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HomeMy WebLinkAboutThe Huron Expositor, 1937-01-15, Page 6ale ease I}, tit � �Rr +ralr�la�F 46 11 *TT{! , t pis }}��,,i ,e�i�'il �I ilY 7'�l i�• ai Ni��'���, ��'.4f �,��i4 ��"n��i� tl 4�i 'eheme Claim That q rianent Sglutlon 'Seef Poverty In of Plenty. '11 Creed, M.Sc.) Cl)ordinn to official figures the italic debt of Canada, national, pro- cna,l ' 0nd municipal, is now about ,1)i11•fom, 964 million dollars and it ;lh still increasing. I venture to say 'that there are few people wbio ser- 3'ou&1y believe that this huge debt can ever be paid. Any private business, if it is to s ur- five, must show a proper balance be- -Moen Income ands expenditures. It would seem that for the business of the nation none of the rules apply. We are, supposed to be able to oper- ate a drawing account, borrowing our way to prosperity. In the meantime, out of a total public revenue of 818 million dollars for the year 1935-1936, we spent 37 per. cent. w pay in'tenest on the public debt. This means that the people of Canada are paying prac- tically one 'million dollars a day in interest charges. Small wonder that we are being taxed to the limit! o However, this is no mere plea °for further skimping, saving, or doing without, ina desperate attempt to balance the budget. Strange as it may see, there is a way to solve our public debt and unemployment prob- lems according to sound business principles, without repudiation, con- fiscation, or inflation, and the net re- sult would be a substantial reduction in taxes. If a private business never makes a profit, it certainly cannot be ex- pected to pay dividends. The busi- ness of government is non-productive, hence it eannot earn a profit. Nev- ertheless it is expected to do the im- possible by paying dividends of prac- tically one million dollars a day. In the final analysis there is but one place where profits can be legi- timately earned and that is in pro- ductive enterprise, Then why not get them from there in the first place? In other words, let the nation issue new money to redeem all inter- nal government bonds as well as mea•tgages on non-productive proper- ties`''aad let it say to those who now hold these securities: "Here is your money, every last dollar of principal and interest; not a penny has been confiscated. If you wish to save the money, that is your privilege, but from now on, if you want your money to earn a profit, you must put it to work in private productive enterprise, which is the only legitimate source • of profits." * * * eilrt holdsr!s of 00 -called "gilt-edgedl tie - guides" waald aloo Satan actual belle - fit from this step. Just remember That the MD=0i people are already l>eing taxed to the limit and cannot '.tray what they do not possess+, Tax- es must be collected from those who can pay and we have reached a point where the bondholders, whether they realize it or not, are paying meet or the interest on their-bondat--•-•--ss •- • if the people of Canada do not see fit to redeem these bonds and mort- gages until maturity, at least let the Dom'nion government stop borrowing immediately. But tet us realize that the present practice of having money created to -pay interest on nonpro- ductive properties is inflation, notching less. Maybe there are some who will wonder allow the :government can fin- ance its undlertakings without bor- rowing, but where did we ever gee the idea that the nation must borrow money? According to the British North America Act, the Dominion government :has sole authority to cre• ate and destroy money. That law is still on the statute books. Let us recognize what we are us- ing for money. At the present tune the only lawful money in Canada is the legal tender issued by the gov- ernmentathe bills and coins we use to pay the grocer. But the startling fact is that we have almost ceased to use that kind 9f money. I't is now only our petty casth and forms less than five per cent. of all the money treed to transact- bustiness. The other 95 gene cent. is bank deposit money, generally referred to as "credit," which can come into existence only when' borrowed from private banking institutions. Mane)" is only a "claim on real wealth" which can be circulated as -ani immediate and effective demand for all goods and services that are offer- ed for exchange. There is no real difference whether these claims are printed on separate pieces of paper and transferred by passing from hand' to hand, or whether they, are written. in books and transferred by means of cheques, drafts, etc. We do not need any new kind • of money, but simply to realize that we bave already developed a, new system of book money`wbich we mistook for credit, the issue of which 'has been allowed to remain as a monopoly in r•rivate hands Hallett proposes that we first of all recognize that bank deposits are ac- tually money -practically the only kind 'of purchasing power we have. Then let the authority to issue this kind' of money be handed over to the nation, where it belongs, so that all money may be issued in terms of pub- lic need. The recent change where- by the Central Bank takes over the. issue of all bank notes is a ]step in the right direction, but only a small step. It will still leave at least 90 per cent. of all our money to be is- sued or recalled at the direction of private banking institutions. 