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The Huron Expositor, 1933-06-02, Page 3ALJ NNE 2, 1903 41�b r.° t `� is cc i n- n - ss Dn Jct at: ur ri- LS- tr- ek sh.. of rs, .res- ail' re}ail' rs- era :ca es, deh. he :ilk Aldi leas na. ip 'vie :es he Yo' nes her Par her de ns a Ig Or Ter rs se- ine ed ht yes er ell; 1d' ns of ice n - lis rs. kM ed he he: c- . r Seen � �n the.County Papers r Firemen Had Early Run. 'At 'six O'clock Thursday morning a verities' 'fire was 'narrowly avertteile 'when the tar cert used for patching the . roads in town took fire at 'the wear of the town hall. Street Com- anissioner Kinsinrlan had arisen early • ,and started a fire in the cart to heat ithh .tar. A few ,minutes later Mr. lainensan noticed •the apparatus in tames and promptly turned in a fire • ualarns. The brigade was on the scene 9i 'n a couple of minutes and extin- guished the blaze with chemicals. ''The flames leaped to the weigh scale building and tburrhried a ,window frame nand melted th:e glass. It was lucky the eontimissioner discovered the 'blaze at an early stage. Mitchell Advocate. Carload of horses Shipped. The. first shipment of horses: for anany months from this district left Seaforth thaal' tter part of last week. t'Flalf pf the 'ear load came from Bees - 'eels and halo from Goderich. W. A. Mowry, the shipper, secured the hors- es around these parte himself, and bought the other portion ,from' Gode- each from Mr. Allen'.. They were go- ing to Thomas Lowry in New Lisk- earde-'Brussels Post.. United Church S. S. Anniversary. Brussels United 'Church is hold- ing their Sunday School anniversary ;Sunday next. 'Mr. F. H. Gilroy, of :Petrolia, will address both morning and evening • services, and will sing also. Mi•. Gilroy was' formerly man- ager o€ the Bank of Nowa Scotia, and liras very many friends here.—Brus- ,.csels Post. Teeswater Nurse Does Well. :Miss Helen Kathleen Arkell, Tee -- water, a nve+mlber of the graduating +class at the Toronto General Hospi- tal this year, won the Gertrude +011-llara prize for bedside nursing. Miss Arkell is to 'be congratulated for winning this prize and also for •successfully graduating. —Wingham Advance-Tifees. Truck Upset Near Blytb. • 'One of Epps'' transport trucks seamme to grief about one-half mile •north of Blyth on Highway Noe 4 last Thursday morning. In turning out to pass an unmanageable ,horse -the truck took to the ditch breaking down considerable fence on the farm •of Fred Osler before upsetting. The • •contents of the truck were scattered 'into the field. Fortunately the driv- er was not seriously hurt. The truck was badly smashed.---1W'ingham..Ad- -varece-Times. Willed $50,922 to Widow for Life. Mrs, Annie Brown is left a life in- et.erest in the $50,922 estate of her 'husband, Harry, a former resident of this town. who died in •Toronto on March 4th. Residuary legatees and their shar.s are: Sarah Roller, dau- ghter, $16,9'80; Aaron Brown, son. ts7,580: Susan Brown. daughter. $:5,- '700; Abraham Brown, son, $,12,580; Moses Brown, son, $8,050. Assets are Teal estate '$17.973: mortgages, $24.- '905; cash, $7,243; .'bonds, $500, and hhousehold effects, $300. — Wingham 'Adv+'arse-Times. Goderich had a short visit from one of Canada's •industrial captains et the weak end in Mr. D. R. Gross- man. vice-president and general mat - sager of the .Studebaker Corporation. • He was here with his wife and young daughter en route to Oeven Sound, 'driving a beautiful Pierce -Arrow, which is, now owned Iby the Stude- baker Corporation.--Goderich Star. Suggests Bird' Sanctuary Here. Messrs. Geo. Laithwaite and Wm. 'Symonds have returned from a motor trip to Windsor, Detroit and Fort Erie, the return trip being made by way. of Leamington and Kingsville, Where they paid .a visit to Jack Min- er's !bird sanctuary. 'In conversation -with Mr. Miner he told the visitors be thought there were excellent facil- ities around God:erich for the 'build- ing up of a sanctuary. It was notic- •.ed that in the Elie district, app trees were in 'full blooms, while in the central counties the bloom was not ass far advanced.-sGoderich Star. Will Summer Be Cool? IA prediction that the sun will be colder for the next two years, with the 'pos ilbility the earth will be af- fected in a • way yet unknown, has been issued by the Smithsonian In- stitute at Washington. For the next 24 months, said • Dr. 