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THE OSHAWA DAILY TIMES, THURSDAY, DECEMBER 10, 1931 ant Developments Reviewed At Bank of Montreal Meeting Charles Gorden, President, Strongly Urges That Halt Be Called to Mounting Expenditures--Urgent Necessity For Solution of Railway Problem--Not Alarmed At Fall of Canadian Dollar--Factors Making For Return to Par "Already at Work. Jackson Dodds, Joint General Manager, Points Out Impotence + of a Central Bank in Maintaining a Stable Price = ¥ Demonstrated by United States' Experience--U option of Policy by Which Unemployed Will Be Made Self-supporting. - ve warnings to federal, provincial, and municipal auth- oritfes as to the necessity for curtailing public expenditures, and the statement that Canada's large foreign obligations are fac- tors that tend to prevent an ear- ly return of the Canadian dollar fo par, were contained in the hes of Sir Charles Gordon, esident and Jackson Dodds, eneral manager, at the annual meeting of the Bank of Montreal. At. the same time comment was e on the inherent strength ing exhibited by Canada in the e of world depression, espec- dally in regard to the banking Structure of the country, Sir harles referred to the absence n Canada of some of the more rious problems confronting ther nations, and both gentle- men spoke hopefully of the fu- #ure, though making it quite iplain that a return to prosperity nm Canada was conditional on &n gmprovement in the international wpituation. Sir Charles, while de- lelining to prophesy as to the im- ,imediate outlook, said that tak- {fing the long view "There is every 'season to look forward with con- fidence to emerging stronger and more prosperous than ever from the conditions that now prevail," would be rash etaoinshrdluo-- @gnd Mr, Dodds remarked, "It ould be rash indeed to speak 'with assurance of the prospects sof 'the coming year, but it is rely permissable to say that when international confidence fand co-operation are restored, nd commerce in consequence Bad tanon Canada will be among the first to benefit." Sir Charles Gordon's Address 8ir Charles Gordon, in present- {ing the annual report to the 'shareholders, spoke of the severe {recession which had been experi- 'enced by business generally ithroughout the Dominion, He | 'made particular reference to farming, lumbering, mining and 'mewsprint manufacture, remark- ing in regard to the latter that Ee was reason to believe that +@ tetter condition was being ush- i pred in by the profit arising from consolidation of companies for the purpose of reducing overhead pxpense and effecting more eco- pomical distribution of the pro- fuet, He said events had hrought Into strong relief a situation which in any case would sooner or later have called for drastic remedial measures, namely, the destructive competition hetween two great railway systems, a set- tlement of which on a satisfac- we see reflections of periods of great prosperity and reflections of periods when conditions and outicok, not only in Canada but throughout the world were black- er than any we have experienced during the past two years. Look- ed at in the large, the histo of our country, as reflected in the history of our Bank, has been one of continued progress and advancement, and I have not the slightest hesitation in reiterating the views expressed at our An- uual Meetings in years past that/ just as the country has weather previous storms, so now there is every reason to look forward with confidence to emerging stronger and more prosperous than ever from the conditions which now prevail." General Ma 's Address Jackson Dodds, joint general manager with W. A, Bogg, in pre- senting the balance sheet, sald that Canada, being dependent primarily on the products of the farm, forest, mines and fisheries, and being one of the largest ex- porters per capita, in the world, had suffered severely from the dislocation of international trade. Referring to the fact that the downward movement of commod- ity prices had reached record levels during the year, he said: "We know from recent economic history in the United States some- thing of the impotence of a Cen- tra! Bank in maintaining a stable price level, An examination of the course of business and bank- ing in that country from 1921, the year of post war depression, to 1928, the crest of their period of prosperity, and the collapse of the stock market boom in 1929, reveals that while a Central Bank may assist in controlling the amount of money available, its judgment is not infallible, nor can it force individuals or insti- tutions to use money wisely." Must Call Halt to Public Expenditures Remarking that we in Canada should be thankful that we are as well off as we are, he declar- ed there was no gainsaying the fac that business had been at an extremely low ebb, and added: "fhe situation can only be aggra- vated by continuing to pile up more and more federal, provincial and municipal debts. Individuals who can appreciate the need for ecoromy fin their own expendi- tures, and are striving to get out of debt, are too prone, paradoxi- cally, to condone and encourage public outlays of borrowed money, ignoring the fact