JANUARY 25. 1950

(“j

‘ I. ELMER MUBHEY The Guardian may be following stores

‘my’. Newsstand, ‘ My" Doucettea urocery, Second

u‘. n 3n per day or 18c per week.

"n; or

m: wssrsnu GUARDIAN

finance couurv opp-mp, I Suinrne Street, Summeralde, Pllnng can News, Subscriptions, Advertising rsupfelgu“ w"

and GEORGE GLOW bulllht at any of the in Summerslde

pookstore Summer Street‘ Gourliea Dru m z] , u" I Water Strebt; Mark Gautgt, 0:’ Grfrfvniiirijl 232::

5111101: Island Motor Transport,

We!" 51m" Alliln‘! Grocery. izo Russell Street. K. L. Waite in Kenslngton, n, Guardian will be delivered to any home in Sunimurside by Cari-ii"

Phone 288 for this service or give

der to the bu! ‘flhonsibie for delivery on you; you“,

.1’? .

..5PECIAL pictures in Wilmot‘ “my llall, Friday night. Sale of sexes and lunches. '

_11‘A1\'C\' DRESS carnival Bedew “e Rink, Thursday, January 26th. llrizes on display at Callbeck‘s

r

itors. 1

__,], S, TAYLOR, Optometrist of

Charlottetown will be in his Al~ berm.‘ ftlflCe this Saturday, Jan. 28th.

-iiOCKEY Bedeque Rink tonight morn-y 25th., south Shore League Abam- \t‘i‘SllS Freetown. Skate af-l rr. Admission 30 cents. o 1'

___ r

_.l'RO\'INCIAL AFFAIRS. Hear ifillrzrnr Kells speak on behalf of foqlptlrflilve (Tommonwsaitii Fed- yrstloii fi\'f‘|" CFCY Thursday; Jan- ,_..-_r~ 2e u 8.45 lam.

..-'l'ilII JUDGES at ilir- carnival

Bodrrru.» Rink, ‘Thursday evening 1.111 hr- Mrs. Clark Baltvr", North gmlnqrre, .\lrs. Allan Miles, Al- mm, 1nd Mr. Charles MacI-‘ar-

t ldllf‘. Fcrnwoorl. 1

residents of John AI‘ AIIIIUiiIBSl

_._\ FIENTION, Stnurrersrde and vicinll). Marlin, Government RPDIPSGJILQUVC \\'ill b9 at the Qypen ilotcl January" 26in andr 27th Airyone interested in this sys- ‘em of riivestiiicnt may contact Mr. Martin iii the Queen.

DNOTICE TO ADVERTISERS-l Advertisers are relninde-l that their gppv must be in the Qcardian ict

liter than noon the awcvious day to guarantee insertions Out of city EdYCTUoBTS who telephone

classifieds, etc.. mould oarticulany bear this tn mind.

-l.I.'AIlNS OF UNCLETS DEATH _ Zlir. Hugh H. Daley. Eustane street Summerside. has received ixnid of the death in Greenville, Maine. of his uncle, Frank Daley. retired lumberman. The deceased was about eighty years of age and lei! Sunrmerside, his native tovrn, pry/rill. sixty-five years ago. Only once during that long period 11'. snsence had he visited the Island. and his relatives here. Thai. was, back 1n 1915, thirty-five years igo. The deceased was the young- rsr 1nd the last survivor of five brothers, sons of William M. D1- let", who was a. ship carpenter in the days when ship building along the waterfront here was the niaill industry of the place. One of the Inns riled in infancy. The others were Hugh. ‘ho die in Seattle grrnllf i-iventy -flve years n20; Juries. ii seamnn. who died about s year ago in Cardiff, Wales; Pat- rick. who was a well known meat dealer in Summerslde and Frank. whose death in Maine is now re- corded. All four attained a rlDl‘ ice. The‘ late Frank Daley- Wll’) lned almost his entire life in Greenville. was unmarried and Wei highly spoken of as s. citizen oi the town. -— 8

Pifjlilulual Fire Insurance Company innual Meeting

The annual meeting of the Prince Edward Island Mutual Fire insurance Company was hfild lll the Town Hall, Summer-side ves- errirvv, January 24th.

Tile president, Mr. William R- illacKay of Charlottetown. RR.- Dresided. A fair attendance of iwluiv holders heard the mane!" discuss the financial standinB °l the company. and heard him an- nounce n very reasonable surplus lor- rhe year.

