The Seaforth News, 1924-09-25, Page 2GOVERNMENT BOND ISSUE
BOUGHT BY CANADIAN SYNDICATE
Proceeds of Bond Issue of $85
Retirement of Matas
A despatch from Ottawa says: -
Hon. J. A. Robb, Acting Minister of
Finance, announced on Friday that
his 1024 refunding program has been
completed by the sale of $85,000,000
Dominion Government bonds to a
strong Canadian Syndicate.
The issue consists of $30,000.000 2 -
year 4 per cent. bonds, and a $50,-
000,000 20 -year 414 per cent. bonds.
The public offerings will be made at
an early date.
The proceeds will go towards retir-
ing an issue of $107,000,000, which
falls due in Canada on November 1,
the Minister being in a position to re,
duce 'his outstanding indebtedness by
upwards of $20,000,000,
The 4 per cent, and 43/ per cent,
bonds under sale are replacing secur-
ities being interest at 5% per cent.
The above announcement has been
eagerly awaited by the thousands of
holders of Victory bonds maturing
this Fall, inasmuch as it will offer
,000,000 Will Be Applied on
ring Victory Loan.
an excellent reinvestment. channel. It
appears, however, that the $50,000,000
of 20 -yea., bonds will he the only Can-
adian payment issue floated this Feil,
this amount being less than one-half
the amount of maturing Victories.
Itis understood that the $35,400,000
2 -year issue will be payable in New
York, and the 20 -year bonds, amount
ing to $50,000,000 will be payable in
Canada only.
The terms of the newoffering have
not been announced, but it is under-
stood that holders of the maturing
Victories will be given the opportun-
ity to tender their bonds in payment
for new bonds, The important effect
of the announcement will be that the
supply of available bonds in Canada
will be materially reduced.
The new issues have been sold to a
strong syndicate, composed of A. E.
Ames and Co., Wood, Gundy and Co.,
Dominion Securities Corporation, Ltd.,
and National City Co., Ltd,
r
assemenng tile icon mules or w -,.e ., m,e u,.:, will
support the new Peekskill Vehicular Bridge across the Hudson River has,
been completed. The cable stretches for a distance of 2,000 feet.
ROYAL RANCHER
EN ROUTE TO THE WEST
Prince Issues Statement Ex-
pressing Enjoyment of Three
Weeks' Holiday in U.S.
Syosset, L.I., Sept. 21. -The Prince
of Wales boarded his special train
here after a vacation of 23 days on
Long Island, and started his journey
to his ranch in Alberta, via Montreal
and Ottawa.
The whole town of Syosset turned
out to see him off. He boarded the
train on a siding at 9.50 and waved
his hat at the cheering crowd from the
platform of the private car Balmoral
as magnesium flares lighted him up
for the cameras.
Before leaving the Prince gave out
the following statement:
"I am leaving the United States
with very real regret. This is not
only the end of a thorougbly enjoyable
three weeks, which I shall never for-
get, but it involves saying good-bye to
a host of friends who, ever since I
landed in their country, have done
everything in their power to make
me welcome; your President, and all
his fellow -citizens with whom I have
come in contact have united in offer-
ing me the right hand of . good -fellow-
ship; very many others whom I have
never met have taken the trouble to
write to me kind words which have
touched me deeply. It has not been
possible for me to answer such let-
ters
etters as fully as I should wish, but I
THIRD ARMY REVOLTS
FROM CHEKIANG SIDE
Defence of Shanghai on Verge
of Collapse as Disaffection
Weakens Ranks.
A despatch from Shanghai says: -
Weakened by the repeated hammering
of the Kiaugsn forces which are sup-
ported by the Central Pekin Govern-
ment, a revolt of the Third or Home
Army, and disaffection in other units,
the Chekiang defence of Shanghai was
on the verge of collapse. General Lu
Yung Hsiang has offered to abdicate
the Tuchunship of the province and
is reported to have left the capital,
Hanchow, for Shanghai. The troops,
part of the Third Army stationed at
Hanchow, are reported to have
thrown in their lot with Kiangsu,
while others have joined the Anhwei
Army which .had invaded. Chekiang
near Ssean of Tai Lake, lCiangsu,
taking advantage of the situation,
have launched a new offensive at
Liuho on the Yangtse River, driving
towards Woosung, possession of which
would give control of the Port of
Shanghai.
