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t } of one of Cax;adis greatest mine deve opers, Ncah Timmins. The M;e 'Noah Timrnlns was unquestxon- A zreat many people in Southern Mario are prone to asscciate minâ€" ing directly with some sort of market racket. Just as many others are givâ€" en to accentuating the romantic side ot the business. To keep the record and roâ€" manti flights straight . ana level, this c’an be said. At the present time there lcoms a billionâ€"dollir deâ€" nt ‘in Labrador â€" and Oorthâ€" eastern Quebec. The details are in thO mtning press but what correlates the subject historically is the fact that those behind the projéct are the ; the greatest mining figure in Canadian history, pioneerink in Coâ€" bait and Porcupine where he develâ€" . Said in part: .. The year 1947 has been for Canaâ€" _ [. dian business a year of acccu‘Rplishment, â€" great activity, and crisis. Adjustment « drom war work to peaceétime occtupaâ€" ‘tions has been completed. though the ‘heritage of the war will affect us for _« Business has ‘been phenoamenally * ; Our gross_national production uis now at a record ryate of around +.« $12 billion. Industrial production is 3 : more than 10 per cent above the high ay, level of last year. Employment has ~ inever been higher nor unemployment the )5X WÂ¥ se _“_hf}m man behind the development nger Mine is termed the greatâ€" .m flqm'le in the history of Canad an ing, .in the controversial book M%en by Arnold Hoffman which apâ€" peared recently. Mr. Hoffman . has touched off a powder keg mining men with some of his opinions. se 3 B 3H, Vé ie L73 zon Imperial Bank of Canada _‘ 73rd Annual Meeting * ~Business Trying To Do Too Much on on -13!“ is hap 'mng in Lanada, as in other countries, is that we are trying tq CI‘OWd too mmh investment, too consumption . and too much txport the present. «: MR.R. S. WALDIE President blewmmdmtbe m n resultecd in mfarm Bank Shows A Prosperous Year to the reduction in the wheat moare t 200 will beavailable fur, export 1.-'â€" P i it more quickly i wekly it there :18 fiing co-ope}'nmn and wfltthpa book which has ‘caused a" . major sex_\ufion in ‘Canadian mining â€" circles. Inthemainhistep(wrtlng ‘and his character delineaflon are exâ€" . _ geflent. What has caused so much heartâ€"burning in his W‘Jm‘g“m to «. out on a limb, particularly in atâ€" . ~~~ tributing to certain men specific ‘disâ€" | ‘coverics. Nothing more controversial could be imagined. There has always been a cert.ain i . hesitancy in ascribing to any patâ€" im ent l an apâ€"~â€" has ons ons. ticular individual the credit for fndâ€" ing a famcus mine.The individuals and (the circumstances are usually shrouded in a mist of rumor, asserâ€" and denial, charge and counterâ€" charge. Most writers who have been closely with the Canadian mining industry have been cautious in their reporting, as a result. This reviewer, for example, has, cver a period of three decades heard and read about the famous discoveries and those.to whom they are attribâ€" dcubt the m.tfhcb ‘had ‘the mce of h.s ‘geologist bi‘other in its prepâ€" Robert Hoffman . is ; well known for his scientific and ‘pracâ€" ‘tical ‘knowledge of the mgy of the Oafiadian Pré-Cambflam ireas § .. ‘Come On. Suckers! There threeâ€" sectiom of ’Mr Hoffman‘s book which ‘deserve the close attention of these who déal in min.ng stocks. They are titled: "Styles in Financing", "Come On, Suckers!" and *‘Caveat Emptor‘. Thes author‘s comments in this connection are: not solely devoted to criticsmâ€" of methods used in mine financing but they reveal clearly and in detail pracâ€" tices common in the industry. . It is well ‘ known that many highly ‘reâ€" putable mining companies and exâ€" perienced individuals,; as well as esâ€" tablished brokerage houses which are members of the recognized stock exâ€" changes, undertake the financing cf mining operations along legitimate The author apparently decided to make the diction, in‘ places, rather rcugh even if it is realistic. He places in the mouths of prospectors lanâ€" guage which might be typical in moâ€" ments of ‘stress or excitement but scearcely characteristic of their ordinâ€" ary conversation. This straining toâ€" ward realism, particularly in the early secticns of the book, does not add to its value. Fund, and $1,281,666 balance at credit of Profit and Loss Account. « ‘The increase is specially gratifying and worthy of comment, indi as it does that the Bank is faathfully mecting the legitimate business needs of the communities which it serves, and that with the 1 mc:easc in the tcinpo of business which. has »~obtained <in practically e@ry‘line of endeavour our customers have been enabled to make greater use of the lines credit which we have made a ble to them. . All} our loans