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All of Which Seems to be Altogether Too Good to be True The following is all from "Grab Samâ€" ples" in The Northern Miner. Even the genial "Grab Samples" will not take responsibility for it, but passes the onus Major Xiraham Christopher Dugas, discoverer of the mother lode in the 111â€"yearâ€"old John C. Calhoun mine near Dahlonega, Ca., which is reputed to the richest strike in recent years, arrived today from Atlanta aboard an Eastern Airlines plane. Major Dugas said he was going to New York, where he exâ€" pected to stay for four days, consulting three men who grubstaked him during his fifteenâ€"year search for gold in the hills near Atlanta. on to The New York Herald Tribune. Well, anyway, here it is:â€" Georgia Ballyhoo Canada has had its share of wild storâ€" ies about gold and more than its porâ€" tion of discovery colouring but the folâ€" lowing tale from the New York Herald ‘Tribune of November 26th tops anyâ€" thing along this line seen in recent years in any country,. It has some deâ€" licious touches. "It‘s as rich or richer than the Comâ€" stock lode," Major Dugas exclaimed, pulling a nugget out of a pocket, "I‘ve talked it over with several experts; that‘s what they say." The Comstock lode, near Virginio City, Nevada, yielded gold and silver valued at $340,â€" 000,000 from its discovery in 1849 up to 1890, when the yield began to decline. "The first samples assayed $60,000 to the ton, and we have now struck some that run around $200,000 to the ton," he said. State geologists who tested the mine a week ago reported finding ore running $60,000 a ton, and he said that the United States Bureau of Mines geoâ€" logists would "put down some shots" of dynamite this week for additional tests. "Its richness presents a problem," And That May be the Facts of the Case. "Its richness presents a proviem, Major Dugas said. He is going to New York to consult Knox B. Phagan, Head of the taxâ€"consulting firm of Phagan, Tillson Tremble, of 25 West Fortyâ€" third Street, New York, and his two other backers on how much gold they should take out of the mine a year, to hold the taxes down. The other backâ€" ers are J. Lowry Dale, viceâ€"president of the Chemical Bank Trust Company and S. H. Small, of 77 Park Avenue, former chairman of the board of Genâ€" eral Foods Corporation. L t t o ks Major Dugas emphasized that he had "nothing for sale." He owns 79.6% of the stock: Messrs Small, Dale ard Phagan, have 15% and the remainder is owned in Georgia, he said. "Bo far as mongy is concerned," he continued. "we don‘t need any. I put down one small shot, and picked up $75,000 in gold. We don‘t need any help, either. When we start to work, T‘ll work it myself, with help of three men who have been with me for years." He said recovery of the gold would be a simple process and that he would need only a small crusher, a small ball mill, a concentrator and minor accesâ€" sories. 3 Major Dugas seemed happy, basking Major Dugas seemed happy, basking in the light of photographers‘ flash guns. His blue eyes twinkled behind his rimless spectacles and he took down the names and addresses of the six reporters who interviewed him at the airport, promising to send each a sample of the ore. He several nugâ€" gets in his pockets and, opening a small suitcase, produced several more. He washed one or two at the drinking fountain to bring out the flecks of gold, and one vein was as big around aSs a pencil. MONDAY, DECEMBER 18TH, 1939 The major, who is fortyâ€"six years old , wore high huntingâ€"boots, whipcord ridâ€" ing breeches and shivered in a light gabardine coat. He said he had an overcoat in another bag. He is only five feet two inches tall, but weighs 170 pounds. His title derives from the world War, when he served in the United States flying corps in Italy with Mayor F. H. Laguardia, after being trained at Mineola, L.I. at three fee five feet.. . The greatest thrill, he said, was not in finding the gold but in the search, and some day "I‘ll probably get back in my overalls and hunt for some more." He has received 4,000 letters, he said, since the announcement of the strike eight days Ago. HMe said 500 were proâ€" posals of marriage, but added that he already had a wife and two children. (From an Exchange) Hospital Nurse: "You say financial difficulties brought you here?" Patient: "Yes. Isaw my tailor comâ€" ing, crossed the road to avoid him and balfway across I saw another creditor on the other side. I did ncot know what to do, hesitated and went under a car." A New One A choir composed of over fifteen hunâ€" dred students of the four Timmins pubâ€" lic schools will gather at the ground of the Central public school, corner Fourth avenue and Pine street, this (Monday) \afternoon between 415 pm. and 4.25 pm. to sing Christmas carols for a | period of fifteen minutes to one half hour. â€"â€" _ This is a novel feature, and should provide