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tional problems -- Em Ao recovery. 4 The Sixty-fourth Annual Meeting »f the Royal Bank of Canada markea the close of a very successful year. The Statement submitted showed the Bank to be in a very strong liquid position. Of the Total Assets of $765,61£,920 the Liquic Assets amounted to as much as $355,929,915, and were equal to 52.86% of al. Lia- bilities to the Public. An outstand- ing feature of the Liquid Assets, was the large holding of cash assets, wlich reached a total of One Hund- red and Sixty-Four Millions. The Annual Meeting brought to- gether a large number of sharehold- ers, and was marked by intercsting and instructive addresses by Sir Herbert Holt, the President and Mor- ris W. Wilson, Vice-President and Jdeneral Manager. Vigorous comment and suggestions as regards several of the outstanding domestic proble:is of Canada, and wn able summary of the world eco- nomic situatom and the prospects ahead; a strong plea for the amalga- mation of the two Canadiar rail- roads as the only manner in which the zrave Canadian railway situa- tion can be solved; intervention by the provincial governments to con- serve Canadia 1 natural resources, and to prevent the collapse of the vitally important newsprint industry, if the present strong efforts being made to secure co-operation are not success- Tul, and a condemnation of excessive governmental expenditure, featurel the address of the president. Sir Herbert said in part: "The power of the resistance which this country has shown during the third year of the depression is cause for congratulation. With no financial assistance from other countries other than a small amount of re-firancing, which was arranged on a strictly business basis, with currency depre- ciation in terms of gold limited to a very moderate percentage, and with none of the restrictions on foreign sxchange or international 'trade which have been found inevitable in $0 many cases, Canada has lived up tc the letter of her contracts and reintained her credit unimpaired. In doing so she has followed the tradi- tion of the British Empire a. a whole. It is no exaggeration to say that the stability and soundness of the Em- pire's banking institutions have play- ed an important part in the. creation of this good record. RAILWAY PROBLEM. In referring to the report of the Royal Commission on Transpovta- tion, Sir Herbert expressed the syin- fon that co-operation between tha two railroad systems to effect rvaiual economies will not prove drastic enough to cut down in any adequate degree the annual deficits of the gov- ernment railways, and expressed the conviction that the solution lay in complete amalgamation. He felt fears of a monopoly were groundless and that under proper safeguards unification would result in a co-or- dinated transportation system ade- quate to the needs of the country and conducted at a minimum of ex- nse. GOVERNMENT EXPENSES. "For many years, Governmental expenditure has been on an excessive scale. Extravagance has character- ized the budgets of national, provin- eial and municipal governments. Taroughout the country there is a general demand that budgets be bal- anced and every effort made to light- en the heavy burden imposed upon the people by reducing the unduly heavy taxation. "There is a noteworthy duplica- kon of Government in Canada which leads to excessive cost of administra- tion, We must seriously consider whether this country can afford to maintain as many as nine Provincial Governments, together with the, Fed- ral Government, each with an elec- The whole popu- n of Great Britain Is governed a Parliament which finds to ] Egisiate not only for all in- also for those err the Empire as a whole. 1g 1 Conference a, Sir 'Herbert said that the attained were aph for Mr. Bennett and hie - ASSETS 1 164 €4 MILLION DOLLARS "Canada has maintained her credit unimpaired" Sir Herbert Holt deals vigorously with Ra Railway 'and other na- omy ~-- Imperial Conference -- ro Business Condi- My International Outlook. 