The Lucknow Sentinel, 1937-07-08, Page 24., •
REPORT TO SHAREHOLDERS
The.-7e1.9:3;7'. '. . • ' i - - • .s• ' ' ' • ", '' . ' ,
enth" fiscal year Of. •cenada.7"PaCkers-Limited'endeci •Nareh; 25th, for -BaCens, te'..h,-, Ontario OdUntXY Points,. has been -e.-$it,4..P.sfr 100 'Pis.
The y.earlyeaverageS have been as follows:- • c. .
. .., ..
'. .P.raAti. after 00coreei*tiQU, Bond Interest; aati In; .. : " .„ • • 1934 ,,,..---......,-,-,,...",--,---,---.,•-•," ............,... •••••••1:•..... 7015: ,
4 .
' . . .
come Tax', i0 ',:•,,...1-;----a,--,T,-,...,.•-• .. ,...-,. . :.--,r: , . ,a,a ;11# 522 66269 " . 1935,- „,,,...,-,..; .... ,,,,,- . •••••••••••1 ''' •••••"••1”7”ai•••••••••,•••••”"--.4 0:4,4*
Hquivalent, on 200,0u0. Share, te--,31.61 per Share, , ' .• - .- 1936- - •-", , ,, .:- . _ '''.. , ' , , . '-., -1 "' .'. 0.19; • .
Out of tigaS, 4P1Pit has been.41,0vided•to distribute,„as... The finidaMental feet is that at such Prices. there , J7fis ,Sure !r'Ofit• in,
, Dividend -5 en'ithe connnon. Shares, * cloring„ ' the•• growing•feecla,:and.egiriveetiag those feeds into Hogs 'It may appear that.
. ,
current •fiscal year , . - : $3,06:per Share ' $; •609-,001),(10 ter a Certain Period Ptiees of Grains may be high; and .during that period
The Profit aPplicable, to the: Cemmon She_ .rea is 42bstnntinliy higher ,. that Greine would 4611 fpr, more thee the Piga whiAlti those 'Grains would •
,. :',.F...........e...-..ere ,Le
--- ,s ,et,„„iraet...nu-efAreaiame....,-reivr-e-Jee.,....4..i.ata,,,,ezeeeee-r.g; aii,"74•4 ag6f1.',... ,•'4a4aaa''7•4a','4*4'.re,•••alg(te•r,,44,r•:••---,-"••,•4•:•a4,-aa-,,n,•,•-na,:4.,.•.,y-r -;44.-,444444,,,,,....,...4„,4,,,,-4.ro,.....a.-4.0„...-7,-.....ear;ra.,--.. i...4.6,-,.4tna2. .
-.,;'..t.' '"(T,:•-•-:•,,FW,T.7414(0.1"4"1-4$12,'••414'04•4:';',..r.'"5:;',OM =ara.-••*._,-_,-/,,,,,t..?...t•itat,....4.. - . :,-„•...0.,,a,..na÷.3.a•t•afteliz........,..h,a. wa..ig..3-4.,..,..„4„4..a...ta...,........ „,...,...4,....s.e..i.,ua., :.4,..1. •
tW.larger Dividead; Anignt4nave been nistinea °anis was, An z et, ' ' "d . 41/ euca case tne-rarmer--a ne 'sees -would -make leein-"'re Bute
ere,d, bnkthe'deelSion was against an iTiereh:sO': he_gagee 9k:the 001.',cy of-Plaat 'Weill.d.-Ilot. make 4 LPS:S•-; The feeder wbo:"doeS not. grow his Grain, hgt buYs. :
exparisicittIe•iv,Iiich; the Company is committed., . ' ;". . ' .: • r . '. it. on the Market; wegld. make a Loss... For hire the flactuatiOns of the Grain
'
,During the y:eata jun .elpsed Plant "extensions were ' ",':, marketare a .serious -matter, ' But the'Fainier Who graWs the feeds May
, , , .,r,..00 tp.tallief,„„ ,,,,.,... _ .:.,-, •-•.-,..-.:,3.1;Q,67,030.72 • ' 9-0 tinne producing_4 'egs...m..t e aSsarance that . uring the lifo. of the - t7',
. and for the ' coming,' year extensions have .i;een -..."' , , . .: .• ' taWai, 4grgernant.*•TIOZ Pt.ciOngtiaa:' IS, Pie:. ,af eat. OctiYity;'ori the Canadian'
_authorized 'totalling apprexideately."‘" , : .,' 1,150;006,00 , farni,l• ' • • ' P:•.• ' • : .. . • .. '. , „ ' • il " ' .. . , ; , " -', • - r
...1„,,,,,d,-0,!. tfie,se,betz.,-,q..e#0.noitoes „the Directors thought et -.Aeoeseary, , •,,.' 1.e, the Farmer,: therefore, -.who ten.e9gat On theePeCesSarY;feed..-tii!s
to gonSerVe'wor144'4-1:ut•A'''' . ',- '''' ,-;•*:: " .: ..''' ''' ••':' . • ' '' •• 1%. • ,...:.,•"',' ' • • • ' colivictiati 'Pales • the...TIV.!,Ohlem, 'a • aireple°. dna. '• • He need not r'evegi stop.' to
Hhareheldere.' may ' ineeire'whethee i0 "large - a pregrinune Of Plant .. eoaeider „Whether he Will or. Will: not breed. . " . • ' .. • ., • • 'i- . ...- • :
expansion was necessary. ThennsWer lies in the fact that during the nine ' But for the Fernier whose crops bele failed year after year; it is ati-..
