Document LpX4ago2DkK1qE2dyrO47k153
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TEE CA..NADIAN ASBESTOS INDUSTRY
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E.J. Bonkot!"
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PlAINTIFF'S
EXHIBIT
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THE CANADIAN ASBESTOS INDUSTRY
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E. J. BONKOFF, B.A.
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CONOk!C 6WL06!ST
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ttEO BY GENERAL RESEARCH ASSOCIATES
TORONTO
CANADA
FIRST EOITION 1958
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PUBLISHED BY Gi
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THE CANADIAN ASBESTOS INDUSTRY
E. J. BONKOFF, B.A.
ECOliOMIC GEOLOGIST
PUBLISHED BY GENERAL RESEARCH ASSOCIATES
SUtTE 105, 'RICHMOND STREET, EAST
TORONTO l, CANADA
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AL.L. RIGHTS RESERVED. THIS BOOK, OR PARTS THEREOF MUST NOT BE REPROOUCEO IN ANY FORM WITHOUT PERMISSION OF THE PUBL.JSHER.
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CE HERAL RESEARCH ASSOCIJ. TES IS PREPAREO TO ANSWER QUERIES AND UHOERTAKE SPECIAL REPORTS OH THE ~HAOU.H ASBESTOS IHOUSTRY.
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1. INTRODUCTION
- ~ Asbe..s.b{t.c,o:..i:,so,Qr"""if"na"cecd:o.m,w4-mMitoh"n:1l"cw:.oimthp7rfeim.ix.o...ms. ta,.,r,o,k._te.ht.e.i..n.rg inpdroubslterimals fmoratethreialfsi,rsits;t:i:m:6et
since the end of the Second World War, although as early cs 1954 there wcs evidence to suggest that the supply of spinning fibre was beginning to outstrip the growth in dem.ond.
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~' Ccnadc's f0teign markets for general bu)k shipments of mine
washbice:hsto~s',~oatndwtnhoellymudcu:he stomatllher edom~estirce:cemsasrikoent~ ian..N~(.t.howien Na orstthatAe moefrifclaunx
economy, but .,_ portly a consequence of the hi storiccl development and the inherent structural c:horcc:teristics of the industry itself.
c.,. .. ~~ It is the purpose olthis
o=c:ctli!::a account of
- ...t:Rlit!'.\!!...<;Jr:Attts:ia=/Pe'sY; '~ ""ta provjde
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,, the Asbestos Industry in Ccncda end to OSIH snow
cvrrent developments may influence its future.
'. While the industry is in a much better end sounder fincnciol end opercting condition todcy then ct any time in the post, having enjoyed c growth in volume ov~r the post decode ct en cvercge rcte of nine per c:ent '\ per cnnum, new difficulties and unc:ertcinties ere beginning to emerge. Mr. E.J. Bonkoff, B.A., Economic: Geologist formerly Commodity Offi c:er, Industrial Minerals (Asbestos), Ccnodicn Deportment of Trade end Commerce, Ottcwo was c:ommi ssioned by Genercl Research Associctes to outline the development of the Industry and delineate its present structure, .cs a basi-c step towards approisin~ the short term outloolc and the medium term future of the Asbestos Industry in Cancda.
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sever< ;.-t~ .:.. ~
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osbes1
Gr cs best cement
Grc asbestc asphalt
Gro and the OP9iic:C1'.
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Gro~s
"1hort1
All
principc
I; of mine I of flux
merican
ment ond
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rodity
Trade search
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anode.
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2. TECHHICAL Cl...A.SSIFIC>. TIOM >.to!O UTILISATIOH OF ASBESTOS
Asbestos is a mineral. Its fundamental quality is, while it possesses the well-known characteristics of fibl"Ous materials such as sillc and ccttoo, its incombustibility. This singular attribute makes asbestos unique om on g in du striol materials.
Asbestos is produced ~in two physical forms:
:, "CM.Ide J.sbutos" cob~d crossvein
which
consists
of
pieces
of
hand-selected
end
hond.
~- "Mill.d
mO'feriol, essentially J..sbutos" which con
in
it.s
native
or
unfiberized
form;
sists of all other mechanical treotment of asbestos ore into fibre.
grades
produced
by
Basically, Conodion asbestos i.s groded according to fibre length the higher the grade, the longer the fibre ond falls into nine major groups, ranging from the longest (Crude No. 1) to the very short fibres c:lossified saesve"rsaalnsdubagnrdougprsa.vel". Most of these nine major groups ore divided into
,-<.:A.:::: asbeCstrousdutex1tialendgo2odasn.d Group 3: "spinning fibres" used to make white
Group ': "shingle fibre" ond Group 5: "paper stock" used to male e asbestos-magnesia pipe covering, paper end fibre board; and asbestos cement products, such cs pipe, shingles siding and sheets.
