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BEAT AAIIASYIA TN At as massa yr Ay sno a Th a FR) I THE OSHAWA DAILY TIMES, THURSDAY, JANUARY 28, 1932 "Business Profits Should {Respond Quickly. When the Turn Comes' "Application of Economy | is General" bh | | | -- hardship, President, Vice-President and General Manager ad- dress 61st Annual Meeting of Shareholders. The Dominion Bank A Very Satisfactory State- ment Presen The Bank's Liquid Posi- tion Strong. I'he addresses of the President, Vice-President and General Man- ager delivered at the Annual Mect- ing of shareholders of The Domin- jon Bank in Toronto on W ednesday the 27th inst, clearly presented a number of the most unportant fact- ors in our present economic posi- tion. : ; Speaking of Agriculture the Pre- sident paid high tribute to the cour- age and optimism of the W estern yarmer and referred to the headway that is being made in mixed farm- ing, or as he termed it balanced' culture. ; iy Vice-President and General Manager after commenting upon the satisfactory statement of the past year and the Bank's very sfrong liquid position devoted a por- tion of his address to the necessity of rigid retrenchment in public and private undertakings. A large number of shareholders nded the meeting. s The President, Mr. A. W. Aus- tin, in opening his sddrese, sald he s sure it was gratifying to the Yrarcholders that the Bank had so well maintained its earning power and liquid position in spite of the unprecedented conditions of the past twelve months. ; As in previous years the President ' devoted some time to a review Of Agricultural conditions, making spe- cial ' reference to headway being mad, in mixed farming the prairies. Agriculture the Key Industry "With about one-half of one per cent. of the world's population, Can- ada grows ten per cent. of the world's wheat, or twenty times her proportion, and as vet about seven- ty-five per cent. of our arable prairie land remains untouched by the plow. It is, unfortunately, the fact that our Western Provinces sare experiencing a long period of h due to continued low prices for all agricultural products, \'a short crop last year, and drought throughout a large portion of Sask- in ' atchewari and some other districts, i : \ Headway in Balanced Agriculture making extensive measures ¢° .c- lief necessary. The Westein farm- ers have had much Yo contend with and many of them are heavily in debt, but nevertheless they are not discouraged, for they have had plenty of experience in the past of the recuperative power of the land and now that production costs have from necessity been cut to a very low point any moderate increase in prices--and there are indications of an upward tendency--combined with normal yields, is sure to bring about a material change for the better. In the meantime we must spay warm tribute to the courage and optimism with which these splendid Western people face their present difficulties." "The policy of balanced agricul- ture is making genuine headway, particularly in Alberta, where a con- siderable decrease since last year in seeded acreage is attributed to the swing from grain growing to dairy- ing, cattle-feeding, poultry raising "and the planting of vegetables; to live 'off the farm' is now the aim : of the majority, and old fashioned 'frugality is practised once again. "Canada's experiment in collective marketing--the wheat pools -- has proven expensive, like all other at- tempts at price control. The work- ings of economic laws cannot be successfully obstructed for long, and it has been amply demonstrated in re-ent years that buyers will not be coérced and that open marketing is the only sound policy." : Continuing Mr. Austin said in part. "While it cannot be said that mut¢h prosperity is in sight at pre- sent, it is certainly the case that business everywhere has addressed .itself earnestly to economizing in averhead and operating costs; gen- erally speaking, I think it is true that extravagance has been check- ed and an upturn in business, when 'one comes, should restore to the profit-earning class many corpora- tions which are now temporarily fecling the pinch of hard times." The President referred at some Gold Mining Prosperous "Gold mining is the one conspicu= ously prosperous industry in Can- ada, the fall of commodity prices having brought about, of course, lower cost, of mine operation, and in addition, 1t has benefitted great- ly through the large premium on New York exchange which has pre- vailed for some time. The output of gold mm 1931 was approximately $55,000,000, an increase of 25 per cent. over the previous years pro- duction. Interest and maturing prin- cipal on éxternal debt are not hard to 'meet when times are good, bur become