The
following
report
by
Mr.
S.
0.
Rlavlork.
Some
Interesting
Figures
IN
1912
We
paid
tn
salaries
and
wages
to
C.
M.
and
S.
Jobholders
for
Construction,
Development
and
Operating
$16,844,000
We
provided
for
Employees'
Pensions
over
$733,000
We
pay
In
taxes
Dominion,
Provincial
and
'Municipal,
over
$7,000,000
We
spent
for
'development
of
mines
and
for
prospecting
$914,000
We
se
aside
to
cover
reduction
of
equipment
value
be-
V
cause
of
wear
and
tear,
nearly
$4,900,000
We
set
aside
to
cover
reduction
of
value
of
mines
due
to
extraction
of
minerals
'..
$1,300,000
We
paid
for
electrical
power
to
operate
our
plants
at
Trail
and
Klmberley
$4,224,000
We
pald'ln
flight
obqut,
'
$13,000,000
We
paid
for
Coal
and
Coke
used
at
Trail
and
Klmberley
over
$1,900,000
We
paid
to
Shareholders
in
Dividends
just
under
$8,190,000
We
set
aside
for
Post-War
needs
$4,000,000
Consolidated
Employees
in
Ills
Majesty's
forces
as
at
March
1st,
1943
1703
COMPANY
REPORT
TO
ITS
EMPLOYEE
The
Story
of
the
Founding
and
Financing
of
"One
of
Canada's
Great
Institutio
'What
We
Own,
What
We
Owe
and
What
We
Arc
Worth"
A
Balance
Sheet
always
seems
to
be
a
complicated
table
which
means
little
to
any
except
financial
experts.
But
very
simply,
it
is
a
statement
of
what
we
own,
what
we
owe
and
what
we
are
worth.
It
has
nothing
to
do
with
our
Sales
or
Income
or
how
much
money
was
received
each
year
and
divided
among
employees
in
wages,
among
stockholders
in
dividends,
etc.
It
Is
exactly
the
same
as
If
you
took
two
sheets
of
paper
and
on
one
listed
the
cash
you
have,
the
value
of
your
home,
.
par
and
furniture,
and
the
dollar
"Jack
Brown"
owes
you.
At
December
31st,
1942
CONSOLIDATED
OWNED
Cash
on
Hand
and
Bank
Balances
$
5,400,000
Invested
in
Dominion
Bonds
and
Treasury
Bills
and
in
Municipal
'
Bonds
11,100,000
Amounts
owed
to
us
by
Customers,
Employees
and
others
8,000,000
Value
of
Metals
and
other
products
not
yet
sold
7,600,000
Value
of
supplies
in
warehouses
and
elsewhere
0,400,000
Invested
In
Subsidiary
Companies,
less
amounts
deducted
for
minerals
extracted
m
the
cases
of
mining
companies
10,900,000
Invested
in
other
companies
900,000
Mines,
Mineral
Claims
and
Mining
Investments,
at
cost
to
us
less
amounts
deducted
for
minerals
extracted
-
1,100,000
Land.
Buildings
and
Equipment,
at
cost
to
us
less
amounts
deducted
,,rnnnnnn
for
wear
and
tear
........
15,000,000
Payments
for
freight,
etc.,
which
are
chargeable
against
future
operations
300,000
$66,700,000
On
the
other
you
would
list
what
you
owe
the
grocer
and
the
butcher,
the
amount
you
owe
for
the
mortgage
on
your
home
and
what
you
owe
on
the
car.
Then
subtract
what
you
owe
from
what
you
own.
The
result
Is
what
you
are
worth,
and
what
In
the
Company's
Balance
Sheet,
on
this
basis
Is
called
Capital
or
Surplus.
This
may
be
entirely
represented
by
Property
or
possibly
by
Property
and
Cash.
This
figure
is
placed
on
your
second
sheet.
Thus,
the
first
sheet
"what
you
own,"
and
the
second
sheet
"what
you
owe
and
what
you
are
worth"
balance
exactly.
