Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-02
FINANCE MINISTER
URGES FREE TRADE
New Canadian Official Has
Record as Able Bust
ness Executive.
BY JOHN F. SINCLAIR.


NEW YORK, December 2.-When
Mackenzie King, Canadian prime min
lister, selected Charles A. Dunning, the
Canadian minister of railways, to be
minister of finance, he chose "a free
trader from the west"
The new finance minister was born in
England as years ago. At 18 he work.
ed on farm at Beaverdale, SaSkatche-
wan. At 26 he organized the SaSlket-
chewan Cooperative Elevator Co. From
that time on his expanding career has
been part of the progressive farmer S
movement in the western provinces.
Mr.. Dunning held several cabinet po-
sitlons before becoming premier of the
great wheat province of Saskatchewan
in 1922. Four years he was called to
Ottawa as Canadian minister of rail-
ways.
The Financial Post, Canada's OUT
standing business weekly, says of the
new finance minister:
"Mr. Dunning is a man of practical
intellect. an able business executive
and a student of finance These con-
slderations are far more important than
the TACT that he is a theoretical free
trader
But to Western Canada it is a great
event, for it is the first time that a
western man has been appointed to the
important portfolio of finance in any
Canadian government.
Coffee Industry Aided.
The coffee situation in Brazil, which
has had several sinking spells lately,
has been help2d by loan of approxi-
mately $l0,O00,000 secured. last week In
Europe.
The price of coffee, which has long
been sustained at high levels by the
Brazilian valorization plan, rose from
ID cents a pound in 1922 to % cents a
pound In 1925. It remained the latter
figure until lately. The recent sharp
break in the New York Coffee Market
dropped prices to the lowest level since
1928.
And why? Ten years ago, the an
nuaI production in Brazil was about
100000 bags. Today it is about 49,
100000. The rest of the world 10
years ago, produced about 100000
bags, today 100000. But many of the
trees planted in recent years, since the
rise, are just now coming into bearing.
The world consumes about 5000, 900
bags OF coffee a year. Today world
production exceeds world consumption
More than 100000 bags of coffee, I'M
Institute, were carried over into the be-
ginning OF the present crop year. 1t
is now estimated that approximately
100000 bags of coffee are stored at
present waiting for better prices.
Brazil, in 1919, landed her first coffee
in the United States at Salem. Mass
1872 bags. Last year I0,5O0,00O bags
were imported into the United States.
Of which 100000 came from Brazil.
Until world control of coffee produc-
ton is effected-and this is impossible
at the present stage of society-Stabiliz-
ing the price of coffee is bound to have
g bad time. The present one is a good
e example.
Preparations Bonds.
A small offering of German repara-
ton bonds, issued under the divisions
of the new Young plan, viii probably
be offered to the American public and
in other leading countries in February
or March of next year.
It is understood that the issue will
not be large one. 1t will be merely a
"feeler" to tamiliarize the buying pub
lie with this new type of security, which
is sure to be with us for many years.
1t is expected that the first issue will
bear a per cent coupon, have per
cent amortization charge, and be sold
at about par.
Ultimately about $4,000 100000 of
these bonds will be issued.
No one need be surprised if France
absorbs a large proportion. If the
French government takes large amount
and agrees to exchange them for
French government bonds now in the
hands of its public, it will permit
France to reduce her own national debt
by the number of German bonds which
she exchanges. If the French people
are willing to trade their government
bonds for German reparation bonds, the
French financial situation will be
helped.
This course of procedure is expected.
Pension List Changing.
AS the ranks of the Civil War vet
Grams and their widows grow thinner
the places made vacant at the United
States Government Pension ONCE are
quickly taken by Spanish American
War veterans and their widows.
For the first time the amount OF
Government pension payments to the
Spanish veterans exceeds those now
made to the veterans of the Civil Wal.
This information is furnished by the
commissioner of pensions. who an
nounces that 447,912 people received
monthly checks, totaling almost $780,
600 900, for the last Government fiscal
year.
Of this amount $57,095 900 was paid
to Civil War veterans and $86,474.OOu
to Civil War widows. But the Spanish
War veterans themselves are given $685.
$4,000, while their widows received
S11. $4,000.
This gives a United States Per capita
pension of about $460, as against
per capita of $3.50 given by England.
England has 1,665,47 pensioners, who
in the last fiscal year we're given
s30s. 600, 600 in war pensions.
That's one trouble with this war
business nation never gets through
paying for it.
(Copyright, 1929 by North American News
paper Alliance.)