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Thursday,_F§b. 26th, 1931 " ALAIA" Rich in body and delicate as blossom in its flavour DEPENDENCE P ‘Fresh from the gardens’ TEA MANUFAchRERs LIFE Success should be gauged by savingsâ€"not by income. Industry alone will not bring independenceâ€"Thrift must be Industry’s partner. A Manufacturers Life policy is the sure road to INDEPENDENCE. THE CANADIAN SHREDDED WHEAT COMPANY , LTD. HEAD OFFICE: INSURANCE COMPANY WITH ALL THE BRAN OF THE WHOLE WHEAT ‘_‘Junior did worry me. It was hard to get him to eat any breakfast until I gave him Shredded \Vheatâ€"and now he cannot get down to breakfast quick enough. He likes the crisp, crunchy shreds of baked whole wheat with plenty of milk over them. He is especially fond of ShreddedWheat with hot milk on cold mornings.” ”- and now he eats breakfast” District Representative TIMMINS. ONT. A. W. LANG 07‘ TORONTO. CANADA Will thrift be a compan- ion to industry during productive yearsâ€"then INDEPENDENCE '8 Pembroke Standard-Observer: Sir Hubert Wilkins will try to pass the North Pole in a submarine this coming summer and wants a crew of 20. A1- ready he has applications fnom 1,200 who‘want to undertake the trip. 1' eviously been at South Porcupine. The telegram merely announced his sudden death late on Monday night. The remains are being brought home for burial and the funeral will be held on Thursday at 1 o’clock from his mo- ther’s home in Christian Valley to Pcwaassan cemetery.” “Death. the grim reaper, appears to! be working overtime these days andi we no sooner recover from one shock ti: an another comes upon us. At Chis- I tian Valley on Tuesday morning a dar arl gray- ~haired mother received the tota 1y. unexpected tidings of the death of her son, Dr. Harvey Cameron-Smith. who had promised to be with her on her birthday on the 22nd of this month. Dr. Smith had been practising at Kirk- land La-ke the past two years, having} The Powassan News last. week also refers to the death of Dr. Cameron- Smith. as follows:â€" [the great war broke out. He enlisted iin the first two weeks of war and rose to the position of Major overseas. His was a distinguished war record win- ning. in addition to holding the 1914-15 Mons ribbon. the military cross. Upon the conclusion of the war, he went to the Porcupine camp, where by his skill and devotion to duty won him a large practice. Offices were maintained in both South Porcupine and 'I‘immins. When a time of depression visited South Porcupine in 1929, he decided to move to Kirkland Lake. He was un- married. The remains were shipped to Powassan on Tuesday afternoon, where burial will take place. His loss will be deeply mourned by his aged mother in her 86th year. one sister at Porquis Junction and another at Christie St. Hospital and a brother at Powassan.” “The communities of Kirkland Lake and Porcupine in Northern Ontario were saddened on Tuesday morning of this week when it was learned that Dr. A. H. Cameron-Smith. well known medical practitioner had passed away early that morning rather suddenly from heart failure. Friends were with him in his apartment over the Moysey Last week The Advance had a brief reference to the sudden death of Dr. A. H. Cameron-Smith. formerly of South Porcupine, who died at Kirkland Lake on Tuesday. Feb. 17th. The Kirkland Lake Northern News made the following reference to the death:â€" Dr. A. H. Cameron-Smith’s Death at Kirkland Lake he first two weeks of w he position of Major ov a. distinguished war 1 g. in addition to holding is ribbon. the military c conclusion of the war, Porcupine camp, where devotion to duty won 1 a. brief time 11 out. 5 of w. THE PORCUPINE ADVANCE. TIMMINS. ONTARIO | 1914-15 3. Upon went to his skill rose His win- Of the authorized capital of 6.000.000 interests of the compmy. H. L. Ros- shares of no par value 2.512.447 shares coe, who has acted as assistant man- were issued or to be issued. To Ven- ager, becomes manager at the Home tures Limited 125.000 shares had been mine and smelter at Noranda. Quebec. sold, to be taken up on or before July â€"â€"â€"â€"â€"â€"â€"-â€"â€"â€"___..__.__..___ 4th, 1931. and to the same company- president; IL Whittingham. secretary- 3,000,000 sham are under option. I treasurer; J. Gordon Hardy. D. M. Ho- Officers and directors are: Thayer earth. Alex Longwell and. T. H. Red Lindsley. president; A. L. Bishop. vice- directors. 