At
December
31st,
1942
CONSOLIDATED
OWED
For
Wages,
Supplies,
Electric
Power,
etc
$
5,100,000
For
Taxes
not
yet
paid
3,300,000
For
Dividends
declared
but
still
to
be
paid
1,800,000
Amount
set
aside
for
losses
resulting
from
fire
and
to
provide
employment
after
the
war
6,400,000
Capital
To
Shareholders
for
money
Invested
by
them
and
used
by
the
Company
to
search
for
and
develop
mines,
to
build
plants
and
to
buy
operating
supplies,
etc
23,900,000
Surplus
Profits
accumulated
slr.ee
1906
(out
of
wnich
the
shareholders
regard
$19,000,000
as
te-lng
permanently
Invested
In
the
Company's
Mines
and
Plants,
leaving
$7,200,000
available
for
new
undertakings
or
for
dividends)
26,200.000
April
14,
1943.
PRESIDENT
AND
MANAGING
DIRECTOR.
$06,700,000
THE
CONSOLIDATED
MINING
AND
SMELTING
COMPANY
OF
CANADA
TRAIL,
B.
C.
ns
l.pr.Tiisf-of
Its
uld
ini-c
I
i
ti
ui
siiiij
uircciur
ui
inc
i,nsuiiuaicu
liiiiiik
ol
amcuing
company
oi
uanaua
Liu.,
was
prepared
especially
lor
uonsouaaiea
employees,
DUl
Canada's
war
effort.
available
to
the
general
public.
It
outlines
the
history
of
this
great
institution
and
emphasizes
the
par
i
the
company
and
its
employees
are
playing
in
the
fourth
year
of
RECENT
MONTHS
THERE
HAS
BEEN
A
DECIDED
INCREASE
IN
in
the
propaganda
against
big
companies,
their
profits
and
their
war
effort.
They
have
been
accused
of
profiteering
and
even
of
pilfering
the
public
purse.
Most
of
these
stories
spring
from
those
who
believe
they
can
advance
their
own
status
either
politically
or
financially
by
attacking
the
governments
In
power
and
the
larger
industries.
Your
own
company
has
been
among
the
targets
of
these
attacks.
The
tempo
of
this
propaganda
has
advanced
to
the
stage
which
would
make
one
think
that
no
honest
companies
or
governments
were
left.
This
propaganda,
together
with
the
quite
evident
lack
of
knowledge
many
of
our
employees
have
of
the
company,
would
indicate
that
It
Is
desirable
at
this
time
for
me
to
make
a
report
this
year
to
you.
This
report
will
amplify,
for
your
information,
our
directors'
report
to
the
shareholders.
I
shall
start
with
a
brief
review
of
the
history
of
the
company,
ccmmenclng
with
its
formation
In
1906.
At
that
time
the
struggling
Canadian
Smelting
Works
at
Trail,
owned
by
the
Canadian
Pacific
Railway
and
consisting
of
a
copper
smelter,
a
lead
smelter,
lead
refinery
and
gold
and
silver
refineries,
was
dependent
entirely
on
customs
ore
shipments.
The
mines
were
Inclined
to
work
when
prices
were
high
and
shut
down
when
they
were
low.
Consequently,
smelter
operations
and
employment
were
very
erratic.
In
1906
Mr.
W.
H.
Aldrldge,
then
General
Manager,
brought
the
main,
producing
mines
Into
a
merger
with
the
Smelling
Works.
The
new
company
was
to
be
known
as
The
Consolidated
Mining
and
Smelting
Company
of
Canada
Limited.'
A
distribution
was
made
of
48,988
shares
of
the
new
Consolidate'
stock
among
the
following
companies:
the
War
Eagle,
the
Centre
Star,
the
St.
Eugene,
the
Richmond
Eureka,
the
Ross-land
Power
Company
and
the
Canadian
Smelting
Works
In
payment
for
their
proper'
les.
