Document 2JDypneqrpaOdj13d1ak0dJQb

FILE NAME: Asbestos Mining (ASMI) DATE: 1958 DOC#: ASMI030 DOCUMENT DESCRIPTION: Published Report - The Canadian Asbestos Industry 0 THE CANADIAN ASBESTOS INDUSTRY E. J . BO N KO FF, B .A . economic geologist PU BLISH ED BY G EN ER A L RESEARCH ASSO CIATES ' SUETE 105, 4 RICH M OND STREET, EAST TORONTO I. CANADA A L L RIG H TS R E S E R V E D . TH IS BOOK, OR P A R T S T H E R E O F MUST NOT B E R E P R O D U C E D IN A N T PORM WITHOUT PERM ISSION OF T H E P U B L IS H E R G E N E R A L R E S E A R C H A S S O C IA T E S IS P R E P A R E D TO ANSW ER Q U E R IE S U N D E R T A K E S P E C I A L R E P O R T S ON T H E C A N A D IA N A S B E S T O S INDUS' 1 I 1 i I MAP - C  I / 1 1ES AND IU STR Y. I I SECTIO N : 1. 2. 3. 4. 5, 6. 7. 8. 9. CONTENTS IN TRO DUCTION T E C H N IC A L C LA S S IFIC A T IO N AND U TILIZA TIO N OF ASBESTOS T H E S T R U C T U R E OF TH E CANADIAN A SBESTO S INOUSTRY PRODUCING COM PANIES PRO DUCTIO N AND DEMAND TREN D S PR IC ES TH E FO REIG N M ARKET T H E DOM ESTIC M ARKET C U R R EN T POSITION AND FU T U R E PRO SPECTS PACE: K 2. 3. 5. 8. n. 13. 15. 16. CHART: PRO DUCTIO N AND P R IC E TREN D S 20. A PPEN D IX " A " HISTO RY 21. A PPEN D IX 8 " PR O D U CIN G CO M PAN IES IN D E T A IL 28. A PPEN D IX SEA SO N A LLY AD JU STED ASBESTO S STA TISTICS 40. TABLES: 1. P E R C E N T F IB R E R EC O V ER ED P E R TON OF ROCK M ILLED 10. 2. A SB ES TO S C A RLO A D P R IC E S P E R SHORT TON 12. 3. CAN ADIAN A SB ESTO S E X P O R T S 1*57 13. 4. C A N A D IA N E X P O R T S O F A S B E S T O S ( J an. . March) 17. 5. T W E LV E Y E A R REVIEW OF O PERATIO N S ' A SBESTO S CORPORATION LIM ITED 25. 6. SEVEN Y E A R REVIEW OF O PERATIO N S CASSIAR A SBESTO S CO RPORATION LIM ITED 28. 7. T W ELV E Y EA R REVIEW OF OPERATIO NS JO H N S-M A N V ILLE CORPORATION LIM ITED 32. 8. CANADIAN A SBESTO S EX P O R T S PER THOUSAND TONS (S a a .a n a lly odju.twd) 41. 9. CANADIAN ASBESTO S EX PO R TS P ER THOUSAND D O LLA R S (Saaaonally adju*t4) 41. MAP - CANADA MINE LO C A TIO N S INSIDE CO VER 1. in t r o d u c t io n P rs***C C0T ^ Wi.rf> indu^ ' l m aterials, _______ fa ce d .jn th complex marketing problem* for the firs t time * .n c e the end of the Second World Wor, although os e arly a , 1954 there w o , evidence to suggest that the supply of spinning fibre w o , beginning to outstrip the growth in demond. . ^ -J-4. / V * i . C anad a's foreign m arket, for general bujk shipm ent, of m in. osbestos^ ond the much smaller domestic market* T , H a stot. of f lux * l 0t ^ " Y du* ,0 * - -- " o n in the North American economy, but * portly a consequence of the h isto rica l development and the inherent structural ch aracte ristic, of t h . industry i t , . I f . T Unt lndU,try ^ the purpose o fth i, ^ pprovide ^ /. current developm entf, mtha#y Ain,bflu* eltn0c*e its future. C a- ^ ^ e , , 1 , o w W h-I. the industry i , in o much better and sounder fin an cial and operating condition today than at any time in t h . post, having enioyed a growth in volume over the past decade at an overage r a t . of nine p .r cent ^ " eW uncertainties ore beginning to emerge. n ,, . Mr* Bonkoff' B -A - Economic Geologist . formerly Commodity ZTc U 11 r r ' ? " ow! " * * c -- .i R .,..c h , u * ' > . .< * . . . n y M d i * . ,, lo o k d T ba" ' H i. ihort t .n . ' H i. A .b .,, o , |,, J< lw y ,, Ccn,, Jo. 1 2. : fho coft unie ** cobb mech B bighe rangir OS " j ./ severi C<. / ' l A-. A < ! O asbest i Gr. asbest cement Gre asbesto osphait Gr and th applicai For Group, " shorts A ll principe J i r s t tim e there g in n in g I i of mine I of flux merican ment ond I provjde s s "how o l and 'toyed a -cent g-erge. rIiodity Trade *earch t if* term anodo. C< ' l t e c h n ic a l c l a s s if ic a t io n a n d u t il is a t io n o f a s b e s t o s A ib e o . I , o mineral. 1 f,,odo,e.o,ol * well-toowo c k .,,c W l ,, l ,, e l llboao, Till* .i o ,,, l ,, unique among industrial m ateriel*. wh(!, , ><|ch ,, enriba,, ,, o k ji ^ ,, nJ ojbt!(o ! g , " r J ^ ^ eSt0Si ;* P ^ c e d t^ b y-in two physical forms; fobbed"^ ` Whi' h C n , i i t * f P 'ece* of hand-selected ond hand- X l i w T r r " " ,0 k- in i,s " * u n f :b ,, i,, d ..1 , , ' Oil h e r grade, p l a c e d mechanical treotmenf of asbestos ore into fibre e_ by * K ,Z h , b I T` ' , i l " '0091k . . h . ' 09, 0, hue, ,b . loogesf (C r ,, d . No. 1) . . , h . OS sand ond oravel" u ft<* / . . .v .,,1 ,,,b g ,ou p ,. ' """ A ,h p ,, f i b , . . elo ssiried * " " S* '* "'0 Crude, 1 nd 2 ond Croup 3: "sp inning fib r e ," used to make white asbestos te xtile goods. Group is "sh in g le fib re " and Group 5s "paper sto ck" used to make ' asbestos-magnesia pipe covering, paper and fibre board; and asbestos cement products, such a , pipe, s h in g le , siding and sheets. Group, 6 and 7: " w a s te , stucco, plaster, refuse or s h o rt," used in asophhaaltTtfiileC,emgerenat1s'esP, rettecC. iiVe C 0 ,in 9 i' o* a fille r in ' JT T ' ' " S " d 3 , , , r " ' h* ........................... '* olgolflcoot. They o r. u ,, i in applications listed in Groups 6 and 7. I grod.i ,, For purpo.ee of this ,, p a r , C a d e , 1 o,,d 2 a ,. d e .lg o .t.d j,, ,, . Z l Z 'J ; " ^ * 7' " k A ll . . b e . , a . produced lo Caooda I , a I , h . c h r y .o .ll. principal commercial form. ' , h,, X X* t h e S TM IC TU M OP t h e c a h a d l h A5b e s t o s ,n d u s w main ch aracter,',ti/, . vertTcal0^^ * -or. im p o rt ^ ^ h Canada h a, , w '" t r o l. Several ( m p a n ie , engaged in the manufatt"* " f companies contra, ^ ^ ^ 0WnershiP< ^ a d ia industry; United State, companies 65 ohoot 5 per cent. * f * * a ,b e s , * minin Ct nt nd th United Kingdon / s b e s f o i m` n ' n s n d u u TM o f * z hL formed by merger in 1925 ond I k : : ^^ : : g; A r : n ir jt >eiro, Corporotion ^ * Lim ited-, ' - bJL ............ P H . . "' H L i i,.d a ,Mi to , ;;; f ' " " Asfc- " * c " - re*0,t of stock purchase, i , c( ' , Canod,an but o , 0 Lim ited ( U. K. ) and Roybestos Me h * " e ,a,e d with Turner-Newall C a ssio r A sbestos Corpora on L r , " , (U -S*}- Sp'" * r A ,b e ,f0 * Company Lim ited, a . * ^ TM ^ * - * B ..I / ubs.d.ary of Turner-Newail Lim ited. produced from their C o * L VertiCd ,yP * C * P` " - r end Canada, the United S ta te , ond T b ' * COmpony P grades not ^ A"y ,ib ' * " ........................................ Id In , h . .p .n N*woM Lim ited , w h i c r o U r ^ ' l ^ E n 9 ,'* h C mp ny' T t A M a, A sb esto s Company Lim ited . tT , " ^ ' " 9 ^ Johns-M onvill. Compony; Flintknt u C mpon'' * C"< A sb esto s M in ., Lim ited- and Quebec A t l ^ r ^ N" * * " ^ " y - w n e d subsidiaries ^ Lim it, . or u .5 . manufacturing COmpan W e n v iil. 0 ^ , ^ (U^ M r . Vnga M " W o c - . r . 