1930 Current assets . 9 $287,880 Liabilities . .. . 32.468 Working profit . . 60,029 Ore treated (tons) A 122972 Recovery .. .1 . . $736,727 Per ton ...... . . . . $5.99 One reserves (tons) . 90.610 1929 $294,018 43,702 25,075 103,293 $666,550 36.453 70.412 The balance sheet shows than on December lst, 1930, Coniaurum had liquid assets of $287,880. with liabilities of $32,468. :‘nmard from the previeus year this gave a total of 213,582 tons broken ore available. Milling during the year drew 122,972 tons from the above total, i lyeaving a carry-forward of 90,610 tons of broken ore at the end of the period under this review. The grade of this broken ore is approximately that of the ; year’s average milling. say $6.21. ! The management has made no esti- mate of unbroken ore, as erractic dis- tribution of values has been found so far in the veins, and the hand-to- mcuth policy of ore production pre- cludes the regular blocking out of ore reserves. “It is the feeling." says Mr. Redington, "that there is greater rea- son for ore-expectations now than at any previous time in the history of the, mine." The balance sheet as at Dec! 31. 1930, shows current assets of $287,- 880 against current liabilities of $32,- 468, leaving networking capital of $255,- 412, compared with 3250-306 a year previously. Property account is un- changed at $2,200,084. while the value of buildings and equipment is increased by $6.066 to $765,304. Due to the write- off of $1 a ton, the balance of mine development expenditures account stood at $1,047,053, against $1,123,197 at the end of 1929. Accounts and wages payable amounted to $32,468, compared with 343,702. I S-tcping during the year added 135,- 387 tons of broken ore. and develop- ment yielded a further 7,783 tons. With the 70.412 tons of broken ore carried I Development of the known veins in previously established levels was con- tinued, with encouraging results, and at ,the end of the year, the total footage 'in ore was 2,243 feet, with an average value of $6.68 across a width of 3,8 feet. Three of the most important ore shoots have been indicated in No. 2 vein on the 525-foot level, No. 15 vein on the LOGO-foot level, and No. 7 vein on the 2,000-foot level. The latter has con- siderable promise of adding, when :L-ully developed, quite a tonnage to the present ore reserves. With constant care, from these narrow widths, oper-l tions for the vear have shown a small margin of profit as well as taking care of quite an extensive development cam- paign. During 1930 development of the prop- erty at greater depth was commenced through a two-compartment winze from the 2,000-foot level, which was equipped and sunk to a depth of 533 feet, and two new levelsestablished at the 2,250-foot and 2.500-foot horizons. “The winze is located in No. 12 cross- cut at the 2,000-foot level, approxi- mately 30 feet north of No. 12 vein," says the report of John Redington. mine manager. “Cross-cutting on the new levels is being pushed with all pos- sible speed, both north and south. In the south cross-cuts on the 2,250 and 2.500 foot levels, No. 12 vein has been encountered and is being driven on east and west at the 2,250-foot level. The vein at this point is quite well de- fined, but the values are low. Just above this on the 2,000-foot level No. 12 vein did not show high values." During the period under review. the mill treated 122,972 tons of ore, with a total recovery of $736,727, or $5.992 a lton. compared with 103,293 tons valued i at $666,550, or $6,453 a ton in 1929. Net returns from metal production. after deduction of marketing charges, were $732,474. or $5.96 a ton” Operating costs were $672,445, equivalent to $5.47 a ton. leaving operating profit of $60,- 029 or 490 a ton. Adding non-operating revenue of $7,833, gross profit was $67,- 862. or 55c a ton. During 1929 a policy was inaugurated of writing off $1 per ton of ore milled to reduce deferred development charges. This system was continued in 1930 when $122,972 was transferred for this purpose, resulting in a deficit, subject to depreciation on buildings, etc.. amounting to $55,110. Reference to the balance sheet, how- ever shows that the year’s deep devel- opment costs of $46,827 were taken care of and previous