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The president, Jules R. Timmins, in the directors‘ rem says:â€"â€" "Your directors take pleasure in preâ€" senting the Twentyâ€"sixth annual report covering operations of your company for the yeay 1936, with statement of assets and liabilities, and profit and loss account, duly certified by the audiâ€" tors, together with the reports of the $19.29; total, $582,684.09. Reserve for taxes and cmtingencles. 950,000.00. '- Bumlus â€"Balance carried forwa.rd Dec. Slst, 1936, $6,311,258.92. Liabilities Gapital stock:â€"Authorized, $25,000,â€" 000; in treasury, $400,.000; $24,600,000. Gurrent labilities:â€"Wages unpaid, $1,162,304.76; Dominion of Canada, «pro- ‘vincial and municipal bonds, at oost $878,081.67; total, $5,408,.246.91, . E: Total of assets, $32,443,943.01. Investments : â€" International Bond and Share Corporation stock (market valud, $7,411,427.43), $3,367,860.48; seâ€" on hand and banks, $855,657.65; buluon in brmnsit. $554,467.27; accounts receivable, . $68,â€" 916.03; accrued interest, $10,557.06; total, $1,489,598.01. Expenditures on Youngâ€"Davidson Mines, $461,020.10; Ross Mine (Hislop property) $717,183.84; interest in other companies and mining properties, $493,â€" 551.60. , Total capital assets, $24,404,110.60. Deferred Assets:â€"Material and supâ€" plies on hand $669,124.00; solutions. on hand, $161,717.62; precipitates on hand Mining properties, $22,490,685.17. Plant brought forward from â€"1935, $100,113.89; additions during 1936, $194,â€" 430.44; total, $294,544.13; less depreciaâ€" tion for 1936, $52,874.44; making $241 The price of gold has been set at $20.67 in calculating the ore reserves, ard the same minimum ore grade as used in former years continued. _ _ Balance Sheet, Dec, 31st â€" _ The following is a summary of the balance sheet as at Dec. 3ist, 1936:â€" These figures compare with 7,355,318 tons of total value of $51,918,222.00, and average value of $7.06 per ton at the end of 1935. Ore reserves . on Dec. 31st, 1936. con sisted of 7,257,257 tons of a total value Gt $51,027,123.00, having an average value of $7.03 per ton. 3039 Employees The average numbker of men employ- e during the year was 2907, distribâ€" uted as follows:â€"Miners, 1902; meâ€" chanics, 345; general, 660. Outside proâ€" perties:â€"Ross Mine, 56; Smith Thome, 46; Lang, 24; Hollyâ€"Reserve, 6; toâ€" tal, 132. ' Some Facts From the Report :; : During the year erding Dec. 31st. 1936, there were 1,755,768 tors milled The average value per ton was $8.61. The gross value was $15,119,205.59, from which $588,791.65 is deducted fortoss in tailings, leaving net value recovered, $14,530,413.94. Average tons per day, 4850. Percentage of possible time run, 85.2. The annual report of the Hollinger Consclidated Gold Minzs Limited has just been issued, and as the president states, "the company has had another succeessful year." Profit from all Sources; $5,798,743.86." Payroll Totals $5,â€" 647,048.26. Supplies, Prctieally All Produced and Purâ€" chased in Canada, 33,997 253 40 _Taxes Represented Nearly 60c per Ton Milled - Another Succkéssfi@l Year for the Hollinger Mine Ore Reserves Market Quotauong’broudcm mh aay a‘t 12.20 noon and 5.20 p.m. Direct private wires for fagt and accurâ€" ate quotations and execiitions in all> Accurate Markets and Executions in Unlisted Stocks.:, : â€" Commision basis only. Local Phones‘ i‘}oo andd iém Mining Stocks o4 uow a w @ dustrial and EL 19 Pine St.â€" North +~â€"~Gold and silver produced, $14,530,â€" 413.94; premium on gold in process, $75,761.78; interest on investments and Iot»her income, $219,106.03; total, $14,â€" 825,281.75. â€" _ Milling charges, $1.189,672.00; mining charges, $5,967.559.22; marketing bulâ€" lion, $159,932.20; workmen‘s compensaâ€" uon. $123,362.48; silicosis assessment, â€"$59,120.42;, general charges, $650,040.56; ‘total, $8,.149.605.38. Leaving $6,675,585.87; from which deduct:â€"Donmlinion income tax, $580,â€" _dered his resignation after having served the company most acceptably “’forn 18 years, first as general manager 'ror 15 years and a.fterwards as consultâ€" . ansineex:. The mslgnation was acâ€" ‘cepted with regret. _ "The average number of men on the pay roll durirg the year was 2907. \ "Ib agm affords your directors nlme m mcord their thanks to the general manager, the consulting enâ€" gineer, and the entire staff for the manner in which they have performed their â€"respective duties during the year." were satisfactory. ‘"The number