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SWEATERS all shades, To clear at - - _ _

5E

§@@@@@@@@@@ n@@@@@@@@@@ Specials at The Fashion Shoppe

For. MAY SAEE r

DRESSES regular $2.98 to $5.98 Clearingat—--_._____

DRESSES regular $7.95 to $15.95. Clearing at- - - _. _. _. _ _ _

Special table of last years HATS,

toclearat-____.________

Coats‘ and Suits (last years) to clear at HALF PRICE

hi5]

D

‘1 .98 ‘$.98 98c 50c

sizes 14 to 20

IEIEJIEEIIEJIEJ 5 Elliflléllfi

O VER-A LL

The Fashion Shoppe

141 GREAT GEORGE ST.

Next door to Cudmore Bros.

iliféllfilfil@ilifllfllfillfililllfillfilfilfillilifillfiliflfllilifilifil -

THJEIEIEIEILTIEETEIEIIEIE El @EE@EE@@@@@@@@@@U

DEFICIT

ABOUT $395, 056,000

Past year's financing reviewed in budget speech by Hon. J . L. Ilsley.

OfITAWA, April N -(CP) -

Dominion revenues for the fiscal you‘ ended March 31, i941, reached the pireccdented total. of $871,571.- 000, Finance Minister Ilsley dis- closed today in the flnancal re- view with which he opened his pres- entation of the third War Budget in the House of Commons.

He announced an over-all de- ficit on the year's operations of ap- proximately $395,056,000, “A very

large deficit but nevertheless sub-

stantially smaller than that es- timated by my predecessor (Hon. J. L. Ralstonl last June." (Col. Ralstonis estimate was $550,000,000 to $600,000,000.) '

Mr. Ilsley intimated that 1n ad- dition t0 the 31.450.000.000 estimat- ed as the total cost of war for the current fiscal year, Canada was pledged to finance the bulk of Bri- tish purchases in Canada estimated at 31500000000 for the curent year.

He praised the new arrangement with the United States as a. “mag- nificent contribution to our com- mon struggle" but said it was not by any means the complete answer to Canadas exchange problems.

The revenue figures-only es- timatos since the books have not yet been closed 0n the last fiscal year-showed an increase 0f $309.- oooooo over the previous year and were $l00.000.000 greater than the estimate in the second War budget

of last Jlmc. Mr. Ilslcy compared the 1940-41 revenues with H1056 01 1915-16

it? .l ‘l.

I

eavidcsicsr-ewsuuoa-gsssrsuauseal:e:eeoa§=s-P"5"=5E§%Er§;efis#1 Q f! lfiffl“

when the total was 172,000,000 and with 1918-19 when they had 570W" to S3" 000,000.

‘r llnhll‘ i s of the Dominion of. Mulch 31 1 >t were $4.'i44.05'i.0fll0. ire Minislcl" said. Against that ill-Z- liYf‘ were active assets 0f $1.077.- mporr), lglnvlng l; not national debt. ul that, dale of $3.065.fl15.000_ com- pnvcrl with 33.270.980.000 a year be-

Icrc, _ The mlllltlrlr ortnuatvd an in- HT... s. 01' l: "ylonoflfl in National

IHTPITIP this _\'(‘lil' and said thPYP would hp nllllcols f0r_morP loall< fmm m,- puhlic and financial lrl- gffllllifllls other than banks than hitherto. _

To a r-roxvdml l-lzlusc nnxlouslv axvditill-g tllv ll"ifl.ll'~'_ which would coxno 121501’, of 1'1; wnvs and menus to h: flflfllllofl in s-vcll revenues to awn urolfrl- hrli: Ml‘. Ilsley‘ ct. would not x llcv: departures from

wt prlnciplcs. Tho-Kl?

rl such departures boinlr-d.

ll h:- llo (lislalapolnt- . lo believe tllal the

. 1 of \\_‘i1l' should ‘be u (in n barns of cquzllltl‘

_ , <-. inning resold to ability

lyj lln 5TH. ,

"no, , Quid Callfldlnlls would 4 u; frlrcru “some 0i ill!‘ 1955

ll u!‘ our civilzan Yeimuc"

u, 1-» intcrcst of maximum tioll.

