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HomeMy WebLinkAboutThe Huron Expositor, 1923-01-19, Page 61 , G it nt .3, G 4 en ulneim of othr*pie In to money Inettign if you haven't there. le at- one man in Canada Who ho— Made money out. of the.v.entnre, giniceived the idea some years '0, - .:god has been regrly -operating Aiince to his 'Own advantage. Bane - lies even, accrued. to the forgetful a, Some conception of the ad- tage to this man—who Jot; Com hience, may be called M.;.• Blank - 1a y be gathered from the fact that us a swelled bank account, he has om the proceeds of his enterprise n able te erect a couple of dwel- lings. . Some years his revende has ' -.nit:raged a couple of thousand dol.; , • Jars, and in no year has it been in- cirteificant. The, source of his idea was a book : •: which very few people ever even see, let alone read. Furthermore, the same book, directed him to where the money could be obtained. This particular book contains not a word on the subject of either how to get along in the world or how to make money. It does not even contain a word that could in its root meaning be denominated as inspiring. In size it is as bulky as an ordinary Bible, and might aptly be entitled "Forget- fulness," for within its several pages, except for a few introductory re- marks, are nothing but names of in- ' dividuals, indusixial companies, busi- ne0S firms financial institutions, trus- - . tees of et•tat‘-s and societies of varnais kinds and he figuiVs denoting i h.. sum of -inc In • not Incising Let:ft hcac.! pc: ti have f. 're., ten 'Lid.' title of ant -es " icc 0. yartniem of inanee, anal is compil, from da,, forna,h• d be the chaiaereb bank,, t eomp:izinee with the ib• manil of the law, regardiug unclaimed balances on deposit. Naturally mo -t '5 of these unclaimed balances are ii but a surprisingly large number arc. substantial iii tmount--often exceed - nig four figures --while the aggre- gate runs into millions of dollars. It was quite by accident that Mr. °Thank conceived the idea of embark- ing upon the enterprise. One while waiting his turn to see the manager of a certain firm he picked up a copy of "Unclaimed Balances" . that was lying on a near -by table, and to fill in time began to glance -casually over its pages. Finally, however, having discovered the name of a man whom he knew intimately, he became interested. By the time he was called to enter the office of the manager he was Waiting to see, he had discovered and made note of the names of half a dozen individuals and firms with whom he was acquaint- ed. Being a man always on the alert to make a few extra dollars, the idea that "Unclaimed Balances" afforded him an opportunity for doing so promptly came to him. He made his ' ..etart that very evening by telephon- ing one of the men on his list who -was down for an unclaimed balance of $12.5. "Say Bill," remarked Mr. Blank when central had made the desired -connection, "will you give me twenty- pve dollars if I tell yen where there , re„one hundred and twenty-five dol - 'his belonging to you, and which I think you know nothing about?" "That's easy. Sure I will," came -the response. —"Well, write me a letter to that effect, and stipulating that oh your getting $125 I'm to get the twenty- five." . .The conditions were complied with, the forgetful depositor received his money end Blank his stipulatel com- mission. Encouraged by the success attend- ing his first venture, Blank promptly decided to embark upon a systematic 'prosecution of his proposed enter- prise. First he procured a copy. of '"Unclaimed Balances" and in the process of time a number of city and other directories. He also drafted a stock letter to be sent out to each forgetful depositor as his whereabouts was discovered, coucted. in the fol- lowing terms: .Dear Sir:— I am in a position to inform you -as to the whereabouts of the sum of belonging to you, the exist- ence of which I have reason to believe is unknown to you. On writing to the undersigned and -agreeing to remit, on receipt by you .of the money in question, you shall • be promptly advised as to its loca- tion. Remember you are under no obliga- tion to the writer until the afore- said SUM is in your possession. Yours sincerely, The -greatest difficulty experienced in working out the plan was ascer- taining the location of forgetful de- positors who, on enquiry being made, had been found to have removed to toulinOwn parte... But in process of tirae,..and with _knowledge gained -by 'experience, he was able to trace even ember of these, for he - dotted hope, especially where ibbetantiel 'amounts ware at stake, ;Mtn he found that those whom he • miuglit had departed this life. .he traced to tlie -:. Mot ofiridies .a mipister who had a . atm in