ism tovorzzivrrozvs M’"’”°‘ ~ ‘ . ', '5" 3 ‘_ _ ""!0FON'I0.J|11U‘l5-,"[?.:"V 4.‘__._ 3 ‘~~;.''i- ‘ I ' -_ ‘ . * -A is - ‘“ ~ ' -‘ - ‘ v V _ ltoobr -00»: I N. .1 Y. Stock Montreal Stock 1 ,» ~““ ;, _'g_ .' ‘V .4 ' ‘, ‘ -1 V -ﬂ 1 Exchange. _‘ Exchange 3 , . , . . V, ,0 M ————- ’ 13-1-4- icuuuunu lulu) _ {H-2 . _ ' 11$ 2 ‘tut of report of Messrs. ii "’ 1' 3:‘ “i°“%...‘;".‘i "102." “;‘.?".‘.‘a‘i on I I 75 01 .. Vu conic! cdfromBat- , 78 ur$y’s Guardian: e§ I 9% smxinm rtmns

gﬁu 3 To utablish outstanding Debent-

. 1,3 211 urge-on previously noted it was nec-

A 32/1-I 22 essary to check back for several

. ~ 5-: -404-2 this work certain dis-

0,11-8-4 an 1-4 arepancies' in Sinking runs Bank

gr 7-,; , 13 8-4 to our atgittsionirigéi

-as -y.~'e m Ysésinagsc 1932 to January 151.11.

'15 pg 115 1 . to lack of vouchers and

1 5-: 550 mining paid che$1u it was impos-

- .41. 7 Able to make a crough audit, but

‘. 31 1:3‘ 88 our -investigation or these accounts

~31 - 13- sbawbaoashbeficit for the period,

. A .,,1 , 1 2 of _$14.o05.92.d$e8se't:K<)ui';lu$e at’;

. .' , - ‘ ' ‘ ' file-bed 5“ “ ,

1;: 3': i V I ‘3 i‘; rim were maturing 1933 Per

n ‘ . - . ' G '

,3; wYorkCurb ,, , .3 We “z°2*:..*3.:‘:.°.=mr.:.:° .0:

- - ,- v , '1 srrioun o . . w 45 1-2 . - ‘ - ‘ . :, 15 ,soo.oo maturing but not paid in :2“ 7 .c..........--....... ’ 21% "‘ um“ .'*:.i.‘?.?’i°°."'°‘i.;’.£."’l.‘.€i ' 1- « ‘ » '1 , . . was 11

-2 . . » —. ‘ ‘ 1 Howey 2 28 ~ .00 1034 d 1.000.001 was

. ' . 23 stocks . . clan . = hﬁin £1-4 m;°s43'f§i10o.oo 335 3 id outnfrom

- - »'°“‘““"'-'.""”‘°" 53 ‘ Cyan B ’ no 538 m N #1.? 4 1-2 won in Fsmi1dnet1n‘fm’ei‘1°1i°a(.’$t‘yt :”“*““‘”£‘-n‘=~v-1»-an .° is ...... 7'" .1.-1 7 as °=....,*.r°°-°°...- 3%.: Wm?“

¥“‘ ’ 1 . " 8. U8 0]‘

. » e .- ’ * V of 7- El. dart‘-ire '8 154 si,soo.o3ppsysbie to Geo. Pe.qNicho1-

* v-«’1'W° NEW “W03 ,0. . ‘Oil corp 32 1-4 10 3 4 son and signed by w. 13. Stewart -‘31‘°°4”“°"§ﬁ'1~"‘~ 3 ll 1-4 Huinbloon 51 1-2 75 (with a. fuxlmile st-amp) as Mayor

’' . '. . I9 3: 551% 1, 5;‘: Nicholsond taesd Srlty

- ‘ * . . - ‘ ' ,, a a

some on am now» 0 '- as. r mm» ' a 1-1 238 § 13», ....i......€a‘3“:‘.‘.-'<’5‘.;‘... p. moi? “gm be mares“ mu»; L or . 8 5-! r 0 * 5 sour and Bank of Montreal, Char- bmd ‘lﬁ , : a_1-2 - 465 iomwwn, and charged to the Pen- ' .3 1-: 1 GR 4 IN 1 "3 ...."““‘...€‘ii. .“.‘Z.‘3’i:~‘.’;.5l“i§."“l. ’}"é‘ .:.:~~

'’ . ' YB I1 0 an 8.