burdensome when trade is stagnant and tariffs unfavourable ; her rich gold mines, therefore, make an important contribution to Can- ada's economic welfare. Develop Production of Gold : "Personally, I do not share the icars of some people that universal abandonment of the gold standard will come about, nor -- even 11 it should--that gold will lose its value. Lhe precious metal has been the ob- ject of greatest human desire for many centuries and age-old tradi- tion dies hard. To me over-produc- tion of gold 1s inconceivable, and I strongly urge that Canada push de- velopment in this direction to the agement of our Governments." A Reduction in Branch Banks The Branch system of our Cana- dian Chartered Banks was dealt with in the following words: "At some of our past meetings | we have drawn attention to the | over-expansion of branch Banks, |and we are glad to notc a reduc { tion of 117 in 1931, which is a move lin the right direction, but Canada lis still greatly over-banked in this respect, with a branch for ever 2,- 600 people, as compared with one | for every 3,500 in Great Britain and {one for every 4,800 in the United { States. It is gratifying to sce that The Canadian Bankers' Association |has at last taken active steps to | a policy | situation - | improve | 3 has this which this Bank been urging | for years past. In the case of this | Bank, we have reported the closing ¢ g the past year of offices at ive points where there appeared to be no prospect of developing a pro- fitable business 3y arrangement made with another Bank it with. drew in our favour at Gren ti, Saskatchewan." Mr. Austin closed" fis address withe words of arpreciation to the officers and staff for the care and attention they had given to the Bank's business under the excep- tional condition of 1931. Mr. C2 vert, Vice-President ar.d General anager, opened his address in the following words: "At the last Annual Meeting of our Shareholders hope was express- ed that the ensuing twelve months might see some improvement in world affairs and in thc genera) business of this country. Unfor- tunately, as the President hag al- ready pointed out, therc has been no improvement and to Canadian financial institutions 1931 was an unusually difficult year in which to successfully carry on their business In view of this, your Directors and Officials submit the Statement of this Bank with satisfaction." 'Earnings Decrease Only Slightly The General Manager then dealt with the Bank's 61st Annual State- ment pointing out that notwith- standing a lesser demand for money in 1931 and at lower rates the Bank's earnings 'had only decreased moderately from $1,400,747 to §l.- 322,287 that deposits had been well mainfained showing a decrease of less than 2 per cent Liquid Position Strong He referred to the Bank's very strong liquid position with immedi- ately realizable Assets at over 34 | per cent. and cash assets 18.35 per | cent, of Public liabilities. The | Bank's investments were also refer- | red. to, at $26,353,675, an increase of | $5,000,000 during the year. Or these | holdings $23,397,191, or approximate- Ily 90 per cent, come under the | headings of Dominion and Provin- cial Government and Municipal | Securities. These securitics abpear lon the balance sheet at the market prices prevailing on December 31st last. Speculative Ventures and Results Mr. Bogert then referred to spec- ulative ventures in recent years and the results. ' "Apart from a greatly decreased volume of business, and other un- usual drawbacks, it is, unfortunate- ly, the case that many persons who would have been much better em- ployed in literally 'minding their own business,' have been engaged in recent years in speculative ventures of one kind and another, quite out- fength to the production of Gald in Canada. side their own field, with, in some instances, unfortunate results fo limit, with the support and encour- | themselves and their enterprises. No Prophesy on Trend in 1932 Continuing the General Manager said: "I agree with the Chairman that only a very rash man would under- take to prophesy the trend of ev- ents in 1932. Everybody recalls that commencing two years ago, and un- til quite recently, financial people all over the world were forecasting early improvement; unfortunately, they nearly all guessed wrong, and we now find more humility in this respect which in itself is a good sign. You will, therefore, hear no predictions from me to-day but these are times for plain speaking and 1 would like to refer to one or two facts of general interest, indeed of grave importance." Large Public Debts Reference was then made to the Public funded debt of Canalla and the slower rate of growth in popu- lation, "The total of all public funded debts in