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Denomination. $1,000 Coupons payable January 16 and July 16. Del)enlm'o.s- reg/iste7'(zl)le as to pr'ine2pal only. P7'1"neip(zl and 7TnIrrc.s~f ])(l_7j(ll)l0 in lawf::l money of ('c.'.=2(z(l(/. at the l1lolde7"3 option in tlze Cil`i.('.s' of Toronfo, Otfm/`a, [()'n_`r:'(!_l, ?,"'i7;,~n'pcg, I gm=om~,e,~, . .~s-. ~ Ilulzzfaas or Saint John, [\'.B. Legal opinion of E. (1. Long, E.s'q., K.C. The proceeds of this 'i.s-sue m'.ll be nsecl to retire .s-l2o7`t-term. inclebtecllness z'n.em`7'ed for capital e.1'pen(Iitures of flu: ll _1/(l7`0-Ele('tric Pozrer (, ommlis.sz'on and of the Te7nisl.:al1mIng and Northern Ontario I{ail'u~ay C'o7n,missz'on, for rzdvanees to the Ag7`icu.ltm'al Development Board and for Unemployment Relief. APPLICATIONS T() THE ABOVE LOAN WILL BE RECEIVED BY ANY BR.1N('II OF ANY F./`I-I.1RTI`;'. a`1u`1) BANK I.\ C .-IN.-IDA, ANY BRANCH OF TIIE PROVI.\'(.'I2' OF O1\'TARIO SAVINGS OFFICE, AND BY RECOG- NIZED BOND DEALERS AND STOCK BROKERS, FROM WHOM MAY BE OBTAINED COPIES OF TIIE OFFICIAL PROSPEC US CON- TAINING COJIPLETE DETAILS OF TIIE LOAN. SUBSCRIPTIONS TO THIS LOAN WILL BE SUBJECT TO AL- LOTMENT AND THE LIST WILL CLOSE AT THE DIS- CRETION OF THE TREASURER OF ONTARIO. INTERIM DEBENTURES IN BEARER FORM WILL BE AVAILABLE FOR DELIVERY ON OI. ABOUT JANUARY 22, 1934. TREASURY DEPAMMENT, PARLIAMENT BUILDINGS, TORONTO, JANUARY 15, 1934. any 41 \an:n;\\... .-.. _- CONSOLIDATED REVENUE FUND OF THE PROVINCE Three -Year Dated January 16, 1934, and offered in three maturities, the choice of which is optional with the subscriber, as follows: ISSUED UNDER AUTHORITY OF R.S.0. 1927, CHAPTERS 28 AND 57, AND 23 GEORGE V, (ONTARIO), CHAPTER 4-5, AND A CHARGE AS TO PRINCIPAL AND INTEREST UPON THE -_. ___._ -\-.4-5-1-I`? THE TREASURER OF THE PROVINCE OF ONTARIO OFFERS FOR PUBLIC SUBSCRIPTION THURSDAY, JANUARY 18, 1934. : HON. E. B. RYCKMAN, FORMER MINISTER OF REVENUE, DEAD Hon. E. B_ Ryckman, :ro1'n1c-r Min- ister of National Revenue in the Ben nott Go\'m'nmcnt., (lied at his home in Toronto on 'l`hurs(1ay He had been in poo1'nhc:1th for some tinze, and on \ ov_ 10th resigned `his pol.- folio, but retained his seat. in the HOIISC. TV ~- 1. 1 u u u AJuun\.. Hon. Mr. Ryckmun had been an zu- tive and ptrominc-r1.1. member of the Con.~'orvative party in 'l`o1-onto fol close to forty yea1'.~:, though he \\'-.1.. not elected as :1 member till 1921. R0-e1cc.`rc(1 in 1925, he was made Min- _i. of Public Works in the Me.g1`.un Mini.~*ter_V. Retumod in 1926 and 15130. hu was chosen as Minister of National Revenue, \I.. I).-.1.-nun: nu. Ln.-n in I-Innu .\iU.IUIIill l\.U\'L`,llUL', .\h'. Ryckman was born in Huntint; don, Quebec, in 1866, a do. c-1' United Iiimpiro Loyalist fol`-(thCLl'.I. He \\'z1.< `mixlml for the p1'ofe.<.~10n of law, and held 21 number of important di)`r`ct()1':\1(.\.<, \vIhi(vh he g::z1\'e up on uv ceptin_: the portfolio of n:1tiv.m.\` I`f'\`{`HIH` day fro zu-on rdil n 6" 4-7 . .. U1 . . attr-nd-e~ .. n :1 1a.. PROVINCE OF ONTARIO '\/CH UL`- Tho f ::nm':.11 tun... : Ln Ioupon Bearer Debentures A DIRECT OBLIGATION OF THE )\'ne`1'nmcm., (llL.`(.l ELL |l1l.`.' Hdlllt,` All 0 1 poor -hc:1Eth 1 put`.- > f::nm'a1 took place on :3: mm 3110 family re: Hm! to his 0.\'p1'o. \\'i. r? : <-hz11'z1cte1', but led by mzmy cabinet mini .*zuIe:'.