The Winnipeg Tribune from Winnipeg, Manitoba, Canada • Page 17

EARLY ADVANCE IN WHEAT LOST IN LAST HOUR Market Reflects Extreme Quiet Prevailing in Export Circles LIVERPOOL PRICES Liveroool market closed to higher per cental of 100 pounds. With sterling exchange at this figures at a price per bushel in Canadian money at: Today Wednesday March 1.48 $1.57 May 1.48' 4 48' July 1.48'4 1 483, SPREADS Spreads today were: No. 1 Nor. wheat, 8 over the May; No. 2 Nor, 1 over: No.

8 13' a under: No. 4. 84 under! No. 5, 37'4 undert No. 6.

46'. under; No. 2 C.W. eats. 1' 4 under; No.

3 barley, under. No. 2 rye. 4 under! No. 1 N.W.

flax. 6I4 under. Wheat opened higher, and maintained a firm to steady tone up to the latit hour, sellituj Off In the final trading. Closing prices wer Vi lower to unchanged. May wheat was btrady at 135 at noon, and the market very quiet.

There was support on weak spots und. on the whole, tho trade inclined to rertnid the Canadian government report. If not hiillish. by no means aa bearish as anticipated. The Untied States department of agriculture is out with an exhaustive report on the world's winter wheat crop.

The report states that narly indications of winter damage in Northern Europe are confirmed and the area la piohahly considerable. In Western Poland, heavy killing of wheat, rye and barley took place. Jn France also con aldersble damage is reported. In the Ukraine, where poor condition of the winter crop have been lit evidence, there is now good snow covering. The peasants are, how ewer, poorly equipped to do spring plowing, and there, is some seed shortage In the Ukraine and other district.

The export trade continuea to lag. Cables report heavier and cheaper Argentine offering with, buyer slow to take hold and in fact, the buying ia of hand to mouth character. France 1 expected to have bought heavily in tht airing, but ie depending mostly on native wheat at present. There ts reported to be a little demand for low grade Mnnitobas from the continent for mixing purposes. The coarse grain futures were generally qtioted at a higher level than on" Wednesday, but the market waa dull and the range narrow.

Barley and rve held on to moderate Bains hut oats were inclined to step back losing the half cent advance recorded at the middle hour. There ia anme export business In US. corn that helps hold that market and Indirectly la a sustaining factor in other lines. The cash market was a verv lame affair with a very Indifferent demand and very light offerings, enlv a very small odd rarlot busi reywaa transacted with spread Unchanged. The cash trade In coarse grains r.

hit as ouiet as in wheal. Buvera are shy at quoted prices clearance and are selling on a con ami holding very firm. 1 slderably weaker market with very Local Cash Prices ThM Pie ra tht quoutloni on tah Itriioi th. tlm. of clotlng to Tuturo anarKtt.

Prev. Clos Clnee 13Sil lit 4 12! 'J IMS HO', 110S Vi Mi S9 sn so 12 13' ll 117 i. rvr tIBU US'; 122 '1 llS'i US' 1101, n', 1111, HOI 1121 10J1, 102 4 inni; 10014 SSI, Ml, lieu USVi 1M4 1US log i. ineij 1.000 l.ono S2H SI' ST 14 1M li.1i, 651 S2 A3 SI 4 el 62 IMS 1S3S ITS'. ITSt.

ldfl IMS lUC'i, 11! 12S 1 HI 14 snig ,01, Tn Tt" TH 77i 10.1S 103 103H W31 no iS asm 104 104 Wheat 5. Nortttws wo. 1 rortnm No. 1 MorUiera So. i Vo.

wo. Trt Track Wo. 1 Durum No. 2 Durum No. 3 Durum No.

1 Tough To. 2 TuKh to. 3 ToufH Mo. 1 Pmulty Mo. 2 emmty vo.

3 Smutty Mo. 1 Kfectti V. 1 Rrttctvii Mo. 3 )Mlro Ho. 1 Rett Durum vo.

3 Red Dirum 8 Red Durum Xo. Durum Vo. 2 Durum 'o. 8 Durum ertanlno Oata Ve. 2 C.W.

o. 3 Ex, 1 TnA Vh. I Feed A. 2 Fet4 eco TV.cH No. 1 NWC.

3 C.W Vo. 3 C.W Itfttertrd Trark Barley Wh. 1 C.W. ro. 4 C.W.

Rejected Weed Track Rye 1 C.W Ctf Ho, 3 C.W elected Track REPRESENTATIVE SALES CASH WHEAT, JAN. 25 Cara mheat 2 northern Wo. 3 northern Vo. 3 northern No. 4 No.

