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PROTECTION TO PERSONS AND PROPERTY Police Department Fir» Department Hydrant Rental _ Strect Lighting Dosg Catching 40,798 46 40,354.87 8,400.08 9934 .66 957 M Canadia Jafiray, "must, in the final analysis be governéd by its strength". a Aaccounrt, $140,000,000 on British ac sharp condemnation â€" of suggesti:‘ns:coum- The figures covered all pur for inflaticn or "funny money" fea.| Chas>s of munitions, aircraft, arma tured the speech. Other highlights inâ€"| ments, fo0od and clothing and did no cluded a warning that :axation if car.| lnclude soldiers‘ pay or the $235,000, ried to extremes could, by its impact| of Pplant expansion which, wit] upon inventories, produce ail the pri. | other items, brings Canada‘s war com vations of deflation; an expression of, mMitments and expenditures to date u; confiden:s in regard to the wheat ‘pro.|to semehing over a billion dollars. blem; a declaration that in view of To finance this program war loan: the part played by Canada‘s mines in| had raised $500,000,000 of new money supporting the nation‘s warâ€"time buyâ€", taxation and other reventss had proâ€" ing strength governments should Vided the rest. "With the ever in every encouragement to mines to m_lcr;asing development of our natura crease theit production. Mr. Jaffray rescurces, a favourable export trade had no misgivings that Canada‘s purâ€"| balantce of nearly $200,00€,000 a ysarâ€" chases of materials and equipment in | (it was $45,000,000 for the three month: the United States may have to be reâ€"|Of June, July and August last), anc dused. (He paid hizh tribute to th>| With a considerable part of war exâ€" work of the Bank of Canada and the| penditure in the form of wages findin: Foreign Exchange Control Board,. and|its way into the hands of individuals expressed confidence in the Empire‘s| and available to some extznt for subâ€" ultimate triumph over Hitlerism. seription to further Domwminxisn loans,‘ Banks After Year of War Mr. Jeffray continued, "i am firmly Dealing with the effect of the one‘ °°"Y" :f;°dt Llhatitcdana(;a ganuhandlle fls * £ 4 War ort liumited only by the volume yoar of wariron the posifion of i6 that can mechanically be produced, chartered banks, the ‘bankers‘ Presiâ€" dent their ability to finame,and" wx:l’l'out o mACDA the 1equ1rments of their customers in | s war effort uniil viectory, without '*ux-’ Would Encourage Mines tailing theMeésitimate requirements of Commenting ~upOon suggestions that their customers for ordinary purposes. 'an adverse balance with the United During the one year of war deposits of | States mizht cceraie to restrict Canâ€" all kinds in the chart>red banks had ada‘s purchases in that country, Mr. increased by fortyâ€"six million dollars Jaffray pointed to the adverse balan>e and now stood at 3,142,000,006 as of | of imports over exports for June, July August 31st, 1940. Balances with the| and August amounting to $65,000,0C0. Bank of Canada, cash and othér immeâ€"| He added: "but these do not diately available assets had decreased | include interest payments abroad nor from 22 per cent. of total deposit liaâ€" ) the revenue of tourist traffic, nor do bilities to 19 per cent in the same perâ€"‘ they include gold shipments. The first lodâ€""a modgrate decline=indeed;~~comâ€" | two are not greatly out of baltancs; mented Mr. Jaffray. [and as the total value of our gold proâ€" Current loans to the public at Auzâ€" duction for the same three months ust 3lst this year had reached $939,.â€" exceeded $51,000.000, available, if neo>dâ€" In vinw of the standinx of Mr. Jafâ€" fray and the position by the address is worthy of particular attention at this tim®. Highlights o0"° Speech "A nation‘s war effort," said Mr. Jafiray, ‘"must, in the final analysis be governéd by its financzial strength". A a review.c‘: the strength revealed in the positicn of the chartered bans at the end of the first year of war,. as well as upon the extent of the country‘s material, natural and financial reâ€" cour*es. Canada‘s financial ability to handl* her war effort withCuat upset to the naâ€" ticnal economy is beunded "only by the velum> that can be mechanicailly produced" was the arresting statement made by H. T. Jaffray, presidint of the Canadian Eankers Asscriation at the recent annual meeting of that body. He based this conviction upon a review.c!