It's SPRING, ‘Man! \ i ,

ed you this season.

THE highest expression of Hat quality with dignity and smartness is emphasiz- ed decisively in the style refinement offer-

Many of the models

are designed exclusively for us in a var- iety of proportions enabling us to attain becoming effects for every man.

HA

$2.50, $4.00,

TS

$5.00, $6.00

' Borsalinos $7.50 and $8.00

gMoore t? McLeod Ltd

_..._._.l

The fiftieth anniversary of the onlzing and 'I‘rade" by Bh- (the-vies founding of the Scottish Liberal Club Lucas. the distinguished tristorian.

which was inaugurated by William E. Gladstone. ‘was celebrated ll! Edinburgh.

The Society for Promoting Chris- tion Knowiledg c of England is ‘publishing l. book on "Religion, Col-

recently

To reduce the accumulation of piece goods stocks at the mills, the Ahmed abad, India, millovmcns association has decided to close the mills 01w extra day each week.

ANOTHER PERFECTLY GOOD , PICNIC GONE WRONG!

S

to accuse her. Little Bart with arms crossed, at the right) felt all along

. ' as $513.2?‘

OMEBODY has big ma... a 1%.’? late. Aunt Mary extreme left) issuspecoedflrutnohodyean Ildlhllh

‘I a co.‘ uumnlroaorrru

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tintha orkMilk

QR s

holomew

was gtohsppeato

Deploreblc Record

Provincial Legislature, March l4. Debate on Draft Address. Dr. WJJ’. McMillan. (Continued from yester-

day's Guardian):

We on this side of the House have been accused o! saying harsh things about the Prohibition Act. But here you have the whole story, told by the Premier of’ the Province. You have his complete admission that hc had no ldemthat conditions wcrc such as they are. Of course he hadn't. I am not going to say that he knew of the conditions before he brought this wonderful drunken detective herc from Montreal. But he knows them now; and I venture to say there are a. lot of people who stand in the same position. Some o! us KnlW what was going on, but the Premier would not believe us. The medical profession throughout the Province knew; in Charlottetown and else- where we were aware oi the results of this Act. Take the record oi the Charlottetown Police Court, for ex- ‘imple, for the year 1029:

Drunk and disorderly, '19.

Drunk and incapable, 226.

Drunk while operating a. motor ve- hicle, 14.

319 cases of drunkenness in the on...‘ “ ' Police court last year. 346 the your before. Isn't that a re- cord-not to be proud of! Isn't it a record to deplore? You have to go back to the days of Free Rum, away hack in the 80's, to find such a num- bcr that had to be hailed before the Pollcc Court of Charlottetown and convicted and fined for drunkenness.

And Sumrnerside, according to the Premier, is worse than Charlotte- town. Summerside is apparently not safe to live in. They burn you out in Summerside!

MR. L. R. ALLEN: I don't think they will burn you out.

DR. McMILLAN: They did burn one man out. ~

MR. ALLEN: ‘Phat was not a delib- erate fire. Those things happen.

DR. MQMILLAN: Well that is the charitable way of looking at it.

MR ALLEN: That was the decis- ion of the Court in Summersidc. DR. McMIILAN: They don't know who set the flrc? '

MR. ALLEN: No.

DR. MCMILLAN: well, the flre didn't set itself.

MR. ALLEN: The fire started from within the building. V,

DR. McMILLAN: All right. I sup- pose Frank McKenzie has his own idea about that. l wonder if he was ever warned what would happen if ha persisted in working as s prohi- bition inspector?

NIB. ALLEN: You will have to ask him. ‘ "

DR. McMILLAN: Of course, the Junior member from Summersidc will draw his own conclusions. They are at a. variance with the Premier? but that is only a small matter. You would not expect him to Eiffel! with the Premier. But isn't it a sor- ry mcss, whichever way you look at it?

Liquor at Gatherings

Mention was made of the absence of liquor at the exhibition last full. The Premier says he didn't see any evidence of intoxication at all. But some people saw it. At every one of those public gatherings you can sec evidence of ,liquor if you want to. what is the reason that RW- M1‘- Harding has had to come out strong- ly about the conditions in Summer- side. Why dld he have to castlgato a

In Halifax

i/ ‘M4’

lillil 0~le*l“-»¢I

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certain section of the press for ita silence about those conditions, aull the Government and those respon- sible for the administration of the law,

I wonder if there is any truth In the rumor that certain orders came from Ottawa that the activities ol the vproblbitlou officials in the town of Sumruersldc had to be "eased up"? ‘that is tn‘; rumor, that the sitting representative for Prince County has influence in such mat’- ters. and that his influence has becq exerted; and as a result wc have the complaint of the Itcv. Mr. Harding that something mysterious with rc- speet in the enforcement of the Pro- hibliidn law is happening in that part of the Province.

