— ——_s ‘ ‘ emer: A elaine ARES roms poe yen yg bm sg Fag Oh PA Sk aN ge awe : + a co nat: re ee i Ws ee gnc Sari FBT Cb a os ne a | . ais . Sc on THE THE DAILY EXAMINER. JANUARY 11, 1887. State of the City. arlottetown seem J nas a resuil « the fy the past year, ppears at the Merchants . - ; tt I SL.807 lo due IS8s8o, has been mlance m «Ot ie WAIL the credit of the 1 of 1886, of 1,796.02. This isa satisfactory result, reflecting credit u » the Finance Committee and the ficials in charge of the expenditure ne ; ‘oe thnk Shed n I departinents, and show lag wat the city 18 SUuUDSILAT tially prospe rous During 1886, the revenue of the City Corporation was obtaimed from the fol Che Police Court ---8 1,980 45 The City Court Ohses it 255 10 Ni irket rs lis : eee o« . 973 91 Market Rents 1,330 80 Market Hall 310 00 Citw W rn | io U0 ab ke ’ . Nomination Fees, Ui election SU OD Pownal Wharf . 875 00 Queen's Wharfand Warehous ; 3 OV Giovernment Grant Fire Department bo OU ays () [ruckmen’s Licenses 2th Vendor's Licenses \uctioneer’s Licenses. S00 OO dorse and Carriage Tax 760 00 Dog Tax 140 OO Miscellaneous S60 86 f deuts rR l “_ « ; i) LSSESS MENTS iSsoab, 4 ! rT? Real Estate waves Gae,O19 59 Personal Estat 4,452 90 1,928 75 S30.475 24 teal Pe. cece 66 66 b be eo 6688 = LO7S or Personal Es Dict fed ceeleees 392 i3 Poll Tax ‘ 1,901 25 ‘Total availiable revenue The $40,214.43 actually collected are in excess of the L885. by S916.60. ‘ , , ? : ° On the other hand, the expenditure was less than that of the previous year by $2,151.14. as foll ws: = 1.901 64 2,607 63 5.369 SD 3.945 55 The City Crovernment. Street Electric Ligiits.. The Police Department. The Fire Department ioadbanawan The Market House 650 OS Maintenance of Streets. 4.399 69 Vumps and Wells ..... biced wee 416 85 Assessing and Collecting Taxes.... 326 37 Maintenance of Victoria Park...... 301 O4 Interest and Discount sit ies a ee SS Miscellaneous ...... es a 675 59 Macadamizing Streets............- 1,793 44 City Weigh Bridge........... $28,412 20 Unpaid Accounts, 1886, Interest on Debenturgs. 1,741 50 ... 890,153 70 9.385 50 Ordinary Expenditures “chool Trustees of Charlottetown Accounts of 1884 paid in 1885 Board of Health 839,539 20 1.044 17 Total Expenditure To Capital Account £43,583 37 that the the year was $675.24. To this is added $3, Thus it will be seen surplus of 200.94 uncollected taxes for the year mak- ing @ net gain te the city of $4,044.17, which has been place 1 to the eredit of the canital wccoult The Mayor, in his excellent report, suns up the tinancial case of the city as fol- iows ‘*The Reece ipts during tle year from all sources, being 368,698.38, and the Payments $65,035.21, leaves a balance in excess of expen- diture of $3,663.17; from which deduct the balance due the Merchants Bank for overdratt for the previous year, $1,867.15, leaving a balance to the credit of the city, in the Mer- hauts Bank of P. FE. Island, on the 3ist December, 1886, of $1,796.02, which will be readily seen from the following statement : KECEIrPTS. Ordinary Revenue .$ 9,738 20 tank P. EK. Island Dividens, No. t& 5 he oie dete ween s 8 55 Debentures issued (Smaijl-pox).... 3,000 00 Debentures issucd inredemption.. 17,000 00 Reay Estate, 1884... 80 47 \ssessment, do co ISS5 1.364 o do do 1856 24.013 59 Personal Propersy Tax S85... 609 27 do " do 1886 £532 90 Poll Tax, 1855 1,421 % ilo 1886 1,928 75! $68,698 38 PAY MENTS. Ordinary expenditure. €28,051 37 School Trustees, Char- lottetown 9,385 50 E. B. Love (interest on mortgage ‘ 44 00 2.654 3 16,900 00 8,000 00 ————~ 965,035 21 Unpaid accounts, i885... Debentures redeemed Board of Health Excess of revenue over expenditure SOP PONE As. on cv 6b cnc Cee Tey Oa $3,663 17 Deduct over draft due Bank pre- vious yeal 1,567 16 Balance at credit in Bank... Covsaidering the large amount of work done onthe streets during last summer, there must have been very good manage- ment on the part of the Street Committee and very careful supervision on the part of the City Surveyor to keep the expenditure wn streets down to $4,599.69. Nor do we think the announcement that the total ex- was instead af revenue amount collected in} $1,796 02; DATLY > ae tion. Of