Winnipeg Free Press

Winnipeg Free Press (Newspaper) - December 6, 1939, Winnipeg, Manitoba Winnipeg free press wednesday december 6, 1939 Page fifteen foreign currency accounts i allo Ottawa dec. 5. A new regulation announced today by f foreign Exchange control Board v no resident who owns or controls j Sperty outside of Canada which produces Revenue in a foreign cur Rency and which gives Rise to Jordinn currency expenses May by to the Board for permission operate a foreign currency Bank account with certain provisions. These provisions state that All Revenue from such property will be the account that no shall be made from i f deposited withdrawals he account except to meet lenses of the resident arising by Eaton of ownership or control of he and that any net Revenue from the property be declared and offered for Sale to the Board at intervals to be stated in the permit to operate the account. 1939 new Ottawa dec. S. Up tobacco Traduce in Canada during 1939 reached a new High of funds compared with the revised estimate of 101.394.600 pounds in 1938 and 72.093.400 in 1937, the do minion Bureau of statistics said to Day in its sixth seasonal report on a the commercial crop of Leaf tobacco total acreage planted was Esti mated at 93.035 acres compared with 63.575 in 1938 and g9.028 in 1337. Lloydminster alcohol refinery planned Lloydminster. Sask., dec. 6. Cup a. Wells of Calgary vice presided of the . Chemicals company announces that Shaw Petroleum had entered into contract with the chemical com Pany to erect a refinery to be completed by april 1, 1940, Foi commercial production of Indus trial alcohol from natural Gas. No need seen for Oil Board Calgary. Dec. 6. Up there was no need for any government Board Over the refining or marketing of Petroleum products in Alberta h. G. Nolan. . Counsel for Imperial Oil. Ltd. Told the Mcgillivray Royal commission when he concluded his client s submissions at the Oli probe tuesday. Bond quotations the investment dealers association of Canada december 6. Dominion of Canada . Oct. 15, 1943 c 108 1101" . Oct. 15. 1043-45 106 . Oct. 15, 1044-49 99 a 102 it . Nov. 15, 1048-51 c 98 101 . Oct. 15, 1947-52 103 10b . June 1, 1050-55 c at 97 i . June 1. 1053-58 c 93 96 .nov. 1, 1948-58 cd 107 nov . June 1, 1056-66 c 95 a 90 . Perpetual 1c 87 Dom. Of can. Til . Dec. 15. 1050-45 c 95 98 . Feb. 1, 1954 c 114 117 . Juno 15, 1055 incl 114v, 1171p.c. Feb. 1, 195g 114 i . July 1, 1957 Cal h4v, . July 1. 1969-44 Cal 115ii i . Oct. 1, 1969-49 114m, 118 1 to Vinciale prov. Of Man i . Jan. 2, 1950 c . Dec. 15, 195fj j . June 15, 1954 in i . Oct. 1. 1955 c 6 . Apr. 1. 1947 c prov. Of . 1 . Dec. 1, 1057 Cut 4v4 . Oct. 1, 1053 in 5 . Apr. 25, 1954 Cal prov. Of sask i . Aug. 15, 1953-49 c . Mar. 15. 1960 in 5 . Auk. 1, 1058 1c . Oct. 1, 1052 c 6 . Mar. 15. 1952 c prov. Of Alia i oct. 1, 1956 Ink . Sept. 1, 1955 c o a . Jan. 1. 1947 . Mar. 1. 1947 c prov. Of ont . Dec. 1. 1951 c 4 . May 15. 1968 incl prov. Of . . Apr. 15, 1961 prov. Of Nova Scotia 5 . May 1. 1959 municipals City of Winnipeg g . Mar. 1, .1942 101 . Oct. 1, 1960 in 95 greater was. Water dist . May 1. 1952 103 Abi Tibi Power paper ii . June 1, 1953. Go Beauharnois per. Corp 3 . Jan. 1. 1978 cd. 99 Brown co . Apr. 1, 1946 51 Calgary Power co. Ltd 5 . Apr. 1. 1960 Cal 103 Canada Cement co it . Nov. 1. 1951 c 101 Canada steamships r . Jan. 2, 1957 cd. Can. Pacific railway i . Oct. 1. 1945 8g . Fob. 15. Isol cd. 85 consolidated paper co . July 2. 1961 58 Federal Grain co 6 . Aue. 1. 1c49 97 Gatineau Power co 5 . June 1, 1949 c Bankers confident of i i Newfoundland turning to conditions in new 86 is 91 96 97 101 103 is 72 is 81 84 88 63 05 65 cd 94 103 103 111 Huntly Drummond sees Canada United Strong in emergency Bank of Montreal s 122nd annual meeting envisages expansion in Many lines of urges keeping costs Down to mitigate deflation process later 76 79 85 87 g6 68 70 73 97 107 107 its 101 98% while emphasizing the Gravity of the present world Situa Tion in its bearing on Canada Huntly r. Drummond president of the Bank of Montreal at the 122nd annual meeting of share holders yesterday voiced his belief in the essential Unity of the Canadian people and Confidence in their ability to weather the storms that might lie ahead. Needs and with Normal income tax becoming effective in May next of 37% per cent on All incomes Over we stand a United country in our War declared or. Dunn mond. It remains for us to bring the full strength of a United Canada to the work of prosecuting the War to a successful conclusion while at the same time keeping our affairs so in hand that we May enter the readjustments of Post War Condi 88 87 vib 1h4 . Apr. 1. 