preceding Years: (Le. '541Ce the CompanY Was •ferrned) net Plant ellependi.,.. _quite:different matter, Without the Grain be cannot.,feed. -The wide areas'
tares had amounted to only , , , '. , " -. S707,125.88 :. : of -crap feilure a the last Seven years have appreciably retardecleincrease
' • During all that: time the main object:Yes:had 'been to binid. up Wsirking in:Hog production..CrOp.faituree have in fact beep tile chief reason why
caeital. which, had increased from- ' ''• ••• . , •Canada has not .yet reached the Quota for Bacon allotted' in the Ottawa.
1927 . :, - ,. , % '. . • ,...$j,61.71,94.444 Agreement of 1932. That Quota was the equivalent of 2,500,000 Hogs per '
to: t9.10• ' _ <;: . ,: .. 7,042,457,71 , . .
. .
Since 1932 there has been every incentive.to increase Hog ptochiction. ,
. :
Last ye,ar; •ft"was :decided to .extepd,' operations ' to the Pacifie . Coast ; '
...*:.vheen high; and •tbe GrainIlloe. ratio faVourable • And in spite Of
- and..aa'a.„firet step A Pleat was Mint at •Edreonton Alberta: Th Plant Prices hae
"-.cost appro1 000 000 00 xiMately • Y, ' ' • $' '
, . , , 4 4. . 7 7 • • cr9P. failures .Pioductioa has gteatlY increasecLi This la' evident from. the
is one Of the finest industrial, Plants. in Canada Vonrib'nhig a beau- f°11°wirig table of Hog iRez'ketiu0 aU.Crliaeon exPertss. ' .• "' ' . "
-- . , .*Tia, ,fale 0.b0-Y'et. dise_useictn-n-n_. : • .e
'COSt$ ' which entpr into Hog production, including labour and -plant
• . .Plans or the e ming y ear include a pew Plant at Vancouver, 137C.., '
. . •
'overhead. These itema•are:ccmstants•and therefore de not effect
-, also..extensiona and new eqamment at several of the existipg . lents. When • ,
• , , , the arguinent, -which baste do with fluctUating Grain pricee.•
this programme is 'completed Darectors look forward to .another ;perio.cl of . , : , . .• - . . - , ,
- • . HOG MARKETINGS• ;
rest in respect to Plant! extenthen: ; - ,
. .
44, . P. It •
•' „
. -' Month 5
Janushi•
... . .
-. Total Sales for •the year were ....., $72;699,519.48 •
-Total Tonnage- ' ' ' ' ' 174,270,797 lbs. February
e. • - March
The Net Profit (:-.31,522,662.69.....) is, therefore, equi-,
' - valent to:- - ':' ' --
April
"
' 2.10% of Sales ' May ^
Or to 1150 per lb, of produet sold • June .
The above figuresrelateto total, , operations, ,, inelading Productsother July
August ,
than those .derived. from Live Stock: . , ,
on.predeete derived .erora"Live Stock, Profit is equivalent to- - -•_ 4ePtenthei
' '' " • 16.8c per 100 lb.
i.e. 116c per,11). -, '---.,....--''
, ,._
Sales increased from ' . $63,586,883.36, year ended March, 1936;
- tp 72,699,519.48, year ended March, 19371-e3;'1,4,
'
that is • $ 9 112 636 12 or 14 3 g' '
(image. in reased from 659,706,572 lbs. . '
, ' to 774 270 7911 "
297,825 ' 275,553' ---7.3
263,005 257,301 . - 2.2
229,822 312,695 ' ' - 36.1
312,719 267;201 • -14.6
228,556 275,376 20.5
' 204,540 310;686 ' 51.9'
225,586 226,147 " .25 '
173,369 235;708 . 36.0
192,103 323,146 68.2
October •
• tbat • 114,564,224 lbs. or 1.7.4$
These large' increases are One partly to new business deriving from..
the Edinonto.n Plant;also to increased eifrofts- of Bacon. • but all Plante,
enjoyed an increased 'domestic .volume, reflecting the improved ecorthinie
conditions in Canada. • !" '
That improvement, .et., far as Ageictiltute is. concerned, s indicated
• the following, table, of prices of 'farm products, . .."
•• FARM, PRODUCTS
Average 'Price . Month 'March •
: ,Years 1930-1937
. 287,855 .375,081 ''' • 30.3
November ..... . . .. .. . 252 800 415,141 ' 64.2 ,.. '
January
113,378 100,473 11.5 134,864 73.9er • 30,1,631 471;463 56.3'
Total
2,969,311 3 26:1
745498 , ! ..