a special thrill for adults and 'young people alike, as at no time in i the history of the town, has such a ,large sized choir presented a proâ€" â€"gramme. Choir of Fifteen Hundred Children to Sing Toâ€"day Prior to the singing in the schoolâ€" yard, a broadcast will be given over station CKGB at 4 o‘clock. Aldermac ARunor _..;....... Base Metals ...... Beattie ... Bidgood Bralorne Broulan Porcupme Buffalo Ankerite . Canadian Malartic Stocks " GCanada will still remain, will still be great and grow greater, and will continue to be a free country for free people." "The statement under review shows that even greater progress has been made than in any similar period in recent years." "Both labor and management should constantly keep in mind that the conâ€" sumer determines the number of people employed." "Regimentation by government, or otherâ€" wise, has been tried and has failed, and will continue to fail wherever attempted." THE DOMINION BANK SIXTYâ€"NINTH ANNUAL REPORT The sixtyâ€"ninth Annual Meeting of The Domâ€" inion Bank was held in Toronto on Wednesday. the 13th of December, when the President and the General Manager addressed the shareholders. The President, Mr. C. H. Carlisle was in the chair. Address by MR. ROBERT RAE, General Manager At the last Annual Meeting of the Shareâ€" holders, and subsequent meeting of the Directors, the close of the Bank‘s fiscal year was changed from December 31st to the end of October in each year, and as a result, the Statement presented to you toâ€"day covers ten months instead of twelve As you have just heard, the profits for the period under review were $802,296.80, compared with $960,121.31 for the previous twelve months. After paying the dividendsâ€"at the rate of 10% per annum â€" contributing $62,500. to the Officers‘ Pension Fund, providing $264,235.84 for Dominâ€" ion and Provincial Government taxation, and writing $125,000. off Bank Premises, the balance remaining at credit of Profit and Loss Account was increased by $31,463.47 and now stands at $837,400.71. . C e JYE Dealing with the principal items of the Balance Sheet, a copy of which is in your hands: Notes in Circulation: Notes of the Bank in Circulation were $5,322,171., an increase of $61,682. enE uy t e TWt 0 DEPOSITS AGAIN INCREASE Deposits: Deposits by the Public not bearing interest, $37,978,683., those bearing interest $85,335,930., or a total of $123,314, 613., compares with $120,703,163. on December 3l1st, 1938, an increase of $2,611,450. Dominion and Provincial Government Deposits total $13,587,383., an inâ€" crease of $11,954,.310. over those of a year ago. This is chiefly due to the special Government financing arranged in October last, the relative funds not having been withdrawn. L s 04 w 4.3 t SVE i;etters of Cx:éait: Acceptances and Letters of Credit Outstanding were $2,856,128., approximateâ€" ly the same as a year ago. LIQUID POSITION STRONG Casii Assets: The Cash assets of the Bank totalled $27,496,535., and were equivalert to 18.86% of the public liabilities. Readily realizable assets, which include Government, Municipal and other Bonds, as well as Call and Short LOoans, amounted to $94,177,925., or 64.6% of the liabilities to the public and indicate a very high ratio of liquidity. * ES x‘ . % ic o P e s EL coaty Securities: The Bank‘s total investments in securities amounted to $60,649,317., compared with $55,424,072. at the end of last year, and consist principally of Dominion and Provincial Governâ€" ment issues, about $19,000,.000. of which will mature within two years. Our portfolio has been very carefully selected and the securities are entered on the Statement at prices below those prevailing on the 31ist of October last., . Nee wl t e Ni t NC B cce c 1 +Cl Call and Short Loans: Call and Short Loans in Canada totalled $3,360.429., a decrease of $1,924,â€" 076. These are loans against readily marketable stocks and bonds, for which financing the demand has not been so active. cGail and Short Loans Elsewhere than in Canada totalled $2,398,947., and show an unâ€" impcrtant decrease of $90,1786. These are dayâ€"toâ€" day loans at our New York Agency and London, England, Branch, against firstâ€"class securities, with ample margin. INCREASE INX COMMERCIAL LOANS Ccmmercial and Municipal Loans: It is gratifying to report a substantial increase in the total of Current Loans and Disccunts in Canada, now $58.396.413.. up $11,276,618. from December 3ist last. This is a very satisfactory ‘zcaure of the Statement and is due to the greater amount of money required to finance the grain crop and also to an incréase in the demand for general commercial loans. s e n t o Etm c ces w Loan.s to Cities, Municipalities, etc., $1, 635,066. show a small decrease from those of a year ago Nonâ€"Current Loans, $191,751., are down $70,042 during the period under review. As has been our policy in the past, all probable losses have been fully provided for, * 