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‘‘Y4OU NEED THIS + e Are You Safeâ€" guarded from loss, should fire desâ€" troy your home or other Sullivan Newton * JIMPERIAL BANK OF CANADA property ? Fire Insurance at Lowest Rates. 21 Pine St. N., Timmins 7 ~Phone 104 Established 1912 Insurance of Every Description sOUTH PORCUPINE * + ~ â€"F. E. COOPER, N CONNAUGHT STATION, Sub. to Timmins (Friday) When an unforeseen emergency arises it is too late to wish you had added regularly to your savings account. Save regularly through a savings account at the nearest Branch of Imperial Bank of Canada. HEAD OPFPICE OL OLBEL 5. ce ie :n n on n n ie hoi in hi en > United States and other Cheques Ofn OtHEr BADIGS.................0000.00000000000, 0t Balances due by Banks and Bankxng Compondcnts elsewbere than CADiHtA] : StOCK PM T.0 0000000000 ommc K4 E . ....... ... w i en en P oo on Balante of Profit and Loss Account carried forward Dividend No. 201, payable 3rd January, 1933......... Former Dividends Total: Liabilities to the Shareholders................ ; Notes of the Bank in Deposits not: bearmg ECE SE 3. 43â€" en ons en Deposits bearmg interest, including interest accrued to in Liabilities not included in the foregoin Gold and Silver Coin, current Dominion Government ... Deposit in the Central Gold Reserves. we cee on Dominion and Provincial Government Securities, not e;ceeding market able value to COVELF.............._._.__. Callâ€"and Short (not exceeding thirty. days) Loans elsewhere than In. Canada on Stocks, Debentures and Bonds and other Securities of a sufficient market@ble ValUQ 1O ... ce mm Deposit with the Minister of I"inam:e for the purposes of the Circuâ€": lation Fund ........__._._. tete en menie mon n a _ Other Current Loans and Discounts in Canada (less rebate of interest) after making full provision for all bad and doubtful debts...._._..... Other Current Loans and Discounts elsewhere than in Canada (less rebate of interest) after making full provision for all bad and on o. Ne EL019 ME s 00 doubtful debts ..._____.__.. o ce P T Nonâ€"Current Loans, estimated loss provided for.... Bank Premises, at not more than cost, less amounts written off._.__._.. Real Estate other than Bank Pmmisu..___-......._-.._um.._m Mortgages on Real Estate sold ... nae 5en Other Assets not included in the mss o £34,004 96 398,326 56 ;980,000 00 711435 17 25,565 72 143,520 36 Liabilitiecs of Customers under Letters of Credit, as per contra Letters of Credit Outstanding Advances upder the FINANCE Balances dué to other Banks in Balances due to Banks and Banking Correspondents elsewhere than THE DOMINION BANK â€" The Sixtyâ€"second Annual General Meeting of The Dominion Bank was held at the Head Office in Toronto, on Wednesday, January 25th, 1933, at which the following statement of the affairs of the Bank as on December 31st, 1932, was presented : ids VÂ¥ . nuax.uv,m CAE . S Afa t l h * _ . "AUDITORS® REPORT TO SHAREKHOLDERS WcWfihhMfimdNW‘mM-â€" ‘ That we have examined the above Balance Sheet as at December Jis * A. W. AUSTIN, President. : Sixtyâ€"second Annual Statement It was an odd tale of an "old Finnish custom" that was told in Kirkland Lake police court recently, according to The Northern News last week. The followâ€" ing is the story in The Northern News: "Tis an Old Finnish Custom Over in far distant Finland, native home of many of Kirkland Lake‘s citiâ€" zens, an old custom is always observed when a Finlander opens the first bottle 6of a batch of home brew. Instead of pulling the cork, and quaffing deeply, as is the favourite Canadian custom, the native Finn cracks the first bottle of the batch over a table, bedstead, or anything else that happens to be handy just as a bottle of champagne is smashed over the prow of a ship, beâ€" fore launching. foning actual H. C. SCARTH, Manager F. E. COOPER, Manager w uns . EnE VC discloses the true condition of the Bank and is as shown by the LIABILITIES $16,713,773 41 19,346,873 04 etâ€" x n-t 1992,© c# wfl I {$21,241,382 09 . 22,407,342 19 $53,644,002 27 $ 624,979 98 11,853,104 10 400,000 00 678,583 00 37,825 29 4,936,426 42 $ 5,832,230 50 $ 9,000,000 :00 310,773 19 175,000 00 923 50 96,060,646 45 1,500,000 OO 393,628 43 1,128 410 26 265,032 54 995,895 10 324 825 00 Trail Rangers ........... T .}i Holy Name .............. %::;;: ‘Tuxis (2) and Holy Name (2) played a tie game. High School ....,......... 