balances in the account were reduced substantially without im- pairing the company’s strong liquid position, net working capital having been actually increased by $5,096 during the year. a ton, l 029 or 4 revenue The annual report of Coniaurum Mines. Limited. issued some days ago to the shareholders of the company. should be considered as an emiently satisfactory one. The report deals with the year ending Dec. 3lst. 1930. and it shows that during the year the mine had increased production. higher ore reserves, better operating profits and net capital. The mine made an oper- ating profit of $60,000.00. while concur- rently paying for depth exploration and lateral development. This is generally considered as very creditable and re- flecting honour upon the management and staff. Increased Production. Higher Ore serves. Better Operating Profits. Shown in Annual Report of (‘oniaurum Mines. Coniaurum Output $726,727, in 1930 Limited 1929 $294,018 43,702 25,075 103,293 3666.550 36.453 70.412 Re- I, Announcement is made by Jas. Y. Murdoch, president of Noranda Mines. that broadening of the company's in- terests has made necessary some changes in the organization of the 'company. Ernest Hibbert. who, since November. 1925. has been manager at the mine. has been appointed consult- ing engineer. He will be located at the head oflice in Toronto and, in addition to acting in an advisory capacity on the mine and smelter operation. will act as general consultant in connecâ€" tion with the operation of the new re- finery at Montreal and other outside interests of the company. H. L. Ros- coe, who has acted as assistant man- ager, becomes manager at the Home mine and smelter at Noranda. Quebec. CHANGES IN THE NORANDA MINES CO. ORGANIZATION The road to the property from Elk Lake is reported in excellent condition and freighting contractors are having a. minimum of difficulty in delivering the material. Two mining plants are being taken in. One, gasoline- driven, will be used to start shaft sinking. while the large steam-diiven plant is being erected Electric power is available within nine miles when required. The road to the Drooertv from Elk to Elk Lake for transportation to the propentty over excellent snow roads. Another 15 or 16 cars will follow in quick succession. Material includes boilers, compressor, drills, drill steel. a sawmill, brick. pipe, plates, groceries. explosives and building materials. A total of over 350 tons will be sent in quickly. The commny will erect its own saw- mill on the site, gocd timber being available on the property. This plan will eliminate cost of freighting lum- ber or surface and underground work,‘ Mining Corporation has already desâ€" patched about 15 carloads of material the Garvey vein, about three-quarters of a mile northwest. is to be tested. It. is a strong surface showing, 400 feet in length with some rich patches of visible gold in all respects similar to the Ash- ley only wider. Construction of plant is going ahead. The narrow high grade vein found iwhile excavation on the power house ‘site has been picked up in all the dig- gings for foundations and now has a known length of 50 feet, gold and tel- lurides having been found in practical- ly every piece of quartz that has been broken off. The quartz varies from half an inch to three inches in width. and is usually accompanied by three to six inches of well-mineralizcd rockx. There appear to be several stringers of quartz a foot or more apart in places. A belief of officials that impcrtanst. veins paralleling the Ashley are likely to be found is strengthened. Later on ja 7: per cent. interest in Mining Corporation's portion for $25,000. That was before diamond drilling had advanced far. This week arrangements were completed whereby Messrs Strong. Ashley and Garvey are waiving in fav- our of Mining Corporation their rights to 'buy treasury stock. A mutural agreement was also reached as to fixing the price of treasury stock, the figure agreed upon being ample to thoroughly develop the Ashley discovery vein to a depth of 500 feet, finance the building of a mill and provide working capital. First work will be the opening up of the section of the Ashley vein already indicated by diamond drilling to con- tain an oreshoot 525 feet in length. of better than $10 grade. Levels are to be opened