‘ the strength revealed in MONDAY, NOVEMBER 25TH. 1940 HEALTH AND SANITATION Board of Health Garbage and Ash Collection Sanitary Sewer Maintenance EDUCCATIONAL Canada‘s War Effort Only Bounded by Its Production Volume President of Bankers Asâ€" do9ciation Says ~Canada Finance Full Volume that Can Mechanically be Proâ€" duced. WATERWORKS GENERAL Statement of Revenue and Expenditure For the Poriod January 1 to November 15, 1940 Pubnec Schools Separate Schools Hizh and Technical S ‘icol Fublic Librarvy Waterâ€" Ratss WaterTurnâ€"on Reontal Wat®r Frontaze Premium on Sale of Debentu Rents Municipal Building Sign Rentals Area Rentals R Market Marriage License Commission Commissioners Fegs Business Tax Licenses Subdivision Approval Fees Street Qccupancy Fees Miscellaneous Income Sale of Material Building Byâ€"Law Sales Taxes for Yesar 1940 $ Peénalty and Interest on Taxes ; Inccme on Mines Profits P Income on Mines Profits (Adjustment») Municipal Subsidy seower Rentals Licenses _ Foll Tax Dog Tax Police Fines . Building Permits Railway Tax Gasoline Tax Rofunds Hotell Fees ... Rents Town Propserties Weigh Scale Receipts REVENUE Surplus carried forward from 1939 Total â€" Rev THE CORPORATION OF THE TOWN OF TIMMINS FINANCIAL STATEMENT - Propsrties Receipts Sale of Debentures Feoogos HUEL EXPENDITUREF | To finance this program war loans had raised $500,000,000 of new money: taxation and other reventss had proâ€" ‘vided the rest. "With the ever inâ€" criasinz development of our natural rescurces, a favourable export trade balance of nearly $200,00€,000 a ysarâ€" (it was $45,000,000 for the three months of June, July and August last), and with a considerable part of war exâ€" penditure in the form of wages findinz its way into the hands of individuals, and available to some extznt for subâ€" seription to further Dao:minrisn l0oans," Mr. Jeffray continued, "i am firmly 'ccnvinced that Canada can handle its war effort limited only by the volume ;that can mechanically be produced, and, without .upset to our national economy." Turning to the ability of the "oun-} try as a whole to handle its war effort he pointed out that government war crdazrsâ€"some 35,000 in nuns aerâ€"-pla"ed' up :0 the end of September, totalled $550,003,000â€"$410,000,000 on Canadian acecunt, $140,000,000 on British ac-* count. The figures covered all purâ€"| chas>s of munitions, aircraft, armaâ€"| ments, fcod and clothing and did not include soldiers‘ pay or the $235,000,â€" CC of plant expansion which, with other items, brings Canada‘s war comâ€" | mitments and expenditures to dats up' to somehing over a hbhillion dollars. creasl Jaffray cating | dls> the dustry. balance toâ€"day incregas DankKks snow Canada nots: 000,00Câ€"$13 [ 600,000â€"an increase of $113.000,00d9 in actual financial assistance being exâ€" teonded to custOtiÂ¥rs throughout Canâ€" ada. Bank holding of short term, high Dominion and provincial govâ€" ernmint securities, all maturing within two years had risen from $443,.0390,900 at the cutbrsak of war, to $7€0,000.090 at August 3ist this year, In the sam> period long dated similar securitiss had dreoaped from to $604,â€" 0C0,000. This meant that to the 2xtent of approximately $140,020,000 thke banks swunz from to shorter date seâ€" curitiss to maintain a thorcughly liquid pesition and to aid in the additional linancing of war contracts and otheor NC:irs in circulation of all banks showed no increase. PBank nf $ 658,136.00 10,476,47 81,951.02 K 14,664.21 146,486 .44 102,646.17 114, 334 .18 16.049.10 93,933.77 220.00 8,4009.00 930.0 1,107.39 3.389235 405’(3)0 209.85 84.95 3,720.00 1,169.67 ed from $743,0C00,0T3 to $604,â€"| 0. This meant tnat to the roximately $149,020,000 the banks ; from long‘r to shorter date seâ€" ‘s to maintain a thorcughly liquid n and to aid in the additional ing of war contracts and otheor ‘s3, NCizs in circulation of all showed no increase. ank of | la note circulation was ty $127,â€"| )â€"$13,000,020 of this incr2ase beâ€" »ld"by the chartored banks: the e was not in excess of dayâ€"‘ requiremeints of the ccuntry‘s sed volume cf business. Mr.