—_—

=

Sica

A TTT ceca nen —_—

o_o afresh dn ~

Union Bank Annual Meeting.

Tus Annual General Meeting of the Union Bank of Prince Edward Island was held at their Banking House here, on Wed- nesday, the Sth inst., when the following Report of the President and Directors was submitted :—

FIFTEENTH ANNUAL REPORT.

Your Directors have pleasure in again meet- ing the Shareholders and in submitting the 15th Annual Report of the Bank.

The profits of the year, after deducting ex- yenses of management, amount to $30,276 85

‘rom which has been reserved, for

bad and doubtful debts....... 12,903 75 $17,370 10

Balance of Profit and Loss carried SON chins, wnt cain «

5,532 77 22,905 87 Which has been appro- priated as follows :— Dividend No. 28.....$8,111 11 - wo css 8,111 11 Carried forw'd to Profit and Loss Account... 6,683 65 $22,905 87

Your Directors need scarcely remind the Stockholders that the general depression in trade, adverted to in last Report, has con- tinued in an intensified form throughout the year, and has resulted disastrously to the mercantile community of this Province.

The failure of the fisheries last season en- tailed heavy losses on those engaged in them, while the price of oats —our chief agricultural export—has fallen in England 24% within the last six months, and has reached a lower point than any within the recollection of our present si ippers.

‘the shipbuilding trade throughout the laland is at a complete standstill, and freights generally are so low that the owners of ton- nage find extreme difficulty in employing their vessels profitably.

In view of these facts, and of the large num- ber of bankruptcies which, unfortunately, have been so general throughout the Province of late, your Directors have had to appropriate an unusually large sum to provide for bad and doubtful debts—the amuunt reserved for that purpose being $12,903.75, as above stated

The branches have been regularly inspect- ed throughout the year, and their assets as well as those of Head Office, have been care- fully revised by your Directors, and where believed to be doubtful, have been pro- vided for out of the year’s profits.

Your Directors, although they donotseemuch prospect of improvement in trade in the im- mediate future, feel that they can congratu- late the Shareholders on the sound condition of the Bank, and on its ability to take advan- tage of any new business of a thoroughly safe nature which may offer, when a revival of trade does come.

The Casher and other officers of the Bank continue to perform their respective duties to the entire satisfaction of the —

(Signed) Cuas. Paumer, Pres’t. 2 W. E. Dawson. " Jas. DesBrisay. “ A. L. Browy. a? Tuos. W. Dopp. “ Joun Ines. March 5, 1879.

GENERAL STATEMENT, MARCH 5, 1879.

LIABILITIES. Notes in circulation............. 244,539 58 Deposits bearing Interest......... 214,144 02 Deposits not bearing interest...... 161,547 61 Helonlies due toother Banks...... 4,285 49 Liabilities to the Public..... 624,516 70 Capital paid up..........-++++++: 162,222 22 Reserve FPund.........-.--s00-:: 65,000 00 Dividends, &c., umpaid..........- 2,166 87

Reserve for Interest on Deposit MIND co ccc ccc ccscesesese 5,228 29 Net Profits on hand..........-..-. 6,683 65 $865,817 73

: ASSETS.

Specie and Dominion (Legal Ten- Gey Webes... 0. ccccccesess $ 60,594 09

Notes of and Cheques on other CRs code okes +<dnguanese’ 9,314 16 Balances due from other Banks... 70,845 04 Bills of Exchange..............-- 25,752 59 Government | City Debentures. 25,395 55

Assets immediately available. 191,901 43 Notes and Bills discounted....... 436,009 13 Cade AOOOUIER . 2 in 0.0:0.0.6% 00:0 merece 205,937 39 Bank Premises in Charlottetown

and Summerside ............ 31,969 78 $865,817 73 PROFIT AND LOSS ACCOUNT.

Te Disidend Noa. 2G... ..0.2ccccee- $ 8,111 11 ¢* Pividend No. 29.........-.->:; 8,111 11 «* Balance on hand............-. 6,683 65

322,905 87

By Balance from last year......... $ 5,532 77

“+ Net ordinary profits for year,

after providing for bad and doubtful debts..........--+++- 17,373 10 $22.905 87

Grorak Macteop, Cashier. Grrart clearing out sale of Boots, Shoes and Crockeryware at Gass’. The whole stock to be sold in three weeks. Come and buy at your own prices.

—@ > oo

Scorcu Jam in bulk, 25 cents per lb., differ- eut kinds, choice. Golden Syrups 10 cents per pint, 18 cents per bottle, at Beer & Goft’s.

