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-- Zion, May 17.~--The ladies of the Vomen's A tion were very bleagantly entertained on Wednes- y afternoon when their eeting was held at the home of rs, Foster Snowden. Hymns were ung and prayer offered. Mrs. Rus Robbins read the scripture les- on, Eph. 6th chapter. Roll call as answered by a reading on 'Mother, other business was alio ansacted. Mrs. W. W, Glaspel osed the meeting with the beni ction, after which a bountiful unch was served by Mrs. Snowden, {sted by Misses Doris Staintop nd Maud Pierce and Mrs, J. J, ngmaid, who came out from hshawa to assist her daughter and ho ever very welcome in this heighborhood, A vote of thanks yas tendered the hostess and 'was poved by Mrs. Wm, Tice and sec- hnded by Mrs. Ball and all gave he usual hand clap, Mrs, Everett ountjoy and Miss Bessie, Kedron, ttended our meeting. Rev. and rs. Bick were also present from Jampton. After the®supper Mr, pick christened little Amelia Bes- fe Snowden, Everyone should be interested to now that the annual church leaning will be held next Tuesday, May 22, in the afternoon and a jenle will be held at the close. please try and have every home epresented as there is a lot of vork to be done in one afternoon. A number from here journeyed o the home of Mr, and Mrs, Chas, iviad, west of Whitby, on Wed- hesday evening when they celebrat~ d Mr, Vivian's birthday. A splen- hid time was enjoyed, All will be pleased to learn that irs. 'Arthur Langmaid has again peen brought back to the home of Mrs, Walter Langmaid, Simcoe St. outh, after her operation in To- onto hospital, She ii be there or some time at least, Mr, and Mrs. Newton Edgar and amily, Oshawa, were Sunday uests at Mr, A, Stainton's. Miss Doris Stainton is just ve- overing from a severe attack of onsilitis, Mr, Chas, Ferguson, formerly of ion, but now of Oshawa, received ome very severe burns from hot ron in the Fittings factory some hree weeks ago and has been off cork and in the hospital for treat- pent, RAGLAN Raglan, May 17, -- Miss Hilda hompson, of Ohya, recently site er mother re. e0, Har Day was aittingly ob- rved in'ofir church last Sunday. he services were held in the even- ng and were in charge of our pas- or who preached a very inspiring ermon. He was ably assisted by a other's Choir, whose sclection as greatly appreciated, Mr. and Mrs, J. T, Evans and amily visited relatives in Lindsay n Sunday. Mr. and Mrs. V. C..Ireland and by, of Oshawa, were. Sunday uests of Mrs. Harold Lowell, Mr. George Thompson suffered serious accident last Saturday. hile chopping wood at his home stick struck him in the eye in- uring him so severely that he vas forced to consult a specialist. he specialist informed him that n operation would be necessary. t time of writing the particulars f the operation are not known, ut we trust that his sight may e saved. Miss Hazel Gross, of Toronto, as a week end visitor with her arents, Mr. and Mrs. A. J. Grose, The Sunday services for Sunday, ay 20th will be, held in the af- rnoon at 3 o'clock and will be pn charge of Mrs. Weldon. Misses Thelma and Twila Tur- r and Hazel Pierson, of Toronto, pent the week end at the latter's ome here. A pleasant afternoon was spent t the home of Miss Rose Brent, n Wednesday, May 16, when the EDIGINE FOR YOUNG GIRLS thers Endorse E ham's Footie baa E. Fig i : 3 3 if 4 i : fi £ 8 3 it iit iH El "i E =F | ters were tran-acied, showing the good rr. vress our Lalles' Aid ia making since the re-organization, A social time was spent and a dainty lunch served, The next business meeting will be held at the home of Mra, George Luke on Wednesday afternoon, June 20. Mr. axl Mrs, Roy T::wm, of Oshawa, spent Sunday with rela. tives in the village. Mr. and Mrs, Roy Moon ani children, Billie and Dorothy, visited in Mancheste: on Sunday. Miss Rilla Pierzon celebrated the occasion of her birthday on and THE OSHAWA DAILY TIMES, FRIDAY, MAY 18, 1928 Saturday evening by entertaining a number of her relatives and friends. A very pleasant time was t in dancing and various other amusements, after which a dainty lunch was served. b Mr. Wm. Avery has purchased a new Chevrolet ~edan, NEWCASTLE . Newcostle, May 17..