2.20 niagas ... Dome 3 Hollinger . j International Nickel Kerr Addison .. Kirkland Lake Teltch ....::.::;â€"......... . Lake Shore ... Little Long Lac McLeod Cockshutt MaACASSA ............. ¢Intyre ...... McKenzie Red Lake Mining Corporation Moneta Noranda ... Naybob , Nipissing ; O‘Brien . | Pamour . | Paymaster Pickle Crow Pioneer .. East Dome â€" Premier .............. \ sherritt Gordon :Sullivan Con. ’Sylvani't:e . Biscos |\Teck Hughes \ Waite Amulet ... !.Wright Hargreaves THE PORCUPINE ADVANCE, TIMMINS, ONTARIO Bank Premises: Bank Premises Account stands at $5,569,000. No new buildings were erected during the year, nor was any land purchased. Alterations were made, however, to several of our offices, including that at Guelph. The malin office in Toronto was modernized and now presents a more attractive appearance. at Larder Lake, Ont _ Branches: During the year we opened a new Branch at Porcupine, Ont. and closed our office Staff: With regard to our Staffâ€"which now numbers 1,289â€"it is a great pleasure to again acknowledge their loyalty and efficiency, which is amply evidenced in the Statement presented toâ€"day. Already 20 members of the Staff have been granted indefinite leave of absence for Military service. Our best wishes go with them and we hope it will soon be possible for them to return to their positions in the Bank. In conclusion, I wish to say that The Dominion Bank is in a sound positicn, and fully prepared to take its place in financing the business and war efforts of this country. Address by MK. C. H. CARLISLE, President Heretofore the Bank‘s fiscal year closed as Oof December 3l1st. This date has been changed to Octcber 31st. Therefore, the present statement is for a period of ten months. It is difficult to make an accurate comparison with a similar period of a year ago, but comparison may be made with the last annual statement which should give you adequate information of the Bank‘s operations for the period just reviewed by your General Managetr GREATEST PROGRESS IN RECENT YEARS When submitting last year‘s statement, I called attention to the progress your Bank had made compared with the preceding year. The statement under review shows that even greater progress has been made than in any similar period in recent years. The Bank‘s position is financially sound. It has increased its activities in practically all of its operations. It has secured many new accounts, some of which are quite large. Credit losses have been unusually lowâ€"all of which reflects a higher efficiency in the Bank‘s personnel, P up O Li l o N B N C d B it e CC t The general . conditions in Canada, and Canada‘s relation to other countries, are large factors in determining the operations of your Bank.® Finding ourselves at war changes the ordinary tenor of our way. Our youths are being trained for war and will be sent overseas. Their absence, temporarily or permanently, is a great loss. We must provide equipment, munitions, transporâ€" tation and trainingâ€"all of these require large sums of money, further augmenting an already large national debt. The burden is and will conâ€" tinue to be onerous, not only for our Governâ€" ments but for all citizens. The Canadian people will, we may be sure, bear this burden without complaint. It is the price we pay so that we may continue to be free people and live in a free country. When we compare our freedom and our standards of living with those who are enslaved by dictatorial governments such as prevalil in Germany and Russia, the price will not be conâ€" sidered unreasonable. CANADA‘S RESOURCES We have cause to be shocked when we realize the magnitude of our present debt and visualize the amount of the debt at the close of this war. Some may lose courage thinking all is lost. There is no doubt that our lot, and that of those for the next two or three generations, will be very difficult. However, Canada will still remain, will still be great and grow greater, and will continue to be a free country for free people, Canada toâ€" day, with her varied and abundant crops, her large meat supplies, her forests and her mines, her huge area of productive lands, her transporâ€" tation facilitiesâ€"both lake and railâ€"her public service and educational institutions, the high intellectual and moral quality of her people, is in possession of advantages which give us courage to carry on and to visualize a brighter future. 1.79 14.60 45 .00 We have another asset which we must not overlook or fail to appraiseâ€"that is Canadian labor. Canadian labor is to be congratulated for the soundness of its principles, its efficiency in production, in the part it has played and 1s playing in the upâ€"building of our country. A better understanding may be had when we make comparisons with other countries where strikes are called without just cause, where plants are forced into idleness, throwing thousands of people out of employment, causing losses of millions of dollars to both employver and emâ€" ployee, where property rights are violated and men are deprived of the right to work, 1. 