a:e camfutly mvem ted before they 4 i diversified and amply aeczmd they. do indicate that the United States contcmplates taking a different direction in its: tariff . ~than it took after the first Wofld War. The possnbxhty of expanding trade offers to Canadian industry an opporâ€" tumt to use its wartim expencnce, in efficient production and to test 1ts greater compctence in the markets of the world. Let us seize v goudly!tha opportunities whith are o 418 a year ago. Profits before provision for taxes were $1,807,826, compared with $1,440,â€" 148 last year, an increase of $367,678. After providing $742,000 for Governâ€" ment taxes as against $500,05% a year ago the balance of profit carried forâ€" Deposits . by the public at $377,â€" 841,038, an increase of $5,093,801 are also an allâ€"time high, a decrease ‘df $11,853,000 in Government deposits, and of $18, 163” on . nonâ€"intdrest bearing deposits being more than offset by an increase of over SSSONM interest bearing deposits. Loans total $171,300,000 which is an increase ‘of 7,000,(!)0 over a The Seventyâ€"Third Annual Stateâ€" ment now before you indicates another year of steady progress, total assets again reaching an allâ€"time high at $415,081,510, compared with 8405,550,- uted but still retains some as to the actual truth. No such inhibiâ€" tions bother Mr.. Hoffman and in his lack of temerity there lies the. seed of many an argument, â€" Not only has ‘he described in detail the ‘disâ€" covery and the discoverers of the big mines but he had the courage to pubâ€" lish a ‘tabulation of “Mir‘e-Makers". giving to individuals the credit for either finding or developing outâ€" standing properties. : Said in part: o the baiance of proht carried 10râ€" ward was increa by $140,659 to $1,281,666. It will be noted an amount of $2,000,000 previously set aside from time <to time for contingencies otut of profits upon which taxes have been paid,, and not now required for that purpose, has been added to Reserve Fund. This makes the Shareholders‘ total investment $18,â€" 281,666 consisting of $7,000,000 of Te £01,000 â€" consisting . _ ol Paidâ€"up Capital, %IOOOO(XX) Reserve MR. W. G. MORE General Manager in Financing", “Come On, Suckers!" and *‘Caveat Emptor‘. Thes author‘s comments in this connection are not solely. devoted to criticsmâ€" of ~the methods used in mine financing but they reveal clearly and in detail pracâ€" tices common in the industry. . It is well ‘known that many highly ‘reâ€" putable m!ning companies and ‘exâ€" perienced individuals,; as well as esâ€" tablished brokerage houses which are members of the recognized stock exâ€" changes, undertake the financing cf mining operations along legitimate lines. There are, unfortunately, 0 other types, of promoters who are not inâ€" terested in making mines but solely in making money. Bcth promotional types. are descriped and even named by the author The details are fas- cinating. j dcubt "the author: had wimnce of 11.8 ‘geologist brother. in its prepâ€" gration; Robert Hoffman ia well known for his scientific and pracâ€" ucal‘knowledge of the ¢eoicgy of the Canadian Pré:Cambfianâ€"areas. 6 Come On. Suckers! $s There are> threeâ€" sectiom of Hoffman‘s book which deserve the closée attention of these who déal in min.ng stocks. They are titled: "Styles ‘"Free Gold" will appeal primarily to those who are interested in mining but it is as well a mine of entrancâ€" ing narrative to the «ninitiated. There is enough basic material ‘in the book for a score of romantic adâ€" venture ‘stories with authentic backâ€" ground. But it is the appearance of the colorful personalities, the towâ€" ering figures, past and preéesent, of the Canadian m.ning stage, that makes the show. Geclogy, geography »and finance are merely the back drops. With a frankness which many will find ~commendable, some will deem regrettable and others condemn, Mr. Hoffman has limned in no uncertain colprs the careers Of outstanding "Mine Finders‘. Fcor instance, Sir Harry Oakes. In a lengthy sketch the guthor presents personal impressions and hearsay evidence concerning this spectacular character who for years shone so brightly in the Canadian min‘:ng firmament, only to burn out in a blaze of blinding publicity. The authcr does not hesitate to write and publish things about ‘ Oakes . which many have thought and few have exâ€" pressed. : k s ; The Mineâ€"Makers Riskily and in ‘part happily the author has dealt with what he terms "Canadian Mineâ€"Makers". In‘ tabuâ€" utl“ww eC 2 23 lating the list Mr. Hoffman has left wide open the door to protest and acrimonious. argument. While it is quite true that the list contains the. names;cf outstand:ng mineâ€"makers it includés a number of promoters and omits imany men who contributed diâ€" rectly : ‘and