Edited Text
Che
CHARLOTTETOWN,
p,
-E. ISLAND, WEDNESDAY, NOVEMBER 20, 1867.
Paper ares gan
‘$88 SERALD
EDWARD REILLY,
EDITOR AND PROPRIETOR,
at his Office, Queen Street.
TERMS FOR THE ‘tteRALD.”
1 year, paid in advance, £0 9 90
hs ale hall-yearlyinadvance,0 10 0
os
Advertisements inserted at the usual rates.
JON PRINTING
Of every description, performed with neqtness and despatch
and pont Prva terms, at the Hunaxp Ollice,
\
“ ae eee eee EET meas
nd
LMANACK FOR NOVEMBER.
MOON 8 PHASES.
First Quarter, 4th day, 104. 15m., morning, N.E.
Fall Moon, 11th day, 8h, 57m., evening, S. EE.
Last Quarter, 18th day, Oh. 53m,, evening, W.
New Moon, 23th day, 0h. 58m., morning, N.
rs 23.
paternal . ‘ pha > {matter “what we do know,’’ after thicty years’ experience,
. LH | 8UN High Moon: ae and pledge our reputation for the fullitinent of hat we here
4 4 DAY WEEK, S E\declare. In ulmost every instance where the infant is suf-
"2 rises |sets | Water) sets, | 2 | fering from pain and exhaustion, retief will be found in fftecn
ET cay A AN tae eons a Paik cm Pes 2 minutes after the syrup is administered.
hmh mh m[ bh mjh- mM)” pris valuable preparation is the prescription of one of the
1 \Friday 6 464 4 2, 1 39, 8 57) 9 5G) most exerienced and skilful nurses in Now Bagland, and
2 |Saturday 47, 40, 2 36; 9 48 53) has beenused with never failing succoas in
aye | 37/8 1910 48 9 THOUSANDS OF CASES,
3 Suuday 49) 37 3.1910 4S 2 f : bos
4 Monday 50: x 4 81188, 46 Bs - Loy: etme neg once ae invigorates =
’ oo o : | stomach anc wels, corrects acidity, and gives tone an
5 |'Tuesday 52; SA] 4 53 morn,| 42) -norgy to the whole system. It will almost instantly re-
6» [Wedacaday oer ast : i ot . GRLPING IN TYE BOWELS, AND
7 /Thursday 65) 31, 6 40; 1 38, 936 eC eo ne
8 (Friday 56) 80) 7 37) 2 40, ot ani overcome PO i egg ort t spoedil lied
noe 29) 8 33°38 43. 32 overgoi ions, which, if not spoedily remedie
9 |Saturday oe ¥ i ; “\endin death. We believe it the best and surest remedy in
10 |Sunday 69: 27) 9 80, 4 49 29) cho world, in atl eases of Dysentery and Diarthea in ehild-
il {Monday + A 260 2: rises | 26/ren, whether it arises from teething, or from any other
12 |Tuced 9! 25.11 20 5 40 93) cause. We would say to every mother who has a child suf-
uesduy Be Lae 630 81 fermg from any of the torgoing complalats—dlo not let your
13° | Weduesday $, 24even, | vol 1 q{Preftdices, nor the projucices of others, stand between your
14 |Thareday fh 28) 1 8 7 28) 18 sufcring child and the relief that will be sure—yes, absolutely
15 Friday 7 297 1 68 8 80: 18) caret follow the use of this medicine, 1f timely used, Full
16° 1Shtasde R 9/2 49 9°38) 13] directions for using will accompany each bottle. None
= 7 9 90) $ 4210 43! 11 | genuine unless the fac-simile of CURLIS & PERKINS, New
17s |Sunday | v : | * co xl g| ork, is on the outside wrapper,
13 /Monday / 10, 19) 4 87.11 52) 9) Sold by druggists throughout the world.
19» ‘Tuesday | 12 18) 5 33, morn! 6] Principal Oilice, No. 48 Dey Street, New York.
40.|Wednesday ; 14| 7 6 30, 0 67). .8 em hie only 25 ona om Bottle,
~ 4 t. G, 1846, v
zl |'TPhorsda 15, 46j 7 20; 2 1 1) SE af cao apes emtierenmemigtstnaes niacin
22 |Briday y 16. 15 8 2318 4 8 59 A Cough, Ovid, or Sore;
ZB. |Saturday 18.15 912) 4%. 67 ewone
é ; Zz ae ‘
v4 Sunday 20 «415, 9 59, 5 .< he | Requires immodiate att@tion,
25 |Mouday 23) 141046 G6 9 53) und should be checked. If
é “4 ay 95 ‘ : 9 » Lungs, er
a7 W ednesday pad a 6 55. 47) manent ‘Throat Affection, or
. Leeper o4 1 : i + ea! 43 an Incurable Lung Disease,
2 rik ) 2 (fo, 63S
80 Sat | na 12,16 ‘ 8 St) 40! is often the result,
‘ *
eg ES Ee ee a Browa’s Bronchial Trochos __
Prices Current. Hiaving a Direct nie 3 to it Parts, give Iinmediate Oy ®
- aed.
Cuanvorrerows, November 8, 1867, |For Broachith, | ioe FS darn Sousumptive
be ’
ons.
Ecovist 4d to Gd
ad to bd
Sd to 44d
G1 to 7d
Beef, (smal!) per Ib.
Do by the quarter,
Pork, (eareass)
Do (small)
Mutton, per lb.,
Lamb per Ib, Bd to 5d
Veal, per lb., 3d to dd
Ilam, per lb., Gi
Buttor, (fresh) Is to Is 3
Do by the tub, Wito Is
BA to Bd
9dto Tod
Sd to 6d
Dd to B4d
listo 1LUs
ly to ls 2d
Cheese, per Ib.,
Tallow, per lb.,
Lard, per tb.,
Flour. per lb.,
Oatmeal, per 100 Iba...
Egbs, per dozen,
Grain
Barley, per bushel, | 43
Vats per do., 2s fd to 28 81)
‘ Vegetables ‘
eas, per quart ; 2s to 265
Potatoes, per bushel, 2s
Poultry.
Goose, 26 to 2s 6d
Turkeys, each, 4s to 7a 6
Fowls, each, ls to 1s &d
Chickens per pair, 1s Gl bo Ss
Ducks, 1a 3d to 1s 6d
Fish.
Codfish, per qtl., 20s to 30s
Horrings, per barrel, 25s to 408
Mackorel, per dozen, :
Lumber. |
Boards (Hemlock) xa |
Do (Spree) 48 to 5s)
Do (Pine) 7s to 9s!
Shingles, pur M, 13s to 183)
Sundries.
Gs to 80s)
Hay, por ton
Ag . GUs to 70s
Straw, per ton
Timothy Seed,
Clover Seed, per th.,
Homespun, per yard, 4s to6
Calfskins, per lb., Gd tod
llides, per lb., 44d
Wool, to 236
Sheepskins, 2
Apples, per doz., y
Partridges, ’ Is to 1s 5d
GEORGE LEWIS, Markot Clerk.
* +) .
Fishermen’s Outfits.
