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August 5, 1915. The Red Cross conducts a service of "X’ ray” automobiles. equipped with photographic dark room and an elect- ric dynamo. One such x-ray outfit. -ca.n serve several Field and Clearing «hospitals. ticket Agents or write C. E. HORNING. Dist. Pass. Agent Toronto W. (a1der l‘own A0 gent, Phone-3a. J. Townex, Station Agent Phone 18 Each Mundz u, \\ ed11esdav and Sat- 111d 1y. (annecting \\ ith N. N. Co .1141- 2-1ti. 11 steamships 1'01 Sn: 111? Ste. \1 1118. P01 1 A1 £11111. F011: \\ illiam and Duluth 111111 :11 F111 1 “'illiam with G.T.P. Rail- way 1‘01 \V'innipeg and points in “'cstem ( ':111ada. Coaches, Parlox- Libu113 Cafe and Pa1"-101 L1l11'a1'3'-Buf- fut c. 11's 1191119911 T01 01110 and 5.11 ma. \V hauf. STEAMSHIP EXPRESS 3.4: 6. “ Allan Park 12.22 10.04] 3.32 6.37 .. Hanover 12.33 10.14 3.23 6.28 .. Maple Hill .. 12.40 10.22 3.10 6 15 .. Walkerton ”.1255 10.35 R. MACFARLANE. - Town Agent; 8.10 0.11 lOAr. Toronto Lv. 4.35 7.40 IN. Saugeen J. " 4.2) 7. 25 “ Priceville “ 4.10 7.15 “ Glen “ 4.06 7.11 “ McWilliams“ For full particulars consult G.T.R. Canadian Pacific Railway} Time Table l Leaves Toronto . 11.15 a m. Arrives Saroia Wharf, 4.30 p m. Trains amve at Durham at ll.20a.m. 230 p.m., and 8.45 pan. EVERY DAY EXCEPT SUNDAY G. T. Bell. C. E. Horningo G.P. Agent, D.P. Agent, Montreal Toronto. J. TOW'NER. Depot Agent W. CALDER, Town Agent Grand Trunk Railway TIME-TABLE Trains leave Durham at 7.05 sumo. «and 3.45 p.m. DURHAM Custom Sawing Promptly At- tended'To ZENUS CLARK “STEAMSHIP EXPRESS” leaves Toronto 12.45 p. :11. daily. except Friday: making direct. connection with steamers at. Port McNicoll on sailing days. PLANING MILLS PACIFICCOAST TOURS at low fares Steamers leave Port McNicoll Tuesdays. \Vednesdays, Thursdays and Saturdays for Sault St. Marie, Port Arthur and Fort William. Steamer “Manitoba” from Port Mt Nicol! \Vednesdays calls at Owen Sound 10, 30 p.111. The World’s Finest {Fresh Water Trip ‘Irains will arrive and depart as fol vs. until further notice:â€" Shingles and Lath Always on Hand At Right Prices. The undersigned begs to announce to residents of Durham and surrounding country. that he has his Planning Mill and Factory completed and is prepared to take orders for including “CALIFORNIA EXPOSITIONS” â€" and all kinds of â€" House Fittings SASH,DOORS Durham ONTARIO H (3) A loan of such alarge amount effected in New York should tend to improve exchange conditions between ,Canada and the United States, ex- ichange at present being strongly in ! favor of the latter. Greatly Commended. “On this account,” says Mr. Mere- dith, President of the Bank of Mont- real, “the Minister of Finance, Hon. Mr. White, is to be congratulated on the discretion and sound judgment he has shown in effecting this sale and obtaining the money on such highly satisfactory terms. In addition, the Imperial Treasury and London mar- ket is freed from the necessity of fln~ ancinz the Dominion, and this should (4) Having regard to the loss in exchange (amounting to one and one- half per cent.) in transferring funds from London to New York, which is the Canadian exchange centre, the rate of interest paid on the New York loan is as advantageous as the rate at which a similar loan could be placed i London. Payment for the securiti being in New York funds, the Dominion gets the benefit of the existing premium on New York ex- change in transferring the proceeds of the loan to Canada. Necessity of Loan. At the outbreak of the war Hon. W. T. White arranged with the Brit- ish authorities to market Canadian securities in London to finance our war expenditure. This arrangement still holds good, and the present loan is not for war purposes. Great Brit- ain has had to husband her financial resources to meet the terrific burden not only of her own war expendi- tures, but also of her allies, ,and for this reason flotations on the London market for other purposes were dis- couraged. Canada is carrying on a great programme of public improve- ments which entails a very heavy cap- ital expenditure. (2) By borréwing in New York rather than in London the exchange situation. now so greatly against the latter, will be benefited. (1) Relief to the amount of the loan will be given to the London market which is the source of the Imperial borrowings from which the war expenditure of the Empire (in- cluding Canada) is financed. these securities. approximately $40,- 000,000 after the expenses of the issue are deducted, will provide for the capital expenditures of the Do- minion during the current year upon undertakings now under construc- tion in Canada. “'hy Placed in New York. The considerations which influenc- ed the making of the new short date issues in New York were as follows: I ANADA’S largest loan and the first ever floated in New York was successfully nego- tiated by Hon. W. T. White last week. The new loan has been placed by the Bank of Montreal, acting as fiscal agents for 'the Dominion of Canada, with J. P. 