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Home My WebLink AboutZurich Herald, 1933-02-02, Page 2loyal Bank of Canada Presents Strong Staternent, CASH ASSETS 164 MILLION DOLLARS "Canada has maintained her credit unimpaired" Sir Herbert Tia'lt deals vigorously with Railway and other na- tional problems -- Emphasizes need for Government Econ- omy --- Imperial Conference Canadian Business Condi- tions -- International Outlook. Mr. M. W. Wilson reports on satisfactory year's Central Bank discussed . -- Measures needed recovery. The Sixty-fourth Annual Meeting of the Royal Bank of Canada :narked the close of a very successful year, The Statement submitted • showed the Bank to be in a very strong liquid position. Of the Total Assets of $765,512,920 the Liquid Assets amounted to as much as $355,929,915, and were equal to 52.86% of all Lia- bilities to the Public. An outstand- ing feature of the Liquid Assets, was the large holding of cash assets, which reached a total of One Hund- red and Sixty -Four Millions, The Annual Meeting bro.iebt to- gether a large number of sharehold- ers, and was marked by interesting and instructive addressed ; by Sir Hubert Holt, the President, and Mor- ris W. Wilson, Vice -President and General Manager. Vigorous comment and suggestions as regards several of the outstanding domestic problems of Canada, and an able summary of the world eeo- .-.mic situation and the prospects ahead; a strong plea for the amalga- mation of the two Canadian rail- roads, as the only manner in whieh the grave Canadian railway situa- tion can be solved; intervention by the provincial governments to con- serve Canadia:i natural resources, and to prevent the collapse of the vitally important newsprint industry, if the present strong efforts being made to secure co-operation are not success- fuI, and a condemnation of excessive, governmental expenditure, featured the address of the president. Sir Herbert said in part: "The power of the resistance which this country has shown during the third year of the depressioe is cause for congratulation. With no financial assistance from other countries other than a small amount of re -financing, which was arranged on a strictly business basis, with currency depre- ciation in terms of gold limited to a very moderate percentage, and with scone of the restrictions on foreign exchange or international trade which have been found inevitable in is many cases, Canada has lived up to the letter of her contracts and maintained her credit unimpaired. In doing so she has followed the tradf. Hen of the British Empire as a whole. it is no exaggeration to say that the stability and soundness of the Em- pire's banking institutions have play- ed an important part in the creation of this good record. RAILWAY PROBLEM. o In referring to the report of the Royal Commission on Transporta- tion, Sir Herbert expressed the opin- ion that co-operation between the two railroad systems to effect mutual economies will not prove drastic enough to cut down in any adequate degree the annual deficits of the gov- ernment railways, and expressed the conviction that the solution lay in complete amalgamation. He felt fears of a monopoly were groundless And that under proper safeguards unification would result in a co-or- dinated transportation system ade- s,uate to the needs of the country and conducted at a minimum of ex- pense. GOVERNMENT EXPENSES. "For many years, Governmental expenditure has been on an excessive scale. Extravagance has character- ized the; budgets of national, provin- cial and municipal governments. Throughout the country there is a general demand.. that budgets be bal- anced and every effort made to light- en the heavy burden imposed upon the people by reducing the unduly heavy taxation. "There is a noteworthy duplica- tion of Government in Canada which leads to excessive cost of administra- tion. We must seriously consider whether this country can afford to maintain as many as nine Provincial Governments, together with the Fed- eral Government, each with an elec- torate organization. The whole popu- lation of Great Britain is governed by a single Parliament which finds time to legislate not only for all in- ternal matters, but also for those which concern the Empire as a whole. Reviewing the ImperialConference et Ottawa, Sir Herbert said that .the material achievements attained were a triumph. for Mr. Bennett and his Government. operations— for business In concluding Sir Herbert said that Canada was fully capable of meeting any further test which 'ght be impost., hat felt that