< in the poIi..ica.L 2.:x I Government of the Denominations, $500 and $1,000 Six -Year 4`/2% Debentures Due January 16, 1940 __-.. u .o.. AAA `$40,000,000 Non-Callable and industrial life of the Do-miniovn W1. r\n:\H1 n1` Hrm M1`. Rvckman and industrial me 01 vne 1J0-mluzu". The death of Hon, Ryckman leaves the standing; of the pwrtlcs in the House of Commons as f0i10w.y C 136, Liberals 87, Lib er2x`l~P1`ovg1'essives 3, Progx-es`sives 2, Uni.Ied Fzmners of Alberta 9, Labor 3, lndcptrndent Labor 1, Independ uh: `) The Lions Club at its meeting on 1 Thursday evening last heard B111 Mulcomson and Fred Campbell, men`. bers of the Older Boys Pzuilimneint,` the former 1'1-p1'e. Buwie and Allzmdzile district and the latter Cen- tral Simcoc district. 13:11 \/rninnrnnnn Imm nhnnf. thi- Question: Why is emulsified cod- liver oil so important as an added ration with milk in the diet of children? LIONS CLUB HEAR ABOUT OLDER BOYS PARLIAMENT tral slmcoe (11s1:1'ict. Bill Malcomson told about the worrking of the Boys Pa.)-liament which recently met in St. Andrew : College, Aurora. Fifteen tl10L19'd.n(| boys in the pvovince, between the ages of 16 and 21, were ropre: all helm: members of some organ 1 izml chLn`ul1 grroup. The 1'epi`e. V.- ti\'<-5 sent to Parliament met and (lis- <'u.<;::-rl boy p1'0blmn'.< so that tlley migrlit bring` some inspimtiun back in their com-t.itL1ent.<. This yc-:11` $10,000 \.'u.~ in lu. wxicnul in {Kn}-.11-in -fnr hnv<" trhmr COHSEIELIOHES. Ims m1u,uuu ` was to be 1'ai.<(`(1 in Ontario -for boys i work. and it \\'z\.< i1m)nrtm1t that tic prog'1'z1m_be placed before the men. Fifteen -Year 4`/2% Debentures Due January 16, 1949 Denominations, $100, $500 and $1,000 Price: 9?.00 and interest, yielding 4.78% to maturity. The Northern Advance :- Fred Campbell -1`.efe1'red to this` year s Parliament as the Lucky'er1` 'I`h'i1'teen~th. The Tuxis movement \\'as inter-denominational and aimed`? to develop the four-squ-.u'c life. Ass! boys we must be p1'epa'1'ed to meeti` the challenge of life. As an evi- dence of the sp-read of Coimnunism he pointed out that at :1 recent meet ing in Toronto the audience refuset` ` to sing the National Anthem. I`. . Western Canada, particularly in Southe-1'n Saskatc`hewa.n, it was more pronounced than here in Ontario I ll` C-hin-.1 decided to follow Russia in l"nvv-nnn11nicvv'| 111111 +}1D`I'\ SI" Asia. Curl boy n_1o\'cment_ I The speakers were introduced b, W, A. Iikll. vud F. W. Dobson Lhami- ed them on behalf of the club. Presi- dent Gordon Longman was in the chair. . Commodity prices a1*e1'isi,ng: :11 Zu::. 21190. Divo1'<.-cs, w`.1ic'r. were f01'me_v free, cost `\\'ont_v-v<,- u(.-r`.L.<. -P-troliu A(]\`C1tisC}`-T0])iC. ._.___..;._ TA `AINNISFIL TOR*Il-23* HEAR TWO M.P. S A AT ANNUAL MEET; '1 (Continued from page one) When conditions changed, there `was no market open in .' he world but the United Kingdom, and yet other countries were dum-ping their pro- lducts on us. We were importing 41 `million pounds of mean a year, and 15 carloads of eggs :1 week in the laat year of the King Government. True our best market is the home market, because it is the only inarket we have control of, and we should give evuy encouragement. to it, But our next duty is to nd an outlet for our sur- plus. Trade Agreements Answer: Because when it is Inixed with milk it makes milk a more effi- cient rickets-preventing ` food and builder of strong b bones. Children like it t best in the form 0` p1us. Agreements When Mr, Bennett assumed oflice his rst tliought was `V-o nd nl1l`k(.l.S and do something for unemployment. Weeks were spent on revising` Laiills, and the tariff was raised on some 130 aiticles in 1930, ihioh had the effect lof giving us a favorable trade bal- .9nr'In F.vo.rv country was practically iof giving Iavoraoie I,1`a(1C um- 1anc!e. Every country practically closed but Nhe United Kingdom, and Britain buys more foodstuffs from ot;`h'er countries than she did before the war. She gets in ve million dollars worth of products every day, and 76 per cent. cf what is C'0n.