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ga & wl ds ~~ The eleventh fiscal year of Canada Packers Limited ended March 31st, 8 , after Depreciation, Bond Interest, and Income Peale 15 wee P NEN TTET TI ST Er TERA ATR $1,100,5569.48 Equivalent, on 200,000 Shares, to. $5.60 per Share. Out of this sum it has been decided to distribute, during the current fiscal year, as Dividends on the Common Shares ieee NC WAI NAR A $ 600,000.00 3 That is : $3.00 per Share. 1! The year began well. For the first 7 months,--April 1st, 1937, to Novem- 1st, 1937,--Profits exceeded those 'of the previous year by $100,000.00. But oi "Novémbe, forward Profits declined rapidly. This decline was brought about by the economic recession which set in bout" nridsummer 1937. In the Packing Industry the recession registered, | ot s0 much in reduced Volume, as in a drastic decline in prices of certain ¢ommodities, chiefly By-Products. The following table illustrates the extent of this decline as between Sep- tember 1st, 1937 and March 1st, 1938: Price per 1b. Sept. 1st, March 1st, 1937 1938 Hides, Light Cows, Toronto, 15%¢ ~~ 8c Calt Skins, " ~ 2414 14 Tallow, 4 614 87% Lard, i 13% 11% Vegetable Fas, 2 6.17 4.85 On these products alone, large quantities of which must always be carried as a necessary part of operations, Canada Packers took an Inventory Loss of more than one-half Million Dollars. This Loss was inescapable. When prices again advance a corresponding Inventory Profit will be made. The Plant extension programme, begun about 3 years ago, was completed fn January, 1938, when operations commenced in the new Vancouver Plant. That programme has involved a total expenditure as follows: Year ended March, 1936 . " "o $ 304,091.81 1,067,030.72 1,161,953.41 "4 " . Total coe ---- TI. $2,633,075.94 From the time of its organization, in August, 1927, Canada Packers' main objective,--continued for 7 years,--+had been to build up Working Capital. --But it had always been recognized that the Company's operations must in time extend to Alberta and British Columbia. The decision so to extend was made in 1935. In addition, certain jobs of expansion and repair had to be under- taken at the older Plants. : The buildings and equipment of the Company are now in excellent con- dition. The new Plants at Edmonton and Vancouver are of the best type of Packing House construction; and are also amongst the finest examples of industrial architecture in Canada. The co.npletion of the Plant extension programme has involved a reduc- tion in Working Capital, as follows: Working Capi'al, as shewn in Balance Sheet March 25th, 1937 .... $6,842,769.72 Profit for the year erica $1,100,559 48 Depreciation set up ...veveviecrnnes $836,759.55 - Transfers from Depreciation Re- serves of amounts set up in re- spect of properties sold during the YOAY rinmranin pp EN 231,201.02 605,468.53 1,706,028.01 b §8,648,797.73 Less Investments in PIants oon. $1,393,244.43 less Book Value of properties sold during the yea 231,291.02 $1,161,953.41 600,000.00 750,000.00 89,051.68 2,601,004.99 Transfer from Current to non-Current Assets ... "Working Capital, as shewn in Balance 'Sheet March 31st, 1938...... $5,947,792.74 - It is hoped now to settle down to another period of rest, so far as Plant' construction is concerned, and to start again building up Working Capital, Total Salcs for the year were vec Total Tonnage g I ----_--__m. 836,420,547 Ibs. The. Net Profit, (...... $1,100,5569.48........) is, therefore, equivalent to:-- : 1.3 percent of Sales, orto + 15¢ per 1b. of product sold. ..$84,145,896.57 appre. finately The following table sets up an analysis for 4 years, in percentages, ghew- ing how the total sums received from Sales were apportioned as between cost of Live Stock, Expenses, and Profits: Year ended,-- , March March March March Average 1935 1936 1937 1938 4 Years Cost of raw materials, principally , 2 - ate Live Stock eiviviinieionneninn 78.3% 78.69% 78.99, 81.29, 79.29% Cost of materials and packages 3.3 3.1 3.2 2.7 3.1 Wages and Salaries, including BONUS wvimninmucmmiio . 88 8.9 8.8 8.6 8.8 | Expenses... 5.6 6.5 5.1 4.5 b.2 Interest on Bonds . 3 1 3 2 2 df RE -- | .8 .8 .6 Ja Total Co:. of Product and : Expense a... Mesvens . 96.9 97.0 07.1 07.8 97.2 Depreciation « | Fixed Assets 1.2 1.1 1.0 1.0 11 Profit from operations. Faaunsecome 1.9 1.9 1.9 1.2 1.7 1100. 9% 100. % 100. ¢% 100. % 100. % Income from Investments ........ 3 1 2 1 2 To'al Profit, including Income from Investments ................ 