—~2e

The Death-rate of

Our country is getting to be fearfully al- arming, the average of life being lessened every year, without any reasonable cause, death resulting generally from the most in- significant origin. At this season of the year, especiaily, a cold is such a common thing that in he hurry of every day life we are apt to overlook the dangers attending it and often find, too late, that a Fever or Lung trouble has already set in. Thou- sands lose their lives in this way every win- ter, while had Bosshee’s German Syrup been taken, a cure would have resulted, and a large bill from a doctor been avoided. For all diseases of the Throat and Lungs, Bos- ehee’s German Syrup has proven itself to be the greatest discovery of its kind in medi- cine. Every Druggist in this country will tell you of its wonderful effect. Over 950,- 000 es sold last year without a single

failure known.

NEWS BY TELEGRAPH,

Ottawa and Foreign News,

Orrawa, March. 5,

In the House, to-day, Mr. Burpee moved for correspondence respecting the dismissal of

| William Owen, McPherson, master.

Capt. Purdy from the command of the Govt. '

steamer Newfield.

Mr. DeCosmas wanted the motion to include papers regarding the dismissal of Capt. Morri- son by the late Government.

Mr. McKenzie said the request should not be acceded to. The Morrison papers should be moved for separately.

_Hon. J. C. Pope said there was no objec- tions to beinging down the papers. He had found on taking charge of the Department that the Lady Head had been lost by carelessness, aid n> one punished. If an example had been made of the officers, the country would have been saved large amounts. Soon after the loss of the Lady Head, the Newfield was run on the roeks and lost her keel, costing $6,000 or $7,000 in cepairs, He believed it his duty to act in the public service as is done in the merchant service, and he dismissed the officer whose negligence led to the disaster. Mr. Pope said he would place no man as master or mate of a government vessel without he had a proper certificate.

Sir A. J. Smith thought the law did not require certificates from masters of coasting vessels, and the Government vessels were only employed in the coast. So farasthe ‘‘ Lady Head” was concerned, he was prepared to have his course investigated.

Mr. Vomville said he had lately come from St. John, where there was no excitemens over the dismissal of Capt. Purdy. If Purdy were not an adherent of the hon. member, the House wouid not have heard so much about it.

Mr. James McDonald said Mr. Pope found incompetent officers in the New/ield, and done nothing more than was right in the matter.

Collision on the Intercolonial.

DRIVER KILLED AND A CONDUCTOR FATALLY

INJURED,

Atuo., N. 8., March 6.

A special train loaded with English goods from Halifax, collided with the Quebec express about four miles south of Athol, at 9.30 this morning. John Cameron is conductor of the Halifax train, and Mr. Birmingham is con- ductor of the Quebec express. and Samuel Mc Leod is driver.

The engine and cars of both trains are al- ready wrecked, Driver McLeod was instant- ly killed. Conductor Cameron was fatally injured, and several others were badly hurt.

A train from Amherst with four surgeons, left here at 3 o’clock for the scene of the acci dent.

It is supposed that Cameron sheuldnot have left Spring Hill without further orders.

LATER.

The trains returned and left for Amherst with driver McLean’s body, where an inquest will be held. The injured are: Driver Mit- chell, whose head is badly cut; Conductor Cameron, who is badly bruised, but not so bad as at first thought; Firemen Eaton and Edwards are injured and scalded. It is thought they will all recover.

The cause of the accident is as follows : Cameron was running, by orders, from the dispatcher’s office, Moncton, and the orders read, ‘‘ Proceed to Amherst to cross special; signalled by King and No. 12.” Both himself and the driver understood that it was a cross on No. 12 (i. e., Quebec express) at Ambherst.

The place where the trains met was a sharp curve and in a deep cutting.

McLeod was found with his hands on the ever.

Had the accident occurred on a straight line, it is thought the Quebec train would have been demolished.

Local and Other Items.

To correct some typographical errors, we republish the report and statement of the Bank of P. E. Island.

It is intended to give a Sacred Concert in St. Paul’s Schoolroom on Tuesday, April Ist. Great efforts are being taken to make it a success.

Arthe Stipendiary Magistrate’s Court yesterday morning, John DeCost, drunk and incapable, was fined $1 and costs or 4 days. Henry W. MelIntyre, for the same offense, was fined the same.

Tue City Small Debt Court was in ses- sion yesterday. Over seventy cases were disposed of. The trial of four cases was adjourned till to-day, and to-day further adjourned until to-morrow.

