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J THE OSHAWA DAILY TIMES, FRIDAY, APRIL 12, 1929 PAGE FOUR * "She Oshawa Baily Times THE OSHAWA DAILY REFORMER (Established 1871) An independent newspaper published every afternoon except Sundays and legal holidays, at Oshawa, Canada, by Mundy Printing Company, Limited; Chas. M. Mundy, President; A. R. Alloway, Sec retary. The Oshawa Daily Times is a member of the Cana« dian Press, the Canadian Daily Newspapers As- sociation, The Ontario Provincial Dailies and the Audit Bureau of Cifculations. SUBSCRIPTION RATES i il teide Delivered by. carrier, 10c a week. By mail (ow Oshawa carrier. delivery limits), in the Geunties of Ontario, Durham and Northumberland, $3.00 a year; elsewhere in Canada, $4.00 g year; States, $5.00 a year. TORONTO OFFICE lik Bond Building, 66 Temp Street, P "" Adelaide 0107. H. D. Tresidder, representative. REPRESENTATIVES IN U. Ss. Powers and Stone, Inc, New York and Chicage. FRIDAY, APRIL 12, 1929 "TIME FOR ACTION Oshawa city council, at its special meeting in s the opportunity of taking definite action on some. questions which are of vita importance to the welfare of the city The soviil of 1929, so far, has not been making the progress which the ratepayers have the right to Spee} w ; some of 'the important matters Jitich Nore eft ove: | decision by last year's council. ; gi Hin of these questions are being considered > night, these being the establishment of a feesile court for the city, and the submitting of two bylaws to the ratepayers, one providing for the puschzse of the electric and gas systems, and the other for the erection of the new fire hall and police bulging: Other questions which are pressing for decision, and which are still in abeydnce, are the construction o the subway on Simcoe Street South, and the instal lation 'of the sewage disposal plant, on which a vote of the people is necessary before action can be taken, but on these the council has done practically nothing. * x 5% The 5 committee tonight, ha On the question of establishing a juvenile court, as has been pointed out in these columns ofi several occasions, there is no need for further delay. The council should, by this time, be thoroughly convinced of the value of such a court, and of the excellent work which it can do in a community like Oshawa. The final details should be straightened out without much difficulty at tonight's meeting, and a definite decision reached to go ahead. x x % * On the question of the erection of a fire hall and police building, there should be little hesitation in submitting the necessary bylaw to the citizens, The need for this building has been apparent for a long. time, for, as has been shown in reports of both these departments, the present accommodation is hope= lessly inadequate for the needs of a city of the size of Oshawa, and these important departments cannot be fully efficient until proper modern quarters. are provided for them. There is no apparent good rea- son why this bylaw should not be placed before the citizens at the earliest possible moment. * x x ¥ The purchase of the electric and gas systems, how- ever, is the most important of all. On another page of today's issue of The Times appears a comparison between the rates charged in Oshawa under the pro- vincial system, and in Whitby, 'where there is a muni- , cipally owned system. The difference in favor of Whitby, in itself, is sufficient reason for giving the ratepayers of Oshawa an opportunity of voting on the question. This is a serious matter for Oshawa from the standpoint of industrial development. No city ¢an ' hope to go ahead industrially if its power rates. are in excess of what they are in other cities which arc also looking for industries, for power costs are im- portant factors in the location of industrial plants. There is the advantage, too, with this project, that * the city does not have to sell its debentures in the open market to finance it, since the Hydro-Electric Power Commission of Ontario is willing 'fo accept United. three important: questions which have to be: consid- ered, and particularly on the purchase of the electric light and gas systems, % WELCOME TO THE AUSTRALIANS This afternoon the people of Oshawa are having |. an opportunity to welcome a party of 160 boys fron Australia, boys who are touring Canada so as to secure first hand knowledge as to the opportunities | and possibilities of 'this country. The plan of having | inter-dominion visits is an excellent one, and these '| boys will learn a great deal about this cotintry which they 'could not possibly learn in any other way. Oshawa welcomes the Australians as fellow-Bri- tishers, as representatives of another great unit in ¢ great commonwealth, 'of nations comprising fhe |If had th Brifish Empire. They are lads of the same blood and stock, with the same type of laws, customs and traditions, and they are being given a welcome this afternoon avhich will tell them inno uncertain man- ner that Canada and Australia are closely knit by ties of blood and common fellowship under the same flag. Australia and Canada have some things in com- mon, and yet, by reason of geographical position, they are far apart in many ways. Their climate, their industries and interests, are in some respects