this amount the Board of Health| has paid, on behalf of the city $8,000, leav- | ing the balance to be provided for by the | Local Government It is worthy of remark, as showing that the city stands high, that 8.000 worth of the 5 per cent. debentures the credit ol | } ° ; lissued during the year sold at 108 1-10 and the rest at par. is contained in the Mayor's sugyvestion | A very good the following paragraph of report ‘*‘During the short period that I have pr s, | have observed tion to the appro Council meeting that grants of money, In ada estimates, are voted to the Such | | Sicl¢ {at th i > , | priations founded on thi | without giving any previous notice and in too summary a man f procedure te nds to injudicious and i ' ; Councu, jam ule of . City funds, and }extravagant expenditure ot should be remedied by a standing order regu mula | carryinly lating the manner of introducing and such yrants After cu he highly creditable manner which I cratulating our eallant firemen up nt i ithe ‘Ives at the Hah they distinguished themselves ¢ i€ ali fax tournament, ind calling attention to | : ; } the fact that this is the jubilee year of Queen Victoria’s reign, His Worship re minds the Council that a fire proof safe, loi the custody and preservation of Civic re cords, documents and money has not yet been provided. By the way, Wo ild it not be a good idea to honor the Queen’s Jubilee --as suggested by the Mayor permanent City Building / by erecting a handsome and The lot for the building is lying vacant and idle, and plans Why not go on have been prepared, with -; —_— +e The Half Million Matter. Tur Patriot lost no time in copying from the Ottawa Free P ing *‘ The P. E. Island sa paragraph respect Delegation.” The appro- j}eagerness of our contemporary to priate this morsel, is pran t fa ‘ia evidence of its appreciation and approval The Patriot, then, is glad to learn that ‘the arrangement,” ‘if made at all,” is ‘* only provisional and subject to the approval of and the Patriot would like the people to infer that there is, after all, Parliament :” On the supposition that the Free Pr SS is doubt nothing in it. | statement of the absolutely ‘+t, there might be some about corre the matter—if the Grits should gaim ofice in the meantime. The attitude of the Fy ee that Grit Party—as represented by the Press and the Patrivt—indicates that party are not to be depended on to carry the arrangement out, if they are returned to power ; and the party which tried, most outrageously, to break faith with British Columbia, is, it will be admitted, not the party to be trusted to keep faith with the Government of Prince Edward Island. But, in the first place, it is not that the statement is correct, and in the next place, it is extremely unlikely that probable the Grits will gain office. We may be as- sured, at all events, that the majority of taxpayers in this Province will not help them to do. Fergu- The reasons, urged by Messrs. son, which induced the Government to make ‘the arrangement,” have not yet been made public ; but we may be certain that they are just and right; and may, therefore, rest assured that ‘‘the arrangement” will be endorsed by a just and righteous Par- liament led by Sir John Macdonald. Tie Free Press says :— “If the Federal Government agrees to re- cognize the justice of the claim of the Prince Edward Island Government to have all moneys expended by it upon railway construction re- funded, how can it refuse to recognize similar Ontario municipalities ?” claims preferred by This reminds one of Mr. Davies’ ques- tion about the wharves of Nova Scotia and New Bruuswick —if the Dominion Government are going to take away from burden of the Local Government the the piers and wharves oan? «|, Island, how can they refuse to do so for New Brunswick and Nova Scotia? How very anxious these Oppositionists are lest P. E. Island measure of favor than the other Provinces ! should = receive a larger For the people and Government of this Province, we may say that they ask for nothing more nor less than simple justice ; and, in our opinion, the action of the Dominion Government respecting the claim of this Province for justice in the matter of the