this country is in excess of £6,000,000,000, owed by Dominion Government $2,550,000,000 (Canadian Nat, Rlys, 1,133,000,000 Provinc'l Governments 1/090,000,000 Municipalities (esti- mated) ives ,1,300,000,000 | -------- $6,073,000,000 | "This total compares with $4,500,- | 000,000 ten years ago--an increasc of $1,500,000,000, the Dominion | Government during pat of the in- tervening period effected reductions in the. net national debt of approxi- mately 11 per cent. from its peak, but this gain was more than wiped out in the past few weeks by the National Service Loan, Do the Can- adian people realize that since 1921 the borrowings of the Canadian Na- tional Railways have increased about 38 per cent, of the Prov- inces over 100 per cent. and of the Municipalities 64 per cent? Do they further realize that mn these ten years we have borrowed with bur | left hand nearly $6 for every $1 re paid by our right ?" Preliminary Census Figures "Preliminary figures of the new census mdicate a total population ot | approxima 10,360,000, an in- | | crease of about 18 per cent. in ten | years, This is a slower rate or | growth than expected and does not ! | compare at all favourably with our "rapidly increasing public debts." Over-railroaded and Over-high- wayed The General Manager is of the view that public expenditures are on |a scale in excess of our present needs. He said in part. "Over-railroaded on borrowed money, are we not,' in addition to | other extravaganess, in danger of { becoming over:Mighwayed, also on { borrowed me and is not the { competition if hard-surface roads a | real threa¥ to the rail systems, al- | ready shOwing steadily decreasing | carnings : Apart from this, new publie ties of every kind, new | bride es, new and elaborate schools, ney Government buildings, harbor | 1a ilities, have been built on a scale Jar in excess of our present needs, 11f not our wants, and certainly be- yond our means." Retrenchment Imperative "Communities are very like indi- viduals, ever ready to borrow when interest rates are low and compet- ing lenders offer money freely; duc date then seems a long way off, and sufficient thought is never given to | repayment, but the time has un doubtedly come to put an end to ex- travagance and start upon a pro gramme of retrenchment, which | tear will be long and troublesome." Discount on Canadian Dollar Dealing with the discount on the anadian dollar, Mr. Bogert said: "Canada is meeting her obliga tions promptly in spite of the heavy discount on the Canadian dollar, due | to various causes--among them: (1) The change from a favourable to an unfavourable balance of trade, | the result of declining exports and low priecs of such items as grain and newsprint, | (2) The psychological effect of Great Britain's abandonment of the | gold standard, (3) The shortage of available gold in Canada, (4) The tendency of timid foreign | holders to sell their Canadian secur- | ities, { The Exchange Rate--Its Effect "The high rate of exchange of course raises the cost of our Gov- | ernments and Municipalities of re- mittances to meet New York ma- turities and will correspondingly be | felt by the taxpayers. It may also affect later on the cost to tha in- dividual of indispensable imports-- coal, for instance--but there are compensating good effects, provided th: rate does not reach too high a {level It tends to check excessive imports and fosters the use of Can adiar goods; it attracts outside cap- | ital from' those with faith in Can- ada who foresee the ultimate return | to par of our dollar; it encourages | tourist traffic to this country and at the same time induces our own peonle to spend their money at home; it brings a larger return on exports sold in United States funds." Place Public Loans at Home '** this point in his address the General Manager made a very de- finite statement as to what the pol- icy of the country should be in plac- ing itg loans. He said :-- . "It should be our policy for an indefinite period to place public loans at home, cutting our coat ac- cording to our cloth." Wholesale Prices and Production The General Manacer then dis- cussed the trend of wholesale prices and productions, for mankind Capital Stock paid in Reserve Fund .......c.c.o.. to date in Canada .... Notes of other Banks. Cheques on other Banks Balances due by Bank in Canada market value value a.m Stocks, Debentures lation Fund Gold and Silver Coin, "current, Dominion Govern:nent Notes....... i Deposit in the Central Gold Reserves. and Banking Dominion and Provincial Canadian Municipal Securities, Public Securities other than Canadian, not exceeding market Sixty-first Annual Statement The Sixty-first Annual General Meeting of The Dominion Bank was held at the Head Office in Toronto, on Wednesday, January 27th, 1932, at which the following statement of the Profit and Loss Account and the Liabilities and Assets of the Bank as on December 31st, 1931, was preseated: PROFIT AND LOSS ACCOUNT Balance of Profit and Loss Account, 31st December, 1930... The Net Profits for the year ended 31st December, 1931, amounted to Which amount has been disposed of as follows: Dividends (quarterly) at Twelve per cent. per annum Contribution to Officers' Pension Fund . Dominion and Provincial Government Taxation Provision for depreciation in Securities............ Balance of Profit and Loss Account carried forward... GENERAL STATEMENT 31st December, 1931 LIABILITIES Balance of Profit and Loss Account earried forward Dividend No. 197, payable 2nd January, 1932. Former Dividends unclaimed......ocoviiirinaans Total Liabilities to the Shareholders Notes of the Bank in Circulation Deposits not bearing interest................ Deposits bearing interest, including int sass enn . $20,173,278 59 erest accrued 86,275,816 48 Balances due to other Banks in Canada............ FEIN ROR " Balances -due to Banks and Banking Correspondents elsewhere than Liabilities not included in the fOreBOINE.....uumuriisinssicissmssisesssssssnssnssnsares Letters of Credit Outstanding ASSETS United States and other Foreign Currencies. Correspondents elsewhere than Government Securities, not exceeding and British, Foreign and Colonial Railway and other Bonds, Debentures and Stocks, not excee market value ...... Call and Short (not exceedin and sufficient marketable value Call and Short (not exceeding thirty days) Loa in Canada on Stocks, Securities of a sufficient Deposit with the Minister of Finance for the purposes of the Circu- g thirty days) Loan: in Canada on Bonds and other Securities of 10 CO¥Er.....on FAN RY ¢ elsewhere than Debentures and Bonds and other marketable value to cover doubtful debts Non-Current Loans, es Liabilities of Customers under Letters of Credit, as A. W. Austix, President. AUDITORS' REPORT TO SHAREHOLDERS We Report TO THE SHAREHOLDERS or The That we have examined the above Balance Sheet as at December 31st, 1931, and compared it with the books and vouchers at Head Office and with the certified retums from the Branches explanations that we have required, and in our opinion the transactions of the Bank which have come under our notice bave been within the powers of the Bank In our opinion the Balance Sheet discloses the true condition of the Bank and is as shown by the books of Bank. Tozoxto, JANUARY 18TH, 1932, Other Current Loans and Discounts in Canada (less rebate of interest) after making full provision for all bad and doubtful debts........ Other Current Loans and Discounts elsewhere than in Canada (less rebate of interest) after making full provision for all bad and mated loss provided fo Bank Premises, at not more than cost, less amounts written off. Real Estate other than Bank Premises Mortgages on Real Estate sold... Other Assets not included in the foregoing per contra... 2 Doarnion Bank :- We hb ' . $6,262,303 00 C. ave obtained all the information and A. B. Saeenmep, CA, of Peat, Marwick, Mitchell & Co, D. McK. McCrerrawn, F.CA., of Price, Waterhouse & Co. $ 444,210 07 1,322,287 30 50,000 00 211,297 15 200,000 00 $1,301,297 15 465,200 2, $1,766,506 37 $65,200 22 21¢ N00 00 945 00 9,676,154 22 $16,676,154 22 105,449,005 O07 963,835 12 1,534,617 11 366,948 27 114,576,798 S57 1,622,126 30 $132,875,079 09 uv added Bui $ 1,018,603 91 9,367,640 89 1,000,000 00 686,390 00 42,360 13 6,789,313 28 2,122,778 44 $21,027,676 65 19,222,378 98 4,374,813 00 2,756,483 63 13,011,678 70 1,183,400 51 334,950 00 $61,911,381 46 $61,248,986 69 1,643,043 42 222,809 73 6,031,160 59 $9,035 32 15,706 43 120829 15 -- 69,341,571 33 1,622,126 30 $132,875,079 09 A. Bocerr, General Manager. "Wholesale pri which ha fallen so drastically in the last two years, are now below their pre-war levels, and some commodities have set new low records. The downward movement appears to be arrested at present, but it cannot be said with confidence that the bottom has heen reached. The fact is plain that prices fell because too much of everything was produced. 