Winnipeg Free Press

Winnipeg Free Press (Newspaper) - June 23, 1932, Winnipeg, Manitoba 14 free thursday. Dune 23, 1932 bimetal ism is favored by economist to leaders recover from Low Marks of Early trading moderate rally at close prompted by Rise in j t Power absent six rial i nit a press dispatch in fret j by free i Riville wire i by Otto k. Sturm t no Tail Han Cal writer i new York. June to arouse any enthusiasm in Wall wednesday plodding through j another session and closing or a regularly after Many of the lenders had drifted Down to the lowest prices in years. J a rally in tie wheat pit after Grain had established new lows for i season furnished about the Only reason for a spotted in stocks in the Day. Wheat recovered ail j of a loss of a cent a Bushel and closed slightly higher when reports from Northwest suggested damage to the crop from Grasshoppers. J Oiler Tronini Oille. Firm j other commodities steadied up near the Cotton regaining about halt an Early loss of 50 cents a the Bond Market was an apathetic affair and prices drifted irregularly in a narrow Range. Foreign Curran j cup advanced against the Dollar. Steel common and preferred a err sold plenty As a result of the weekly Iron age report of operations at cent against 18 per cent last week. The preferred a. New Low since 1904 at 59. While common touched 24. The lowest Price it has Al cd at since 1907. A Mcccord Low american Telephone and american can also were called upon to take the former chalking up r new record Low of 78u, off 1 a. And latter Selling Down to a new Low or the present shares. Partial recoveries were scored before the but they were unimpressive looking Tor better things in stocks. The general list suffered front a Laci of b titular Selling known us the trading element remaining decidedly of the sidelines foreign Exchange 0.2980 3.3312 not quoted 0.15g4 0.0873 not quoted Montreal june and foreign Exchange in relation to the Canadian Dollar As compiled by the Koyal Bank of Canada closed wednesday As follows Argentina peso Australia Pound Austria Schilling Belgium Belga Brazil ill res Bulgaria lev China Hong Hong dollars not quoted Czecho Slovakia Crown .0.0341 Denmark Krone 0.2270 Finland Funmark 0.0202 France franc 0.0451 Germany reichsmark 0.2723 great Britain Pound 4.1537 Greece drachma not quoted Holland Florin 0.4830 Hungary Peng not quoted India Rupee 0.3118 Italy lire 0.0585 Japan yen 0.3410 Jugo Slavia. Dinar 0.0203. New zealand Pound 3.7760 Jajor Vay Krone 0.2046 Poland Loti Roumania leu South Alrica. Pound 5.53013 Spain peseta 0.0946 Sweden Krone 0.2138 Switzerland franc 0.2233 ., Dollar per cent Prem. Liquidator is appointed for Algoma steel co. Bank debits in Prairie cities Are lower for month Ontario reporting centres show also shows some improvement in Canadian despatch Ottawa june 22. Bank debits the Clearing House centres of Canada were in. May compared with in preceding month an absolute in Rease of Over but Montreal stocks Osier Hammond Alt lbs Abl Tibi old. 6. Alia. Pac. Grain _ Atlantic sugar Brazil. Traction Bell Telephone . Power. A . Power b . Packers building prod. A _ can. can. C. I c. A p. Pad. _ converters Cement Cement pad. _ p. A p. Gypsum june. 22. Open. High. Close. 75b _ _ 9hi 82 a is1-. 