° - ITISH WHIG. on A SLOIVPVOPOLIOD HELL 00000000 | all for war appli.aces or ae i on re-| : ments. It does not follow that the | Teutons Are Now Trying { applications . will be granted, or at To Get F . Business | least not for some considerable time, 0 Uet Foreign From British Compstitors | but they are "afi Interesting com- mentary on the value of the German FODLOONBPOIPDPIPLGLDOOOOND HE Hun strafe to-day is aim. peace protestations, Here is. a par- tial list of what Krupps desire to patent. A gun with a railway gun carriage, a barrel recoil gun, point- ed 'at British industry, There is no thought of profit when a Teuton firm £ndgs it- i self bidding against a British: it 1s a rr nge on New York reaching 1931; per r 21st, the highest point THE DAILY BR specie have increased § 3 : GB: ° ion notes gon hand, $3.9 There is no change in the arg e alld ial 0 posited in the Central 0] | under the headin ither i y T Address of the General Manager at the Annual |: as at 15004 Meeting of the Bank. ds at 15.14 per c s to the public, w sets at 44.50 per vilitles. There has Sir John Aird gives a comprehensive review of the affairs of the Bank for the past year, alludes to the diffi culties caused by the exchange situa- tion and the instability of prices, but demonstrates the sound and steady progress made by the Bank. Causes of High Rates. a2! addition to the causes usually as"! ed for this condition, whith /were | r ited on in our report lagf year, | excessive buying frgm the States, especially of Auxurles, | : pRyment of interest' on our] edness to that country, the bur- of. which increases with every] f Canadikn securities, there are, e, one or two others which £ \ played a considerable part In ecent rise, One of these ig specu- | on the stock exchanges, which been go prevalent in some parts anada. When the stocks specu- in are those dealt in on the New market, calls for margins have responded to instantly, and the in our investments a loans. The er consists of § and Provincial it and of $9,109,916 in British and colonial public securities and Cana- dian municipal securities. In bot! cases the reduct are due payment of war igations Dominion and Imperial Governments There has been an increase 1 and short loans, both in Canada and | elsewhere, the increase in the former case being merely a nomihal one In a time of uncertainty and instability! such ag the present, it is well to! strengthen all our lines of defence, and in the case of loans in New York, the principal call money market of thi continent, this has occasioned less sac- | rifice of profit than is usual, as rates| throughout the year have ruled at a high level for that market. 8,142,000 000 | 1815. .1st War Loan 1916..2nd War Loan 1917..Third War Loan . 1917. .18t Victory Loan 1918. .2nd Victory Loan. 1919. .3rd Victory Loan .... for railway guns, recoil guns, per- | . cussion fuses for pivot guns, sight- | alr . ing devices, apparatus for the meas- | ughing bout foretells the reviy . urement of time for firing waval | of your old bronchial trouble, uns, slow combustion fuses for | . : . gid : 1 | the best thing to do is tg'take Peps at once to strengthen and We have now entered upon a period such as has been looked for ever since the war ended--one of lessened activity in business and falling prices--and the statement which we present to you to- day is, except in a comparatively few particulars, curiously devoid of import- ant changes from that of a year ago. £001 projectiles, fire control, telescope and periscopes, and projectiles with cop- per driving bands. Notwithstanding the tremendous drain upon the deposits of this Bank which these huge subscriptions involv. ed, we feel proud of the ald afforded by our customers to the Government in its war financing. Courage and foresight were needed by our branch managerg when they saw their cherish- ed and hard-earned deposits, gathered over & long series of years, melt away almost overnight, but the fact that the deposits of the Canadian public in this and all other banks are now double what they were at the outbreak of the | war justifies the support given to the | Government in its loan campaigns, even from a narrow and selfish point of view, to say nothing of that of the na- tional welfare. : Greater Profits. The net profits of the year amounted to $3,308,243.97, an increase of $231,- 361.25, although the resources of the Bank have shown little growth. The addition to our profits has been the re- sult, partly of the activity of general business during most of the year and the consequent brisk demand for money which has kept all avallable funds fully employed, and partly of the fact that We