Formerly, in the United States when the movement of crops oF the Stock Exchange made heavy demands for money, business had to be bid up to "a very high level for funds. This was natural, But it carried money rates to such roiats thet the average business could not pay the price. To-day, however, the business man in any' of the states of the Union can make plans for years ahead, when ther he is dealing with his neigh-Jbouring town or with Shanghai or imbuctoo, with every assurance continue his financial called upon to form a syndicate for the express purpose of protect= ing the Treasury of the Unites States, let alone the New York banks, so acute was the evisis. But that would be an unthinkable thing to-day. Then, in 1899, call money, rose to 186 per cent. on December 18, but by midday of the 19th had dropped down phenomenally to 2 For cent., because it was discovered that the business panic was only a false alarm. ith the Federal Reserve operat ing, Wrowever, these things could not take place to-day. thout being penalized by high money rates. For, though the Britich banker may be inclined to holes in the System—and errs in a goodly company, for it is freely done in Congress, though this may not be a compliment to the banker—there can be no doubt that it has eliminated extreme ecasonal fluctuations in rates of interest. It brought American business safely through the war and post-war crisis, though the position here was, of course, much more stable than in any other industrial country in the world. Through its par payment system for cheque collection, it has saved niillions of dollars to business. It [has rendered the gold reserve more effective as a batis for credit exjtencion in times of extraordinary Ir has come to the knowledge of Mrs, Swaine, formerly "Miss Gladys Luke, well-known as founder of the Tieh Hwa School for Chinese boys and girls, that unauthorized people are' goi about soliciting subscriptions to the school. It is particularly ree quested that, for the moment, no one will pay any subscriptions on this account, The management of the school ix being reshaped and ture ther information will shortly be Sent to those who thave so generous supported it in the past, A portnarr of a carp attributed to Tang Ying, the famous artist of the latter part of the Ming Dinasty who lived over 500 years ai been reproduced in the artist's' true demands. Moreover, another, {00 /etiete gold tones on mimes extraordinary es ours, deeply "softtoned with light obvious factor, is its automatic means for handling huge financial operations of the Government. without interference with business, and, in the official opinion of Mr. Mellon (Secretary of the Treasury) the Federal Reserve System is largeible for the fact that reaped the chaotic contion of her currency and credit which characterized so many countries of Europe in the post-war peried, and now possesses a financial structure capable of maintaining round business conditions."
Among other of its important features is the question of increasing business, which can be done with a given capital by means of gradations predominating, a work art especi [denoting what apt hand to do with such a common subject as a fish. The carp is Iemping the waves by moonlight and the picture might well be titled ("The Birth of the Dragon," the clever artist having seem ingly caught his subject in the very act of mounting the Déagon [Gate, for sprouting horns are sea glistening in the golden mioonrays, These pictures are issued in liew of the conventional calendar by the Proprietors of the Fisherman brand of cod-liver oil (Scott's) and a limited supply has been placed in the hands of local dispensaries for
Text read from the printed page and cleaned; old type leaves the occasional error.