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Struck on the head with a short police club, this relief worker. (TOP). in a dazed condition, topplts in the snow. He was one of the many who fell in the vioieai clash between 12,000 relief workers and 400 police at Square Park, where the workers massed for a parada, They had no permit. Rep. Vito Marcantonio of Harien m) district. New York, was badly beaten and arrested when he shout=d "for.â€" ward" to the workers and attempted to lead them through the pohc( lines. Several on both siges were injured. x ‘(i’ These were among the qusstions which S. W. Fairweather of Montreal, director, Bureau of Economics, Canaâ€" dian National Railways, asked of Canâ€" adian businessmen in speaking to the Rotary Club at Moncton, N.B., this according to despatches from that city. His subject was "Some Misâ€" conceptions of the Canadian National Raillways," "It is not generally realized," conâ€" tinued Mr. Pairweather, "that the Canadian National Railways in 1928 stcod fifth of all railway systems on the North American contintnt in order of net income available for interest charges. Can anyone who has a knowâ€" ledge of such a demonstrated perforâ€" mance ang has any faith in Canada have any doubt as to the real value of the Canadian National System? I would not have you feel that I consider the present financial difficulties of the Canadian National as insignificant and as something which can be ~lightly "What would you thkink of a business that came through the greatest deâ€" pression in history paying all of its cash scxpenses, except a return on caniâ€" tal, a property which in 1928 had cearnâ€" ed $45,000,000 as a return en invested capital ang which, should the gencral conditions of 1928 come back, would yield a return of $60,000,000 on investâ€" ed capital by reason of in the nroperty and in effitiency. Would you say this property is defunct â€"Iit is no goodâ€"it will never pay it3 way?" Looks to Time When C.N.R. Will Pay Way S. ‘W,. Fairweather Sees Much Better Times Ahead for the Canadian National Lines. â€" 293 Bay Street 19 Pine St. North 12,000 JOBLESS IN NEW YORK RIOTS Direct private wires for fast and accurâ€" ate quotations and executions in all Mining Stocks Industrial and Public Utility Stocks Bonds Accurate Markets and Executions in Local Phones 1200 and 1201 Charlie Hall â€"Manager Members Toronto Stock Exchange STOCK BROKERS Commision basis only Unlisted Stocks "ZSome people associate the large dsbt of the Canadian National Railways diâ€" rectly with the policy of public ownerâ€" ship. They either forget or ignore the fact that at th> time the properties were acquired they were in debtâ€" to the extent of $1,000,000,000. It was because they had this huge debt and cculd not pay even their operating expenses that bankruptcy threatened ang the governâ€" ment took the properties over. Had Bes{i Bled White "Nor is this the complete story; the prcperties when in the hands of their private owners had been bled white in an attsmpt to preserve financial solâ€" vency so that the new owner had to put into the properties large sums of money to rehabilitate them or to make good makeshift construction. The exact amount cannot be ascertained, but I woulg venture an cpinion that it is not Can Sec Deficit Diminishing ‘"‘These are very considerable amounts, which in 1934 made up 10.2 per cent. ef the total federal budget outgo and 5.2 per cent. of the total tax burden of the country. But I wish to emphaâ€" size that when this cash deficit is inâ€" cluded in the federal budget there is nctrhing more to be added. The remainâ€" der of the book deficit calls for no adâ€" diticnal cash cutlay and is nonâ€"existent in the sense of ‘being an additional burden. With any considerajle increase in traffic, cne may confidsntly look fcrward to th'e cash deficit diminishing until, should we return to the> traffic level of say 1927, it would disappear. At higher levels the system would not cnly easily pay inter:st on its bonds, but woulq also return a dividend on the capital invested in it by the govâ€" ernment." brushed aside, The system, in order to meet its interest payments to the pubâ€" lic, in 1934 had to obtain $48,407,900 from the government, and for 1935 the amount required w1ll be approximately $47,000,000. "‘The Canadian National Railways, from 1923 until well on into the deâ€" sression of 1931, paid all its wages and materials on operating account, taxes, and all items of expense except interâ€" est