nents: r a busy Au- | state again d to find va- car Children 1to No.8, 5 qualities to well shaped, from 20c. up 1 tod. , from sizes 1 to 8. 75¢., 63c., 95c., $1.25. 'hildren 4 mere Stockings, all sizes. ) size, 6 qualities to choose , 25¢. , 35¢., or 3 pairs for $1. gs, extra fine make, hi 9c. igh ), fine makes, at 75¢. and ings double knees and heels, ~ strong and durable, all VE e store. So much bility and comforl lifferent widths and ssibly can to take up and adjusted to n them. fery Toarge OE STORE TION and SALE ---- AT ATRICK'S "Sow. COMMENCING DAY, GOT. I3th, re cordially invited. OTEL minutes. All surface cars of the of Beef EMPIRE, way and 63rd Street, N.Y. City. Telephone in Every Room Rooms $1 per Day and Upwards. From Grand Central marked *' Broadway to Fort Lee Station take Hotel Empire in sev- ** Metropolitan the Hotel Empire. Emp exclusive use of our guests. The Empire has otel for tourists visi Orchestral concerts been the favorite wv the Metropolis. every evening. co! Within ten minutes of amusement and me centres mpire is the headquarters of the adian Society of New York. Send for Booklet Ww. Johnson Quinn, Prop. RAISED ON LACTATED FOOD a The Healthiest; Plumpest and Happiest Babies are Fed Daily on LACTATED FOOD. Ail DruccisTs. A SALE OF TIMBER BERTHS PUBLIC NOTICE 18 HEREBY GIV- em that pursuait to authority, of Orders the berths and Red and ite Pine following townships, areas, pamely.-- IN THE DISTRICT OD NIPISSING-- Hutton, Creelman, e, tamr and po) --Ga, G6, G17, G18, G G38, G36, G37, Gas G33, O85. G86, G87, G89, G40, G41 G42, Gf os. S81, 83. 88, and S4, will be ofiered to! Public A at ings, i the by on WEDNESDAY, the NINTH day of DECEMBER, 1903, at the hour of ONE o'clock in the after- DOOR. Sheets taining and condi tions and tion as to Areas and Lots Concessions Com- a lication ar ermal b! Totter, appl , ef or by s to the of Crown Lands, To- Not a minute should be lost The Best Extract of the Best Beef ARDEN FAIR. First Fair a Success--The Prize Winners. The first Arden fair was a splendid success from every point of view. The exhibits were numerous and good. Fol- lowing is a complete list of the prize winners, in the order of merit : Draught team, W. W. Pringle, S. Price. General purpose, J. Sals, A, Thompson. Carriage team, J. Arm- strong, J. Hayes. Single driver, G. Gibbs, C. Price. Brood mare and foal general purpose, Miles Wood, Wilard Parks. Two-year-old general purpose, H. B. Saunderson, H. Hanna. One- year-old, general , D. Hart wick. One-year- draught A. Thompson. Two-year-old, carriage, B. F. Detlor. One-year-old, carriage, G. Thompson, Claude Williams. Foal, draugnt, L. Zrice. Foal, general pur- pose, W. Parks, Miles Wood, Durham Bull, G. i Bull, J. Armstrong. Holstein Price. Calf, J. E. Price, J. Williams. Milch cow, S. Barper, Sr.,, George Hughes. Heifer, two-year-old, Geo Hughes. Heifer, one-year-old, B. F. Detlor, Susan Wormworth. Oxen, A. Osborne. Ram lamb, S. Barper, A. Thompson, Ewe lamb, S. Barper, A. Thompson. Ram, fine wool, H, B. Sanderson. Ewe, fine wool, H. B. Sanderson. Aged boar, v Price. Brood sow, J. E. Price, H. B. Sanderson. Spring sow, S:-Barker, H. B. Sanderson. Fat hog, B. F. Detlor, J. Hayes. Geese, John Hayes." Turkeys, Hayes, F. Wormworth, Ducks, Thompson, B. F. Detlot. Brahma fowl, B. F. Detlor. Plymouths, B. F. Detlor. Leghorn, L. Price. Buckwheat, 2nd, P. Mosier. White oats, J. E. Price A. Osborne. Barley, 2nd, P. Mosier, Rye, A. Spiliz, A. Osborne. Potatoes, Ww. George Pringle, James Williams. Tur- pips, Suede, James Williams, H. B. Sanderson. White carrott, A. Thomp- son, H. Hanna. Ora Parker. Celery, W, w Thompson. White Barker, G. T! . Par- snips, A. Thompson, H. B. Sander- son. Mangold, C. Price, A. Thomp- son. Long beets, H. B. Sanderson. Cauliffowers, Thomas Andrews, H. B. Sunderson. Corn, S. Barker, A. Thompson. Potato onion, S. Barker. Squash, H. anna. Pumpkin, A Thompson, Thomas Andrews. Maple syrup, A. Osborne, P'. Mosier. 