2 i. . Wilson reports on satisfactory year's operations-- He. x Br a -- Measures needed for business Government Econ- wa SYNOPSIS, In "concluding. Sir Herbert sald that Canada was fully capeble of meeting any further tests whicn might be imposed, but felt that pres- ent indications pointed to the initia- tion of a recovery in 1933 if a rea- sonable degree of international com- mon sense and co-operation could be recured. GEN. MANAGER'S ADDRESS. Mr. M. W. Wilson,. Vice-President anu General Manager, in referring the position of the bank, said that an outstanding feature of th: Statement was that cash and cash balances to- tulled $164,630,000, or over 24% i public liabilities, total liquid assets being equal to over 52.86% of public liabilities. He mentioned the notable improvement in the marke! for gov- ernment bonds which took place dur- ing the year, and said: "Canada again proved its capacity to provide the funds required by our public bod- ies. During the year the average yield on Dominion Government long- term bonds declined from 5.20% to about 4.83%. This represents a dis- tinct and very satisfactory improve- ment which in due coarse should be carried farther as additional capital seeks investment in gilt-edged secur- ities." Pointing out that the banking sys- tem of Canada adequately serves the needs of the country, he said that a Central Bank could perform few ser- vies not available under the present system, and would not in any sense do away with the necessity of re- quiring adequate security for bank- ing accommodation, nor permit banks to undertake long-term transactions instead of short-term advances for reproductive purposes. Recognizing that the question of central banking is not one to be disposed of summar- ily, he said: "I should hope that if Parliament is called upon to deal with the matter, the Government will first have the project examined thor- oughly by a body of experts, includ- ing several from older co.ntries who have had experience in the practical working of a central bank. I gon- fess to a reluctance to tinker with our financial machinery 'n a time like this," PRICE RESTORATION. "On previous occasions we have stiessed the importance of restoring the world price structire to approxi- mately 1924-28 levels. I remarked last year that such action was essen- tial if the present deflation is to be liquidated in gn orderly manner, sointing out that deflation had been ~wrried to extremes and that anti- dedstion measures were urgently re- sare. Unfortunately, price levels comtizaed to fall until the end of June, 2ad the rise which commenced at that time has since been cancelled, The decline for the year, as indicated by the United States Bureau of La- bor Index will be, apparently, about 7 per cent., which compares with 13 per cent. in 1931 and 17 per cent, in 1930. The best that can be said is that the rate of fall was appreciably less than in previous years. "The vital necessity for increasing prices is now commonly recognized, but the difficulty of countering de- flation increases as the depression continues. We must hope that the ferthcoming World Economic Con- ference will point the war to con- structive action in this respect. "There is little inclination to in- drige in prophecy as to the future. As Sir Herbert, stated, there are in- clinations of a gradual increase in etability throughout the world. This is particularly true in Eurcpe, where conditions were anything but favor- able a year ago. In the United States, the financial crisis ia apparently over, and a return of greater confidence is in evidence. Many peodlems of busi- ness readjustment remain to be met, both abroad and in Camada, but real progress toward recovery has been made, and the prospect of further im- pro t in the \g year is much more hopeful than it was a year ago. "I have full confidence in the char- acter of our people and of our insti- tutions, and without minimizing the importcnce of the problems that must be des with, I look to the fu- ture with asing optimism." rains hed already descended upon them. «a ----gll LITTLE THINGS It is largely the little things which | make a masterpiece of art; it is the little things which make men and omen truly Sae--Fdg r A en ; + 'Philo Vance, with a hobby for solving. mysteries, becomes interes ha 3 Greene murders when District . Markham and Sgt. Heath are | utter the fatal shaoting of Suiia Sheen wi the € wounding er younger sister Tobias ne gether wi Ohh five children, Julla, Chester, ibella, Rex and Ada (adopted), . Hive in the old Greene mansion. Police investi- gations reveal nothing; t ter is found shot dead in his joo: Again foot- steps are found to ih Ee Iam a a "has not Office am nforms 5 ex 0 told all he knows. Five minutes later word comes that he has been shot. Vance is convinced that the criminal is one of the family. The next near victim is Ada, poisoned by morphine. The fol- "Towing