FINUE SUBSCRIBER. is prepared to furnish promptly to
EVisinsies: at reasonable prices, all the OU ‘Tits
necessary to prosecute all the differnt branches of FISHING
carried on alout Prince Kdward Island, and in the adjacent
waters, euch as
Salt, Flour,
Barrels, —
balk. cans,
Clone Pena,
Mackerel Hooks, Hutter,
Cod do Pork,
Mackerel Lines, Leet,
C do Tard,
Mackerel Jigs, ‘Tea,
God Leads, Coffee,
Cotton Duek, wirar,
_ De Sail Twine, Molasses,
Bait Knives, Spices,
_oo Splitting Kuives, Pickles,
Jig Rasps, Lanterns,
Holled Oil,
Tait Heav
ae Kerosene Oil,
Clan Choppers, x
Oil Clothes, a7 Vinoger,
| Sou’ Westera,y . &e., &e., &e.
Beas ssesses oxcellont facilities for INSPECTING and
PACKING MACKELE!, and other 4, le
Charlottetown, May 22, 1867.
jhigh state of cultivation. — ‘
nected therewith, which yields annanily about cight or
MRS. WINSLOW,
An experienced Nurse and Female Physician, presents to the
attention of mothers, her
Soothing Syrup,
Tor Children Teething,
which greatly tacilitates the process ot teething, by sottenin,
thegums, reducinng all inflamation—will allay all pain an
spasinodic action, and is
SURE TO REGULATE THE BOWELS,
Dependupon it, mothers, it will give rest to yourself, and
RELIEF AND HEALTILT TO YOUR INFANTS
We have put up and sold this article for over thirty yeara
and can say with confidence and truth of it, which we have
never been able to say of any other medicine—never has it)
failed, in a single instance, to effect a cure, when timely used,
Never did we know an instance of dissatisfaction by an
one who used it, On the contrary, all are delighted with
.ts operations, and speak in terms of highest common lation
of its magical effects and medical virtues. We speak in this
Troches are used with always good success.
Singers and Public Speakers
will find Troches useful in clearing the voice when taken be-
fore winging or speaking, and relieving the throat after an
unusual exertion of the vocal organs. The Troches ore re-
commended and preseribed by Physicians, and have high
testimonials from eminent men throughout the country.
Being an article of true merit, and having proved their effi-
cacy by atest of many years, each year finds them in the
localities in va:ious parts of the world, und the Troches are
universally pronounced better than other articles,
Obtain only “Brown's Bronchial Troches,”” and do not
take any of the Worthless Imitations that may be offered,
: SOLD BYERY WERE.
1887,
1867. SPRING
KENT STRET
OLOTHING STORE.
TYVAE Subseriber has for sale: +
Black Broadcloths and Doeskins,
Silk Mixtures and Tweeds,
Suitable for Spring and Swmmor wear. He will make
them up for parties, in want of Summer suits of Clothing
cheap for cash or approved credit.
Also a superior lot of
Ready-Made Clothing,
Manufactured on the, premises under his own immerliate
supervision. Parties ia want of a good substantial article,
would do. well to give him a call, before purchasing
olsewhyare, P. REILLY.
Maylith, 1867
PrIryTe LUMBER, &2.
AOR SALE, 59,90 feet 1, 14, 14, and 2 inch Pino--
I good qaality and, partly seasoned,
100,00.) Square Sawed SHINGLES.
125,00) Cedar SHINGLES.
Llarge Ware Room FRAME,
—ALSO—
100 Tons Port Hood COAL, a mad article for home nas |
A MoNEILL, Auc. tioneer
_ Suly2t, 1867 a ont) oo
~ FREEHOLD. PROPERTY
For Sale.
IIE Subscriber offers for sale 75 Acres of FREEHOLD
it LAND, situate in Lot 14, and about ofe inile from
Grand River Ferry. There are a good DWELLING
HOUSE, BARN, and other Out-houses on the premises,
Ten acres of said property are covered with © young
growth of ROCK MAPLS, and the remainder is in a
‘There ig also # Marsh con-
nine tons of Hay. This Property is in a flourishing
settlement. and is near the + aly Post Road to Port {Till
Its water facilities are excellent,
For terms and other particulars apply ‘to the Sub.
i » premises,
seviber on the premise siitootsr scaoue An
Grand River, Lot 14, Oot. 33, 1857. POO a
~ Building Lots ia the City. -
MNO BE SOLD, a PRIVATE SALE, in
two separate Blocks,
Town Lot No. 100,
in the Second Handrel of Town Lots ia Charlotte-
town, pleasantly situated on GRAFTON STREET,
botween Temperance Hall and Prince of Wales’ Col-
lege: On the promises is a COTTEGE, at prosant let
in two conements.
Apply to
JOUN. MeNEILE,
Water Streat
Oot. 89, 1357. Shee
sell, igsned as the Act now anthorizoa,
REPORT
or THE
HONORABLE JOSEPIT HENSLEY,
Attorney General,
TO THK
GOVERNMENT OF PRINCE EDWARD Is-
LAND, RESPECTING [is MISSION TO
ENGLAND ON THE SUBJECT OF
THE LOAN BILL AND OTHER
MATTERS
Continven.
Subsequently I had numerons iaterviews with Mr.
Barton, and with many gentlemen connected with
the Stock and Money Market, on the subject of the
proposed Loan, the final result of which was a de-
termination upon my part to delay lof a time placing
the application absolutely before the public. It was
evidently, notwithstanding the abundance aud cheap-
uess of money, a very uvfavorable time for the oper-
ation, A general indisposition to invest ia any new
securities, (Lome, Foreign, or Colonial, existed, and
this was proved by the failure of several attempts to
raise Loans, An attempt was mado during the
month of July to raise a Loan of £109,000 for the
Colony of Tasmania. The Loan was publicly ad-
vertised and Tenders invjted. The miuimum price
fixed by the Tasmanian Government at which Teod-
ers would be accepted was 95, that is a bonus of
five per cent. ou each Bond or Debenture for £100,
which was also to bear interest at six pereont, per
anunm, At this price there was only one Tender,
and that was £1000 only; and consequently the
Tasmanian authorities were obliged to let the appli-
cation lie over for a time, Ad attempt to raise a
Loan of money in the month of August for the
Russian Government also failed. ‘The following
correspoudence which passed between myself and
Mr, Alexander Scrimgeour, of the firm of Messrs.
J. & A. Scrimgeour, No. 18, Old Broad Street,
London, extensive Brokers, and Brokers for the
Union Bank of London, will explaia clearly the
state of the money market at the time as regarded
the Loan proposition. IT had handed to Mr. Alex-
ander Sczimgeonr, for his opinion and adviee, the
papers connected with the Loan, and on 21st Jaly,
he wrote as follows :—
6 DuxkeLn,
“21st July, 1867,
“ Dear Srr,
* I have read the papers respecting the Loan for
Prince Edward Island very carefully, and there is
only one suggestion which [have to inake which is
as to the application of the Sinking Fund.
‘ T have no doubt that it would tend to make the
Loan popular if the Sinkiny Fund were made to act
CONT TTT Cre tog at peng thmtdmnt
arranged to meet Mr. Barton at the Union Bank. on,
Weduesday, at half past teu o'clock, to determine,
what cousse [ shall pursue now aboat the Loan,!
and T shall be very much obliged if you will be so,
go01 aa to give maa reply and your opivioa on the)
poiats to which Ihave referred, so (iat I may re-
ceive it on or bafore Weduasday morning next.
* You will please boar in mind that T desire to,
issue the Loan vow if practicable, bat I shall be very,
much guided by your opinion and advice.
*f am, dear Sir,
* Yours very traly,
* JOSEPH HENSLEY.”
Mr, Serimgeour replied to the following effect :—
$24, Uston Sraggr.
“ ABERDEEN,
20th July, 1867,
“Dean Sin,
* I beg to thank you for your Latter of 29:h inst.