Among those discussing the var- ious matters were Austin A Scales Freetown; George M Grantf Charlottetown. Walter G_. lfatzkcnzie, Springfield; ThBOPlWllS J inmrm. Bedequo; Geddie Mar- Lchtl. west Royalty. Vernon Craiil- Bodeque; Retibcn Large. Wllmot Valley and others.

The following are the directors of the company: 6116801 1M3” Callum. Brackley Beach. Dfesldellll lhervpholis J. Inman. Celllllll Berti-qua, vice-president; '1‘. Leland Lmkletler. lianmerside, secretary- frblsurer; John Macintosh Till- nish; Alfred Simpson, surnmerside: Oscar Johnsbone. Long River: - G‘ Mailglmfififlififi

Kensington llink WEDNESDAY, IANUARY 25th Skating i

Afternoon 8:80 - 5:80 Evening 8 - 10

_______.__ sel Annear. Moritagtici

‘yet to be

H00

Admission 50

CRYSTAL RINK THURSDAY. JAN. 20th- AT 8 WCLOCK SHARP ALBEBTON REGALS

vs. BUMMERSIDE CRYSTALS

l One Boar's Skate After Game

--GENERAL INSURANCE R 1 G. Multan. Summerside. Hm

—RESEBVE I)‘A’l'E_

_ Auction

Pally in Masonic Hall, January

315l- 5P°1150r6d by Kensiiigton

Branch Prince County Hospital Ladies Aid.

—D0.\"T FORGET the weekly

card party, auction and bridge, at the knights of Columbus Home, Sunimcrside, on Thursday night, eight o'clock. A good place io spend the evening and a delicious lunch served.

—CONFESSES T0 'i‘liEi-‘T_ A “"99" year-old ymtilt frcrn a corri- munity close to O'Leary has eon- fessed breaking into ard robbing the O'Leary Clothing and Foot. wear Store owned and operated by Lloyd Matthews and Ralph O; on,

»Whcn it was found this was not

the first time this youth had stolen the R. C. M. P. were informed —O

—A'l‘ ROTARY — Roiarran Dr. A. A. Lockharl was the speaker a‘.

the regular meeting of llic Stim- irierside Rotary’ Club held ycstcr- clay in the Olympia. He gave an interesting talk on the Rotary magazine, A resolution was pas- sed at the meeting commending and supporting the efforts of the

I. O. D. E. across Canada to have the theatres show educational films at the children's rnatlnccs

Rotarian A. A. Scales of Char- lottetown Club was a guest-S.

-—(‘OLD STORAGPI It. has been reported that the Cold Storage ln O‘Lcary owned and operated bv Swift Canadian Co. has notified all its patrons that ll: will cease to tvterate the cold stxr- age after Jan. E11. due to vn ore- scen circumstances. This will moire 1t very inconvenient for" the inr- mers and patrons who hate tiscd the storage for about twenty wars. storing their meat and piuliry for their own use. It likely means now that they will ha\e to ca" their produce, ivhich ls rot alums con- venient. The loss of the cold stor- age is one that will he keenly fclt.

-o

TO CLO SE-

—MISCOUCHE 110m; AND SCHOOL ASSN — A very llllel“ estirig meeting of the Miscouche Home and School Association u-ns held out-tn; my nest "Pk will‘ the president. Mr Phil l.tC_.air. presiding. The meclilic accomplish- ed much business: cscoa is to lrc pmvlded far children taking rlil- nor at school: wrrnen r0 0"g.‘.il7.(‘ whlst parties in raise fluids to p1)‘ for hot drinks; schccluc as to hours of slcotinrz and _hockey' “'35 drawn up for newly finished out- door rink; mcn were to be con- tacted to take IlLSpOllSllJlllly for rink; speaker to be cc-iitactcd fol

the next meeting which is to be held during the week of Fcli. l2- are urged

Parents not attending to attend meetings and take Dill in the excellent work belnE 00"“ (n; their children-S.

__________ William R. MacKay, Chsrlottcwwn RR. 6. s

________-€—-—

Canadian legion Band Organized Al Sumnieyside

A well attended and enthusiastic’ organization rrncetrnf; l‘)? m9 Canadian Lesion Bllllll- 5mm“ lb side. was held in the Lcflloll Cl“ rooms last evening.