82 16vi can can can can can can can can ind. Alcohol _ Pac. can. Is. Lines com Cockshutt plow. 4b cons. M. D s. 26 Dom. Bridge Dom. Glass Dora. Steel bib the Praser Gen. Steel wares _ Gurd. Chas. _. Job lob _ lob so 10 a 1014 Lovi 2% 2 a 95 100 95 100 10 10 hib _ 2714 8 a a de Hamilton Bridge int. Nickel of can. Corporation declared chartered Trust and executor company to handle affairs clone after seasonable adjustment m Power of about 7 per cent., the Dominion int Powel Bureau of statistics reports today. A favourable showing was made in the Eastern provinces which was More than counter balanced by de Clines in the Prairie provinces and in British Columbia. Debits in the maritime provinces were in May compared with in april. Gains were Ihorn in Halifax and St. John the let result in the three centres being gain of 10.4 per cent after sea i Conal adjustment. The total in Montreal at s612.000. Too was a. Gain of 11.5 per cent. The Quebec total was a gain 17.6 per cent. Get reporting centres in Ontario f the 13 showed gains in May april. Toronto debits at was a slight gain and the aggregate gain the province after the usual adjustment was 0.5 per sob _ 2 a _ 4ii try 4a debits in Brandon Calgary and Moose jaw were greater in May than april but the tendency in the Prairie after seasonal adjustment was downward. The Winnipeg total was compared with 142.000 in april. Debits in the three provinces were a decline of 17.8 per cent. Debits in Vancouver were nearly Istee co Perallon with head offices in i maintained the total being too. The decline for the total of the three centres m British Columbia being 7.5 per cent. Chatham. Regina and Victoria were Canadian press despatch Toronto. June 23. The Algoma i Dun St. Ont. Was declared pressure that body j insolvent and the chartered Trust and executor company appointed und indicating it Intel data to do so. Pending some definite developments Sedge let the general situation. The american Petroleum Institute s Cool Ancl cock company weekly report showed a. Gain in crude corporation 13 liquidator. By orders of or. Justice i wednesday. The Appli-1 cation bras made by the Cannelton the steel one of the largest of Ell output but a big drop in stocks of motor fuel so. On the whole it was favourably Gil stocks fairly Sfear. Although Standard i c. President of both the steel its of Clad in Canada. In making the application William Nev. Jersey closed slightly lower corporation and the petitioning Coal company said he believed that unless Auburn Auto ranged Between a High some scheme of re organization were of and a Low of 51 and closed established Between the debtor and t off other motor stocks j various classes of creditors were very Dull but steady Chrysler j the Bond holders there was danger of the it secured creditors receiving nothing. The Cannelton Coal company a West Virginia concern claims general motors closing with Small gains. Railroad stocks were quiet and showed about even mixture of fractional gains and losses when the 475 for Coal supplied during the final Gong rang. Bond Market eases in sluggish trading navigation season of 1931 and hold no Security. Three receivers and managers were appointed earlier in the week or. Franz president of the steel Corpora Tion since 1918 Alexander Taylor its j tile Only centres out of the 32 show ing a gain in May Over the same month of 1931. Metal 3 associated press despatch new Juie quiet on. Wednesday. Electrolytic spot future tin firmer spot and nearby 19.75 future quiet unchanged. Lead 20.00. Quiec Iron spot Massey Harris 2% 21i 2vk Mccoll Frontenac. 7ti 7% Montreal l. H. 25 a 25% 25va National brew. 13 13 Natl. Steel car 7 1 7 Oil Vic f. 11. _ _ 1b5 Fen mans Ltd. 23a Price Bros. Co. 25 per. Corp. Can. _ 7 7 1 7 Quebec co. Elvab Sheri in Williams 7b Smith. H. Co. _. _ _ _ so. Can. Per. Shew. W. A. 9% steel of can. 2b _ _ steel of can. Ltd. 20 _ 21 twin City _ 2b mpg. Elec. By. Flour preferred were the wider movements of. The session but each Issue had been inactive for some weeks wednesday s decline following the general trend of trading during that time. Montreal Power Active Leader with 594 shares closed a at breweries on 575 sales was off y. International Nickel Dominion Bridge Howard Smith my Coll Frontenac Shawinigan and Bell Telephone were among issues to slip fractionally. Hamilton Bridge and Southern Canada Power made minor gains. Among the banking issues Commerce lost to 126 and Montreal gained a Point to announcement was made the Exchange and curb Market would close at 12.30 . Friday in Observance of the St. Jean Baptiste Holiday. Bond sales were with minor downward moves in. The majority. Sterling closed at 84.1537 and United states Money at a Premium of 14% per cent. Toronto Jarales Richardson sons wednesday june 22. 