The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

RAILWAY ENTERPRISE A FINANCIAL WRECK English Investors Lose Millions in Collapse of Hudson Bay and Pacific Roads This Act int'urpui';iti.-tl the limi- son’s Bay and. l’avil‘tt' Railway Company. It appears that for sev- era, years after the passing of the Act nothing was tlnm' toward-s the deVeloptnent uf the prnji-t't. Mr. Joseph Skinner aw. l‘ui . w t‘ttrltt~ of construction, and he rus'untutteti to subscribe extant) :-:i stnt‘k of the eailway company and tn pay a rash deposit of 10 per cent. thereon, He also undertook to pay £10,300 0351: and $1,400,000 stuck to settle all past liabilities and obligations in connectim; with the charter. In March, 1908, Mr. Skinner assigned his interest to Messts. (ireville and Spicer,f0r the payment by the as- signeeé of V.16.400 cash. to meet the cash obligations of £10,300 a~ hove mentioned, and a further £8,- 950 cash to enable Mr.Skinner to discharge his further liabilities in conneCtion with the project. Under I sompulsory winding-up order made last. May 1133th the Hudson’s Bay and Pacific Railway Development Company. Limited. .38 Moorgate Street. BC. Mr. 11. E. Burgess (Official Receiver) has now (Issued his report to the creditors and shareholders. The accounts tiled under the liquidation show liabilities £68,701. to rank against assets £110,300. representing the company's interest. in the charter taken at cost price. the secretary stating that it it impossible tn estimate its value. The delicienry to the cmterihuturo ion is returned at £195,036. Mr. Burgess reports that the com- pany was formed in April. 1000, with a numinal capital 01' £160,000. increased in November. 1010, to £250,000. its "New heimr to run- ntruct and equip a line n1 railway [tom Port Churchill. on llmlsun's Bay. to ('ulmiry. in the turritnry of Alberta. Canada. with certain 1mm- Alberta. Canada. with certain bran- ches. The powers 0! mnstrumim: the railway were conferrvd by a 5;»va Act. of I'arlizmwm nf thv lhnninicm Act. 0! I'arlmmmu of Canada. whivh Assent on Octniwr The proposal to observe the first Sunday in November. which falls on the first day of the month. as Tuberculosis Sunday is rociving enâ€" dorsation from the leading public men and churchmen of Canada. Let- tcrs have already been l'C(‘0th'(i from [light Hon. ll. L. llm'dvn, Mayor “nuke-n. of Toronto, Rev. Dr. Carman. supm‘intmdont of the Methodist Church in Canada, N. W. Howell. K.('., leader of the Ontario Opposition. Atchhishop Hamilton. of Ottawa, Bishop chony. ol Toron- to. Dr. Robert Falconer, Falconer. President of Toronto I'niversity, and .other prominent men. expressing albeit unqualified approval of the usuggeseion and of the work being Association in the tight against .consumption. NOTHING WAS DUNE FUR Y E.\ R8. The promoters of the company raised about $7,000 from several per- sons, in exchange for promises of lucrative appointments for, them- selves or their relatives on the railâ€" way. Part of this money was ex- pended in obtaining from the Cann- dizm l’nrlizunent a renewal of the charter, which had lapsed by the expiration of time. and the balance was absorbed by tl'nVelling nnd nth- Proposal to flhserve Inbereulnsis Sunday is Meeting with Wide favor PflflMINENI MEN Dr. Falconer's letter is typical of‘ the many received in support of the ‘ Plan for'l‘uberculosis Sunday. He; writes: “Assuredly the work of: an National Sanitarium Association ; needs 110 commendation {10m me. Ii am thoroughly in sympathy uith its : efforts to eradicate tubeiculosis and I hope that )ou “ill meet with great success in your present efâ€" fort. All thoughtful citizens must be in deep sympatm with an endea- vor to minimize or stamp out this . disease, and thereby brighten the H-.. .w-.- . t _ . u...