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The Seaforth News, 1932-02-11, Page 3•, THURSDAY, FEBRUARY 11,: 1932 THE SEAFORTH NEWS, PAGE THREE: Services We Gan Render In the time sof need PROTECTION is your best :friend. Life Insurance —To protect your LOVED ONES, Auto Insurance— To protect you a ainst LIABILITY to PUBLIC sand their PROPERTY. ]Fire Insurance— To protect you: I-LOM.d3 and its OON'TENTS. Sickness and Accident Insurance— To protect your INCOME. Any of the above lines we can give you in strong and reliable companies. If intei ested, call or write, E. C. CHAflBERLAIN INSURANCE AGENCY Phone 334 Seaforth, Ont: THE WORLD'S DRIFT' FROM GOLD, 'Most of the world followed Great ,Britain on to the Gold S'tan'dard. I't is following. Great Britain in aband- oning it. Already half Europe, the whole of Asia, and all the continent of South America, have been forced off the 'Gold Standard, because the world's gold supply has been inadequate in present conditions to meet the world's requirements as a basis for' interna- tional transactions under post-war 'conditions. In Europe, the United Kingdom, the Irish ]Free State, Norway, (Sweden, D'en'mark, Finland, Hungary, Spain,.. Portugal, and Turkey. are ` off the 'GoldStandard. Russia, although nom- inally on the Gold Standard, has no free world market for exchange with gold currencies. These countries have an approxi- mate aggregate population of 210 mil- lions. This leaves 265 millions for the European countries remaining on the Gold Standard, and some of these, • although their currencies are quoted in the exchange market at about .par with gold, could not maintain the standard if they were put to the test of free gold and exchange markets. As to the rest of the world, the United States and South Africa are crx'A the only considerable contries that are actually on the Gold Standard. The United States has a population' of 1.37 millions out of 210 millions in the whole df North and South America. ,The pdpu•lation of the Union of South Africa is 18,000,000, out of an estimated .14.3 millions for the whole of Africa. • With J'apan's defection the whole of Asia, with its estimated population of over 1,000 millions is off gold; while Australia and New Zealand ac- count for a further 7,500,000 popula- tion. All told, out of an estimated world population of, say, 1,$50' mullions, .only 410 millions are on the Gold. Stand- aird,,Gold is still the basis for internal icurrelncies in] Englan'd and many other �. ,1 countries, although it is not in circu- lation in the form ,of .coin. In 'the Unit- ed Kingdon., for instance, the 'legal tender currency in the forte of bank notes is, su'bject to certain emergency measures, dependent on the gold in the 13'ank of ,England. It is in the settlement of interna- tional balances that gold has proved inadequate as the universally accept- ed medium. It anigltt still have been adequate if it had been better dis- tributed. About two-thirds o'f the world's supply of monetary gild is in • the hands of France and the United States, where, instead of being used as the basis of loans to the rest of the world, it has •been hoarded use- lessly. At present most of the world's cur- rencies, so far as international ex- change is concerned, are adrift, inas- much as they are not linked to any internationally accepted standard such they have all dragged their moorings and ceased to be tied to gold, 1Westill 'think in terns of gold, When we say that the pound sterling is worth, say, 13's 4d, we mean'thrat it is worth two-thirds of the .gold petite based on th•e'respective -gold contents of the American gold dollar and the British soveige, although ,these are no 1b,egei• in circulation. i1f the whole world, shoulcl'go off gold—and the desirability of this steep has already been 'mooted in the. Un ited States—should we still think in terms of gold; and the old parities bas- ed on gold? It is far more likely that a good many countries abroad would then thick and quote in terns of sterling. IThe "sterling bill" was universal .be- fore the war, even' in transaction's' be- tween countries remote from London, S'f there were no,gold countries, sterl- ing might well regain all its former predominance. !It is noteworthy that already the currencies Of the Scandinavian .coun- tries, having been divorced from gold, are practically on a parity with .sterl- ing./ Even if the United States and France still stick to gold, what are we going to do about it ? Precipitate action is obviously ,dangerous, the un- merous complicated 'factors are still uncertain -but the sootier, the various courses Of action are considered the better. _ First of all, are we to go back to gold, even at a depreciated basis for the pound sterling? Will the supply of gold be adequate for world trade in the future? I•t is certainly inadequate now, with trade balances upset by re- paration payments and other conse- quences of the war, and with two- thirds of the world's monetary gold frozen. In. the United •States and France. Even if we could rely on these fac- tors being removed, can we be assur- ed of enohgh gold for the future? With the world's population increas- ing and with the natural expansion of trade, we shall require more and more gold. The experts tell us that, far from more gold being produced, the annual output will actually decrease, and fn a few years' time will become increasingly inadequate for t h e world's requirements. We have already economized in the use of .gold..In this county (Eng- land) we have. withdrawn gold from circulation, as, indeed, have most other countries, We have • greatly 'in- creased our' fiduciary issue of 'bank notes (that is, the .part of the • issue not covered by gold), though it is to be noted that this has been done only as an emergency measure and not as part of a settled policy. Growing banking facilities have also increased the use of the cheque. In- dia, ntoveover, is parting with seine' of her vast personal hoards. B'ut, even So, 'ought we to be' bound to a metallic standard that has served us so ill in times of crisis? Shall we have a metallic standard,at all? Would' silver or ,platinum serve us any better? I:f we abandon a metallic standard what can .we substitute? Are the prin- cipal trading dations of the world ripe for an international paper stand- ard regulated by an in'tern'ational body or bank, suoh as the 'Bank of Inter- national Settlements? Would even that solve 'the problems created ley divergent national policies. Some 4001.000,000 people in this would 'hold to the Buddhistic, faith,' which includes the inspiriniig belief that life is sorrow; the cause of, suf- fering is desire; by •overcoming de- sire and ,achieving "personal annihil- ation" ation" one may reach Nirvana, heaven as gold, and it may not be long before of all. Buddhists. igh Class Printin We can give you prompt and satisfactory service at a moderate price in the following lines of printing:— Letterheads Cards Envelopes Tickets Statements, Sale Bills Bill -heads. Dodgers Private "Cheques Menus Circulars Factory • Forms Tags Society Stationery Blotters Booklets Business Cards Visiting Cards Wedding Station- ery Invitations The News has an up-to-date commercial printing plant and we are equipped to turn out all classes of job work. Give us a call. We have a new automatic press with great speed, recently installed to produce printing, well done, with speed, and at mod • erate cost. THE SEAFORTH DEWS GOVERNOR ROOSEVELT OF NEW YORK STATE. It is conceded that the mean who gets the Democratic presidential no- mination this year leesmore than an even chance of becoming president of the ,United•''States on March 4, 1933. The only person who has definitely announced his candidature is Frank- lin Delaney' Roosevelt, governor of New York State, fifth cousin. of T. R., Sr., wartime assistant secretary of the navy, a scion of vested wealth, yet strong advocate of public ownership of public .utilities. Already his gnali- ficati'ons fqr the White House are be- ing exeinioed, eing.exatiiined, ,because he has' been pledged, according to his campaign managers, 673 out o'f 1,154 convention. votes 07170 n'e'cessary to nominate). ,Franklin Roosevelt saw his first president in 1387, when he• was five. Sitting in the White' House was large, grim, depression -ridden Grover Cleve- land, and Roosevelt to'd'ay has a chance of becoming president for the same reasons . that. sent Clev'elan'd to the White House, Cleveland, -sadden- ed, disillusioned, put his hand on the child's head and said: "I'm making a strange wish fpr you, little man. I wish for you ,that you may never be president of the United States." Tf Roosevelt should win, he will probab- ly wish the,same thing shortly after- wards. Janes Roosevelt, his father, was a man of means, owner of a large estate at Hyde Park, overlooking the 1 -Ind - son, 60 miles below Albany, where his s'on still lives. There Franklin • was bort. on January 