$u!\1Cd is bought from other c'oun.*-vies. Wnv the First time in thirty years, is bought Irom Otner cuullx-L' For the rst t`h`i1'ty years, Mr. Belmett was shccessful in getfing prefe:1`cnc'es in Britain :11 the Inmenzx`. `Conference. Canada gets a prefer- Av-\nn n-I'>' R r-r`-11+: nn '\\'h(3.Flt. \Nh-ic-:1 "Conference. banana grets a p1'L`.1Ul- ence of 6 cents on wheat, means $10,000 on every ship load. On apples $1.50 a barrel and Britan1 .is `aking all our surplus apples. St is g'iv:ing' a preference on` our beef and our bacon. We are assured of a ma;rke c for 280,000,000 pounds of `bacon every year for ve years. Il'.'c Hcimes as much as was exported dur- ing the past year. To-(lay lhogs are selling as high as $7 a c\\'t., wnlke before the ag'1'e`e1nents they were sull- -ing at $3.25 a cwl. I Ar-.rn.= the border h0,2's are selling '.ing at $3.23 ciw. _ Across the border hogs sell1x.;: `at from $3 to $3.75 a cwt, and bccf much lower than in Cainda DespiLc the fact that Roosevelt has spent 30 billion dollars already, and slaugilitci -ed six million hogs to raise the p1`l"'(`, lW(3 nd the farmers in the States .n revoluhion as they nd tlivey are -,:<:`_.- lting only half for their hogs that 1.` being paid in Canada. i "[`1-no m-mmnlovment is still caus- being paid 111 uanaaa. True, unemployment ing concern, but it is imp1'oving'. .\t `no time in me last eight _vea.'rs has |tl1`e`textilc plants been ope1`atm_Q' as higwh as at present; trade has inmroxu led. prices: are bet`er. and employmcmf `has impro\'e(l 30 per cent. At no `time could Canada be prouder of the '[Conso1'vati\'e polivv than to-dz1j.'. In ; uumpe to-day `fhree-f.ou1'ths of the inatons are under dic-ta.to1'sl1ip, thougn some would have us believe that Can- sda is under 21 dictator. This is 21 `(lay when we need no \\'eakling, and M1`, Bennetf has shown his ability and lcapacity for hard work in guiding the [ship of state. I 15..-: Ml nbinvr .(11se1'e})anc1(-:.<, suxnu w:a.mu._m L11 ... discretion, but these are minor .`.m.;-,5. Had the Opposition in Ontario bet.-:1 `showing any constructive policy. the measure of the life of `i-he Govern- ment might naturally be (`0I1Sl(lC"~'(l nearing: its end, bu`. sane citizc-no Lo- day will consider well before maxing any change. M1`. Hepburn say? lw lwill never lead a dry party, and i\`Iz`. `Nixon pi'ofesses to be dry. MT. He;:~~ `burn says he is ou' to save public ioxvnership, but all know -his record `on the Beauliarnois deal when lie sup [ported Mr. King: and private 0\\'T.Cx l lship when $'T5(),00~0 \\`a.~' obtained for .party funds. I '1`l~ A Tjnn 1-(V (~::\x'n\Vn|1'I..\'l'Iii` ='l1m1l(l l')."_l mug \lJ. ......~. I 3 Provincial Matte1`s 1 Mn Rowe paid high tribute to Hun. 'G;eo. S. Henry. On`-ario niever hz-.11 a Premier with a cleaner 1-econrd or a keener sense of high motive: than QMI`. Henry. No g:ove1'nm(~:nt can be gill power for ten years without some (iiscrepancies, some weakness or in- A . I icr-1-I`-`H071. but gposluun {by the -znns \\" man to Dean` up. Canada's position to-(lay, com1>m'-gd with what It was in 1930. xoflmts on bhe ability of Hon. R. B. '3-nut.-t :z;: u lr~:u`.m'. and yet. Hon. M:wl King saw that if he \'.'c-re 1'c1:ui`nr:(1 tn powm' he would _!2`() back to t-hu szu. pocv he hm! in 192!) in 1-r,\r2:.n'(l `, tA:`.ri'.