on invested capital, including subâ€" stantial provision for depreciation and r<tirement of property and amortizaâ€" tion of bonds discountâ€"in fact, all items of expsnse, whether immediateâ€" ly needed in cash or not, and had left over, something as a return on the proâ€" perty investment. During the worst of the depression years, 1931, 1932 and 1933, the property just missed doing this, but did provide more than suffiâ€" cient to meet all its cash expenses, exâ€" cspt interest. In 1934 a slight return on invested capital account resulted from the improvement in business conâ€" ditions, and the 1935 result is again scmewhat better. "Just how important the mining inâ€" dustry of a nation may be is well illusâ€" trated by Dr. John W. Finch, director of the Bureau of Mines, Washington, in a recent address. This responsible official stated that of the entire wealth of the United States between 60 and 70 percent. had its origin in the mineral industry. "Some have said they would gladly °ll the Canadian National Railways for $1, presumajly feeling that by doâ€" ing so the country would ‘be better off financially. Nothing is further from the truth." In an editorial article last week The Northern Miner made reference to the value of the mining industry to <a country, and the editorial is well worth more than just simple perusal. The Northern Miner after quoting the case as it applies to the United States points the moral that similar facts apply to the Canadian case. The editorial in The Northern Miner is as followh:â€" Dr. Finch calculates that since the beginning of the nineteenth century the United States has produced more than one billlon ounces of gold, about 12 billion ounces of silver, 50 billion pounds of zinc, 100 billion pounds of copper and 136 billion pounds of lead. The wealth produced by the miners dces not vanish into thin air; it endures and thus affords substantial additions to the national store of wealth, which Dr. Finch calculates at $60,000,009,000, nearly all still in use. Possibilities of Mining Industry in the Dominion "Value figures for mineral production, as they are, fail utterly to reveal the real importance of minerals or the prominent parts they play in indusâ€" trial commerce. Mine products are raw materials and by the time they actuâ€" ally enter into use their value is enâ€" hanced many fold. For example, iron ore, may sell for $2.50 a ton but when two tons of it, say $5 worth, are made into the steel the value increases to perâ€" haps $60 a ton on the average before it even leaves the steel mill. Further fabâ€" rication into, say, an automobile, causes its worth to graw to $500. ownership a black >ye by taking a crack at the Canadian National, glibly quote distorted figures hardly ever less than $100,000,000 per year, and ranging upwards to truly astronomical figures obtained by Mr. Milton W. Harrison, president of the Security Owners‘ Asâ€" scciation, Inc., of $200,000,000 per year. Pcints to: Fallacy "The fallacy behind these figures can sest be exposed by the simple illustraâ€" ticon of a small business. Ltt us supâ€" pose a man has $100,000 invested in a business and that the revenues from his business are enough to pay his wage bill, the cost of all materials used, ‘ang to maintain his factory in good us*@able condition, paying all taxes and public charges and leave qver 32000 a year, The ordinary man would say: ‘My business has yielded me a $2000 profit on my $100,000 investment.‘ But the man who damns the Canadian Naâ€" ticnal Railways says: ‘Oh, no! You shoulg have earn=d $6000 on your $100,â€" 000 ihnvestment and therefore your plant chas lost you $4000, and â€" your business must issue a notée to you for this $4000 loss and pay interest on it.‘ This goes on for a period of years and you will ses that in a relatively short time the business which in point of fact was making a small return on the invested capital would be shown as a kopeless proposition. "Products of mines and crude oil afâ€" ford well over half the tonnage of revenue freight handled by the United States railroads and to this must be added the tonnage from smelters and réfineries and the products of coment, lime and brick works, to make a huge total. "Dr. Finch estimates that 7,500,000 persons are directly dependent upon the mining industry in the United States and that many millions more are indirectly supported by it. arouse the imagination of the Canadian people to the possibilitiee o‘ our own mining industry. We have the