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Very Hedpful Charles i, isoe of those pejopie 'Who always try le look on tCe I)right sîde Uof tins.\Vll, e dlay he sa a littlefelo wepn his eyes uIslie cr-oSssed ver Ille roadt e if he cold help. pointing to àa bro)ken ýggon IlPe ground. -Li trew that egg mp i ,Le airbt didn't catchl it, boo-oo." ",Neyer mmdijý," sad hale, checerfully, '*'Yout'li 'catch1 it' when you get hiome." Expenive "Love maks de word go round." "Yes, buit it takes monecy, to THE SPORTING THING "If 1 eat another bite l'il The niighit was3 stili 3ounig burt the party was du.11, with the reslti flhe debutante yawnvied openly in her escort's, face. M ihope 1I'm flot keep)ing yon uLIp, darling," a1ïd îhe, WVith labored siiile. shie rid "Yes, but not awake, SyrTurn linr, Poderbyc vounteered to provide the finds for a, local thecat- rical performanice for chaqrity, but e st fcto of the comittee was tempered when they learned hi one stpulaton wasfthat ihe bi- self m1ust have a part i the play 'Why, he can neyer renkember where bis 'lse ought tA go,"saýid one woman in despair. Buit LBcnderby sýtood firmn, and nt last thýe comm1Titteý gave way. They aranedtt Ihe shouIld ap- pear in thicsecond act aind just ex- dlaim wih ramatic bre -vit y the wod Sience!" Hie could't go or wrong with that. The great dJay foundl( PonderIby ,i aseof nerves, bt aIlwent wel until the scconld act, wvlen he was due to aoppar. WVithl tremibl- ing ips and becads of perIspiration en hie foehead he strode to the mage, heildup one beefy hand, and londly excaimd:- THE SPORTING THING "H'e s body iîl wore.He says no- ever buy a pig in a pokec!" it Wouîd! A 1recruit waýs heiug gi xen11 an iin - teligce test i P ay %WPat %would !hayppeni f ore of onet" akdtheeierU. "Icouldu111t Per o wl "Wa ouîd happen if you other ar was cnwth off?" c "1 couîlssdna't se "My Paivd l]wul aî de.oe A certin "bst seler" ovels ne îived there. i -i fi bis friend The ninefeenth year of Canada Pack ers Limýited closed Mardih 28th, 1946. The f oll ' wing is a comparison of opcrations with those of the P.receding year: Dollar Sales- - Tonnage t b. Net Profit after- Taxes~ 21-ICI'Deplrciîation but before Invenrtory Re- secrve------ -- -- Net Profit exprestd as- Year Ended March 1946 Pecnaeof sales 1187% ý Per 1b. of Produet sold-approx. 1/8c per lb. YearEde March 1945 $228,39)8,11Il P)ecrease 2,405,811 24.5% 1/7c per Lb. 16."é (During each of the war years, -,as. explaïined In preceding Annual Reports-a porion of thie profit, Was'set aside as Wartinile fnventnry Reserve. Rn year ended Mardi, 1945, thie amount set asidec for this purpose was $,58 1,000. Rn total thie sums so set aside amnunt to $4,ooa000 R is hoped this total will prove sufficient. Accordingly in tCe year under review, no reserve ha been set aside for ti purpose.) The share structure of thie Company is:- 400000'A'Shares vIhichi carry a cumulative preferentaI dividend of $1.50 per Share, 800,000 'B' Shares non-cumulative, presenit dîvidend soc per Share. Net Profit (181,8)teeoeis equiivalept to:- On 'A' Shares $454 per Share. On ai! Shares ii per Share, The tabe below ses forth the record of the year's operationsin ternis of Sales. Out oyf each Dollar of Sales there wspatid- For Raw Materials, chiefly ive stock Foi rzpeniss; conýstinK of w-ages and saill naterials, packages, sunidry charges and itaxes 7 For Depreciation Total for Raw Materials and Charges The remiainder, Profit on Operations, is Sundry ncome, from nvestmnents, etc. This 17.43 .4o Last Year 82.3 .5c 16.20 .41 -99.16e 98.96C .84 1.04 o03 0i Trotal avallable for Shaireholders - 8C 1.05ë Set asidec for Wartimne lnventory Reserve - .2 Net available for distribution -- - . 