AGENCY?! FOR ALL STEAMSHIP LINES Special attention given your family or Iriends going to or returning from the Old Country. For Information and rates spply to J. P, HANLEY, if C.P, anda T. Ry. K! to Ontario. ar A. QT. en day and oigli hone 99. Senlel Talking Machines, Biecye Baby do pid satinfaetion, 197 WELLINGTON STREET Lawa Mowers, ete. We Flowers and Plants Daily Ferns, etc. Consult our Samples of Xmas . Greeting ards ~ Ask representative to call or Phone 292 BRITISH WHIG Job Dept. pe Angrove's Repairs right and guarantes' . BANK OF Canada To-day Is Stronger Unusual interest was centred in the annual meeting of the Bank of Montreal, owing to the expectation that the President and General Man- | ager would defire the policy of the | banking interests in general towards the present disturbed condition of |trade and fidustry, and lay down {principles to guide the pesplexed business man in planning for the coming year. This expectation was fulfilled, for both the President, Sir Vineent Mere- dith, Bart., and the General Manager, Sir Frederick Willlams-Taylor, went into a Jetailed analysis of the econo- mic condition of the Dominion, ex- plaining the causes of the present de- pression, and indicating the road which Canada in general and busi-! ness men in particular must travel if they are to meet the situation to the best advantage. An important feature of the meet- ing was the election of Sir Lomer Gouin and General Sir Arthur Cur- rie, prjucipal! of McGill University, to the bord of directors. | The President's Address. | Sir Vincent Meredith, touching on one of the outstanding features of the year, namely, the overwhelming OPTIMISTIC NOTE AT- ANNUAL MEETING OF T HE DAILY BRITISH WHIG. vi} { MONTREAL 4 Canada Well Buttressed to Meet the Shock of Falling Prices, Says Sir Vincent Meredith--Gold Reserve Compares Well | With Other Countries--S8ir Frederick Williams Taylor | Deals With Features of Bank's Business and Says Faith in| Than Ever Before--Sir Lomer | Gouin and General Sir Arthur Currie Elected Directors. | all nations. The average ratio of | gold to notes in Canada was 32.6 per | H cent. As to money rates, Sir Vincent | sald he could ses no reason to look | for permanently lower rates in the near future. Reaction in business | and the marketing of crops might | bring an easier tone temporarily, but the magnitude of international in- | debtedness to be refunded, together | with the wastage of war, could not | | be made good immediately and pro- | bably not for a somewhat indefinite time.|, He spoke with approval of the im- i port restriction on securities, al- though he hoped that restrictions! would soon permit of a return to an! open market. i | The Loss on National Railways. | A feature of the economic situa- tion upon which he laid stress was ithe fact that the national railways | were being operated at a heavy loss, thereby increasing the load on an already heavily tax-burdemed coun- try. He believed that the proper solution of this problem was in the government divesting itself of owner- ship and operation, and placing the roads under corporate control upon terms fair to the country and upon conditions that would ensure the gervice for which the construction demand for credit, sald it had been of the lines was undertaken. He also difficult to make producers, merch-' expressed the opinion that no more | ants and others carrying heavy !national erpenditure should be made | stocks, who had grown accustomed for the building of ships, as world to high prices, accept the inevitabld tonnage already exceeded require- by recognizing the fact that it is fu- ments. tile to attempt to overcome natural | laws and to realize that economic 'Canada Well Buttressed. conditions, which no artificial means \ can alter; alone are the cause of price | Summing up, he did not see any decline. In some quarters the de- cause for apprehension in the situa- mand for intervention through Gov- (tion in Canada, although there was | but Canada alome could not control every degree of caution, as world world-wide conditions,and it was idle | conditions, from which Canada could to turn to the Government for relief | pot dislocate herself, were not kat- ernment control was still insistent, | season for the exercise of the utmost from falling prices. This applied to wheat as well as to other commodi- ies, "A lowel price level," he added, "must be reached before we can rea- sonably look for a resumption of | business activity on a sound basis. | To arrive at this stage, inventories; must be reduced and deficiencies made good by drawing upon the ex- cessive profits of previous years." A Corporation to Foster Foreign Trade. Touching on foreign trade, he said that although the aggregate of Can- ada's foreign trade, had this year surpassed all previous records, the figures were less favorable in the séhse that imports now exceeded ex- ports. The balance of trade had turned against Canada after several years of surplus of exports, and im- ports from the United States had not been checked by the adverse rate of exchange. The dislocation of for- eign exchange was a serious obstacle to the speedy restoration of interna- tional commerce, and pending an in- ternational scheme for the financing of foreign trade, he felt that it would be well for Canada to move locally. "I am still of the opinion," he re- marked, "that a corporation to fos- ter foreign trade so as to keep our factories busy and give employment to labor is desirable, and sooner. or later must be launched. 