P. E. faccord with the Government towards the other Provinces, and without regard to the municipalities of Island Railway, should be in action of? the Dominion Ontario. Mr. Froude’s trip to Australia a couple of years ago resulted, in the publication of his ** Oceana,” which has reached a sale of 100,060 copies. He has just started on another tour, in quest of the material for another book, this time on the wreck of the Spanish empire. He goes first to the West Indies. _--_se — Austrian statesmen express the fear that war between their country and Russia may i this estate, result frum some freak of the Czar, who is lsaid to be constantly on the verge of de-! | lirium tremens. | a The Emperor and Empress of Austria will meet the King and Queen of Italy at | Venice on the vecasion of unveiling the | ‘monument to the late King Victor Eman- uel. ge <a + te Trains on the Western division of the) lappeal a compromise was EXAMINER, - he Report of the Liquidators of the Bank of P. KE. Island. SURMITTED TO MEETING OF CREDITORS, 10TH JANUARY, LSS7. The Liquidators of the Bank of P. EK. Island, being now in a position to clos bey to submit the result of their labors. It will be remeimbered that in the session of 1882, an Act was passed by the Parlia ment of the Dominion of Canada, intituled ‘An Act respecting Insolvent Banks, In surance Companies, Xc., and in accordance - TUESDSY. JANUARY 11, 1887. machinery called into operation by the Act which, among other things, necessitates a ‘formal application to, and an order from, to the creditors with its provisions, application was made | by a creditor of the Bank of P. E. Island fora winding up order, and granted on 26th May, 1882, and the present liquidators were appointed on 19th June following. Sinee that date they have collected in all $503,336.76, viz from debtors e . $264,792 4°? shareholders........ 133,458 48 oe proceeds of bonds, specie, ' SPAS Gs ae $1,402 15 ‘* interest paid by Bank of ee eee eee ’ proceeds of Bank premises, sold to Bank of Nova Scotia eee eee ea ce ° which has been expended as follows : Payment of claim Ashby & Co., compromised ...... siksceeel Insurance disbursements, etc., on account of vessels and other pro- S810 49 14,873 22 9.844 39 pertics... ce, cscece .-- 48,559 27 Legal Expenses........ $9,635.02 General Expenses....... 2,786.44 Payment to Liquidators eeeere °* on account. .........+. 4,500.00 16,821 46 Dividends ...... nies 402,079 51 POMNOS cic. ees 25,932 13 $503,336 76 Leaving a balance of $25,932.13 in their hands. Detailed statements of all their appointment have liquidators, receipts and disbursements since been made up quarterly by the and, in accordance with the provisions of the Act above referred to, placed on fyle im the Prothonotary’s Office, Charlottetown, where access to them may be had by the public at any time. As a considerable proportion of the se- curities held by the Bank, consisted of ships, lobster and starch factories, lands, ete. —properties which being unpro- ductive of late years, and generally declin- ing in value, were naturally extremely difli- cult to realize—the work of the liquidators has been of a more laborious and protracted nature than might otherwise have been ex- pected. They would point, however, to the net result of the liquidation as the best evidence of the their houses, success of labors. An advance of £10,000 received by the nk of P. E. Island from the Union Bank London, on the security of the directors’ personal guarantee,having been paid by the latter, arrangements were made by the liquidors shortly after assuming ollice, whereby the directors agreed to renounce their claim against this estate in respect of such payment. As will be seen from statements submit- ted, the liquidation has not been edected without considerable expenditure in law costs. Inthe settlement of the contribu- tory list, legislation was forced upon them, by claims for exemption from liability being made. 1. On the ground of trusteeship or exe- cutorship. 2. From the fact of shares being chased immediately before suspension. 3. For want of proper proof of transfer in Bank’s books. 