excesa of a thousand dollars Gen *molt to hie Aredit,itt a brapoh- ,ln wGeetern Ontario village *here Yearc, before he bad -charge -of ehurelli: When correspondence l'aad seri establig14,.m4 the rainietPerhe4.; GreeelOed :nioney it, ins -harem: ,tbat, the amount, had. been depoeited. Gamneut of a second Mortgage t the 'Wattages had abaadoned cif collecting when leaving the ' to takd" ttp his roidence in et.'"Vdiea. "In apother lestanco3 'Of alarmerS' nthio'he traced to Sokatche- art it' man who was credited with 3tinclahned .balatce Of $500 on „de: " 4: batik in EaStein Ontirio. iiiniedlit Wee the' proceeds of 'Mite itheorded a couple of ' lity and lied Mit been honk Until long after gat* chile his itt?'t 436 eanthie been Of there 07/0 transactions Chaired 0,P. Over four hundred to ,iiialuttn a monopoly or -cla B nk, except in one Instance, has not so far broached, the aubjett. to even his most intimate itiende. The exception was an old friend -who, having become a perm- anent invalid, was prevented from following his regular vocation. He: toe, was able to earn a few dollars now and, then from the same source, although, owing to his physical con- dition, unable to give it either regu- lar on systematic attention. BOBBED HAIR RUINED A CITY Do you wear suspenders? You don't? Did you when you were a kid? You did? Well, how would you like to be a manufacturer of sus- penders? Ir reply to this last question you probably imagine suspender manu- facturers going to the poorhouse. If you do, you don't know the suspender manufacturers. They went into the belt business. And what is probably the most interesting fact about the suspender and belt business is that the advertising of one is critical of the other, and the man in the street lieves that the manufacturers are bitter competitors. The truth is the: most suspenders and belts are manu- factured by the same people. The manufacturers of petticoats fiaight desperately against the refusal er women to buy a large number (.1 teceete Many women refuse to ci iii' any. The wise manufacture: - re w, -nit into the productiou I • .1 stieh a change meant a • it-ro-c, lcu HO' lot•:, Lett' .S knIcIscr, tirtn " • It/1 wan!ifacturcc " • -- nc abid, the it in,linacraldc instanCos cc.' and eluinves in cu,ir,ra, dc'Ir..yed markets and cc, I n, 1.,ually the chatigc: qn i• /a.,,, compelled by tha aatn, of eonitniin -amse. Here hoWeVOI., there is an eXcepticri For example: A few years ago furriers faced a ,,Iintner with glutted stocks. They 1.1...w that unless enormous stocks could be moved normal fall and win- ter business would be paralyzed. Prices would tumble. To move furs in the summer seemed hopeless. Then along come summer furs. The indus- try greeted the idea with applause, and proceeded to spend a lot of money for advertising. What happened? Summer -furs were first ridiculed and then finally took hold, Stocks were moved and the fall season open- ed with a normal, healthy market. We still have summer furs with us. There is no sense to the fad, and one of these days it, too, will go by the board like a lot of other useless cue - turns, Years ago every woman wore a corset. Not so to -day. You can imagine how this has affected the corset industry. The industry has used every known means to regain its business, but so far has failed. It is doubtful whether it will ever suc- ceed. If the health of women demands that they *old wear corsets, the in- dustry will regain its business, but if corsets are not necessary, the indus- try must adapt itself to a changed condition. It is getting increasingly common for men and women to wear light un- derwear all the year round. Especial- ly is this true in large cities where thousands of men and women are in- doors moat of the time. These peo- ple don't possess woollen underwear because they don't need it. It isn't necessary to bundle up like a North Pole Explorer to keep warm. Of course, all of this is disturbing to the manufacturer of woollens. But most of them have adapted their business accordingly. Many years ago in Philadelphia while there was a foot of snow on the ground, an advertising man, who is to -day one of the best known men in his profession, walked into a shoe store and called for a pair of low shoes. The clerk disappeared behind a partition and he was heard to say: "j'here's a fool out here who wants to buy a pair of low shoes." This man gets a good laugh out of this to-day.,He hasn't worn a pair of high shoes since and he has a lot of company. In cities where snow is re- moved quickly, low shoes and woollen hose are very comfortable. Spats are becoming increasingly common because they make it possi- ble for a man to get winter wear out of low shoes just as women do. Upon entering one's home, one can remove his spats and