Tt would of course bo impossible to do anything not
strietly in accordauce with tha Act.
over it appearel to m2 that it woull almit of the
Siuking Fund being applied by annual drawings,
provided the Loan was extinguished in tweuty years,
but vo doubt I am mistaken ia this.
* The comparison yon make with other Bonds is
perfectly just, nevertheless if any one of those Colo-
nies whose Bonds now stanl at 95 were to attempt
fresh issue I feel certain they coittd not do so within!
five per ceat, of present price af least, Any answer,
to your questions must of course ba quite problem-|
atical, but I should venture the following coa-
jecturos:— ;
Ist. The Loan, in its prosent form, would not at
the present time be taken above 99), if at that.
2nd. Provided nothing unforeseen take place in
the meantime, Tshonld expect an opportunity with-
in three or four mouths ef placing the Loan at from
93 a 95.
3rd. Teonsider that if the Loan wera made for
ten years, redeemable by annual drawings, it would)
go quite as readily at 95 as at 90 in. its present
shape, 2
4th. Tho maturity might be arranged to suit the
convenience of the Colony, but the shorter the date
of payment the fiigher the price the Bonds would be
likely to foteh,
My father, who is on the spot, will bo able to
give you a more reliable opinion of the state of the
market, but from all I hoar it is almost impossible
to imagive a more untavorable time than the present
for an operation of this sort.
* Tam, dear Sir,
Yours very truly,
* A, SCRIMGEOUR.”
After receiving this commanication from Mr.
Scrimgeour, I again consulted with Mr. Barton, the
say, if £5,000 Bonds were drawn each year by lot,
and paid off at £100, thus redeeming the whole
Loan iu Twenty years as authorized by the Act.
“Tha advantage of this plan to the Government
iz, that it renders the Sinking Fund self-acting, ob-
viating the recessity of investing from year to year,
sometimes ata great disadvantage, for a period of
twenty years, while to the Bond-holder it is very
attractive, as assuming the Bonds to be issued at a
discount, it gives him the chance of an almost im-
mediate profit on his investment. In cases where
the Sinking Fund is arranged in this way the short-
er the date at which the Loan expires the better, ten
year Bonds would command a better price than
twenty years. ;
* About this time last year, when things were
very dull, we floated a Loan for New South Wales
(£850,000) on this plan with great success, and I feel
satisfied that it will become more and more general.
“ T assume that you will have taken eare to com-
ply with the requirements of the Committee of the
London Stock Exchange, by having, the Bonds
numbered and (he whole series inserted oa the face
of the Bonds. You can obtain a Bond at our office
if yon require a sample.
“From what I hoar, things saom oxtremoly dull
in London just now, and T should recommend your
waiting a little if practicable.
Tam, dear Sir,
* Yours truly,
“A, SCRIMGEOUR.”
T replied to this letter on 26th July last, as fol-
lowa :—
* Dean Sir,
T reogived your letter of 21st instant, and I am
much obliged to you for the suggestions respecting,
the Loan, contained init, [ quite agree with you
that it would be more likely to float to advantage if
the Sinking Fund had been applied to the payment
of Bonds annually drawn, but as the Act now stands
its provisions will wot admit of such an arrangement
lanl any issue which takes place would have to be;
: |
strietly in accordanca with the local statute payable
too at twenty years from date. 1 am very desirous
if iv can be obtained without too great a disadvan-
tage, to raise the Loan at once, becausa I have to
return to America on 17th August, aad would like.
if, practicable, to complete the matter by that. time.
Will you be so kind as to give me your opinion as to
the price at which you think the Bonds would now,
The Canada,
New Brunswick and Nova Scotia Bonds, which are
pretty mach in the same form as those I propose to
issue, appear to me to bo worth about 964 4 4.
Prince Edward Island being in the same groitp of
Jolonies, and its: flaancial condition rather better
(relatively) it appéfirs to m4 thaa the others, ought,
I think, to get as good a price for her Bonds, But
what I want your opinion on aro the following
points :
“Ist What price, in your opinion, would the
| Prince Edward Idland Bonds probably obtaic if now
put on the market in their preseut form ?
*2ad. What prive, rf pat in the market, say two
or three mooths hence #
‘Sed. What inerensod price in either case do
you consider would be obtained if the Sinking Fund
was made appliceblo to an annual discharge. of
Bonds by drawings ; and
“4th, What increase if ultimate timo for pay-
ment should be made in ton instead of tweaty years.
“T have seen your father on this matter since saw you, and his views coincide with yours. [have “1 Auditors of Public Accou sts aad another gentle-
‘chased, or balances due upon them from the
{Colony, although not actual
NO. 6
General to one of
man, & skillad Accoontant, veqnesting PRetornue and
Satemeat of the Pablis Revenues and Expenditare
Debt, Traports and Exports, &., of Prince Edware
Iwhind, daciag a period of ton (10)jyears, The reply
to this is contained In €C) awt CD) annexed.
(2) is a beter to the toa. doha Allous, the Com.
missioner of Pablie Lands in’ Prince Edward Island,
roquosting stite meat as to tie result of the opsrations ’
of the Loot Goavernment wader the Land Purchas:
Bil, 15 Vie. cap. 18. whieh the present Loan Bill uw
inteadyd in part to extend or assist. It alia contains
the Con nissioner’s statement and reply, as requested,
(#) ant (G) are exp!an vory Letters, haviug relation
tothe subjucts referred toin (8) (C) ane (Dy.
CHD) coatains the Report oo Padlic Accounts of the
Commatttes of the House of Assembly of Prince Eu-
ward Esfanl, for the yoar endiag 3let January, 1867.
The figures and amoitnts in this Report are stated in
eurront money af Prince E.lward Island; but in some
instances those amounts hive been reduced into Ster-
ling money, as printed in the margin er at the foot,
A reference to the annexed Papers and Returns will
show that the Revenue of Prince Edward Island has
very largsly mereased during the last ten (10) years,
jand that the trade of the Colony has also become rapid-
In reating it ily expandud at the same tine,
The inerease in the Public Debt and apparent Ex-
penditure (at least daring the last six yeniss has been
piacieany eansed by purchasing Lands under the Land
‘urchase Bill—a comprehensive and beneficial mea-
sure, having for its object the extinguishinent of the
Loaseholl Tenure, and the settlement in Freehold of
all the actual ovcupauts and cultivators of the soil.
The amounts expended tor this purpose cannot proper-
ly be regarded as Expenditure, because the Lands pur-
occupants
who have become purchasers from the Government,
jure assets in the hands of the Government against, and
in redaction of, the Public Debt and Expenditure, as is
fully explained in the Land Commissioner's Letter (E)
and in Letters (i) and (G), already referred to, '
Thus, in the year 1800, the Ravenug is
£53,623 128. 94. Sterling, and the iipindione =
£102,833 Is. 3d. Sterling—an apparent excess of Exe
penditure over Income of £39,259 8s. 6d. Sterlin
Yet there is no real excess of Expenditure; but 4
reality, a surplus of Income; becanse,+in the same
year, £51,896 Sterling. charged as Expenditure, was
only paid‘out for the purchase-money of 290,469 ‘acres
of Land, [See HI] tho greater part of which Land, or
balances of purelitse-moeney due from cccupants still
belong and are payabl: to the Government, and are
assets in redaction of the Expenditure aud Debt of the
80 Credited i -
Mer y ited in ()) an
In the lust year,
sterling, over and:
count of Pultic ar
credited as Reve
fromthe Revenu
Iso,"a surplus of £6,857 10s, 2a
ove expenses, [See H.] on ac-
Crowa Lauds, was received and
ue. Deducting this latter sum
of last year us above, £63,628
124. 9d. sterling, aad also deducting the sum of.