4 No. Vo. 2 Durum No. 3 Durum 1.17 122 122i 111', on 127 117 11.1 Vo. 3 Durum touch No.

3 Durum touKh 112 Vo. 3 northern tough 114 No. 3 northern toufcli It' o. tough No. 4 an lis Can oati No.

1 feed 55 Mo. 8 C.W. tough 6ft'i Cara barley No. 3 No. 3 tough an el 7 )erte1 tOVIfh 78 Cari rve 40.

3 99 Grain Inspection Wheat No. 1 nor. a. No 2 nor. 54.

No. hor. 181 o. 4 40. 5 29.

No. 8 IS. leel 8, smutty 2, no grade 574. 3 rim. 2.

4 Pre. 1. rel. Purum 1. O.

Durum 6, N.G. white ape 2. rej. white apa. 1.

Otte 2 W. 3. 3 C.W. 7. 1 feed 3.

1 raoel If 3 feed 1, no grade 43. I Barley 1 C.W. 2. 4 C.W. rejected 1.

grade 3S. feed 1. Flag 1 N.w.c. 4. no grade 1.

i Ry 3 C.W. 4, 3 C.W. 3, rejected 1, no (rade 14. Thla year Wheat 911. oati 70 harley 43, Sax S.

rye 31. other! 5 Tolal 1 05. Last year Wheat Sit oati 32, barley 54., tax 2. rye Total 424. Rl roadf R.

835. CNR 425. WOOL PRODUCTION OTTAWA Ont. Jan. 26 The tot production of wool In Canada In If to estimsted at pounds.

with 17.9"!t.OOO pound Tlte value of the clip has been est. mated provisionally at J3.734 Out), cemrared with 131,000 in IKi. I THE WINNIPEG EVENING TRIBUNE, THURSDAY, JANUARY 20, 192S Winnipeg Grain Market THURSDAY, JANUARY 28, 1928 WHEAT Opan High Lew Close Close May 135H 136 136'4 135' 4 135' 4 135' i July 136'i IJSyO, 182 13SH Oct 129 1293, 128' 'z 128' 1 OAT8 May b35 64 63'b 63' July 62', 625 62V a 62' 4 Oct 567a 56ba BARLEY May 87'4 884 87 88 87 July 86'a SS 85' Oct 75 7b', 75 75 74 FLAX May 188' 2 190 1881 4 1884 188 July 193 193 191 1914 2 Oct 197 197 196 196' i RYE May 109 108 108 108 108 July 107' 2 107' Oct 99 99 SS'i 98 98' 4 American Grain Market MINNEAPOLIS WHEAT March Mry July OATS May BARLEY May July RYE March May WHEAT March. May July OATS March. May March.

May July RYE May July FLAX May Local Livestock UNION STOCKYARDS, Winnipeg and St. Boniface, Jan. 26. Freeh receipt at the Union Stockyards up to 9 o'clock Tuesday morning consisted of 640 cattle, 70 calves, 1830 hog and 41 sheep and lamb. Railway reports ahow only car of tock for arrival today.

The cattle market opened thl morning with supplies of a fairly moderate nature, but there waa no undue activity to the trade in general, the market for the most part being considered rather low and uneven. In the butcher division steers and heifers got fair action, and were absorbed on a reasonably steady basis, but the cow trade was very alow with the In between varletlea finding a restricted outlet and selling on an easier market Stockera and feeder lacked th activity which was In evidence during the fore part of the week, buyers operating more sparingly in an effort to reduce prices. Early bidding today for these classes ruled anywhere from 25c to 50c below tb high time of thl week. Bulla are finding a mueh slower tew sales going Biwv! iuo mark. Calvea are aleo lower for the week, there being comparatively few choice light calve selling above $13.00, the bulk of th decent grade ranging from $9.00 to $12.00.

The bog market waa again unsettled with price showing a further upward trend from the close of yesterday. It is likely aelect bacons will sell at $9.00 and thick smooths at $8.30. There was very little doing on to the short nature of the receipts, the sheep and lamb market owing The handful of good killing lambs on offer old at $13 00. WfNMPEG. Jn.