that it must in the end be repaid by themselves. There is a definite limit beyond which public expen- diture cannot proceed with safe- ty, even when the object is to create temporary employment, In this country that limit is now in sight. A halt must be called to mounting expenditures--indeed, has been called in some cases. The burden of taxation eau p capital resources, saps energy and enterprise, and creates still fur- ther unemployment." Concluding, he said in refer- ence to relief measures that while taking care of those in im- mediate distress, we should work in the direction of making as many as possible of the unem- ployed self-supporting. The best way was to assist people to es- Level as rges Ad- tery and permanent basis was, he declared, an absolute mneces- sity for the future well-being of the country, "In considering the various phases of the economic setback which Canada has received," he continued, 'it is important to remember that they have arisen largely from extraneous and not internal causes, During the post war period the expension of our industries, generally speaking, hae been on a modest scale, We have not invested such a large volume of our capital assets in unproductive extensions as has Leen the case in the United States and our banks and financial in- gtitutions have not had their re- sources tfed up in frozen loans. Fortunately, under our banking system our banks are prohibited from lending on real estate." The Canadian Dollar He referred to the numerous Lank failures in the United States and to the hoarding of money there in safety deposit boxes and remarked, "Banking in Canada has followed the even tenor of its way. 'The resources of our banks are large, credit supply abundant, note circulation keeps pace with trade movement, time or savings deposits.are at a high point, and the superiority of the branch banking system over unit banks has again been demonstrat- ed in this period of business de- pression." ° While expressing the opinion that Canada's large foreign ob- ligations would tend to prevent an early return of the Canadian dollar to par, he said he had np dcubt that it would return to par. As factors already. working to that end he remarked that the adverse balance of trade in the 12 months to September 30 had been reduced to $35,000,000 as compared with $100,000,000 for the previous 12 months, and that in the five months to October 31st last there was each month an ex- cess of domestic exports over im- ports, so that it would seem that the country had reached the point of an adjusted foreign trade, In closing his address, Charles said: "I would, however, say to those who feel themselves more or less at a loss to estimate the future that we have one aavan- tage in the Bank of Montreal possessed by few business insti- tutions. We have the advantage of an intimate record in our own annals of the course of trade in this country for the past 115 years, Looking into that record Sir rder PHILCO Entectainment for all the family -all the year 7-TUBE -HIGHBOY $99.50 This set Is marvellous value, and a marvellous performer. } Hig houses the famous' Philco 7-Tube Superheterodyne Chassis, with Pentode Power tube and 4-screen grid tubes. New Electro -Dynamic Speaker. Tone Control and Hlyminoted Station Record- ing Dial, An Ideal Christmas Gife / Other Sets from $55.00 to $395.00 ' Complete with tubes A} BOWRA ELECTRIC & 19 Simcoe St. N._ ©. FOR CHRISTMAS HARDWARE Phone 1075 WM. J. CHALLIS, BOWMA your Christmas... PHILCO now TS avoid all risk of disappoiniment, place your order now for delivery on or before Christmas Eve. Philco does not over-produce and Philcos are :.lling so fast that there is every chance of a shortage of some models before Christmas. Just the other day we had to ship 'three straight car loads by express! : This is Philco week in all leading radio stores. Philcos are being specially featured wherever you see Santa and his sleigh (re- "produced above). Drop in--make your selection 'today while stocks are complete. Holiday 'terms so easy that you'll never miss the maney. . PHILCO PRODUCTS LIMITED OF CANADA : "ne ® | { cl _ Distributors for Central Ontario @rren s [@sTeR. ADAMS FURNITURE CO. St. S. . Phone 701 tablish themselves on the land, as over the course of years diversi- fled farming had proved the most dependable source of lives lihcod. While industrial farm- ing had its advocates, it should not be overlooked that a farm was primarily a home, not a mine or a factory, Legends of Beard Favor Shaving "Why does man shave? The ques- tion is propounded in a little treatise on the human beard which has just cor» out of Cambridge, a Univer- sity always devoted to the funda- mental problems of human life. A lady biologist, it appears, who was Ie turing to Cambridge, was faceti- ous about the time men waste in shaving, and threatened that by na- tural selection a race of beardless men could be evolved, Cambridge has been roused to discuss the ad- vantage of such reform, But I can- not think the lady speaks for her sex, writes H. C. Bailey in this ar- ticle in the London Daily Telegraph. In any project for our improve- m:nt by evolution the co-operation of women