1969 Gypsum. Lime . Mar. 1. C int. Hydro electric g . Apr. 1, 1944 masses Harris co. Ltd it . Mar. 1. 1954 Minn. Ontario paper 6 . Maclaren que talc Power 4 . May 15, 1959 Shawinigan water per 4 . Apr. 1. 10g1 cd. Ltd. Grain growers Ltd . Jan. 2. 1948 cd. App. Elec. Ray. 5 . Jan. 2, 1965 Cal 103 39 a o change in newsprint Price Xiv York. Dec. 5. J. Cullen. President of International paper company said in a statement tuesday the company is extending its present newsprint prices until june 30. 1940. Without change. The Price of s50 a ton for news in print announced by several pro it Duckers As effective till the end of a i Theli St Quarter of 1d40 will be con n j tinned through the second Quarter of next year by several. Commenting the notice by unlisted mines James Richardson sons International paper company that the current Price wild be continued at least through the first half of 1940, g. T. Clarkson. Receiver and manager for Abi Tibi Power and paper company said his concern had already decided to leave the Price unchanged at 350 in the second Quarter of next year. The various companies he said were acting in Dependently and there might be higher prices quoted in some circles. At any rate Abi Tibi had no under standing with anyone As to Price. London quotations London dec. 6. Stock closings in Sterling Anglo am. Of so. Afric dutch 27s 33s 9d Anglo Babcock and 40s fld boots drug 39s 9d Brit. Am. Tob. 90s celanese corp. Of am., 5-16 cent. Min ing Consol. Gold Fields 42s 6d Cotrit tilds 34s 6d East Geduld. H.., 24s 3d Imp. Tob. 116s 3d London Midland s on Meruil Box. 77s go mex. Albany River. Old Argosy Barber Camlaren Cochenour. Coin Lake Continental Kirk Crow Shore Dona Patricia elmos flite flon Frontier Hall nor. Hiawatha Hudson Patricia Hutchison Lake Kaw Crow Patricia pc Tricia Kew Agama Kirg Lanci Gateway Lafayette Lake Dufault Lake Geneva Lake Rowan. Lakeside Kirk Lanci Magnet cons. Magnet Lake Margaret Martin Bird match Canadian Moffat Hall new Melba Gold Moosha i Mosher Long Lac nog is Gold a. National Malatte new Lugarita new rib ago Oklend o Loary Malar in of Comiska Oriole Pontiac Rouyn old prop. Mines Quebec Monitor Rand Malartic Rhyolite Rouyn Sachiyo River Sheldon Larder Shenango mines stad Conn Rouyn Siscoe Extension Springer Sturgeon Sunbeam Kirkland Thomson Lundmark Union mining. Vaj d or mines Wells Long Lac Wesley Gold mines West red Lake Wingold wino a Patricia old Woco Gold mines Young Davidson bid 17 asked 19 m i 77 i 6 26 12 5 3 68 14 10 3 4 2 1 6 10 73 33 10 1 11 2 11 Al 21 9 14 3 750 29 14 6 4 70 16 13 i 2 a 3 5% 4 23 3 2 7 11 78 36 29 4 14 a 3 0 30 17 185 9 11 3 614 5% 13 s 13 13 23 65 tons As free of inflation As possible with debts at the minimum possible and with morale unimpaired. I am confident that just As we have entered As a unified Canada into the fiery ordeal of War. So we shall emerge a nation one at heart but More mature in thought and aspiration ready to go Forward As member of the British common wealth of nations to the great Des tiny which undoubtedly awaits this at the outset of his address or. Drummond made reference to the late sir Charles Gordon who until his death last july had held the presidency of the Bank of Montreal for twelve years. Many of those years said the new president were fraught with new and perplexing problems but through them he observed sir Charles exercised his guiding influence in the affairs of this institution with Wisdom and courage and he left the Bank stronger and safer than at any time in its history. We in the Bank respected Hiir. For his ability we loved him for himself and his example remains As an inspiration to us All. During my tenure of the office he left vacant it will be my Endeavor assured of the support of a Loyal and devoted staff to continue those policies which he so carefully followed and to maintain the High traditions of the Bank of Bank s financial position Nevek stronger in referring to the Bank s Finan Cial condition the president observed it has always been the policy of the Bank to make adequate provision for doubtful accounts and i can say with full Confidence that the affairs of your Bank were never in a stronger position. Eleven years when sir Charles Gordon first part with one of the Best All round crops in the history of the country. He stated applies to practically every part of the Dominion but More particularly to the Prairie