The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

ised by issu dey a e fact that the debentures for ] new sidewalk was laid and fresh "dead horse" because the debentures had at countries, municipalities, corporations 'with an immense burden in the JFoyment o e nation > a rn he STANDARD BANK OF CANADA e interest on the accumulated debts o Port Perry Branch, - H. G. Hutcheson, Ma: In view of the fact that a largely attended memorial ser. vice for Lenin was recently held in Toronto, the following poem which appeared in the Toronto Globe is of more than passing interest. There is no value in playing ostrich, and deluding ourselves with the idea that Bolshevism: has no followers in this country. When over two thousand persons will attend a memorial to Lenin in one of the most important Canadian cities, then it is time that good citizens stopped to think, --Rditor of The Star, wrong to borrow money, or that interest mn does mean that there is is a limit of years be- pay interest, as, for instance, the case of the ce- that had to be replaced before it was paid for. lebt is paid almost twice in twenty-five years if the money is borrowed at cent. interest. For instance, suppose the amount borrowed to be $100,000, 'the amount actually paid back in twenty-five years (for principal and interest) "would be $195," 56.50. If the loan is'extended over a period of thirty years, the . amount paid on the $100,000 for principal and interest would be $217,946.73. We have for some years back been asserting that "posterity" should pay for such blessings as roads, sidewalks, railways, electric power, etc. The contention certainly has a basis of justice, but with long term debentures, posterity may be burdened with a big legacy on the wrong side of the ledger. But even in the idea of making posterity pay, we frequently deceive ourselves and do our own paying. While many die, and some few move'away, there will be found a substantial-num- ber of people who pay their quota throughout the whole life of the debentures. here are three Seater to be noted in considering this matter of long term loans. The first is that the loan should not extend beyond the life of the project for which the money is borrowed. The second point is that in commercial borrow- ings there should be a reasonable expectation of ability to pay to pay principal and interest on the loan, and earn a proper profit for the borrower, Otherwise the loan is not justified. : LL J The third point requires some explanation. It is this. Why should munici- palities not be forehanded instead of behind handed in financial matters? Create a sinking fund and earn interest, rather than borrow money and pay interest? This may sound a bit fantastic, and would not always be possible by any means but, as will A seen by the following extract from the convention proceedings of the British Columbia School Trustees, the plan is workable, and is in successful op- eration in some places, for certain specific purposes. . . Mr. Wilton: I would like to gg2al to the re- new thing. It was new so far as point Grey was Lenin is dead. Take for his covering a flag of blood-red,-- Fasten a cap of crimson on his head, Call a dumb priest--lest any prayer be said, Lenin is dead. . The four little daughters of the great white Czar, Lovely gg the wind-flowers of a far northern May; Sometimes shy and silent ;--just too old to play-- Seeing all the road of Life as a radiant way; Tell us, dead man, e'er you pass--tell us, where are they? ers, etc., for the School Boy Pratt's Egg Producer for the Hens. : Moir's and Martha Jane Chocolates ~ MORRISON'S DRUG STORE The four little daughters of the great white Czar,-- What was their crime that their souls were put to flight? They were only merry maids dancing in the light Like the swinging blossoms all of pink and white; Tell us, dead man, where they went--down the aisles of night? The four little daughters of the great white Czar, How could they have harmed you and bound you foot and hand? They had children's eyes, but brave as any in the land-- * Oft perhaps they wondered at their titles long and grand ;-- ; The Joy of Seeing Her Sét Grow Pechape you received a Just. pveryday table rements t--or Sveryday 8 Jequiremuen bough wc for every day need of the family table, or or entertainment. - " cheque 'her Community Plate in a for m s Shing that will not © a better tableware. JAS. McKEE i The ieapest wa, buy your syrup is by bulk. We = have that good Feo ioe brand at 7% per 1b. This is the cheapest dessert you can buy. Bring your 'pail or keg, and we will be pleased to fill it for you. advance in price is expected, so buy while it is Try a pound of our Special Blend Tea. It is fine. . Now is the Time ir hens working for you while eggs are sel igh pric i hap Tlie ou must fi 2 kind of feed--Blatchford's Fill-the- ash gives fine results, We have it: also and grit, which are both necessary if you J. F. McCLINTOCK Pe bg Ie Ontario for Christmas. Why / every woman has | solution. This subject of the one mill tax origin- ally introduced at the Nelson Convention, has been before the Government and has been in- concerned, when first introduced. But it is now in operation in some parts of the United States, for park lands and play grounds, and in Winni- peg for schools and parks, and in-Toronto for Tell us, dead man, why you feared such delicate command? The four little daughters of the great white Czar-- They are forgotten, as roses when they fall; And the four sweet names of them none will ever call, See these at tore before deci on some- ives give pling deciding vn 5 buy Jeweller and Stationer EEE YRUP {| culcated into the Schools Act, but not as we want it. The one mill tax means that we want to 'eliminate the necessity of issuing bonds for school ll | building purposes, and to accumulate a fund from l| yelir to year whereby various districts may have il| a building fund and be able to provide accom- ii | modation. : If you issue forty-year 514 per cent. bonds for f| $100,000 and sell the bonds at 90 per cent. you| ll| have to pay for the use of $90,000 over a peri | of forty years, $320,000. We wait to eliminate ijl | that feature and raise $100,000 by direct levy, and save the lege interest bill. Take, for instance, the City of Vancouver where they have not had a 1| by-law ed in the last nine or ten years, and i you will find that the one mill would give them in ten years approximately $1,730,000. The __m| secretary of the Vancouver School Board esti- mates if he were given this money, in ten years Vancouver could be totally