Hollinger Production $14,877,897.85 in 1937 The annual report of the Hollinger share Consolidated Gold Mines Limited for the I the year ending Dec. 31st, 1937, was 126 s issued this week and shows a, King satisfactcry year. ‘ share Annual Report Issued This Week Shows Another Satisfacâ€" tory Year. Profits $1.05 Per Share. Group Insurance, Employees ‘Savings Plan, and Employees‘ Medical Serâ€" vice Working Well In the dil holders, Jule. says:â€"â€" * "At the close of the year 1937 the net asset value of your subsidiary Inâ€" ternational Bond and Share Corporaâ€" tion was $4.070,327.46 compared with $741142743 as of 3lst Decembe;. 1936, a decrease of $3,341,099.97 or 45.08 per cent. for the year,. As in the past the portfolio of your subsidiary consists of cadilyâ€"marketable â€" securities. The holdings of your subsidiary based on market value are classified as folâ€" lows: Cash, 12.680 per cent.; Ronds, 3.90 p.c.; Preferred Stocks, 9.00 p.Cc.; Common Stocks, 74.50 p.«. appSaA which ~Qiur snarehoigers oï¬ record numâ€" ber 11,345 as compared with 10,500 at the end of last year. In previous reâ€" ports we have pointed cout that your Company was pred€dominantly Canaâ€" dian. This condition still obtains, the outstanding 4,920,000 shares being disâ€" tributed as follows: 9321 shareholders, residing in Canada, hold 4,.32%2.808 3.90 p.c.; Prefe Commoan Stocks "The securiti¢ and the Bonds p.oyces ‘"The Group Insurance and Emâ€" Saving PFan inaugurated durâ€" ng 1834 is giving general satisfaction. Qu hn 1937 ilims was paid to Fist Decemâ€" On the same date the Emâ€" Savings amounted â€"to $386,â€" Y yent. Presiden‘‘s Repor‘ directors‘ report ules R. Timmins, Doherty Roadhouse Co. STOCK BROKERS Timmins, 19 Pine Street North Toronto Kirkland Lake 293 Bay Street 34 Government Rd. urities in OSN mds held by ; the Balance . onsiderably le Market Quotations broadcast each day at 12.20 noun Direect private wires for fast and aceurâ€" ate quotations and executions in all Aucurate Markets and Executions in Commision basis only local Phones 1200 and 1201 Members: foronts Stock Exchange ier Companies your Company Sheet at cost, ess than their $108,800.00 in Unlisted Stocks to share presiden Mining Stocks Industrial and Public Utility Stocks Bonds and 5.20 shares; 1640 shareholders residirg in ths United States hold 529,973 shares; 126 shareholders residing in the United Kingdom hcld 37.241 shares, and 258 shareholders residing elsewhere hold 2v,078 shares ‘*‘The general policy of exploration and investigating outside properties was continued during the year. "The average number of men on the Pay Rotl during the year was 2904. "Conditions at the Mine and Mill were satisfactory. 9 "It again affords your Diredtors pleasure to record their thanks to the General Manager and the entire staff for the manner in which they have pericrmed their respective duties durâ€" ins the year." The report shows the average numâ€" ber of men employed during the year has been 2904, distributed as follows: Miners 1921; mechanics 350; general, 633. There were also another 64 at the Ross Minc. Our Ore Reserves cn the 3lst Deâ€" cember, 1937, consisted of 7,260,091 tons. of a total value of $49,779,926.00, having an average value of .3319 ounces or $6.86 psr ton. Baving an or $7.03 p In the :( Reserves, pior cunce of value. nage oi ore in vious yeur with approximately : counted for by "The grade of ore milled during the year was $3.99, as compared with $8.60 during 1936, based on $35.00 golt. This incréase in grade milled is solely atâ€" tributable to cleaner mining, resulting in less waste being mixed with the ore. "Work on the new shaft mentioned in the last annual report was comâ€" menced early in the year, the shaft now being completed to the 1100â€"foot level. This section has been completed by raising from existing drifts. Below the ore zon been up to : work has n to make any gerve this GY p These 1 Tons C Averag NTS eJ value, in taillt OT Miil re milled, 1,719,199 lue per ton, $8.99. e, $15,457,746.061. ilings, $579,848.176. $14,877,897.85. Ore Reserves Employees slight incréease In tonâ€" _ reserve over the preâ€" decrease in value of $1,247,000. This is acâ€" the fact that the ore 1€ juring the year. number of men on the the year was 2904. t ‘the Mine and. Mill 1p D€ In all the x above y of sills 5 a highâ€" ed from is of the 1100â€"foot level the shaft will be sunk in the regular manner to