M, P. Titus. chairman 0f "l"? band committee rPPOYl-éd m“ m"

. . ~n instruments recently Older“ “ela expected to arrive shortly. an

practicas would commence Wilrhlll SHOT. time a 15h; band will consist of sp-

ythirty rncmbers forthe d a few vacancies are mind in the various sections. It was decided to Mk lfll‘ hmhm. “units nild rill those yibé) did not attend ihc rrneeiigg “flatly; who are interested in baits“ Kerk should contact C. Ross C‘ Zle immediately. It is nOt 118995- 5“), 10 be n member of the LYQiOII to join the band a5 il- 15 0'1"?" ‘l a“ cliillitlgsis a longfell want for lire Town and it is hoped _that ‘i115 Sumner band concerts will to“ 1,, the puhlic square as in firm

ii

KENSZNGWN

rnunsoav. JAN- 211

proxmatel present an

NORTH SHORE LEAGUE DARNLEY vs. KELVIN Game 8.80 Skate After

KEY

and 25 cents

.. FHE GUARDIAN-

FlNANClALlTATEMENT

PRINCE EDWARD ISLAND MUTUAL Fl-RE INSURANCE COMPANY STATEMENT 01F INCOME AND EXP~ErN$=E$ for flie your ended December 31st, i949.

INCOME eceive EXPENSES 0,553.73 8112598136 AS61115’ Commissions g 15173311 Losses incurred 52379939 inspection costs . . 55550 Administration Expenses .... .. 1190015 913493;; Net Income . ..... .. , z _ Dcduct: Provision for Income Taxes . ‘ Surplus for the year _ 3 14,7304» BALANCE SHEET December list. 1949 ASSETS Cash on hand and li‘l bank 2,319.99 Premium Notes Receivable .. 404,30 Ailents‘ Accounts . 31,2334 Dominion, Provincial and Municipal Bonds $218,345.17 Mortgages and other Securities .. . 78,811.58 Accrued interest on Securities 1,082.97 290,230.72 $299,268.58 LIABILITIES h- Unpaid Loss Claims u Agents‘ and li/Ianagefs Accounts 2,412.03 Provision for Income Taxes $5,318.79 lie. Advance instalments $1,749.96 3,568.83 $ 6.77-0.88 Nct Asstls. December 31st, 1948 . $277,807.01 Add Stu-plus for the year ended December (fist, i949 31413059 Ne‘. Assets, December Iilsl. 1949 292537119 $299,268.50

AUDlTO RS’ REPORT

_ We have audited the records of the Prince. Edward Island Mutual Irre Insurance Company for the year ended December 31st 1949 and Yljilllffd the cash and bank balances and securities;

‘ As all insurance is on the premium note plan, the reserve for un- canned premiums described in section 68 t4) of The insurance Act is not rcqrtlxetl; /

‘ ‘lie have‘ rxarnlned the reserve for unpaid claims and in our opinion l is 3(i.’1l.l2<l>L’,

nweélo have verified the balances owing by agents and on premium Y The Balance Sheet does not include as assets lie-ms prohibited by Phe Insurance Act from being shown in Lhe annual statements required to be filed thereunder;

Subicct to the foregoing comments in our opinion, and according to the ocsi oi our information, and the explanations given us the fore- going Balance Sheet sets forth fairly and truly the 51,319 of aqfairs n; the Prlrrcr- Edward island Mutual Fire Insurance Company as at Decerri- ‘oer 31st. 1949;

All transactions of the Company tha-t have comr- within our notice have b.cn within iis powers.

H. R. Doane d; C0,, _ Chartered Accountants. Llmrlotlcloivri. P. E 1. January 18th, i950.

T0: THE PoucY uctror-irs or PRINCE EDWARD ISLAND MUTUAL Fur»: INSURANCE COMPANY

Your DlFUJlOFS wish to submit the Ninth Financial Statement of the amalgamated Companies for the year ending the Thirty-First dag; of Drccmbcr A. D. 1949.

lf there was no amalgamation this would be the Sixty-sixth your Prince I-‘cuad Island Agricultural Mutual Fire Instirance Company was lfl trpcrzititrn and the Fifty-first year the original Prince Edward Island Mutual Fire Insurance Company would be 1n operation.

For the last several years our premium income has been increas- ing. Last year we announced we had the largest premium income oi the history of the Compa-ny. This year we make the same announce- ment. Our net premium income for the year i949 is $102,845.13.

We think that if a survey of the Financial Statement of this Com- pany were made it would be seen that for the last number of year's the Company has been increasing each business each year. This increase is accounted for by the fact that we are attracting business from other Companies and also by the fact that the insured have been increasing their insurance.

These reasons show conclusively that the people of Prince Edward Island have full confidence in the affairs and also the management of the Company.

