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Dealing with the conditions of the inâ€" dustry. Mr. Clarkson said tha; fifty per cent of the companies went bankâ€" rupt between 1930 and 1933. Consumpâ€" tion in thes> years in the U. S, dropgped 1,000,009 tons, Canadian exports deâ€" clinel 700000 tons while the capacity of Canadian mills increas»d 500,000 tons Consumption increased in 1934 and 1936 and in the yvears 1936 to 1939 proâ€"rating benefitzsd the companies. In 1938 the $50 a ton price for newsprint permitied most of the companies to make fair earnings. Capacity of the mills in this period was increased by over 350,000 tons. During this war, the witness said, the demand for newsprint has increased and profits are up. Mr. Clarkson said his plan did not affect the priority rights of the various classes of security holders. He said that if the commission felt the junior security holders were entitled to some equity, if the property were sold, this might he in the form of common stock and he advocated the advi.sabxlihy of them forming a holding company to deposit this stock rather than leaving it free to go on th» market. He <xpresâ€" sed the view that if the company was s9d4 toâ€"day it would not bring the amount of the bondholders‘ claim. Assets $66,685,0980 The total sound valuation of Abitibi asscts Mr. Clarkson declared, as of Sept. 30, 1940 was $66,0685,080, exclusive of $35,000,000 book value of timber conâ€" cessions, $13,000.00 for the plant ati Espanola and â€" $6,000,000, at Sturgeon Falls. Mr. Clarkson denied the chairman‘s suggestion that th> plan under the present framework, would be the same as leavin« the company in receivership. NEED $10,000,000 CAPTTAL "I don‘t want to be misunderstood on this," h» said, "I feel there is only one for reorganization and that is one in which payment of interest wou‘ld be dependent on maintaining a miniâ€" mum figure for working capital. Under normal conditions, $10,000.000 would be ample but this would vary under differâ€" ent conditions, and would allow for renâ€" ovating or purchas> of new equipment. "If the bondholders are unwlilling to accept the new securitics there is nothâ€" ing to be done bub\sen the company to a new concern as I outlined. I don‘t approve of the company being lsft in receivership, but the only way to get it out is by some adjusment of this kind." : ' The official receiver thought the funded debt of the company should be limited to $24.000,000. Interest should be paid on the new securities, he said, if working capital exceeded a certain minimum. sav $10,000.000. . He thought the commission might be able to get some ruling or idea from Ottawa on the amount of the excess profits tax, but the whole nlan was on the amount of this tax. Continuing Mr. Clarkson said: "There} would be certain disabilitiee to this plan. The contention of some bondâ€" holders is that if you give them a seâ€" curity upon which interest is payable only when earned, or when the net working capital exceeds a certain| amount it is an income bearing security | for which there is no proper market. _ ‘DEPEND ON TAXFS | "If you make interest payable only ; when there is a surplus of current asâ€"| sets you have a nonâ€" enforcable seâ€"| curity. The third thing is the question| of taxes. No one knows where they| are at. If you issue preferred shares | or income debentures for interest they| might be taxed asâ€" income so that | whatever you take, whether talons or! preferred shares or income debentures for their overdue interest, or whether they could afford to take them, is a matter dependent upon wha; the excessg profits tax will be and how it is interâ€"| ested. That is the only way the preâ€"; | :-:'.'ht, debt with the uncertainty of the future. of Abitibi could be arranged." The alternative to such a plan, Mtr. Clarkson said, would be