provinces where in contrast to recent years the wheat crop is unusually Large and of unusually High Quality. Thus Canada has very Large supplies of the food products which the Allied and Neutral nations will need and the buying Power of the agricultural Community from their Sale will help the general business of the country. In addition to this with the Impact of War conditions we have Many industries which will Benefit directly from orders for War supplies and we have the prospectively important development off Canada the aviation training Centre of the British Empire. Huntly r. everyone there is sharing the Burden. It is High time that can Ada should follow this example. True we have added a surtax of 20 per cent to our income tax but. The vast bulk of the income of canadians is still Only lightly taxed. An Extension of the income tax even at a much lower rate than that in great Britain would pro Duce Many millions in Canada and be a Barrier against the inflation inherent in a policy of borrowing. But it is in reducing expenditure in non essentials that our government can give a Lead to Bank of Montreal ready to meet War requirements say general managers report shows record figures for assets and deposits increased in profits up slightly showing an increase of nearly in Loans to business concerns and private individuals and substantial advances in All the More important headings of the Bank s business Jackson Dodds on behalf of himself and his fellow general manager g. W. Spinney Laid before Bank of Montreal shareholders yesterday a financial statement that set a record not Only in the annals of this institution but in the history of our operations with those other Banks have been the Means of making the Central Bank s policy effective. We have thus constantly Coop rated with the Bank of Canada in carrying out its general policy As also in less significant details of routine and administrative procedure. But it must be admitted that the process of adding our invest ments in the circumstances just de scribed involves difficult problems of management. It is not sufficient that our in vestments should be of unquestionably High Quality. They must As far As possible be of such a character that they can be converted into Cash without loss whether to pay our depositors or to enable us to extend additional credit to business. Pro vision must also be made against possible reduction in the aggregate value of the total portfolio owing to changes in Market conditions for any such reduction constitutes a loss which must be made Good out of our profits. Importance of regarding government controls As temporary expedients touching upon the various governmental regulations imposed on Trade and finance since the outbreak of War Huntly r. Drum mond Bank of Montreal president told shareholders yesterday that these restrictions should be regarded As temporary expedients and not in any sense As being of permanent character. As a contribution to the maintenance of business on standardized Levels said or. Drummond it is interesting to note the great measure of control which the Canadian government has assumed for the better stabilizing of Supply and prices and therefore Lor the More efficient prosecution of the War. These measures include provision for a regulation of prices and distribution for the Regula Tion of imports and exports and through a foreign Exchange control Board for a form of control by which withdrawal of capital from the Dominion is forbidden. Business institutions including our Banks have co operated to the fullest extent in these measures. It is Only meet however to go on record Here to the effect that these controls Are a restrict ing influence in business and that forbidding the withdrawal of capital from Canada undoubtedly has discouraged the interest in this country of citizens of other lands who having invested their Money in Canada now find themselves unable to withdraw it. In any Case it is important that All the control regulations should be regarded As a temporary expedient to meet an extra Ordinary situation and that they should be abolished at the earliest possible moment. Otherwise we shall find ourselves saddled with a self perpetuating autocratic bureaucracy contrary to the True basis of democracy for which we Are now fighting the romans had the right idea in this a time of War they called pm Cenatus from the plough to be their dictator and after the enemy Hac been Defeated the dictatorship was at once abolished and he returned to his Canadian banking As