1931-07-31 — Page 2

BANK S

HONG KONG AND SHANGHAI BANKING CORPORATION.

Katician Copilet $10,500,000 Issued and Fully Palupakan $30,000,000 Meestes Fundam

#terling

8,160,004 ..........$10.000, BOS

Beurre LaDay at Propelers, 930,004,608, 31EAD PICE HONG KONG.

BOARD OF DIRECTORS—

Boa. Mr. D. G. B. Mackin. ' Chairman,

Eron, Mr. J. Paterson, Deputy Chairman.

He. Mr. . . Bell, T. R. Pearos,

"A. . Compton, Eng. J. d. Plummer, Zag

M. Imader Lewin, Yaz, T.-U, H. Khaw, Beg.

Khkla. Eng.

ANOT

BANGKOK

BATAVIA

BOMBAY

J... Warren, X. Uhlat Managar."

V. M. Crapburo. Reg.

BRANCHES:--.

LONDON

LYONS

BALAGOA

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1953. HEAD OFFICE: LONDON. Paid-up Capital

THE CHINA MAIL.

THE HO HONG BANK, LTD.

(Established 1917.)

HEAD OFFICE:—SINGAPORE Hong Kong Branch: 13, Queen's Ild. C.

£3,000,000

Reserve Fund

£4,000,000

Reserve Liability of Pro-

polotors

Authorised Capital Straits $20,000,000 Issued Capital ....

8,000,000 Paid-up Capital

4,000,000

##

Reserve Liabilities

.£3,000,000

Agencies and Branches:

of Shareholders. Surplus

4,000,000

ALOK STAR

KUALA LUMTER

(Many Base!

БИСПІНО

AMHITHAR

BANUKOK BATAVIA BOMBAY DALCUTTA BAHTON GAWNFORE CRBU

CoLauno

DAIREN (Dalay

South Manchuria?

(N. Mosedurla!

MADRAS

MANILA

NEDAN

NEW YORK

PEKINO

BALOON

-PENANO

RANGOUN

BEMARANG SEREMBAN

SIAMOHAL

TAITING (F.M.B.)

TIENTSIN

.DELUC

HAIPHONG

HAMBURG

BINUAPURE

HANROW

BITIAWAN.

HARDIN

NOURABAYA

HONG KONG

TAVOT

HANIZA

ILOILO

HUA (Johor)

ITOH

MUXDEN

KARAOH!

TONGRAU (Bbuket)

NEW YORK

KLANO

THIHOIAO

ROTIP

TOROKAMA

UOLUMIN

PELPING

KUALA KANGSAR

ZAMBOANGA

(Posh PMB.)

(Philippine Lelands)

General and

DAL-JUTTA

CAMION

OLFOO

DABEN FROCHOW HAINONG IAMBUNG

• HANKOW

BARDIN

MONOKEW

(LA)LO

THUN

JOHORK

COBR

TOWLOUN

KUALA LUMPUR

PENANG

BANGODS

BAIGON

"BAN FRANCIVOL

HUANGH

BIRGAPORE

SOUHAVAYA

RUNGEI PATINI

TIENTUIN

ТОБКО

THI NOTAIS

YOKOHAMA

Current Acute owed to Lemsal CureADO) * Fixed Depoalla rated for oas your pi snorker parlode in Local Cuervory and seling en berms which will be quoted on application.

g Kong. th Pbruary, ul.

HONG KONG SAVINGS BANK.

The Bustos of the above Desk is conduct at by the 11ONO HONO AND SHANGHAI BANKING CORPORATION, Rutee may be abuloed op application.

FOR THE HONGKONG AND BRANGHAL

NENO COLORATION.

Y. H. GRATEURN,

Hong Kong, th July, 1990,

Chat Manager.

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

96. Boulevard Haussmann, Paris.

Subscribed Capital Fr. 12,000,000.00 Pald-Up Capital.Fra. 68,400,000,00 Reserve Funds ....Frs.102,000,000.00

BRANCHES:

Bangkok Hong Kong Quiahon Battambang Ilue

Canthe

Canton

Mengtzo Nam Đinh

Djibouti

Numea

Fart-Bayard Papeete

Salgon Shanghai Singapore Thanhà Tientsin Peking Taurane Hankow Prom-Iohh Vinh

Haiphong

Hanoi

Pondichery Yunnanfu BANKERS:

IN FRANCE: Comptoir National d'Escompte de Paris; Credit Lyonnais; Banque de Paris et des Pays-Bas; Credit Industriel et Commercial; So- elate Generale.