0 High School .......... The following is the standing of the teams in the Senior, Intermediate and Junior schedules of the T.B.A.A.:â€" Team "Well," explained Harju, "It‘s an old saying in Pinland." Harju‘s naive excuse for his act in hitting his pal over the head, in misâ€" take for the bedpost, brought chuckâ€" les from court officials and sprctators alike, and apparenfly won consideraâ€" tion from the bench; for the magisâ€" trate, on convicting him, waived a fine in his case and placed him on susâ€" pended sentencte for two years.. Harju was ordered to pay the court costs of the case and the doctor‘s bill incurred by his friend, it was stipulated by the cadi. _Better Stop Drinking "If you‘re going to throw beer bottles around you‘d better stop drinking," the magistrate advised him, as Harju, all smiles, took his seat in court. Standing ofthe Teams â€" in the T. B. A. A. Hockey $122,017,038 04 ~61097,164 04 1250893 17 $60,568,880; 83 $16,486,696 69 105,179,0948 18 1,250,393 17 $ 7,000,000 00 9,486,696 69 "Asked for his views on the Russian technical directors, he said that they love to indulge in discussion and in conferences. He would visit a properâ€" ty, thoroughly examine it, report in detail, making recommendations for the remedy of cbvicusly bad conditions. A week after his report was in he would be summoned to a conference with the technical Russians, supplemented by a few Communist representatives. They would start discussing the report, mainly trying to trip him up, but evenâ€" tually they would branch off into theoâ€" retical discussions, following vague courses leading to no practical end. ‘They would ignore all of the practiâ€" cal details. Hours, days and even would be spent in this way. Fmany the report was filéd and nothâ€" ing whatever was done about it. Forâ€" eign engineers, from all over the world, were engaged by the Soviet,. given good contracts, set to ‘work which they eagerly tackled, made recommendaâ€" tions, drew up plans, made definite srrcificationsâ€"and nothing happened but endless talk. Eventually the most energetic "‘foreigner became calloused and resigned to his fate. He did his work, found no practical result and ultimately left the cquntry in disgust. "One of the worst handicaps to seâ€" curing efficiency in mining work was lack of food. Not in the sense of lack of variety but complete absence of food. He visited a district in the Urals to report on a copper property and found that the workmen were literally starvyâ€" ing. There was virtually noâ€"fiour or bread, no meat. The natives lived off the fields and woods, with berries, mushrooms and vegetables for a diet. Eventually this condition was corrected. in some measure but it was quite usual to find vast districts with little or no fcood or clothing available . A cause{ was failure in organization and inadeâ€" 1 quacy of railway transportation. Howâ€" ever, even in Moscow, hub of all Soviet activities; and well served by railways, there had been terrible stringency in "The head office of the mining trust for which the Canadian worked was in Moscow; its emplioyees, said he, were numerous encugh to conduct the minâ€" ing, smelting and refining business of the entire American continent. It was almost impossible to move around in a five story building, the place being crowded to suffocation with ‘staff. "Ancthef interesting revelation was the deplorable ineffit¢iency of Russian labor. The Canadian visitor reports that it reaches incredible levels, partly on account of poor food supplies, inefâ€" ficient direction, lack of ‘correct planâ€" ning, failure of communications. At one point in the Urals a copper deposit was equipped with a concentrator of 2,500 ton capacity and a smelter. Six months after the plant was ready it was only handling 500 tons of ore a day; that was all that could be secured from the mine; yet there were 9,000 men on the pay roll!l At another small copper plant in the south there were 3,000 on the pay roll and it proâ€" duced 300 tons of finished copper month! The coflitce building at this place was as big as and housed far more employees than that of Granby Consclidated. "Another very important. disclosure was that Russia is not a country rich in mineral resources, The Canadian engineer was acting in the capacity of consulting mining engineer and metalâ€" lurgist and had ample time and opâ€" portunity in the course of his stay in the country to analyze the position. The country he said had been exâ€" amired for years under the Czarist regime, by foreign engingers and geolâ€" ogists; they found little to entice them. Since the Communistic order came in a great deal of work has been done in the way of searching for mineral deâ€" posits, a lot of money has been spent in equipping new or formerly kno>wn deposits. Yet at the end of 1932 proâ€" duction‘~of copper was at the rate ot about 33,000 metric tonsâ€"the equivalâ€" ent of what Hudson Bay and Sheritt Gordon togzether could produce at caâ€" pacity. Such a production is n5 menâ€" ace, it is only a drop in the bucket of world copper output and quite inadeâ€" quate even for present Russian reâ€" requirements. Russian Metal Output â€" "A wellâ€"known Canadian mining enâ€" gineer, returned from a 20 month‘s stay in