Political . obibitiou

Continuing the debate on Monday afternoon, March l'l. Dr. McMillan said:

This Government has endeavored to show that it is doing a great work in respect tn Prohibition because there is very little else in its record to show for any kind of activity. We have 1m; the statements of the leader of the Government with respect to m; INA ievements in the matter of pres-

result of all his endeavors has been niil. His story has been the slung for the past three sesisons, full of ex- pectations that came to nothing. l-fe hopes that next year he will have a message that will please everyone; and he wound up his speech with a message to the people of this Pro- vince that I do not think anyone would call pleasant. ll’ ever in our history there was a confession of in- efficiency on the part of g, pumm- of this Province, a confession of 111111211118. oi mslsdmlnistrailon of justice, of laxity on the pm n; pub- lio officials, that confession was cer- tainly made by Premier Saunders‘ the other day on the floor of this House. It was not The Guardian newspaper that was talking then. It was not any member of the Opposi- tion. It was the Premier himself, the leader of the Prohibition party, so- called, in this House; the leader of that party ‘supported by "the best thinking people of the Province", as my hon. friend the Pharasiacal apos- tle of "temperance" from the Rusti- co District would say. Those are the ones who. through their mouthpiece the Premier, were talking. And l think that anyone listening to that confession would sey that it was a very pitlsblc spectacle. I know very well how the "confession" has been received, both inside and outside oi’

this Legislature. both by the follow-

ers and friends of the Premier and the public generally. They are he- glnnlng now to think that, after all, there was something in what the Opposition was saying. The people of this Province will acknowledge that there was something ln what The Guardian newspaper pointed out. They will believe that there was something in what was reported not very long ago'by a Surnme “ cler- gyman, a Liberal and strong prohi- bitionlst, when he called attention to the prohibition situation and the failure of the authorities to enforce the law. And we are glad, Mr. Speak- er to know that there was one cler- gyman at least who bad sufficient courage to speak out in the interests of Temperance and not remain silent in the interests of Liberalism. (Applause) Because there is a line of cleavage you know and it runs right through the Pro hibition Act. This Act, as we now have it, was put there after lcug and s ' deliberation, the result of a "llllllll inaugurated on a Sunday evening in the peaceful little town off " ‘that’ ’ politi- cal conference was tho origin gm] the birth of this law. According to the statements sud the letters that were sesri out to the Liberal sup, * us throughout the Province. it was uscesaarytodevissalawinthebost iufrcats eh-whom? The people of the Province! The women sad chil- dren? Not at elll In the interests of Till Lilli-AL PAITYI (loud Con- servative applause). That was the ‘statement pat in the letters sent. out by the PrQIsr of this Province, to teat tho failing of those of.hls fol- lowers who wcroin a pcsltiou to ad- vise as to the litlsal expediency cf adopting st lid act mat- ter at sacrum" whether Prohibition was right er wrong. It was last pos- sible that Prohibition wouldn't salt

sing our subsidy claims; and the net. ‘

n v I "ft-iii Ci-IARLUFPFIIUWN GUARDIAN . Scathing Criticism" On

, Prohibition Enforcement The Premier's Amazlh-g- “Confession” Analyzed: By Dr. W. J. P. McMillan And The Whole

Prohibition Situation = Reviewed In Eloquent And Convincing Speech.

i I i i

wines and beer, might suit. All these i posdble measures were discueaedr‘ and the one that was deemed to be the most. successful in the interest: of the Liberal party was the om- that was selected as a policy. Am we have, as a result," Prohibition un- der the Saunders Government. (Con- tinued applause).

cbsllcngcs Liberal’ Silence

Rev. Mr. Harding wants to knon how the prisoners of the Prince County jail have been able to ge‘ access to liquor while under confine-I ment, had become drunk and had beaten up the jailor. "What a com- mentary," he says, “on Prohibitionl, The article, if true, presents a com-i menlary that should make us hang our heads in shame." We have no doubt about the from of n, because the Premier has given the proof on the floor of the House.

Here is another question that r. certain section of the press migh‘ answer. It was put by the Rev. Mr Harding in his address on Prohibi- tion some weeks ago:

"Why is it that some of our papers are silent on these things? .lf we move along in a self-satis- fied way when things are wrong. they then only get worse. Last , Sunday three drunken men were dragged through the streets of Summerslde to jail by the police- man. Surely our citizens cannot remain in a state of apathy when such disgraceful things are goinr! on. Where do they get the liquor? ls there no way of finding out?

