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KNOCKING THE IDEA THAT OVER PRODUCTION IS TO BL'AME It is a popular idea that the fall in world prices is the result of over-production, says the Royal Bank’s monthâ€" ly letter. The fact is that the total purchasing power of the world is governed by the total volume of production \ralued at current prices, and purchasing power can be in- creased only by increas’ed production. Commodities pay for commodities. Money is only a medium of exchange and all exchange is ultimately barter. Demand and supply, therefore are reciprocal. 7 Were the fall in prices due to increased production, no further explanation would have to be looked for, but, in fact, the fall coincides with diminished production. The total value in money output of the world is de- creased both by the percentage by which prices fall and by the decrease in the physical volume of production. These Wide fluctuations in the money value of output are clearly a monetary phenomenon which if properly under- stood, could be prevented. When the average of all prices declines, this can only be explained by an underâ€"supply of that in which prices are expressed, i.e., money, and it would seem that if the effective supply of money is kept in the right relation to production of commodities, the phenomenon of a declining average price level would not occur. One appreciates that for a moment a motorist might be panic-stricken when he realizes he has struck down a fellow-being. But he who yields to fear and flees the scene convicts himself of cowardice. But he, who actuated only by cunning, leaves a human being in distress, is worse than a coward. The only effective check against the hit-and-run driver is increased efficiency of the police in ferreting out such offenders and a severity of the courts that will make an attempted escape a greater hazard than stopping after an accident to render assistance to the injured and face the consequences. For people who are actuated by fear make the consequences of abandoning a Victim a cause for greater fear. Make it clear to the cunning that their greater ad- vantage lies in admitting responsibility for the accident if the fault is theirs. "-1 During the current year the deficit will undoubtedly be higher as revenues have again declined and expenditures have not decreased in proportion. Canada’s serious budget position is not due primarily to depression but to the reckless manner in which new ways of spending money have been introduced by governâ€" ments and approved by Parligiiient. It is hardly necessary to say that every effort should be made to apprehend motorists who flee from the scene of an accident leaving a victim helpless in the road. Such a person offends all sense of decency and every dictate of civilization. we.“ , ., Thenincruea'sed deficit was due to the fact that revenues declined by nearly $20,000,000 and expenditure increased by $24,000,000. -. n. .. sn 1 11,11 L An appeal to manhood Where there is no manhood is futile. So long as there is a possibility of escaping the consequences of carelessness there will be those who will attempt‘it. The business man or manufacturer whose hope for the future is wrapped up in an expected return to pre-war normalcy is out on a limb. For pre-war normalcy never Will return. That’s history. We still hear suggestions and hopes of reverting to oldâ€"time methods and the pre-War business basis, but, acâ€" cording to Dr. Julius Klein, of the United States Depart- ment of Commerce, such a retrogression would be about as simple as an attempt to return to the middle agesâ€"and as profitable. There isn’t a great deal of room in business these days for Aunt Sarah, who inherited a shoe factory and insisted that the factory go on making high-laced shoes because Uncle Ezra sold ’em in the ’7OS. American business never was more dynamic and volatile than it is to-day, with a constantly changing front in practically all lines. Since 1921, Mr. Klein points out, American business has left as monuments of its progress a long succession of junk-heaps of discarded processes, antiquated ideas and obsolete policies. There have been tragedies of those who clung too long to revered and once profitable practices. The new business man must be eager to take ad- vantage of the slightest changes in trend. It is no day for secrecy. Backward glimpses should not be longing and de- sirous of what is behind, but intellegently inquisitive of facts. The Citizens Research Institute of Canada has com- )leted its study of the income and expenditures of the 7cminion government for the year to March 31, 1932. They estimate that Canada had a deficit in that year ,-_" $154,000,000 compared with $88,000,000 in the previous rear. In other words, Dominion operations resulted in an ;verage deficit of almost $3,000,000 per week, $400,000 per flay, or nearly $300 every minute. n . .1 I ,,,_._ PAGE TWO ELGIN MILLS HAROLD REID’S SERVICE STATION Established 1878 AN INDEPENDENT WEEKLY PUBLISHED EVERY THURSDAY AT RICHMOND HILL THE LIBERAL PRINTING CO., LTD. J. Eachern Smith, Manaver Member Canadian Weekly Newspapei Association Subscription $1.50 per year â€" To the United States $2.00 Covering Canada’s Best Suburban District. Advertising Rate-s on Application. TELIWHONE 9 CASTROL OIL We are exclusive representatives in this district for the Famous Castro] MOTOR OIL. It pays to use the Best. Cal] here for your next chunge of oil and be assured of good service and quality products. Sieberling Tires THURSDAY, FEBRUARY 23rd, 1933 THE HIT-AND-RUN MENACE RECKLESS EXPENDITURE GENERAL GARAGE SERVICE THE LIBERAL BYGONES Motor Accessories Gas and Oil ONTARIO “Fallen threads I will not search forâ€"I will weave.” Miss Isabel Armour of the Contin- uation Staff, gave an addressl on “The Life of Pauline Johnson,” which proved most interesting. Mrs. Tay- lor’s vocal selections were also apprec- iated. WEEKLY NEWSY NOTES FROM THE AGINCOURT DISTRICT George Macdonald. :1 The Agincourt branch E.Y.W.I. met it the home of Mrs. William Jackson, Church St, on Tuesday afternoon, Feb. 14th. There was a good attend- ance. The hostesses for the afternoon were Mrs. Glen Morgan, Mrs. A. E. Kennedy and Mrs. Fred. Morgan. St. Timothy’s Oyster Supper and subsequent program were indeed a success on Thursday evening, Feb. 16th. The W.A. ladies certainly know how to cook oysters. If there were a few who didn’t indulge, it just meant that many more for the rest of us. “It’s an ill wind that blows nobody good.” Rev. E. J. Springett, Dominion' Secretary of the British Israel Fed- eration and formerly rector of a: large Anglican Church in Winnipeg,! gave us a message to think about. One ; could not but realize the truth in his analysis of present day conditions” their cause and remedy. Rev. Mr. Springett’s lectures are of paramount importance to all thinking people of to-day. We trust we shall have the opportunity of hearing him again in Agincourt in the near future. The Agincourt mixed quartette sang two numbers beautifully. The poet said, “Sermons in stones and good in everything.” One felt there Vere sermons in those two selections so feelingly ren- dered. Miss Nellie Clark presided at the organ. “Such songs have power to quiet The restless pulse of care, And come like the benediction That follows after prayer.” Longfellow. Rev. G. S. Scovell. the rector, pre- sided over the meeting. closed with prayer by Rev. W. D. MacDonald.- Real honest-toâ€"goodness Talking Pictures will be the special arraction in the Sunday School of St. Timothy’s Anglican Church, on Monday even- ing. Feb. 27th, at 8 o’clock, under the auspices of the Anglican Young Peo- ple’s Association. Don’t miss seeing and hearing: Cohen and Kelly in Scotland (comic): Mickey Mouse (comic). and Tropical Birds. Every- one welcome. Admissionâ€"Adults 20c., Children 10c. Congratulations to Mrs. S. J. Ken- K of Knox Presbyterian Church. Miss Mildred Weir, R. N., of Tor- onto. spent Sunday at her home here. Miss Ethel Olinhant, of Toronto. was a week-end guest with Miss Ruth Large. Congratulations to Mr. Jack Ham- ilton, whose picture along with three others appeared in last Saturday’s Globe, for having- excelled themselves in the originality and thought ex- pressed in costumes at the thirteenth annual Art Students’ Ball. on Friday night, in the Ontario Art College. We wish Jack continued success in his college career. Mr. Jack Finlayson of O.A.C.. â€"â€"â€"the bonds of Canadian municipalities like Calgaryâ€"that are payable in either Montreal or Toronto or New York. It is a matter of choice. If these Canadians elected to take payment’in either Montreal or Toronto they would be paid in Canadian funds, and the municipality concerned would escape paying a premium. That, however, is not Whaj; is happening. What is happening is that the Canadian hold- ers of these bonds are taking either their interest coupons or their maturing bonds to Canadian banks and asking them to send them down to New York to be paid in United States funds. In other words, they are taking the profit of the premium, on the American dollar. A precisely parallel case is when an Englishman has to pay a debt in Canada. An Englishman, let us say, owes $100 in Ottawa. In the old days, upon going to pay it, he could have bought 100 Canadian dollars for, roughly, 2 pounds. To-day, however, when the Canadian dollar is at a premium in England, and the pound at a discount here. his 100 Canadian dollars will cost about 26 pounds. But while the Englishman pays that much more, and it is a hardship on him, the man in Ottawa makes no profit. All he gets is his original contract for 100 Canadian dollars. There is something else. Many people say: “Canada is financially sound, and she’s a good customer of the United States; Why shouldn’t they take our dollar: at par ?’