Refugees are again flocking into
Shanghai and the _oreign defence
force has taken elaborate precautions
to protect the foreign settlement.
Dr. Sun Yat Sen, the Southern
leader, who is concentrating his forces
at Kiaochow to aid the Chekiang lead-
er, is now left in a hopeless condition
with his ally admitting defeat.
Photograph a lows Professor and 114rs. W. L, Carlyle, who are in charge,
of the Prince of Wales' ranch in Alberta,
WESTERN WHEAT CROP
295,858,791 BUSHELS
Estimate of Yield in Three
Prairie Provinces Reported
by Free Press.
A despatch from Winnipeg says: -
A wheat crop of 295,858,791 bushels
for the three prairie provinces is the
estimate of Miss E. Cora Hind, agri-
cultural editor of the Manitoba Free
Press. The elanitoba crop fa esti-
mated at 51,647,568 bushels, an aver-
age of 21 bushels. Saskatchewan will
have 173,516,744 bushels, of which it
is estimated 115,421,240 bushels will
come from summer fallow and new
breaking, an average of twenty bush-
els, and 58,095,504 from all other
seeding, an average of eight bushels.
The Alberta crop is estimated- at
70,694,479 bushels, of which 53,1.91,-
719 is from summer fallow and new
breaking, an average of 21 bushels,
and 17,502,760 from all other seeding,
an average of five bushels. The total
acreage is 21,525,899.
The oat crop is estimated at 238,-
000,900 bushels, of which Manitoba
has 68,866,795, or 35 bushels to the
acre; Saskatchewan 123,561,625, or
25 bushels to the acre, and Alberta
46,072,480, or 20 bushels to the acre.
The total acreage is 9,199,426.
Barley will yield 81.079,892 bushels.
Manitoba leads with 27,456,060 bush
els, which is twenty to the acre; Sas-
katchewan 16,215,467, or seventeen
to the acre; and .Alberta 7,408,365, or
fifteen to the acre. Total acreage, 2,-.
802,545. The rye crop is estimated at
11,276,544 bushels, The Manitoba
average is twenty bushels to the acre,'
giving a total of 5,811,460; Saskat-
chewan's average is sixteen bushels
with a total of 2,849,504; and Alberta
fifteen bushels with b total of 2,015,
580. The total acreage is 643,039.
The flax yield is given as six bush -1
els to the acre over all the provinces'
with an aggregate yield of 7,595,370
bushels. On this basis the Manitoba'
crop will yield 1,942,878 bushels, Sas-I
katchewan 5,562,492 bushels and Ale
berta 90,000 bushels. There is a total
acreage of 1,265,895.
The report points out that the
Spring was late and cold, the early`
growing period dry, late rains brought
second growth that delayed maturity,!
there was some frost, some hail, some
rust, some sawfly. Rust caused some
damage but loss from this source was
not severe and "rust was never in thel
nature of an • epidemic."
By far the greatest damage was
from frost, which occurred in varying'
degrees in spots all over the central
and northern parts of the provinces.'
Early frosts seriously lessened the'
yield on some late areas and grades'
were lowered over large areas. Losses
from hail, sawfly, cutworm elsewhere
relatively very slight.
The wheat crop as a whole, Miss
Hind writes, has filled to a remark-
able extent. Many of the very light
stands having filled beyond all expec-
tations of straw, but there remained
very large areas where this was not
the case. In Alberta and Saskatchew-
an an exceptionally large percentage
of land seeded to wheat was plowed
under, pastured or cut for feed. Al-
most all of this land was spring plow-
ed or "stubbled in crop." And Miss
Hind points out that "Summer fallow -
ed land and the new breaking almost
invariably was producing a thresh -
able crop even in the most dried out
districts."
For purposes of record the aban-
doned acreage was separated from
the acreage which is producing a crop,
MAY NEGOTIATE TRADE
TREATY WITH GERMANY
Britain Following Lead of
France and Canada Advised
to Take Similar Action.