the 1850â€"f00% level where we will again encounter a raised portion above the 2000â€"foot level. A small amount of stoping has been commenced below the 1750â€"foot level. "337,056 tons were milled, being an average of 930 tons per day, with a recovery of $3.34, based on $35 gold. We have applied $318,615.26 realized from operations on account of our adâ€" vances. "During the year 66,200 tons came from underground operations. "There are approximately 46,000 tons of broken ore in stopes above the 260â€" fooi level. Ross Minc, Hislop Township: There have been no new ore discoveries durâ€" ing the year, but there are some inâ€" teresting diamond drill intersections toward which development dGrifts are now being driven. "As mentioned in a previous reâ€" port, there are two ore zones known as the Easterly, from which all proâ€" ductipon up to the present time has teen obtained, and the Westerly, which is lower in grade and with quite different *‘ore characteristics. It would now seem that a portion of this west ore body can be profitably mined and, with this in view, the mill is being enâ€" larged and the necessary alterations being made to treat this extra tonnage. A small amount of copper gold conâ€" centrate will be removed and shipped to the smelter at Noranda. "33,336 tons of ore, yielding $11.22 per ton, based on $35 gold, were milled during the year, the tcial profit being $162,890.80. "Lang and Horwood Properties: The cptions on these properties were abanâ€" doned during the year. "Generalâ€"The employees, under the name of the Hollinger Pnployess‘ Medical Services Associilicn, develâ€" oped a medical plan vaere3y each +<mâ€" ployee and his famiy, by contrioutâ€" ing $2.65 each four weeks, receives all necessary wmedlical and surgical attenâ€" tion. : »lialization and nursing, with ..;.ht to select their own doctors oped a medical plan vaere3y each +<mâ€" ployee and his famiy, by contrioutâ€" ing $2.65 each four weeks, receives all necessary wmedlical and surgical attenâ€" tion. hb »‘lalization and nursing, with th> ..zht to select their own doctors ‘r.m among practically all members of the medical profession in the Porâ€" cupine camp. We believe that this plan will result in much benefit to all employees. There was, as might be expcrt:.d, a great deal of service reâ€" quired, which had been deferred on account of the cost, so that the oriâ€" ginal sum contributed was insuffiâ€" cient to cover the needs. To tide over this period your director made a temâ€" porary grant of $1.00 per employee to be added to the $2.65, and with this aid we are pleased to say that ‘the plan is developing in a most satisfacâ€" tory manner. "Youngâ€"Davidson Mine: The operaâ€" ions have been satisfactory during the "Nonâ€"occupational sickness and acâ€" cidert insurance was also put in force, covering each employee to the amount of $15 per week for a period of thirteen weeks, Afton .. Ashley i ..l. Base Metals Big Missouri Beattie BODJO s iss kess Bralorne R Buffalo Ankeuw Canadian Malartic Castle Tretheway Central Porcupine Central Patricia Coniagas ... Coniaurum . ; Con. Clubougamau Darkwater TDonle ....:, Eldorado Falconbridge Glenora Goldale Granada ........ CGGunnarâ€"..... Hardrock Hollinger Howey Hudson RBay Internaticnal Nickel Jackson Manion ... Kerr Addison Kirkland Lake Lebel Oro . Lelttch: ...:}:..:...: Lake Shore Little Long Lac ... MaACARSS® ......... McLeod Cockshuvt Mcintyre McKenzie Red Lake McVittie Graham . McWatters ... Mining Corporatxon Moneta Naybob Nipissing Noranda O‘Brien Omega ... Pamour x Paymaster ................ Pickle Crow Picneer Preston East Dome "It is with pleasure that I recvord my appreciation of the efficient and loyal services rendered by the entire organization, and my thanks to the directors for their coâ€"operation." Premier k Read Authier Reno San Antonio ... ... Red Lake Goldshore Sherritt Gordon St. Anthony Sullivan Con. Sudbury Basin Stadacona Sylvanite Siscoe ... Teck Hughes Toburn ... Ventures . Wright Hargreaves _ Toâ€"day‘s Stocks | Listed 61.00 4.30 39.00 248 .6.20 . 