_’ Well, Britain is financially sound, and she’s a good customer of ours; why don’t we take her pound at par? She is nearer and dearer to us than we are to the United States. Or ought to be. The answer, of course, is that the matter of exchange and of the depreciation of currencies has nothing to do with sentiment; that Americans, as a people, have no more to do with the depreciation of our dollar in New York that the Bedouins of Arabia. The truth is that the only people on this continent Who are profiting from the discount of our dollar in New York are a limited number of Canadians themselves. Hun- dreds, probably tens of thousands, of Canadians hold bonds Everywhere one goes, these questions are asked. Many Canadians appear to believe, do believe, that when a Canadian Government or municipality or individual pays a debt in New York, and has to hand out $1.15 in Canadian currency for each one of the United States dollars with which the debt must be paid, the New Yorker gets on every dollar a profit of 15 cents. That. of course, is nonsense. All the New Yorker gets is his United States dollar, and no matter What it may have cost us in Canadian currency to get it for him, that dollar, when he gets it, means exactly a dollar and not a fraction of a cent more. doll “Why should Calgary or any other Canadian munici- pality, have to pay New York in United States funds, perâ€" mitting it to make a profit on our dollar?” “What right have Americans to say that our dollar is worth only 85 cents, taking a 15 cents profit on it?” “Who is pocketing this premium on the American THE LIBERAL, RICHMOND HILL. ONTARIO “WHO GETS THE PREMIUM” (Ottawa Journal) nedy, who celebrated her 87th birth- day, on Thursday, Feb. 23rd. Mrs. Kennedy’s many associates in Scarboro like to think of her as a cheerful friend, as they rejoice with her on this glad day. How applicable are these lines of Sir John. “A cheerful friend is like a sunny day, Which sheds its brightness on all around; And most of us can, as we choose. make Of this world either a palace or a prison.” At a meeting of Knox Forward Club in the United Church on Wed- nesday evening. Miss Armstrong gave an excellent talk on “Christ of The Indian Road.” MiSS Christine Ionson sang “The Stranger of Galilee” beautifully. Miss Isabel Armour presided. The Young People’s Society of Knox Presbyterian Church met at the home of Mr. and Mrs. L. A. Kennedy, on Wednesday evening, Feb. 15th. The Missionary Committee, under the convenorship of Mrs. Alex. Elliott, was in charge of the program. The Bible reading was given by Miss An- nie Milroy. The guest speaker ‘was Rev. J. Lewis W. McLean, assistant to Dr. J. G. Inkster, Knox Church, Toronto. His address on “Where Are We Going” was of a high char- acter and particularly appropriate and helpful to young people. A short time ago. Rev. McLean accepted ‘a call to Leamington Presbyterian ‘Church, where the best wishes of Knox Agincourt Y.P.S. will follow him. He will take up his new duties Mar. 15th. The social hour which followed Rev. McLean’s address, was a delightâ€" ful one, with games and tempting re- freshments. All felt grateful to Mr. and Mrs. Kennedy for their kindness in open- ing their home to the Young People of Knox Presbyterian Church. Miss Mildred Weir, R. N., of Tor- onto. spent Sundav at her home here. Miss Ethel Olinhant, of Toronto, was a week-end guest with Miss Ruth Large. Congratulations to Mr. Jack Ham- ilton, whose picture along with three others appeared in last Saturday’s Globe, for having- excelled themselves in the originality and thought ex- pressed in costumes at the thirteenth annual Art Students’ Ball. on Friday night, in the Ontario Art College. 0-A~C.. C‘Sc’llérefi.