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¥ PAGE I'WELVE THE OSHAWA DAILY TIMES, THURSDAY, DECEMBER 6, 1928 Record Trade Reviewed at Annu of the Bank of Mont: Pays Warm Tribute to | "111th annual general mee Ee an of the peng Sontreal was marked by a number of important developments, Sir Charles Gordon, the President, was in the chair and submitted his first address to shareholders. At the outset Sir Charles referred to the heartfelt regret at the absence through illness of Sir Vincent Meredith, Chairman of the Board, Dealing with the prosperity being enjoyed by Canada, Sir Charles drew attention to the tremendous develop- ment that is occurring in many basic industries. In addition, the foreign trade of the Dominion had during the past year, for the first time, been larger in value than that of 1921, when prices were at the peak ,and in quantity far exceeded any previous year, Sir Charles took occasion to cor- rect the somewhat widespread idea that Canadian banks have trans- ferred large amounts of money to New York for employment in call joans. That opinion was entirely erroneous. The policy of the Bank of Montreal and, he believed, it also applied to all Canadian banks, had long been to garry in New York a substantial plajastion of ready re- serves or quick assets. No funds, however, were ever transferred to New York or Logpdon to be loaned on call until every legitimate need of the Dominion had been carefully examined and if at all possible com- plied with. ; Continued Improvement in Business Referrinig to many of the oustand- ing developments of the year, Sir Charles said: + "The statemen rations shows that we rticipated in the general prosper- , Our funds have found full em- ployment, in particular during the past eight months ,due to the con- tinued improvement in trade and in- dustry, to the reaping of another bountiful harvest in the prairie pro- t of the year's ope- have fully Pros ity Meeti i and Jor ql money in latter point I shall have a few more words to say presently "While agricultural commercial, and ifidustrial activities have been carried on during the year in great- er volume than ever before, it can- not be said that the banks have felt any great strain from these sources. Here, as in the United States, many companies have carried over from the war period large reserve profits which now serve as working capital, and others have issued securities which, being absorbed by the pub- lic, have left them independent of the banks, "An even more important factor, perhaps, is that the turnover in wholesale and retail business is now much more rapid and that therefore the banks are not called upon to finance such relatively large stocks as formerly. This change was in augurated under pressure of neces. sity following the post-war depres- sion, but the principal reason for its continuance is the extraordinary im- provement in transportation facili ties, permitting of a more rapid re- plenishment of stocks, While au- tomobile traffic has had its part in this change, I think the public hard- ly realizes how much of it is due to the increased efficiency of our rail- ways. Widening Basis of Production "Reviewing the business situation in Canada, one cannot but remark how rapidly the basic sources of our uid fh wealth are widening, The concurrence of a wide variety of raw material with water powers on a truly gigantic scale gives Canada extraordinary opportunities for all- round development, and the fact that these opportunities are now being realized in resulting in the establish- ment of primary enterprises involv- ing large investments of capital and contributing in marked degree to the activity." 0 sal that We country as-a whole enjoyed more perity than In Western Canada in these provinces a summer para- e, In concluding he said that in a time of prosperity there was but one danger--over-optimism. We had suffered from its effects in the past. 1f we keep our optimism and ambi- tion within prudent bounds, our feet firmly on solid gsound, remembering that national wealth can only created by production, there need be no fear for the future of Canada. Because we are travelling quickly there is all the more need for tra- velling carefully, Tourist Trade of High Importance "The tourist trade," said Sir Fred- erick, "has risen so fast from the comparative unimportance of a few years ago that according to Govern- ment statistics tourists from abroa spent over $275,000,000 in Canada in 1927. As every province reports an even larger number of tourists this year, the spending also has no doubt been greater