8 7c .80C Dividendspaid----------.48 .39 Remainder out of each Sales Dollar, left in the business for its, expansion and improvement .3 9c .4 îc The operations of the Packing ndustry are of importance to ail groups of ie communilty. nanmuchl as m-ieat is an essential food, the welfare of ail citizens is involved, - as consumners, Their intere-st reqires that thei meats should be proceýsed in the most palatable manner, and thiat ail nutritional elements should be saifeguarded. (IRn respect of nutrition, exigencies of the war period have cled to important advances. Fiood elements of high value are now being.saved for human consumption, which formerly were usedl chîefly in fee-ds for live stock. Most of these are at presenit being shipped to Europe in the forrn of canned meats, and are beîng distributed through the UNRRA organization.) Besidecs its initerest as consme r, one group is specialIy inîei-ested on the economic side, - viz., the producers of live stoc'k. In ihe year under review, out of 'each sales dllar, produicers received---- - - - ----- 3 centsý This is ILess than thbe return of theprcdigyer wchwas-----------82.3,5 cents Th'le loerreurn to the producer' vwas dLueito anl inicreaise in thle cost of materials an\vae:- L.ast year-------------1.2 cet T his er------------ - - -17.3 cents The sum vailable for Shareholders i s a lsc redced1ýý LastL ycar-- ----- -------1.05 cents ThIis er------------- - - -.87cents V-E Day wý,as May Sth, 1945. V-J Day wais Auigusti 1th, 1945. So that, at teclose of the Company's fiscal year (Marcýh28, î946)ý the war in E-urope, had been over 101/,. montIis; thati the Pacific 7'A mionths. Nevertheless, conditions wviIi titc~ Food lndustry were çtil being deterineild îby factors drvn from w, orecMpletely than in-any war yer roer The end of the war found world reserves of fond at the ows Althouýigh ithe Proulucer rcueived a less1)p'rcenilalà of tPe ackc' a Dollar, nvrheestileactual prie dfr:(- ivestcwreigr;a appears frolI the Cfollowinigtal: Avrage Prices for monthi GodSteers, ive, Toruto - 6 Hog. -i1 d ressled, To roniitoù --12.2 Lambls, lvTrn9 ---- 9 Egg,4'Lrge, Toronito - - - CraeyButter, Toronito - - - Chesefo.. actory-, Outario - - *Pîices cf Hog, Buitter auid Cheesei subsidics. .8 21' 21¾ il Mar ých, 1 4.92 includeFelr 1 arci, Jlyv. 12.12 1.322 19Q.3 ';t,' 21 S,7t 14.9)4 16.9ý1) 3544 26 1/4 2', i' and Fr<ca level of modiem imeiis. On Hlie othier hand, if thirew upon) the Allies the duty of feceding thec populIace of eenmy as weillas of allied countries. The fond s urgently eeded lhad to corne from the srlus- producing- countries. 0f these, Canada is one of the clief. No one woufld claim that ,Canada lias done ail poçsible to cope with this fond crisis. In a ordini which huitndrpeds of mi-illions are Lin Lcrnloulish ed, and in which Scores of milions are living on the verge of starivationcnumto of fond in Canada is ai a higher level than ever before. This is not, due to inidiffeciýe. In a country whiere foondis abundant, it is easy to forýget that, thousands of miles away, fond is scarce-. Besides, Canada is becr- seffeig the pincli of scarcity ini certini fonds, especily edible fats and 'Plr Tis fa(ct tends to obscure hier overal Canada1,'s conItr-ibu)tion ha1,s been substan1tiaI. She 1has' curlitailed (by linig ercnsmtn of certain fonds - es;pecilly meats and butter. AndIn ttalVerU ag quatntitieý Of fonds have 1been sipdto Great Britain and uroe For thie year 1145, thes hpetsicue: Bacon - - 1 447,000,000 bs. lOther Pork poducts 10o,00oi0, 0()0 lbs. Becef -. - - - 184,000,O00 lbs. Checese - - - 13i3,000),000 lb1s. Cannled Mecats - - 9 )5,000,000 lbs. Mutton and L amnib - 7,000,00o lbs. Eva21p ora t ediMiRk, i 1k Pow,ýder and Condenis- cd Milk - - - - 25,0)00,u00. bs. SheIl Eggs - - 60,000),000Il b s Dried Eggs - - 24,000,000 lbWs. Canjned Fishi - - 57,000,000 lbý, '1,042,000,ooo lIbs. -521,000 tons The.above is thre list of 'potective' fonds. Canada's major contribution in 1945, how- ever, was in the forai of cereals. Shipmenits of these were:- Wheat Oats Barley Flour 18-1,300,000 13,400o,000 4,00Ù0, 000 bushls bushels bush1els ba rrels Tons 228,000 97,000 970,000 6,33,000 tons Grand Total-----------7,254,000 tons In îno previnus year had the enor-mous ioitntiities of Canadian Agriculture been so fully demnonstrated. Live Stock Marketings Compared to the previous year, Cattle slaughterings dur-ing 1945 were heavy, wile Hog slaughteings weeJIgNi, The following table gives the record of Canadian Inqpected Slaughiterings for thr' war yeCars. 