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I Review Favourable Year For Royal Bank of Canada STRONG POSITION MAINTAINED •Sir Herbert Holt, President, Takes Strong View That Canada Is ; Now Definitely on the Upgrade. 'Morris W. Wilson, Vice-President and General Manager, Reviews Strong Statement. I • Th« annual meeting of th« 6har«- 'holders of the Royal Bank o( Cauuda luarked the c1ob« of a most gucceggful Jear. • Sir Herbert Holt. President, ia his tldre«s struck an optimistic oote when e stated that he considered that Caa- •da was aow definitely on the upgrade. 4t8 proeress, however, was being re- tarded by too heavy taxation and the cost of maintaining so many Govera- ments ia the country was raptdly be- coming unbearable. " Morris W. Wilson. Vice-President •nd General Manager, in his address reviewed the outstanding features of {he strong statement of the Bank. The feature of paramount Importance In coBuection with the possible formation of a Central Bank, added Mr.Wilson, jfould be the quality of its manage- ment. ' President's Address . Sir Herbert S. Holt, President, In moving the adoption of the Directors' tleport, said in part: The 64th Annual Report and Balance Sheet submitted to you to-day disclose the strong position of the bank. While Balance Sheet figures are somewhat •mailer than those of a year ago, this reflects a falling off in international •deposits rather than contraction of Canadian business. In fact, a notable 'feature is an Increase in Canadian • Demand and Savings deposits during the year. The liquid position is emin- • ently satisfactory. As you would ex- , pect, the restricted demand for com- mercial loans, and the resultant In- crease in our holdings of less remun- ' erative assets in the form of Dominion , and Provincial Government securities has combined with other factors to re- duce profits. In April last, the divid- end was reduced from 10 per cent, to S per cent., and the last three quarter- ly dividends have been paid at that rate. The Improvement which has taken place in business during the last â- ix months, has already had a bene- ficial effect on earnings. Referring to the situation in Canada, the President said: "I am glad to say that since we last met there has been a distinct improvement in Canadian business. I have had the opportunity of seeing this country recover from depressions on various occasions dur- ing the last fifty years and the present movement appears to be taking placo along the accustomed lines. As soon as world trade commences to revive there is an Improved demand tor Cana- dian raw materials. Canadian exports Increase substantially, surplus inven- tories disappear and greater activity In the principal exporting industries provides additional employment with a consequent improvement in purchas- ing power and domestic trade. This has been the sequence of events in Canada during the last six months." The Railway Situation Dealing with the situation of the Government railways. Sir Herbert ex- pressed the opinion that the time for half measures had passed and that bold and courageous action was re- ; quired. He felt that the views ex- 'pressed at the last Annual Meeting that enforced co-operation between the I two railway systems would not be a satisfactory remedy had been con- firmed by the experience of the past year and is still of the opinion that the maximum of economy can only be ob- tained by some form of administrative amalgamatiDn. The President made a strong demand for a reduction of Governmental debts and pointed out that the cost of main- taining too numerous governments. Federal, Provincial and Municipal, was becoming unbearable. He said: "Greater activity in business will re- duce unemployment, produce increased revenues, and a reduction in disburse- ments tor public relief. Advantage â- hould be taken o£ these developments to reduce debts rather than Increase expenditures." Conditions In Other Countries In referring to conditions in other countries he expressed the view that the low point in the depression for most of the world was reached in the latter part of 1932, and since that time the>4 has been a general increase in intt.uational trade Reference to the UpiKd States was made as follows: â€" •While business in the United States commenced to improve about the mid- the