'If export trade can be revived. It ill solve many of our difficulties." Canada's Gold Reserve. Referring to the inflation of cur- rency, he sald it spoke well for our national financing that Canada's emergency currency was more amply secured by gold than is the war cir- culation of any belligerent save only {sfactory. The reaction from the un- exampled trade activity and prosper- ity following the Armistice had set | in, and might got yet be fn full play. Happily Canada was well buttressed on many sides, and the exercise of prudence and sagacity should enable her to meet the shock of falling prices, restricted credits and deflated currency without serious impairment of her commercial and financial vi- tality. General Managér's Address. Sir Frederick Willlams-Taylor, in explaining the annual statement, re- marked that the bonus of 2 per cent. to the shafeholders, in addition to the usual dividend, was not the re- sult of higher interest rates on cur- rent loans in Canada, for the rate of interest to the merchant and manu- faoturer in this country was about the same as it was before the war. The satisfactory earnings had come partly from the increased curreni loans required by customers in con- sequence of the high price of all commodities dnd the general trade activity, and. partly from the fact that the interest on call loans in New York had averaged high. He ex- plained incidentally that the volume ow the Bank's call loans in New York was not governed by the question of high or low interest rates, but solely dy the Bank's requirements in liquid reserves. Cheap Money in Canada. Another point he emphasized was that in days of world-wide high in- terest rates, one anomaly which at- tracted attention was that although credit restriction was as .acute here as across the line, the price of money was materially lower in the Domin- ion. This condition was regarded as a tribute to Canada's good bank- the United States, the wealthiest of r / fered in Canada. 287 BAGOT PROVINCE OF ONTARIO | |cost of living with little increase in 6% GOLD BONDS | Due Ist December, 1935. Payable Toronto, Montreal, Winnipeg. Interest payable Ist Denominations Lok June $1,000. \ ne and December. ing system. The only disadvantage of this cheap money condition was that persons of fixed incomes derived from investments faced the higher revenue, because, as everybody knew, the connection between the price of money and the yield on investments was-of the closest. Credit Restriction. 3 Touching on' the restriction of ere- Price 94.34, to yield 6.60%. ~The most attractive investment ever of- Bongard, Ryerson & Co. dit in Canada, he said this was in the | Bank's and the country's best inter- 'ests, and it was but following a pol- icy found essential in every other country. There never had been a {period when the requests for dd- . vances for purposes out of the or- dinary had béen so numerous. and it was safe to say that bad credit been granted y and banking resources become tied up, a serious condition would have resulted in this country. \ Investments." PHONE 1738. L T= Already the tide had turned, but a 79 Princess St. consisting of :-- SHADES, etc. We are carryi BASKET WORK, | Shop Early. Co Invited. Walk 1 _ (The Handiwork of Disabled Veterans) -E. WARBURTON Everything suitable for Xmas. presents from our superb floor lamps, complete at $27.50 to little Aaxen haired dolls at 20c. In additior to genuine Vetcraft products REED and COPPER WORK, LEATHER WORK,' TOYS, a stock of JAPANESE K, KEWPIES, etc., etc, - Change. /clear indication of the still extended bh |eredit system was to be found in the eid of commercial, municipal, and . call loans in Canada to public de- ifor all the banks, as against 64.10 per cent. a year ago. Tha Rank of Montreal's percentage was 63 per cent. now, as against 47.22 per cent. ai year. ' s : Referring to the high premium on New iyi funds, which was an ever-present x Canada's bank- ing and commercial 1» activities, he said uld cortathly not Opposite Bibbys tf LAMPS, abross, with an increase in our own exports. There was, however, advantage that Canada the premium on New York and that was that American money , ete. considerable likely to be withdrawn so long as the present premium continued. Faith Strong in Canada's Future. In conclusion, he said that his faith was to-day than ever e Prices. Inspection wn the Street for a \ (posits in Canada. now 