£54,896, sterling, (the amount, as above} stated,
paid out to parchase Lands iv the same year) from
the Expeuditure of last yaar, £102,888 18, 3d, ster-
ling, leaves the actual and ordinary Revenue and
Expenditure for 1866 (irrespective of aby surplus
from Land receipts) as follows :—
Aineagerwf tte Wulon Bank, aud others engaged in
Dus Ness on the Dotter teeck awed coed pane.
celaded, ia accordance with Mr, Serimgeour's advice,
which I found to be sound, notto attempt to nago-
tiate the Loan at that time, bat to allow it to staal
over uotil after my retura to Prince E:lward Island,
This course had several manifest advantages. Tio
local Government would, by communication wih me,
personally be better able to julge of. the propriety
of negotiating the Loan at the preseut time. The
disposition of the remaining Proprietors of Lands
to part with their Estates would be more fully ascer-
tained, ant the amount of money likely to be roquir-;
ed for that purpose known. I should also be able
to take the opinion of the Government on the change
in the schema of the Loan, recommended by Mr.
Serimgeour, by making the Sinking Fund act by a
five per cont. annual drawing at par of the Bonds to
be issued, which was not contemplated in my origin-
al authority aad iustructioas, and which ' conld not
vonture to make on my own responsibility. On eor-
sideration of this point, T am now inglined to think)
that this change may be effected should it ba deem- |
ed advisable (and I fully agree with Mr. Sorimageaoar
as to its advantages) by an order in Conaeil authors |
izigg it. The Union Bank would har lly undertake:
to issue Bonds with annual series of drawings wit
aut gich order, It istrus that by writing to the!
Government in the Islan! I could have recom mand. |
ed and pointed ont the desirablenass, of this change,
and that “10 Ovder in Council coald have been mate,
and forwarded to me in Eagland, an] that [ could,,
after receiving it, have brought the Loan forward
at the time suggested by Mr, Scrimgeour, but as)
this would have required ma to remain in Eogiand
until Ostober or November, which T thought in many
respects wodesirable, I concluded to retira to the
Island after fuliy instructing, Mr, Barton, as Man-
ager of the Union Bink, aa to the course to be par-
sued hereafter rospecting the Loan. I therefore!
again before leaving Eaglant, on 81st Angast, eall-
ed upon Mr, Birtoa ant lef with him all naesasary
papers to enable him to act in the matter, oa boing
advised and instriacte } by this Goveranont after my
return, and muds all othar ovcessary preliminary
artangemanis with him,
The anticipations of Mr, S:rinzeoar as to an im-
provem mt in the mdaar mirket, with respect to Colo-
nial Seensitios, has alrealy ben realized. for, by
|
i
i
convanding at leact two (2) per cont. better prices
than thay commaniel in Jaly last. and there seamed a
probability thit their vil oll still farther improve
daring the next two or tiree months.
Tshall hareafter lay bafove vour Etoelleney aay fare
ther comminedtions which [ may roceive from Propria-
tors of Landa, or others, on any of the matters referted
to in this Repost, wiich Eo now rospeetially aabm't for
your Exsellengy’s information and the gallanee of the
Government,
I hive the honor to ba,
Your Exesilency's
Most obedient. corvant,
JOSEPIT HENSLEY,
Attorney General.
Loxvos, 3.1 Jaly, 1567.
ters have refererce to a Loan of £10),00) which the
passed during the present year,
‘amouut of the now existing Dybt
/
Tho accompanying annexed printe | Papors antl | we]
»
Government of Prince BE lward Island are authorized to!
raise, in London, wnder an Act of the Legislature,
Revenne
‘ 669771 3 7
Expouliiure ;
47,992°.1 8
citi,
8,779 1 4
Sarples of Ordinary Revenge over Ovdi -
penditure for 1856, £3,779 13, 4a, jn 3
Again. the Debt of the Colony on 8iat January
last was £39,023 115. 91. sterling, whieh includes
and charges againsi the Goverameat all sums paid
for purchasing Lauda, but does aot give avy credit
for the Lands nasold aad balances due from occu.
pants to the Goverament, which are real and valu-
ableassests to go in reduction of the Dabt. The
Commissioner of Pablic Lauds [see his Letter (E,)
anaexed,] states these assests at £75,492 7s, 4a
sterling, which, deducted from the Apparent Dabt,
£39,028 tls, 90. sterling, will reduce the actual
present Debt.to £15,536 4s. Sd. storling, M,how.,
ever, in order to cover any dofiviencies and expenses '
ia realizing the above sum of £75,492°7s, 4d, in
the Land ‘Oiice, the Dbt of the Colouy at the pre.
seat tima may de assumed to be £39,000 ettte :
the case will, it is believed, be assumed uatavorably
rathor than otherwise for the Colony,
Allsams raised under the preseut Loan Act will
either be expeuded in purchasing additions Vands.
(which is the main iateation and object,) or in aub-
stitution and paymeut of a portion of the now @x-
isting Dabt. Iu the one case the Lands purchased
will becom» additional assests to myet the increased
Foverament liabilities; in the other or latter, no
increase will take place in those liabilities, bat the
Loan advances will take the place. of an equal
Tire prpsr marked (A,) anuexed, will explain the
roasons why it is preferable for the Goverament of.
Prince Etward Island to raise monies ia London
under the Ast, rather than within tho limits of the’
Colony.
An endeavor has been made, in this and the an-
uoxel pupers, to lay bofore those who may be dis.
posel to subseribs towards the proposed Loan an
accurate ant intelligible ssateaaut of the financial
position of Peiuse Elwaad Idand; aul the present
application for a Loan is now submitted with tne’
couviction, and a teeliag of coufllenda, that the se«
latest arlvices fron Beyvzland, atin at all of tham were citity oferel is wool, and the Bonds issued nnder
the Loan Bil of Prince KE lwad Istaud, bearing In-
terest at tho rate of six por eoat per aunt, will
|prove a safe aad desirable investmeat, * wh
| This is the first foreign’ Lana’ for which Prince
Edward Tsland has apotiod, dad any local obligations
‘or loans of its Goveraum sit are ali included io.and
vail ure iusile of the Statemaats of Dabt and dix~
ipeaditas @, already referred to: fn thie Mumorandain
ior Staten, Z ethos
OM ial and anthentleate? copies of the Laan et!
wove vetervod ton and the ovlgintl Return a, (iy
pant (Cé), in Ww iving, have buen déposirad at f Bae 1
Birk of London, and eva bo seen on anplicadion at the
Banking Louse, Peinves Street, Minsion Md "e;
JOSEUH HENSLEY, wie
Attorney General,
¥
Ranee
se sa
Ma ~*~ -" (A)
\N ACT TO AUTHOR
sat
Princo Maward Toland, a
(A) contains the Report of the Attorney Gonoral of, he wigan
the Colony on the Aet ia qaestion, and the reasons for! — us :
passingit, furnished by him to the Lieutenant Governor! Ty order’to eantle the Governitiont of
of the Proviner, on the 4th of Jane last, © The orizinal {y), . , Prine 7 «
‘ on , 3 sival island to make farther parghises | ‘hal
is now ta the Colonial OMe in London. portaaity may offsr, aude the Act be ie ie
‘
v 48 TUL.GOVERNMENT |.