be all set for the even. ing. What amazing strides the soft col- lar has made during the past two years. Part of this was due to the introduction of a semi -soft collar by a company of shirt manufacturers after the original collar made of shoe. lining cloth was rejected by all of the lar ger collar ineinifacturers. Toiddy the manufacturer of the original semi -soft collar cannot fill his orders and the big collar manufacturers have . been compelled to pint out E similar collar. I wonder whether the flapper had any idea, what she was going to do to. certain industries WW1 she decid-G ed to bob her hair. Up in 'Masse- chtsetts there is a town Which led, yore has manufactured women's fangs combs. Bobbed hair lizia just about put that town out of existence, If io.ssid that mothers in that town will not perinit their daughters to bob their hair. Another body blow was struck by the Rapper against the hair net in - took to Your Eyes Beautiful Ayes; lik e fine Teeth, are the Imhof Coostant Coe. The daily toe of Marine make* Epee Cfest on/ Radiaot. Enjoyable. Hanoresee laid and Reoatinnefidetl by AM Drotoert. UR11VErs fe*Aus EYES 4.100*: tnoviean an average.' den, Offiannil'.. cheiteer net a 40 the maim of. from 10 dayii on happened/ Slnle 11 lee ;Si 4 was cut into with anaeOlidalat2de. ca -eased total gross nuitineae. Then the manufacturers advertised until women to wear invisible net, which ,YriAnolor 9-141rox-,4aozatzvvowougwoi; • 1...Leiamecolx30:Areve.,0t;...16.:4;:airdt14.4Cieft$;;',,i AO atia *Di * roursbes,aathalt' 4c4 co: atiOnSit; tsiteetanunicenUctivecerea" ha. v0111141 thin - issue squarely.and have said frankly THE CANADI t' 6 hag 'in t , . •L'.1'' In. the von 40 Idea W itc$, Inistruitri , fle 0 thane' Wig , es mia ; G Sir Edmund Walker and Sir John Aird address the sharehol4erkat4he:AhnUi1 Mtn; subjects of interest ti) Canadians in all;walks of life. THE "The year through which we have just passed has beep a trying and strenuous one," is the opinion of Sir John Aird, General Manager of The Canadian Bank of Commerce, from the point of view of a banker, and probably few will disagree with him, believes, however, that Catada has made some further progress to - ids a return to normal conditions, and he defines what he means by this as follows: 'By normal coraliticins I do not moan the general b•vel or pri thilt in' f'''' fa, the W:1 in., but 110 WIS•SI thc income I front' various cie- erpati,n,: and irdustrics that gives to e:::.1, in fair share of the rcwards .nicli day's effort. It, is this that is still so woefully lacking, and that i•,.11,1, Sc, much of the unrest all a- 1 '01111d US. Our tiatic,i,aI income ha., been TOtillt:011 its a result cf the war, pot only Icy the amount of the ilea, v taxes Which we have to pay, lint all the thousand and one ways whic.i result from the post-war depression in, business. As a result we are find- ing that the carrying out of the mag- nificent plans we had formed for the future before the war is beyond our means, and we are come to the point where we must decide whether to ahandom them in part or to call for outside assistance- in carrying them through." Costs need Reducing, "It is said that if we are to secure outside assistance it must be in the form of selected immigration of men who will go on the land and help to bring our large areas of unsettled fertile lands under cultivation, there- by providing traffic for our railways and a home market for our manufac- tures. But of what avail will it be to place these new -comers on the land, if those already settled there are unable to make farming pay? Even for the dweller in our urban communities the cost of living is making life unduly difficult, and mun- icipal and other taxes are mounting by leaps and bounds. The cost of our manufactures cannot indefinitely continue to be higher than the farmer and the majority of the consumers in the home market can afford to pay." Capital and Labor must Co-operate. "Not even a revival in foreign trade unlikely as this appears td be on a large scale in the near future, can avail to benefit us, if the cost of what we have to sell is higher than in other countries as well or better situated with regard to foreign markets than we are. Both capital and labor must co-operate in seeing that costs are reduced. This would seem only pos- sible to bring about by such an in- crease in efficiency and production as will lighten the present overhead charges, and this process must be carried to an extent that will enable the farmer to obtain his requirements at a price within his means, after he has sold his produce at prices fixed 037 the world markets. We should like to see our farmers, our manufactur- ers, all those who develop our great natural resources, able to dispose of their