A despatch from London says: -
Now that Britain has followed the
lead of France in negotiating for a
commercial treaty with Germany, the
Canadian business colony in London is
asking why Canada does not tate
similar action. Treaty or no treaty,
cheap German goods will find their
way into Canada. It does not follow,
however, that Canadian grain and
other raw products will gain access
to the German market. During the
last few months German agricultur-
ists have been doing their best to se-
cure the imposition of a prohibitive
tariff on wheat and flour and despite
Canadian representations, they may
have their way. Germany normally
would be a good market for Canaacben
raw and semi -manufactured products,
or for instance wheat, flour, apples
and iron ore. Large orders have only
recently been taken at Wembley for
Canadian apples for shipment to Ham-
burg. If agreement was possible
with France, it is argued here that
ono safeguarding Canadian manufac-
turers and benefiting other forms of
Canadian production could be made
with Germany.
BRITAIN -GERMAN
TREATY OF COMMERCE
Most Favored Nation Treat-
ment Stipulated by Great
Britain.
A despatch from London says: -
In Berlin on Saturday the British
handed the Germans the draft for the
proposed treaty of commerce.
The document is short and simple,
the main stipulation being for the
most favored nation treatment with
no exceptions, and the British express
the hope that, owing to lack of detail,
the treaty may be signed before the
Franco-German commercial discus-
sions commence.
The French, many of whose de-
mands presented informally here dur-
ing the London conference would
have, if accepted, implied discrimina-
tion by the Gemini -is in favor of
France against Great Britain and the
other powers, have not yet ratified
'their treaty,
When asked whether Germany will
not fear to sign such a treaty with'
Britain lest France object. and,
threaten to remain in the Ruhr, the
British officials remarked . that they
thought the signature likely and that
Britain also has means to bring
pressure.
Americana 'consume a per capita
average of two-fifths of a bunch of
bananas annually.
NEW LONG-TERM FLOTATION
AFFORDS CHANCES TO SMALL INVESTOR
Victory Bonds Likely to be "Converted" in Larger Propor-
tion Than Vitas the Case Last Year.
Ottawa, Sept.. 21.-A much larger
proportion of the Tong -term division
of the $85,000,000 Dominion Govern-
ment loan just floated •is likely to be
converted than was the case a year
ago, when only about $50,000,000, or
one-quarter of the $200,000,000 con-
version loan was taken up by the
smaller investors. It is believed here
that if the .smaller investors 'take
prrompt opportunity of conversion
when the issue is offered to the public
this week by the Canadian syndicate
probably one-half of the $50,000,000
20 -year 41/4 per cent securities will
be thus absorbed.
While there is a drop in interest
rate' from 5% . to .45,4. per cent in tide
security it is believed that this will
not prove a detriment to those who
prefer a safe and sound investment.
Government securities stand high on
the investment market, and the con-
tinuance of strength of Victory bonds
throughout thisyear has been a
factor in the general financial sta-
bility,
With the two Government loans of
last week the total of Federal bor-
rowing this year is a little over 9280,-
000,000. First, in January, there was
a loan of $50,000,000 of 5 per cent 80 -
year bonds, Dominion guaranteed, for
A:he Canadian National Railways;
then, in the spring, one of 920,000,000
4 per cent. notes for three years, and
a loan of 99,375,000 in the form of
4% Canadian National Railway
equipment bonds, the period .being
1925-39. A few days ago there was
another Canadian National loan of
926,000,000 in New York at 41,4 per
cent.
Last week followed with the 990,-
000,000 one-year Government notes in
Wall Street to meet Treasury bills
amounting to over 991,000,000, and
the latest 985,000,000 domestic loan
to aid in redeeming the 9107,000,000
Victory loan due on Nov. 1.next. In
all of these there has been a substan-
tial saving in interest charges.
The s Markets
TORONVOS-
Man. wheat -No. 1 North., 91.49%;
No. 2 North., $1.45%; No. 3 North.,
$1.421/.4.
Man. oats -No. 2 CW, 631/e c; No.
8 CW, 02%c; extra No, 1 feed, 625,4c;
No 1 feed 61a,,c• No 2 feed 58%c.
All the above cilia., bay ports.
yellAm.ow, corn,
$1.37. track, Toronto -No. 2
Millfeed-Det, Montreal freights,
bags _included: Bran, per ton, 927;
shorts, per ton, $29; middlings, 935;
good fead flour, per bag, $2.05,
Ont. oats -No. 8 white, 48 to 50c.