2.2¢, 2.0, 2.1% 1.39% 1.99% The Farmers of Canada, particularly Western Canada, of late have had a difficult time. When the Saskatchewan Farmer, struggling to raise Hogs and Cattle throush continued years of drought, reads that a Packing.Company has made a Net Profit of a Million Dollars, it is small wonder if he contrasts the lot of the L. » Stock Producer with that of the processor. What he may not realize is that the Million Dollars derivos from Sales of 80 Millions,--pro- cessed in Plants which have cost approximately 20 Millions. In other words, that the sum, though large, is small in relation to Investment and to Turnover. The essential facts are epitomized in the table of percentages above. Out of each dollar of Sales, the Packer pays-- To the Farmer 79.2 cents TO EMPIOYEES «ovo eee To Suppliers of materials, and for sundry Expense, 88 « , Finance, and Taxes ......iionoroos soos, . 9.2 « -4 He Himself retains for Depreciation and obsolescence... 1.1 . and gor Profit 1.7 100. cents 8tock. For clearly the householder cannot buy live Cattle and live Hogs. The Packer buys the live animals and converts them jito Meats. His job is to produce the most palatable Meats possible; then to offer them for sale in those markets of the world in which they will bring the highest price. "The Packer constantly sceks new markets®in his own interest, pioneer in a market makes an extra Profit. But he is followed into that market by competing Packers. This competition immediately brings the Packer's Profit back to thé normal level (1 to 2 per wy Thereafter the entire benefit of the new market goes to the Farmer, ! . This is not just theory. . A striking illustration of it occurred in the advance of Hog prices when the British market for Bacon was opened up by the Ottawa Agreement. Within 12 months (March 1933 to March 1934) Hog prices in Canada advanced from 314 cents per 1b. to an average level of more than ...8c per 1b, The Packer was the instrument through which this advance was realized. Hc shared in the benefit through an extra Profit during the period of the advance." This extra Profit was approximately one-half of one er cent of Sales. But the Farmer's advance was from a 3 cent level to an cent level, (nearly 200 per cent) and this remained, These facts are worth récalling inasmuch as they {illustrate clearly the undamental relations between the Farmer and the Packer. These may be ummarized as follows; -- When prices of Live Stock advance, the Packer makes an extra Profit, Conversely, when prices decline, the Packer's Profit 18 reducéd. Therefore, the Packer works constantly B: higher Live Stock. prices. But the Tacker, within his own province, can do little to advance prices. Advances come from two main sourées:-- d (8) Improved markets: --example, the rapid advance in Hog prices which derived from the Ottawa Agreement. Improved markets are br ught about mainly hy Government action, 4 (b) Better Live Stock:--example, Canadian Bacon sells on the British market at 8/- per cwt. less than Danish Bacon,--because it {s not so good, i CANADA PACKERS LIMITED REPORT TO SHAREHOLDERS If the Canadian price could be brought up to the level of the Danish price, the Canadian Producer would receive for his Hogs an extra 15/20 million Dollars per year. To interpret market opportunities such as this to the I'roducer, and to the Government, is one of the Packer's chief duties. For he is the only person in intimate contact with the Producer on the one hand and outlets for pro duct or the other, ' - From the point of view of the Producer, the year was profitable as to Hogs and disappointing as to Cattle, Month by month, average prices for Hogs were as follows: (Bacon Hogs, f.0.b. Ontario Country points) 1934 1936 1936 1937 1938 JANUAYY sanitaire ie 7.36c 17.81c 8.10c 8.18c 8.21c February $.92 7.86 8.24 7.93 8.67 March .... rr 8.36 7.43 8.15 8.16 9.47 April .. 1.47 7.99 8.02 8.40 9.64 May ... 7.80 8.64 7.81 8.60 9.80 (estimated) June ... 8.47 9.17 8.62 8.90 July .. 8.54 8.90 8.71 9.89 OICE THE WORLD AT LARGE of the CANADA THE EMPIRE PRESS CANADA When the Howl Starts The howl of the timber wolf will be as nothing to the howl that will go up if they start pull- ing up railway tracks in Canada. --Regina Leader-Post. Delicate Problem The delicate problem, as no doubt Mr. Bennett knows, is to eliminate graft and corruption from politics without eliminating The EMPIRE Sunday Observance = In the interests of all parties it is greatly to be hoped that the unofficial compromise that has been generally reached between ancient laws and modern practice will remain undisturbed. Public opinion today is on the whole in agreement with the principle en- unciated by John Stuart Mill near- ly a century ago that "the only ground on which restrictions on Sunday amusements can be de- The Packer performs an essential service in marketing the Farmer's Live } For the |' August ... 