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N OPINIONS DAILY TIMES-GAZETTE EDITORIAL PAGE FEATURES THE DAILY TIMES-GAZETTE OSHAWA WHITB THE OSHAWA TIMES (Established 1871) THE WHITBY GAZETTE AND CHRONICLE (Established 1863) MEMBER OF THE CANADIAN PEESS The Times-Gaszette i= a memner of the Canadian Dally News- papers Association, the Ontario Provincial Dailies Association, and the Audit Bureau of Circulations. SUBSCRIPTION RATES republication Press or Reuters in this paper and also the local news therein. All rights of republicatior. of special despatches herein also reserved. Net Paid Circulation Average Per Issue 13 ' 2 3 3 JUNE, 1948 SATURDAY, JULY 10, 1948 Profits But No Cash There is an increasing amount of discussion going on over the question of whether present figures of profit are realistic. It has been pointed out that, out of $17 billion of corporation profits in the United States in 1947, no less than $5 billion represented increases in the value of inventories of goods on hand, while at least $2 billion more were accounted , for'by failure to make adequate provision for depreciation of plant. Deducting these two figures, it was calculated that the total profits of corporations in the United States in 1947 were somewhat less than in 1940, before the war. Now this may sound like complicated theory, but it is really very simple. The increase in value of inventories de- finitely is not a profit in any real sense, since the so-called profiteer cannot take this profit from his business at all. He simply has to leave it in there as long as he stays in business. It may vanish at any time by a fall in prices. If it does not vanish, it remains frozen in the business. As for a failure to allow enough for depreciation, that certainly means that any company which has been guilty of this is over-stating its profits. The man who owns a taxi, and fails to increase the savings which he sets aside to re- place that taxi when it wears out, is certainly over-stating his profits. The same thing goes for the biggest corporation in the world. The interesting thing is that, along with all these stories of huge profits there goes increasing evidence that most corporations actually are in a worse cash position than they were, They are having to increase bank loans or sell bonds or stocks in order to maintain their position, and keep their plant in good shape. That is the final test. Figures on bits of paper may look like profits, but a profit which does not end in increasing cash holdings is seldom a profit in any real sense. It is a matter of fact, and a matter of much interest to workers, consumers, and the public in general, as well as to shareholders, that too many corporations are at present over-stating their profits, because of an antiquated method of keeping books. Will Refusal Stand Many Canadians who are following the gyrations of the political whirl in the United States are wondering if General Dwight D. Eisenhower's statement that he will not accept the nomination of the Democratic Party to run for the presi- dency in this fall's elections will stand if he is the unanimous choice of the party convention later this month. Ever since hé retired as Allied commander, General Eis- enhower has been mentioned prominently as a possibility for the presidency. Deservedly popular with the men who fought with him, his popularity had grown by leaps and bounds. In fact the majority believe that if he would accept the nomina- tion he would defeat Governor Thomas E. Dewey. In fact he is the one hope the Democrats have to return a president to the White House as the opinion is generally held that if President Truman is nominated he will be easily defeated by Governor Dewey. No one can blame General Eisenhower if he stands firm and refused to be the party's candidate. His brilliant war record is untarnished and he is very popular. Should he en- ter politics he would have to give up the presidency of Co- lumbia University, which he accepted during the past year. and it might detract from the place he now holds in the hearts of the nation. "The Miner At Home" To the editorial office of The Times-Gazette this week came an illustrated book on Northern Ontario, entitled, "The Miner At Home," issued by the Ontario Mining Association. The Association's president, A. L. Bloomfield, of Kirk- land Lake, in a brief message, says that the book is intended to describe the life of the miners away from their work and their family and community activities. "A better under- standing of Ontario's mining industry throughout the coun- try and throughout the industry itself is very important," the president points out. ; The foreword quotes the late President Roosevelt: "Today we are faced with the pre-eminent fact that, if civili- zation is to survive, we must cultivate the science of human relationships, the ability of all people, of all kinds, to live together and work together, in the same world, at peace." Believing what President Roosevelt said about the import- ance of human relationships, the Ontario Mining Association offers the booklet as "testimony that people from all parts of the world, of many varying abilities and backgrounds, can live together in peace and happiness and mutually share APS EEL ANNOY OAL BN INSIDE | OTTAWA By HAROLD DINGMAN Ottawa Correspondent Ottawa, July 10.