pres- ent indications pointed to the initia- tion of a recovery in 1933 -if a rea- t'nable degree of international com- mon sense and co-operation could be :.ecured. GEN. MANAGER'S ADDRESS. Mr. M. W. Wilson, Vice -President .aliu General Manager, in referring to the position of the bank, said that an outstanding feature of the Statement was that cash and cash balances to- talled $164,630,000, or over 24% ,if public liabilities, total liquid assets being equal to over 52.86% of public liabilities. He mentioned the notable improvement in the market for gov- ernment bonds which took place dur- ing the year, and said: "Canada again. proved its capacity to provide the funds required by our public bod- iE 3. During the year the average yield on Dominion Governn.snt long- term bonds declined from 5.20% to about 4.83%. This represents a dis- tinct and very satisfactory hnprove- ment which in due course should be carried farther as additional capital seeks investment in gilt-edged secur- ities." Pointing out that the bai;king sys- tem of Canada adequately serves the needs of the country, Le said that a Central Bank could perform few eer- vices not available under then present system, and would not in any sense do away with the necessity of re- quiring adequate security for bank- ing accommodation, nor permit banks to undertake long-term transactions instead of short-term advances for reproductive purposes. Recognizing that the question of central banking' is not one to be disposed of summar- ily.; he said: "I` should hope that if Parliament is called upon to deal with the matter, the Government will first have the project examined thor- oughly by a body of experts, includ- ing several from older countries whi have had experience in the practical working of a central bank.. I con- fess to a reluctaneCtotinker with our financial machinery in a time -like this." PRICE RESTORATION. "On previous occasions _we have stressed the -importance of restoring the world price structure to approxi- mately 1924-28 levels. I remarked last year that such action was essen- tial if the present deflation is to be liquidated in an orderly manner, pointing out that deflation had been carried to extremes and that anti - deflation measures were urgently re- quired. Unfortunately, price levels continued to fall until the end of June, and the rise which commenced at that time has since been cancelled. The decline for the year, as indicated by the United States Bureau of La- bor Index will be, apparently, about 7 per cent., which compares with 13 per cent. in 1931 and 17 per cent. in 1930. The best that can be said is that the rate of fall was appreciably less than in previous years. "The .vital necessity for increasing prices is now commonly recognized, but the difficulty of countering de- iiation increases as the depression continues. We must hope that the forthcoming World Economic Con- ference will point the way to con- structive action in this respect. "There is little inclination to in- dt.lge in prophecy as to the future. As Sir Herberdt stated, there are in- clinations nclinations of a gradual increase in stability thro eghout the world. This is particularly true in Europe, where conditions were anything but favor- able a year ago. In the United States, the financial crisis is apparently over, and a return of greater confidence is in evidence. Many problems of busi ness readjustment remain to be met, both abroad and in Canada,l ut real progress toward recovery has been made, and the prospect of further lm- provenient in the coming year is much more hopeful than it was a year ago, "I, have full confidence in the ckarw, atter of our people and of out, Oti- tutions, and without minimizing', th.e importance of the problems that must be dealt with, I look to the fu- ture with increasing optimism." " Plant Care Give your ferns and other green plants a deink of tea or :coffee about once a week. They need a tonic, just as much as people. Left -over bev- erages will do quite as well for them as brewing fresh. mixtures. Also give them a bath. under the shower about once it week, too. Plants drink in moisture through their Leaves as mach as through their roots, .Thsy emerge from a gentle indoor shower looking as fresh as if the spring ISSUE No, 4 '33 rains them.. had already descended LITTLE THINGS It is largely the little things. which make a masterpiece of art; it is the little things which make men and women truly .fine, --Edgar A, Guest, ,1F :.Yalladiuni leaf, leveloped to pro- vide a white precious metal leaf, has already been adopted by some publish ers for leather bindings, for rage and other valuable books as an alt'rliative to gold. leaf. upon Murder at Bridge By e.NN 'it1.51'lN.. ..r-•-.,..,,.