2 Recelple: fettle 1.020; oahee U6: hose 4.2S3; Sheep 37. Choice Fair to Medium Coaunoa 310.00 Jilt .10 Sft 8 23 7. SO good so 7 7.1 TOO Butcher Heifers Chotca so 7.00 1.2(1 00 4.7 3 90 8 SO 4.78 6.IW1 4 Ml 3.00 7 25 SOU 8.00 00 I 2S 7.50 TOO 8.80 4. JO 2ft 8.00 a no ftOO 4.00 7.76 1.30 8.0'J 2ft 3 2', 1.1. flu II on 8.00 lis 8 3ft Fair to food u4chtr Cows Choice Fair to aood Medium Canners and cutteri an etocd Common flood Medium Common Choice, Fair to food Choice Itoeker teers Stocker Heifere Fair to food Feeder Steers Choice Fatr to food Chotca Oood Common 8.

Ml 7.00 1f.no 00 4.00 78 7.13 7ft 7 24 7.00 8 00 7 no 7 00 6 fit) 11.00 8.00 8 no 3 00 Hoes Select bacon Thick amooth Heavlee Kxtra hesvlea Shop hose I.lghti and feeder! Rough! S''i No. 1 Sows No. 2 etagi Li Fair to pood 7.7.1 7 79 7.21 7. SO 6 00 7 on 7.00 A.O0 13. 10.00 common Fa'r to Common no ft.liO' Ooe.i 125'A 126' i Sir, 80', CHICAGO Open 129 130 126 54' 55' 4 51t, 87 90', 9Hi 110 104 DULUTH 215! i PICCADILLY ST A pleasing flavour a blend of richness and mellowness that fills your pipe with satisfaction this is PICCADILLY.

IN PATENT HERMETIC TINS AT 25 CENTS Prev. Last Year 139' 4 137' 4 127? 59H 52 75 73 198' 200 202 109' 2 105'. 97'. i Prav. Hiqli Levy Close Clo 126 125' 125 125' i 127 126' 126 126' 4 127H 127' 127 a 127 5V 4 51 52t 51 51 51 80' i 80 80S 79Jj 78H 103 102 103 103 103' 103 Prsv.

Hiqh Low Close Close ISO' 4 12' 2 1297s 129' 1 31 129', 130 130 126', 126' 126', 54 54 54' 55 54', 54', 55 51' 51 31' 4 87', 86 871, 89 90 91' 4 91 111 110 110', 110, 1101, 109' 4 1094 104', 4 103'i 1034 103', 2169, 218' 216 215 Grain Marketing Marketing on the Canadian Ps'iiflc rtailway Wednetday totslled 71S bushels; loadiiiRS. 644 cara; delivered eaat from Winnipeg. 4 cars; delivered at Fort William. 165 cars; ualonded, 21)t, cars; In atore In country elevstora. 19.

79S.453 bushels. Unloaded at Vancouver, 255 cars: on hand at that port. 7U9 cars: delivered veil from Calgary, 214 cara of grain. In store at th head of the lakes. i.7 17.000 bushel.

Inrpcctions 1.154 cars, all lines. Chicago Produce in. a Jnmiary feoriian' November Nethftein LtS.l Open Hlh Cl.iie. 27 42', 43 V'1 274. 30', 21 30', Bitter lututry 4 4s 4' ''i Ftl.marv i'S 4.i Ftfe loot freeh flrete Recelpti epn tortay IS caief.

Receipts last year l.Oftl. Butter Spot entree 4Va. Snot etasderde 44. Recelpte butter todey 8,780 tube. Receipt! lat yeer 4.8BO.

Ne York Receipt! Receipt! eei toly 15. H7 oteea. Receipt! tail yef i.H6i Receipt! butter lody 21T tuba. Receipt! lait year RSPRESCNTATIVg ALf Reported up to 2 m. Jan.

Butcher Steers No. Av Wt. Price No. Av. Wl.