Ont. wheat -No. 2 winter, $115 to
$1.19; No. 3 winter, $1.13 to 91.17;
No. 1 commercial, 91.10 to 91.14, f.o.b.
shipping points, according to freights,
Barley -Malting, 78 to 81c.
Rye -89 to 92c.
Ont. flour -New, ninety per cent.
pat., in jute bags, Montreal; prompt
shipment, 95.75; Toronto basis, 95.75;
bulk seaboard, $5.50.
Manitoba flour -First pats,, in jute
sacks, $7.80 per barrel; 2nd pats.,
Hay -No. 2 timothy, per ton,
track, Toronto, $14; No. 3, 912.50.
Straw-Cailots, per ton, $9.50.
Screenings -Standard, recleaned,
f.o.b. bay ports, per ton, $22.50.
Cheese -New, large, 20c; twins,
20/c; triplets, 21c; stiltons, 22 to 28c.
Old, large, 23 to 240; ,twins, 24 to
25c; triplets,25 to 26c.
Butter -Finest creamery prints, 38
to 39c; No. 1 creamery, 36 to 37c; No.
2, 134 to 35c; dairy, 23 to 30a
Eggs -Extras, fresh, in cartons,
45c. extra, loose, 43c; firsts, 87c; sec-
onds, 30 to 31c.
Live poultry -Hens, over 5 lbs., 20c;
do, 4 to 5 lbs., 17c; do, 3 to 4 lbs., 16c;
spring chickens 2 lbs. and over, 25c;
roosters, 12c; chickens,
4 to 5 lbs.,
18e.
Dressed poultry -Hens, over 5 lbs.,
26c; do, 4 to 5 lbs., 22c; do, 3 to 4
lbs., 18c; spring chickens, 2 lbs. and
over, 30c• roosters, 15c; ducklings, 4
to 5 lbs., ]25c,
Beans- Canadian, hand-picked, lb.,
61,sc; primes, 6c.
Maple products -Syrup, per imp.
gal., $2.50; per 5 -gal. tin, $2.40 per
gal.; maple sugar, lb., 25 to 26c.
I Honey -60 -lb. tins 131,5c per lb.;
1l0 -lb. tins, 1834c; tins,
tine, 14/c;
2164-1b. tins, 15c.
Smoked meats -Hams, med,, 27 to
29c; cooked hams, 40 to 42c; smoked
rolls, 18 to 20c; cottage rolls, 21 to
24c; breakfast bacon 28 to 27c; spe-
c]al
askbrands,bonelbreaess, kfast36tM
bo 40acocn., 29 to 31c;
Cured meats -Long clear bacon, 50
to 70 lbs., 917; '70 to 90 lbs., 916.50;
90 lbs. and up, 915.50; lightweight
'rolls, in barrels, 982; heavyweight
rolls, 927.
Lard -Pure, tierces, 1716 to 1$c;
tubs, 17% to 18%c; pails, 18 to 18%c;
prints, 201,4 to 20%c; shortening,
tierces, 16 to 16%c; tubs, 16% to
'170; pails, 17 to 174e; prints, 18 to
181F4c.
Export steers, choice, 97.25 to 97.75;
do, good, $7 to 97.50; baby beeves,
choice 600-800 lbs., 98 to 910; butchers
choice, $6.25"to $6.75; do, fair to good,
95 to 96; do, com., $3.50 to 94; cows,
good to choice, 94 to 94.50; do, fair
to good, 83 to $4; do, com. to med.,
$2.50 to 93- canners and cutters, 91
to 92; butcher bulls, good to choice,
93.50 to 94.25; do, reed., 93 to 93.50;
do, bologna, 92 to 92.75; feeders,
shorxkeep, 95,75 to 96,25; do, light,
94 to $5; stockers, good, ,$4 to 94.75;
feeding heifers, good, 94 to $5; calves,
choice, $10.50 to $12; do, hied., $7 to
$9.50; do, con., 93.50 to $5.50; lambs,
choice, cwt., $11 to $11.25;do,.med.. $10
am glad to have thia chance of telling --
the writers collectively how I value
their good wishes. Many of them
have sent me such cordial invitations
to districts of the 'United States which
I have not yet seen, and I hope more
than ever it may be possible for me
some day, when time and circum -
"stances permit, to make an extensive'
tour of this great country.