have been fortunate in escaping ser- fous losses. The conditions which have prevailed in the markets for all gtaple commodities since the war ended-- the extraordinary demand for goods and the high prices--have caused a strong demand for money. Now that the mar- kets are becoming more normal and prices are falling, that demand is sure to lessen. We may therefore expect easier money conditions and a lower level of profits until business becomes more active. In addition to the regular dividend We pald last December a bonus of one per cent. We have apprepriated $350,000 towards the heavy taxes we are now called on to pay to the Gov- ernments of the Dominion and of the Various Provinces of Canada. We dncreased our appropriation for bank premises from $250,000 last year to $500,000 this year. The high cost of &ll building operations in this coun- try, and our expenditures on premises for the foreign branches recently open- ed, make this a prudent step. We have the chest. When a Peps tablet is taken from its preserving silver wrapper and allowed to dissolve in the mouth, it gives off powerful medicinal and germicidal fumes that imniediately circulate with | the breath throiigh and our office in Rio de Janeiro will be situated in the heart of financial and business district of that important city. There has been an increase in our total assets of $1,116,415, a com-| paratively trifling amount. Decreased Government Balances. ae On the other hand, our deposits not bearing interest have dereased by $42,875,453, an amount almost equal to the increase in our interest-bearing deposits. This fs more than accounted for by the decrease in Dominion Gov- ernment balances, which a year ago In- cluded a large part of the proceeds of the last Victory Loan. 6 It must also be remembered that both the demand for money, and the restraint gn the further inflation of credit which we have endeavored to exercise, tend to decrease the balances carried by busi- ness houses and large commercial omy panies In their current accounts. An- other cause which has militated against an increase In deposits has been the slow marketing of last year's Foreign Branches. In addressing you a year ago we pointed out that up till then we had been occupied with the promising op- enings for new branches in Canada, but that we hoped soon to give some attention to foreign fields. The pol- icy we have followed in this respect has been one of caution, slow but sure, and we think that our judgment has been vindicated by the course of events, especially the unsettled finan- cial conditions now prevailing in Cuba and South America. Our branch at Havana was the first to be opened, and We are well satisfied with the progress So far made and with. our prospects for the future. Kingston, Jamaica, came next in point of time, and there, too, our business shows excellent prospects. nostrils and throat. At the sa time the sore, inflamed membran is soothed, healed, and protected, phlegm i released from the bron. chials, breathing is made .casy,. Foreign Trade and Finance, ] It is unfortunate that these ex- | change difficulties should arise Just at the time when strong efforts "were be- ing made to extend the foreign trade of Canada. Undoubtedly the situa- tion as regards foreign trade is a most difficult one at the present time, not only because of exchange ques- tions but also because of the instablil- ity of the financial situation in many foreign countries. The collapse ' of sugar prices in Cuba and elsewhere is one instance of this, and in a period of falling ices all over the world it is admittedly a most difficult matter ing devices for ordnance, apparatus [{\ 1 pn for transferring ammunition , from the real breath able tablet wagons, foundations for guns with + : ol wheeled gun carriage, a turatatie | Be throat; c est, and Vout #5 icting. "When a nasty cold or case of "get the order" ut any cost. en demafld thus created for New| The impression prevails in well- Y funds has on several occasions 4 3 t been the cduse of & sharp advance in| informed circles that a number o rates. There are also at present large Fi { a sums of money, belonging to banks | leading German banks have special and wealthy corporations in the Unit- | arrangements with their customers | ed States, ¢ d in the Gi i | i banks, awailing a favorable SMagan 80 that the losses sustained on busi- x is woriAy of mention Suet par rate, an there has been a demand ita i en are being soug on y - for tne transfer of a large part of Bets Mened Beam ay or vices brought out during the war, and ese in nnection w e prepara- @ e of in a way a 8 tion of financial statements and other | taken car y " used with deadly effect against the A Commanding Position. end-of-the-year requirements. | affect the credit of the firm. There | British. This Bank still holds a commanding | it wa Not Canada Alone, 1a is, of course, no evidence that Cov- 6 Sates Jats of Serman imports date position in the development of Cana- may, perhaps, be some consola- r area ritain show that the variet dian ide ana Ie Surtont] ne Teflsce tat Cansda ls i Sons STEIEn! 