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interest . urohison. INS LJRANC E % co%M PANV Doubled in Four Years JNO G. KENT ' Vice-Prcsuident `JNO. F. ELLIS Vic-President H. R. STEPHENSON General Manager Cd_Actuary R. T. COU i'H ` Treasurer G. ' T. SOMERS %"L_et po1fes_of yourhskig breathe fr_e_e1y'likeaic1"1'ild s" 97!! flze ' bkl.-lieu ?oz`}zer 4 L _ 3395` 'zn1<'-Q9 onto and mmh. Tl the Grand Trunk Railway into the Canadian National Railways system are all but finished and the system will soon be one in name as it has lately been in practice. It is doubt- ful whether _the Canadian govern- ment s proposition for a new ar- rangement between this country and the United States as to vwr and naval, training vessels on the great lakes] will be dealt with by Washington in` [time for ratification before Parlia- iment prorogues. but it will be doubt- lless a subject for discussion. This =country is more interested in fiscal matters than anything else for the moment, though the outlook for the [relief of the taxpayer from many of `the burdens left by Canada s war effort, is not overwhelming in its ibrightness- A period of prosperity `would be the best "kind of tonic for all Canada. Governments are not always entitled to as much of the credit for such periods as they usual- lyclaim. But every government can, if it so chooses, conduct the business of the country with reasonable econ- Jmily use ; W; R.V MORJON Director` (3. o. SOMERS` _ 'bz;eZz}} WM. DINEEN ' Directpr TOILET SOAP F. McD. RUSSELL Director A. H. SELWYN MARKS Secietary . _F . W. t" ILL Assistant Actuary SIR. C. `H. TUPPER C.N.R. Headquarters Announcement that the Canadian National Rai1way s headquarters would be.in Montreal had been large- ly discounted.` The s stem now in- cludes the Grand Trun whith ceased to exist as a_ separate railway under [a separate name. It was obvious that every city which hoped to be the headquarters of the system owned have that honor." The matter of lo- cation is not nearly` so important as the proper management of the rail- way. Those who have taken the responsibility of deciding that Mon- treal shall be the headquarters have to make good on animmense project. They should be judged by results only. by the Canadian people could not" omy and efficiency. I Great quantity of dirty Dominion paper money in circulation will be the subject of a complaint to Ot- tawa by directors of the Chamber of Commerce, Hamilton. (DAVID woon Director Director Page xlcvon I..;..,. Prmation non `ixncoe rity nllier 8:. 510-8 pan. Barrie .) m- Fublic UIJGI . YTLU. ., Blffia robate of tion. and ucer. etc. cyrner of 275 . LToron_to. .n, c. A. km-rie. ' ' 424. [3u.r1'_ie nos ' ', B.A.So. -----at-1-n Barrie. . u. _ Eox 1075. LUV- 7`8 p.F.'l.- BELL `guspociay. mama . Barrie. Ont. Are. ; 133 at kiontroal. bet}: and `(IE Near East-Complication: _ Near East "complications continue to furnish the danger point for Bri- tain and Europe. A good deal of strong feeling has been aroused in Britain by the action of the French` in notifying the Turks that they did not consider the draftvtreaty present- ed to them at the Lausanne confer- ence as being the final word. This intimation seems to have been sent without knowledge of the British del~-_ egation and was the subject of 11` statement from the latter expressing incredulity at the report of the French action. The previous under- standing had been that the Allies were in completeaccord. in respect to Near East questions, and- that .the' last week-end wasto have witnessed the adjournment of the conference if the Turks were not prepared to agree to the terms set forth, Italy stood with France as opposing any break up. It must not be .forgotten that the French made a secret treaty with the Turk Nationalists, when the -latter were beginning to show that they were going to be masterstin Turkey. Under this arrangement, made against the spirit of the then existing understandings between the Allies, France obtained` very valuable I Ooncessions. Italy also has an agree-l ment with the nationalists in respect to certain concessions. Both these nations are therefore anxious to `avoid any break that might confront them with the loss of their `conces- sions and the necessity for ties ciding that they must either assist. Britain in hostilities against the Turks, or stand aside while Turk and British fight out their dispute alone or with the aid of other allies. France has pursued a torturous course of ac-V tion in this as in some other matters in which the interests of Britain have been involved, and it is not sur- prisingto find in;British despatches _lL4l4 Ulu `"15 cuupurg UIUHI- L166 us send youyiaoestment Items each month and, advise-you from time to time what It would be glfg Royaj Securities Corporation; Limited -- -- -- -- .-Iv--. ' Wrl . NEL1 3. FILL out this coupon now. Let youyiaoestment Igems I{}{[1'i>;o}}}}iI; lly." To people who live ' in the country Please uild mo "llwcnunout losing" and other licenturo. ' Royal Securities o o Corporation, Limited ` 58 King Street West, nunnfn Address .. Thiu in tho coupon that you Ihould land to us first. Band; If you don't wilh to cut `this apu:-, send us your name and address on a oostcard or letter. Mouiraal - Halifax - l`c;enhoh0 b 58` K_lng`StreetWest A""'"' TORONTO A . _ on u_#n__-4 II__--..