Price 9 vvr, 111.00 2 no Il0.no 3 1270 10 ftO 2 SSO 78 3 1.180 10.IM 7 10.10 J50 51110 10 21 2 1020 00 3 1 fO 1100 4 BftO 00 i 4 1010 10.00 2 1080 60 Butcher Heifers loan 50 4 920 7 78 1 1OS0 80 7 7 SO J0 fl 00 4 880 7.25 qo 8 7ft 8 BOO 7 00 9.0 8 80 8 870 .0 3 foo 8 2ft 3 810 8.00 S0 8.00 Butcher Cowa. Cannera and Gutters 140 00 4 lOPf 5.7ft 4 12..0 7.75 8 1120 8 .10 10 1270 7 50 0 1140 8 21 1 8 1 1 Ml 7 26 100 8 00 i 1180 7 .00 4 1070 4 7ft 4 1170 7f. 10M) 4 7 1130 50 2 1020 4 2ft fllVO 8.20 8 1010 4 00' R1ino OO 4 in20 3.7" 2 1120 7'i 8 80 J.50 Bulla 1110 8 00 3 1450 S.35 1 isao oo i ls.v) S.oo 11610 ST, 2 1210 6.00 Stocker Bteera T40 7 7ft 4610 8 8 S20 7 7 3 880 8 son so 840 s.oo ft0 7 3ft 3 t0 6 50 8 0 7 00 8 10 8 2ft f810 8 7ft 3 540 8.00 Feeder fteere tn oo sen ftn 8T0 8 50 2 0 7 .35 830 8 35 8 840 00 3 S0 8 2ft 3820 8.30 I 8 870 00 Catvee 8 180 IS (K 4 150 3 10 1 1M 12 00 3 740 00 4 130 11 00 6 190 8 00 170 10 00 4 270 8.00 4 120 00 8 240 4 SO Lamb! 76 13 K1 2 70 12.00 Sheep 140 7 00 1 130 8.00 Select Baron! 13 330 8 7ft 13 200 8 75 28 210 75 190 8.7.', Thick n.oothl 4n 10 8 25 85 148 8 2.1 1019.1 8 23 i Heav.ei 4 380 7.75 8 240 7.75 1 13 250 7 7,1 Cutra Heivlei I 3 340 7.71 4 3n0 7.7.1 Light! and Feeder! 14 150 7 5.1 in inn 7 oil 18 140 7 2ft 8S 71 12 130 7.2ft hopi 28 150 7 25 10 ia 7.23 18 140 7 2.1 SOW! 8 470 7.00 9 7 OA 4 390 7 00 2 290 7.00 8tigi 1 4.V) 8 00 1 375 00 TEXT OF SPEECH FROM THRONE i CONTINUED FROM PAGE ONE nnferenee nroved of the Utmost value in facilitating a full and free exchange of views between the par ticlpatlng governnVnt on problems made in organization of the de nf mutual Interest and concern. partment of national revenue. The Your attention will be Invited In i final report of the Royal Commls the present session to some of the more Important mailers aiscusaea at tbe conference.

As a reault of th Dominion provincial conference, my adviser have decided, pending a complete revision of th finan cial arrangements a contemplated by the Duncan report, to recommend th continuing to th Maritim province of tn money grant made at the last ion. In th light of th. discussion at the conference, my minister are continuing negotia tiona with the pralri provinces for th return of their natural resources, and ar giving con sideratlon to restoration to the province of British Columbia of the lands of the railway belt and the Peace River block. Con ideration also i being givn to th railway problm of th aevral provinces, a outlined at the confarene. The work of reconditioning that' portion of the Huoson previously constructed has been iflr moat careful examin ation and consideration, and on the heat advice obtainable, Churchill has K.r, as the ocean terminus ocen irv 1 1 of the bay route.

A coniracv una been let for the grading and brldg i ine of the railway extension to Churchill, and preparation looking to establishment ot tne rcij harbor works there are well ad a need. IMMIGRATION TO CANADA INCREASING There has been a substantial in I crease in the number of British im 1 migrants, as well as in the number of immigrants or a suiiam from the continent of Europe. Steps have been taken towards closer cooperation with the provincial governments In land settlement, placement and supervisory work Several provincial centres already have been established for reception and distribution of Brldsh youths for agricultural work, and a constructive eettle ment scheme has been put into force for settlers of this class. Opening of new territory by construction of branch lines of railway ia proceeding rapidly, and ia providing wider opportunities for eettlement. Harbor commissions have Keen established at the ports of St.

John and Halifax. This, It is expected, will facilitate and expand the movement of traffic through Atlantic seaports. The volume of trade at other Canadian port in the last season has tncreaed. In grain shipments, the port of Montreal attained a preeminent position among world ocean ports. Much progress ha been mad in th development of aviation in the dominion, An organization ha been established for administration of civil aviation, distinct from that of th air force.