Russia, recently visitéd The Norâ€" thern Miner and outlined in a very fair and unprejudiced way his experâ€" iences with the Russian government, mineral developments in that muchâ€" discussed country and various angles of the industrial expansion sought under the Five Year Plan. While the enâ€" gineer did not even suggest that his name be withheld and in fact accorded full permission to use any or ll of the information given, it is considered adâ€" visable to permit his name to remain undisclosed. "The most important impression reâ€" ceived from this repatriated engineer was that Canada or any other country producing metals for export need not fear Russian competition. The Rusâ€" sians are desperately and not very sucâ€" cessfully striving to produce enough copper, lead and zinc for their own use; they have no nickel of any acâ€" eccunt; their gold output is entirely inâ€" adequate to their needs.. They have made some headway in aluminum proâ€" duction. Iron, steel and coul output have fallen far below present and fuâ€" ture requirements. that article reference is made to a furâ€" ther report in the news columns of The Northern Miner touching on the minâ€" ing situation in Russia. This secont article is given herewith:â€" . Canadian Mines Need Not Fear Elsewhere in this issue will be sound an artitle setting forth the opinions of a Canadian engineer on Russia. In Russia Not Rich in Minerals, it is Said Mr. Mrs. W. R.#Jackson, of Bufâ€" falo«» K.Y., were Timinins visitors last week. "The statement is made in a Mentâ€" real morning paper that the Canadian National has been losing at the rate of more than one million dollars a week on operations alone without any regard to interest charge;s. This statement is untrue. The Canadian National Railâ€" way System in 1932 met its operating expenses and had an operating net of upwards of ten millon dollars, an imâ€" provement of more than two and a half million dollars as compared with 1831. On the Eastern linss of the Canadian National, the results from which are presented separately under the proviâ€" sions of the Maritime Freight Rates People in generalâ€"the people who own the Canadian National Rallways, and who have to "pay the shot"â€"will be pleased to know that at least some of the reports as to the losses of the C. N. R. are not correct. In answer to some of the reports along this line, W. S. Thompson, director of publicity for the>â€"Canadian National Railways, last week wrote The Advance as folâ€" lows:â€" Act, the operating deficit in 1932 was four â€" on two thousand dollars, gn improvement of two tmillion two hm{dred thousand doliars as comâ€" pared with 1931." Canadian National Doing Better Than Reported "A peculiar slant in Soviet economic thinking is provided by the governâ€" mental conception that anvthing pro>â€" duced by native labor and paid for with Russian rubles costs nothing. ‘The Communistic idea was that the producers had to be fed, housed and eclothed in any event, that they wore paid in paper money turned out by the government presses, that the govâ€" ernment got the money back for said food, clothing andâ€"shelter; a complete circle which really meant no outlay in foreign currencies. Hence, an exporâ€" table surplus was really {aund money. This is the danger for foreign produâ€" cers when there is anything Russian to be competed with, as timber or wheat. Metals are not pnow and probâ€" ably will not be a menace." . was permitted to.keep a certain fairly substantial proportion, which he marâ€" keted for what he could get, thus setâ€" ting him up as a small merchant. There were many customers "for his products in a country where aimost everyone of native birth was underfed; prices were often fantastic. "As an instancs of the manner in which Russia was able to boost its copper production, for exporting purâ€" poses, 20,000 metric tons of secondary copper was secured in a year from old church bells, ikons, crucifixes, etc., in the wholesale demslition of churâ€" ches throughout the country. ‘There is a limit to such sources of supply. Gold output was boosted by trapping the Russian. Five Year Plan Doubtful Success "Asked his opinion of the> Russian experiment, the engineer said that its success was in the greatest doubt. Alâ€" ready the original ideal of ~Communâ€" ism had been largely olde-trackedm concession after concession had bzen made. In industrial: circles the wage rate ran from two to ten rubles a day, with technicians and engingers getting as high as 1,000 rubles a month. The lower classes were discriminated ag ainst in the matter of lodgings, food and amusements. A higher class, with privileges, was gradually emerging. In‘ the agricultural fields restrictions had been greatly lightened. Where formâ€" erly the peasant was required to surâ€" render his production in toto now he. "The