Groups 6 one! 7: "waste, stucco, plaster, refuse or shorts" used in
asbestos cements, protective coatings, ospholt tile, greases, etc_
moutded articles, as a filler in
Groups 8 ancl 9: "sand and grovel" are the shortest and lowest grades
and their production is not significant. They are used in some of the
owliccrtions listed in Groups 6 end 7.
For purposes of this report Crudes land 2ore designated as "c:rudes";
GrolJ!'s 3, 4, and 5 cs "milled fibres"; and Groups 6, 7, 6, and 9 as
"1hort1",
princAilplalascbomesmtoesrcipalrofdourmce.d in Canedo is of the chrysotile variety, the
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~3. THE STRUCTURE OF THE CA~ADIAH ASBESTOS INDUSTRY
The present main choroc
doy
structure
of
the
asbestos
industry
in
Ccnodo
the
more
teristic:s vertical important m
inte9rotion
and
fcreign
control.
hos two Several of
companies companies
ining c:omoQnies ore engaged in the monufccture of control op~oximately 30
under the some ownership cs asbestos products. Canadian
industry;
United States
per companies 65
cent
cf
the
asbestos
mining
about 5 per cant.
per cent and the United Kingdom
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Tliere ore o1 present asbestos mining in
eiglit
produ<:ing
companies
operating
formed
by
merger
dustry, Of
in 1925 a
these
oMly
two
Asbestos
Corporation
in the Limitecf,
mines
and
both
are
Md Johnson's under Canod
Company
Limited-ore
notcaptive
I . oration Limited is also,
in
large
icn ownership. part, unde
Cassiar
Asbestos
Coro--
~.: result
of
stoclc
purchases,
is
closely
r Canadian ownership, but as er
asso<:io1
Limited Cassiar
(U.K.)
ond
Raybestos-Manhattan
ed with TurnttrNewall Company (U.S
Asbestos
Corporation
Limited
are
almost
all
.). Sales handled by the
for
Asbestos Company Limited, a subsidiary of Turner-Newall LimiBteedl.l
The remaining produced from
five
firms
are
oll
vertical
type
companies,
a
Canedo,
the
their Conadion United States
mines
is
shipr:ied
to
company
nd fibre plants in
grades
not required .fO!'
and abroad. their own apera
Any
surplus
fibre
togetlier
with
ti ons, is sold in the open market,
Bell Asbestos Newall Limite
Mines
Limited
is
owned
by
on
English
company,
d,
w!ii<:h
also
hos
a
manufacturing
subsidiary
in
Turner. Canada,
JAothlnass-MAosnbveisltloes CCoommcp:iaannyy; Limited. The remaining companies Canadian
Asbestos
Mines
Limited;
Flintkote and Queb
Mines
Limited,
Quebec; Nicolet
ore
all
wholly.gwned
ec Asbestos subsidiaries of U.S.
Corp0tatian
Limited
monufaC'turing companies.
The Canadian Monville Corl)C
Johns-Manville
Comoany,
a
subsidiary
o
raticn
(U.S.),
is
engaged
both
in
asbestos
mining
f Johns ond in the
Fmloinnutlfiaoc:tte1.:Mreinoefs LasimbeistetodsanpdrotdhuecQts in Canada. The r:iarent companies of
lcote Company (U.S.) ond Phil lioueC-boereeyAsbestos Corporation (the Flint.
respec:tively), pro
hove
separate
Man11lacturing subsidiaries .for the mo
Company
(U.S.)
ducts
in
Canada,
that
of
Nicolet
Asbestos
Minu
nufoctvre of (Norristow
asbestos
n Asbestos
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. - 2 hen two
lverol of rship as
I<Ccnodion mining ingdom
I in the
Limited,
'captive s Corp
but cs 0
lNewcll
1les for
he Bell
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l.imited.
~ fibre ints in
-vith .cet.
umer ncdo, adicn
. co let
ed
ii es.
hns
the
; of int-
.S.)
tos !os
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end Mo9nesia Company (U.S.), hos no manufacturing ope<afions in Canedo.
A number ment work
of
other
companies
hove
engaged
in
ex;ilorotion
and
the
, and p<esently Americ:on Smelti
the
United
Asbutas
Corporation
developcontrolled by
(Canada)
Limited,
o
ng and wholly
Refining
Company
(U.S.),and
Notional
Asbestos
(U.S.), ore
preparing
for
owned produc
subsidiary of National
Gypsum
Company
Conodion
controlled
Company,
,ion hos
this
yc-or.
Advocate
Mines
limited,
a
the
p<esent
time
this
c:ompony
is
o proven negotia
deposit
in
Newfoundland.