'Increased business every year, duction," and similar slogans were familiar phrases in our commercial philosophy until recently, and with- in proper limits they are sound, but apparently the most difficult lesson to learn under our ¢ system is to adjust pro- duction to needs, progress at an even pace, and restrain individual greed, which 1s as old as human- itv." Lessons in a Hard School Mr. Bogert closed his address with a word of confidence in the vounger men of the business com- munity, He said: "In Canada the younger members of our business community are receiving their edu- cation in a hard school, hut the les- sons they are learning will be inval- uable in dealing with the many ser- ious problems that will arise during the next few years -- I have no doubt that they will prove equal to whatever conditions the future may hold "Finally I am quite in accord with the views expressed by many others, that this great country will be one the first to experience better times " The following' Directors were clected :--Messrs. A. W. Austin, C. S. Blackwell, C. A. Bogert, C. H. Caglisle, R. Y. Eaton," E, W. Ham- ber, John M. Mackie, Wilmot L. Matthews, R. S. McLaughlin, W, W. Near, F. Gordon Osler, F. L. Patton, J. Allan Ross, C. 0. Still man and H. H. Williams, At a subsequent meeting of the Directors, Mr. A. W. Austin was clected President, Mr. C, A Bogert, Vice-President, and (Mr, C. S. Blackwell, Chairman of the Board. ot | Canadian Girls in Training | Andrew's Church, Sunday morn- At Last It's Here! You've heard about it, you've > %.0ard about it; and now it's here! 'fomorrow you come out to the ¢.G.1.T. Conference, to-morrow night (Friday) at seven-fifteen; put listen, not with your clean C.G.1.T. middy. Save it until saturday might for the banquet pnd then guard it carefully for the C.G.1.T, Church Service in St. Afternoon -- Sesslon,. 2.00- 400. Games and discussfon-- both lively (we hope). . Evening -- Banquet, 6.30 p.m, St. Andrew's. # funday -- Conference Service, 11 a.m, St. Andrew's. Afternoon -- Closing session, 4.15. , Except for twenty-five cents for the banquet, including a menu ¢ard and programme, the confer- ence is free, skating and all. a Su re it 1s, thle. programme: Friday night, St. Andrew's, | registration, elactibn of officers, | giunts and surprises. turday morning 10.30- 12:00, skating at the arena, | Indian Blood Zontas are supposed to be workers; at least, an -Indlan hearing the name would think that that was what we were sup-. poeed to be. And, if he comes to our next few meetings, he will certainly find .out that that is what we are. He may not under- ¢tand why we work, or wherefore, because sometimes the purpose of our industry is not quite evi- dent; but this time he will prob- ably know just what it is all about. He will see us very busy, anyway, making a Japanese scrap bock for ourselves. He will sce us doing something for the Jap- anese, too. I wonder what . , , . It may be making scrap-books of Canada and particularly us Cana- dian Girls-in-Training, or per hape just scrap-books of inter- esting non-Japanese life. Or he may find us dressing dolls for them. We may even make Indian dolle, or an Indian secrap-book. There are dozens of things we could do, aren't there? How- ' ever, no matter what form our labor takes, we hope that our Indian godfather will be pleased to see how we live up to his name. Let's hope he will favour us with an appreciative, "How! how!" Aketa Searchers We have to apologize for not making an appearance last eck but as the saying goes, "betler late than never." Now, for some husiness, We had our election of officers with excellent results, President--Helen Rattle. Vice-président--Lorraine foe. Secretary-- Mildred Perry. Treasurer---- Marion Corbett. After the newly-elected offi y had taken they places, we were led by our leader in a devotional period. Did you ever take you: a Da- and really consider what it meant Yes, no doubt, we should have { at.the time we chose it, but many | of us didn't | when it. was put before us as part until last meeting of a devotional period. It was, "If every girl were just like me, what kind of a group would my group be?" After a little serious thought wo decided we were not fit gam- ples of Canadian Girls in Training for anyone-1o follow, and we have decided to reform, every one of ug; even the best to be better. When asked why we didn't think of it before. we came to the conclusion that we were enjoying ourselves too much. But from now on, we are going to consider more seriously the subjects our leader has for us. From now ou, I think you can i Juok. to the Aketa and find your motto | helpers, The Modern Martha's The modern Martha's of Sim- coe United Church are a step ahead of the C.G.1.T. conference which is to be held as you know, this week-end. Mr. Harston, on Tuesday night, gavé®us some in- teresting side-lights on the forth- coming 'digarmament conference to be held In Geneva in February. Jolly Juniors Our last meeting was held on Tuesday, Jan. 26, 1932. As part of our mission study of Korea, we had a very delightful calendar. Each month had a picture of some Korean activity and also a story. The activity for the evening was arranging plctures for our class-room. These were mostly pictures cut from magazines or cards, but