To assist in development of trans oceanic air routes, a sit for an airship baa ha been purchased near Montraal. An airship mooring tower will be New Issue 1 I $2,500,000 Canadian Power and Paper Investments, Limited Dated February 1st, Principal and semi annual interest (February 1st and August 1st) payable at the option of the holder at iny branch of the Royal Bank of Canada in Canada in Canadian gold coin, or, at the Agency of the said Bank in the City of New York in United State gold coin, or in terling at the branch of the aid Bank in London, England, at the fixed rate of to tht pound sterling. Coupon debentures in denomination of $1,000, $500 and $100 with privilege of registration as to principal only. Callable in whole or in part at the option of the Company on any interest payment date on thirty day' notice at 105 and accrued interest at any time after February lat, 1032. Truste: MONTREAL TRUST COMPANY, Montraal BUSINESS: CANADIAN POWER AND PAPER INVESTMENTS, LIMITED, va Incorporated In 1923 under th law of the Dominion of Canada and was organized primarily to invest in selected securities of hydro lectrlc.

public utility, nd paper companies Pending th acquisition of such securities the Company may temporarily employ It fund by diversified Investment in hlghajrad bond or stocks. The powers conferred upon the Company by It charter and by its ty law have been designed to allow th management a great degree of freedom of operation a i consistent with conservative financial practice. PURPOSE OF ISSUE: Th proceed of the al of these debenture will be used for th acquisition of securities of hydro electric, public utility and paper companies, but temporarily may be invested in other high grade bonds and dividend paying docks. ASSETS: Tb net aasets of th Company on completion of thi financing will consist entirely of cash, call loans and investments having a conservative value at today's market prices in excess of $4,000,000. Among other holdings the Company will own a substantial interest In tha Bathurst Power A Paper Company.

Limited. EARNINGS: Th income of the company will be derived from tha interest and dividend received from its investments to which may added from time to time such profits may accrue by reason of th sale of soma part of the Company' assets or investments. Th interest and dividenda on th securities already The.e debentures 100 and accrued interest to yield 5 Carrying a bonus of 10 shares no par value Common with each $1,000 Debenture. NESBITT, THOMSON COMPANY LIMITED Electric Railway Chambers, WINNU'EG Montreal Quebec Toronto Ottawa lltmillon London, Ont. Saskatoon Vancouver Statement contained erected, and a public air terminal for airplanes provided.

In the postal service, the year has been marked by the Inauguration of an air mall service between Rlmouskl and Montreal. REVENUE DEPARTMENT ORGANIZATION IMPROVED Satisfactory progress has been slon on rtonis and Excise will be presented Immediately for your consideration, and legislation based upon the report will be Introduced. It i proposed to amalgamate the department of health and Soldier' Civil Re establishment in a single department of National Health and Veterans' welfare. A proclamation haa been issued bringing the revised statutes of Canada into force on the first day of February, and copies of the new revision will be avalluble for the present session. Among ether important matter to which your attention will be Invited will be measures providing for more favorable trade relation betwsen Canada and certain foreign and for substantial assistance to and improved facilities for in dustrial and aelentific research.

Member of the House of Commons: The public accounts for the last fiscal vear and the estimate for tne coming year win ne nuurnmca si an vi Honorable members of the nate: Members of the House of Com nlon In npnln Invltino vonr rni cful rnn sideratlon of the important Rly riimrue to wiucn tney nave which will engage vour attention, 1 accustomed, the clear, stimit pray thai Divine Providence may of northern countries guide and bless vour deliberations ei tnl and mental alertness ot the people of I hose communities Its ilkliin JC CfTTIt DC I health giving qualities aie a source ASSURED: BEATTY CONTINUED FROM PAGE ONE te Canada, millions of dollars in value of Canadian securities which had been sold to British Investors prior to the war. We Increased our railway tonnage and we reduced our debt. Saving bank deposits increased in the last 12 years over There was a relative Increase in the deposits in other financial institutions and life insurance Increased. "While these things were happening, when we were fault finding and Inclined to bicker, new forces were at work, large expenditures were being planned, our water power, our pulp and paper and our mineral development were proceeding apace; the Western farmers were producing more grain, more head of livestock. Fundamental Soundness "While we have been emphasizing ur disagreements and nursing our grievance, the fundamental eotrid ness of the country was gradually inserting itself and a short time ago we woke up to the realization tlmt things were better, thnt our taxes were being reduced, that our businesses were developing and that our natural resources were being exploited.

