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PAGE EIGHT { THE ONTARIO REFORMER; SATURDAY; DEC. 16, 1922 SE ---- SOCIAL and PERSONAL The Reformer luviies tne ~0-opersa tion of {1s readers In contributing ftemns to this column, Send us & posteard or 'phone 85, '~Mr. Ross McKinnon, Sales Maa- ager of Chevrolet branch of Gener: Motors, is confined to his house through illness, but expects to be out in a few days. Bank of 1 Montreal 105th Annual Meeting Sir Vincent Meredith President, Reviews Outstanding Developments | of Past Yeat----General Outlook in Canada Sir Frederick Williams-Taylor, General Manager, deals with Canada's Economic Position and Progress of Bank The annual medting of the Bank of Montreal was marked by especially interesting announcements by both Sir Vincent Meredith, Bart, the President, and Sir Frederick Willlams-Taylor, the General! Manager. Sir Vincent in his address referred particularly to the conditions that prevailed throughout the world. The President also made gpecial refer- ence to the revision of the Bank Act. and to the absorption of the Merchants Bank. in crowds of people pawnhbrokers, the state is doing the greatest volume of busi- ness in its history. PAWNBROKERS DO RUSHING BUSINESS Centres In Entire . One of Vienn Metropolis the most melancholy sights a today is to watch the who Dbeseige the The '"Dorotheum," pawnbroking institution, [ihe [ ign as these prices are they are to rise still higher. The chief buyers of gold and' pre | ious stones are foreigners, especial- y English, United States and Czechs. Next to diamonds and pearls, they ure most keen on buying emeralds, while gold chains, gold cases and especially watches of the finest Swiss AR are also in great de- Imand. With the dolla worth more {than 80,000 crowns, the pound ster- ine 375,000 crowns and the Czech crown more than 2,000 crowns, the gners can well afford to buy luxuries. New District Under Boards' | forel such and that it would then be Oshawa. : A motion was passed instructing the secretary to write to the proper | authorities and ascertain what they would he required to do when Cedar | Dale came under their jurisdiction. | instructed | to write Mr. Conant expressing their | The secretary was also appreciation of his thoughtfulness in the matter, ) Men's Club Choir Will Be Heard At Simcoe St. 'Sunday will be Men's Club Day in Simcoe Street Methodist Church, The Club will take charge of the a fh rt of | | awa shortly, has been teacher of the Mr. Althouse, who is leaving Osh- class since it was organized in 1924 and has been largely responsible for its ever-increasing activity steady growing \thouse will also speak at the Fird- sidé Hour at the close of the ev ing service, and membershin Mr Be a Secretary to, a business executive. An ideal position for a young woman. The Shaw Secretarial Course covers every needed subject -- Shorthand, Type- writing, Bookkeeping, Law, Bank- a Walter Booth, of Conseco, 8 friends in town, : , a Before beginning his annual address Sir Vincent also . George Johnson, Conseccn & CAL musical service in the evening when Personal instruction. spent last week-end at the home al Mr, and Mrs, G. Pettingill, --Mr, and Mrs, Beaverstock, of Well- ington, will spend Christmas in town at the home of their son, --Mr. and Mrs. R, Baldson, of Fai port, made a business trip to Osh- awa this week, --Mr., Ed, Purtelle is visiting with friends in Prince Edward County this week, --Mr, and Mrs. E, 8, Burley atten ded the funeral of Mrs. G. E, Burley, in Picton this week, ~-Mrs, Amelia Chase, of Consecon, is a visitor at the home of Mr, and Mrs, Garrat Pettingill, --Mpr, and Mrs, Ernest Stephenson spent last week-end with relatives in Claremont, who had served | for some year: «conomic/ position of Canada, Sir ment of the Bank, Features of President's Address Sir Vincent Meredith, Bart,, in his address to shareholders, said in part: "The banking year just closed has required constant vigilancé and I am glad to be in a position to inform you that, while our profits on the basis of capital employed have not been as large of those of the immediately preceding years, as was to be ex- pected with lessened activity in busi- ness generally, coupled with increas- ed taxation, we have been fortunate in escaping serious losses, and the liquid position and great strength of the Bank remain unimpaired, "Since your last annual meeting, the Merchants Bank has been ab- sorbed by the Bank of Montreal. To the incidents connected with this transaction it is not necessary to re- Iter, nor to the criticism it evoked, [further than to say that, in my judg- ment, the prompt action of your di- rectors, subsequently ratified by you, averted a situation that might other- wise have proved serious to the coun- try at large, and secured the share- holders of that institution from loss- 03 greater than were suffered. Bank Act Referring to the revision of Bank Act Sir Vincent said:-- 'The Bank Charters expire on] July 1st, 193,2 and unless the Gov- | The death occurred Thursday af- [ernment deem proper to extend them ternoon at the home of her daughter, | ¢,. another year, a revision of the | Mrs. C. F, Farwell, Harmony, of pani Act will occur at the approach- | Lurana Covey McGill, widow of Wit-| ng session oi Parliament. | liam McGill, of Port Perry. Deceas-| ,, Shi ed, who was 71 years of age, had | The subject is already engaging beei in poor health for several | Attention in the press and elsewhere | months, She came here to live with | >0me suggested changes are 80 | her daughter four years ago. I radical that alarm might well be | She | was born near Myrtle but for many | "aused but for the cenviction that | years resided in Port Perry, where] caution, the lessons of the past ana | ! 