railway prcolem is a basic one. The gauge is wide, yet the cars are hatbox affairs, holding 10 to 12 metâ€" tric tons. The rails are rather light the ties spaced far apart, the bridges are not up to heavy ‘weights, the enâ€" gines ars tin pots compared to Canaâ€" dian standards, Hence, when they start to remzdel the railways they will have to start at the roazdbed. They need a lot of new mileage, too. In the winter the railways fall down badly in deliveries, Even Mosecsw was short of coal and it has a fiftyâ€"fiilty winter and summer climate. The city is 700 miles north of Montreal‘s latitude and Lenâ€" ingrad is 900 miles. the Siberian coa) measures: th> marâ€" ket for the steel was in the wost, in the Ukraine and arcund Moscow whore 9004 of the manufacturing was being done. Hence, with 100,000,000 tons of ore in the Urals, with a plin of proâ€" ducing 10,000,000 tons of steel a yoear, the directors were faced with the propâ€" lem of, first fetching coal 2200 milles from Siberia to smelt it and, second, freighting it 1,500 miles to the point of manufacture. The Ryussians havo voa«â€" lized that, to begin with, t.hfly' hnave put too large a <~smeilter on too small a body of ore and that the Jbb of getâ€" ting coal to the smelter ‘was‘a terrific one. So they have ncw planned to put part of their smelti éguipment at the coal mines. They will have to move the iron to the ccal and the coal to the iron ors and the final product will go largely 1,500 miles t» the west, to the Ukraine. The rallways are quiteo inadequate for the task and w m hne to be entirely reconstructedt interior was a seriess ol vast, high plains devold of titmaber, exoept in the Northern regions which in large measure were inaccossible:; water powâ€" ers were scarce. The Sly»r.an rivers ail ran north into the Arctic Oceon:, The coal measures of the country wors concentrated in two arcas, one in the Ukraine having 15« and ths other in the Siberian regions in (the far east, having over 80% . ‘The iron, however, was in the Urals, hbetween the two coal fields. It was 2,200 miles {rom the big, new steel plants in the Urals to very large land area, with vory litle seacoast in the temporate zo mk The interior was a serios ol vat. hign The Steel Fasceo "*furning to the producticn of iron and steel the ongincor remarked that the chuntry was very badly handicapâ€" ped in a geographical way. 1: nhad a Writing in The Northern News last week the "Roving Reporter" says:â€" "There is much in common between the twin towns of Noranda and Rouyn and much that is different. Visitors, there for the first time, are often quick to sense the similarity and disâ€"similarity Your train first pulls into Rouyn. Here is a busy community lying astride two main business streetsâ€"a town which is somewhat reminiscent of Cobalt, in its bosom days. It has the typical "mining camp" look. The new, and the oldâ€" which isn‘t very old at thatâ€"are to be seen side by side. Modern shops can be found adjacent to log cabin dwellâ€" ingsâ€"relics of the community‘s early nioneer days. Prospectors, laden with patksacks, stride along the streets. Most of the shop signs bear the names of Frenchâ€"Capadian merchants. The tower of Rouyn‘s imposing municipal headquarters looms high over the town, and an instance of the municipality‘s progressiveness and enterprise is seen in the fact thatâ€"the commodious strucâ€" ture houses many of the Rouyn muniâ€" cipal departmentsâ€"the fire brigade, COMMENTING oN THE TWIN TOWNSâ€"ROUYN AND NORANDA CANADIAN GENERAL ELECTRIC CO.4JMITED F course not. Then why gamble on cheap "nameless" lamps that die young and waste electric current. Stick '2, EDISON MAZDA Lamps and be sure of getting your money‘s worth,. Sold by better dealers everywhere. police department, and so onâ€"all unâ€" der the one roof., Noranda, on the other hand, also has its striking landâ€" marksâ€"the immense group of buildings that makes up the Noranda Mines Limited, topped by two tall chimney shafts. This copper and gold producâ€" ing plant, spells industry, the modern machine age, and the business of gold and copper refining in its most medern 20th century aspect. Both towns are cities in the makingâ€"newâ€"world comâ€" munities in Old Quebec, and both adâ€" vancing, stride by stride, to bigger thihgs. Toronto Globe:â€"The High Commisâ€" sicner did not believe Canadaâ€"was withâ€" out a distinctive literature. Leaving this aside, the British authors who ‘heard Mr. Ferguson may rest assured that when he writes his reminiscences Ontario will have a literature all his cwn. And he should do this. The High Commissioner is gifted with the power of vivid expression. He knows Canada from Halifax Moosones, is acquainted with every one of any adk4 countâ€"and his photograph on th cover would sell any book. . f $ THMURSDAY, FEBRUARY ND; 1933