IN LONDON: The Nationa! Provin ein & Union Bank of England, Ltd; Comptoir National d'Escompte de Paris; Credit Lyonnais.

IN NEW YORK: J. P. Morgan ✯ Co., French American Banking Cor- poration; Guaranty Trust Co. of New York.

Interest allowed on Current Ac egunts and Fixed Deposits according to arrangements.

Every description of Banking and Exchange Business, transacted. Safe Deposit Boxes to lat.

A. BONNAUD,

TOKYO-

Foreign Exchange

Banking business transacted.

Current Accounts opened and Fix-

ed Deposits received for 1 year or which will shorter periods at rates be quoted on application.

J. STUART,

Acting Manager.

Hong Kong. 28th May, 1931.

THE NATIONAL CITY BANK

OF NEW YORK.

HEAD OFFICE: 65, Wall Street, New York.

Capital, Sarplus and

Undivided Profits.U.S.$220,037,802

Branches In

ARGENTINE

BELGIUM

LONDON

MEXICO

PANAMA

PERU

CHINA

PHILIPPINE

COLOMBIA

ISLANDS

BRAZIL CHILE

CUBA

PORTO RICO

DOMINICAN STRAITS

REPUBLIC. SETTLEMENTS

INDIA ITALY JAPAN

URUGUAY VENEZUELA

Commercial and Travellers' Letters ot, Credit, Travellers' Cheques, Billa of Exchange and Cable Transfers Current accounta bought and sold. and Savings Bank accounts opened and Fixed Deposits in local and for

at rates that eign currencies taken may be ascertained on application to the Bank.

our Cus. We are also able to offer tomers the services of the Branches of the International Banking Corpora tien in San Francisco and Spain and also of The National City Bank of New York (France), SA, in Paris and Nice.

F. McD, COURTNEY,

Hong Kong, June 16, 1931.

Manager,

THE AMERICAN EXPRESS COMPANY,

ING.

Head Office: 65, Broadway, New York.

Manager.

Hong Kong, lat May, 1991.

Capital Surplus Reserves

THE YOKOHAMA SPECIE BANK,

LIMITED.

Established 1880.

Capital (fully paid-up) Yen 100,000,000 Yen 115,000,000 Easervo Fund

Head Office:-YOKOHAMA.

Branches and Agencies at:

Nagasaki

Nagoya

Newchwang

New York

Alexandria

Batavit

Berita

Bombay

Cakutia

Osaka

Capton

'Paris

Changchun

Felplog

Rangoon

Dairen (Dalny)

Fengtlen (Makden) Rio de Janeiro

Hamborg

Bankow Harbin

Hong Kong

Honolulu

Kai, Yuen

Enrachi

Kobe

London.

Los Angeles- Manila

San Francisco Seattle Semarang Shanghai Shimonozaki Singapore Soerabaya Bydney Tientsin

Tokyo Tsingtan

Interest allowed on Current Ac counts.

Deposits received for fixed periods at rates to be obtained on application.

H. MORL

Manager.

Hong Kong, 16th July, 1981.

.U.S.$6,000,000 .U.S.$1,672,454 .U.S.$1,908,209

BRANCHES-

21

and

Commerce

Finance

BOLIVIAN & GENERAL | TIN TRUST.

1

2,887,000 Mr. W. H. P. Stevens on Branches, Agencies and Correspon. denta in the principal cities of the the Outlook. world.

Every description of Banking and Exchange business transacted.

TAN ENG HOOL,

Manager

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V. (HETHERI-ANDS TRADING SOCIETY:

BANKERA

The sixth annual general meeting of the Bolivian and General Tin Trust, Ltd. was held at the office of the Trust, 21, Moorgate, Lon- don, EC. Mr. W. H. P. Stevens (the chairman) presided.

S. M. CHETTIAR'S INSOLVENCY.

Rangoon Firm with Malayan Interests.

District

Wain

FRIDAY, JULY 31, 1931.

INDENTURED LABOUR ATTACK ON AMERICAN

BAN.