7.87 9.16 8.89 10.27 September 7.74 8.63 8.13 10.17 October ... 8.19 7.66 8.37 November 7.24 7.24 7.85 4 December 7.65 7.86 7.97 ) Average for ear ......n. 7.86¢ 8.21c 8.09¢ 8.70c 9.14¢ During part of the year the price of Grains was also high. To the Pro- ducer who had to buy his feed, the relation between Hog and Grain prices at times caused anxiety. However, most Farmers do not buy their feed. They grow it on their Farms. Oats, and Barley, and converts those into Hogs on the basis of 9 cents per 1b. gets a good return on his land. Since January 1933, when the Ottawa Agree- ment came into operation, Hog production has without question been the most profitable branch of Canadian Agriculture, As has always been the case in the past, that Farmer has done best who continued ", produce Hogs all the time. The unfortunate Farmer is he who, throveh a : 'ries of crop failures, has been forced out of Hogs, And there are many such, The evidence of this lies in the Hog- deliveries of the Prairie Provinces during recent months. ---- # ET HOG GRADINGS Alberta Saskatchewan Manitoba Total--Prairie Provinces . . Percentage 1937 1938 1937 1938 1937 1938 1937 1938 Decrease January 77,698 74,685 32,109 21,636 63,322 45,402 173,129 141,623 18.2% February 85,138 67,076 34,262 15,491 63,393 38.270 172,793 120,837 30.1% March 106,704 82,817 35,046 15,945 56,711 39,629 198,461 138,391 380.3% April 94,352-60,963 30,341-14,635 43,412 26,042 168,105 101,640 39.5% May 84,801 58,526* 27,375 12,249* 39,658 24,957* 151,924 95,732* 37.0% June 94,207 33,600 45,783 173,680 July 56,645 23,798 36,840 : 117,283 August 49,939 18,5652 21,712 90,203 September 35,145 -16,995 27,1563 79,293 October 46,977 24,450 38,489 109,916 November 91,915 39,972 62,5619 194,406 December 90,991 29,455 50,940 171,386 TOTAL 914,692 343,967 345,955 79,956 539,932 174,300 1,800,579 698,223 *May estimated. For the 5 months January to May 1938, decrease of Hog marketings as compared to the previous year have been: ) Number of Percentage i Hogs decrease | ADELA eer ess sssrareinten 104,816 23.49, Saskatchewan : 79,177 49.8 " Manitoba ............. 82,196 32.0 Total Prairies ice. ' 266,189 30.8% J This decrease is due entirely to crop failure. Many Farmers have no feed, And in many districts there has not been water for Live Stock. il As this Report is written, Cash and October Grains are quoted ag follows: : Fort William Equivalent at Farm. Cash October Cash October per bu. per bu. ' per bu, per lb. per bu. per Ib. Wheat ........ Firs $1.17 75¢ $1.01 1.68¢ b9¢ .98¢c oats ...,... i. 44 35 331% 98 2414 2 Barley eee 53 57 39% .82 431% 90 Based on October prices, the cost per Ib. at the farm of a mixed ration--one-third each Wheat, Oats, Barley, would be.............. ..87¢ The best available estimate is that in Canada, on average, it takes 6 lbs. of Grain to produce 1 1b. of Hog. Accepting this as the basis, and estimating the -cost- of -the Grain at October prices, the cost of producing Hogs farrowed October forward, would be: 5 x .87¢c or 4.35¢ per lb. The average selling price for Bacon Hogs, f.0.b. Prairie points throughout 1934 was approximately 6.85¢ per 1b, " 1935 old 7.21c per 1b. " 1936 " 4 7.09¢ per Ib. " 1937 « i 7.70¢ per 1b. " 1938 to date) 8.14c per 1b, : If a price obtains throughout 1939, equal even to the lowest of the above years (1934),--there will be a Profit in producing Hogs as follows: -- Selling price ........... aie wee 6.85¢ per 1b. . 1 Cost Price wvvviivvviiricirionens 4.36c per lb. Profit cocoons 2.50c per 1b. Per Hog (200 1bs.) $5.00 So favourable a prospect is bound to bring about a large increase in Hog production. If a good crop is harvested this year on the Prairies there will likely be the greatest increase on record in Hog breedings. Fortunately, Canada's Bacon Quota in Great Britain is such that a very large increase can still be absorbed. That Quota is 2,600,000 Hogs. . During 1937 shipments totalled .....ceeceveeversioresnsesssnsiennns 1,600,490 Hogs For the first 56 months of 1938 (January to May) shipments have been .... be ere Freres versie ereserens . 674,000 Hogs Shipments for the year 1938 will probably total .................. + 1,600,000 Hogs So that increased shipments can still be made of one million Hogs. Given a large crop it is quite possible that in 1939,--or more likely in 1940,--Canada may fill her Quota. r The calculation above of production cost, 1s made on a basis of.... 6:1 -l.e. 5 1bs. of mixed Grain (Wheat, Oats, Barley) to 1 1b. of Pig. That : .