“we {or improvements to ncw cars and other: 1s should he llofitllfllle

fl t c vrztr. llc fifllll-

,“ q m, way accounts h 1 l, figcfll your. flCIDfll- s, in his tum cstlmRlfi “imlm b”

$810,150,090. the Allllliflfll‘ su-(L

Ordinary Expenditures

.. <5 - lll Ill Clllfll l\ oxpuldlllncs __ I v r 12f?’ ;l would he sliEllllY m" $494" ' vClf/ll.) of \l'llif‘l'l fllll)l'0illfllilllr5ly_'lo l ])Ll' cont is fit-counted {O1 rY {OTPJL zlnd other villi-Fl“ o“ ‘

hnrguc exp£l1dlli\l‘f‘$. 1‘l‘l,l‘\".".f?l1l'.‘fl _d_llvmgllmllgiligtgzz‘) of usocis. woui m‘ 1 "

ditllrcs for the Will‘ l0 $l'l66‘6zl'o5§0 u“. ch, pluccfl against the revei5l5lg._. would leave the deficit of $393 - -

with!‘ tho corresponding fiscal year of the first great war. l9l5-lfiiltllfr- Ilsley noted that Will‘ i-‘Xpm "f; was sllzlltll’ or" *“‘°~°°°'°°°' lint for the inst yena-ooof that wllf c. -19. 447.000. -

will». Ilsley said the budgetary pol- icy 0g the government was actuat- ed by the one dcslrc "of mobiliz- ing the maximum Wfll‘ llllelllth °fifhiia§°fil¢llizigol~y that financial policies should kccp step with ln- dustrial and military Orgllflllllllllll- and to maintain ‘as far as may be practicable. a DRY 85 Y0" 3° policy." fhc Minister said.

"Tm; l5 derived um from any dogma. of financial orthodoxy. what- ever that mo!’ bl’. b!" 779m l“; known “ml proved inequities an the dlsorlzanlzing and shattcrins i-m-cis of inflationary rises in prices and incomes." 119 Bddm- l a

Mr. Ilsley devoted much of L; review to foreign exchansé Pa?” lems which he said hid W" 5° m some decree by the new arrangle- ment nesotieted I!!! Pm" m"

t” Kl“; with President Roosevelt.

and announced in the so-celled "Hyde Park declaration."

That arrangement was “a drama- tic and magnificent contribution" to the solution of exchange prob- lems with the United States but by no means a complete solution, he said. Restrictions against use of American dollars for Canadian pleasure travel in the United States would have to remain as much as

the government would desire to remove them. Hyde Park Agreement The dc Pall: agreement was

a. "magn ficent contribution to the success of our common struggle- not to the ease and convenience of the Canadian people," he said,

In Shite of all the efforts adopt- ed from the start of War u, the present to conserve foreign ex- change there was a continuously increasing deficit in Canada's dol- lar transactions with the Unflggd St es.

1t was necessary to find Ameri. can funds to pai£$230,000.000 as d1. Vldcllds and fn rest. to United States investors in Canada against $28.000.0000 in interest and divi- dends coming this way; and tour- ist revenues ell off disappointingly.

At the end of the fiscall year there was a probable deficit in Canndns balance of payments on b9"! €8Dftal_ and current accounts ‘X16311 the United states of $475,009,.