of our shareholders of record at the end of the year was about 10,500. Inâ€"our report for the year 1933 wepointed out that the Hollinger Company was predominantly Canaâ€" «dian. Thisâ€"condition still exists, the cutstanding 4,920,000 shares being disâ€" tributed as follows: 8366 shareholders residirny in Canada hold 4,309,224 shares; 1784 shareholders in the United EBtates hold 562,766 shares; 119 shareâ€" holders in Great Britain hold 19,486 ‘shares; and 225 shareholders residing elsewhere hold 28,524 shares. "Towards..the end of the year your directors authorized the reâ€"location of the mill grinding units and the sinkâ€" ing. of a new shaft with present obâ€" ective of 3160 feet and future objective ,or _ prcobably 4250 feet. _ _ ‘"‘The general policy of exploration a-nd mmtigating outside properties was also continued during the year. _ "At the end of the year our consultâ€" "The securities in other companies and the bonds held by your company appear in the balance sheet at cost, which is considerably less than their market . value. ‘"‘The Group Insurance and Employâ€" ees‘ Savirgs plan inaugurated during 1933 is giving general satisfaction. Unâ€" «er the Group Policy $78,000.00 in death claims were paid to 31st December, 1936, ana. on the same date employees‘ savings amounted to $209,000.00. "At the close of the year 1936, the ~net asset value of your subsidiary, Inâ€" ternational. Bond and Share Corporaâ€" tion, was $7,411,427.43, compared with $5,136,492.67 as of December 31st, 1935, an increase of $2,274,943.76, or 44.29 per cent. for the year. As in the past, the portfolio â€"of your subsidiary consists of readily marketable securities. The holdâ€" ings of your subsidiary, based on marâ€" ket values, are classified as follows:â€" Bonds, 7.00 per cent. Preferred Stock, 12.50 per cent.; Common Stocks, 80.50 per cent. "‘Special attention should be drawn o theinmounts expended for pay roll, namely: $5.647,048.26, for Miscellansous and Material and Suppliecs: $3,997,â€" 203.40, practically all preduced and purchased in Canada. Amourts chargâ€" ed for taxes against 1936 operations, $1,040, 671.58, representing 59.32 per ton milled. , General Manager‘s Report The following facts are included in curities and other assets, making a toâ€" tdi*profit from all sources of $5,798,â€" 743.86. Fuller details of amounts paid for Taxes, Workmen‘s Compensation, Silieosis, and the of marketing bullion appear in the profit and loss statement. °° ~/ $349,105.42, profits from the sale of seâ€" report of the general manager, Stocks Lang Property This property which lies immediately east of the Pamour is under option. A shaft has been sunk to the 220â€"foot level and 1000 feet of development completed. Of the 1000 feet 487 feet of driftine is on the Pamour conglomerate bed, Horwood Lake | The developments at this property have rot as yet resulted in the disâ€" covery of commercial ore bodies, but diamond drilling is being carried on to the east to investigate the possibilities of this area. The 262â€"foot level has peen preâ€" pared for stoping and 27,795 tons of ore milled came from this source. The cost of this development amountâ€" ing to $183,000 has been charged against operations. Ross Mine, Hislop Township There have been no new ore discovâ€" eries during the year, but a developâ€" ment drift is being driven along a fault to the south to inrvestigate interesting grill hole intersections. 27,540 tons of ore were milled during the year giving a recovery of $8.20. The profit from the operation amounted to $27,789.84. 301,163 tons were milled with a reâ€" covery of $2.97 and from operations we have applied $208,585.05 on account of The ore remaining in the pillars around central shaft above the 800â€" foot level has a value of approximately $9,000,000. Having this in mind it was decided to sink a new shaft in a locaâ€" tion which ‘has been selected 1500 feet north of central shaft. This work has been commenced and will be proceedâ€" ed with at such a rate as not to interâ€" fere with regular operations. â€" Youngâ€"Davidson Mine The cperations have been satisfacâ€" tory during the year. No stoping has been done below the 2150â€"foot level. fact that prospecting was directed to less favourable aregs in crder to comâ€" plete the clearing up of the upper levels. The grade of ore for the year was $8.61 as compared to $8.31 during 1935 based on $3500 gold No. 26 shaft was completed to the 5150â€"fcot level, but no development work was undertaken below