Well. Or. Dodds pointed out that for the first time in of the Bank the items in the balance Sheet this of Makisi year amounted to Over a thousand effective million dollars. Besides the record figure of in assets the statement which he presented showed deposits by the Public totalling which also constituted a record. In referring to the profits for the year which amounting to had shown a moderate increase of the general manager commented on the taxes paid by the Bank. Those paid to and to the provinces he talled arid were equal to Over 41 per cent of the dividend paid to the Bank s shareholders. He pointed out that in addition the 513 branches of the institution paid municipal taxes amounting to a substantial sum. Commenting upon the new High record in assets or. Dodds said these figures Are a measure of our responsibility to the Public. The problems which this responsibility entails Are so widely misunderstood that it is perhaps permissible to say a few words on the Loans and investments he took up first the question of Loans and investments. It is frequently he observed that the Banks Are reluctant to risk their Money in Loans to business prefer ring the supposedly easier course of holding securities and the fact that the total securities held by the chartered Banks substantially exceed their Loans is cited As simple proof that this is so. Nothing could be further from the truth. Our Deposit liabilities do indeed require us always to hold a due proportion of High Grade Securi ties As a supplementary Reserve against them. But beyond such requirements we would prefer in All circumstances to use our bendable funds in sound advances to Foster Industry Trade and Commerce. Our organization with its nation wide system of branches has been developed with this purpose particularly in View. In consideration both of service to the country and of profitable business to ourselves we naturally wish to see our facilities fulfilling their purpose to the fullest possible extent. Unfortunately our readiness to lend to creditworthy borrowers does Newfoundland turning to conditions in Newfoundland or. Dodds said operations of the paper nulls at Comer Brook and grand Falls have been Well maintained during the past twelve months and the mines at Buchans and Bell Island have been working at capacity with Conse quent Benefit to their respective but the codfish Industry which is perhaps the main stay of the Island has been suf Fering from Adverse conditions in the chief importing countries due largely to Exchange difficulties. And in Spain to the recent civil War and its effects. The commission of govern ment is making every Effort to assist fishermen in various ways. And in addition increase agricultural development by land Settle ment. Plans Are also under consideration with a View to increasing the exports of fresh fish and while All these projects take time to bring to fruition it can fairly be said that Progress is being made. From year to year since the commission of government took charge of affairs in Newfoundland Mother making we have met these requirements principally by maintaining a sub Stantial proportion of our invest ments in the Short term category. Over 50% of our holdings of Dom Inion and provincial securities will mature within two years. This course necessarily reduces the aver age earning Power of our assets. As the Supply of suitable securities is limited the demand for them has raised their prices and lowered their yield to the Point where the rate of return is very Low As regards Short term issues and although higher As regards longer term Bonds it affords Little margin from which to provide against possible future these conditions he said May be modified As a result of the War adding we May anticipate that the increasing production of War requirements in this country together with the secondary effects of this activity will stimulate a More Active demand for commercial credit. In View of the condition which our balance Sheet discloses it will be seen that we Are Well prepared for any such development Industry and Commerce turning to the Industrial and commercial situation the general manager referred first to wheat a rom Marps c in february 1934, the country has assisted by Grants in Aid to meet the country a annual deficits and so that is to say to june 30 last the end of the government s financial year has paid to Newfoundland in this connection United states commenting on conditions in the United states the general Man Ager said that the country was to Day