Another aspect of the exchange llroblcm was Great Britain's diffi- "lllly 111 Obtfllninz Canadian dollars. Al: lllfidfTdtflf the fiscal year Btu. ailrs c i" ‘ ll", '-_ v, s7gs-‘mnogl in us lcipcct “'15

This had lyccn llallcilcd by gold Shipments to filo extent or 3141 ppl‘ rent, repatriation of Canadian so. cllrlfles hold in England lo tho m. ion} of (12.4 pol‘ cont. and accumu- lation n! slrrlluu bfill-‘IHFPS in 1,0,1. flnll tn fhr cxtcllt of the remain- lllz 26.2 pcr cont.

But since Ilccclllllcl‘ no gold llzld ll(‘(‘ll lrnllsfcrrcrl from Lordoll and Canada virus nlalzlllzz Canadian dol- Jars available to Britain for tile full amount of llcr purchases here. Those were sillflflilil-COO for the first quur. tcr cf_ i041 and were expect-ed to be $l.a0.'l,000,000. for the full year.

It has already been annQunpg-(l that Canada's Will‘ costs for the curlent fiscal year will be about $L45Q,CQO.UUU. The Minister nnvjg. lvllrtl the possibility of ilaving to Iluuuvc tltc bulk of the United Klusdom Purchases in addition.

British Purchases

w Tllc House, however. I om sllro “ill afzrec wuh mo that it, would bc unthinkable that Brilujl, should be lluflblc to purchase vitally 1180(1- (‘ll Supplies ln_ Canada because of lack of Canadian dollars.” he said. ‘For that reason it has been lllef-‘lfififllivfi for us to assure Britain latCan-ida would meet such prq- 00111011 of that total deficit as Brit. aln llcrsclf would not be able to m9“ by lYRllSfm‘ of gold or United States (lollars to Canada." ‘ New lRxcs and increased activity .lR(l accounted for the revenue in- Clea-BPS- lmd prepayment of income taxes had helped, the Minister said. Total lax revenue-swore $773,290,- "90 c! “Dlllflflrcd Wltll eiceooocoo t.le nrevlous year. the largest single “mm being the excise taxes which Produced 8284000000 as compared \\'lilln$l55,000.UCO the previous year, vllLOlTlC taxation produced $220,- 000000 which urns more than 50 pol- cent gleater than ally previous year, The national defence tax produced 0281100000 and the excess profits lax 324000.000. The full effect of the excess pro.

flls tax. and of the increased in- come tax was not reflected in the returns for the last fiscal year,

Customs duties produced $131,. 000.000. compared with $104,000,. 000-the best figure since 1931 but considerably below pre-deprcssfon years.

Returns from excise taxes on eon- slunables. mainly tobacco and liq- uors, were 389000.000 an increase from $61,000,000 from the previous Friar: and the 10 per cent war ex- C Misc tax on lmpor hrou ht 2,- 000,000. L‘ ' w

LOCATE Few on. FIELDS

TORONTO. April-ZS) - (ca) - In the years 1930-40 exploration work carried on by British Ameri-

discovery of four oil iloida which are now in process of development, shareholders were told at the an- nual meetlnx of the company today. The president reviewed the 1940 operations. pointing out that while sales increased from 3190315300 in 1939 to 0227323148 in 1940. the net rofi was lower than in 1930 at 3, p”, due to heavier taxation.

can Oil Co.. Limited resulted in the 12f

ifhe Central Guardian i

"Phi: column ls reserved for news of local interest, but advertising of a uewsy nature may be inserted at 5 cents a word, strictly pay- able in advance.

i

l. } CRASH/ELL tor kmotograpns. I

l

CONFEDERA ‘ION LIFE INSUR- ANCE. 14-9785 SLIGHT BLAZE - The firemen were called out about 8 o'clock yes- ‘terday morning for a slight blaze at the residence of furs. .1. A. Mc- Donald, 204 Sydney Street. The blaze, in a baseooaid near the flue was quickly extinguished.

‘FUNERAL TODAY-mineral ser- vices will be held from her late res- idence, 3i. Brighton Avenue today for Mrs. Josephine E. Forsytllc, wife of Allan rkwrsythe. The service begtns at 2 o'clock and tile funeral lnocesslo 1 leaves the house at 2.30 p. m. Burial will be in the Peoplesl Cemetery.