must be secured. "Lord, I could not endure a husband with a beard on his face," says Beatrice in the play, but very logically and naturally goes on to declare the stro gest objections to him that has none, Where is any sign of the preference of the fair for a face that needs no shaving? An old tradition declares that Adam was created without a beara, but atter the fall he was condemned to grow hair upon his face that he should be more like the beasts and bear the mark of their equal and companion, Why, then, should Eve have been allowed to keep her chin smooth? The answer of tradition is that even in the fall Eve Was adjudged to "retain much of her original modesty", so she was spared the punishment of a beard. An- other flagrant injustice to man, The legends of the beard are strongly .in favour of shaving. Good an»lg, it is insisted, never wear beards, but the fallen angels soon orew them, and the whole regiment of fiends is bearded. The devil himself, however, I have heard, has in his beard but onc lonely and very long hair. And yet the theologians and the moralists are very confused about beards. This Cambridge treatise re- calls that Tetullian condemned shaving as "an impious attempt to imnrove the works of the Creator. But Luther held that the beard was like sin, ingrained in man, and against both we must zealously and continuously struggle. Origin Is Mystery and why are all mysteries. Certain- ly men in Egypt and Mesopotamia wore bare chins five thousand years ago. But it is equally certain that very long ago a beard was necessary to dignity. The Assyrian conquer- ors were magnificantly bearded. It was a horrid insult to cut off a man's beard in ancient Palestine, and, indeed, the Jew had been com- manded "Neither shalt thou mar the corners of thv beard" Even in a world of clean-shaven faces we still feel something of this reverence for hair upon the chin, The patriarchs, the ancient kings, real or fabulous must have their beards, Abraham and Agamemnon, Arthur and Char- lemagne. And yet it seems to have been "ne who taught Europe to shave. He issued orders that his soldiers must not wear beards, for the reason that a beard was a good handle by which to take hold of a man in battle. Whether the ban on beards in our army is maintained on the same ground I cannot tell. But from Alex- ander's time the Greek and the Ro- man were shaved, except for certain intellectuals, until the Emperor Ha- drian thought he looked well in a beard, and for the eighteen centur- ies since his day beards have been going in and out like other fashions, The theory of Cambridge no doubt based upon ample experience, is that chins and cheeks are shaved to please the other sex. Yet I have not heard that sailords, to whom even nowadays beards are permit- ted, are pecularly unfortunate in their efforts to please. Though the shorn male be now the general pre- ference of the fair, it was not even thus. Sixty years ago young men were anxiously cultivating whiskers and beards. The magazine hero, the Adonis of * the illustrators, was bearded like the pard or a patriarch. Taking one period with another there is just as good reason to be- lieve that women prefer a beard. The Normans came to England shaven--their back hair as well as their chins. Their sons let hair grow in both regions, and. before long a bishop was thundering that they had put on beards "for fear that if they shaved the short bristles might prickle the faces of their ladies." Consider the cad case of Louis VII. To please the clergy he cropped his hair and shaved off his beard. When she saw his face naked his wite found it so ridiculous that she ran awav from him and married, our Henry IL ; : . Then there was the painter Lio- tard, who went travelling in the East and grew a beard for which ladies lost their heads ard hearts. He married one of them, and shav- ed. "Directly his wie saw him, the charm of that ideal which every true woman forms of her lover was broken; for instead of a dignified, manly countenance, her eyes fell upon a small pinched face, "And such a little perking chin, To kiss it seemed almost a sin)" The nineteenth century beard is commonly said to arise out of the Crimea, where the troops could not shave, and so after the war a beard, was not exactly a proof of heroism was "manly, sir, manly." Nowadays you hear young people giggling over '| the photographs of hirsute Victori- an athletes, and wondering how ever thay played anything in those beards. But, "after all, Hercules always had a beard, and so had W. G. Who can think of them otherwise? The Victorian jester--like the Greek-- made his milksop clean shaven. For mv part I distrust the theoty of the Crimean origin of the beard. It seems to me much more likely that the good Victorians grew their beards first to be different from the foolish past, and secondly to show | When shaving began and where | of the greatest of kings, Alevander, | QUEBEC MAY CUR TOURIST CAMPS Government Considers Bill To Stop Competition With Hotels Quebec, Dec. 10.