[R.O. 1951, Ch. 8, § 1]
For the purposes of this article, the following words and phrases shall have the meanings respectively ascribed to them by this section:
A sale or offering for sale to the highest bidder of any goods, wares and merchandise of any description whatsoever.
All goods, wares and merchandise of any description whatsoever, which a merchant ordinarily carries on hand in such business and which were purchased by the merchant not later than 60 days prior to the date of application for a permit to conduct an auction.