sale of the asâ€" sets of the company and organization under a new framework. FINANCING PLAN "The prosent bonds should be left as they are," Mr. Clarkson said. "Depenâ€" dent upon the effect of taxation, cither talons on incom»s debentures or preâ€" ferred shares would be issued for overâ€" due interest; and junior security holders loft just as they are with interest on bonds to be payable under these conâ€" ditions. At the end of each fiscal year in which the net working capital pxcceded the fixed minimum to surâ€" plus should be applied to pay interest and anything above that to go to the bondholders. But in the meantime bondholders should have complete conâ€" trol of the company‘s affairs control of trol of the companys affairs and nothing to the junior security holders until their debt has been reduced to a certain point. If that were done the bondâ€" holders would get all there is to get and the juniors would be left as they are.‘ Toronto, Jan 8â€"In the opinion of G. T. Clarkson, official receiver, the Abitibi Power and Paper Company, in receivership since 1928, should be reâ€" organized within its present framework with bonds amounting to $48.000.000, standing as they are and some form of securities issued to take care of the §$26,000,000 overdue bond interest. Under this plan which was outlined to the McTagus Royal Comm‘ssion junâ€" ior security holders should be left as they are. This was the only way, he eaid, to reorganiz> without running the ris‘t of the company against going back into receivership should things go bad in future. The future could not be preâ€" dicted, he said. Receiver Suggests Reâ€"organization of the Abitibi Company Plan Outlined by Mr. Clarkâ€" son to Commission. MONDAY, JAMUARY, 1341 Proâ€"ratingz agreements arp being disâ€" rogarded by two or three companies 111 Ontario and about the same number in Quebec, Mr. Clarkson explained. _ If this continued he said, Abitibi may be forced to cut prices in order to get business, The value of Abitibi depended largely of the enforcement of these agreements, the commission was told. Previously Mr. Clarkson expressed the view that should the company be sold the amount realized worlid not equal the bondhoiders‘s claimn. factor in this prediction, he said,. was the foreâ€" cast of the Newsprint Association that in 1941 Canadian newsprint shipments would fall© 1550,000 ;o 200,000 tons beâ€" low the 1940 exports. Other reasons for the possitle drop werse increas>»d invenâ€" tories in the U. S. and restrictions on newsprint importation imposed by Britâ€" ain and Australia. For purposes of comparison the capitulation for the year 1939 is given herewith :â€" New Buildings Altoerations and Ad(lmonb New â€" Buildings Altcrations and A(ldlti‘ns New Buildings Altorations and Addxtion:: Residential Sectionâ€" Totalâ€"New Buildings ... $151,755.00 Alterations Addmons ~85,783,00 Sault St. Mariece Jan. 3â€"One of Alâ€" goma‘s best known prospectors James Cline, discoverer of the Cline Minces at Goudreau, died at his home Monâ€" day. Born in California, Cline did his first prospecting in that state and then came to Cobalt and Porcupine mining ‘sections. In 1918 he staked the Cline Mine, now operated by the O‘Brien mines. Cline also staked the Murphy mine at Goudreau. later known as the tAlgold. He was well known in Torâ€" onto mining circles. Recapitulation for 1940 Business Ssectionâ€" Totalâ€"New Buildings $230,946.00 Altcrations Additions 154,085.00 Garages and Shedsâ€" New Buildings .... ... Alterations and Addm ns July 1 to september 30, 1940 Business Ssectionâ€" New Buildings ... $34 4 Alterations and Additions 51,2 Garages and Shedsâ€" New Biuldings Alterations and Additions October 1 to December 31, 1940 Business Sectionâ€" New Buildings $8,000.00 Alterations and Additions ... 