'Morgan 00., Brown Bros. 8: Co., the First National Bank of New [York and the National City Bank of New York, while the Bank of Mont- real has also associated itself with them in the purchase. Great Financial Coup. From every quarter Hon. W. '1‘. ‘White is being congratulated on the success of this great financial opera- tion. It is claimed, and is justly so, i that it is the cleverest financial coup I ever sponsored by a Canadian finance gminister. Canada has entered new 'financial markets, secured ample funds for all domestic purposes, re- lieved the London market from any additional burden and made certain the successful financing of the mar- iketing of our great crop. So well :kept was the secret that Canada was invading the Wall Street market that the neaotiations were completed and the loan placed before even a Iumour ireached the public. Form of Flotation. Of the Canadian flotation in New York 325, 000, 000 was of one-year 5 per cent. notes at par and $15, 000, - 000 of two-year 5 per cent. notes at . 99%, with option to holders of each to convert into 5 per cent. twenty- year debentures. The proceeds of i HON. W. T. WHITE. i The causes for these great declines .in the price of the standard securi- ; ties of Great Britain, France, and ' Canada are all the same, viz., the war . which has caused the outpouring i upon the international markets of the 'world of tens of billions of dollars : of the national securities of belliger- lent Governments. The quotations of . these securities reflect the view of the investment public and of the interna- ,tional banking community as to the ivast amount of securities of this class which will have been issued be- fore the end of the war. After the iconclusion of peace international lmarkets will be for many years en- gaged with the financial task of fund- ing short-date maturities and tempor- ary borrowings of Governments. It is the object of Governments at pre- sent to make permanent issues when possible so that after the war is over they may not be confronted with heavy liabilities maturing within a. short space of time which would em- barrass their financing during the period of reconstruction following the war. No Immediate Domestic Loan. It has,also been suggested that a. domestic flotation was possible and . this would have avoided the necessity of going to Wall Street. It has been pointed out that Canada could not aflord to withdraw from the business community at the present time such a large sum. Our great crop must be financedâ€"a domestic loan would have decreased our resources for this work, while a foreign loan assists. Again," the opportunity to secure money in New York might not be open in a few months. If that coun- try should become embroiled in the . conflict the United States Govern- ‘ ment would require and secure all the available capital in that country for such investments. Having pro- vided for our domestic requirements by the New York loan, he has the Canadian money market to turn to if the war expenditur: requires a Cana- dian flotation. Mr. White by his New York flotation has provided for our capital expenditure on public works, increased our financial resouroes to market the crop, relieved the British money market from an additional burden, and preserved our own fln- ancial resources to meet any emerg- ency which may arise. ~-... A--.__...â€"â€"- In placing this loan at the present time Hon. Mr. White has taken ad- vantage of the premium on New York [exchange and by this means has ,saved the entire cost of placing the ‘issue. Since he became head of the treasury his great object has always been to keep the Dominion financially Istrong, and he has been successful through the trying period of trade disruption. At the outbreak of the war his Wifi‘. precautions prevented panic or even fear in financial circles. The Critics Answered. I A small section of the public press .has offered some criticism, claiming 2the interest rate is too high. To .