4. On ground of non-liability of married women as such. With the exception of the last class and of a case where the court held the transfer from trustee to beneficial owner to be valid, these claims were successfully re- sisted by the liquidators. In the settlement of creditors’ claims, litigation arose from several outside Banks declining to reduce their claims by the value of certain securities held by them. The decision in this case was favorable to the liquidators. A claim made by Messrs Ashby & England, for £7,944 Ills. 6d. advanced under letter of credit granted by the late cashier of the Bank was finally compromis- ed for£ 2000 stg. and costs. A suit arose from the claim of a debtor to set off against his debt negotiable paper, purchased after suspension. After two trials in court here, a decision favorable to the liquidators was obtained, which was, however, reversed on appeal to the Supreme Court at Ottawa. A claim preferred by the Dominien Govy- ernment for payment of amount due to them in full, in virtue of the Royal prerogative, was resisted by the liquidators, and a de- cision favorable to the latter obtained from the court here. On appeal, the Supreme Court of the Dominion reversed the de- cision. Subsequently, however, the Judi- cal Committee of the Privy Council, England, having decided iu the case of the Government vs. the Exchange Bank of Canada, that no preferential lien existed on the part of the Government, their claim against the liquidators was withdrawn. After the settlement of the contributor- ies’ and creditors’ claims, an examination of the Directors before the Judge was held, and subsequently with the consent of the creditors a compromise was agreed to with the Directors. This was afterwards at- tempted to be set aside by a private credit- or, but on hearing before the Judge the compromise was finally confirmed. The attempt of the liquidators to enforce calls upon the shareholders for double the amount of their shares was resisted on the ground that their liability was limited to double the amount of the original capital of the Bank, instead of the amount of the capital at suspension as increased from time to time by the capitalization of accrued profits, On argument before the Judge here, the liquidators’ interpretation was up- held, but this decision was afterwards re- versed by the Supreme Court at Ottawa, and the contention of the dissentient share- holders maintained. This reduced the liability of the shareholders from $80 to $4.88 per share. No sooner was the liability of sharehold- ers settled than the right was ciaimed by depositors who were also stockholders to set off their deposits against their calls. This contention was upheld on argument before the Judge here. From this decision the liquidators appealed, but pending the ellected, the liquidators allowing these contributories half o Ba . f pur- , Uo., penditure on account of the smallpox visi-! anadian Pacific Railway have not expe-, the benefit of the set-off claimed. rieuced an hours delay through snow since - the winter set m. tation was only § 13,494.98 will be received with feelings otifer thin those of suttsfat- Before closing, the liquidators would eal! attention to the unnevessarily exptnsive the Judge, after due notice to the creditors for almost every act required of them. Herewith is appended, Balance sheet, showing position of estate to date ; List of them; List of shareho'ders, giving stock held by each, liability on amount paid or unpaid thereon. From the balance sheet it will be that the notes in cireulation still amount to $15,586.41. Under the provisions of the Act it will be unnecessary to reserve any dividend for these, unless deposited pre- vious to declaration of finel dividend. Creditors’ claims amount to $702,049.96, represented by over 900 in number. In conclusion the liquidators would ex- press their opinion that they have exhaust- ed all the reolisable assets of the bank, with the exception of from $2,000 to $3,000, which they expect to receive within the next few days. They would recommend that a last dividend be immediately ce- clared and the estate finally wound up. For Bank of Nova Scotia, Gro. MacLeon, Manager. L. C. OWEN, Cuas. C, GARDINER, Liquidators. REWARD. creditors, amount