41 2.21 | 4.20 2.29 217 135 150 79 3.35 80 6.00 7.85 Highway to be Kept Open South But Not North of Swastika Government Not to Do Snow Ploughing in This Part of North is Report. WAR THE PRICE OF FREEDON Information from official sources last week was to the effect that the highway from Swastika to Nonth Bay will be kept open this year as last during the winter, but that no snow ploughing is to be done by the government north of Swastika and so the highway to this pant of the North will close itself. The suggestion last spring that the highâ€" way should not be snowploughed did not meet with very general favour, but | apparently, unless strong pressure is brought to bear the highway will be closed so far as the government is conâ€" cerned. ‘Of course, the roads immediâ€" ately adjacent to Timmins will likely be snowploughed as usual by the town and townships snowploughs to keep the ; roads open for traffic from Timmins to | Schumacher and South Porcupine and the Dome and some of the mines in the district. Last spring the WAR EFFORTS arzument of the M government was that heavy trucks durâ€" ing winter and spring did so much ‘ damage to the roads that it would be better to keep them closed. The answer | to this was that a much better plan for this part of the country would be to keep the roads snowploughed, and then close them for traffic for a month or ! two in the spring when the frost was coming out of the ground and the chief | damage was done. From last week‘s ;inxormation however, it would seem that the department does not intend to keep open the highway north of Swasâ€" ' tika, so that even if other enterprises should keep open the roads between Timmins and the various mines and even between here and Iroquois Falls, this part of the North will be isolated, so far as roads are concerned, from other parts of the North and from all the South. Bring Former Lake Shore Player from Farm to the Wings Kirkland Lake, Dec. 16. â€" Joe Pisher, former Lake Shore forward, was brought up from the Indianapolis Capâ€" itals by Manager Jack Adams of the Red Wings the first of this week in an Regimentation by government, or otherwise, has been tried and has failed, and will continue to fail wherever attempted. It is a means of undermining democratic governments and demoâ€" cratic principles. If permitted, it will enslave industry and labor as it has enslaved them in Germany and Russia. A happy condition can only exist, and public confidence can only be secured, when the business executive, the laborer and the farmer continually and unitedly strive to improve products, to lower costs, to price products so that the conâ€" sumer may enjoy and have the things which are his right. Both labor and management should constantly keep in mind that the .consumer determines the number of people employed. There is another matter which should be kept carefully and continucusly in mind through these months, and perhaps years, of war. During war, unusual activity prevails; prices usually advance; the volume of business increases; employment conditions improve, and along with all this, profits are likely to be better. What has to be kept in mind, however, is the certainty that at some timeâ€"â€"and we hoepe soonâ€"the war will end. When that time comes, demand for money will diminish; prices will fall to lower levels; invenâ€" tories will swiftly go down in value, and heavy losses will be absolutely inevitable. Managements will have to have regard to the certainty of this result in the dispositicn of such profits as may be available during the period of rising activity and earnings, to study well every transaction, and to plan well the things to be done in the interim. We were not prepared for war when war came. This was unfortunate. It would be very unfortunate if we were not prepared for postâ€"war conditions when they come. In these «days, when Governments find it necessary to apply restrictions and are drawing on every resource, when cwnership of property is being controiled almost to the point of chalâ€" lenging the existence of individual ownershin and, therefore, in effect, the existence of democâ€" racy, it is in imperative measure a necessity that waste of every kind be eliminated, and economies discovered and enforced. WAR AND POSTâ€"WAR CONDITIONS DEMOCRATIC «PRINCIPLES THE DOMINION BANK Cash on Hand and in Banks, including Bank of Canada Deposit with Minister of Finance..................................... Government and Other Securities sds es en esd n ns k Loans and Discounts.......................... Bank Premises Liabilities of Customers under Letters of Credtt, Acceptances and Sundry Other Assets ............... i Deposits . Deposuts by Other Banks . Notes in Circulation Letters of Credit, Acceptances and Sundry Other Liabilities