hesitation and uncertainty which precede a change of ad'n^nistratlon. Since last March quite material pro- gress has been made. It is difficult to "I called on Mabel last night, and I wasn't any more than inside the door analyze the effects of their policies and ] before her mother asked me my iuten- ImpoEslble to prophesy the outcome, Their central idea that an increase in the price level must be obtained ia sound common sense and is now quite tlons." "That must have been embarrass- ing." "Yes. but that's not the worst of It. generally accepted as such throughout Mabel culled from upstairs and said. the world. At our Annual Meetings of the last three years we have empha- sized and re-em plia.slzed the necessity tor a higher price level. I see no rea- son why it cannot be achieved in due course." Ir closing Sir Herbert Holt said: "A' our last Annual Meeting I express- ed :he feeling that indications pointed to the initiation of a substantial re- covery in 1933. This year it is possible to go one step farther and to venture the opinion that we are now definitely on the up-grade. If we deal intelligent- ly with the main problems that con- front us we can expect within maa- surable time a return of general pros- perity." General Manager's Address Mr. W. W. Wilson, Vice President and General Manager, in referring to 'That Isn't the one, mother'." "What's the idea of the Greens hav- ing French lessons?" "They've adopted a French baby, and they want to understand what It says when it begins to talk." Neighbor â€" "I've come to take my wife home." Hostess â€" "Oh, Mr. Jones, why didn't you come sooner." Wife â€" "The couple next door seem to be well devoted â€" he kisses her every time they meet. Why don't you do that?" Husband â€" "I don't know her well enough yet." I <^^>S. 'â- 'J, ;'v: SkSs scdifs EMULSION RIC'Hv lei" VITAMINS ^su-v^iajsw the previous year. A notable feature is that 24.26% of such liabilities is re- presented by cash and cash balances aggregating 1157,699,000. He mention- ed the further Interesting tact that in Canada current deposits increased about $17,000,000 during the year and savings deposits w.ere higher by $2,- 000,000. In discussing the proposed central bank he recalled the hope which he ex- pressed at the last Annual Meeting that the Government would see fit to have the project examined by a body of ex- perts and said: "The Royal Commis- sion on Banking and Currency which was constituted last summer could not have been better chosen. Under the Chairmanship of Lord Macmillan their sittings in all parts of the country were notable tor the freedom with which all possible evidence was re- ceived and tor the patience and tact displayed in dealing with the material submitted. While I do not agree with the Report in its entirety I believe that a properly constituted Central Bank can be developed as a useful ad- junct to our banking system." Note Issue Mr. Wilson expressed the strong opinion that the recommendations In the report with respect to the gradual withdrawal of the note-issuing privi- leges of the Chartered Banks did not appear to be in the public interest. Retention of these privileges would not hamper the Central Ban it iu its efforts to control credit. In this con- nection he quoted an editorial which appeared in the London Economist to the effect that the Central Bank would not be iu the least weakened by allow- ing the Chartered Banks to retain their present Issues under the present restrictions. Mr. Wilson went on to say: "I think, therefore, that we should view the elimination of bank note issues not as a step which must inevit- ably accompany the creation of a cen- tral bank but as a separate matter en- tirely. The real question is whether the Government desire to have tank- ing service maintained at many small points throughout the country or to appropriate the revenue of note issues to themselves. I believe that the gain to the Government would not offset the loss to the public through curtail- ment of banking facilities. Unques- tionably there are many places which could no longer support a branch bank if note issuing privileges were to be withdrawn. The operation of a num- ber of small branches at a bare margin of profit is characteristic of banking in this country. We have a system which in many of its aspects is native to the Dominion and prudence should prompt us to be very cautious in advo- cating fundamental changes." In couclusiou Mr. Wilson said. "At our If.st Annual Meetiug t vent'jed to suggest that the prospect of further improvement iu the coming year was very much more hopeful than it was the previous year. That prediction has been borne out by subsequent develop- ments. For the tlrst time in years an attitude of quiet but confident optim- ism Is In evidence almost everywhere. Many problems still have to be solved but I have full confidence in the ability dio nf iQ-j"* if io»o,. â- .