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| / imes tEFORMER 871) wn /aper published every after Pept Sundays and legal holidays at Osh: x anada, by Jha mes Publishing Company of Oshaws. Line Chas M Mnndy President A R Alloway, Manauing. Director, The Oshawa Daily Times is a member nf The Cana dian 7 Canadian Daily Newspapers Asso ciation, Ontario Provincial Dailies and the Audit 'Bureaus of Cirenlations, SUBSCRIPTION RATES i by carrier in Oshawa and suburbs, 12¢ a k. By mail in Canada (outside Oshawa carrier 1 g/delivery limits) $3.00 a year. United States, $4.00 a bJ vear \ TORONTO OFFICE S18 Bind Bu'lding, 66 Temperance Street' Telephone Adelaide 0107 H D Tresidder, representative. FRIDAY, JANUARY 2nd, 1981 THE MAYORALTY CONTEST The electors of Oshawa have a three- d contest before them for the mayor- ity of the city, the candidates being George Hart, Ernie Marks and Eddie McDonald. In the minds of the great majority of citizens, however, the choice lies between the first named two men, so that, for practical pur- poses, there are only two candidates serious- ly in the running, It is not hard to reason out why this should be so. Mr. Hart and Mr. Marks are men who have already made their marks in the public life of Oshawa. Both of them have had preveious municipal experience as members of the city council. Both of them successful business men, who have, in rivate business, shown themselves capable of producing success, and of handling their affairs in a sound manner, Both of them have been prominent in every good move- ment for the welfare of the community for gs number of years, and have been looked pon as leaders in this type of activity. Both substantial taxpayers in the city, and have a large stake in the community. These are considerations which should weigh heavily in the minds of the electors on Monday next. It can safely be said that either Mr. Hart or Mr, Marks would occupy the office of mayor with distinction, and would bring sound business judgment to bear on the great problems which have to be faced. That is what Oshawa needs at the present juncture, and that is why Oshawa would be best served by the election of either Mr. Hart or Mr. Marks. AN INDIVIDUAL RESPONSIBILITY In these difficult days, the public affairs of Oshawa are arousing keen interest, and, we hope, d pric@n in the minds of the vd be hoped that this feeling ed bs mele! uperiicial condi- one whih has taken a strong eople ofthe city. If the latter on the Prue, thy the electors will re- gn i ve réonsibility rests upon ay, Wn the municipal elec- Monday. a. he mayor for 1931, andyo members of the commif have to be chosen, rative t the very best of theityices be elected. e theyidual responsibi'- Se con, It rests with ing out responsibility by their francs never before. interest Winds its expres- at the Pations can that pe disc') There should in "Ynday's voting. nhould Mis or her busi- no matihom the vote ly by theRharge of this can the muWigvernment of be truly TePrq of the will of the people. A SPLEND i -- announcement em to © wn oreising an 0 ednesday, hces need- ly for the ends the means | | | | industry for the city of Oshawa, and will see further additions made to the industrial plants of the community. SATISFIED WITH GOOD SERVICE The entire 1930 township council in East Whitby has been re-elected by acclamation, At times, acclamations are a sign of indiffer- ence and lack of interest on the part of the electors, In other cases, they indicate that the electors have perfect confidence in the men who have been administering their af- fairs, and are anxious to give them another year of service, In the case of the East Whitby council, we feel sure that the second reason was the guiding principle which actuated the re-elec- tion. East Whitby township has passed through two difficult years. In 1929, floods caused considerable damage to roads and bridges, and necessitated extraordinary fin. ancing. In 1980, the unemployment problem particularly in those districts adjacent to ancing. In 1930, the unemployment problem, with which the council had to deal, fo Had there been any dissatisfaction with the manner in which the council, headed by Reeve John Ross, discharged its obligations, there would have been no acclamations, for in times like the present there is a strong tendency to turn out governments of any kind. Thus the acclamation in East Whitby is a direct tribute to the men who composed the 1930 council, men who, the electors are apparently satisfied, are well qualified to look after their business during the year 1931. EDITORIAL NOTES Vote as you like on Monday--but vote. But be sure that your mayoralty vote is cast either for Hart or Marks. Old Man Sunshine sent 1931 off