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The boundaries of the parcel to be surveyed and delimited on the ground by the Department of Mines before the day of sale. T‘ highest or any tender n(:;? necessarily accepted. Tenders to be enclosed in seal ed enâ€" velopes, marked on the outside in plain letters ‘‘Tenders for East Part Simpson Lake,"‘and forwarded by reâ€" gistered mail to the Minister of ines, Parliament Buildings, Toronâ€" o, Canada. The sale is subject to the provi sions of the Mining Tax Act and ans amendments thereto, and to an addi tional charge in favour of the Crowr of two per cent. on the net profits ealâ€" eculated on the basis contained in the said Act. Minister of Mines, Toronto, 17th December, 1923. NBA*+â€"No unauthorized insertion of his advertisemert will be paid for. Tenders to be received than 12 o‘clock noon on Thursday 15th day of Mav, 1924. A certified cheque for of the price offered to ac forfeitable upon of the balance of the pu .‘T‘en(.ierers to name a .Iump sum for the said land, payable in full within fifteen days of the acceptance of the tender. ONTARIO. NOTICE is hereby given that under and ‘by virtue of an Orderâ€"inâ€"Council dated the 11th day of December, 1923, that part of the bed of Simpson Lake in lot 5 in the first concession of the township of Tisdale, in the Poreupine Gold area, remaining the property of the Crown and being the eastern porâ€" tion of the said lake, containing 20 acres more or less, together with the mining rights therein and thereunder, is offered for sale by public tender on the following conditions :â€" * Tenders to be enclosed in sealed enâ€" velopes, marked on the outside in plain letters *‘*‘Tender for Poreupine Lake‘‘ and forwarded by registered mail to the Minister of Mines, Parâ€" liament Buildings, Toronto, Canada. CHARNLES MeCREA, Minister of \Imes, Toronto 17th December, 1923. NBâ€"â€"NO unauthorized insertion of this advertisement will be paid for. 3â€"20, The boundaries of the parcel to be surveyed and delimited on the ground by the Department of Mines before the day of sale. The highest or necessarily accepted The sale is subject to the proviâ€" sions of the Mining Tax Act and any amendments thereto, and to an addiâ€" tional charge in favour of the Crown of two per cent. on the net profits calâ€" culated on the basis contained in the said Act. A certified cheque for ten per cent. of the price offered to accompany each tender, forfeitable upon â€" nonâ€"payment of the balance of the purehase money within the prescribed time. public tender on the following condiâ€" tions:â€" y Tenders to be received not later than 12 o‘clock noon on Thursday the 15th day of May, 1924. Tenderers to name a lump sum for the said land, payable in full within fifteen days of the acceptance of the tender. NOTICE is hereby giver®@ hat under and by virtue of an Orderâ€"inâ€"Council dated the 11th day of December, 1923, that part of the bed of Poreupine Lake in the townships of Whitney and Tisdale, in the Poreupine Mining Divisidon, remaining the property of the Crown and containing 539 acres more or less, together with the mines, minerals and mining rights therein and thereunder, is offered for sale by Bublic tender on the following condiâ€" THE PORCUPINE GOLD AREA Membership fee, $2.00 per year for erdinary members and 50¢. per year for associate members. Meetings the second and fourth Fridays of the mont‘h, in the 1.0.0.F. Hall, Timmins, starting at 8 p.m. sharp. THE CALEDONIAN S0OCIETY OF TIMMINS Open to nntiveâ€"born Seots and Beotswomen and those of Scottish ieâ€" eernt. THE PORCUPINE GOLD AREA MACKIE, A. J. DOWNIE, President. Secretary. Box 1338 CHARLES MeCREA, any tender not n nonâ€"paymen| urchase monev ten per cent. ompany each nonâ€"pavment not later PWn calâ€" the a loan of $3500,000 to be advanced as and when required at 6% interest, and to be secured by the h\potheea- tion of certam of the company‘s seâ€" curities. It is expected that this sum will be sufficient to complete the deâ€" templates two units of 12,500 h.p. each with provision to. increase to the full capacity of the Abitibi River when â€" actual operating â€" conditions demorstrate that a sufficiently reâ€" liable flow of water