35 475.00 Residential sectionâ€" * iNew Buildings _ $66,350.00 Alterations and Additions ....13,170.00 Residential _Sectionâ€" New Buildings ... ... ... $42,820.00 Alterations and Additions ....33,346.00 Garages and Shedsâ€" New Buildings Alterations and Additions April 1 to June 30, 1940 Business Sectionâ€" New Buildings $69,086.06 AltCrations and Additions 61,695.00 Residential Sectionâ€" New Buildings j $£31,010,00 Alterations and Additions .. 36,317.00 Garages and shedsâ€" New Buildings and Additions (Continued from Page Onc) never been a case known here where the actual value of the completed work did not exceed the estimate, while cases have been noted where the estiâ€" mated cost eventually proved to be as little as half of the actual figure. The following is a of building permits for 1940: January 1 to March 31, 1940 Business Ssectionâ€" New Buildings $119,000.00 Alterations and Additions 5,625.00 and Shedsâ€" Tctalâ€"New Buildings Alterations Additions Another $1,000,000 Building Year in Timmins Residential Sectionâ€" New Buildings $11,575.00 Alterations and Additions 2,950.00 Totlal Total for year Pioneer Prospector is Dead at Sault Ste. Marie Total Total Business Sectionâ€"1939 Residential Section ('ara ('S 'ot(l TOTALâ€"$633,471.00 $4,3%.00 $1,060,353.00 being disâ€" $3M47,1725,00 448,100.00 $705,832.00 $260,165.00 $220,271.00 39,894.00 $237,538.00 $385,031.00 $130,781.00 $124,625.00 $10,487.00 415.00 $10,902.00 $43,475.00 $76,166,00 $79,520.00 $34,860.00 51,290.00 $86,150.00 $4 310.00 $67,327.00 $14,525.00 $5,132.00 $2,835.00 15.00 $2,885.00 4,727.00 .305.00 $135,00 Nil 'wl unforgetable scenes were oo.flcrc. too, in thc. dimlyâ€"lit cafes of * |the waterfront are unfolded intensely i dramatic sequences showing the age sâ€"| old tochnique of shanghaiing sailors who have imbibed too much while lisâ€" in j tening to tinâ€"pan alléy tunes and seckâ€" Ifling romance on the run. ing romance on the run. The raging storm sequences in which the 8. S. Glencairn was tossed about like a chip in a millrace is a tribute to the genivs of James Basevi, Holly â€" wood‘s miracle man who previously created the plague of locusts for "The Gocd Earth", the carthquake for "San Francisco" and ty devasting huricrane of "The Hurricane‘, which Ford also diâ€" rected. Huge overhead tanks dumpâ€" ed thousands of gallons of water on the boat in the great tank on the back lot to get the raging storm effect, while huge airplane props:illors, spun by Libâ€" erty motors, produced a nearâ€"hurricane effect and had the cast fighting valâ€" iantly to hold t.l;reir footing and to keep their crafit afloat. {but is nevertheless startling and senâ€" !sat,ional. Most of the thrilling action Eunwinds aboard the S. S. Glencairn, a British tramp steamer, °n route to !England after a long voyvage with calls in the Caribbean and at American ports. As the individual life drama of the motley personalities are developed the action of the story swings into high zsear and one of the biggest scenes involves Ian Hunter, a Britisher of obâ€" viously superior breeding and intelliâ€" gence, who apparently is trying drown his memories in drink. But p°tâ€" «mal stories are forgotten when @a fierce bombing raid strikes â€"terror aboardship by virtue of the fact that the boat is loaded with T. N.T. London Limchouse One of the most colorful settings shows London‘s famous Limechouse sec¢â€" tion where suilors gather for fun and excitement after the long voyage home. For this scene, an exact replica down to the shabbics;, saloon was constructâ€" ed on the Walter Wanger lot and it was here that some of the filn‘s most unforgetable scenes were photographed Here, too, in the. dimlyâ€"lit cafes of imna waterfront are unfolded Jolne Wayne, Thomas Mitchell and Iin Hunter appear in the principal starring roles, while the featured cast includes Wilfrid Lawson, Barry Fitzâ€" gerald; Arthur