Manv
millions
of
dollars
had
been
spent
on
these
properties
and
the
48,988
shares
of
a
par
value
of
$100
per
share
gave
the
new
Consolidated
company
a
most
conservative
financial
position.
NOTHING
PAID
TO
SHAREHOLDERS
FOR
YEARS.
Two
years
after
the
'consolidation,
dividends
were
discontinued
and
nothing
was
oald
to
.the
shareholders
for
five
years.
All
profits
made
were
ploughed
back
into
the
business.
In
1909
the
Sullivan
M4ne
in
East
Koctenay
(a
property
with
a
highly
complex
ore
which
had
been
mined
for
years,
and
part
cf
that
time
by
one
of
the
largest
and
wealthiest
mining
companies
In
the
world,
but
could
not
be
made
to
nay
by
its
owners,
was
optioned
by
the
Consolidated
at
a
low
price.
For
13
years
a
very
costly
experimental
program
was.
carried
out
by
the
Consolidated
until
Jhe
main
metallurgical
-
problem
.
breseple'd
.
by
the
Sullivan
ores
wx
.solved.
During
World
War
I
U9J4-1918)
the
Electrolytic
Zinc
Process
was
developed
by
your
companyijbifitly
with
the
Anaconda
Copper
Mining
Company.
Subsequently
with
the
solution
of
the
concentration
problsm
or
the
Sullivan
ore;,
the
Company's
financial
horizon
was
brighter.
When
your
comDanv
started
to
make
.electrolytic
zinc
in
the
last
war
'tie
price
for
hleh
grade
zinc
In
the
JJMA.
was
45c
per
pound.
Our
com-k.-jfi'
contracted
with
the,
British
Government
to
supply
zinc
at
14c
a
s
and.
The
British
Government
advahded-$w0,000
towards
the
cost
of
thr
iani
an4Khe;'roney
thus:
'advanced'
'Was
(repaid
by'
deductions
imr
the
reUjrnf
from'
tnft.
contract.
'At
'this
time
the
U5.A.
not
yet
W!iv
in
the
wot)
Anncorida
entered
Into
a
contract.
U.
supply
the
Brit
"
Government
with
zinc
at
27c
per
pound.
A
the
commencement
of
the
present
war
we
contracted
to
sell
to
the
r
itish
Government
all
of
our
zinc
production
in
excess
of
Canadian
rnqu
wnts
at
apnroximotery
3.34c
per
pound,
f.o.b.
Tadanac
0,,:;iiae
,6'f
:"developirigT,h,
Electrolytic,
Zini
Process
our
Company
got
-erv
little
bUt
'or
Its
first
World
War
zinc
contract.
The
costs
were
nearly
as
great
as
the
Tetnrns
from
salss".
and
had
It
hot'been
for
the
deve
o,
ment
of
thp
successful
flotation
treatment
for
Sullivan
ore
o
k
1
iut
at
ths'old
concentrator
at
Trail,
it
Is
unlikely
that
our
Trail
dan
would
be
operating
today.
.
NO
MANIPULATION
OF
COMPANY'S
STOCK.
Many
millions
of
dollars
were
required
to
finance
all
this
develop-men'
work
and
construction.
This
monev
was
obtained
partly
from
turnings,
and
partly
'from
the
sale
of
bonds
which
we-e
later
redeemed
h
the
Issue
of
shares
at
a
premium.
When
it
was
considered
advisable
t-i
enter
the
chemical
field
the
monev
required
for
plants
was
secured
bv
selling
treasury
stock
at
eight
times
the
par
value
to
the
company
s
shareholder
i.e.,
a
share
of
stock
of
$25
oar
value
was
sold
for
$200--BDnroximatelv
the
then
market
nrice.