night Mrs. Greene dies of strych- nine poisoning. - Ti Mgt dh CHAPTER XXXIV.Z(Cont'd.) Vance became serious again. "Markham, we've been looking av the various occurrences in the Greene case as though they were the unrelat- ed objects of a photograph. We've in- spected each fact as it came up; but we have failed to analyze sufficiently its connection with all other other known facts. We've regarded this whole affair as though it were a ser- ies, or collection, of isolated integers. And we've missed the significance of everything because we haven't yet de- termined the shape of the basic pat- tern of which each of these incidents is but a part. Do you follow me?" "My dear fellow!" "Very well. Now, it goes without saying that there is a design at the buttom of this whole amazin' business. Nothing has happened haphazardly. There has been premeditation behind each act--a subtly and carefully con- cocted composition, as it were. And everything has emanated from that central shape. Everything has been fashioned by a fundamental structural idea. "Thecefore, nothiag impcrtant that has occurred since the first double shooting has been unrelated to the predetermined pattern of the erima, All the aspects and events of the case, taken together, form a unity--a co- ordinated, interactive whole. In short, the Greene case is a painting, not a photograph. And when we have stu- died it dn that light--when we have determined the inter-relationship of all the external factors, and have traced the visual forms to their gen- erating lines--then, Markham we will know the composition of the picture; we will see the design on which the perverted painter document'ry material. And once we have discovered the underlying shape of this hideous picture's pattern, we'll know its creator." "I see your point," said Markham slowly. "But how does it help us?" "We know all the external facts, and they certainly don't fit into any intelligible conception of a unified whole." "Not yet, perhaps," agreed Vance. "But that's because we haven't gone about it systematically. We've done too much investigating and too little thinking. We've been sidetracked by what the modern painters eall docu- mentation--that is, by the objective appeal to the picture's recognizamls parts. We haven't sought for the ab- stract content. We've overlooked the 'significant form'--a loose phrase; but blame Clive Bell for it," "And 'how would you suggest that we set about determining the compo- sitional design of this bloody canvas? We might'dub the picture, by the way, 'Nepotism Gone Wrong." ~ By this facetious remark, he was, I knew, at- tempting to counteract the serious impression the other's disquisition had made on him; for, though he realized Vance would not have drawn his vol- uminous parallel without a definite hope of applying it successfully to the problem in hand, he was chary of in- dulging any expectations lest they re- sult in further disappointments. In answer to Markham's question Vance drew out the sheaf of papers he had brought with him. "Last night," he explained, "I set down briefly and chronologically all the outstanding facts of the Greene case--that is, I noted each important external factor of the ghastly picture we've been contemplating for' the last few weeks. But I think I have tabu- lated a sufficient number of items to serve as a working basis." He held out the papers to Markham: "The truth lies somewhere in 'that list, If we could put the facts to- gether--relate them to one another with theil go correct values--we'd know who was at the bottom of this orgy of crime; for, once we determined the pattern, each of the items would take on a vital significance, and we could read o clearly the , Message they had to Markham took the summary a moving: his chair nearer to the lig Tend through 1 withyut 2 word, from the Sitrance 0 M . has erected his ) | to the category of unsolved crimes. 