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royal bank of canada presents strong statement cash assets 164 million dollars canada has maintained her credit unimpaired sir herbert holt deals vigorously with railway and other na tional problems emphasizes need for government econ omy imperial conference canadian business condi tions international outlook mr m w wilson reports on satisfactory years operations central bank discussed meatbres needed for business recovery 11 the sixtyfourth annual meeting i of the royal bank of canada markei the close of a very successful year the statement submitted showed the bank to be in a very strong liquid position of the total assets of 765512920 the liquid assets amounted to as much as 355929915 and were equal to 5286 of all lia bilities to the public an outstand ing feature of the liquid assets was the large holding of cash assets wlich reached a total of one hund red and sixtyfour millions the annua meeting brojght to gether a large number of sharehold ers and was marked by interesting and instructive addresses by sr hubert holt the president and mor ris w wilson vicepresident and general manager vigorous comment and suggestions as regards several of the outstanding domestic problens of canada and an able summary of the world eco- mic situation and the prospects alead a strong plea for the amalga mation of the two canadlai rail roads as the only manner in which the grave canadian railway situa tion can be solved intervention by the provincial governments to con serve canadia 1 natural resources and to prevent the collapse of the vitally important newsprint industry if the present 4rong efforts being made to secure cooperation are not success ful and a condemnation of excessive governmental expenditure featured the address of the president sir herbert said in part the power of the resistance which this country has shevn during the third year of the depressio is cause for congratulation with no financial assistance from other countries other than a small amount of refinancing which was arranged on a strictly business basis with currency depre cation in terms of gold limited to a rery moderate percentage and with none of the restrictions on foreign fxchange or international trade which have been found inevitable in e many cases canada has lived up to the letter of her contracts and maintained her credit unimpaired in doing so she has followed the tradi tion of the british empire as a whole it is no exaggeration to say that the stability and soundness of the em pires banking institutions have play ed an important part in the creation of this good record railway problem in referring to the report of the royal commission on transporta tion sir herbert expressed the opin ion that cooperation between the two railroad systems to effect mutual economies will not prove drastic enough to cut down in any adequate degree the annual deficits of the gov ernment railways and expressed the conviction that the solution lay in complete amalgamation he felt fears of a monopoly were groundless and that under proper safeguards unification would result in a coor dinated transportation system ade quate to the needs ot the country and conducted at a minimum of ex pense government expenses for many years governmental expenditure has been on an excessive scale extravagance has character ised the budgets of national provin cial and municipal governments throughout the country there is a general demand that budgets be bal anced and every effort made to light en the heavy burden imposed upon ihc people by reducing the unduly heavy taxation there is a noteworthy duplica tion of government in canada which leads to excessive cost of administra tion we must seriously consider whether this country can afford to maintain as many as nine provincial governments together with the fed eral government each with an elec torate organization the whole popu lation of great britain is governed fcy a single parliament which finds time to legislate not only for all in ternal matters but also for those which concern the empire as a whole reviewing the imperial conference at ottawa sir herbert said that the material achievements attained were a triumph for mr bennett and his government ask no questions by beldon dvff enjoy this finer quality in concluding sir herurt said that canada was fully capable of meeting any further tests which ght be impose- ht felt that pres ent indications pointed to the initia tion of a recovery in 1933 if a rea- inable degree of international com mon sense and cooperation oud be tecured gen managers address mr m w wilson vicepresident an general manager in referring c the position of the bank said that an outstanding feature of the statement was that cash and cash balances to talled s164630000 or over 24 public liabilities total liquid assets being equal to over 52869 of public liabilities he mentioned the notable i improvement in the market for gov- trnment bonds which took place dur ing the year and said canada again proved its capacity to provide the funds required by our public bod- r i during the year the average ield on dominion governr nt long- term bonds declined from 520 to about 483 this represents a dis tinct and very satisfactory improve ment which in due coarse should be carried farther as additional capital seeks investment in gilted ced secur ities pointing out that the banking sys tem of canada adequately serves the needs of the country le said that i central bank could perform few eer- vites not available under the present iystem and would not in any sense do away with the necessity of re quiring adequate security for bank- ing accommodation nor permit banks to undertake longterm transactions instead of shortterm advances for reproductive purposes recognizing that the question of central banking is not one to be disposed of summar ily he said i should hope that if parliament is called upon to deal with the matter the government will first have the project examined thor oughly by a body of experts includ ing several from older cojitries who have had experience