November 30, 1945

35.17 5,136,505 1,702,713 17.26 2.98 5.72 0.99 11.66 0.33

36.14 5,127,168 1,670,349 17.76 3.18 5.79 1.04 11.77 0.33

38.50 4,983,710 1,584,473 17.81 5.76 5.66 1.83 12.24 0.32

38.50 4,852,352 1,516,832 19.24 6.45 6.02 2.02 12.03 0.32

38.50 3,923,059 1,188,610 20.88 5.50 6.32 1.66 11.64 0.30

38.50 3,177,852 992,054 20.88 5.92 6.52 1.85 12.02 0.31

[Mr Cockeram.] Silver Prices Canada has been fortunate over the past fifteen years, in that the price of gold has shown a substantial increase; and I wish to show what that increase has meant to this country. In terms of new jobs, new payrolls, new wealth and the actual amount of gold mined, this is what happens with a rise in gold prices. Between 1930 and 1939 the price received by Canadian mines for their gold rose as a result of currency exchange fluctuations from 820.67 per ounce, to 836.14 per ounce. Compiled from the records of seven Ontario mines which were in steady production during the period from 1930 to 1939 the price of gold went up seventy-four per cent. The tons of ore milled went up fifty-two per cent; the ounces of gold recovered went up'thirteen per cent; the proportion of recovery in ounces of gold per ton milled went down twenty-six per cent, and the total number of our employed increased by 161 per cent. That meant, Mr. Chairman, that because of the increase in the price of gold the mining industry were able to treat many more tons of lower grade ore than they were able to treat in the years gone by. This lower grade ore gave much employment directly and indirectly in this country. I wish to tell the committee what this increase in the price of gold meant. With the higher price of gold the mining industry produced thirteen per cent more ounces of gold from fifty-two per cent more tons of ore, and the seven mines that are referred to in the statement mined and milled 1,489,052 more tons of ore than they did in 1930. Because of the increase in the price of gold the mining industry was able to treat many more tons of ore, and the lumbering, transportation, electricity and every other kind of industries throughout Canada benefited. Those of us who are connected with the mining industry believe that we have a very sound case, and we ask the minister to go back to the point where the industry was many years ago when it was allowed a fifty peT cent depletion allowance, and the shareholders received a similar allowance when the dividends came into their hands. If we are to develop our gold mining industry the minister must realize that the people who put their money into the industry take great risks. If it is a gold mining company it is using the shareholder's money to develop further prospecting. I would again ask the minister to consider this whole question of mining taxation. If I can be of any assistance to the officials of the department I shall be only too 47696-1764 glad to do anything I can. I believe that the-future of this country in good times and in bad depends on the success of that industry which has done so much to carry us through , depression years and war years. Resolution stands. Progress reported. fAt eleven o'clock the house adjourned, without question put, pursuant to standing order.. Saturday, December 1, 1945.

November 30, 1945