„#» J â-  I"' Canada to share in the continued l.„i?K.'^*'?,'"*5i'^?.''*'''"''H improvement iu economic conditions Excited Customer (to druggist) â€" Look here! You gave me morphine the position of the bank pointed out | instead of quinine this morning." that liquid assets totalled $362,471,000, Druggist â€" "Is that so? Then you and were equal to 55.76% of public owe me another half dollar." liabilities, compared with 52.86% of I The minister was paying an appar- ently never-ending visit to the home of one of the members of his flock. The little daughter of the house went up to her mother, and, in a stage whis- per, said: "Hasn't he brought his Amen with him?" A Chinese in New York entered the office of a lawyer and asked the fee required to get him freed on a charge of murder. Lawyerâ€" "Oh, $5,000.00, I guess." Chinese (counting out the money) â€" "Vellee good. Now I go killee man." The Weekly Newspaper Turning from the city newspapers to the small town press exchanges that come to the editor's datk la like stepping from the slums, full of j vice. Into an old fashioned garden sweet with lavender and thyme and | the scent of perennial flowers. The pages of the big dailies are full of murder, thievery, immorality, and selfishness, that the better news is obscured by these glaring shatterings of the Decalogue. One puts the papers aside with a feeling of depres- sion and heartache that the world Is so full of terrible and unhappy things. Then picking up the papers that I Gems from Life's Scrap-bodi record the happenings of the little The Win to Win Vuu may have to travel ihu dreary ruad In search of your daily bread; You may have to carry a, manslzed load On feet that weigh like lead. The road may be longer than you sus pect. Discouraging, steep and bad; But keep up your heart and your head erect Aud never say "die," my lad. You're sure to find hurdles here and there. And you may be oft at fault; But where there's a will there's a way somewhere To prove that you're worth your salt. Strive hard to forget when you need a friend, Though friends you have often had. Remember that courage will always lend You faith iu yourself, my lad. Faith, hope and ambition will help a deal. And so will a cheerful smile; The tougher the going the less you'll feel Disheartened, and mile on mile You'll carry your load through the lasting strife And some day feel mighty glad, Because you he.1 courage and faith in life; And faith In yourself, my lad. iflniAYMORE I JltlAntic City 7Ae heeaiinaa Hotel Achievement Classified Advertising PATENTS AN ()Kl''li» lO KVIiHy INVE.N'rOH. List of want, iiivcrtlunti ano full InrurtniiilDn aent rre« Th* Bamiay Comv paoy. VV .ria Pateni .\i...rri~v- -^inlt •5ir«»»-' ''•f!i«'*» "nna^n COAX. AND COKE. COAI Departmsnt for <|iiotatlonH on st«din conJ. The MUne.M Poal To.. L;il.. Tnronto. COI<I>£CTION SEFBSSEKTATITS WAarTBD. ISTKlC'T REl'UiiSE.NTATtVE TO secure professional and mercantll* accounts for collection, good remunora- Uon. 4uC â€" IC'j Yuiige .Street. Toruiuo. D' STOMACH RSZ.1J1T. DU".E.S-TONE. THE TONIC THAT aids DlBestion, relievea Indlfre-stlon, (Jaa. Stomach Dlaorders, Conatiiiailon. At DruBt'ista or by Mall $1. Dlei-.'j-Ton» Mfff. I'd.. Kingston, Out. It certainly takes a mathematician to figure out how 80 per cent, of the dentists recommend one brand of tooth paste, 89 per cent, another, while the remaining S5 per cent. choose a third brand. towns around us. one gains renewed faith in life. Here are set forth only that which uplifts a community â€" the activities of the business men, the church items, the happy social gatherings of the people, the thous- and and one daily occurences that make up the simple annuals of the great common people, who are really the