mineral deposits, the miners, the engineers, the metallurgists, the railroads to handle a mineral production four times what the present shows. What is mainly needed to speed up development is capital and faith, unhampered by too much restricâ€" tion and by taxation greed:" ERROR IN NAME IN, ARTICLE â€" â€" PUBLISHED LAST THURSDAY In referring to the death of Mrs. Eeaman McGrath at Wine Harbour, NS., last week, a typographical error gave Mrs. M. Mahon as an aunt of the deceased. It should have read that less than $250,000,000, all of which is included in the debt chargeable to govâ€" ernment ownership, but is properly chargeable to private ownership." "Out of the distorted statement of the liabilities of thke Canadian Nationâ€" al," continued the speaker, "has arisey the misconcention of enormous annual losss. People desiring to give public aunt of Mrs. McGrath. "We quote these observations to "The ore is a heavy sulphide, mostly pyrrhotite, with a little arsenopyrite which carries most of the gold, makâ€" ing the ore semewhat difficult to mill. The federal government helped out by placing a heavy import quty on arsenic so that now the concentrates can be roasted and the byâ€"product arsenic sold for more than enough to pay for the prozessing. Roasting frees the gold so that a high extraction can then ‘be made by cyanidation. ‘"Drilling, strangs to say, is done dry and the drifts are foggy with dust, yet the management claims there is no trouble with silicosis. The mine is quite dry ard although the rock temperatures are high, humidity is not a difficulty. Thkey have no trouble with rock bursts in this mine as they do in Africa and the high temperature is their main trouble. "The engineer noted that in the change room at surface which is used by the superintendent and other white men tkere are no facilities for a shower bath. The same olg rusty "tubs" that were ‘brought out from England sevâ€" eral generations back are still‘ in use, Jeing strung out in a row along one side of a long room. I "A Canadian mining engineer who recently visited the famous San Juan del Rey mine in Brazil, reputed to be the dsepest in the world, has sent home an interesting outline of his impresâ€" sions. To get to the bottom he went down six vertical skafts and three inâ€" clineg shafts, with four of the verticals being a thousand fset each. At the bottom the temperature is 125 degrees Fahr, despite the provision of two reâ€" frigerating plants, one at the surface and the other haldf way down. Were it not for the fact that at the bottom levâ€" els the vein has narrowed to thres or four feet and the grade has dropped another refrigserator would be installed there and sinking would have ‘been continued. As it is the operators have returnedâ€"to upper levels where the vein is ten to 40 feet wide and a thousand feet long, with the average grade of $15 to the ton. "In the mill which is more modernâ€" ized they tave 140 stamps and five tubs mills and are treating around 800 tons a day from the old mine. Concentration on James tables and strakes, with roasting of the concentrates, followed by cyaniding is "the flow sheet. The mill is being enlarged to take care of the adjoining Santos mine which has recently been developed. An aerial tramway six miles long carries the ore from the mine to the mill. While all interested in mining know something about the famous San Juan del Rey mine in Brazil, the following frem "Grab Samples" in The Northein Miner, give added facts that are not in the usual line. At the present moâ€" mert there is special interest in the San Juan del Rey in the district, beâ€" cause there is considerable deep mining now in progress in the North, and the San Juan del Rey is particuâ€" larly famous for its deep mining. The followirg is the a@article from "Grab Eamples‘"":â€" New York Waiter Didn‘t _ Know his Gold Bricks! In its column, "Twentyâ€"five Years Ago,‘ ‘the Ottawa Journal has the folâ€" lowing interesting item, reproduced from The Journal of Feb. 21st, 1911:â€" "A playful Canadian mining man whose name was not given, dining in a New York hotel with a friend, had n his pocket a smal briquette of purs gold worth $1900. The meal ended, he ofâ€" fered it to the cashier in payment of a $14 bill. The indignant cashier said he wouldn‘t give 20 cents for it, and called the house detective." "There are about 160 Europeans and around 7000 natives engaged at the proâ€" perty. Of these 1500 are miners working underground at the olg Morro Velho mine and