1 M k. ,, ,, ' / V " ' ' ` i " ' ' ' k . . . In in , ond l,, Flin fko fe W in ., Lim ited and t h Y o Y b e c " "b eit P fent COmp0ni* ` u* (U-S.) .,, d PhilllD C P ,., m. " i0" <,h* F li . . . p . , hw. lub, lVi,, . y " ^ " ' ' - " 9 C p p ,,,r (U p , o j" m in c " * < . * .< H i c .i .f A , : , n TM -- ' o ,i~ * M ines (Norr.stown Asbesl 3 4 ` 4 < 4 f I . *. +**r <s wn> TT . - A - i nos two i' veral of r*hip os Conodion mining pCingdom | in the Lim ited, (captive * Corpbcrt es a tNewell ile* for he B e ll lim ited . d fibre tnt* in -vith xet. urnernodo, odien eolet d n'e*. hn*. the i of intS.) to* to* U 3" ' ` '" C .m M ,, , (U .S .). P ,., m m i. . nUiocturing operations in Conodo. A number 0 f o th e r companies have enoo,, A , and presently the United A * l * * P,0ra,ion ^ d e v e lo p , the American Smelting and Refinino r * Corp fafion controlled by (Conodo) Lim ited, o w holly owned sub0^ 0" * ( U .S .I ore preparing for Na,ional A sb esto s ^ Canadian controlled Company, h a , 0 Drov * Adv C0,e W,ne* Lim ited, a the present time this company , neo . * " `k ' * * ' * Newfou" d l0nd. A t bring their deposit into production. ,0 t' n9 e ncludc orrngem enf, to L Canadian Johns-Manville Conpany Asbestos, Quebec. Canadian subsidiary of Johns-Maiviile Mines at-Asbestos, Quebec; Matheson, Ontario. Corporation, (U .iL I 1 Asbestos Corporation Limited B Thetford Mines, Quebec. . ' " mpany- be,ieved to * ^ H y ' Mines n o d Black Lake, Quebec 3. Johnson's Company Limited Thetford Mines, Quebec r , ^aoian farnljmwned company. I Mines at-Thetford Mines and Black Lake, Quebec 4* !?ue!>ec Asbestos Corporation Limited I tast Brougritn Station, Quebec Mine a t - East Broughton Station, Quebec Canadian subsidiary of Phillip Carey Manufacturing Company (U.S.). 5. Bell Asbestos Mines Limited Thetford Mines, Quebec Mine a t - Thetford Mines, Quebec Canadian subsidiary of Tumer-Newail JWted, (U.K.). I TNhae; Mir 3. Adv MToirnet Th Canad! Lim ite* 5. flintkote Mines Limited, Quebec TTietford Mines, Quebec Mine a t - Thetford Mines, Quebec r ^anadian subsidiary of trie Flintkote mpany' ( U .I). 7- Nilet Asbestos Mines Limited SL Rerni de Tingwidc, Quebec Mine a t-- SL Remi de Tingwidr, Quebec ~ ^ . 30 Sl* si^afy ofNorristown Mag- nea3 * dAsbestos ComPany. ( U .U * ^ ass,ar Asbestos Corporation Limited Toronto, Ontario Min. i c ' - D , L * f , Snijjh C o |,, t o * h! ? " ' ,1" ' " ' , " t o * !ttl= he,(i by TumeiMNewall Limited and Raybestos-Manhattan Incorj (UeSe)a (C o m p a n y De t a i l s r o e ---- BE FOUND IN APPENDIX " a " , PAGE 23) which ore expected t ** "* ' P9ct9<l t0 comPn '* * u.nd* ' development n Q mto production: 5 The 50 per Opproxi. 75 per "shorts researc: i ' 4 success i' too larg3 soles tc of their Th, ore borh account lively. 1 the case eauol or probabl e i losbestos s-Man v i l l e be largely "Y. Carey bewail i Mag li in terest U tec 0 L United Asbestos Corrpany Limited Montreal, Quebec Mine a t-B la c k La ke , Quebec Control and management by the Amer e n Smelting and Refining Company, U J-S .) through a subsidiary, L * e A s - w stos of Quebec Limited. The United Asbestos Company Limited who ong,n ai|y tlevelopecf the mine, hold a sut> stantiai interest 2. National Asbestos (Caiada) Limited TTietfonj Mines, Quebec Canadian subsidiary of the National < Mine a t - Thetford Mines, Quebec Gypsum Company Limited (U .S .). 3. Advocate Mines Limited Toronto, Ontario. Mine a t-B a ie Verte, Newfoundland Public company, Canadian controlled by the M .J . Boylen interests. C o I X y L 7 J . r ' , h in T l " * Z\i:TzzrzT Co" psnr pr" ^ - - I A p p ro xim a te ly 5 6 8 ,0 0 0 t o n , o f f i b r i l w h ic h ' ^ U 7 , 7 7 7 7 ^ " ' 1 IiI i f ; : ; The Asbestos Corporation Lim ited end the Johnson' r , " k,h 't " 7" * ** . -j ,o-J i. Is .s ,, w ed , h,, Tz:z' ^u :. equol or be slig htly higher than " m illed fit, " * d ^ probable 75/25 ratio f ,, , *U t l * b 0Utput< * compared to the P cbie 75/25 rat.o for the Johns-M anville Company as mentioned above. ' Neither the Asbestos Corporation nor the Johnson's Company are as highly dependent on sales in the United States market as are the other producers, since a large percentage, probably well over h a lf of their fibre would be exported to the United Kingdom, Europe, Japan, Central and South Am erica, A ustralia and the Middle E a s t. The B e ll Asbestos Mine is captive and normally would ship its entire production, estimated at about5 per cent of Canadian output, to companies in the Turner-Newall Group. T h is is considered to be a re la tiv e ly high grade operation, that is , production of "s h o rts " would probably be under ^ cent of output. (In terms of Asbestos mining, the lower percentage / recovery and production of short to long fib res, the higher the grade of the operation). ' The C a s s ia r A sbestos Company Lim ited is truly a high grade operation. Due to location of their mine in Northern. B ritish Colum bia, it is not as yet profitable for the company to recover fibre below Group 4, because of the high cost of shipping. C a s s ia r would account for slig h tly under 1 per cent of the total Canadian output. Although not a cap tive mine, it is clo se ly asso ciated with the Turner-Newoll Group (U .K .)a n d the RaybestosMonhatton Company (U .S .) who are lorge fibre consumers. The remaining companies - Quebec Asbestos Corporation Lim ited, Flm tkote Mines Lim ited and Nicolef Asbestos Mines Lim ited - are believed to be low grade operations and are captive mines. T h e ir shore of the total Canadian output is estimated at about 5 per cent each, of which over 75 oer cent would probably be as " s h o rts " . These mines offer from time to time sm all tonnoges of fibre beyond company requirements for sale outside their organization. . r . ? . tt t ' * 4 , 7 5. sho> oufp fh e aga i deal to th , L were fibreauto n long T the c incorr R time. c- was t at the Asbej tionai Tf the m pipe, 4 and for thi the IV consol new, r until 1 Of os th# other of their fibre Central and hip its entire to companies lotively high ibly be under ;r percentage ' the grade of 'de operation, it is not as , because of under I per ' mine, it is . sRaybestos- " ..Limited, d are ir share of ', of which offer from for sa le r 5. p r o d u c t io n an d dem an d t r e n d s -- -- >* ,, of th . Eorop.o,,' " C " =d, " * > But w o , no, t . , , before , J ` , "h The post-war slumo of 1920.91 , , ,, decline _ l , 9Qin feduced effective demand but the dechne ,n asbestos production was short-lived and by 1922 it wn , to the hitherto peak level of 1920. 