| y cited the above figures as indiâ€" | the ability of the banks to hanâ€"| e war cffori réequirements of inâ€"| vVarry 5.00 $ 2,9054.54 $949.926 G9 in circulation 0 increase. P ulation was u: 0 of this incr> 70.41 104,901.74 GENEFRAL OFFICE War Praogram 20,000 thke banks shorter date seâ€" horcughly liquid i the additional racts and oth?r rculation of all ‘ease. Bank of Equipment out of Current Revenue all Departments . WATERWORKS Maintenance Service Connections Desenture Instalments. etc Administraticn Construction WELFARE PARKS AND PUBLIC RELATIONS Parks and Playgrounds Municipal Rinks â€" Mairket Maintenaoce Market Construction Cemetery ce Traffic Control Plumbing 2nd Buxld‘xw Inspecti"n STREETS Gradingyâ€"New Extensions Gradingâ€"Improving Resurfacin® 3 C)iling . Ollmgâ€"Pmchmg Road and Lane Clc'mmg Street Decorations Pavement Maintenance Favement Cleaning and P Culverts and Ditthins Bridges ... ... Spring Dltclun'r Snow Removal Hospitalization of Indigents Hospitalization Office Expense Direstâ€"Reliefâ€"Town‘s Share Relief Administration Sundry Relief Costs Administration Intergést«and Discount Municipal Building Election Expense o pminge.:2, Donations to Wel{fare Institutions. etc. 68,365.27 7,122.57 7,151.65 136 .33 13,206.16 Garage and Administration Enginecring Walks Maintenance Sandinz and Patrollin Snowploughing Fcoitpaths ...... Cement Walk Repairs House Sewor Connections Credit Storm Sewer Maint2>na Sewage Disposal Plan Dump Maintinance |ed by Canadiarfs, and which can also be drawn upon, if nocessary, to supâ€" Bort cor war effort, I cannot share in these misgivinzs, but I think the figâ€" ures do emphasize onee more the enorâ€" imous valizz> of our min?>ral production ard striss the view trat every encourâ€" age:r.ont shculd be given by cur Govâ€" ernmenis to Cur mines to increase production. Inflation and "Funny Money" "From time to time," he continued, "we hesar suggestions to the effect that Canada should resort to infiation, or to one kind or another of "funny money" to finance this war. I cannot too strongly condemn any such sugâ€" gestions as not being in the best inâ€" terests / of the country, and because such experiments must inevitably carry with them an aftermath of depression. Labour Of every kind is doing its part in the war effort in a wholeâ€"hearted manner, working long hours, waiving holidays, and in contributinz both by its efforts and with its earnings to the country‘s need. To resort to any expeâ€" ,'dicnt that would bring to the working ;man at the end of this war another â€".-â€"-..â€"_â€"_.â€"_._.__.__W-â€"._â€".â€"_._â€"- period of depression is beneath the l consideration of a country such as Canada, and I can only think that those who advocate silch proposals cannot realize what the results would be. There is only® one way in whith to finance this war, and that is by taxation up to a level bsyond which it would ruin its own purpose, and over and above that by bcrrowings, to paid from the development of our unâ€" limited natural over aâ€"period of: time. . ced t with Exireme Taxation Unwise Porhaps I might develop for a ts in ‘C Maint2nance ind Flushin m, if effort, I cannot but I think Aâ€"Ray Discovers Tubereuviosis Inspection OM iA 11 Hmnat 35 585.91 8,501 .49 35,162.35 6,063.36 4 652.57 16,409 .84 1,364.09 12,160.88 6,814.08 3 413.23 pmceture st wavy 6,168.39 2,082.61 4,814.63 14,883.53 3,270.92 3,304.53 4.40 92.171 4,320.85 3,894.33 4,313.61 2 461.45 6,.926.85 45,088.89 2.3903.25 2,869.26 52122 906.13 1,174.34 2.390.31 2.448.01 8,336.37 4,355.53 1,586.94 6,683.57 1.528.18 THE PORCUPINE ADVANCE, TTMMINS, ONTARIO < x Mr,. Jaffray decried any impression that bank earnings are largoly ini creased as a result of war,. Notwithâ€" standng higher current loans federal taxation had practically doubled, proâ€" Wheat No Detriment Mr, Jaffray then touched upon the wheat situation, refusing to regard the West‘s large crop as a detriment, "ratâ€" her than a blessing." It had produced financinz and storage problems which ancther crop might even accentuat2, "but, in spite of this I would say that this national wealth added to the counâ€" try is a tremendous asset and that in the long run every bushel of grain that we grow will be needed but it is posâ€" sible