Lecturg.—Mr. Hoyt’s lecture on ‘‘ Suc- cess,” postponed on account of the storm, will be delivered in the ‘‘ Athenzeum ” next Friday evening. Doors open at 7.30 ; lecture to commence at 8 o'clock. Admis- sion, 10 cents.

A REpoRT is in circulation to the effect that the Hon. R. B. Reid, of Alberton, is lying sick of small pox at the Rankin House. It is needless to say that this report is entirely groundless, and has the appearance of being circulated with the intention of doing injury to the proprietor of the hotel. We may state that Mr. Reid is enjoying good health, that he was inthe House of Assembly till adjournment last night, and that we have seen him walking the streets to-day.

On Wednesday evening, the Rev. M. J. McMillan delivered alectureinSt. Patrick’s Hall before the members of St. Patrick’s T. A. Society. The subject chosen by the Rev. lecturer was rather dry and worn-out —it being ‘‘ Temperance.” The lecture, although hurriedly prepared, was good,con- taining, as it did, many new, deep, and well-pointed arguments against the use of alcoholic beverages. We ought tosay that the attendance was not as good as antici- pated. This was owing, no doubt, to the important debate going on in the legisla- ture. At the close,a vote of thanks was tendered to the lecturer, and short ad- dresses were delivered bythe Rev. Gregory McDonald, of East Point, Rev. Stephen Phelan, of this city, and Mr. Richard

Reddin.

} ,

“> ee

SHIPPING NEWS. | —_—— Hampton Roads, March . 5.-—Arrived | barque Claribel, McRae, Master. | Cape Henry, March 5.—Arrived barque |

Twenty-third Annua! Report and) Statement of the Bank of| Prince Edwaréd Island.

At the twenty-third Annual Meeting of the Stockholders of the said Bank, held at their Banking House, in Charlottetown, Tuesday, 4th March, 1879, the Honorable Joseph Hensley, President, in the chair, he following Report was read :—

REPORT.

The termination of another yegr of the business of the Bank has made it the duty of the Directors to prepare a statement of its operations during that period, and of its present financial condition.

In the report of last year reference was made to the considerable commercial em- barrassments eXisting in all parts of the world. It was then hoped that ere this im- provement in that respect would have taken place, but the contrary has been the case. It-has coutinned and still continues in unmitigated rigor, and P. E. Island, though much favored at first has latterly had its full share of commercial disaster.

One of the great branches of trade—that of shipping—on which the prosperity of this Province very largely depends, has been quite prostrated, and the depression thus caused has, by degrees, pervaded all other branches of business and caused munch loss in the mercantile community, and the re. sult has been, as all know, very many and in some instances very large failures. This institution, with its extensive Island busi- ness, could not be expected to escape free when almost every other institution of the like kind has suffered; and, accordingly, some losses have been sustained; but the Directors think that, under all the circum- stances of the case, not.greater than might reasonably have been expected. They have taken a review of the several cases affecting the claims of this Bank, and after careful consideration of the position of the parties liable, they have determined to write off the sum of $11,084.37 as hopeless of re covory. This relates not alone to the trans- actions of last year, but in some instances cover transactions which occurred two or three years ago it is possible that before all these matters are settled a further loss in some instances may be sustained, but the above amount, viz., $11,034 37, is the sum which your directors think they are just ified in pronouncing to be hopeless.

A tabular statement exhibiting the mode in which they have arrived at this con- clusion lies now on the table of this bank for the inspection of the shareholders, but is not intended to be made a part of this re- port.

The net profits of the year have been $22,767 17. Out of this your directors have been enabled to pay to the sharehold- ers two dividends of 5 per cent. each, to- gether amounting to $12,000 and _ to pro- vide for $10,767 17 of the amounts written off as bad, taking the balance of $317 20 of the latter from the balance formerly in hand of profit and loss to the credit of the bank on the Oth of March, 1878, viz., $47,011.72, and leaving now a balance of $46,694.52 to be now carried forward to the credit of the Bank for the present year,

which, however, it must be remarked is|-

$12,921.49 greater than the balance in hand in 1877. The discounting transactions have been for the past year comparatively limited; but a very large foreign exchange business has been done, as will be felt when we state that foreign bills of exchange to the amount of over $800,000 passed through the Bank between the first of September last and the first of March inst., the proceeds of which were principally used for the pur- chase and export of oats and potatoes. This large outlay of money in the country has, no doubt, averted much distress and miti- gated much of the effects of the commercial disasters to which we have referred.

Your Directors assure you that their duties and responsibilities have been of the most arduous and anxious kind; but they have the satisfaction of knowing that they have given the closest attention to the business of the Bank, and to the best of their ability promoted its welfare.