4 C Ie ' l i r .................... ' - i - - ......................t Rhodesian asbestos also began to offer time. serious competition at this One result of these d ifficu lt v e a r i (nr tk _ r j , w e . tk in n . , y M r * the Conod,on asbestos industry r h ., r r ; , t 011 Co', d i" ' " n ,r " ,d r .b .1 C ' lh ` : x c r ' c " Joh'W l C w r - into A ,b e ,to ,C o rp o ra fic n L im .l.d , ending ,b . p,, |o d p, a a ,, ,, ,, pou. o r .a a i.a .1 change, A . p, , h. |,, d,, , try. (S p t T b . .h lh of d .m .n d o . o , from , h . long l i b , . , a o .tin a .d i,, ,b . 1930*. A . morn d .n ,,,, d ..r.n g tb during th i. pp, ioc| ^ ,, ..,, ,, ,, ,, J ; 4 `2 , \ ) Tb T " 5 " 1 ( - - 9 Group, I?; . r b;r rtr ,edw- 9s-- j -h < J ib b h T f"" ^ " i" " ' ' " ' " inS ^ .......................................prepared ... . e * U W0* he elim ination of some morginoi properties consolidations, scrapping of some obsolete m ills and their replacement by zuntil ;1936zthat p, rao;d*ucdtiomni,c,slimdbe seid9 nbeadck,oagparoindutcoe thfeew1e9r 2*9" p* eak . -- TM 8 CANADIAN A SBESTO S IN D USTRY - P E R C E N T F IB R E R E C O V E R E D P E R TON OF ROCK M ILLE D ` T h . C H A R T Page 20 i l l u s t r e . , , h . , . production . ,, d ,,n c u m p ., ' 7 " 7 f' " , n' W '"*. "d respiting s h ift, in , h , ib ,e r d m ' d- r u " < * " > ' w . , on .J ` h r s L I Ottveiy, Crude -h.=h o n brought 1900 . ,h. who|,, ||)# revenue declined os o commercial product; " n ,;l|^ f i b , . , " hove however continually been denrond; . h e , s " . h o , " hove almost i consistently been expanding. 4 i , The lock of sufficient fibre produrti on to- m--e-e-t world-wide ppo*srtwwaar H demand - o . overcome by continuous ad dition. * m illing capocily bv I v operations.onJ Hw * . .n d .d ,, ,, , 4 I di J hL ,U T lr P ; i,i0n f ,,ih 0 ft S " SO w a , progressively posed of. by the opening of new m arket, and intensive industrial I ManvTlI r t0 PP,iC ati0ni f0f this P " * " Corgely by t h . Johns * C 7 on^- Mof*over the very lack of "m ille d F ib r e ," prompted consum er, them selves to su b stitu t. " , h o r t , " whenever practical and I! conomie, and t h ,, practice tended to continue o n e . it w o , established. Front a position of surplus, demand for " s h o r t ," grew J0 rapidly , haf ! succe", 7 7 U 'mPrOVe '** minin9 00<i m il,in9 techni<0 "J was cessful enough to raise the extraction r a t . of short fib re , by over 40 per cent. (See T A 8 L E 1, Page 10) I sliohrT "T * ' 'd I keen S y geeoler than o n. mrllion ions and in 1957 t h . p e l. v a lu , oI production - $106.4 m illions was reached. ! n ^ v " V d fit' "* kT ~d 35 par 4 I000 t u ' r T . r y " ' " " " * ' ` W ` ! ' ................ ' . rhan 1 * * Po99 20). In teem. 0I v a lu ., h o w .v .r , produe.irs ona only one third from ` s" h o- rt,."..............-- ^ ,r TABLE 1 9 z r * 2 =r CT* O 23 C<l O3" " : T? I " = , ^ -- M 3 --3 O3 OT V? ^1 r-- 3 2. < - -- 3-0 -* m ' a. 3 TABLE 1 CANADIAN A SBESTO S INDUSTRY - P E R C E N T F IB R E R E C O V E R E D P E R TON O F ROCK M ILLE D YEAR ROCK M ILLED (000 font) PRO DUCTIO N " CRU D E AND M ILLED FIBR ES* (000 Ions) PER CENT C R U D E 8. M IL L E D TO ROCK M ILLED PRO DUCTIO N "SH O RTS" (000 Ioni) PER CENT SHORTS TO ROCK M ILLED TO TA L PERCEN TA G E 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 7.929.5 6.507.7 6.459.8 7.027.5 7.740.8 7.894.5 5,671.1 8.635.0 10,219.7 10,915.9 11.189.0 11,394.6 12.427.0 13,740.3 220.0 191.8 220.7 228.9 223.2 243.1 198.3 302.1. 333.6 361.9 329.5 342.7 402.8 418.5 2.00 2.91 3.42 3.26 2.88 3.00 3.50 3.50 3.26 3.32 2.94 3.01 3.24 3.04 247.3 227.5 246.1 329.2 438.7 473.6 372.5 568.7 658.2 576.0 590.7 594.2 661.2 624.6 3.12 3.45 3.81 4.68 5.67 6.00 6.57 6.59 6.44 5.78 5.70 5.71 5.32 4.56 5.92 6.36 7.23 7.94 8.55 9.08 10.07 10.09 9.70 8 28.60 .? 8.22 8.56 7.69 Production D a ta :-- Dominion Bureau of S ta tis tic s it p r ic e s PNC. ,, [ o s b c o , p .r by , h, ^ , , fh. , . 'k 3 y ' * ' Ccnad` an 01 considerabl. con. ", r Z -'"k L V " "f S ' ,ib' " A =f - " J o r J grodo, . ,, I , b '\ V ' " ' ly, by " <:l' pr.ee within each grade. b* ' r' ^ * " "PPl'-J d!f- ' o o ".iJab l. variation in ,,,o|i,y and ,, ^ T h . p r .s .n . grading sy st.m | . b a ,, d an t h . Canadian C h r y s .t i l. . I" " ,lca' i0" oritl Grading of A ,b e t a , H in . Products dar.r ^ in ,5 3 ' - * rn eaived r '* f * b e ,, 1 ho*1, on t h . a v .ra g a prico par tan o c .. .d by p ro d u cts >h.n an th . C H A R T , P a g . 20. T h is a . . . , . P . . . a f f.o r .d not only by ahang.s in p r ia ., but , | ,, by ^ ,u proportion of the various grades and Jo(d< Of p articular sig n ificance in the h isto rical pattern i , t h . rapid in . crease ,n the a v e ra g , price during World War I to $75 per ton, followed by D, r S,Ump ,0 530 ' 920* Thereafter t h . overage price pe i d V T ^ ^ 530 - ^ ^ ^ * 1930-32 P 9 th* <'epre* sion' wh .n it dropped to $25. During World War H p r.e e , increased and become generally settled at * 0 - $45 2 ton ,5 M ih" * - > - - r is .n a im e r WOf " " T T " " " '"" "" ' 'J . . b e , ha, S in e ,h " " 7 ' " ' " J h" 1 p a r ................ ,, a . , 9 4 i. c t h . ,, ,, o v a l of p r ic . c a n t t .l, ,, ] ? ,h,, . hov. b. . ,, , ig(,, ,,a ,." ' *' ' ' * b* " " * ` " " ` ''p " 0 e b*> 1, 1957. A ls o at th is P o * '2 o7 ' ...................................... ...... (5 c CHART, i. . T rhan TMPWI , . J . than dtd , h . . , h ,, grad.s, a , t h .i, . . . b r,, j ' ' W " <" * " k M b . - P ..J , -ha, ,h . n rece but s me the and CHA asbe see b Cane NO. 1 GROl 3F-3b GROU 4H-4K GROU 5D --5h GROU: 6D GR0U 7D-7FGROUF as-3T GROUF I I J ? product. (ble les conwere lied d if* Jy and in Jrysotile s, deter, i Quebec per ton iveroge in the id in. ved by price "32 n ar H >r ton d the has 944. >riee this RT, gees ng I . .. production of sh o rts" - j . . .. ., but little revenue to j . dde<i cs> "*'Jero b l. fonnoge mail return on " iK o r t ," D|u * 0nd s,1'Pm* n'*- The relative ly the rapid decline in t h . a y r o n g ^ p ^ ^ l ^ ' C n,ribu,ed i0mewho' to m d * lm |lorly slowed fh# fecov . ' Vedper ,0 "< beginning in 1920 C H A R T , Page 20) Vera9* prlce Allowing. ( s * . 1 i As Canada * the leading world producer th O ib e stp , In flu en ce, t h . general price structure o'f all e price of Canadian asbestos. T A B L E 2, cv-ownodion osbr esfos. ' " " ' " " " " S ' ' p . ( a . principal grodes of FREIG H T C LA 5SIFI. C A TIO N f ` 790. to 1850. I 3GFR-O3UKP-i3NRO-. 33T(-S3pZinning Fibre) 370. to 650. 20 4GHR--O4UKP--4NMO--. 44R(-S4hTin_g4l2e Fibre) 180. to 245. 20 Fibre G R O IP NO. 5 (Paper Stock) 5D-5K-5M -5R 120. to 150. 20 Fibre 4 I G RO U P NO. 6 (Waste, Stucco or 86 60 Plaster) ' 30 Waste * 10. 7 (Short, or Refuse) 40 to 80 7D-7F.7H -7K.7W .7R-7T.7RF-7TF ' 30 Shorts GRO U P NO. 8 (Sand) 29. 8S--8 T 30 Shorts G RO LP n o . 