--If he hadn't horsed around in the vital days and hours just before the conven- tion, W.W.S. Fielding might have won the 1919 convention and sent young Willie King pacing off t0 ob- scurity or 'wherever, Fielding's influence was formi- dable. Eight provincial premiers were backing him and King's name wasn't mentioned except as a sort of afterthought. But Fielding mess- ed things up worse than Vanden- burg at the Philadelphia affair. Fielding had written a letter withdrawing his name from the convention and it took the combin- ed persuasive powers of five pre- miers to get him to withhold that letter, Then he agreed to stand only on the condition that no one should speak for him or canvass the delegates. He lost by 38 votes and had himself to blame. . Fielding was, of course, tainted with Union government and the fact that he had been in that cab- inet was the unforgivable sin to Quebec, But if Fielding had fought his opposition instead of knuckling under to it, he would have captured Ontario and the maritimes and the west. Even in Quebec he won an estimated 75 votes, which wasn't too bad. Mr. King captured 222 votes in Quebec and took the rest of his strength from Ontario, the maritimes and Alberta. £It looks like Fielding," said the old Toronto Globe, then a great Liberal organ, on the day the vot- ing started. Two days before that the Globe said that Fielding, George Graham and Saskatche- wan's Premier William Martin, were the three major contenders. The Globe also listed the expected "also rans"'--Mackenzie King and D. D. McKenzie. What happened? Fieldi veering and shifting around so much and talking about getting out, that the delegates were looking for another man, Quebec was talk- ing about young Mr. King and Fielding didn't even,look in King's direction, let alone fight to alien- ate his votes. . Even Quebec wasn't sure about King. Montreal's "Le Devoir" hop- ed he would win but thought he was too unpopular in Ontario and elsewhere. When the votes were counted the inevitable post mortems were held. The Globe reported that "not until this morning did shrewd observers begin to predict he (King) would stampede the gathering." And the Globe said that even after the se- cond ballot, with King well out .in front, that a considerable portion of the convention thought that the King boom had shot its bolt. "Right up to the threshold of the convention his name was not ser- iously considered," wrote a special writer for the Tory Ottawa Jour- nal who signed himself "M.G. OL." Today that writer is better known as Grattan O'Leary, associate editor of the Journal. O'Leary then, as now, had his tongue in cheek when writing was 'about the party his paper opposes. "When the Liberals met in Oft- tawa in '93 it was written of them by a celebrated editor that they were 'a collection of semi-civil bar- barians seeking free lunches and whisky and badly in need of a band," reported O'Leary. He didnt think they were quite as bad as all that. "It is not a gathering of Glad- stones and Cobdens and Brights and it (the convention) probably does not voice the views of all Canadian Liberals," he thought. "But taken all in all, making due allowances for the parasitical poli- ticilan who is one of the penalties of democracy, the personnel in both quantity and quality is good." On its editorial page the Tory Journal 'thought grudgingly that "the Liberal convention is bound in some way to be of public benefit". "Upon which Liberal Elisha will Elijah's mantle fall?" inquired a front page picture layout. Mr. Kings face was not among four listed. e 50 Years Ago Collections of Customs at Osh- awa for the year ending June 30, 1898, totalled $20,760.96. Bread was selling in Oshawa at five cents a loaf, Father Jeffcott was presented with a substantial testimonial by his parishioners in Whitby and Osh- awa prior to his departure for a trip to Ireland. Four large Toronto picnics enjoy- ed the facilities of Prospect Park. Chief of Police Hoover 'acquired a new bicycle and with the assist- ance of Nightwatchman Knox es- sayed to learn to ride it on Simcoe Street in the early hours of the morning. The Vindicator reported he was equipped with a catcher's mask to protect his face, fielders' gloves to save his hands and shin pads to protect his legs. e A Bible Thought Each loss is truest gain If day by. day' He fills the place of all He takes away. "Wherefore come out from among them, and be ye separate," saith the Lord, "and touch not the un- clean thing, and I will receive you, and will be a Father unto you." (II Cor. 6:17,18). 