-1. A` 1`.mt.Un1(.- Cunz.1d:1\\'.L.= -.>.. 1 ' \ !_0fl(-(ts IL.-x .n|' .., .._W... nue, pass- : mo doubt work and ' claarns on uring Um. ` un 11 I Editor, No1't.he1'n Advance : I n..- 02.. \n., ,,_., ,_, IA.4\4|v\/A. .. .~..\_... ..uvuu\.~. . Dom` Sir,--Wc are in a peculiar position because of our past l`O(`0`1'd, but to carry this matter furtaher-at this time without taking` into consil oration the whole nancial standing and :1 close sc1'utin_v of all public. ex penditurcs, not only of thc council, but of the Hydro Coimnission and the school boards, it is czlsy for these bodios to spend as much ll1n1C(`(`~`SL1) money as would nance relief. A council inay have done its best and yet be stranded because U110 mil] rate and the cost of living -on account of un`1'ea.sonablc rates for scrvicc owi- xi-l\:/Ila a`.l~.n nnnn.-1'] 11nn nn an.-.'vu.-.1 ' LUl'l'Uil;.`sUllLl.Ull.` l'LlUt'5 lULl` SUI'\"l(_".` U\l.1' which the council has no con'L1'ol. is forcing the municipality to ask for fresh bonded debt to be guz11'z1x1tcc(l by the rural municipalities that have inn hniinri riinhf 'T`i1n fnxvnqixinu uvmn- ` Uy I/I10 I'U.uX"cXl l11UlllClp21|1ElCS DHd.1', IIUVC nro bonded debt. The townships gen- erally have so reduced thei.1- expen(1i~ tures thereby lowering their tax rate to in some measure compa.re with their income, but are then asked fn n'nn1'nnf,r\(- hnn< for nrhan nnnnr-i- \V1Ulk UIUIT 1111101110, UUL 2/l.l'C 1. /ll`L`l1 2lSh(.'(1 to g'um'antcc bonds for urban mun1ci- palities that have boards of managp - `ment who .rathe'1' boast We are run- ning` this institution and will run 1`. just as we please, and if required will force pztymexxt for the neccssamy funds, until we as a county have a supe1'\'isio11 and a voice of control of H110 n\'nnTI.cI\< nf 31171 1nn11i(-in:l1H'.lr.u< fhaf. Su[JUl'\'lSlUIl ZUl(l d. VUICL` U1 L 0llLl'U1 UL `dhe expenses of all inunicipalities that have g`ua.ranteed bonded debt. `We should call a denite halt in nancial assistance, for the municpality that has to issue debentures for relief purposes and asks the county for security is only bringing moxre ex- pense on both bodies. Other mun icipalities default and their whole re- lief expenses is paid by the govern- ment. or by the taxpayer, who has not defaulted. We are asked to give security to save default and help pay the burden of those who have de- faulted. I made a suggestion at the November session that we should con sider woiking` out some plan wnereby the municipalities of the county should form a united association with the object of securing any necessary legislation \v-hereby we as a county could control the municipal debt of the diercnt municipalities in the county, thereby having no defaults. Two years ago \ve urged strongly that the lIL`(ll1CtlOll of expenses was the one thing in our power that would relieve the extreme situation and after all, the economic cures we have seen on paper, actual cutting of expenses is the best remedy, but by many a despised remedy. No more guaranteeing of deben tures should be considered until some denite plan of controlled expendi- ture saLi. to the county is e'stablishcd. With this done, I be- lieve we can safely assist any munici pality in the ('0unt_v, thereby avoiding default or nancial cmbar'rassment, nm. Hnnnr-inl nhlirrntin1`\< rlmn:1nd GUARANTEEINC. DEBENTURI Our Letter LESSON No. 15 default nnunciai emoai"1'a1ssn1em_ Our nancial obligations demand a `.1`odl supewision of all expenses. and this should be acco1np]i.