products profitably at a price which the great body of world con- sumers can afford to pay. This in itself would spell prosperity of a deep and lasting character." Government Expenditures. "As one means to this end our Gov- ernthents must reduce their expendi- tures to the point at which the cost of government can be borne by the existing community without tending to discourage enterprise. Many of ' the directions in which governmental activities have been Mt -tended during recent years, must .13e curtailed radi- cally, if not cut off entirely. Most of these activities - are -excellent •in themselves and in the objects towards which they are directed, but are sim- ply beyond the capacity of the pres- ent conniusnitY to pay for. Already cur taxes, Doininion, .provincial and municipal, have doubled and 'trebled without any marked increase in the number Of people who have to sus- tain the horded. ' The tett of future expenditures ought to be, "will they pay," and this 'collation must be an- swered 'on the . basis. of present condi- tions and present population." The Bank Tear. As regards the banking year, it has again been one of a decline in profits and in banking business generally, as a result of a number of causee, among which may be mentioned "the general depression in business, the efforts of provincial governments eliid others to secure deposits at high rates of inter- est and the strong competition for all banking business." By careful man- agemeitt The Canadian Bank of Con, - has been able to maintain its eliiiciend, make full provision for all bad and doubtful debts and other re- quirenients, and carry' forward a slightly increased balance in Profit REVIEW OF 1922 AND* FIE OUTLOOK FO R 1923 and Loss Account, Sir .tohn Aird says: "The most important items Com- posing our liabilities to the public, notes in circulation and deposits, a- gain show decreases, although only slight as compared with the decrease during the previous year. Indeed, the deerc;ici-e during the year in notes in enlation, 8751,000, is scarcely equal to the ordinary day-to-day fluctua- tion, in this item, which often amount the ,•,n,e of this Bank, to as large ci s,inc 1.1"; 81,500.000. Probably few iI,- bankers realize that a hank, siieli cc . this, must stand ready day .i.,d day out to redeem from three- - a to ci million and aI, d its notes :it any one of Set I I financial centres, quite in the dart. a.: to where the cull will coma ii, -n, next day." iithdrawal of I'. S. Funds. "The principal part of the decrease ci ,acv deposits has taken place in thee, not bearing interest, arid this is perhaps only a natural outcome of the 'islet condition of business dur- ing he past year. The temporary disappearance of the premium on United States funds played a large part. in this decrease by causing the withdrawal of balances accumulated in. this country by American firms and corporations doing business here, which had remained on deposit in the Canadian banks pending an improve- ment in the exchange situation. Doubtless, also, a considerable amount of banking business which would normally conic to the Canadian banks has been diverted to the United States by reason of the heavy stamp taxes on cheques and promissory notes." Sir John's remarks regarding the attitude of the'Bank to farmers' busi- ness will be read with interest: "Our commercial loans in Canada alone total over 193 millions of dol- lars, and forna.the main measure . of the support the Bank gives to the commerce and industry of this coun- try. It is not to be supposed that in A year such as that through which we have just passed we should es- cape without losses, and frankly, they have been disappointingly num- erous, bet we have been able to make such full provision for all ascertain- ed losses and doubtful assets that our overdue debts appear in the state- ment at a considerably lower figure than a year ago," Assistance to Agriculture. "While on this' subject I should like to say that this Bank has always adopted a generous attitude towards the financial requirements of agricul- ture, and has sought at all times to assist the farmers to the very best of its ability. During periods of money stringency in recent years when it was necessary to adopt a policy of restricted lending, loans to responsible farmers have always been expressly excepted from any restric- tion, in fulfilment of our conviction that in the prosperity of agriculture , lay the foundations of all prosperity in Canada. We are not blind to the fact that because of the extra time and care involved on the part of our managers and staff, the cost of lend- ing to farmers is somewhat higher than the cost of other kinds of loans, but we feel it our duty to overlook these considerations as far as pos- sible. It