CASILEGAR “NEWS, Thursday, March 20, 1958

MINING IN
BRITISH COLUMBIA

MINING AND THE STOCK.
MAFKET
To many people the mining
industry is represented by the
daily quotation of the mining
stocks as listed in the newspa-
pers. They are not too concerned
or indeed often much care as to
what, is actually going on at the
various properties of the mines
on the
sheet, This attitude on the part
of the general public, of course,
is not confined only to mining,
and one should include oil stocks
other than the oils

has the best chance of making o
profit or capital gain. Where in-
feoy of tenure on the. part of

as well as

our own mineral output so that
we might ship Jt Beyorid‘our bor-'
ders in the form of finished man-
such as wire,

minin
inequitable ‘and selective taxation
prevail, such as will repell
Hsk capital and indeed this is
the situation at the present time
in’ British Columbia,

It is difficult to reconcile shi

ituation with that

than are and utili-
ties, for instance.

Since the placing of savings
into mining ventures via the
stock market by the public, or
by direct exploration by a com-
pany, is a highly speculative ven-
ture, promising attractive returns
but only too often resulting in
rather heavy losses, it is of the
utmost importance that the poli-
tical climate for this type of ven-
ture be of the most favourable
kind,

Under a free enterprise sy-
stem such gs ours, . the Public,
fort ‘is not requi

here as well, although it appears
more in evidence in these in-
stances because they represent
the speculative part of the in-
vestment portfolio and as such,
are held by many more people

Place their funds according te
the dictates of some upper auth-
ority but can pick and chose ac-
cording to their whims and fan-
cy. Naturally, an investor turns
his attention to areas where he

other parts of the world here
innumerable inducements ure of-
fered to lure venture capital
into exploration and develop-

bars, rods, tubing etc. ‘Pending
such a development, which can
only be brought about by a sub-
stantial increase in our popula-
tion and a reduction in our man-
ufacturing costs in order to make
our prices more competitive, it
is of the utmost importance that
our governments face these ec-
onomic’ facts and do not ham-
string mineral by in-

most identical with that which
prevailed “during ‘the: summer “of
1953,

The investor is often at a

loss ‘to undertand why some].

favourable mine development, of
which he has advance notice, is
not reflected soon, thereafter in
a marked relative gain of .the
stock. This may be explained by
the fact that the stock may be
at that moment,-along with the
industry, in a down-trend in the
gencral cycle, or alternately, the

sisting on i

ment of their natural
Some countries go so far as to
give 10-year exemptions from
any form of taxation, coupled
with other favourable induce-
ments such as financial aid to
bring about a more rapid dev-
elopment within the natural re-
sources and secontlary industries,

The mining industry, more so
than other industries, through
lack of having our own secondary
processing industries within our
borders, is forced to sell its raw
metal, and indeed often only a
concentrate, abroad, It would be
more desirable to have sufficient
demand within our borders for

but

ically unrealistic regulations.

The mining shares stock
market is affected chiefly by
two factors. First, by the general
buoyancy, or lack of it, of the
stock market as a whole, and
secondly, by the health or.other-
wise of the resources industries
as a group and the mining in-
dustry in particular, The latter
are subject to rather wide swings
and the cycles vary in length
from three to six years. It is in-
teresting to note that the present
place in the cycle of the re-
sources stocks versus th market
averages, as u whole, is al-

may
have been anticipated by the
market and {ts confirmation ac-
tually may be a sort of Iet-down,
often resulting in price stagnation
and, indeed, often in a decline as
the speculating public loses in-
terest’ and goes on to some other
promising situation. While much
of what has been said concerns
chiefly the speculative mining
and oil stocks, many of which
are in the penny class, it also
effects integrated and leading
mining stocks such as Interna-

tional Nickel, Noranda,
and others, which are also known
to have wide and fairly con-
sistent cyclical price flucuations.

School Disirict No.9 - Castlegar

Statement of Current Assets, Current Liabilities, Reserves and Surplus Accounts

as at December 31, 1957

Petty Cash on Hand
Cash in Bank Accounts

Accounts Receivable — Due from Provincial Gov.