the 3950 level durizng the year, as it seemed adâ€" visable to concentrate on the upper leve‘s in order to complete this upper development as rapidly as possible. However, sufficient diamonid drilling was dore from the 5150â€"foot station to satisfy ourselves that the geological conditions continued favourable and some ore was encountered. Developâ€" ment will be proceeded with in this hcrizon during 1937. There is a decrease of $900,000 in the value of ore reserves for the year, which is mostly accounted for by the The Hollinger Mine During the year 37.6 per cent. of the ore milled came from above the 800â€" foot level. Above this level it is probâ€" able that all of the major ore has been discovered and we can expect a falling off in development results from these hcrizons in the future. The Hollinger Mill During the year a series of experiâ€" ments on grinding have been completâ€" ed inditating that considerable saving could be effected in our costs. The dimensions of the present mill strucâ€" ture do not admit of efficient installaâ€" tion of rew equipment. This, coupled with the fast that recent exploration has indicated a considerable quantity of ore under our grinding units, has brought about a decisien to erect a rew primary grinding building and ore storage to be located approximately 500 feet west of our present plant. Preâ€" paration for the erestion of this new plant is now under way and we expect ii to be completed during the year. surplus account, $5,449,638.44. Paid out in dividends, $5,412,000.00. Balance carried forward in surplus aszcount, $6,311,258.92. total, $185.275.85. Net profit from operations earried to $11,8231.30; Municipal taxes, Town of Timmins, $60.5916.91; Municipal taxes. of Tisdaile, $3,939.94; miscelâ€" lancons, $80.16; reserved for Dominion, Here is a recent photograph of the new Federal Build ing at Regina, which has been completed and will be opened during the early summer. NEW FEDERAL BUILDING AT REGINA COMPLETED Dis:sovered by Alexo Kelso before gold was found in the Porcupine, the Alexo mine produced about 65,000 tons of five per cent. nickel ore to 1915. This was shipped out by rail for reâ€" fining. When the war demand for nickel slackened, the Alexo was closed down. # Aithough the extent of present exâ€" plcration plans is not fully known, it is understood that a considerable amcount of work will be done within the rext few months. The Porcupine‘s only nickel mine may come into operation again, if exâ€" ploration work now beirg dene by the Ontario Nickel Corporation proves enâ€" couragirg. The Alexo ‘mine, near Alexo staticn a short distance from Porquis Jurction, was under option to Cuniptau Mines Ltd. and when this company was taken over by Ontario Nickel, the option was taken over too. Exploration‘ Work Being Carried on Now by Onâ€" tario Nickel Corporation Porcupine‘s Nickel Mine May Reâ€"open (From Northern Miner) ‘Shareholders of the Golden Porcuâ€" nine Mines, Limited, are in receipt of notice that the company proposes to distribute its holdings of Kayorum CGcld _Minss, Limited, to stockholders tf record at the close of business on March ‘1st, 1937. The distribution, as previously announced. will be on the basis of one Kayorum for each Golden Forcupine, and will be made by Pruâ€" cdential Trust Co., 217 Bay street, Toâ€" ronto, the latter company‘s transfer egenits. Kaycrum â€"Gold Mines, Limited, was formed recently by Hollinger Consoliâ€" dated Gold Mines, Ltd., to develop the Golden Porcupine and several adjoinâ€" ing groups of claims in the Porcupine area, Northern Ontario. THE PORCUPIN®E ADVANCE. TIMMINS, ONTARIO One Kayorum Share for Each Golden Porcupine paign of diamond drill exporation on its property located north of Hollinger and rorthwest cf Moneta in the Porcuâ€" pine district of Ontario. W. E. Segsâ€" worth and Dr. F. W. James are now acting in an advisory catpacity to the Polaris company. While no actual: ore intersections rave been returned, The Northern Miner can say that drilling has reâ€" vealed important geological conditions vithin tlhe boundaries of the property. Part of the town of Timmins is loâ€" cated cn Polaris ground and as a reâ€" sult some of the diamond drill setâ€"ups are right on the city streets. Both conâ€" tacts of a sedimentary belt of rocks have been picked up in the drilling striking southwest across Polaris and it is believed that there are good chances for picking up ore structures extending. west from the main Porcupine camp. The success of Moneta