1¥uds 2re availabls for thie as well as the bulk is' steadily Y mercantile lodns in Canada amc timg | among e countries of the wor n the use, hut + to the large sum of $331,114 772. or | to seek the solution of an ex-| Work for the good of au creasing. They are now ' being $17,925,602 more than a year dgo. Sim-| problem vitally affecting her to those who are familiar with the brought in in such quantity as to ilar loans elsewher have als in-| ere are other partsgsof the) % vi i v greased by $1,924,956. The oth r items | British Empire with oben of a devious ramifications of German | seriously threaten British industry, of assets show little change, except| similar nature, but even more serious. | propaganda, the theory is most |28 they are sold far cheaper than Bank Premises Account, which has| Quite recently Australian banks have | 4 : : British goods. incroased $758,086 during the year,| declined to remit in London Tnds for | plausible, Certainly no onc firm | A bold bid is being made by the our principal outlays in this connec-| bi gent to ustralia for collect on | i} % : tion being on Dr aes Dor er Tanel 1 or 10 Neloliate tps 108 bills on | Would undertake the financial sacri | Germans to obtain control of the branches. Owing to the favorable Australis if Landon, The reazon Is a| fices involved unless certain of | British market for films. They make position of the foreign -exchanges we | shortage of London funds, said to have | i i have been able io ie DE. in| arisen as a result of the suspension of | S0me more or less direct quid pro 3s secret of hele ambition 19 Sond Rio de Janeiro, Jamaica, T the system of Government purchase | quo all Europe wit erman pictures, Barbados at a very reaso and sale of the Australian wool clip. | : | and the state banks are behind the The old machinery has not yet been| Here is just one example of the | enterprise, rest . and fir F | . . | . aimicuits ay es none soi length to which the German will go | In london a number of German Australian imports. It js hoped that usi from | &ims are he n readiness for r the situation will be relieved before | in order to take business away : leuso the moment Britain is believed long when exports of Australian| Britain: A few weeks ago bids | have forgotten or forgiven the Theat wool and meats go forward. | were agked by a Dutch firm for some | T a The situation in India, New Zealand hi pr. Arid crimes of the war. he origin an and South Africa is of a somewhat |Ship-propelling machinery. M 6~ | message of all imported films will similar character, but not so pro-|sex concern which specializes in this need to be very closely studied for nounced. branch, and which was on the point many years, for the thorough Ger- of closing down because of trade man knows how to impart a typical stagnation, oered to 30 he whi atmosphere to his production, while for £60,000, a figure which ga at the same time conveying his sub- bare margin of safety. Everything |, message. A recent production pointed to the order coming to Ensg- |., " : | "Du Barry," has such a splendid land when one of the directors of the | French atmosphere that it could Dutch firm busied himself in Berlin, easily be taken for a French film. with the result that Krupps, of Essen, One of my friends, who is in the offered to an the oer on 38 i] picture business on a fairly large cent. less than the Br scale, tells me that on a recent visit Quoted. Of course, the Germans got | "5. 11h" i naios he saw a fine re- the job, and will eventually deliver production on a big scale of West the goods, but it will be at a loss of " transferred $150,000 to the Officers' Pen- sion Fund. Profit and Loss Account, After making these appropriatidns o We have been able to carry forward $1,783,979.37, or $356,242.97, more than last year. In v'ew of the un- settled conditiong at present prevail- 'Ing in the business world) and the fall in prices which on more than one occa- sion has threatened to undermine the security for certain classes of loans, 'We think it well to carry a large unap- propriated balance in Profit and Loss "Abcount as a safeguard against unex- pected contingencies. Up to the pres- ent we have been extremely fortunate, in