GOLD INDUSTRY

Evening Post, Volume CXIII, Issue 26, 1 February 1932, Page 6

GOLD INDUSTRY

BOOM IN CANADA

MANY PROSPECTORS

(From "The Post's" Representative.)

VANCOUVER, 6th January.

At least one industry in Canada is enjoying boom times. Gold is being mined in ever-increasing quantities, and on 100 frontiers across the rocky stretches of northern Canada prospectors are searching for it.

In ordinary times, the belief that gold is to be found is sufficient to spur the prospector to endure hardship, and the speculator to loosen his purße strings. There is a well-founded belief that the gold beneath the surface of Canada's rocky northland has scarcely been touched. But there are special circumstances at tho moment which have directed' even greater attention to the search: for the yellow metal.

Prices of all commodities have fallen and are still falling. But gold, being the basis of money and the standard by which tho values of other things are fixed, increases in value in .proportion to this decline on the part of the others. Again, Canada's currency is at a discount on the money exchanges of the world, and Canada's debts are payable in gold. To meet public debts, the Dominion Government is taking the entire output of Canadian gold mines and paying a bonus equal to the discount.

While mining and prospecting activity is being'pushed in all provinces, Manitoba and Ontario are the principal centres. Northern Manitoba nas a winter gold rush, with aeroplanes replacing the old-time dog teams in transporting rival prospectors to. the scene.

Within a few. hours after the result was made known of the assay on- some samples of ore brought from Island Lake, 300 miles north-east of Winnipeg,half -a dozen aeroplanes were winging their way out over the snow-clad spaces carrying prospectors.

The demand for gold in Ontario is leading not only to exploration of now territory but to the deepening of existing mines. One large producer has plans for carrying its operations to a depth of 6000 feet, and several others have announced the opening of workings on levels ranging from 4000 to 5000 feet.

In Quebec the comparatively new goldfield of the Rouyn district is the scene of increased activity, and British Columbia; goldfields are being combed anew. - ' .. ■ :