that for the next year to two perâ€" centagse switching from wheat to feedâ€" ing grains may be in the interests of nur farmers." ment the quesion cof taxationâ€"which if carried tc an extreme, may produce recults not greatly difforent from the af‘ermath of inflation. With the inâ€" creased volumse â€"of turnov?or in nBarly all business, it is inevitable that heaâ€" vierâ€" inventories must be carried and Scught further in advance. The preâ€" senti rate Oof taxation leaves to th: manufacturer, wholesaler and others, little margin for increase>d profit, and little oppcrtunity to set up proper rcâ€" serves against these increas2d inv?enâ€" tories. It seems to me that the Govâ€" ernment in â€"assessing for taxation should take this factor into considerâ€" ation, as it would be regrettable inâ€" deed, if, after the war the business men of the country wore fazed with the necessity of reducing these invenâ€" tories and, with inadequate reserves against them, a situatiOn of deflation with its accompanying suffering and unemployment were brought about even where there had been no inflaâ€" tion." l having an Xâ€"ray picture ma of detecting. tuberculosis, gr i the ages of 15 and 45. Income berculosis associations and clin 90,365.058 CAPITAL (Freo) CAPITAL (Debentures Issued) CURRENT Cash Change Funds Cash in Banks .. Taxes due Principal and Interest Less Provision for Uncollectible Balance at Credit of Revenue Account as at November 15tn 1940, available ~ to meet Current Expenditures for period from Ncyvember 16th to December 3list, 1940 Town‘s Portion of Lccal Improvement Debenture Charges Fire Department Premises Park Gillies Lake Fire Chief‘s Residence Cemetery Buildinz Real Estate Less Debenture Repayments to date Equivalent to Depreciation Properiy acquired at Tax Sale Maintenancs Material on Hand . Relief Fuel on Hand Marriaze Licens?s on Hand Underlevyâ€"Public Schools Underlevyâ€"High and Té:haical Schcol Discount on Sale of Debentures Advances on 1940 Capital Construction For which Debentures will bo issued Accounts Receivable Less Reserve for Uncollemble Total Current Assets Total Expenditures groalt Statement of Assets and L4iabilities O| as at November 15, 1940 Toronto Telegram:â€"Boors learn the facts about lifs in the Netherlands from letters tied to storks. Let‘s hope the time never comes when people down South will learn the truth about Canâ€" ada from notes tied to duck. The Warschauer Zeitung reported that a court in Warsaw on Nov. 8 sentenced ten Poles to death for illegal possession of firearms. The same papâ€" er on Nov. 7 reported that Germans stopped a car carrying five Polés in the Radom district and found riflies, hand grenades and ammunition inside. In consequent fighting 2 Poles were arâ€" rested. The other three escaped. A Nazi court at Samose sentenced four Polés to death Nov. 9. They were charged with illegal possession of fireâ€" arms and with attacking and shooting a German prison guard in order to free Polés imprisoned in Biagoray. The Polish Telegraphic Agency here commented that the semtences indiâ€" cats that. a spirit of resistance and sabotage against the German authorâ€" ities is growing among the population. ivmcial taxes had not been reduced, and any small margin cf added earnâ€"|! ings that might be left to the banks: weuld not be tco larz> t> provide for| unavoidable ff:s:s in the aftorâ€"war industrial adjustment. "I cannot se> where the Sanks stard to rain," said I the Presiden:. London, Nov. 23 â€" German newsâ€" papers published in occupied Poland extracts from which reached here, reâ€" port the ssntencing to death of 27 Poles within a few days. «re of Victory Mr. Jeoffray clossd with a nots of confidence in ultimate victory. He "In the minds of th3azse of us who hbhave some ~faint concenton of Sia cncrmous assets, real and pot>ntial, of British Empire. and with the reâ€" sources of other friendly nations, inâ€" cluding cur neighbours to the South, at cur disposal, there can never be a moâ€" iment‘s doubt as to the final outcoms. Once thess> are converted into one huge machine bont on crushing out enemies, the end will come, and come | spesdily and the las*t vestige of Hitlerâ€" i+m will be wiped from the face of the‘ earth. Lst us hope that