• In the murder of Juanita Selim .there are six suspects, all guests of her bridge party; Judge Marshall, owner of tha gun and silencer with which she was shot; John Drake, Flora Miles, who says she was in Nita'a closet at the time of the murder, reading a note; Clive Hammond and Polly Beale, who say they were in the solarium together, and Janet Ray- mond, Lydia Carr, Nita's maid and heir, Dex ter Sprague and Ralph Hammond are practically cleared. Dundee's theory is that Nita, seeing .in a group -picture someona she recognized, came dowk,t9 blackmail them, accounting for the"; 117, OQQ she received since her arrival, ;And he warns Sprague, whoip thinks she surn.zinoned to help her, no ' `go on with the blackmail scheme. Dundee thinks that the murderer will return to look for papers. with Tracey and Flora and that they were delighted:. at the prospect of bridg,, as a relief from e,.dless discus - gone of the murder. We'd hardly got there before the Marshalls' came, poor little Daren not suspecting that she was going to play. Then came Johnny Drake alone, with the news that Car- olyn wa in bed and very miserable yith a summer cold. Polly walked jiver from her house. She said Clive !sad decided to work late :t the office, and had promised to call for her about al to 'take her home." "What about Janet Raymond?" Dundee asked. "I told you it wasn't a planned affair," Penny reminded him. "But CHAP2ER XXXV. Flora did telephone her, and she said "Help, Penny!" Dundee greeted the she didn't feel like coming. We all district attorney's private secretary ;knew she was idiotically in love with Thursday', morning at five minutes after nine. "Any news from Sander- son?" "Yes," Penny Crain answered list- lessly. "A night letter. He says his mother is still very low and that we're to wire him at the Good Samaritan Hospital in Chicago if anythi:g turns up"Thi. I suppose I can reach Whim t•.ere by long distance," and Dundee. rte, the telephone from Perny's desk ti put in the call. "What's happened?" Penny de- manded, her brown eyes wide and startled. "That's just the trouble—nothing's happened, and nothing is very likely to happen here. I'm determined to go to New York and work on this pesky case from that end—Which is where it all started." "Then you've come around to Gap- tein Strawn's theory that it was a New York gunman?" Penny asked. "Not by a jugful! ..'. But what's the matter with, you this morning, young woman? 'You're looking .less hke a new penny and more like one that has been too much in circulation," "Thanks!" Penny .retorted sarcastic- ally. "You are right, as a matter of fact. I was up late last night --bridge at the Mileses'" "Bridge!" Dundee ejaculated ' incre- dulously. "It wasn't a `dinner -bridge' andt: really wasn't intended to be a party;" Penny corrected him.- "It just sort of happened, and of ` all the ghastly •euailings— r.�*•e "Tell ine about it," Dundee's `8ug'- gested. "You don't know how all- akog I am for inside gossip on Ham- ilton's upper crust." "Idiot!" Penny flung at hie- scorn- fully. "You know 'society' would bore you to death, but I ;don't think you would have been exactly bored last night, knowing as;;,E" do,'your opinion of Dexter Sprague.)' "Sprague—was he there? This does promise to be interesting! Tell me all!" "Give me time!" Penny snapped. "Ralph called me up last night at dinner time and asked me if I felt equal to playieg bridge again, He said that he, Clive, Tracey and John- ny Drake had lunched together yes- terday—as they frequently do -at the Athletic Club, and that Judge Mar- shall, who had been lunching, there at another table with his friend, Attor- ney Sampson, stopped at their table and suggested a bridge game at his home for last night. Huge said he wanted to coax Karen into playing again, so she would get over her hys- terical aversion to the game since she had to replay that awful 'death hand.' You see," Penny explained parentheti- cally, "Hugo is a regular bridge fiend, and naturally he doesn't wen's to be kept out of his game." "Brute!" Dundee cried disgustedly. "Why couldn't he give the poor girl -the Mileses in. Flora tried to act the a few days more?" lady hostess, but Peter got up from "That's what I thought," Penny his bridge table and said in tones that acknowledged. "But I didn't get any were even icier than Tracey's: 'Will inhibition against bridge, and the idea , ou excuse me, Flora? And will you