| is the ratio generally accepted as representing average Canadian experience. 5 But in every Province of Canada there are hundreds of Farmers who are preducing Hogs on a basis of ................ cers ateitessain TR woman 33421 And in Denmark the average for the whole production is ............. 33:1 These are challenging figures. Their significance is that it average Cana- dian feeding efficiency were brought up to the level of Danish efficiency, the cost of producing Hogs would be reduced one-quarter. In 1937, when Grains were high, Canada produced approximately 7,000,000 Hogs. It is impossible to state exactly the average cost, per 1b. at the Farm, of producing those Hogs. An approximation to this average cost per 1b. at the Farm may be taken at ..... co... arden ion A sees 61%c. (Most Producers would probably say it was substantially, .) At this basis a 200 1b."Hog would cost to produce ............. A $13.00 If we assume that average feeding efliciency was On A basis of .....ciininnnnais ATE ANEW Sr 6:1, and if we further assume that {it wag possible throughout Canada to achieve a feeding efficiency equivalent to Denmark, i.e, ...... Bert at prs 3%, then it follows that a saving in the cost of production might have been made of one-quarter, (0f....$13.00), fe. ........$3.25 per Hog. On 7,000,000 Hogs, approximately ............ reine ro en. $22,760,000. On two occasions, after achieving an important position in Great Britain, Canadian acon has beeh pushed out of that market by the Danes. In a gen- eral way it was realized this happened because Danish Bacon was better than Canadian Bacon. But it is only recently that Canadians have begun to realize fully that the Danish advantage lay chiefly in thelr higher feeding efficiency. There must, of course, be some explanation for this very great difference in feeding efficiency. It lies partly in the fact that Danish Pigs from birth get a balanced ration. This i8 due chiefly to the fact that almost every Farm in Denmark carries on Milk production as well as Pig production, And through: out the entire growth of the Pigs, Milk is included in their ration. In Canada this is not possible, for many of the Farms on which Pigs are produced have no Milk available for feeding. Moreover, on most of those Farms, it is not possible to go in for Milk production, But in recent years the knowledge has become general that although a Milk ingredient provides the best ration, still a balanced ration is possible without Milk. The elements contributed by Milk can be made up from other sources, including Beef Scrap, Fish meal, ate. ! And the Farmer who gets normal crops of Wheat, |. fended must be that they are re- ligiously wrong; a motive of legis- lation which can never be too earnestly protested against." The banning of harmless ways of em- ploying Sunday leisure would drive many people, not into places of worship, but into far less in- nocuous methods of utilizing the day. Under modern conditions there must be a measure of tol- erance and give and take on both = sides. "Few in this country would I . |. like to see a Continental Sabbath The Prison Report involving merely another working Penologists may differ as to | gay for a vast number of people ~ the recommendations, but the lay- | whose vocation lies in serving man- who believes that humane others. But an attempt by legal treatment of prisoners is, in the | enactment to restore the Sabbath end, the wisest course, and is the of the Puritans would be equally only way that reform can be ac- unpopular.--Johannesburg Times. complished--and this should be ; the main objective of all prison cenfinement--will indorse the re- port.--London Fre. Press. politics, -- Toronto. Saturday Night, Adapted to the Times Collingwood reports a hail storm with ice the size of golf balls smashing down crops. The vernacular of the day is going modern, ag years ago hail stones were always referred to as being as big as hen's eggs.