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'PAGE TWENTY-FOUR The USHAWA DAILY TIMES, SATURDAY, MAY 12, 1920 pa-- a. EE gw - = Hollinger Mines Report | Another Profitable Year Operating Profit Derived From Mining Exclusively Was More Than Ample to Take Care of Dividends and Taxes -- Sum of $544,413 Was Written Off Plant, Which Now Stands at $1.00. Holligner Consolidated Gold Mines, Ltd, made further highly satisfactory progress during the year 1927, according to the seven- teenth annuaj report now going for- ward to the shareholders. In gen- "eral the year was marked with an fncrease in production in excess of 6,000 tons a day, or an average dai- ly increase of around 700 tons. The Spelaiine profit for the year was $7,810,754, against $3,025,821 in 3926. The average value of ore ton milled was $6.95, which, en compared with average value per ton milled in 1926, at $7.99, shows a decrease of $1.03. The mumber of tons of ore mrilled In 2927 was 2,178,329, against 1,932,- B59 in the preceding year. The value of gold in 1927 was $15,152,806, and in 1926, $15,- 449,437. The net value recovered was $14,648,899, and in the pre- ceding year the total was $14,780,- 6. Production costs were still fur- ¢her reduced in 1927 to $3.44, as compared with $3.94 in 1926. To- tal charges for the year under re- port is shown at $7,607,624, as against $7,630,879 a year ago. The mill treated an average of 6,001 tons daily, while during the pre- ceding year the average tonnage was 5,295. Report of President N. A. Timmins, President, in pre- senting his report, states that: "An analysis of the balance sheet shows that the company has experi- enced another prosperous year. The sum of $544,413.36 has been writ- ten off plant, which. now stands at $1, in addition to which the sum of $72,209.09 has been written off in- vestments in other companies, and properties and tailings disposal site, making a total of $616,622.45 written off in respect of these items. "The portion of the operating profit derived exclusively from min- ing, namely, §7,041,274.87, was more than ample to take care of the thirteén dividends disbursed during the year, amounting to $6.- 396,000, and to meet Dominion, Provincial and municipal taxes amounting to $545,823.36. Inter- est on investments and other in- come, $769,479.90, were sufficient to take care of the amounjs writ- ten off for plant depreciation, in- vestments in other companies and properties and tailings disposal site, and leave a considerable bal- ance. After making the deductions referred to, the substantial sum of $1,295,403.32 was added to the sur- plus, which now stands at $11,- 466,245.52. "The attention of the sharehold- ers is directed to the sums paid out for Dominion, Provincial and muni- R _ : FRANK AUSTIN o is one of the Partners of Wright, Wilson & Austin, Brok- ers, of Toronto. cipa] taxes, namely, $545,823.36 in all, in addition to which the com- pany contributed a large amount to the revenues of the Dominion by way of customs duties and other taxes. '""The reduction in the average value per ton of the ore treated was to be expected in view of the policy of the management to mine and mill all payable ore. However, the increased tonnage milled, and the substantial reduction in working costs of slightly over 50 cents per ton, practically made up for the lower grade of the ore." Sinking to 4000 Feet In commenting on the situation ---- HURONIAN BELT CO. LIMITED, OF LONDON, ENGLAND Authorized Capital, Issued and Fully Paid, 200,000 Shares of the Par Value of £1-0-0 HEAD OFFICE IN CANADA Suite 52, 302 Bay Street, Toronto 2 Head Office: Friars House, 39-41 New Broad Street General Manager, R. S. DENING London, E.C. 2 ; Consulting Engineer, DR. H. C. BOYDELL, M..LM.M. With Which Are Associated: Corporation CAPITAL Authorized .- In Treasury - in Canada. Pioneer Mining * (No Personal Liability) 5,000,000 Shares of the par value of $1.00 Iss. and fully paid 2,523,129 Shares 2,476,871 Shares 'Exploration and development com- pany, at present developing Cooper Gold Mines and other properties Ltd. Cooper Gold Mines (No Personal Liability) Authorized of the par value of $1.00 Iss. and fully paid 2,340,006 Shares In Treasury - (Under option 'to Pioneer Mining Corporation) Develop. Cop. Mine in Michipicoten Ltd. . CAPITAL = 3,000,000 Shares 659,994 Shares CAPITAL Authorized « The Keeley Silver Mines, Ltd. (No Personal Liability) 2,000,000 Shares . of the par value of $1.00 Iss. and fully paid 2,000,000 Shares Operating the Keeley Silver Mine in South Lorrain; Ontario. Produc- tion to date 9,146,714 ounces silver and 1,131,264 pounds cobalt, Vipond Consolidated Mines, Ltd. (No Personal Liability) Authorized of the par value of $1.00 Iss. and fully paid 2,250,000 Shares In Treasury = Operating Vipond Gold Mine, Tirimins, Ontario. Production te date, $3,395,920, CAPITAL = 2,500,000 Shares 250,000 Shares The Huronian Belt Company, Limited, a British min- ing and