90 « ' ‘ . 3 1.8 .1 2nd, 1903.

331:: 0 7 ‘ I ‘ :33 °’“"’"":°'.:.°*° “sic”: ‘“ 19% "€.’.'

~ . ._.__ V inarwn 011: nures e

' '1 » ,,. _ ._ 55 aunt r 15,000.00 hich with

.5 Ni Gi2EOPAl’g2B 3&3: I1l‘)i’lsk(A1?n)l1y ‘if,’ ‘$00.00! nfatuimcmiﬂl 19?i::i1£i1t 133;)‘-

- at 1- - o -

101-; ,’,',°:,. mu ,‘§.‘},;‘.:°1;’?.1f;f.1 13.9.3‘; 1°: H £31331-ago '1}; $15,500.00, but s18.500.

1.8 3-_ cu” only in the session ' and 1’ 00 was paid out from this Sinking

43 » quoto.ticns.in roost pita closed near I 79 34 Fund Account in 1934, making

3; 3'.‘ '5» rineizleveis. ‘ 45 h is 8:1! m$3-°°01{g-

- .. , ‘ e

_ MAN T0'l_10v, F53-M 37 ‘ 45 uesweforMt.§1lsse‘sul‘8,500.00 wepzre

Aﬁlﬁl” W. «T!-In 5 9» g ,2 5-3 235 is to say what particular pay-

cr ' L-'1 1- -1 31- 1951-4 3221" ments were irregular ssta lags:

" ,. 1‘ u.m'bari"‘ areno mare ‘ JVANTED ,'l'.0 42 5~8 A :ith a gebenture number and no , «1-1-sue short Oouraé 1-4 mg » cheque stubs and only part of the . . ins- Molar-V Berber 1 3'4 ﬂu pain Debentures can be found. - . _ ' N-700. , 21!-4 no were maturing in 1934 I ' at "“ 39-3 ‘W "xi ‘°w......‘%.°.. “’.,.”‘.§ ~ 3 . ~ W 20 1- ‘*5 mm‘ 1 3, and - ' 12"! L2 : mmmo%‘;a&.:l‘g”m:s§‘m9:u m2 5i)1(?%; g . _ mo 31.. :s1,.

‘ and! :1-aspaid outfromhhls inking

‘ , , nuenos Aim was unch ,0, ‘mwnank Aoeoimtg 1ngf934.$ W

- 2 ,'~.Ba|1k$— Oloee: ~wneoi’: 541-2; oer. "Li vmei-e 1. uﬁimue Iated April min.

~ — - 54:3-4,: Novrsa 8-Dd: Dec. M 3-0. . *5. Oaiherine C.arimich-

-. . .. - '- - '_ . . . . 9.,_,___.yu1y nob; »oct. 2G;'Deo. V 334 sex for $2,000.00. sci garibiiiifl

' "°“’»‘.-‘i,‘,°.,l';.§“-...‘§.l‘.’..' ‘ 1 V . . ' . a~°1a3§1-4' --.nu'y :4‘:-av Oct up 7‘ §:i§o":da1L'3im3?e'rkmeng::sed"-P3;

1”’ ‘*-_:’?,-.51.... “ ‘ iclhfilll “"0 . ‘ Oct. ﬁle.» (new); née. as" 1-4:’. $5, to the order of George 2-. mciaoi.