‘ We are pleased to see Mrs. An- drew Kerr able to be out again after a severe illness. Mr. W. Bruce Davidson addressed Knox Presbyterian Y.P.S. on Sunday evening. ‘ Some of our Agincourt curlers are As a result of the originality, splendid community spirit and thoughtfulness of Miss Isabel Ar- mour, teacher of Art in the Contin- uation School, those interested in “Color Harmony and its Application to Every Day Life” were privileged to attend her class on Tuesday after- noon. Miss Armour extends an in- vitation to any in the community who wish to receive instruction along this line, each Tuesday afternoon, at 3:30 o’clock, in the Continuation School. MY LITTLE BRASS BELL Were you at court, ah! long ago, when sleeves were puffed and skirts were wide, and waists were pinched in ever so, and ruffs the whitest throats did hide? Perhaps you waited on .Gueen Bess, perhaps you had a lover, too; and dreamed such dreams of hapâ€" piness; dear Lady Bell, I wish I knew! We were glad to see Mrs. William Riseboroug‘h able to be out on Sun- day. She has our best Wishes for a complete, recovery. Mr. Alexander Davidson, a student at O.A.C., Guelph, spent the week- end with his parents, Mr. and Mrs. W. B. Davidson. If this were so, how you must hate to stand with arms akimbo, thus; and yet you never rail at fate, you never fume nor fret nor fuss. Year in, year out, in cold and heat, your voice has such a sweet, clear note; I love the way your little feet peep out beneath your petticoat. Mrs. Ben Jones came from Clare- mont to ,visit her parents, Mr. and Mrs. Wm. Harris, and to attend St. Timothy’s Supper last week. How many people in your life have heard your voice and it obeyed? What jokes you’ve heard, what words of strife; no secrets, though, have you betrayed. Oh! Lady made of brass, I pray, unbend this once and answer me; don’t you feel proud When people say, “The Bell! How nice. It’r time for tea.” Some of our Agincourt curlers are going strong at thé Toronto Bon- speil this week. Good luck to them! The Women’s Association of Eb enezer Church met at the church 01 Monday afternoon. President, Mrs F. Miles, was in the chair, Mrs. Chas Miles gave a talk on the lesson. Rev D. MacKeracher gave a talk on music Refreshments were served at the close of the meeting, Mrs. Fred Miles was hostess. Miss Mary Kerr and Miss Margarâ€" et Green of Toronto General Hos- pital were Agincourt visitors last week. mg“ Mrs. Coulson has returned from : Weeks holidays spent with her par ents, Mr. and Mrs. Natress, Toronto. Thirty friends sat down to a ban quet given in honor of Mr. and Mrs Frank Bell, on Friday evening last at the home of Mr. and Mrs. Johr Donaldson. Flowers and Valentine colors decorated the table. A featun of the evening was the presentatim to Mrs. Bell of an Airopackcase am With it the best Wishes for a saf; journey. Guelph, and Mrs Mrs. Bell, who has resided in this community for the last ten years, wi” her family Willie, Mary and Frankir are sailing shortly for the former home in Lanarkshire, Scotland. All took a keen interest in the con tests, and a most enjoyable evenin," was spent by all present. Miss Helen Honey of Toronto Un‘ versity spent the week-end with he' parents, Mr. and Mrs. J. S. Honey. A returned Ladv Missionary fron Africa will speak in Ebenezer Unitev Church Sunday afternoon, and at th“ service the induction of the two nev elders will take place. The regular meeting of the Eben l ezer W.M.S. was held at the home 0’ ‘ Mrs. Fred Miles, on Wednesday af ternoon last. A good attendance 0" members and friends were present Mrs. J. A. Macklin was in the chair The business of the meeting includefi the discussion on Supply Work 0’ flowers for the sick, and the appoint ing of a committee to make all ar rangements regarding the Women’r Day of Prayer which is to be held or Friday, March 3rd. All the ladies of the community are invited to this prayer meeting, also the members of the Free Methodist Church, are in- vited to join in this meeting. After the close of the business. Mrs. Roy Risebrough had charge of the meeting. The roll call was ans- wered by a verse containing the word “Faith.” Mrs. MaeKeracher lead in prayer, Mrs. Fred Sing- read the scrin- ture lesson from Isaiah, 11 chapter, lst nine verses. Reports of the Presby- terial meeting were given by Mrs. Sever. Mrs. A. Wood and Mrs. J. A. Macklin. The chapter from the new Study Book, on Canada, was left over until the next meeting. A hearty wel- come was given the two new mem- bers, Mrs. Adams and Mrs. Roht. Bell, Mrs. Macklin closed the meeting with prayer. A delicious lunch was served by the hostess, assisted by Miss Ethel Miles and Mrs. Thos M rs elph, spent the weekâ€"end with Mr frien ;. G. A. Tees.