warrants it. The power development has been financed up to the present time out of the company‘s cash balances, the amount paid out for this purpose to date being about $500,000, To take care of future financing your direcâ€" tors have been fortunate in arranging apparatus. The ecable for t mission line and a numbeé towers are wmready on the or gress, is Deing made, have been let for t house dnd subsidiar well a# for the turb transformers and eled It will be noted that your directors have pursued the policy adopted in the past of writing off substantial amounts for plant depreciation and the book value of assets than can no longer ‘be considered of any real value. Certain large {expenditures have also been made on Capital Acâ€" counts, amounting in all to $2,066,â€" 318.03, composed of the following items: Balance of purchase price of Schumacher mine, $888,750.00 ; plant additions, $793,600.03 ; â€" Island Portâ€" age Power Development, $306,155.19, and Tailings Disposal Site, $84,168.00. The Tailings Disposal Site consists of oneâ€"half a square mile in the Townâ€" ship of Tisdale, half a mile south of the Hollinger properties and is readily adaptable to the purpose for which it was required. The power development at the Isâ€" land Portage on the Abitibi River is now under construction and fair proâ€" gress,is being made. The contracts have been let for the dam, power house and subsidiary structures, as well a# for the turbines, generators, The net profits for the year were out of which thirteen dividends of one per cent. each amounting in all to $3,198,000.00, were paid, leaving a balance of $1,â€" 176,486.75 available for Dominion, Provineial and Municipal Taxes which amounted to $451,621.76, and depreâ€" cration, â€" donations, ete., requiring $970,820.34, but as these two items of taxes and depreciation, etc., aggreâ€" gated in all $1,422451.10, it was necessary to encroach upon our surâ€" plus to the extent of $245,064.35 which resulted in a reduction of the surplus from $5,009,469.77 shown at the beginning of the year to $5,663,â€" 505.42 which is still entirely repreâ€" sented by cash :md h1<rh~class investâ€" ments. President N. A. Timmins, on beâ€" half of the Board of Directors, makes the following report :â€" 1. The average tonnage per day was 3,764. The mill was running 83.4 of possible time. With full running the tonnage would have been 4,513 tons. ([There were 1,366,352 tons milled of an average value of $7.93 per ton with net recovéry of $10,446,â€" 21.20. To the Shareholders:â€"Your Diâ€" rectors take pleasure in presenting the thirteenth annual report covering the operations of the Company for the year 1923, with statement of as sets and liabilities and profit and loss account duly certified by the auditors. The .average number of men emâ€" ployed during the year was 2,428. Of this number 1,566 were miners, 341 mechanies and 5231 general. 11 The annual report of the Hollinger Consolidated Gold Mines, Limited, isâ€" sued to the shareholders last week, makes interesting reading, and to Increase of $13,591,940 in Hollinger Ore Reserves ANNUAL REPORT SHOWS GREAT EXPANSION IN UNDERGROUND WORK IN 1923, POWER SHORTAGE HANDICAPPED OPERâ€" ATIONS AND REDUCED PROFITS. MANY INTERESTIN G FACTS IN ANNUAL REPORT OF BIG MINE. T slon to.increase to the of the Abitibi River operating â€" conditions hat a sufficiently reâ€" transmission line. As interim report mailed _ the 27th of October, liate development conâ€" units of 12,500 h.p. sion to. increase to the bein rical and otner the transâ€" ber of the rround and made with Fire Wood in any iengtns to suit, from 14 inches to wood in log. _ Dry and green Jackpine. Prices very reaâ€" sona@ble. Order your wood now beâ€" fore the rush. â€"83 H. CHARLEBOIS, Phone 347. â€" 309 Cedar St., Timmnins. Queen‘s Hotel Phone‘36 Ti RESIDENCE PHONE 462 Land Sumevs, Mine Surveys, Enâ€" gineering, Reports, Plans and Esâ€" timates. _ Shareholders are no doubt expectâ€" ing a statement from the directors in regard to the future dividend policy of the company which matter involves a consideration of the profits earned and likely to be by the comâ€" pany under conditions as they are toâ€" day and as they will bhe upon the completion of