BACON EXPORTS (In terms' of Hogs)-
', - -- -
February ' 123,043 92;088 - 3.1 152,965 • 39:5
--March April , 69,549. ' 77,5.47 ..-.11.4, 143,3811149627-3-;' 63t5:
ee--, 1-1.3;096-el0 ,
May '103,445' 120,642 16.6
June e... '92,420 99,207 • ' : 7.3
July ,, ' 87,991 108,776 23:5
August 68,791 ' 96,128 . ' 39.7
September ....... . . . . 51 973 92,014 '77.0
, October ...... 54,328° , 115,818 .' . 1134. • -
-NiiVen-iber ,05,936-130;495---.3610---
Decertther ' • -62,107 146,902 136.5 .
, .-
1931 :% 'Inc„,
329-,607 • 16,3
345,696' „, 34.0
397.213 ;27.0
337,236 - 26.2
Total • 1,036,057'1,289,741 24.5
•
' 1930 '1931 1932 1933 1934 1935 1936 193/ ' Theee.figures'give ground for thinking that if feedhad been plentiful '
last Fall, and the HoglGrain. ratio favourable, Canada would no be well
on the way towardefilling her Bacon „Quota in Great Britain... '
This question as to whether, (awd. how soon); Canada will achieve her,
:Bacon Quota is the inOst iniportant •oae in Canadian Agriculture., As to
Whether, Canada will 'fill: her Quota, there should"be•only,one answer, For
Canada isnaturally, a Hog producing country,' -and this "Quota givefeher the
opportunity, on the meat favent-ableterms, of establishing herself in the
".greatest. Bacon market of the World. " ' •
•The opportunity tee in the fact that the Agreement permits her rapidly
1 -7 -to increase shipments, ,. and At the same time assures her a stable price.
Such a situation neyer obtained before, and is:jneozweivable except under- a
Quota plan. At anypreviotis time se rapid in increase ia.shIpmente would
'have brought about a drastic fall in price. Beirno fall has occurred, for the
„British, Plarc..is_to,,keep_the total .quantity-nf "Bagon approximately. constant.
As 'Canadian shipments -increased,. itnporti from' other countries were cor-
s_resPendingly„cut clown."-'....-Canada!e.:„poliey-L,ehould clearly :be to establish
herself 'firmly while -these conditions last.
. (That 'Caliadien FarrnershaVe a grasp of the value of the, Bacon Quota,
is shown by their effortso.- increase, Hog production. But there is an
-element in the situation to ,which they arelikelY•to give 'less thought then:.
its:importance merits, viz. :-that time, is of the esseneeeftheisithatiOn.
Canada is assured another years of: the Quota. Within that time
it Is:most important; ' I
(a) That ahe take maximum advantage of the opportunity by filling
Meat -Nu. 1 14,)et4ern ' 63 „5 49 5 .. 664 -..81 1/2 $ •82.t,4 51•41)
610 see 4.21. 5.25 5,74 • 4.90 6,32,
Cat.tfe- :8,e.cf: Steer!, ,1.050
• ' • • •
04.14r1;,. , : :,12.75 • 7..1.9 4.40 '4.61 . 8:36 : 7.43 , 8.15 8.16•
:Laraba- 1inricly..sqeights;' •' . , • • 4 ,
•• • ',Teri:4:1 :7, 9.21 7.00 *6.42 , , • 8.47 7,1e ' 802 40.08
.; • • . ' '
tle • .1:116 . ' 06 . , .08% :091/2 ' .131/2 • .37
.„ : .05' , .03.1; ' .03 . •1.1 1/2 .07 1/2*: .051/2 ..06%.
!..;tmb•13.:.; .•29 , .21 ; .35 • .45
Over Wide cireas, ,Canadian Farmers. ai.e still suffering from a succeee
sion' eroP failures: But inevery other respect Canadian Agr:cnitiire has •
"Ig:eeitzerl flora the depreeeion •• The law point of the depression 'fall in the
.f...rit.t.iiirter 1:633--1-i.e, just More than years ago: It is difficult now,
'040e:to Not only Were-,
• rei'-:_ed,:of farni:.prodtiets at or neak all-timelows but there' Were ,heavy Sur- ,.• •
'Whith there eeereed..tO.-be:iioe.'exteenal-!..petlet-ar any price.
' Tilat vas Particularly the dase,:in reepeCt 9of ivinE;tt an1 of cattle; • •
•••• ,...,'Alt this' As new aerie -ed. The surplus wheat has gone.. At the: end of
. the preseet crOp.,. yearthe carry-over will be less. than . in .,ariy year since
1926. ' And the priee. Of,. Wheat : (at .Prairie- pointe). is 'More thee .three tiniee,
...that•Of FebrearY, 1633. „ "Au': .• ,• . • • , •
1:114s dis4ppeararice. of the overhanging ;surplus and the • rapid advance
• .
in the .pr ee..1(and with it in pilee4 of 'Other 'Grains) was the eignaf. Which,
tra the. Farrier. inar•ked ,the :final :passing of 'the depression. But this ..Very
• e eet hren:..-fht . ita ceinulication 'in.:the Live 'Stock field -particularly
fioge ,are Proauced fr.cen (rains. - The cost -of -production of the Hog.is
ii diieet :ratio to the nr.:ce:a)t the Grains. Between March, 1986, and March,
19t7. tbe.;.i.pricent.Wheat advanced fron.c..;.1f82c .40 per
ard ;Othee•Grains in -Similar, retie. But the price' of Hogs advanced' not et
• Tbie'disperity'in 'movement as between • rainand Hog peices,preserit-
' ed 'a,problerritterrthe 'Fariter which hehadnet had i'efititidat far-eix-yeari„:'
• he feed Flogs, or t.oulcl be self his Grain? The :question-bee:erne acute
jifst at the beginnitig themajer.•_h_reetling...seaactn,,i,e,e_Septenaber..,...Irez
that month' Gralpebegan a spectacular advance, and -Hogs declined, •
The following table sets ":forth , these prices, --Wheat and, negs;"
(Anon thii`, averages:). since- March.' 1 fi: ' - I ' ' • '
. Bac..on Hogs F.O.B.