the day will? not be tco lonsg postponed and that when it comes. it will only be the dawnl Ctia happier world." t Unable to Subdue Poles German Pagers Confess i .. particularly in the realin of exâ€" change control, individuals considered treir personal liberti>s infring>d, "I rculd only say to them that nothing es ksomn done whith is not in the best iiterests of the countrv, and of the freeficm of the world, and that their individual inâ€"cnvenitnces are ~ mivror mattor." Praises Bank of Canada Touching the Bank of Canada and the Fcrsiin Exchang> Control Board. Mr. Jaffray declared that they had adone an efficient. ferâ€"sight>d job and ASSETS 2409 412.06 1,326,622.74 477,055.34 49,851.37 135,480.70 231,217.85 29,055.68 14,279.35 187,426.64 211,042.03 443 .500.00 21,000.00 370,008.00 6,00.00 129,778.10 47,165.00 110,000.CO 15,000.00 15,500.00 18,790.80 5,058.97 3,300.00 799 .68 8. 482 .590 20€,436.78 33.878.05 28 , 465.94 5.771.83 $884,216.87 94.1l1 _ cURRENT 810'”? Current 8,650.40 > Appounts 2047594 _. Debentur 86.00 Overlevie 117.40 4 4 # __OWDE 18.891 .11 c o L 4 65.709.82 6 11.084.78 Former Kirkland Resident Passes at Sharbut Lake In 1928 he gave ‘up c“‘ mining and moved to Cobalt where he worked at the Mclfmle) Mine. ; years ago he took up. 1esxdenf*o m Kirkland Lake. He is sutvived.by four daughiers Mrs. Norman Jaccbson, and Mrs. Norman Smith Kirkland Lake; Mrs. James Dale, and Mrs. A;~J. Duscharm, Sharbut Lake. Five sons survive and are: Henry Orhling, Stillwater,. Nova Sceotia; James Orhling, Brockville Ont.: Fulton Orhling, soarving with the 48th Highlander; Clarence Orhling and Fred Orhling â€"both of Kirkland Lake. Mrs. csome tm)e ‘he; §Vgg at > s‘tellarton Nova SCotia. Karl Oscar Orhling, wellâ€"known at Cobalt and a resident of Kirkland Laks ‘or many yéears, died at Sharbut Lake Ontario, ‘%aturdax Nowmb°r 16. Ho was in his 75th year.""" Mr. Orhling was born in Stockhoim Sweden, coming to Canada at the ago of 15. For a number of years he was a seaman but finally gavc up seafaring for a life in the Nova Scotia coal mines FPollowing the outbreak of the Great War he enlisted and saw service overâ€" seas. Rgtmmgv(o ’mda he reâ€" sumed work in the coal mines and for TIMMINS PHONXE 709 "es» i Total Current Liabilities ‘Balance at Credit of Revenue Account as‘at November 15th, 1940, available 3';.':; Expenditures for period hss +o mber 16th to Decemser 31st, 1940 Let us show you samples of Red Top Insulating Wool and tell you how you can get this winter and summer at little cost, and how Red Top Insulating Wool will pay for :tself. You know how a blanket keeps you warm in winter. That is the way Red Top Insulating Wool can protect your home. Easily installed under the roof or in walls. Permanent. Fireâ€" proof. Verminâ€"proof, And pays for itself by saving fuel. K eeps you cool in summer, too. Red Top Insulating Wool is a product of Canadian Gypeum Company Ltd., your warranty of quality. ie wiot RED TOP~INSULATING WOQL â€" Feldman Timber CAPITAL Debinturs Debt O*nstanding Palan e t of Capital Account Aber 15th, 1940, being ex *cess of J value of Capital Asset Local Improvements Paid in Advanc Fremium on Sale of Debentures "Transient Traders‘ Licenses Buntiry Oreditors re Tax Sale Unclaimed Witness Fees } Reserve for Renewal ol Watemoxkc. Sinmwtry Mster Deposit ~â€" Equipment and Meters Surplus. 1939 . Tax Sale Due Local Boards on Current Account putuc Schaol Board Current ~Loanâ€"Imperial Bank Accounts Payable DebentureInstalments due for 1940 Overleviesâ€"â€"Public Library Portion Local Imp. â€"Town‘s Portion Lo:al Imp. ngineering Department Equipment COMPANY LIMITED LIABILITIE® Globs and Mail:â€"Th man in the United discsvered in a contest purpose. Prosumably C actuated the judgos. Orhling predeceased her husband three years ago. One son Cecil was killed at the Delnite mine last Mav. Funeral services were held and burial tock place in Kirkland Lake Cemet°ry Wednsdav. Nov. 20. 194,30 39,248.15 494.80 2,1124.32 1,124.41 .42 530.00 34.617.13 A. L. SHAW 3,000.00 1,200.00 1,975.47 18.89 313.85 240.8 1 SCHUMACHER PHONEF 708 Treasurer $1,647,.134.08 043 40 40 16 18,000.00 20,067.08 79,329 .53 7,000.00 211.03 25 N( 5,523.83 410,56 1.241. 89 2,308 .61 PAGE FIVE 554.57 184.93 ha 11