1932, open Hirsh Low close f. N. 20 20 .20 20 can Bud. Brei. _ 7b can. Canners 1-Sib 2a can. Bread i i 1 a 1 a can. Dredging Svi 8v1 s i 811 can. Bakeries 114 1 a 154 can. Vinegars 11 11 11 11 can. Gen. Elec. _ 115a 9ob can. Oil 7 lib cons. Bakeries 4 to cons. Indus. 2tia 2tla Consumers Gas 149vi Oom. Stores Dom. Motors _ 1a i Ford can. A s 1% a Goodyear tire Lovix by Tsuin l. A. _ 2 i 2vi Hiram Walker _ 5 s 4% Consumers Oas _ 14914 h9 i us Laura Secord 32 32 30 30 Loblaw a 9 ii 9 9 Maple Leal 3b a Maule Leaf pad. Lob lob Moore corp. Ont. Equitable _ 10 photo engravers Loa is. Serv. San. Equip. _ 3sb _ Standard paving _ lab 2a super test Pete 12b 12b Waterloo mfg. In _ 2a w. Can. Flour Vaa. Of Gold Quebec new High june 22. Gold production of ounces in the province of Quebec during the month of May is the. Highest in the province s history according to a. O. Dufresne superintendent of mines. June 22. Bar Gold 114g. Money per discount rates Short Bills 1 per cent three months Bills 1 to 1 1-16 per cent. Wall Street hour by hour Logan the following Price indexes supplied by the Standard statistics company of new York indicate from hour to hour the Market trend of the four major groups securities listed on the new York . The averages Are prepared at the end of each hour following the general list at Montreal shows minor declines brazilian give steady and Power slip fractionally Montreal. Stine 23. Security values drifted a wednes Day on the Montreal . With Public interest at o Low ebb total trading fell off to shares. The majority of issues lost ground fractionally but the leaders notably. Canadian Pacific and brazilian trac thou held steady. A loss of 2 i Points in Simon preferred and of .10 Points in St. Law Montreal Stock the average Price for representative securities listed on the wednesday was .13 .71, a of .08 from tuesday s june .08 june .10 june june .01 june _ .03 june .96 june .08 june .12 june. 4 .20 june i. .10 june .13 june 13.17 o9 tune a. .15 june june .10. June _ _ june .59 june _ .13 May .14 May .45 May 1.72- .08 May .33 May _ .84 May .12 May .01 High 36.90 Low 12.85 new York 3.00 East St. Louis 2.90. Zinc Dull East St. Louis spot and future 2.80. Antimony 5.00. At Copper spot 12s 6d future 7s 6d. Electrolytic spot 10s future 10s. Tin spot 17s 6d future Lead spot 12s 6d future and Are calculated on the basis of 1926 equals 100. Production of automobiles is higher in May output for month cars As compared with for previous month press despatch Ottawa. June 23. Production of automobiles in Canada in. May totalled cars As compared with 6.810 ears during the previous month according to t report issued by the Dominion Bureau of statistics to Day. May figures show that the principal gain Over april s production was in the output of closed Pas Senger cars which advanced to from and open Model Pas Senger cars were also higher at 472 As compared with 219 while trucks dropped to 952 Frota customs records for May showed that 163 cars were imported into Canada and that 374 were exported during the same period to make a total for the first five months of this year of cars imported and cars exported. During the Cor responding period of last year imports aggregated and exports states Gold must be augmented by some other Exchange medium plans for credit Extension and Price. Stabilization scored Rene Leon Exchange expert and counsel to tj.8. House committee on coinage