WORLD FAMOUS PRINCE EDWARD ISLAND
SILVER
F'OX
NECK PIEES
F‘! »
AN APPROPRIATE SOUVEN1R on
‘‘Canada’s Garden Province”
8 Priced from — — _. ._ __
35.00 $69.00
WE WELCOME YOU TO THIS STORE
WHETHER YOU MAKE
A PURCHASE OR NOT
ISLAND FURRIERS
Prince Eduard Islands Leading Furriers 153 Queen St., Charlottetown, Phone 1177
Native Born P.E.l. Bishop Honored
NEW YORK, July 14 —1nrecog- nltion of his distinguished service to boyhood, the Most Rev. Francis 0. Kelly, Bishop of Oklahoma City-Tulsa, a native of Prince Ed- ward Island, Canada, was listed :- mong one of seven persons honor- ed with the award of the silver Buffalo by the national council of the Boy scouts of America. The citation was announced at the council’; 29th annual meeting here at which former Governor Alfred E. smith spoke and the Rev. Dr. Edward Moore of New York, nat- ional director of the Catholic Com- mittee on Scouting, gave the in- vocation. ‘
Under the leadership of Bishop Kelley, the plan of nation-wide Catholic participation in scouting was adopted by the Hierarchy. He has been national chairman of the Catholic Committee on Scouting lines 1933.
i
‘I'll
111
J
tsor
OI UOHIIIOI SQUIRE
Eastern Guardian
.'Thla column is reserved for news of local interest but adver- tising of s newsy nature may be inserted at 2 cents a word strictly pnablo in advance.
. .'SlJB5CE1P'l.'10Ns to t h e Charlottetown Guardian may be handed to their Rent. Al-cl1lc_&1g1‘e;.
%h\%&
Blood Test
For Cows
The regulations of the Pro- vincial Exhibition Association state that no entries will be received in the cattle classes neither registered nor grade without a certificate showing a negative blood test for Bang’: Disease.
L-300-'1-10-kc
.0. auasmc iavuouo VEI Plfilill’ ‘
Notice to cranberry Gro-hers
Meetings in the interest of Cranberry Growers will be
held as follows:
Elmira Hall Goose River Hall Mount Stewart Mount Carmel
............July 3th ............July 26th ............July 27th ............July 28th
Meetings will start at ‘8 o'clock sharp. Mr. C. C. Eidt of Kentville Experimental Station, Mr.
IL L. McDonald, Manager of the Cranberry Grading Plant at Mount Stewart and others will address these meeting A large attendance of growers is requested to. alien
- these meetings which are vital in the development of crab-
berry production.
L~l39-7-
' '::--_—~,-,-. - ,.
DEPA11'1‘MEN'1‘ or’ AGRICULTURE
SRAY
Central Guardian this column is rolervsd for news oi local interest but advertbiug at a uswsy nature may be inserted
B05 to word trio - ....°.:.".....-.. - WW
for 2-aowsrttiis.
. conrsnsasnon use msua. tflcu. L.-mo-1-ax-at
oxuooancs at Beach arm. Inn every Tuesday night. . I.-on-e-no-as-as.
A'.l'l'EN'l-‘ION ADVEBTISIBS-— Advertisements for insertion the following day must be in this of- flcsnotlatermanllamsau
HOLDER 01-‘ TICKET 286 at Orange Tea, Plnctto. call at Geo. E. Docherty, for prise check.
L-197-7-17-11.
FARM 1l.E1lA3lI.I'l‘A'l‘l0N—The Provincial Government has ap- fiinted Mr. William J. Reid of
ora, R. R... chief of staff in connection with the rehabilitation ut into effcctnbg
undertaking will be to gather de- tailed informatlon concerning - cultural land available for the settlement of farmers and farm- er's sons on the land. who are now carrying on under serious dis- advantages on account of the lack of live stock and necessary farm equipment. There will also be an effort made to ascertain the rate of interest paid by farmers with the object, if pomlble, of lessen- ing the interest on money. The men who are anxious to take up the occupation of farming under the new scheme will have to be tabulated and all possible infor- mation obtained. after which there will probably be a, conference of outstanding agricillturists. of the vfirovince and members of the Leg-
lature and parties who will be able to give an intelligent opinion of all phases of the question. and from the deliberations of this as- sociation some scheme or plan will «be adopted and regulations and conditions set down for the carry- ing out of the work.
: :I’EOVINCIAL EXHIBITION Prise Lists for 1030 are now ready and being mailed. If a copy does not reach you please write .1. W. Boulter. Scc'y. Charlottetwon. L-230-8-27-tf.
Personals
Mrs. Artemns Lord of Souris, is the guest oi’ M1's.1".'l‘. Dean at Eric-hton Shore for the next ten aye.