"We became confident and more tolerant. We cast about for ways 1928 5 Thirty Year Debentures Series 'AW tOn CAPITALIZATION completion of present Thirty Ytar Dbntur (this Issue) Non Cumulativ Convertible Preferred (28,000 har) Common Stock (no pr value) Stock, are offered as. if any when issued, end stated above, at In this circular aie not guaranteed i citable and upon which we acted by which problems could he aolved and the disabilities which geography has placed upon this country could be lessened, if not removed. Our psychology improved and we gave another example of the attitude of most humans that when things sre better with them the world is better end that Canada Is a finer country when we Individually prosper than it is when we do not." The Factors Reviewing; thc factors which lead to confidence in the future of Canada Mr. Beattv set them down aV: a go ir level king of good svstcm of democratic nirnt, a people noted for the view ot Ihincs.

ami the nac these two hy a land of great nHtural I resources hliheno undeveloped. rliM among these natural resources, he said, is a tremendous area cf agricultural lands capable of producing the finest wheat in the world. Only a small fraction of the country's agricultural lands have as yet been cultivated. Next is the almost unlimited waier power resource. The speaker doubted If there is anv other country in the world so plentifully endowed with power development possibilities an Canada.

Forest Wealth Third in the lint of natuml resources is the Dominion's forest wealth. This has already enabled it to conduct lumbering operations with an snnunl output in excess of J.200.000.0IX) Then there if the country's great mineral possibilities, continued Mr. llcatty, these even in their present early stage of de veloimient were responsible for an output ot torn nnu otner minerals 1 1 mofl taiii. 1 1 nn.nj.i'i in Adding a word in appreciation of the Dominion's climate, Mr. Realty usld: "While I admit that human beings can accommodate themselves 1 ot British Capital Refeiiing to Canada's linnncial and industrial condition Mr.

Beatty stated that the chief external market for Canadian securities continues Un be the I'nlteil State, but there are manv signs of a renewed Interest in the Dominion on the part of th Hrltleh Investor. Several of the largest r.ritlsh industrial concerns sprnt heavi'y during the last year upon Canadian plants and security dealers report a large and Increasing demand bv British Investors for Canadian offerings, especially in thc II tie fields "In all the examples of progress which the ast year has shown, continued Mr. Beatty, "we find one anomalous condition agriculture has prospered, Industry has expanded, pulp and paper production has Increased, mineral development has gone on apace, trade is appreciably better. For an idea of what the last named means it is necessary to recall that it was not until the United States hsd 7." millions of people that their export trade was equal to that, of Canada last year, and making all allowance, for value of monev. or using any other busts, It would be found that the Canadinn trade has outbttipped anything ever known in the history of the United States under parallel condition." Lower Earnings Notwithstanding these factors the Canadian transportation companies Du financing) Authorized $50 par valua $1,250,000 100,000 Share Hailed acquired and to acquired and interest from call loan will be men than ufficlent to pay th Interest on thes debentures.

A dividend upon th Investments of th Company are Increased and as additional interests in ether securities are acquired there should a reasonable surplus available for distribution on th junior securities. COVENANTS OF THE COMPANY! Th Company covenant that It will not Issue any securities to rank ahead of thes debentures. Additional debentures may issued from time to time provided that the parvalu of th debenture issued and those proposed to issued does not exceed 60 of th market value of tha net asset of th Company at th time of such issue, and then only providing that the net earnings for the preceding twelv month ar at least equivalent to one and one half times the annual interest requirements on all debentures outstanding and on those proposed to be issued. MANAGEMENT: Th management of the Company and th investments of its funds will be under th supervision of an executive committee composed of Messrs. A.

J. Nesbitt, J. B. Woodyatt and P. A.

Thomson who act in similar capacities for Powsr Corporation of Canada. Limited. All orders will be received subject to the approval of the proceedings by counsel and to the issus and al of the debenture as planned. The right Is reserved to reject any application and also. In any case, to allot a smaller amount than applied for.

received by us. subjert to prior sain the price of: but are based upon information in purchasing these securities vhich showed lower net earning, he said. The reason for thl was found in increased wages, which added millions to operating expenses, and In reduced freight rates, which decreased by several millions what the gross earnings would have been. Turing the Canadian Pacific Railwny, he said, did more business than the year previous but received less money for it because of factors which are uncontrollable aa far as tallwav administration Ih concerned. If he was a prejudiced witness in any transportation subject, said Mr.