The
rearon
the
original
$100
shares
had
been
'divided
one
Into
four
(at
a
par
value
of
$25)
was
In
order
to
simplify
the
exchange
of
shnres
with
the
owners
of
the
West
Kootenav
Power
&
Liht
Company
Limited
when
that
company
was
t:'ken
over
I
am
giving
you
this
picture
of
our
financing
so
that
it
can
be
readily
seen
that
there
has
been
no
manipulation
of
the
company's
stock
More
than
$100,000,000
of
earnings
have
been
ploughed
back
Into
Consolidated's
operations,
in
plant
additions
and
extentlons
and
In
looking
for
new
mines.
For
manv
years
our
luck
in
finding
new
mines
was
very
bad.
However,
the
Sullivan
Mine
and
adjacent
property
continued
to
develop
beyond
all
expectations.
The
chemical
plants
which
were
more
or
less
forced
on
the
Consolidated
Company
to
control
the
smoke
nuisance
which
had
involved
international
litigation,
have
turned
the
corner
and
now
are
a
oroflt-able
venture.
Their
position
In
the
post-war
world
Is.
of
course,
obscure
at
the
moment.
,
,
.
...
.
,
Several
gold
mines
have
been
brought
into
Successful
and
profitable
production
in
the
last
few
years
and
the
mercury
mines,
which
have
been
developed
since
the
oiitbreak
of
the
present
war,
promise
not
only
to
be
a
Godsend
to
our
own
nation
and
oar
Allies
but
a
profitable
venture
for
our
company.
The
Red
Rose
tungsten
mine,
now
entering
production,
will
also
help
the
war
effort
and
may
become
profitable
later
on.
GOVERNMENT
WAR
PLANTS.
With
the
advent
of
the
present
war
your
Company
offered
Its
services
tc
the
Government
to
build
and
operate
any
plants
they
(the
Government)
might
wish
and
for
which
bv
training
and
experience,
the
staffs
of
your
Company
would
be
valuable
to
the
war
effort.
Your
Com-'pany
also
offered
to
build
and
operate
such
plants
-without
profit.
The
Interpretation
of
such
contracts
as
havs
been
entered
into
has
been
that
the
Consolidated
Company
was
not
"to
make
or
lose
a
nickel"
through
this
voluntary
war
contribution.
Plants
of
a
value
of
over
$16,000,000
have
been
built
arid
are
being
operated
for
the
Canadian
and
United
Kingdom
Governments
on
this
basis.
When
the
war
Is
over
these
plants
will
remain
the
prooerty
of
the
Government
and.
If
our
Company
wants
or
requires
them
to
expand
Its
operations,
we
will
have
to
meet
the
price
offered
by
the
highest
bidders.
I
have
dealt
with
our
relations
with
our
Canadian
and
British
Governments
in
these
wartime
efforts
In
order
that
you
may
not
be
misled
either
by
Ignorant
or
malicious
propaganda
which
generally
sets
out
that
our
company
Is
either
making
big
money
now
under,
these
arrange-
ments,
or
will
do
so
later
on
by
getting
the
plants
as
gifts
at
the
end
of
the
war.
As
you
all
know,
your
Company
lias
been
short
of
power
since
the
Government
plants
have
been
in
operation
at
Trail.
There
was
a
surplus
of
50.000
h.o.
of
electrical
energy
before
they
were
built.
These
plants
added
about
57,000
h.p.
to
the
load
and
took
uo
all
this
reserve.
In
order
that
the
necessary
power
might
be
made
available
at
the
earliest
possible
moment,
I
proposed
to
the
Government
that
I
would
recommend
to
our
directors
that
we
should
build
a
power
plant
at
the
Brilliant
site
on
the
Kootenay
River.
As
this
nlaht
was
made
necessary
to
supoly
power
to
the
new
Government
plants
and
as
the
cost
of
construction
under
war
conditions
was
much
higher
than
normal,
and
as
the
value
of
the
plant
during
the
post-war
period
was
uncertain,
we
asked
the
Government
for
assistance
by
way
of
special
depreciation.