--Peterboro Examiner, Gold hoarding is being reported in Belgium. - The next great advance in Pig husbandry in Canada will be the general use of a balanced ration. "The facts involved are no longer a matter of speculation. For in almost every Pig producing area of Canada, individual Farmers have achieved a feeding efficiency as high as 38%:1,--with and with- out skim Milk. When Canada has achieved a standard of quality and also a standard of feeding efficiency equal to that of Denmark, then it will not again be possible f + Denmark to push Canada off the British market. For, granted equal qualit; and equal feeding efficiency, Canada is endowed by nature to produce Bacon Hogs more cheaply than Denmark. And there seems at last a possibility of Canada achieving the dream of two generations, that of becom- ing the dominant shipper to the British market. : But to achieve this objective there is still a long way to go. In Cattle the year has-been disappeinting. The season 1936/7 had been a very successful one. Feeders had made large Profits. As a result, in the Fall of 1937 much larger numbers of Cattle than usual were put on feed. Demand for the feeders was so active that prices were forced up.......1 to 1% cents per lb. above those of the previous Fall. And by January, 1938, it was already evident more Cattle were on feed than were needed. In United States, which ordinarily takes Canada's surplus Cattle, con- ditions were very similar. Prices there were....... 214 cents per 1b. lower than in January, 1937. As a result the movement of Cattle from Canada to United States was much less than in the previous year. Shipments were as follows: 1937 1938 Januajy .. 22,680 4,462 February - 15,680 3,046 March ... - 17,661 10,171 11,305 4,271 14,816 - 3,372 (estimated) Total gener nnnng 33,033" 25,322 Some relief came from Great Britain, There prices of fed Cattle were high. They were willing to take as many Canadian Cattle as could be trans- ported. ah 2 . Unfortunately, due to limited Ocean space, the number was not large. However, those shipped helped greatly to relieve the situation. Shipments to Great Britain were as follows: ! N 1937 1938 January en. -- 1,440 February . 35 - 3,114 March . 211 5 4,046 April viene. W474 2,469 May a. A 378 3,186 (estimated) Total .......ceue.. artsnsTeine 1,093 . 14,255 Both in United States and Canada, Packers made strenuous efforts to re- lieve the depr-ssed Cattle situation. In_both countries "Eat more Beef" cam- paigns were launched, with the object of stimulating consumption. Attention was called to the fact that Beef was plentiful, of good quality, and reasonable in price. In United States the campaign was organized on a broad scale, Packers, Cattle Producers, and the Government 'all participating. - In Canada plans were not made in time to permit this wider organization, but individual Packers carried on' active campaigns. In this movement it is perhaps fair to say that Canada Packers took the lead. - As the result of these campaigns, Beef consumption was substantially stimulated, and from April forward Cattle prices became firmer. Unfortun- ately feeders are still making Losses, but these are much less serious than those anticipated in January. ! . - The success of these campaigns suggests possibilities for stimulating Beef consumption which had not previously been thought of in Canada. It will probably lead to a broad plfin of co-operation between Producers, Packers, an Government. { . } } As is always the case, the conditions which brought about a Loss to Cattle Producers, similarly brought about a Loss to the Packer on his Beef. In the year 1936/7,--the year of advancing pfices and large Profits to Producers,--Canada Packers made a Profit on Beef of $279,000.00 The year just close, which was an unprofitable one to Pro- ducers, was likewise unprofitable to Packers. On Beef opera- tions during this year Canada Packers made a Loss iio Tor $262,000.00 On the other hand, on Hogs, prices for which throughout the year were high, the Result was unusually good, Profit being...... $756,000.00 eerie LI TT PTS PRT The Directors again wish _to inform the Shareholders of the highly loyal and efficient service rendered by the Company's Employees. In a food in. Fdustry quality of products is the fundamental condition of success. Employees of all ranks have taken a zealous interest in achieving perfection of product and of service. Absolute perfection will, of course, never be realized, but the constant aim to achieve it not only contributes to the success of the busi- ness, but adds dignity and significance to the job of each man and woman, Wages at all Plants are now on a higher level than at any previous time, not excepting the post-war peak of 1921, For several years the Company has practised a Profit-sharing plan. From net earnings is first deducted a' sum qquivalent to 6 per cent on the Share- holders' equity. Beyond that point, Profits are divided evenly as between Shareholders and Employees. The Employees' share is distributed at the end of the year,---in the form of a Bonus, b J the last three years, the sums