foundation of this broad country of ours. Scanda!s are rarely published in country newspapers, but If it so hap- pens that decency demands it, the uglier details are omitted, or given a kindly touch that Is widelv dlffer- Resolutions "Be not too slow In the breaking of a sinful custom; a quick courageous : resolution is better than a gradual de- : liberation." â€" Quarles. "Good resolutions should not be i confined to one day in the year, but ' rather should be made and performed I perpetually and adhered to with all the ] loyalty of one's understanding of i Truth." â€" Amanda Golbath, Christian Science Journal. "Firmness of purpose is one of the most necessary sinews of character and one of the best instruments of suc- cess. Without it, genius wastes its Employer â€" "I am told you put down your pencil on the stroke of five o'clock even if you are just adding up a column." Bookkeeper â€" "It isn't true, sir. If it is so near 5 o'clock I never start adding." due to their banking difficulties and which 1 believe lies ahead of Fine Feathers Make Fine Birds Hollywood. â€" Some may say beauty u skin deep, but Jacques Lenver. avers it is but clothes deep. ATHLETES FOOT Rinqworrrf Infection Skin Troubles YIELD QUICKLY TO "Just a matte.- of color and line, beauty is," chatted the Paris style creator, who ile .â-  a plane in the war before he started making women's gowns. "It is a matter of concealing and revealing," he said. "Concealing bad points in face and figure, and reveal- ing good ones. "The right kind of clothes can make the homely wontan good-lookimr the I- »« • i i ,i. i ^ , , , . * * iwivunj, I'le jn Mexico last year there were only good-looking woman beautiful, and the beautiful woman superlative â€" al- Then there is the young fellow who calls his girl "Checkers'" because she jumps when he makes a bad move. Country Club Dinerâ€" 'This Spinach does not taste right." Waiterâ€" "I suggest, sir, that jou take It up with the greens committee." Hovi^'s This Per a Come Back? "Why didn't you tell m© When he kissed you?" Mother hissed. "Why, Mother, I didn't know You wanted to be kissed." To assure yourself that you will en- joy a magazine, first pick up the pre- ceding issue and read the announce- ment of the contents tor the coming number. Father (to his daughter) â€" "It's a good plan, my dear, always to think before you spea':." Daughter â€" "But, daddy dear, when I do that the girls have c' anged the subject.'' ent from the unfeeling publicity of the efforts in a maze of inconsistencies." city press. The offenders may be | â€"Chesterfield. our neighbours or people who have | "Resolve, and thou art free."â€" Long- rubbed elbow3 with all our !ive>s. They '. fellow. are real human beings to their town 1 "Do not, for one impulse, forego the people, while to the great city dailies purpose that you resolved to effect."â€" they are merely grains of a sort that Shakespeare, are ground out hourlv in their news ^ •> Sometimes peop e speak lightly ofh\pJ£|{ ACCIDENT SHE the country newspaper, but it Is one ''** *»"» xavwrna^'M*. » %,mmmm of the most potent and uplifting tac- PlIT AN WFIfHT tors in our national existence.â€" From lUl l/ll TtLIuHI the Christian Science Monitor. THAT DEPRESSED FEELING IS LARGELY LIVER Wake ap your Liver BQe â€" Without Calomel Ton mn **fe^nc punk" limply twoauM your Atw ian't pouring lt« daily two pounda of liquid bile iuto your bowela. Digestion &nd eiimlnatloa ar« both hampered, ana your entire a>'(item \m beiiig poisoned. WLat you need l> • Uret ftlmulant. ljom» Ihing that goes farther than salta, mineral water, oil. laxative candy or chewing ^tun or roughag« which only aiove the bowel*â€" ignorinf the real Muise of trcruble, your liver. Take Carter'e Little Liver PlDs. Purely reg*. table. No baieh o&lomel (mercury). Safe. Sureu Aek (or them by nama EeiuM eulxtituteb 860. at all dmsBUt* U Some are born grr t. some havp greatness thrust upon them, and the rest grate on your nervi . Mistress â€" "Come, come, Mary, how much longer is it going to talc<. you to ail that pepper box?" Mary (a recent Immigrant from where pepper castors are not used) â€" "Sure, ma'am, and it's meself can't say how long it will take to get all this sneezy stuff in this thing through the little holes in the top of it." The trouble with minding one's own busines