‘ 5. . . on” [cash - -to eon, ca Carmlchae and

, ' W}! 590 ‘(George P. Nidiolson , and stamped

" ' g -3” by the Royal Bank of Canada as

paid May 2 1934. Apparently the

$500.00 mltilring in 1933 was paid by. a cheqn1.rwfl<1$r°a5]()‘§i.00dist:1‘1ed

Ila , 8. 3 :J2.'.““’°“..ZiZ."iZ.“" ““::.‘;.°*.$.:2; 28.! . .

' were no wow: cg sewer Debentures

shown on the records as maturing

, in 1084 before June 20th. while the

32,000.00 cheque noted above was

dgtsd April 30th. No cheque stubs

ar1dmlyafcwoffet;iiiepﬂJdDe-ben-

turcs 0601 -

. According to our calculations the

‘hy '.”:'_ Fund Invest-

. . . is f 1035 ounted to $11,767.

1 -~ I °'- ;?s*1.?u.;..*.**f‘“..5°5.2°

- - . . - e 9 un -

J. P. BRADLEY, Moblxoal :11: mi?” 1 . , . mm mm” _ ".4 cmmt making a deficit of 02035536

°m“°"' lower’ pl? -Stocksciosed nlighiw Smelters eased f 7-8 on top 01 f"'—‘ """“‘m 3 — ‘ppuﬂm M 13 1;

EA.‘ 33'L——'“'“"' riff" °’ ' 1:-1-my-s loss of 1-‘uni.’ traction. sosnox, my 10 -—(AP)—1"o1'- . 1 Honda devoslbed In the 0 ° 5" -r-'*"“" ‘Y 3”" Wg - .u,- 1, mg“ mg eign exch e moved with scant "A°°°““"°"M55’7 '-

» "'"'““ ' "wh°"‘ 1'°- "° 1" ° Am?‘ ° 3”?“ ldpeof: xiuciuntianmgeturday in a typical - ' 5 *9 °‘“' °“1°“‘“'°"‘ ”‘°

‘ S l " °°“t ma’ .?'.2,L3,?c:;‘E, on own” '0 end-of-the-week market, the chief lincome from sin Fund In- ‘ « For a 3 . , E M“ ‘ . in dgmmd in exception being the Canadian dol- - Vﬂtmﬂl“ ‘ 19°‘ “mmmwd V’ ‘ "” " ' ' la: mu: firm d ~ 5 mos dis- 313,405.00 but only $12,020.00 was

—‘——— E UNDATID MONEY box the second hgitlll; at In advancemg: cm"? on mean-Q gem’ man __ . dammed the sinking Fund Bank ,"°'*'*"'°,,‘.E,‘;;',"*'.',.3.“'.':'.':.."’.l.. “:3 (By win c-nuiianrruoi :a§f§;'hai:i?er by". few can ‘me yesterday. nmkers reported them (Con-din he-II gfm‘5y"ei-£95