1.04 56.50 14.00 31\ o € 7.00 1 :18 2.40 4.10 37 1.28 1.57 1.03 315 8.95 79 1 187 2.19 2.10 44 PORCUPINE ADVANCE, TIMMINS, ONTARIO Government Costs Affected Profits Mcst impcriant rep dian compani¢cs on 19 far as received to da. greater business to h ienced in 1937 than | year. In some cases sharp reduction in ¢ Year Would Have Been Better Business Year Othâ€" erwise PARK RD. and SCHUMACHER HIGHWAY, TIMMINS From the Globe and Mai Headlight beam indicator on instrument panel \ Engine heat indicator grouped with other gages Sturdy lock for the glove compartment door Bumpers with bumper guards, front and rear Two windshield wipers with separate controls Rustless steel! wheel bands on all wheels McDOWELL MOTORS duties More people had to be employâ€" ed. On the other hand the moratoria still kept in effect throughout the counâ€" try by various governments made it difficult for insurance, trust and loan companies to place new money in mortâ€" gage loans. Arthur B Wood, president of Sun Life Assurance of Canada, probably had something of this in mind as well, when he said that investment of the funds of an insurance company has now become one of the most important problems of managemet De Lure steering wheel with bright metal spokes tinuance of low interest rates, the limâ€" ited amount of new capital issues due to hesitancy on the part of industry, and the small demand for mortgage loans have made it difficult to find an outlet for constantly increasing funds, at satisfactory intsrest rates. Naturalâ€" ly a great deal more has been placed in highâ€"grade bonds than might otherâ€" wise be the case. Nevertheless, some feeling that coâ€" operation between Governments and business is much closer and efefctive in Canada than in many other counâ€" tries, is being expressed at these meetâ€" ings. The great improvement in the federal finances, in Ontario finances and in the financial position of some other provinces, is one of the princiâ€" pal ways in which governments can help business, and that sound expanâ€" sion which alone increases steady emâ€" ployment. All of them are watching the various sessions of the Rowell Commission with the greatest interest in the hope that it will lead to methods of tax collection and supervision which will be much less cnerous ard costly without losing essential efficiency. Thinks U.S. to Invest Money in Canada Capital to Come to Gold Mines Particularly Spare whee!, tire, tube and lock (From The GHlobe and Mail) Since the policies of the United States Treasury are upon a twentyâ€" fourâ€"hour basis, it is difficult to meaâ€" sure the effect of the desterilization of INCLUDED IN THE FORD PRICE But, in addition, the 1938 Ford gives you other value. For your convenience, we have illusâ€" trated here the many features of the De Luxe Ford for which no extra charge is made. W hen The 1938 De Luxe Ford V‘+8 includes all features shown here at no cxtra charge THERE is a fundamental value that you automatically get when you buy any Ford car. It is the traditional Ford value, reflected in the 85â€"hp. Vâ€"type 8â€"cylinder engine, the Centreâ€"Poise riding comfort, the improved Easyâ€"Action Safety Brakes, and the Ford standards of quality in design, materials and construction. y ou buy a De Luxe car, you want these features. That is why they are included in the Ford delivered pric * Grille to cover speaker if radio is installed Twin air electric horns behind radiator grille con=â€" Reserve System of all gold purchased from domestic producers, or which flows to the United States up to a maximum of $100 million during each threeâ€"month period of the nation‘s fisâ€" cal year. Any metal in excess of that ! sum is to be sterilized. Of the stated amount, $30 million is ready for transâ€" lfer. leaving up to $70 million to be I turned into the same channel during | the threeâ€"month period, if and when acquired. These deposits will obâ€" . viously increase bank reserves, make for easy money conditions and relieve the Treasury from public borrowing, which is probably the controlling facâ€" tor in the decision. There must be an end to that kind of financing, and as ! the national indebtedness mounts to colossal figures easy flotation of new loans becomes impossible. a portion of the goid held incommuniâ€" cado during the past year, and only a guess is therefore possible, If we may be allowed one however, it is that the effect will be, and was intended to be, inflationary and that it will naturally lead to further steps of the same kind in bslated efforts to stem the tide of industrial dry rot which has been growing in intensity during the past few months from its real origin in growing in inienslil tfew months from : March of last yea! dent quite gratuit props from under tially reâ€"establishec J@An. aepco colossal