TO RUBE ALOAN OF Mase yaa 4
PUBLIO SERVICE OF THIS 3 AND. ’ ‘;
a
CHARLOTTETOWN,
p,
-E. ISLAND, WEDNESDAY, NOVEMBER 20, 1867.
Paper ares gan
‘$88 SERALD
EDWARD REILLY,
EDITOR AND PROPRIETOR,
at his Office, Queen Street.
TERMS FOR THE ‘tteRALD.”
1 year, paid in advance, £0 9 90
hs ale hall-yearlyinadvance,0 10 0
os
Advertisements inserted at the usual rates.
JON PRINTING
Of every description, performed with neqtness and despatch
and pont Prva terms, at the Hunaxp Ollice,
\
“ ae eee eee EET meas
nd
LMANACK FOR NOVEMBER.
MOON 8 PHASES.
First Quarter, 4th day, 104. 15m., morning, N.E.
Fall Moon, 11th day, 8h, 57m., evening, S. EE.
Last Quarter, 18th day, Oh. 53m,, evening, W.
New Moon, 23th day, 0h. 58m., morning, N.
rs 23.
paternal . ‘ pha > {matter “what we do know,’’ after thicty years’ experience,
. LH | 8UN High Moon: ae and pledge our reputation for the fullitinent of hat we here
4 4 DAY WEEK, S E\declare. In ulmost every instance where the infant is suf-
"2 rises |sets | Water) sets, | 2 | fering from pain and exhaustion, retief will be found in fftecn
ET cay A AN tae eons a Paik cm Pes 2 minutes after the syrup is administered.
hmh mh m[ bh mjh- mM)” pris valuable preparation is the prescription of one of the
1 \Friday 6 464 4 2, 1 39, 8 57) 9 5G) most exerienced and skilful nurses in Now Bagland, and
2 |Saturday 47, 40, 2 36; 9 48 53) has beenused with never failing succoas in
aye | 37/8 1910 48 9 THOUSANDS OF CASES,
3 Suuday 49) 37 3.1910 4S 2 f : bos
4 Monday 50: x 4 81188, 46 Bs - Loy: etme neg once ae invigorates =
’ oo o : | stomach anc wels, corrects acidity, and gives tone an
5 |'Tuesday 52; SA] 4 53 morn,| 42) -norgy to the whole system. It will almost instantly re-
6» [Wedacaday oer ast : i ot . GRLPING IN TYE BOWELS, AND
7 /Thursday 65) 31, 6 40; 1 38, 936 eC eo ne
8 (Friday 56) 80) 7 37) 2 40, ot ani overcome PO i egg ort t spoedil lied
noe 29) 8 33°38 43. 32 overgoi ions, which, if not spoedily remedie
9 |Saturday oe ¥ i ; “\endin death. We believe it the best and surest remedy in
10 |Sunday 69: 27) 9 80, 4 49 29) cho world, in atl eases of Dysentery and Diarthea in ehild-
il {Monday + A 260 2: rises | 26/ren, whether it arises from teething, or from any other
12 |Tuced 9! 25.11 20 5 40 93) cause. We would say to every mother who has a child suf-
uesduy Be Lae 630 81 fermg from any of the torgoing complalats—dlo not let your
13° | Weduesday $, 24even, | vol 1 q{Preftdices, nor the projucices of others, stand between your
14 |Thareday fh 28) 1 8 7 28) 18 sufcring child and the relief that will be sure—yes, absolutely
15 Friday 7 297 1 68 8 80: 18) caret follow the use of this medicine, 1f timely used, Full
16° 1Shtasde R 9/2 49 9°38) 13] directions for using will accompany each bottle. None
= 7 9 90) $ 4210 43! 11 | genuine unless the fac-simile of CURLIS & PERKINS, New
17s |Sunday | v : | * co xl g| ork, is on the outside wrapper,
13 /Monday / 10, 19) 4 87.11 52) 9) Sold by druggists throughout the world.
19» ‘Tuesday | 12 18) 5 33, morn! 6] Principal Oilice, No. 48 Dey Street, New York.
40.|Wednesday ; 14| 7 6 30, 0 67). .8 em hie only 25 ona om Bottle,
~ 4 t. G, 1846, v
zl |'TPhorsda 15, 46j 7 20; 2 1 1) SE af cao apes emtierenmemigtstnaes niacin
22 |Briday y 16. 15 8 2318 4 8 59 A Cough, Ovid, or Sore;
ZB. |Saturday 18.15 912) 4%. 67 ewone
é ; Zz ae ‘
v4 Sunday 20 «415, 9 59, 5 .< he | Requires immodiate att@tion,
25 |Mouday 23) 141046 G6 9 53) und should be checked. If
é “4 ay 95 ‘ : 9 » Lungs, er
a7 W ednesday pad a 6 55. 47) manent ‘Throat Affection, or
. Leeper o4 1 : i + ea! 43 an Incurable Lung Disease,
2 rik ) 2 (fo, 63S
80 Sat | na 12,16 ‘ 8 St) 40! is often the result,
‘ *
eg ES Ee ee a Browa’s Bronchial Trochos __
Prices Current. Hiaving a Direct nie 3 to it Parts, give Iinmediate Oy ®
- aed.
Cuanvorrerows, November 8, 1867, |For Broachith, | ioe FS darn Sousumptive
be ’
ons.
Ecovist 4d to Gd
ad to bd
Sd to 44d
G1 to 7d
Beef, (smal!) per Ib.
Do by the quarter,
Pork, (eareass)
Do (small)
Mutton, per lb.,
Lamb per Ib, Bd to 5d
Veal, per lb., 3d to dd
Ilam, per lb., Gi
Buttor, (fresh) Is to Is 3
Do by the tub, Wito Is
BA to Bd
9dto Tod
Sd to 6d
Dd to B4d
listo 1LUs
ly to ls 2d
Cheese, per Ib.,
Tallow, per lb.,
Lard, per tb.,
Flour. per lb.,
Oatmeal, per 100 Iba...
Egbs, per dozen,
Grain
Barley, per bushel, | 43
Vats per do., 2s fd to 28 81)
‘ Vegetables ‘
eas, per quart ; 2s to 265
Potatoes, per bushel, 2s
Poultry.
Goose, 26 to 2s 6d
Turkeys, each, 4s to 7a 6
Fowls, each, ls to 1s &d
Chickens per pair, 1s Gl bo Ss
Ducks, 1a 3d to 1s 6d
Fish.
Codfish, per qtl., 20s to 30s
Horrings, per barrel, 25s to 408
Mackorel, per dozen, :
Lumber. |
Boards (Hemlock) xa |
Do (Spree) 48 to 5s)
Do (Pine) 7s to 9s!
Shingles, pur M, 13s to 183)
Sundries.
Gs to 80s)
Hay, por ton
Ag . GUs to 70s
Straw, per ton
Timothy Seed,
Clover Seed, per th.,
Homespun, per yard, 4s to6
Calfskins, per lb., Gd tod
llides, per lb., 44d
Wool, to 236
Sheepskins, 2
Apples, per doz., y
Partridges, ’ Is to 1s 5d
GEORGE LEWIS, Markot Clerk.
* +) .
Fishermen’s Outfits.
FINUE SUBSCRIBER. is prepared to furnish promptly to
EVisinsies: at reasonable prices, all the OU ‘Tits
necessary to prosecute all the differnt branches of FISHING
carried on alout Prince Kdward Island, and in the adjacent
waters, euch as
Salt, Flour,
Barrels, —
balk. cans,
Clone Pena,
Mackerel Hooks, Hutter,
Cod do Pork,
Mackerel Lines, Leet,
C do Tard,
Mackerel Jigs, ‘Tea,
God Leads, Coffee,
Cotton Duek, wirar,
_ De Sail Twine, Molasses,
Bait Knives, Spices,
_oo Splitting Kuives, Pickles,
Jig Rasps, Lanterns,
Holled Oil,
Tait Heav
ae Kerosene Oil,
Clan Choppers, x
Oil Clothes, a7 Vinoger,
| Sou’ Westera,y . &e., &e., &e.
