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ENT a al = RE PACE TEN THE OSHAWA DAILY TIMES, TUESDAY, MAY 26. 1931 British Economist Views World Gold Problem Montreal, May 26.--"The worla is sick, distressed, and unemploy- »d largely because two nations, America and France, are hoard- Ing between them more than sne-half of the world's gold. But let me explain. I go back to the weaning of money. Barter was simple enough. You traded a nice mew bow, or a full of arrows, for an ox sr a wife, and there was no book- keeping, or bank, or insurance sffice, or money in your pocket, {or you hadn't even a pocket to. put money into. Those were un- loubtedly the days!' After ages of barter men in- vented money. Finding it awk- ward to trade a whole. ox when they only wanted to sell a piece of ox, they thought it a capital idea to value all things in terms of one thing, and to make that one thing a standard of value and medium of exchange. Some people did it with shells, others with bits of metal. You had only to settle upon some par- ticularly desirable metal as money, and then express the ex- change values of other things as being so many or so few bits of the agreed money. That done, money could pass from hand to h-nd and, at any moment, com- mand exchange value because recognized and accepted. Unless there is perfect confid- ence in the money used, people will not take it. Because gold was a rare and desirable metal which everybody wanted, gold came to be universally accepted as money. Paper Does It observe this amazing thing. After centuries of the use of gold as a standard money, mankind has got no further. Gold remains in the world at large the only generally accepted standard money. Anybody, anywhere, will take gold in payment. But there is very little gold in the world. How, then, can we still use gold as money? The simplest way is to issue paper money representing gold, or as it is technically said, convertible into gold. That is what is meant by a convertible currency, ex- plains Sir Leo Chiozza Money, a well known British Economist in this article in Answers. (Lon- don). When such a 'currency is used, everybody has evidence that gold lies behind the paper money, and in practice the great countries hold in their central banks a quantity of gold which backs the currency. Curiously, no one country has enough gold to back all its cur- rency. In practice, what is done is to maintain a certain propor- 'ion of gold thought big enough io inspire cnfidence. If everybody Now demanded gold for their cur- rency they could not get it, for the gold would not go round. In addition to using paper cur- rency, the advanced countries like Brilain use cheques or bills of exchange (a cheque is really a bill of exchange). These cheques and bills of exchange, drawn by responsible people on bits of paper, really represent commodities valued in gold, or credit, Given confidence, which is the essence of the matter, the cheques pass from hand to hand freely because they are known to be drawn upon deposits which are really credit embodiments of commodities valued in gold. The banks take the responsibility of controlling the volume of such credit, i.e., the amount of prac- tical "money" which is in use at the moment. The quantity of that credit money determines price by its re- lation to the production of com- modities. The endeavor of the banking system is, or should be, to maintain a proper balance be- tween the velume of "money" and the volume of commodities to which it relates. Countries That Hoard Since the War there has been much price disturbance, because gold, the accepted basis of credit, has been misused. Much of it has been kept out of use by the gold hoarding of certain countries. If gold is thus kept out of use, the effective stock of gold is re- duced and credit is restricted. That is what has happened of late. The world has been greatly in- creasing its productive powers, but purchasing power has not re- sponded because of the insuffi- cient supply of gold. We have only to look at the facts to see how absurdly the gold supply is distributed. At the present time the United States has home £800,000,00 of gold, or about as much as all Europe, France has about £400,- 000,000, Great Britain about £150,000,000, Germany about £100,000,000, and Italy about £75,000,000. I give round fig- ures because the actual figures are constantly changing. As all the world has hardly more than £2,000,000,000 worth of gold, America and France between them hold more than one-half of the world's entire stock. Gold hoarding thus puts much gold out of action as a basis of credit. Between 1924 and 1929 the output of commodities was rapidly increasing. The metals, the fibres, rubber, cotton, tea, sugar--all registered big in- creases in output. The volume of credit failed to respond to this increase because gold, the basis of credit, was not adequately put to its proper use. Simple--But Difficult The ideal condition would be for the volume of credit and cur- rency to keep pace with jncreased 'production. If that could be done scientifically, each increase in pro- duction would become available to consumers, and we should not be faced with the paradox of pov- erty in the midst ot plenty. Year by year, real wages would rise as ouptut increased. money acting as a distributor of the always swelling products of work. What is needed is co-operation by the central. banks of the world. to prevent the scramble for gold and to bring it properly into monetary employment. In this, as in many other interna- tional affairs, the difficulty lies not in devising a remedy, but in rersuading the nations to act together, That is why the world's money problem is at once simple and difficult. Theoretically, it fis simple to devise an adequate monetary system. Practically, it is difficult because men are sun- dered from each other by nation- hood. There 2re those who hope that the Bank for International Settle- ments, established to facilitate the collection and distribution sf War reparations, will ultimately become a World Central Bank, holding the world's gold re- serves, and thus making it un- necessary for national reserves to be established. An Irishman and a Scotchman were arguing as to which of their respective countries had the light- est men. ~ The Irishman led the argument by saying: "We have men of Cork." "That may be," said the Scots- man, "but we have men of Ayr." WHEN IN TORONTO Make Your Home Hoter WaverLey SPADINA AVE. end COLLEGE ST. E.R. Powell, Prop. CONVENIENT-ECONOMICAL Six Blocks to America's Finest Store = T. Eaton Co. (New Store) College and Bay Sts BUSINESS MEN UNE THE QUIETRESS LADIES LIF THF REFINED ATMOSPHERE Club Breakfasts 0c up Lancheon 50¢ Dinner $1.00 RATES $1 50 UP Write foo Fotder AKR DELUXE TAXI FROM ¥ DEPOT~~FARE 250 ao 1 ay live too long C. HORTON, T. L. M - ----t -- _-- RT g enough" "That is why I have taken Life Insurance. if I outlive my usefulness as a producer, my Life Insurance will guarantee me an income for an independent old age. On the other hand, if I should not live long enough, my Life Insurance will guarantee a con- tinuance of the good things of life to my loved ones. 'Here's. what I have done" "] have income of $1 for an 00 a year ($140.00 a month) t to my wife and children for od of 15 years if 2 Xr die before reaching ag e 60, and all this calls for is a deposit of $335.00 a year. "If I live there will be more than $10,000 00 in cash for me when I reach age 60." HAE Representatives COMMUNITY PINIC AT LAKVIEW PARK -- (Continued from page 1) was the only member of the Club holding a ticket who was among the lucky ones and present when the draw was made, With tickets being sold right up until the draw was taken the mem- bership of the Convention Club amounted to a total of nearly 14,000 when the Mayor commenced to make his final arrangements to sce that every member had an equal chance to win one of the many valuable prizes. Road Race The varied and most interesting program of sport was opened with a three and a half mile road race from the "Four Corners" in the heart of the city to a point at the picnic grounds. With seven start- ers Fire Chief Elliott and his as- sistants, who were in charge at the city end, had little trouble in get- ting the contestants lined up. Only four runners finished the gruelling course, the pace set by the leaders being a fast one al- though no official time was kept. The