'Charles G. fAlb- bot, secretary of the institution, the heat that' issues from the sun and makes Life possible on earth will be somewhat below normal. This does not necessarily 'Lean the earth will 'have-two`cald years for earthly wea- ther fa `affected by many .influences besides 'the sun's heat. Hafwever, it is believed the cold years on the sun must have some affect on the earth, though what it will be is unpredict- able. Dr. Ablbot already has had some sjccess as a predictor of the sun's ''weather." In 19$0 he 'fore- cast two warm years on the sun, which in general has been fulfilled. Measurements have :shown that the sun has been giving out,considerable more heat than normal 'since then.— Zurich 'Herald. Medical Men Meet. Huron 'Medical Association held its quarterly -meeting 'Wednesday last at Alexandra 'Marine and General Hos- pital. 'Between twenty and thirty members ,.of the medical' profession were 'at 'Goderich from all parts of the county. Dr. A. J. MacKinnon, of Zurich, president, was in the chair. The guest speaker, 'Dr. Gilchrist, of Toronto, delivered a splendid address on "The Treatment of Diabetes with Insulin.". Dr. 'Macklin, of Goderich, read an excellent paper on "The Nervous •Systetmis ' of Pernicious An- aemia." Dr. Connell, of Lucknow; Dr. Taylor and Dr. Whitley, of God- erieh, also discussed several matters pertaining to the profession. The question ofs state medicine in its pres- ent status was discussed. This has ,been under Services for twenty-two years. The next 'meeting will be held in Clinton. Zurich 'Herald. • Fatal Accident at Porter's Hill. IA very sad accident occurred on the farm of Mr. JaYck. Yuill Tuesday, just at noon. Mr. Russell Fenn, who has been working for Jack for' some time, hitched the team to, the roller, tying the harrows' behind; the team became frightened and ran away, throwing him to the ground, the roller passing over his body, killed him almost instantly. Much sorrow is felt for Mrs. Fenn- in this trying time. Mr. and 'Mrs. Fenn have lived in this district for almost a year and Trade many friends.•-1Clinton News- Recor.d. 'Launches Powerboat. :Mr. et. Colborne, Wellington St., successfully launched his twensy-five foot home-made powerboat on Sun- day last. Mr. Colborne had been working on the boat since last Au- gust and completed; it last week. It is, equipped with a Chevrolet engine •that is' capable of doing ten knots per hour,—Goderich Signal. Pineapple Jhm Peel the pineapple and remove eyes. Discard tough core,, and put remainder •through the food chopper, using a coarse cutter. Place a dish under the chopper to catch the juice as it .falls, and work quickly. It work of chopping is delayed, metal will. discolor and will spoil, the flavor of the fruit. Measure the fruit and juice. Aced three-quarter .cup of wa- ter for each 4 cups of•the fruit and juice. Bring to boiling point and simmer in a covered pan for exact- ly 30 minutes. Remove from the fire. When a large quantity of fruit is to be cooked, the. time for simmering should be'increas'ed.. When making this jam, best re- sults will be obtained when only a small amount of this fruit is made up at one time, The method is a quick one. and a large amount of the jam can be made in a short tine` 4 Acorn Barn Ventilators Prevent spon- taneous combus- tion. Base, 20 in.; Drum, 16 in.; Height, 4 ft 5. in. -only $5.00. 11011111111111i 111111 Preston Ga van zed Tanks Special Spring Sale. Writh for prices. Slocum's Spark Arrester For your house chim- ney. Fre-I vents roof fires. • Slocum's Fire Suffocator For 'putting out fires when -they are beginning. PRESTON Barn Door Hardware We can save you money on your barn door.hard- ware. Write"' for prices. • Preston Steel Clad Barns Built with rugged steel trusses or plank trut'ahs. Roofed and sided with fire- proof steel.