Sometimes it seems as if every- body else knew except the one: who ought to know."

What do you think of that? "Every one knows where to get liquor ex cept the ones who ought to know. I presume that applies, first and fore most to the Government. lt spplic to the Premier, to the members am‘ followers of his Government, espec- iallythe members oi this House vvlr attended the meeting-s of the Prohi» bltlon Alliance. It applies to the Pr.» vhlbltion Commission and the prol" bitlon Jnspcctors; they ought i knowl This clergyman, Mr. Spoakl sees things which compelled him ' ask that question in public. And 3: my hon. friends will tell us that i are making "sp1endld progress" w!‘ the administration of the Prolrlbiil Act. What does Rev. Mr. Harding say‘

"People sneer at Prohibition. am’ call it a mockery. I tell you, friends. what we need is to get behind Pro- hibition, and not in front of it. We _ ‘ shut our eyes to what gases, but we can discover caus-

Shuiflng Their Eyes

'I‘hcrc is the trouble. There are too many who are shutting their eyes to what they see and trying to make others believe that all is well, simply because We have Prohibition on the statute books. That is what the Pre- mier of this Province has been try- ing to tell the people all along. He has made those statements at difler- ent times in this House. For in- stance, in his "masterly speech" on the‘ Draft Address in 1928. as report- cd in the Patriot of March 2c of that year, he said.

"We are pursuing a policy of sn-

forcement and I am convinced that The people appreciate our ef- forts. I have been receiving from different sections of the Province the strongest marks of approval of the enforcement of the Act since we attained power. . . . We are getting the necessary prosecutors and preventive officers to run this traffic down. l am convinced. that t“: Province, being an Island lands ltr-lf perhaps better than any Plovlnce in Canada to the eu- forcenseut of the Act, because we can easily guard our coasts against the smuggler.

What do you think of that, Mr. Speaker? (Laughter). llow does that compare with my hon. friend's con- ‘ ' of the situation as it exists today in his own homo town? Again:

"1 know the Federal Government

l.s lending every possible assistance to see to the proper enforcement of

this Act, and we have a Prohibi-

tion Commission today who are

exercising every reasonable cloth. mo-operatlug with the Government.

We ourselves are doing all we poa-

slbly can to sec that the Act h cu-

iorccd. The natural consequence La that we and conditions very lua-

terlelly improved. We dud that the bootleggsr h almost driven out of business. We dud very little drunk-

enness. and wc find conditions in

the city and towns improving gen-

orally."

Then-and Now That was two years ago. At that tluaai according to the Premier. we bed arrived at a wonderful state of

the party g M ; It was possible ‘that davsrlmmt Control. er um

‘aflairs. The bootlegger was "almost driven out of bvuiacse." ‘there was

~

power situation in

tion.

000 of which was absorbed

market will, in the course

bond.

without voting rights.

As the bond now pays 6%

attached to the bonds.

a five year period, when

ROBERT Donn s. COMPANY

The Royal Bank Building, Montreal

a review of the hydro-electric

Quebec, in conjunction with the

enterprise lmown as the Beeuhar- nois Power Corporation, we have compiled certain data, for publication in pamphlet form, dealing specifically with the underlying conditions which should normally govern the securities of the Beauhsmoia Power Corpora-

Brieily to anticipate our summary research, we are placing before investors the ‘ unusually attractive possibilities of the $30,000,000 Beauhsrnois 30-year 6% Col- lateral Trust Sinking Fund Bond, $27,000,-

Cansda, eta price of $100, a few days after the collapse on the Stock Exchanges last autumn; constituting one of the most remarkable public flotations in the history of Canadian Corporate or Governmental finance.

It is our reasoned opinion, based on demurre- trable quantities, that, owing to the common share attachments to this 30-year bond, the

years, establish a direct or an equivalent valuation ranging from $150 to $200 per $100

A Bond-Share-Warrant Investment

It should be appreciated by investors that to every $1,000 bond is appended five shares of “A" Common Stock free; also Warrants entitling the holder to purchase twenty shares at $35 per share of “B” stock, which ranks equally with the "A" stock, though Neither the free shares nor the Warrants may be detached from the bond certificate, until, in the case of the bonus stock, October 1, 1932, and in the latter, from October 1, 1932, to October 1, 1937, therefore the prevailing market value of these “A” and “B” stocks is at all timesa market equity on behalf of the bond itself.

properly appraise its normal minimum market value on the basis 6f that yield - alone, at its current level of $100; so that our analytical study necessarily deals with the factors which may be expected to put further market equities behind the bonds, through what we consider inevitable market value enhancement of the common shares,

This consequently gives the bond a “speculative" quality of no mean proportion, to add to its intrinsic attributes as a gilt- edgcd lien security, returning the high yield of 6% per annum, payable half yearly. '

Briefly, our analysis discusses in cir-

cumstantial detail, the expectations of this 30-year bond-share-warrant investment over

power should be in operation, and we show with that production-unit, (50% of the final

BEAUl-lARNOIS rowan?