Wheat Ontario Country'
, per - bushel -Points, per10() the.
!:arch, 153 1936 .., . : .. . . . .. $":82%,:' • ". $8.15
Atril ;8016 -8.02
. .
:Lune
..' 8:82
,.,,
2rti . '•',4;'.71
'Al...4gliSt-•`.
-:1.:0Q3.2114 % 8.89
'1.1•0% • 2,,
. .,Octeber • • '....
''.', Septeinbet ',., 78,....01.'.63':, :., .,..
, Nov em ber ,••
' . '•11'.2°08 ,141' •
• ' Deegreber ' ' ".•
tin Ilart•I 1 .0 al ......:: ,
1.2.4 44 . ' ,. .7,46,
.7.24 '..
:...8.18:
F.ehriatity '' • • 1.27 .
. liarth ----------------. „:„........'..-----------------„,: 1.4):i• ,, .. • • '.` 8.16
7,93
. ' '
" '' '' ' ' '' • : : ' lb • F ' ' ' -
• .• Under su-h eeaditiore, it takes torpe• courage on • e .armer s part to
e .-
• hi -eel sowe the preeeriy"..of which, Will..be inaileetedfrcirri '10 to 12 menthe .
• :later ),1..nrile.ee' h'e..has the necessary -feed. actually . in hisgranary. goy
Feriters, perhaps.... riot,--,-ait ,r•cit .S.,o1 pit.uatecl, :fleece., there • developed a ,
, .
n -a
. e"Oireiliutio'p'• '.' n .b' 'reedingTS: ' As . to the • extent of this dinlinittiOn. UO sta.-;
• - . • 9 •• ' as ;ger in y" pen
aom..
' tistis are te• he,had;-' and the scale.'Of it will igit b.e kneaen until the:progeny •
' arrive ,at'the inarke0,1uly. 4.687, forward. „ , ,., ', , •• ,.'. . ,.. • - ..
, . -, On • eaen farm the :ageisien whither to breed or not to., breed is An;
importaiitor.c& It determines in Advafide that portion ..of farm -Operat:otia
for almost:a.Year;''(The Jitter 'iS' fairedwkd, four months after" breeding, and
the Piga ate:,nlarketiti sia to nine Months aftet birth.) 'The e'atiner. who,
: ;breeds,' thereby, elect:a° to • Market .his Grein through the medium of 'Pigs.:
..Qn• the other•hand,: the deciaOn not, to bteetiele equiveleat to that of selling
the 'Gra'infor •.ash. . But the important factor to consider is clearly not the'.
• 'relative .ptiee •-of . Grain driti •Pigs at the tilt the soi.V• is bred,. It, is the
(
.g'vergge price of Grainier a 'period* of 4' tel. 41', reoriths .feriva•rd,in tele,'
' dn to,the :Price of Hogs en thc marketing da •:-(enkreewn) ;1.0.;41 Months.
i . Ititherefore; the Farmer Seeks, -.At breedingtinie; i`o,deterrnine, whether .
' .,; the sowsshould et•sheuld not-he"bred, be is faeedwith faeto.rs which are,
.. -. notkrioiigp arid' cannot beittown A , ; ' . , .. ! , • . ,
, / But g.study Of the -past tornes to his Aid, and, enables: hien te base his
' : detleienee other and knoWahle fattots,• if a period Of years is considered, ',
it..i&itatincl that,.' providing . fee.aing..reithods. a re ,efh eient e --there, IS--..art-a84-A-
• Eilitta'PeOht in Coritihuotisly:.tai8itig liegs„..Thie is not doejetture, but hie,.
' terY,, A :Vernier Cermet, krioler in .th e ease of any particti lir litter,; Whether
the Pigs Will sell fot A greater stitivtlian the Value at the Grail). 'requited.
•
to prednce them.%Nevert'neless. hetaii be :certain that. ft .ha feeds-110gs' all
' Alie itinie,„..., lie Will' Make 4 Preht, Anda; good Profitp as a-gait:1.st aelang,lia..::
.. Otairee---0Atthe-ifthet'h;:tnilMr :is 'equally ,a triatter of„hiatoty that, the iri- „
ginitiont'leeder ge'ner.al1y4ets' in before a deelite And, out before an advance:
. .(Iii discussions asto the.Pt.ofit:o_r.,Lbs.:pLtivoduollig-Ilogai-there...---i-a--
--
en -a mostiiiifflOttallt..t6ifit. nutla5 the ,last three' '
: , roars Hoe ii,ri,de4• liMrd been, high arid eia'ale. The'ltae monthly average,,prite
.‘
..„
1
(b) • ThAt: she keep in Mind ,constantly the time will certainly ooine.
again .When Canadian 'Bacon will have. to carepete,• without •Pre-
fe:rence with Bacon from Denmark and other European 'coun-
What will Canada's position then •be? - '
'
Will Bacon be able to hold its place in such "situation?