of same, and seen DOU (PHE above réward will be paid to any person or persons who will give such information as will lead to the arrest and couviction of the per- son who entered mr house on ithe morning of the 3ist Dec., 1886, and took therefrom the sum of $115, and has since left, or caused to be left, several notes wet my door, JAMES BALLEM. Ch'town, Jan, 11, 1887—-6i wky li obvi ELEOTION. { N pursuance of aa act of the General Assembly of this Island, made and passed in the forty- third year of thereignof Her present Majesty Queen Victoria, intiiuied : “‘An Act to amend the Actot the eighteenth Victoria, Chapter thirty- four, intituled “An Act to Incorporate the town of Charlotietown and all Acts amending tlie ime, I do hereby give Public Notte that an fiection of a Mayor and one person to serve a3 a Common Council- man in the City Council for each Ward of said City, Being in all a MAYOR and FIVE COMMON COUNCILMEN, will be held on Wednesday, the 26th day of danuary, 4. D., E887, At the In Ward No. 1, at or near the store of Messrs. J. & T. Morris, corner of Queen and Water Streets. In Ward No. 2, at or near the house of Thomas Connolly, opposite Mr. R. Heartz’s Warehouse Sydney Street, between Great George and Prince Streets. In Ward No. 3, at or near the Market House. In Ward No. 4, at or near the Fire Engine House, fronting on Kent Street, east, between Weymouth and Cumberland Streets. in Ward No. 5, at or near the carriage shop of Carroll & McAleer, corner of Kuston and Great George Streets. And »t the said Election the Poll will be opened at nine o‘clock in the forenoon, and continue open until five o’clock in the afternoon of the same day. . DESCRIPTION OF WARDS. Number One shall comprise all tha’ part of Charlottetown which lies south of jorchester Siree!, and the parce! of land formerly known as the Military Barrack Ground. Number Two shall comprise all that part of Charlottetown which lies south of Richmond Street and north of Dorchester Street. Number Three shail comprise all that part of Charlottetown which lies south of Grafton Street and north of Richmond Sireet. Number Four shall comprise all that part of Charlottetown which lies south of Fitzroy Street add north of Grafton Street. Number Five shall comprise all that part of Charlottetown which lies north of Fitzroy Street, including the Comnion of the said Town. NOMINATION BDAY, WEDNESDAY, tie 19th inst., from the time of Twelve at noon until the hour of Four o'clock in the afternoon of the same day. Qualification 9° iteetors. see Act 43, Victoria, Cap. 15,sec 20 aud 6tand $8 vie. and Cap.8, Sec.12. ju. 8.1 several places, that is to say: T. HEATH HAVILAND, Mayor of the City of Charlottetown. A. i. MACPHERSON., City Clerk. Mavor's Office, Charlottetown, Jan. 11, 1887—-3i tu wed sat Dominion of Canada, Provinee of Prince Edward Island, IN THE SUPREME COURT. IN the matter of an Act of the Parliament of Canada, passed in the forty-tifih year of Her present Majesty’s reign, Chapter 23, intituled An Act Kespecting Imso!vent Banks, Insur- ance Companies, Loan Companies, Building Societies and Trading Corporations, and of the President, IMrectors and Company of the Bank of Prince Edwerd Island, an Insolvent Banking Company. N22 ric Kk is hereby given that His Honor Mr. Justice Peters has, by order bearing date the Tweuty-binth day of December, instant, directed ameeting of the creditors of the above-named laselvent Banking Company,to be summoned pursuant to the above stature, to examine the accounts of the livuidation, preparatory to the fina! closing thereoi, ani to take into ec nsidera- tion the amount of remunodration proposed by the Judge in Liquidation, to be allowed to the liquida- tors for theirservices, namely, the sum of seven- teen thousand dollars, when the creditors may pass such resoiutions or make such representa- tionsto the said Judge as they may deem fit: and that such meeting will be held cn MONDAY, the TENTH day of JANUARY next, A. D., 1°87, at the Liquidators office, in the building | known as the Bank of Nova Scotia, in Charlotte- iown, aforesaid, at the hour of E even o’clock in the forenoon ; and take further notice that on THURSDAY, the THIRTEENTH