“Consumers must practise rigid economies, making all papers non-returnable; eliminating press room wastes and all avoidable consumption of paper. If this does not bring the consumption within the production, sufficient new mills must be constructed to take care of the normal consumption with the normal increase, as there is only very little new tonnage proposed, which will come on the market by 1918.

“Manufacturers must turn aside from export business, taking care of old and permanent customers; should run mills at the fullest possible capacity, and at a reasonable margin of profit.

“It has been distinctly understood with me before taking up this work, that the basis of relief will be mutual understanding and information between manufacturer and consumer, with sufficient increased tonnage provided, either by the present manufacturers, or by a few of the consumers, to protect the members of the American Newspaper Publishers’ Association in their supply of print paper.”

MARKET VALUES OF PAPER STOCKS.

The present unprecedented situation in the paper industry has fomented considerable speculative enthusiasm in Canadian paper and pulp stocks. Trading in these issues on the Montreal and Toronto stock exchanges has increased very materially, and prices are way up from the low of the year. Canada produces half as much newsprint as the United States, and she is increasing her capacity at a much faster rate than American mills.

The following table shows the extent of the advance this year in a number of prominent pulp and paper stocks listed on the Montreal and Toronto exchanges:

Present priceLow 1916Advance
Laurentide Paper19817622
Wayagamack742747
Riordon Pulp & Paper995841
Price Brothers956035
Spanish River com.15½3½12
Spanish pfd.442915
Toronto Paper554213

The Conservation Commission calls the attention of Canada to experiments showing that jack pine is well suited for making kraft paper. It will grow on poor land and is largely used in the West for fuel.