in the practical working of a central bank i con fess to a reluctance to tinker with our financial machinery n a time like this price restoration on previous occasions we have stiessed the importance of restoring the world price structure to approxi mately 192428 levels i remarked last year that such action was essen tial if the present deflation is to oe liquidated in rn orderly manner pointing out that deflation had been carried to extremes and that anti- deflation measures were urgently re quired unfortunately price levels continued to fall until the end of june and the rise which commenced at that time has since been cancelled the decline for the year as indicated by the united states bureau of la bor index will be apparently about 7 per cent which compares with 13 per cent in 1931 and 17 per cent in 1930 the best that can be said is that the rate of fall was appreciably less than in previous years the vital necessity for increasing prices is now commonly recognized but the difficulty of countering de flation increases as the depression continues we must hope that the forthcoming world economic con ference will point the way to con structive action in this respect there is little inclination to in dulge in prophecy as to the future as sir herberdt stated there are in clinations of a gradual increase in stability throughout the world this is particularly true in europe where conditions were anything but favor able a vear ago in the united states the financial crisis s apparently over and a return of greater confidence is in evidence many problems of busi ness readjustment remain to be met both abroad and in canada 1 ut real progress toward recovery has been made and the prospect of further im provement in the coming year is much more hopeful than it was a year ago i have full confidence in the char acter of our people and of our insti tutions and without minimizing the importance of the problems that must bo dealt with i look to the fu turc with increasing optimism synopsis i annassa west lases brides house in connecticut socalled because a bride who had sought shelter there with her husband had strangely disappeared the lease specified that the tenant must ask no ouesttons annassa finds that one of the graves in the private burial ground has been opened her stable boy otto is murdered john diamond own er of a new york newspaper tries to induce annassa to leave the place der- ick cranson a former circus athlete nd admirer of jane ilunnells one of the j rirst tenants of the bouse calls to take i care of annaysas polo ponies oraeula a savage stallion fights off cranson who advises the new tenant to leave annassa dines with john diamond where she meets her exfiance gately terhune chapter xvii contd terhune thick though the hide of his conceit was sensed some change in the girl who up until a few short weeks ago hadbeen his to mold as he saw fit it only made him more de termined to win her back to that elastic state of mind ive reinstated prentice in his old position raised him ten dollars a week too annassa said but without enthusi asm thats mighty fair of you gate ly is he happy about it terhune twiddled his small mus- trche i havent seen him myself but his mother accepted a chtque of fc0 back pay for him turning to diamond when i do the magnani mous thing i believe in doing it right the master of berkshire towers murmured something that sounded like a wise move im not so sure it is a wise move terhune objected still anns set her heart on giving this little shrimp a square deal and there seems to be nothing else to do but remember sending a level look across the table at the girl this doesnt establish a precedent no woman ca run my business for me youve always talk ed about not starting with any false ideas thats why i took the stand i did when the rumpus first commenced thats why i told you if you persist ed in coming up ere on this fools errand our engagement would have to be called off annassa said quietly gately mr diamond knows all this i was here t see him weeks ago when i first thought of renting brides house diamond coughed behind his hand we er that is miss west and i got off to a rather bad start in our acquaintance she seemed so excited t day she called on me so head strong when i tried to raise n with her that i felt er obliged to frown rpon the request she made annassa told him in the same quiet voice she had used on terhune you said you wouldnt help me clear up the mystery hanging over brides house well you have helped me helped me without knowing it it was i who in serted the advertisement in your newspaper silberstein the lawyer was hired by mo to draw up a faked lease the forbidden clause was a little artistic trimming born of my one surreptitious visit to the old run nels farm i saw the inscription on the fireplace and decided it would make the thing i was aiming to do look a trifle less cutanddried as long as no one seemsd to know who the owner of the house was and with a wicked smile the daily free janet gay nor anesthetizing oysters tho proposed administration of an anesthetic to oysters before opening ihem is not for the purpose of spar ing the oyster pain as newspaper hu morists arc assuming but for making ihem easier to open says the indus trial bulletin of arthur d little in cambridge mass the strength and skill required for tho proper shucking of oysters have created a serious labor problem issue no 4 33 experimenters of the bureau of fisheries hnvo found it possible to anesthetize an oyster without subse quent damage to it as an oyster or to its flavor on eating so that its shell will gape wide open making temoval of the animal a simple matter anesthesia in this case is induced by immersion of tho oyster in very dilute acid which if desired can be a food acid such as citric tartaric or lactic acid not only docs the re laxation do lib harm to the shucked oysters but the trace of acidity makes thtm keep better janet gaynors holiday in hawaii evidently is agreeing with ner but be careful janet holly wood frowns on too much jound- tgel jul warning press persisted in saying