-. nk of Nova Smtia Paid-up Czmt 3 9.700.000 Rest-rx-: - , - 19,000,000 Resources - 2. 0.000,000 ESTABLISHED 1832 Foundation I .1 !-IE 3 ho cunt yo: and Ediiu ng asrvuu. V Toronto EYB1'!_T~.T= `\ I\\I&V 5 v r - $!.John --W!nn!pcg - Vancouver o New York. London ss sN;an1'a3;s;s a savings- accuunt `aid in accumulating - capital for a "start, but it gives a young man V condence in himself because he knows that nomatter what may happen, he has somethgng in reserve, The large majori 2 of business successes ave had their ~ inception in 3 savings account: e 11C 1145 DUlJ.lClo.I.|a.:l..ls 111 LUDCJ. VC- The Bank of -Nova Scotia,A one of `the oldest institutions 1n Canada,-invites you to open your savings account at any of its branches. U"-- \ Iuvgsmaur-ssuvnce France : lnsi neerity 'the strange attitude of the `French toward the ally they owe so much to`, Britain is forced into a new war, she will not be entirely alone. Greece If through the tactics `of the Turk,` aided to a more or less extent by. ill be a factor in any war on '.l`ur~ . key; So will the members of the, lLittle Entente.. whose armies are anything but littlexin size -or fight-, irtg qualities. Russia may or mayf not be ready, as often reported, to- enter the fray, should Turkey and_ Britain some to grips. France may be given credit for the sincerity of E her claim that her hope has been to find an amicable settlement of the Near East question. She must not be surprised, however,'if the English speaking .world expresses , grave doubts of that sincerity, and regards her whole attitude toward the T-urk as being ,anta`goni`stic to that of Bri- ` tain and of a great section of the Christian world, which still wonders why the Turk is tolerated in .respect- ; able company.~ 2 of the A remnants of a mar-i ; Russia and the Armenian: I -It is an ironic comment upon the. wreck of the promises that the great i powers` once gave to the Armeniang race, that the Russian government is] the first to come forward with a` practical offer for the conservation. tyred people. It proposes .to allow some two hundred thousand Amenian families` to settle in one of the rich oil and agricultural res` servntory D to 4 a hardening of tone against her. I Meantime, the British fleet has the`; Straits of the Daxulanelles and tho` Bosphorous in its grip. The Turk wants to prolong negotiations be-| cause hevhopes that the breach he- 2 tween the Allies--will. widenito his c advantage. T V - 3 I ._.._.___ I 1* r risk; A\. uuuu vu I vvtuvoov have extended v our facilities {for the sale of safe, tjeliable Bonds by mail ` " T UNDER our plan, we ` send youa list. of high- ........_.. ...... ,......, ,.- UT you a grade Bonds to select from and make you denite recommendations. Then, when you have made your `choice, you order the Bonds from us just the same as you would order goods by mail from a big depart- ment store. We deliver` them to your bank with draft attached, so that you may inspect them before "purchase. ~ vYou take no Y investing in this way. "you get prompt ser- vice. You have the same choice of investments as- city clients and you can buyby mailbn exactly the same terms as big institu- tions and large private investors. " ..... _-. _,.,... ......, 1 1 money and wish `to. invest it as promptly, _as' protably. as privately and as conveniently as city people. OR these reasons we extended MANY _of/ you have money A. G. MacLELLAN Manager, Barrie. IV! In OVIHIIL an " Branch Manager ION ' ildnn. - -- -----. --.--.-v-. The situation in .the`Ruhr seems to have settled down toa long drawn - `out contest between the will of the Germans and that of the French. .There is an ever present danger of explosion,` caused by rashness oggoss b - _.-_--- --..--- ..- Opinion in the United States.is - supersensitive to criticismoof that ;.country r attitude on the question of_ ;Britain s indebtedness andithe fail-' .in ure, recently noted, to" reach an asrreement with the British mission `as to the funding of that obligation.` ;The British government has, how- ever, accepted the U.S."terms and the negotiations will. no doubt, soon be renewed. Chancellor of. the E`;- cheouer Baldwin. on his return to,` . Britain, gave a lengthy interview asl; `to theicauses for the failure of the conferences in Washington, in which part he commented upon the lack riof knowledge of the people in the finterior of the matters under dis- cussion. He might have been a good deal more emphatic than he was on 3 this pointand on the fact that United D 3States politics are not without a very `important influence at this time. To - others than themselves it `would ap- pear that the United States has de- velopec nerves to an amazing ex- , tent for an English-speaking countrv. ; This is the phase that will pass, how- . -ever, as time brings a deeper reali- 4 l 5 I I cation of theiissues at stake, and thr- _United States begins to find that it ;cannot sit outside `of the European concert chamber. shouting its advice through the keyhole or a_crack in the door, and do,d9.