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At the annual meeting of the Mcâ€" Intpreâ€"Porcupine Mines last week at Toronto the address of the president, J. P. Bickell, was of special interest and impcrtance. Mr. Bickell said, in part:â€" MOKNDAY, JULY 5TH, 1937 MclIntyre President on the Price of Gold Also Touches on the Rising Costs of Mining. The one cloud on the horizon, as viewed by some shareholders, in gold mining companies, is the apprehension surrounding the present price of gold. Rumor has generated fear, and the opinion has been expressed in certain quarters that monetary stocks of gold have already increased to a total out of all proportion to their usefulness, and that world production, increasing from year to year, is bound to bring about an intolerable condition. Purchasers of old gOL house to house. From gold that had been ho periods of time found "e Ne t VR Moreover, all over the world there was a rush to review and reâ€"examine prospects previously classified as marâ€" ginal or worse. The most promising of these properties were put under aeâ€" velopment in a hurry and production followed. _ increased activity in the gold mining industry, brought about by a sudden and upward revision of the price of gold, may be fairly described as resulting in "fAlush production." But this stimulated condition is gradually passing. As the general price level rises, costs will increase, and gold production will naturally decrease. Perâ€" hapns too there will come better apâ€" preciation of the value of large moneâ€" tary reserves of gold. You askâ€"What about the price of gold? I don‘t think any person in the world. under present conditions, can answer that question with the assurâ€" ance you would wish. The answer must come as an expression of opinion. and my opinion, for what it may be worth, is that the price will not be lowered. sÂ¥ ea on the s.OCR of the world. structure so lal the past few 1 gold, began tOo dargzer w mol® h s A few weeks ago it was rumored that the, price would be decreased. Immeâ€" diately confusion and fear were recordâ€" ed on the stock and commodity markets of the world. The international price structure so laborious!}» bullt up during the past few years, based upon $35.00 onid hegan to wilt immediately, ‘The Doherty Roadhouse Co. STOCK BROKERS Timmins, 19 Pine sireet North Toronto Kirkland Lake 293 Bay Street 34 Government Rd. e e C signafwas recognized, and forâ€" Market Quotations broadcast each day at 12.20 noon and 5.20 p.m. Direct private wires for fast and accurâ€" ate quotationts and executions in all Commision basis only Local Phones 1200 and 1201 Aceurate Markets and Executions In Memberr fFforonto Stock E«xchange Unlisted Stocks Mining Stocks Industrial and Public Utility Stocks Bonds mal and official assurances were given and flashed to all parts of the world that no change was contemplated in that price. These assurances were beneficial, but the fear engendered by that rumor could not be easily quieted, and its effects are still manifest. If bare rumor could in so short a time lead to so much confusion and do so much to retard world recovery, it is not difficult to imagine what might have happened had the rumor been confirmed. Whether or not the new price for gold was fixed at too high a figure has little to do with the problem we are considering. It has been fixed and acâ€" cepted, and in my opinion the damage that would be caused by any additional modification or change would far outâ€" weigh any advantages that might reâ€" sult from such action. Now just a word or two about COSts| of operation. The trend is upward, | and the effect of such may be necessary I to reduce the tonnage milled and treat | a higher grade ore. It may come as a . surprise to many shareholders, and even | to some members of the mining fraâ€" ternity, to hear the assertion that were the company‘s policy selfishly dictated by commercial conditions only and forâ€" mulated without consideration for the humanitarian factors involved, we could by sacrificing a portion of our developâ€" ment work, reduce our tonnage by ap-! proximately 40%, and eliminate 500! men from the company‘s payroll, withâ€"| out. seriously encroaching upon our | present nearâ€"time earning power. l YWYWC CV LUAALE by sacrificing a portion of our developâ€" ment work, reduce our tonnage by apâ€" | masters of a boarding S proximately 40%, and eliminate 50q |a boy cleamning his knife men from the company‘s payroll, mth-, cloth, and immediately P« out seriously encroaching upon our | "I suppose that‘s what yS present, nearâ€"time earning power. at home, sir," h*e remark! We hope future conditions will not )‘ no.," replied the boy, quie necessitate any such action on our part. 