PAOK-TWO
DAILY
EDITION
ail
the
time.
THE
DAILY
NEWS.
ruiNCE
uui'chi
-
m:msli
coixmhia
Published
Every
Afternoon,
Except
Siinday.
by.
Prince
Rupert
6ally
News,
Lurilted,
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Avenue
H.
F.
PULLEN
-
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ot
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of
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USE
OF
THE
ELEVATOR
Spanish
Beauty
f
JF
LttMbL'V
jjf(isiisiisiE
8JM
10:
,
'
.00
ti.bo
Friday,
Jan.
20.
193$
i
in.
ii
nil,
(,
Itus
fhany
tai:keir
fochnrj
mm
A
:
:.t
Mantnoa
Arellano
wettt
oi
bUt
vvui
Mir
iuir
uf
M'ltMic.
n-
-I'uUy
Her
back
was
achurtpd
htoM
b
;u:t.ifui
tn
all
Spain.
Daily
News
Want
Ads.
bring
quick
Results
Assets
of
$705,512,920
the
Liquid
jAjfetS
amounted
to
as
much
as
'$355,929,915,
.and
were
equal
to
52.8GJ
of
all
Liabilities
to
the
Pub
lic.
An
outstanding
feature
of
the
Liquid
Assets
was
the
large
holtf
In?
'
of
Cash
Assets,
which
reached
a.
lbh
Would
result
in
a
co-ordinated
importation
system
adequate
to
a
heeds
of
the
country
and
con-
ucted
at
a
mlhlmum
of
expense.
Ciovfrnment
Expenses
;'For
many
years.
Government
expenditure
lias
been
on
an
excessive
scale.
Extravagance
ha
characterized
the
budgets
of
na
tional,
provincial
and
municipal
i
governments.
Throughout
the
j
country
there
is
a
general
demlrid
that
budgets
be
balanced
ahd
ev-'ery
effort
made
to
lighten
the
heavy
burden
Imbojed
upon
the
people
by
reducing
the
unduly
,heavy
taxation.
j
"there
.i
a
noteworthy
duplication
ot
Government
in
danada
'which
leads
to
the
excessive
cost
of
administratis.
We
must
serl-lously
I
consider
whether
this
coun-
trv
can
afford
to
maintain
as
rrtarty
as
nihe
Provlntlal
ddvm-mehts,
togelhef
with
tlie
Federal
Government,
eftch
with
ail
elaborate
organization.
The
whole
population
of
Ureal
Britain
IS
governed
by
a
single
Parliament
which
finds
time
t6
leglsldte,
not
only
fdr
All
lnterhdl
maltets.
hut
also
for
thbs
whieh
concern
the
Em
plre
as
a
whole
Reviewing
the
Imperial
Confer
ence
at
Ottawa,
Sir
Herbert
said
THE
DAILY
NEWS
ftay&l
Batik
of
C&iiada
Presents
Strong
Statement
CASH
ASSETS
1(51
MILLION
WOLLAttS
'Canada
hlls
miilntaidcil
lieY
credit
tllilina!t,ccl'
Tciy..,
.
...
.,.ti.
...
null.
uuuiiu.1
wua
iuiijr
wiauit
u.
(
meeting
any
fUHhef
tkU
whieh
might
be
imposed
but
felt
that
I
present
indications
pointed
lo
the!
Initiation
of
a
nvovery
In
1933
111
a
reasonable
degree
of
interna-1
norm!
common
stmse
and
io-oper-utlon
could
be
secure
!
total
dt
On
Hundred
and
Bliiv-
(Jell,
Aliliagfr's
Aildteis
'
.
,
.
,
,
,
'
,
Four
Mllllonl
i
Mf.
M.
W.
WHstorl.
Vtee-Pr-
Pnnce
Rupert
A
people,
and
particularly
i
members
of
the
The
Annual
Meeting
brought
td-'utnt
atid
deiieM
Htityet,
lit
it-chamber
of
commence,
should
give
a
good
deal
Of
thought
gethef
a
large
numbei-
ol
share-
ilerrlh
a
the
pmlton
of
the
bk,
to
the
'problem
of
the
Prince
Rupert
elevator.
It
is
the
pro-
holders,
ahd
was
marked
by
inter-!