At
bring their deposit into production.
ting to conclude arrangements to
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PRODUC!t-lG COMPANIES fibreThinerCeanoraedac:t present eight c:omponies mining and produc:ing asbestos
l. C~aliai Johns-Manville Co~~Y
Asbestls, Quebec.
Caia:iiai subsidiary of John.s-Matville
Mines at-Asbest>s, Quebec; Matheson, Ontario. Cofl)oration, (U.S.).
2. Asbestos Corporation Limited
Thetford Mines, Quebec.
Public compaiy, believed tD be taraely
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Mines
at-ThetforG
Mines
aid
Blade
Lake,
Caiahn Quebec.
O'Mlership.
I 3. Johnmn's Cor1'4'any Umited
ii
Thettord Wnes, Quebec.
Caladiill farti!y.o'Mled Ol1119any.
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-Mines at-Thetford Mines 111d Blad< Lake, Quebec.
I 4. Quebec Asbestos Corporation Limited East 81!)u~on Station. Quebec. Mine at- East Bmu&ttton Station, Quebec.
Caiadian subsidiary of Phillio Care'/ Manufacturin1 Company (U.S.).
I 5. Bell Asbestos Mines Limited Thet1ort1 Mines, Quebec.
\ Mine at- Thetford Mines, Quebec.
LCimaiaite:lida,n(Usu.Kb.s).idiart of Tumer-Newall
6. Flinll<ote Mines Umited, Quebec
Thetford Mines, Quebec. Mine at- Thetford Mines, Quebec.
,.fif .;
C.J'lajian subsidiary of the Flintkote Compaiy, (U.S.).
7. Nicolet Asbestos Mines Limited
St. Remi de Tinft'rid<, Quebec. Mine at:--SL Remi de Tinft'ridc, Quebec.
a. TCoarso:nstmo, AOsnbtaersioils Corporation Limited
Mine at-McOame Lakt, Bntish Columbia.
Canadian subsidiary of Norristown Mainesia aid Asbestos Com;iaiy, (U.S.). Cat1adian aintrotled by Canwest E~ !oration Limited, altnougtt stDdc interest held by Turner-Newall Limited (U.K.), iW'td Raybestos-Maihatta1 Incc rporated (U.S.).
{COMP.A.HY OETAll.S UE TO BE FOUND IN APPENDIX "8", PAGE 23)
whicThhoerree exr;eieccttedprteosecnotmethirneteo cporcmdupca:ntiie~s: u.nd., devel~ment in Canedo
s
L Ur - lh:
M1
2. Nat Thf Mir
l Adv
Tor' Min!
Th Canodi Limite{
The 50 per
cp~oxi.
75 pel'
"shorts resecrc:: suc:c:es1 \' too lorg sales tc
of their
The ere both oc:eount tively. ~ !he c:ose eouol 0t probable
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I asbestos
s-Maiville
ny.
Carey
t' iewall
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t
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l.!t!St
'<..),
tea
do
L United Asbestos Co(!'Qany limited
lbltreal, Que~
liline at-Bladt Lake, Quebec.
a 2. Nation Asbestos (Caiada) Limited Thetford Mines., Quebec. Mine at-Thetford Mines, Quebec.
3. Advocate Mines Umi ted Toronto, Ontano. Mine at-Baie Verte, Newfoundland
Control ~d maiagement by the Amer ican Smeltin& aid Refining Company,
(U.S.) througtl a subsidiary, Lai<e A'!rbestos of Quebec limited. The United Asbestos CJ~any Um1 ted l'ltio on~
inally developed the mine, hold a substantial interesL Caia:!ian subsidiary of the National Gypsum Comcany Lim1 ted (U.S.).
Public OJmpany, CJnadi ill cantro 11 ed by the M.J. Boyl en interests..
The most Canadian
signific:ant
firms,
volumewise,
in the
industry are
the
Limited andJothhnesJ-Mohannsvoilnl'es CCoommopoannyy Lliimmiitetedd, ,inththeatAosrbdeers.tos Corporation
.50
The Canadian per c:ent
Johns-Manville
Co~pany
presently
produc:es
well
over
of the total Canadian
approximately 568,000 t
ou~ut.
In
1957
this
company
produc:ed
75
per
c:ent
would
be
ons of fibre, of whic:h, classified as "sh~rts".
it
is
estimated,
c:lose
to
"shorts'',
this
compony
has
Due to the high yield of devoted considerable time
reseorc:h
to develop new uses
ond to expend the
and known uses,
money
in
suc:c:essful ly. too lar
Although
o
c:optive
mine,
the
comoony' s
and produc:ti on is
quite muc:n
ge to be c:onsumed within their organization and c:onscquently their
osfoltehseirtobufisbirneescs:o. nsumers throughout the world make up an imoortont port
ore
The Asbestos both inde
Corporation
Limited
and the
Johnson's Company
limited
oc:c:ount
for
pendent produc:ers
about 20 p
and
it
is
estimated
that
these
firms
would
er c:ent end 10 per c:ent of Canadian outout, respec
tively. Their
I the c:ose
fibre
produc:tion
is
understood
to
be
more
balanced
than
in
equal or boef sJloighhntsl-yMhaingvhielrlet,hainn t"hmaitllperdodfuicb:rtieo"n oouftp"ushorts" should about
l probable 75/25 ratio for the Johns-Monvi Ile Companyt,asasmceonmtioonoereddatboovthee.