This
assistance
-was
granted
under
the
War
Exchange
Conservation
Act.
1940.
The
principle
of
normal
depreciation
is
recognized
by
all
taxation
authorities
and
the
owners
of
capital
assets
In
the
form
of
plant,
machinery
and
equipment,
have
always
been
permitted
to
deduct,
from
their
'profits
before
they
are
taxed,
annual
amounts,
depending
uoon
the
nature
of
the
assets,
calculated
to
retire
the
eapital
Investment
over
Its
useful
life.
The
special
depreciation
granted
by
the
Government
In
the
case
of
the
Brilliant
plant
simply
means
that
depreciation
will
be
written
off
sooner
than
would
otherwise
be
the
case,
and
while
the
depreciation
1.5
fcelnz
written
off
the
Company
will
obtain
certain
tax
credits.
However,
after
the
period
of
special
depreciation,
the
taxes
paid
will
be
correspondingly
higher
and
the
Government
will
benefit
accordingly.
In
other
words,
the
Government
has
slrholy
assisted
In
financing
the
construction
of
the
plant
'by
foregoing
temporarily
taxes
which
they
will
recover
later
In
whole
or
In
part
over
subseauent
years.
As
the
power
Is
sorely
needed
and
as
quickly
as
possible
for
war
purposes.
I
am
sure
that
any
reasonable
person
will
agree
that
the
Government
department
concerned
has
made
a
'good
bffrgaln
and
is
entitled
to
praise
rather
than
tocritjclsm.
P.RITJSH
GOVERNMENT
SAVES
ON
CONTRACT.
Our
main
tonnage
of
lead
and
zinc
has
teen
contracted
to
the
British
Government
at
lower
prices
than
those
of
any
five-year
average
in
history.
All
of
our
zinc,
in
excess
of
Canada's
needs,
is
contracted
to
he
.
United
Kingdom
at
3.34c
per
pound
f.o.b.
Tadanac.
I
'would
ask
you
to
compare
this
with
prices
in
World
War
I
(1914-1918).
when
a
highof
45c
per
pound
was
demanded
or
with
today's
price
for
the
same
high
grade
of
zinc
In
the
U.S.A.
of
9.25c
per
pound.
We
have
contracted
about
65
of
our
lead
per
year
to
the.
British
Government
at
2.776
per
pound
f.o.b.
Tadanac
and
Canada
pets
its
metal
for
war
purposes
at
approximately
the
same
price.
Our
contract
provides
for
increased
prices
should
costs
increase
over
5
in
a
calendar
year.
ThetJ,S.A.
tprice
for
lead
today
Is
0.50c.
The
price
during
World
War
I
(1914-1918)
reached
19".
It
is
only
necessary
to
compare
these
'prices
to
see
that
there
is
no
grasplna
policy
cn
our
part
nor
grounds
for
any
suggestion
of
profiteering.
The
British
Government
saves
approximately
$22,000,000
per
"year
bv
purchasing
from
us
and
thus
not
being
compelled
to
rely
on
the
U.S.A
market.
Furthermore,
as
the
United
States
supply
has
been
short,
'they
could
not
supply
the
heavy
British
demand
at
any
price.
As
a
result
of
increased
costs
the
present
prices
'on
our
contract
with
the
United
Kingdom
are:
Zinc,
3.6c
per
pound;
lead,
3.04c
per
pound.
ORE
RESERVES
SACRIFICED
FOR
WAR
EFFORT.
Our
Company
Is
making
good
profits.
We
Tiave
never
complained
on
that
score,
but
the
profits
are
being
gained
-only
by
depleting
our
ore
reserves
at
what,
under
normal
circumstances,
would
be
far
too
high
a
rate.
However,
we
are
more
than
willing
to
make
'this
sacrifice
as
a
contribution
to
the
war
effort.
It
must
be
remembered
that
while
everything
the
Company
uses
costs
us
more
than
in
normal
times,
its
two
most
Important
products,
from
the
productlan
standpoint,
are
selling
for
less
money
than
would
normally
be
the
case.