to a smil- ing start. May that be an indication of what kind of a year this is going to be. All laws are said to be based on common- sense, but in applying them the foundation is sometimes entirely forgotten. Marshal Joffre's fight against death is just as gallant as was his fight against the invading enemy at the Marne. Philip Snowden, the British Chancellor of .the Exchequer, has become optimistic. When something like that happens, then there is no need for anyone to be pessimistic. Wonder if the daddies have got tired of playing with the Christmas toys yet--or are the toys all broken? | Other Editors' Comment | HOW ABOUT EGGS (Woodstock Sentinel-Review) The price of butter was mentioned by an Ontario newspaper recently as demonstrating the futility of a protective tariff. Well, how about eggs? Country shippers in this province are offered 40 to 43 cents for extras and 35 to 37 for firsts. Saturday's quota- tions from Chicago were 27 cents for extra firsts, 25 for fresh graded firsts and 20 to 23 for ordinary firsts. A year ago, United States ex's were reaching Mon- treal by the carload, but not now. AUSTRALIA'S DEBTS (Sydney Bulletin) France settled its debts, home and foreign by the simple device of paying four shillings in the pound sterling. Thus the £68,000,000 subscribed during the war on patriotic grounds by British investors was repudiated to the extent of (9) per cent--and French patriots had to swallow the same pill and look as pleasant as they could. Judging by their public utterances,, some of our Labor speakers admire this kind of thing. But, ethics apart, it wouldn't pav Australia, which isn't in a position, like France, to accumulate gold and laugh at the world's indignation. Credit, a reputation for honesty, is Australia's life, and it will be till we become at least as nearly scli- supporting as France is. BITS OF VERSE SLEEP---AND WAKE--AND SLEEP On a biting winter's morning, Wilien the mercury drops low, Half in dreams I hear the warning From the clock, I must, But oh, How I love those woolly blankets! One more snooze before 1 go. Sleep--and wake--and sleep. saw him in the autumn hing out his secret lair, to while away the winter, ped '~.dreams, ar sige frym care. jale orth Toll. RO, u 80, } Teo PWA DAILY TIMES, FRIDAY, JANUARY 2, 1931 And Rcview of Canadian Business By HON, H. H. STEVENS Minister of Trade and Commerce Industry For 1930 Nineteen hundred and thirty has undoubtedly been a year of serious depression fii Canada, as indeed throughout the civilized world. While the Dominion has been less affected than most other countries, as is evidenced by the comparative position of our "securities in the money markets of London and New York, yet the country has undoubt- edly suffered severely from reper- cussions of the world situation, The immediafe cause of the depression has been a great and disproportion- ate decline in whoesale prices throughout the world, affecting more particularly the food products and raw materials which we supply in large quantities to other coun- tries. In November 1930 the gen- eral index number of wholesale prices in Canada, which {is fairly representative of those of other ountries, stood at 79.8 per cent of the 1926 average as compared with 96.7 per cent in the same month of 1929, or a decline of approximately one-sixth in the last twelve months, This means, of course, that commo- dities which sold for $6 a year ago will on the average sell for only $56 now, but it means much more than that. Under the complicated system of modern production, the decline from $6 to $56 in the wholesale prices of general commodities 'in many cases wipes out the profits of the enterprises, and thus does awn with the incentive to production, unless or until the expenses inciden- tal to production can be pro;ertion- ately reduced so as again to make production profitable. Accordingly the business man who uses capital and employs labour in his business has found that, for the moment at least, he has nothing to gain from continuing to produce, and while most business men are actually con- tion of better times to come, a cuu- siderable number have either closed down altogether or are working on- ly part time, with the general result that in the business world today we find large sums of idle money anc considerable numbers of idle men, There are certain large firms continuing production in order to -- } CONTINUOUSLY. THEY BRING MUCH BUSINESS TO THE HOME CITY, In the same cities can be found a large number who sit idly by and wait to get some of tho busi- ness brought to the city by the energy of the continuous adver- tisers, Continuous ones who are fully aware of the obligation they owe the people they serve, As evidence of this