the company‘s power development albove referred to. Your attention has already ‘been called to the fact that as a result of the yvear‘s operations, it was necessary to enâ€" croach upon qur surplus to the extent of $245,064.35 contrasted with an adâ€" dition to the surplus of $1,948,690.27 during the year 1922 This unfavorâ€" able showing isw entirely due to the failure of the power supply during the early part of the year, and while it is true that the profits earned in spite of the power shortage were considerâ€" ably in excess of the present dividend requirements, the directors are stiil of the opinion that any increase in the dividend rate should remain in abeyâ€" ance until the power situation has been stabilized so that an addition to the dividend once made may be conâ€" sidered as reasonably permanent. Beâ€" fore leaving the question ®f dividends it may be well to call the attention of shareholders to the fact that durâ€" ing the comparatively short period of Carnol is everyiwhere of Canada. Member of Assoc. of Professgional Engineers. Letting the system become run down is responsible for more illness than anything else. When the body is strong, healthy and vigorous, all the organs are in perfect condition. Disease then has little chance to lodge. â€" But let the system become run down and the resisting powers of the organs are weakened. The body is then susceptible to amny troubleâ€" colds, pneumonia, consumption, anâ€" emia, fevers, contagious discases, and all other diseases of a wasting naâ€" ture. Therefore, when you are weak, listless, tired, drowsy, n@rvous, irritâ€" able, is the time you need a tonic. Carnol is the ideal remedy. It feeds the nerves, enriches the blood, builds up bodily tissue and increases weight. After a runâ€"down condition following ‘fAiu, Mr. Tingley, the wellâ€"known barber of St. John, N.B., was greatly benefited by Carnol. He says : "I had a bad attack of the ‘flu in the fall of 1919 which left me in a weak, run down condition. My apâ€" petite fell off and I had gone down in weight from 150 Ilbs. to 130. A local druggist recommended Carnol to me and on his advice I took four bottles. From that time my health and strength came back and I now weigh 155 lbs. I am now enjoying the best of health and can safely recommend Carnol to anyvyone in a similar condiâ€" Arch. Gillies, B.A.Sc.,0.L.S. Assoc. Member Engineering Inst. The litigation with the power comâ€" pany remains practically in the posiâ€" tion outlined in the interim report mailed to shareholders on the 27th October, 1923. The power company‘s appeal to the Privy Council in the damage action is being proceeded with and no judgment has as yet been delivered in the action for specific performance. velopment, the total cost of which is estimated at about $4,000,000. _ The alternative to the plan adopted wonuld have been the sale of the securities in which the company‘s funds have been invested which course your directors hesitated to take in view of the highâ€" class character of the investments and the probable difficulty of reinvesting to as great advantage in the future. It is felt that the shareholders will approve of the course adopted by your directors and they will be asked at the annual meeting to confirm the action of the directors in borrowing the necessary amount to complete the power development as above menâ€" tioned. Experience of a THE PORCUPINE ADVANCE dividends attention that durâ€" period ot Development and_ Ore Reservesâ€" Referring to the schedule on page 9 it will be noted that a very much enâ€" larged programme both in drifting and cross cutting has been earried out during the current year. In addiâ€" tion, the central shaft has been exâ€" tended to below the 1,850â€"foot level. The development has resulted in very materially increased ore reserves and suwstantial additions to the broken The general charges were $577,â€" 021.40; mining charges, $4,499,565.53 ; milling charges, $1,562,628.54; a total of $6,639,715.56, leaving on operating profit of $4,374,486.75. Of this, $3,â€" 198,000.00 was paid in dividends. leaving $1,176,486.75. Taxes, Provâ€" ince of Ontario, $153,688.34; municiâ€" pal taxes, including $35,000 royalty to Town of Timmins, $67,933.42; Doâ€" minion