when finished with passe Partout they looked like works of art, SPLENDID WORK BY ST. ANDREW'S UNITED CHURCH (Continued From Page One) gation apparently did not suffer through this generous giving for missions, as $500.00 was paid off the mortgage indebtedness. All accounts have been paid and there is a snug balance left in the treasury for beginning the year's work. The Sunday School Report The Sunday School report was presented by the superintendent, Mr. J. C. Young. Two special features were emphasized, the in- creased interest in missionary giving and increased acuvity through the week. 10 scholars lad united with the church. An increase was reported in the en- rollment and a slight increase in the contributions for missions. The secretary-treasurer, Mr. J. J. Scott showed that $1,093.30 had been raised by the school. $615.00 had been given to the M. and M. Fund while all ac- counts had been paid. Ladies' Aid Report The Ladies' Aid report was giv- en by the secretary, Mrs, E. J. Walker. Membership, 67; a year of good service and splendid re- sults. Money had been raised in the usual way and the treasurer's | report would show good results. The flower committee had sent out 71 bouquets and 7 sprays during the year. The Sunday &chool Scholars were provided, with their Xmas treat which was much appreciated. The treasurer's report wag pre- sented by Mrs. 8, J. Babe. $1,186.- 26 had been raised and seven hundred dollars had been given to the church treasurer. A life membership to the W.M.S. had beer presented to Mrs. Hyndman and $50.00 had been contributed to the Relief Fund. W.M.S. Report The Women's Missionary re- port was presented by Mrs. S. J. Storie. Their full allotment of $732.65 had been raised and a generous donation of clothing valued at $218.00 had been sent to the West. Jessie Panton Auxiliary Mrs W. B. Whyte presented the Jessic Panton Auxiliary re- port. The membership was 19. Regular meel!ngs had been held and good work had been done. Hearty co-operation had been ren- dered in assisting in finishing the tale for the West, while loeal work -had not been neglected. The treasurer's report of this s>sfety was read by Mrs. Pipher wt!~h showed the total amount raised to he $130.65. $110.83 of this was sent to the Presbyterial treasurer. Olive Branch Mission Band This report was read by Anna- bel Baird and the treasurer's re- port by Innis Pipher. The sum of $55.40 had been raised by this Junior Band and their work was highly commended by the congre- | getion, The Badminton Club report presented by Mr. William Young recorded a membership of over 60, with all liabilities met and a good working balance in the treasury. Young People's Work Mr. Stephen Saywell read the Young People's report, A good year's work had been rendered and progress was reported, Gen- erous contributions were made for mission and white gifts ser- vice and the play "Too Many Par- ents," was still in great demand. The tennis cup had been won by the young people. A new tennis court had heen made which added much to the enjoyment of the fno- creased number of players. A. W. Armstrong's. report on wid-week activities showed that the gymnasium had been used extensively by the Badminton Club the Young People, the C.G.I. T. and several groups of young men and boys and girls playing volley ball, basket ball, hand bail, table tennis, carpet balls, crokin- ole. Checkers, etc., had been fur~ nished and were also much en- Joyed. Men's Club St. Andrew's Men's Club, pre sented by Mr. J. D. McKay, had Leen organized in December and gave promise of good work for the coming year, the officers of this new organization being:-- President, Thos. Hawkes; vice- presidents, A. W. Armstrong, S. J. Stone; secretary, J. D. Mac- Kay; treasurer, A. G. Broomfield; leader of song, Geo. Henley; di- rectors, F. J. Perry, Jas. 8S. Young, W. J. Davidson, t+. M. Lander, J. C. Young, W. D. Rut- ledge and M. McIntyre Hood. The following managers were elected: --W. H. Ross, S. J. Stor- ie, H. Sproule, G, H. Lander, Jas. A. Moore, C. V, Edmunds and W. J. Davidson. The trustees were elected as follows: --Geo. W. McLaughlin, J. D. Storie and Chas, A. Smith. J. C. Young and C. A. Sadler were elected auditors. Financial Report The following is a summary of the financial report:-- Contributiong for all purposes, $23,011.99. Contributions for missions and benevolences, $11,362.94. Contributions for missionary and maintenance fund, including special gifts, $8,890.00. Other purposes: Lord's Day Al- liance, $11,500; General Hospi- tal, $44.81; Bible Society, $110.