is not,then without some regret that we have Pund 'in recent years that the losses from loans of this character are far more numerous than those from any othet elate of business." Government Competition. "A developmeht that May have some effect on the .future of emir de- posit business his been the entry in- to the , banking fields of certain , of the Provincial Governments as oni- petitora. for the'esavinge deposits of the community...Apparently. the 'fact - that these Govirenteente, are in the field and the high, rates, of interest they are paying, added' to the diffi- culties of securieg deposits in Great Aritain at the '•-previdling level of' sterling exchange, havi3 stirred the loan compeniesto More aggressive methods and to, :the c Offer in some cases of even higher. -rates' thali the' Governments. The added competition of both governoreits amid loan com- panies must rettult,i'n ming ,'tip' the liquid working capital of the country and thus restricting '-the evenly . of funds for commercial business,: and ultimately tend JO an,- increase in rates of discount..becaue Of the add., ed expense to which- the!, banks are suNected in maintaining their de- posits." He refers to the' propnsal to eetalr lish a bank alai* the. lines of the Coonnonwealth Bank of Australia, and refutes tits irtipregbion of some that 'it furnishes odd to Atistralleti farmers. He salmi ,;‘,0iAte. 3iek Afii4 " a 4 10kl• ' ',1114004Mtk /Revision of Bank Act. "A great deal has -recently appear- ed in the press regarding the revision of the Bank Act, and some -authori- ties advocate the establishment of a government institution on the lines of the Commonwealth Bank of Aus- tralia. In our opinion this would not best serve the agricultural, confiner - cis' or manufacturing interests of the country. Australia is a country entirely different from Canada, in that its manufacturing industries are only slightly developed. If anyone 'sill take the trouble to Molt at the balance sheet. of the Commonwealth it will he ,cen that only a lit-• tie more than 12 per cent, of its moneys are invested in assistance to Australian commerce and agricul- ture," The President, Sir Edmund Walker, dealt at length in his address with m::ny subjects of Canadian and inter- national importance. He pointed out that although the period of time which had elapsed since the Armis- tice was almost as long as the dura- tion of the war itself, little progress had been made in settling many of the questions arising out of it. He :•ays: "It would he folly to pretend that we are not both surprised and very much disappointed at the present con- dition of the world and especially of Europe. The momentum given to janduction by the war; the loosening of the usual restraints ' in ex.t.bnding trade credits and the creation on a vast scale of both fiat and credit cur- rency; and the absence of ordinary caution in the volume of commit- ments, whether in raw materials or manufactured goods, have brought their punishment in losses on a scale never known before. From these losses we' are recovering throughout North America quite as fast, on the whole, as, we could in reason expect. It is a pity that we could not have started on the uphill road of hard work and economy as soon as the war was over, but we have chosen to dance instead, and we must now pay the piper, whether we like it or not. But if what is wrong industrially, financially and politically with Europe were also in a process of settlement -we-- should be trudging along our new road warily but cheerfully." Great Britain's Example. T" "Great Britain Offers, both to Europe and Americar.an example of honest purpose, cleantision and reso- lute energy in cont piing difficulties in order that she Dgap as soon as possible recover her place as mistress of the world in international finance and trade, and we are sure that she will succeed. But here near'y1 all comfort regarding Europe ends." Europe's Buying Power., He draws attention to the im- mense importance of a satisfactory settlement of Europe's problems to Canada, inasmuch as Europe furnish- es the principal markets for Can- odian exports, particularly of agri- cultural products: 'It is possible that the vast popu- lation of the United States, living in a country which actually needs so little from the outside world and which is 'now one of the world's tyro largest creditors, could live in com- parative comfort while Europe *tarv- ed, but we in Canada could not and no thoughtful American fails to 'See what the buying power of Europe means to his country. The possible result of a complete collapse( in the power of Europe to provide the credit or the cash for its purchases may be judged from recent estimates, which seem to show that since the war ended the United