9 (Gravel) 30 Shorts I! TH E FOREIGN M ARKET i Apart from the Soviet Union the large asbestos producing countries, Conoda, South A frica and Southern Rhodesia consume re la tiv e ly small e n t i t i e s a f the mineral. On the other hand the large consum er, . the Un.ted States, the United Kingdom, France, Ita ly , Germany and japan produce either no asbestos or only small quantities. T h is situation le a d , to a vigorous international flow of asbestos in which Canada by for dominates the supplying countries and the United States the consuming countries. ' While asbestos products manufacturing is growing in Canada only 3 to 5 per cent of domestic fibre production i , required for domestic use. Consequently the foreign market for asbestos is overwhelmingly the most important for the Canadian industry. In 1957 the gross value of Canadian asbestos fibre exp o rt, was clo se to $110 m illio n s. T A B L E 3 a n a ly t e , the ty p e , and destination of Canadian foreign s a le , of asbestos. _____ __ TABLE 3 CRUDE CAN AD IAN A S B E S T O S E X P O R T S 1957 VOLUME (Short Torn VALUE -(S000 Cdn.) United States . 233 197. United Kingdom 146 174. South Am erica -- Central Am erica & Mexico -- European Countries 177 126. Oth Countries 82 70. PER CENT SHARE 34.8 30.6 -- __ 22.2 12.4 683 $ 563. 100.0 . M ILLED 4 United States 139,200 25,703. . 34.8 United Kingdom 28,262 6 ,1 9 1 . 8.4 South Am erica 20 859 3,770. 5.1 4 Central Am erica &Mexico 6,825 1,231. 1.7 European Countries 131,720 26,062. 35.2 Other Countries 66,445 10,984. 14.8 393,311 Source: --Dominion Buroeu of S t a t i i t i c i * 73,941. 100.0 Tab le 3 (Continued) 13 To SHC for ` prop the fibri asb< mark 19a porti wel I 95 p I toria to re grad, has . final mark are thosi restr Ii I t tv f ^ c o u n trie s, ely small ers the tand Japan 1 s it u a tio n do by fa ' Iconsuming I only 3 to |t ic use. ingly the talue of .B LE 3 sbestos. ' CENT 'R E .8 2 4 i Table 3 (Continued SHORTS VOLUME (Short Ton*) United States 505,124 United Kingdom 37,809 South America 4,661 Central America & Mex ico 2.268 European Countries 69,332 Other Countries 17,417 VALUE .(*000 Cdn.1 25,123. 1,645. 338. 144. 3,933 1,359 636,611 S 32,542. PER CENT iHARF 77.2 5.1 1.0 .4 12.1 4.2 100.0 * 1 fo r` 'shorts" . , f is signlfjcant> Z Z proportion of " m illed fib re s" ho k * . M i ., a , A . United K ! W in 1957 l a , 1 ! " P P ,,' ' " W>' l TM " '^ ^ ' . r* Cent ye0r* 00 '"creasing - * . - E a r.p a . Wi, * Eu' P ," " " 'k" < " ill.d >k. American fc- Canadian warlcets. The C H A R T page 20 h T * dependent foreign m and Canadion p L : ' h` -1 . - Canadian:.::;;;0; : ^ .I I = v.t 80 pet end ,, , h. 95 per cent). ^ ^- ,, " " '.ntly " ye0r* ha* b " approximately dollar ba^ier J o restrict the expansion of Cl t l y countries continues Shades result from the product," of f ir e h im o T " nU" ker u Has only limited control over the prooorf t k ^ * " ' ^ * * pfoducef final product. It i , therefore ,, ' T " ' o f ,b * " * grade, of h i, market that w ill consume a ll t h l" ! ^ ' ^ are produced. T h is ch ara cte ristic ti " ' deVel P 0 balon d * Pf P rtion in whicb *bey 14 THE DOMESTIC MARKET ^ Wl>h "bout 95 per cent of Canod' l Auction beina i e u # t ' an o s besto* mining a n d -n- emg so ld to foreign market, 9 m d m ,l lm 9 Pro- if e a la ja jv ;,, m n n n fn rtita t^ /, .... ................... . * Conodion im M fto n c. to r f,. primp,# ' '* by " comporobl. T h i* Jo* not imply h o w . , l * I ,eant- E x Prt " b e t . ore very re 0 * .* dome*tic morlc.t j , ,n recent year* r nr, ,, j growing, Sine# , 9S0 , h. Conedo h e , - -s rrc s rr , . " U * " ` P TM * i indo.try fc,, ^ ` " ` 'P ` '" <" - W o n , * i,, d e m .,, lc d.mond h o w # ..,. J h th, ,, "PPly P P n .id .n tb l. < Ametreen , o / ,, , h> (v o lo .d 2.2 m illio n , | ,, ,, 57, ^ " ' Conod. o t. pip#, < ..b # .,,!.1" low y # o ,, ky A ,, ,, i l b b" " *" lloM to m ,, , " S'P' " "< United Kingdom * - , to Conodo. T h . W l ,0,,d ' ' hpn<' "> ' A# British " J "PPpp' A b . , n ,, I ,,,, P' P' b" ` k' " m ork.t.d r t t t ; : t T r - * "and by high American t0,; PP" tetion , t commetcio, ,, ,, ,, p i , , * ' Kingdom. ' r ' *P , "d " * - * . T h l* 11 r*'ricted * * # , by ,K . * . U nit.d S to t., o.d 15 9. In c (urc con in d i eco: for rea re-a: wor Jlrpp mate alumi H for pt ening osbe: 1957. of Co econo 1953, O) Sdt Omnmro datine I 1 . /1 f n g pro- panodian i orable in 1 f insignii- m Io n s in volved lent and ;arlcets. s been red in aseof t total ngdom s bulk f!_es i litio l r the -orp. ties / j t is the ted onnd I 9. CURRENT POSITION AND FUTURE PROSPECTS Excluding goId, asbestos is Canada' s s e v e n s I " C mm0" aluminum and copper iron 0 0fSe: f " ' 7 ^ ' (U,0n,U" - " ` Pciol cose which n e ;d not b d efr ' eU eon,*0 osbestos is very highly d j ^ d' 5CUSSed n thi iM " , ' rid h~ i" ' - t m . economic conditions in general. Sensitivity to w0r|, - it real shrinkage in the international C o m m o d i t ^ o ^ ! ^ " ^ te-od,USfmenf, 0f 1949-50 end 1953.CV l j 0 ket- The Senerol economic w lJ ,r TM TM i =i >. p . , , i / u L T T T " P . . ond p o rt,, t . c o o , . ' ',lf,c l" l 1 .1 " ' " ' l * , " J ' " "V m o r k ,, , up , ' | ,, 5 5 aluminum until well into 1956. UPP` y- < * om*, such os nickel and (or port p( 1957. W M I. I t ( . f rom asbestos did not show sio ns o f 1957. ( , ) ` h0'' ' ,S" ` 7"""" * * r " S hO"' '554 end U ' 9n ^emond for Conodion . ...................... .. o, It seems fairly certain, however th,, . . l of Canada' s important mineral exports to f e e 7 t T T the ,0 It economic recession. These effects been l j f the CUfTent o , may be seen V ^ T7 ^ i im o u c 4. See next page. '............ . - - . . T C C ' T w T .. CK A s s o c i t .. Z ; * : mOV* m#nt` 0f* P'OC. . . . d by 14 V -Sfc * is ifiji 9S8 Vlw* (.0 3.9 91.7 21.7 17.8 27.3 12. 5 1U !1.,4 ie s in billed >se to fie in being res. iderrent >all 'fiat ft er The immediate future of the industry w ill th r l . ' h* 'h - J - h t h t h . North A m . , ! . . . . ' 1, ' Jlm M .i.t ocnioni ,, . ,, J i . , * i . J , , 7 '* " " W r " in' - Th* " " ' - - . . I - , I- th . ,,.o r J ^ s , ,, du,, i0,, of ,, ; n 7 * " i" `l!' ' ohiorb : - r - =-- . . i r r : : : ^ t r * r Of so tons of Conodion ousjobeessrtooss pB,r,,odduct.ion t.he rat* ,,f .l P fhe m'1, ,lon y e ar, . is unlikely t0 ^ forthcom;ng ,n l95g> * of fh' past three Another important aspect of th* ,_ , significant additions to productive capocitv" T 0 st e 5 ,0 , is the completion in Canado. ^ reCenf Y comi>leted or nearing The Canadian Johns-M anville r . . , , . . , produce at least 10 ppeerr cceenntt mmaorre ffihore ?amt* 'wL*#' m'.,AeI_d '* now abl* to - " ill. The new Normandie M in , 0 f the A sbestos C *'' -- ............... - The American Smelting and Refininn r TM * * l the asbestos deposit of the United A lb e sto s C " C " ,r0i Per ,e production in 1958 with a 5000 ton A rperot,on P,on to be in (Canada) Lim ited hav c l Z 0 Z T * * m i,,` ^ N^ " ' C rp .u n , ^ r t s i r 3 S = r '= = -- cy un completion this year they scrap their old m ill. T h e name Quebec A sb e sto , C * 7 ,.j i n . cAx ; ; : r c'` plan to tons, to be known as th* i r o d a,iy Copoc,ty o{ *000 , known as the Km g-Beaver M ill. On completion the exist,'* ond operating King-MiII is to be closed Ad ... ' f "9 get their property into production by I9 6 0, o t T h T l ' t i r r l e T n ^ t t ' 18 v VJ'/ me increase in . . J* (" t . '" " " p one t ' T ' ' Br d"" '` - ' no.I I , ,, | * , n";" "" 1" ' (Th, ., A ... M P.TM A . ` r. P.r ly C," - C' " ' Pooi-y A .,, | J bo (, ConoJion o . b . , , . , i ^ " ^ ; ^ " ; 230'0" '" ( Bkc. onnuolly, ,, - 105 * . e.,o / A . 