during 1928. "Compare this tourist trade of $275,000,000 with some other sources of the country's revenue. Thus, the value of Canada's wheat exports in 1927 was $348,000,000; of our mineral production, $245,000,000; of the out- ut of our pulp and paper mills, $20,000,000. Fvidently the tourist trade has become a Canadian busi- ness interest of high importance." A Prosperous Year For Canada "Canada as a whole has enjoyed more prosperity than ever before, At the commencement of 1928 a succes- sion of good harvests had already placed the country on a prosperous footing, and the position has been further improved this year by good average yields of the staple crops in all the older provinces, while the Prairie Provinces have far surpassed their previous records. In industrial activity an extraordinary enlargement A dedoodrloloded A Sale Extraordinary! Smartly Styled Wool Dresses For Women and Misses Only 100 Dresses on Sale Friday and has shown itself in comstruction works, many being of a most im- pressive character. These include the further exploitation of those of momey into gemeral circulation; they have increased the demands upon many of our industries, and 'have created the highest scale of great - pat ts, water po S\ minerals, and forests. Also, 'Wwe have seen a further increase im revenue from t e tourist trade, now ranking high among Canada's business acti- il" in the two chief i Aavinces, Quebec ac been on an unpreced- cated sea, bs despite exceptions in a mploy since the War. Parti: culer! » industrial vities, "These factors have put large sums tion. few Jines owing to out competi~ LJ With $23 -- 2 L Pre-Sessional Financial State- ment of Ontario Shows a Gain of $60,000 Over Es- timated Surplus -- Liquor Control Board Gives Over Seven Millions -- Second Surplus in History of Fer guson Administration Toronto, Dec. 6.--Ontario has been able to close its hooks for the fiscal year 1928 with a surplus of $237,000. This second surplus in the his. tory of the Ferguson administra- be tion was announced last night by Hon, J. D, Monteith as the feature of his annual pre-sessional finan- cial statement and it has, he states, been attained notwithstanding an increased expenditure, made neces- sary by the ever-expanding activi- ties and responsibilities of all Gov- ernment departments, Though somewhat lower than its predecessor of 1927, the surplus is higher by $60,000 than the esti: mate in the Provincial Treasurer's budget for the year, Total ordinary expenditures for the year have been $58,192,000, or an increase over 1927 of $2,240.- 348, while ordinary revenues stand at $68,455,000, an increase of $2,- 118,000. Capital expenditures for the year have increased $2,862,320, while revenues are higher $242,883. Additional Burdens Carried While the good showing which the Province has been able to make for 1927 has been aided con- siderably by revenues from the Liquor Control Board of $7,225.~ 000, there has been a drop of more than $5,000,000 in the revenues from succession duties, bringing the total of $4,500,000 for the year below the estimated revenue from this source, The Province has also carried, for the first time, a load of $350.- 000 in the Department of Agricul- ture, which had previously heen taken care of by the Federal Gov- ernmnet grant, discontinued 1n 1927, The services covered hy the grant, which include agricultural representatives and marketing ser- vices, have been continued, as an- nounced by Premier Ferguson, at the expense of the Provincial treasury, Decreases In four departments of the Government, revenues were less than in 1927, the most noticeable decrease heing that of ,4,944,000 in the" Treasury Department, oc- casioned chiefly by the uncontroll- able drop in succession duties for the year, Revenues from race tracks also showed a decline of $290,000 There was a marked increase in revenues from corporation tax, while the sale of liquor permits brought in $393,000 more than the six months period of 1927, A de- crease of $104,000 was seen in the revenues from the Department of Kducation, $6,000 in the Depart- ment of Health and $290,000 in the Department of Agriculture, On the other side of iae picture by Province Close Year 7,000 Surplus the ratepayers of Oatario a fiman- cial statement for the fiscal year 1928 embodying results of the year's operations that will, it is thought commend themselves fav- orably to public enquiry." The fiscal year 1927 showed a surplus o 353,90 4~the first fav- ora ce for many years, This has been followed in 1928 by another balanced budget with a surplus of $237,000, somewhat in excess of the forecast, which was $177,000, The above showing pre- vails after taking care of the dis- 'count on bonds, and satisfying the requirements of the @ebt retirement plan, under which $3,007,000 has been paid off the debt in 1928. The ordinary revenue was $58, 455,000, andeordinary expenditure $58,192,000. In both instances our expectations have been exceeded. SOLINA Solina, Dec. 3.