States has enabled Europe, by new loans, by credits, or by the *purelialie of Atneritan and the purchase tif forei securities, to buy -to the natant tit a billion abIllkix's Yearly, in addition' to, prirehasee Paid ter in actual nioney.,:iirlit European gooda '4.n 1921' es ilia as 660 ra lien dollars" initih' of gold elOtai wha received fieriii,`Eiirepa.' It 'meat 'he clear that Elite* Olinot nuffill longer buy her sunningfichn Mcerth America hi i reensialy ' Ceriterneil the, se he Ott this beide, ind we .are thereire silent of Gerraan reptirationfi, ti stabilizing, of the German mark, and - all that this means to Prance and the rest of &Mane. ' ea A Remarkable Recovery. "In North Marled there lute been a very remarkable recovery during the year, especially if we tonsider . the sandy' buying power of Ehrope and the low prices consequently', ob- tained for farm', and pasterial pro- duction, in Which respectiyhoWever, there is, new Some improvement, Eitheti late in 1920 'Or during 1621 the price of almost every great staple fell from -a point , above or neer: the norniell to opiate, in Many' eadee, sti low db to; elititil losses, such MI have been unknown in commerce before. During 1922 the recovery has brought many of the basic materials back to or above the 'normal,- although pig - iron and copper are not among these. They have, however, also Made a great recovery. In like manner man- -ufactured goods have in many cases risen sharply in price. This is true of all textiles, silk, cotton or woollen; the pulp and paper industry is again in a prosperous way; the sales of motor cars in some markets have ex- ceeded all, previous records; railroads are carrying great quantities of freight and are spending large sums for rolling stock and much-needed betterments and repairs; even the boot and shoe trade has returned to normal conditions, In the United States the prices of cattle, hogs, sheep, etc., have risen sharply, but in Canada we are suffering keenly in this regard from the Pordney tariff and the British embargo," Canada's Field Crops. A very interesting comparison of the value of the field crops of Can- ada in the last two years is given by Sir Edmund in his remarks on this subject: "The principal field crops of Can- ada for 1922 are estimated by the Dominion Bureau of Statistics at $984,139,000, as compared with 8931,- 803.000 ite 1921 and $1,637,170,000 in 1919, our 'best year. The actual re- sult for 1921 fell short of the esti- mate by about 85 million dollars. In view of our great wheat ceop and the recent improVement in price the estimate is disappointing, and the de- crease in the value of our field crops affects our natiOnal situation so ser- icusly that it may not be amiss to draw attention to the very clear rea- sons for the decline at the moment in the purchasing and debt -paying power of our farmers. The follow- ing table compares the estimated value of some of the principal crops of 1922 with those of 1921 and '1920: (Millions of Increase over 1921 Wheat 90 Oats 51 Barley Rye 6 Other grains. Potatoes Hay, clover, etc... . Roots and fodder.. 11 As I have not given the totals in each case the percentage of the loss is not shown, but it is often as high as 25 per cent.; the value of the pGs- tato crop of 1922 was less than half that of 1920." 1922 and pre-war Conditions. "If, however, we compare 1922 with pre-war conditi8ns, we find that the money value of our field crops is still very large. Taking all farm crops together,' the average value during the five years from 1910 to 1914 inclusive was about $450,000,000. We used to look forward to the pos- sibility of a billion dollars as a magnificent return from our field crops, and the question as, ,whe- ther it is so still depends of course on the cost of production. The war and prosperity have, in every branch of induktry, upset this cost, but they have also upset our point of view as to the returns we may look for from our efforts. We have had to face a tremendous adjustment of. values, of which farmers have certdjnly had to bear, their share, and in consequence many have heavy debts to meet, as a result o ' the losses of' recent .years, which can only be paid from the profits or the savings Of. the Attire. This may mean in some cases harder Work, a narrower standard of comfort and smaller bidding's ,Of land, but the Canada we are to proud. of to -day was built hi that manner." Exhort Wheat, 'Wrapid'ly beeoming an im- portant mantifteglaring country, but our prespetitystillXises and falls, in a reaednahly3,eloie ratio to the sue - cess of our agricultural and pastbrial efforts, The' (initiate cif e entire wheat crop of Caiiada is in the neigh - boyhood of 400 Million bushels, In ' the latest world bulletin of agricul- ture Canada ranks as the greatest wheat exporting country in the World. The wheat available for erport hi the United Stated is placed at 305 million bushels, while that it Canada is eiGti- mated at 812 milliceie." Our Cattle, Sit' Edmund Walker points out the .exceedingly adverse effect on the new 'United Stated tariff on the cattle trade of Canada, coinciding as it has done with drought in putt Of the .