Capital, Reserve and Undivided Profits The General Manager, The Dominion Bank, Toronto, Ontario. the Branches. We have examined the cash, and the securities representing the Bank‘s investments, held at Head Office and certain of the larger Branches as at October 31, 1939, and in addition we examined the cash and the securities held at certain of the important Branches during the year. We have obtained all the information and explanations that we have required, and, in our opinion, the transactions of the Bank which have come under our notice have been within the powers of the Bank. We report that we have examined the above condensed Balance Sheet as at October 31, 1939, and compared it with the books at Head Office and with the certifhied returns from In our opinion, the Balance Sheet discloses the true condition of the Bank and is as shown by the books of the Bank. T eronto, Ontario. November 22, 1939. ondensed Statement as at 3lst October, 1939 effort to strengthen the weak Birds, REMANDED FOR SENTENCE who are fAoundering around in the lower bracket of the National Hockey League| _ FO"! William.â€"Bernard Craney a mean bit of chiselling at the la standing at the present time. ' head. according to Magistrate McCu Fisher was a regular forward with: the Blue Devils two years ago and‘ signed â€" Detroit Red Wing contract m' the spring of 1938. Last season he played the entire season with Pittsâ€" burgh, the motor city farm team in the Internationalâ€"American League. This season he started with the Capitals and was doing his own share of scoring. | T8 C L USZ IZ S S S SE Along with the former local player, Adams brought back the two Kilreas and Herbie Lewis, who retired last Spring to coach the Indianapolis club Appointments Now! Make EXCESSIVE COST OF GOVERNMENT Our Constitution, it appears, is to be amended, If so, provision should be made for fewer Members of the House of Commons, fewer Memâ€" bers of the Senate and fewer Members of our Legislatures. Municipal Governments also should be diminished in numbers and personnel. Small committees and small Legislatures are much more efficient than large and expensive organiâ€" zations. Overlapping and duplication between the Dominion Government . andâ€" Provincial Goverments sintply must be eliminated, if Canada is to remain solvent and remain free. Upon these things the workers of our country and the taxpayers of cur country have a right to insist, and their insistence must now rise to the stature of a demand. If our Governmental authorities give evidence of a willingness to meet imperative necessitles along the lines indicated herein and along other lines, the people of this country will throw themâ€" selves with ever greater courage and enthusiasm into the immense task which lies ahead. EXTENDED PRODUCTION AND TRADE TO MEET WAR COSTS Our first duty is the speedy and efficient proâ€" secution of the war. No doubt many restrictions are necessray, and business must adjust itself to these restrictions. It is important that they be as few as possible and bear as lightly as possible because the extension of production and the extension of trade are hampered by restrictions, and it is only on the extension of production and on the extension of trade that we can hope to provide for our tremedous financial burdens and maintain our standard of living. The success of our future will depend much on how we conduct the present, and while fighting dictatorships we must prove to all peoples that Canada at all times uses democratic principles in her own affairs. By now giving heed to our postâ€"war problems, we should be in a position. to attract capital and a high grade of immigration that will carry on successfully the development and expansion which our country requires. This is no time to be super â€"~critical, but this is a time to be superâ€"industrious and superâ€" efficient. I move the adoption of the Report One 8 x 10 Enlarged Photograph WITH EVERY QORDER OF PORTRAITS AMOUNTâ€" ING TO $5.00 OR OVER. A, TOMKINSON 9 Balsam Strect North Have your photograph taken early and avoid the rush season,. It takes time to finish good photographs. @ A. B. SHMEPHERD, F.C.A of Peat, Marwick, Muchcll Ce. D. McK. F.C.A., of Price, Warerhouse Co. Fort William.â€"Bernard Craney did a mean bit of chiselling at the lake«â€" head, according to Magistrate McCuaig, of Port Arthur. Craney prepared a subscription list and put at the top of it the touching caption of "These subscriptions are for apples for our fighting boys overseas." Then, armed with a doleful look he apâ€" proached housewives for money, and he got it. When he had chiselled $4 for apples, the police caught up with him and learned that Craney didn‘t have any intentions of buying apples for "our fighting boys." L1€ 6p9°09 C69°ZLZ CSC*O6P‘LT $ $ 94,177,925 60,717,538 5,569,000 $163,639,106 $136,901,997 3,039,101 5,322,172 3,538,435 $148,801,705 14,837,401 $163,639,106 3,174,643 PAGE FIVE