PLANE GR/OUNDED — Poor fly- llllz conditions lzrounoed the firans- Canada Air Lines feeder service be- tween Charlottetown, Summerslde and Moncton late yesterday afiel- noon. The morning and. noon flights uele made on schedule but P901‘ ‘#5- ability and the threat of freezing rain kept planes from coming in here at night.

ENGAGEMENT-Mr. and. Mrs. finest W. Farquharson, of Char- lottetown, have announced the en- gagement of their daughter, Mary Caroline, to George Hamilton Mitchell, of Sydney Mines, N. s., son of Mr. alld Mu. Augustus Mitchell, of Charlotktolvn, the marriage to take piece iu Mfly-~ Ottawa. Citizen.

LEGION DANCE-Another suc- cessful Canadian Legion War Ser- vices dance was held" in the Legion Rooms on Grafton Street last night. Many members of the aivny, navy, and air force with their lady friends were present at the affair and enjoyed a good night's danc- ing. The music was provided by Bill Moresides orchestra.

PLAN JUNE WEDDING — The engagement was announced this week of Margaret Ethel (Peg- av) Dixon. of the Montreal Gener- al Hosbltal. daughter cf Dr. and Mrs. H. C. Dixon of Medicine Hat, Alta... and Dr. M; Keir MacGougml, of Lethbridlzc. Alta, son of the late W. K. MacGougan and Mrs. Mac- Goulzan, of Toronto, formerly of Bummerside, P. E. I. Dr. MacGau- ean is a graduate in Medicine of MoGlll University, class '35, and was fomlerly on the staff of the Mon- treal General Hospital, The mar- riage is to take place early in June in Medicine Hat-Montreal Star.

CLERGYMEN BEGIN DUTIES- Rev. Parnell Wood. who was re- cently ordained to the Holy Priest- hood. lcavcs today for Sunlmcrside where he will be stationed as Curate at St. Paul's Church. He replaces Rev. Father Ayers who will be sta- tioned in Charlottetown. It was learned unofficially that Rev. George McCormnck, who ts at pre- sent in Charlottetown, will be trans- ferred in the Roman Catholic chaplain service, Rev Eric Robin, who was ordained the same day as Father Wood, will leave Thursday for Souris where he will be sta- tioned as Cllrate. At preient there ls no Curate at that place.

SERVICES -— The funeral of Mr. William E. W; Owcn was held from St. Paul's Church yesterday afternoon where service was held by Rev. A. Le- Drew Gardner. who also conducted n short private service at the llousc, Foliolvilllz wcrc the mourn- ers: ftfcsslrs. Cambridge Olvcll, Wil- liam Owen, Gcorgc Ivcs. L. A. lins- znrd. Capi. T. G. Tklylor. Chlcf Justice J. A. Mntlllcsoll. Dr. T. E. E, Robin. Pope Beer, Ernest Beer. H. F7. hflillcr. Noel Ile-Blois. Arlllul" Bruce. and Dr C. H. Pcthick. The ]i1lllllP7ll'f’l‘5 lv H011. Geo. D. ltoBlnis, Ilfcssl J. A. Mclsaar. J. .l. l-lflfllbl‘, H. F‘. McPhee. M.L.A.. c. H. B. Longworth and Harry A. McDougall.

FUNERAL

GYRO MEETING — The regular wcckly meeting of the Charlotte- town Gyro Club. was held Monday evening at the “ChaJ-IotteLcWn." Gyro Si Paoll was chairman. P. O. Roland Danli. and. Bob Colvan of the T. C. A. were guests. The sneak- er for the evening was Col. K. S. Rolzers who in nn informal manner pointed out many of the unneces- sary nuisances with which we ut up and the molly opportunities flat no lwglzir-z around us. l-Ils sugges- tion for promotion of enterprises along various lines brought the rcal- ization to many of the advances needed to ensure development and progress in ‘business today. After- wards Gyro Tommy Davies helped to coilfusc the guests and members filth a vcly choice selection of ques-

cns.