diametrically opposed to those of this country, and for that reason it is a good thing to have this visit. It would be well worth while if a similar party of Canadian boys could be organized to make a visit to Australia to return that of the boys who are here today, for such inter-change of views and perspec- tives on the part of the young people of countries within the Empire ihust mean a great deal to its future development, With British peoples, to know each other is to understand each other, and it would be well worth while to cultivate a closer understanding and fellow- ship between the two countries which are the most important within the Empire." Oshawa welcomes the Australian boys, and, seeing that they are practically all six feet in height, one must be inclined to wonder what the men are like over there. THE DEBENTURE MARKET Speaking at the banquet of the Canadian Legion the other night, Mayor T. B. Mitchell made an in- teresting reference to the present state of the mar- ket for civic debentures, and gave this as a reason for urging that commitments involving heavy public offerings of debentures should be deferred until the market is in a better condition. Reference to this same. subject was made this week in the Daily Commetcial News, which, commenting on the fact that the City of Sarnia had rejected all offers made for a debenture issue of $203,000.00, on the ground that they weré considered too low, and that it would be better to wait until the market had improved, suggested that some new method would have to be found of financing mumicipal improvements. The reason for the decline in the market for muni- cipal bonds. is not that the public has any less con- fidence in such issues. Rather is it to be found in the many new fields for investment which are today offered to the investing public. Speculation has wid- ened in its scope, and' has become more secure than it used to be, and this has made a drain on funds which formerly were available for civic bond issues. It is generally considered that certain mining and industrial stocks and bonds today offer a more at- tractive field of investment, and give almost as much security as the municipal. issues. For this reason, investors are forsaking their former avenues of in- vestment, and: are putting their money into these types of stocks and bonds. Yet municipalities, if they are to grow and pro- gress, must finance their undertakings to a large ex- tent through the sale of debentures. Issues may be postponed for a time, but not indefinitely, and it swould seem as if the view taken by the Daily Com- mercial News, that some other method will have to be devised of financing municipal undertakings, It will be a long time, in its judgment, before the old method can be used profitably, and if cities and towns are to continue to move ahead, that a substitute will have to be found which will permit municipal fin- ancing without the loss which has to be taken at the present time on debenture issues. EDITORIAL NOTES The modern version seems to be: Man proposes but his wife disposes. In the days when the good old horse was supreme, he was not considered as second hand the day after he was driven away from the sale. If Napoleon were living today he would learn a great many things about retreating from the Mexican rebel armies. Flood conditions may stop railway and road traffic from moving, but they do not seem able to halt the wanderings of Orval Shaw. . A That Body of Bours By James W. Barton, M.D. ~ HELPING DAMAGED KNEES . One of the conditions that pre- vented .a man from being accepted for overseas service was any dam- age to the interior of the knee joint. I cen learned from long ex- perience that these conditions got worse under any physical strain of effort. : : Many of these cases were willing to submit to operation, but as®no cure could be "guaranteed," it' was not considered advisable to have the man lose the time, and put the coun- try to the expense of operating, u As a matter of fact where the "cross" ligaments in the inside of the joint 'which help to tie the thigh bones and leg bones together at the knee, in cases where the ligament or the side of the knee was torn, or cases where there were "loose bod- ies," parts of the lining ligaments of the knee joint that had become detached, the percentage of success- es from operation was less than fifty. You can readily understand then that it was hardly justifiable to per- haps give a man an absolutely stiff or non-bendable knee in exchange for a knee 'that was perfectly useful a good portion of the time. However, the war taught us a number of things and one was that with careful, clean skilful surgery, most of these cases could be operat- ed upon and perfect results obtained. Dr. R. Morien of Leipzig reports the results of forty-four cases of in- ternal derangement of the knee, as mentioned above, and good results were obtained in thirty-six cases; poor results in eight. This means that results were suc- cessful in 82 percent of the cases. Now when you remember that most of these cases were of long duration, two to ten years, with an average of five years, and that all the patients were in bad shape and un- able to work, and compare it with the results obtained in all cases pre- viously, that is 50 