the balance in the mill and other surface operations. It s:ems a high ratio of Hands for an 800â€"ton operation. "Theâ€"ergineer learned that there are a great many low grade deposits, asâ€" saying from $2 to $5, soms of them quite extensive, in the area. It is a difficult country to prospect because the vein outcrops are usually covered with a â€" saprolitic clay which is dpgived from the decomposition of the en ing schistose rocks. This decompmition extends for from 30 to 50 feet belalv the surface in this area. The Morro Velho outcrop was justâ€"a rusty red anne in the yellow clay and it was found by plac»r miners who worked theit way up theBiodasVeIhastothemmeb- Some Odd Facts About San Juan del Rey Minc Dr. Currelly of the Ontario . meant to criticise was not the habits of women toâ€"day fut ol which, naturailly, he is well: inf ~saprolitic clay which is degived ’hn decomposition of the Ms- histose rocks. This decompgsition s for from 30 to 50 feet below the 2 in this area. The Morro Velho p was justâ€"a rusty red zone in liow clay and it was found by miners who worked theit way and I Declining private incomes mean deâ€" clining public revenues. This point was _emphasized in a study of the revenues of the Province of Ontario for the past thrse years by the Toronto Board of Trade, and based on a survey of Dr. H. L. Brittain, Director, Citizens‘ Reâ€" ‘search Institute of Canada. The Handsook, as usual, analyzes the lsadirg mining companies in great deâ€" tail, giving directors and operating ofâ€" ‘ficlals, executive angq mine office adâ€" dresses, property location, development, ore reservss, production, carnings, diviâ€" dends, financial position ard other imâ€" portant facts. It lists 2,734 inactive, reâ€" organized or defunct corporations and is, therefore, especially useful to those who wish to trace ventures which have passeq out of current knowledge. Where reorganizations have taken place the share exchange basis is given whenzsver For years past The Canadian Mines Handbook has besn practically indisâ€" pensable for any interested in mining "and mining companies. Like The Norâ€" thern Miner, from whose presses it is published, the Handbook is noteworthy 'for its accuracy and the completeness with which it covers the situation. No one who is interested in mining matâ€" ters can afford to be without this volâ€" ume. It should be consulted frequently. Must Reduce Costs â€" to Balance Budget "Provincial. revenues declined during thke pericd 1930â€"31 and 1933â€"34 oy over four . million dollars, while revenues from taxation cuntinued to increase unâ€" til 1933â€"34, when a sudden drop occurâ€" red. It was shown that in 1904â€"05, taxaâ€" tion was less than oneâ€"fifth of the revâ€" arue, but in 1933â€"34 it represented about twoâ€"thirds of the revenue. The decline in tax revenue in 1933â€"34 more than accounted for th» decline in total provincial reverue. Furnishing a comprehéensive review of mining activities from coast to coast, the Canadian Mines Handbook for 1936, just issued, covers many more. comâ€" paniss and is somewhat larger than any previous edition. A total of 3774 Canaâ€" dian mining operations are dealt with, and the book runs to 367 pages. Some 250 of the companies and synâ€" dicates treateq are newly formed, and in addition a number of companies, formerly listed as inactive, are covered in greater detail than previously by reason of resumption of operations. The only source of revenue a public authqrity has is the income of its citiâ€" zens, but there is a point beyond which increased taxation brings diminishing returns, When private incomes are shrinking, this point of diminishing reâ€" turns is reached much more quickly than in times of expanding incomes, the survsy shows, detailing comparaâ€" tive statistics on revenues of the proâ€" vince. Coâ€"operation of Public Urgâ€" ed to Extent of Avoiding the Urging of Unnecesâ€" sary Expenditures. The book carries a sevenâ€"year highâ€" low range of stock exchange quotaâ€" tions and other data such as commisâ€" sion rates on leading markets and fedâ€" eral and provincial transfer tax rates. The Handbook is edited and publishâ€" éq by the Northern Miner Press Ltd., 122 Richmond St. W., Toronto, Ont. The vprice remains unchanged at one dollar. Almonte Gazette:â€"Displacement of women in business by male stenograâ€" phers and secretaries is sgen in a report on ‘employment conditions presented by Miss Mary MacMahon before the annual meeting of the Toronto Local Council