special Tju Iteni press despatch to free press by free press private wire new York. June 22. Silver is. The salvation of the world lath present economic crisis Rene Leon foreign Exchange expert and Cou Uji to tie House committee on. Coinage weights and measures told a settles of Iliad Long textile executives Here tuesday. Gold must be augmented by some medium Leon declared the. Normal Trade of the world can recover from the vicious Circle of dining commodity Leon ridiculed the theory that we have a state of Over production in the said that in making the countries on a. Silver St Indjid compete with . The Gold Standard we reduced the Power of nine tenths of the world s population. United states As a debtor nation could exert a Strong control other nations in bringing about sane monetary policy Lor the Leon. Said. Scores economists vigorously scoring leading economists who have advanced plus j0 credit Extension and Price stabilization Leon said "p.rof. Of Yav sold the idea to the Federal Reserve Bank of buying government Bonds. They now have of them and the Price level continues to colonel Francis l. Harden until recently editor of the chins. Prea told the executives How the effects of cheap Money in the East in rapidly spreading throughout the world. Chinese Mills increase output pointing to one commodity Cotton colonel Harden showed hew it the last six months chinese Mills have increased production almost Pencic ulary while. Lancashire England saddled with higher labor i earn Money and higher prices for the Staple has been forced to close doses operations. More than workers in Lancashire Are on the Street Bee Aust Mill operators could not compete with coolie Harden declared and at least 150.000 will never be. Able to work in Cotton Mills Aytla. This same fact threatens the Cotton Industry of new England whether or not american labor will have to compete with coolie labor railway situation in Canada and position of the Canadian National National railway debt and the Burden of interest political interference hampers action of wasteful extravagance. By a. Mclean Haig l he . Of a series of articles written understandably. 11 us which together a graphic pen picture or the difficulties Wickli confronted the welding into a., count Ehen Sive and efficient unit of Phat is now the Cali Hilum Nationn rail ays. 17s 6d. Zinc spot 10s future 15s. Sui mint Cherbourg. France june 22. A Secretary and sir William Ai total of in Gold was i director j brought Here from the United states new York june 23. While Bond Market prices were somewhat easier j wednesday in rather sluggish Trad ing there was an absence of urgent liquidation and the majority of issues held to a fractional Range. Foreign and Domestic developments of a contradictory nature and various loan categories moved up and Down for apparently no Good reasons. Sales totalled Par value and the average for 60 principal Bonds was two tenths lower than at yesterday s close. A number of the lower priced rail roads were under pressure during the greater part of the session but soms of these rallied later in the Day s proceedings. The utilities and Indus trials As a whole were inclined to adopted the negative attitude. German government issues slumped one time but recovered and Brit ish Slis held a modest gain. French Bonds were steady. Ontario Power service were heavy losing Points. The argentines steadied. United states government Loans were lower. Following Are the indexes for wednesday s session 50 Indus. 20 rails 20 Mil. 90 stocks 60 Bonds 1932 High. 69.92 40.11 111.78 71.74 78.16 1932 Low __._.____35.15 13.06 49.62 34.27 57.50 last close 37.72 15.30 58.40 37.88 61.18 wednesday s opening. 