they couple service and quality with advertising. The sales of continuous adver. tisers are always increasing, and' they rightly attribute thelr success to the selling help of advertising. There {8 no story more interest. ing than the story of the great concerns who have become grea! on the solid foundation of qualft and advertising. The story of their growth is inspirational. Continuous advertising increases turnover, which brings more pro- fits. Business concerns who have the foresight to advertise their wares, are those who get the big business, CONTINUOUS ADVERTISING WILL WIN NEW BUSINESS FOR ANY CONCERN. advertisers are the Eye Care Strain | by €, H, Tue , Ope, D. | (Copyright, 1928) { EFFICIENCY PART 3 {1 will repeat "When we find 'these defects existing which we | Snow in other cases swere the cause of the discomfort, is it wise | to walt for a morejdetinite condl- f tion of suffering @r should con- 'ag gn he givedhat once?' yleration at once lon often seen in two students of ibility, environ. in spite of offered wil on of pro- he normal th the dis- ed muscle 5 also a g Indus- carry is re- him her DIE tinuing to produce in the expecta-| THAT EVERY CITY HAS BUSI. | keep employed many whom they otherwise woul lay off, I would like to commend this action on the part of such firms in Canada, who are in this way greatly relieving the unemployment strain, The Serious Feature Perhaps the most serious feature in this general decline in whole- sale prices is ite inequality, certain commodities and certain classes or the community being proportionate ly far more seriously affected than others. Primary producers have up to the present time suffered more than producers of manufacturea commodities, the average index number of the prices of 232 raw and partly manufactured commodi- ties having declined from 97.» on November 1929 to 70.8 in the same month of 1930, while the average index number of the prices of 276 fully and chiefly manufactured com- modities has fallen only from 93.0 to 86.1 in the same period. But the greatest sufferers have been the agriculturists; the average index number of the prices of 46 Cana. dian farm products of the fi="¢ 44, leclined from 94.5 lv 4v.4, or by nearly 48 per cent, in the past twelve months, Thirteen animal products of the Canadian farm have fared rather better in that the aver- age index number of thelr prices has declined only from 118.6 to 96,6, Taking the two together, 60 Canadian farm products had an average prices index number of 67.0 in November 1030, as compar. ed with 101.5 a year earlier, indica- ting a decline of approximately one. third in general prices of all Cana- dian farm products in a single year, That is Past This, however, is.of the past, and there is litte practical use in post mortems, Expert opinion inclines to the view that the fall of whole- sale prices has nearly spent fits | force, and that what remains is the | readjustment of the wholesale prices of different commodities to {each other, the adjustment of retail prices to correspond with whole- sale prices, and the reduction of jSauts of production so as to make production at lower prices profit- |able. When this process is com- pleted or even in a fair way to com. | pletion, prosperity will return, and {cheap capital will facilitate the in- jauguration of new enterprises and the increase of employment, | Depression Spent Already the depression has been | going on for some fifteen months {and would appear to have fairly well spent its force. The extraor- {dinarily high rates charged last | year for the use of money have ceased to exist. Thus while the | British Government had to pay at the rate of 6% per cent for {ts three months' treasury bills in Oc. tober 1929, it is paying at the rate of only 2 1-6 per cent in November | 1930~~ In othér words, it can bor- row £3 now for approximately what {it cost to borrow £1 a year ago | Again, the average rate charged on |new call loans in the New York | market, which was 8.62 per cent in | eptember 1929, was only 2 per cent In December 1030, Beyond doubt, then, there will be abuna- (ance of new capital available at reasonable rates of interest for the new developments of 1031. It is the declared opinjon of economists that interest rates must be mater. lally reduced and there are those who believe that public wend issues now carrying a rate of approximate- ly five per cent will probably reach a definite level of below four per cent. It will be {utereet'ng during the coming year to watch the stabi- lization of Interest rates. The. different industries of Can. ada may now be reviewed individ. ually, Agriculture As already stated, the economic depression of the past year has borne particularly hard on