30, 1832, and receiv- ed his early educatidri from • private tutors. Almost every year he travel- ed in Europe. A well-ib'orn Episcop- alian, he was sent to .exclusive Groton, thence to Harvard, where he did not distinguish ' himself. Towards the close of his college career he 'fell in love with his distant cousin, 'Anna Roosevelt, T. R.'s favorite niece, and Married her, .despite family opposition. Young Mr. Roosevelt passed his New York bar examination in 1907 and three years later won .H'yde Park as a Democratic State Senate candidate, surprising himself as much as his Re- publican opponents. He became an insurgent antieTammany Democrat. Woodrow 'Wilson's idealism appeal- ed to 'Senator Roosevelt, and when Wilson won in 1912 Roosevelt be- came assistant secretary of the navy. He teamed well with Secretary Jos- ephus Daniels, and between then, they effected necessary and excellent im- provements in the navy, among other things making every officer and rating learn to swim. When war came, he distinguished himself. In• 1920 the Democratic party nominated him as vice-president; he cam'paigne'd .stren- uously, an'd with' Cox took his defeat with good grace. He' went back to private life. Stn August, 191, he, and his family embarked on Van Leer Blaek's yacht for their summer hone at Camapo'bel- lo Island, N.IB, Shortly after they ar- rived Mr, Ro'osevel't caught a chill, helping to stamp out a forest fire. A cross-country run and a cold .plunge in the Bay of Fundy seemed to help, but when he got home he sat in his wet -bathing suit to read his mail. He took another chill an'd next morning he was down with infantile paralysis. Months later he arose to find his legs quite dead. This sudden calamity he met with supreme courage and Cheer. What would have ruined the average man's career he took in his stride. To this day no one has ever heard him admit that he could not walk. He continued professional anti private life as usual. He found that at Warm Springs, Ga., there was healing springs. He spent a large part of his personal fortune developing the place into a sanatorium, and now finds it possible to wal'k,100 feet with the aid of brae'es. He has ,ever given tip hope of eventual recovery, and his in- firmity has never prevented him from doing anything, or getting anywhere, that he wanted. 'In 1024 Franklin 'R'oosevelt came out of political retirement to advance the presidential candidacy of Alfred Emmanuel Smith. Davis got the no- mination, Ln 1028, whet Smith want- ed More than a speech from Roose- velt, he consented to rain for governor of New York. He didn't expect vic- tory, he feared the rigors of cam- paigning would erase the partial .re- covery of his limbs he had effected in seven bitterly long years. 'If ever. a pian was "drafted" for public of- fice that man was ,Roosevelt in 192$. But he wool, and again in 1,930 he was victorious, ahen,by 725,001 votes. This large rsa'jority convinced people of his vote -getting abilities and started the Roo'sevel't -for -,president boom. During hisyears at Albany Roose- pelt has shown :that he is no crusader, no tribune of the people, bit 'a man keenly interested in advancing the so- cial welfare of the people. Elected with the he'l'p of Tamaniany Demo- crats, he has handled the New York City scandals as well as he politically could. He has 'sho'wn more courage EMIMEIENNPIBIMIIIIIIIWIMIOMIIMINMWIMIIIMMIIIIIIIII th. , iiany an'oth.er man would 'have shown. While vetoing inquirits by tate Republican New York State 'Leg- islature, islature, he started, the Samuel Sea - bury investigation which today is re- vealing graft, crime and corruption in New York's Tammany. 'He has de- nouuced'no. one for crookedaress, re- moved no one for patent criminality. His sins are sins of omission, not commission.: Ontario and Canada are particularly interested iii Mr. Roosevelt, because he is a stdunc'h advocate of cheap el- ectricity in New York, of astate- owned, state -built, state -operated hy- droelectric plan on the St. Lawrence River. He`creat•ed a' Ne'w Yorls State power authority to build a public dam at,Jvtassena Point, but this was snagg- ed by the .Federal Government be- cause the problem if international and a treaty with Canada is necessary. Roosevelt is a champion ofthe prin- ciple of joint development of the St, Lawrence navigation and power schemes, which are of such vital int- erest to the Ontario, Quebec 'and .Ot- tawa Government. • Lacking profound wet convictions, Roosevelt