Accounts Receivable — Other

“Liabilities

Miscellaneous Accounts Payable

Reserve — Capltat Expenditure (Shareable)

Transfer, Reserve Capital Expenditure (Non-Shareable)
Adjustment 1956 Accounts Payable
Transfer General Fund, 1957 Budget

Expenditure over Revenue, year ended Dec. 31, 1957

Reserve — Capital Expenditure (Non-Shareable)

Balance, January 1, 1957

Adjustment 1956 Accounts Payable

Transfer, Capital Expenditure (Shareable)
Expend, over Revenue, year ended Dec, 32/57 eo 881.82

Capital Surplus (By-law No, 3)
Balance, January 1, 1957

Expend. over Revenue, year ended Dec. 31,

Surplus General Fund
Balance, January 1, 1957

Revenue over Expenditure, year ended Dec 31, 1957

‘Transfer Capital (Shareable) 1957 Budget

t of

12,380.79

$ 5,478.00

$106,440.25
5,085.58

1957

$ 10,384.66
9,095.00
19,479.66
8,784.54

Debentures
By-law
By-law
By-law No,
By-law No.
By-law No. 6

No,
No.

‘To Be Paid by:

Future Grants, Department of Education
Future Taxes, School District No. 9 (Castlegar, B.C.)

Principal

1,300.00
24,862.50

85,000.00

R. T. Waldie, Chairman of the Boaré

Cc. H. King, Seeretary-Treasurer:

J. M. Macbeth, C.G.A;,

Auditor

of

and

Year Ended December 31, 195%

Total Expenditure as per detailed Statement
Total Revenue as per detailed Statement
Net Expenditure over Revenuc

Expenditure Over Revenue

Capital Expenditure (Shareable)
Capital Expenditure (Non-Shareable)

By-law No, 3

Total “Expenditure over Revenuc

$3,223.30
1,881.82
5,085.58

Fund)

Over E:

of and
Year Ended December 31, 1957

Bank Balances, January 1,*

Receipts

Revenue as shown on Revenue Statement'
Add: 1956 Accourits, Receivable

Less:

Disbursements

Expenditure as shown on Expenditure ary em
1956 Accounts _ Payable $9,434.21

Add:
Less:

Adjustment Shareable Capital

1957 Accounts Receivable

1957

$552,551.72
430,92
552,982.64
14,427.88

$553,647.42

$5,075.00

Cap. 1,383.00 6,458.00 2,976.20

Less: 1957 Accounts Payable

2,691.40

Balances, December 31, 1957

General Account

Special Building Reserve Account

oa No, 3 Account

$ 624.86

8,958.32
‘ 101,354.67
& Ne

Capital
Fontan Account

12,850.67
110.00

R. E. Waldic Chairman of the Board

C. H. King, Secretary-Treasurer

J. M. Macbeth, C.G.A., Auditor

$ 14,249.50
178.38

$ 5,478.00
5,075.00
a 764. _

317.5
ir 1223; 30

$ 10,997.79
1,383.00

7,359.82

and Interest as at December 31, 1957
Interest

$363,040.63
553,546.87

2 .
$° 1,095.70

$°10,190.70
9,095.00

Revenue
‘Tax

$ 50.90
121,398.52
14,427.88
$135,976.40
j Night

$ 291.40

16,094.24

5,020.97
. Expenditure
$101,354.67

10,715.12
$135,876.40

Operation

Light,
Other

$916,587.50
. Other

$916,587.50
a Other

Other

Bank

es
‘Municipal
Rural

Government Grants
Basic

Recoveries

Janitors’ Salaries
Janitors’ Supplies

Financial Statement

of and
Year Ended December 31, 1957

Capital
Conveyance of Pupils

School

Department of Health
Miscellaneous

Tuition Fees — Day

Tuition Fees — Night

Use of Buses
Text Book Rentals
Interest

Dental Plan

Total Revenue

Administration Account
Salaries
Office Expense
‘Trustees’ Expense
General

Instruction Account
‘Teachers’ Salaries
School Clerical Salaries
Teachers’ Supplies
Other

Accounts

Power, Water, Fuel

Repairs and Maintenance Account
Grounds
Buildings
Equipment

456.00

15.00
327.32 $ 7,622.21

§ 42,106.00
“136,013

$178,119.00

$350,634.00

15,071.36
252.00
397.15
$366,810.51

$552,551.72

7,580.00
534.16
1,099.92

7,164.39 $ 16,388.47

$283,655.86

2,917.36
11,64:

5.16
1,456.55 $299,674.93

& 33,362.00

. 4,938.39 $ 29,813.44

Conveyance of Pupils Account
Bus Operating

Auxiliary Service Account
Health Service
Dormitory and Boarding

Non-Operating Account
Text Book Rentals

Debt Services Account
Debentures — Principal
Debertures — Interést

Charges

Capital Account
Sites Improvement
New Building — Current
Reconstruction — Current
Reconstruction — By-law
New Equipment — Cutirrent

Total Expenditure

.$

9,840.67 $ 27,822.14

$ 24,068.22
228.00 $ 24,296.22

$ 3,575.56
2,788.00 $ 6,363.56

2,397.00
$ 2,703.34

$ 58,500.00
25,621.25
__ 1141 $ 84,312.68

$ 1,421.60

6,657.58
3,400.37
6,501.92

$553,647.42

Expenditure over Revenue, Year ended Dec. 31, 1957

558,623.62

$136,775.98

$538,554.78
675,390.74

$553,932.22
$121,398.52

$121,398.52

Waldie, Chairman of the Board
King, Secretary-Treasurer
J. M. Macbeth, C.G.A., Auditor

Chairman and Members, ~
Board of Trustees,
School District No. 9, (Castlegar),
Castlegar, B.C.
February 28, 1958

Audit Year ended December 31, 1957
Dear Sirs and Madam: \

I have examined the financial books and records of School District No. 9
<Castlegar) for the period from January 1, 1957 to December 31, 1957 and have
Prepared therefrom the attached statements of Current Assets, Current Liabilities,
Reserve Surplus A ts, Bonded and supporting state-
ments of and i and Disk

In with my it while I did not make 2 detailed audit of
all transactions, I examined or tested accounting records and other supporting
evidence Py methods and to the extent I ecopsidersd jbpreptiais under the cir-

i all the
Taventeey of Supplies on hand is not Feftectea in the datements ‘The books
kept and are furnish

In my opinion, and subject to the above ees the attached statements
of Current Assets, Current L Reserve A its, Surplus A Bond-
ed Indebtedness and related of Ri and Re-
‘ceipts and Disbursements fairly present the. position of School District No. 9
(Castlegar) as of December 31,1957 and the results of its operation for the year

then ended.
Respectfully submitted,
J. M. Macheth, C.A.G.

What has been said above abies
to them equally as well.

It is also worth mentioning,
that many mining stocks «at
times pay rather handsome div-
idends, and this fact often clouds
an investor's judgment when he
or she js advised to sell and
transfer the funds into a more
Promising situation, On the face
of it, a mining stock selling at
$80 a share, say, and paying $a
@ year, gives an apparent return
of 7% per cent, If, however, the
holder would reatize that he is
dealing with a company having

a wasting asset and that he
should be mortizing his capital
on a 10-year period, at the most,
it becomes immediately apparent,
that most, if not all this so-call-
ed “return” of capital, is indeed
only repayment of principal
against the day when the ore
bodies are worked out o rbecome
uneconomical to operate.

This type of reasoning, of
course, appliés to most of the
natural resources industries, not
ommitting the lumber industry,
until such time asa program is

of timber resources is on a more
realistic basis than at present,
Notwithstanding all that has been,
said above, and which: should be
heeded by the investor, there
ar legitimate and often substan-
tial profits to be made by judi-
ciously purchasing, with the spe-
culative part of one’s investment
funds, the shares of wwell-man-
aged companies engaged in. the
exploration and exploitation of
our natural resources, Unfor-
tunately, this eagerness on the
part ef th public to participate
in these growth industries is of-
ten exploited by unserpulous pro-
moters. who are more interested’!
in mining the public than they
are in mining ore. For this rea-
son, it behooves the investor to
be wary in his choice from this
group and avail himself of the
best advice possible from invest-
ment dealer and broker resourc-
es. This business of trying to
make. money by buying a stock
at 10c and hoping to sell it at 15c
because it has been doing that
two or three times over a period
is indeed a most hazardous ven-
ture.

pe al :

The great crippler, arthritis
takes a heavy toll of Canada’s
manpower, About 68 per cent of
those disabled by the disease are

Castlegar News

SSS

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the miracle lustre enamel

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KOOTENAY

FINANCING ARRANGEMENTS

AND SUPPLIERS
PHONE 5155

PAYMENT

BUILDERS

50 Years Wed

Mr, and” Mrs. R, Ac!

of Kinnaird

* Golden Wedding Anniversay last Monday, March

Ww
and were married that date in Columbus, North Dakota
in 1908..They moved to Rossland, B.C. in 1926 and to
Kinnaird 6 years ago. Mr. and Mrs. Ackerman have
three sons; Harold L., Seattle; Bruce E., Rossland and
Dale E., Windsor, Ontario, There are four grandchil-

dren, *

COUNCIL BRIEFS

George \Carr, newest mem-
ber of the Village Council was
appointed Chairman “of = Fire,
Light and Parks by Acting Coun-
cil Chiirman R.: Maddocks at
the regular meeting Monday
night in the Village Office.

