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°_ o . Em w es "# w e We n h is so far insufficient neutralize the continuous increase in taxation. Howâ€" ever, we must not be unmindful of the stupendous task presented to those reâ€" sponsible for the direction of this comâ€" try‘s business. Relief must be provid« "The new plax was in continuous operation during \the year and unit but unfortunately thz t rate of decmse- ment, is so planned that development therefrom can be carried to the 7,000- foot horizon. .. dueed/bullion to the gross value of $5â€" 42121Â¥ ‘texclusive of premium on exâ€" change), and finished the year with an estimategd ore reserve in excess of that reported a year ago. "As forecasted last year, additlmal air capacity has been provided and we are now well started on the work of sinking the new internal shaft (No, 12) below the horizon served by the No. 11 or main shaft. This new shaft, and the necessary hoisting equipâ€" "Sharecholders, in examining the 21st annyal‘ report of the company will note with satisfaction that we have once more set up new high pecords with reâ€" spect.to the value of our gross; proâ€" duction and the net profits derived therefrom. During the year we proâ€" stock, etc. ‘The authorized capital is 800,000 shares of a par value of $5.00 ($4,000,000.00) ; while the issued capital stock is 798,000 shares, par value, $5.00, $3,990,000.00. The location of mines, plant and head officse is given as Schumacher, Ont. The executive offices are at 15 King street, west, Toronto. The offiâ€" cers for>1032 were:â€"J. P. Bickell, preâ€" general manager. The fonowmg is theâ€"introduction to the report by the president Nmmwd m Mine will Allow Early Development of Important Chances Below the 4,000â€" foot Level. Annual Regort Proves the More Satisfacâ€" tory and Encouraging the More it is Studied. Some Facts and Figures from the R cergamec 10 Last week brief reference was made . protected. Let us hops though that to the annual report of the MciIntyre| when conditions become more normal Porcupine Mines, Limited, and it was | there will be a disposition on the part promised that further details w be| of the governments, Provincial and presented in these columns this week.| Dominion, to study the question of The report as issued to shareholders| mine taxation in detail to the end that last week is for the fiscal year ending|an amended policy may be adopted March 3ist, 1933. aglong lines that are fair and just to all Remarks by the Puddeul concerned. The report for the yvear ending in\ "The latect tax n Alvidande nre. | i Mcintyre Continuing Work at New Lower Levels of Mine ROAST ®*" BLUE BRAND, per JELLY POWDERS _ COFFEE HOUSE PER LB. ....... AND ALL GOOD VALUE AT REAL PRICES. _ The country‘s services must be MEAT â€"DEPARTMENT ------------------ Value per ton ‘Total Value .. THE ONE AND ONLY xaema J( bars 32¢ Diamond Drifling . Operating Costs ... Development, footage Value per ton . Rec. (@ $20.67) Silicosis, Etc ... Taxes, prior years Undistributed Div. Trans to Sec. Res. Other Writeofis "No report of this kind could be conâ€" sidered complete without formal referâ€" ence to the splendid work of the staff and our sincere appreciation is hereâ€" with recorded." * Some Figures from the Report The follcwing are some figures from the auditors‘ report and other feaâ€" tures of the report for 1932:â€"â€" Operations, Etce. To Mar. 31 1933 Bullion Rec. Net ...................... $ 5,957,215 Operating Costs ..................... 2,973,729 holders. However, it would be neces‘ sary to deduct five per cent. from the dividends payable to those resident in the United States and pay them in a currency subject to heavy discount in that country. It was therefore decided that the company would absorb the tax and issue cheques in New York curâ€" rency to all shareholders, irrespettive of their nationality or place of resiâ€" dence, and thus conserve to the Canfl adian shareholders the benefits the presently enjoy by reason of the pre mium.payable on New York funds. "The latest tax on dividends preâ€" sented certain difficulties, Approxiâ€" mately 30 p.c. of the company‘s shareâ€" holders, now numbering 3,462, are reâ€" gistered in the United States If our dividend were declared payable in Canâ€" adian funds, the tax would not apply on the amount paid to Canadian shareâ€" $ 60. s 402â€"403 2 to 40¢ . 