• Write for "book About Barns". rn Use Preston Led-Hed" Neils Lead is used on the head of these nails to seal the nail -hole. Now only l5c Ib. Millions of dollars worth of farm build- ings are being eaten up each year by ro and decay caused by leaky roofs, and b fires. Save your buildings N 0 W befor, they get beyond savitig. Re -roof" with Rib -Roll. Rib -Roll is permanent. It cannot arp, shrink, peel, crack, curl or bulge. .It is fireproof—sparks cannot ignite it. hen properly grounded at the four rners according to the Ontario Lightni g Rod Act, it gives complete lightning protec- tion. "Council Standard" Rib -Roll is now sell- ing at the lowest prices in history. Quality is still maintained at its highest point. Write for free sample and useful roofing booklet. We make all kinds of Sheet Metal Building Materials. liNCII.STANOAR.1 444 purl COOtO,4 Earn,Fmdut Guelph Street mited Factgries also at Preston, Ont,/ Montreal & Torbato AL ^y a a atG evenwest it Must be m e elp • in Ow or six •ibalttc'hee. Belem starting to snake up the jane, have .evez+r thaw in readiness—sugar measured out; • jars ready, co'mmerciai pectin open and ready. IMeatfuire into a fairly large •sauce- pan 4 ceps of the simmered fruit anid - juice mixed. Add 7 level cupfuls of granulated sugar. Stir. Bring to a full nailing iboil. Boil exactly 1 minute by the elook. Add" 1 bottle of celn-.imercial (pectin alvd ' one-half teaspoon tartaric acid (pure fruit ac- id—sold by all druggists). • Remove from the ,fire, stir, and let stand for 5 minutes, stirriri'g occasionally, then pour into hot, sterilized jars. Cover with a thin layer of _.paraffin and when fruit is cola, add more hot parafitn, rolling they, jar to make a perfect seal. Tie down, or adjust lids, and store in a cool, dark place. ' Pineapple Preserved Raw.. (Shred pineapple and measure it. Add an equal quantity of sugar, mix well in a 'c'rock or earthenware dish and let stand from 24 to 36 hours in a .cool place, until sugar has dis- solved. •Stir occasionally. Keep cov- ered. Place this fruit in cold. ster- ilized jars, seal tightly and store in a cool place. This mixture has a delicious flavor and is very appetiz- ing when 'used as a sauce for pud- dings and .plain ice creams. It is too rich to be eaten as a preserve. Birth Control Needed in Banking In the decade ending, with 193? the number of banks in the United 'states decreased from about 80,000 to a little less than 20,000. 'One bank out of every three bit the dust of in, solvency, and in doing so wiped out stockholders, froze deposits, and in- fir•+ed' substantial losses upon entire regions. Though the depre:ision un- questionably brought particular grief to our ,banks, the fact re'm'ains that it .merely emphasized more clearly certain basic "faults in our banking system—and in our bankers. The point acquires added force as we note that Canadian depositors have last no money whatever through hank failures. Why have we been selected for special sorrow, and wherein lies the secret of Canadian banking strength? There are marry differences be- tween the systems of the two coun- tries, first and most obvious of which is the presence of nation-wide branch system's in 'Canada and the confine- ment ..of 'brant'}, banking in this sou n - try to a limited number .,pf states. It has been argued -that the distribution of Ojr•an'ches throughout the country enables a 'bank to diversify its risks, and thus acquire a stability not op- en to the batik which serves but a single com'm'unity. This •is a time - Worn analysis whose' greatest virtue is that it is easily understood. B«encli 'banking Cr.Iay be desirable for w other reasons; but its. merits from the point -of -view view of safety are more ,ap- parent than. rear`. The most serious 'hank failures ..in this country have been those. of banks with great sys- tems of branches, notably the Bank of the Ur -'ted States and more recent- ly .the two banks in Detroit 'whoa?. failure ushered in the great standstill in American banking. A far snore vital difference, is the severe limitation in the number of Canadian banks. 