‘ Walter Elliott entertained MILLIKEN at y evenâ€" THURSDAY, FEBRUARY 23rd, 1933 An event of special interest was the surprise tea given to Mrs. David Yeamans (formerly Joan Bertram), on Friday afternoon, the seventeenth, at her beautiful home on Church St., Agincourt. Mrs. Yeamans celebrated her seventy-ninth birthday with twelve of her intimate friends. Her friends join in wishing her many re- turns of the day. Mrs. S. Gibson and Miss M. Gibson visited Mr. and Mrs. Hugh Deverell on Monday evening. We are pleased to report that Mr. Robt. Adams is recovering from a cold which has kept him in for several weeks. ' The Young People held their regular meeting Sunday evening. Cecil Brit- ian had charge and Miss Ruth Clay- ton took the topic. Mr. and Mrs. Archie Risebrough are spending a few days visiting in Tor- onto. last The choir of Ebenezer Church met for practice at the home of Rev. and Mrs. D. A. MacKeracher, Unionville, on Friday evening. After practice, games were enjoyed. Luncheon’was served by Mrs. MacKeracher. ’ Mr. and Mrs. Thos. Beckett are th proud parents of a. baby boy. ' Mr. Meno Peesor and Mrs. Sewell were visitors of Mr. and Mrs. Robt. Petch on Sunday. Mrs. Timbersâ€"of Sandford, is visit- ing‘ Mr. and Mrs. A. Woods. Mr. and Mrs. Vardon, Mr. and Mrs. Bell, Mrs. and Mrs. Webb, were guests of Mr. and Mrs. Adam’s on Saturday evening. The'Euchre held in the. Public School was a. success. There were 17 tables, good prizes were given and the proceeds will go to the piano fund. Last Friday evening another Talkie Movie picture show was given at St. Paul’s Church. They are planning another entertainment about the mid- dle of April. Mrs. Wm. ‘Macklin Sr. entertained friends to dinner on Friday last. A very interesting letter from her son Fred was read and much appreciated by all. The letter gave an account of when he had left Corydon, Eng- land, by a large passenger plane for Paris, France, and while there he Visited different parts of the battle field, and the cemeteries where lie his comrades of the Great War and the Canadian Memorial on Vimy Ridge, from there he went to Mar- seilles, enroute to India. We extend congratulations to Miss Margaret Shaw of Newtonbrook,’ who won the Junior Girls’ Oratorical Con- est, at the Earl Haig Collegiate In- titute last Friday evening. The wrizes were presented by Principal G. X. Preston. Misses Bertha and Irene Smith are wble to resume their duties at the Town Hall after a weeks illness. Mrs. Will Schmidt of Capreol is Iisiting relafciveisi in :chis_community._ Rev. and Mrs. A. H. Halbert enterâ€" tained the members of the United "hurch choir at their home last Friâ€" 1ay evening. Mrs. Hairy Smith is recovering From an attack of influenza. The Y.P.S. met last Monday even- ng with the president, Mrs. Herbert Tames, presiding. The devotional weriod was conducted by Miss Mary :Yeese and Rev. A. H. Halbert. Mr. 'ohnson of Thornhill gave a very fine "1dress on “Citizenship.” The young >eople expressed their appreciation :nd hoped that Mr. Johnson would ome back again and address them 41: 1 personal friend of Dr. Gordon’s Ralph Connor) will give an address. Tome and bring a friend along. Every- ody welcome. Rev. and Mrs. A. H. Halbert attend- ‘d the Annual Reception in the Timâ€" ~‘chy Eaton Memorial Church last Tuesday evening, which was held un- der *the auspices of the Ministers Wives Association of the Toronto Presbyteries. The World’s Day of Prayer will be wbserved on Friday, March 3rd. The local auxiliaries will unite with the "“hornhill auxiliaries at a service to be held in Thornhill Anglican Church, at 3 p.m. The W.M.S. met at the home of Mrs. J. C. Bales last Tuesday after- noon with a large attendance. The president, Mrs. J. Soden, presided. The devotional period was conducted by Mrs. W. Pilgrim, who gave a very inspirational talk on “The Influence of the Christian Home.” A duet was sung by Mrs. Harold Moore and Mrs. Glen Shaw. Two chapters of the Study Book were very efficiently re- viewed by Mrs. R. F. Hicks. Prayer was offered by Mrs. E. R. Young of Toronto, also Mrs. H. B. Schmidt. A very fine report of the seventh an- nual meeting of Toronto Central Pres- bvterial was given by Mrs. H. James. A committee consisting of Mrs. Soden, Mrs. Halbert and Mrs. A. W. Stenhâ€" enson was appointed to arrange for a W.M.S. Sunday service in May. Miss Hope and Mrs. Pilgrim were apnointâ€" ed delegates to attend the Prohibition Union Convention to be held on Mar. 0nd and 3rd. in King Edward Hote, Toronto. Arrangements were made for a St. Patrick Tea to be held Mar. 15th. Meeting dosed with prayer by Mr. Halbert. The ladies were then 1'nvited to the dining- room Where dainty refreshments were served by the hostess. Mr. “Harold Murphy has returrled Tom a business trip to Ottawa. Mr. Harry McLean, literary con- 'enor, will be in charge of the Y.P.S. neeting next Monday evening. The ife and works of Ralph Connor will =e studied. Mrs. Adams of Winnipeg L future date. Mr. Norman Waldron ontributed a piano solo. An execu- ive meeting was held at the close of he meeting. Mr. and Mrs. J. M. G NEWTON BROOK tea Iloway vis- Wednesday