1 j " ,u i'' * -- < -% ' " P i * 'A ., A . h TM ' r ~ i"3 Pomoloo of Eun,M _ PP .o Ulo ,ly u A. a . ,, S ,, ,W ol Wh'*l* the Canodion Qst)esf0# , ' " ' " i n , oo., = .mpo ,.d , irt o "P k ... ,n ,.,, d 0 ^ c/ * " * mj.oo,. , P'. "PP">in ,l,,e. 19, A i, " " ' - - ' p n .w Proeloc, PPPI.P.,,, .k id , , Ao ; ,,ry '* ^ ' p ^ " " k'P *' TM"P " Whmn ,h e ,, e x t p#fi j . * ^ WOrW -- s ,TM zfi? the- Conodion^indy ^ n ,, . Th. - ^ * . - countrf.. a, nos ,o . . . . " ' b* 9i" ,p b' f.l> A in " " PPP" 'P" * ' W p . .Io n ., wkioh 9o o J, kich o , b . ,, . . , ' itron, ,, . A , , ,, ' " '-'P k ~ .in , onj trr o n ,.!,,,. P " ' - - S' ' * ' '' S " . I P o t 'n the long view tL do, fry con on(y fae * a t ^ l s t ' t r * ^ ^ C nodion h e , t o , in. P-- ol greof p ro ,p e r,fy. W ' P-- 0/ morfc{n9 , im. 19 1930 I I d and to tha in- ftr year by wId b felt uo/ly, the l r or fwo, Jther fhon however f , is the id u stria l ;eriod of J4S, th is fficient, >ny new esearch of P pace which f Wony parti. 3my " , >en op ^ucts. >s in ore o average p r ic e IRECEIVED p er ton / ' ,--------------U ^ e s t o s TM --X DOLLARS 100 1950 I960 H ISTO RY a p p e n d ix " a " 1924 (1) E A R L Y LO C A L D EVELO PM EN T 1876-1877 F ir s t important asbestos deposits discovered. Thetford Coleraine h ills, Province of Quebec. . Development along Quebec Central R .R . lin e . 1876 / Quarrying begun by Andrew Johnson. (1885 incorporated os a private compony-now Johnson's Company Lim ited . 1930- It ' 1945 ' 1952 1885 Seven operating quarries producing about 2,400 tons annually. 1890 ' Firm B ritish market established superceding Italian supply, but the bulk of Canadian asbestos already being shipped to the United States. 1954 1890-1892 D epression reduced asbestos production by one third. 1892 ff. R e v iv a l and replacement of hand-dressing extraction by mechanical dressing. F irs t shipments of m illed fibre. li 1905 M illin g and fiberising plants in stalled at a ll operating quarries. Development of marketable by-products - a sb e stic now "asbestos shorts". 1955 (2) D EV ELO P M EN T OF FO REIGN CO N TRO L \f 1900 ff. United-States interests (later Johns-M onvill.Com pany (U .S .) buying up A sbestos and A sb e stic Company properties near A sb esto s, Province of Quebec. Keasbey and Mattison Company (U .S .) purchased Bell Asbestos Mines Lim ited properties - Thetford Mines, Province of Quebec. In 1934 Keosbey and Mattison purchased by Turner-Newoll Lim ited and B e ll A sbestos therefore returned to B ritis h control. 21 i ! corporated Lim ited. annually. n apply, lip p e d to e third. M'on by i fibre. rating a now (U .S.) near ttison ( mited 1934 ni ted 'frol. 1924 1930 1945 P h ilip C arey Monufeaturing C omn / ,, e , owned subsidiary Quebec ^ " P ny W .S .) set up wholly Broughton Station, Province of Q u e " C fP f0 ' i0n' Norristown Magnesia and A s b e .r r ahlished a w holly owned u ! ' (U 'S"> e s f' w;oes L,m ifed' Sf- ^ ^ ^ i ^ p . v ^ o ^ t i , : ; : 05 1952 1954 American Smelting & - I.. Quebec. r " - s-> * l-Oke, Province o f 1955 n- . ii l w m porated (U .S.) it r iT ' ' ? ........................... ..................... y e s,o s*Manhattan Incor- Notional Gypsum Company (It S i ,, u Thetford Mines, Province / o pfoven Property, Mines ^Limited. U* * C' *rom el1 A sbestos 22 APPENDIX " B " PR O D U C IN G CO M PAN IES IN D E T A IL A sbesto s C o rp o ra ti* L im it , M o n tra i, Qabec A<b..t.< Corporation Limir.d ,,oorp.rorod ,, 0 , Z L "'" T ...................... lpw* in K 2 5 - T h * .. * " A ` k" ">> C o T , i.n of Conod, L l . l , o rooult of on 1 1 c o l , . ,, ,, i o n o( s.vorol componios. Th company record i , , prorofyp. , f ,, t o , , , , Co,,odo. Af, ,, ^ . r r of , , k . . , o , in commercial ...................... , k . i L r g o n i s o l .m amalgamation of .ho oonrponio, . ,, , ,, . d ,, , h. , , . M ^ on p r o ,, ,.d ond A .b .s r .s C .rporori.n Lim ir.d doc.lopod .................... . or the** complex negotiation*. ..k ,* U " ' * i " "> largest in d o p .n d .n , L t '. l n n ' l " " ' in ' ! " " ' ld- p ,i," ip' 1 k " k " > ` * W ~. I H , l" " , J " n " ' " J Block Loko, Celerotno and E a s t Broughton, a ll in the Province of Quebec. C - n DdU,n9u, - P01,' W0r ye0r* d I m" * h0V# been imProv*<0 t h . B ritish n 're ly new m^ine eannld0f9m#<ill, "com19p4le3te8dndduring N19f5'n50. ndi* Mi,,p Over 95 per P ^ d n t ex1end b^ ond -H i"* * i . . o f T ^ * mQnUaCtUrefI in ,h * ^ " d fibre state. f ,h e ,f bus,n * n the expon market. -uhirhi " n * * r ies #oo#n , r # d # compony c o n ,i,t * s u , y f 3' 6oo' oo " a funded debt. *nres. The company has 73 Ml King Beave Britisr Norma Other i K in g time th A twei ta ble A .L . P . Thetforc K .T . Da Montre. G. F . Jer Thetforc J.A .D . h Thetforc J.e.l . r Montreal F . E . Noi Montreal W.A. Art Montreal H. P . The Montreal Lt.-C o l.. Montrea I Paul Bi* Montreal I I \ m I Isuit of a portorrt of a Lim ited, J e * . The After the zation and I involved * a result I dependent P approx* Coleraine e British ' M ill, 3 tage, xtate. 500,000 'ny I*js MINES MILLING CAPACITY ORE RESERVES tons p e r day I K ing TONS 3,200 Beaver - (Closing 1958) 3,600 6.550.000 B ritish Canadian 6,000 6.535.000 Normandie 5,000 56.865.000 ) Other Properties 33.345.000 5.400.000 K | "= i l . * ...................... , ho. ,, 0,, K s > A A .L . Penhale, Thetford] Mines, Quebec, K .T . Dawes, Montreal, Quebec. G .F. Jenkins, Thetford Mines, Quebec. J ,A .D . Mareette, Thetford Mines, Quebec. J , . L . Duquet, Montreal, Quebec. F .E . Notebaert, Montreal, Quebec. W.A. Arbuekle, Montreal, Quebec. H .P . Thornhill, Montreal, Quebec. U .C o lJ .G . Ross, Montreal, Quebec. Paul Bienvenu, Montreal, Quebec. ' m an agem en t President & Managing Director V ice President & Director General Manager & Director General S a le , Manager i Director Director Director Director Director Director Director 24 K n oc Ul O r~ I i _ x> 3. 