0£ these there ai•e at present but ten, which, through tranches, serve every community`. Banks, like all other enterprises, must subsist upon a ivoluinee of busi- ness that has 'a direct relation to the population, wealth and 'business ac- tivity of the. community. It is not curly difficult but irtprud'ent to at- tempt to drum' up business deli+berat- eJ;y for the purpose of 'suppo'rting a bank. The sale Of Peruvian" bond's of d'oubtful Tem it by evangelical salesmen is a good illustration of what happens when hanks are forced to resort to un•wholesotne competi- tion. Canada has had the foresight and the great political perception to prac- tice strict birth control in the grant of bank charters. The matter is left largely to the" discretion of the Can- adian Bankers Association. , The ap- plicant must demonstrate a need for banking facilities not adequately pro- vided by existing' tanks.. To illustrate. the imlpontance of this point, take the experience of North Dakota and New York State. In 1920, North Dakota had 898 banks or one bank for every 725 inhabitants. New York had 1056 banks, one for every, 10,400 of her citizens. The human base which supported one 'bank in New York bad to support fourteen banks in North Dakota. During the period 1920-1929, 444 banks failed i'n New York. Our state .banking coma nis- sion•ers; and this applies to the Comp- troller„ of the 'Curren'cy in the years immediately following the war, dis- pensed charters- with utter indiffer- ence Ito community needs. An equal disregard for the safety of our barks' is evident in the capital requireirrients set up by statute. In Canada no bank can sitert in busi- nese sinless it 'has,um. paid -in capital of half a :million dollars. If a bank makes mistakes which result in lose - es, they are chargeable first to the profits of the 'bank, avexrt to its capi- tal and finally to the depositors. Thus the greater the capital fund the safer the 'bank, other tth'tings 'being equal. But many of our states have no min- it'utm capital requirement for banks. A bank in Tennessee with only a $5,- 000 eapital for years 'solicited funds of depositors. The element of reasonable profit is another factor of se£ety. 'Canada's banks co-operarte in .the determination of reasonable interest rates upon de- posits, which permits. the banker to invest his funds safely without the necessity of courting those high yields that. come only with undue risks, The rate on savings deposits for years has been uniform through - abut Canada. at 3• three per cent. and on demand deposits at of 1 per cent., as contrasted in this country with an average of over 4 per cent. on savings and until recently pf 2 per cent. on demand accounts. These high ,rates are, the result of com.peti- Sion among en excessive number of banks for a limited atlou.nt of ,busi- ness. The banks in turn are compel- led to consider "attractive 7 per 'cent, ,bonds," In the end the depositor pays the 'bi'IL ;An'at'her f orxr}, of ' wl�a lnie .eon pettition T an i i ' coimtry which does Slot eaffat in --Canada 1 that between vaaialla aliatallaa o'f basaca. Iblclttding ,the felarai govern- arent,, there are 48.different 1'urig4104 time 'under which 'ban'k's may oper- ate. The greater laxity Of state laws the lower capital requirements, the less rigid inspections, the right in many stales to purchase and own stocks, have kept approximately twos thirds of our 'band's within state folds in spite of the decided advant- ages of a national character and membership in"' the 'Federal Reserve System. Ne 'Canadian 'hanks are ohartered by Provinces. Canadian banking law offers some startling contrasts to American leg- islation. IMost important is the pro- hibition of 'leans upon the (security of real estate. If a (bank accepts a $5,000 deposit from 'Smith, .payable on demand, arid •then • lends it to Jones on a five•ryear real estate mort- gage, it :may 'find ,itself in a most em- barrassing position should Smith d'e- eide to exercise his right. This is precisely what the :Smiths in this country did, last Feibruary to banks which had loans to real-estate owing Joneses that could not be collected. The result was the national banking holiday. Canada wisely eonfrnes real estate 'loans to insurance and special mortgage companies; Who are not obligated to pay out assets on demand to creditors or owners. Other significant rules are . the' taboo upon loans secured by bank shares, the 'prohibition of loans ex- ceeding $10,00'0 to any officer or bank employeeNted the bans upon partici- pation by the ,bank in any trade or lnrsirness or 'the ownership of toms mon and 'preferred stocks. The Can- adian law embodies the curious no- tion,th'at'a (bank should stick to bank- ing. • 'However, after alil5s••said and done it remains to. affirm that 'banking is a professeare