`e every` resnonsibility `that arises. In spite of themselves -tour good neighbors to the south of !the Canadian border line will sooner `or later" be doing their full share. to set the world on its -feet again, to- lgether with their.late allies ire; the `war. 1 ! l l l Home Rule in Egypt Home rule for Egypt doesn't run with the smoothness that some of the native idealists undoubtedly expect- ed. Lord Allenby, British High Com- missioner. has been forced to empha- tically point out to the new govern- mentthat the Soudan does not come within the constitution--tha_t being a territory reserved for future discus- sion and decision. The heated argu- ment now proceeding-in Egypt over this is said to be avveil to cloak the modifications made -in the measure of home rule as between what Britain granted and the. Egyptian National- ist leaders demanded.. It is a topsy turv`y dispute with many blind leads and strange tangles. But it will be a test of the ability of Egypt to govern itself with moderation and sanity. within the prescribed bounds. and of its claim` to still wider powers. in the years to come. ' While the question of Britain s obligations to the United States is Very much in the limelightthe in- debtedness of the Old Land to Can- ada is also a subject of discgssion. [or rather one interesting phase of it. That is the matter of exchange. `This `country is taking ._.the same atti- tude in that regard as does _the Unit- .ed States, namely, that repayment should be in the currency of the cred- itor country. Therefore, the Do- minion. like the United States, has a somewhat selfish interest in the rise of the pound sterling. The higher value of the pound has lately been a matter of note in the money markets of the world, especially of this con- tinent. -That must be taken into con- sideration at ;-this time in respect to British obligations. Britain is .bet- ter off since the recoveryeof the pound than _she would have- been had the payment of debts been peremp- torily demanded a year or more ago, or even a few months back. She gains by time. ` .I.`.'0l'."Ill9 IIIOHIBXIU Elle 0958118 OI `Elle _'Broposition are not absolutely clear. ut the"offer seems to have impress- ` ed the Armenilns .33 well was the} League of Nations and. the states- men, who were in conferen:ce at Lausanne, as being practical.` The land will not be turned over to `the Armenians to be held in absolute ownership, but will be retained `by the Russian state as `part of the pol- icyof non-alienation of crown lands. It is promised, however, that the ote"rms of settlement will be generous. -----..-I-- v. > you. -p-u---y Africa, and his government have scored another Parliamentary tri umph. .By.a .vote of '71 to 57 the House has rejected a want of confidenceeresolution moved by Gen- eral I-Iertzog, theleader of the Na- tiohalist-par1;y and an irreconcilable Boer. There 'were many dramatic lincidents in the debate in which a new book on the life of Dr. Jameson, the famous leader of the Jameson -Raid of . pre-Boer War" days, played. a part. Hertzog attempted to prove`. with the aid of this book, that the late` General Botha was a traitor tn the Boer cause, and .that General Smuts, as -one of his chief lieuten- -ants,"was a party to` that betrayal " General -Jan Smuts has had many trying periods in hispolitical career as Premier-, to carry on the _~;overn-- ment of a country which includ-s ,many of the oeonle whom they both iled against British .forces in davs gone by. That he has succeeded in 1 1 fine` elements which seemed to be o`: General Smuts, `Premier of `South since he succeeded General Botha- getting so far in `his task of reconcil- gthe hIg`hway of perpetual division , `is a tribute to his caoabilities-and iacumeu. Hertzog and his followers. who are in the main upholders of a nolicv of separation from the British uEmpire._ha9e not done themselves. much good by T their -alliance with. .the radicalza elements of the Labor `party which were responsible for lthe Bolshevist unrising in Johannes- [buz-}: a comparatively short time ago. ;South Africa needs to walk circum- sperrtly in these days of unrest and `upheaval. It is a good sign that ;there are -signs of recovering` in trade generally, and in gold and diamond ..mining in particular. ` :Trium`phof Gen. Still!!! ____I (I____ Ydnks Superaensitive 0 0 A` 71,,-1 1 an Thd Rulfr . Situation osrn` oner. aeems A Armenins . rho were_ __ 1.---.. Rising Sterling Uclug placl we 0 i1 ; I`! tte n of{i\n A? than -e new m ansonute will 2 tion the .4. -...lI`I L- _...........-.. G 13 I03 UCl' I :en:ce :81. ' The er absolute an... .3...) LIICIU lb UVC1_y Wlll Ull DIIC Pall: UL Britain to give France all the latitude I she wants now that she has definitely : committed herself to a further inva-E sion. But at the same time it is not: probable` that Britain will hesitate` to continue to sell coal and minerals to Germany, so long` as'the latter can": pay for them, regardless of any ideas France may have on the mat-g ter. ' ' . . , of control on one side or the other. Britain s position continues to be del- icate and trying. Her troops are still on the Rhine, and Bonar Law has again refused to call. Parliament before the middle of this month- at the demand of the Labor party- in order to"discuss the situation. `The cabinet, of`course, has had it `up, for conference several times. There is every wish on the part of Rrifsrin +n oivn Wvanna all Han "Int-,i+'11rln A Dominion Parliament It is not expected that sensational legislation will be produced during the session of the Canadian` Parlia- ment, now in progress. The neces- sary steps for the amalgamation of Fir/)Il'e'g'a' 32