3 il rn r * c o " s. ?. I O g 3 > - o 5 ^ c rr c9 r o M "cO O. X) o O The 4 i f u- 03 n n P o ^ n *1 oo 9 $ r~ < -- Qo o 3 9 <* M M c D u 3ac O o 3 P --i C > O "1 o -t P o_ o il M I I o I I I I I o <ap. 3 C o le , A sb eils. Llrni, (d . J 4,000 OM , r ; k T " T L e fto r, Porenf dofed Ju ly 17 toeo a T , ' h 41 h Supplem entary H anding. ' ^ T h e '* ore 3 ,800,000 h a re , out- C o n w e sf E x p lo ra tio n Com pany h o ld , 920 D00 , k j , P r k i . Gold Mi,, . . 7 . d com pany, o l,o o w n , 320 000 , h n, ,, . C . d" B .1 I A . b . ,, ,, Mineo L ,d ^ ^ ,f" Q SSO ciaf b .h . Turner Newall C om pany Ltd- (M If 1 a " * They also own ,he B e ll A^beJt T ^ Inc. (U .S .) have also purchased stock fo the'7 ' ^ T" -- ^ ^ "P* Roybe*t**Manhatton to , deposit and m ill in V h e ^ ^ " . " A ^ ' o ^ N ^ h ' " T " ^ A 500 ton per day m ill c am . i ,, , 0 production a Ju ly 19i t - n increased to 1,000 to n , per day. However o ' l- l . uction, the m il, operated above capacity ^ h ^ T " 9 P' d* S^ode o r . than the m ill w o , designed for' (6 000 t o n ,,CO,M V ' Wer w* originally handled. ' 9r0uP 3 per year),. r : : r y JJ' d t " ^ n ....................... * . (lb ,.. , 'k' " d " AC" M V * . . b . ,, . ,, tab r w " .. * . . P .w F.M . Connell, Toronfo, O ntario W.H. Connell, S p en ce rville, O ntario. C R . Elliott, Toronto, Ontario. J. E. Kennedy, Toronto, Ontario. / K. A. Creery, Montreal, Quebec. C.S.M . Mortimer, Toronto, Ontario. G.W. Smith, Thetford Mines, Quebec John Drybreugh, Winnipeg, Manitoba. S .R . Zimmermcn, J r ., Manheim, Pennsylvania MANAGEMENT President 4 D irector V ice-P re sid e n t 4 D irector Secretary-Treasu rer 4 D irector D irector D irector D irector D irector D irector D irector ! I - ; ! 4 I J i > ti c ! c c I I c cL bM jj L C o C LU -J ta < S EV EN - Y E A R R F V IF W D F O P F R A T in tK . t a c c i 27 TABLE 6 SEV EN - Y E A R R EVIEW O F O PERATIO N S - CASSIAR A SBESTO S CORPORATION LIM ITED YEAR INVESTMENT SALES (In ihouaoods of dollars) * TAXES 1951 1952 2 ,0 5 5 .0 _ . 1953 6 ,4 5 6 .0 __ 1954 7.648.2 1,242.0 (3 Months to Sept. 30) 1955 10,233.6 4 ,7 4 9 .5 1956 11,291.4 6 ,8 5 4 .3 - 1957 14,270.4 8 ,3 1 4 .6 -- -- EARNINGS EARNINGS PER SHARE DIVIDENDS PER SHARE PRICE RANGE 513.6 686.1 2,225.1 2 ,8 1 1 .3 0.14 0.18 0 .5 9 0.74 4 .2 0 - 1.90 7.10 - 3.00 9.50 - 5.75 7.00 - 5.50 2.25 - 9.25 9.10 - 6.60 8.50 - 5.00 Source:* Annual Reports Exempt from income la x for three years, from Ju ly 1st, 1955. Canadian Johns-M anville Company Lim ited, A sb esto s, Quebec Canadian Johns-M anville Company L td ., is a w holly owned subsid iary of the Johns-M anville Corporation, New York. Authorised capital of Canadian Johns-M anville Company Ltd . is $2,500,000, consisting of 25,000 shares of $100 eoch, all owned by the Johns-M anville Corporation of New York. The predecessor of the parent company, H.W. Johns-M anville (U .S .), ^entered the Canadian field sometime in the early 1900' s, assuming the holdings of the Asbestos and A sb e stic Company, Lim ite d , at A sb esto s, Quebec. In 1918 the Canadian subsidiary was incorporated under Fed* eral law s. The Je ffe ry Mine, A sbesto s, Quebec, is the largest in the world, I and output from this operation alone now accounts for over 50 per cent of \ 1 the Canadian output, and in 1957 produced 568,000 tons. A five year I expansion plan to convert and expand the mine to underground operations, 1 ) and construct a new mill was completed in 1957. Current d aily capacity of the mill is approximately 22,000 tons of ore. The new mill is able to j produce in e xce ss of 625,000 tons of fibre. ! Although volume is large their production is believed to be heavy in shorts , p articu la rly Group 6D. The company therefore developed a process by which this fibre could be used in the manufacture of asbestos* I cement board, shingles and siding, which normally uses the longer, Group 4 and 5 fibre. The large research division of this company also dev eloped many of the new applications for ''s h o rts " . In addition to. the Je ffre y Mine at A sb esto s, the world' s largest, the company has the Munro Mine near Matheson, Ontario, and other nearby properties are being explored. At present the Munro M ill is operating at 2,500 tons per day, and con be e a s ily doubled as markets expand. T h is mine produces a harsh fibre, heavy in the shingle Group 4 range, which IS well suited to the manufacture of asbestos-cement products. Output runs around 30,000 tons per year. i I As. plants, usf ec elude roofing asbestc The fw w ith th It rr ufacturi their w their ir product rights f The 31st, 1 common Fine Manvill< Corpora iaries, year rev L .M . Cc New Yo A .R . Fi New Yo C .F . Rc New Yo AJvii>-B New Yo H .C Al New Yo I I.d subtil- >ony L td . it ^ n e d by the tille (U.S.), turning tbs of A sbestos, under Fed- | the world, 0 per cent of t five year perotiont, >ily capacity I is able to ^heavy in reloped a d asbestos* 9*r, Group y also dev* ! argest, the Jier nearby eroting of >and. T h is Jg e , which . Output A sbestot product manufacturing operations are carried on ot two plonts, A sbestos, Quebec, adjacent to the mine, ond Port Union, Ontario, just east of Toronto. Major product! of the A sbestos, Quebec'plonf in* elude asbestot te x tile s , papers ond p o cking,, insulation m aterials roofing paper ond s h in g le ,, and rock wool. The Port Union plant produces otbestos cement pipe (tra n site ), mineral wool insulation and other products. The two plants cover nearly h a lf a million square feet of floor spoce with the Asbestos plant slig h tly the larger of the two. It may be pointed out that the important row material used in the manufoctunng plants of th is company is asbestos. However, because of their wide coverage of North A m erica, their merchandising position and their interest in d iv e rsifyin g , they have added new basic raw material production as: dictomite, rock wool insulation, ond in recent years, timber rights for insulating board ond gypsum for gypsum products. The capital stock of the Johnt-M onville Corporation on December 3^It , 1957' co n titte d of 25,000,000 authorized and 7,148,723 ittu e d common $5 par shares. Fin a n cial statements are not availab le seporotely for Canadian Johns'* Manville Company Lim ited. However, the accounts of Johns-M anville Corporation (U .S .) would re fle c t the su cce ss of their Canadian subsid ia rie s, ond in porticulor their asbestos mining operations. A twelve year review of operations is shown on page 32, T A B L E 7. MANAGEMENT L.M . Cassidy, New York C ity , New York .R . Fish er, New York C ity , New Y o rk. C F . R o ttw eiler, New York C