Beas ssesses oxcellont facilities for INSPECTING and
PACKING MACKELE!, and other 4, le
Charlottetown, May 22, 1867.
jhigh state of cultivation. — ‘
nected therewith, which yields annanily about cight or
MRS. WINSLOW,
An experienced Nurse and Female Physician, presents to the
attention of mothers, her
Soothing Syrup,
Tor Children Teething,
which greatly tacilitates the process ot teething, by sottenin,
thegums, reducinng all inflamation—will allay all pain an
spasinodic action, and is
SURE TO REGULATE THE BOWELS,
Dependupon it, mothers, it will give rest to yourself, and
RELIEF AND HEALTILT TO YOUR INFANTS
We have put up and sold this article for over thirty yeara
and can say with confidence and truth of it, which we have
never been able to say of any other medicine—never has it)
failed, in a single instance, to effect a cure, when timely used,
Never did we know an instance of dissatisfaction by an
one who used it, On the contrary, all are delighted with
.ts operations, and speak in terms of highest common lation
of its magical effects and medical virtues. We speak in this
Troches are used with always good success.
Singers and Public Speakers
will find Troches useful in clearing the voice when taken be-
fore winging or speaking, and relieving the throat after an
unusual exertion of the vocal organs. The Troches ore re-
commended and preseribed by Physicians, and have high
testimonials from eminent men throughout the country.
Being an article of true merit, and having proved their effi-
cacy by atest of many years, each year finds them in the
localities in va:ious parts of the world, und the Troches are
universally pronounced better than other articles,
Obtain only “Brown's Bronchial Troches,”” and do not
take any of the Worthless Imitations that may be offered,
: SOLD BYERY WERE.
1887,
1867. SPRING
KENT STRET
OLOTHING STORE.
TYVAE Subseriber has for sale: +
Black Broadcloths and Doeskins,
Silk Mixtures and Tweeds,
Suitable for Spring and Swmmor wear. He will make
them up for parties, in want of Summer suits of Clothing
cheap for cash or approved credit.
Also a superior lot of
Ready-Made Clothing,
Manufactured on the, premises under his own immerliate
supervision. Parties ia want of a good substantial article,
would do. well to give him a call, before purchasing
olsewhyare, P. REILLY.
Maylith, 1867
PrIryTe LUMBER, &2.
AOR SALE, 59,90 feet 1, 14, 14, and 2 inch Pino--
I good qaality and, partly seasoned,
100,00.) Square Sawed SHINGLES.
125,00) Cedar SHINGLES.
Llarge Ware Room FRAME,
—ALSO—
100 Tons Port Hood COAL, a mad article for home nas |
A MoNEILL, Auc. tioneer
_ Suly2t, 1867 a ont) oo
~ FREEHOLD. PROPERTY
For Sale.
IIE Subscriber offers for sale 75 Acres of FREEHOLD
it LAND, situate in Lot 14, and about ofe inile from
Grand River Ferry. There are a good DWELLING
HOUSE, BARN, and other Out-houses on the premises,
Ten acres of said property are covered with © young
growth of ROCK MAPLS, and the remainder is in a
‘There ig also # Marsh con-
nine tons of Hay. This Property is in a flourishing
settlement. and is near the + aly Post Road to Port {Till
Its water facilities are excellent,
For terms and other particulars apply ‘to the Sub.
i » premises,
seviber on the premise siitootsr scaoue An
Grand River, Lot 14, Oot. 33, 1857. POO a
~ Building Lots ia the City. -
MNO BE SOLD, a PRIVATE SALE, in
two separate Blocks,
Town Lot No. 100,
in the Second Handrel of Town Lots ia Charlotte-
town, pleasantly situated on GRAFTON STREET,
botween Temperance Hall and Prince of Wales’ Col-
lege: On the promises is a COTTEGE, at prosant let
in two conements.
Apply to
JOUN. MeNEILE,
Water Streat
Oot. 89, 1357. Shee
sell, igsned as the Act now anthorizoa,
REPORT
or THE
HONORABLE JOSEPIT HENSLEY,
Attorney General,
TO THK
GOVERNMENT OF PRINCE EDWARD Is-
LAND, RESPECTING [is MISSION TO
ENGLAND ON THE SUBJECT OF
THE LOAN BILL AND OTHER
MATTERS
Continven.
Subsequently I had numerons iaterviews with Mr.
Barton, and with many gentlemen connected with
the Stock and Money Market, on the subject of the
proposed Loan, the final result of which was a de-
termination upon my part to delay lof a time placing
the application absolutely before the public. It was
evidently, notwithstanding the abundance aud cheap-
uess of money, a very uvfavorable time for the oper-
ation, A general indisposition to invest ia any new
securities, (Lome, Foreign, or Colonial, existed, and
this was proved by the failure of several attempts to
raise Loans, An attempt was mado during the
month of July to raise a Loan of £109,000 for the
Colony of Tasmania. The Loan was publicly ad-
vertised and Tenders invjted. The miuimum price
fixed by the Tasmanian Government at which Teod-
ers would be accepted was 95, that is a bonus of
five per cent. ou each Bond or Debenture for £100,
which was also to bear interest at six pereont, per
anunm, At this price there was only one Tender,
and that was £1000 only; and consequently the
Tasmanian authorities were obliged to let the appli-
cation lie over for a time, Ad attempt to raise a
Loan of money in the month of August for the
Russian Government also failed. ‘The following
correspoudence which passed between myself and
Mr, Alexander Scrimgeour, of the firm of Messrs.
J. & A. Scrimgeour, No. 18, Old Broad Street,
London, extensive Brokers, and Brokers for the
Union Bank of London, will explaia clearly the
state of the money market at the time as regarded
the Loan proposition. IT had handed to Mr. Alex-
ander Sczimgeonr, for his opinion and adviee, the
papers connected with the Loan, and on 21st Jaly,
he wrote as follows :—
6 DuxkeLn,
“21st July, 1867,
“ Dear Srr,
* I have read the papers respecting the Loan for
Prince Edward Island very carefully, and there is
only one suggestion which [have to inake which is
as to the application of the Sinking Fund.
‘ T have no doubt that it would tend to make the
Loan popular if the Sinkiny Fund were made to act
CONT TTT Cre tog at peng thmtdmnt
arranged to meet Mr. Barton at the Union Bank. on,
Weduesday, at half past teu o'clock, to determine,
what cousse [ shall pursue now aboat the Loan,!
and T shall be very much obliged if you will be so,
go01 aa to give maa reply and your opivioa on the)
poiats to which Ihave referred, so (iat I may re-
ceive it on or bafore Weduasday morning next.
* You will please boar in mind that T desire to,
issue the Loan vow if practicable, bat I shall be very,
much guided by your opinion and advice.
*f am, dear Sir,
* Yours very traly,
* JOSEPH HENSLEY.”
Mr, Serimgeour replied to the following effect :—
$24, Uston Sraggr.
“ ABERDEEN,
20th July, 1867,
“Dean Sin,
* I beg to thank you for your Latter of 29:h inst.