rather appealed to me personally take my place, Drake?. . . I'm going Tracey' had suggested his house, in into the library. I don't enjoy the s[Lad of Hugo's, because Betty wasn't society of murderers!'", well yesterday and Flora wouldn't ' "Ohl Oh!" Dundee ejaculated, want to leave her. Well, Ralph :and shocked but admiring. "Did Sprague per" make a quick exit?" "Are you going to marry Ralph "Not just then," Penny said nine - Hammond, Penny?" Dundee inter- .terionsly. "Of course everyone was rupted as if prompted by casual in- simply stunned, but Sprague retorted te�rest, • cheerfully, 'Neither do 1, Dunlap!' Penny's pale face tushed vividly. Peter.stalked on into the living room' "No. I'm not in love with him, and on his way to the library, Johnny: I'm sure he realizes I'm not and wont took his place at the bridge table, and ask me again. But I had to say` yes Tracey, at an urgent signal. frorl Sunday !" Flora, offered his seat at the other. "I see!" Dundee acknowledged table to Sprague, as if he were mak- soberly, but his blue eyes shone' with ing way for a leper. Poor Polly had sadden joy. "Oh! There's long dis-to be Sprague's partner. Flora, as if tante! Just a minute darling! Hello! she were terrified at 'what Might hap - Hello! , Yes, this is Dundee.... pen --you know how frightfully tense Oh! All right! -Try again in 15 ruin- and nervous she is�--made an excuse utes will you?" He`hung up the xe- to run upstairs fora look :it Betty." ceiver. "Sanderson hasn't reached the "And something terrible did hap - hospital yet, but is expeeted soon... , pen," Dundee guessed. "You're look- Go ook Go on with your story. Who all play" ing positively ghoulish. Out with :it! ed bridge at the Mileses'? You don't • "After about half an hour of play - mean to say Dexter Sprague was fix- ing 'without pivoting," Penny went on vited, toot" imperturbably, "Hugo bid three Penny's.. fade was still a brilliant spades, Karen raised him—in a trent- pink as she answered: "1 refuse, to tiling voice ---to five spades. Hugo of ba've my climax spoiled! ... Wheix court o 'went to a little slant, and De:t- Ralttt and 1 got there at eight, we ter Sprague, If yoit can believe me, said: 'Setter not leave the table, Dexter Sprague, and it must have keen an awful blow to her to hear you read aloud that note Nita received rom Sprague." "So I ncticed," Dundee nodded. "Well," Penny continued, "Tracey suggested bridge, and at first Karen tele. refused to play, but Hugo fin- ally persuaded her. "Well, anyway, we all went out to the side porch, which is kept in readi- ness all summer for bridge. Iron bridge tables, covered with oilcloth, and with oilcloth pouches for the cards and score pads, so there's never any bother about scurrying things in on account of rain. It's a roofed, stone -floored porch, right outside the living room, and under it are the gar- ages, so it's high and cool, with a grand yiew of Mirror Lake in the foreground down below, and of the city in the distance." "I don't know why I am telling you all this, except that the setting was so pleasant that we should have had a much better time then we did." "You're an artful minx, Penny!" Dundee chuckled. "You're working up suspense for the entrance of the villain!" "Then let .ne do it juste ,'' Penny retorted. "Lois and Peter, Ralph and I made up one table for bridge, and Tracey, Polly, Judge •Ma`rshall and Karen the other. Flora said she didn't want to play, • because she wanted to be free to keep an eye on Betty. John- ny Drake asked her to play anagrams with her in between trips to the nurs- ,,;ssare''+e ohnny .has a perfect rash for anagrams, and is a wow at 'em. So. Tracey got the box of anagrams out of the trophy room—" "The trophy room?" Dundee repeat- ed, amused. "That's what , Tracey calls it," Penny explained impatiently;, "because he has a couple of golf cups and Flora has an immense silver atrocity which testifies to the fact that she was the 'lady tennis champion' of the state for.. one year. There are also some mount- ed fish and some deer heads with in- credible antlers. Anyway, Tracey brought out the box of anagrams, and we were all having a pretty good time when,, at half -past eight, the butler announced 'Mr. Dexter Sprague'!" "Your tone makes me wish I'd been there," Dundee acknowledged. "What happened?" "You should have seen -ad heard Tracey as he dismissed poor Whitson -the butler -and the icy dignity with which he greeted poor Sprague—" - "Poor. Sprague?" Dundee echoed. "Well, after all, Spraguo 'had been received by all the crowd befofe Nta's death," Penny