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Hollinger Mines Had Another Successful Year Last Year Total Number Employed at Big Mine in Last Year was 2 485. Total of 1,754,863 Tons Milled. Gross Revenue from Production in 1932 was $11,723,074.00 as Against $10,528,865.00 in 1931. Net Profits Equivalent to 80.05 Cents a Share. Report for Year Very Generally Satisâ€" factory and Pleasing. "The labour situa! mains satisfactory take pleasure in . tion o the servic: management, the / departments and the yf forwat "The labour situation at the mine reâ€" mains satisfactory." â€" "Your directors take pleasure in expressing appreciaâ€" tion the servic>s and loyvalty of the management, the heads of the various departments and the entire staff." Ircrease in Revenue Figures in regard to the finances and production of the mine as given in the annugdl report will be of special interâ€" est. cessful yea: annual â€"re;y and takes h goodâ€"work : The direc half o0f the advanced as to the easy identification of favourable areas, and this is now beinz tested cout on the lower levels. but some time must necessarily elapse before dGefinite results are attained." has taken an cption on the Youngâ€" Davidson property in the Matachewan district, as well as an option on the Weods claims in Tiblemont township, q@uebec. A progress report on thes> properties and on San Antcnis Gold Mines, Ltd., by your consulting enâ€" gineer, Mr. Brigham, is appended to this report." "A comparison of the reâ€" sults cbtained in speration of Internaâ€" ticnal Bond and Share Corporation during 1932, compared with those of 406 other investment trusts, shows your subsidiary in the tenth place. We conâ€" sider that on the whole the results obâ€" tained are gratifying, particularly in view of the demoralized state of all markets during ‘the past year." "Dr. Graton ended his work at the mine on Oct. Ist, having completed as much of the detailed examination as possible at this time. The examination has been very thorough and has added conâ€" siderably to the knowledge of the lcocalâ€" ization of the ore boedies. A theory was advanced as to the easy identification $491,787 for workmen‘s compensation and silicosis assessment, and $59,953 for depreciation. ~This left a net profit for the year of $3,962,885, compared with $3,508,204 a year ago. After paying dividends amounting to $3,690,000 as compared with $3,444,000 in 1931, the which du amounted over $115 in 1931." During the year the company paid thirteen regular and two extra diviâ€" dends and showed a net profit of $454,â€" 6817 in excess of 1931, after allowing for all charges, including an increase of over $115,000 in taxes and $491,787 for workmen‘s compensation and silicosis assessment. Net profits were equivaâ€" lent to 80.5 cents a share, compared with 71.3 cents a share a year ago. Gross revenue from production in 1932 totalled $11,723,074, as against $10,â€" 528,865 in 1931. Interest on investâ€" ments and other income amounted to $145,419, making a total income of $11,868,493, compared with $10,944,985 the previous year. General and operâ€" ating expenses amounted to $6,827,736, leaving an cperating profit of $5,040,757 as against $3,995,125 in 1931. From this was deducted $526,132 for taxes; $491,787 for workmen‘s compensation and silicosis assessment, and $59,953 for depreciation. ~This left a net profit for the year of $3,962,885, compared with $3,508 .204 a yvear ago. After paving by "In the latt F. Brigham, general ma pericd of ab come con Jolhin Knox, Mr. B THURSDAY. MaYÂ¥ 4TH i90933 ant Timn s well as an Opl iims in Tiblemon A progress repor President‘s Report 11 LIm @il managt n HIY and Mr. M 1t During the year the company milled 1,754,863 tons of ore having a gross value cof $10,808,817, the average value amcunting to $6.16 per ton. The net value recovered, after loss in tailings, was $10,394,408, compared with $10,094,â€" 459 in 1931. The average daily proâ€" duction during the year was 4,834 tons as against 4,520 tons daily in the preâ€" vicus year. In 1932 the cost per ton cf ore milled was reduced from $4.23 to $4.17, despite an increase during the year of 16 cents a ton due to silicosis assessment. The General