of Wom:n. In a tendency of large corporations, brokers and mining men to prefer male help to female, Miss MacMahon saw a possible forecast of a return to the Victorian era when woâ€" man‘s place was in the home. Renfrew Mercury:â€"James Y. Murâ€" dock, KC.;: "It is the soâ€"called rich man or the energetic ambitious, rising young man who develops our resources or creates new industriecs and thus new (a) That the levels of taxation, parâ€" ticularly taxation on business and inâ€" dustry, should be reduceg in order to stimulate the revival of business and industry from which nearly all people draw their livelih@od and thus reduce unemployment, (b) That in order to maks this posâ€" sible the public be urged not only to refrain from gemanding increased pubâ€" lic expenditure for purposes in which they are directly intsrested, but to coâ€" operate actively with the government in reducing governmental costs which bring about increased taxation. (c) That every wiss effort on the part of puslic bodies to increase the revenue, direct or indirect, from our public doâ€" main by methods of conservation and y the stimulation of tourist traffic be vigcrously supported. Among the suggestions advanced by the Toronto Board of Trade are:â€" New Mine Handbook is Valuable V olume sives Interesting Data and Analysis of Practically All Canadian Mining Venâ€" tures of Any Importance. Ottawa Journal:â€"According to Wilâ€" liam Green, President of the American Federation of Labour, there are 11,400,â€" 000 unemployed in the United States, with still "no prospect of work for more than a mere handful of that number." It is a striking comment upon Mr. Rooâ€" sevelt‘s $4,000,000,000 public works spending programme. Toronto ~Mail and Empire:â€"It is surely a sad commentary upon our boastsd civilization when a prize fight tournament at the Maple Leaf Garâ€" dens will draw a greater number of people than even Mr. Denton Massey‘s Bible class. North Bay Nugget:â€"Loud wailing and great howls are the aftermath of Canâ€" ada‘s unsuccessful effort to retain world amateur hockey honours. The people are only interested in the fact that somebody made a mess of the assignâ€" ment. Brandon Sun:â€"We always refuse to give the bride away. We prefer to let the groom find out for himself. Boston Herald:â€""There is no simple word," writes a Western editor, "to exâ€" press what the American people want.‘ Well, brother, how about ‘"More?" Indianapolis News:â€"A war never se:ms to go where there are names that are easy to pronounce. Brandon Sun:â€"If you do things beâ€" cause everybody else does them it is a sign that there isn‘t much to you either. Sudbury Star:â€"Valentines may be foolish and all that, but they certainly build some great fires in the grate. Renfrew Mercury:â€"Now we are hearâ€" ing that men‘s clothes are to ‘>e more colourful. ~Won‘t it be great when the old boys begin wearing larger feathers in their hats and some pink bows on their pantaloons? All those who read this column and who would like to have a nice red vest are invited to send their requests to the editor. Ottawa Journal:â€"Some people the truth more for the sake of conveniâ€" ence than for truth‘s sake, Hamilton Spectator:â€"Premiecr Hepâ€" burn and Emperor Haile Selassie have one thing in common. They are both able by now to appreciate the meaning of defensive warfare. Acton Fres Press:â€"St. Valentine‘s Day handed out some queer valentines, but it as also a day on which several cases ‘before the courts received settleâ€" ment. O‘Donnell received his sentence in Toronto; Walker got his term meted out at St. Thomas; and Knowles, anâ€" other in the Labatt kidnapping case, was sentenced. Sudbury Star:â€"Mark Twain, who complained that nobody ever does anyâ€" thing about the weather, should see us at work with out snow shovel. Tcronto Telegram:â€"Carslessness at the polis is just azout as tragic as careâ€" lessness at the steering wheel. Huntingdon Gleaner:â€"While still a young man, Jack MacCarthy, baker of Kinsale, Irish Free State, decided there _'m'no use wasting so much time In an address in the Legis‘lature last week Hon. Geo. 8. Henry, former preâ€" mier, took occasion to refer to his firm faith in the North and to point out that events and circumstances in the last year or two fully justified the faith h2 had shown. He also made reference the reéepudiation of Hydro contracts by whe Hepburn provincial government. In regard to the Abitibi Canyon power ds velopment, Hon. Geo. S. Henry said that