37.66 15.53 58.37 37.77 11 . , 37.22 1s.08 57.34 37.33 noon . Time 37.51 15.26 57.93 37.65 1 . . Time 37.58 57.77 38.35 81.08 Montreal curb Osier Hammond Nanton. Limited june 22, 1932. Open High Low close ass d. Brew. Ass d Oil and Gas Beauharnois Power Brit. Am. Oil com. Pete can. Wineries coast Copper corp. Steel Dalhousie Oil distillers corp. _ 45b 3 a o a _ 50b _ Loa _ _ 4 Dom. 3nglneertag_ 18s. 14via _ 105b 2a _ in _ Dom. Stores Eldorado foreign Power Gem Lake via 1 a _ 45b 8 a _ Subb _ _ 50b _ Loa 7b _ 4 _. Iba _ 14v, 106b _ 2a Hiram Walker Hiram Walker pad. Home Oil Imperial Oil Imperial tobacco int. Utilities int. Utilities int. Petrol. Loss mines _ s age Hersey 35b _ .1325 _ _ Reliance Grain 5 in _ Robert Mitchell service stations 3vib__ Siscoe Gold. 67 losses Are reduced in upturn at close Canadian press despatch Toronto june 23. Stock prices further ground wednesday on the Toronto although a Date upturn attributed to Short covering minimized losses. Dividend omissions of unexpected extent played a Large part in dictating the sell ing. Total sales were 4.862 shares and of the 44 issues called nine closed with gains against 18 with losses and 13 unchanged. . Oil was up i to with 115 shares traded. Imperial gained be und Pete was off service Sta. Tons preferred lost 3 to a new Low of. 24. In the metals division smelters lost another to 275.4 with 423 shares out. International Nickel closed without change at in the Utility Section Bell brazilian and were unchanged. English electric a was off to a new Low of Montreal Power was off a. Steels and associated issues were generally lower. Canadian car was off and Page Hersey lost Ford was unchanged. Canadian Dollar shows strength at new York Canadian press new York june 23. The Cana Dian Dollar continues its Advance on local foreign exchanges wednesday closing cent higher at 87 i cents. The Pound Sterling Day cent lower at for Cable trans fers after Early strength. The Dollar opened a cent lower at svs cents Rose at noon to 81 cents sold for 87 cents in mid after noon and ended the Day at. 87 cents. Sterling started the Day Cen higher at eased at noon to 83.62v2. Sold for 53.62% in mid after noon and ended the Day at Tea figure. Star list at Montreal i6b t a b in 3a 75b 3a 25b 1325 _ 3kb i -3 Toronto bin Bam Ivic Kay to 1-i-i. To Cap. Castie to 12. To Jackson to a Moffatt to. In. St. To 8. Thompson to 4. To cent. To 5. Dom. To Ivi. Gold to Pawnee to Potter Kob. I to 1. South to i. Sudbury Oil to 3. Bunker to .114. Koutney Fco Gold to 9. Canam Brett to 7. Can. Gem to 11-3. Kirk to is. Lebel to 3. Curb Jud new took sugar Logan Bryan june 22. December january t March May open. High. Low. Close _ _ september .87 .89 .94 93 .75 .81 .31 .92 .97 1.03 .78 .35 .87 .83 .94 .93 .96 1106 .78 new York Cotton Logan be Bryan june 22. Open. High. Low. Close december 5.56 5.59 5.54 5.5 january 5.64 5.67 5.62 5.64 March. 5.so 5.81 5.79 5.80 May. 5.96 5.96 5.96 5.96 july ______5.17 5.19 5.16 5.15 october 5.40 5.44 5.39 5.43 Down 5. Wednesday on the liners olympic 2 . . Time 37.43 15.21 58.13 37.62 and Milwaukee close 37.97 15.22 53.39 37.91 or Al o Wjk. In 1 v in o Mcthers new York Stock june 22. Net High Low open High Tow close chg. Metals Alaska 50 22. Net High Low open High Low close cog. 1y it consolidated Oil 4.3s is 614 67 654 654 in. 15v, stand of Cai. 200 18vi Iii Isis it la 5 am i a 12% 3% Anaconda _ 4 13vt 5% at. Nor. Ore 35s 6v4 us. 16w 5 Howe sound x25 _ 5m inspiration 1v4 314 in. Ii int. Nickel to 4 it 13 3. Kennicott 59i _ 23 Mokee. Tin. F400 _ 3315 3s5i v 32 National Lead 500 _ 5sh _ in. 17ta Noranda mines 3lvi 8 a 4 Phelps Dodge -i5j in. 10 a St. To. Lead 5% is 10 Smelting 100 ii 1u1 31 ,11 in. Motors and accessories 1373i 30 Auburn 53 51 i 19% stand of . -100 24% 24m i 13% 9 a Texas corp. 10 a 12 a Texas g. Sul. 200 13u is i 12% is i 3vi 2 Tidewater Assoc. 