As her mother, Mrs. Barbara Young, and brother, John Jr, 6, listen, Sandra Young, 7, answers questions

Stories Of Profits, Spies Are Told In Windfall Probe

‘

‘knew what

by the press after the finish of the two-man Gemini space flight on which her dad. Lf. Cmdr. John W Young. was

; properties Texas Gulf didn’t “want” beCause~ Mr: Darke told it.

Mr. Angus. who borrowed $800 from his mother to be- come a member of the group. received stock in companies which bought the properties. His superior, Marshal Siearcs who is also chairman of the TSE board of governors, told

‘him he could not take the stock.

Mr. Angus told Mr Stearns that he would not. but he did

‘so anyway and made $183,000.

before pulling out of the part- nership.

He has since been suspeaded by his company.

Mr. Darke made more than $500,000 from the partnership, but tradiag

. Bragagnolo, who ad- mitted taking a helicopter io the Windfall property and re-

co-pilot The Youngs met with the news media at their home in El] Lago, a suburb of Hous-

ton, Texas (AP Wirepheote)

fore

“the damage was done to

He said the mse in the stock | a

could have been halted if the company had told shareholders the contents of the drill core before July 3.

J. W. Ambrose, Windfall c n-

sulting geologist, said he dis-| agreed with people who said the |

core’s contents could be deter- mined by visual examiocation. Mr. Ambrose, head of the geology department at Queen's University at Kingston, Ont., |

said that to announce on a vis- |

ual examination of core that ao values exist is only an op.nion, and no matter how many opin- ions you get they remain opin- ions.

‘“Tpere is an old truism that no scientific truth is established by the counting of noses.”

The commission also heard that Patrick Heenan, an em-

piece of core, said ae “a million, maybe two” from his dealings with the partnership and made $65,530, from his Windfall trading act. |

Windfall drama really | to unfold Sunday July 5 George MacMillan went the property and told tbe drill to stop work until] further

ployee of Conwest Explorations Lid., acting on the company's

NOTICE OF SALE BY SHERIFF

Pursuant to and by virtue of; a Writ of Execution to me dir-| ected and issued out of the) County Court of Kings County at the First Circuit of the said) Court on the 16th day of Mare’ | .D. 1 in an action wherein a oe eee ard | the ‘Trustees of School District! ns garage iam | No. 1 in Kings Cony were | vestment ° intiffs against the lands) “ On July 6 the stock opened fersin described and which said at $1.01 on the Toronte tock Execution is marked to levy for Exchange, up 45 cents Irom 48 | ¢1539 being the amount of school Previous close. Taxes and costs which remain Bay Street in Toronto cad tte’ unpaid together with costs of whole of Timmins were iilled and incidental to levy and sale with rumors that the core con- and other expenses of Execut-| tained ore. However, ion. | pany, weuld ‘not comment. | | hereby give Public Notice personal | _A% July wore on the stock that on Wednesday the 28th day moved higher until on Juiy 21 gf April A.D. 1965 at-the hour it was gelling at $5.60. still the | of 11 o'clock in the forenoon in company would not say what t of the Court House im | was in the core. On July 30, Xir. | Georgetown in Kings County in MacMillan said the core was Prince Edward Isiand I will set wotthless. The next day ‘he | yp and sell to the highest bidder | stock opened at 80 cenis. the following tract of land: ALT TESTIFY THAT TRACT, of land in . Testimony has been neard Georgetown in Kings County in more than a dozen geo'o- Prince Edward Island and be- «who claim that any knowl- ing Town Lot No. 13 in the 3rd mining men could tcil | Range Letter B of Town Lots nothing in the ccre|in Georgetown and being the by looking at it. lands assessed by the School Prospector Ralph Allerston District in the names of the Es- “Qme can scarcely im-/| tates of Margaret Stewart and experienced mining s men o the Estate of Annie Rodger- knowing there was fi : ” ad DATED March 16th, the MacMillans 1965.

3

making about ae :

Rp tiipepiet i i nines & 3

r

: sii

i 5 F

Hi

i

: ¢ Hd

i

A.D.

MILTON RODGERSON, | Sheriff of Kings County.

i q

j

ite i it

z , f

Hf if if

2

I li

ra

! |

;

Ib. 39c Ib. 29 2 Ibs. 89c Ib. 69c Ib. 45c oe ote MD

4%» tub 39¢

i

eff

e : i

|

g E

|

LEAN TRIM RINDLESS ;

N. 8.

\

ee cake

. FREE

- Dally 4.9228

‘property im a helicopter and took a piece of dril) core resi- due away with him

He had the residue assayed | July 6—as the stock more than doubled from its previous .ioce

-and it showed no commercial values

Evidence was also heard that Noranda Mines Ltd. one of Canada’s largest copper pio ducers, was interested in the property Windfall acquired. However, when it was toli tue Price it Jost interest.

Later Noranda made aa of fer for the 250000 shares of | Windfall stock owned by the vetidors of the property, but were turned down. A. Noranda geologist said that had he seen the drill core July 7 nis com- pany would never have made an offer for the stock

Much of the evidence has been that Windfall could have told shareholders early in July that the drill hole did not look Promising. But Mr. MacMillan disagreed.

“When should the president of a company report good or bad mews to shareholders” he asked wheli giving evidence.

He related an experience he had with Lake Cinch Mines Lid. when $1,250,000 was spen:

Big 48” x 494," double-wall construction rear doors mounted on sturdy wide- hinges—the kind of doors a hard working deliv- ery van fieeds. And you can lock them from the outside to protect valuable loads.

spaced

A fine GMC Engineering Leadership feature —optional at extra cost side doors for. big, bulky loads. They're on the sidewalk side for convenience and safety. Heavy weather-strip- ping keeps out dirt and dust, prevents rattles. You can have windows in these and the rear_, doors if you want them.