39 DIE IN FIRES Toronto, July 10 (CP) -- Thirty-nine persons, including 16 children, were burned to death be- tween April 1 and June 30 in On- tario, the fire marshal's report covering the second quarter of the year said Friday. There were 4,823 fires causing damage of $3,572,279, as compared with 4,450 and $3,940,- 677 for the same period a year ago. rn4 The Life of a Great Canadian ty. As he waved one letter in the air, written by a prominent Con- A VICTORY AND A DEFEAT When King was defeated in his own home-town riding of North Waterloo in 1911, he took it as a personal affront. He never came back on subsequent elections to give the townfolk another chance but chose, in succession, the battle grounds of Prince, P.EI, North upcoming Liberal leader? Defeat In Election Personal Affront To Liberal Leader By REGINALD HARDY Parliamentary Press Correspondent A rare photo of Prime Minister King, glass in hand. It may contain tomato juice or sherry. Is he wishing Mr, St. Laurent success as the servative business man who had stated that his business would not be adversely affected by reciprocity, someone in the hall, as if by pre-ar. ranged signal, called out: 'Read it!' "'I will; said King, and he did 50. "Bur King's action in olaking public a letter which the govern- ment had refused to produce along with others in the House of Com- mons acted as a boomerang. The business man of the town, who up till then had been rather apathetic in theif attitude, got busy and or- ganized against King, and no doubt the production of the letter at that meeting was a major factor in Gis defeat." (To be continued daily) oA Bit of Verse WHAT'S THE USE "One thing that definitely went against King in that election was his action in making public letters he had received from the business men in the riding in reply to letters he had written them which deputy minister of labor. "White the reciprocity debate was on in the House of Commons, King, What's the use of a rich man's wealth If it's never used for good? What's the use of a growing tree If one only sees the wood? What's the use of a splendid thought If it's kept just to one's self? And what's the use of a perfect plan If' it's just laid on the shelf? What's the good of an envious mind If one's wants are satisfied? What's the use of an outward show If it only means false pride? What's the use of a flattering tongue If a person's not sincere? And what's the use of a birthday If it comes but each leap year? What's the use of a foreign trip If your own land you don't know? And what are vacations needed for If there's no place you will go? What is a sense of humor for If one never can unbend? And what's the use of our lives at all they're not means to an end! ~--WILLIAM MCcCLURE. Welland, Ont, FOR SUMMER COMFORT Take along - Repels Insects « Stops Sunburn « Aids Natural Tan On the beach or anywhere outdoors, Tantoo Repellent Cream gives you modern protection against mosquitoes, black flies, sand fleas and other annoying pests. One light application repels in. sects for 6 to 8 hours . . . stops painful sunburn, .. aids in acquiring a smooth, natural tan, Tantoo is an odourless, non-staining cream . . . the latest discovery of science for your summer comfort. At yous Green Cross dealer now. *Reg'd. trademark York, Ontario, and Prince Albert, Sask, Wheh the voters of Prince Al. bert turned down their absentee member in 1945, King found a seat in Glengarry and got himself an acclamation. But had King given the people of North Waterloo a second chance it is quite possible, nay probable, they would have elected him. For in 1911 they had voted against reciprocity rather than against young Mr. King. At that time W. G. "Billy" Weichel, the successful Conservative candi- date, won the election by the slim majority of only 315 votes, LE 3 Up, in Kitchener, gathering material for this series of articles, I ran into Alexander Bean who in 1908, when King ran his first elec- tion in North Waterloo, was man- ager and editor of the old Daily Telegraph, the same paper, by the way, that King's father once edit- ed for