5 lbs. one Ib. prints butter, H. Hanna. § Ibs. rolls butter, H. Hanna, P. Mosier. Flannel, home made, Miss Osborne. Woollen socks, Miss Clarke, W. J. Matchass. Coverlet, William Miller, Mrs. A. H. Carl. House plants, Miss Osborne. Log cabin quilt, Mrs. P. Brown, Mrs. J. Wood. Quilt, quilted, L. Price, Miss Clarke. Quilts, unquilt- ed, Mrs. P. Brown, J. Armstrong. Muslin embroidery, Miss Clarke. Si embroidery, Miss Usborne, J. Arm- strong. Braid work, Miss Clarke, Miss Osborne. Bead work, Miss Clarke. Card board work, Miss Clarke. Ber- lin wool flat, Miss Osborne, J. Arm- strong. Berlin wool, raised, A. Os The John J. carrott, Pringle, A. cabbage, S. borne, J. Parker. Fancy knitting, in cotton, Miss Clarke. Fancy knitsing, in wool, Miss €larke. Crochet, H. Sanderson, Mrs. W. McGregor. Motto, J. Armstrong, Miss Clarke. Woollen yarn, John Bost, C. Parker. Single harness, John Brown. Horse shoes, J. M. Williams. Axe helves, John Wood, H. B. Sanderson. Home: made carpet, S. Barker, Miss Osborne. Heney, strained, H. B. Sanderson, A. Thompson. Honey, in comb, A. Thompson, S. Barker. Jar wild fruit, A. Osborne, J. Armstrong. Jar tame fruit, A. Osborne, F. Wormworth. Cats up, A..Osborne. Standard apples, 8. Barker, William McGregor. ag mat, S. Barker, Miss Osborne. Paper flow- er, John Armstrong. Fine shirt, Mrs. S. Alexander. Hair flowers, Miss Clarke. Stop That Cough. The "Diamond" Cough relief at once, composed of wild cherry, eelocam horeh Miss Margaret Smith, of Valparaiso, Ind., admits that she is age. As she looks back upon decades of life bereft of companionship of one of the matchless male creatures she must feel gratified that she is so near the terminal sta- when a child Chamberlain's 1 i i il £2 E EEE 1 E i Ky £ ; g length i no absurdity in forecasting the condi- tions as in the diagram for future years. Men living in Toronto are able to substantiate the cycle theory. Their testimony in nearly every instance sw the theory which the diagram exp. . It must be remembered though that the illustration is based on universal conditions. Local disturb ances may bri adversity to one country while others are on the top- most billow of prosperity. Yet so closely are the interests of the nations of the earth interwoven that the con ditions in ome portion of the globe are reflected in almost every other, It is for this reason that the diagram i to indicate world conditions at various stages describes with con- siderable 'accuracy the vagaries of prosperity in Canada. Not An Accident. Few writers on political economy dispute the theory that fat years and lean are bunched and follow each other with a wonderful regularity. There have been periods, as some writers point out, when no 'such re- gularity was noticeable, yet the con- stancy of the cycle rule is so marked that no one would attribute it to ac cident alone. Many explanations have been advanced, the sun spot theory and the degree of rainfall being two notable examples. These, however, are discredited so far as they pretend to account for the eras of prosperity and adversity, and are viewed simply in the light of contributors to con- ditions brought about by more direct causes. As explained below, a more simple and plausible solution of the phenomena is to be found in the fact that good times inspire confidence, which in turn begets recklessness and Shr production, ond depression re- ts. In Symes political | economy there is a chapter devoted to the causes that bring about good and bad times. At certain periods, Mr. Symes writes, the large profits made by men of business induce a confidence that passes easily into recklessness. All kinds of wild and speculative schemes are started and secure the support of some who have money to invest. Pre agatly the tide turns. Some catastro phe like a war or a famine, may give the first blow to the seeming prosper ity; or it may be that the available capital has been absorbed, some of it wasted in unwise schemes, some of it sunk in forms that will ultimately be productive, but which as yet bring in no returns. Some of the more specula tive and ill-conducted 'businesses will probably be the first to feel the blow. They cannot obtain the further capi- tal they need and without which per haps they cannot continue working Their failure not only gives a shock to credit; it also inflicts direct loss on those who have lent money to them. The loss will be more than some, of them can stand, especially at a time when credit is contracting. Fresh failures follow. Each of thém spreads disaster and ruin. A panic probably ensues. Firms which have not been either incompetent or dis honest, at least to any great extent, find themselves unable to weet their engagements. Everyone is soon trying to contract his operations to call in what he has lent, to sell any shares he holds in business where se curity is at least doubtful. There is naturally a grea! check to production Thrown Out Of Work. Their poverty diminishes the de wand for all sorts of commodities and all sorts of labor, and the coun try enters into what is called a period of depression from which it only . be fine to recover when loanable capital as again accumulated and