sis that It takes him to so many uninteresting places. Probably the reason so many young fellows are crazy about married women is because they never married one. Probably the first thing when the letter can: r gets home his wife wants him to go for a walk. Mother had taken only three lessons in mind reading before she de- termined to get a divorce from Daddy. A good definition of an optimist Is one who used a paper welebt to keep his blUs down. Few Vagrants in Mexico Mexico. â€" Late judicial records show i that among the 10,271 criminal trials ' Learn to Be Charming By Correspondence Cleveland. â€" Health and handsome- ness may be a big help, but in the opinions and hopes of some 9,i)00 Cleveland girls, poise and pleasant conversation go a long wa.- toward making a girl really charming. These girls are members of the As- sociation of Adventurers, a 'charm school" on a group correspondence basis, which had Its start in a "health trial" when officials decided the tuber- culosis death rate for Cleveland girls was still too high. The district dairy council, the academy of medicine and other organizations are the sponsors. "A few years ago,' says Miss Vir- ginia R. Wing, chairman of the advis- ory committee for the association, "girls only had to be lovely. When you pick a girl now, you don't want a 'dumb cluck.' You want someone who does things and talks Intelli- gently. Each girl has been given a book for the charm course, in which she pastes her picture. For eight months the com- mittee will correspond with girl groups, telling them how to be a hos- tess or a guest, how to pay a compli- ment, what to say in a given situa- tion, and such things as admonitions about clothes and ilkin as well as health. At the end of ilic eight months a second picture will go in each bock. The difference will be charm. There are no prizes, charm being considered its own reward. Kruschen Took It Off Again! A woman sends the following ac- count of the consequences of an auto accident in which she was involved: â€" "A year ago I had a very bad auto- mobile accident, which left me more or less a cripple. Having to lie iu bed so long, and being unable to move, I began to put on flesh. When I was able to walk a little again, I found I was 144 lbs., and being just under 6 feet you may guess how I was placed. So I thought I would try Kruschen Salts, and I must say they have done me a lot of good in every way â€" but chiefly in keeping my weight duwn. In three months 1 lost 6 lbs. Then I left off taking the Kruschen, and I soon went up to 142 lbs. again. So at once I got more Kruschen, and am again steadily reducing. My weight last month was 134 lbs." â€" iMrs.) W. H. M. Kruschen combats the cause of fat by assisting the Internal organs to perform th^ir functions properly â€" to throw off each day those waste pro- ducts and poisons which, if allowed to accumulate, will be converted by the body's chemistry Into fatty tissue. A Daily Creed for the New Year "Let me be a little kinder. Let be me a little blinder To the faults of those about me. Let me pray a little more; Let me be, â€" When 1 am weary,â€" Just a little bit more cheery, â€" Let "me serve a little better Those that 1 am striving for. Let me be a lltt'e braver WTien temptations bid me waver; Let me strive a little harder To be all- that I shou'd be. L«t me be a little meeker Let me think more of ni.v ueigbbor And a little less of MB." 7he World Famous Remedy tor Use an absolutely simxith pan for the omelet, else .1 will stick. .« Ol D. Dank* Xi<pid Vf- 4iaa> Made and gaaraateed • aNdken of Campana'c ItaHaa TMal bottle SSe • two cases of vagrancy. The list m- ' eluded 269 homicides and 72 kiarap- pings. In all, 12,053 culprits wvc .{ailed. "^rue joy is a serene and sober mo tlon and they are miserably out thai FOOD FOR THOUGHT The greatest number of deaths In the Toronto HosplUl for Sick Chil- dren are the results of complication [ake laughing for rejoicing; the sea of bead colds, and not disturbances qj h ig within, and there is no cheer of the digestive system, which are fulness like the resolution of a brav ntirely preventable. mind.â€" Seneca. A Few Sipsâ€" A Few Cents â€" CoHghs, Colds Gone BUCKLEVS MIXTURE it noi • chttp pr» parafioo, but it take* ao little •! ti to com- pleiely banish a cougb or cold that ic cofta far lata than anf (Hhcr pr«para<ton. Bucklay'a ia «o marvalloutif ** jod that dim do»« fiTea unmistakable rcliaf. 