--Amendments to the Quebec License Act of a far- reaching character are being con- sidered by the Government with a view to solving problems which have cropped up during the latter years, One of these problems {is that created by the great increase of socalled tourist' accommodation houses and camps in the rural sec- tions especially, which have re- duced considerably the earning power of the country hotels, to the point where the latter, in some parts of the province, have, been unable to attract their share of visi- tors and are considering the ques tion of dropping out of business al- together, Farmers, aware of the profits to, be derived from the tour- ist trade, have erected on their land fronting the highways groups of rustic cabins in which the visi- tors are catered to at prices lower than these which the regular ho- tels charge, and food is furnished | to them at greatly reduced price Competion, Held Unfair As these accommodation camps and houses are paying no license or | insignificant licenses, it is claimed | by the Country Hotelkeepers' Asso ciation, that this is an unfair com { petition which must be stopped or | regulated, if the hotel industry is | | be maintained in the province, Another consideration is that of hygiene. Though the owners many tourist accommodation camp or cabins have end red to keep | them clean in conformity with the hygienic regulations, the majority of these camps, it is contended by | inspectors of the department, eon | | of | classification stitute a danger to publie health and should be forced to adopt ne- cessary improvements. It is believed that the Govern- ment will not only enforce hygienic regulations in all tourist camps, but will raise licenses so as to place these camps on a par with the re- gular hotels, to close those accommodation cab- ins which do not live up to the standard and to get additional reve- nue, while it satisfies an important section of the Quebec hotel indus In this way, it expects try. It had been believed that the Government would raise the licens- es on the truck and bus traffic to a prohibitive figure so as to give an indirect help to the railways, but because of the appointment by Ot- tawa of a commission to investigate transportation conditions in Can- ada, Premier Taschereau has let it be understood that no radical changes will be made this year as to the lice ses on trucks and busses, but he has said that trucks would be prohibited from transporting passengers, Other changes are being consid- ered, but it is impossible to obtain details of them at present, MOVE TO RESTORE LUMBER INDUSTRY Quebec Commission Will 'Open Inquiry Shortly Into Methods Quebee, Dec, 10.--The Provincial ¥ 1s to | Government will endeavor to estab lish In the lumber industry of Que- the same organization for the and sale of its pro- already exists in the ag- industries, if present plans are carried out. It is a known fact that, because of the competi- tion of the United States and later of Russia, wood and lumber pro- hee, ducts that rieultural | ducers of this provinee have faced la er in the past decade, which { | had placed the industry in jeopardy Means to remedy the situation will be studied by the commission re- cently named by the Government, which will hold its first meeting on ; | January 14. According to J. C. Piche in charge of the Forestry Department, lum ber merchants during the last 10 years have been facing a gradual shrinkage of their profits to the point where they practically sell at cost-price, This situation has been brought about by foreign competi- tion and by the absence of tem of classification and of 4 and distribution organization. | There are 1,800 mills in the Pro. | vince of Quebee, according to Mr. | Piche, which are badly equipped to produce the lumber needed in the building industry, and have no! knowledge of what classification | means. The result of this is that | On their lumber, when placed on the | it home markets, cannot compete a { to prices with the foreign lumber Experts to Make Survey Lumber merchants have been seeking means to put an end to thi state of things, and last year, they asked the Government to take the matter in hand. The latter fo that the first step to be take to name a commission of experts | that would investigate and offer the | best suggestions for solving the problem, This eommisgsion has been appointed and will make a thorough survey of the situation, hos It is expected that question has fully been the members of this commission will be asked by the Governmen continue thier services, as a classi fieation and distribution body, der the formal super ) Department of Lands and Forest Mr. Piche believes firmly t! the wood of this province can be utilized not only for building m terials but for the production of furniture, equal in quality and be ty to that now imported from t United States and elsewhere yl Government is applying thi gestion in the construction ax nishing, of the new' building wing, now under expects that the policy may extended to all parts of the Ings, Mr. Piche Aircraft when the | debated, vision of Gove d that the b 14 ted from Ru this year 3,000,000 lineal feet lumber, which could have beer sold profitably by the Province of Quebec, if conditions had been dif ferent. 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