that our interest has been negligible in those branches of business most di- rectly affected by the heavy declines Which have taken place. Depeosity: Increase, The increase in our note circulation is $669,255, an {indication of a large ¥olume of current business, but a Very small proportion of the total, Which now stands at $30,716,914. As business slackens and prices fall we may naturally look for some reduc~ tion in this item. Our deposits stand, 885 a whole, at almost the same level #8 a year ago, the increase being only a little more than a quarter of & million dollars, but deposits bear- Ing interest, the most stable part of deposit business, .have increased by the large sum of $43,148,816. This ia a gratifying and remarkable show- ing, particularly when considered in the light of the total subscriptions of customers of this Bank to the var- fous Dominion Government War Loans, as reported by our branches, namely; RUSSIAN CONGRESS 'WAS ROWDY AFFAIR Meeting of Soviets Exposed Great Discord -- Lenine Attacks Menshevists. Copenhagen, Jan. 14.--A special despatch to the Berlingske Tidende, irom Helsingfors says that according 0 anti-Bolshevist Russian journals, anything but concord reigned at the Pan-Russian Council congress at Moscow. Serious disagreements arose and one meeting was interrupted ow- ing to noise making the negotiations impossible. The Memshevist leader, Dan, violently attacked the govern- lment's peasant police, whereftpon Lebine characterized the Menshe- vists as the international capitalists' tools. He admitted the government looked first after the laborers inter- ©8ts, but said that was only in order to assure the victory of Bolshevism and would not continue, The soclal revolutionary Volsky seconded Dan. He pointed out that the government terrorized the pea- sants by means of Red troops, and was doubtful that that support would continue. Bukhovin, leader of th: treme left, accused . the commls- ners of treason against the cause #of the proletariate and an inclination - toward luxury. Zinovief{ violently at- 'tacked the provincial counclis which were not up to their tas¥s. He sald the bes' communists had been sent "to the front and many had perished grain, his turer. borrow from h ket of business. terness. that govern against him. that, an axiom that exchanges. This tends also loans, for if the farmer-does not pay indebtedness, able to pay the wholesaler, and wholesaler must lean on the manufac- All along the line their bankers fullest extent possible. the prices retailer to keep they to Grain and Falling Markets. It is regrettable that the farmer, in this and other countries, counselled #6 hold his grain on a mar- which has fallen since the time of harvest and every appearance of continuing to do 80 in sympathy with the general tregd It is obviously a highly risky and unprofitable proceeding, and likely to end in Increasing class bit- Unaware of the real the decline in prices, the farmer will be apt, naturally enough, o feel that all classes are The truth appears to be after so many years of rising priced, it has come to be accepted as must continue 0 rise, and consequently in the very year In which all signs point downward direction, the farmer feels constrained to hold his grain, unconscious of the meaning of the signs around him. ing in the other items of our liabilities which calls for comment, save that we may say, In passing, thas the reduc- tion In acceptances under credit no doubt reflects to some ex- tent the difficulties which at the mo- mefit confront the foreign trade of this country! To this subject we shall refer again when dealing with the foreign should very rapidly has There is noth- Lines of Defence. During the year our holdings is un- will causes working in unfortunate letters of up the the be of town, Barbados, until after the close of io the Bank's year, while in R elro and Port of Spain, though our managers and their are now on the spot, we have not opened for business. We believe, ever, that our outlook in all places {s bright, -- New York Exchange. Probably at no time in the history of this country have questions con- | nected with the foreign exchanges oc- cupied so promdnent a place in the public mind' as during the past year. The closeness of our relations with the great English-speaking nations to the south of us has made the prevail- ing high prem um, on New York ex- | change a matter of moment to a very large number of Canadians. It has come before them not Shiv as vitally affecting importers or e porters deal- ing with the United States, but also, among other things, as having a direct bearing on many - investments which they hold or desire