1 wo Josaa maf •top your cough or cold anlirely. Good-bye to uck«ning tynjpt and dopay preparatieoa. Take Bucklay'a. It tnaana f«i/r. surr. inttlfli naliaf from cougha. coldi, 'flu or brotMhMa. "It acta like a Aashâ€"- a mngla *ip provca it."* Play aafa. Rafusa aubatilutca. Bucklay'a ia aol^ a^aaywha a at Rural Mail Anniversary Twent.v-ftve years have now passed for "charm j since the great boon of rural free mail | ganitarv "purixjses. delivery was first given to the farm- 1 ers of this country. This was one - of the most acceptable measures in- i troduced by the Laurier ministry and ' it took form on Oct. 10th, 1908, dur- ing the regime of the Hon. Rodolphe • Lemieux as Postmaster-General. The official record of rural free mail de- ' livery in Canada is given as follows: ; A system of rural mail de'ivery was ; inaugurated in Canada on Oct. 10th, 1908, limited at that tUne to existing stage routes, persons residing on such routes being entitled to have mail boxes put up in which the mail car- rier was to deiwslt mail matter and from which he was to collect mail matter and carry It to the postofflce. As a consequence of the public ap- proval of this scheme, new regula- ' tlons. taking effect April tst, 1912, made all persons residing in rural districts along and eontlguou.< to well- defined main thoroughfares of one mile and upward.'* eligible to receive their mail in this manner, while cour- iers on rura! mail routes were also re- quired to sell i>08tage stamps and take applications, and accept money, for money orders and postal notes. The result has been an increase in the number of rural routes from ap- ' proximately 900 In 1912 to 4,315 in 1932, having 235,753 mail boxes as against approximately 25,022 !n 1912. The establishment of these routes ha.s been an Important factor in the amelioration of conditions of Canad- ..!i rura! life. â€" Gananoque Reporter. 15 BiUion Tons of Water Necessary For Wheat Crop Toronto. â€" Upwards of 7,000 tons of water are needed in the productioa of a single bushel of Canada's 400,- 000,000-bushel w-heat crop. The figure is based on a computation made by Canada's chief weatherman, John Patterson, the director of the Domin- ion meteorolog-ical service. ilr. Patterson has a flair for meas- uring the influence of weather on various phases of Canada's national life when he is not busy trj-ing to find out when cold spells like the present are likely to end. So he has found Mother Nature operates the biggest transportation system in the world. Every year she has to lift bet.veen 30,000,000,000 and 40,000,000,000 tons of water from sea and lake and carry it thousands o£ niiles to drop it on the wheat lands of Western Canada. Between 12,- 000,000,000 and 15,000,000,000 tons of this must come during the growing season. A little shoi-tag:-, a little ex- cess or a little faulty distribution means a partial or total crop failure, .ji General Knowledge The following selection of answers given by Indian student.s in a general knowledge examination seem to be somewhat fresher than the" usual schoolboy howlers: Cochineal: "In Cochin the Maha- ranee is called the Cochineal." Snipe: "A term of abu.e used only by soldiers." Ostrich : "The female of the came!." Greenwich: "The centre of the world where latitude, longitude and the ecjuator all meet. For six months there is always midnight and for six months always midday and therefore the correct time can always be taken from Greenwich." Municipal Office: "Very usefu'. for LIVER & STOMACH TROUBLES HEALTH MEANS CHARM AND HAPPINESS IIo.liâ€" "Do have rome tnov^ duck, | Mijss Stunner?" Bash^ll Gnest â€" "No more, thanks." Host â€" "Oh. do. here's a nice little l"g, Just your size." Sparkling eyes and smiling lips s;)eak of htralch and vitality. Clear skin attraas. The healthy aclivcgirl is both happy and popular. Perhaps you are not really ill yet when the day's work i.s done you ire too tired . to enter into the good times that ' other women enjoy. For extra energy, ' i try Lydia E. Pinkbam's Vegetable 'â- ' ; Compound. It tones up your general ; health. Gives you more pepâ€" more { charm. n t Remember that 98 out of WO I women report benefit. Let it help I you too. ISSUE No. 4â€" "34