day of JANU- ARY, next, A. D., 1887, at the hour of Twelve o'clock, noon, at the Judges’ Cambers, in the Law Courts Building, in Charlottetown aforesaid, the said Judge wil! fix and determine the amount of remuneration to be paid to the said liquidators for their services, when creditors objecting will be heard. Dated this Twenty-ninth day of December, A. D., 1886. J. A. LONGWORTH, Deputy Prothonotary. Dec. 30—t] jan 10 ' The above meeting, by resolution of the credit- ' ors thereat, was adjourned until THURSDAY next (13th January, 1887) then to be held at the hour of ten o’ciock.a.m,xat the place-above mentioned. FEF. W. HALES, Chairman. Jan. 10, 1887. ae i 2 when vibe ‘aaie : TO LET—A House 2nd Outbuildings and 6 Acres | uv f Land, known as *‘Maryfield,” situated op Malpeque Road, advoining ibe premises of Ma*- colm McLeod, Esq. For further particulars apply io J. G, Eckstudty at St. hanes _ ane v with dividends paid BEER is BROS. 0 ——— ee SPECIAL. CARPETS. Brussels, LARGELY REDUCED | PRICES | DURING | STOCK LARGELY REDUCED PRICES DURING STOCK Tapestry, Scotch, Union, &e¢., TAKING. | ~at~ TAKING. Greatly Reduced Prices, BehR BROS. Ch'town, Jan. 10, 1887. “A HAPPY NEW YEAR TO ALL.” —_—()-—- - 1. PROWSE takes this opportunity of wishing his many customers and friends “A 4, Merry Christmas and a Happy New Year,” o at the same time.wishes to tell them that he can sell them a SULT or OVERCOAT at such alow price that they will feel happy notwithstanding the low prices of oats, pork, potatoes, &c., &c. . ee -————- 0 CLOTHING: He has the Greatest Assortment of OVERCOATS AND EVER SHOWN ON P. E, SUITS ISLAND. an See dais WORSTED OVERCOATS FROM $5.00, UP. ——s Os - — Merchants may blow and howl, but L. E. sells the cheapest. LVaRY DEPARTMENT FULL OF CHEAP GOODS. — ———a— 30) His Custom Tailoring Department is turning out splendid fits. a7 GIVE HIM A TRIAL. No trouble to show goods. L FE PROWSE, Sign of the BIG HAT, 74 QUEEN STRERT. Ch'tewn, Deo. 16, 1886. (03 ATTRACTIONS, ee Qa W * will make.the following reductions during the Xmas and New Year's trade :— Fur Caps, worth $18.00 for $14.00 Boys’ Overcoats, worth $4.75 for 3.50 Fur Caps, worth 12.00 for 9.00 Boys’ Overcoats, worth . 4.00 for 2.75 Fur Caps, worth 10.50 for 8.50 Boys’ Suits, worth 7.00 for 5.00 Fur Caps, worth 7.50 for 5.00 Boys’ Suits, worth 6.00 for 4.50 . Fur Caps, worth 6.75 for, 4.75 | Boys’ Suits, worth 5.00 for 3.75 Fur Caps, worth 4.75 for 3.75 | Boys’ Suits, worth 4.00 for 3.00 3oys’ Overcoats, worth 7.10 for 4.75 | Boys’ Suits, worth 3.00 for 2.00 Boys’ Ovyercoats, worth 6.75 for 4.10 | Boys’ Suits, worth 2.30 for 1.75 ee JOHN MSLEOD & CO., UPPER QUEEN ST., (Op. Roger’s New Brick Block.) Ch'town, Dec. 22, 1836. . H. HASZARD, BROWN’S BLOCK, QUEEN SQUARE, o——————— « 2s e English and American Fancy Goods, English and American Stationery, English and American Novelties. --OoO-—: T is a fact that you can always get, at G. H. HASZARDS'’, Something New, something Novel, Something Striking. This is especially true in STATIONERY, of which I have, this season, imported a very choice and extensive line. 1 would also call attention to my large and varied assortment of FANCY GOODS for Christmas Presents. Stationery Novelties for Ladies—-The Primrose Note, The Forget-Me-Not, | The Royal Irish Lover Note, The Old English Note. Xanas Presents for Gentiemen -Handsome Writing Cases, Pocket Books, Gents Photo Albums, Stylograph Pens, Shaving Sets, Inkstands, Gold Pens, Memorandum | Books (in cases), Daily Memorandum Calendars, Stationery Cabinets, Gentlemen's ! Address Sets. Xmas Presents for Ladies—Beautiful Pho | Writing Desks, Serap Albuns, Photo Frames, Ladies’ Hand Sets, New Style Purses and Wallets, Ladies’ Writing Cases, _ Cabinets, Card Cases, &c. Xmas Presents for Boys—New Books, Writing Desks, Pocket Knives, School Sets, The Soys’ Own Annual, Drawing Sets, Paint Boxes, Pocket Beoks, Purses, &c. If you want to be up to the h Albums, Autograph Albums, Ladies’ Pocket-Book wveen Albums, Sealing 2% You will tind in our goods something for every one. times, go #0 | GCG H HASZARD. Dee, 8, 1886, BROWN’S BLOCK. 2 ana ge Bin, # ee ‘ + a is s = ey & 4 4 a ‘3 lls ae Sa $ i k ‘ 2 eg oieintiing