confidence has begun to revive. At first the re- vival will generally be slow, but at every step it expands the paper fur rency and other forms of credit, (like cheques and bills of exchange), which serve as substitutes for money. The effect is as if the currency had ex panded, and there is consequently a rise in prices which stimulates pro duction and raises profits and wages. The credit cycle which industry - es through between one panic and the next seems generally to last about ten years. Some writers have no doubt exaggerated the tendency of the cycle to occupy ten years, and it must be admitted that there have been long peciods: when no such regularity has been discoverable. But it seems equal- ly clear that the frequency with which a eycle has occupied about ten years is more than can be accounted for by chance. There were panics in 1710 and 1721, then for for forty years they came in irregular intervals, but then again the normal interval began to reappear. There were panics in 1763, in 17723, in 1753 and in 1793. The great war seems then to have intro duced a period of irregularity, but after the peace we have panies in 1816, 18256, 1536, 1847, 1857, 1866. In the case of other eycles through which the mind of man goes--politics or religion. we find no approach to such regularity as this, It is difficult to suppose that the mind of men would tend to take the same number of vears, i.e, ten, going through the operating ther forces intervene with sufficient upset the periodicity. The of the panic of 1847 show that there had been unus good harvests in the year 1842, J and 1844. The co and to the wealth available for commercial enterprises, and the low prices left money free for such purposes. There was so much ia capital in the market that in 1844 the bank rate sank below 24 per cent., and even 2 per cent. Then came in 1845 the first failure of the Irish potato crop. It was some time before the effect of these things came to be felt. But by January of 1347 the bul- lion in the Bank of England had sunk below fourteen millions, as against over sixteen millions in the August of 1846. The bank now raised its rate from 3 to 3} per cent., and then find- ing the drain-on its reserves contin ued, there was a further rai<ing to 4 per cent. Nevertheless, by April the rescrve was below $10,000,000. The rate was then raised to 5 per cent. uent - increase jn Another Potato Famine. Meanwhile, in 1846, there was an other failure of the potato crop, and in most parts of Europe the harvest was bad. Agricultural prices were higher than they had been for thirty- four years. There was conse vently much speculation in corn, which tem- porarily inflated credit. But the large importation forced on a heavy fall in the price of wheat, which ruined many of the speculators. On the 9th of Au- gust, Leslie, Alexander & Co. failed with liabilities of about £500,000. On the 11th. a couple of other firms fail ed, each with liabilities of about £200,000. Within three weeks there were failures to the amount of over three millions in the corn trade. By the middle of September the ruin had begun to extend to other trades. To- wards the end of October banks began to fail. On the 18th of October the Royal Bank of Liverpool had to close its doors, and this brought down two other Liverpool banks. In many west of England cities bank failures occur- red. "Fhe causes of the panic of 1857 are asc to wars and speculation. People began to recover from the fear occasioned by the bad times following 1847, and became more impatient over the low rate of interest obtainable through thoroug safe investments. Then came the war of 1854 to 1856, and the Indian Mutiny. As is usual with wars trade was te re arily stimulated by what in the long run was certain to diminish the re- sources of the world. In America, too there was a railway mania similar in some respects to one of the previous decade. It was then that the next crash 1 . The scones of 1847 were repeated on a worse scale. Other causes of depression are dealt witht in Baden Powell's 'Protection and Bad Times." He poinis out that many observers deem that they have sufficient evidence to prove that the rainfall on the earth for some time past increased and decreased in eleven cycles. Australia, where wool growers feel most keenly droughts rains, is a prominent witness ro the truth of this contention. Others, again, point out that the sun spots vary in quan tity by the same i Though we may not see our way to asserting that the auantity. of rain is the mea sure of the commercial success, yet