‘ such it might be pointed out that Im- lperial Government securities which fformerly sold on a two and a half I per cent. basis are now on a four and ;a half. French Government notes issued on a five per cent. basis in .New York are at a substantial dis- icount. The old favorite Dominion ' Government three and a half per cent. standard security (193 0- 50) is ‘ now quoted in the. London market at 1 the nominal figure of eighty-two, the f 1940-60 fours at ninety-two, and the 'last four and a half per cent. issue at ninety-six. This issue was over- subscribed by ten million dollars in ! March last. No New Undertakings. Speaking of the New York loan of forty millions, the Minister of Fin- ance emphasized the point that its proceeds were to be used for the capi- tal expenditures of the Dominion upon works and undertakings act- ually under construction. It was not intended to vary the policy of the Government enunciated in the two budget speeches since the outbreak of war, viz., that during the exist- ing critical financial conditions no new public- works would be under- taken. Eflects of Loan. It is believed that the success of this financial operation will restore complete confidence in Canadian commercial, financial, and industrial circles. Canada’s expenditure both for war and domestic purposes is now assured for a year. While ow- ing to the precautionary financial measures taken in August last by the Finance Minister the banks were never in a stronger position, yet the influx of this great amount of money will give an absolute guarantee of ample funds to finance the crops. It will also enable the Government to continue its great programme of public works under construction and guarantee continuous work to thou- sands. prove very acceptable at a time when the Mother Country has so much to look after in othe: directions. The uncertainty that prevails and the dif- ficulty of Zorecasting the conditions which will obtair. in London from now on makes the action of the Do- minion Government one which en- titles it to the special commendation of the country.” Successful and Prudent. Decline in Standards. Milking the Heifer. Many a cow has been ruined during her first milking period. says the Kan- sas Farmer. Great care should be exer- cised in breaking the heifer, particu- larly so if she objects to being milked. It pays to be patient with the heifer. If she is unruly during: the first milk- ings don't fight her with the milk stool. So to do would ruin her. She can be coaxed into good habits much more easily than forced into them. Thou- sands of heifers are now freshening in this state. and this is a good point to remember. When the south quits feeding ticks and begins to feed cattle. let the corn belt look outIâ€"Farm and Fireside. Where the Feed Went. The United States depa1tment of ag- riculture took t“ enty cows and tr? ed the effect of ticks on their milk yield. They found that cows with a light “dose” of ticks gave about four- fifths as much milk as those with none, and cows heavily infested gave less than half as much. It took just as much work to ca re for the tick infested cows, and the ticks took over half of their feed. With these facts at hand it can be readily understood why skimmilk is as good as whole milk for calves. In the separation of milk no constituent is withdrawn except the fat. For this reason, all the necessary elements for the young growing animal remain be- hind in the skimmilk. Thus we have as good a calf as that which nature orig- inally provided. Under these conditions it is possible to separate the fat from the milk. sell it at the creamery for a goodly 23 or 25 cents per pound. and there still remains in the skimmilk a food containing all the constituents necessary for the growth and develop- ment of the young animal. .y-1).