3 Parli | her husband was manager of thé old the sound sense of Parliamept will HATTIE KING A former old resident of Oshawa, Hattie King, passed away at her residence, 510 Euclid Avenue, Tor- onto, yesterday morning. Deceased was a native of Port Hope but for twenty years made her home in Osh- awa, Thirteen years ago sh2 mov- ed to Toronto where she has sisnce resided, Sho was the danghtor of the late William King who was al 80 a resident of this town for many years, She leaves three sisters, Mrs. McBrien, St, 'Louis, Mrs, Eaton, Halifax and one sister in Toronto, also two brothers, Henry King, King St. East, Oshawa and one in Cleve- land. The funeral will be hela to- morrow afternoon leaving Toronto by motor at one o'clock for Oshawa where interment will he mad. 4 |] the | | E ,.--._,"_o 6 li Brew a cup of Celery Ring "tea" of Nature'sown herbs 30 --the finest laxative and blood purifier you canget. JL gent- ly cleanses the system of all im- purities, banishes headaches, etc. 30c and 60c packages, at druggists. A Croupy Cough dread to the mother's heart. sake, keep a bottle - time remedy, / bri F yb de of Shiloh, the DODDS "KIDNEY "Z PILLS I" obvious to all who necessity took occasion to pay special tribute to the memory of the late R. B.Angus, ir over 30 years as a director of the Bank and who also Lad actad as General Manager. Sir Frederick Willlams-Taylor, the General Manager, dealt more par- ticularly with the affairs of the Bank but laid special emphasis on the Frederick also referred to the ex- change problem and reviewed the general features of the annual state- been effected with scarcely a rip.le on the surface of our affairs, "Speaking in general terms, the increase in our liabilities to our shareholders and depositors is bal- anced by a corresponding increase in our assets, while our liquid position remains as strong as ever and the status of the Bank is enhanced through the acquisition of many hranches, as well as in other ways, from all of which we snall presently derive the. benefit in increased earn- ing power, "It is trite, yet undeniable, to remark that in Canada, as elsewherc trade generally has not been good, Bankers, more distinctly than others perceive the detailed results of this condition, which in large measure i: brought home to them in losses and diminished profits, 'In the case of our own Bank, if losses are moderate as they have been, it must of neces- sity be the result of prudence in granting credits and of accurate per- ception of the inexorable working of economic laws. for there is little that can be ascribed to luck in such mat- ters, Economic Position Dealing with the Canadian econo- mic position Sir Frederick said "Canada's economic position is not satisfactory. How could it be satisfactody, with the whole financial world out of joint? As everyone is aware, our troubles are partly the trouble of this univer=al condition, partly the rebult of the war. 1t well, however, to bear in mind that our problems are largely of our own creation. 'Readjustment will come i® time, for this is a country of virility ana manifold resources; yet one thing stands out signally, in my opinion, namely, that Canada cannot go ahead again as she should while taxation and the cost of living ar higher in this country than they are in the United States or America "Canada is one of the best coun- tries to live in, to work in, to play in in point of stability, sccurity and comfort it is an earthly paradise as compared with Europe but we must not stand still, and in order to pro- gress the cost of living and taxaton must be diminished; otherwise we will fail to attract immigration; and improved conditions are largely de peudent upon inereased population '"As to ways and means, they are reflect, and the thereof is now being brought home to the heedless by that pitiless but unerring teacher, neces- sity." Exchange Situation Sir Frederick also dealt with exchange situation, az reflected foreign exchange, sayiug: "The past half-year has witnessed many fluctuations in Exchanges. The most important for us is the rapid decline in the of New York funds, which have fallen from the high point of 197 premium, in December, 19.0, to a slight discount at this date. cline would have been greater but the he United States of America. "We may congratulate m this state of affairs; yet we must our trade considerabie, in balance, is improvement although that large sums into Canada and by heavy borrowings in New York on the part of Federal and Provincial Goversn- ments, municipalities and industrial