The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

"To complete our review o cperations, there is recorde an expression of grateful oi the splendid services rend Bullion recovery, net. | Mining and developme« 868.31; crushing, conve ing, $631,633.87; making ment, Dut restiits to date are not sulâ€"" ficiently indicative to warrant the exâ€" pression of any definite opinion as to the final cutcome of this work. "Refeéerence to the cperations being carried on by Belleterre Mines Ltd. is found in our General Manager‘s report, and it should be added that negotiaâ€" tions have just been completed, whereâ€" by all the properties in the Mud Lake area, Quebec, in which this company acquired any interest, will be transâ€" ferred to Belleterre Mines Limited, and when these transfers have been comâ€" pleted, there will be 1,500,000 shares of Belleterre stock issued and outstanding. and of this total, McIntyre will possess 1,432,495 shares. those who have c vear‘s success." vision for depreciation and taxes, the profits per share this fiscal year were $4.46 as against $4.49 a year ago. ‘"‘The gross value of our production was $8,641,205.24 and the estimated value of our ore reserves remains subâ€" stantially the same as a year ago. "several outside properties were opâ€" tioned and put under active developâ€" ment, but results to date are not sufâ€" ficiently indicative to warrant the exâ€" "On the other hand, the last General Shareh costs have trended grac sistently upward. CC employees was increase( ber l1st, 1936. Price list plies and equipment ha. ea and, in spite of a slig vision for depreciation profits per share this f $4.46 as against $4.49 a "The gross value 0o was $8,641,205.24 and value of our ore reser stantially the same as "It will be noted there has been a material increase in the market value o[ our investments, and our financial position has been strengthened to a degree never before attained in the company‘s history. 4 The annual report of the McIntyre Porcupine Mines Limited for the year ending March 31st, 1937, has just been released, and shows another very satâ€" isfactory year, with the mine in excelâ€" lent position from all standpoints. Comments of President In his letter to shareholders of the McIntyre J. P. Bickell, president, says, in part:â€" Mclntyre Annual Report Shows Successful Year Gross Value of Production for Year Ending March 31st, 1937, was $8,641,205.24. Ore Reserves Practically Same as a Year Ago. Many Interesting Points in Annual Report. Toronto, Hamilton, Niagara Falls, Buffalo, London, Windsor, Detroit, Peterboro, I\mgstonâ€"â€"and to Many Other Pomts k2 1 CANADIAN NATIONAL â€" From all towns on lines of T. N Railway, also on C from Fgres, transit limits, tickets and information from Agerts o6f T. N. O Railway, Nipissing Central Railway and Canadian National Railwaws al Profit and Loss Statement Cor. Birch and Kirby An Astonishing Thing About is that it can be the perfect dessert for a formal party or a healthful treat for the family. It tops the list for good looks, yet is packed with pracâ€" tical food values. The rich creamy goodness of Timmins Dairy Tce Cream appeals to everyone, especially this warm weather. 7 delicious flavyâ€" ours to choose from. TRY QOUR SPECIAL CHERRY BRICK THIS WEEKâ€"END ICE CREAM TIMMINS DAIRY ICE CREAM (See Handbills for Complete List of Destinations l M“.E Round Trip BARGMN FARES FRIDAY, JUNE 11th Use Canadian Nationa! Expreéss Money Orders 118(Ss Covering supâ€" have been advancâ€" slightly lower proâ€" d, as predicted at ‘eholders‘. Meeting, radually and perâ€" Compensation to sed as of Novemâ€" i lines of T. N. 0. Railway and on CNR. from Hearst, Kaplbkasing, (ochrane Route via North Bay and CN n the Mud Lake h this company will be transâ€" nmnes Limited, and have been comâ€" 300,000 shares of and outstanding, ityre will possess was $8,100,696.30 ent cost $3,267,â€" ying and millâ€" a total of $3,â€" eW ol j|ast yvear‘s ‘orded herewith ul appreciation rendered by our taff, and by all uted to our last were opâ€" developâ€" not sufâ€" the exâ€" McIntyre 898,702.18 for mine operating costs. the year|! Administrative costs, $136,900.39. just been' Total of mine operating and adminâ€" very sat-' istrative costs, $4,035,602.57. in excelâ€" Provision for depreciation of plant oints. and equipment, $298,887.50. at | â€"~Operating profit*before~providing fot wer pro Current liabilitiesâ€"payroll payable, $124,730.63; accounts payable, $185,â€" 420.45; provision for taxes, $899,394.70; provision. for silicosisg assessment, $63,â€" 123.11; provision for sundry liabilities, $29,390.24. â€" Total current liabilities, $654,510.45. | Nét profit for the yearâ€"transferred to earned surplusâ€"$3,560,372.11. | Earnings per share, $4.46. Earned surplus account as at March sist, 1937, stands at $11,537,171.75. | Capital surplus account as at March| 3ist, 1937, $225,315.41. | Balarce Sheet, March 31, 1937 g Current assetsâ€"cash on deposit and | on hand, $148,077.30; bullion in transit and on hand, $447,291.31; government bonds, $9,460,674.76 (market value $9,â€" 423,473.39 March 31st, 1937); other| marketable securities, $4,255,270.72 (market value $10,056,375.00 March 31., 1937); and accrued interest; regeivable, $103,447.172. ~° Total currenti assets, $14,414,761.81. | Capital assetsâ€"mining properties,! $4,222,449.62; plant and equipment, ss,-’ 173,585.25. Total capital assets, $9.396.