--Mr. and Mrs. Silas Williams, of Hampton, Mr. Arthur Baker, Sask, Mr. and Mrs. Fred Gobel and Raymond, of Waterford, at Thos. Baker's, Mr, and Mrs. C. H. Blanchard and Mr, and Mrs, J. T. Rundle at Mr. Levi 'Ellin's and Mr. Herman Pascoe, of Columbus. Mrs, Oliver Beckitt, Marshall Grove, Sask, at WW. N. Pascoe's. Mr. and Mrs. George Edmonstone and Gerald, Oshawa, and Mr. Ern- est McWilliams, Toronto, at E, J. Black's. ; Mr, Walter Cryderman Cowling's, of Hampton, Mr. and Mrs. Reg. Comerville and family, Cherrywood, with their moth- er, The Division will be held at the Hall on Thursday with a good pro- gram, Mr, and Mrs. J. T. Rundle at Mr. Frank Crossman's, Kedron, Mr, and Mrs. Latimer, of Toronto, Mr. and Mrs. Powell, of Oshawa, at Mr. Norval Wotten's, Mr. and Mrs, Chas, Werry and Miss Nora Werry, Oshawa, and Mr, and Mrs, Clarence Werry and Wil- liam and Robert, Kedron, at A. L. Pascoe's, Congratulations to Mr. and Mrs W. L. Miller on the arrival of a son and heir, Messrs C. Blanchard and Arthur, and Thos. Baker, Sidney Wright, Walter Vice and Russell spent Wed- nesday at the Royal Fair, Toronto. at Mr, D relief, ON'T suffer with indigestion, Call your Doctor at once if serious. Then let us compound the prescription. Our quick service will bring quicker possible THE DRUGGIST FOR SERVICE PHONE 378. NEXT THE POST OFFI) The Jolina C.GLT. met on Sat- urday, Dec. 1, at the home of Miss Mac Westlake. They opened the meeting by singing hymn "I Am Thine Oh Lord." Roll call was ans- wered by giving the name of each girl's favorite actress. They decided to have a Chgistmas tree on Dec. 21, Meeting closed by singing Taps. Refreshments were served and a good time enjoyed by all. Number present, 12, Messrs Herbert and Harold Jewell, Bowmanville, and Mr. Andy Moffatt, Oshawa, at Mr. C, H. Scott's. Mr, C. H. Scott has returned from a successful deer hunt, : Several are threshing clover and alfalfa. The yield is on the light side. Heavy frosts and much rain tended to the reduction. Several are making a desperate ef- fort to complete their plowing be tween frosts, They are at it again now. M r. J. Baker is in the Lindsay dis- trict inspecting Shorthorns for the Victoria County annual sale. He sold a choice young herd header to Mr. Wright, Jr, of Blackstock. Live stock in this district are sit- ing in at a regular banquet this win ter, the result of a whale of a root crop, silos full and an abundance of hay and straw. Mr, Baker's wood sale was a huge success despite the weather, averag- ing nearly $170. an acre, Epworth League at Eldad was held on Monday night with C, S. Short- ridge in the chair. The meeting was opened by the singing of a hymn, followed by prayer by Rev. Mr. Bick. Mrs. A. J, Balson then took charge of the meeting. A hymn was sung, and the Scripture lesson read by Jessie Yellowless. Devotional was taken by Mrs. R. J. McKessock, The meeting was closed by singing a hymn, followed by prayer by Allan McKessock. Vocal solo, Mrs, Smale, "How Do I Know." Topic was taken by Mrs. E. R. Taylor on "Problems that Perplex." She divided this topic able Amusements," "Sickness and Af- flictions," "Friendship," "Broken Friendship," "Temptations" This topic was well worth. hearing and much good can be taken from same. Piano solo by George Werry., Read- ing by C. S, Shortridge, played to the limit. Vocal duet by Allan Me- Kessock and A. J. Balson. Hymn and Mizpah benediction, Miss Edith Pascoe and Mr. La- verne Clemens, Hampton, with Miss Evelyn Tink on Sunday. Mr, and Mrs, Herbert Tink, Mas- ter Bruce and Mr, and Mrs. Clar- ence Tink and Kathleen at Mr. Ern- est Wilbers, Columbus, ROYAL FUSILIERS HOLD ANNUAL DINNER (By Canadian Press) London, Eng, Dec. 6.