'The Hallatt plan consists of a practical, businesst-like method for the national- issue and recall of money, which, automatically ensures that there will always be just the right amount of money in circulation to distribute all the products -of indus- try and to hold the price level steady. At pnesent we have either a scarcity of money causing "depression" or too much money causing "inflation. The Hallett method for issue and recall has the further merit at being politi- cian -proof and I say that with all due respect to our present• political lead- ers, the majority of whom are serv- ing . ing e public honestly and well. The 'method of issuing ane recall- ing money under the Hallatt system can be illustrated best by means of a practical example. The people will first deride by popular vote what pro - pert' - : '-ey, wish to own in common, or to cre ate at actual cost -say the homes • ::he people, schools, hospi- tals, h:;_rways, etc. Suppose, for in- stance, the city of Hamilton needs a new City Hall, which would cost, say, $500,000. The application would go through the' provincial government and on to the Dominion government. If approved, the Central Bank would then set up on its ledgers a deposit 'of $500,000 in favour of the City. of Hamilton. The city could cheque against this to pay the cost of the new building. Suppose this building had an estimated' life 'of fifty years, then it would, depreciate one -fiftieth, in value each year. Accordingly, the citizens of Hamilton would have a yearly assessment of one -fiftieth of the total amount, or $10,000, without interest, and as this money was paid, back to the government it would be automatically cancelled. This en- sures that there would always be sound backing for every dollar of 'money outstanding. A similar procedure would be fol- lowed in -the case of private citizens wlvo desired to build. hothe.s, except that the money would be r•ep°aid by the lvomet•oweer instead of being recovered from the public by taxa- tion. The money for home building would be made available without in- terest, except the actual cost of hand- ling money, which is ordinarily only a fraction of one per cent. This plan is offered as thte one practical solu- tion to our housing problem. Reasonable minimum wages would be established for both mien and wo- men. Also, the issue of interest-free money for new brojects would be reg- ulated so that there was jest enough to take up all the slack in unemploy- ment. For instance, Hamilton's ap- plication would Trot be approved unless it were shown that labour was avail- able locally for the construction of thenew a;w City Hall. This feature is particularly important. • It is not the amount of money in existence, but tether the amount in circulation that affects prices and employment. The proper amount to keep, prices steady and to distribute all the products of industry is that amount which: is just sufficient to keep°all our people employed the de - aired 'number of hours. Too little motley in circulation causes unem- ployment and fal'lin'g prices; too much causes rising prices. ,a a * The questtion of opportunities for investment under the Hallatt plan must be considered. Interest-free mon- ey would be issued by the govern meat far public works and for hidenes, but positive'iy no'° or private enter- prise. The latter Would be financed. Of .course there would be the usual cries of "inflation" and "printing press money" by those who are opposed to • any correction of the evils of our present syste'nr. Common sense• tells us that the issue of new money by the nation to pay of these bands and mortgages could not,. possibly be infla- tion, since the new money would have exactly the same backing as the -bonds and montages which it replac- ed. The result would be to free the tax- payers from the huge burden of in- terest, which would justify a consid- erable decrease in taxes. The press • BACKACHE OFTEN WARNING Badradie may be the feat sign of Kidney bdrle. When your back aches, look 'to year kidneys. Don't fail to heed this warn- ing -it , is too important. Take prompt action to tannest Backache, or its cause. At the fest sign of jaekaelie turn confidently to Dodd's fradney Pilin --fa over half a century the beanies emedy for Sidney ailments. 