because of 'their his 1 to, and the.r contribution to Cana idlan development and their impor Itsnre to the future progress of the country Must Show Courag "I would like to see them strong so that they may assume with confidence their share of the burdens of Canadian development and commerce and to be able to do without weakened credit end restricted facilities." declared Mr. Beatty. "There never has been a time In Canada when your large transportation companies did not have to i how courage, hut thc courage which Involves the expenditure of huge sums of money should be a murage based upon reason, and tho ptini'ipul source ot our confidence! must be the conviction that, our services In transportation will be adequately paid for." In concluding his address Mr. Beatty wild: "it ha never been said of Canadians that they are unduly boastful and, in fact, those of us who have to travel know that the most flattering encomiums on this country and its people come from elsewhere. If at this time a pint of solid confidence prevails, it is based upon our knowledge of the distant and Immediate past, of our greater appreciation of what the country has in its future and a little greater reliance upon our own abilities to make that future conspicuous and certain" Morning Program Open diiicuesion sessions.

undr the chnlt miinship of George K. Bowker, I'onoka, oixriipiod he entire tlm of the lumbermen's delegates this morning. Among the questions discussed were those of a code of ethics for lumber dealers, tho part members should take In the national advertising campaign being conducted by the association, and whether ehuw roonia or display windows would bo a benefit to luniber dealers. Addressee by coast and mountain division delegates occupied the at tention of the convention thl after I noon, and tonight the Hoo Hoo 1 luinner urJlima eucmi oi gnu annual banquet will be held This i win i ucU the Hoo Hoo Concatenation. Shareholders Approve Ottawa Dairy Transfer OTTAWA.

Jan. Shareholders In the Ottawa Dairy Limited, In annua! meeting yesterday unanimously approved of the transfer of 7S percent of the common stuck of the compaiy. or 4(J percent of the t.itjl stock or of the Borden Company of New York, on a basis uf three aiisrej for tw.i of the latter concern. The old board diicct, rs was ie elected with B. again evident.

February 1st, 19SS and to be Issued $2,500,000 8rl $1,250,000 79,000 Shirs and thc condition we believe to 17 J. TOWNSHEND HEADS COMPANY After b. ing associated with the Dominion Bank for th past 25 years, 12 year of which he wa manager of the Portage and Pher brook branch, E. J. Townshend.

ha resigned to accept the position of managing director of the Lombard Bond and Share corporation. This company was recently form ed with a strong board of director. composed of John I. Stein, Kred I fox. C.

Parker and Fred J. 1 Manning Thc company has a I capitalization of Sl.2ou.000 and is I incorporated under Dominion chari er. Tho primary object of the company is to receive funds for investment purposes, paying therefore a stated rate of Interest and re investing such funds In high grade securities. There Is no question but whnt Mr. Townshetid'S many years of experience with The Dom'inion Bank will prove lnvali able to him In carrying out th aims and object of the nw company.

Mr. Townshend hu.s been a resident of the city for the past 55 years, and Is well known among banking fraternities. THE SCREEN PLAZA Underworld, a vivid porttsjal or Chlcaxo Ceng nurlnrt. la one of Ui meet Intereillns pictures of 1027 24. Oeorf Bancroft.

F.velyn Brent end il Brent make 11 a llvlns. brrathlna itorj. ROSE Tarian and the ties) t.rlnne l.sck Kdh'er Rice Burromlie' feraoua character In another elory of the aroret cH lc In the African junKle. Thrill! and romance are element! In the tale. Foster Grain Co.

LIMITED Grain Brokers Wc respectfully solicit your business in all Futures Market! Chicago Private Wit Phone 89 386 520 524 Grain Echange NOTICE Takn notice that the Annual Gen eral Meeting of the Shareholder or thc North West Fire insurance panv is hereby called for and will be held on Thursday, the 9th day of February, ai ina Office of the company, Allan. Kil liim and McKay Btiliainp, Street, Winnipeg, at 3 30 clock pm, for the purpose of electing director and other business pertaining to the welfar ot lb) com PnV Patea at. Winnipeg, jnnucj THGS. v.nrcE. Deputy Manager.

Public Notice Tiotlca la hreby slven that we' ot th. Council he Rural Municipality of Bprlnsneld. In the Province of Manitoba will be held at Oakbank on eaiurday. tf rd day of March, A D. 128.

at the ho. ot 10 o'clock in the forenoon. the paaalns of a By law destine donna and conveyance to the canaaia Pacltic Railway Company of those rortlona of the Oovemment road allowanc. 1lti the tinuth and Bat of the oulh La uuarter of Se.llon Twenty three 1231, In 1 uwnahlp Kleven (111 and Hanae Four (u. rJa.t of the Principal Meridian, tn the H.

ovln. of Manitoba, ehown colored reen on pUn sworn to by J. Lonsdale Doupe. anltuba Land surveyor, on tha 1.1th day of Ai.snat, A D. 127.