indirectly to the developâ€" ment of profitable properties, particâ€" ularly from. the. engineering angle. It might be said that the running narrative gives due credit to prosâ€" pectors, engineers and geologists and this is true but it will be argued a listing of this kind could not help ‘but be invidious. â€"Painfully missing are those who found the deposits or whoe, . their. scientfic knowlâ€" edge, energy and persistence, were responsible for the continued develâ€" opment of prospects. <~There is not a single geologist named. On. the whole "Free Gold" is an original bceok gem, fascinating in some of its facets, ‘disturb‘ng in others.The fact that the author is said to have had some threats of personal violence since <»publ.cation may suggest the nature of its conâ€" tents. ; cmm speaker at the weekly lunchâ€" con of the T.mmins Kiwanis on Mcnâ€" dayat.the‘mnplrehotel was Paul , ~esststant <to <the â€" viceâ€"ptesident of Transâ€"wanada Airâ€" wmmmanmmmmed 1he problems of g‘frrsenrice 2 The guest spefiker was introduced: by K. 1). traff.c representative of the T.C.A. at North Bay. Mr. Brad« shaw briefly reviewed the distinguished Tecord of the guest speaker. Aiter graduating from Queen‘s University, Mr. Davoud had. given outstanding. service as a commercial pilot. Joining the RCAF. during the war, he had served with.d stinction both in Canada and on active service overseas, winnifg‘) * the D.S.0., â€"and the French Legion ot | â€" mmlyqnenrm in Canada building _,fiap@nestorTC.A work. This Mtheyhadtolookto the United States in large measure. A few adequate feeder line plans were available for some Oof the feeder lines 'Anmm feature oIMr Da- vmgi@dresem’hm ; , v ve.: training afid | iésting givm !l‘C.A fliers. Vice-msldent Barney. Quinn exâ€" tended theâ€"thanks of the club to the guest speaker for his informative and 2 Mb ~ _ is Dt w . When these questions are answered to effect, others arise, such as: What class of service is required? What freâ€" quency of schedule‘ is desirable? How many hours per day can machines be used? Equipment on the ground is not earning any money. xi â€" Touching on passenger convenience, the speaker mentioned that â€" many times the question was asked, "Why not restrict flying to daylight hours?" It was not always possible to do this except on some of â€" the shorter, . or feeder flights. In adition, the postal service had to be given primary conâ€" sideration. The mail service was an especially important factor in making the air service pay. Two hundred pounds of mail (the equivalent of a passenger of 170 pounds weight, and his 30 pounds of baggage) gave four times the revenue from a passenger. ~Otner visitors for the day, introducea by Kiwanian J. L. Fuiton, were Harry R. MclLay, commerc.al manager â€" 0f CKGB. Timmins, and J. H. Fulton, of the Deinite. . | , Honoutr, as we.ll as bemg Q.B.E, In opgntng-.his address, the guest speaker outlined the questyjon that must be answered. to show that air service in any particular case is necesâ€" sary. Is the service jJustifiea? On what grounds? , What , amount of passenger traffic is assured? What other sources of traffic are there? Application for air service had to hbe made to the Department of Transport at Ottawa. The Department had very comprehensive regulations to guald economy and* safétyâ€"‘TIn the case of Timmins <the > T.G:A.: recommended three runw_ays.---wi-th «approaches clear The guest. spaker touched on the fact that there were difficulties at present in securing adequate equipâ€" ment and facilities. For instance, there ol o t ic hh y o 1 s ind d i of obstruction. etc., and sman / but adequate; terming? These"reâ€" commendations would be reviewed and checked by the Department before any action could be â€"taken. : Â¥* 48 Sheets and 48 Enâ€" velopes in attractive pastel shades of blue, green, grey and white. Plain â€" â€" â€" 1.25 Prinied â€" â€" â€" 2.75 per 48 Envelopes. 48 Sheets. »=. Plain â€" 2175 â€" bwagger 48 Sheets and 48 Enâ€" velopes. A fine grade note paper. M ie y s ts t L. te paper. Plain â€".â€" 315 Printed â€" â€" := 5.25 Cedar Chests interesting address. ‘The community singing for the dn led by Kiwanian Nick Basclano, with Secretary W. H. Wilson at the pluno, featured the "Men of North" song. with words$ by Opp. Town Hall. â€" PHONE 26 by See?netary Scotwmm a hit at the ‘officers‘.. training at Hnfleybury Jlast week, and it make.â€"someone happy.â€"â€"â€"â€".â€" by giving them the gift of fine stationery. Printed with their . name and address or plain. _ -aubmittmgpmpt ports of their activ ‘megretary added that the d ime for such reâ€" portswunotlaterthansuurdayof cnsimm w. Rlnn _of the Cr.ppled volunteers to take : the youngster®# to and from the cllnto on Tuesday. There vere a. goodly numbcr ol volunteer!