No Effect on Rubber Imports to America.

FINANCIERS.

View of American Bank President.

"STUPIDITY AND GREED,"

Newspaper reports published late last month to the effect that im-

A remarkably outspoken Indict- ports of crude rubber into the United States might be largely ment of Amoriean business and fin barred as a result of a ban on proA. Traylor, President of the First Jancial leadership by Mr. Melvin ducts of indentured labour under National Chamber of Commerce, at

penal sanction have been denied by

"because of

members of the Tariff Commission, Washington, escaped the attention (says the New York Rubber Age), to which it was entitled owing to Rubber produced on plantations in the more obviously outstanding dis- the Dutch East Indies were inen-cussions on International Debts and Rangoon, July 6. Orders were passed by Mr. W. A. tioned as being particularly liable Reparations.

Mr. Traylor' not only accused Wright 1.C.S.,

Judge, to come under the provisions of the

American business and Anencial Mandalay, on June 30 on the peti-ban.

The suggestion that importe to leaders of responsibility for the tion submitted by the creditors of the S. M. Chettiar Firm, which the value of nearly $700,000,000 in present depression, but of being has been adjudicated insolvent, to eluding crude rubber, might be fully aware that their policy would as affected by the forced labour clause lead to an economic crisis of ap- appoint Mr. 0. Ah The secretary (Mr. H.. C. H. "Interim Receiver" instead of the of the Hawley-Smfot tariff act was palling magnitude. "We have not Graves) read the notice convening Official Receiver, as provided by immediately denied by Secretary of failed," he said, the meeting. The chairman said: Section 51 of the Provincial In-State Stimson and Thomas Walker ignorance of economic theories, but Page, vice-chairman of the Tariff because of our utter disregard and Gentlemen, I assume that you will solvency. Act.

require in Commission. Attention was called defiance of all economic laws. Am. The special reasons

new bition, stupidity, and greed have desire me to take the report and such a case were enumerated as to the addition to the

classe that dictated policies." follows. (1) That Mr. Ah Wain nét accounts as read. (Agreed),.

"The

Traylor's speech The profit and loss account shows was undoubtedly the choice of the specifically states, 140,006.

n net loss of £2,478, mainly account-general body of the creditors. (2) visions of this net shall not apply especially significant in view of BRANCHES Bandjarmasin, Bardos Dosby, ed for by directors' fees, £2,250, Mr. Ah Wain has a large staff of to those products not produced or the fact that he is a Democratic

men at his disposal and it is agreed manufactured in the United States Presidential possibility. jaksrie The Hages, Jeddah, Babe, which, although charged in the ac- that the services of the staff will in sufficient quantities to

Fans counts, have not been paid. The be utilised without extra expense to American needs.".. Ponta Bangoon. Bolterda Samar

Bhaughai,

Babol balance sheet shows our total inter- the estate. (3) Mr. Ah Wain is an (Gumaire). Singapor Sourebels, Sakari (sic), Tegal, Kiflaps

Established 1024.

Hany Song Ofoes-11. Juma's Road Consrel. Authorleed Capital Cutiders 150,000,000-

121,500,00 Paid-up Capital Builders 90,380,90% (0,0,171 Bare Fund

Cum. Güliders 40,01

Eland Office-AMSTERDAM” Eastern Head OMonz~BATAVIA,

Catoulla, Cheribon. Djember. Djuk

Ko-Radio, Makammar, Madan, Padasa

Palembang, Pekalongan.

Wallarrodea",

• Thase cătoss kava kafe daponit bassa 10 lat. Loadne Batem!--Natimal Frovincial Bank Lid. Dorespondatile all arrat, she world Banking basitesi STATT description tracked.

A. STOKKINI."

Kong Kong, 28th Augari, 2005,

THE BANK OF CHINA. 行銀國中

est in 'Fabulosa Mines Consolidated experienced and apparently very

successful business

of

new

Mr.

pro-

was

Should meet none of the men whose names are'

now in the forefront—Mr. Owen D. Young, Governor Roosevelt, and others-secure the two-thirds majority which is required by the rules of the Democratic conven- tion, the deadlock might be broken by the choice of some "dark horse" such as Mr. Traylor.

OIL MERGER.