Dr. Craig Matheson, son of Mr. and Mrs. 1". 1-1. Mathescn, Cherry Valley, underwent appendicitis and tonsil operation in the P. E. I. Hos- pital on last Friday morning.
onsuos Lsvnn. Exp
one egg, 1 cup granulated sugar. 2 tablespoons butter. Beat well, then add: 2 tablespoons cocoa, 1 cup sour milk, 1 large te n soda, 1-2 cup chopped walnu , 1 1-2 cups flour. Pour into layer cake tins. Makes 3. large cake.
Filling:
one orange (grated rind and juice), 1 tablespoon melted butter, 1-2 cup brown sugar, 1 well-beaten
5. ‘pro 1.7‘! meg. 25.4 d tonnon m
-~..._........... .-. . 1,
Potato Growers cannot afford to neglect the growing stop of potatoes. Efficient spraying with Bordeaux to pre- vent Blight and with Calcium A1-senate to destroy insects dsuld be applied regularly. Early applications are very
from the , is not egussivs. The grower who last year -insured himself against a ’ ‘ "Pht‘lsrbst trend would iudlcau at least
. Delay-reduces the value ‘of the spray. The cost
at-our office for your ’ Vlboiossisorprstsii prices sivssloo
888- Cook until thick — spread be- tween layers. usual make a
I ly ,boiled icing for the top—fluffy and I white.
\%N Today’: Short Wave
Radio Program
(All Time is Eastern Standard)
'hHn'i-'h'hN%fi's'|n'J'b'J5's'l'L mommy was 11 . uodcow
4:00 p.m.—Broadca.st in Eng- um. RAN. 0.6 meg., 21 m. BEELIN
5:00 p.m‘.—Mark Twain and Germany. DJD, 11.77 meg., 254
NEW YORK
5:17 p.xn.—-Dinner Concert. W8-
XAL, 0.0’! meg., 31 m. BCIIENECTADY Wgzoo p9.ng5—Music31o‘f Brsall. XAD, . m . . xn. Loniibn
6:25 .m-—"l-low Pleasant to Know . Lear." Scenes from the Life of Edward Lear. 061'‘, 15.14 1neg., 10.0 111.; GSD. 11.75 meg., 25.5 m.: 0613, 0.51 mcg..
31.5 m. PTITSBUBGII 5:40 p.m.—Golden Harmonies- WBXK, 11.87 meg., 25.2 m. BOMB .m.-Folk Songs: 2100's
11.81 meg., 25.4 m.; tar. meg., 30.5 m.
CABAOAB 0:00 .m---The Theatre of the Air. 1w. 5.0 meg, 01.7 in. runs -
0:30 p.m-symphonic Concert. TPB7, 11.08 meg.. 25.2 m.; TPA4, 11.71 1-neg., 25.0 m.
BIQIHJN v
0:15 .m.—German Radio Bands.
10:00 p.m.—"Going Up," radio version of the famous Gaiety Musical comedy. 06!. 15.30 in 10.0 m.; GSD, 11.75 meg, .5 111.; G613 0.51 mot. 81-5 in.
11 non A arm
0 A
10:00 p.m.—-First Military Band.
Garrison oi cliuatemah. TGWA,
New roux .
11:80 p.m.——'l‘ed Weems & Bis
grehcstra. WIRE, 0.17 11101., D5 ' cntonnm-rt
3:80 s.m.-Moon Riva. WI-
, 0.00 m ., 40.00 ill.
KY lltfl a.m.—A Tllk in JZK, 10.10 meg.. 10.’! in.
Foot Tronlnlot; . corrected
in a room sasorsus-r
than us for an
H. J. A. shown."
7:80 "Mail Egg"; Italian Lesson. 2911?, be
= _ $Q°,l1,‘51_l.1l|§1_3_l£!_i!!¢.‘3__§-_
(B) That no debentures at any tint in the future need be retired in 1111. but that a. retirement of 50% only, with a re-issue of the remaining 50% is-in order, regard- less of any Sinking Fund provision, contained in the Acts authorizing the issue of such debentures, from which it follows.
(E) That Sinking Funds should be provided to retire half and half grimly of all debenture issues of the
ty.
Whether or hot these principles set out the proper interpretation of the legislation, we are not pre- fixed to say, but we do think that
etc is sufficient apparent con- fusion to warrant the City taking a legal opinion on the whole mat- ter in order that there may be no mistmderstanding.