Mid
that
ah
oUUtarMni
feature
lierty
of
the
people
of
Canada
as
represented
by
the'
gov-
1
eHntieht
at
Ottawa
It
has
been
held
.under
lease
by
the
Z
S&VwthST
v?S
A
JJUlT.
fSt
Alberta
Wheat
Pool
but
the
lease
expires
this
summer'.
r;ent
and
General
Manager.
Ibilltlea.
total
llatild
assts
Wto3
Por
several
years
the
elevator
has
been
used
only
as
a
vigorous
comment
and
sugstes-'
wW-iai
w
bter
5bt
of
public
tfi-
storage
house
for
grain
ahd
not
as
a
terminal
shipping
t,on
a5
reards
"Ttral
ot
h
0li,i
SSit
f1?11
Hthi.riffM,.:ri!,
u;it
standing
domestic
problems
ot
'.ihiplovi'nient
hi
the
rtWrket
tor
elevator
tot
Which
it
,..oo
built.
purpose
Was
Hnteht
Bands
whieh
Utok
Canada,
and
art
able
summary
of
goVef
Ih
the
fall
the
chairman
of
the
grain
board
made
a
visit
the
wnrld
economic
situation
and;
place
during
the
year,
and
sttt:
to
Prince
Rupert
and
he
made
a
suggestion
in
regard
to
the
prospects
ahead,
a
strong
plea
("Canada
again
ywvd
its
eipMHy
thfe
leasing
of
the
elevator
but
there
is
no
assurance
that
Jr
t!Jf
amalgamation
a!
the
two;
to
provide-
the
Kfh
nfehnl
,,.511
Krt
fo1W0,1
W
tha
tmim.nt
Canadian
railroads,
at
the
drtly
Mir
publle
bod
e.
Darin,
tne
ylar
4.4o
jw.
v.
n...
wwv
fcV,w1.1...v..k.
manner
lh
which
the1
grave
Cana-
It
is
qliite
useless
to
protest
and
talk
mysteriously
about
dian
railway
situatwn
tan
be
soiv-sinister
influences
working
against
the
port.
What
is
intervention
by
me
prevtneia!
needed
today
is
a
definite
suggestion
which
can
be
put
be-
wy"fiifiu
t
conserve
Cahadian
fore
the
government
as
to
the
disposal
of
the
elevator.
We
?JK
"TSAS
SS
must
decide
whether
we
are
prepared
to
recommend
that
ant
newsprint
industry,
if
the
ie-the
iease
be
cancelled
and
if
so
what
disposal
of
the
pro-
sent
strong
efforts
being
made
td
perty
we
would
make
in
case
the.
present
lease
is
not
re-
ecur
cd-opetation
are
not
sue-newedv
ce8su'
and
a
condemHatldh
of
ex-
t
,
.
,
...
,
....
cessiVe
govermerttal
fcxoendltlire.
yhat
it
i
is
hoped
to
secure
is
a
clause
l
ill
the
lease
pro
faufed
the
address
of
the
presi-Vldirig
for
the
shipment
of
a
reasonable
amount
of
grain
dent
through
the
elevator
each
year.
The
insertion
of
such
a
sir
Herbert
said
in
part
clause
would
protect
the
city
and
the
railway.
S
l
of
LKhta!T,
hlth
-
i
.
,
.
,
...
Uili
country
has
htwti
during
the
We,
are
df
opinion
that
the
railway
company
should
be
third
year
of
the
deprenioa
is
as
much
interested
in
securing
a
propel4
lease
as
the
citi-
cause
for
congratulation,
with
no
zens.of
Prince
Rupert.
If
the
elevator
were
used
for
re-
financial
assistance
rrom
crtilni.
chlnmanto
tVin
vailtfmr
ivmiffl
knnafit
nm
Viio
Countries
Other
than
ft
.nt.1l
fVih
v.-
f
u
amount
amount
of
of
re-flnanchig.
re-flnanchig.
,,uuu
u.C
miuc
.c
nmu'Ui.
onuuu
ui
i
ic
arranged
on
a
strictly
buslne
line
WOUUl
pay
its
way.
As
it
IS
today
it
loses
money
fdr1
the
basis,
with
currency
depreciation
operators.
This
means
that
the
federal
goverhmerit
has1
to
in
terms
of
gold
limited
to
a
ver
pay
the
deficit.
,
moderate
percentage,
and
with
During
normal
times
regular
shipments-
of
lumber
are
ena0nieth0er
"SZSSZ
rtiade
f
rohl
the
mills
along
the
railway
to
the
prairies.