â€" l lives of many and lift the clouds]. from many homes. as well as bring: [NDHHSE PlflN l't‘l‘t thv “nminion Wt] ”'10 Royal 1896. Prince Edward Island Ranches ,, Gets $100,000 for Six Pairs er expenses. On the registration of the company in April, 1909, Meaty-s. Urevillev fitd .SpiCcr assigned all thdr interest to Mr. W. V. Williams as nominal vendor to the mmpam. 'l’hv purt‘ dgwmnont pl‘uVitlt‘Il tnr ' of lllt.‘ (‘lfllfll‘r lnl' . .‘Jnllflh-panl sharps amt {0" m»pgyulont by the Cnmpan)‘ ul all nhllgitin-HS. firsts. vhargm. and expenses in mnnm-ti-m with the U] l .500 m i I \va 3‘ $050,000 mi I way and £1,500 cash. Messrs. Ul‘eviUv 03 \ p?“ M‘ f t‘hul‘t m: in ma ‘l‘he omcial receiver states that. in return for such loans, aggregating filfifitm. the company deposited as puny's shares. and £1.1mu.000 rail- security £10.00!) Development Com- way company stock. and mum. in the shape of hummus. £122,912 Ibe- vc‘opmem ('onumny's shares. :51,- neers resident in Canada for their fees and (‘\|N.'ll.\'t‘.~ ut’ suivoying, a- nmunting in all to about £8,;000 but they haw been hampeted by want of funds to carry on their work. and operations tn date have amounted lu a sur'yxe uf about 300 miles of the route and the con- struction of 70 miles of bush road. In the opinion of the nllicial re- ceiver. the resources of the com- without sufficient, regard to the ob- pany have been recklessly exhausted, tain. The prind pal asset Has the ject which it was formed to at.- right to the share and bond issues of the railvay company. and practi- 'ally all the $3,080,000 stock and $000,000 bonds received have been given away as bonuses, commis- sions. and security for loans of comparatively small sums of money. Sir W. Hf l’eat has been ap- [minted by the court as liquidator. to be assisted by a committee of inspection. renewed strength to our nutiunal life." liig‘ht llnn. .\lr. Borden's letter reads as follows: “1 esteem it a priVilege to exuress my wann ap- preciation of the great work which in being carried on by the Nation- al Sanitarium Association. Every wellâ€"directed efiort in the fight a- gainst tuberculosis demands the sup- port of our people. The proposal that December lst should he set apart. as Tuberculosis Sunday comâ€" mends itself warmly to my judgâ€" ment may have eVery success." MUNICY FUR PRELIMINARY EX I’ENSES. RUSSIAN Nflfllf MAN BUYS BANMIMN HJXES Charlottetown, i’.E.I., Nov. 14.â€" Excitement attending the black fox industry in this province was con- siderably heightened to-day by the news of the sale of six pair of fox- es from the Charles Dalton Ranchâ€" ing- Company a Russian nobleman for 0100.000 to be delivered in Russia next September by Dalton personally. This year the price op- ened at $10,000 per pair, gnd has been steadily advancing. T'he fact that Russia is to start fox breeding should give a great impetus to the Industry here. Peckâ€"You will never get the dog to mind you, my dear. Mrs. Peckâ€"I will with patience. You were just as troublesome your- self at firstâ€"Boston Transcript. mm: Ml)‘ shares bonds saw BBIIAII’S Plea for Increase in Holdings Made By Prominent financiers in further comment on Sir Ed- ward's address the Standard says: ' “While we are not altogether in ac- ;cord with some of Sir Edward Holdâ€" Iern's remarks concerning the effect ‘pl'mltu'cc. upon Indian trade by the ;the absence of a gold currency and the Very extensive cash balances kept by the Indian (‘ouncil in London, some points to which he drew at- itention are undoubtedly of the ut- :most importance in relation to the general question of gold reserve. We ido not. for example, entirely follow lDir Edward in his argument that lthe adoption of gold currency in In- :dia would arrest the hoarding move- lmentol the metal. but the main :fact of the hoarding, to which he 5drew attention in forcible terms. is [of the utmost importance. and he i-has done useful service in drawing iattention to it. Here, for example, ‘11” the figures quoted by Bir Ed- ;ward of the world's total produc- ,tion of gold during the past 12 iyears and its approximate distribu- xtion. The total production for the éperlod is stated to be £$Hl0.