in finding goed ore beyond the westerly limits cf previously known cre in the camp has, of course, stimulated greater inâ€" terest all through the west end of the district. Report of A. F. Brigham, Consulting In his report Mr. Brigham says that in all there were 164 examinafions of other properties undertaken during the year, of which 147 were in Ontario, 16 in Quebec, and 1 in the North West Territories. On some cf them a limitâ€" ed amount of work was done, but noâ€" thing was dissovered to justify further exporditures. Prospecting, development and exploeration work on outside proâ€" perties, exclusive of Youngâ€"Davidson and Ross Mines, invoived an expendiâ€" ture of $352.000. for their assistanre. but suffitiert work has not beenml to make anry definite prediction as to the merits of the property. My thanks are due to the entire orâ€" ganization for the result Of the yvear‘s| of Stayner Sun:â€"She locked me up in Bradstreet‘s; now I‘m Dun. .l 25 Porcupine Creek units 10000 110.00 Porcupine Lake M. ....... «_ B Porcupine Goldreef ....... 6 7 Porcupine United ......... 15 17 Woced Pcercupine units Young Davidson ..... Albany River ......... Brengold ............. Canadian Pandora ... Canusa (new) ........ Barwin ........"®..... Delnite .......... Delwood .............. Empire ............... Jowsey Denton ........ Gale Gold ............ Gillies Lakeâ€"Porcupine GGilbec .7 Hallnor ‘ss.;s.........}.. Hugh Pam ........... Kerr Addison ......... Lamaque .............. Magnet Lake .......... Moffat Hall (new) Pfamour...........,.. Paymaster ......... Pickle Crow ........ Pionéér ............ Porcupine Crown ... Preston Fast Dome Read Authier ...... Red Lake Goldshore Roche Long Lac ... San Aontonio .... .. Shawkey ......... Sherrit Gordon ... .. S(. Anthony ........ Scuth Tiblemont .. .. Sullivan Sudbury Contact ... Stadacona .......... Sylvanite . Teck Hughes ....... Ventures .......... Wright Hargreaves C‘Brien .... McKenzie Red Lake ..... McVittie Graham ....... McWatters â€".............. Minng Corporation ...... Naybob ........ Nipissing ...... Night Hawk ... Cons. Chibougamaiut ........ Darkwater ................. Castle T. ............ | Toâ€"day‘s Stocks Uunlisted 3 65 9.25 1.30 ...... 152AÂ¥ ...... 23 !% ....... 4.70 ..... 8.40 ..... 6.05 ..... 7% ..... 1.34 3.15â€"3.90 .. .6.10B ..... 1.35 ..... 1.20 22.50 7.70â€"7.85 ..... 2.50 . .40.25B 80.25 . 9.60 .1.13 «. ut s 2.10 Powassan News:â€"The darkest hour is only 60 minutes long. "Under the present provisions it is possible to stake out claims in remote areas and hold them several months without recording them," the Minister explained. ' Another section of the amending act gives the owner of a forfeited mining claim six months or such time as may be fixed by a judge to remove any buildâ€" ings or structures. After that time they become the property of the province. Hole No. 3 is midway between these points and at 675 feet cut 20 feet of mineralization showing some free gold. Hole is being continued to 1,500 feet in hope of cutting additional ore zones under the big sulphide dike at vertical depth of 1,000 feet. According to a despatch from Toronto a bill limiting to 60 days the time beâ€" tween staking a claim and recording it was introduced in thée Ontario Legisâ€" lature on Monday by Hon. Paul Leduc, Minister of Mines. To Limit Time for the Recording of Claims T‘wo holes have already been drilled, and the third is under way. No 1 was put down 585 feet and cut an orebody approximately 40 feet wide, while No 2 at a point 2,000 féet furflwt east, ‘at 670 feet depth cut a highly mineralized body 100 feet in width. The report says that recently Delâ€" wood on the east cut very interesting orebody, which is believed to be the extension of the McLaren central zone and the diamondâ€"drilling program was then inaugurated. According to progress report of Mcâ€" Larenâ€"Porcupine Gold Mines, Deloro Township, Porcupine area, diamond drilling, recently undertaken has disâ€" closed larger oreâ€"bodies than were eviâ€" dent on surface, and it has therefore been decided to proceedâ€"further with that work before definitely determining size of proposed mill, at first set at 100 Drilling Shows Large Ore Bodies at the McLaren The Holtyrex property adjoins Mcâ€" Intyre at the northeast and it is un~â€" derstood that the larger mine wanted to acquire the 160 acres of ground for tailings «disposal. Shares in Holtyrex rose abruptly when the Oprtario court‘s decision was announced but fell just as abruptly