Manager states that while investigations loocking to improved metallurgy and reduced cperating costs were vigorously proseâ€" cuted, no alternative process would seem to indicate better results on Holâ€" linger‘s core than the one now being used. charges C pense + proved by ing charg far investi proving upon the Oonly signllicant figureâ€"that of cost plus tails. The Mine:â€"During the year operaâ€" tions have been carried on on all levels from surface to the 3,950â€"ft. level. However, no stoping is being carried on below the 2.750â€"ft. level. We are stock, 164 per cent.; common stOck 36.0 per cent. Development and Ore Reserves On Dec. 31, 1981, ore reserves were re perted of 6,236,887 tons. During th year 1,754,863 tons were milled. (@) Dec. 21, 1932, the company reports Employees at Hollinger The average number of men employâ€" ed during the year has been 2,485, disâ€" tributed as follows:â€"miners, 1,790; mechanics, 278; general, 417. General Manager‘s Remarks The Mill:â€"While investigations looking to improved metallurgy and reduced Operating costs have been vigorously prosecuted throughout the past year, no alternative process would seem to indicate better results on Holâ€" linger ore. In ATY Presen at a mill ht milum 19032, 1 1] International Rond nA it pract1c ling cost | ‘â€" ~$0.8522 could be Productic tTC A l upon th ‘action, or extraction im noring increased operat no alternative process s ed gives a of im 1b A m 14 e gives a $0.24 residus of $0.6122, a coinbined M While operation * the company milled ore having a gross 17, the average value 16 per ton. The net after loss in tailings, mpared with $10,094,â€" n Increased the compai While operatiol reduced at the ex id hiefly of adily marke n market the d during ind Share 16.};. preiIQ)] mmon st ., aSs agains: 1931. ‘ ‘The nparison o significan wit 11 > of Hoiâ€" nal Bond f Dec. 31, compared ying, pat moralize the pas on AL1O0n O Corporâ€" th those 5. shows tenth vhole, CH11TY aS lis TT ibl rlu ncted above, the 0 from the 2,750â€"ft level are confined and results for satisfactory. Ore $3,200,000, the grade being approxi mately $9.00. Ore conditions on the lower leve! are most interestiny. The apjparer extension of the ore zone to the wes continues, and while still too early t speak definitely, it opens up possibilitic in an area which has heretofore bee considered â€" unfavourable at dept] While it is the intention to sink belo: the 3,950â€"ft. level, the new develoy ments have reâ€"opened the question < the shaft location, and the wIrk is de layed pending further information. seven ore intersections, all in new terriâ€". tory, showing excellent values. In Mr. Brigham‘s cpinion, these develcpments when opened up should greatly increase ? the mine‘s resources of good ore. | About the Youngâ€"Davidson Mines, Ltd. Under the above heading Mr. Brigâ€" ham‘s report says:â€" "During December, 1932, a proposal was discussed at a special meeting to. consider the matter of the company‘s investigation of the possibilities of the. Youngâ€"Davidson. It ‘was agreed to do. this subject to a satisfactory agreement and the right to rigidly sample the ore. body. The ore body covers an area of about 2% acres, mainly on claim No. 5272, with a small portion on claim No. 5374, in the Matachewan gold area. The agreement was signed on or about the 9th of February, 1933, and work was started at once on the property. This type of ore occurrence is rare in Northern Ontario because, cwing to the average low grade it will have to be mined by quarry methods. _ Former work was done on this mine by the Porcupine Gold Fields Development and Finance Co., Ltd. This consisted. of an extensive diamond drilling camâ€" paign and about two thousand feet of undergrcund tunnelling. The mine was abandoned as the work proved that the grade of the ore was too low for profitable exploration by undergr2und methods. The Hollinger problem is to reveal the actual minimum value of the ore body and aside from the cost of sampling have no other financial commitments. From an investigation of the records of the FPorcupine Gold Fields and from the careful sampling of the dump rock which is the average of the rock encountered during the