. '1' '°‘"“ : ' riri nd- Loire were no other significant changes. : WW‘ Mn! uc Road on city Limits for amino exchanse MN , Almvfv °°""“'“’“' X’ ’ ' : t Brit i . d - stocks close interest on 313000.00 Province ‘ a» , . . . - - - ' - - . ' - 1175’? Pmdsr ’ 0 ’ ““".'.“.i.. ‘lfodiulsiithvzvrzli é‘.':;iii;’i?-‘S 5 AI“i1rM1°h03reb‘-ls!‘-tI;:liI1-cui 366913-81%: rlynmriiliezr iii.’ i’.‘.i§{"‘eii..o."‘°"'°1r.‘Z’.‘iX’.; ‘.3.‘.?.‘.‘.i'.‘?J€a”“v.a?.’°$‘o dai’ "mills 47- 25 1 2 gain”; 4‘/-% B§nn‘<i15EgV;‘§r°:;l§S§' 3:9 ‘;r':‘““"' l’"'"’°'°" """°‘ :32 M "°wi.Y35’5ioT:¢’i'°'°~d' ' x'1:z'°%1a5'«1°i§'b1t:'eo"°"s§"t°-rc:’1?i'1'§1‘ 21.5% 1§7og§":$'r'ma?i$m4g?1a;9%o::i§ gabfstgisl 22 1-0 posited in the Civic Bank Account 'h'“‘5,.,“":'§'g'$'nM°d°m oonvfde ' 5:‘ —-Pound 1'15!’ Id; -11. 6- Sui Anionic Bylyvaniic andwrishr.-' 5.26014. 16 (GP) rmnum A gas: ogmcenmry Slst, 1030 and Jan. 20. on . w _ . .. . ' » MN'i"ﬁ.mAI., — — H - -1 AWlY‘4° MW‘ ‘mph P'‘'“;‘ g:‘“'. d” 59}? nu/H’ mm m M’ 59 HF1.;:::":j1 4,-oppea 3 oentg ma Pound sterling be e unchlnged at Fraser .V '1‘ O 9 '-more were maturl-nil in 1935- De- ’°'|"° 3°“ °" ”' -“ F"""1.' 37 "9 ____.___————-’ I csmoni sold 5 cent lower at 31. 4.00 and. the United atntesdoilar Ford A 2?: *fw%13oH{l'3";fOg¢p:}g~W-‘ff - .°M' 4» 1.-13t~'I-6-it csN'raA1. wo1ui1.-r1r.soH0.0l- other western oils were urichIng- W-I. 515° Md’ “‘ ‘ ‘’°’ N’ "1 mm‘ Q” .4 1037 but 1,000.00 maturing in 10 3 . _____, ed Montreal foreign emrlidaln cﬂgiltlturt Int Pete 221 mipud mm and ‘$0500 00 was $= H 39;) Q! pupilsot Ocntrll I -——--——--——-— d“- mmch "'m°5 3 V . from me 31' kin '13,, d S? mygt? School for the month of one Minn-1l’a m Danrlrnﬂ 2-5% 13-33. U” M""“"" "F “'“"- °‘_,,‘f,,,,,um 1,, 1936'} ,,,,f‘ﬂ,5_ﬂ_ June: ‘ _ 1 , ~— ~ , . . Grade x-1. Joyce bank. 3. ‘V . .. ' » Frank Gallant: 3-_A A!-l“60n' "W 'TIPP|E AND "CAP" STUBBS

. . 1':-—-s - Farm of 50 acres at N dweilin house. and Good ocation in I’ rnllnlty on paved n-I--W

III .

‘. A. C0 IJNS Es'.r19.T1§. xacPHEE solicitor. ' Riley. Bnlldlnl Ch"I‘0wn. L- 0:699-eo 2wl£a.‘

d-. ":1...

Gladys

Ra . grade VIII-—-l. Hi! Georgie Wtrd. -

as ‘I¢nk‘;‘ 2.

Ward; 3. -

. om. v.1. Dorothy Andrew: -1

. ine . ado zv—1. . ni Gr

Ward. 3.

n‘in—;-laf Helen Buimun: ‘ 2.

‘ V : 8. BO“! 0'- -“‘d':°L1.':"‘-‘-‘i. no-mo. Gallon!-

llifllaﬂ. Puc¢III.II°i -

' TWO

WE'VE GOT ‘TO UNPACK FilUT--

Aw, LE.’S Go,si:r. TH’ OCEAN FIFLSTI

WELL, MY LAND! TH-' OCEAN xv/ii.i.j 1 gm HERE son. AV/HILE.-_" .

i Huruw, cnAsivMA--

fetai ed Report ‘if Special‘ Audit And-Investigation

4..

regular payments of $500.00. We are

una.bletoso.yw.bn1i-vi .f6WB1'° irregular because as mwmwm paid through the 8 Fund §?$‘.§o’}...°‘2°}.“’.‘.“'...‘“...1.......'°’°' ...m.q‘°’ um stubs and paid Debcnturu can- not bel ted

oca . According to our calculations the Income from sinking Fund Invest- ments for 1937 amounted to $13,406. 00, or which 0111 $10,435.00 was de- posited in the ink Fimd Bank Account, making 5 do t of $2,970. 00. This would appear to be interest

on.