In order to have a coherent
workin basis for our sinking fund calcula ions. we have adopted, for purposes of calculation only, the three principles set out above, without in any way expressing an opinion as to whether or not they nepraent the proper interpreta- tion of the law. A contentious point arises due to the fact that certain debenture issues have been for rlods of less than 20 years as fol ows:
1032 15 years $100,000.00 1937 5 years 69,500.00 10 years 70,000.00 15 years 81,000.00
As these appear to have been issued for short terms only because of the state of the money market at the time of issue, we have at- tempted to treat them on the same basis as 20 year bonds in computing our Sinking Fund Re- quirements. We have done this by counting on 621-294: of the 15 year bonds being refunded at maturity, 75% of the 10 year bonds, and 8'? 1-2 % of the 5 year bonds being refunded. In the case oi 20 years and over debentures, we have followed the general rinciples rather than the resolu ions and counted on them being 50% re- funded at maturity.
our method of treating the shorter term bonds would appear to depart slightly from the prin- ciples set out above, but it seems to be the only logical way out of your present difficulty, as. partic- ularly ln the case ‘of the 5 year debentures, we cannot believe that these were issued with the inten-
Of Special And Investigation
7 turity .
Your ‘sinking Funds earned a proximately 4% in 10!, and. w
cami1§s may not be quite as high 11:19 , wehave looked to e future and computed your require-
besis. - As shown by the attached : statements. there were outstanding V
at January 15, 1939 Debentures (not lncludln Housing) to the amount of 310,550-00. of which $175,000.00 were issued in 1038 and do not 1- uire any sinking fund deposit untl 1939.
Making our calculation; as out-
.lined above, we found that the
that date. your 8 hand were actually $51,011.01 (the deposit for the year ended January 15,1039 not having been made). This leaves, a. net deficit of $125,574.89. We recommend that this be rectified by an issue of 20 year Debentures in the amount of $126,000.00 the roceeds to be de- posited in the 8 king Funds. This will place the fund in 3, position to meet its obligations as they fall due. by retiring the proportion noted above and refunding the balance.
The present outstanding Deben- tures will require, in 1030, a deposit of $37,425.16. Ag debentures ma- ture, the amount of this deposit will be reduced by the amount allocated to the matured issues. To it, however, will have to be added the annual r uirement on new Debentures issu . It is im- perative that, in future, our an- nual deposit be calculate in this manner, and actually made each year. If that is not done, the Funds will again be in arrears. It is further imperative that you es- tablish exactly the situation with regard to the amount of sinking Fund provision required for var- ious debenture issues. We wish to emphasize particularly the absolute necessity of bringing your striking Fund up to the required amount at present and henceforth making the required deposit before the close of the fiscal year.
’ SUSPENSE ACCOUNTS
These accounts “N" to "N-3” set out in detail the shortages. and “N-4" and “N-5" unapproved ex- penditure. All these matters have been dealt with in various parts of this report, and need very little
tlon of refunding only 50% at ma-
To apply against this there is:—
and cash over Due from City Clerk's Bond Due from City Clerk's Bond
Leaving a net shortage unrecovered
This does not include all that might be charged against it, as the Cit suffered a loss of interest in Sin ing Fund Account due to ab- straction of income, and paid con- slderably more overdraft interest than would have been necessary if Taxes had been rgroperly collected without unautho ed reduction in assessment and irregular discounts. We have not attemptedtooalculate these losses due to interest, except that we have included the intermt paid on unrecorded debentures, and overdraft interest on the Housing Bank Account. We understand that there is very little sibility of recovering even a smal part of the net shortage shown above, and in view of that did not consider it advisable, after consultation with His Worship and the Finance Committee, to do any further work beyond auditing the year en- ded January 15th 1930, and estab- lishing as far as possible from the records and vouchers available the Assets and Liabilities of the City as at January 15th 1038 and January 15th 1030. Mr. Nicholson informed us, which has been confirmed by Mrs. Nicholson and the City Re- corder, that the money he paid in came from his wife, and that it was all she had.
If there should be any chance of recovery beyond the net shortage shown above it might be advisable to dnvestigate previous years in detail but we are dubious of it be- ing possible to audit properly from 1032 to 1037 inclusive. With very few exceptions, when we searched for any particular voucher or paid ch us in those years, that par- ticutar cheque or voucher could not
ound.
We wish to point out again that
this may not be all the shortage, there may be other unrecorded
debentures. other supprersed re- ceipts, othar irregular payments etc. Due to the lack of proper rec- ord; and the combination of clever. chiianery and gross stupidity used in coping such records as the City had, and also in manipulation of accounts for printed statements. akgostiyanflsygilnfgo be hidden an on e co-open- tlon of citizens in giving His Worshi or the Finance 1‘ ittos any in ormstion they may have on
' matters discussed in this report
acoonm-mic srsrssr
We have not yet revised the City’; accounting system, except as to method of handling cash and Tax arrears. We have discussed various matters with His Worship and the Finance committee uh after this report has been as
further comment.