The
which
have
been
found
inevitable
empty
grain
cars
could
be
used
for
these
eastern
ship-
in
se
niany
case.
Canada
has
ments
and
thus
save
the
back
haul
for
the
railway.
In
view
Uvtd
"P
the
letter
of
her
eon-of
this
it
would
be
beneficial
to
the
C.
N.
R.
td
have
grain
f
d.
a,ined
her
credit
rollljig
steadily
into
Prince
Rupert
and
the
elevator
busy
fpUd,d
th
tradltton
of
th
i
Ish
Empire
as
a
whole.
It
Is
no
;
exaggeration
to
say
that
the
le-jblllty
and
soundness
of
the
Em
,
plr'
benking
institutions
have
played
an
lnDortant
part
in
the
creation
of
this
good
record.
Railway
Problem
In
referring
to
the
report
of
trie
ftoval
dbnimistloh
on
Trans
portation,
Sir
Herbert
expressed
tht
opinion
that
co-operation
between
the
two
railroad
systems
V
;
effect
mutual
economies
will
no
!
prove
drastle
enough
to
cut
down
!
In
any.
adequate
degree
the
annua:
de
licit
of
the
government
railways,
and
expressed
the
conviction
tt-fft
the
solution
lay
In
compIeU
;
ihklganvatlon.
He
felt
fears
of
a
monopoly
were
groundless
and
tha
Under
proper
safeguards
uniflea-
the
average
yield
on
Dominion
beterhrrient
long-term
bend
de-;
cilhed
from
5.20
per
cent,
to
about
433
per
cent.
This
represents
a
dlstlntt
drid
Very
satlafac-'
tdry
lfiiiJfdverheHt
whieh
In
due
course
should
be
carried
farther
as
addltldhal
cajJItal
seeks
Invest-;
meht
lh
gtit-edgM
secdHttes."
(
dinting
out
that
the
banking
system
of
dahida
adequately
serve
the
needs
bl
the
eoontry.
he
mM
that
a
Central
nink
could
perform
few
serVttes
not
available
Under
the
p'toltnt
system,
ana
would
hoi
lh
aHjr
sense
do
away
with
the
necessity
of
reqiUring
ad-:
equate
security
"for
Hanking
ac-1
other
commodatlon.
nor
permit
banks
to
sntall
I
undertake
long-term
transactional
which
was
(Instead
of
short-term
advances
for:
reproductive
purposes.
Recognising,
liat
the
question
of
central
banking
Is
not
one
to
be
dsaposca
of
iummarily.
he
said:
"I
should
hope'
that
it
Parliament
k
called
upon1
to
deal
with
the
matter,
the
Oov-jf
nment
will
f
lm
have
the
protect
rtamthed
thoroughly
by
a
body
of
.
experts.
Including
several
from
old-n
countries
who
have
had
exper-
'ence
in
the
practical
working
of;
i
central
bank.
V
confess
to
a
re-1
Uietahc&ld
tinker
wttfc
our
fltian-j
-tal
inarlllnery'
tfme
like
this."
I'rlce
ttetoratlon
"On
previous
occasions
we
hare
;treseed
the
importance
of
rritot-'
fig
the
world
ptlee
strttetttre
to1
pprbxlmately
134-26
level.
I
re-!
marked
last
year
lhat
such
action'
essentia!
If
the
present
defta-1
tton
U
to
be
Hqukiated
in
an
or-
leriy
manher.
pom
ting
oat
that
ieflalloh
Had
beerl
carried
to
ex-temes
and
that
anti-deflation
neasures
wire
urgently
required.
fnfortunately.
priee
levels
continued
to
fall
until
the
end
of
June
itid
the
rite
write?,
commenced
at
hat
time'
Jias
sdhee
been
cancelled.
The
decline
for
the
year.;
is
Indicated
by
the
United
States'
Bureau
Of
Labor
fndex
win
be,
aj-'
parently.
About
1
per
cant.,
whmh
compares
with
13
per
cent.
In
1931
ifid
i7
per
cent.
Ift
1930.
the
best!
that
can
be
said
Is
that
the
rate
or
fall
was
appreciably
leu
than
In1
irevlous
years.
j
The
vital
hecessity
for
Inereas-;
ing
prices
Is
now
commonly
recog-1
aired,
but
the
difficulty
ot
count-,
erlng
deflation
Increases
as
the
depress!
in
continues
We
must
hope
that,
.the
forthcoming
Worlo
Iconomlc
Conference
will
point
tlie
way
to
constructive
action
In
this
respect.