come to us i felt sure i could get away with it the smile faded but lets not tak about that part any more we both behaved very badly and were both sorry or at least she hesitat ed i am and he other ray you said you were an awkward pause was broken by terhune now that everythings all settled amicably wed best be thinking of the trip back to town ill take you with me in the roadster ann annassa sat back in her chair thanks a lot gately she said but im not going to new york to night not going no im going back to brides house to prides house ann are you mad the girl pushed back the chair and rose no im not mail i think i never was saner in my life theres no use arguing with me my mind is quite made up as she delivered this ultimatum an odd expression flittored across the face of their host annassa west felt she would have been justified in calling it a murderous expression as for gately he just looked foolish the way he always did when his will was crossed havent i done everything you ked of me demanded terhune everything and more gately i feel quite different about opposing ou now youve been so good and generous im almost scared to ive started something and it must be fin ished i want you to be happy ann but i want you tobe safe too and com fortable now that ottos gone how in the world are you going to man age all those horses annassa flushed to the roots of her copprcolored hair there is someone i mean 1 have found a man john diamond spoke in vok2 edged with sarcasm i see now miss west why i have not been able to persuade you to leave brides house terhune turned with a threatening scowl aniassa west raised her hand mx- diamond is right this man is the reason why i cannot leave brides house ann terhune fell back aghast but only because he is in trouble and needs my help terhune began to look worried rgain ann you love this man nonsense ive only sen him twice ive scarcely had a dozen words with him just the same you love him a noise in the hall outside inter rupted her protestations a voice speaking hurriedly in panting breaths though its owner hadbeen running o was beside himself with fear possibly both noah peabody accompanist by an indignant footman burst into the room mr diamond the excited pro prietor of the ark stood before them without hat or coat mr diamond seth toby sent me to tell yer that the men of hales crossing an a lot of farmers from the outlying districts are on their way to brides house to git the man thats hidin there he wants yer to go over nd talk to them to see if yer cant hold them till he brings help from danbury theyre a bad bunch and this reward yoive offered has druv em crazy if that feller resists theyll lynch him sure as god made little apples and when they git through with that part of the party theyll burn the house down and ride the west female out a town on a rail i for the first time he became aware of miss wests presence oh i didnt know she was here excuse nie let them burn brides house down if they want to its about time that spot was cleaned off the map anyway said diamond but the man cried ann david didnt you hear what mr peabody said they mean to kill him and hes innocent innocent i tell you go to them do what the ehict of police wants you to do withdraw the re ward tell them youve changed your mind that the murderers already been caught anything at all only stop them before its too late diamond betrayed conflicting emo tions rage fear and a disturbingly familiar wistfulnoss why should i run the risk of be ing stoned by these hoodlums why should i put myself in danger for the sake of a convict a man whose death would in all probability be a benefit to the world why miss west had stepped back the wonder of a great discovery the dawning certainty of the truth had swept the anxiety from her face when she answered tho million aires question it was with a new as- surfyjice you must save this man she said fresh from the gardens gently you have no other choice i he is your son chapter xviii because alva cropsey thought v could do his deductive reasoning bet- ter with a trout rod in his haad he j was late for supper and because he i was late for supper he again missed meeting his mysterious fellow boarder mr watts had eaten aid gone straight to bed with a headache miss malvina informed him as soon as he set foot in the apple blossom cropsey had his lamb cutlet and cherry turnover alone then he took h- coffee to the comparative quiet of the floor above mr wattss door he noticed as ho passed was closed weighing the possibilities which the situation afforded it became appar ent that a wing chair in miss mal- vinas sitting room would give the best iew of the short 111 true to expectations the door of mr wattss room opened presently and a youngster in a baggy golf trou sers and a sweater emerged he had a small a very small mustache and light brown hair there vas nothing to distinguish him from niie out of any ten young men one might neit of a morning in the new york subways cropsey felt disappointed even a mousy villain ought to look a little villainous after a cautions survey which en tirely failed to take cognizance of the watcher in the wing chair mr watts tiptoed along the hall and down the stairs cropsey gave him a full minute be fore he followed the young man had gone around the side of the house toward the barn he returned presently pushing a bi cycle well there was nothing to do now but follow as rapidly as those same long legs could carry him and to trust to luck zjuck has a feminine way of accom modating those whose trust is ego tistical enough in cropseys case she provided a farmer going to hales crossing in a ford the managing editor askei for a lift and got it rattling along beside the gaunt hardfaced new englander he tried to make himself agreeable and at the same time to get on with his sleuthing but the moment he i sed the word murder his compan ion shut up like a clam at low tide let me off at the wood road said the exasperated cropsey at last to be continued 2 plants draw much water two chaparral plants found grow ing in california at an altitude ot about a mile