"I havo made the most of these'
three vacational weeks, which, for me,'
could not have been more full of en-
joyment and interest, but the chief
memory of them -which I shall carry,
away with mem the best of all manor-',
tea for a departing guest -is one aft
good sportsmanship and :sympathy."
The statement was typewritten on t
a single sheet of notepaper unsigned;
headed with the Prince's crest, a;
garter eneloeing the letter E, with)
the words "Iioni Soit Qui Mal Y.
Pease," surmounted by the Prince of
Wales's three ostrich feathers with
his motto, "dch Dien."
A splendid view of the Prince of Wales' ranch in Alberta..
to 911; do, cull, $8 to 99; sheep, choice
light, $6 to 97; do, cull, $2 to4;
hogs, thick, smooth, f.o.b., $9 to 99.25;
do, fed and watered, 99.60 to 99;85;
do, weighed, off cars, $10 to 91.0.25.
MONTREAL.
Oats -CW No. 2, 68; CW No. 8
67c; extra No. 1 feed, 65c; No. 2 local
write, 631c. Flour -Man. spring
wheat pats., lsts, $7.80; Ends, 97.80;
strong bakers, $7.10 winter pats.,
choice, $5.90 to 96. Rolled oats, bag,
90 lbs., $8.55 to 93.66. Bran, 927.25.
Shorts -$29.26. Middlings, 985.25.
Hay -No. 2, per ton, car lots, 916.50
to 917.
Cheese, finest wests., 17e; do, finest
easts, 16%c to 1691c. Butter -No. 1
pasteurized, 36' to 361ho; do, No. 1
creamery, 84%c; do, seconds, 33%c.
Eggs -Fresh extras, 42c; do, fresh
firsts, 36c,
c
Half of Ruhr Area
Evacuated by the Allies
A despatch from Essen says
most 48 per cent. of the area affected
by the Franco-Belgian occupational
advance of January, 1923, has already
been evacuated.
The French garrisons at Bochum,
Dortmund and Gelsenkirchen havo
virtually withdrawn altogether, Such
small contingents as have remained
behind are being retained only to
carry out the formalities. '
At Oberhausen, where the French
concentrated a considerable portion of
their occupational forces, prepara-
tions for departure are well under
way. Military poste stationed at num-
erous mines operated by the Regie
have been withdrawn. Preparations
are under way to restore the plants to
the German operators.
The French also have dismantled
their intelligence service and other-
wise have 'encouraged the belief
among the native population that the
"invisible evacuation" now being car-
ried out will result in complete libera-
tion of the Ruhr considerably earlier
than the date guaranteed by Premier
Herriot at the London Conference.
Germany Would Enter
League on Two Conditions
Berlin, Sept. 21. -President Ebert,
who wants the Cabinet in its meeting
Tuesday to apply for entrance in the
.League of Nations, has been confront-
ed with the following compromise by
the anti -League forces in the Govern-
ment -Germany should despatch a
memorandum to each of the delega-
tions at Geneva expressing her will-
ingness to join, but on two conditions:
1, That she be given a place on the
League council; 2, That her action
should not imply that she again rccog-
•nizes the treaty of Versailles.
Mothers' Allowances Aid
Twelve Hundred Children
A despatch from Toronto says: -
Mothers' allowances paid in the Pro-
vince of Ontario for the month .of
August amounted to 9145,281. Over
12,000 children benefit, from this
money, which was paid to 4,067 moth-
ers. Of those mothers the greater
member were widows, and only 138
had been deserted for a period of
five years and upward.
Mothers with incapacitated ' hus-
bands, numbering 468, were assisted
by this money,. and 106 of the 'bene-
ficiaries were foster -mothers.,
Japanese Women
Assert Rights '
A. despatch 2ro-m Tokio, says :-Ad
vocates of women's rights in Japan'
are advancing as proof of the wo-'
men's increasing interest in political'
affairs,' the fact that of 14,000 persons
who occupied seats in the visitors' gal-
leries of the two houses of the Diet
during its extraordinary session last
month, 4,000 were women. No pre'
vious session of the. Diet has had so'
many won•en. visrtore.