()80,000, land the distribution as follows :â€" : £2()T.(HH),O<.:0 used in the industries. 80,000,000 to South America. 160,000,0(N) to the l'nited States. 190,0(m.000 taken by the banks of 1 issue in Europe. While the subject of larger gold re. serves for the banks of Great Bri- tain has been discussed at times. re- cently it has been somewhat in the background. Sir Edward Holden. however, took the topic up at the an- nual dinner of the Wandiester (Rug-l Statisical Scoiety. given last month. at which he was the chief guest. Us address on “Hold Reserves" had some special reference to the. manner in which the question is aflected by the gold absorptions ol British lusia. Aerordinel)’ Sir Edward dealt first with the unltl reserve q'tlt'sllun a" it \Vl‘mle. and, set‘ondl)’. with the rerent phenomenon present- ed by the great hoardiog oi the metal in India. Sir Edward as- serted that the enormous extension in recent years not merely in Brit- ain's dirh't bankiutr liabilities, but in the liabilities represented by the world's trade. so mueh of which is tinaneed in Lombard Street. Con- stitutes a pmverltll plea for higher gold reserves. In other words. the expansion of credit requires a larger irold basis at the chief centre of credit. 50 universally however. is this truth accepted. that interest Pt'llll‘i's ehielly in the means for ae« eomplishimz the desired end. Commenting on this point. the London “Standard" says: “Everyone. I think. admits the amount Ul L'old held is too small. and we have. therefore. to ask our- selves what van be done to increase itl l'uder the .\et of lll-l-l, the llauk of England has. even now. the powet ul inereasing the na- tional reserve of gold 14 millions by retranslerring to the banking de- partment securities to that amount now in the issue department against which notes are issued. May In call your particular attention to the fact that no new act of Parliament is required to unable the Bank to do this 7 Sir Robert Peel evidently saw [that it might be necessary some time to increase the gold reserve of the country. and in his Aet oi 1644 he gave the Bank of England power [to do this. If these securities werel iwithdrawn from the issue depart- .ment, the note issue would be less Fly begin to increase again in ex- ipro tanto. but it would immediate- §chamre for gold. As the average a- :mount of notes issued during the {last five years has been 54 millions it follows we should then have in ithe National reserve of gold 49 mil- glions, instead of an average of 35 {millions as at present. “It will be seeh, therefore, that no less than one-eigth of the total gold production of the world for the last 1'2 years has been absorbed by In- dia, the great bulk of which ap- pears to have been boarded. One further point to which Sir Edward drew attention is also a matter which closely concerns the question of the gold reserve here, Viz.. the fact that of the reserxe for maintaining the gold standard in India nearly £17, 000, UGOx is insested In sterling 900,080.000 Total 100,000,000 to India. 20,000,000 to Canada. 22,000,000 to Australasian and South African banks. 121,000,000 to other banks, circula- tion and private hold- ings. sum RESERVES PH E PORCUPINE ADVANCE securities on this side. Unquestion- ably, the policy iof so large an a- mount being held in securities is open to criticism, both from the In- dian standpoint and from ‘he stand- point of our own National Lestlrve point of our own National Reserve the possibility of such securities be- ing realized in times of emergency and 'being remitted to lmdia in gold constitutes, as it were, a re- serve claim on our gold reserve which might be made at an incon- venient moment. At the same time it must 'not be forgotten that there are good arguments for quite a considerable "total of Indian money being invested on this side, because occasions may arise when the main- tenance of the Indian exchange might require not shipments of gold from here to India, but ex- ceptionally large cash balances in London to meet Indian payments in this country." Edithâ€"Why did she marry him? Ethelâ€"T0 cure him of drinking. Edithâ€"~And did she succeed? Ethelâ€"Yes; she's so extravagant he can't afford it.