JOURNAL AND PROCEEDINGL, 13 
difference to these nations which exported more than they imported, 
because there were no other conceivable creditors, and also the bal- 
ance which the over-exporting nations had accumulated in their 
favor during the same period. 
After paying the creditor nations all they claimed to balance 
their trade, the debtor or over-importing nations were left with some- 
thing like sixteen thousand million dollars of indebtedness ; the 
balance was still against them for that sum on the 30 years foreign 
business—with no nations left to claim it. Mr. Crerar remarked 
that he was open to be better instructed on this particular branch of 
his subject and if his methods of drawing these deductions from 
figures was erroneous—and he was free to admit that the method was 
strictly his own and would not be found in any treatise—he would 
be glad to be corrected. 
Mr. Crerar then wound up with a number of references to pop- 
ular fallacies about the supposed special power and wealth in the 
form of money as distinct from other wealth of equal value, and 
urged his audience when considering the great problem of develop- 
ing trade and commerce, and in drawing inferences from its varying 
volume, to eliminate utterly the idea of money in a material form as 
a factor to be considered. All trade consists of barter, the same to- 
day as before the flood, and will consist of barter while the industrial 
world endures. 
On motion of A. Alexander a vote of thanks was heartily ac- 
corded to Mr. Crerar. 
THURSDAY, MARCH 15th, 1900. 
Vice-President, J. M. Dickson, was in the chair. 
Minutes of the previous meeting were read and confirmed. 
Geo. L. Johnston, B. A., was elected a member of the Associa- 
tion. 
The programme of the evening was then proceeded with, the 
.first paper being read by Mrs. Rose Holden and entitled ‘‘ILa Guerre 
des Iroquois.” 
This paper contained a great amount of valuable memoranda 
concerning the troubles of the early Indian tribes. Mrs. Holden en- 