107 Dodd's Kidney Pills LONDON and WINGHAM South P.M. Wingham 1.55 Beignave 2.11 Blyth 2.23 Londesboro 2.30 Clinton 3.08 Bruceaeld 3.27 Hippen 3.35 JIensall 3.41 Exeter -' 3.55 North A.M. ' Exeter 10.42 Bewail 10.55 Kippen 11.01 jBrucefleld 11.09 Clinton 11,54 Londesboro 12.10 ;Blyth 12.19 Belgrave , , ....... 12.30 Wingham 12.56 C-N,R. TIME TABLE East A.M. 'P.M. Goderich 6.40 2.30 Clinton 7.03 3.00 Beaf'orth 7.17 3.16 Dublin 7.28 3.29 Mitchell 7.37 3.41 West Mitchell 11.19 9.33 Dublin 11.27 9.41 Seaforth 11.43 9.54 Clinton 12.12 10.08 Goderich - , . , 12.22 10.34 C.P.R.41 TIME TABLE East P.M. Goderich 4.20 Menset 4.24 McGaw 4.33 Auburn 4.42 Blyth 4.52 Walton 5.05 McNaught 5.15 .'Toronto 9.00 West A.M. Toronto 8.30 Mc aught 12.03 'VW'aitoit 12.13 Blyth 12.23 Alibttri ' 12.32 ,Mural* 12.40 11 cutlet 12.46 Getintlek 12.55 THE HALLATT Reply is Given to G. E. Creed's Crit clam of New M'bnetary $theme (By R. J- Dee,chmen) A 'friend has sent me a clipping from the Hamilton Spectator discusls- ing the Hallett' Plan of Monetary Re- form, The date does not appear on the clipping and the discussion of similar .plans goes back to the dawn of monetary hlstory. (Mr. Creed's article was published on the editorial page of our issue of November 12. - Ed.). The writer of the article wee Mr. 11 E. Creed, M.Sc., and I venture to suggest that there are, in his 'presen- tation of the story, certain mistaken conceptions and that these call for correction: At one point he writes: "The business of the govern- ment is nonproductive. Henfee it cannot earn a profit. Neverthe- less, it is expecting to do the im- possible by, paying dividends of practically $1,000,000 a day," A considerable volume of govern- ment borrowing is for' the purpose of establishing some facility -which at the •morpoent the public demand's. For instance: Ontario wanted a govern- ment-awned overnment-awned Hydiro, the Dominion government wanted a government- owned) railway. Both these govern- ments overnments found that these objects could not be materialized from thin air or produced, conjurer -fashion, from an empty hat as Aberihart proposes to bring forth his ,dividends. They bor- rowed. money -which is simply an- other way of staying they borrowed materials and, with the borrowed ma- terials, they erected a Hydro system and constructed a railway. Mr. Greed's contention seems to involve this ap- parently simple idea -there' is, in iris mind, -a , means of borrowing •,goods. w: thout having to return them or ev- en pay for their use. I contend there is not. Mr. Creed thinks there is. There is the definite line of cleavage between us. * * * IMr. Creed proposes that we should say to those who have bought gov- ernment bonds,, "Here is your money -every' entirely through loans • and invest- ments from the savings tit the peo- ple. Also; the actual production` of the homes, highways, hospitals, etn., would be a legitimate. field for private enterprise, the same as at present. The only difference is that .we would pay for these non-productive proper- ties only once, not several times: ov- er in 'interest charges- Thus there would be ample opportunities for safe, profitable investments in private pro- ductive enterprise. With ample op- portunity for all to work and earn, there would always be a ready mar- ket for the products of industry. Al- so, with the elimination of the trade cycle due to alternate periods of ex- pansion and contraction of purchas- ing power, most of the hazard would be taken out of industry. Investments in private enterprise, if chosen] with reasonable care, would., be as safe as the nation itself. True, profits would Le 'somewhat .lower, but this would be more than offset fly greater business security and 'lower taxation. Under a national money system, private banks would carry on exact- ly as at present, except that they would be able to lend only their own money Or that which they had actu- ally on deposit. Thi is what they "claim" to be doing at present. , The question has arisen many times as to what effect the establishment of a proper national money system would have on Canada's credit in other countries. The,only fundamen- tal change is that tie authority to issue money is taken from private hands. We would actually be in a stronger :position, because the credit of the whole nation Would be behind every dollar, instead of just five to ten per cent• as at present. The general idea