--Mr. Walter Seldon, who was in town for some days arranging for the unveiling of the portrait of the late C. D, Massey, was a guest of Mr. and Mrs. D. Wards, Babcock. © Rev. Dr. Cleaver was a guest on Sunday and Monday of Rev. and Mrs. E, D. Cooke. Mr. and Mrs. W. M. Chapple and little daughter, Armstrong, B.C. are again in Newcastle, having came Kast to dispose of the prop- town are staying at her late resi. dence, Mill St. Mrs. Gendron, of Toronto, is spending a couple of weeks with her sister, Mrs. George Eilbeck, of "Grey Gables." Mrs, Gendron came from Toronto to be present at the unveiling of the portrait of the late C. D. Massey, The last meeting of the Women's Missionary Society was held in the schoolroom of the United Church with about 50 members present. After 'opening exercises in which Mrs. Cooke lead in prayer, minutes of the last meeting were read and approved. Treasurer gave yearly report: / Fees, $150; collections, $19.60. Sent Branch Treasurer, $84 to date. Strangers' Secretary reported one hospital call and three sick calls, Supply Secretary re- quested all members to make one block 19 inches square for quilt, Mission Band will make autograph ported our allocation for this year to be $725. Sectional rally will be 'held in Park Street Church, Orono, on Wednesday, June. 6. Scripture lesson was read by Mrs. F. C. Harvey, Mesdames N. Rick- ard, Uglow and W, E. Beman offered sentence prayers. I'rogram was in charge of group leaders, Mrs, Norman Allin and Mrs. Frank Rickard and consisted of readings by Mrs. E. B. Cooke, Miss Robin- son and Mrs, ¥, Rickard; solo, Mrs. Hendry; duet by Mrs. W. D. Bragg and Mrs. E. B. Cooke. The presentation of a life membership pin and an ! aster lly was made to Mrs, Cooke. A social hour was spent when the quarterly tea was served by Mrs. F. Rickard. Mrs. Philips, Mrs. H. Jose and Mrs. Howard Rowland, An advance note for fall savs that the very newest leather will be a brand new shark, hitherto ew disturbed by the harpoon, which is SCARBORO FINANCES IN GOOD CONDITION Birch Cliff, May. 16.-- Wednesday the municipal auditors, Fred Page, Higgins & Company, issued the annual report covering the finances of Scarboro' for the year ending Dec. 21, 1927, Total assets amounting to $2,- 600,614 were made up principally of current assets, $628,115; capi- tal assets, $1,911,909; property, $47,360, and Clergy Reserve, $13. 129. Current liabilities amounted to $628,145, while the debenture obligation was $1,647,789, against Ee i ia a total asscasment of $6,911,089. in the capital fund there was a surplus of $311,480, and a balance of $1,298 in the current fund. Of the accounts receivable amounting to $365,998, no less than $167,382 is for arrears of taxes. Departmental balances were $45,707, and local impro\ aments for which debentures had been is sued totalled $197,443. In the abstract of payments the chief items are: General expenses, $24,973; maintenance, $89,404; ments, $732,136; capital construg~ tion, $178,503; loans, $136,820; police, $8,499; Board of Health, $3,142; relief, $4,868, and bank interest, $42,889, At the close of the year the *"Good Material, Efficlent Workmen and Prompt Service." PHONE 1025W H. A: LYALL bank overdraft was $18,804, and bankers' advances during 1927 amounted to 7614,420, The report indicate? a h althy state of affairs fu municipal finance. First Mortgage Sinking Fund 51/2% To be dated June 1, 1928 Principal and semi-annual interest (June | and December 1) payable at the holder's option in lawful f Canada, wt ny bra of Tha ; )p yable a older's option in lawful money of Cana bank ork in iris States gold coin of the present standard of weight and fineness, or at the chief office of or in part for sinking fund or otherwise on any interest date on sixty days' notice at 104 and accrued interest to including June |, at 102 and accrued interest to and including June |, 1943, and thereafter and before maturity at 101 and accrued | i First Mert £7 red Siok Commen Stock (no par value) *This includes Common Shares to be reserved against warrants attached to the Preferred Stock Certificates. The Trust Deed will the authorized First r es, mature on such dates not earlier than June |, 1948, bear such rates of interest and carry such sinking fund, con- version, redemption and other provisions as the Directors may determine at the time of issue. Such further bonds may be issued (a) to the extent of 75%, of the costor fair value, whichever is less, of additions «0 properties or plant acquired or constructed by the Company; (b) to the extent of 75% of the cost or fair value, whichever. is less, of addi Rroperties or plant acquired or constructed by subsidiaries, such additions being either directly charged under the rust Deed gr indirectly charged through the issue of specifically pledged or charge Bond Interest, depreciation and profits taxes; for the two precedin all bonds then outstanding and those proposed to be issued; all as will Deed securing this issue. These Bonds are offered for sale when, as and if issued and received by us, and subject to the approval of all legal details. by our counsel, Messrs. Blake, Lash, Anglin & Cassels, Toronto. erty of his aunt, the late Lillian Chapple. They expect to be here the rest of this week and while in quilt, and asked W.M.S. members to lend their aid by giving 10¢ for