The answer hinges On ii•pi3,int which; has received too little, attention.
,It will depend upon efficiency in breeding and • Canadian •feeding methods
.-.relatiVelyto those! of .Deninatk and other countries.„
, • How 'do" the effigiencies. new compare? ' .• • "" , .
• The answer 'brings us back' to the ,fact that Hogs are produced from
its,.ecnrivalent, Exact statistics are notavailable, but the bla7
. informed vievela that in 'Denmark, on average,...3A-Ibp. of Grain produce 1
whereas in • Canada,: on average, . 5 lbs. of Grain are consumed
in. producing 1: Ib. of Pig. In• other words, that the coat of:Prodaction.iii
Canada: compared to Denmark : ' ' • ' •
• • • . isas - . ' : 5:3% ..
;As . •-• .20:15
. '
-'as.. 4:. 3 !. •
, .
. Thisineens that, 7providing the Price „of, Green. is the same, it Coate'
'one-third more to produce Bacon Rags in Canada than in, Denmark.
.Apphied to the actual data of production• :..." . • • : .
the. sigeificariee-cil.the ,above faCts ie as follovie::, • '
Canada Will produce this year aPproximately-. 7,000,000 Hog
They °will be tnerketed at. an everege, Weight ". " • ' •
• :
of approximatcly
, On the bags 5:1 each Hog would take to
' 11produee,.... . • • • " ' '
• On the '1i4SiS 3%11, each Hog would take, to
1,ptedtice ' • '
• • •
The extra eost!•of producing AngS in Canada, .
exPressed, in Grain is
An , average price of Grain at the 'Farm may
"he,talcen, 1.. • n ot er•
1 words,' the extra; epst-ofLptoduCtion per
::.Hog, due to feeding inefficiency in Canada
• , relatively:to Dein:nark le -
,1%6 x 250, Le, $3.10 per Hee
on 7,0-00;000 Hegs' '421,700,000 •
• " . If ,the relative feeding ratios are cat:feet, there. Can ben° doubt about:
figure.' And 'the statement of tatiee is based on thebest available ine
formetion in each country. .••• ' • ","' '
„ . • .
• But to 'Canadian Hoe Producers the figures have still. greater :tignifice
' /gamy 'Canadian. Farmers, both East and West, actually produce Hoge ,
at a ratio :1. There is 'no doubt about this. The statement is 'hese& .
an carefully kept records; ' '
•. Reni`earthering thatCanadian average production is 5.:.1 it follotva that
Many farms,-thousaricia :of thernthe basis ' of , prodifet:On can not be
better, than • G:1. Whit then is the . differenee -between the -high . and :IOW
cost within ,Canada? . GAA the basis of 64; tho.. quantity. Of Grain required
to produce a 260 lb. }Pig is... •1,260
OW the basis the :qUintity, is .100 "
Therefore, t14 dieeterice'betWean high antl low Pro-. '.
duction .is pee'llog .. ....... . . 500 ",
at 1:%c per . .$6.20 pot Hog
• theat 6.1 Ya.tImts.•renlizo that a Itaving is id be Made from iffie
--paoYed,letclint!f;'-rnethecLteequi=l:ent_tanaore_thanr3:e„.. per , •
,, The Argument of. the precelin$ patagrOliS ,rnai be etuntriefited as
fb) lbw% : , . * •
.;" tityg~;§ the-fel:ref in fittal vhki Canada is beat -endeVie4.-by
: nature' k proeince,' The most euitalke fe'eds Can begrown • here perhaps
More "eheaply- than :in any other. 'arubtrYd. '
200 lite,
• ,
!1,000 lbs of Gea11'
750
0
44.N4Plo
To ulaigain: her Agrielatere on snuncl. basis, 'Consan 'most produce
414nY moreHogs. than she elm •c9n41.411e. ' ^ • '
-Tbe. great Market' for the egrPhis Hagen of OAS. wsild, is great; ilritshi..
fp, this market .Canada at present enjoys a preferred position Of Itif.3 great-
est importance. , • , . ,
For the time being the price of 'Bacon In 'Greet Britain; (and the c'ore
responding Price of Hogs in Canada) is such that even On baelt-of pro-
duction 60 there a large pengt in producing Hots., • ".•
_ thehigh*Peicirnt:Bacon in...Great Britain is. Maiiitained,nnly by a
UOveramerit plan of restricting imports. (Wider this plan' Canada Is 'al-.
lotted the" large. Quota of 2$4 Hogs). . ;
Canada is inereaaing production at a rate which with favourable crop;
cUnditions, Wili enable her to. All'her Quota Within t710 or three Yeirg- (per-
haps earlier); ' . 4, , „„•r. , •
Canada's volume. of shipments to Great Britain will' then be almost
.a Par With those Of Denmark. This Will. afford an opportunity, by ini-
'proving Canadian product aticr•serTiee, to popularize Canadian Bacon to on
This' can be done,only,by -making.Canaglian Bacon' in quality to
an1sh. ' 4
- •For this the first requisite is to make ,Canadian ogsaae -goo .as
DiniSh, A. substantial imprdverneat has been ;made. in cenadien• Hogs in •
the years. ' The IgePi CalladjAlls- are still. not ad, good ee- the, beet
Paniahrbut 'Ilevertheleee they are very good. •.Canada's intinediste'prebleni-
is to bring all' her Hogs lip to the standard of herhest, • , , '
• . But Canada's 'chief 'renfaiping'..preblem is.- ' dtiring this "protected"
•period, to PrePareiherself,`ferthe tiree who she-7wly, again have to.%peet.