is, apparently, that new money cannot be sound un- less it is backed by gold. It is true that there is supposed to be twenty- five wentyfive cents' worth of gold behind each dollar of legal tender, but, as pre- viously pointed out, this legal tender is- only about five per cent. of all our `money. Considering all legal tender, bank deposit •money, and 'government securities redeemable in gold, there is actually less than one cent's worth of gold back of each dollar at . the present time. For the sake of those who like to feel that our money is backed by gold, the Dominion gov- ernm'ent can set a national money system for the ,,issue of . all money (not just five per cent: asi at pres- ena)..and still keep just as much gold beihind each dialler as we .have now. Gold never was and never can be anything more than an always ac- ceptable commodity for balancing foreign trade. For those countries who prefer to buy from us for gold instead of for our useful goods, we have ample supplies -of gold and can let them have it. * * i The Hallatt plan for the national issue and' recall of money is offered as the key to this whole economic muddle. .It is the safe middle road that makes unnecessary such ex- tremes as socialism, fascism and the like. No person has -yet come for- ward to prove a single flaw in the Hallatt plan. The only drawback is that it dloes, not offer something for nothing; 'people will still have to work fora living, In justice to the people of Canada, the Hallatt pro- posals "should receive serious 'consid- eration by' our leadterts, The purpose of • the Hallatt clubs is to provide opportunities for the study of money, so that all people may un- derstand the principles, of a sound - money system. We have now a mea- sure of political democracy, but have yet to obtain economic democracy. The latter !Signifies) a state of the af- fairs of a society wherein the whale people exercise direction and control over the economic well-being of them- selves, individually and collectively, by majority rule. To this; end the Hallatt clubs have recently, been re- solved into the League for Economic Democracy, A legal investment for Trust Funds Uncanditione/ly Guaranteed STTH ERLING TRUSTS CORPORATION STERLING TOWER , TORONTO cent of jt. We have called in your bonds; You must accept, in their place, these printed dol- lars." He. suggests that this paoposad will bring fortih the usual ory.of "inflettioa and printing press money." He states that inflation is impossible, for "the backing of the currency issued will be the same as the backing of the bonds formerly held." Stay close for 'a moment to a pre- view of what must follow the accept- ance of this idea. At the present tiro there are, roughly, three billion dollars of Dominion bonds head in Canada. These bonaare held by private individuals, cooperations, in- surance companies, and all the varied trust funds administered by our trust companies To -day this wealth as in t'he' form of bonds. The proposed scheme goes in- to effect. Within a week, these bonds will; be back in the Dominion treas- ury cancelled, Deposited in the banks, in the savings boxes, and, in the pockets of various people t,hmougtout the Dominion, there will' be. Bank of Canada bills to the Value of three bil- lion dollars. The banks could not .afford to pay interest.. on. this Rant sum of money. The owners of it could not afford to leave the money idle. It would have to earn dividends, Ie fact, that is the very object of the move, for Mr. Creed points out significantly: "If you want your money to earn a pro- fit, you must put it to work in private productive enterprise, which is the only legitimate source of profits:". * " • fa What would happen under these conditions? There would be a flood of money ;seeking investment. There would be a flight from the dollar, for dtollars being abundant, they would soon lose their purchasing . power. Tkis -money would find itts• way into the • stock market, into farms, into equities of one kind and another. Thera would be a wild movement to. buy things. 