-â€"â€"Philadelphia Bul- letin. Popâ€"What! a son of mine grow up and not be able to figure up baseball scores and batting averag- es 7 Never lâ€"Chicago Daily News. Sonnyâ€"Aw, pop, I don't wanter study a] t‘hmetic. Or any two partners, the Suggestion is made that they Open a JOINT ‘ACCOUN T with The Bank of Toronto. Having aJoint Account either of the partners may withdraw money, and in the event of the death of one, the money belongs to the survivor. If interested, talk the mat- ter over with any Manager of the Bank of Toronto T0 Husband and Wife J. M. FRAWLEY McKiernan-Terry Self-rotating Hammer Drills, Drifting self-rotating Hammer Drills and Stoping seli= rotating Hammer Drills, also See our non-freezing corliss valve McKiernan-Terry Wizard Rock Drill, with the famous cuchion device. We have in stock at our Snuth Porcupine Warehouse a lull line fof Rock Drilis, Hammer Drills, Cure Drills, Rails, Steel air and Sleam Hose, couplings and all Mining Accessories We can supply a lull line of Mining, Milling and cyanide Machinery. and are prepared to qunte on complete mining, milling and cyanide plants District Offices; - South Porcupine Montreal, Halifax, Ottawa, Cobalt, Winnipeg, Calgary, Nelson, Vancouver, Prince Rupert CANADA fOUNDRY COMPANY, LIMITED The Bani-1 of Toronto. is among the strongest and most progressive institut- ions. uf [Ls kind in Canada. and the West. ~Assot~s - - ' $37,000,000 â€"-Capitul and Rest - 811,000,000 â€"-Estubllshccl - - - 13455 â€"-ll‘.213runchw-sin Unlurin, quhm‘ M a n a g e r South Porcupine Branch South Porcupine Warehouse Cor. King -Simcoe Sts., Toronto. And get full information about ++4-~I~++'I' ++1~++4~ +++++++++++++ ETEMISKAMINB 81 NflflTHEfll llNIAfllll BMW!“ 1 .3. Cafe parlor car service between North Bay and II- ‘1' Englehart. '1' 4' Through trains daily between Toronto and 'I' : Timmins. operating through Pullman Sleepers to and 4' 4' from Timmins, making connections at Iroquois Falls '3: I. .3. for Coltrane. 1 Daily service between North Bay and Cochrane 4. operating through CPR. sleeper from Montreal to * . Cochrane. __ A 4 ‘ Local sen ice between Englehart and Cobalt, and etween Porcupine and Timmins. For full particulars see current time table or refer d; to any T. N. 0. Agent. 4"}:4" +++$+ *I >* MI NIB" '1‘ A.J.IARR, C. .\PA. Ol‘tl ay+ +++++++++++++%++*++++$++++ v v v I 0.“.90.”‘ 00 0 0 00 o ’0 0 .0 00 0 0 00 0 0 00 0 0 00 0 0 00 o o 0“. at“ 00 0 0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 oo '00 0 0.0 0 0.0 0 .0 0 0 0 .0 00 o o o”. 00 0 0 00 0 0 00 0 .0 0 .0 3“: 00 0 0 00 0 0 00 0 .0 0 .0 00 0 .0 0 .0 00 0 0 00 0 .0 0 .0 00 0 0 00 O O 00 0 0 00 0 0 00 0 0 00 00 0000 0 0 00 0 0 00 0 0 0-000 0 00 00.00 09 0;. 0 0.00 “ADVANCE” 0:0 0:0 0:0 0:9 ‘0 ”...;. * O 00 ”’03. 0.0 3 3 o. 00 ’ o o . O. 00 x 8 o. o o o o o .uooo’oouo o u u «.009. O. O O o ’0 00 .g. 0. O O O 0 O ”.00. O. .0 O 0.. O .0. O O O. O 0.. O .0. o .0 u o o . 0....... o o '0’ ’0' ° .0 O. O O O .0 O. o ’0 o o O O. o o o“. o u. . ’0 o .99 O O O O .00.”. .9 O O O .0... .00 O. N O O 00.”. O O 00.... O ’0 o o O N 00 oo oo o”. O .0 O O O O. O .0. O 0 O O .0 N O O 0. COME TO OUR The Only Paper Printed and Published in The Porcupine Camp Subscribe For the TRAIN SERVICE Machinery HOTEL CONNHUGHT Beautifully Located, overlooking Porcupine Lake and South Porcu- pine. Fitted up with all modern- conveniences. Two minutes walk from the T. N. 0. Station. Effective, September 15th, 1912 O O A 00 O O O. O O 00 O O O. O O O. O O 00 O O O. .0 O O 00 O O O. O. O .0 O O o ’90:» O. O O O. O O .0 O O .0 O O O. O O 00 O 0 0-0 0 ’0 O .0 O O 00 O O O. O O 00 O O 00 o o o“. A D- A- FROOD MGR. Sui-22 0:0 0:0 O;OO? 03.... 00‘ N. 0.00 O... O... ”O. -0.