No forms or rules can assure good banking without good bankers. It is, in the quality of Can- aclian bank management that Canada perhaps finds its greatest banking strength.. There is a pride in safety and service, the flower of a deeply rooted tradition of banking, to which the desire for profits is conepletely subord'inated. To a Canadian bank- er it is unthin:kaible that the :pres.pec't .of a fat bonus or an extra half per cent. to s'tockholdei•s should lead to doubtful loans. Canadian hankers serve, a long Apprenticeship and are carefully trained. What a contrast to the• American (banker! Early in January a small bank in an eastern state folded up, The story is characteristic. The presi- dent was a retired soap. manufactur- er who, restless for something t.do, ort 'anize•d' a bank. With corn l tend :elale civic pride, but atrocious• bank- ing judgment, he backed a new con- vention hall with his own and deposi- tors' funds. A receiver is .now min- istering last rites to Jibe bank. Such an experience is not pos'si'ble in Can- ada. Canadian bankers are not train- ed in soap factories, - Far Outdoor Appetites Unfortunate, indeed, is ;he. ,?oy or girl who does not k.nov' the whele- sone joys of summer camp; who has not felt the exhilaration that !crines frclm being close to nature end under the "spell of thepen s'k'y"; wlrnse' nostrils are not familiar with the savory odor of steaks sizzling over an open fire.' Camp days can be some of the happiest days of a child's life. There's a thrill in delving into the wanders of nature., There's 'stimulation in t!te health.giving freshness of air ar.d warm sunshine. There's relaeati;'n in the long, nerve -soothing 'silences of the open. Jaded city 'ap'p'etites are revived after a long tramp through the woods or an invigorating swim. .Johnny, w.h.o wouldn't drink milk at home, finds it tastes surprisingly good at camp. And Susan who usu- ally turns up her nose at eggs wel- comes them with zes,t when 'they are served on a 'bacon triangle hot off a large stove, Do you know how to fix there that way? Fitid some flat stones and place thein beneath the fire to get hot. .When they are heated and out frau,' beneath the fire, lay triangles of bacon on thein. Place the three strips of ba,ecm for each triangle; close enough together so that when the fat melts, and the egg is broken into it, it will hold together and you 'can turn it' by lifting the bacon. Sim- ple, isn't it? It's surprising ,how easily a full meal can be prepared ov,cr an open fire without the use of 'even a single cooking utensil. .And it is heaps of fun boo. Wouldn't the lollovtng menu meet a hearty welcome after a long hike? Kabobs .Baked Potatoes Buttered whole wheat rolls Baked Bananas ICup of Milk. Kabobs are the campers' name for broiled steak. To make them, you will need ti pound of round steak and a half of an onion for each per- son. As'k the market to cut the slic- es of meat r'ttlto 114 inch pieces when it is ordered. Out •a green stick, ,,and sharpen it at one end. With it, pierce one of the pieces of meat, then a slice of onion, then a slice of meat and then another piece' of on- ion and so on until everything is on the sti'dk, Broil the 'mleat by hold- ing or suspending the stick over -the fire. It will probably take about 10 Traveling Salesman Was Almost Ruined. Greenville, 'Mise.—W. A. Huber, recently said: "Traveling day anti night and eating in cafes and ho- tels had a lot to do with my case E know, but I was in mighty bad Shape. Constipation had practically ruined me. I took every kind of laxative I ever heard of, but they only aggravated my trouble. When I started taking Sargon and Sargon Soft Mass Pills I just had to drag myself out of bed and through the day. The trea.tment not only res levee, me but I heve aetua.11y etl 85 pounds in weight." C. £I#ERIIAl3if • from now until Jan. 1, 1934, for new sub- scribers only. What a , bargain; All the news of the tow'n— the country — t h e county --the editorials —the advertisements of leading merchants are in The Huron Ex- positor each week. This special offer for new sub- scribers•means that the best in Seaforth newspapers is now available at less than cost. Cut out and send in the' attached coupon with 50 cents. Act now. • THE HURON EXPOSITOR McLean