to buy or sell. and even as calling for serious considera- t on in connection with the cost of a holiday or other visit to coun- try. The very i y the subject, the mystery by which in the popular mind the working of the ex- changes is surrounded, only serves to deepen the interest felt in it. In an endeavor to throw some light upon fit, especially as connected with the pre- vailing high premium for New York funds, we issued during the year ga series of advertisements dealing in as simple & manner as possible with some of the underlying elementary princi- ples. These attracted widespread at- tention and were subsequently re- printed in the form of a smail bro- chure for general distribution. The subject has, of course, many bearings and can be discussed from many points of view. As an instance we may point out that the premium on New York funds is an assistance to such of our exports as come into com- petition in the markets of the world vith similar goods from the United States. To the extent of the prem- ium, the Canadian producer can acgept a lower price expressed in terms of a foreign currency, and will still re- ceive as many dollars as does his competitor in the United States. Dur- ing the elosing part of the year, as you are doubtless aware, the rate of Our office was not opened at closeot) of a these, ba ab. ce | lin bi by basis ance exte problem solution all wages high the country fn which prices are paratively lance feared, adjustment place, road. The ntly Government of placing the ment es lity The year we have Bas been one of Surprises. ement e tide of risi seemed unchecked, and the us rabid fall was imminent ered altogether prepostero is exact] again th 1yer, him. Probably one stacles at the mom lishment of busines is the | have manifeste This condition; long duration, before the winter has run may be a thing of the past, We repeat once again what often urged aim to work if the property and cre to be repaired. there wil] be little probability of any material eXtension of our important experiment has of in corporation, of which The experiment is an int and bids fal of succe business of a Bovernment been many obstacles to overcome a start, and the traffic year have not facilit those in charge, but it is o they should be given full to demonstrate their abili on the enterprisé and to m periment a success. nd foreign: trade. Nor is the rendered any more easy of by the high level in Canada costs of production, including As pointed out recently by authority in England, "only com- have an export It is to be that until some re- the situation takes over £20,000. While Krupps is devoting some attention to implements of peace, the gentle German has not lost sight of the fact that world peace is not yet assured, and the experts of the big ordnance plant are as busy as ever. Fritz does not permit delicacy to stand in the way of business. Dur- ing the month of July over a hyn- dred applications for patents were made to the British patents office. low can in its favor." therefore, of trade Government Ownership. re- Dominjon manage- railway in the hands of a the ownership and control reside in the Government. eresting one, r to determine the feasi- ssfully carrying on the Breat corporation under ownership. There have t the conditions of the ated the task of nly fair that opportunity ty to carry ake the ex- been tried by the the publicly-owned Canada Wholesale Arrests Canadians With Coughs Halt! Who goes there! Someone with a cough. Pass friend! Stop cough! you are under arrest. Thous- ands of such arrests aro being made every day in 4!l parts of Can Too long have coughs and colds evaded justice and caugpd untold suffering to humanity, but at last they have been cornered and ov wered by Can- ada's famous co deteetive--Buck- ley's Bronchitis Mixture. Did you ever hear of this wonderful remedy! Why, everybody is talking and writ. ing about the great work it is doing, in curing coughs, oolds, bronchitis, asthma, ete. The following is one of thousands of letters received: --*'Kindly accept my sincere thanks for the benefit my wife derived by the use of one of your bottles of Bronchitis Mixture. For over thirteen years she has suffered acutely. After spending dollar after dollar upon various remedies. no re- lief was obtained. Hearing of your most marvelous remedy she decided to give it a trial and I am glad to say one botfle has made her well. You Hopeful Outlook. Just passed through At {ts com- idea that a was conasid- us. Yet this yY "what has happened. Once e seller is having to seek the instead of being besought by of the principal ob- ent to the re-estab- 8 on a more normal nstability which