retorted, "I think it was rather natural for him tc think he'd still be welconie. He began to apologize for his uninvited presrence, saying he had felt lonesome and de- pressed and had just 'jumped into a taxi' and come along, hoping to find Enjoy This Finer Quality LADA! TEA "Fresh from the Gardens" 6Qa Karen. A Tittle slam bid in spades History ofthe Poinsettia has been known to be fatal to the' dummy!'" When one sees the scores and scores "No!" Dundee was genuinely shock- of scarlet -hued poinsettia so much in ed, but before he could say more the evidence at this season one is apt to telephone rang, "Sanderson at, last. wonder if Dr. Poinsett had any idea . Hello! Chicago? ... Oh, hello, of the far-reaching result of his simple Captain Strewn: What's that? What? act when he picked the first poinsettia Where ,did you say the body on a hilside in Mexico in 1826. Dr. Joel Poinsett was at that time, (To be continued.; United States Minister to Mexico, and he described vividly his sensations when, while walking by himself on a country roadside, he suddenly came upon a clump of these shrubs. In. their -native state they attain a height of several feet, which removes them from the plant class and places them in the shrubs. The ;,dozen of flaming star-shaped flowers were much more gorgeous than the glowers he was ac- custoined to seeing. Just how Dr. Poinsett sent the first poinsettia into the United States is not .generally known. It was several years ago Mr. Graham, a botanist, named the plant after the man who discovered it—Poinsettia pulcherima, most beautiful. In Mexico the poinsett1ablosoxps be. fore Easter, and the natives call it "Flame Flower" and give it the place of honor in their Easter festivities. In England. It is commonly known as the "Lobster Flower." Friend My fields are not too rich in grain, My orchard trees are lean and few; But, friend of mine, come once again; Ever their yield belongs to you! is?" Lord's of the Wilderness So the red Indian, by Ontario's side, Nursed hardy on the brindled pan- ther's hide, Who, like the bear, delights his woods to roam, And on the maple finds at eve a home, As fades his swarthy race, with an- guish sees The white man's cottage rise beneath his trees, While o'er his vast and undivided lawn The hedge -row and the bounding trench are drawn, From their dark beds his aged forests torn, While round him lose long fields of reed -like corn:— - He leaves the murmur of Ohio's flood, And forward rushing, in indignant grief, Where never foot has trod the falling leaf, He bends his course, reigns, sublime, O'er forests, silent since the birth of time; Where roll on spiral folds, immense and dun, The ancient snakes, the favourites of • the sun, Or in the lonely vales, serene, repose; While the clear carbuncle its lustre throws, From each broad brow, star of a bale- ful sky They scorn toyield their ancient sway to man. —From "Scenes of Infancy," by John Leyden. (1803). He Got it "Uncle,"_ said the penniless young' man to'hiSrich relation, "1 want your advice." "Well, what is it?" asked the old fel- low, realizing just what was coming. "What is the best way to approach you fof a little money?" asked the youth, in a burst of confidence. Uncle looked very thoughtful. "Well," he. replied after a while, "if you were sensitive, I'd advise you to make your request by telephone and ring off before you received the ans- wer." where twilight A man entered the witness -box and supported his wife in a story which was patently absurd. "You had better be careful," warned counsel, "for I tell you frankly I don't believe a word your wife has said," "You can believe her or not, as you like," replied the man, mournfully, "I've got to!" found that Peter and Lois had dined The rooms within my house are small, Their furnishings are not the best; But, friend of mine, my home and all It -`holds is yours—come you and rest! —Bert Cooksley in the New York Times. Doctor—"Name?" Patient—"Brown, sir—Mrs. Brown." "With an 'e'?" "No, sir; widow!" Get Rid of That SORE THROAT! Any little soreness in the throat grows rapidly worse if neglected. Crush some tablets of Aspirin in some water, and gargle at once. This gives you instant relief, and reduces danger from infection. One good gargle and you can feel safe. If all soreness is not gone promptly, repeat. There's usually a cold with the sore throat, so take two tablets to throw off your cold, headache, stiffness or other cold symptoms. Aspirin relieves neuralgia, neuritis, too. 17se it freely; it does not hurt the heart. ASPIRIN ' RAUC-MARK REG. iN CANADA