Bros., "Publishers , Established 1860 PHONE 41, SEAFORTH Sins: I enclose 50 emits. Will you please send me The Huron Ex - posher as per your 'special offer. Name Address minutes to broil over hot coals. . The potatoes are baked by wrap- ping them in wet leaves or wet brown wrapping paper and burying them under the fire. This takes about an hour, depending upon the size of potato. As soon as the potatoes are done,' be sure to break them open sol that the steam may escape and the potatoes will be flaky and not sog- • gy. The bananas can he baked the! sante way as the potatoes, in about 15 minutes. You night want to squeeze a bit of Penton juice over the banana when eaten. ' Or here's another idea. Lay back a section of the banana peel, remaT•e two or three small chunks of banana and replace by hits of niar.sshnaallow to fill the spaces. Then ,bind the peeling on again and roast under the fire. Watchman, What. of Our Pensions? Tony Bacigalupo is 35 years old. He has been employed by a steel company for five years. Now that he has a family he sometimes won- I'r rs what will happen when he is old. Will he crawl about like Old Iioppo, begging on street corners? Or i will he line respectably like Old, Martino who has a pension from the' company? r'Vshat chance has Tony 'of reeeiv• ing a peneidn? Before he can reach the desired goal he must jump through more hoops than . a circus performer. Here are. sdirne of them: 1. He must be employed' by a com- pany that has a pension plan. Only 4;000.000 industrial workers out of 28,000,000—one in seven—is lucky en- ough to work for such a company. 2. (He must remain with the com- pany until he is 65 years of age. 3. He must have continuous 'per- formance. If his last six months, or year, layoff is at the age of 55 his cth•ance's for a pension are virtually nil. There are probably 85 chane in 100 that he will quit the jab, or die, before reaching pension age. 4. !If 'he remains with the company till he is 65 the pension plan must still ibe in effect—a mighty big "if." G. Once the pension has been granted the company must decide to keep on paying it. Most voluntary plans have no legal obligations, and the pension can be reduced, or dis- continued. The plan in Tone's cosnlpely is typ- ical. IIt is non-contributory, anti bas- es the pension on Tonyle average an- neal wage for the few years just pre- ceding >;etirement, multiplied by the minilber of years in service. Thus, 1 per cent: of his incdme of $1501) a year, Multiplied by 36, the years in carrupany employ lip to 6151, would gi'v'e Tony a ,pension of $525 a year. The ease of Tony, multiplied many thousands' of times, throws into high relief the d'elbaele of a 'plant that once was heralded as a snout prop of the existing indu's'trial order. These are the conclusions derived from a monumental work on indius- tri•al Pension Systems in the United 'States and 'Canada, just completed, after .fiivie years of study by indus- trial Relations Counselors, Inc., a non-pro'fit-+mlaiking research organiza- tion, the trustees ofwhirJh include Raymond B. Fosdick, Cyrus McCorm- ick, Jr., Jahn D. Rockefeller, 3rd, and Owen D. it°oun'g t Private industrial pension plans were first inaugurated in 1873. Rail- roads first put such plans into effect and their example was followed by banks, public' utilities and ,manufac- turing industries. 'The prosperous years 1925 to 1929 saw a strengthen- ing of the financial bases of the move- 71ent, .but since 1929 the mortality has been extremely heavy. Nine- teenths of the workers covered be ,pen- •iiin plans now may los•e.their pension prospects at any time. The report has" disclosed a host of reasons for this state of affairs, fore- most among them. the following: Inadequate .,financing. lack of legal safeguards. discrimination in favor of :ttanamemtnt• and against 'the rank end file of ,worket;s, and misconcep- : ion of the nature and true uses of pensions. Haphazard financing has been the rut• for most pension systetms. Dis- regerding actuarial considerations, most of them di.pend upon current revenue to cover pension payments. Depreciation of pension fund invest- ments and incomes have impaired the future prospects of a number of pen- sion plans. Stockholders seeking to holster up dwindling die idends are