A heartwarming tale of free enterprise on the part of two young boys that captured Bermuda's imagination back in 1932 was brought up to date last week.

In the dark days of the American Depression, 12-year-old Don (Pete) Hart and 10-year-old Norm Eddy of New Britain, Connecticut, embarked on a two-and-a-half-year publishing career when they decided to write, print and distribute a weekly newspaper for the benefit of families, friends and neighbours.

Not only did the paper survive, but the advertising they sold also paid their way for a holiday in Bermuda. And so impressed was The Royal Gazette with the enterprising spirit of these youthful publishers -- to say nothing of their literary prowess -- that on May 19, 1932, they were the subject of the day's editorial.

Mr. Hart, now retired and still living in Connecticut, wrote to The Royal Gazette last week enclosing that original story of their paper, entitled "Current Events of the Week.'' And he let us know that now, 60 years on, he and his old editorial colleague have revived the paper and renamed it "Current Events of the World.'' In 1930, their weekly paper began life as four typewritten sheets of paper, copied with the help of carbon paper and delivered to their only "costermors''(their spelling) who happened to be their parents. Eventually, the paper reached four pages as the weekly compendium of strictly local news began to intrigue the folks in their corner of the city.

Mr. Hart writes: "Mis-spellings continued apace, mixed in with fantastic typos. These errors, completely unintentional, enticed many persons to become `costermors.' However, perhaps the greatest inducement to subscribe (25 cents a month) was, for instance, Mrs. Smith's wondering who was and who was not invited to Mrs. Jones' party the night before ... and why in heaven's name wasn't she?'' The paper was divided into news items, editorials, advertisements and even boasted a Society section.

Their rapid climb to success was put in jeopardy, however, when they hired a cousin, Howard Young, to go out and get all the details on the death of a prominent member of New Britain's "upper crust.'' Howard, the only one of the three who went on to become a professional writer, performed his task rather too well, reporting: "Finally, Mr. C ... said, after his third martini, `I don't feel so hot'.'' Aghast, Norm and Pete's parents told them to kill the story or they would kill the paper, but unfortunately, two of the copies had already been delivered to two of New Britain's "worst social gossips.'' To save face and find a scapegoat, Mr. Hart writes that they fired the cub reporter while he was away on holiday.

Surviving this crisis, the two boys invested in a hand-crank mimeograph machine on which they could run off 150 or more copies for their growing ranks of "costermors.'' Their advertising paid off handsomely. An average advertisement cost 25 cents and got off to a good start when their stockbroker fathers decided, in the words of Mr. Hart, "to extol their competing firms, using such words as `juicy stocks', `risk stocks' and so forth.'' He says that as they were given a great deal of latitude in choosing the words for their customers' ads, their imagination often ran wild.

After two years of slog and toil, the two boys decided to reward themselves with the proceeds from the paper, now totalling about $300, with a spring vacation in Bermuda.

The letter to the Inverurie Hotel, requesting reservations for the young editors (then 14 and 12) who were travelling all alone without their parents, so impressed and amused the hotel that they offered the boys five days board, meals included, free of charge -- so long as the editors advertised the Inverurie free of charge in their paper for the next year.

While the boys had booked their passage to Bermuda on the Furness Bermuda Line for the modest sum of $75 each, return trip, there was still the problem of getting their parents to New York to wave them bon voyage.

As Norm and Pete rode in the splendour of First Class Pullman seats on the railway, lack of ready cash had forced their parents to share Mr. Eddy's small Dodge. This, in spite of a somewhat humiliating call by the boys for contributions so that their parents could "afford'' the trip to see them off.

Only Great Aunt Mattie answered the cry, with a contribution of $5.

With a three-room suite in the Inverurie placed at their disposal, the boys had a wonderful five days, which they related at length in Current Events on their return.

They wrote enthusiastically about the horse-drawn transportation and they acknowledged the kindness of a "reportress,'' who wrote "a nice notice in The Royal Gazette .'' Another friendly guest "showed us how to take time `exposers' with our cameras.'' This issue offered the following advice for intending visitors: "We learned from a cab-driver that three hundred and sixty-five islands make Bermuda.

Those that like Horses, Flowers, Beauty or islands will find themselves entangled in Paradise if they visit Bermuda. Be sure to visit the Caves, Devil's Hole and the Government Aquarium. And be sure to climb up the Gibbs Lighthouse. All the people were very kind to us. We had a fine time and you'll have a fine time if you visit Bermuda.'' This paean of praise was quoted in The Royal Gazette's subsequent editorial.

Mr. Hart then relates the sad demise of Current Events of the Week: "The boys were learning how to spell and how to punctuate. Shockingly enough, too, they were grasping the elements of correct grammar. This little learning was a dangerous thing, because it foretold the death of the two-year-old publication.

The boys quite rightly surmised that they would shortly lose the interest of their "costermors.'' They were also apprehensive about their new English teacher who, it was felt, might take over and "clean up'' their newspaper. So, he writes, in the true tradition of Freedom of the Press, the youthful editors decided to retire from their vocation.

On being so informed the Inverurie Hotel sent them a bill for all of $60 and advance deposits from other customers in Bermuda, Australia, New Zealand and Great Britain were returned. He says that one man in Australia was so tickled to receive a cheque for $8.33 that he hung it on his study wall.

Fifty-two years later, Mr. Pete Hart (who now lives in a converted railway station) and the Rev. Norm Eddy who lives in New York, decided to start a new/old newspaper, to be called Current Events of the World, containing news of and from old "costermors,'' including a few new people who have come along in the intervening years.

It appears sporadically, "at the whim of the editors'' and is mailed free of charge.

As for the young cub reporter, Howard Young, who was so unceremoniously dumped in 193l, he has been reinstated, "with great fanfare'' and appointed Editor for Life.

In his letter to The Royal Gazette Mr. Hart writes: "The two boys were treated like royalty in Bermuda, particularly by a member of your staff, who took them to Belmont Manor for golf, drinks, lunch, etc. They have never forgotten your kindnesses nor the publicity which your paper gave them.'' STOP PRESS -- Twelve-year-old Don (Pete) Hart and 10-year-old Norm Eddy rush out another edition of their 1931 newspaper ...

... AND SIXTY YEARS ON -- The editors Mr. Hart (left) and the Rev. Eddy (centre) get together with the cub reporter, Mr. Howard W. Young who was "fired'' in 1931 and has now been reinstsated as Editor-in-Chief.