corporations, borrowings which have a plethora of funds in the New York market. "We cannot, therefore, look upon our present position as permanent, and we should prepare for the possi- ble return of the premium on New York fund." Sewvice and Value. Do your shopping early, and do it at Horwich's jewelry store. You for your money. (108a) by | the Foreign | value | The de- | The number of pawn tickets used | in one month recently numbered nearly 500,000, The total value of the articles pledged was about 16,- 000,000,000 crowns. The storerooms | ture and other large articles occupy- ing much space are accepted very reluctantly and often not at all. Borrowers begin to come early in the morning and must wait hours until their turn comes. The majori- | ty of them [are women bringing shéets, linen, clothing, clocks, car-| pets, pictures china, glass, cutlery, and sewing-machines. There are men, too, and quite often better-dressed persons of the middle class who have long lost the sense of shame at stand ing in the long line of needy hor- rowers, During the weary waiting the conversation is limited almost exclusively to two topics, namely the rise in prices and the worthlessness of the crown. : The average value of the ordinary pawned articles ahout 40,000 crowns and of jewels 150,000 crown Occasionally jewels of much greater value are brought to be pawned. A well-dressed man recently brought la quantity of jewels on which he asked a loan of 20,000,000 crowns "The official said he could only ad {vance 15,000,000 but the horrower lsaid this amount would be no good (He was a mamifacturer and had to (pay the wages of his men the next day. As he only required the money for a week, the official agreed to {give him the sum asked for. Such cases, though on a smaller scale, are {by no means infrequent, One unfortunate feature of the | present day that comparatively [few pledges redeemed Th {great majority of the goods are kept {for the legal term of a year, and they sold in the "Dorotheum'" auction rooms In peace times a consider able percentage of borrowers repaid their loans, but the number of these jnow is very small. Coneurrently with the increase in the pawnbroking business, prices of (gold, silver, and jewels are reaching unheard of prices. The demand i | enormous and prices ris as fast the value of the Austrian crown falls. The rage for stock exchang speculation. was never so intense a now and those who gain money usunl {ly hasten to invest it in gold and jewels, Fine diamonds are pow {worth 10,000,000 crowns a carat tand pearls 4,000,000, and evensnore 1s is are as We Will Pay Your Railway Fare to Toronto. MEN WANTED : $6.00 to $12.00 Per Day | both city and demand in and driving, Men wanted at once, prairies; the present automobile mechanics tractor operating, tire vulcanizing, oxy-acetylene welding, storage bat- tery and electrical work; we teach | these trades, practical training, only! a few weeks required, day and night clas write for free catalog; big wages, steady employment. Hemp- hill Auto Gas Tractor Schools, 163 | King West, To 0. Visitors wel- | come, for Canada's imports of gold from | ourselves | aot lose sight of the fact that it 1s | brought about not so much by the! but | more through the sending of special | been extraordinarily easy, owing to | will get good service and good value a for slenderest purse. offers many tempting | Western Bank, During her resi-|interpose against their acceptance. dence there she was anv active mem- | | have yet to learn of any parlia- ber of the Presbyterian Church. The |'Dentary or any other enactment late Mr. A. A. Gilroy, who was man- | that will wholly provide against the | ager of the Winnipeg hranch of the | FFOrs op misjudgments of those who T. Eaton Company. Ltd, was a | "onduct affafrs in any business. nephew of Mrs, MeiGll. The Banking system of Canada The surviving members of the fam-' 3 the product of long experience. It ily are: Two daughters, Mrs. Carl has operated to the advantage of the $ Rankin, St. Catharines, and Mrs. | People, despite an occasional failure, C. F. Farwell, Harmony; three sons, - 0 Which, however, no country William, Cincinnati, John C. McGill, | And Bo plan has been free, 1 can Oshawa, and Robert, California, The confidently claim that to yenture funeral will be held Sunday after-! upon radical changes in the Banking | noon, the remains to be taken by!Ystem is to incur grave danger to mator to Pine Grove Cemetery, | he stability of trade apd to imperil Prince Albert, for burial "'| the credit structure of the country, sab dab : {4nd I know of nothing more certain BORN 0 arrest the development and pro- i : grees of Canada than rash experi- SOLMER In Ihe Oshawa HospIal geprs in the domain of banking and a ic (1082) | OrTeREY: i i Farmers' Business | Dealing with farmers' business. Hydro Pole Down i the' President made a special refer- At ill lence, saying: -- Bowmanyille "Statements havé been made in r' le public press by un-informed He - P ape people that debtors, especially in the Reformer subscribers who re-| Nest are being subjected to undue ceived their papers late on Thursday | Pressures by the Banks, Loan