• • West and financial pressure on fnany farmers which caused many cattle to be rushed to market in the last half of 1922. He expresses some surprise that winter -feeding of cattle is not carried on more largely in the West. He regards it as possible that the United States tariff may be lowered before long as out of the million head of cattle usually marketed in that country, only one-fifth go ordinarily to the United States, while about 20 million head of their own cattle are marketed in the United States every year. "Thus the tariff had been made to ii;event one extra animal in very hundred from being marketed, and common sense should very soon shove that this has not been of appreciable benefit to any stock -raiser in the United States. But the lowering of the net price we receive for any cattle sold to the United States by about 30 per cent, unfortunately affects the price of all the cattle marketed in Canada. The second reason fbr be- lieving that the tariff `will not re- main long in force is the very plain evidence of its effect on the, purchas- ing power of the Canadian farmer. We are well known to be one of the largest buyers from the United States among the -nations of the world. We buy really- with our products and largely because of our prosperity. It is within the clear right of the United States to establish any tariff such as that in question, but the absolute folly of it from any point of view will surely appeal to a nation which in lite end applies a very practical view to its legislation." He thinks that the relief to be ob- tained by the removal of the British embargo will be very limited and that the main hope of the Canadian cattle- men lies in convincing the British pub- lic that Canada can send them chilled beef in first class condition. This will take time. On the subject of the revision of the Bank Act, Sir Edmund says; Dollars) Decrease Increase from 1921 over 1920 Decrease from 1920 104 83 19 6, 27 18 '75 '74 167 9 28 Best Medium of 4change. "The time has come, once more for the renewal of the Bank Act. This decennial revision of the Act, peculiar I think to Canada, is largely due to the desire of the bankers themselves that such an arrangement, accidental at first, should become a principle, and afford everybody the opportunity to criticize and propose changes in order to make the Act as perfect an instrument of service 'to the people as possible. There is on this occasion no lack of criticism and suggestion, but unfortunately little that has not been heard and dealt with before. We have the best medium ,of exchange in the world—theCanadian bank -note and the hank cheque with the clear- ing -house --and an evidence of the usefulness and perfection of our form of currency is that it became the model for the Federal. Reserve cur- rency in the United States. And yet there are Canadians who would des- troy this system in exchange for fiat money, the folly of which has been known Oi studeriM in the western world for at least two centuries, and which at this moment stands as the main difficulty in re -arranging the finances of Europe." _ The Branch Banks. "We also hear once more argu- ments in favor of Mumma* small Lanka, instead of branch Weld- by people who can hardly know,that this tubject has been` under diecuision • since 1519o, when Alexanderlfanditon ' flint demonstrated the vane of a bank as an Min of the state, fit not only to' erre the..individnel bit the state Melt the largest, national bind - resit ventured; audit)* smallest needs of the people. -„Tliese „wants,/ large and Small, it, miff he 'found, 'hate been as well, if riot Begat kerma by the Ganadian lundevithan by „any other OPPelli, add it trip certainly be found that- no other synem can be Prommed that will more effectively take its ilace., 'But it meet be remembered that, we ,ide by .our Bank act cora- mercial and not land banks, and that the principles according to oildolt commeicial banking can be tinfoil, carried on are not subject to Mange simply because a community finds that it has hurt its credit by going too much into debt. This is not the time or place in which to discuss the Act in detail. Whelk that discussion does take place it will be found that the bankers seek, now as in all recent -revisions, the best Act in the inter - eats of Canada, and that they have no measures to propose for their) own peculiar benefit."