-} C034.85. | Shares of and advances to other minâ€" ing companies, $591,291.31. Deferredâ€"supplies on hand, $336,â€" 357.23;: prepayments and deferred items $94,881.71. Total deferred, $431,238.94. Total assets, $24,833,326.91. Liablitics Nonâ€"operating revenues (net)â€"inâ€" cluding income from securities, deposits etc., $443,605.37, and miscellaneous earnâ€" ngs, $5,070.96, making a total of $448,â€" xcs, $3,766,206.:23 ision for taxt for current vear tober 1, 1936. Since that date the mill has treated 17,090 tons of ore from dumps and development Gdrives, reâ€" coving $6.32 per ton or a total of $108,â€" 0008.00. Estimated ore reserves are 78,â€" 231 tons at $10.20, or $797,076.00. "Fortyâ€"eight outside properties were examined during the year and options "Costs continue to show a moderately upward trend. The thirtyâ€"two cent per ton inctrease is in part attributable to the backfilling, retimbering and reâ€"axâ€" amiration of old workings, but an anâ€" alysis of the figures above submitted will indicate that the distribution of the aaditional cost affected almost every phase of the operations. ‘"Development work on the lower levels thrsough No.: 12 Internal Shaft continues to show fair results. Thirtyâ€" five per cent. of drifting was in ore asâ€" saying .368 ounce vber ton over drift width. QOutcide Expl¢ration ‘"The Belleterre Mines Limited was organized in June, 1936, to consolidate the several groups of claims owned wholly or in part by this company in Guillet township, Quebec. _ This proâ€" perty is being developed from two shafts. No. 1 with levels at 125, 250, and 375 was sunk prior to this fiscal year. No. 2 was continued to a depth o¢f 535 feet with levels at 125, 250, 3745 and 500, and a total of 2,750 feet of lateral work was completed during the year. A mining plant with Diesel enâ€" gine power, shons, permanent camp buildings, and a 100â€"ton cyanide mill was erected and put into operation Ocâ€" tober 1, 1936. Since that date the mill has treated 17,090 tons of ore from dumps and development Gdrives, reâ€" coving $6.32 per ton or a total of $108,â€" Broken Axle on Freight Delays Passenger Train A passenger train, No. 46 southbound from Timmins, was delayed more than two hcours some eight miles north of North Ray on Sunday night, the cause of the holdâ€"up being a broken axle on a freight train. The passenger train had to be delayed while repairs were made to the track and engine. To avoid any unnecessary delay to the southbound passengers on No. 46 and so as to enâ€" able them to make connections out of North Bay, the passengers were taken tu North Bay by taxi. Globe and Mail:â€"Forty yvears ago Sunday street cars were endorsed by a Toronto vote with â€"a majority of 321 but it is only fair to point out that they were not the cars now in use. However, in the differs but litt $22,065.40. : Frame buildings demolished, $7,182.12. Net additions, $51,659.88. In his revort Mr. Ennis also has the following in concluding his report:â€" General * ‘"‘The ore reserve estimate indicates a slight increase in tonnage and a drop in grade of eighteen cents per ton. cuntes per Total liabilities as above, $24,833 326 .91. Gencral Manager‘s Report Interesting facts and figures are givâ€" en in the report of R. J. Ennis, general manager. Exploration, $]1 Development, $ Breaking and Milling, $631,6; Administration 13€6.800.39. Avalysis of Mining Costs Lasou:, $1,404,237.65. Explosives, $185.261.80. Supplies, $123,151.42. Power, $105,237.84. Timbering, $368,906.90. Shaft repairs. $4,455.73. Packâ€"filling, $260,265.24. Reâ€"timbering, $47,630.90. Guniting, $218.74. Steel sharpening, $61,580.21. Drill repairs, $32,197.80. Surveying and engineering, $48,786.05 Sampling and assaying, $56,439,22. Pumping, $17,366.87. Ventilating, $16,332.75. Fire protection, $841.76. Underground lighting, $18,845.19. Tramming, $153,888.94. Underground crushing, $8,805.71. Hoisting, $244.524.03. Exploration, $108.093.56. Total mining costs, $3,267,068.31. TOotal milling costs, $631,633.87. Additions to Plant Buildings arnd Equipment Aerial tramway for backfill, $22,040.62. No. 4 steel headframe and hoist use, $8,813.33. Transportation equipment, $2,379.64. E€hops, office and surface equipment, ,543.01. Underground Estimated, 3,416 6,724,734¢ broken $1,702.106 Average j Ore broken Ore from df Ore hsisted Develspmen Ore Otal progducl $90,15€,258.50 al Production eated., 864.500 ton 3,416,622 tons, value of broken, 175,399 tons, value 6. Total value, $38,426,840. per ton, $10.70. Opgrating Costs n, $108,093.56. ent, $417,583.28. 