endeavouring to step into the place hitherto occupied by the belligerents but under much Diller ent conditions. Both the channels and charac Ter of world Trade have changed or. Dodds said the opportunities particularly in re Spect to latin american markets. Are greatly enlarged but it must be remembered that the foreign Trade of Many of these countries has of late been conducted to a considerable extent under barter agreements and that their Normal exports to Europe consist Princi Pally of commodities with which the United states is already plentifully supplied. Trade cannot Tor any length of time remain a one Way affair and temporary credits must sooner or later be liquidated by cargoes or default ensues. As to the course of business generally prior to the commence ment of hostilities it May be said that the Consumers goods Indus tries stimulated by a High rate of. Government expenditure not in sided at an annual meeting of the Bank we had total Loans of in 1938 there were in the same period the produce Market prices of until t Urtheil 6s 3d mining Trust. Is Del Brit. Funding 4s, 1960-90, notice will be those supplied the free press by the Secretary of the advisory committee of the Dairy manufacturers association. Butter Creamery ebb prices according to Dominion govern ment grading wholesale to shippers. De liveries Winnipeg cases returned. A Grade Large per dozen a Grade medium per dozen. Pullets per Doz. A Grade per dozen a Grade per dozen poultry dressed . Winnipeg a chickens Over 5 ibs., per in. Chickens 4 to 5 ibs., per in chickens under 4 ibs. Per in. Fowl Over 5 ibs. Per in. Fowl 4 to 5 ibs. Per in. Fow3, under 4 ibs. Per in. Roosters All weights per in. Geese per in. Ducks per in. A Jrade 2c less than a a Grade 5c less than a. Turkeys per in. Per in. Par in. Old hens per in. Per a. per in. Old Toms per in. Per in. Per vegetables Man. Green onions Doz. Carrots per Cal new turnips per cwt. Man. Cabbage cwt. New potatoes. 100 is. New beets in. Man. New onions 50-lb. Bat. No. 1 Man celery Case imported Sweet potatoes in California tomatoes Oei Case California head in truce. Case California Green peppers m. California Parsley dozen Calif Brussels sprouts 2o-lb. Hamp. Pm California cauliflower Case California radishes Oer flour Small lots delivered to dealers Vej Ali Rita 3 Royal household Robin Hood Quaker Manitoba and Saskatchewan and Alberta per sack 98 ibs. 2.90 two 49-Lfa. Saccs rolled oat Small lots to dealers 80-lb. Sack 2.95 retail Price to Lac extra .27 .25 .21 .18 .12 16-170 13-15c 11-14c 13-14c 9-13c 8-llc 9-10c 11-12c 13-Hc 16c 14c Loc 12c Loc 7c 12c Ioc .20 .85 .75 2.25 1.00 .01 .50 1.90 .05 3.25 3.00 in .50 investments of the Bank had risen from to this change from a preponderance of Loans to a preponderance of investments coincides with the growth of spending by govern ments which has been facilitated by cheap Money policies universally adopted by All Central govern ments. As a result of this tendency. The earnings of Banks became so reduced that the Banks had to re Duce dividends and later were forced to Cut in half the interest paid to depositors on savings. Thus while governments have been enabled to incur heavier debts at lower interest Cost it is largely at the expense of depositors and investors. Sometimes we hear criticism of banking profits no doubt due to the size of our institutions but you ran see from the statement presented to you that on average total assets through our fiscal year of 5907 the earnings of the Bank were in other words on s it. Will thus be seen that on the material Side Canada May expect to be better qualified than most countries to meet the inevitable consequences of War and an added consideration in this respect is the foresight and sagacity of England in providing for the continued sup ply of Many commodities at Normal prices. If Canada s role in the War is to be largely As a source of Supply to great Britain then we should see to it that there shall be no excessive profits. Our aim should be a fair Price for wheat and other farm products and a fair Price for manufactures in which the govern ment will have the full support of business and labor to prevent a vicious spiral such As that in which the Cost of living and wage rates endlessly pursued each other in the last War. By keeping costs Down As much As is possible we will keep domes tic Trade moving and after the War this policy will mitigate the Pam Ful process of deflating prices and wages which is the inevitable sequence of an undue in referring to conditions in