is straddling the prohibition issue, an. attitude which, caused his break 'with Smith. He has retreated into the mists of re'ferend'a. As to his executive. competency; his sup- porters point with pride to the useful legislation he has wangled from an anti -pathetic Leg'isla'ture. He has put through an old age pension's law, got permission to raise $50,000,000 by bonds to house the state's sick, crim- inal and insane, reduced rural taxes, put more occupational' diseases under the Workmen's Compensation Act; and improved the rent laws. He has run the state Government without scandal and without erruption, in the calm, orderly manner of a good exe- cutive of a big business institution: AUSTRALTA5S FUTURE. The 'forces allied to defeat the La- bor Government of Australia, says the Manchester Guardian, have met with even more success than was predicted. If they hold together in office as well as they have doneinthe. campaign they can be sure of a handsome ma- jority. The ranks of official Labor are reduced from thirty-five they number- ed in the last Parliament to a nie:re sixteen. The chief gain has been to the Nationalists, who had twenty- three members in the last House but have thirty-seven in 'this, Their chief allies, the 'Counitry Party, have also slightly improved their position, as i has the Labor left wing under Mr, Lang. The nnew'Ministry should be able to command for policies on which common agreement can be found a' vote of some ,fifty members in a House numbering 'seventy»five, and unless it is rent by internal dissens'i'on will have every chance to give effect z to the slogan which has so familiar a sound in England of "a 'balanced Budget on the basis- of equality of sacrifice." It is dangerous to draw po litical parallels atla distance of 10, 000 miles, but at certain points th ,Australian politcal crisis has had a close resemblance to our own. There as in 'England, the leader to'whoi� tlte country has turned is a' former Labor Minister, Mr, Lyons, who"has parted company his pary and for whom the ;Opposition have gladly made room and promise of office. There, as here, the forces combined against La- bor or have' had little in their past his- tory to make..them' blood 'brothers. The INational'lsts, or the United Aus- tralia party as, they itow call 'them- selves, were born of the great cleav- age in the rauks of Labor in. the war, with Ole, W. 1.' Hughes' as their be- get'ter. and leader. They have moved far to the Right since then, but not along. lines that identify- them with their allies in the present victory, the Country Party, whose ipurpese it is to look alter the ''interests of the the pri- mary prodv'cer. - him down in this campaign. Labor will corns to •office again itr e Australia. The Commonwealth is young enough yet to remember with. , pride that in th lif i . I e etnnc. of the ipres- ent generation it gave' the world the ,stir t x s example of Labor iii• pf�frce and 'raised legitimate hopes that ?roues - sive democracy might everywhere turn with advantage to the example Australia set in' sane social and in- dustrial legislation. The conditions that, gave Andrew Fisher and his Ca- binet their chance twenty years ago will return. But the national progress, the solid achievement, must be based on something more substantial. If 'the Country Party pulls its weight in the new, combination that fact will' be 'forced' home. Mr. Latham, the .leader !of the 'Nationalists, who has so grace- , •fully given' way to Mr. Lyons:in the !leadership of the Government, ,has 1 been no'ta'bly cautious in handling this question in his election speeches, Both ]these leaders have kept a wary eye upon the great Industrial interests`in the big'cities, who have been accus- tomed to believe' that :they have but to nod. But even -the captains of in- dustry are beginning to realize that the economists are right, . and that there is no solution tot Australia th'st way. The Country Party has never been deluded. It has seen Australia's primary producers steadily penalized to foster the life of the factories. 19 has seen that policy carried to ever wilder excesses, It knows 'its mind'. Its leader is safely returned. I'te strength is increased. 