developing company, has beén operating and developing mining properties in Canada since 1910, and is actively engaged in exploration work in con- junction with Pioneer Mining Corporation, Limited, and The Keeley Silver Mines, Limited. The Company is prepared to examine properties of merit requiring capital for development. rr? at Hollinger General Manager AF. Brigham says: _ : "Except for a reduction' in total ore reserves, there is mothing to comment upon that is not clearly set forth in the body of the report. Certain expected geological fea- tures and unavoidable delays in the sinking of No. 19 Shaft (Schuma- cher), and the increased tonnage milled, account for this feature. The rake off of the porphyry and general structure has a sharp dip to the south, and also recedes east- erly. As is well known, the por- phyry is a very important feature of our structure ,and is considered to be responsible for the gold in the adjacent rocks, but where it invades the vein systenr a reduction in value is generally noted, which is Yesrored again as the veins go out of it. "The Schumacher property has not been systematically opened up as yet, as this work depends upon the shaft which is at the 2,900-foot level, but in the course of this work several good veins have been en- countered. Vein 153 opened on the 800-foot level appears to ex- tend to the surface. A very rich pocket of tellurides was encounter- ed on the 800-foot level. Good as- says were found in the other veins, but further driving is necessary be- fore making a definite estimate. The present program contemplates sinking to the 4,000-foot level." Profit and Loss The balance sheet shows total assets of $36,737,606, as against $35,780,836 in the preceding year. Current asests are shown at $13. 172,525, as against $11,986,458 in 1926. Capital assets are shown at $22,801,190, as against $22,874, 055 in the preceding year. Dividends paid during the year 1927 amounted to $6,396,000, while the dividend disbursements in the preceding year were $5.- 805,600. An allowance was made for the depreciation of plant to the extent of $544,413. The profit and loss statement shows Hollinger had an operating profit of $7,810,754, which com- pares with $8,025,921 in 1926. Af- ter deducting taxes, debreciation and dividends there remained net income of $252,308, which added to profit on sale of securities and appreciation of shares in other com= ~anies brought the total up to $1.- "95,403, as compared with an add- ad surplus of $394,079 in 1926. 'W. A. M. DEVELOPMENTS At the annual meeting of the Waite, - Ackerman - Montgomery "tines, Limited, recently held in To- -~onto, details of developments at 'he property in~"the Townships of Nufresnoy and Duprat, in the "ouyn district of northwestern "nebee, since the beginning of the "oar were given. Since that time "aportant developments have tak- a place, an official of the company ~ho was at the property a few days avo, informs the press. The W. A. M., as the property is common- ly known, has ore reserves indi- cated by diamond-drilling-of over 150,000 tons, and expects to be hipping to the Noranda concentra- or im a few months. The main drive was driven on Former Public Trustee Joins Brokerage Firm Kenneth W. Wright Relinquishes Official Position For Mining. Had Distinguished Governmental Career Un- der Drury Administration. Joined Civil Service in 1908. public trustee since 1919, has re- tired recently from this office. As was previously announced, he is suc- ceeded by F. H. Keefer, K.C. r. Wright entered the mining brokerage firm of Wright, Wilson and Austin, which recently bought Frank M. Lorsch's seat on the Stand- ard Stock and Mining Exchange for x The new firm has opened offices at 51 King Street west. The public trustee is charged with the administration of the t of all persons dying in hospitals for the insane, of people who die intestate and leaving no relatives, of escheated estates and cemetery trusts, as well as of bequests to religious, educa- tional and charitable institutions. In the nine years during which he has held office, Mr. Wright estimates that he has handled 60,000 estates. William At the direction of Sir Hearst, then Premier, and Hon. I. B Lucas, then Attorney-General, Mr. Wright organized the public trustee- ship in 1919. In thg same year, the Hearst Government went out of office, but under the Drury administration which succeeded, Mr. Wright was ap- pointed public trustee by Mr. Justice Raney, who was then Attorney-Gen- eral. Ontario remained the only pro- vince in the Dominion which had an office of this kind. Mr. Wright joined the civil service in 1908, receiving an appointment in the Attorney-General's office under Hon. J. J. Foy. Later he resigned to study law under Mr. Justice Fergu- son, who was then practising in the firm of Millar, Ferguson and Hunter, and in 1913 he graduated at Osgoode Hall, In 1916, he was appoinfed a solicitor in the Provincial Secretary's