Consequently
the
profit
per
pound
is
very
low.
Greater
production
and
unlimited
wartime
market
make
this
possible.
But
do
not
forget
that
once
ore
is
mined
and
the
metal
sold
It
Is
gone
forever.
You
cannot
plant
ore
back
In
a
mine
as
you
would
reforest
a
tract
of
timber
or
restock
a
body
of
water
with
fish!
partment
will
show:
In
your
case
you
are
receiving
more
for
your
effort
than
In
prewar
days,
as
the
following
tables
complied
by
our
Industrial
Relations
ANNUAL
AVERAGE
EARNINGS
YV.ll
DAY
PAY
EMPLOYEE
1938
1939
1940
1941
1942
Trail
$1322.39
$1392.35
$1615.08
$1884.01
$2031.54
Mine
1750.21
1713.40
2068.27
2173.15
2331.68
Mill',
1723.22
1627.48
1882.76
2040.88
2273.09
ANNUAL
AVERAGE
DAYS
WORKED
PER
DAY
PAY
EMPLOYEE
1938
1939
1940
1941
1942
Trail
262.3
263.6
288.0
.
312.6
313.5
Mine
301.
288.
328.
321.
320.3
Mill
358.
321.
340.
345.8
351.3
AVERAGE
DAILY
WAGE
PER
DAY
PAY
EMPLOYEE
1938
1939
110
1941
1942
Trail
$
5.04
$
5.28
$
5.65
$
6.03
$
6.48
Mine
...
5.81
5.95
6.31
6.77
7.28
Mill
4.81
5.07
5.53
5.90
6.47
INCREASE
IN
AVERAGE
DAILY
WAGE
PER
DAY
PAY
EMPLOYEE
1938
1942
Trail
Mine
Mill
$1.44
$1.47
$1.66
Including
working
capital
and
the
new
Brilliant
power
project,
your
company
will
have
about
$120,000,000
actual
money
invested
m
its
operations.
This
large
sum
has
either
been
furnished
by
the
shareholders
In
cash,
or
taken
out
of
the
earnings
ol
the
Company.
It
amounts
to
an
investment
dt
over
$15,000
for
every
employee.
While
we
have
had
quite
a
good
year
after
providing
for
necessary
reserves,
taxes
and
so
on,
only
$8,189,552.50
was
distributed
to
shareholders
who
numbered
approximately
12,000.
It
must
also
be
borne
In
mind
that
by
estimation
more
than
half
of
this
$8,189,552.50
will
be
taken
as
Income
taxes
Irom
the
individual
shareholders
out
of
these
dividends
after
they
are
distributed.
It
Is
interesting
to
note
that
they
do
not
have
a
douule
tax
of
this
kind
in
the
United
Kingdom.
WILL
PROVIDE
FOR
EMPLOYEES
AFTER
WAR.
I
would
like
to
emphasize
that
the
money
which
We
have
placed
and
may
yet
be
able
to
place
In
reserve
will
form
working
capital
with
which
to
carry
on
In
the
-post-war
period
when
we
anticipate
we
Snail
be
confronted
with
many
perplexing
problems.
In
the
post-war
era
sales
may
be
slack,
-overhaul
and
Improvements
to
plant
will
be
necessary,
and
it
may
be
that
we
shall
require
capital
with
which
to
purchase
at
least
some
of
the
wartime
plants
built
for
the
Government
ahd
now
owned
by
them.
Expansion
of
this
latter
nature
Is,
at
the
moment,
in
tne
lap
ot
the
gods,
bui
we
must
be
in
a
position
to
meet
it
If
required.
This
review
of
our
operations
has
been
prepared
especially
tor
our
employees,
and
I
ask
you
to
peruse
It
carefully.
It
deals
more
specifically
with
what
has
been
and
is
being
done
for
you,
our
active
working
force,
and,
In
anticipation,
for
those
of
our
fellows
who
are
offering
their
lives
Tor
us.