taxes, 1923, $230,000.00; deâ€" preciation donations, etc., $970,829.34, Deducted from surplus $245.964.35. General Comment Under the heading of **General Comment,‘‘ Mr. A. F. Brigham, the General Manager, reports as folâ€" lows :â€" The profit and loss statement for the year shows sources of 1923 income from :â€"gold and silver produced $10,â€" 1446,412.20; premium on U.S. exchange $175,850.27; interest on investments and other income, $391,939.84 ; total $11,014,202.31. i( ‘apital and current assets total $30,084,400.94. The liabilities are given as follows, as at Dec. 3lst, 1923:â€"Capital stock authorized, $25,000,000, â€" with $400,â€" 000 in treasury, $24,600,000 ; accounts payable, wages unpaid, etce., $190,â€" 985.52; reserve for Dominion of Canâ€" ada 1923 taxes, $230.000; transferred to surplus,, $5,663,505.42. The Surplus account is summarized as follows:â€"Balance from 1922, $5,â€" 909,469.77 ; profits from January 1st to Dec. 31st, 1923, $3,022,864.99 ; total £$9,832,334.T76. Less, dividends, $3,â€" 198,000; plant depreciation, $907,â€" 039,.95; donations, $1,285.00; tailinges disposal site depreciation, $12,625.20; Abitibi _ Power depreciation, $46,â€" 309,08; investments in other companâ€" ies and properties written down, $3,â€" 370.11. a net surplus carâ€" ried forward of $5,663505.42. 805.48 The current assets total $6,589,â€" 242.32, including:â€"Accounts receiw able, $67,540.95; Materials and supâ€" plies on hand, $759,852.25; Town of Timmins dlebentures, $72,1902.25; Doâ€" minion, _ Provincial and _ Municipal Bonds, â€"ete., $#4,461,216.58; cash on hand, in bank, $353,172.56; bullion in transit, _ $716,362.90; solutions _ on hand, $103,399.35 ; litharge, slags, etc., on hand, $4,700.00; acerued interest, charges paid in advance, ete., $50,â€" It is most gratifying to again reâ€" cord our appreciation of the services of our general manager and his exâ€" cellent staff for their combined efforts on the company‘s behalf."‘ Financial Statement The financial statement is given in the report in detail, and the figures will prove of much fgeneral interest. The capital assets total $24,3905,248.62 including:â€"Mining properties, $22,â€" 493,(85.17; Plant, brought forward from 1922, $1,637,378.59 and additions during 1923 $703,600,03, less depreâ€" ciation of $907,030.95, leaving ¢1,â€" 523,038.67; Atbitibi Power Developâ€" ment, $308,727.22, ~less depreciation $46,309.08, leaving $262.418.14; Tailâ€" ings disposal plant, less depreciation, $171.35342.80: Investment in other comâ€" ings disposal plant, less depreciation, $71,3042.80; Investment in other comâ€" panies and properties, less depreciaâ€" tion, etec., $43,563.84. Conditions in the mine are quite satisfactory, and in the mill the subâ€" stitution of rod mills for stamps is producting exceellent results. The inâ€" crease in the capacity of the mill to 8,000 tons per day will be as accomâ€" plished fact at an early date. Labor conditions have been satisâ€" factory throughout the entire year and there is no reason to anticipate any change in the situation. ‘Tthe suppily offered is more than we are able to take on. its existence the company has disâ€" bursed in dividends a larger proporâ€" tion of its profits than any of the other large gold mining companies at present operating in any part of the world. munlelâ€" royalty 12; Doâ€" [)U: (]e- f John 1 Under the heading ‘*Probable Ore‘ something in excess of 550,000 tons which is included in the amount 1,â€" 573,003 represents the result of work done by the surplus of miners which ore stock. Inspection of the sumâ€" mary of ore reserves will show that the increases are largely in veins of average grade. It should . also be noted that the higher grade veins have all practically held their own and attention is specially directed to the large increase in estimated value in the case of No. 97 vein. Other deâ€" velopment at depth continues to be highly satisfactory and no change in the geological _ situation occurred either in the Hollinger or in the ground of our near neighbors who have good ore at 2,375 feet. Dreco is being speciaily introduced in Timmins by F. M. Burke. It is also sold in South Porcupine by B. L. Pilsworth, and by a good