~ g creases and the albumen content de- creases until the normal constituency is reached. It will be observed that in normal mill: the albumen content is 3 per cent ‘ of the whole and fat about equal. Al- bumen is the greatest essential in the nourishment of the young and growing animals and fat is of comparatively little value at this stage of the calf’s existence. Nature. in recognizing this feature, provided for the emergency by a specially prepared food for the young calf immediately upon its birth. This food is found in the mill; given immediately by the cow upon the birth of the calf. This milk is called colos- trum mill: and is of a very high a1- bumen content and a low fat content and thus nature provides for a very essential factor in the nourishment of the young calf. The albumen content of the colostrum mill; is 15.85 per cent, while the fat content is but 3.37 per cent. As the stage of lactation period advances and the young calf has grown and developed, the fat content in- The reason milk is of such high food value is because it contains all of the ingredients necessary for the nourish- ment and development of the body, writes a correspondent of the Iowa Homestead. Water, as is known, is a great essential in nourishment. The next ingredients in milk of as great im- port as food are casein and albumen. These nourish and build up the muscles, hide and hair of the animal. The ash in the milk aids in the build- ing of bone. WHY SKRMMILK IS A 0000 GM FEED! Admirers of the Jersey cow call her the little giant of the dairy. \Vhen first brought to this country She had slowly but surely to win her way by her intrinsic value as a butter producer against preconceiv- ed illeas and lack of knowledge of her merits. Many farmers have held a stubborn belief in a “dual purpose" cow, an animal that can be used for either beef or for dairy- ing and but intlifl‘erent‘ly titted for either. The highest usefulness and profit are to be looked for only in the special purpose animal. The Jersey is a special dairy purpose cow. The bull shown is an excel- lent specimen of the Jersey breed. QOOQOQQQQQQOQQQQOOOQQOOO#9 O§§§OOOOOOOOOOWOO§§§§§O 99999999909090900000000000 0909000 9000000009000909990 00000090990900000000000009 #00009009909009909000009” V v 9 NOOOOQOOOOOQO§§§§§§§§§§§§000000000 09606996000000.” We congratulate Miss Katie Mc- Nally and George Williams on their success in passing the re- cent Entrance examination. Miss Fredricka Staples is the guest of her grandmother, Mrs. Jas. Staples, in .Markdale. Mr. and Mrs. J. W. Firth and little daughter, of London, are visiting- Mrs. Firth’s mother, Mrs. D Firth ( I Mr. and Mrs. .Bert Wilson of Hanover were visiting over the holiday with her mother, Mrs. R. H. Banks. ' Miss Robe'ma Little of Dundalk is visiting her grandmother, Mrs. R. Ector. l Mrs. Petch and two children, of Edmonton, and Mrs. John Moffat of Narrva, are .visiting their moth- er, Mrs. R. Ecto-r. Master Bough-thy of London is visiting his uncle, Mr. John Moflat Mr. and Mrs. Thos. Ritchie spent the beginning of the week with friends in Egretmont, and attended the celebration in ‘Priceville. Miss Mary Anderson of Zion Opposite the Old Stand OYSTERS AND FRUIT IN SEASON 3. A. ROWE : Special Reduction Sale Intending purchases may rest assured of getting even better bargains than we offered last spring. A trial order will convince you. Come in and ask 5. SCOTT In order to reduce our general stock of Dry Goods. Groceries, Ready Mades, Blankets, Sheeting etc. We have decided to make a. Special Reduction on Everything in stock. starting on For all kinds of Bakery Goods Cooked and Cured Meats. SATURDAY, JANUARY 16, 1915 E. A. ROWE’S spent last week with her cousins, Misses Ethel and Margaret Antler... son. .' ' _ â€"wâ€"â€", “I.” Hopkins and Messrs. Fletcher and Clark, of Toronto, were guests of Mr. W. R. Edge the last of the week. Mr. J. Ritchie. PS..I., of Rainv’ River and Thunder Bay. who is taking a short course at the O. A. C., Guelph, was visiting his broth- ers, George, here, and William, in town, over the Week end. Rev. and Mrs. 'Perry, Mr. and Mrs. Harper and son. of Arthur, motored up on Wednesday and spent the day among the Edge families. v. Miss Alix Edge is to be congrat-e ulalted on passing Entrance to Fae- ulty Part I examinaiton. Mr. Ernest Greenwood and two sisters, Misses Winnie and Ethel. were visiting at Mr. Geddes’. near Dromore, the beginning of the week. ' Miss Ethel Anderson celebrated her tenth birthday on Thursday bv inviting all her playmates tea party. They had a merry after- noon. Misses Kate McFayden. Winnie and Ethel Greenwood. Maggie and. Irene Ritchie, and Messrs. J. D. McFayden, and Clifford Howell, attended the civic holiday cele- bration in Priceville on Monday. Durham, Ontario Confectioner and Grocer 0f Durham, Miss