this week when the judgâ€" ment of the Supreme krown. Take ‘to Privy Council? Despatches from Toronto now say that Holtyrex will take the case to the Privy Council but their right to do that is disputed by some authoritiee who believe the case to be closed. The Supreme Court of Canarda, in reversing the judgment of the Court of Appsal of Ontario, has returned the property cof the Holtyrex mine to Mcâ€" Intyre Porcupine mines. The dispute cver the property arose when W. O. Langdon, acting for the Meintyre, bought the Holtyrex property at a tax sale of the Township of Tisdale. The Holtyrex company then took the case to the Ontario Court of Appeal where judgment was given in favour of them. Sinte that time there have been many rumours currert _ about agreement between the Mcintyre and Holtyrex but these are apparently not true, for the McIntyre carried on its case in the Supreme Court and has won the judgment of Canada‘s highest tribunal. The Clarkâ€"Porcupine Mining Syndiâ€" cate has recently acquired the, Gattaâ€" rello group of thirteen patented mining claims, which adjoin the syndicate‘s original ground on the Rast, in Cody township. This recent addition extends the property to the westerly boundary of the Electra Porcupine Mines group in Cody township. Holtyrex Property Awarded to Mclntyre Decision in Favour of Mcinâ€" tyre by Supreme Court. Some Hold No Further Appeal Possible. A company is being formed under the name, Roma Lake Gold Mines, Ltd., with a capital of 5,000,000 shares. The property of the new company will emâ€" brace 26 claims, in all approximately 1035 acres. After paying for the proâ€" perties the treasury will have over 3,000,000 shares. The unitâ€"holders in Clark Poreupine Adds More Claims to Holdings Clarkâ€"Porcupine Mining Syndicate will "Cattarello" Group of Thirteen Patented Mining Claims AdJommg Ground Now Part of Syndicate Property. Company Being Formed Under the Name of Roma Lake Gold Mines, Ltg 4 Lines to Central PHONE 100 O‘HEARN BUILDING PINE STREET, NORTH MONTREAL Cyme MaArkET CHICAGO BOAMD OF TRADE SARNIA NORANDA OwEn Soun TIMMINE NORTH BAY concentrated on ne‘s. As usual, a few people gathe on both sides of the ctreet to watch the pericrmance. Salem Journal:â€"What are we going to do with the inâ€"between years W life beging at forty and oldâ€"age at sixtyâ€"five? stores closed for the attemc Bucsovetsky and I. K. Pierce An attempt failed yeste-rday to made for picketing three s guqovgtaky, I. K. Pierce and Mars Picketers Again Before One Store Here Yesterday drilling would have been completed jist about this time." Meanwhile, corcluded Mr. McFarlane .plans are being dL*ussed‘ diamond drilling during the latter part of March, barring ary unforeseen diffiâ€" cording to Frank J. McFarlane| preâ€" sident of the company. f "The first since the comâ€" pany started drilling again," deflared Mr. McFarlane, "proved to be contact of the basalt and krecoi The present pregramme calls f grillingz of five or six more holes will take from three weeks to a If the arcident had not oc:cu First Core Taken it _Porcupine McNabb The first core taken from the Porâ€" ctrpine McNabb Gold Mines, Limited, it â€"the southeast corner of Night Hawk Lake, in the Porcupine mining division, since the resumption of drilling followâ€" ing an acctidebrt several weeks a veal further encouraging result Proved to be Near the Conâ€" tact of the Basalt and Breâ€" cela. Following the completion of diamond albitite tip down to the main At the present time an additiconal of commercial grade, and same size and distribution of mi 8 3 3 j 13‘ $ in 5 14 working two shifts a day, seve! a week. receive three hundred shares of the capital stock of Roma Lake Gold Mines for each unit. Work at the DeSantis Mine Making Good Progress ~~(From Northern Miner) Work on the DeSantisâ€" Potcupine varied from a tratce to three cuntes, Eut since they occurred at the end and mot on the main body could not be reâ€" garded as representative. It is planned to make a geographical survey of the Company‘s ground in the spring, and to carry out an extensive diamond dGrilling campaign during the present summer. The Clarkâ€"Porcupine Mining Syndiâ€" cate will continue to operate. They hold group of fifteen claims in township, in the vicinity of Por ried out as soon as the snow ) is off. The Syndicate treasury is amply finâ€" anced for this programme and no treaâ€" sury stock is being sold at this time. six picketers did yesterday afterncon OJ : up , they found two of the atâ€"