4

os

without any ore being found Later Lake Cinch found ore

He asked, “Should we have told shareholders that our drill holes were worthless’

He said not having the core assayed earlier in July has caused him some irouble

He said he would ‘ probably have been sha’ had he told shareholders there was no com- mercial ore in the first 570 feet of the drill core and then dis- covered values in the same bole at deeper levels

Mr MacMillan said nobody would have helieved thai he didn’t know there was ore at

deeper levels» This, he said put him in a dilemma

Mrs . MacMillan expected to be the Ness, testified for only about 10 minutes

She said “Whatever comes out of this inquiry. I hope it is in the best interests of mining, regardiess of where the chips fall.” ‘

The Mac Millans gave evidence im Narrative form and were not questioned by commission coun- sel Patrick Hartt. They will be recalled ‘at the Toronto hearings to give information in greater detail and to outline their crad- ing in the Windfall stock

who

was

Star wit-,

tee 9 due GUudruudl, CldriOieiowM, +, 6u., Sidt. «4, duu.

Capital Spending Expected

To Reach Record This Year \

private capital expenditures in Canada are expected to reach a record $12.305,000,000 this vear, up 14 per cent from 1964. the trade “department reported

A report tabled in ihe Com- mons by Trade Minister Sharp said construction is expected to run to $8,073,000,000, an in- crease of 15 per cent from last year with investments in ma- chinery and equipment reaching $4 232,000,000, a gain of 11 per cent

The report is based un a re- cent survey of the capital spend- ing plans of governments and industries

Housebuj 8 forecasi at $2,244,000, up ill per cent. Engineering construction is ex- pected to be ahead 10 per vent

Mr. Sharp said this capital program ‘would exert an im- portant expansionary influence on the economy generally’ if the targets are met.

REFLECTS CONFIDENCE “In addition, it reflects the

continuing confidence of dusi- nessmen in Canada's econviuic future "’

Among provinces, Nuva Sco- tia would have the sharpes! in crease in capital invcstment— up 27 per cent to $337,00u,00.

New Brunswick is next with a 2l-per-cent gain to §311,000,- 000.

Ontario and Quebec are ex- pected to show~-imereases of about 18 per cent, putting On- tario capital . investments at

$3248 000,000

The share expected ‘or other provinces, with 1964 spending in brackets:

Newfoundland $196,000,0u ($235,000,000); Prince Edward Island $43,000,000 ($41,000,000); Manitoba $541,000,000 ($547,000, 000): Saskatchewan $668 ,000,000 ($655,000,000': Alberta $1,171. 000,000 ($1,081,000,000);: British Columbia $1,451,000,000 (12.334,- 000,000).

The report estimates spending on repairs will reach. $3,689,009,- 000 in addition to the massive

expenditure om new projects. Sharply expanded capitai pro-

The Paint Makers co.

All Kinds of Paint NASH ALUMINUM Deors, Windows, Awnings

D. A. MacCANNELL

140 Great George St. Tel. 4-8850, Ch’tewn

1000 Colors

See how GMC’s

_ HANDI-VAN the ideal combination of — carrying capacity, loadspace and power.

Handi-Van has an all-steel, corru-

floor. It’s flat from one end

to the other, and won’t drum over bad roads. And it’s only knee-high

from the ground to those really heavy and

you load cartons.

Announcing! The all-new Handi-Bus

And now you can get the Handi-Bus ... . the handy way to carry people. There are two of them, Handi-Bus and the Custom Handi-Bus, Depending on optional at extra cost seating arrangements, you'll carry five or eight passengers. have the same GMC Engineering Leadership features that have made Handi-Van so popular —a compact 90” wheelbase, a fully rust-proofed sturdy body structure and a wide selection of optional

Get GMC’s Engineering Leadership working for you now!

‘With 211 en.

+

ft. of loadspace, large

IN MEMORIAM

PAQUET—1in fondest memory. of a dear wife and loving mother.

MRS. J. HOWARD PAQUET

who died March 24th, 1960 ALWAYS REMEMBERED BY THE FAMILY

quantities of bulky goods can be carried and moved with ease. For heavy gdods, Handi-Van's one ton capacity provides for larger cargoes, fewer trips.

pipelines are expected to drop with the completion of several major projects in 1964.

A year ago the trade depart ment set 1964 capitals outlays at $10,084.000,000 and revised this figure in mid-year to $10.- 811000000. The actual figure turned out to be $10,227 000.000

TOURIST TRADE

Navajo Indian blankets are hot very traditional. Weaving was introduced to the Indians enly in the 18th century.

Engineering Leadership makes

‘A city delivery van needs big,

ee

Handi-Buses

wide vision windows. And Handi-Van has them. The wide- sweep dual electric windshield wipers are up to any condition —1ce, snow and sleet. Side win- dows feature handy adjustable ventipanes for selective ventila-

~~

_ | J, A

has given Handi-Van j night blend of econ any for tough cay service delivery

tion without draughts.

the

operations—a standard 120 hp 6 ‘and an optional at extra cost .

140 bp 6.

AUTHORIZED G. M. C. TRUCK DEALER IN CHARLOTTETOWN

HILLSIDE |

{11S St--Peter’s Read Be sure to watch “Telescope” on CFCY-TV Friday at

> FL tits

i

10:30 pm. and “The

é rene sgt caatiid

-

MOTORS LTD.

TTT

és .

¥

eM D ie

on OPCY-TV Wednes day at 8 p.m at pg aang