canadians. Sectional needs should no longer be Given first place nor should our railway problem with its Cost to the country of a Hundred million dollars per annul be left _ in his concluding remarks or. Drummond said that a period of trial such As that upon which the country had now entered must prove either a time of Disi Tegra not affect their disposition to apply for Loans for the demand for com Mercial Loans depends upon the state of Trade and the prospects of profitable use of borrowed Money. The fact that the condition of the markets for Mahy of Canada s principal products has in recent years vented anything like a full recovery of business activity or of commodity prices has therefore limited the inducement to borrow and has con fronted us with the problem of find ing other use for our funds possibility of seeking a Way out of crops in which in the 1939 provinces amounted to 452 a Jurci . Itself a reassuring barometer but a cause for operated at a satisfactory level while the construction Industry sustained by government appropriations and aids to private residential building has made substantial Progress. The continued flight of capital from Europe involving Gold ship ments on an unprecedented scale has left the United slates in a Posi Tion of holding about two thirds of the present world Gold a healthy the volume of corporate Finan cing brought to the Market had again been disappointing. Only 20 per cent of the total represented new Money requirements Indi Cating that the Long Range Outlook for capital investment was still unsatisfactory. With Money so greatly in sup he said there has been practically no change in Short term Money rates. Call Money remains at one per cent with Little demand. Earnings each of assets the were but 38 turning to the business conditions of the country or. Drummond said that up to the end of August Busi Ness activity had been following a course similar to but somewhat in Advance of that of 1938. After Early he observed an encouraging Advance appeared in the Spring followed by a widening improvement during the summer months. As a general indication of the degree of improve ment Over last year our exports for the first eight months erf the year exceeded the corresponding 1938 figures by the substantial margin of 10 per cent and Indus trial employment was approaching the Post depression Peak Levels reached in 1937. True problems connected with Public finance aggravated by a Long period of Relief expenditure were perplexing to an unexampled degree but notwithstanding this i am convinced that had the situation in Europe continued to justify the Hopes aroused at Munich recovery in Canada would have proceeded continuously. With the outbreak of War we were of course immediately confronted with a completely altered situation. Canada Well prepared for Wae Effort the circumstances which led to the outbreak of War and to Canada s inevitable participation Call for no great Britain and France the presi Dent commented it is generally Felt that the first months of the War have been satisfactory for the allies. Britain s War services her financial machinery and the Unity of her Peoples at Home and abroad Are All Felt to be vastly Superior to what they were in 1914, and the country looks Forward with determination calmness and or. Drummond Felt that the wide spread indications of the deep sym Pathy of the majority of the people of the United states with the Al lied cause had been particularly heartening to the people of great Britain and France and not less so to As he observed business in the United states has been continually under the Shadow of the european situation but Des Pite the recurrent crises abroad a Forward movement occurred during the summer with marked acceleration in certain lines following the outbreak of War. Thereupon there were Sharp advances in prices o almost All commodities but Busi Ness leaders have shown them selves keenly alive to the dangers of speculative commitments and rapid advances in the Price level and following the initial upswing Morr stabilizing influences have pay As you go in Public finance in discussing the tax situation the president said taxation Fol lowing Public an provincial to Day seven billion Man. And Salt. Bran per ton shorts per ton Alberta bran per ton shorts per ton of Frozen and Ereen Frozen Calfskin. Dry hides Hor Chicles. Lai re horse Ldes. Medium horse hides. Small and ponies Horsehair per Tail mane sheepskin each Seneca Root per 10. Sailed cd cd hides .09 2.50 2.00 .38 comment for they Are