Denmark without preference on, the British market, '
. For this"the inexorable reqiiirernent is to achieve an efficiency in Hog
production equal to that of Denmark. ,
• If' Canada deeeitaieve such an efficiency she will then heve an ad-
vantage over Denmark: For feeds.eanbe produced in Canada. more cheaply
than they can be bought -in -Denmark. . ' 1
- The. achieving of this standard of fdeding efficiency is, the Most im-
portant single objective in Canadian Agriculture. On it depends •whether
Canada will advance to first place in the British Market,- or will at some
future date be driven' from that Market as has more than cinee occurred,
in the Oast '
•
,
TT ...I
,
Hair Therapist
Advocates;-
-11e4,1th apa 'Akre to WO° -
man's Locks, He Claima
"Certain ;rays of the PAM Pranlat,
the healthy growth.;.Q1 hair," - Oa*
Joseph ',Hermes, therapist.
"Th-erefore, if taken::: itlealOderaticeer
sunshine will make theaverage wo-
;"Inern7.1TAiticiTATiliA,";;Waefer,".4'417:-Cri4..;:
shinythielcer'.eml bealthigr," "."
" Mr. Herinee explains that. the ac..
tion eun,on the,'Skin -enables the
p • •
ho'dy'te:Malce-effeetlVe uee of •calelUrri,..• ,
:the,' mineral' .,Whiclt.' ineke's' bone
ettong„. and -hair .herilthy, '
warns 4gRit.-4.9t :.tocc .4111•40 •
course, . and- naviPes 'theee".'%Vith.-.4iy:44
hair to 'useit scalp ail during • and
after expesate, • .•
"The . seamier etin is, 4 been tp
health, but only when its rays-pife
courted with caution. ' The "stin'A rays
render' three -important services: licet;
and • stimulation. The "short
rays,. tapering from _bine .ultra-
v•,plet, Ore the :Once' with. which Ne
are concerned when heauty :(1.!scus
The record' in the Cattle Industry is much More cheerfa than in any
year since 1980. The pressure on the Cattle market frOni" the year 1930.
forward was the difficulty of finding a market for Canada's surplus. That
surpltie, is, roughly 200,000 Cattle per year. Exports• Cattle) • .for
-.the last JO years have been:: . ' • • ,
'
1927 212,699 ; 1962 - 25;578 •
. 1928 . '166,874 • 3.933
:-• 160,104. 1034 60,193
1930 . • i• , 24,883 • ' 1935 ; 109,638
„.... .-• ,'36,308," 1936 • 197,901
The recent relief has come through'shipments to United Stats. Under
. .
the 'CanedianlAmericanTrade Agreement a number of cattle Up to 155,00
may be shipped into United States at a .Duty of 2e per lb. This concession
Was secured from the United' States Administration only after prolonged
negotiations. It was streAluensly'opposed by American Cattle Producers.
, It ia!suPposed that negotiations are at present under way .;betareen
' Canada, Great Britain, and the United Stites, looking towards an expan-
sion of -trade between these three. ceuntries. To peeure such an expansion
concessions Will be asked for, and given,. by each of the negotiating -coun-
tries. Canada undoubtedly: Will be asked to 'give certain advantages to
-United. Statesv.d.., In return she will, expect to ,reeelie ether advantages. One
.sonceesion.'Canada,:ahauld firml stand for is, in .connection with Cattle.
UnitedStates insistson'a go a as ey pro.a' Y f•
seek to enlarge that Quota from 155,000 to 200,000 Cattle Pet year. This
number United States can 'certainly concede as it is Only about i% of the
total.; number of Cattle marketed in United States each year. .• ' •
But. more important still is the Tree:- of Puy. If, Unted Stetes is to
admit any Stated 'number of Cattle...it no 'difference to the American
Producer %taller thoSe. Cattle pay: a 2c Duty or no Dutyat all. This is the
-ireat-modification-that-needStnakiag-in.lthe Canadian tAinerican Agreement
If Canadian Cattle, -up to Quota ntimbeiawere admitted to tinted
States without Duty, this poncession would autoinitically, add. 2e per lb; (ap-
proximately _420.00._ per heed) to the value of all the Cattletjn. Canada.
Andthe concession would cost United states', nothing. ' ' •;„ • •
,
In this: Report to Shareholders; the Directors again .wish to pay .tribute
to loyaDancl efficient Work of all ranks Of Employees. Due:ng the year there;
have been two increases in Plant wages. These are now on -a basis sub-
itentially.higher thanthe rates ' of 1929: To an 'appreciable extent these
advanced *ages have been offset, by higher efficiency, brought about by •coe.