,
There
Is
little
Inclination
to
Indulge
In
prophecy
as
to
the
future.
As
Sir
Herbert
stated,
there
are
indications
of
a
gradual
increase
In
stability
throughout
the
world,
this
Is
particularly
true
In
Europe,
wherfe
conditions
wert
anything
but
favorab'e
a
year
ago.
In
the
United
States,
the
financial
crisis
Is
apparently
over,
and
a
return
of
greater
confidence
is
in
evidence.
Many
problems
ot
business
readjustment
remain
to
be
met,
both
abroad
artdIn.
Cahada,
tpt
rfal
progress
toward
recovery
has
bben
mafie,
and
the
tirWpect
of
further
Improvement
In
the
com-Wg
yelr
Is
much
more
hopeful
than
JLwjlSfl.
year
ago.
"I
'EaVe.-.full.'S.jnfldencen
thr
character
of
our
people
and
of
our
tnatUcftttni,
and
ttthotlt
rJttnf-fiifttni
the
lmporUtill
f
M
trb-biem
that
must
ti
dealt
ftlh,
1
loftlt
to
the
future
wltrt
tntireas-lng
optimism."
Hotel
Arrivals
r'lllfCE
UUI'hKT
a.-
b
w.
Wilton.
fnirerheM;
JacKI
Sir
Herbert
Holt
deals
vigorously
with
Railway
and
other
national
Smith,
Premier;
,
J.
A.
Duclos
nroltlfm
.
KnliitiaMsPs
nefil
for
GdvrriUiient
Idnomv
Ini-
t-i
m.u'
t
rwhon
tmw
02
fhe
Slxto-foilrth
Annual
Meet-
1
,
,
"T
7",
t
miterlal
ehlevm
15
ing
of
The
Royal
Itonk
of
Canada
f
;"
f
n
a!ned
we
a
triumph
for
Mr.
25
marked
the
close
of
a
very
success-1
1.40
ful
year.
The
Statement
submitted
j
Betnnett
an,hl?
OT!fnmenft-i.vkLj
In
concluding
Sir
Herbert
said
.u
riw
.
k
i
n-J
I
aituwcu
nic
uauit
w
in
a
a
iti
j
.strong
liquid
position.
Of
the
Total
Successful
Tea
Held
Yesterday
Home
of
Mrs.JSantcrbanC
Seme
of:
Evrnl
Mlti
.Mrs.
Pi
file
Receiving
rtuttA
rUituu
tMlM'
a
if
1
1
cornish
Weil;
m
enarte
67TT
1
Ilf
Ulillini
LiliUIUll
Mliu
"
-'
I
peHal
A'n
Hre'ite
Canad,an
nmihrsi
Condition
-
Inter-
c
g
jt0
0nt
fr.
jiar-
tea
held
at
the
home
of
Mrs.
San
M?ai
SflS
rttru
Winnipeg.
Iterbane
terd.y
attend
wa
il.
.Mr.
bn
satisfactory
year's
AHefclt.dn
-
Cehlral
Hi
nk
discussed
Measure
headed
for
business
recbvery.
-
-
-
'
'
"
'
THE
uecMful
considering
the
fiiejicjr
tf
the
weather
Mrs.
P'aytie
assisted
the
ho,i.
receiving
while
Mrs.
P.
C
Mill
:
skWd
at
the
tea
table.
In
ch
the
afternoon
tea
wm
Mrs
Ki
sky
and
Mrs.
ClccoJjne
and
rving
were
M!s
McOroKi"i
Dorothy
Stylet
and
Mrs
l
Moore.
Mrs.
N.
Thuma
m-
'ooklrtg
cashier.
and
Mrs.
Shtnl'
MUTUAL
LIFE
Assurance
Company
OF
CANADA
Operating
Results
for
the
Year
Ending
December
Slst,
1932
I'KOltr
AND
LOSS
ACCOUNT
h'rvknUi:
iusis
Surpliu
Fundi
i
at
Oerernhrr
3lt,
1931.
roiniititu
oft
General
Iihestment
Hefrt-
...
$
816,190.94
FrreSiriliifnrCintlnrrnelei
.
I3.f
INCOMK
I'reniiiitn
(net)
....