'We would have inflation in real earnest. Not all the skill of the Central Bank, nor all the efforts of all the governments, federal, pro- vincial and municipal, could prevent, ander these circumstances, a wild outburst of inflation. It would become a torrent -nothing could check. it. Can Mr. Hallatt or Mir. Creed refute my contention? is there the slightest chance that we Gould escape inflation: in the circum- stances? The effort to induce it could not be planned • with greater skill. - Hasn't that happened time and time again in the monetary history of the world'? The holding of the - bonds as an investment, earning in- terest, is an entirely different matter 'from holding this vast sum of cash money ready to Invest with a limited field for its immediate operation, and the only thing that Mr. Creed could do after this disaster had taken place, and it would be one of the greatest disasters of Canadian history, wain& be to repeat the hopeless line: '1The new money 'has Pirie same backing as the bonds and mortgage's, which it re- placed," * * On a soma/abet similar principle, Mr. Creed proposee to build a $500,- 000 Oity, Hall in Hamilton and private dwellings sufficient to properly house every person within the Dominion'. Hamilton wants a new City Hall. In other words, Hamilton wants to se- cure brick, stone, mortar, steel, etc.; plus the labour of a number of build- ers., Hamilton. does not have in its corporate' possession these materials nor others Wadi it can exchange for .the materials• and service it desires. Under our modern system, the pro- cese is to borrow money, but money is .'only the medium of exchange. What in reality we are dieing is bor- rowing commodities' andl labour with which to erect a City Hall. It is now prcposed to devise a means by whish these things can be borrowed with- out placing upon the people of Ham- ilton an obligation' to pay for the ser- vice which is to be proyi'ded. It can- not be done. That, in' a, nut -shell, is the essence of the whole story. Bet- ter still --nit should not be done -there are ample reasons why . it should not. The simplest is that' you cannot take something'' from nothing unless some fairy godfather or godmother performs a miracle. If we borrow on the Hallatt Plan for a City Hall in Hamilton, then we are petting the cretat of 'the nation back of a pro- posal for a local public work without benefit to the people who are to be the guarantors of the loan. In other words, ,under the present system, Hamilton would borrow from those who have, with the promise of repay- ment and underh' t e proposed sys- tem, they would borrow from the na- tion as a whole, and, in the end, -.-the ration will have to pay. T4tis pro- posal. involves not fire taking• of money or the borrowing of credit from those who now, -have it, but it constitutes the issue of an addition- al volume of money or credit in ex- cess of that which now exists, and, while it is more subtle in its form and more indirect- in its action, the u NOXACORN. Ikea peeler/ contains wind features; mks 0ertale you get the YELLOW TUBE ARID PACKAGE, Romani is sold only In mime. Year licca removed or moos* refunded at dein senna $5e -pet Nexaeorn today Aberhart's Drug Store (By Captain J'oh'n D. Craig in Readers Digest) "Ma .-taleitlanda sank right out there," Hannington, an Irish fisher- man, said. From the cliffs of Oldi Head of Kinsale, Ireland, Captain Henry B. Russell looked across the rolling At- lantic toward the ,tomb of the great- est sea tragedy of the war. For weeks his !salvage vessel, Ophir, equipped with the most modern location finding instruments, had searched for It without• 'c success. Now a simple fish- erman sherman said, "That's the spot, air!" In his gpel'iminary work . Captain. Russell had coneulted the sec: -stained chart used by Captain Turner of the Lusitania on that fatal May 7, 1915. The muster's marginal notes reveal she was steering a zigzag course which ended abruptly at 2.10 p.m. with a laconic entry -"Struck." An equally laconic vignette of that greatest marine disaster of modern times is sketched by Robert Chis- holm, second' Steward aboard the Lusitanna, now chief steward on the Ophir: "I happened to look over the Side and saw a darting white streak. I ran below shouting for everyone to hold fast. The torpedo bit fairly amidships; the ship listed sharply. The second torpedo 'bit a, moment lat- er. "At my lifeboat statical I found that all the boasts on the port side had) fal- len inward. As I hurried back to B `deck I passed Alfred G. Vanderbilt veinal attempting to reecue a hysteri- cal woman. I shouted; 'Hurry, Mr. Vanderbilt, or it will be too late!' He did not heed me and bath lost their lives. "I saw a lifeboat with, about 90 people le it. There were only three men, the rest were women and chil- dren. 