20,017,000 21479 5,427,211 2605066 7.70 provide a hoisting capacity of 1,500 tons in 16 hours from. a depth of 3,500 feet below the 3,875â€"foot level. Sinking shaft was started from the 3,875â€"foot level. It is located 1,500 feet south and 1,000 feet east of No. 11 shaft. The permanent hoisting equipment will be placed on the 3,750â€"foot level, with dumping and storage facilitiee above vhe 3,.975â€"foot level. The plant is id out to afford necessary ventilation, and "Veins Nos. 16, 19 and 20, located in the quartsz porphyry on fhe 3,750 and 3,875 foot levels, will pass into the unâ€" derlying basic schist at a depth of apâ€" proxkimately 4,700 feet. From the inâ€" terpretation of geological data accumuâ€" lated over a period of years, we believe that these veins will become important producers below this horizon. To deâ€" equipment totalled $108,343. Internal Vertical Shaft from hat will in due course be elaborated upon by work directed from No. 12 shaft below the 3,875 foot level. ‘‘The mill operated 98.16 p.c. of the possible running time with satisfactory eosts and metallurgical results. At Apex of Platt Ore "No, 22 vein: On the 3,625, 3,750 and 3,875 levels, 1,646 feet of drifting was done, of which 505 feet was in ore of $5 grade over drift width. "This work further confirms cour obâ€" servation of last year to the effect that this orebody, as wt present disclosed, is the apex of a new ore bearing system tons of an average grade of $3.70 per ton. On the 2,345, 2,845 and 3,125 levels, 713 feet of drifting was done, of which 177 feet was in ore of $3,20 grade over drift width. tons of an average grade of $7.30 per ton. On the 800, 1,375, 1,750; 2,500, 2,623 2,1750 and 2,845 levels, 2,295 feet of driftâ€" ing was done, of which 940 feet was in ore of $6.60 grade over drift width. "No. 15 vein: Stopes produced 2,742 tons of an average grade of $10.70 per ton. â€"On the 1,500; 2,000, 2,625 and 2,875 levels, 690 feetâ€"of drifting was done, of which 342 feet was in ore of $5.90 grade ‘over drift width. , "No. 16 vein: Stopes produced 95,655 tons of average grade of $7.80 per ton. On the 800, 900 and 2,750 levels, 1,202 feet of drifting was done, of which 741 feet was in ore of $10.90 grade over drift.: "No. 13 vein: Stopes produced 68,3745 tens of average grade of $10.20 per ton,. On the 2,500, 2,625 and 3,125 levels, 819 feet of drifting was done, of which 337 feet was in ore of $7.30 grade over drift "No. 10 vein: Stopes produced 84,907 tons of ore of an average grade of $5.170 per ton. On the 2,750, 2,875 and 3,250 levels, 677 feet of drifting was done, of which 334 feet was in ore of $5.30 grade. "No. 12 vein: Stopes produced 38,752 tons of an average grade of $7.10 per ton. (On the 500, 600, 300, 1,000, 1,375, 1,500, 1,750 and 2,000 levels, 3,865 feet of drifting was done, of which 1,669 feet "No. 8 vein: this vein. "No. 9 vein: Stopes produced 46,450 tons of average grade of $7.40 per ton. On the 2,625 and 2,875 levels, 262 feet of drifting was done, of which ‘181 feet was in ore of $8.80 grade. levels, 635 feet of drifting was done, of which 262 feet was in ore of $9.70 grade over drift width. "No. 5 vein: Stopes produced 33,997 tons of an average of $9.10 per ton. On the 400 and 1,250 levels, 340 feet of drifting was done, of which 219 feet was in ore of $8.60 grade over drift width. ‘"No. 7 vein: Stopes produced 136,052 tons of an average grade of $8.90 per ton. On the 1,250, 2,625 and 2,750 ‘"Development work amounted to 27,â€" 480 feet. This work included 14,851 feet of drifts of which 1,463 feet was on line and 13,388 feet in vein material; of this, 5,827 feet was in ore of $7.80 grade over drift width. ‘"No. 3 vein: Stopes produced 128,â€" 539 tons of average grade of $8 per On the 1,375, 1,500, 1,625, 1,750, 1,875 and 2,000 levels, 1,600 feet of drifting was done, of which 938 feet was in ore of $6.70 grade over drift width. Development Work After detailing ore broken in stopes (684,453 tons); ore from development, 64,212 tons; ore hoisted, 744,623 tons; cut and fill methods of mining noted as used for 59 per cent. of the ore stopâ€" ed; ore hoisted by levels, etc., the genâ€" eral manager‘s report continues as folâ€" That was in 1912, LaAst year the net value of gold produced was $5,427,211.15. R.