As the commercial distress still con- tinues, it must not be supposed that smooth water has yet been reached, great care and caution will still be required by whoever may be our successors in the management of this Institution; but we trust that, with the opening of the navigation, a better state of trade may set in, and that when we meet again our Directors may be en- abled to report an improvement, and that all is and all has been well.

Josgerpu Hensiey, President. J. LoNGWORTH. RicHaRD HEaARTZ. JAMES P#AKeE. Danter Davizs. W. W. Lorp. March 4, 1878.

The following Resolutions were then

unanimously agreed to : —

That the Report now read be adopted and printed for the information of the Stockholders.

That the thanks of this mecting be given to the Directors for their very satisfactory management of the affairs of the Bank for the past year, and that the sum of Two Thousand Dollars be paid to the President and Directors for their services, to be di- vided as may be ordered by the Directors.

The meeting then proceeded to ballot for Directors for the ensuing year, when the following gentlemen were re-elected :—

Hon. Joseph Hensley, Hon. D. Davies,

Hon. T. H. Haviland, Hon. J. Longworth, |

. ene . - Hon. W. W. Lord, R-- Heartz, Esq., and | 1879.

}

James Peake, Esq. Joszrpu Hsnsuey, Chairman. Charlottetown, March 4th, 1879.

LIABILITIES Capital Stock.......... Bank Notes in Circula-

$120,000 00

ORs os ote eee 160,561 15 Amounts due to other

a es cliltidn ws 47,060 09 Deposits at call........ $51,748 37

Deposits on interest sub-

ject to notice.. ....200,757 74 Dividends unpaid...... 690 00 283,195 Ll Net Profits on hand... 46,694 52

$657,511 87 ASSETS. Specie and Dominion

(legal tender) notes $ 31,399 81

In hands of other banks 59,091 20 Notes and cheques of other.banks....... 11,522.54

249,202 72

220,982 88

Bills receivable........ Cash acconnts.......... Judgments in Supreme

Court & Mortgages ee TN ain. ssi ale

70,439 50

14,873 22 $657,511 87

PROFIT AND LOSS ACCOUNT.

To Dividend, June, 1878 § 6,000 00 do December, a ee “a To interest on Deposits. To losses written off... . To Incidental Expenses... To Balance Net Profits on emda: . cams

6,090 06 13,558 69 11,084 37 $,936 98

45,694 52 $ 92,274 55 By balance on hand, 5th

March, 1876... . .. By gross profits for year

$ 47,011 72 45,262 84

$92,274 56 . Beecxen, Cashier.

TENDERS.

ENDERS will be received by this Depart- ment, at Ottawa, up to the llth of MARCH next, for the construction of a PIER AND LIGHTHOUSE off Indian Point, near Summerside, and of Small Lighthouses at Or- well Harbor and at Crapaud, all in the Pro- vinee of Prince Edward Island.

Plans and Specifications can be seen, and Forms of tender procured by intending Con- tractors, at this Department here, and at the Agency of this Department, Charlottetown. Those for Indian Point can also be seen at the otiice of the Collector of Customs, Summer- side; for Orwell at the Post Office, Orwell; and for Crapaud at the office of the Sub-Collector of Customs, Crapaud.

Tenders to be addressed to the undersigned, and marked on the outside ‘* Tenders for In- dian Point,” ‘‘ Crapaud,” or ‘‘Orwell Harbor Lighthouse,” as the case may be.

WM. SMITH, Deputy Minister of Marine, &c. Dey artinent of Marine, j Ottawa, 17th February, 1879. | March 1, 1879.

THEN DEHRERS.

City or CHARLOTTETOWN, } Mayor’s Orricg, lst Marcu, 1879. |

Ee TENDERS will be received at this office until noon of Monpay, 10th Marcu next, from persons willing to contract

for Blacksmith’s Work

for the city for one year. Specification to be

seen at this office. The Council do not bind themselves to ac- cept the lowest or any tender. By order, WM. B. MORRISON,

to 10th City Clerk.

FISH. 100 Quintals Prime Codfish

CHEAP FOR CASH.

Wright & HacGowan, Queen’s Wharf.

February 8, 1878—taw for 2m

EH'TOU R, Cornmeal & Tea, CHEAP FOR CASH,

-—AT THE-~

LONDOW HOUSE.

Charlottetown, Feb. 18, 1879.

FREEHOLD FARM

FOR SALE.