ity , New Y o rk. Alvin-Brown, New York C ity , New Yo rk. H .C . Alexander, New York G t y , New Y o rk. Chairman 4 Director President 4 Director Vice-Chairman, Vice-President 4 Director Vice-President 4 Director Director 30 MANAGeMENT (continued) H .E . M anville, J r ., Gloucester, Massachusetts. J.W . Hones, New York C ity , New York W.C. Stolk, New York C ity , New York. E.M. Voorhees, New York C ity , New York. E .G . Burton, Toronto, Ontario J .A . Grazier, New York C ity , New York. Director Director Director Director Director Director i } aM z rs j LU i a < i j ? i T W E LV E Y E A R REVIEW OF O PERA TIO N S - JOHNS-M ANVILLE CORPORATION \ TABLE 7 T W E LV E Y E A R R EV IEW OF O PERATIO N S - JOHNS-M ANVILLE CORPO RATIO N YEAR INVESTMENT 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 73.3 96.0 110.8 118.4 121.2 131.8 144.4 160.9 177.5 193.7 216.6 257.6 SALES TAXES (In millions of dollars) 92.0 133.9 173.5 162.6 203.3 238.0 244.7 252.6 253.2 284.7 310.4 308.3 1.8 6.1 11.1 10.0 16.7 24.8 21.3 22.5 21.5 27.2 26.6 20.3 Source: - Annual Report 1 EARNINGS 5 .8 9 .5 15.4 14.4 22.8 24.5 22.6 19.7 16.7 23.5 25.0 17.8 EARNINGS PER SHARE 2.01 3.23 5.22 4.85 7.29 7.76 7.14 6.20 5.24 7.34 3.50 2.48 ` COMMON DIVIDENDS PER SHARE RANGE OF STOCK PRICE 1.17 1.40 2.00 2.50 3.50 4.25 4.25 4.25 4.25 4.25 2.75 2.00 55 - 38 46!^ - 37 42 - 33 50 - 3015 51/7- 36Vb 701'j - 47 79 - 63 75 - 58 9 0 5 - 62 97 - 77)5 5 8 )5 - 43 52 - 34 ` Adjusted for stock sp lits \ Johnson's Company Lim ited, Thetford Mines, Quebec of c , k T ' r " ny * " P " 1-- prodoooro " I `" l l r 1878 ky AnJ" w J In 1855 ,h. Z l C=" J " A >k ' " > - -- "<< - h o v . k. . ,, * on A s b c it o . Compony . . . fotm.d h .n d l. .boot 100 to n . of rook C o l d l y W U " A ` k>'< Corpototion L i m i t s . . . fcm od l(l, Jo h n M n . , ; , T T . Th- " -- y . . . incorporated a n d . C o lo e company has two mining properties, one of Thetford Mines Quebec, and one of Block L a k e , Quebec. ' / T k . T h .tf.rd M in. i . a block-covin. op.totion . . i , b , , . P - . m - . i y 2,400 ton. rook por doy. T h . Block L o k . M in o T ^ n o p .,, T ' of 4,000 ton. p .r doy. T h . John,on' , C .m p .,, y >h. p .o t .li..d plant, boil......................... .................... a " e , ' l w J * ..,.,.4 S in o . t h i. i . . p riv a t, compon no in fo rm a ti., | . , . ,, - | , b | . ,,,, k * " " Pnpitol of 54,900,000 o o n .i.t ln , of 480,000 snhoores. , ao"ll oTf a par valIu*e" of 5. >-- - W 0 0 common m an agem en t A .S. Johnson, Thetford Mines, Quebec. President & Director J .H . Mooney, Quebec C ity, Quebec. Vice-President 4 Director S . A . M ackenzie, Montreal, Quebec. Director J- E . Johnston, Montreal, Quebec. T. H. Best, Toronto, Ontario. Director Director 33 Bell E 193 share T urne Newa A fric eeuti the U t; dai |y 19th , orotec Keasb orbed Newa I contro Ashes (Canac Th T h e ir than 2 regard investr produer ains sc F ir and oc informe I I Ijroducers been first t]SS5 the of rock ihnson's t of the e lows in II'd Mines, tian of ap open- ot a cop- Jv e lo p e d I profits. . f 480,000 I common I I I I I I I B * !l A s b .s to i M int! Lim ited' Th.tford M in .., Q,,#b, e BH A .b e ito * Mines L im il.J . . . ggg,pg,g,.J 0,, ,t , c 1936 . i , h , eepiloiieotion . t 51,000,000 , . p ,, t . nti,, , 10,000 * 5 00 P ' V" 1" '- T h ' "pony ie g w hg||y. own, J .,, b .U ig r y Ql ,, g ,,J Newell L im il.d (U .K .), g ho Id in , n . T,, ,, ,, ,,,,j N e .= ll ,,ggp hg, very l g , ,, ,, , lk , ,, o l ,, A t r i c ,, .n d Conode, i,, w o n o lg co n n , g s b = ,, s good, , mg , ,, . , io_ ?k= m ,, . eeutieol p-gggg-, ond o b . o . ogtom o.l.e prodoo,, ,, p| . ,, ,, |,, Conodo the United Kingdom, the United States and India. The property now operated by B e ll Asbestos M ine, Lim ited with a do, Y capacity of about 2,000 tons, was o rig inally developed in the late 19th century. |,, 1888 B e ll1, A sbestos Company Lim ited w o, incorp orated m London, England. The En g lish company w o , later taken over by Keasbey and Mattisan Company (U .S .). Keasbey and Mottison was ab s orbed by Turner and Newoll Ltd . in 3934. In A pril 1947, Turner and Newall (Overseas) L t d ., w o , organized in Canada as a holding company controlling the parent company's three Canadian subsidiaries- B e ll Asbestos M ine, L td ., A tla s Asbestos Co. L t d ., Turner and Newell (Canada) Ltd. The B eil Asbestos M ine, Ltd . is working completely underground. T h e ir ore re se rv e , could conceivably support a much larger operation than 2,000 tons per day, but the owner, (Turner-Newall Ltd .) apparently regard the mine as assuring a supply of raw material for their much bigger investment in asbestos manufacturing plants, and ore content to see the production rate remain at this le v e l. It is understood that this mine cont ains some of the highest grade ore in the Thetford area. Fin a n cial statements are not availab le for B e ll Asbestos M ine, L t d ., and accounts of the parent company, Turner-Newall Lim ited, give no information on its su b sid iarie s. 34 W.W.F. ShepK,d, Rochdale, England. G. W. Smith, Thetford Mines, Quebec. H . A . Smith, Thetford Mines, Quebec. F .P . Smith, Thetford Mines, Quebec. J .E . Lemay, Thetford Mines, Quebec. C .8 . Brown, Montreal, Quebec. Jirman President & Managing Director Vice-President & Director Secretary & Director Treasurer & Director Director I I I I 35 Qu 3 laws The L _ond th on, Qu to be Th larger At th i is alsc in keei No capital value. R.S. K Cincim H .R. B Glenda CB. P Cincim J.W . H, Glenda E . . B. East I I Quebec Asbetos Corporation Lim ited , E a s t Broughton Station, Q .,b e< Quebec A jb e jto s Corporation Lim ite d is a wholly-owned subsidiary of P hilip Carey Manufacturing Company, (U .S .). The P hilip Corey Man ufacturing Company o lio own* the P h ilip Corey Company Lim ited , which operate* a plant for the manufacture of a*besto* product* at Le n n o x ville , Quebec. I Quebec A*besto* Corporation Lim ited was incorporated under Quebec low* in 1924, talcing over the properties of the following com p anies:- I The Ling Asbesto* Company, The Frontenac A*be*to* Mining Company, and the Eastern Townships A sbestos Company. The mill at East Brought I on, Quebec, has a daily capacity of 1,200 tons. Production is believed to be heavy in " sh o rts". I T h i* year (1958) the company w ill bring into production a new and lorger m ill on a nearby property, with a d aily capacity of 2,500 tons. At this time the existing m ill w ill cease operation*. The company name I is also being changed to Carey - Canodion Mi.nes Lim ited, which is more in keeping with the name of the parent. I No information on profits is availab le . The company has a paid up capital