underground work, the value appears to be around $2.50. This data is be‘ing supplemented by an elaborate series of crossâ€"trenches which will be sampled thoroughly by channel and bulk samâ€" ples, and then the whole problem reâ€" viewed for a decision. It is thought that the grade can be materially imâ€" proved by sorting out as much as posâ€" sible of the poor rock before milling as may be recognized by inspection and where possible. The tests in the ore so far show good extraction both by cyanidation and fiotation. Work now in progress will decide this matter." Woods Property Referring to the Woods property, Mr. Brigham‘s report says:â€""Results so far show that the structure is a very conâ€" fused mixture of country rock and quartz stringers, the latter containing all the gold. Channel samples taken methodically on the bottom anc sides of the trenches are disappointing while selective bulk samples run high. The solution of this problem is still under way and will probably be continued unâ€" til before the date of the next payment, May 15th, 1933." About Outside Properties A portion of the report dealing with cutside properties is appended hy A. F. Brigham, consulting engineer. Thess prcperties include San Antonio Gold Mines Ltd., Youngâ€"Davidson Mines Ltd. and the Woods property in Tiblemont township, of Quebec. Mr. Brigham states that work in the latter part of 1932 at the San Antonic property materially increased the ore in sight.. A diamond drilling program was commenced in December, one of the objects being to determine the posiâ€" tion of a new shaft if warranted. The campaign was successful in cuf:ing Costs:â€"There was not material change in costs for the year. Our thanks are due to the staff for the result of the year‘s work, and the Bcard of Directors for their assistance and advice. ib Balance Sheet The company‘s balance sheet inii cates current assets, not including In ternational Bond ‘and Share Corpora tion, solutions and precipitates hand or shares in other compar which are segregated of $1,906,759 against current liabilities of $889.747, leaving a net working capital of $1,â€" 017,012 compared with $1,477,256. The decrease of $460,244 is mostly accounted for by the increased reserve for taxes and silicosis assessment, the total inâ€" crease in these two current liabilities amounting to $373,438. The Presidont points cut that during the year 1932 the company paid taxes for $526,132, an increase of $116,027 over the amount paid in 1931. Investments in the shares of other companies is the other item elopment :â€"Development ha icted on all levels during th isiderable portion of it be irea above the 900â€"ft. lev | above, the operations in the velo MADW Yours ‘faithfully mve been m Ore put in sight level amounts to ce grade being ap e intention to sink L level, the new devi râ€"opened the questio tion, and the wIrk is further information »s in the mtne' trom shrlnhg! leve explor he recover milled JOHN KNOX ie J,IJ9UIL, ament only, have bseen sight below ts to over g approxiâ€" immlȢ which contributed liquid and current, solu totalling $131,931 and hand aggregating $8,141 are now $37,046,402, a $107,298. ‘This year the outlay of $410,222 spect of the Kamiskotia claims nvestment in 1 Mining prop Another Big Cut Worsted and Fine Tweeds in New Spring patterns. _ Splendidly taiâ€" lored and styled 1()1 men and young men, in sizes 36 to 42. \(‘L, to $35 at...... If it‘s sensational bargains you wantâ€"If it‘s unheard of values on highâ€"grade Men‘s Clothing and Furâ€" nishings you seekâ€"Come here Friday and Saturdayâ€"Come expecting to find prices and values that you have heard about and hoped for but never seen beforeâ€"But Remember Stanfield‘s Red ] and Drawers each everywhere in Canada go at....:.%.. Your Last Chance Just think of buying to reg. $6 Odd Pants from expensive Suits in wanted 69 materials, sizes 3 and:colours at..>::.;:.:.;:. 