Socony and Vacuum Amalgamation.

man. He is to have been £496,216 at the date of well fitted to collect the assets of the balance sheet. This was an in- the firm, (4) the insolvent firm is to have property in the crease of a little over £1,000 as said compared with figures last year, re- Federated Malay States, Cochin-

“Tragedy of 1980-91." . presenting the balance of additional China and India. Mr. Ah Wain

New York, July 5, cash advances to the has agreed to go to these places temporary

Mr. Traylor described the eventa Fabulces Company, amounting dur-himself, if necessary, to assist in!

The shareholders of the Standard leading up to what he termed "the Oil Company of New York and the tragedy of 1930-31" in the follow- ing the year' to £8,000, all of which the realisation of the assets.

The above points, all appeared to shareholders of the Vacuum Oil

"When we has now been repaid.

ing terms.

emerged There is nothing else upon which the Court in favour of Mr. 0. Ah Company to-day were notified that from the war and the first read- to comment on that side of the ac- Wain, and he was accordingly ap- they are to meet on July 30 to vote justment period of 1920 and 1921, count, but on the debit side there pointed "Interim Receiver," Mr. Ah approval or disapproval of the plan we had an industrial plant capable is an item of £2,000 entered as a Wain hae furnished security to the to merge the two great corpora-of supplying the satisfiable wants Reorganized October 26, 1928, under

a extent of a lakh of rupees' and haaftions.

of our population based on the cur special charter of The National Gov.loan, which perhaps calls for

furnish

The merger will bring into exist-rent income, which was exceeding little explanation. We obtained this undertaken to

ence a G.$1,000,000,000 corporation. ly high in relation to former loan in connection with financing security if and when called for. INTERNATIONAL EXCHANGE

It will be known as, the Standard periods. Improvements in machin the additional advances to the BANK.

Oil Company of New York-Vacuumery and management enabled a Subscribed Capital ....$25,000,000.00 Fabulosa Company, which I men-

0 Company.

rapid expansion of productive Paid-Up Capital $24,710,200.00 tioned just now, because. we found

In the new corporation share facilities to that we could get our money more!

take place. Large Resorve Funds

.$ 8,820,508,82

holders will receive one share of foreign loans vastly expanded our cheaply in this way than by borrow- ing on an overdraft from the HEAD OFFICE: SHANGHAL

borrowed bank. The amount HONG KONG BRANCH: has since been repaid. I think that on the this is all I need say 4, Queen's Road Central..

accounts.

erament as an

SHOU, J. CHEN,

Hong Kong, 5th March, 1981.

Eatablished 1912.

Head Office: Hong Kong, .

Authorised - Capital · (EK. Ozeranoy) $11,000,000 Fald-Up Capital weig

5,060,000 Beserve Fund 1,100,000

BRANORES-

Bangkok,

VORRESPONDENTS

LONDON BANKKEB:---

SQ

Low Price of Tin. On the general, position

further

BIG ENGINEERING.

Push for British

stock for each 2 shares of Trade.

Vacuum Oil stock. Each share of export trade. Consumer credit

domestic augmented

purchases.. Standard Oil Company of New Writing in the Advertiser's York will be exchanged for one Selling ceased to be an art and įtaking orders was an accommoda- Weekly Mr. G. E. Rowland, Chair-share of stock in the new corporation to the customer.

"Business leadership should have

man of Agricultural and General tion. the Engineers anys: Many engineering Both Sacony and Vacuum have

hour of

Owing to our numerous 'branches în China and large connections in the im- of the portant commercial centres world, we are able to extend to our situation is just as obscure as it Arms live entirely by their over-extensive foreign interests. The noted the storm that was gather clients special facilities for domestic was last year, with the additional teas trade, and few of those to reason for the merger was announcing and trimmed sall accordingly, We also handle the issue of Bonds difficulty that the price of tin has whom the home market is the more ed to-day as to enable us to main-jout ambition for place, power, and important can afford to disregard tain our positions abroad. against profits blinded leadership to the obvious dangers ahead and pre- and foreign banking and exchanges.

foreign competitors." and other Public Funds of the Chin- fallen to a new low level, and it is

and impossible for unyone to say when the world abroad.

British manufacturers have come: The merger has been in prospect vented the preparation of a safe ese Government both at home

value for abroad,

anything like a normal

in for a good deal of criticism just for some time but considerable harbour against the tin will be re-established. The Manager surprising thing is that, even with recently. This in itself is an en-litigation was necessary in view of storm."""