and th epentn of (it s.nlon cf the aald Kmith Kaet Quartar Settlor Twenty three (23), In Townallip Irvrn (11) and Ranae Four 4), Eaat of ne Principal Meridian, to tha Province of anitoha. ahown colored pink on said plan of survey aa a public road tn Iteu of earn jrt.i.ne of aald road allowance to be closed up tcoplea of which propoaed By law and 1 ian may ba acn at the orrica of tha SecretaryTreaeurer of tha aald Rural Muni cli.alltyl will ba considered. All partlea Interested in tba aublert Dialler of the aald proposed Bv law are nntined of the eaid meetlni and to jovern themselvea accordlnnly. Hated at oakhank, this 171 4y 1 limitary, A D. 128.

i Hl'RAI. MUNICIPALITY Of FPHINUFIELO i H. CIIRISTOPIIKMKON, I Hrcretary Treaeui er. To thc Electors or THI RURAL MUNICIPALITY 0 AAINT JAMCft TX Not(r that th Cmmrtl ef th Rurnl Municipality of Bslnt Jurat: a rrnt Council mtln. unanimously flv1 crl to hav.

If prwHbl. th fnllowln tmKMteti rnactM thli nlon of in umioba ixiilature. lo Inlrortucfd bv nfve J. H. Cotter, A.

Th Mti icgulauoa abo. Vf MTed to in a Mlowi. That th day for nomination tif an dMa iM frr nicmhfn to tb CotirvMI shall tlt! third 'fwa day in Nnftm br and elf. tiun day tha wrond Frt lay ttnTafi Th1 In for th dpfrtfli' purjwn of havtrn romln ttnn and fl wiion duva tha wni aa lha City of Wlnn.pfg. (2 That the nhall only nrtimrt of a IWva and four Countlllora and tha a arparMe nomination and elation for HMvr aha 1 1 be held at t'ia nar.i tlm and in tb nam way aa tha prffnt nomination and eluctlnn of CourKlilom under UM Jama Mananur Act." 3 That the Votera Mit fha ha pre.

pared annually, not later than tha nth day of itp'emher in ich year, from a cenmia Ut prepared after tha Ftrat day of May of tlia aame ynar. Thla In for the purpe of lttavlna ao up to date Jtera' ilal. 4 That the Municipality hn not ha reqiu i'd to pav to the Provincul ttovernment. Unr Tttlf Ofllce. any fea pTiatn)p to rtle now or hereafter obtained thruuwh Tax I ia'a proceed 1 rum, and alwj tha all now owIpb remUt' d.

The Mtv flpalltv, lo ila'e. otfi the Provtnenl novernment abmit 00 in tha form of Keee. That an Advance poll eh lll th Municipal Hull on tbe FrtfU, fsetnrdiy and Monday Irnm dial prior to election day. btweeu f' i hour of ti So a m. and 5 where thota K'ectnre may ea fie vofea who.

for any good ard flient reanon. wtn be uahla to o' 01 the recoiar eifti' TM 'a vhat the one of wtnnip) a rl Bonlfa already hve. ifti That tha fo in hy Pv law oot. anvertnem'it or eihm'" lon "i tne Flectorp. miv provide i'ibdtvldd and nn'nproved nrop lei, whi.

are hrea fJpr eiihdr. t'l'd and locul tii 'hrf on. wit tne anprnvn: a.id ipene" to th Munf'iWIt' etuKmr! to he un tihdivtded vmimproved hourch ipkh he prei trd thercnn, un'll time 14 name are wi. len ed dinpoaed or. When mi'' auh pro i lea ar 0.

aoid. 1. or other aim o(, tor iaid. th iand rhall be ai, in full vaue ard buildings at to thlrde their value. 'thie corfi will merly dl cretionary on tha part of the Council.

When the above lrislatioft eomea be for th. law Amendment a I'omrniti. eacli tor will hi. a the full naht an4 of exprenetns h.a or ber oplnioa pr i 01 contra. Th Council, in aCrir.5 eucli eKl hit the opinion that eatna Is not rnjy n.rf.Hrv aio to the bat lntcrr d.

ant pie o' ea. Fleeter particular aod 'he Vnnl lpillty In Reneral. All infornictti.in lo thfg L1" oh from tlia undr tiiTcrj it any time rrut. rntwi at the intr 'pul Hall, f. Manitoba.

thll i Va day ot Januai, AU lflJ OEO. T. CHAPMAN. MiinlctD) SoUclior. OPit Fnonta 1 i1 anal ta ti ti ft.

I.