Shields, Mildred Natâ€" wick Carmen Morales, â€" Ward Bond, Jshn Qualen and J. M. Kerrigan. Jolhn Ford, who is known for such brilliant screen achievements as "Stagecoach" and "The Grapes of Wrath", produced and directed "The Long Voyage Home", and Dudley Nichols wrote the scregnâ€" play . The â€"was filmed at the Waliter Wanger studios. Priefly the story of "the Long Voyâ€" age Home" is a lusty, dramaâ€"filled sea tale of stoutâ€"hearted men whose heroâ€" ism and bravery often remains unsung Based on FEugene ONeill‘s famous four oneâ€"act plays, John Ford‘s Arâ€" gosy production, *"The Long: Voyage Home‘. which will have a gala premiere at the Cartier theatre commencing Sunday midnight and continuing for four days, Jan. 13th to 16th, Through United Artists release, was filmed with Dainty refreshments were served by Mrs. P. J. Conway, assisted by members and it was announced that the nexi meeting will take place on Wednesday, February 5th. a cast studded with cutstanding screen personalities. The members also discussed plans for a Valentine Card Party to be held on Thursday, February 13th, and to be convened by Mrs. R. W. Copps and Mrs. P. McAlcavey. On bshalf of the Caâ€"Boâ€"Gi Club, Mr. Victor Copps visited the meeting, and thanked the members for the coâ€" cperation they had given the members of the Ca Bo Gi Club during the past months. He alsoCextended an invitaâ€" tion to each member to attend Ca Bo Gi Night on Sunday, January 19th. Dr. N. H. Russell, who was to havse been guest speaker at the meetisg, was unable to attend, and in his abâ€" sence, the Rev. Fr. R. J. Roney gave a very interesting talk on the work of the /C. W. L., cspecially emphasizing the coâ€"operation the members had given the young peoples club during the past year He also commended the club on its work for the Red Cross and its charitable work for the parish in the year 1940 and expressed the hope that the members would continue this fme work in the year 1941, which was yvery critical, a war between Christianity and paganisin. Film of Heroes at Sea Unrolls Daring and Stirring Drama The meeting of the Senior Catholic Women‘s League held in the bas>ment of the Chiuirch of Nativity on Wedn~sâ€" day evening was well attended, and was presided over by Mrs. M. C. Sullivan in the absence through illness of Mrs. H. See, president. Brilliant â€" Players â€" Enact Powerful Roles in Picture at Cartier Next Week. Usual business was discussed and plans were made to hold an afternoon tea at the home of Mrs John Carnovale 30 Sixth avonue, on Wednesday, Janâ€" uary 15th, from 3 to 6 pm. Conveners of the tea will be Mrs. D. E. Burnet and Mrs. H. Trepanier, and very pleaâ€" sing arrangemehts ars being made. Semor C.W.L. Given Commendation on Its War and Other Work Activities Planned for the Coming Month. THEZE PORCUPINE ADVANCE, TTMMINS, ONTARIO Mrs. P. H. Carson of 112 Maple stree south, was hostess on Wednesday afterâ€" noon to the ladies of the United Church Choir. with Mrs. W. Bright and Mrs. E. The Avssies got a lot of.praise For clearing out the nest of "wops Anticipating more forays These British lions "lick their chops We asked them how it all â€"was done This routing of the "blanky blanks To praise and query, two in ons The Aussies _ merely answert "TANKS®" The epic tale of Suvia Bay Immortalized the Anyas Corps; Bardia‘s nam» theyll now display As they proceed to conquer morsgé. Ladies of United Church Choir Enjoy Pleasant Afternoon In forty minutes, Puck once said, The earth he‘d girdle quite complete Italian tr¢ops, in fear and dreéad Can surcly emulate that feat. Mrs. W. Bright and Mrs. B. Griffen Guestsâ€"ofâ€"Honour. In peaceful times a peaceful chap In war, a hard, relentless foe:â€" The "Aussic‘ altered Libya‘s map Now, Mussolini, ain‘t i; so? The King‘s "Aussies" T H E A T R E Robert Whiteman Quickâ€"witted. DRI