Tt would of course bo impossible to do anything not
strietly in accordauce with tha Act.
over it appearel to m2 that it woull almit of the
Siuking Fund being applied by annual drawings,
provided the Loan was extinguished in tweuty years,
but vo doubt I am mistaken ia this.
* The comparison yon make with other Bonds is
perfectly just, nevertheless if any one of those Colo-
nies whose Bonds now stanl at 95 were to attempt
fresh issue I feel certain they coittd not do so within!
five per ceat, of present price af least, Any answer,
to your questions must of course ba quite problem-|
atical, but I should venture the following coa-
jecturos:— ;
Ist. The Loan, in its prosent form, would not at
the present time be taken above 99), if at that.
2nd. Provided nothing unforeseen take place in
the meantime, Tshonld expect an opportunity with-
in three or four mouths ef placing the Loan at from
93 a 95.
3rd. Teonsider that if the Loan wera made for
ten years, redeemable by annual drawings, it would)
go quite as readily at 95 as at 90 in. its present
shape, 2
4th. Tho maturity might be arranged to suit the
convenience of the Colony, but the shorter the date
of payment the fiigher the price the Bonds would be
likely to foteh,
My father, who is on the spot, will bo able to
give you a more reliable opinion of the state of the
market, but from all I hoar it is almost impossible
to imagive a more untavorable time than the present
for an operation of this sort.
* Tam, dear Sir,
Yours very truly,
* A, SCRIMGEOUR.”
After receiving this commanication from Mr.
Scrimgeour, I again consulted with Mr. Barton, the
say, if £5,000 Bonds were drawn each year by lot,
and paid off at £100, thus redeeming the whole
Loan iu Twenty years as authorized by the Act.
“Tha advantage of this plan to the Government
iz, that it renders the Sinking Fund self-acting, ob-
viating the recessity of investing from year to year,
sometimes ata great disadvantage, for a period of
twenty years, while to the Bond-holder it is very
attractive, as assuming the Bonds to be issued at a
discount, it gives him the chance of an almost im-
mediate profit on his investment. In cases where
the Sinking Fund is arranged in this way the short-
er the date at which the Loan expires the better, ten
year Bonds would command a better price than
twenty years. ;
* About this time last year, when things were
very dull, we floated a Loan for New South Wales
(£850,000) on this plan with great success, and I feel
satisfied that it will become more and more general.
“ T assume that you will have taken eare to com-
ply with the requirements of the Committee of the
London Stock Exchange, by having, the Bonds
numbered and (he whole series inserted oa the face
of the Bonds. You can obtain a Bond at our office
if yon require a sample.
“From what I hoar, things saom oxtremoly dull
in London just now, and T should recommend your
waiting a little if practicable.
Tam, dear Sir,
* Yours truly,
“A, SCRIMGEOUR.”
T replied to this letter on 26th July last, as fol-
lowa :—
* Dean Sir,
T reogived your letter of 21st instant, and I am
much obliged to you for the suggestions respecting,
the Loan, contained init, [ quite agree with you
that it would be more likely to float to advantage if
the Sinking Fund had been applied to the payment
of Bonds annually drawn, but as the Act now stands
its provisions will wot admit of such an arrangement
lanl any issue which takes place would have to be;
: |
strietly in accordanca with the local statute payable
too at twenty years from date. 1 am very desirous
if iv can be obtained without too great a disadvan-
tage, to raise the Loan at once, becausa I have to
return to America on 17th August, aad would like.
if, practicable, to complete the matter by that. time.
Will you be so kind as to give me your opinion as to
the price at which you think the Bonds would now,
The Canada,
New Brunswick and Nova Scotia Bonds, which are
pretty mach in the same form as those I propose to
issue, appear to me to bo worth about 964 4 4.
Prince Edward Island being in the same groitp of
Jolonies, and its: flaancial condition rather better
(relatively) it appéfirs to m4 thaa the others, ought,
I think, to get as good a price for her Bonds, But
what I want your opinion on aro the following
points :
“Ist What price, in your opinion, would the
| Prince Edward Idland Bonds probably obtaic if now
put on the market in their preseut form ?
*2ad. What prive, rf pat in the market, say two
or three mooths hence #
‘Sed. What inerensod price in either case do
you consider would be obtained if the Sinking Fund
was made appliceblo to an annual discharge. of
Bonds by drawings ; and
“4th, What increase if ultimate timo for pay-
ment should be made in ton instead of tweaty years.
“T have seen your father on this matter since saw you, and his views coincide with yours. [have “1 Auditors of Public Accou sts aad another gentle-
‘chased, or balances due upon them from the
{Colony, although not actual
NO. 6
General to one of
man, & skillad Accoontant, veqnesting PRetornue and
Satemeat of the Pablis Revenues and Expenditare
Debt, Traports and Exports, &., of Prince Edware
Iwhind, daciag a period of ton (10)jyears, The reply
to this is contained In €C) awt CD) annexed.
(2) is a beter to the toa. doha Allous, the Com.
missioner of Pablie Lands in’ Prince Edward Island,
roquosting stite meat as to tie result of the opsrations ’
of the Loot Goavernment wader the Land Purchas:
Bil, 15 Vie. cap. 18. whieh the present Loan Bill uw
inteadyd in part to extend or assist. It alia contains
the Con nissioner’s statement and reply, as requested,
(#) ant (G) are exp!an vory Letters, haviug relation
tothe subjucts referred toin (8) (C) ane (Dy.
CHD) coatains the Report oo Padlic Accounts of the
Commatttes of the House of Assembly of Prince Eu-
ward Esfanl, for the yoar endiag 3let January, 1867.
The figures and amoitnts in this Report are stated in
eurront money af Prince E.lward Island; but in some
instances those amounts hive been reduced into Ster-
ling money, as printed in the margin er at the foot,
A reference to the annexed Papers and Returns will
show that the Revenue of Prince Edward Island has
very largsly mereased during the last ten (10) years,
jand that the trade of the Colony has also become rapid-
In reating it ily expandud at the same tine,
The inerease in the Public Debt and apparent Ex-
penditure (at least daring the last six yeniss has been
piacieany eansed by purchasing Lands under the Land
‘urchase Bill—a comprehensive and beneficial mea-
sure, having for its object the extinguishinent of the
Loaseholl Tenure, and the settlement in Freehold of
all the actual ovcupauts and cultivators of the soil.
The amounts expended tor this purpose cannot proper-
ly be regarded as Expenditure, because the Lands pur-
occupants
who have become purchasers from the Government,
jure assets in the hands of the Government against, and
in redaction of, the Public Debt and Expenditure, as is
fully explained in the Land Commissioner's Letter (E)
and in Letters (i) and (G), already referred to, '
Thus, in the year 1800, the Ravenug is
£53,623 128. 94. Sterling, and the iipindione =
£102,833 Is. 3d. Sterling—an apparent excess of Exe
penditure over Income of £39,259 8s. 6d. Sterlin
Yet there is no real excess of Expenditure; but 4
reality, a surplus of Income; becanse,+in the same
year, £51,896 Sterling. charged as Expenditure, was
only paid‘out for the purchase-money of 290,469 ‘acres
of Land, [See HI] tho greater part of which Land, or
balances of purelitse-moeney due from cccupants still
belong and are payabl: to the Government, and are
assets in redaction of the Expenditure aud Debt of the
80 Credited i -
Mer y ited in ()) an
In the lust year,
sterling, over and:
count of Pultic ar
credited as Reve
fromthe Revenu
Iso,"a surplus of £6,857 10s, 2a
ove expenses, [See H.] on ac-
Crowa Lauds, was received and
ue. Deducting this latter sum
of last year us above, £63,628
124. 9d. sterling, aad also deducting the sum of.