a brief period. Bean who operated the paper with his brother for many years recalled very clear- ly both the 1908 and 1911 elections. "I'll never forget the 1908 elec- tion when king first was elected," recalled Bean. "I remember the day he arrived in town, bustling with enthusiasm and ready to go. He was a veritable cyclone of action. He had everybody working for him in no time at all, He organized the business men of the town, gave them pep talks, outlined the issues of the election and soon had everybody en- gaged in a house-to-house canvass. Everyone had a list, and we knew pretty well the day of the election just how everyone was going to vete. "I recall the big political rally in Victoria Park: All the big shots were there including Laurier and Lemi- eux, After Lemieux had softened up the crowd with one of his proverb- ally witty and persuasive speeches, -| the great Laurier took the platform. 'He announced that King was de- finitely cabinet material and that he was looking forward to making him minister of labor. All the people of the riding had to do to make this possible, said Laurier, was to elect King, "Then King spoke! He delivered a brilliant oration and his wonder- ful command of English and his re- markable faculty for grasping detai] an dmaking it work for him had its results. The audience was convinced. "Seagram," continued Bean, "had been member fon many years. His colorful personality, his racing hor- ses, which were the talk of the country, the black-and-orange Sea- gram colors which were virtually accepted as the district's of- ficia] colors, had made him a widely . known and popular fig- ure, Although he was not run- ning in that election (the Con- teacher by the name of Richard Read) it was expected that his wealth and influence would swing the election to the Conservatives. "But King's very fine personal- ity, his remarkable memory, parti- cularly for names and faces, soon had won him a great following. Then, too, the fact that Laurier had fpublicly marked him for the minis- try no doubt helped a great deal. Everybody came from far and wide to hear Laurier, and remained to listen to King. As for Laurier, he ch-rmed the ladies with his old- world gallantry and grace. No doubt he was responsible for a good many of Billy's votes." LE 2 King worked just as hard in the reciprocity election of 1911, recalled Bean, but Billy Weichel, who was then Mayor of Waterloo and had had an intimate business association throughout the riding had the edge on King when it came to dealing with the business men's vote, "Weichel knew all the boys and called them by their first names," sald Bean. "It helped a lot." then deputy minister, wrote every business man in Waterloo county asking them what their reactions were to the issue. The Conservatives moved that government department officials produce all correspondence between them and constituents, But the government ruled that this could not be done because the correspon- dence was private. "But at one election meeting," continued Bean, "King held up a raft of answers he had received from the business men of the coun. 333 THERE IS NO FINER- PRODUCTS For your information? So that you and we may get to know each other better, Johns-Manville will publish a series of questions and answers in these columns; Questions most frequently asked about J-M or | about industry in general will be frankly and openly discussed. Tie right to think what we want to think is one of the privileges enjoyed by every Canadian. Stemming from, and an important part of, this freedom of thought is the right to ask questions, . We at Johns-Manville have always en- couraged this thirst for knowledge. And, equally important, we feel every question should have an intelligent answer. From time to time many questions have been asked about the products we make, the kind of jobs we provide, the amount of money we spend, what we do to prevent accidents and safeguard the health of em- ployees, and many other things of mutual interest to Johns-Manville and to our friends and neighbors in this community. We have listed the questions which have been most frequently asked, and we ar@ using the advertising columns of this news paper to answer them. Instead of the company trying to decide the things you want us to talk about, you have decided. The first of the series of ques tion-and-answer statements will appear soony So, all in the spirit of getting to know each other alittle better, we are glad to announce this open discussion of questions most often asked us. AT Gadus, Production Manager CANADIAN PRODUCTS DIVISION Canadian Johns-Manville Co., Limited TORGNTO. PLANT. AT. PORT UNION