<~hed by the county, rather than an outside nv ancial person or commission, 111 'r f`<`lY\Y'K`lT\T/'1T1'A1|.I' A girl is at an a\\'kwzu'd age w..en she s too old to marry a young man for love and not young enough to land a milli'o`nai1~e.-Ott.a\\'a Journal. Remember that c.11a.1*actc1' is what. you are; reputation is what other people think you are. porting three million dollars worth of products 21 day and importing `.lr.'.2(-.- and a half million (l01la1~.~; worth. A country like Canada with vast natuial resources cannot a'or(l to impo-t; more .than she exports. During` the King` regim(- we were exporting` '1-av material and importing` nis-hecl pm ducts. The rst year of the Be7111;\t lGo\`,-rmncnt tl`lCl (} xvas an adve1.e frade bzilaiit-0 of $100,000. Now 5 there is :1 i'z1\`orahlL~ trade balance 91' 0: I {I0 nnn nnn !lzllUl'L` 15 El Jil\\ $100,000,000. nu |1n1'\:I\rI| ru- - .1pLuU.UuU,vuu. 1 'l`oLwhing on -the work of the com- ing` session, Mr. Simpsovn said that discussion on a central bank wouid (loubtless occupy consi(ie`1*ab1e time. A vnnv nmn :1 I'(nn1niQ hnsninri hv UUUDLXCSS UCCll})y L'Ull .Sl(ll,"l'2LlJlC Lllilt. A year ago a commission headed by Lord McMillan studied he question and a majority favored a central bank for Canada. Two members, one of whioh \\ as Sir Thomas White, were of the opinion that ou.r banks as .-.t p1'e.<(.-nt were capable of dong all that is nec any. The greatest agitation for a central bank was in the West, where the i'arine:n~: `-hink the banks do not lend money freely enough. The banks to lend money must have some assurance that the money loaned will be repaid within :1 reasonable time, and p1*el'(-r a growing crop or stock a. security rather than land. The main function of a central bank. however, will be to regulate fo-reig`n eXcha'n;`.(- etc. Money loaned by banks is d\.' paositors` money, and the banks mu.~'t have security t:l1a.1 is liquid on call. In the United States the banks loan- ed on security that was no.` liquid, with the result that xvlicn d'eposiLor.s wanted their money it was no`. avail able, and the banks failed, b1`ing`i:i2 disaster to many. Nlv Rimncnn in r-lnuinrr rmiri l`1i;rl'x msaster L0 Mr. Simpson in closing paid high tribute to I`.:u'l Rowe as a member of parliament. When "he speaks t-he-1e are few empty seats in the Home, and he has been cung1`a1;ulaLed Ly Liberals as well as Conservatives after an ad(`l1'ess. To Organize Young Conservative Ass0ciation The absence of young` people at the meeting: was commented on, though it was pointed out tho; lhe.-"e was a hockey match and a dance 11 _ the vir.-inity tha` night. To get the, young peonle l`lt".;`.k""`(l i'1 ~.nlW"~'-. it ':.'a1.< rlor-irlml to hold a meel;in.g' in the SHrnu(l Community Hall, at which aL .-`:)r>:1l(<:1'_ m'olml)l`.' the son of Premier Henry. \\'n'ul give a sh(n't 21(id`1'(?Sa, which would be followed by it (lance \'.'i1l' l`-.1114" .'e1','.:' all fveo "or LI1e_ young` people. A .~`t:-on-gs; <':>z'n:;1iLLce `.'`:1.< :x'..1-')imm`. Lo 2l'r";2! n all (1ct2.ils,. zvml Jlw rlutr `:.;1.~' l)L'-.;`. t-'. for Tab. `1!-ml. lv..::'l `ln,\'.; and .1, '1`. S'mp:~on m-n; .<(-.l tlwir 1`-'l`l()l1'-l1(`11l`tC(i sumuort :lll(i Will it no: l)lr* "r)m'.` from GL- 1 l .. .r' .-1 li mu-1.~in11 1 `.`.'Hl I1 L `:1 for the `W. J. CUNNINGHAIVI. Acting Warden Ucllullllllnllull. qp1,uvv - ---v--~--- Price: 99.00 and interest, Price: 100 and interest, yielding 4.36% to maturity. Yielding 450% t m3t`-'itY- 4% -1-3--e_l'3e_1;t-1.1res Due January 16, 1937 New Issue