Millions of Dollars Idle. the continuous fall in the price of couraging eign, for it shows that the position of the Government that

would violate the anti-trust As a consequence, Mr. Traylor tin, the Fabulosa Company was people generally are taking a lively it

of our lawa. The federal courts recently pointed out, there are millions of able to keep operating at all. This interest in the progress THE BANK OF CANTON, LTD. reflects the greatest credit on the trade, but much of the adverse upheld the legality of the merger dollars invested which are idle and management; but it must be appar-criticam to-day is founded upon an and before the July 80 shareholders show little chance of earning their ent that, if the present low price insufficient knowledge both of the meeting it is expected that the keep. For example, the capacity of tin is to prevall, for any great difficulties with which manufactur- Supreme Court will also approve for the production of motor-cara in America was approximately 8,000,- length of time, the Fabulosa Co.ers are faced and the efforts they the merger.

When the New York stock ex-000 trucks and cars per annum... may easily find itself in the posi-are making to overcome them.

For the past twelve years British change closed last. Friday Standard while estimates of the possible tion of being able to do nothing more than carry on its mines on a engineering firms have been making Oil Company of New York's shares American market for them run to an extensive study of overseas mar were quoted at 17%. The prospect 4,000,000 at the moat. Figures for Centon Bark and dan Prasta

Bicio, stow, purely maintenance basis.

sent technical that the merger is soon to become the wireless industry show that kets. They have On the other hand, the resource

directors and experienced business effective has caused traders to productiva capacity is nearly threa fulness and courage of the men en mon on extended tours to learn the await with interest the reaction of times the normal sales possibility. the spot have produced sach re

"As early as 1927," Mr. Traylor exact requirements of every district Socony and Vacuum shares when' markable results in the recent past in practically every country. The the market reopens for trading continued, it was clearly obvious that we are left confident as to

recommendations of these travelling to-morrow. their ability to face the difficulties representatives (many of whom are of the immediate future and are directors or highly-placed officials encouraged to continue the moral of their respective firms) have been and financial support of which they gifted carefully, and special plant have shown themselves so worthy. Installed to carry them into effect The ongineer's report presented On the distributing, side, some of to the directors of Fabulosa Mines the representatives have remained Consolidated is on this occasion abroad to establish branch offices,

A consignment of gold valued at more than usually interesting. It and many have appointed resident gives, in much greater detail than agents before returning to Britain three million dollars from the I can possibly give it to you now, Rebullding for World Supremacy. Argentine, and another valued at industrial enterprises to meet tem- the technical position with regard Special missiona of highly one million dollars forwarded from porary demand and to consumers to binations and mergers were pro to the company's properties. Coples technical engineers have visited the Canada, have just been received in increase their consumption. Com- Bank-Wobes Aged Average Amoud 18,000,000 of the report are here on the table, U.S.A. and the Continent of Europe New York.

moted and securities sold on the Personal invent...ont accounts | BRANCHES AND ADEKOIENT

theory that temporary earnings and I should like to take this oppor- to study the production methode handled.

FORMOSA direx, chung,tunity of Inviting any of our share-and works or factory organisations

Makong, Manto, Bhiacket holders who may be interested to of our competitors. CHINA--Bag, Haniowy, Foochow apply for a copy and make a study

hoog. Slagspora Soof its contenta.

Batavia, Bombay, ⠀ Galerias, Landon, New York. Da AVERN LONDON RANKERS DE

Amsterdam 'Antwerp

Abo

Bale

Barlia

Biarrit Bomber Breme Bruselu Donna Alese Dairo. Calorie Calder

Colo

Соколине Моде

Copenhage Hdinburgh

Genera

Genoa

Havana Hamburg Ka Interlakes Jorgeste Lido London Liverpool

Lego ExIOT

Napina Pizze Paris Гара Taking Felieto Bethardco Roma Stambor)

Bhaaga

Miralles Monte Carlo

Singapor

·Bt. Racity

Wraile

Munich

MOLLE

Fina Vienne : Vrice Tokobaran Zorich

Branches of American Express Company in Principal cities of Unit- od States of America and Canada.

All classes of Commercial Banking Transactions undertaken.