Operation of Ernpleyees.. The quality; of products is ,better than at any
previous time in the Company's history. .This is due to the pride of work-
manship: on the part of Plant Employees, fortified by co-operation l of all
other ranks. • "
S. MCLEAN,.
. President
Toronto„ 1'st June, .1931:
Extra copies of, tbie,RePott are available; and so hilig as, they
- bernailed to anyone;_requgstingtheni. _Addr_ess_to_Canaila_
• _ _ „
.Packers LiMited,.Toronto. ' • • •
LEssoir4
God Provides A Leader •7;.• •Exodus 2:.
1,22; 3.:1-12
por...tiEN tExi:.,-• "Come, now there
: ...fore,.. 04;1. will -send •the,e, E. ice_.
' , LESSON IN ITS 'SETTING .
' Place -The •evente., surrotindiag.
'the birth of Moses took ,place probab-
ly near. the.: city of , Tanis; One: of: the.
roYal, residences" In the northeast ot
, the'Delta near the,'MPuth of• the Tani
tic The call ;•.or
Moses took .piede. neat, *wit
.located on the--.peninsula:of.-Siaatf: •
' ;TiAtie • ::
"New -Moifea' Was 1:heeeantig..:•' the
Peck of Jehttpbis.'fathet,itelaw, the.
priest • of 'Mifflin, and, he led thejleek.
to the back ef the -.wil,dernees.." That
is, to the.„Wet of the wilderness, the
gest .being in front. . The ' Wilderness
was the 'tract Of country south and
West, of ,../clidtan*: reaching to theast
,,ern ehere. Of the Gulf of Akaha.:, .1n
these years of 'oblivion, when he was
Otifetly stienherding: the. flieeks, 'there
would -he 'icing hours during everyday
-w-hen Moses --would be,,by-liiinseWface:
tetace With patine And Cod; gaining
'Mental ..strength and ..viger, from 'lie
contact with the eiriinlitity
and sQl-
eninity • Of nature. :At the same: tjrno,
lie 'Would be dieeipliang his body by
spare.; and simple meals, by math con-
stant 'walking In the opna1r, by the
sleeping on the ground, •Shett•nighte,
tied early' risings: whllehe leVigotatt:
eri'his' Whale character by noininitn-
ing. With ,Iiiinselt . and With 'ilod,.'atai
by deep searehings'• Of ' heart, Sharp
questionings of conscience, tette&
tiene Upon his eeaite,life and.: relient!
dace of his sins, • ,, •
''..Nind":-ealne • to the'metintain'of.Godo.
unto liorobp (8e$ also
18) and 'Sinal are ,Ifiteugliont
theScriptures Aliteet iiitetehangedble..
Mot:Male IS located on the , pee,
that& Of Sinai, The incemtaiti 'mai;
•have had: preeleee.taered 'associations
but we der not been
pelietk:holy 11114:tett heeAtiee.abe
e:ritel••••.iftneie at the'•kreit. events pat
Were later to tale Plado on itp, 'sacred'
•
height*. • . :
. .
"And .the. angel of Jehovah," Webe-',
Iieve ,this to be Wine otherthan a
•inanife,station, of :the ..Setend , Person. et
the TrinitY; the Lord- Jesus Cheist;
'"Appeared Unto binfinii"flanieet-flre.
out of the 'midst -of a husr. Thishush. _
was a..brainble lush, or a •fortri: of ae...
acia„:„.,°•,Ated he looked, and beliold, •the
bush ber.ned4atlii_fire:.;iiid..,•the beak.:
Was. not .eoneunied,'„'. It should be •eat,-*
ed that the uaanifeatatien of 'God ,vias,
not through the majestic: eek or ce-
dar, but through ' A common ;bush.. of.
:the: Wildetnese,-- '-, •, ".
, .
."And.Mesese.fiaid. f •will tern 4eide..
and this -greet:sIht, why
the 'hush Is not burnt."•'Jeseph ,Par-
ker has., .Suggestlyely arranged .soMe:
etthe words of this eerse,aa...follciwili,
I will tiiin aside, and see whY.
And, )')e ieitadrs many Mee tarn.,
aside to :see why things are: fiere is,,
.a!•inati who jurne, asicl�'. to see' 'why
things are not. GodiS...aiwayS:tooking.
for the • man 'who asks new.: 'witerj
man takes 'life . eerleysly 'enough • to
ask!the reasons Of thInge, 'Goa .1p, ail
ready grant depire.