'ally use clean knives at h St. Mary‘s s Journalâ€"Arg NCE, you had to sacrifice low running costs to get the driving thrill of power, pep and "pickâ€"up". But not since Chevrolet steppedâ€"up the famous Valveâ€"inâ€"Head econâ€" omy engine to 85 smooth, eager horsepower! § Twentyâ€"five and more miles to the gallon of sas! ... that‘s the kind of economy reported by gas . TIMMINS CGARAGE 60. LTD. (Sudoury Sta Still further evidence cpinion inclines to the : price of gold will not t least for some time to C ‘in the statement of Mr. sulted in "fush productic but this stimulated cond dually passing and as the level rises, costs will incre duction will naturally dec Dealing with operating as McIntyre mine is Cco Bickell said that if these |ycnd a cortain limit, it t to reduce tonnage higher grade ors. Witho consideration, he pointed . ‘nanvy could, by sacrificing preside Mining Costs Showing Steady Increase These to the annual meeti at Toronto on Wedne Mr. Bickell‘s view appears to be base ledge of prevailing creased activity in t] dustry was brought ward revision in thq pany could, DV the development work by 40 per cent. and el from the payroll with crcoaching upsn the mil There may not be any of gold, as some predict certainty is that prod goldâ€"mining are on the have been wage and the prices of commoditi ed to a marked degree tws years, and indic IWO â€" yYyEears, AlU wanting that th be upward for The possibility in costs, tonnag to be decreased, ginal ore that C profit may have at the present J tion that should depression, as with ‘the pren metal, mcore men hay and the life lengthened th lowerâ€"grade o1 profitable un( metal. The managemet ever been noted fo stude. Its views 0 condition President an ounce reflecting itude ind for Smoothness, Performance and Unequalled Economy! has its best ssion, as has been n the premium now . producers have be men have been giv e prop radually that has P Roosevelt fir for gold, mu: sound Mcintyreâ€"Po il meeting 0 1 Wednesday that‘s what you r," he remarked i the boy, quict‘ in knives at hor of malt hrough jabili price 0 1 be giv his knife on the tadit?â€" diately pounced on him AI inage and treat a Without any other inted out. the comâ€" Timmins,. Ont. inings in en manif J1 it home be COon old bu 1€ OLlU pluU McHIintyrE ncreasel no enera ternly i times O ested, and g paid on in clover", nployment ffer C Days it 12 _ Gque 10ug! THE PORCUPTINET ADVANCE. TTMMINS, ONTARIO U It MJ1 IT‘C )€ rved this year‘s Chevrolet buyers in every part of Canada. And they‘re all enthusiastic about the way Chevrolet rides,. don‘t say enough about *Kneeâ€"Action in your advertising," many of them state. "My Chevrolet glides over the bumps like a $1500 car!" Others, safetyâ€" minded, Secondino Petricola Lost His Life in Fulham Creek. M The firs department was called at 207 pm. and at once began dragging for the body. Firemen James Morton G. Pooley and J. Gratton were in charge of the work. They were assisted by Matt Maddon cf the St. John Ambuaâ€" lance Corps and Arthur Marshall. The ‘Dbody was dissovered by Jack Feorge, Schumacher, after it had been ervIicE vho w ‘al tri "uneral of Boy who N as Drowned Friday SMALLEST PONY AT INTERNATIONAL SHOW curred. Andrew Ww meral services> were held at the rch of the Nativity yvesterday afterâ€" i for Secondino Petricola..10, son of and Mrs. Enminio Petricola, 168 ar strset south, who was the victim . drowning accident Friday afterâ€" ricutes. condino was playing along with two r little boys on the old trestle re over the Fulham creek last Friâ€" when he slipped and fell into the moving waters. tnesses say that the boy was playâ€" n the lower part of the trestle and wo chums were running over the e above him when the accident -put Chevrolet‘s perfected Hydraulic ve is the smallest shetland pony w at Olympia, London. Its charming the little fellow by its front feet. it w Dopliher, 3 Birch street, si fall into the waters but w to rezcover him. Fontana conducted : the hurch for the little boy rainst innumerable floâ€" ‘in the water about 40 | Artificial â€" respiratic started and the boy w |St. Mary‘s Hospital Vaughan took charge 580 pounds of oxygen tors were used in the i worked to revive the forts were unsuccessf} The deceased is sur 'er and father, one 1 brother thirteen mor ' Interment was mac | cemetery. Magistrate Atkinson‘s Son on Visit from Buenos Aires The Haileyburian last week says:â€" "Mr. and