office under Hon. W. J. Hanna, and his first duty was one of some importance. It was the expropriation of the 33,000 acres of land which is now Burwash Reformatory. Mr. Wright is a member of the Al- bany Club, the Royal Canadian Yacht Club, the Ontario Jockey Club, and a past president of the Weston Golf and Country Club. He is also a past master of Lansdowne Lodge, LO.L., a charter member of Bay of Quinte Lodge, A.F. and A.M, and a member of St. Andrew's Lodge, A.F. and A.M. WHY NOT TRY IT? and Economist) "Instead of raising the pay of the members of the House of Commons from $4,000 to $6,000," says one of those blunt speaking chaps one sometimes meets, "why not let the jobs by tender, same way as they do with the rural mall carriers?" Kenneth W. Wright, who has been (From the Shelbourne Free Press| | Is the second of the firm of Wright, ONTARIO'S FORMER PUBLIC TRUSTEE | WE recommend the purchase of NEW APEX and BUCKINGHAM MINES These properties are in good shape financially and are two of the penny stocks that we believe will show substantial profits during the coming few weeks. The Buckingham Mines have acquired interests in valuable Sudbury Basin holdings near the properties of stocks that are selling for very much higher Special maps of Sudbury, Rouyn and Kamiskotia and infor mation furnished free on request. Ontario Discount and Bond Corp. Ltd. Specialists in Canadian Mining Securities and Mining Properties 315 Metropolitan Building. Toronto 2. Telephones--Elgin 0628-6007 KENNETH W. WRIGHT Is the principal Partner of Wright, Wilson & Austin, Brokers of King Street, West, Toronto. TORONTO BROKER GARNET S. WILSON, Wilson & Austin, of Toronto. Gibson's Daily Mining Review : {) broadcast every market day A through station CKGW (312 meters) at 6 p.m. This broadcast comprises a sum: mary of each day's mining market activities enriched by current mining news gleaned from our private wire system in the mining districts and other reliable sources. This is followed by the closing mining share quotations. Mining investors removed from trading centres will find our Daily Mining Review an effective me- dium through which to maintain a close contact with day by day mine and market developments. amy Bank of Hamilton Bldg" Elgin2241 Toronta BRANCHES: TIMMINS BELLEVILLE COBALY SUDBURY NORTH Bay RouvYN KIRKLAND LAKE TORONTO UPTOW! 'hs 187-foot level close to the high- vade copper end of the ore body 'youted by early diamond-drilling, nazo when an ofl lamp overturned had gone to causing much anguish, nq then a crosscut was commrenc- 1 with a view to cutting box holes and a grizzly station under ore. The intention was to then raise in- 'a and through the .ore. It was nicht that this crosscut would 25 feet under the ore, but The "'y» learns that highgrade ore + heen encountered at height of * feet, which goes to show that body has greater depth | v was anticipated. | { ore "he proposal of the management to continue the main drive two hree rounds pest the crosscut, here the box-holes were to be 'aced, to permit "working to the other side of the ore body, where the zine deposit was indicated by diamond-drilling, and allow at the same time for the withdrawal of ore taken from the two raises to be cama ------ Ei | | put up through the high-grade cop- per. . High-grade copper was en- countered in the second round of. this continuation of the main drive, giving a further indication of great- er depth than was previously look- ed for, and far greater width. QUEBEC CENTRE AT WORK It was reported yesterday by offi- cials of Quebec Centre Mines, Lim- ited, that work on the company's property in the Rouyn-Boischatel property continues. As soon as the spring break-up is over an active plan of development will com- mence. Financial arrangements are at present being completed which will enable the company to carry out its full summer program. Due to a similarity of company names it was erroneously reported a few days ago that Quebec Centre man- agement had suspended operations. | MEXICAN MIRACLE MAN BADLY BURNED Healer Attempts to Save Patients When Lamp Overturns Mexico City, May 11.--The fam ous miracle man, Nino Fidencio, .Wwas severely burned while saving ratient from fire recently and ma be forced to discontinue his healing for several] months, dispatches to the Grafico said today. The aceident occurred at Espi- and Fidencio rushed in to save one of his patients. Hundreds of people were said to be going to the camp of the healer and failing to receive treatments because of the injuries. Reports that Fidencio had disappeared and the United States, a -- ee -- ee ceAnnou ncement eis et ind announce the on the KENNETH W. WRIGHT GARNET S. WILSON FRANK AUSTIN mao of the firm of Wright, Wilson & Austin . Stock Brokers Members Standard Stock and Mining Exchange and the opening of offices 51 King Street West, Toronto where a general brokerage business . will be conducted. ; Telephones: ELGIN 8127-8 floor of