7 BE SOLD, by private contract, that valuable FARM of 50 acres of excellent Land, situate at Graham’s Road, Township No. 20, now in possession of “neas Brenan. This well-known Farm is eligibly situated in the immediate cicinity of Churches, Schools

—_-

‘and Mills, and is in a good state of cultivation.

For terms and particulars apply at the office of Longworth & Shaw, Solicitors, Ch’town. F. 8. LONGWORTH.

Ch’town, Dec. 23, 1S7S—

. WEEKLY EXAMINER, — Per-

sons having relatives or friends abroad, and

desiring to keep them informed cone E cheavh

P. E. Island, cannot do soin a better or er way than by subscribi EXAMINER. Sent, pos m Great Britain, the

Dominion, on receipt of One Dollar.

to THe WEEKLY id, to any address nited States, or the

i | i

1879. (cean Steamship Coy

eo at a epee OF PRINCE EDWARD ISLAND. SPRING TRIP.

THE FIRST-CLASS IRON SCREW STEAMSHIP

“ PRINCE EDWARD,”

1,364 Tons Register, Classed 109 Al, which is the highest Class at Lloyds,

ROBERT FRASER, COMMANDER,

Will be on the Berth at G'1sjov to receive Cargo

About the 5th: March,

Leaving Glasgow for Liverpool about the 5th April, and will leave

Liverpool: Charlottetown

ON OR ABOUT THE (STH APRIL, Carrying freight at through rates from Loa- don, deliverable at Charlottetown, Pictou, — Georgetown, Summerside, Souris

and Shediac.

For freight, apply in London to Joun Prr- CAIRN & Sons, 16 Great Winchester Street, E. C.; in Glasgow to James Krxso, 134 St.. Vin- cent Street; in Liverpoo! to Prrcarrn Bros., Brockley Buildings, 51 South John Street; in Pictou, N. §8., to Nooxax & Davtes;. or

here to PEAKE Bros. & Co.,

MANAGERS. Ch’town, Feb. 28, 1879.-—-6w 2aw

NOTICE.

fA\HE ANNUAL GENERAL MEETING of the Shareholders in the St. Law- rence Marine Insurance Company will be held at their Office, in Charlottetowa, at 3 o'clock, p. m., on WEDNESDAY, the 12th day of March next, in compliance with the Act of Incorporation. By order. FRED. W. HYNDMAN, Sec’y. Ch’town, Feb. 8, 1879—law till date.

ee een

Valuable Freehold Farm - FOR SALE.

rA¥XHE Charlottetown Cemetery Company are

prepared to sell, on very favorable terma, all that portion of their well-known Farm, beautifully situated on the north side of the Back Royalty Road, and extending from the Malpeque Road to near the Railway track, containing about FIFTY ACRES OF EXCEL- LENT LAND.

The premises are all under cultivation, and have thereon a good Dwelling House, large Barn, Stables, and a fine Orchard. A fine Spruce Hedge surrounds a great part of the property. é

Immediate possession will be given. >,

For further particulars, apply to John Ings ov H, J. Cundall, Esq’s.

By order of the Board, F. W. HALES, See’y. . Ch’town, Feb. 20, 1879—dly oaw

ae

HAVE YOU SEEN IT?

BORBHAMS New Boot & Shoe Store,

OPPOSITE THE MARKET HOUSE. JUST OPENED,

MEN’S, WOMEN’S, BOYS’, MISSES’ and CHILDREN’S

BOOTS, SHOES & RUBBERS !

IN GREAT VARIETY.

COME and have your feet PROTECTED, COME and have your feet kept WARM. COME and have your feet kept DRY.

W. R. BOREHAM, SOUTH SIDE QUEEN SQUARE, ° CHARLOTTETOW®S, P. EZ. 1.

Nov. 26—3m wed & sat

UNDERTAKING, &C.

a M. BUTCHER is now prepared to e@) ive close personal attention to all funerals that may be entrusted to him.

COFFINS, CASKETS, &C., of various sizes, styles and quality, always on hand, ready-made, “PRICES. TO SUIT THE TIMES.” Ch’town, February, 24, 1879.

MPLOYMENT.—!I» every village and

township of P. E. Island not yet oedu- pied, onE active, intelligent Lady or Gentle- man can obtain a most respectable and ve profitable engagement. Address, with full particulars, D. DOWNIE & CO.,

Box 1964, Montreal.

May 25, 1878 -—-

To Inventors and Mechanics,

pw ENTS and how to obtain them. Pamph et of 60 pages free upon receipt of stamps for postage. Address

GILMORE, SMITH & O©O., Solicitors of Patents, Washington, D.C.

Fae ESO AE TH <

selenite abe