81.15 per cent. | nadical in Canada's # to win safely inflation ~~ through those periods of DRESSING GOWNS All English make. Our price $15.00 and $18. Just what the young man appreciates. English make. Our price $15 and $16.50. These are very com- | fortable Jackets and with good appearance. OVERCOATS and SUITS SMOKING JACKETS | We are offering cluded. -make a first class Xmas gift. We have a fine se- lection to choose from. 207, DISCOUNT this week. Blue Suits and Dress Suits are in- signs. $1.50 to $3.50 We have a large variety of Swiss Silks and English Knit- ted Ties; all colors and de- WE HAVE EVERYTHING the young man needs in wearing apparel, but our space will not permit us to tell them all, but below you SWEATER COATS i will see a few of the articles | °'® and weights. SHIRTS prices range are being asked for very much, and we are well stock- ed with Percales, English Repps and Oxfords; all with the Double-Wear Cuffs. The $5.00 to $15.00 the men appreciate for Xmas. are very much in demand, and we have them in all col- --Fancy Vests. --Silk Hose. --Braces and Garters. --Umbrellas. --Collar Bags. SCARFS Fibre and pure Wool. $1.50 to $6.00 - ot all kinds--Silk, Wool $3.00, $3.50, $4.00, $4.50 --Military Brushes. Unlined Gloves Silk Lined Gloves and Woollen Gloves $1.00 to $6.00 Geo. VanHorne We box all our 213 PRINCESS STREET Phone 362w. TIES Free of charge. rh and depression which every country must meet and undergo from time to time. At the me, he said that in hie opinion they had never faced a banking and business situa- tion requiring more delicate hand- ling. here is no reason for dismay over our. national outlook," he add- ed, "but there is every reason for sober thought while we take stock of our resources and of our pros: pects. We must bear in mind there is no royal road to the stable con- ditions of former years, no magie by which we can restore the wealth that has been lost, or wipe out the debts incurred. There is nothing for it but to repair the damage, retrench, &nd confidently work out our salve- tion." . Two New Directors. The annual report was unanimous- ly adopted and thanks were voted to the president, vice-president, gen- eral manager and staff. The shareholders gave approval to the motion by Lord Shaughnessy to increase the number of directors from 16 to 18. All the retiring di- rectors were re-elected, and to the two new positions on the Board Sir Lomer Gouin and General Sir Ar- thur Currie were elected. Free German Funerals : The Latest Novelty "Berlin, Dac. 10.--Free funerals for all is the latest Commuanistic novelty. The town of Schedewitz, in Saxony, offers its inhabitants all the neces- Fsaries of death free of charge. These include a. coffin, "corpse clothes," professional treatment by local undertakers, grave-digging and transportation on a truck to a ceme- tery. But the community will not pay for the luxuries of dying. Those be- reaved must continue to settle the cost of a hearse, of flowers, of tolling the church bell and playing the or- gan, and of keeping the graves and tombstones in order. . Leaving Headquarters Staff, Ottawa, Dec. 10.--Two im nt officers of the Canadian militia head- quarters staff are shortly to retire from the service, it is reported. They. are Surgeon-General Foster of the service, and Col. W. R. Ward, accountant-general. Surgeon- General Foster, while overseas. had charge of all Canadian medical ser- vices, and in that position did ex- cellent work. Col. Ward siso was on overseas service' and has a fine record. \ Quebec Would Remain Station Quebec, Dec. 10.~Objection to the removal of the Royal Canadian Artil- A number of leading citizens met last evening and decided to enter a strong protest. War Veteran Killed. Moncton, N.B., Dec. 10.--Joseph Hubbard, of Nelson, N.B., lost his life tree. A limb fell, striking him on the head, fracturing his skull. De- ceased was a war veteran and leaves several brothers and sisters. He was about 25 years of age. a Collections for Manufacturers The Merchants Bank can assift very materially your own Collection Department in obtaining acceptances and making prompt returns on Drafts, Notes and other Financial Paper. The Merchants Bank how operates hundreds of branches a, extending from. coast to coast ; as in New York and London, England, and reliable correspondents throughout the commercial world. ese facilities assure Manu. facturers, Wholesalers, Importers and Exportersthat their = collections Head Office: Montreal. OF CANADA BRAN x . . » VERONA ARDEN BRANCHES, Sub-Agency ar Mountain Grove open ed Branch. will be made quickly and efficiently yt the lowest MERCHANTS BANK Established 1864. H. A. TOFIELD, Manager. 5 W. McCLYMONT, Manager. Repairs, Washi One 1913 M a for ing cor SCOTT'S GARAGE Md a quick ule : 288 RAGOT STRERT Plone 1504w. Storage. Toute ad Railway Ties tor sale All tents reduced We need the room. 275 Ontario St. F irewood Large quantity of sound IL. Cohen &'Co. cheap. to clear. wl