'tion of it: 2 General Facts, ; 1, An atmosphere of mutual k fet vates gi Greene mansion, 2. Mrs, is a plaining pa hein. Cin sig able for the whole iL 8. There are five daughters, two sons, and one adopted daughter--who have nothing in com- mon; and live in a state of constant 1 hatred. {antagonism and bitterness toward one another, 4. Though Mrs, Manheim, 'the cook, was acquainted with Tobias Gueene years ago and was remembered of the facts in her past. 6. The will of Tobias Greene stipu- lated that the family must live in the Greene mansion for twenty-five years on pain of disinheritance, with the one exception that, if Ada should marry, she could establish a residence elsewhere, as she was not of the Greene blood, By the will Mrs. Greene has the handling and disposition of the money, 6. Mrs. Greene's will makes the five children equal beneficiaries. In event of death of any of them the survivors share alike; and: if all should die the estate goes to their families, if any. 7. The sleeping rooms of the Greenes are arranged thus: Julia's and Rex's face each other at the front of the house; Chester's and Ada's face each other in the centre of the house, and Sibella's and Mrs. Greene's face each other at the rear. No two rooms intercommunicate, with the exception of Ada's and Mrs. Greene's; and these two rooms also give on the same bal- euny. 8. The library of Tobia's Greene, which Mrs: Greene believes she had kept locked for twelve years, contains a remarkably complete collection of books on criminology and allied sub- jects. 9. Tobias Greenc's past was some- what mysterious, and there wore many rumors concernirg shady transactions carried on by him in foreign lands. First Crime. 10. Julia is killed by a contact shot, fired from the front, at 11.30 p.m. 11. Ada is shot from behind, also by a contact shot. She recovers. 12, Julia is found in bed, with a look of horror and amazement on her face. 13. Ada is found on the floor before the dressing table. 14. The lights have been turned on in both rooms. 15. More than three minutes elapse between the two shots, 16. Von Blon, summoned immedi- ately, arrives within half an hour. 17. A set of footsteps, other than Von Blon's, leaving and approaching the house, is found; but the character o" the snow renders them indecipher- able. 18. The traces have been made dur- ing the half hour preceding the crime. 19, Both shootings are done with a .32 revolver, 20. Chester reports that an old 32 revolver of his is missing, 21, Chester is not satisfied with the rolice theory of a burglar, and insists that the District Attorney': office in- vestigate the case. 22. Mrs. Greene is aroused by the shot fired in Ada's room and hears Ada fall, But she hears no footsteps or sound of a door closing. 23. Sproot is halfway down the servants' stairs when the second shot is fired, yet he encounters ne one in the hall. Nor does he hear any noise. 24. Rex, in the room next to Ada's, says he heard no shot. 25. Rex intimates that Chester knows more about the tragedy than he admits, 26. There is some secret "between Chester and Sibella. 27. Sibella, like Chester, repudiates the burglar theory, but refuses to sug- gest an alternative, and says frankly may be guilty, 28. Ada says she was awakened by a menacing presence in her room, which was in darkness; that she at- tempted to run from the intruder, but was pursued by shuffling footsteps. 29. Ada says a hand touched her when she first arose from bed, but tify the hand, ¥) a doubtless have. been relegated | Herewith is a verbatim reproduc-| children--two |' in his will, she refuses to reveal any |; that any member of the Greene family fas to male suy attempt to Sden. Ads to say| (To be continued.) -- ie. : Lords of the Wilderness So the red Indian; by Ontario's side, Nursed hardy -on the brindled "pan. ther's hide, Who, like the bear, delights his woods to roam, And on the maple finds at eve a home, As fades his swarthy race, with an- guish sees The white man's cottage rise beneath his trees, While o'er his vast and undivided lawn The hedgerow and the bounding trench arp drawn, From their dark beds his aged forests "torn, While round him lose long "fields of reed-like corn;-- He leaves the murmur of Ohio's flood, And forward rushing, in indignant grief, Where never foot has trod the falling leaf, He bends his course, where twilight reigns, sublime, O'er forests, silent since the birth of time; Where roll on spiral folds, immense and dun, The ancient snakes, the favourites of the sun, Or in the lonely vales, serene, repose; While the clear carbuncle its lustre throws, From each broad brow, star of a bale- ful sky They scorn to yield their ancient sway to man. --From "Scenes of Infancy," by John Leyden. (1803). ----r-- He Got It "Uncle," said the penniless young man to his rich relation, "I want your advice." "Well, what Is it?" agked the old fel: low, realizing just what was coming, "What is the best way to approach you fo: a little money?" asked the youth, in a burst of confidence. Uncle looked very thoughtful, "Well," he