The net interest collected as current revenue for the yea amounts to $9,553.73. This is about $200.00 less than 1948. This ecrease is caused by the fact that we made a commitment for a loan oi $10,000.00 in the early fall of 1948 but the loan was not completed until January 19-10 and just previous to that time we had some heavy losses and l‘. was necessary for us to borrow some money from the Bank to minke ihc loan. _

We paid the Bank interest monthly but the interest on the loan which we made did not come due until the latter part of January.

Our assets are in a liquid form and each entered in our balance sheet at their face value. 1f our total assets were liquidated the amount received would be a considerable amount more than the value at which the assets are listed on the balance sheet.

Our total investments amount to $295,156.75. This amount is made up as follows:

Dominion, Provincial and Municipal Bonds

Mortgages, etc. . .

The accrued interest on securities amoun opinion that this amount is readily oolleclable.

In our balance sheet this item is carried as $1,082.97 so that you Will see that our assets are actually more than they are showing on the balance sheet.

The losses for the year amounted to $62,700.39. This is the second largcst amount. oi losses occurred in one year in the history off the two Conn-panics. In 1933 the combined losses of the two Companies amount.- ed to $06,819.80. In that year the Companies had a combined net oper- ating loss of nearly 910000.00. This year we paid out nearly the sam- amount of losses but we have a surplus before the provision for ln- come ‘fax of over $20,000.00.

The losses for the year amounted to approximately Sixty per- cent oi our premium income.

The following is an analysis of the losses we paid for the year l9~l9:—

$216,345.17 . 70,811.58 £35.20, It is our

Rural or farm risks S 42,794.13 Electric light plant 6,800.00 Urban and village risks 8.50000 Other commercial risks . . . . 2,575.02 and the balance is made up of sundry items.

The following is an analysis of the cause of losses:- Unknown . . .. . . . . $ 21,097.40 Spark from flue and faulty shingles . .. . .. 3,762.50 Ovcrheatcd stoves and pipes, faulty stove pip

5,270.08

fiucs and stoves ..

Illghtning . . .. . 3,477.85 Gas and oil in lighting fires and lamps 5,835.94 Lantern exploding 5,100.00 Faulty Oil Stoves 893.20 Engine Backfiring 000.00 Suspcclcd Iiicendiarism 8.64 Enlzinc Exhaust Burning .. . 6,800.00 Spavlrofrom Adjoining Fire or Bonfire . 315.82 Cigarette Butts 30.50

and the balance by other miscellaneous causes.

1f you will look into the causes oi the losses which sre known you will see that about Sixty per-cent of these losses could have been avoidcrt if a periodic inspection of the building and the heating equip ineni. be made by the insured and the necessary action be taken forthwith to eliminate the fire hazard.

As we have said before many limes that fires don't just happen. They are caused, and in a great many cases they are caused by the negligence of the individual. To protect our economy and save t\'i~ necessary destruction of bolh lives and property it is the duty of every individual to endeavour as for as his capability [cos to elimin- ate any f-re hazard.

It is the desire oi our Directors to be able to service and stipply fire insurance at the lowest possible premium rale and also furnish the best service and security. Premium rstcs can be reduced and the best security maintained by reducing the number of fires. This as we said before con be accomplished by the eliminating vi fire hazards.

This year we effected approximately $0,060,154.00 insurance. We now carry a total of 32703353200 insurance. This is the largest amount wr. have carried.

Our assets have been increasing but also our liabilities that is the insurance carried have been increasing. We have a large leeway bee

(IHARLOTTETOWN

Reviews Activities Of

S’side Board

Phlluvvlllfi is the tcxi of the rc- Dvrt of President T. Earle Hickey delivered at the annual meeting 0f the Summerside Board of Trade last night:

f‘Another year has elapsed and this meeting marks the fiftieth annivcrsanv of the formation of lllet-‘Sumniersirlc Board_nf Trade. While there are some here who, ma)’ remember that far hack therel, ll 01111’ one living charter memberl

of our Board. Mr, Charles R. ROZPFS. “'00. We regret, is un~j able to be with us this evening

Olvlhii to illness. I saw Mr. Rog- "5 5 {PW (lays ago and he has man)’ mPmOrir-s of the activities of this Board during the past 711W Years which it would do your heart good to hear. .