The Company offer to intending Travellers the use of its "Travelers Cheques" and Letters of Credit and In addition, the world-wide services of its thoroughly equipped, Travel De

partment.

Afiliated with

THE CHASE NATIONAL BANK

Over $2,500,000,000

Resources

T** Lloyd's Bark, Limited,

in aŭ peisaipal isles of fan World. Vorange and banking business of ery seripilon kansachad

Male Deposil Brass (various size) zi u yourly rectal af from 5 to $40.

LOOK POONG SHAN,

Chist Manager.

THE BANK OF TAIWAN, LTD. (TAIWAN GINKO.)

HEAD OFFICE:-Taipeh, Formosa.

Incorporated by Special Imperial

... Charter, 1899.

Central Bank in Hermosa,

Yokohama, Kaba,

1

Takso, Tameal, Tea, Haite, Taito,

The Anale har Orrepeats in all the principe

Manag

Commurotal. Oystem throughout the world.

E. NAQURA

HONG KONG BRANOM:_**

8, Des Tax Bond Central, Hong Kong. Dick Janonay, 1999

C. H. BENSON,

General Manager,

THE BANK OF EAST ASIA, LTD.

Establlalind 1918,

HEAD OFFICE:" Des Voeux Road, Cantra

HONG KONGL

U..S. GOLD HOARD.

Additions. From Canada And Argentina.

New York, July 8.

to anyone having, experience with the granting of credit that if ex- pansion and speculation were car ried on unchecked there could be but one end-disaster. Yet the record of American financial leadership and of responsible Gov- ernment officials was regrettably one of too much silence."

Credit was furnished, to expand

ין

and after the war has been given derived from a false demand would The Department of Overseas the closest attention. Every coun- not only continue, but would for Trade has given valuable assistance, try with which we trade has been over increase,

Charwomen Speculators." It is very hard to be optimletic both in the vast fund of informa considered Individually.

Visits to 74 Countries.

"It is bad enough," Mr. Traylor The London County Westminster and Fer's Bast, with the tin market in ita present tlon which it always holds available,

Our own representatives have declared, "when the intelligent and time and in the official missions, such as Inmectable position, but a must come when a renewed demand the D'Abernon Mission to South visited during the last two years wealthy speculate and lose, but for tin will disperse the clouds; and America, the Kirkley Mission to seventy-four different countries, when charwomen, labourere, small we have at least the satisfaction of South Africa, and others of a studied the ground carefully, and home owners, wives, and youths knowing that the difficulties have similar nature, which the Govern- in many cases have been able to speculate and lose simply because taught those in command how to most sends abroad. The recom- appoint agents with the technical they can go to a broker's office reduca production coste, and the mendations of these Missions are knowledge and sales organisation get credit for small sums the prac- careful developments that have been welcomed by British industrialists, to handle our products efficiently tice ceases to be defensible on any

grounds." carried out have done more to deter and put into effect wherever cir- In other countries our own branch

Another reason given for the de- mine that the Fabulosa Company's cumstances make it desirable. offices have been established, and mines are ot-real potential value The energy and enterprite which where, circumstances. have warrrutpression by Mr. Traylor was tha ARE INVITED TO INSPECT OUR than anything that was ever accom- British engineering firms have died it subsidiary companies have urease in national expenditure.

STOCK OF MA

plished in the more prosperous played during the past ten or twelve been formed. It ja our endeavour While the country's Income rose ASIATIC FOREIGN AND

past. Let us hope that this know years have laid a sure and solid, to make these branch offices com ledge will not have been gained too foundation upon which their world plete sales and ser COLONIAL

YOU

POSTAGE STAMPS

<IN BETS, SINGLE PACKETS"

BAGS AND IN APPROVALA

SHEETS

late,

now propose

Land

..

supremacy is being rebuilt, At the the districts the report present time they can supply rat Staffs of killed

the competitive prices the goods which retained to erect new

res. Costs have overhaul old ones, and

the wor

been

of up to the installation of

without Stocks of spare part

trači standard ms

controlled by Four head

and

between 1918 and 1928 from $84,500,000,000 to $81,000,000,000 Federal expenditures Increased from: $3,000,000,000 to $12,500,000, 000. Income Increased 185 per cent, expenditure 800 per cent.

The Saskatche vestock Produce