Our
Company
is
determined
that
In
the
post-war
period
we
shall
be
in
a
position
not
only
o
accept
our
responsibility
towards
tho.e
ot
our
employees
now
meinoers
of
the
armed
services,
but
It
Is
determiied
that
we
shall
be
able
to
carry
cur
fair
share
of
the
burden
of
readjustment
Every
one
of
us
wants
to
look
forward
to
and
strive
for
eventual
bet
ter
things
In
the
coming
world
of
Victory
and
peace.
With
a
great
many
others.
I
do
not
look
for
the
millenium
with
the
unconditional
surrender
of
pur
enemies,
which
is
the
approved
objective
of
our
leaders
In
the
present
life-and-death
struggle.
There
will
be
difficulties
in
that
peiiod
ot
readjustment,
and
it
is
our
duty
to
anticipate
them.
The
spirit
of
loyalty
and
-co-operation
which
has
been
demonstrated
so
consistently
throughout
the
year
by
all
employees
Is
much
appreciated
by
the
Directors.
It
is
my
sad
duty
to
record
the
death
of
our
Chairman,
Sir
Edward
W.
Beatty,
G.B.E.,
who
throughout
the
years
had
an
abiding
and
friendly
interest
in
the
atfalrs
both
of
the
company
and
all
of
its
exiploycss
In
conclusion,
1
might
express
my
complete
agreement
with
and
re-echo
the
sentiments
of
the
Right
Honourable
Winston
Churchill.
Pilme
Minister
Of
the
United
Kingdom,
in
his
address
to
the
British
Commonwealth
of
Nations
and
to
the
world
on
Sunday,
March
21st
1943,
when,
among
other
great
pronouncements,
he
said:
"1
have
tried
to
learn
from
events
and
also
from
my
own
mistakes.
And
I
tell
you
my
solemn
belief,
which
is
that
if
we
act
with
comiadeship
and
loyalty
to
our
country
and
to
one
another,
and
if
we
can
make
state
enterprise
and
free
enterprise
both
serve
national
interests,
and
pull
the
national
wagon
side
by
side,
then
there
is
no
need
for
us
to
run
into
that
horrible,
devastating
slump
or
into
that
soualid
epoch
of
bickering
and
confusion
which
mocked
and
squandered
the
hard-won
victory
which
we
gained
a
quarter
of
a
century
ago.
"I
end
where
I
began.
Let
us
get
back
to
our
jobs.'
Employee
Welfare
At
Trail
and
Kimberley
operations
a
total
of
29,178
shifts
were
granted
as
holidays
with
pay.
This
cost
the
Company
over
$150,000.
The
pay
'per
holiday
shift
averaged
over
$5.00.
During
1942,
twenty-seven
pensions
were
granted,
the
average
retirement
age
was
62.4
years
and
the
average
years'
service
was
4.
At
the
year
end,
the
Company
had
137
apprenticeships
in
effect.
Of
these,
54
were
cn
leave
to
the
Armed
Forces,
13
completed
their
training
during
the
year
and
47
commenced
training.
Approximately
$330,000
was
loaned
in
1942
to
employees
for
construction,
maintenance
and
Improvement
'to
their
dwellings.
(Over
$4,500,000
has
been
advanced
to
date
for
employee
housing
loans).
An
Industrial
Hygiene
Department
has
been
set
up
at
Trail
and
detailed
records
are
being
kept
on
accident
and
sickness
absenteeism,
and
much
prevention
of
industrial
diseases
as
they
affect
our
Industry.
Two
scholarships
were
granted
to
sons
of
employees
to
permit
them
to
pursue
university
studies
in
applied
science.
Additional
Company
benefits
Include
Christmas
turkeys,
free
fertilizer
distribution,
fuel
financing
scheme
and
garden
plots.
LIMITED
j
tufa
.
i-
if
'
M
-ft