everybody s mind the president observed. He continued it is relevant to a review of our business to Point out that War Clouds had been gathering for so Long and so obviously that we were not unprepared Tor the Shock when it came there was no repetition no the financial crisis of. 1914 there was even a certain business stimulus in the Prospect of increased demand for our products magnified some what by the relatively Low level of Forward commitments which existed s Many sections of business owing to previous uncertainty of outstanding importance at this dollars ten years ago four and one half billion dollars has been steadily mounting for Many years and with the heavy expense of War a further increase in the Dominio Field seems inevitable. With the expansion of business and of our fax durable balance of Trade which May be expected As a result of War time demand for our natural re sources and manufactured pro ducts our policy As far As tract Cable should be to pay As we j and As far As we can to Canadian indebtedness abroad. The government has already taken the first step toward this latter Desi Able object by arranging to Repa a Sterling loan out of funds advanced in London by the Antis government to whom in turn of own government has advanced a equivalent amount of Canadian do Lars for British expenditure Here i has drastically in Wil tul m million bushels compared with million in 1938. The larger crop he said is one Factor in raising Gross operating revenues of the two which to the end of october were some Mullion higher than in 1938. The Pace of economic activity on the Prame has quickened and it is hoped that the improvement May continue. In the elapsed months of the current Calendar year production of Copper in Canada amounted to about 400 million pounds com pared with 380 million pounds in 1938 Lead production was 283 Mil lion pounds against 319 million pounds in 1938, when Large stocks were accumulated abroad. In the first nine months of 1939 Zinc production amounted to 301 million pounds against 285 million pounds in the same period 1938. Production of Nickel has substantially exceeded the 1938 volume and is slightly ahead of the Banner year 1937 Gold production to 31st aug ust totalled ounces com pared with ounces during the same peril d last year. The immediate Outlook for the a one per Cen w and the Bill Market has been Drill with no movement in rates throughout the in conclusion or Dodds struck a note Confidence saying that Canada had progressed far along her destined Way since the out break of War in 1914. In supplies of wheat minerals and manufactured he declared her contribution toward the combined Effort on the Side of right in this War will far exceed what she was Able to offer in the last and there is abundant evidence in every province of the Dominion that Canada s contribution in men will be ample and of the Type that in the last War brought everlasting glory to this weather reports issued by the meteorological service of Canada Jackson Dodds g. W. Spinner ii Ion or of the strengthening of the Noral Fibre of a nation. In the last he observed Canada May be said to have found self and to have reached Matur Tyas a nation. Since then we have experienced Many Vicissitudes in he midst of which we have _ at Imes leaned toward sectional m rests forgetting the National Good the tide in this direction has now turned and we face the world a More United nation than Ever. Two events in my mind closely connected have served to emphasize the things that unite us. One s the visit of our beloved King and Queen and the other is the spirit of Broad Canadia ism to which our drench speaking compatriots have Given such notable expression. Pre Vious to the coming of our King and Queen the Crown to Many _ of us was just a word the True significance of which was Little Rea sized when however we saw this Are feebly human and charming Royal couple and heard them speak to us in our own language whether that be English or French about the vital things of which the Empire to which we belong is the bulwark m a world distraught we realized the deeper meaning Crown As the living Symbol of our. Common aspirations and our common being. With respect to that other event in which the people of the province of Quebec have figured Canada was the first country in the. Empire to have an election which participation in the War was the Mam Issue. The result has been that our fellow canadians who Mother Tongue of France have Given to All the world truly remarkable testimony of the Unity of the