A report was heard from D:
Seaton, Traffic and, Licencing
Inspector, who said ‘he felt little
could be done in the way of
Traffic enforcement until cross-
walks and loadiig-zone boun-

“daries are re -painted, also Hines

to mark off space for diagonal

‘parking now called for aat the

Post Office.
, A discussion was neta on
Hours to contact Mr. Seaton at

the annual

‘the Village Office, as Commis-
sioners felt there are often cases
where unlicenced peddlers, and
other ‘violators of the bylaws
could be apprehended if the Li-
cence Inspector could be con-
tacted in time.

It was decided that the sup-
plementary budget should be
left to be drawn up after the.
election of the new Chairman,
which takes place on March 27,

‘J. M.- Macbeth, Village Au-
aitor, attended’ the meeting. to
display and explain the financial
statements as they will be ‘sent
to the Inspector of Municipali-
ties and as they wilt appear in

their

Mr, Macbeth advised he
would give all assistance to J.
Logelin, Village Clerk, in work-
ing out what he felt to be a
simpler bookkeeping system.

amount of unpaid water bills at
the end of the year, amounting
to about $1,300 and said some-
thing should, be done to ensure
this does not continue. Mr. Mac-
beth clted instances where other
Municipalities have taken dras-
tie steps and shyt off water
where bills were too long over-

-| due, with good results. He ad-

vised Céuncil to obtain from the
Department of Health on what
steps. could be taken in this
matter. At the same time he
felt the fact should be. kept be-
fore the public that a substan-
tial’ saving is realized by the
water-user who pays his bills
Promptly, as there is a discount
for early payment,

+ Mr. Macbeth requested a
meeting be held prior to the be-
ginning of April to sign the De-
partment copies of Financial
Statement, and this was aet for
“March 31, when the new Chair
man will be present.

The Park land option will
be presented for signing also at
this-niceting. Commissioner Carr
was asked to check on the matter
of the option,

A letter was read from the
A

of
advising. the annual meeting ami
election of officers will be held
at Kimberley on May 10. Village
Councils are reminded new re-
‘solutions will be considered at
that time, and must be sent in|
ahead of time.

Council decided to deal with|
resolutions to be sent in, at next
regular meeting.

Commissioner Rysen will re-
present the Council at the Visit-
or’3” night being held by’ Air

'e—the finest of rare old Scotch *
Whiskies, It’s time you tried it!

1009, Scotch Wolukies distilled, Blended und bottled tn
ARTO BELL ds ou LTTE sFREMH . 007.20
or pratsammes 1223 ‘pet

The Corpoartion of the Village of Kinnaird

Cadet No. 581 on
March 26, in the High School
Activity room

A request: from.the IODE
to use the Ball Park and facili-
ties for May Day celebrations
was granted. The matter of the
reviewing stand needing repair
will be checked into, said Coun-
cil. “Commissioners felt as it

ty of the Kiwanis Club, that
¢rganization should be respon-
sible,
, Commissioners ‘were: gratified
to report P. McCarthy, Depart-
ment of Highways, had advised
he would contact Mr. Tipping to
have Calcium Chloride put down
at the bridge approach, on Col-
umbia Ave. Mr. McCarthy said
blacktopping can. not be done
now, as‘the weather is too cold
for this, they hope to get it done
in May,

A replay has also been re-

‘ceived from the Department of
Highways concerning the black-}_

top at the Post Office, saying this
is slated for this summer.

tcp, Inland Natural Gas advises
they will fix the black top
breaks where the gas lines: went
in as soon as possible—this may
be six weeks,

A motion was passed by'
Council authorizing Mr. Logelin
and Mr. Seaton to handle the
tickets and fines ‘for traffic of-

Notice Of Poll

MUNICIPALITY OF THE VILLAGE

PUBLIC NOTICE is heceby given to the electors of the Municipality

fenses. This will allow traffic

OF "INNAIRD

lect, ai

aforesaid thatia poll hos b ry ot the

4 did, least

ot said

as
received, are:—

-end ‘that 1. have granted such poll; and, further, that the persons duly
fer whom only votes will be

Term Of
Office

For
Comm.