percent, you can see how great the strides that have been made. ° Further, none of the patients with similar conditions who refused opera- tion, made any progress for the bet- ter. My thouight then is that if you have a "trick" knee that "gives out" on you frequently, causing you to lay up for days or weeks at a time; or if you have a knee that prevents you using it at all, then talk it over with your doctor and ask him about the results that are now being ob- tained by operation in these cases. (Registered in accordance with the Copyright Act), - Bits of Humor - : PERMANENT CURE '""How can I stop my son strik- ing matches on his trousers?" "Buy him a celluloid suit,"-- Faun, Vienna. THE ACID TEST (Capper"s Weekly) New Author: Could you use my story if I were to boil it down? Editor: No ehance. Boil down a gallon of water to a pint, and it would still be water, wounld't it? THE BOOK : Reporter (interviewing millfon- aire): "Perhaps some good book has helped you in your wonderful career?" "Undoubtedly; my bank book." ~Fjnancial Journal. BAD LUCK Stranger (trying to locate a friend's house): "Beg pardon, lady but I'm looking for a man." Ancient Spinster (who has ans- wered the doorbell): "I only hope you have better luck than I've had."--Fun. CHESTNUTS Theatre Owner--How did the new comedian's jokes get across? Stage Manager--Most of them came with William the Conqueror. --Stage Review. GOOD REASON Laura--Why do Eileen's people object to her future husband? Vera--Well, there are seven 1g the family and he's only got a two- seater.--The Auto Car. London, April 12.--That H.M.S, Rodney and H.M.S. Nelson are practically invidlnerable to aicack | by air, gunfire or torpedo is re= vealed in details just freed for pub« lication. They have a steel debk 6 1-4 inches thick over the greaten portion of the ship, which defies the heaviest air bombs and a 14 with turrets protected by 16 inch plating and anti-torpedo protection of such strength that the navy is confident that they could remain in' action even if struck by six torpe- does. Such armoring is pracu~ cally impenetrable under battle conditions at modern ranges. Their nine 16 inch guns, which inch belt of armor on the hull TWO LATEST BRITISH MEN O' WAR "ARE PRACTICALLY INVULNERABLE are triple turreted, weigh no more in the agaregate than ight 16-irich guns did double turreted, but the | weight of the total armament is one-fifth their total displacement the highest percentage' of arma- 'ment weight in any seagoing man- *of-war. a They ecarrp -three nineston an- chors, each with three thousand feet of chain cable. The steering gear of new type 'is sofefficient 'that running at full speed ef 23 knots, the rudder can be swung hard over from port to' starboard or vice versa in 30 seconds. Despite the tremendous armament and gunpower, they are 33,600 tons, or 1,500 tons under the limit of the Washington: treaty. : N DISARMING WORLD MUST BE HASTENED Manifesto Issued at Geneva By International Peace Bureau Geneva, April 12,--Since the out- law war pact notably increases the feeling of international security, there is additional practical reason for hastening the work of disarma- ment, declares a manifesto issued recently at the Geneva headquart- ers of the International Peace Bur- eau. The manifesto urges all govern- ments represented at the prepara- tory disarmament commission on April 15 to take positive steps jus- tifying the early convoeation of an international conference, amd in- sists failure to do so will be inter- preted by the peoples of the world as proof that the League of Nations and other institutions dedicated to the consolidation of peace are mere- ly indulging in "window-dressing." Because of the pending general election in England, the impressiua in Geneva is that little will be at- tempted at the forthcoming ses- sion of the commission to reach an agreement on outstanding nuvasg difficulties. . The object of the preparatory commission is, however, merely iu reach an accord on methods for limitation and an agreement on the types of warships to be subjected to limitation would be considerea a big step forward. 3 World Disarmament Starneberg, Germany, April 12. --Count Von Bernstorff, chairman of the German delegation to the League of Nations' disarmament preparatory conference, recently, on the eve of his departure for Geneva, expressed the opinion that theoutlaw-war pact must necessar- ily and logically be followed by orld disarmamefit and the gdops tion of a general pact for settling all disputes by legal means. "Germany heartily approved the pact," he said. 'Personally I have warmly endorsed it in every public utterance, but it seems tome that to translate the pact into practical politics two things are imperative --first, disarmament should be- come a logical sequence, for when war is outlawed what possible ex- cuse can there be for the enormous armament under which the world still staggers and second, there should be drafted and adopted a general pact for settling all dis putes by peaceful means. It is not enough to outlaw war--machinery must be designed and perfected for adjusting such conflicts that are bound to arise in the relations of | nations to each other." TORONTO-WINDSOR AIR SERVICE STARTS Windsor, April 12.