SCOLL, brilliantly played by Thomas Mitchel!, Academy Award winner. answered l The effect Of a judgmgnt handed 'd wn this week by Judge H. A. Burâ€" ! bridge at Haimilton is that children ; from disloyal homes will be takon away from seditious parents and placed in foster homes where they will be Ibetter trained. Judge Burbridge, in 'convx ‘ting some alleged members Of the gloup known as "Jehovah‘s Witâ€" nesses said that children taught at ‘home to disregard the National Anâ€" them and encouraged not to salute the flag, should be taken away from this type or home and placed in more Twentyâ€"two â€"ladiés attended the pleasantly arranged event, and enjoyed |a delightful social afternoon.A delicious ilunch was served, the luncheon table being adorned with a fine cutâ€"work 'cloth. and large bowl of mixed flowers ! as a centrepiece. Mrs. Robinson poured tea, and was assisted by Mrs. W. Roborts, Miss Bunâ€" nie Batley and Miss Jean Carson. Amons those who attended were:â€" Mrs. L. Worthington, Mrs. W. Mackie. Mrs. W. Curtis, Mrs. H. McCullough Mrs. K. Cambridge, Mrs. A. Whitehead, i n Mrs. D. Coombs, Mrs K Mrs.‘ Shepherd, Miss E. Richardson, Mathias. Mrs. J. Griffen, Miss M. Richâ€" ardson. Miss E. M. White, Mrs. T. Gay, Mrs. W. Jardine, Mrs. W. Roberts, Mrs. F. Robinson, Miss Bunnie Bailey, the hostess (Mrs. Carson) and the guestsâ€" ofâ€"honour, (Mrs. Bright Griffen.) Mrs.| and â€" Myrs. } tu bO tu< Over sevontyâ€" Training betwee and seveonteen y Church basemer January 7th, at and on@â€"half ho of departmental ary to June. Discussion ce highlights as s: missionary stud: C.G.LT. Sunday | and Daughter b Griffen as guests of honour Children of Disloyal Folk to be Given Better Homes normal surroundings â€"THIS MIGHTY DRAMA OF THE SEA... A STORY OF PRIMITIVE HUMAN JOYS$S AND HATREDS as only Eugene O‘Neill could write it! America‘s greatest playwright sets forth the savage emotions of sailormen and waterfront women . .. in a grama tumultuous as the rolling sea itself! Played by a brilliant cast ... filmed by the gifted director of "Dtagecoach" and ""The Grapes of Wrath". January 13â€" 14 â€"15â€"189 Canadian Girls in Traming Discuss Year‘s Programme Coming SUNDAY Mid. ‘till THURSDAY ary to Junt Discussior highlights missionary Discussion centred arcund . such highlights as suitawble dates for their missionary study projects, annual tea, CGIT. Sunday service, and Mother and Daughter banquet. It was decided to start the ygar with a study of Trinidad and the mission work of the United Church on the enchanted island. Work will also be started at once on contfibutions to the missionary bale. The study will be ccmpleted in about six weeks with an affiliation service with the W. M. S. Good times were nzt cverlooked as the girls resorved evenings for partifs around. St. Valentine‘s Day and St. Patrick‘s Day. The spring programme will culminate with a Mother and Daughter banquet on which the girls plan to put considâ€" erable _ preparation. Vera â€" Spencer, president of the department, presided at the meeting, which closed with Mission Work to be Studied Taps evontyâ€"five Canadian Girls in â€"between the ages of twolve nieen years met in the United basement on Tuesday evening, Ith, and deliberated for â€"one half hours over their calendar tmental activities from Januâ€" Trinidad this wee on her t tribute is visitit L, Bailey. T1 by all prc tending were | W. Lampkin, Mr. and Mrs wW. Nixon, M Mr. W. ley, Pte. Cobalt, Mrs. Mtr. and Mrs. Birthdas of Mrs. 12 © to 14 ©% Sugar Content Mrs. L. Baile a Mrs. M. Mc bi1 Party in Honour N. Johns, Timmins ind PAGE THREE al evont was held of Mrs. N. Johns also as a fritcndly \UMrs. Savage, who daughter, Mrs. was much enjoyâ€" Among those at«â€" vingz Mr. and Mrs. da ~Mrs. L. Pare, 12, Mr. and Mrs. I1‘s. H. Netherns, se., Pte., W. Twoâ€" Mrs. Savage of v. Mrs. H. Price,