Pmvirwe of Onto:-io—4 56% Bands Half Year $292.50 Apparently dep- osited in civic Account, am. am.

Dominion of Car1wda4'r£% Bonds Half Year $517.50 Apparently dop- osited in the Civic Account, May 31. and Jan. 1st.

Dominion of Oa.nad.a»—4 1-2% Bonds Half Year $2,160.00 Apparent» lymcieposited in Civic Account. May 1 0

Tctnl . . Accordl.

. . . . . , . . . . . .. ¢2.970.d; to our calculations the ments for the year ended January 15th. 1939 amounted to $14,185.00 of which only $l0,85’l,50 was deposited in the sinking Fund Bank Account making a deficit of $3,307.50 details of which are set out in Schedule “K-4" attaclied.

Apparently Sinking 1=‘u'.‘id Invest- ment Income was deposited in the Civic Bank Account to replace Cash Deficits. We questioned. Oity Clerk, Mr. Nicholson, 3. t the missing sinking Fund Inconie, but received no explanation. when we suggested it had been deposited in the Civic Bank Account, he said that it was the only way the cou- pons and cheques co have hem cleared. or words to that effect. On showing him the amou-zit of the deficit in sinking Fund Income for 1938, his only ccnrunent was that it could not be that much. or words to that effect. since we have found the oi/ner discrepancies. he has not been at the office, and we have been informed that he is too in to be questioned, ‘

The p:lnted statements of the City for the years in which the discrepancies noted occurred do not set out the facts, though the print- ed auditor's Report states "we have verified the Cash and Bank 39. res, and all sinldn Fund Securities and have found em in order."

The printed statement of the For- miment Works Sinking Fund Bank Account for 1938 shows "Bands Redeemed $43,000.00". our examina- tion of the records shows only $41. 500.00 Bonds redeemed. xii-h an irregular paymenit of 81.500.

The printed statement of the Water Debentures Sinking Fimd _Ba.r1k Account for i934 shows. “Bonds Redeemed $10,000.00". “In-

and “R.eturn.s_from Bands Sold 315. 159.73." our examination of the Bank Account records show

Redeemed $10,500.00 and 011300.00 in addition paid‘ out. Irwclﬂ lrmn Investments 34,0761» and -returns from Bonds solil 810150.78. both of

which were deposited in this Bank Account.

The printed statement of For- miment Works sinking Fund Bank Account for 1934 shows. "Interest from Investments 03.88750, "Bonds Redecniied $15,000.00" and balance at end of year of $12,885.14. Our ex- mnination of the Bank Account and records shows Interest from In- vestments received and actually de- posited in the Bank Account was $4,387.50. Bonds Redeemed were $16,500.00 and in aiddituion $2,000.00 was paid out, and the actual balance in the bank at the and was 39.330. 14

sinking Funds were consolidated in 1935 and the printed statement of sinking Fund Bank Account for 1935 includes in Income from In- vestments a profit on exchange of Invvestrnents.

The Printed statement of the sinking Fund Bank Account for

of the year ended January lﬁrth. 1987

showed: Dec. 3ll35:——

To Balance $21,360.12 Jan. 15137:-

Interest on luvestrnent 112.301 75 Interest on Depos. 650.00 Transf. from

Civic Account 10. 528.01‘

Income from sinkinvv Fund Invest-.

0:-rest from Investments $2,576.25 sod (25

———~___.