--Carrying a load of six people, one less than its full complement, a Fokker super- university cabin plane, powered with a Wasp engine, landed at Walker airport at 1.10 p.m. yester- day from Toronto. The trip was made in two hours and 40 min- utes. It was the first regular commer- cial passenger trip of the Interna- tional Airways of Candda between Toronto, Hamilton and the Border Cities. The Fairchild monoplane belonging to the same company, which landed on Wednesday blaz- ed the trail for the service which will be put into operation. The Fokker plane will be kept on this route, making daily trips. Richard L. Davis, 35, Zanesville, Ohio, was crushed to death by trac- tor. CUWell-Dressed's A Mutual Life Old Age Annuity Policy or longer. further information, WATERLOO ~ ONTARIO Pp FRANK V. EVANS Representatives Standard Bank Building 7 Simcoe Street North, Oshawa, Ont. WM. A, HARE, 23%, SIMCOE STREET NORTH Oshawa, Ontario Ask the Mutual Agent for Vase DAVID' A. McRAE STOCKS BONDS GRAIN WL 3 Office: Reford Buil AND WELLINGTON STS. F S. F. EVERSON, Local Manager Private Wire System 8 11 King Street East, Oshawa -- Above C.P.R StoBIE FORLONG &(@ Phones 143 and 144 the shares of The 7% Preferred Stock. . (eu irin onncvncnnns Common Stock (no par value)... co oo cov.ue #The Preferred Shares will decrease and the Common No mortgage other than purchase-money mortgages on property Elevator Co., Limited, may Comp Sarnia Elevator Co., Limited, may be made and" Preferred Stock may be authorized except under authority of a resolution passed by 6625 % of the votes cast at a special meeting of the holders of Preferred Shares called for the purpose. 2 From a letter of Mr. James Playfair, P . PROPERTY AND BUSINESS OF THE COMPANY-- Toronto Elevators Limited owns and operates a grain elevator at Toronto and owns or controls all the outstanding capital stock of The Sarnia Elevator: Co., Limited. : ih $1,500,000 . Toronto Elevators Limited 7%. Cumulative Convertible Preferred Shares (Par Value $100) Territory excepted) of the Company's bankers. These Preferred Shares are to be fully paid and non-assessable. Preferred &s to assets in the event of voluntary liquidation te the extent of $110.00 a share and accrued dividends, and in the event of involuntary liquidation to the extent of $100.00 a share and accrued dividends, and preferred as to cumulative cash dividends from April 15, 1929, at the rate of 7 per cent. per annum, payable quarterly by cheque on the fifteenth days of January, April, July and October at par at any branch in Canada (Yukon le at any time by call in whole or in part at $110.00 per share and accrued dividends on 60 days' notice. Convertible at the option of the holder at any time prior to redemption, into no par value common stock on the basis cf one share of preferred stock for three shares no par value common stock. Provision against impairment of the conversion privilege will be made. Transfer Agent and Registrar: National Trust Company, Limited, Toronto and Montreal, PRICE. 100 and acerued dividend, yielding 79. CAPITALIZATION sesnassenrassrssenns srenas vase Toes. . $1,500,000 ses ssssssssssensana Shares increase as and when the conversion privilege is exercised, : hereafter acquired by the Company or its subsidiaty, The Sarnia beaicli To be Authorized To be Issued $1,500,000* 40,000 shares 25,000 shares® A ney be given by the C Wy or its nd on any of their fixed assets, and no mortgage or pledge of no additional stock ranking pari-passu with or prior to this ident of the C : all 1ze as Wy, we Upon completion of the new annex, The Sarnia Elevator Co., Limited, will be indebted to the City of Sarnia in approximately $787,000 in principal amount under the agreement for sale by which the Company acquired its property and, elevator from the city. This amount is payable in instalments over a period of CP FIT RR SER _---- « Other Editors' Comment - LAW IS LAW The elevator at Toronto, constructed in 1928, is an electrically- operated steel and concrete structure with a storage capacity of 2,000,000 bushels. The Company operates a feed manufacturing plant at the Toronto elevator which is also equipped with special twenty years. EARNINGS -- The certificate of the Company's Auditors (Thorne, Mulholland, Howson & McPherson) for the period the city's bonds in payment of the purchase price, and thorough investigations have revealed that there is every reason to belicve that the system will carry MUSIC'S CHARMS ; A man who shot a saxophone their own principal and interesf charges without add- ing one cent to the civic tax rate. At the same time, any surpluses will go to the benefit of the Osh: awa consumers, instead of being added to the gen- eral reserve of the whole Central Ontario hydro system. * kK kX Under these circumstances, the city council has a duty to the electric light and power and gas, con- sumers, and that duty is to give the ratepayers the opportunity, as soon as possible, to vote 'on the acquiring of these two systems. There is nothing to be gained by. further delay, for the matter has been considered for a long time by a council committee which has had the advantage of the advice and guid- ance of outstanding citizens, and the facts have been fairly well threshed out. There is,'in fact, a danger in delay. It is important that the vote on the