beginning to iuestion the legality of obligations incurred in pension plans. and a Federal Crturt derision in one case inslicates that probably pensionuar- antees no'l, ratified. by stockholders are invalid. Plans to which employees have con- tributed have proved no less risky than other plans. When Morris & omipany, Chicago packers, were merged with Armour & Company, the pension liabilities of Morris to its 600 retired ,pensioners alone a- muuntnd to $7,000,000. Armour re- fused to assvlmie the liability, and a court held' that the pension plan ere- ated no contractual obligation on the part of Morris„& Company. Pension fundis may 'sometirues be- come the objeot of stock market man- ipulation,, even 'in cases where the company has guaranteed the pension. The head of a large industrial' cor- poration was tremendously excited one day upon receiving a circular from a brokerage house which com- mented on the reserve set aside for pension's and pointed out that a size- able extra dividend could be split if a pool were to take control of the eomlpany's stook, abolish the pension scheme and capture. the reserve. The pension funds of this company were not legally trusteed and they were susceptible of removal. The stock ,jobbers were frustrated 11y the com- pany which quickly remo'v'ed tlhe fund so that it could not be "captured.” 'W!hen is a pension guarantee worth more than the paper on which it is written? Only when the funds are adequately trusteed, 'because other- wise the plan courts insolvency. Be- sides, the temptation to tam'p'er with funds, or to reduce pensions, may be irresistible. One of the largest cban- panies in its line has a plan guar- anteeing the pensions will, be 'paid as long as pensioners live. ` Early last 'year it decided that too much was bei'n'g paid pene'ioneas.and when they received their ,next cheques they found on the back, a statement in whhih they were to agree to a 10sper cent. reduction. To cash the check ,they had to accept the curtailed penasion 'benefit. There is not yet one com- pany maintaining an irrevocable plan so that, strictly speaking, no indus- trial pension in existence offers ab- solute pension security. . (Most plans 'favor managerruent un- duly; sometimes the aggregate pen- sions of a few executives almounts to half the aggregate pensions of hun- dreds of employees. Here is the way, the pension schemes operate to favor the upper class group. The ordinary employee begins at a low wage, and his income tends to rise'in slow stag- es until he is 45 or 50. Hid .average wage is what he receives from the ag8 of 25 to: 35. The wages of man- agement, however, tend_. to keep on going up until the executive retires. Since pensions are usually based on the last ten ,years' nay, executives draw higher pensions as their in- comes have continued to mount. 'Dramatic evidence of the failure of the whole industrial pension move- ment is implicit in the conclusion of the report of the Industrial Relations Connselods which lists 29 safeguards and precautions that should be tak- en in formulating any industrial pen- sion plan. These include guarantee of funds,, adequate financing. flexibil- ity as to retirement provisions, sep- paration of paper and ]bwer ranks to avoid discrimination. What is the future of ' industrial pensions? Few plans will be able to survive unless there is a measur- able recovery from the depression int the near fteture. Business improve- ment is absolutely necessary in or- der to permit the accumulation of large funds necessary to same these plant. "Voluntary provisions of complete old age security by industry under a business economy, in which the crit- erion of success and the condition. of continued existence.* profits, inevit- ably involves inescapable contradic- tions," the report concludes. The logic.of the pioneer work un- dertaken by the Tnduatrial Relations Counselor% points only in one direc- tion; towards- a compulsory govern- mentally sponsored old age pension system if mere than a fraction • of industry's superannuated workers are to be properly cared for against old age distress. CENTRAL ECONOMICAL SPOTLESSLY CLEAN THOROUGHLY MODERN ROOM RATES WITH RUNNING WATER St SO .o WITH PRIVATE RATH 22.50 uo BELL PHONE INEVERYROOM WRITE FOR FOLDER HOTEL WAVER LEY TORONTO