depreciated
securities
of
foreign
.n,M,
,.,
,.,,
,,,,.
,
meeting
last
week,
quite
governments,
an
Industrious
and
annufl
a
virile
people
who
have
maintained
crowd
being
present.
Directors
el-thelr
morale
unimpaired,
and
with
ected
for
the
coming
year
were;
a
system
of
government
permitting
chas.
A.
Smith,
Austin
Cary,
8.
L.
promnt
and
decisive
action.
Can-
Zi,
simn,nn
r
nV
t
rv,M
T.
Evans
and
Carl
ada
is
In
a
relatively
satisfactory
1lmuson'
position
and
we
are
Justified
In
Klrmls,
secretary.
8
Could
LOUT
s.
-
Monday,
-January
2$,
I63J
i
ii
1
Wife
Get
a
Jot)
?
i?7
EMPLOYMENT
y
hope
your
wife
will
never
need
to
seek
employment.
But
many
other
men
have
had
similar
hopes
ami
their
tviilows
know
the
heartaches
of
j'oMiunting.
Fortunately
yon
enn
make
certaiu
that
your
wife
and
children
will
never
want
for
food,
clothing
and
shelter.
You
can
make
them
forever
Independent
of
charity.
Simply
inveit
in
Life
Iniurance
and
arrange
for
a
permanent
monthly
income
which
will
he
payable
either
to
your
family
or
to
yourself.
Then,
whether
or
not
ynu
live
to
old
age,
the
future
it
safeguarded.
Tomorrow
may
he
too
late.
See
a
Life
Insurance
representative
today
and
make
sure
your
wife
will
never
be
forced
lo
look
for
employment.
Life
I
nsurance
oervice
On
0
a
$erU$
of
mtt$agt$
iporuortd
by
Lift
Inturanct
CompmnUi.
now
SUNsTREATED
CiaiPCTTES
mn
mr-
IRRADIATED"
CIGARETTES
NO
COUPONS
ALL
QUALITY
TWENTY
FOR
TWENTY-FIVE
CENTS