replied after a while, "if you were sensitive, I'd advise you to make your request by telephone and ring off before you received the ans wer," ee A} ee. Czechoslovakia's financial tion is improving, situa: "while walking by himself ¢ on a | country roadside, he suddenly came upon & clump of these shrubs. In| their native state they attain a height of several feet, which removes them from the plant class and places them in the shrubs. The dozen of flaming star-shaped flowers were much more gorgeous than the flowers he was ac: customed to seeing. Just how Dr. Poinsett sent the first poinsettia into the United States is not generally known. It was several years ago Mr. Graham, a botanist, named the plant after the man who discovered it--Poinsettia 'pulcherima, most beautiful, In Mexico the poinsettia blosoms Ye | fore Easter, and the natives call it "Flame Flower" and give it the place of honor in their Easter festivities. In England it is commonly known as the "Lobster Flower," T------ Fri nd My fields are not too rich in grain, My orchard trees are lean and few; But, friend of mine, come once again; Ever thelr yield belongs to you! The rooms within my house are small, Their furnishings are not the best; But, friend of mine; my home and all It holds is yours--come you and resi! ~--Bert Cooksléy Times. ee et ee Doctor--"Name?" Patient--"Brown, sir--Mrs. Brown." "With an 'e'?" #No, sir; widow!" in the New York 3 hood. a" 8, thstand strain in order to achieve their objects, * "In all probability you have health now," he told his audience. "But, are you going to keep it? If so, what should you do to keep it? The best answer to these questions is to urge upon you the necessity of developiag health habits, which will he a part of your every-day life." Good health suggestions made by Mr. Barbour include the following: A thorough medical examination' once a year; a brisk morning workout after rising; & wholesome form of recrea- tion under the supervision of a spo clalist in physical education. Many sports were recommended by him as being of great value, under supervision for the average business man. During the winter it is possible to have indoor exercise through gym- nasium classes, volley ball, Squash, paddle tennis, swimming and a limite amount of badminton. In the out-of-doors, golf swimming, walking, fishing, skating, volley ball and a limited amount of tennis are useful, In addition, he suggested, diets pre- scribed' for the individual by physi cians should be adhered to; fond should be properly chewed and not taken in excess or eaten at other times than at specific meal times. The eyes, ears, nose and teeth should be kept in good condition, and particular care should be given the feet and their health. "Don't fit your feet to your shoes," he concluded, -- ioe Earth Core . Sod, at Claims Los Angeles,--Concepts of the earth which charge that it has a molten interior are discredited by Prof, W. J. Miller, University of California geologist, who says instead that the center of the earth is probably "a solid as rigid as steel" Pressure and heat at great depths are so intense, however, Professor Miller pointed out in the annual faculty research lecture recently, . that whenever a break or movement in the earth's crust occurs, the in- 'ner rock promptly melts and flows toward the surface, forming lava flows, dikes and batholiths at weak spots, ; "At a depth of 40 miles the tem: perature of the earth is probably na less than 2850 degrees F., with a pres- sure of 250,000 pounds to the square inch," he continued. While a tem: perature of that order at the sur face is high enough to melt practi cally all rocks, the tuslon' of mate rial is prevented at depths greatel than 40 miles, the geologist belieyes. ei r------ Britain's Excellent Work - As Mandate in Irag A British administration of the Iraq mandate, which has culminated i: the latter's admittance to mem: suip in the League of Nations as an dent nation, is ised by Wal: inde Murray, chief of the Division of Near Eastern Affair: of the State Department in the United States Mr, Murray says that "the British performance during the last 12 years in preparing Iraq for independent statehood reveals .the truly remark: able administrdtive genius of the | British people." It would have seem- {ed the rashest folly, he asserts, "to '| predict in 1920 that in 1932 1Irag would be ready for independent state- ~ He adds: "Great Britain' 4 1 enhanced by her trda"--Toronto Mail and Emp!