agricul. ture, and more especially ou Can- ada's largest crop, wheat. As a consogence of the heavy world pro- duction of 1929 in the Northern Hemisphere and of 1929-80 in the Southern Hemisphere, the price of No, 1 Northern Wheat at Winnipeg, which was $1.68 per bushel on Au- gust 3, 1929, has fallen to 57 3-8 cents on December 11, 1930, A disturbing factor in recent monfhs hus been the resmption of exporta- tion on a large scale by Soviet Rus- sla, Before the Great War, Russia was the world's leading exporter of Wheat, and present exports which this year amount to approximately 80,000,000 bushels represent less than 10 per cont of Russia's total production, and while there is ad. mittedy a shortage in some classes of foodstuffs and clothing in Russia, it is generally accepted by those who are well acquainted with the situation that there is an abundance of wheat for internal consumption. Furthermore, Russia meets the cost of production by its policy of providing for workers in communal form and incurs no fixed lability by losses resulting from wages pald out of borrowed money, and in my opinion wheat producers should face the pobability of the export from Russia next year of a much larger quantity than that represent- ed in the figures for this year. Again, the troubles in the Far Fast and low price of silver have tended to limit our power of dis. posing of our wheat across the Pace fic. Finally, the latest Australian crop reports forecast the harvesting In January and February next of the largest crop on record, Mineral Production On. tho, whole, the depression of 1920 had not affected mining so severely as agriculture, though Ruch lower prices have beon in evi. ice, more especially in the met- Where capper, lead, zinc, silver, geen particularly affected, ling depression, how- prevent further ex: physical output of ortant metals and the first nine he production 000 pounds, cent over The out- put of zing at 195,000,000 pounds showed a gain of 30 per cent. The production of lead was up by § per cent, nickel by 8.6 per cent and gold by 4.6 per cent. Petroleum production, again, showed a galn of 31 per cent, On the otker hand, the physical production of coal, salt, gypsum, asbestos, cement ana clay products all showed declines in 1930, The total valne of pro- duetion of metals, non-metals and fuels during the first half of 1930 was $116,240,000 as compared with $123,702,000 in the same per- fod of 1029, or a comparatively moderate decline of 6 per cent in value while volume inreased. The latest reports indicate that before 'flong Canada will be the second lar- gost producer of gold in the worla. The firms engaged in the mining industries reporting their employ- ees monthly have shown seasonal increases in employment in the last few months, mainly in coal-mining, although the commencement of mining oerations in & large metal lic ore mine in Manitoba uring the autumn has also consierably fm. proved conditions in that #roup, The index of employment in mining has averaged rather Jower than in 1929, but higher than in 1928 and eavl- ler years of the record. Forestry The industries which derive their raw materiale from the forests have always been among the lead- ing industries of Canada. They draw their raw material from a for- est area which, after all the de- mands that have been made upon 3 and after aJl the destruction by fire, still extends over an estimated area of 1,161,000 square miles, neary ten times as large as tho British Is- les, In former times the lumbering industry in Canada was second only in importance to agriculture, and In more recent times we have seen the rise of the more highly manu- facturing pulp and paper industry to he the most important single branch of manufacture in Canada. The total value of the production of that industry in 1929 was almost $244,000,000, and the production of paper alone was valued at $193,- 193,000, ot which newsprint, the largest item, accounted for $15, 800,000, Canada's newsprint pro duction in 1929 was 95 per cent greater than that of the United States, which a few years ago was the world's leading producer. The {Canadian figure for 1929 was 2, 725,000 tons, as compared with 805,000 tons as recently as 1921. After such a rapid growth it is not surprising that there should have | been recession, and the figure of newsprint production in the first ten months of 1930 stands at 2,110, 635 tons as compared with 2,244, 618 tons for the same period of 1929~a decline of 6 per cent. Em. ployment in the pulp and paper manufacture at the beginning of November was only about ten per cent lower than at the same date of 1929, On the other hand, employ- ment in logging, the primary pro- cess in the pulp and paper industry and in other industries based on the forests, was, at the 1930 date, little more than half what it was at the same date of 1929, and two. | thirds what it was at the same date [of 1928, Fisheries | On the whole, the fisheries of [Canada in 1930 bid fair to show a somewhat increased yield and a | rather smaller total value, Preli- | minary figures of the catch of sea fish in the ten months ended Octo- ber show the total catch as 9,150, 838 cwt,, of an estimated value to the fishermen of $22,143,426, as compared with 8,027,242 cwt, valu- ed at $23,262,606 in the corres- ponding period of 1929. 