SUCCESSFUL DANCE-Over 400 dancers crowded themselves into the Holy Name Hall last flight for til.- grand opening dance cf the season. Fzur pleasant hours of dancing, from 9 to 1. were enjoyed by the large crowd present. Tile al- fnlr was highly successful and will bc repeated every Tuesday niehl. for lh¢ season. The feature of the evening was tho appearance of "Ding" Connolly's new orchestra which provided banlz-un music for the occasion. The Hall has recently been renovated and re-dcccraled and presented a fine appearance with an uo-ln-date or- chestra stand, Colored lighting add- ed to the effect and a special cale- teria service was greatly apprcc aled by the dancml.

SUCCESSFUL BRIDGE — A most successful bridge was held at the Curling Club last night, lro- cccds going to the Red Cross. he substantial sum of $85.35 was real- ized. The executive of the Red Cross was asslste by Mrs. Earl Baker. Mrs. A. Arthur Aimworlh. Mrs. J. Pope Clarke. Mrs. J. Arthur Lewis. and Mrs. Stirling MacDonald. The Red Cross and. assisting committee expressed warm thanks to the Cur- ling Club for the use of its beauti- ful clubrooma, and to firms and in- dfvlduals who denote-l prizes. The prize winners were: 1st. Mrs. A. B. Henry; mid, Mrs. Elmer MacDon- ald; Ilrd. Mrs. 4th, Mrs. Worthy; . Niles Olive Johnson; 0th. Mrs. lffbbcrt Hownlt: 'llh. Mrs. Russ Bcllar; 8th, Miss Margaret Mlltcli; 9th. Mrs. George Keefe; 10th. Miss Irene Home: 11th. Miss Hazel Moran: . Mrs. R. B. MacNelll. Oenlle- manis first, Arthur Woolner; second, A. B. Baqnall; 45h. Dr. MacDonald.

LONDON — (OP) - Liable io

cmlscrlrltfon, a number of young of-

ficers cashlered or dismissed. rom

the British army by courts-mnrtlnll have had to report to other regi-

ments for service as privates.

six-piece ’

rm; guxntorrerowu eusxnun

EDGAR MolNNlS

Associate Professor of History of the University of Toronto. who is frequently heard over the CBC. H; is a native of Charlottetown.

Personals

The Rev. and Mrs. H. Crawford Scott of Hawkesbury, Ontario, af- rlved in the city last evening as tile guest of Mr. J. R. Burnett, U - pel- l-lillsboro St. Mr. scott wlll occupy the pulpit of St. James Presbyterian Church during thé month of May.

Lumber industry To benefit by Taxation changes

OTTAWA. April 29 ——(CP) -— Benefits for the lumber industry and investment trusts were includ- ed in the taaxtion changes pro os- ed today by Finance Minister I slsy in his budget for 1941-42.

Before the Easter recess, the Min- ister read a statement 1n the House respectin amendments to the ex- cess prof ts tax act, with a view to removing inequities and anoma- lies, and to simplify administrat- ion. -

"The changes proposed are not intended and will not result in any general relief from the weight of the excess profits tax," he said in the budget speech.

"In fact . . it is proposed to in- crease the minimum rate of tax under this act from l2 per cent to 22 per cent. This. Lekcn with the l8 per cent levied under the in- come war tax act will mean a tax of at least 40 per cent upon the incomes of all corporations."

In his budget speech. Mr. Ilsley listed several changes in addition to those he announced before Eas- tcr. One related to the lumber in- duslry‘.

Profits in fhe industry, due to ex- pansion of operations from the pre- war level, had increased and were subject to tax at the rate of 75 per cent in addition to provincial tax- ation. Profit remaining was small.