distributed to Employees as Bonus have een:-- : Year ended March, 1986.5... $413,000.00 , ew "198i. 511,000.00 AEE "1988s 103,000.00 Each Employee of the Company shares in the Bonus. The distribution is made by a Committee of the Senior Executives, who do thelr best to allocate to each individual in accordance with his or her contribution to the business, At the approaching Anuual Meeting, Shareholders will be asked to give approval to this distribution, . A copy of this Report will be forwarded, as usual, to each of the 5000 Employees of the Company, J. 8. McLEAN, President, $ . Toronto, 24tL June, 1938. \ Spaghettils Touchy Dish As a Subject f.: Comedy it Must Not Be Made Light Of Before Italians Few realize Low censorable and dangerous is the use of spaghetti in the movies. Italy would ban Hol- lywood films on account of it, This problem of spaghetti came to the attention of Archie Mayo of Hollywood when he directed "The Adventures of Marco Polo." It seems that an Italian edict prohib- its the use of spaghetti in comedy sequences for the reason that it is the favorite food of the Romans, Must Have Two "Takes" ; But Mayo had to show actors fumbling with the food in a scene which recreates the discovery of spaghetti by Marco Polo in 13th century China. ' After some deliberation, Mayo hit upon a compromise. "We'll make another 'take' for the Itali- ans," he said, 'and this time be sure to call it noodles--that won't offend anyone." Balloon Barrage Defends London Against Air Attack--Is Like A Giant Fence Mile or So Up This "balloon "barrage! the air ministry is using as one means of defence against air attack over London means throwing a fence high up in the air. There will be the common gar- den variety of fence which con sists of a line of balloons strung together, trailing steel cables in- to which attacking planes are ex- pected to crash. And there will be the "barbed wire" type whose cables are attached to high ex- plosives, and with which contact would prove fatal, ? Force Enemy to Heights The balloon barrage, when ful- ly developed, is designed to form an important part of the co-or- dinated scheme -- consisting of fighter airplanes, balloons, guns and searchlights--for the air de- fence of London. 'The object of the barrage is to force "the enemy aircraft to a height at which they can be ef- fectively dealt with by fighter air- craft and anti-aircraft guns, It is hoped to produce balloons which may reach a height of 25,000 ft., trailing steel cable of sufficient strength to bring down intruding planes." Can Move Them About Each balloon has its own single cable and a winch, driven by the lorry' engine to which it is con- nected on .the ground to wind it in, The barrage may thus be var- ied in character and location from "day to day. The cables may be arranged in line like a fence or in clumps like a forest. Many hundreds of balloons have been constructed. Each is of about DL EL STIS Sr a + 20,000 cubic feet capacity. Bal- - loons and winch lorries have been stored in an old airship shed which once housed the ill-fated R-101., Jerry-Building When Mr. Justice Goddard, ot 'London, Eng., said recently in the course of a building dispute, "There have been jerry-builders ever since the Tudor times," he was asked by learned: counsel, "Who was Jerry?" Nobody seems to know, but probably there was no such per- son. Jerry is generally considered to be a corruption of the French word "jour", from which we take the expression jury-mast, i.c., a mast for the day, a temporary: mast. Thus a jerry-built house would be one that wag not built to last. The suggestion that, since the walls of Jericho fell flat at the blast of trumpets, "jerry-built" houses are ones that can easily be blown down, is more ingenious than probable. 120 M.P.H. Train . The "Flying Silver Fish of Sax- ony," a novel type of streamlined train now being tested jn Ger- many, is attaining speeds of more than 120 'miles an hour. Two hundred and ten feet long, the "Silver Fish" is made of light aluminum, and its cylindrical body 18 perfectly smooth from end to! end. It is driven by two 600-h.p. Diesel engines, and has accommo- dation for 100 passengers. Gizzard Is Full Of Auto Parts , i - N. Schiller, Parry, Sask., far- mer, while overhauling his car, missed 10 bolts, nuts and washers which he "had placed on the ground. Aggravated, he had to suspend work. Two days later his wife, deciding to cook a chicken pie, grabbed one hen from the "flock of 60 in the farmyard, In its gizzard she found the ten miss- ing pieces from the car. The over- hauling job was completed. Y « + »