'The in- crease in the amount of the catch is due to the salmon fisheries of British Columbia, while the decline in the value is due to the fact that a larger proportion of the catch of salmon is of the cheaper varieties, The total catch of sulmon in British Columbia in the first ten months of 1930 amounted to 2,804,950 owt, valued at 87,401,752, compared with 1,820,721 owt., valued at $6,- 736,384 In the corresponding per fod of 1920, The pack of British Columbia salmon rose from 1,322,. October 31st, 1929, to 2,130,861 cases in the corresponding period ot 1930. During the fiscal year ended 1930 Canadian fish and fish products found markets virtually all over the world, and in spite of depressed conditions generally, total exports reached $35,607,000 as compared with $36,166,000 in 1029. Ine ports of these products amounted to $3,700,000, about the same as in the previous fiscal year, Canada's fish export trade includes every- thing from frozen smelts and can. ned sardines to canned whale meat, but the biggest single item in point of value is canned salmon, the val ue of this commodity exported being $8,302,000 in the last fiscal year, Besides canned and preserved fish there {s a big and growing export trade in fresh and frozen fish and the figures in this particular are one of the few bright spots in the fiscal year 1930 trade record, being $11,484,000 as compared with $11, 268,000 in 1929. Most of these exports go to the United States, and the greatest single item, lobsters. had a value of $2,318,000 as com- pared with $1,613,000 in the previ. ous year, thus accounting for far more than the increase in value of fresh fish exports as a whole. uction of Electricity In time past Canadian manufac. turers were often reproached with their dependence on United States coal for fuel and for power, and iv was claimed with some show of rea- gon that the lack of coal fu the chief manufacturing provinces of the Dominion made our manufactures dependent on the good will of the United States--a dépendence which had more than a merely theoretical significance during the early years of the war, when fierman-Ameri- cans were doing all fin their power to prevent the manufacture of mun. itlons of war for the Allies. Since 1921, though the {preduction of manufactures has gfkatly increased, our imports of bituglinous coal have largely fallen off, ng only 13, 886,000 tons in t latest fiscal your as compared 15,408,000 tons in 1021, T cline is due to Central Canad rt to find fn her own "white substitute the United and 1929 borse power creased from ) horse power, is estimated bree power ad- ided to the in- . while in most le available 1930 figures show soi recossion as com- pared witli 1029, the production of electricity in the fist ten months of 1930 1s about 13;\per cent higher than in the same period of the pre- ceding year. As yet only about one-seventh of the 'ut-present-re- corded water powers hive been de- veloped, and the work) of further development is actively jn progress, Installations aggregating \more thap 1,680,000 horse power &~9 now un- der active development from coast to coast. Many of these installn- tions are so designed as to permit the introduction of additional equip ment, which when completed will add a further 2,000,000 horse pow- er to the total, Nineteen nundred and twenty nine was beyond question the great- est year that Canadian manufac- tures "ever experienced, the total production of manufactured goods in Canada reaching approximately $4,000,000,000. Thus, vhatever recession there has been in 1930 has been recession {rom an extra. ordinarily high Tlfevel. Further, while the gross value of manufac- turing production in 1930 will fue evitably be less than in 1929, this will be largely due to the consider- ably lower prices of the raw mater- fals which have gone into the manu- factured articles, and it may be for the States. the hyd fnstalled 2,764,000 and dur} that some ditional ha stallation. P of our industrig [that the values added in the process of manufacture will be not very much less than in the preceding vear, The average index number of the employees in the