Com- doubtless wondered as to the reason |Panies and other traders. So far for the delay. Many of them not|s this Bank is concerned, every xnowing that much of the composi-| consideration and great latitude tion is done during the night would! "ave been given to debtors who, not see the connection between a|'hrough bad harvests or other mis power breakdown the night before chance, have been urable to mee! and a late paper on Thursday. heir obligations. This is and at all This is the case, however. When | times has been the policy of this a Hydro line somewhere east of Bank, and never has that policy been | Bowmanville went out of commis-|more forcibly impressed upon our | sion shortly after ten o'clock Wed-|{ Managers than during recent criti- aesday might, it cut off power ser- cal years, vice from that point west until after! "Banks are business, not bene- three o'clock Thursday morning.|volent, instutions. They are ex- It meant that the full might staff of | pected to pay their shareholders a The Reformer were u e to work, | reasonable return on their invest- | thus holding up the composition of| ment, which includes the Rest Aec-| the paper for several hours. count--the acucumulation of many vears--as well as the Capital of #4he Bank. The rate of dividend is not disproportionate 'o that imvest- ment and certainly has not proved | 0 lavish as to encourage capital to seek the banking field. As a mafter » fact, the distribution to share- 10lders in Canadian Banks is sub- tantially less than that made by Banking institutions in Great Britain or the United States." General Situation In conclusion, Sir Vincent summed ap the general situation as follows: "The crisis of 1920-1 has passed 'nto history. The fact that the de- osression was world-wide makes it highly improbable that the return to aormal will be other than slow. We have experienced a more sudden and acute depression of trade than »ur generation had ever known. and hough conditions, including the agricultural results, are undoubtedly more favorable, prudent business men will mot build up an unduly speculative position after the lessons »f 1920... The outlook, as I see it, 's for reasonably profitable opera- tions in most lines of business, though there can be no great trade Yoom without a further important axpansion of foreign commerce and this unfortunately is mot yet in light." General Manager's Address Sir Frederick Williams-Taylor, the °neral Manager, in his annual address to shareholders said: -- "The one hundred and fifth annual :alance sheet of the bank, shows nany changes as compared with 1 year Ago. changes are he result in part of incidental rariations in what might be term- ad our natural sition amd, in arger measure of the absorption ot he Merchants Bank of Canada. vhich. 1 am gratified to say.-has Yuletide Gifts of Gold | Men We are showing unusually attractive designs this season at prices within the reason of the Cold Cuff Links, Tie Pins, Pocket Knives, Pencils, Fountain Pens, Tie Clips. Watch Chains, Emblem Pins and Rings, Signet Rings, etc. We invite the inspection of discriminating gift choosers. The selection values. - ARTHUR O. FELT Jeweler. "THE GIFT SHOP have become so overfilled that furni- | a Control Soon At the meeting of the Board of Education Thursday night 'a com- munication was received from Mr. . D. Conant notifying the Board that the annexation of Cedar Dale would take effect on December 31, it is expected that there will be a choir of more than forty men. It is especially fitting that The Club should take such. a large share in the services on Sunday, the day which will mark the last session at which the class teacher, Mr, J. G. Althouse, will be present. ing, "ete. Write for Prospectus to 5 P. McINTOSH, Chief Principal. SHAW orc SCHOOLS TORONTO 30 Years of Proven Success an's Store for a Man's Gift Women who study to please a man--who prefer that their gifts shall evoke sincere appreciation, rather than a smile of indulgence --will find here a great collection of practical gifts which express men's natural preferences. Rich Christmas NEC These are the sort of Ties that a man hb KWEAR would choose for himself--not the sort harped on in "funny paper jokes." They're rich in pattern, in colors, and in quality--Ties you can safely give to the most particular man. Silk Ties $1.00 to $2.50 Knit Ties 75c to $3.00 HOSIERY Is Ever Welcome When one chooses the right kind, which is a simple matter, Hosiery is a gift sure to please. In our Christmas assortments are all kinds, from finest silk, either plain or clocked, to a fine variety of Woollen Socks, which so many men wear with winter Oxfords. Silk Hose $1.00 to $1.75 Wool Hose 50c¢ to $1.50 Grey Suede Gloves, special values $1.00 to GLOVES | Are Always Liked English Cape Gloves, Mocha Gloves, Peccary Hog Gloves, wool lined, silk lined, fur lined. Yes, gloves for every man's every need--and specially empha- sizing gift gloves for dress or sport wear at $5.00 up Shirts, Sweater Coats, Mufflers. OTHER SUGGESTIONS Linen Handkerchiefs with Initial, Hickok Belt with Initial, Umbrellas, Bath Robes, Pullover Sweaters, Pajamas, ) 5 Simcoe South, Next to Royal Bank