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HomeMy WebLinkAboutThe Huron Expositor, 1954-08-20, Page 5• AUGUST 20, 1954 �. ICC firr ll; CHILDREN TAKE PART IN, BIBLE SCHOOL 1�+�,�riiyl •11 11 I,. A feature of the summer holicays in the Cromarty area was the Bible School conducted by the Zurich Mennonite Church and which was attended by 63 boys and girls of the district. The WE'RE STILL IN BUSINESS! We. have made temporary arrangements and are still in business at the old site, following the dis- astrous fire of two weeks ago. We will have a lull line of John Deere parts and repairs shortly. Before too long we expect to an- nounce our plans for a new building at a new site, so that we can serve better than ever our customers throughout the district. JOHNNIE BLUE JOHN DEERE SALES & SERVICE Phone 645 P:S.—Our heartfelt thanks to the Firemen and friends and neighbors who helped during • the fire, and who have been so kind since then. I',S.—We have three Tractors and other Imple- ments that were not damaged in the fire, and expect more in a few days. Ask us for prices. JOHNNIE BLUE Now ! It's Time to INSULATE For Fall ! Save fuel this Winter and be warm as toast in a —draftless insulated home! Heating savings alone will often pay for the job in three years! No muss! No fuss! Our Insulation service costs little. FREE ESTIMATE Do You Need • A New Roof? • Insulation? • A Game Room? • Storm Windows? • A Garage? • Extra Bath? • A Modern Kitchen? CALL 787 Ball -Macaulay Ltd. Builders' Supplies - Sash - Doors Lime - Cement SEAFORTH CLINTON Phone 787 Phone 97 Ilt school is interdenominational. Shown in this picture is one of the teachers, Hubert Swartzentruber, of Zurich, who is instruot- ing the grade 10 Class. Members of the class shown include, from left to right: Betty Glossop, Cromarty; Anita Sorsdahl, Cromarty, and Wanda McLaren, also of Cromarty. Supervising Biggest Bond Business - - - Headaches (By Robert U. 'Mahaffy, in the Ottawa Journal) A, woman once called upon F. M. Peters, Chief of the Public Debt Division of the Bank of Canada, and told him a distressing story. She had lost her government bonds. In trying to think of a safe place to hide her bonds she had decided to put them in an old jam jar and bury it in the garden. In the Spring she could not find the jar and applied to the Public Debt DI - vision, which occupies a rangy, three-storey brick building at 350 King Edward ' Avenue, for .new bonds. Another time a woman was sure her nephew had stolen her bonds. Mr. Peters advised her not to do anything rash in case her fears should prove to be unfounded. A few months later the oilcloth had to be renewed ‘in the kitchen and the bonds were found in an en- velope under it, where she had hid- den them for protection and had entirely forgotten having done so. People in their excitement some- times come close to even suspect- ing their wives of stealing their bonds. Mr. Peters told the story about a man who was building a house and needed the bond's to finance the project. Upon with- drawing the bonds from the safety deposit box, he handed them to his wife to put away temporarily. Lat- er they couldn't be found any- where. The Christmas after they had a big gathering. The best lace tablecloth was brought out of the buffet and spread on the table. Out dropped the missing bonds. Evi- dently, the wife had stuck the bonds away in the buffet drawer when someone came to the door and forgot about it. Bonds With An 'Air' One of Mr. Peters' best stories is about the Trust Company offi- cer who had to ride in the baggage car all the way to Ottawa with several thousand dollars worth of bonds because they smelled to high heaven. Unable to get the bonds in her safety deposit box, an elderly wo- man, had pulled out a stone in the foundation of her house and stuck in the bonds, leaving them for sev- eral months. The result can be imagined. When the "shipment" reached Ottawa, Mr. Peters just couldn't al- low the bonds in that condition to be brought into his office. He had them taken to tihe Bank Note Com- pany to be deodorized before en- deavoring to identify them for va- lue, etc. The Public Debt Division has a card index listing the name of ev- ery, holder of registered bonds in Canada and the cards are filed by serial numbers. But if you don't know .the serial number, an alph- abetical index is alsq maintained, from which such information can be gained. The list of registered bond holders is added to at the rate of 1,000,000 cards a year. If bonds have been stolen in a burglary or bank robbery the prob- lem of tracking them down might appear not so simple. However, since all such bonds are listed on the "Lost Bond List," they are quickly spotted when they come to the notice of the Public Debt Divi- sion, either for payment or other- SEAFORTH LIONS CLUB PARK SWIMMING MEET commencing at 2 p.m. WEDNESDAY, AUGUST 25th A FULL PROGRAM OF JUNIOR, INTER- MEDIATE AND SENIOR EVENTS, INCLUDING RACES AND DIVING Junior 10 and under Intermediate 13 and under Senior 17 and under Entries received up to 2 p.m. on day of Meet For further information, see George Sills Swimming Instructor At the Park FREE ADMISSION s•..uc�_e fti s�.4,,.i.w ! „r5.,1, Mat OSITOR wise. This is done by *Wealth .cards which are panelled to show the serial number, the amount, the. agent's name, etc., of every bond received and if a "lost" bond has come in, a machine automatically checking 'the cards against the "Lost Bond List," bhrows out the cards representing the lost bond. Gigantic Task ' Tremendous work is involved in administration of the public debt— Peters' overall responsibility— for it includes bonds of all de- scriptions. Each and every bond and coiiipon must be accounted for. Thousands of interest cheques have to be sent out. Interest coupons are also received to the tune of over 29,000,000 a year; every morn- ing orning they pour into the Bank of Canada from the chartered banks as they are cashed. As bond issues are retired or called for payment, the original bonds descend on the division where they are checked for re- demption value, endorsement, regi- stration and so