631,633.87 Miring i in stopes, 789,675 tons. levelopment, 74.120 tons. d, 869,209 â€"tons. Development mt work amounted to 26,â€" is includes 16,422 feet of hich 2,899 was on line and n vein material, of this as in ore averaging .354 n over drift width. Ore Reserves 3,416,622 tons. value of reggregate, from th ventilating _ systems levels at 125, 26 prior to this fise nd $8,100,696.30 since 1912 eneral expense $4.035,602.57 THE PORCUPINE ADVANCE. TTIMMINS, ONTARIO ~Stabilized Price of Gold is Rumored day in the face of unloadings on the market that it required support at 140 shillings, nine pence $35.18) per ounce. The British Deminions, having handâ€" ec over complete management of the sterling bloc of nations to the Mother Country under a 1933 agreement, have demanded that Great Britain stabilize the gold price by coâ€"cperating with the United States and France instsad of "going by stealth." Influential financial leaders were known to be urging Prime Minister Neville Chamberlain to break his silence on the situation claim is servin{ hoarders. The above cable from London must be read in the light of the fact that (By Wellington Jeffers) (Financial Editor, The Globe and Mail) The price of gol{ sterling was 142 sh fine ounce on April day in the face of market that it requ shillings, nine penceé an{d win coâ€"Britishâ€"Uniter cord of a yvear ag weuld be taken to curtail the imports of gold into New Yor! damaging the market for hoardd Others Would Support It The triâ€"partite guarantee of bilized price, it was said, would the support of Holland, Swit: and Belgium, which endorsed the from last three Cc United cred. was received 6 deon‘s financia than $20 000. 09 London, En éed States, G are preparing anteeing a w present rate, informed fin is., Great Britain and France to Guarantee Presâ€" ent Rate? The George 1€ me deale1 IC ind, June at Britai a silenc only to 11 whic ings rid, would carry nd, Switzerland leaders were Prime Minister Jreak his silence nce which they e 2.â€"The Unitâ€" in and France 5C â€"mne P monetary illy in where rlarm jarded to 1d 11 1ight TAYLOR HARDWARE guUarâ€" t the Steps eavy thus gol.* men low Te 1€ Kapuskasing Northern Tribune:â€"Tod many square meals are sure to make a round figure. setting oi companied the price of gold enters into every problem now being considered by the triâ€"partite nations in connection with preposals for lowering tariff barriers to increase international commerce and for stabilizing the principal exchanges of the world in terms of each other. Undoubtedly Canada, South Africa and Australia have nresented strong Branch Stores and Warehouses at Cobalt, New Liskeard, Swastika Kirkland Lake, Cochrane, Timmins, Ont.. Noranda, Que. ‘gailning fand still closer i f a price for gold is to be d by lower tariffs. Trade Pact Involved old question has to be se way as a basis for the A: tates trade pact which is Head Officeâ€"New Liskeard, Ont sented stron; igdom joining _ France ant ‘ling countrie: ixed price for eazoh of these is SAll British Emâ€" ade rela h a pac er if th o be ac Globe and Mail:â€"Mechanical genius appears to collapse before the problem of inventing a noiseless riveter. 10, 193 amount dividend DIVIDEND OF 5e PER SHARE EYX THE CONTIAURUM MINE 1€ lTu D6 )T d1strl will 293 B Doherty Roadhouse Co. volvin be $ Market Quotations broadcast each day at 12.20 noon Direct private wires for fast and aceurâ€" ate quotations and executions in all Commision basis only Local Phones 1200 and 12091 Acecurate Markets and Executions in a distribution to ial payment of. 3 g been made Aug. $80,923. Total including present LY Member: {Loronto Stock Exchange im Mint Unlisted Stocks Mining Stocks Industrial and Public Utility Stocks Bonds per shart ers of re vment prC and 5.20 nave Mining Research Corp. Mr. Macinâ€" tosh‘s recommendations, on which exâ€" ploration and development work will be based, should be available 3;1101'tly, Deâ€" losha officials say. In the meantime, company has crews at work under direction of C. 0. Smokâ€" ler, on both the No. 1 and No. 2 proâ€" perties, both located in Shaw township Mining Research Engineer Inspects Shaw Properties Limited Timmins