'The lifeboat was heeling over as the Lusitania sank. I' jtilnped in- to the stern] and; with the help of a 14 -year-old boy, we got safely drown to the water. The torpedoes -had smash- ed the engines and it had been im- possible mpossible to reverse to stop scrip, hence the vessel' was still under way and our lifeboat was towed along 'in dan- ger of being swamped. Finally . the boy and I cut the painters and we managed to get •clear. The little boat v: as so thea.vily loaded that the . gun- wales were only three inches above water. Fortunately the sea was calm- ard we were picked up at 6 p.m. by a patrol boat." Steward Chi'shobn was among those consulted by 'Captain Russell, of the Ophir, in his first attempts to 'de- termine the approximate position of the Lusitania. A hundred, people- ship'a officers, coastguardsmen, tthe pilot of the German 'submarine -gave him data, and he discovered that if he charted all the ocean within the positions they%' indicated, It would mean searehi g• an area of 120 square miles, a rhopeles's propoasitiont Weeks of cruising over what seemed the most likely . spots proved useless. Many wrecks were found by the. drag- ging kedge anchors and the location - finding device, but none was .the huge bulk of the Lusitania. Then he tried another form of in- quiry. In the tragic months when nbmarine attack was ever threaten- ed, anxious watoh'ers had daily lined the cliffs of Ireland, On th,d day the Lusitania was passing through the danger zone even the school children were permitted toleave classes and .watch. In the opinion of Lieut.-Com- mander ieut: Com- mandetr R. H. Erring, a man who knew the whole coast, many of the seafaring men who watched the dis- aster must have taken bearings on the sinking position. So Commander Dring and Captain Russell those several villages along the coast, held meeting& ire the vil- lage pub, and spoke with all the mien who Thad witnessed the sinking. One of these w'itness'es was the fisherman Harrington, and some 20 others were found whose observations seemed re- liable. To each the officers put the question: "How, do you know the Lusitania sank' 'right out there'?" The officers knew that a few inches' miscalculation from the shore would throw the Ophir far enough Out to entail weeks of useless search. Each witness had a slightly differ- ent answer, but, the gist of them all was; ='Because 'I `+was standing near the barn and took a bearing on. the corner of Mrs. O'Leary's cottage." Captain Russell set range find'ers' on the spots where each witness had been standing when the Lusitania sank, and "shot" his bearings. When charted on. a map, 12 of these inter- s'ected within a single area of one and a half square miles•, about 11 or inflatlonary impulse is there and, if cairied out on any general scale, would result in rising cost of living, and, in reality, the imposition of a further indirect burden upon the con- suming masses of the people of Can- ada. 'Strange world! How sternly we fight to avoid payment for the things we get.• If therels one heart-rending cry which rises from humanity, it •is th's: "Permit us to sin -do not ask us to pay." This generation has seen four yeasts of the most sanguinary conflict winch ever marked 'ands mar- red the souls and minds of men. This was followed by a peace which was worse than the wary -more costly in its effects upon mankind. Then came eighteens years of intensive national- ism which paralyzed the trade of the world, end, on top ,of all this, the mad rush of preparation .for the next gi.gantic conflict. In the circumstances, we have mis- ery, poverty and unemployment. It is the fateful fruit of our conduct dur- ing the last .twenty-two yeare.-_,Wee.do not .want to face 'these facts - yve have no desire to change our' ways, and 80 we listen to a. long line of monetary 'reformers. who pr`omise to cure us with pai•lis and lotions internal and external, when the true remedy for a sick world is the simplest and most natural of all proposals - to cease doing as we have beet doing and in our relatidn with our .fellow- men and with nation's return to re'a- sea and '66 Setae' and 061110611 /Sense, 1a miles off shore. Rtusaell imauedt- anatelydsemt arked to workt114.8 .s area with buoys SORMilega were takeul with the Air' ntiratty Depth Recorder, au instru- ment which scud's a sound twits sea bottom and record* its returning echo- an choan a graph. If an °bled. a great rock for instance, rises snrdden'ly, eo does the marking on the • chart. Further, there is a difference in the reaction of the sound from a solid' rock and from the hollow hull of a ethipr' After a •few days of fruitless' search a marking on the graph suddenly told ahem they 'were over some remark- able hollow mass The iestrument re- corded that this) object. was 84 feet high. Over and over. again- they criss- crossed that spot, checking height and accurately determinfng length by ranging on a buoy while fihey slowly steamed from stem to stern of the wreck --780 feet! The • Lusitania! quickly a marker buoy went over- board. For the next ,tem drays a gale blew, carrying away their buoys'. But Cap- tain - Russell had. taken very careful hearings and, in 14 minutes . from the second.. start of the search, bits • in straiments made the same recording. Again bad, weather but liivally, on October 26, Diver Jarrett went oven - side. Dover, down he went .through the still, green waters. Gradually the light grew fainter, the water duller„ darker. The deuger of getting peeled in the wreck was great. One of "'the cables on a Mooring anchor snapped -a 15 -ton pull had done ,it when' the - ship heaved to theswell-so Jarratt.. had little chance if he should foul a foot or drop under a deck in that heaving sea. .The Recorder had shown that the wreck lay in 246. feet of water. When the winclhmran sang out, "Forty fath- oms," they stopped' Sarratt. .Think up the phone line came his message: "I am standing' on the plates of a ship; I can see her two-inch rivets. There is ,amazingly little sign. of cor- rosion beneath tthe slime covering the hull." - The rivets •of the Lusitania were one and seven -eighths inches in diameter. Jarrett never got down again. Af- ter hopefully battling the worst storm season the Atlantic had known for 50 years, the Ophir finally had to give up and steam for. harbor. But they will go back, equipped with a newly invented all -metal, flex- ible -limbed ,diving dress which car- ries sufficient oxygen to last from 8 to 10 hours and which, in Admiralty trials, has withstood pressures equiv- alent to a depth of 2,500 feet under- seas. And this time they will he join. ed by Captain John D. Craig and hie crew of Hollywood .Motion Picture Adventurers who will ..photograph the operations in and about the wreck. Phe thoughts of these men are not all for the treasure. They think of the thousand souls who died impris- oned between decks,..... d'r'owned in the midst of luxury that ` afternoon in Maye and they approach this adrven- ture with awe.. And if • the ,remark- able new scientific gear proves suc- cessful, we may witness on the ,saheen some of the breath -taking secrets of those sunken decks. Farm Notes Livestock" Meetings Ontario Swine Breeders' Associa-, tion will hold their annual meeting Ft•b:uary 1 and the Canadian Swine Breeders' Association' the following day. Ontario Large Yorkshire Club, Ontario Berkshire Club, Ontario Tam- worth Club and dual purpose Short- ehorn clubs will also ahold meetings' on February 1. - February 2, the following annual meetings will be held: Canadian Jersey Cattle Club, Canadian Short- hone Association, Canadian Hackney Horse Association, Canadian Pony As= sedation, and the Canadian' Aberdeen Angus' Breeders' Association. Meetings scheduled -tor February 3 are: . Holstein -Friesian Association of Canada, Canadian National Poul- try Record Association, Canadian Standard Bred Horse Society, Ontario ereford Breeders' Association, On- tario Sheep Breeders' Association, On tario Clydesdale ]Club, Canadian Thoroughbred Horse Society and Canadian Sheep Breeders? Associa- tion. On February 4' the Canadian Shire Association, Cly'des'dale Horse Assoc- iation of Canada, Ontario Perclheron Club' and Ontario Horse Breeders' A'ssociati'on will meet and February 5 the Ontario Cattle Breeders? Associa- tion will meet. Market Report On Clover and Grass Seeds Eastern, Northern and Central On- tario -Prices: Red clover, 18 to 22c per pound for No. 1 grade, 13 to 18c for country run. Alfalfa., 16 to l8c per pound for No. 1 grade, 10 to 15o for country run. Alsike 17c per' lb. for No. 1 grade, 10 to 15c for country run, Timothy, 6 to 70 per pound far No. 1 grade, Np. 1 (sealed) 6% to 7c, 4 to 5c for country run. Sweet clover 6c per pound for No. 1 grade, coun- try run, 4 to 5c. Timotby-alsike mix- tures (50% alsike) 61/2c per pound for, country run seed. Supply: 224;000 pounds of red cloy- , er scattered throughout distrlot but main supply in Ottawa Valley; 97,000 pounds' of alfalfa mainly in St. Lawr- ence counties and Kingston to Oa tawa district; 150,000 lbs]. of alsike almost entirely -in.'.-.time Kingston to Oshawa district; 1,682,890 lbs.. of tim- othy in Prescott and Russell counties and St. Lawrence sub -district; 105,- 000 , lbs, of sweet clover confined al- most entirely to St. Lawrance sub- district and Kingston to Oshawa ar- ea and 100;000 lbs', of timothy-alsike mixtures in Northern Onitarfo. Deman{]: A very keen demand has developed for red clover. Shipments are going forward to the Mated. Stater and le setae instances' farmer busrers ES1 YOUR COiSFPATiON Loots out,,to thoiostelebttas,it-#sfc t ,• whe: you eel Scut-c* so Volar:-Woo4eA may ' torso tris, The' *4, a.eal1le of comm rl ComttipiFt t ;too-Iitt141 4'b>4 " 1'k mea $. Tout >ayatcnt des •ita ugmar. exercise. Get thin. needq44110114' clone cereal i .qp a LL„i3 Witelrin ;fhe body,. its' '"ubaorbbs