Cana Dian people not Only by endorsing this nation s efforts in support of the allies but by their adherence to the principles which at confederation the nation of which they Are such an important part was this situation by relaxing our stand Ard of safety in lending Money is of course precluded by our obligations to enlarged holdings of securities while the demand for commercial credit had thus remained at a rela Cre a timely Low level the potential Supply of credit or. Dodds said had simultaneously been increased As a result of the policy of monetary expansion which the Bank of Canada had Pur sued since its establishment in 1935. We have consequently had no practical alternative to enlarging our holdings of he re marked. In this Way. Of course pulp and paper Industry is brighter consumption in the United states has been rising and exports from the Baltic countries to the United states have been to uncertainty of delivery and higher transportation costs arising from wartime conditions. Consequently pulp and paper prices have been commodity prices a decline in commodity prices had marked the course of 1938. The general manager observed and during the Early months of 1938 they had failed to recover show ing even greater weakness m the summer months. He continued a Sharp Rise was experienced in september coincident with the outbreak of War and the marking Down of the Canadian Dollar in new York. Since then the higher level of wholesale prices has been More than maintained. The physical volume of business was consistently higher throughout the elapsed months of 1939 than in the comparable period of 1938, while during both August and september of 1939 the Index was higher than in any parallel months in recent years. Retail Trade was expanding prior to the sudden Rush of buying that developed in september Fol lowing the declaration of War. The june total was the highest for the comparable period since 1931. Foreign Trade for the first nine months of 1939 showed a surplus of exports of which is an improvement of Over the corresponding months of 1938." Simpson Smith Victoria Vancouver Kamloops Prince George Jasper Fairview Beaverlodge Mcmurray Edmonton Calgary Lethbridge Medicine hat Swift current Moose jaw balt Oford Prince Segina Minnedosa Winnipeg the Pas Sioux Loof Cut port Artilur while River Parry sound Chicago Duluth s. S. Marie St. Paul Banff Hod Deer Saskatoon Broadview Rivers High Low prep. 2 31 50 56 59 44 59 40 41 44 61 67 65 67 68 67 54 50 58 50 48 46 34 37 34 30 45 40 33 48 39 62 58 57 7 41 4s Alt 3 4 38 30 31 20 32 35 15 38 43 43 35 28 21 29 .11 23 25 29 27 28 31 32 s5 21 20 .10 .07 .04 .40 .04 .02 Brandon synopsis of weather the weather hits been fair and mild throughout the Prairie with a Little higher temperature in Ontario. Forecasts Manitoba and Saskatchewan. Partly Cloudy tonight and thursday a Little colder in Northern districts Wilh now fresh Exchange control measures do Mot reflect weakness in economic position res which certain countries in recent years have been com to adopt by reason of heavy deficits in their International of Tae of War n economic weapon of which must to the fullest possible extent be placed at the disposal of the give Sirvent. Similar measures have been put into Force by other belligerent _ _ winds partly Cloudy res in and slightly colder tonight and thursday colder in Northern districts with Snow our pics. Peace River District. Partly Cloudy and a Little colder today and thursday Light Snow in some districts. Kenora and Rainy River. Fair and Milder today. Thursday partly Cloudy with Light scattered showers or Snow a Little colder in Northern Dis Lalie Superior. Moderate to fresh Southwest winds partly Cloudy find mild today Likht rain or in Easi can thursday fresh Southwest u West winds partly Cloudy and mild or Light rain in Northern districts. Frost damages Argentine crop Broomhall special to free press Buenos Aires dec. In the province Buenos Aires Mon Day night resulted in further damage to crops and estimates of wheat yields Are being reduced. Some damage to Corn is also prob Able. Buenos Aires wheat futures prices closed to 2c higher tuesday with february 62vic and March while Corn was Only a higher to unchanged Wilh Decem Ber 52mic and january flax closed to higher with february and March 51 Cinerar s return London dec. 5 up t. A. Crerar Canadian minister of mines and resources will leave for Canada within a week or 10 Days after Clearing up certain financial and Trade matters outstanding be tween Britain and Canada ;