Tigures easy ol new loans becomes impossible. On the basis of $10 worth of credit for each dollar placed in the banks, the sum should at least help to arrest the industrial stagnation which has long since assumed the proportions of a major depression. The national debt has now reached an astronomical $37)% billion, and it is very evident that something must be done to offset the widespread fear that the country is hneaded for disaster if extravagance be not curbed. There is, however, little chance, of nearby decreased expendiâ€" tures in view of the latest call for anâ€" cther $250 million for relief and an army of eleven million still unemâ€" ployed. There does not seem to be much Beauty, hig size and economy are regular equipment in both the new De Luxe and Standâ€" ard Ford Vâ€"8s. The De Luxe zives you a choice of eight large, roomy models,. In the closed sedan types, it has extra ies n wa body room and luggage space, car appearance and comiori. Many owners report 22 to 27 miles on a gallon of gasoline ... they add that thousands of miles of troubleâ€"free performâ€" ance are generous evidence of the overâ€"all economy of the Ford Vâ€"8. See your Ford dealer for a demounstration. _ / AntvittoaAitiermem Tt q“o'-A.. st year, when the presiâ€" gratuitously kicked the inder the edifice of parâ€" A T Two combination tail lights and stop lights The 1938 Standard Fford V+8 (85 hp.) includes all the following equipment at no extro charge: Bumpers on? bumper guards, E" â€"4ront and rear Spare whee!, tire, tube and _ lock Two electric horns Electric cigar lighter Telltale light on dash Eoot control for headlight beams he edifice confidened is retroaclive to ind contemplates ts of the Federal l1 gold purchased cers, or which States up to a llion during each f the nation‘s fisâ€" in excess of that d. Of the stated 5 ready for transâ€" Edgeâ€"lighted specdometer cmnonee ces n en e omm mm «ons mm n > s in mm mm in omm mm mm omm sn :sm an oo en mm s doubt that before the present unfortuâ€" nate situation is stemmed, pumpâ€" priming will of necessity again be reâ€". sorted to and., in our opinion, even that will be but a temporary palliative, just as was the former effort. The idea that a nation can spend its way into prospority has been proved chimerical, just as it has always proved to be in the case of individuals, As we see it, no matter what may be done further along the lines just decided upon, there will be no permanent imâ€" provement in the United States until extravagance is succeeded by thrift; until the anesthetized spirit of indeâ€" pendence has been recreated; until the Administration really knows which way it is headed and gives that assurance to busines; until close coâ€"operation between Government and business is restored; until fomentation of class hatred is abandoned as unworthy of any government; and until both govâ€" ernment and individuals get down to brass tacks and get into their systems the inescapable fact that so long as outgo exceeds income, all the New Deals and isms that can be conjured from a topâ€"hat by the most plausible magician will be of no avail. It is not pleasant for Canadians to contemplate the utter chaos now apâ€" parent across the international line. It must have some repercussions on this side, but just the same Canada has demonstrated to the world that a country can prosper faster by keeping its feet on the ground and holding fast to old ideals of thiift and comâ€" mon sense than by going hogâ€"wild with the money of taxpayers. Conditions here are becoming well understood in the United States, and within the past few weeks there have been more visitors in Canada, looking things over, than at any time in the past. That applies particularly to goldâ€"mining investments, and we are firmly of the opinion that the influx of capital from that source will mount to proportions never before known within this year and the years to folâ€" low. get aAny Bowmanville Statesman:â€"You can‘t t the best of some menâ€"they haven‘t Ash troy in instrument panel One sun visor Interior lights in all body One windshield wiper Grille for radio speaker Engine heot indicator, g0% gage, oil pressure goge . ommeter Foot control for switchâ€" ing headlight beams Two sun visors for proâ€" tection against glare Convenient ash tray in Instrument panel! types Electric cigar lighter in instrument panel Clock inset in glove compartment door PHONES 41 PAGE PVE