2u in. 1334 8 a tjn., Oil of Cal. X35 3 so 3 8k4 utilities 9 i 2 for. Power 2v4 _ in. 16 i 3 . P. L. 454 4-4 4-5s 4-k in. 137s 79 i Amer. To i t. 7954 7u-k 79ii in. 34va 11 Amer. W. W. 300l_ 2vj 1314 in. 4st4 14. Columbia car. Jew i v4 4 Columbia. Gas 1100 6-5s 6t4 m 4 a comm. So. 2vs 5h-, 2 2 in. Consol Gas 400 37 133a Bendix Avn. 100 _ of 34 11% Briggs mfg. 4 _ Collins _ _ of int. Tel. l. A m 15% 63a a. Pm. I it. So 8j4 in m 40 13 a nor. Am. Co. 1714 37h m 16 3a Continental motors k Curtis Wright. 11 54 in. 8 4 Eaton Axle f50 4 a 32% Al a l. Cd 30c 400 1u a 15 10 i Firestone tool 31 w h general motors 100 9 9 21 Pacific Light 1300 _ 27 in. 121 45 people s Gas 8001 48 44 60 pub. So. Of . 340 x274 s4h i 32-% so. Cal. Edison 200 Psi i 34 7s, Standard Gas 50 _ lol id i 10 m id i in. Corp. 75 1 4 a 4h 454 in 18ts Goodyear tire 7 1 Graham Paige i Hudson 4 m 10 Mack truck x25121-4 13 i Western Union 3-Iw -1414-i 54 miscellaneous industrials air reduce 3001 37v4 38ii in 47 Allied Gool a Overland m 4 Allis Chalmers _ 694 Huj 1sv4 ii am. Bank note but 614 i. 73 a 34 a am. Can. 400 in 35 Beo 40j 1 fish 3% Stewart Warner 2 a am. Int. Corp is 16% United aircraft 8 in. B j tin ref i h 3 am. B. . 40 _ 334. In 853a am. Tobacco _ i 8b5i 44 Anin. Tob. B i 500 sov4 4sw so v steels and equipments 151-i Svi am. Brakes x40 7ii -4 12% 3 am. Boll. Mills 4vs 4 i 6 a Burroughs 80 714 7v4 4 a Calif. A kor. 514 _ in. 120 coca cola. R7001 _ s8m s8m-4 3 com. Credits 50 4 _ _ in. 10 a 3ii com. Solvents 60 a 500 250 12 i Koyal dutch 15vi _ _ _ Safeway stores 1014 hears Roebuck 5 Shattuck. P. G. stand. Brands 6 2 Tran Samerica _ a 3s 14 Union Carbide _ United fruit Xii 31 13 a to. S. Ind. Alcohol s i 2 us. Earner Bros 3-t.t 13 a Sec x2-i 4.v1i 22 Wool Orth c240 _ s Worth pump sales 10.30 . Too 000 2 10 p too 000 Money 1 a per cent. Extras dividend dividend paid. 10 i in 10-54 16j4 a a 154 Iii to 17 15. In i 21vs too too noon total 600000 914 300000 in a 130 pm exr dividend. A Mandy Aline Ala Nioba Basin no Mcleod River m. Corp. Mclntyre 500. Mining corp. 500 Moffatt 100 nip Ssang 500 no 3 9 1 a 3% 35 2% 4 50 .1 a 1075 105 50 1 37 50 460 171 4s5 26 2600 20 3 614 5 1100. 108 so 11 33 90 465 175 28 2625 35 Noranda i fend Ore the Premier Antonio Sherritt cordon Siscoe Sudbury. Lias in Sylvanita Teck Hughes Treadwell Yukon ventures Vipond Wright Hargreaves oils Acme Ajax. A p. associated Oil Balzac Calmont no 100 no 100100 of 100 100 100 _ no100 no 1550 30 1 a 58 1315 40 43 36 25 67 25 30 340 105 3 a 1675 100 1375 50 48 40 30 67v4 29 54 350 200 Commonwealth Dalhousie East Crest Foothills Home Oil Imperial Oil inter Petroleum a land Merland. Nordon _ Oil selections _ Royality the relationship existing be twi it and the management. Surely Thi awarding of contracts is a fun Talca of the Board of directors unhampered by political considerations no business can Prosper with Susji interference. Mediocre directors. A new Board of directors Bis accompanied each change m govern ment. The members Are poll Lisl appointments without regard for. Railway executive ability or experience. The principle has been recognized th45 the civil service should be Independent party patronage. Yet the control of the nation s great est single asset is handed to Thost appointed under such a system of political favor. The Dray ton Acworth comm Steloi in 1917 suggested a Board of trus tees to operate the combined sys tem. A Board of five was a comr mended for a definite tenure of office. They were to be remora for cause Only. Members were to be competent railway executives surely such a Board would i preferable to the present ment. Experienced men would it required who would devote tear entire time to the. Road. eral manager or operating Esea Tive should then be responsible the Board. This would Elimina it the necessity for the annual detailed review by a parliamentary tee and would remove the. Ort ii disadvantage