winner was Guy Luke, who finished comparatively fresh, and who was closely followed' by Eric Armitage in second place who was only about seven yards behind the winner. J. Spencer finished in third place while the other contestant to complete the course was L. Weeks Luke's win, though not entirely unexpected, does this runner con- siderable credit as it was the first time that he had cntered in any event of over a mile and a half, and is not generally classed with long distance runners. Field Events of races! A most interesting series ! for boys and girls was run off dur- | ing the afternoon, the number of | entries in each event being very large while competition was exceed- ingly keen D. T. Thomas was chairman of the committee in charge of these events being most ably assisted by the ladies of the Auxiliary of the Oshawa branch of the Legion. The winners in these events, in addition to those competitors in the first race for little tots who all TIMETABLE WHITBY, osHAWA, BOWMANVILLE BUS LINES Week Day Schedule (Effective on and after April 13th, 1931) (Daylight Saving Time) ing West Leave Arrive Arrive Oshawa Whitby Hospital 7.05 am, 7.20 am, BOS am. 820 am, 8.50 am. 9.05 am, 10.30 a.m. 10.45 am, 1210 pm, 12.25 p.m. J p.m. 3 3 p.m. 5.30 p.m. 6.30 p.m, 8.00 p.m, 10.15 p.m, 10.30 pim. 12.15 am are through busses to | Leave Bowmanville 2.15 pm, 6.45 p.m ®9.35 p.m. 10.00 p.m. 11.30 p.m. 12.00 a.m Times marked * Whitby Hospital Going East Leave Leave Leave Arrive Hospital Whitby Oshawa Bowmanville a.m 6.55 a.m, 2.50 a.m, 30 a.m. Ar. 850 a.m. Lv. 4.10 p.m, 5.05 p.m, 6.05 p.m, 5 gm. 10.30 p.m. 10.45 p.m. 11.00 p.m. SUNDAY AND HOLIDAY SCHEDULE Ly West Arrive Gitawa Whitby k | 9.45 a.m, 11.45 a.m 2.45 p.m, 4.45 p.m, 6.45 p.m. 8.15 p.m, 10.45 p.m. Leave Bowmany ille 9.00 9. 10.30 p.m.- Going East Leave Arrive Oshawa Bowmanville 10,15 a.m. 10.45 a.m, Reasonable Rates and Careful Drivers T. A. GARTON, PROPRIETOR BOWMANVILLE, PHONE 412 or 38 Oshawa Waiting Room, 10 Prince Street Phone 2283 GRAY COACH LINES Effective April 26th, (Eastern Standard Tims) Leave 8 Oshawa Leave Toronto A e P, 5% ec = En nae Ca SenNamaun e2zs88888y 41020 1 a=Daily except Sunday. b--Saturday, jiundays and Holidays only, «d--Sunday only, CANADIAN NATIONAL RAILWAYS Effective April 26th (Standard Time) East am. Dai 3 except Sunday. a.m. Dai a Dai: a hy Daily, except Sunday. p.m. Daily, except Saturday. p.m. Daily. p.m. Daily, 'Westbound .m. Daily, except Sunday, om. Daily, m. Daily, Daily. 44 except Sunday, pu m, 7.39 p.m. Daly: except Sunday, CANADIAN PACIFIC RAILWAYS Effective April 26th (Standard Time) Eastbound 9.29 a.m. Daily. 2.28 p.m. Trenton Local Daily, ex. Sun ha. Ba r ban, ly. 05 a.m. Daily. x For Ottaw Montreal and Ea t only, st only, 5.28 a.m. Daily, 6.29 A pa. 2.59 p. 7.32 om. pal. except Sunday, received candy, were as follows :-- Boys' race, 6 to 8 years--M. Swee- ney, W. Fudger, and A. Rodgers. Boys, 9 to 11 years--T. Casey, T. Romanisker, and F. Tarrant. Boys, 12 to, 14 years--R. Cooper, G. Goodchild, P. Moachowski. irls, 6 to 8 years--J. Smith, W. Everett, E. Kertley. Girls, 9 to 11 years--H Good- child, *J. Rospond, M. Ryzak. Girls, 12 to 14 years--D. Davidson, L. Carey, and E. Lloyd. Throwing Softball A competition for girls, all the entries being drawn from among the members of the Chosen Friends and the Ontario Malleables, was very keenly competed for. Some of the girls threw the ball very close to the winner's mark and all of them were loud in their congra- tulations to the winner. The winner of this event was Marion Kay, pitcher of, the Mal- leables Softball Team, who threw a distance of 173 fect. Tug-of-War The Ottawa Legion branch Con- vention Team were winners in the tug-of-war, pulling a heay scratch team twice out of three pulls early in the afternoon and again proving the winners in the early evening when they faced another team picked from among those in the large crowd. In the final pull the "scratch" team looked like springing a sur- prise when they pulled the Conven- tion Team over the mark in the first pull, but the Legion team al- tered the complexion of things in the second pull, while they appar- ently had no difficulty in pulling over their opponents