“Mr. Allen. who will address you later, will no doubt mention some of them, Many changes have "kc-H Diace durini! that iime.. find We have reached n time when it is necessary for us tn pul intn action the principles upon which our democratic way of life is has. file We see subversive influences infiltrating into lahof unions, or-‘ Zanizing sir-called peace and youth» groups, and apparently even work-l

lng’ _into important Government! positions t

“Why do we not uork with the same fervour and intensity lul

show and in proyedhnl our‘ \vn_vl hf life ls what W? “Hill. and iii- tend to keep‘? To do this, each of us must lake his place in the f‘lfll'l'lf‘liliillil_\' aiwl accept the respn". sliirlitres iliai are ours as citizens. “o may feel that. Ha individual We can do very little fO\\'fll'(l:» world problems. But communities are composed of individuals and“ if each of us_does his very host to be a good citizen. we need hair- no fear for the future. 1

llllflhit 1940 our Province and‘ mnllllllllll)‘ “Xllhrienced a falrlv successful period of progpcyipy even though the market for pn- tatncs, our principal agricultural llrotlticl. is at present in a very depressed condition. Ii is lo he hoped that price: will improve l)... fore the current crop is finally marketed.

l

Continued Growth

"Our community continues to grow and ii is a pleasure to re- Pflt‘! that our R.C.A.F. Naviga. lion School has increased its os- tablrshinciit during the year, The work on the T\in\\'n_\‘5 h,“ been completed and 150 houses are now being erected for the married ser- iico men. Many new residences have, been erected in Stimmersifle during the year, Construction has started on the new Prince County Hospital, and it is now completely

enclosed. Many additions have been made to existing irusiness; establishments and proposed new,

inquire into the denlh of James‘ Cr-ossmair, who was found dead in, hi; cell in ille Prince (Ioiinty Jail‘ on .lnnuar_v 8th, met in ihe Town llall, Stimmerside. on hlnndayl, night. The coroner's inquest was‘ conducted by Dr. Austin Delaneyl and after hearing the evidence nfl the various persons summoned to! gho evidence brought in the fol-, lowing: verdict: t, According to the evidence sub- mitted we find that James Cross- man came to his death between the hour; of 12.05 am. and 8.00am.‘ on Sunday the eighth day of Jan-‘ uar_v, A. D. 1050 in a cell on they north side of the Prince Count!" Jail at Summerside in Prince, County in the said Province, death being caused by internal hem- orrhage oi the right lung. result of a possible puncture to the said lune by a fractured rib or ribs. The, jury is unable to come to a verdict hy what means Jame! Crossman came to his death with- out further evidence. R. T. Dodds. foreman, Louis Poirior. ‘Ray Tanton. Norman lvlacDoiiald_ Ver- non Arsenault, John J. Steele, Herbert K. Striizhi. ~ The first witness 1o live evi- dence was Harry Bishop, jailer of the Prince County Jail who testi- fied ihat on the night of Jan- uary‘ 7th Mr. Crossman had been taken into the Prince County lfill ahnlii 11.45. He “was placed ln n coll and was alone. H» walked in himself, police supported him while 10in! 09W" 1h? Mal" '2 the, cell block. "He spake to 1111’- wunn” "in, "when he W85 Plll in the cell and was slsndinil h)’

[_a'@i7n the minimum amount reqhllf and ihc. amount of our reserve.

tween the insurance carrie and also supply the necessary serv

rate. Our surplus for the year R1110"

To this we add our net stirplus for day of Dcccm-ber 1049 our net reser

lion in premium rates b _ tha‘. is our insurance also i

very high thus the ratio between p

is narrowing. _ The average commission paid

15.77’; of the premium income. The expenses of administration

Your Directors trust that the pal which undcrlics the system of

Respectfully submitted 1950.

Committee on behalf of the Directors.

\

continued optimism nnrl frrltlr in ‘the future of our 'l‘o\\ n.

"Th? reports of Vnrirnitt tr-t- rhziirrricn nre 11 fair rmlrcilltrrr of ilic- til‘il\'lf.iil§ of your llrrrlnl filli- lflg the past year, stmrr- oi \\lli1|i l shall itist mention Ill passliic. The brczcst 1ir0rvc| no, in.- litiiltlinz 0f a lI)\ll'l\l irrforiirttirrrr

‘also spunsoretl the (‘rrrrrrrlirrn llcrr- tags- program of1S!r-arlrt.ln-onrlr-asts as well RSa"g<'f-<rlil-;riitl-\0th"irrrrr- lliliszn prior to tire FW-rleial elm-- tion. \\'e lime also illflilfl a flip- pnrt price on iill‘it‘lllllll.il pro- dur-ts, riizirle rcpr .\‘|'|ll.rl!|il\> rc- garding the 'l'raris-<'.r|r.ul-.i lllulr- way route, and stipportcd the rc- rrtiesl for tlrr- Chiencclr» (lrrvrl.