up-to-date in its school building program. If you were to raise the same amount of money on forty-year bond issues at 514 per cent to sell at 90 per cent. you would spend, or bond issue of $1,730,000 a total of $5,190,000. " That is the method pursued to day, and is the ethod the school trustees want to do away with. park lands. In the City of Seattle only last May they put two measures to the people on their school building program. The first proposition was to raise $750,000 on a ten year bond issue, and the second proposition was to raise $700,000 by direct levy. The people voted for the direct levy of three mills to raise the required sum, and defeated the bond issue proposal. I would like to refer to just one other thing. The problem of accomodation will always be with a growing community; it means progress. When school opened in the United States last September 343,000 children had no seats. The only thing the School Boards can do is to make provision to meet this condition, and the 1 mill levy effectively does this. Next Saturday Point Grey is voting on a by-law to raise $265,000 on twenty-year 514 per cent bonds. Some people say they want posterity to pay, and they do not want the one mill levy. If that by-law carries next Saturday, it will cost $28,475 a year for twenty years to pay that back. If they raise the same amount of money by the one mill levy they would only pay $20,000 a year for approximately thirteen years, instead of $28,475 a year for twenty years, so by the bond system the people of this generation are paying more, besides passing it on to posterity. would like to add that the one mill tax is not a REACH COUNCIL met on Saturday, February 9th at 1 o'clock. All members present. Communiéations--From the Sec'y- urer Sick Children's Hospital, _. B acknowledging. with 'thanks donation. From Clerk of Township of Cart- wright, with statement showing ex- penditures on boundry line for 1913. From the Dept. of Public Highways acknowledging receipt of forms com- pleted showing in detail the work and expenditure on roads in Reach Township during 1923, and request- ing'a copy of any by-laws passed re- gulating traffic on the highways. From the County Treasurer enclosing cheque_for $7.43 being library grant Refuge to be the proper place for her especially during' .the winter season, they agreed to supply her with some wood. » Messrs. McDonald and Thompson were appointed delegates to the Good Roads Convention. ; The auditors presented their report for the year ending the 81st day of, December, 1923, which after being carefully checked over, was adopted, and the Clerk instructed to have # supply printed for distribution. Accounts Passed : Fred Lyle, dragging road 4 ,..$4.00 J. Abbott, dr'g gravel ........$9.00 Frank Harrison, auditor ......12.00 W. D. Munro, auditor .......$12.00 Wm, Irwin, gravel ...........$4.80 Municipal World, dog tags etc, $38.88 S. Farmer, advt, ete. .:......$15.76 Good Roads Association ......$5.00 The Council adjourned until Sat- | urday the 8th of March at 1 p.m. erie) (Yer CARTWRIGHT COUNCIL The regular meeting of Cartwright | Council was held on February 2nd. The auditors presented s adopted and the auditors Reeve Bruce was appointed as a delegate to the Good Roads Con- vention. The following orders were signed: R. Ferguson, auditor R. Nesbitt, auditor Dog Tags F. Ferguson, S.8. No. 6 .... Coal for hall, Janitor for hall N. Mountjoy, 8.8. No. 1...... W. D. Ferguson, collector .... | Next regular meeting of the Coun- cil will be held on March 1st. --) (Oa MUNICIPAL BOARD MEETS AT OSHAWA The Ontario Municipal Board will meet at Oshawa on February 19th, at 10.30 a.m., to deal with the applica- tion for the advancement of Oshawa to cityhood. The County have re- ceived notice of the meeting and the committee will have a chance to at- tend and bring in any reasons why the application should not be ad- vanced. - CL mesepeini SCHOOL ENTERTAINMENT HIGH Down a long green garden--or through a castle hall. Do you dream of them, dead man, underneath your pall? Lenin is dead. Take for his covering a flag of blood red,-- Fasten a cap of crimson on his head, Call a dumb priest--Ilest any prayer be said-- Lenin is dead. THE MUTUAL LIFE OF CANADA The fifty-fourth Annual Statement of the Mutual Life of Canada, pub- lished in this issue, is an interesting resume of the past year's business, The operations of the Company are disclosed in figures that should cause the directors, management, field force and policyholders the deepest satis- faction. The new business written amounted to $39,040,678. Allowing for terminations and revivals, the net increase to the business in force amounted to $23,495,912, the total assurances in force standing now at $269,982,666. The mortality experienced was less than 40% of the expected deaths ac- cording to the .standard tables, so that there will result a substantial profit to the policyholders from this source, The rate of interest was satis- factory, although there is a general decline from the high rates obtaining in recent years, but the rate actually realized of 6.56% will ensure more than satisfactory results to the mem- bers of the Mutual Life, The net results of all the various transactions are summed up in the surplus which amounted to $3,012,- 806.99. There has existed in some quarters in Canada during the past year a VIRNA SHEARD. PORT PERRY COUNCIL The following motions speak for themselves: That the assessor for 1924 must show by a receipt that the assess- ment slip has been delivered to each person assessed, that Assessment Roll must be returned not later than the 15th day of April > That the fire protection committee purchase three smoke masks and a flashlight for the- fire - department; That the Clerk be instructed to se- cure prices on chemical fire extin- guishers and purchase same if price is found satisfactory. That 'John F, McClintock be hereby appointed a member of the Board of Health for 1924. That accounts be paid as listed on pay sheets as follows: Light and Water Hydro Corporation, general The snow by-law was amended as follows: / BY-LAW NO. 847 A By-law to amend by-law No. 845 being a by-law to compel the re- moval of snow, ice or other obstrue- tion from sidewalks in the Village of Port Perry. This by-law No. 847 enacts that the time limit of 10 hours be changed to 5 hours and the clause prescribing , a penalty for non-compliance be struck out of by-law No. 845 and that after the word obstructions in the third line the following be substituted "the town constable may remove or cause to removed the snow,