on. The bonds are put through a battery of Hollerith machines to have cards made Which are later sorted on special machines at the rate of 36,000 per hour and tabulated on gian adding machines which reel off astronom- ical totals with not even an at- tendant near at times. When the Third Victory Loan bonds issued in 1942 were called for payment on June 1 of this year; there' were $850 millions outstand- ing. In two weeks $800 million worth were in for payment. / ,r In the month of November alone last year over one million pieces were handled, having a to- tal value of $300 million. In that month Canada Savings Bonds were issued at a better interest rate than previous issues -3% per cent —and "many people took the op- ortunity to transfer' holdings of east issues into" the new series," Mr. Peters explained. To handle such a volume of transactions in such abort periods of time calls for a high degree of organization on the part of the Public Debt Division. It seems a long way back since the first market issue was launch- ed in December, 1915.. Before that there was no such thing as a pub- lic issue in Canada, Mr. Peters re- calls. 'fhe Dominion Government borrowed from other governments and banks on promissory notes. For—that first loan there were 25,- 000 appiiekitions. For the second loan in 1916 there were 31,000 ap- plications, and for the third 40,- 000 0;000 applications, The Department of Finance was geared to handle, 50,000 applications for the fourth, and 870,000 poured in. "We work- ed day and night and volunteers were brought in from other branch- es of the Government service to cope with the situation," says Mr. Peters. A total of $546 million was raised. In World War II a total of $2 billiotls was raised in one loan alone. The 1941-45 Victory Loans were handled by a. streamlined system "without turning a hair compared with the difficulties and overtime work of World War I." Mr. Peters modestly adds that "we had that experience to draw up- on." Big Transfer Business In addition to handling thou- sands of interest. cheques on in- terest payment dates—now month- ly occurrences—cataloguing regis- tered bonds, checking cashed cou- pons, tracking down • lost bonds, the division does a big transfer business (registered bonds have to be transferred to bearer bonds for purpose of sale). The Public Debt Division takes particular pride in the service which it is able to ren- der the public in this connection. ' In most transfers are completed in the matter of a few hours. War Savings Certificates also come un- der the administration of this divi- sion. A total of 56,000,000 pieces were issued worth $388,000,000 and all have matured, but nearly two million pieces have not yet been presented for payment. To head such a division requires the knowledge of a lawyer and the training of an accountant plus an uncanny instinct. Special atten- tion has to be given to bonds left by deceased owners to ensure that payment is not made to the wrong person or persons. In all Mr Pet- ers' experience never a cent has been lost as a result of a wrong- ful payment. When F. M. Peters came to the Department of Finance at the break of World War 1 as a junior clerk, the national debt was $310,- 000,000. Following World War I it was $2% billion. By the end of World War II it bad risen to something near $17 billion, and the grand total is now $15,082,707,- 737.57. Managing a public debt of this size requires a staff of some 300 and the closely- knit organization of an army corps. 'Pulp and paper sta' ds first in employment and total wages paid. (Continuer) from Page 2) of pork products for export. The trade in the United States are unofficially forecasting a low in Chicago prices of from 19 to 20 cents live weight. The equivalent dressed price, using a 75 per cent yield as the conversion factor, would be from $25.35 to $26.66 per hundredweight. Owing to the higher cut-out., that is, the higher percentage of trim- med cuts obtainable from Canadian hogs, the price at Toronto for Grade A should be, in theory at least, fairly close to the United States equivalent. This Is based on the assumption that the extra cut-out and higher quality of Cana- dian hogs will largely offset the duty and any additional expenses due to transportation and costs of selling. eal uality an�.� IN "BACK -TO -SCHOOL" CLOTHES FOR OOPS BOYS' NYLO-DENIM JEANS WITTI DOUBLE KNEES Triple stitched, 8 -oz. Nylo Denim Jeans, with DOUBLE KNEES. Pick up a pair or two now for back -to -school wear.. Sizes 6 to 16 years1 SPECIAL AT -' New Low Price ! Sanforized Suede Cloth Plaid Shirts Lovely plaids In sanforiz ed Suede Cloth Shirts, at a new low price. Sizes 6 to 16 years. Every boy Ekes these sport styled shirts. Choose several now at this low price of 2,2+ Boys' CORDUROY JACKETS Casha lined for Fall wear; knitted waist and wrist for extra warmth. Dewed front to add color. These Jackets come in royal, wine and i green, in sizes 6 to 18 years, at S FAMOUS `COWBOY KING' MAKE JEANS and JACKETS These 10 -oz. Denim Western style Jeans and Jackets are the favourite with both boys and girls. Full range of sizes in stock, from 6 to 16. JEANS 6 TO '60 YRS. 12 TO 16 YRS. BUTTON 3.46 Button 4.25 Zipper 3.65 Zipper 4.50 JACKETS • • 3.95 .... 4.65 BOYS' HEAVY WEIGHT PLASTIC RAINWEAR SETS Olive Green and Navy Plastic Raincoat and Hat sets are in a new non -transparent, heavy weight quality. They have heavy metal clasps and cordu- roy collar. Sizes 6 to 12 years only, at STEWART BROS. Wedding Stationery Invitations Announcements Many Styles and Type Arrangements From Which to Choose • -- "Personally Yours" • Luncheon Serviettes • Wedding and Anniversary Sets (Book Matches - Serviettes - Coasters) • Congress Playing Cards • Informal and Calling Cards • Personal Notepaper with Matching Envelopes EACH IS PRINTED WITH YOUR NAME OR INITIALS Available in a variety of Colors and Styles SEE OUR SAMPLES TODAY Come in and See . Personalized items for YOU . . . or, for that "different and appreciated gift," or to add the "planned touch" to your party. NOW AVAILABLE : PLACE YOUR ORDER TODAY! The Hro Expositor - -Phone 41 C.