A Comprehensive Analytical Study of Values

the Province cf over

of

operations.

by the public in

shares, are held of the next five

interest, we may

wiseacres.

1 ,000,000 horse

ESTABLISHED 19H

INCORPORATED Investment Bankers

HArbour 8141-2

"very limo aaa ‘ounces!’ and condi-

tions in the city and towm were "im- l

proving generally." What do you think, Mr. Speaker: Has time proven those words, or has it dlsproven them? Speaking on this subject in the l-Iouss last year, the Premier said: "What is happening? For many years men have been put in ll“ and were well fed, well cared for; they received almost hotel fare. The result has been that they were delighted to go back next year. But in these lut few months we have been putting them back to jail fare, and l don’t think you will find them very anxious to come back.

Now what is "jail fare?" Jail fare. according to the Premier's own state- ment. this year, is iota of liquor, in- terspersed with other provisions! Jail tars is Rum; Home Brew; “ anued heal." mixed with "molasses! (Laught- er.) That is prison fare under the Saunders Government, and the Pre- mier admits it himself. (Applause).

Let us glance st one or two of his statements in this l-Iouse during the present session, and what do we find: "These things certainly were a. revelation to me!" And again:

"I am not going to say that the conditions in the Jails of this Pro- vince hsvc been all that we desire. Condltlona have been intensified a hundred fold, yes, a thousand fold, to- what they were a few years ago. The operators in the booso business are resorting to every imaginable thing. We have moonshlncrs and bootleggers in every Province, but I remember only a few years ago of reading for the first time of

those stills in our province. That thing has grown and grown great- ly. Tho same with bootlcgging. It has grown and the methods they rcsortto are almost beyond the comprehension of raan, and it is extremely difficult now to cope with conditions. BUT l BELIEVE WI All MAKING A GREAT SUCCESS OI l1‘. (Lsughte 1.

(To be continued)

Jfovic fans of Scotland are com- plaining against the enforcement of the law which compels those await- ins seats to stand outside instead of iashie the theatre. . - _

*1

l

objective), an earning power $4 a share on the "A" combinednfter all charges.

WItbthisflJScaruIngpov/er believe spruce of $60 a share to bequite ICIVC, without giving consideration to investment momentum which will gather force when the public realise the com- pany's industry-building the territory adjacent to the Bea

We also give due consideration to the fact that it will be several years before dividends . - are declared, but in that respect it is well .1 known that market increment does not wait ‘ for dividend declarations-end precedent tells us that prospective discounting of events is the astute investofs road to Eldoredo.

Unusual, Increment Indicated

The following tabulation considers the market equity of the 30-year bond and ‘its share attachments, if all securities, bond and

taking the price of say $60 a share, within a period of 5 years. ‘ A $1,000bond cost. .. Sfreesbsresvaluedatflii. . . Incrementon 20sharesat$25.

Market value of the $1,000 invest- rnent . . . . . . . .

On this tabular calculation, we find what represents an 80% increase in the capital investment, on a bond which returns a regu- lar 6% yield during the entire period of increment growth.

In respect to the market position of securities of new hydro-electric corporations, during the period of initial physical construc- tion, it has always appeared that many profitable investments have been lost to the average small investor, to the direct ad- vantage of the big-lot buyer, who either is gifted with more vision, or is less inclined to be driven from his purpose by the unthinking and perhaps not disinterested generalities oi competitive dealers and the omnipresent

We should be glad to forward upon request a copy of our comprehensive pam- phlet analysis, dealing in detail with the factors which govern our estimation of great investment possibilities for the 30-year Beauhatnois bonds, through the attached ‘Free Shares and Warrants. In view of the prevdiling low rates for money, and the resultant favourable upturn which we anticipate in the bond market, we recommend to investors this 30-year bond at o , a price of $100 and accrued interest,td yield 6% plus the valuable rights attached to the free stock and warrants. denominations of $100, $500 and $1.000.