manufactur- ing industries reporting monthly to the Bureau of Statistics stood at 109.7 in the first eleven months or 1930 as compared with 117.5 in the same period of 1929 and 109.8 in the same period of 1928, This is a decline of 6.6 per cent us comparea with last year, or in other words, the reporting Canadian manufac- turers employed only 16 men in 1930 where they employed 18 in 1920 and 10 in 1928, Thus em- ployment in Canadian manufactur- ing Industries bas in 1930 been ap- proximately at the 1928 level. In summing up the 1930 sltua- tion, it may be sald that manufaec- turing as a whole has been slack, largely owing to depression in the iron and steel and lumber indus. tries. Novertheless, factory em- ployment in Canada has been main. tained at a much higher level than in the United States, where the in- dex, calculated on the same base as the Dominfon Bureau of Statistics' Indexes (average 1926-100) stood at 78.6 in October, compared with the Canadian Index at 104.6 on No- vember 1st, Am encouraging re- | newal of activity has recently heen evident in the textile group, while the food Industries have also pro- vided work Tor a large number of persons, fruit and vegetable canner. fes having been particularly busy this year, Construction The value of construction con- montks of 1930, as compiled hy the MacLean Building Reports, stands at $432,457,300, as compar- ed with $544,103,000, $453, 400 and $382,269,600 in the cor responding periods of 1920, 1028 and 1927 respectively. While the 1930 figure is consferably lower than that of 1929, and somewhat om "ily 170 cases in the ten months ended | | gregate trade is due to the excess lower than that of 1928, it is never- theless higher than the figures for any complete year from 1913 to [1927 inclusive. Again it has been |achieved in the face of a declining | level in the. prices of building ma-! terials, the index number of such prices standing at an average ot 93.3 in the first ten months of 19:50 as compared with 99.6 in the same period of 1929, The November reports on em- ployment in the construction indus- tries indicate that such employ- ment continues active for this time of year. Some thousands of men are now working on relief under- takings, and their earnings will tend to increase employment in {other lines. But altogether apart from this relief work, a relatively high level of employment {s being maintained In building construc- tion, where the index number on November 1st, 1930 stood at 145.3 per cent of the 1926 average, a fig- ure which though considerably low. or than at the same date of 1929, was substantially higher than in November 1928, External Trade The external trade of Canada has in 1930 been affected, so far as exports go, by the smaller crops of 1029 and 1030 and the lower prices obtained for them, as well as by the general trade depression. Imports, too, have been in smaller value as tho result of the decline in exports and in prices. On the whole, imports have until the latest month maintained an excess over exports, but in October the tenden. cy has been reversed, and we find a balance of exports over imports. Thus we Canadians are commenc- ing once again to sell more to the outside world than we buy from it, In this latest month of our trade it may be noted that we have a favor- able balance of $12,513,623 with the United Kingdom, more than off- set by an unfavourable balance of $15,349,673 with the United States. The favourable baance in the ag- of exports over {imports in out trade with' countries other than thote mentioned. The following are the figures for the first ten tracts awarded in the first eleven | Ltd, | ol Employment in trades in all Transportation and ( tions The chief transportd cles in Canada~--the twd 0 way systemp---were ine eri- ously affected by the gr Fline in the 10290 crops and t nse quent reduction in the co ties transported at fixed rate the period of a little oven even months, up to December 6 030, the grand total of cars of ggvenue freight loaded on Canadia! rafl- ways was 3,012,369, as co with 3,370,377 cars and 3, cars in the same periods o and 1928 respectively, The /lecline of 258,018 ears in 1020 as gompar- ed with 1929 is accounted for as follows: grain and grain products , 42,780, live stock 23,923, doal 29, 292, lumber 47,621, pulpwood 1, 950, pulp and paper 19,135, other forest products 31,287, ore 18,620, merchandige less than ear load 43, 767, miscellaneous 94,728, The only enumerated item showing an increase is coke, of which 20,826 cars were loaded in 1930 as com- pared with 20,835 care in 19290, The freight earnings are univer sally recognized as supplying the great bulk of the reveaue of Cana- dian railways, and a falling off here