The printed statement of the sinkinl hind Bank Account for £110 mar ended January 15th 1938

ow . Jul. 16131:-

'lb Balance $34,380.49 Jan. l§l88:— Return: from Bonds Sold 8,507.30 Interest on Investments .12,635.00 'I‘runs. from Civic ' account

Our examination of the Bani: Account and Records shows that it should have been: Jan. l5l37:—-

To Balance 333,030.49 Jan 15lsa:—— ..

sale or Refund. Debs’. 'b,'aa’1fé0

Interest on Investments 10,135.00 Interest on Depos. 369.95

'I‘rims. from Civic . account zo,ooo_oo 372,722.74

Inn. 15138 By Debentures

redeemed year $19,000.00 Balance 53.722. 74 $72,722.74

In practically all years reviewed the annual ‘deposit for Sinking

ds was not made in the Sink. iris Fund Bank Account until after the end of the year, but as it was entered ‘and sown on all. city statements is made winiin the year. we have so treated it in this report.

smkrxa FUND nsqummnurs

§’rfor to 1935, Separate Sinking Funds were maintained for the various classes of Debentures out- standing, and the policy was ap- parently to make the annual de- posit to these funds sufficiently urge to retire the debentures bl maturity. 'I'he’Iact that such de-

xr posits may not have been sdequs

does not alter the principle being: followed. civic and Schoobleibebeii. urea were apparen y rs. funded in fun, no sinkingngfundﬁ being provided.

In 1985. a special Act was pas- Geo. V 1985 Cap. 22) whicl me the city power to re-issue den

tureg to the amount of out of any debentures being rea tired ‘at anyomme or times hem.

E D of such re-issued) gebentures " wu-d the establishment. rehabili- tation and maintenance of pro ex ;‘.’.':.*.‘.?.“...f“‘.;‘3‘.‘..‘°.§. ‘ii °c‘.-‘.‘.‘.“"“".‘.

s e or

one general Sinking fund there- fore, Every such N-issue shall be ovided with an ad - quote sin rig fund to retire uh same at maturity." '

In addition to this Act, all su - sequent Acts authorizing the is 1 of debentures provide that s h debenturu be rovlded with a - quste sinking unds to retire t a same It mavurity.

It will be noted that this i does not appear to state that a sinking

Funds nece il, be consolldahd, that the provis- ions of previous Acts authorizing the issue of debentures are re- led in so far as they relate to e gevision of sinking Funds, nor at Section 122 of the‘ City Incorporation Act. which authoriz- est-he issue of ordinary Civic De- bentures without Sinking Funds, is in any way amended. are appears to be an im- pression among City Officials that the net result of this various legis- lation is to establish the following principles: (A) That there shall be one and only consolidated Sinking

DB6

.._._... Fund to apply to all debentures 053,030.40 issues- Jan 15i37:— B Bonds 1 ‘carried $19,500.00 (Continued on 8)

_~.-_.w...;_ our '1-no ounsr nqoiitniisnii 1 me ' H

0 re.

WONDERFUL on THE ALL om ourm

p Asou+ voun

pg .- .

iii 00

By Edwina 3

I CAN'T PUT MY CLOTHES

« aooo LANDS, MAC, YOU'LL

By Balance 34,330.40, . 353180.40 our examination of the Bank Account and records show: that it should have been: 0 . D°'.z'iS 21 1 Jul 15|81:-— ‘ 360 2 Interest on investment. 121820.00 Interest on deposits 80.57 Exchlllle sundries 12.21 trans. from Civic Account 3,196.80 sale of Refunding Debs. 9,801.78 053,630.49 Jul. Mil‘! By Dcbentur . redeemed Year $10,000.00 ' Overpayment: year 1,500.00 Balance 33,030.46 358,530.49

. 20,000.00 Interest on Dep. 389.96 370,222.71 Jan. 15l3a:— . By Bonds redeemed $19,500 00 Ba ce I 58,722.74 ' $76,222.74

the [JI‘0C8€dL' ,

5 5