draw from the soil and transpire into the air some twelve gallons of water a eiason for every foot o leaf area of the plant in defense of mountains i wish the poets wouldnt cry that bills are hunched against the sky to me a hill is proud and straight and would not bow to any fate what lesson could a hunched nil teach what lesson could tho psalmist preach about a mountain bowed with fears or weighed down by the worlds sad years a mountain holds her proud head high to clear or darkly lowering sky and even when storm clouds round her race she lifts to heaven a trusting face mountains have learned the patience of time the wisdom of silence and faith sub lime and ever and always my glad heart thrills as i lift mine eyes unto the hills mary katherine newton in uipplos from iake champlain rocking osses for officers washington officers of the army air corps will in the future have to ride to their planes in motor vehicles appropriation for 97 riding horses now tised at various flying fields for exercise and pleasure have been cut from the army supply bill this action was taken after brig- gen b d foulois admitted to the committee that flying officers could get their exercise more effectively by riding gymnasium horses than the live type of fourfooted animals bicycle tax imposed in austria linz pper austria a bicycletax ot 70 cents a year as a last resource to overcome financial difficulties has been adopteel in a portion of this aus trian province health prccsrv- i road to kar cre physical education f fit addresses ivcticl club montreal it takes time and eff rt every day to retain good ptiysu- u health but this time and effort ure more than compensated for by ne happiness and success made possiice through healthy living according 10 the luncheon talk on physlea w-ll- belug delivered to a montreal iluo last week by charles a barbour di rector of physical education of the maaa mr barbour declared his firm faitb i in the theory that happiness is one of tho results ot bodily fitness and that achievement of success in busi ness life also depends upon ihe strength of tho physique a3 examples of men who had ueei accustomed from boyhood to keet themselves in good physical trim mr barbour named charles liudbergl and rearadmiral byrd both of whom as fliers had to withstand physlctt strain in order to achieve their objcoli in all probability you have healtl now he told his audience but ari you going to keep it if so whv should you do to keep it the bes answer to these questions is to ursi upon you tbe necessity of develop health habits which will be a part oi your everyday life good health suggestions made uj mr barbour include the following a thorough medical examination once a year a brisk morning workout aftei rising a wholesome form of recrea tion under the supervision of a spe cialist in physical education many sports were recommended by him as being of great value under supervision for the average business man during the winter it is possible to have indoor exercise through gym nasium classes volley ball squash paddle tennis swimming and a limited amount of badminton in the outofdoors golf swimming walking fishing skating volley dall and a limited amount of tennis are useful in addition he suggested diets pro scribed for the individual by physi cians should be adhered to food should be properly chewed and not taken in excess or eaten at other times than at specific meal times the eyes ears rose and teeth should be kept in good condition and particular care should be given the feet and their health dont fit your feet to your shoes he concluded cretf mi of that earth core solid geologist claim los angeles concepts of the earth which charge that it has a molten interior are discredited by prof w j miller university of california geologist who says instead that the center of the earth is probably a solid as rigid as steel pressure and beat at great depths are so intense however professoi miller pointed out in the annual faculty research lecture recently that whenever a break or movement in the earths crust occurs tho la ner rock promptly melts and flows toward the surface forming lava flows dikes and bathoiths at weak spots at a depth of 40 miles the tem perature of the earth is probably no less than 2s50 degrees f with a pres sure of 250000 pounds to the square inch ho continued while a tem perature of that oider at the sur face is high enough to melt practi cally all rocks the lusion of mate rial is prevented at depths greater than 40 miles the geologist believes britains excellent work as mandate in iraq a british administration of tho iraq mandate which has culminated i the latters admittance to mem- ship in tho league ot nations as an independent nation is praised by wal lace murray chief of the division of near eastern affairs of the state department in the united states mr murray says that the british performance during the last 12 years in preparing iraq for independent statehood reveals tho truly remark able administrative genius- of the british people it would have seem ed tho rashoat folly he asserts to predict in 1020 that in 1932 iraq would be ready for independent state hood he adds great britain reputation as a steadying and civiliz ing force in the world cannot but he enhanced by her performance in iraq toronto mail and empire any little soreness in the throat grows rapidly worse if neglected crush some tablets of aspirin jn some water und gargle at once this gives you instant relief and reduces danger from infection one good gargle and you can feel safe if all soreness is not gone promptly repeat theres usually a cold with the sore throat so take two tablets to throw off your cold headache stiffness or other cold symptoms aspirin relieves neuralgia neuritis too use it freely it does not hurt the heart aspirin trademark rio ih canada 1st tree whatha lookin o glum about 2nd tree new years ay is almost here and i want to turn over a new leaf but where in heck am i going to get a leaf two million bags o maize will he shipped from south africa to can ada this season as a result of the ottawa conference