necessarily has a serious effect on earnings, while passenger earn- ings have in recent years showh ¥ tendency to decline as a result of the competition of the automobile. At any rate, the grand total grose revenues of the more important railways of Canada in the first nine months of 1930 aggregated $339, 381,603 as compared with §$3y¥,~ 106,215 in the same period of 1920, a decline of $58,723,500. Nearly two-thirds of this decline was offset by savings on operation, but even 80, the operating income of the rafl- ways in the first three-quarters of 1930 was only $39,007,543 as com- pared with $58,038,492 in the same period of 1929, Naturally, one ele- ment in bringing down the operat- ing expenses has been the reduc tion of the working foree, In gen- eral, the railways of Canada gave less employment to their operating force in 1930 than in any year since 1926, as a result of the short crops of 1929 and the subsequent depres- sion. Railway construction work wag also less active in 1930 than in other recent years. XNevertheless, the index of employment on railway construction was distinefly higher on November 1st, 1930, than on the Wholesale and Retail Trade A noteworthy feature of the pres- ent situation is the relative stabili- ty that employment in trade ha shown throughout the year, while at the present time large numbers of extra persons are being employ ed to cope with the Christmas and holiday demands, This is parti- cularly significant as an Indication ithat the purchasing power of the {bulk of the Canadian people and [their standard of living have not | been very seriously affected by the {world wide depression. The index of employment in wholesale and re tall in the first eleven months of {1930 averaged 127.1 compared with {126.4 in the same period of 1929, the previous maximum, The num- ber of persons reported by the co- operating firms averaged 87,381, working in departmental and spec- lalty stores, chain organizations, | wholesale and wholesale-retatl and |other sales organizations. TOV. inces appears to be well maintained, in the Maritimes, Quebec and Brit- Ish Columbia the index numbers on November 1st, 1930 were higher |than on the same date in any other {year on record, while in Ontarie and the Prair'ss they were higher |than fa any otRer year except 1929, {the Ontario figure being 129.9 a {compared with 132.9 on Novemb, 1st, 1929, and the Prairie 7 as compared with 127, | The Prospects for 198 | Certain well-known phenmona { usually found toward the ofose of | majot depressions and now ence in Canada indicate the probab. ility that there will be bett hr times |In 1951, In the first places, there has |n recent months a a tial increase in the savings deposits of oyr chartered banks, In the thred months between July 31st and Octoper 31st, these savings deposits incrdased from $1,402,000,000 to $1,432,000,000 or by $30,000,000. In fie same period, eurrent loans declined from §$1,277,800,000 to $1,120,600,000, or a decline of nearly $48,000,000. Thus the ex- ces) of savings deposits over cup. re. loans, which is generally cons + sidpred very significant in the in- temretation of banking statistigs, ' rojo from $125,000,000 at the efd offJuly to $202,000,000 at the end' of/ October, which may be compared with an excess of $3,000,000 of cur- rant loans over savings deposits on Cptober 31, 1929, Call loans also Live been steadily declining in re- cmt months. Call loans abroad, ich were §216,600,000 at the end August, fell to $164,700,000 at," the end of October; in the same per pd call loans at home fell from 229,000,000 tv§214,100,000. Con- ersely, the banks' holdings _ ominion and provimeial ago lent securities, which wer 00,000 at the end of July, almost $370,000,000 at thé October. ~ Obviously, ther. good deal of Canadian mon ing for opportunities of ro investment, Importation of Capita Turther, the recent tarlii chan are resulting in the establishmen of branch factories and the importa- tion of capital, Thus an English firm has purchased the Hawthorn mills at Carleton Pace, Ontamy, and is installing English machinery, (Continued on Page 6) months of 1930: Imports, Exports and Balance Total Imports for Consumpti $ 84,662,37 80,022,1 118,035,6% 71,401,880 101,644,877 01,543,9 §4,660,9 77,900,2 87,900,3( 78,358,388 January February March April May June July August September October of Trade, Total Exports ; by Months, 1080 Favonrabdle (x) or Unfavourable (-) Balance of Merchandise Trade $ $ 75,368,680 9,293,688 68,140,749 12,773,412 91,608,391 = 31,383,136 53,608,169 - 18,803,670 79,468,700 « 39,081,14 80,586,249 « 11,007, 77,905,624 a 3 70,612,766 3 / 82,190,274 84,207,032 Ten Months' Total ~~ 871,816,458 762,725,5682 same date of 1929, "8 { ll { 4 \