Other

Surname "Names

Address

Res,
Occupation

Dec. 31/58
Dec. 31158

orig C.
$)° John C.

‘Comm,
Comm."

Acketman: ‘
McLeod.

accordingly.

: Such poll will bi ‘opened ot the: Improvement Society Hall on the 24th
day of Marchi, 1958, between the hours of 8:00 A.M. and 8:00 P.M. of
which every: person;, is hereby required io toke notice and govern himself

P. A. SMIBERT, Returning Officer

Electrician
Clerk

Kinnaird:
Kinnaird

He was concerned over the

appears the stand is the propez-|.

“Still‘on the subject of black- |"

A woman who has been act-
ive in theatre work for 30 years
will be the adjudicator of the
1958 One-Act -Regional Drama
Festival in Trail at the end of
March. She is Vivienne Ch

Vivien Chadwick Drama
Festival Adjudicafor

choice to judge the eleven plays
from the West Kootenay.now en-
tered in the Festival, Miss Chad-
wick has directed professionally
for the York Theatre and the

of Victoria, whose widg range of
theatre work makes Her an ideal

offenders to pay their fine at the
Village Office rather than hav-
ing to appear in Police Court.
The clerk was authorized to
purchase a paper-cutter for the

necessary to borrow one when-
ever needed.

office, as heretofore it has been!

Light Opera Ci of Victoria,
and also for theatres in San
Francisco, Victoria, .and Vernon.
She has acted both professionally
and as an amateur in such or-
ganizations as the Lancaster The-
atre Company, and the Totem
Theatre of Vancouver. She is 2
master of back-stage work such
as costume designing, make-up,
scene painting, and lighting.

CASTLEGAR NEWS, Thursday, March’ 20,

1956

icator brings her to Trail well
prepared, having judged’ Drama
Festivals in Vancouver, Courten-
ay, Penticton andd Kimberley.

Other theatre experiences in-
clude writing plays for stage cnd
radio, and instruction in speech
and dramatics,

Festival Chairman Betty Hall
stated, when she lecrned that
Miss Chadwick has been appoint-
ed to adjudicate this festival, “I

certainly am thrilled that she’s},

coming. She has a reputation for
being one of the best adjudicators
in the province.”

The Kinnaird Little Theatre|?

group have entered the Drama
Festival ‘again this year.

Since 1946 1,500,000 people

‘lParish Priest

have been added to’ Ontario's

Her as an adjud-

Rev. J. B. Barnes, former

of St. Rita's

Church will preach at the open-

ing of the “new church next
Tuesday afternoon’ at 4 pm.

THIS Is THE MAN

whose sure, ‘skilled hand is s needed .
now to guide.Canada out of this
period of difficulty and doubt.

He is the man ‘of peace, the man
of action who in times of
emergency comes through

with positive, workable

solutions.

*... NOT TO THE POLITICIAN OR TO THE SECRETARY, OF STATE
AS SUCH, ‘BUT TO THE MAN LESTER PEARSON BECAUSE OF HIS
PERSONAL QUALITIES, HIS POWERFUL INITIATIVE, : STRENGTH
AND PERSEVERANCE, DISPLAYED IN ‘ATTEMPTING TO PREVENT
OR LIMIT WAR OPERATIONS:AND TO RESTORE PEACE.” 3

From the Nobel Peace Prize citation speech, Oslo, Decentber 10, 1957.

«

_ Now he is proving it again. Laster B. Pearson i is ay with
Ca practical, all-out program to bring back employment: and
,trade—restore confidence and faith—meet Canada’s

présent emergency with the Pearson Plan for immediate action.

“WOTE LIBERAL for constructive leadership Now |
with LESTER B.

PEARSON

" NATIONAL LIBERAL COMMITTEE.

Public Meeting Tonight

HEAR »

BILL McLOUGHLIN

LIBERAL CANDIDATE FOR KOOTENAY WEST

TOPIC: “The Pearson Bane .

Marlane Hotel -- 8 00 p.m.