prices d during recent months, however, cannot be of and we ma Hope that ts course it Meanwhile we have so that the whole world must hard and avold«extravag- damage caused to both dit -by the late war is |FORESTS OF CANADA ARE SOURCE OF RICH REVENUE | ; | Ti noi ry | i i 1 E i ! ¥ till Es & are at liberty to use my name and should be only too pleased to answer any inquiries. Bincerely yours, John Holmes, Yorkville Ave." The orig: inal of this lotter may be seen at W. K. Buekley, Limited, 142 Mutual 8t., Toronto. Don't allow a eough or eold to linger with you. Away with it! Hail Buekley's Mixture and have cough arrested, This remedy never fails. On every bottle is a guarantee to refund the momey if not satisfac- tory. Delays are dangerous. Order now from your gist n Sold in Kingston by : Mahood's Drug Store T. H, Sargent F. J. Hoag A. G. Harris J. B, McLeod and other reliable drug stores. minster Abbey, the Houses of Par- liament, the Tower, a number of other famous London buildings, as well as the Bastille, Notre Dame, and several other Paris places which are to be used to film historic plays. The Intention is to run plays with an anti-British flavor in France, and at the same time undermine the Entente Cordiale in England. The first efforts to bring back German or Austrian plays to the legitimate stage in London ended in & frost, rival managers exhibiting huge posters, "Don't go to German plays." The Huns quit. But they will return to the charge, for you can't discourage a German. "Overtime" In Prison. Damages at the rate of $10 a day for 'overtime' served in prison are claimed by an ex-prisoner named Martin against the Sante Prison staff in Paris. There were two persons named Martin in neighboring cells, one sentenced to four months and the other to two months' imprison ment. When the time came for the Martin with the shorter sentence to be released, his namesake was jmis- takenly freed. The unfortunate Mar- tin had to walt another week while official Investigation was being made of the blunder, V.C. for Medical Officer. It was at Ypres, in April of 1915, where the Canadiavs got their first real blood baptism, that Capt. F. A. Scrimger, of the 14th Battalion, Royal Montreal Regiment, won his When in charge of an advanced dressing station in some farm build- ings, which were being heavily shell- ed by the enemy, he directed, under heavy fire, the removal of the wound- ed, and he himself carried a severely- wounded officer out of a stable in search of a place of greater safety. When he was unable alone to carry this officer further, he remained with him under fire till help could be obtained. As Per Instructions. Mistress-- 'Why, Bridget, what on earth are you doing with all the broken dishes on the shelf?" Bridget--"Sure, mum, yes towld me Ol wur to replace everyone Oi broke." Picture Houses. Canada had, in May, 1920, 840 moving picture theatres, attended by | 750,000 daily, if an be faced without fear of evil ALL DEALERS 3 Grape Culture Pays Despite Prohibition Cleveland, Ohio, Jan. 14.--Despite the Volstead Law the grape indus. try of the United States wag better last year than ever before, according to speakdrs before the opening ses- sion of the annual convention of the National Grape Growers' Congress here, which is being attended by a number of delegates from Ontario points. Last season grape prices reached a top mark of about $200 a ton, it was said, compared with $80 a ton in 1919 and about $35 a ton in 1914, ------is Constables were ambushed at En- nis, Ireland. A volley was fired into their lorry. A sergeant and a constable were killed. North Ontario delegates are told that the French River project must wait the return of better times. An easy way to get money is to inherit it. ood"s Pills The painless, purely vegetable cathartic; cure bilicusness, con- stipation, all liver flls. Pleasant to take. Work every time. 26o. $16.95 265 Princess Street you the best satisfaction in wearin g terms are a modern asset to the family of to-day. SOME SPECIALS FOR THE REST OF THE WEEK: 45--SERGE DRESSES--45 All excellent Serges! worth up to $35.00; for the rest of the week --$16.95-- WHATEVER YOU NEED IN WINTER CLOTHES Buy Them Here On Credit Are you prepared for winter weather with warm clothing? Clothing that is both comfortable and stylish looking---Clothing that will give have left, Home of Co Also our convenient credit --$5.98-- All our remaining Crepe de Chene and Georgette Blouses we $13.50, for ........... $5.98 Full stock of Fur Sets in stock at reduced prices. One visit will convince you of our reasonableness. J. Abramsky Across from Pub. dential Credit" formerly $12.00 to Utilities