113C while they last Friday and Nat. ... Friday and Saturday Only Fine imported Worsted and Tweeds in the newest patterns, hand tailored. All coats, satin lined, styled, ext and finished for particular people. For the last T‘wo .95 Days at +.: We are Closing Out our entire stock of Shoesâ€"Just think of buying the renowned "Hartt" regular $8 Oxfords in Tan and Black 445 CGalfsat...";..:.""" e While they last, our new "Barclay" Spring $4.75 Soft Felt Hats in wanted styles and colours and sizes 295 at Grad Drawers Deferred Assets Further Reduced Wool!l Underwear Dalzell‘s Stock Adjustment Sale hese Felt Hats Grad " Hartt" Oxfords $45 Fine Suits Nearly Half Price otalled $634 ind plant a $35 Suits $70,958 Label Shirts : Bi 032 Chance for a Bear Hunt in Cook Mountain Area Kamâ€"Kctia Pcrcupine Mines, Ltd.) has been entirely written off out of surâ€" plus. After carrying forward $272,â€" 885 from the year‘s operations surplus 885 from the year‘s operations now stands at $11,556,655 as $11.694,092 at the end of 1931. Mountain tower month from now will see bears be Reg,. to $2 Silk Ties. Exclusive in pattern in charming colours. Cleverly reg, to $ erly patterned, to $1.175 Silk Ties at Undershirts n, of Schumacher, "lkt amore and Matheson and rs. Let them go to Cook ver east of Ramore one now and every day they below. I have watched To $2. Pyjamas, some slightly soiled _ To $1.00 Tweed Caps, slightly soiled To $5.00 Odd Tweed Pants at . To $5 Odd Felt Hats, go at To $1.00 Odd Ssilk Tiesâ€"all colours To $1.50 Odd Silk Tiesâ€"good patterns $1.00 Athletic Underwear, odd sizes $3.00 Work Pantsâ€"odd sizes $4.00 Khaki Norfolk Jackets $3.95 Whipcord Breeches, large sizes $1.65 New Lisle Combinations .. $2.00 New Tweed Caps at . To $3.00 Odd Shirtsâ€"Collarless at Ties Forsyth â€" and Fine Arrow Shirts splendidly eut and taiâ€" lored. . Fine fabrics in fancy patterns and plain colâ€" 1.69 qurs..reg. to $2;:50............ The best productions of Arrow and Forsyth in the finest fabâ€" rics, with two detachâ€" able collars, reg. $3.50... I 95 Reg. to $1.00 Fancy Cashmere and Silk Socks are going Friday and 4 9 Saturday at C Reg. to 75¢ fancy and plain Cashmere and Interwoven Lisle Silk Socks Friday and Saturday 39 Oniliy at C The Road to Good Intentions is Paved with "I Wish 1 Had‘s" â€"Don‘t Wish You Had Taken Advantage of the Last Days of This Great Sale. It Will be Many a Day Before you have the Chance to Make Such Savings. Tatlored Shirts " Super " Shirts alnst Socks smailer iarm animais, sutch as sheeyp and young cattle. It should be rememâ€" bered by those who doubt the claim of M. U. Bates that bears are destructive knows there are around." "Anvone wishin "Anyvone wishing to go to Cook Mountain on a bear hunt," continues Mr. Preston who wrote to The Advance pointing out that bears are destructive animals and not only attack game but also are quite ready to kill off the smaller farm animals, such as sheep and voung cattle. It should be rememâ€" Woods and Deacon, reg. $2.00 Blue and Brown Shirts also Khaki Flanâ€" nel Work Shirts I '29 go at ......sl.ll. Reg, $1.25 New Comâ€" binations, in wanted Reg., New â€" Spring Knit Summer Comb‘s Friday and Saturday Ravon Underwear sizes at Union Comb‘s. Work Shirts wante 19¢ §2,.290 2.29 $1.49 $1.19 95¢ 908C 05 950C 19¢ 39¢ 49¢ Nearly Half Price Up to the minute in style in Botany Blue Sergeâ€"Hairline stripes and Grey and Brown Worsted. in a full size range aAt SA e iess Less Than Half Price Smartly styled, lored Topcoats of Imyp Tweeds, etce., in Men‘s and 3 Men‘s sizes and styles, st checks and plain colours. ] 5 Reg.: $35 at..:........ maker. Choice of Black, in a good size range. "An unheard of Buyr wWITH TWO PAIR OF PANTS $3.50 New Coat Pullovers in an colours and sizes ad in Wool Underwear Stanfield‘s Blue Label Shirts and Drawers, $2.50 95 each everyw hme I Friday and Saturday.. " Hartt" Oxfords all Wool Sweaters Topcoats Athletic Underwear Reg. $1.50 new Summer 2â€"piece Underwear, silk top and striped Broadâ€" cloth 19 "Grad." 1 * Drawers at.... $40 Suits Half Price dian National who is only 2 gocd showing prize money, swim this yea encugh to at beings. Theo: they can sca facts based cor ence and br old â€"time hunt Preston and | A Super Special Regular $6.50 New Sprin, Soft Hats, made by Moort of London. Friday and 4.95 Saturday at ...... ed, splendidly taiâ€" ats of Imported in Men‘s and Young and styles, stripes, Imported Hats ntl Britain‘s Best 11 hna Sweaters and assortment of -l 5.95 NOpy Spondo made