. • • • •
,:"Anti ,When Jelievala -saw that he
-teited4sItte---to--seetrealleti
him out ofthe 'initist'sisf the ,fnish", 'find •
sald, Moses, Moses. And ,he said.,' fibre •
.e.m, I."' God 'calls to , teen 111 different
ways, Sernetimei by sending an angx;l;
sOreetirnea by iniefertane„ sometimes
In great 'POporttniity, sotrietheee- in an
hour of .defeat.overwhelmed by a
great sin,,ternetinies.iviteh treVolling
and 4' gr6atifisiOt.kif 'work is imon6d;
.6tE6h when reading a hook,. and moat
of all: whoa We are engaged in 'nUall•
:tat"iAlitigdi'ijieblisehiud8:.'%b
.10Vrit not nigh. baker
end ,:•pUt Off thy elioes of thy
feet. for :the piece; mrlieroon, than art
etAtialag, Is ,holy ground„",dod ,ia ationt
to tali .Moses to a great lifework;one
thing is needed. bototo'.dod
4 be:Wa and ; 1.UVer4.11t..
t.)1 Cod to Moses to put aff
shoes ,MaY be itee0Pated for froth the
ettetinn the gest of .woaehtit shoos'
Of: eafiddie Merely fte qa ,nedieefloit''
(rateditt...;tatteif eliterffigholypIttees.
the AttilA and t.1.113.ai.1.t.afts, and all •
Mo1ianmendaris, lake latf...:_thaft4,130
that the -PlAteee 'MAY net be defiled by
the tart 'OUSLN Upon: thrift..
give flowers -their .coler, your akin its
coat. Of golden- tap and your hair its
very,life." . •
Naturally, .ardent Sun bathers, .
ought, to renew their attention to
brushing with new,A:gor. . -Experts
Agree thatrus ing cleans the scalp'
removes every trate of dandruff or
dry .cuticle„ bringe• oil from the scalp
t� the ends of the he'r and gives. each
strand 4 'lovely healthy sheen. '
Everyone's . hair should' be washed
'once meek, In sum,iner-time, it -
may be riedeseaty td shampoo even
oftener than thie. „However, if you
are 'bothered 'With a dry :condition
which brushing does not correct, stick
to •.the weekly, 'reut.:ne; -summer ..: or
winter*, and 'depend On , dry , cleaning':
°°."e*pp enh'efirtherektilfitHellainpOes,'
.Sim1y rub'A heedful of- loose cotton'
aeyege ...the tips : of `',the hairbrush
bristles, then:, brush -upward : and. •It
baCIC'Wad, When the eetton is sciiT.•
ed, removeitAnd epeat with a fresh'
supply. '
Dress.
evespepermene, Steiredors Rent
Them for Parties , And
Weddings
....NEW. YORK-peeple. are .geltured
nowadays, renter:',of
...Clreeesuite here.: ' •
"Clerks,- -stenographers, 'eyee powS-
.
, . .
eaperinen tddaygQt mnryied. Or
parties in the renter. •.said.
."Would yen bel ieve !.it;' lately a let .Of.
..'niee'leek;ng fh1ows eame n1y-'7'-
. shop: eo'. seat arc ea •
"CEng .Two enes.later :the eults•.eeine
hack in find Not a spot nn -
Whie wene-,:they.. but a; burigh.
longsiroternen''Who',d been to another
. . . ,
, lengshorernan'S .wedding!"
'Teeple :got. Culture 'nowadays,".he •
concluded. • •
• . . . • . •
Woman Rules
Badu IsIan
„
,r.NrePirment,:::8,11pe_tit6niient. For.
' 28 .Years; Ple/ritY''., Of
'EntertaliiMent .-
• SYBNEY; New 'South 'Wales.'
• With four other- White. Peteons. ;and
, .
509 natives as neighbors, Mrs. Ethel • .
•
M. Zabel', has held the: ppeition-Uf-
,goyerninent.' superintendent of. Badn.,-
yeare, She fi.ralS„ plenty Of • interest
and enteitairincent in whet ,. seine
.,
•Pada is' :theta 30, Mile§ from
•daY, .:1,shiii.d,:. at:the . Pettherl:y -tip
Eastern' Atietrfilia:'Undet the.. control
:of ;,ilueens1ehi1'Hente..POparthien14,ilie. '
r,:atieca of Badu ye aelf-siipportipg.."
Their ''chef : -inaustri'es•-• are. Petitl. And
' trechus:.fishilik, And they, pay irite
• island "flind' from which they releive,,...
• Among :4)14,Lee beriefite. old !ago • pen-
si.ope, ,
nhoiday visit to Sydney;
. Mis. .Zahel dearribed • edine of her
many dutks- at ',Pralif.•• A• .ohnpo.,
through her photograph albent
ebiepreltensiVe idea of .' her weft, .
She is itt ehtirgle ef the.. schooland ..
bee' 150 ,kittq and . boys. under !,her
:ciere. • They:leelc'eout .of the • album'S',
,pagda, here ,in their .eldatte, there at -•
'play. GftI Otihica and .0.6y seouta;
'
are . sbeeln , in uni forma
"Another picture shows a White:CCM--
crate: church; lllnIt by -the natives at
a -best of $10;00.0. , Palm treee. •sile.
, htmettha'A'gritiva the S'ea end. sky 'and,
eueset, and peailhig etitte at
•finehot iviCh a backgrodfal, of distrait
• leran ,• inlicate plittpal bettay •
oi; the 'surr6titulings,
,
• 'Whet is a ifemlet?" eeks
Bite, A place ee smelt Diet the in. ,
*.labitinita dVt.ir„ gossip. They katiVe
Puede • '
‘.1) !ant oriii las todaYheid4eng
t,lie elfe'ff;, Peeple, rule:4'11'y then'
ere gatilig tired 'Of rit18 i4101)118i94---'
'1711011i113