Inleret
ami
ItenU
(after
furtlier
deduc
tion
of
S21eV.016.4t
for
inUr
lots
of
inlrrmt
on
FariH
.Mnrlgfe)
SuilemrnUry
Gntraeti
....
Profit
and
A(ireidtioii
ot
Idprr
Aieti
EXPENDITt'HES
AM)
HESF.lt
VF
Death
and
t)ialility
Claim,
Miturrtl
Enlm
ments.
SurrerHlerhl
PHHe
Inrtein
Artusrisl
HerTeind
Amounts,"
Net
Amount
TrSrrffrrl
to
Surpfiw
Pl!i
Tin
av
Diihitll
IIBj3S4.729.90
iSiiriih
Paid
or
Allotlral
to
Folic)
Iwldett
AililitMnal
1'rovHkrii
Ir
stall
I'eiHmmi
mt
e
f'
SuinJementarv
(mtrrt.
etc
$11,115,W1.93
CoiHiniim,
rates
ami
Genrrsl
rhrties
3ilS,93849
IHts
and
)rnreciation
on
Isdgrr
AmMi
lSI,n2S2
Amount
Written
Off
Hed
Oilier
Premltel
WjmAM
Sutpltii
Earning
fpr
Year
......
Scinl
Cftnfgent
Additional
Sprt-iffe
Hewfte
iVti
14
of
l'Hncful
mi
Mortgage
ih!
Sale
Apeeineiits
......$
AiiMMtnU
Written
Off
llooL
Valor
of
Hoods
m
Pro
Won
for
Pf1I4e
I
Stt730.79
Stirpim
Fuiuli
ii
at
Dferodr
3Ul.
10Jt
Miitingft
.
i27.650.iW.90
21,1
40.7879
I-
Urnrral
Investinenl
l(er,i;rc.
Jlt4,
1931
.
.
.
$
MfriWH
Tramfrrrel
from
Free
?lirIu
...
J73jMrV
$
IJOOiXJOLOO
FrrffSurpltft
fof
Gnf
to
genres
4l$74.y7
$
4l3H.ll
I
5,3S73tf
.97
Ontslqiifling
features
of
1032
Sttttbnletit!
Surplus
fund
ami
Contingency
Hewi-vet
8
1
1)1153,
105.72
Dividends
paid
I'olicvhoMers
(AmmmI
and
Dffrtnl)
Total
Al80t8
.
.
8
5.02M
,911.56
81il?.,10H,392.72
Nctv
Asslirandefl
pdid-for
g
'iJli03H,5H2.()0
Assurances
ill
force
December
31st
lOlJS-
3.1
1
7,0ft797t00
Lowest
Kxjiense
Hatio
in
itic
Company's
flistory.
'
Death
losses
were
well
Wlllilti
the
exjitjftrjd
Surplus
eartllngs
per
$1,000
of
total
uscli
were
S
1
1.6H.
A
Purely
Mutual
Company
llie
principle
ot
iftutuality
Jias
again
been
justified
by
the
grati-
lying
cuiiii9
cuiiiingi
ininiig
ine
nasi
yeitr
wllltjli
iicrfilH
Ihft
cdlitfntiatioil
(if
the
unitiue
record
which
the
Company
hag
main,
taincd
throughout
its
entire
history
(if'
over"
sUfy
yHf8
ih
the
field
of
low
cost
life
insitrailte.
Itr.COItl)
()K
PItOCIIESS
lUliiMi
Year
Awti
,
fUr
1892
$2,23.Vtt
110191,195
1912
$20,071,3
IS
f77J2f,lU
1932
Sia2.-10n.393
5ltl7t0(l7Jf4
Ifi.il.lfni.
I.
iii
r.irf,uj,i,.r,
i27U1l
'M.
M..I
A
1.4...
'.ll
t.:.S
i
il
I.
1
1.1'
.
.(.
.
...
lottl
I'jtmnili
ih
r(.lll.rt,lT
$2lr,.337
$l,27,flHG
v
uv
iniii..iUi
mi-runE
III
WIC
I1IIIOJIIOI
UTS
f
ir
ll
oh
T
...ri,l.
Frl.rf.ary
2nd,
1933.
at
the
llr.il
OfRct.
.irrUrOntario
T
It.
b.
MtCUtJM-li,'
VttltirHt
V.
U.rtlllflUI.Siijf,Mfa)Uaw