A. new world'srecerd for news-
print production was • created on a
now Canadian -built paper machine at
Kenora, Optario, when 110.72 tons
were produced in one day, of twenty-
four hours.
ARBITRATION PACT
SURE OF ACCEPTANCE
Will Leave Britain Mistress of
the Seas and Assume Con-
tinuous Mandates.
A despatch from Paris says: -The
arbitration pact, which is alxnost com-
plete at Geneva, is practically cer-
tain of acceptance, because Britain,
'France and the Little Entente are
agreed on the capital point -the
status quo in Europe.
The arbitration pact will confirm
the present frontiers in Europe, will
assure continuous mandates under the
Treaty of Versailles, and will leave
Britain mistress of the seas. French
security is secured because it rein-
forces the Treaty of Versailles and
the pact of the covenant tenfold.
Foreign Minister Beres, of Czech-
Slovakia, calls the compromise a "pro-
duct of transaction." M. Renes ought
to know, because he negotiated the
compromise by which France and the
Little Entente agreed to forego mu-
tual assistance pacts outside those
already in existence. Tliey have done
so because they are getting• something
they want much more -reinforcement
to the treaties which have established
the present map of Europe.
Great Britain agreed because it did
not want to be interfered with on the
sea, because it wants' the mapdates
to continue as theyare, and because
it wants to .put aside forever the
question of "a possible restitution of
the German colonies.
-...The mutual assistance treaties are
makeshifts compared to the pact to
prevent war, which, it would now
appear, will come in definite form
from the Fifth Assembly of the lea-
gue, If Germany comes into the
league it must do so on these terms.
Austria and Hungary have shown at
Genova that they realize what lies
back of the pact. The German un-
official observers know it, and they
have inferred Berlin that the arbi-
tration pact will make impossible a
future war of revenge, and that there-
fore German nationalists are ruining
Germany's chances by opposing entry
in the league.
Among themselves the German ob-
servers describe the forthcoming pact
as "ten treaties of Versailles," but
they realize it is impossible to com- -
bat it.
Natural Resources Bulletin.
The Natural Resources Intelligence
Service of the Dept. of the Interior
at Ottawa says:
Canada has an asset in her autumn
woods that is not as fully appreciated
ns it should be.
What is more beautiful than the
changing color of the foliage, the
variegated leaves, that are gradually,
but surely changing from green to
red and then to yellow, passing
through all the varied shades of each
and then falling revelling to the
ground?
And again, what is`nore entrancing
than a day spent in the woods, in the
bright sunlight descending through
the thinning trees, wading through
the fallen leaves, and breathing the
health -giving atmosphere of the open
country?
There is a fascination about the
Canadian autumn which cannot bo
resisted by many,' and should net be
by many others. Getting into the
open, if only for the day, gives one
a feeling of freedom from the res-
traint of modern community life, and
of being nearer to nature, More and
more hunters are going into the open,
armed, not with the shotgun, but Par-
rying the camera, that the pleasure
of seeing wild life in its natural con-
dition shall not be terminated by the
well -directed shot of onb bunter but
retained for future reinembrane; of
the many,
The greatest natural resource that
Canada possesses is her people, and
upon her people must depend the ulti-
mate development of all other natural
resources. It is essential, therefore,
that a healthy body and mind shall be
maintained. This can be greatly as-
sisted by getting close to nature and
learning to appreciate the beauties of
nature as shown in the woods of Cep-
ada in the autumn.
5,000 Fires in Lo•iadon •
in Year Kill 71 Persons
A despatch from London. says:--
According
ays:-According to statistics just published
110 fewer than 4,824 fires occurred in
this city last year, an increase: of -a
hundred or so over the previous year.
It has been estimated : that by these
outbreaks Londoners lost some £728,
000, compared with just over.£700,-
000 in the previous year.
Fewer than. 500 persons' were in-
jured by the fires, there being seventy-
one deaths. Two hundred and fifty
'firemen were injured during the. year.
In a city of so many old buildings,
many of them being mainly wooden
structures, fire gains headway rapid-
ly arid alarms are frequent. The Lon-
don Fire Brigade, which attends all
fires in the City and the neighboring
districts, received 7,227 calls, but of
these 2,403 were false alarms, more
than 500 of which wore not accidental.
Be interested in the "how" of your
job and the "how much?" will take
care of itself,