'There is a rear hope that Dr. Earl Page's fifteen may play a decisive part in restoring 'fiscal sanity to the Commonwealth.. The tariff must play a large part in the history of the new Governmenit. It is an -odd circumstance that while a Nationalist victory in iBritain has led to the imposition of barriers to 'trade, Australia's hope lies in the chance that a similar result there may lead to a lowering of then. Mr. Scullin up to the very moment of his defeat has advocated the maintenance of high Protection. .He urges that behind' tariff walls the standard of living of the Australian worker was raised to'a higher point than anywhere in the would, except perhaps the United' States, and he has endeavored to a larm the electors by the suggestion that, if returned, Mr. Lyons will de- stroy this shield against the impact of of world conditions. His warning falls on the ears of a country •surfeited with high Protection. Towards the en'd of his term of office he 'seized u'po'n the pretext that the trade balance must be restored by restricting ilmports to make arbitrary changes in the tariffs' which in many cases recoiled on the industries he sought to foster. He has gnored the advice ofthe Tariff Board set up to advise on this question and' persisted in his policy despite its warning that the country suffered. He had in support of this policy .the warns allegiance of his Treasurer, Mr. Theo- dore, whom he chose to sup'plan't the I level-headed Mr. Lyons at a I when the 'fornier's credit was none too good either with the bank- ers on whom the country had to lean n" its 'financial crisis or 'with the rank and file of the electorate. That act of personal 'loyalty harmed him as much las his persisten'ce'in a policy im- possible ;in present world conditions. From it dates the formation of the network of new` organizations — the All -for -/Australia League, the Citi - ens' Movement; the Young Nation- alists, an'd the rest—that have com- bined with the Country Party to pull MDOISTURE 1111 LUMBER The weight of any given board or piece of •wood will vary according to the amount of Water it contains. The' moisture in wood is usually expressed as a percentage of .the oven -'dry weight: Thus if the weight of a green. block were exactly twice the weight of the same 'block oven -dried to e constant weight, 'then ' The .green block would be said to have a moist- ure content of 100 per cent, 'The mois- ture content of lumber varies from over '100 per cent, down to'about 30 per cent. Due 'chiefly to 'the variation is mois- ture co'nten't it is difffou19• to specify exact ship'pitvg weight of ;lumber, es- pecially for green lumber. 'Average figures can, however, be used Where enough lumber is being handled 'to Compens'ate for variations in s'ingle shipments. Pardonable Pride. "Where did you get all those med- als you're wearing?" "Didn't my pigs win first ',prize at the •fair?" The Thames River is 'London'•%• chief source of water supply, furnish- ing„the city with 166,000,000 gallons a day. "They're Off!"—In Old Quebec The Eleventh annual Eastern 1 International Dog Sled Derby crowning event of the 1932 Winter Sport season—is scheduled for February 22-24. For those three days, all eyes turn to Quebec City, where each day the fight between. the best dog teams in America over a course of 40 -odd miles a day is staged. Emil St - Godard, Leonhard Seppala, hero of the rush with diphtheria serum to Nome a few years back, are among the contenders, of whom , last year there were eleven and this year there will likely be even more. In all, the race covers a distance of 123 miles and the finish is in Quebec itself through crowds of thousands of fans, lining the streets and cheer on the victor. Handsome. cash prizes are awarded, but this year interest is muchabove the usual. St -Godard who has won the race four times in the last five years, has two;legs. on'the'Speed Cup and another win this year will give it to him per- manently. Seppala has two legs on the Gold Cup for the best conditioned dog and stands to win it per- manently this year. Prizes total $2,150' with a first prize of $800; second prize, $600; third prize, $300; then $200, $100, $75, $50 and $25 in that order. In addition there is the Gold Cup for the best conditioned dog and the Speed Cup awarded to the team malting the fastest time for a lap during the three days of racing. The event windsup with the Dog Derby Costume Ball held at the Chateau Frontenae, the Canadian Pacific's great hotel,. on Wednesday, February 24 at. which prizes and cups are awarded to the winners. The picture shows Upper left,. typical huskie, and right Chateau: Frontenac, Quebec. Below, centre,. last' lap of the race and. lower right Emil St -Godard and his lead dog, Toby.