Mrs. Cyril Atkinson arrived in Haileybury this week f{from their home in Buenos Aies, South America, for A visit with Mr. Atkinson‘s parents, Mr. and Mrs. S. Atkinson, and other memâ€" bers of the family. It is several years since they have been in Haileybury and they plan to stay for a good visit. Mr. and Mrs S Atkinson went to Toronto and Mrs. S. Atkinson went to Toronto at the weekâ€"end to meet their son and his wife and children, and +there.iare who will be glad to give them a, \’Nelcome many friends and acquaintances here and hope their visit will be q‘pleabant one." North B trality" is Spanish m sn knows red in the International Ho mistress has no difficulty ho Bay NugBet:â€" is frequently mess, for what Brakes first in the list of quality extras. All enjoy the added roominess, beauty and protecâ€" tion of Unisteel Bodies by Fisherâ€"with their Fisher Noâ€"Draft Ventilation and Safety glass. ¢ You get the only complete lowâ€"priced car when you buy a Chevrolet. ‘And you save money every day and mile you drive! spital where Dr. C. E. charge of the case. Ove:! oxygen and two inhalaâ€" in the two hours the men ve the bov but their efâ€" months old made in thi minutt The ‘térm "neuâ€" avplied to ‘the purpose, »no perâ€" for economical ELrans porlalion as at ~onct noved to the Timmin 1 moth and = ve Lettâ€"Chevrolet Master De Luze Sedan with T runk ve Rightâ€"Chevrolet Master Coach with T runk. *On Master De Luxe Models,. ‘Beattle \Eobjo Bralorne Buffalo Ankerite Canadian Malartic Castle Tretheway {Ccntral Patricia iConiagas Coniaurum Consolidated Chlbougamau Dome tElaorado 'F‘alconbridge Gillies Lake God‘s Lake Granada Gunnar Hardrock | Hollinger Howey Hudson Bay International Nickel Jackson Manion |Kerr Addison ‘Kirkland Lake Lebel Oro ‘Lake Shore Lee CGold [Little Long Lac Macassa '!McLeod Cockshutt fton Ashley Bankfield Base Metals Manitcba and Easte McIintyre McKenzie Red Lake McVittic Graham McWatters Mining Corporation Mcneta Nipissing Night Hawk Ncranda Omega Pamour Paymaster Pickle Crow Pioneer Preston East Dome Premietr Read Authier . Red Lake Goldshore Reno San Antonio Shawkey | tSh-erritL Gordon St. Anthony South Tiblemont Sullivan Con. Sudbury Basin Stadacona Sylvanite Siscoe Teck Hughes Toburn Ventures Wright Hargreaves White Eagle Albany River Brengold Canadian Pandora Canusa (new) Darwin Missouri Toâ€"day‘s Stocks | SERVICGE CARAGE and Eastern Ansonville, Ont. Listed Unlisted Bid 38 11.38 290 42 59.00 2.40 1.24 409.15 Asked 41 2.10 118 3.20B 1.18 3.05 3.50 4.1D0 5.05 5.15 1.85 40B 1.38 2.40 53 5.45 3.90 7.05 6.05 UNISTEEL TURRET TOP BODIES BY FISHER ... Combining Allâ€"Steel satety with silence. Wider and roomier. Safety glass throughout. PERFECTED HYDRAULIC BRAKES ... Recognized everyâ€" where as the safest, smoothest, most dependable brakes built. IMPROVED GLIDING KNEE ACTION RIDE . .. The world‘s safest, smoofhest ride. On Master De Luzxe Models. VALVEâ€"INâ€".HEAD Highâ€"Comâ€" pression Engine . . . The heart of Chevrolet dependabilityâ€" matchless economyâ€"and brilliant performance. FISHER NOâ€"DRAFT VENTIâ€" LATION . . . Ends drafts and windshield "fogging‘‘. Enables you to ‘‘scoop in‘‘ fresh air on hot days, Removes smoke. Master 2â€"Passengzer Business Coupa delivered at factory, Oshawa. Governâ€" ment teaxes, license and ftreight addiâ€" ronal. (Prices subject to change withâ€" out notice.) Monihly (ecymonn to your purse on the General Motors Instalment Plan. De Santis Delnite Delwood Empire Gold Gale Gold Gilbes Hallnor Hugh Pam Jowsey Denton Lamaque Magnet Lake | Moffatt Hall (new) O‘Leary ; Ossian Porc. Creek (units) Porcupine Cioldreef Porcupine Lake Presdor United Porcupine Vimy Wood Pore. (units) | Young Davidson PRICED FROM An asbestos deposit in the Matacheâ€" wan mining area is being developed, and it is reported that production may commence at an early date. George Rahn and Fred Snyder, veteran proSsâ€" pectors, discovered the deposit many vears ago. May Work Asbestos Mine in the Matachewan Area Banquet by Armyâ€" Navy Veterans Here 745 Porcupine Army and Navy Veterans of the Great War are to hold a banâ€" quet and social evening in the Victoria hotel, Schumacher, on Monday eveâ€" ning of next week, July 12th. Tickets are on sale this week for the event and may be secured from any of the comâ€" mittee in charge. The event is sponâ€" sored chiefly by Imperial Army men and men of the navy, and a pleasant social event and interesting banquet may be expected. Porcupine Army and Navy Veterans to Hold Banquet at Schumacher. Try The Advance Want Advertisements * 185 12.00 1.25 30 it J a