of $800,000 consisting of 8,000 shares of common stock of no par value. I m an agem en t R.S. King, Cincinnati, Ohio. I H.R. Barrett, Glendale, Ohio. C .B . Pooler, I Cincinnati, Ohio. Choirmon & Director Vice-President, Controller L Director Vice-Pre*ident & Director I J.W . Humphrey, Glendale, Ohio. President & Director I E .A . Boodway, East Broughton, Quebec. Director & General Manager I 36 * F lin tk o t. Mines Lim ited , Quebec. T h ttio rd Min#f< ; I Flin fko fe Mines Lim ited wos incorporated under Quebec law s in 1945 I I 1I ir and ,s a wholly-owned subsidiary of the F lin tk o t. Company, (U .S .). The United S ta te , parent concern engages in the mining and manufacturing of a wide varie ty of asphalt, a ,b e ,t o ,, petroleum, timber and a llie d products. T h . Flin tk o te Company also ho , two manufacturing su b sidiaries in Canada: T h . F lin tk o t. Company of Canada Lim ited, Toronto, Ontario, which manufoctures asphalt road and industrial n u isio n s and com p c,. - ition tile product, in Toronto and a plant at V i l l . St. P e r r ., Quebec for t h . manufacture of asphalt road and industrial e m u lsio n ,; and th Flm tkote Company (Newfoundland) Lim ited , which operate, a plant for the manufacture of asphalt road m a te ria l, and for cr.o so ting lumber products. The Mining property operated by F lin tk o t . M in e , Lim ited , i , 2H pended to 2,000 tons peMr dinaeys.' PQroudeubcetcio* nThs#tarmteid" ihna`19b4*6* a"nd is believed to be heavy in " s h o rts " . Flm tkote Mines Lim ited has authorised capital of 51,500,000 con sisting of 15,000 shares of common stock of 5100 par value, authorized ond ,,s u e d . No separate fin ancial re p o rt, are av a ila b le for t h . Canadian su b sid iarie s. Th e parent company1, accounts for any given year include P o f .t , from foreign operations, which in c lu d e , in addition to t h . three C a n a a n subsidiaries, th . Industrial A sp h alt, Company Lim ited, England, a relatively small company. m an agem en t I .J . Harvey, J r., New York C ity, New York. President & Director P .C . Rowe, 1 N*w York C ity, New York. Vice-President & Director R .C . Wace, m O akville, Ontario. Vice-President & Director I 27 J.A. M New Y. G.W. G New Y Georg Old Gr. F.H . N Green. I I r < in 1945 D .S.). The iufocturing md a llie d |d ia rie s in o, Ontario, Ii compos* , Quebec, ; end the I plant for mg lumber ed, i s 2% (dually exbelieved 1 000 con'or i le d ran ad I an include the three ^ n g lo n d , I I I I I M ANAGEM ENT (continued) J.A. Main, New York C ity , New Y o rk. C.W. Gregg, New York C ity, New Y o rk. George K . M cKenzie, Old Greenw ich, C o nnecticut. F .H . Neb er, Greenwich, Connecticut. Assistant-Secretary & Director Treasurer & Director Secretary & Director Director 3S I I N ic o l* A s b .,to . M in ., Lim ited, N o th .,to ,, Q u.b .c I J J t and A t ' ! ASp eSf S Mme* L,m ite,:i 15 0wned by Norristown Magnesia : : : : r ; r T ' Pc" " " ," nio' - - Wolton t L. L ,, 0WnS mm,ns propertiei in Tingw ick and I t - 9" icckr hhn.a , o Vd an.l,y capacity" o"f a0r(oun"deb3",5' 00 nto'n ,," a"nd" prso'-duRcti*" i * ion i s believed to be heavy in " s h o r t ," . I No information i , availab le on p ro fit,, The Canadian company h a , pcid-vp capital of S505,000 consisting of / 5,000 preference shares of I $100 par value and 1,000 common sh a re , of no par value. I m an agem en t I BGeurynGar.dG,vaibllreie, lNsoenw, Je rse y . Chairman Philip A. Meyer, Short H ills , New Jersey. President & Director A .A . Lofgvist, Norristown, Pennsylvania. Vice-President & Director C G . Green,hi elds, Montreal, Quebec. Vice-President L Director E .T . Deacon, E ast Orange, New Jersey. Vice-President, Treasurer & Director SEASOI Asexports 2 for se and a t The re: general peaked oil othe there he before t lying *1 any sig progres: 39 I own Mognesio i incorporated [Tingw ick ond 1 St. Remi de production is Lcompany has :e shares of I I I I | APPENDIX " C " SEASONALLY ADJUSTED ASBESTOS STATISTICS A s mentioned on page 17 G .R .A . hove hod monthly series of asbestos exports in both volue ond volume terms processed by Univoc method 2 for seasonal adjustment. T h is provides o clearer view of growth trends ond o readier ond more accurote comporison of monthly developments. The results which may be seen in the accompanying tables confirm in generol the remarks made in the moin body of the text asbestos exports peaked out in the lo st quarter of 1957, considerably later than almost a ll other basic industrial m aterials exports. The series also suggest that there has to be an economic readjustment of re la tiv e ly severe proportions before the asbestos industry is affected at all reflecting a great under lying strength. G .R .A . w ill be maintaining these series up to date and any significant developments in asbestos exports as business recovery progresses could be reported to subscribers to th is report. 40 TABLE I CANADIAN ASBESTOS EXPO RTS P E R THOUSAND TONS (SlIM||y od|UUd) TUI 1141 4 too MSI MSI MS) MS4 MIS MM MS) MM YtAR H4| 194 1150 MSI lS) MS) MS) MS) I9S4 MS) I9M JANUARY 4V4) 44)4 H ))) 940 nn 4SlS Ml) uu mi 44)4 JANUARY 2883 3113 4444 4977 4383 7310 3740 4Y94 9033 7781 3717 fiiiu A ir S ll) 3W) MM 4S)I )l0 K4 MM KM) tm II)) not MARCH APRIL MAY JUNE JULY AUGUST SEPTEMIER 44)) 41)0 l)X> 1114 441) WI4 MSI )44) 570 SS50 4)90 44)) 544 S4 44) 901 4)01 ))4) P4M ' )I)S 51 tis 5)4 1414 4SSI 751) 7091 744 )I4 l)S) ru t )IM )S)) 144 7)4 7141 14 711 7SI0 7IS4 514 41)5 730 44) 411 IJtf )M4 740S III) 541 70)4 1)17 74)1 ) 7 M4) 1)0 1044 )I44 1)40 ))S III 775) I4l 4)1 400 1544 1)0) 7>l )) 4441 44) SMI -- - | TABLE CANADIAN ASBESTOS EXPORTS P ER THOUSAND D O LLA R S |Sn>cnll|r perruary MARCH AfRIL MAY JUHC JULY AUCUSY SEPTEMIER 14) )44) S4M 17) 3444 911 17)4 )IM 1245 1414 2441 4001 3)07 4577 341) 31)0 5207 5) SMI 410) 4471 IMS 54SI 1)4) 9)24 4)41 4415 4475 7547 4144 5441 4)7) 477 4)0 7281 11)7 4411 7)47 411) 740) 7409 4944 7017 7410 474) 7111 4)1) 41)) 74S) 4)1) 44)4 S9I9 1)77 4991 4454 74)9 457 44)1 7)10 7791 797S 1511 7471 Ml not 7920 7411 9797 1)31 747 77) 544 1707 7M9 M43 4914 4759 7101 442) 9)24 42 DO) 9945 0CT0IER 5)40 Sttl 7)11 097 4109 4 1)91 994 74)) 9)19 OCTORER 3) 4) 5) 94 4)11 430) 4911 9) 7374 7)54 10917 NOVEMBER 3514 3730 7898 47)7 m3 7443 7390 1743 7870 8936 NOVEMIER 17 DM 75 4)0 4157 SUE 4519 491) 49 44)7 1)13 S3 5517 5514 4714 7)15 941 4941 41 9)91 15)7 74)4 dcccmrcr 3437 4130 4968 8383 7736 6490 7103 9333 8770 7830 i A L L INFORM ATION O B T A IN ED , CO M PILED AND IN T E R P R E T E D FROM SOURCES B E L IE V E D R E L IA B L E AND A U T H O R IT IV E , BU T T H E AUTHOR OR T H E P U B L IS H E R DO NOT ASSUME L IA B IL IT Y FOR THIS INFORM ATION. P R IN T E D IN CAN ADA