The total shortage as previously noted amounts to $69,436.43
Paid in by Ms‘. Nicholson and deposited in Housing Account previous to our engagement $6,367.11 Found in City Office, (cash and cheques)
817 .99 5,000.00 12,185.10
5.000.00 11185.10
I 57,251.83
with, and a City Clerk appointed. we will proceed to metal a new system, part of which is already drafted. It is not possible to go further with this until 9. City Clerk is appointed and you decide on City Office staff.
CONCLUSION
We wish to express our sincere appreciation of the support and co-operation giyen us by His Wor- ship the Mayor, the Chairman of the Finance Committee and the members of this committee. Citi- zens have told us from time to time that an effort would be made by councillors. to have the real facts concealed. Just the opposite is true. His Worship and Messrs. Chandler, Holman and Dougan, have been ready at all times to dis- cuss matters. spending many even- ings going over accounts, furnish- ing us with any information they had, and suggesting other sources of infommtion to us.
We have received the complete co-o ration of the Recorder. Mr. Mar in; the acting city Clerk. Miss McQuald; the Water and sewer Clerk, Mr. McMillan: the Tax Collector, Mr. Lar e; the Assessor. Mr. Sims; the urveyor. am-. Messervey an his clerk Ml-. Fullerton; the ole of Relief. Mr. Reddln: and Mr. Doull the Elec- trical Inspector.
We have had to trouble many not directly tuinected with the City. and any information request- ed, has when possible been furnish- Thls particular , “ to:— The Provincial Au tor. The Cher- tered Banks, Security Firms, and some private citizens.
In closing we wish to note that it is in the best interests of your City. that you study this report closely and implement its recom- mendations as soon as possible.
Yours very truly. I). l‘. ABOIIIBALD Chartered W.’ A. llllat. of Morreii and Company chartered Accountants. charloti/etown. P. -E. 1.. -June 39 .
nsm-smssscoor. Btauding of Hampshire school or June: — 1 . ma/race x(s)——1. Margaret ‘lar- .m(I5rade x to) -1. room so- dnce nc 1.-Raymond Tre-
grm local Maritime llfolsut I a useful andrespgctel cultivate
mere. - Grads VIII (I)-1. Oil 'I‘i’0ll\I‘0. " ;:
Get under Sail with a pipefui of ROSEBUD-I
Chart your course to fuller smoking pleasure in a tobacco that's cooler, richer, smoother - tobacco that makes any pipe a better —-good old Rosebud! More and more
I . ...zitimers are "coming about" to Rosebud because it‘: o hem; tobacco, and always a
' shipshupe smoke in the handy seal-light
ROSEBUD.
TI-IE IVLARITINI E SMOKE
Grade vm (b)—-1. Ferne '1‘re- Gerda Tromere equal: 2.
2. Bertha White;
Grade VIII (c) —-i. Hilda Mac- dfld Latter: 3, Ralph
Ed . Grade V'l!I—1. Inns. Kitaon: 2. Arnold Easton. Arnold Tremere
Christie 1.9.:-tat.
OUT OUR WAY
son. Verna Proud. Dc Wendell Tremere:
1IIra.uw:.eam_
'‘*‘r . ,-.7:
Grade I (a) —1. George watts
-1 Reno list on (0) «-01 rid Biol equal.
Use Mlnard's for bftes.
— By J. R. wmiurl
WHO smo IT v ll, was? was is FER A GANG
WHO'S HAt|N'A DOIN'5 HERE TON\C-:1-\‘T
’ M‘! MAN.”ri-Ii’-:r2E' - 15 some Mi5TAl<E H5125--'l'HA'r IS POSITNELV MOT
WHY ; WE'LL HAVE
“~‘5”’ ' I BORN THIQTV \/EARS T00 5000
~ . ,J.R.wn.i.w~MS>
7..- J
OUR BOARDlNG HOUSE
mwpl moses, D0<ON,‘rHE THROMGS \\.;\\ seem SLOW no mauve! - 1 cassava-seer ME eae-~ssvsN-a:aH1'- awe Pensoue,»u. N -me. nanQus'muc:.uous N-VIN. wr-Io svnzem-Lv use ABANDONED His ueusws noes FOR A ‘FRONT now sear! com! Mosr or ‘moss ARE rmeuvs mp mes-Hon‘.veRs‘u... ‘"43 UNP§C§D_EN‘i’§D' was me coo; warm-Isa
1 Major Hooplt
\\\\~ ‘ma culrmn ace éupou ACT cu: in mvs MNUJTES, MAEIORI n= WE'DOH'T GETA suooeu Russ-I $1; B%_JsIMess.s,'rHls so-iowvisoowe FOUL MaA__ 'ri¢NAi.. AsA