name on same. Mrs. Cooke re- called bercuse and will suede, -- SE ---- " NEW ISSUES dyed black, in combination ERT YY | be used, *-ith Say slo you know something Cunny. I saw a pedestrian um the street the other day. Burns & Co. Limited (Successors to P. Burns & Co., Limited) $7000,000 # Twenty-Year Bonds Series "A" To be due June 1, 1948 nadian Bank of Commerce (Yuken Territory excepted) in Canada, or at the agency of the said ngland, in sterling at the fixed rate of $4.86 2/3 to the pound. Redeemable as a whele 1933; thereafter at 103 and accrued interest to and including June |, 1938; thereafter Fully reg d bonds and coupon bonds, registerable as to principal enly, in denominations of $1,000, $500 and $100. Trustee: National Trust. Company, Limited, » CAPITALIZATION (Upon completion of present financing) Authorized Presently to be issued $15,000,000 $7,000,000 12,000,000 6,900,000 3 shares 3 shares 149,997 shares 99,997 shares® ($100 par value) TTP gement Preferred Shares (no par value).,..ovvvsvrrersnes fiovide that after the issue of $7,000,000 Series "A" bonds, presently to be outstanding, the balance of ortgage Bonds may be issued from time to time in such series, may be payable in such currencies and itions to bonds of the subsidiary, the entire issue of such bonds being ged under the Tryst Deed; provided that net earnings, as defined in the Trust Deed, available years, have been at least twice the interest on be more fully set out and defined in the Trust A copy of the appraisal statement of the and a copy of the Audited Statement of earnings and Balance Sheet of the Company - BE: wy, PRICE: 99.50 and accrued interest to yield over 5.50% It is expected that interim or definitive bonds will be ready for delivery on or about June 15, 1928. From the letter of Mr. John Burns, to be President of the Company, we summarize as follows: PURPOSE OF ISSUE :--These Bonds and the Preferred except certain etraneous assets) and undertaking of Fund for the Series "A" bonds, un Sinki pri Asad of $100,000 will be made January | in of the years 193] to bX, inclusive; annual payments is Corporation in Toronto and Montreal, X ASSETD: The Assets of he C pany 4s at D ' , after giving effect to the present financi would have been substantially as follows: n ny Fixed Assets, consisting of real estate, plant, machinery quip at rep) . value new, appraised by The Canadian ded : Dpuial Covieary ut ot 2 s10845,464 r which 27, less pur money mortgages. ..,.. ,845, Net Liquid Assets, poise? by vd Com- pany's Auditors Fy 4,291,345 Investments in shares and securities of and advances to other companies, and ether ing are to be issued to new Company of the assets , and for general corporate Deed will of the years 1935 to 586,268 Total ASSBLS.....r0issssssssnsrsrnnsss SIBTNIT EARNINGS: --Earnings of P, Burns & Co., Limited, certified by its auditors as based on the assets acquired by the new Company, available for Bond Interest, depreciation and profits taxes, after giving effect were as Average Annual | Earnings for and » EY sssssssesrsssrsrsnnre the 4 rn Eamings for the year ended December 31 ings of the Company for the three months ended March 31, 1928, as seporied by the show an i of approximately $100,000 over the same pri last year. - It is expected that certain economies will be put into effect which will materially increase the above earnings. Limited, has been incorporated under the flaws of dent with the growth and settl number of Creameries and Cheese Factories, record of ful ion in the post-war ~The business new C i y, ly in ag ¥ eee aap Wil sores AShEly in She Margot of i Coganys Mais. | which The Dominion Securities MONTREAL » the Dominion of Canada for the purpose of wa Z ] of the Western Canadian Provinces, until to-day ol e meat. ¥ industry been a pioneer in the retail chain store ¥ Company, being strongly established in every part of Western Canada, will executives"of the , all of whom have been in the service of the : for terms ranging from fiftoen to thirty years. and who will be substanti ives the Compaey, 8 have in the stevie prudecessor Company for terms ranging from thirty years substantially To ensure continuity of # period of five years, at the expiration TORONTO ~ 4 $6.900.,000 6% Cumulative Preferred Shares (With Common Stock Bonus and Warrants) These Preferred Shares (par value $100) are to be fully paid and non-assessable. Preferred as to assets in the event of voluntary liquidation to the extent of $107.50 a share and accrued dividends and in the event of involuntary liquidatien to the extent of $100 a share and accrued dividends and as to cumulative preferential cash dividends from June |, 1928, at the rate of 67% per annum, payable quarterly by cheque (1st days of January, April, July and