“We are satisfied that the lum- ber industry is entitled to some re- Ilcf for these reasons," Mr. Ilsley said.

“We have come to _the conclusion that the best way of dealing with the problem. and the most logical, is to pcrlnit on additional allow- ance for depletion on that portion of their production which is in ex- cess of the level prevailing during the standard period." (The stan- dard period referred to are the four years 1930, 1937, 1938 and l9- 39A

In the cnsc of companies whose solo ])lll']lfl§ is to hold investments in securities. Mr. Ilsley s1ld:-- “it. is difficult l-o defend a high additional fax in this case where a group of persons hold their invest- ments in collective form rather thnu separately". which they might . d the tax. To elim- lllafc lllls admittr-dlv harsh treat- mcnt it was decided to follow the practice of the United states and exclude investment trusts from the lax entirely."

s 1 ;. E

.1

a_ ccompanylng Professor Gundy t0 ti"?

Miss Edith Iiughi llallefl heal of It. lllllson~0luili

tarps" news

n; A eye an M155 mm, Hugh w” re-elected the Charlottetown Bowling Alleys president of the unt Allison Club on Wednesday. the 30th instant. at the annual mee u; and bellilllfli, l-hlllllflh "l9 8909mm!’ °1 Mi‘- held last night t? Blue 20pm George Tull. will again be devoted at ‘Old gcpslp. _, _, . ordon yard to the war purposes of the Carry was re-e ted immediate pest pres-l on Canada. Corps. 1e81, v essrs, D. M. Cass and Gordon er off _ eleciég were: Vlw- McDonald will be the Corps‘ rep- éhl. V- 1301181 BWl-llrllilli, resentative; on duty during the cv- _B¢¢.-= TQM . Wlqlglre‘, crying, electélgéwudltvl. - 0- - 1m, n u expected out will be the re-e . , . Ho“, s}? dub ‘or u“ cum; second last evening under the aus fill“ clot.’ "mill-l;-

ices of the Corps at these alleys.

he final evening falls on Thurs- day, May 15th. _ mbers of the Corps and oth- ere supporting efforts to raise funds for War purposes are urged to pat. ronize the_Al1eys and Billiard Ta- bles on these evenings so that the revenue received will be a; large as possible.

Professor ILP. Gundy. s. member of the tench-ins staff in the Enflilsn nt at Momlt

aced. Dr..l.0. uelnan. '- ot tile institution, who was un- to be present owins to illness.

this province was Mr. J. D. B. r-Iow- aajd. Alumni Beontaryl of the Unl- mty. Bro . G1ll1dy s. ti" 0f nip and a graduate of cwntb University. He nos been at Mt. A. for the past four Years.

War financing Discussed lly head

rfahfs°li°lilfidllnl““"““‘i. t: .- ' °- “ “rilllvféf "'*‘"li€ 0f Ford Motor 0o.

" e a very mtemdns and descrip- co e » hi’ “if °“ ‘infill-ill’ 0.201% file phergtedfii 1812. Articles glean- from some of the sarile cations shelved that the self expression was not lacking. The Argosy, which is the current ‘gunfi- cation. was manifested in l 3. The speaker reed. several editor- ials and other items appearing at various time; since the ma g was first published in the sen_ commenting on these. A study 01 the venous eolleao publications onvs tho moulding influence which ount Allison has had on her stu- dents. The present day high in comparison wi o stu- dent publications and has attained a. high literary standard, he said in

“mt tothes aker

WINDSOR, Ont.,_Aprll 29-"0041- adds war effort will require heavy governmental borrowings. increased xatl and curtailment of custom- ln lmdual consumption, espec- .hose who have en oyed a scale of living than e av- erage," declared Wallace R. Camp- bell. president, Flord Motor Comp- any off Canada, Iiimited, in an ad- dress to company shareholder at the annual meeting here yeste ay.