when they took the rope for the third time. The winning team was coached by J. W. Everitt and composed of B. Jamieson, J. Hele, J. Bowler, B Wood, T. Carey, C. Fulton, H. Ni- chols, and W. McClement J. Graves was the committee-man in charge of this event Girls' Softball Game One of the main attractions dur- mg the afternoon was a softball game between two girls' teams, the Chosen Friends and Ontario Mal leables, the latter proving the win- ners by a score of 35 to 11 Malleables got a big lead in the first two innir and from that time the result was never seriously in doubt notwithstanding the fact that Chosen Friends made a good rally in the sixth innings The pitching of Marion Kay for Malleables, who was in the box throughout the seven innings, had much to do with the result The line up of the two teams as follows, in batting order: -- Malleables--M. Spencer, 1h; R Wilson, cf; V. Thompson, 2b; M. Kay, p.; J. Wilson, 2b; M. McIn- tyre, ss; 1). Murphy, c¢ and rf; M. Sheridan, 1; L. Spires, rf and c. Chosen Friends--A. Farrell, 3b; I.. Weeks, rf; R. Reece, 2b; M. Mills, p; M. Hunt, 1b; A. Fisher, p; V. Hunt, If; E. Beavis, c; K. Sib- lock, ss; R. Smith, ¢; M. Corrie, cf Score by innings :-- " was Malleables ......7948124-35 Chosen Friends .. 030204 2-11 Band Concert During the afternoon a most en- joyable program of music was ren- dered by the Band of the Ontario Regiment under the direction of Bandmaster T. Dempsey, W. O. L This program was versatile in the extreme and composcd of popular numbers as well as selections from among musical classics. Selections from Gilbert and Sul- livan's opera, "H.M.S. Pinafore," Scotch Melodies, Campus Memo- ries, Valse Luna, Goldman's popu- lar marches, and other numbers made up a most attractive program as rendered by this most efficient musical organization. A descrip- tive composition, "A Bull in a China Shop," was warmly appreci- ated while an entirely new compo- sition, the "Canadian Patriotic March" by Arthur Hughes was an- other feature of the musical pro- gram. The ball game in the evening be- tween teams representing the Whit- by branch and the Oshawa branch of the Canadian Legion resulted in a win for Oshawa, the final score being 14 to 7 in favour of the local team. The Oshawa veterans had the luck with them, slipping it all over their visiting comrades from Whit- by who, nevertheless, put up a very good game and provided an cxcel- lent exhibition for 'the large crowd present, All the members of the different committees appointed by the Osh- awa branch of the Legion to take charge of the many activities dur- ing the day worked very hard and it.1s difficult to single any particu- lar men out from among the others for special credit. The secretary of the branch, A. H. Power, together with the chair- man of the Finance Committee, DD Douglas, were perhaps | busiest and accepted a large amount | of responsibility for the success of the program, while D. T. Thomas in charge of the sports attractions was also in great demand, gests that banknotes onl be m; ate fireproof. But law- yers surely realize that they won't be able to take their money with them, "What do you mean by kissing me?" "I just couldn't help myself." "But you just did!" from France one frets the ploughshares Jate swords are Reading the news and Central Europe impression that the beaten out of the about as shaky. as of sharcs these days. - Pilot, Virginian- Small Nephew (after the wed- ding): "I say, you've been married to George!" "Yes, dear." "Well, vou told me Fred was the best man!" THE ARCADE Prices reduced throughout the store. Everything costs less now. Ladies' Tweed Suits Very sively tailored. 2 only in stock. Sold in a reg- ular way at $15.00. Clearing, 7:95 ea Women's Knitted Suits Only a few left, 53.95 'The season's newest. Clearing at, Women's House Dresses A new assortment of new smart House Frocks. AM fast colors. among the | all other kinds || | | and 97% of the profits stay in Canada hub aily. All the Wages A view of Refinery of McColl-Frontenac Oil Co. Limited at Montreal A. view of Refinery of McColl. Frontenac Oil Co. Limited, J at Toronto another reason why you should use -- MADE IN CANADA BY CANADIANS ~ and Proud of it!