we can with certainty say that the abundafice'or the want of rain has a very t deal to do with the energy of ot communities cer- tain parts of the earth's surface. But this cycle tendency is, we can see, only one of the conditions whose co existence means commercial depression. A certain state of the suns envelope does not cause commercial depression, but there is a tendency for commerci al depression to assume a cyclical pe- riod, because of the fact that one of the conditions of which they are made has in human experience a cyclical periodicity. A crop of fallacies is the inevitable accomphnimept of com ial depres- sion. Thue it is the very nature of Good Figure, Rosy Complexion Are Coveted by All Sensible Wo- men. For Health and Beauty Use FERROZONE. If you are thin, run down, have blue transparent skin, you need Ferrosone. When the nerves are weak and the tears ever ready to flow, 'it's sign you Jed badly. N earth makes blood so vitalising, 4 ing puts on flesh, makes hard muscle, and rendvates weakened systems like Ferrozone. Why not restore your beauty and keep back signs of old | It is casi ly done with FPerrozone. uffer no more from ner and ki _ Ferrozoue instead. Let Ferrosons help vou to get more out of life. It is an easy and quick road to health, a splendid remedy for all womanly dis- orders. Mrs. BE. C. Raycroft, of Susmyuide ide, says: "1 owe a great deal to 20ne which improved my health very . Before using "errotone 1 my cheeks, Alter taking a few boxes 1 zone 1 gained eight pounds in weight. My complexion is clear and my ap etite good. 1 can recommend Ferro- zone very highly. It is a splendid Don't fail to test Ferrosone, which sell the world ov Price Co. felt better, and by continuing Ferro- | = IEEE I }¥ i £1 rt ------ + -------- \ \ day. Sunlight Soap does not make the clothes ill-smelling or yellow in color. All the pure fats and vegetable oils used in its manufacture are saponified --that means there is no free or surplus fat left in the soap to grow rancid and make the clothes greasy and sticky. SUNLIGHT SOAP lathers richly and creamily=-washes the clothes white as smow and leaves in them a delightfully clean smell. One bar of Sunlight Soap, when used according to directions, washes Lend i. better and more clothes than two bars of common soap. Use it next wash LEVER BROTHERS LIMITED, TORONTO, Hilt Wi J BUY THE OCTAGON BAR. CANADA buman beings when 'bad times" ar- rive to at once find fault with the ac- tual surroundings. At such timed loud cries are raised declaiming against the commercial policy that happens to pre- vail at the time. Free trade was the scape goat in 1879, just as protection wag in 1846. Reciprocity and protec tion again in 1879 found advocates in free trade England as they did in the "bad times" ten years before. Waves Of Progress. Commercial depression acts on the political brain much after the fashion of the liver on the physical. In all de pressions far too mi heed is given to the cry that the country is obvi- ously on the downward road 1 ox: imate failure and ruin. If people in England in 1879 had studied the facts they would have discovered that Eng dand had getually gone instead of falling back, according to the usu al foreboding of ill. Productive pro- gresi in England, as in other coun tries proceeds in waves of profitable energy. True Causes Of Depression. The true causes of commercial de pression, waste of capital, waste of labour, failure of natural agencies, closing of markets, and glut of mar kets. To waste of capital is attributed | the financial crisis in the United States | in 1873. Of older dates are the South Sea Bubble episode, and numerous oth- er instances of profligate waste of capital on' pe worthless and in- deed visiona in the United Kingdom completely failed, and only four at tained their object. kept high the number of lo; rom 370,000 to 470,000. This increase at once o the local labour market, and there was much » uent sul , and dis- the essence of rosemary that my maid 4 TLL : Undoubtedly the handsomest cooking apparatus that ever graced a kitchen is the Imperial Oxford Range Imperial Oxford is of the most work keep In connection with this handsome stylishness, the Imperial Oxford offers advantages and improvements not found in any other make. J If your dealer doesn't handle the Imperial Oxford Range, write to us direct. The Gurney Foundry Co. Limited Toronto, Canada Winnipeg wv i | Montreal For Sale by Simmons Bros., Kingston. CELERY i CIVES New Lars, Vicor and STRENGTH "to Tien, Weak and Siexuy Wikaw. New. and Keeps ya Wess.