‘J. Ennis, contains much of interest nd importance. > During the past fAi:cal year 736,2300 tons of ore were treated, value $7.70 per ton. The net value of the bulllion recovered including gold, siiver, etc., is given at $5,0957.215.69. A table in the general manager‘s repon] shows that since 1912 the MciIntyre has produced $56,513,762.59 in gold. The first year‘s production was $76,166.38. Capital Surplus ............_....... 1,014,580 General Marager‘s Report The report of the general manager, "No. 18 vein: Stopes produced 1,555 "No. 14 vein: Stopes produced 40,456 in ore of $8.90 grade over drift htz qWn No work was done on $ 1,003,700 "Hello, old man! How you‘ve changâ€" ed! What‘s making you look 2o old?" they are naturally looking forward to or likely to occcur, but at the same time cerned a strike is the last thing desired .m =~ "TITrying to keep young?" | "Yesâ€"nine of them," was the gloomy to keep young," was the‘ *"I} * Tanasurty Pasiraxsyxt Bompmcs, â€" Toroxnto, Mar 31, 1938. $15,000,000 414% Debentures, due 1950 â€" 99.00 yleldmg 4.58% Plus accrued interest in each case PROVINCE OF ONTARIO 9,000 . 47 Debentures, due 1934 â€" 99.76 yielding 4.25% to maturity. 0,000 _ 4% Debentures, due 1935 â€" 99.53 yielding 4.25% to maturity. 0,000 _ 4¢ Debentures, due 1936 â€" 99.16 yielding 4.30% to maturity., 9,000 _ 4%% Debentures, due 1937 â€" 98.73 yielding 4.35% to maturity., 0,000 _ 4% Debentures, due 1938 â€" 98.22 yielding 4.40% to maturity, Subscribers to the above Serial Debentures will be required to accept allotment of all or any part of their subscriptions in any maturity or maturities of the above series *F. 3. afeck the topmost fringe of it. "That," said the T. N. O. chairman, wiggling the sole digit that would wigâ€" gle, "was where the first hock landed. ‘"Bout an inch deep. "This," and he waggled a stub c:%> bandage, faintly redolent of iodine, mercurochrome, and what have you, "took the rest of the hooksâ€"six of them." Fulling back ‘his sleeve, to disâ€" close a wrist barbedâ€"wired in red, Mr. Lee added: "And that‘s where the sonâ€" ofâ€"aâ€"gun bit me.‘" It was Mrs. Lee who hooked the fish. He came into the boat, with some five big hooks of the ‘big spoon he‘d taken THE TREASURER OF THE PROVINCE OF ONTARIO » OFFERS FOR PUBLIC SUBSCRIPTION 4¢, Debentures, due 1934 4% Debentures, due 1935 4%, Debentures, due 1936 4%, Debentures, due 1937 4% Debentures, due 1938 $25,000,000 GOVERNMENT OF THE 4% and 4%/%% Debentures ISSUE, PRICES (Nonâ€"Callable) ONTARIGQ still dangling free. With his usual cool collectedness, T. N. 0. ‘George reachâ€" ed cut a hand to put the finishing touches â€" to him. «Quicker+ than you! could bat an eyeâ€"lash the fight was on. All the hooks in the world appeared to have ‘been let loose by the fish. Not: only did the freeâ€"danglers land where they‘d do the most painful damage, but the fish, while on‘the fiy, got rid of Wo of the trio on which he‘d <bitten, a.ndl with great dexterity planted them: (fortunately for someone) in a roll of . G. Long, . â€"Province re of the rest upon Fishing is reported as specially good this year in the Connaught section.â€"if you know where to go. ._It took 20 minutes, not to end the scrap, but to reach shore, where friends unwrapped both Mr. Lee and his opâ€" ponent from the same spoon an4 took them both up to the cottage iceâ€"box. Mr. Lee, of ‘course, for the iodine and the mercurochrome. trouser cloth just above somebody‘s rather fileshy walstâ€"line.