he believed that the Abitibi Canâ€" yon power development which ha had declared three years ago to be one of the greatest enterprises of the province in recent years, was living up to his expectations. Asheville (N.C.) Observer:;â€"Italy can be pacified, of course. And we could have pacified Capone by giving him Abitibi Canyon Power Deal a Favouralile One "I that the members from the North are 1006 per cent. with me in the belief that Abitibi will yet prove a great stroke of business for the province," said Mr. Henry. "I also believe that the day will come when the members of the present govâ€" ernment will bow their heads in shame in their cancellation of Quebec powetr contracts," said Mr. Henry. ‘"They are now ‘buying power from day to day. There is not a company in the United States that does not have a greater reâ€" serve than Hydro. It is nothing but political jugglery the way this adminâ€" istration has slaughtered the power reâ€" serves of the province for political purâ€" ses," he said. Highâ€"grade Samples from Week‘s Run of the Press CAMERON, POINTON MERRITT LEITCH GOLD MINES An aggressive program of underground developâ€" â€" ment is now under way. Future prospects are most encouraging. Write for full information regarding this interesting mining development. THE TORONTO STOCK EXCHANGE hh ADELAIDE STREET W. TORrONTO sSleeping only s 2l at a LIMITED Mamber:s A total of 46 men are employed on the project, 11 of them on diamond drill crews. During the coming spring, the claims will be given a thorough going over and the property will have a real chance to prove its worth. Some sounding for rock is being done in the lake itself. The 60 claims comprising the Smithâ€" Thorne group optioned to Hollinger look promising. There seems little doubt of that. A two compartment shaft has been sunk to a depth of 325 feet and crosscutting has been begun at the 200â€"foot level. As yet few samâ€" ples have been taken and those in charge of the opsration have not atâ€" tempted to place any estimate on ore lengths or depths. Horwood lake is located 17 miles from Tionaga, a station on the C.N.R. Capreol line, a hundred miles northâ€" west of Sudbury. A winter road makes it possible to haul supplies in from Tionaga to Horwood Lake by sleigh. Lumbering operations in the same disâ€" trict by a Sudbury firm make transâ€" portation projlems easier than they would otherwise be. Masquerade Dance Proved Big Success The masquerade dance under. the auspices of th> Badminton Club on Friday evening proved a notaols sucâ€" cess and was much enjoyed by all preâ€" sent. The majority were in masquerade and the costum®s were particularly inâ€" teresting, with many novel designs. Andy Congiano‘s orchestra provided excellent music for the evening ang all other features were up to the highest standards. Dancing started at 10 p.m.: the grand march was at 11 pm.; reâ€" freshments were served at 1 am.; and the dance closed about 2 a.m. The prizs winners were as follows:~â€" First, ladies, Mrs. McCrea, Dome, as of the 18th Century." Despite the many rumors that have been published throughout Canada reâ€" garding the Horwood Lake property now being developed ‘by Hollinger, it is still only in the stage of a prospect, Hollinger officials advise The Advance. Communication from Timmins to the nsw property is kept up usually by acroplane. The judges for the costumes were: Mr. and Mrs. F. C. H. Simms, Mrs. J R. Todd, P. E. Cooper and Dr. Porter. Winners ‘of Prizes .at the Porecupine B a d m in t o n Club Masquerade Dance on Friday. Other costumes worthy of _ special comment included Mr. and Mrs. Jefâ€" frey Cosser, Mr. Newkirk, Wm. Vaughâ€" an and Miss Eleanor Harkness, as Lhe Dionne quintuplets. First, gentlemen, A. R. Harknoss, as ‘*‘Colonial Gentleman." First, ladies, original, Mrs. Scully "Spring Salad." Horwood Property in Prospect Stage Sixty Claims Under Option to Hollinger Look Promisâ€" ing, but are Being Proven up. First, ladies, comic, Mrs. Keith Stirâ€" ling, "Ma Yokum." First, men, comic, Wilfred _ Hislop, "Mae West.‘" former Viceâ€"President and General Manager of the United Hotels C3mâ€" pany in the United States and Canâ€" adsa, and Honorary IPresident of the Ontario Hotelkeepers‘ Association, has become associated as special reâ€" presentative with the firm of H. R. Bain Co., Limited. Mr. O‘Neil brings to his new assoâ€" clation long eum'lence in the adâ€" M Mportant emer- First, men, original, R. McChosney, DAAAE With H. R Bam (‘ MONDAY, PEBRUARY 1936 4sS