attaching to the plication of operating records Fra making them available to competitors. Eliminating wasteful Competition. From time to time the Heads of both the Canadian Pacific and Ota Adian National have announced operation duplication must eliminated and unrestricted Competition stopped. The Cost or Tali sooner or later must be absorbed by the people. One glance at the railway map Ocanada emphasizes this duplication of lines. In come parts of cans is both roads have trains leaving same Point for the same Destinay of As at dec. 31 1923 1924 1925 1926 1927 1928 1929 19130 1931 Canadian due to Dominion government National railways debt due to Public total 2.431.244.155 increase. During interest charges tie increase in our Railto d debt has not been entirely due to capital expenditures. It has already seen that the Road has show regular operating profits but it has earned interest charges. A part of the. In crease therefore on account of the capitalization of recurring an Nual deficits after the payment of interest charges due to the Public. Following Iri tabular form Are the interest charges for the Calendar years since 1925, separated to show the amounts due to the Dominion government and to the Public. The amounts in the fourth column Are net deficits of the National Road for each year after the total interest charges. Those in the. Last column Are i the deficits after the deduction of interest due to the Public Only. The same time. Not once w several times during every Day so a condition aggravates our already staggering transportation costs. It May be that be Cessle eventually compel the working out of some kind of unified ment. It will be recalled flit lord Shaughnessy in 192l.estimated t1" joint control would result a an an Nual operating saving of sir Henry Thornton recently pm the commons comr Juttee that la opinion the eventual yearly under such a scheme would be not hopeless. It is to be hoped that the Sion May lift so As to Obi late interest on National railways tear 19125 1926 1927 1928 1929 1930 1931 due Dom get. Surplus. Due to Public total debt deficit after interest due gov t and Public deficit. Alter interest due push Only much of the spending and sex. Lenses incurred by the management has been indefensible. The system would have been better off with fewer hotels and no boats. In Miti gation it must be remembered that extravagance was a com Mon fault during these years of pros Perley. The Canadian about on new hotels and prove ments to old ones Between 1923 and 1930. The Hoyal York hotel in Toronto alone is reputed to have., Cost about during the same period the Cana Dian National spent political interference. A review of the., deliberations of the House of commons committee would seem to indicate that the Canadian National us j no free from political interference. It has been reported at Ottawa that under the former. Liberal administration nearly Iii contracts for ties went to liberals. Since the present govern ment came into office it has seen. That half the Busine in has gone to conservatives. Such an announcement on the part of the government condemns drastic action. The government Tern has demonstrated that its is not so hopeless As its enemies r Lead us to believe. Even so pm an authority As sir Joseph Fli prophesied at the outset dress of millions be fore a great property realized Caria a has too much mileage and too Small a the London and North Eastern England with Miles bad approximately the Sam Nues in 1930 As the Canadian my tonal with its Miles permanent solution for our problem is More people Ard a traffic resulting from their ence. In the meantime there Economy consistent with s elimination and wasteful co Petit on. Nation of rail bus and tract Evor possible. Sll k.-. Lily owned roads f Oxild Petely from p Tererence. 11 ;