October) at par at any branch of The Canadian Bank of Commerce in Canada (Yukon Territory excepted); first payment of dividend to be made October |, 1928, for the four'months' period. Redeemable at any time operation of the Sinking Fund for the shares or by call in whole or in part at the option of the Company at $107.50 per share and accrued dividends on sixty days' notices, Agent; Preferred and Common Stock, National Trust Company Limited, Torente and Winnipeg referred and Common Stock, The Canadian Bank of Commerce, Tofonte and Winnipeg. CAPITALIZATION (Upon completion of present financing) Autherized Presently to be Issued First Mortgage Bonds... crrearstseaneriseesesives 315,000.000 $7,000,000 000 6,900, 6% Preferred Steck ($100 par value)...» vee 12,000, f Management Preferred Shares (no par value) ,....... "e shares 3 shares lini a EA EAA San 149.99 shares 99.0 Tvhares® *This includes Common Shares to be reserved against warrants attached to the Preferred Stock Certificates, The balance of the authorized amount of preferred stock may be issued at the discretion of the directors, No additional capital stock ranking pari passu with or prior to this 6% preferred stock may be authorized except under authority of a resolution passed by 66 24%, of the votes castat a special meeting of the holders of preferred shares called for the purpose. These Preferred Shares are offered for sale when, as and if issued and received by us, and subject to the approval of all legal details by our counsel, Messrs. Blake, Lash, Anglin & Cassels, Toronto, A copy of the Sppraisal statement of the Canadian Appraisal Company, and a copy of the Audited Statement of earnings lance t of the Company may be seen at the offices of this Corporation in Toronto and Montreal. ' PRICE: 100 and accrued dividend, to yield 6% Each Preferred Share will bonus of 1{ of | share of fully paid Commen Steck and the right to purchase 1{ of ene share of fully Re Conor Sie at $30 per share as Pion mentioned. Fractional shares of bonus Common Stock will be adjusted at the rate of $20 per share. It is expected that interim or definitive Certificates will be ready for delivery on or about June 15, 1928, From the letter of Mr, John Burns, to be President of the Company, we summarize as follows: Transfer Registrar: seers Investments in-shares and securities of and advances to other companies, and other PURPOSE OF ISSUE:--These Preferred Shares and the First Mortgage Bonds presently to be outstanding are to be issued to finance the acquision by the new Com- pany of the Assets (except certain extraneous assets) and undertaking of the Company and for general corporate purposes. SINKING FUND;:--~The Letters Patent incorporating Burns & Co., Limited, vide that the Compan: shall establish a Sinking Fund, and commencing wid the year 1930 shall set apart on or before May | each year a sum equivalent to 10% of its net famings (after viding for dividends on' Preferred Stock, allowance ra This Fund deprecia tion, bad debts and profits taxes). is to be applied i ing Preferred open marke the call price and of B in 34 t up to call price cost failing which, in callin, redemption g for shares drawn , at $107.50 per share and accrued dividend, to redemption. :--The Holders of these Preferred Shares no! entitled to vote at meetings of the shareholders unless the Company shall fail to pay four EE dividends in which event will be entitled Earnings of the Company for the three months ended to voting rights with the | of Commen March By, 1928, o reported by St Janagamers, show » or unt ArTears erred Dividends shall have been paid. ' He Wg y vn ASSETS: --The Assets of the C y, as at Di 31, 1927, after effect to the present financii would have been substantial ially as follows: nw 586,268 sess sressses ssn Average Annual Earnings for the 4 years 6 months ended December 31, 1927....... Eamings for the year ended December 31, BOB .uscnrsi suns assenereesrrrrastsainhe Total Dividend Requirements on the Present ssue EE EE EE EERE EE A " Fixed Assets, consisting of real state, plant, hi and } at 14 equip value new, appraised isal Comp Aq ber 31, 1927, less purchase money mortgages Net Assets certified by the Com- iin lees ariel by Wn Con, acquiring as a going concern the business founded by Mr. P. profits have been made each year. From a it owns or controls 6 Packing Houses, 17 e ies. In addition, it has important agencies in These various departments of the busi i no doubt benefit by the further extensive development of that country's agricultural interested in the Shaces ace to be issued, the Corporation, Limited LONDON, ENG, A The statements herein have been accepted by us as accurate but ace in no event to be construed as representations by us. cma ee --- a Sd nt perry