£54,896, sterling, (the amount, as above} stated,
paid out to parchase Lands iv the same year) from
the Expeuditure of last yaar, £102,888 18, 3d, ster-
ling, leaves the actual and ordinary Revenue and
Expenditure for 1866 (irrespective of aby surplus
from Land receipts) as follows :—
Aineagerwf tte Wulon Bank, aud others engaged in
Dus Ness on the Dotter teeck awed coed pane.
celaded, ia accordance with Mr, Serimgeour's advice,
which I found to be sound, notto attempt to nago-
tiate the Loan at that time, bat to allow it to staal
over uotil after my retura to Prince E:lward Island,
This course had several manifest advantages. Tio
local Government would, by communication wih me,
personally be better able to julge of. the propriety
of negotiating the Loan at the preseut time. The
disposition of the remaining Proprietors of Lands
to part with their Estates would be more fully ascer-
tained, ant the amount of money likely to be roquir-;
ed for that purpose known. I should also be able
to take the opinion of the Government on the change
in the schema of the Loan, recommended by Mr.
Serimgeour, by making the Sinking Fund act by a
five per cont. annual drawing at par of the Bonds to
be issued, which was not contemplated in my origin-
al authority aad iustructioas, and which ' conld not
vonture to make on my own responsibility. On eor-
sideration of this point, T am now inglined to think)
that this change may be effected should it ba deem- |
ed advisable (and I fully agree with Mr. Sorimageaoar
as to its advantages) by an order in Conaeil authors |
izigg it. The Union Bank would har lly undertake:
to issue Bonds with annual series of drawings wit
aut gich order, It istrus that by writing to the!
Government in the Islan! I could have recom mand. |
ed and pointed ont the desirablenass, of this change,
and that “10 Ovder in Council coald have been mate,
and forwarded to me in Eagland, an] that [ could,,
after receiving it, have brought the Loan forward
at the time suggested by Mr, Scrimgeour, but as)
this would have required ma to remain in Eogiand
until Ostober or November, which T thought in many
respects wodesirable, I concluded to retira to the
Island after fuliy instructing, Mr, Barton, as Man-
ager of the Union Bink, aa to the course to be par-
sued hereafter rospecting the Loan. I therefore!
again before leaving Eaglant, on 81st Angast, eall-
ed upon Mr, Birtoa ant lef with him all naesasary
papers to enable him to act in the matter, oa boing
advised and instriacte } by this Goveranont after my
return, and muds all othar ovcessary preliminary
artangemanis with him,
The anticipations of Mr, S:rinzeoar as to an im-
provem mt in the mdaar mirket, with respect to Colo-
nial Seensitios, has alrealy ben realized. for, by
|
i
i
convanding at leact two (2) per cont. better prices
than thay commaniel in Jaly last. and there seamed a
probability thit their vil oll still farther improve
daring the next two or tiree months.
Tshall hareafter lay bafove vour Etoelleney aay fare
ther comminedtions which [ may roceive from Propria-
tors of Landa, or others, on any of the matters referted
to in this Repost, wiich Eo now rospeetially aabm't for
your Exsellengy’s information and the gallanee of the
Government,
I hive the honor to ba,
Your Exesilency's
Most obedient. corvant,
JOSEPIT HENSLEY,
Attorney General.
Loxvos, 3.1 Jaly, 1567.
ters have refererce to a Loan of £10),00) which the
passed during the present year,
‘amouut of the now existing Dybt
/
Tho accompanying annexed printe | Papors antl | we]
»
Government of Prince BE lward Island are authorized to!
raise, in London, wnder an Act of the Legislature,
Revenne
‘ 669771 3 7
Expouliiure ;
47,992°.1 8
citi,
8,779 1 4
Sarples of Ordinary Revenge over Ovdi -
penditure for 1856, £3,779 13, 4a, jn 3
Again. the Debt of the Colony on 8iat January
last was £39,023 115. 91. sterling, whieh includes
and charges againsi the Goverameat all sums paid
for purchasing Lauda, but does aot give avy credit
for the Lands nasold aad balances due from occu.
pants to the Goverament, which are real and valu-
ableassests to go in reduction of the Dabt. The
Commissioner of Pablic Lauds [see his Letter (E,)
anaexed,] states these assests at £75,492 7s, 4a
sterling, which, deducted from the Apparent Dabt,
£39,028 tls, 90. sterling, will reduce the actual
present Debt.to £15,536 4s. Sd. storling, M,how.,
ever, in order to cover any dofiviencies and expenses '
ia realizing the above sum of £75,492°7s, 4d, in
the Land ‘Oiice, the Dbt of the Colouy at the pre.
seat tima may de assumed to be £39,000 ettte :
the case will, it is believed, be assumed uatavorably
rathor than otherwise for the Colony,
Allsams raised under the preseut Loan Act will
either be expeuded in purchasing additions Vands.
(which is the main iateation and object,) or in aub-
stitution and paymeut of a portion of the now @x-
isting Dabt. Iu the one case the Lands purchased
will becom» additional assests to myet the increased
Foverament liabilities; in the other or latter, no
increase will take place in those liabilities, bat the
Loan advances will take the place. of an equal
Tire prpsr marked (A,) anuexed, will explain the
roasons why it is preferable for the Goverament of.
Prince Etward Island to raise monies ia London
under the Ast, rather than within tho limits of the’
Colony.
An endeavor has been made, in this and the an-
uoxel pupers, to lay bofore those who may be dis.
posel to subseribs towards the proposed Loan an
accurate ant intelligible ssateaaut of the financial
position of Peiuse Elwaad Idand; aul the present
application for a Loan is now submitted with tne’
couviction, and a teeliag of coufllenda, that the se«
latest arlvices fron Beyvzland, atin at all of tham were citity oferel is wool, and the Bonds issued nnder
the Loan Bil of Prince KE lwad Istaud, bearing In-
terest at tho rate of six por eoat per aunt, will
|prove a safe aad desirable investmeat, * wh
| This is the first foreign’ Lana’ for which Prince
Edward Tsland has apotiod, dad any local obligations
‘or loans of its Goveraum sit are ali included io.and
vail ure iusile of the Statemaats of Dabt and dix~
ipeaditas @, already referred to: fn thie Mumorandain
ior Staten, Z ethos
OM ial and anthentleate? copies of the Laan et!
wove vetervod ton and the ovlgintl Return a, (iy
pant (Cé), in Ww iving, have buen déposirad at f Bae 1
Birk of London, and eva bo seen on anplicadion at the
Banking Louse, Peinves Street, Minsion Md "e;
JOSEUH HENSLEY, wie
Attorney General,
¥
Ranee
se sa
Ma ~*~ -" (A)
\N ACT TO AUTHOR
sat
Princo Maward Toland, a
(A) contains the Report of the Attorney Gonoral of, he wigan
the Colony on the Aet ia qaestion, and the reasons for! — us :
passingit, furnished by him to the Lieutenant Governor! Ty order’to eantle the Governitiont of
of the Proviner, on the 4th of Jane last, © The orizinal {y), . , Prine 7 «
‘ on , 3 sival island to make farther parghises | ‘hal
is now ta the Colonial OMe in London. portaaity may offsr, aude the Act be ie ie
‘
v 48 TUL.GOVERNMENT |.
TO RUBE ALOAN OF Mase yaa 4
PUBLIO SERVICE OF THIS 3 AND. ’ ‘;
a