at 125 and 250 feet at once, and later at 375 and 500 feet. outside for funds at the present stage. All stock issued. and to be issued as funds are required, is being tied up for a year at least. There are five shareholders is Ashley Gold Mines. Mining Corporation, Que- mont, and Messrs Strong. Ashley and Garvey. The latter two were the Min- ing Corporation prospectors who made the gold find last year that resulted in the biggest rush Canada has seen for some years. Mr. Strong is interested with them. Their interest is, of course. small as compared with Mining Cc-r- poration's. It is represented by ven- dors stock in the subsidiary complry. but tightly held. Quemont bought outside fc All stock funds are a year at There continues to be a lively inter- est in the Matachewan gold field. and especially in the Ashley-Garvey claims. on which the original finds were made that caused the recent rush into the territory. It. will be interesting ac- cordingly for all to note that while ac- tive and extensive work is to be car- ried on upon the Ashley-Garvey claims this year. there will be no public ofler- ing of the shares of the company, if the latest reports in this respect are correct. It was expected by many that there would be a public offering of the Ashley Gold Mines. but apparently this is not to be the case. In referring last weei: to the Ashley Gold Mines. The Northern Miner gave the following pa-r- ticulars:â€" Contrary to general belief. there will be no public offering of Ashley Gold Mines Corporation stock. The North- ern Miner can state definitely that Mining Ccrpn‘ation will finance its‘ Ban- nockburn subsidiary out of its own treasury as the deveIOpments to date are so encouraging that Mining Cor- poration deems it inadvisable to go No Public Offering of Shares. Mining Rant Going Ahead. 250 Tons of Freight Taken Into New Gold Camp at Matachewan. Mining Corporation to Finance Ashley nllavlng re-opened my wood yard for the balance of the season I am prepared to give the public special service and speclal value In wood. ready cut. All good dry wood. All lengths. Good wood and full mea- sure. I can give you special prices on wood by the load. NESBITT. THOMSON 89° COMPANY 104 Cedar Street North SPECIAL PRICE ' LIMITED _ Royal Bank Building. TORONTO Montreal Quebec Ottawa Hamilton London. Ont. Winnipeg Saskatoon Calgary Victoria Vancouwcr On Wood by Full Load For more than three decades, Oldsmobile has adhered to those time-proven principles which are the source of dependability. Each new Oldsmobile has been liberally endowed with qualities that malre lor the greater enjoyment of motoring. But never has Oldsmobile offered such value as it does today . . . at new, lower prices. See Oldsmobilel Learn about the General Motors Owner Service policy, and the GMAC, General Motors'own deterred payment plan. NEW SILINT SYNCIO- MISH TRANSMISSION permit: smooth, silent shift from first to secondto high . . . and back to second. AUTOMA‘HC M ANHOLD HEAT C O N T I O L warm: up engine quickly and pwe: It improved performance at all speeds. NEW EASY STARTING --:tarter when engaged, auto- matically open: throttle to proper starting position. râ€" Marshall-Ecclestone Limited H. CHARLEBOIS is SMOOTH ER- FASTER SMARTER IN APPEARANCE OLDSMOBILE The Company's 6% First Mortgage Bonds are well secured, pay a good interest return, and through the conversion privile e afford oppor- tunity to participate in the 80mpany's future growth. Maintaining its record, McColl-Frontenac Oil Company Limited enjoyed the most successful year in its history in 1930. The essential character of its business . . . daily new and repeat demands for its products . . . strategically-located distributing stations, are del- inite factors in the expansion of the Company's business. McCall-Frontenac Oil Company Limited Timmins, Ontario L ZO-Year First. Mortgage and Collateral Trust Convertible Bonds Price 100 and accrued interest to yield 6% The New (plus transfer tax ) Maturing 1949 DOW-MA" CAIIUIITO. WITH NONJLOOD CHOKI give: inflated power, higher speed, fatter acceleration, and greater :moothneu. INSULATID "CHI. .00!!! are warmer in winter, coo/tr in summer, and exceptionally quid. NEW OUIIT SECOND GIAI «sure: :0 oath, swift accelcra tion rival/mg high year per form'ancé in 'quictncxx Phone 7 39-j H!”