- 50; Relief, $160.00; Ontario Pro- hibtion Union, $138.25; City Mis- sion, $125.00. Expressions of appreciation were given for the splendid work of the choir during the year and hearty votes of thanks were pass- ed commending the work of the minister, Rev. F. J. Maxwell, and the caretaker, Mr. S. Naish. Mr, Maxwell expressed grati- tude for the harmouy and unity of the people as well as for the hearty co-operation of the congre- gation throughout 2 year when | Mary Davy, ar M. Johnston, * | Reta Lock, Dorothy Long, Aletha had visio 1 T0 STUB: ofS OF TRAINING-CHO0L (Continued From Page One) were awarded certificates: Mrs. D. McArthur Misses Isla Barker, Doris Warlfurton, Mar- ion Tresise, Nellie atson, Mil- dred DeGuerre, th Cameron, Lyla Cameron, Isabel Baird, Edna P. Jewison, Jean McQuarrie, Jean Etcher, Muriel McKinstry, Mil- dred MacDonald, /Florence Leav- itt, Flora A. Hawkins, Mrs. Har- old Brant, Dulcle /D. Miller, Mar- fon Burns, Mabel /Coedy and Ma- ion Herancourt. Girls' Work Division Mrs. Theo. Trickey, of Toron to, conducted the girls' worl division of the school, ang cer- tificates were awarded to Misses Jean Battle, Margaret Cameron, Maitland, Greta Maxwell, Doreen Murphy and Grace Richer. Boys" Workers Rev. J. M/ Finlay, of Toronto, was in charge of a large group of boys' workers, these receiving certificates being as follows: Preston I. Timmins, Clair L.°* Davis, Archie W. Goldsmith, El-, ton W. Johnston, Wilbert E. Mec-, Kinstry, Herbert B. Wilson, Wil- liam D. Eddie, John M. James and Merritt S. Lloyd. Young People's Group The department for "young people's workers who led by Rev C. A. Myers, D.D., of Toronto, who gave a very valuable course, certificates being earned by: Harolq F. Barker, Hazel M, De- Guerre, John G. Glad, E. Sybil Langmaid, Jennie A. Pringle, Vera Watson, Bert Wood, Made- line Tooley and Carrie Stinson. Adult Group There was a large enrolment of adult workers in the group led by the Rev. D. N. McLachlan, * D.D., of 'Toronto, certificates* being awarded to the following Mrs. W.. H. Tait, William Young, Helen Yule, Marjorie Blewett, Mrs. A. Sargeant, J. D. MacKay, M. Margaret McQuade, N: Marion Blewett, Stephen G Saywell, C. H. Millard, Mae L Winter Peggy Rice, Robert H Brown, Mattie Petre, Dorot! M. VanLuven, Rev. F. J. Maxwell... Donald Rice, Mrs. R. H. Brown ang Mrs. E. Cherry. MAKES SPIRITED REPLY TO ATTACK ONHYDRO SYSTEM] (Continued From Page One) gation was in progress at Ottawa last year, United States power] interests, allegedly represented by the Henry L. Doherty groups of New York, staged a privat luncheon at the King Edward Hotel in Toronto, and made overtures to Alfred Maguire, On- tario Hydro Commissioner, and! to Mayor William J. Stewart, for the purpose of securing their aid so that the Doherty interest could acquire the Beauharnois development. What was proposed, Mr. Ma" guire declared in a stout defence, of Hydro before the annual con- vention of the Ontario Municipal Electric Association here yester- day, was that Mayor Stewart should "excite the people of On- tario over the Beauharnois situa- tion" and that Mr. Maguire would "help by not attacking} him." Then the Doherty interests] would canalize the St. Lawrencel "at no cost to the people of Can- ada" and proceed to develop the 4,000,000 horsepower for thef. United States intersts. It is learned also that a bil} was prepared and introduced at Ottawa for the purpose of secur- ing charter rights and powers for the company which thd Daugherty group was to have formed, but that the proposals. which were quite legal, were not proceeded with when Premier Bennett declared the Beauharnois dveelopment a work "for the general advantage of Canada." Offers Defence of Hydro Mr. Maguire's revelations came in the midst of a lengthy and telling speech in which, as repre- sentative of the 700 Hydro municipalities, he gave an ac- count of his stewardship and made a ringing and exhaustive defence of Ontario Hydro, In hic speech he reminded his hearers of the Sifton Georgian Bay scheme which, he said, was de} feated by the Hydro municipali- ties and saved the province a great resource and many mil lions of dollars. P, Ba AE \ YEAH, BUT FOR HOW LONG? Brown eyed the hat apprehen' sively. "How much?" he asked the shor assistant. | "That will be three and a hall guineas," came the prompt reply. "What!" ejaculated Brown. "Thre and a half guineas for that thing Why' it's a sin" i His wife edged nearer. i "Never mind," 'she countered' "The sin will be on my head." J HIS VOICE -------- x Goldroke was showing his friend around his new and luxurious home "It's beautiful! Most extraordin ary', exclaimed his friend in amaz ment, ; "It's my wife's idea, you know. Goldroke hastened to explain. d "Oh", said his friend, "but surel\¥ v~u've had a voice in the matter' | Christian work was not easy, but where all reports showed that dil- "Yes," answered Goldroke. "1»¢ invoices