druggist everywhere. ‘TIMMINS BRANCH, SOUTH PORCUPINE BRANCH, ‘*I only have a little pain now and again, which I am sure will entirely disappear as I progress with the Dreco treatment." _ No one need suffer the agonizing pains of rheumatism when Dreco ofâ€" fers such prompt relief.. This splenâ€" did herbhal remedy strengthens the kidneys, the cause of most rheumatic suffering, aids digestion, keeps the bowels open, arouses a sluggish liver and purifies the ‘blood. It is the best system cleanser and health builder known and makes friends wherever it goes. Dreco contains no mercury,. potash or habit forming drugs, but is made solely from herbs, roots, bark and leaves of established medicinal value. could not walk and was in bed for three months. . Lumbago caused pains in my back and spots floated before my eyes. I tried ever so many mediâ€" cines without result until Dreco came along. Now, thanks to this splendid medicine, I am up and about again, for which you may believe I am very happy. *‘*Only people who suffer as I did can fully appreciate what it means to be up and around and able to attend business,‘‘ says Miss Beland. "‘I suffered. from rheumatism in my limbs, joints and museles. ‘The pains were terrible, in fact, so bad that 1 could not walk and was in bed for three months. Lumbago cansed nains Dreco goes straight to the root of the trowble and gives relief in a measure surprising even to the sufferâ€" er. Ssuch is the ease with Miss A. Beland, of 256 Spadina Ave., Toronâ€" to. Toronto lady bedâ€"ridden by terrible rheumatic pains. Three bottles of Dreco give wonderful reliefâ€"is now up and doing again. UNABLE TO WALK FOR THREE MONTHS The purpose of a Safety Deposit Box is to keep valuables safe from fire and theft. If you have stocks and. bonds, insurance policies or a will,, keep them in a Safety Deposit Rox. You can rent one at this Llaniz: for a small sum. IMPERIAL BANK Keeping Valuables Safely OF CANADA large quantity of low a@ride developâ€" ment rock which is was nesessary to send to the mill, as there was noâ€" means of storing such a large tennawe or ore. However, some 20,000 tonsâ€" were tipped into empty stopes and aftter the resumption of normal workâ€" ing, were sent to the mill, During. the last half of the year, the tons treated have averaged something ins excess of 4,250 per day and the gradeâ€" improved a pproximately to the figures: of 1922, Laborâ€"Labor has been qplentiful and satisfactory throughout the year.. The lowest employed was, 2,149 in the month of March which was subsequently increased to 2,584% with an average of 2,428 througlhout. the year. Staffâ€"It is my pleasant duty im conclusion to refer to the continued wood services rendered by the staff.‘ The year‘s work has involved the: handling of abnormal problems, to the: solution of which they have applie® themselves very creditably. I an further deeply sensible of the assist~ ance and support I have received from the board throughout the yvear. $5.50 the most of which wvill be eventâ€" ually milled. ; Working â€" _ increased working costs, decroas 4 production and consequent decreased profits are entirely due to the power shortage:. Milling Resultsâ€"Ihe average tons milled per day amountcd to 3,768 as compared with 4,097 in 1922 and the grade is $7.93 compare.. with $8.53. The decrease in values wes due to the large quantity of low aride developâ€" ment rock which is was nesessary to send to the mill, as there was no means of storing such a laree tonnavo was occeasioned by curtailment of milling operations owing to the failâ€" ure of the power supply. It was obâ€" viously inadvisable to dischargo these men both on account of the hardship to them and their families and the difficulty of reâ€"establishing so large a: foree when normal milling could be resumed. Therefore, they were enâ€" gaged in exploring areas hitherto conâ€"â€" sidered uncertain. The vaue of the ore so developed is betweea $5.00 and P.O. Box 1074. TIMMINS. Furnitur: UpLlolsteringâ€"â€"Repairing Northern Paint Shop Gordon Building, Painting and Renovating Autos:. A §pecialty. overnight or by the month.. DR. JNO. B. AIKE DENTIST No. 57% RIVER ROAD (Wilson Avenue.) SUTHEEF LAND, Man.ager. F. R. WAY, Manager.