moisture, fer;q188. soft maeO, ge Iitiy sponges out the system. Why keep on feeling bad when you can feel good? Millions, of people use ALL -BR 1 . Tests prove it's safe and effective. ,ALL -Baan its guaranteed. Try it a week. If not: satisfactory,our money will....be refunded by the Kellogg Company. Two tablespoonfuls daily are user ally sufficient: Serve as a cereal, with milk or cream, or cook into recipes.Remember, ALL -BRAN also supplies vitamin B and iron. Certainly you'd rather eat a food than take pills and drug raBu ALL -BRAN at your grocer"$. MSQta by Kellogg in London. are bringing trucks rt . cess over to do business direct with • Canadian farmers, It is expected that the 'en- tire available. supply of red clover will soon be out of farmers' bands. Very. little information available flu regard to the demand for alfalfa. Timothy* is moving more freely than at any time during thls crop year. Alsike continues to move but the beet quality of seed is already gone. Sweet clover has received very tittle atten- tion to date but seed is now movfi t to the seed cleaning plants to be cleaned. Western and _Southern Ontariio-- Prioes: Red clover, 21c per pound 'for No.; 1 grade, 1534 to 17c for coun- txry run: Alfalfa, 17c 'for No. 1 grade, 11 to 14c for country run.. Alsike, 16c for No. 1 grade, 83/4 to 13r%e for country urn. Sweet clover, •7%c for *o: 1 MOW 4 to 6c for country ran. `Timothy, 6c for No. 1 gide, 3 bo 50 for .cosntry, rirn, and Caivadian blue gra se, 3c for No. 1 grade. Supply: Red clover, 318,750 lbs.; alsike, 387,000 lbs.; timothy, 1,156,- 100 lbs.; alfalfa, 425,375 lbs.; sweet clover, 153,225• lbs.; Canadian blue grass, nil.. It is estimated thatLthere are some 450,000 lbs. of alfalfa iseed more than reported previously. • Winter Brooding of Chicks ' The poultrymman with proper equip- ment can handle chicks in mid -winter with as little mortality as with April chicks. . He may not get as high per, tentage thatch as later on, but even the hatchability of eggs is being con- trolled by the feed. January chicks will cost more' as eggs are higher indeed. to start with. Then it will take more fuel than with' spring brooding. But there is more time for looking after. the chicks; there may be 'less disease and mortality; broil- ers will catch a ••high market, and pullet should be laying early ID the fall or even in late summer when egg prices are at their'c°peak. Of course. if many started hatching all their chicks in January the higher prices for broilers and eggs would be wiped out, land chicks 'hatched at some other season would find the best market. Brooder houses unsuited for prolong- ed zero weather and; the higher price for chicks will limit the number go- ing in for January chicks. Neverthe- less there should be good returns for the few who d'oi and they can pro - Tong the use of their equipment, as those who have January chicks us- ually have another batch in the spring so as to have pullets coming into pre. - 'duction at different seasons: Janu- ary chicks will go on to range early in the season, or they may' be .raised indoors until ready for the laying pen. Farmers'° Account Book The Canadian farmer may be ab- solved from tete accusation that fu taking stock of hie farm business . at the present time he is only follow- ing the futile fashion of, making good resolutions for the New Year. It just so happens that the seasons of the year when good resolutions 8,neppopu- Iarly supposed to hive a special vir- tue coincides with that period of the year which afforde the farmer the best 'opportunity for making a detailed survey of his business, past and fu-,.. tore. To -day, farming is more of a baste ness proposition then ever before, and 'the fanner who does not know the exact state of .how he stands with reference r6a every item' connected with the farm is at a disadvantage with the farmer, who does.' Some- ' lvhat more than a rough and ready method is necessary. A record of each department of the farm business 'should be kept because it is the only way of finding out which part 'of the farming pays and which does not. To assist the farmer in • this very important matter, the Do- minion. Department of Agriculture is- sues 'a very pimple and useful little account book which may be obtained from the Kidtg's Printer at a nominal price of 10 cents, No special knowl- edge 'of accounting is necessary and • a record' of transactions can often be made in less than one hour per week. A QUIET, WELL CONDUCTED, CONVENIENT, MODERN 100 ROOM HOTEL -88 WITH OATH WRITE FOR FOLDER TAKE A DE LUXE TAXI FROM DEPOT OR WHARF -250 11� ,Y,,�4�l.b,falb�,'>,vri�1,t,��{ �. .�kF.11 A. ,.3'1liw: lu�+il ,v Ss .u{ .n,,...,._