1939 1940 1941 19423 19-43 1945 Cattle - - - -1,021,000 -~~ ---134, o0 0 6, 274,000 6,196,000 7, 17î4,000 8,766,000 5,684,000 *Examination of this table reveals a strking divergence of trend as between Catle and Hrog deLiliveries. ln the early \war yýea-s, Hgmrktnsincredra pidy: from - - 3,6-28,000 in 1939 to a maxI'imum J'Of 8,766,000 in 19144 A) nicase of -51 38,00-142% Folluwng 194, a dcline 0Set in, ln 1915 the decline ws --'- 30200Hg-5 This Jdecline bias continued in 1946. To Lthe'end ofJui>,the cmarsnis:- Januar-y to J0y, incluive, 145 .3,625,0014g> Derease 19144tu 19464 -3,049,000 Hogs-54%, Çattle eaktns n th e Cher ban, in tSe eary war years increased sloiy. By 1944he increase (as comipvred to 1039) was- 55 CI Howeverý,-2i, in i 945 nnpce luheig f Cattie recached an al-lihigliviz. --.--18000ha Th'lis waýs an increas over I141 of - -- - - - 34 ,wnd an încroea'eover 1939 of----- -- -- - --9 Rn retro-pect, thiî aiaioiýýini trnd abetween Cillte and Hog production) i ises ndesa In the early war Pars, tue promsure inrepet of liV, stock production was to increase Hog nurabes. Wen Briais up pliseAbcon frcet Europe wuee cut off (in Junec, 1940),Can- ada vecamec the sc je eNiernal souce of supply for Wiltslîire: Sidecs. Canadian lFarmers vere ured hipmoduc every og posieu. A further factor counied havl, On Canadianl faills, anld in C.anadin an vators, was stored a vaut quan4ity of grain, - wvheat, oats, bre,- for 10011 linocas]i 1mar1keb existed. Thie onlywa in \Vic his irain boudieconverted bo cashl, was through hc e b.'m f le tok (Cc,ç-, i unNcxt P1age) THE ,SPORTING THING '«I haven't the heart to tell hlm we ate it for dinner!"ý He Would, Toa Acaar recruiit was at hig first ridinig Ipractice, "I don't lik the look of tis hrses ead," lPc coin- over tat"theinsitruictor 'rephi, AcQuitted 'Onc ay"said the ,old Cotin- trymai;n from ,the hIs, who wC s on trial for murder, " 1e11Yrcua tis ws eserngme, ar lty daughIter hadl just eloped Ztl good-for-notin' scalawag, alldMy barn hlad burn.ed (down ianIi lost bo(thl myi mu'les, and my bestod Sem- got the chioiera anddedad 1 just iheard thleY hadfoead thec mortgage and Oie hrfwa lookini' for ime, I told my tru blje toli eof these lhere opimits hec said, "Chjeer iup, old -top worst is-et to corne !" So, I sh himi" THE SPORTING THING "Hello! City Laundry" Thanks Anyway Trudy, aged four, ~a net> ing the visiting cdern Man W:hm mohrwas tupstairs desd. "Do you say yur prayers enM nighft?" asked the in iiister. 01,no, Mumm111y says t infr me," answered Trudy. "Ideamd what doessh "Thank Gad you're1 nbedr" They Must "I woii't gel married unti' t- findý a girl like thec one grcïdp a miarried." 11uh1 They don't have wcmien, Tatsfuunyii! Grandra only THE SPORTING TH'ING "Tim ant'!bis heme knoews hw sac runs' R-e batelcalls A Change Considerable damrage had I c n doetu the baker's slîop bv an iu cedaybo)mbý , uthe proprretor fas Ornot aidworid As P1isife vs geting s:' rer revd,ilu anotheur ]palt of the toxii, ai-- inghrruhdl with t' e s'id "fi(!re yu," she wour.d inaý. "1~ ~ pn wolut u read on the table. TPeHic t(,f it uîighî upSel c:c'Ir husbaud a Ifter iPis tryiug tkîe, -i haduttugi of that.' con- fessed tPe baîi1,er's o ifeTiîeiishe weut oun Prigîîtly "I kiuxx xi at l'Il do. Il'I ial ce Pill ýoîi ' c e toast." REPOFRT TO SHAREHOLDE SR ij