--The uns veiling at Quebec last July of the memorial to the men of the 7th Roy» al Fusiliers who fell 'while taking a pant in the defence of Quebec, 1773 6, was referred to at the annual re- union dinner of the Royal Fusiliers Association here recently. Receipt of greetings irom the allied sister regi- ment, the Canadian Fusiliers (City of London regiment) of London, Ont, was another feature of the occas sion, under five heads, namely "Questions Lynn Valley SPECIAL Canned Goods Maple Leaf Peas ros Lym Vally Tomatoes Community Stores A. L. Haverson J, McCauley W. J, Powell E, Powers J, Samnut W. H, Scilley EE The Subtle Charm of a These decorated Toilet "our Rexall Store A Paradise FOR GIFT SHOPPERS! Your highest expectations will be realized when you shop at your Rexall Drug Store, for they have hundreds of appealing suggestions for every member in the family, Whether it be today, tomorrow or the last hurried hour before the stockings are hung ~buy your Christmas Gifts at your Rexall Store, Everybody enjoys using good a RS An ever-useful gift for the whole 4 family is » STATIONERY So choose » box from our immense stock y Lawn ...... Baltimore ,..,... ine . IEEE ETT EERE) " PEARLTONE" would enhance the beauty of any Dressing Table Nail File .....oo0r00000,, 81,00 however, additional revenues ameunting to $1,288,000 are shown in the Department of High- ways, including an increase of $674,000 in revenues collected from gasoline tax due to a jump of 24% per cent, in the volume of tourist traffic during the year, A marked boom in the staking of mining claims throughout the province which, it is stated, is Jike- ly to!continue in the coming year has led to a substantial increase of revenues, Eight departments of the Gov- ernment have shown increased ex- penditures amounting to approxi- mately $3,000,000, while to offset this a saving of about $1,800,000 has been made in the remaining seven departments, : The largest increase in expendi- ture has been due to the increasing needs of hospitals and institutions under the care of the Provincial Secretary, This amounts to $877, 000, The Department of Educa. tion expenditures have increased $638,000, Northern Development, $263,000; Public Works, $46,000; Highways, $383,000; Health, $55, 000; Labor, $188,000; Agric ture, $156,000, Departments show- ing a decreased expenditure, are: Prime Minister, $94,000; Attorney- General, $346,000; Legislation, $10,000; Lands and Forests, $33, 000; Mines, $8,000, and interest, $70,000, "Shari" is constantly win- ning for it new friends, This toil. et sensation is available in dos ens of set com- binations for gift purposes, pe rr fume, toilet wa- ter, face powder, compact, rouge, creams, lipstick, and bath powder $1.98 ~--here is wonderful value offered just when every woman feels the need for new wool frocks to wear throughout the winter months, Saturday Kodak Whether for travelling, for home or professional use we can fill the requirements Vest Pocket Model ,.,.$5.00 1A Folding Kodak $12.25 Vanity Kodaks in five colors {4 $1.50 1.00 4.50 Sym The fabrics comprise imported All-wool Flannels, Eng- lish Crepes, All-wool Armure Crepes, etc., developed in various pleasing styles and featuring deft trimming touches, Correspondence Cards eet RRRREE PRs pgp PERRRRRRESS Cine Kodaks ..$80 to $350 Drug Economies for Thur, Fri. and Sat. Two Specials for oe Men "aim "oe iene. Sharing Cream for BOc Valet Auto Buon Razor FREE with 10 AS. Blades $1.00 The colors are as smart as the styles and fabrics, includ- ing Navy, Rosewood, New Green, Queen Blue, New Rust, Cocoa Brown, also Black, Women's Sizes 34, 36, 38, 40, 42, 44 in the lot, Misses' Sizes 14, 16, 18, 20, . EARLY SHOPPING 18 cow ADVISED FOR BEST CHOICE he Rikers Cocoanut 0c Rikers Milk of Magnesia 36¢c In Red and Gold Gift Boxes $3.50 up Give your friends a Picture of Yourself Shots avd Megrlive of roves 5x7 enlargment -,,.0s0. 008 35 Nixie enlargement ,....... 100 One of the many mi! in the Sale See Our Big Christmas Display Toys and Gifts in abundance, all at temptingly low prices, invite your selections NOW at Simpson's, Come ~Visit our attractive Display. Oshawa Phone 2000 8.30 a.m, to 5.30 pm. Ret Simpson Em 41-43 SIMCOE STREET NORTH : OSHAWA Gratifying to Government t : "It is gratifying indeed to the Government," Hon. Dr. Monteifh asserts, "to be able to present to Wash Cloths 50c "Floral" Boxed Stationery Under the debt retirement plan inaugurated by the Ferguson Goy- ernment in 1925, the province paid out of ordinary revenues for the year $1,764,050, which, with the amount paid by the Hydro Com- mission of $1,417,629, makes a total for the year of $3,171,679, The statement shows that since | 1925 the debt has been retired in | this manner by $17,302,427. Debt | charges for 1928 show an increase {of $416,000 for 1928, the total in- 1 terest cbarges paid this year being 18,091,000 as compared with $17,675,000 last year, The increase in debt charges estimated for the Bowmanville Phone 524 35c Chase's and Liver Pills ' Two Service Stores Free Delivery To All Parts