bylaw should be taken be fore the first of July, before the vacation season opens, practically on holiday, and a great many citizens out of the city on vacation, so that a vote after that date could not be fully representative. : J There arc certain. formalities which "have to b complied with before the vote can be taken, and these will take time, so that, if the vote is to some before the vacation season, the city council cannot afford to delay the matter further, The time has come for action, and the council, at its special meeting to- "night, can show that it has the desire to further the city's welfare by taking definite action on the The summer 'months find the city council' (Guelph Mercury) Some folks will wonder why a rear-end brake-: man should be charged with manslaughter be- cause of a train wreck. Such an employee has no control over the operations of a train. However the formality of law must be proceeded with. TOWN PLANNING (Toronto Star) war LAL Viz apparently wanted by® some "people y Plannin omm{ssi 4 a 8 ssion that wouldn't ---- A USEFUL HINT (Kingston Whig-Standard) Recipe for happiness: Have faith in your fel- fow-man but get his signature on the dotted line. - « Bits of Verse - - OUR REFUGE Sad heart with 'tear-stained eyes so dim, Too deep perhaps to flow, ) Somme day you'll see the face of Christ. And with His glory glow. Troubled one with throbbing beat That gives a stabbing pain, He says, with promises so sweet, No blow shall fall again, O heart that hungers love to find The dear ones hid away, God every broken link shall bind And give them bagk some day. ' --Bella Gray. player one night pleaded that he thought it was a cat. "But you«mustn't even shoot a cat," said the Magistrate. "TI thought this one was very ill," pleaded the man.--The Etude. AT THE PICTURES (London Sunday Express) Can you see quite well, darling? Yes, dear, thank you. No one in the way? No, dear. Then change places with me. PERMANENT AFFAIR (Kirkeriki, Vienna) Installment Collector: "But I can't keep coming every day for my money?" Purchaser: "Well TI tell you what. Come every Wednesday if that day suits you." GOD EXHORTS--Tuin thou 'to thy God: keep mercy and judgment, and wait on thy God continually.-- Hosea 12:6. . : PRAYER--"If thou but suffer God to guide thee, And hope in Him through all thy ways, He'll give thee strength, whate'er -betide thee, And A bear thee through the evil days," years. waterfront at Sarnia. current fiscal year. machinery to condition grain. elevator, the Toronto elevator will be used to conduct a general grain and feed merchandising business. Ontario is an important stock-feeding district and busi well as the flour-milling business, has grown substantially in recent handled approximate! 10,000,000 bushels by the c :xisting ca small to handle the business of oint, reason, 2,000,000-bushel additional storage capacity is now "installed there. The addition, when completed, will give the Sarnia Company a storage Sapusity of 3,000,000 bushels, management estimate that they will then be able to handle approxi- mately 20,000,000 bushels per annum. It is expected storage capacity will be ready in time to receive, the 1929 These Preferred Shares ae offered for nlsvien 3 ind MONTREAL LONDON, ENG. Besides its services as a public volume of this feed business, as The Company's wholly-owned subsidiary (The Sarnia Elevator Co., Limited) owns and operates a newly constructed 1,000,000- bushel public transfer elevator advantageously situated on the It is estimated that this unit will have lose of the ity at Sarnia has proved too ered at that point. - For this being and the that this new ' crop: F. J. REDDIN, Representative Telephone : 2800 The statements herein have been accepted by us as accurate but are in no event to be construed as representations by us. if issued and received by us, and subject to the Ap ond ighii pg Rin og eli arry & Camp! Established 1%01 E. R. Wood, President Head Office; TORONTO, 26 King Street E. ended March 30, 1929, covering 6 months' operations of the Sarnia Company and 424 months' operations of the Toronto elevator shows consolidated net earnings available for dividends 'on referred shares, after providing for iation and income taxes, of $82,278. Normal operating conditions at, the Toronto, elevator did not obtain until the'close of this period. The management estimate that net earnings" available for dividends on the above basis will be as follows: te For the fiscal period ending September 30, 1929. « ..$200,000. This will represent the result of a full year's operations of the Sarnia elevator and ten months' operation. of - the Toronte elevator. during a portion of which period normal operating con- ditions will not have obtained. Ad For the 'fiscal 'year ending September 30, 1930. ,...$364,000. This estimate gives effect to the results expected from the addi- tidnal capacity under construction at Sarnia. The annual charges on these Preferred shares' will AMOUNE 10.1 cesssssssscssssesssssascssasnsss $105,000 i of legal details by our selcitges, Mestra'Biake, Lash, It'is expected that interim certificates will be ready for delivery on or about April 25, 1929. DoMinion SECURITIES (ORPORATION LIMITED. . WINNIPEG VANCOUVER 23 Simcoe Street North Oshawa, Ontario { ASPEN A Pp