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Neither the Asbestos Corporation nor the Johnson's Compony ore os
highly dependent on sales in the United $totes market as are the other
producers, since a large percentage, probably well over half of their fibre
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would be exported to the United Kingdom, Europe, Jopon, Centro! ond South America, Australia and the Middle Eost.
The Bell Asbestos Mine is captive end normally would ship its entire production, estimated at obout5 per cent of Canodion output, to companies
I. I in the Turner-Newall Group. This is considered to b. a relatively high grade operation, that is, production of "shorts" would probably be under
I ' 30 per cent of output. {In terms of Asbestos mining, the lower percentage / of recovery ond production of short to long fibres, the higher the grade of
I
the o~rat ion).
I The Cassior Asbestos Company Limited is truly a high grade operation. Due to location of their mine in Norther~ British Columbia, it ii not as yet profitable for the company to recover fibre below Group .4, because of
I the high cost of shipping. Cossior would occ:ount for slightly under 1 per
cent of the total Conodion ou~ut. Although not o captive mine, it is
I
closely associated with the TurnerNewoll Group {U.K.fond the Roybestos
I Monhotton Company {U.S.) wlio ore large fibre consumers. The remaining companies Quebec Asbestos Corporation Limited,
I Flintkote Mines Limited and Nicolet Asbestos Mines Limitd ore believed to be low grade operations ond ore captive mines. Their shore of the total Conodion ou~ut is estimated cit cibout S per cent each, of which
I over 75 per c:ent would probably be os "shorts". These mines off., from time to time small tonnages of fibre beyond c:omcony requirements f~ sole cuts ide their orgoni zotion.
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s.
shci_ ourp ltie
dee I to th
' l
fibreavtorr long
T
the c
inc:o~
R
time.
C
WCIS t crt the
As bes ti on al
n
the m
pi~,
4 and for th1
the 19
eon sol new, ,..
until 1
'"y~thOff 01 other of their fibre Central and
nip its entire to camJ:>Qnies latively high 1bly be under ~r percentage the grade of
1de operation.
it i1 not as
, because of
under 1 per mine, it is
: Raybestos-
- _Limited,
d are
ir shore of 1, of which offer from ts fot sole
s.
PROOUCTIOH AHO DEM~O TREl'{OS
The productiOl"I record of Conodion asbestos mines since 1900 is
shown on the CHART, Poge 20. There '*CS o steady growth in Conodion
output until the diuvption of the European markets in the early years of
ttie 1914-18 wor. But it was not long kfore the wor requirements onc:o
ogoin stimulated demand mainly for long fibred moteriol. to new heights.
The post-wor slumo of 1920-21 ogoin re<luced effective demand bvt the decline in asbestos prodvetion wos short-lived end by 1922 it was close to the hitherto peck level of 1920.
, Low were in
prices, however, port aggravate
created
serious
problems
for
the
producers
whic:h
d by a shifting demand from long.fibred to short
fibred asbestos. This resulted largely from o tec:hnologic:al c:honge in the cvtomotive indust"'! which re?loced woven brake linings mode from the
long fibres to moulded broke linings which utilized shorter fibres.
The result wos o surplus of long fibres and spinning grades on whrch the companies hod formerly depended for the major port of their gross income.
timeR. hodesian asbestos also began to offer serious competition ot this
One result of these difficult years for the Canadian asbestos industry was the merger in 1925 of oll Canadian contralled companies in existence
at that time with the exception of Johnson's Company Limited into Asbestos Corporation Limited, ending the period of continuous orgonisotioncl changes in the structure of the industry. (See Section 3).
The shift of demand away from the long fibres continved in the 1930's, the moin demand strength during this period king for asbestos-cement
pipe, shingles, siding ond other asbestos c:ement products {using Groups 4 and 5). The indvstry te~hniqves of mining ond recovery were not prepared
for this shift.
the 1930' s a
The
problem
it
c:reoted
was
aggravated
by
the
depression
of
nd the result consolidations, sc:ropo
wos
the elimination of some morginol properties,
new, mere spe<ialized imn9illosf dsoesmige noebdsotolepteromdvilcles afenwdetrhegirradreeis:>. loItcewmaesntnboyt
until 1936 that i:>roduction climbed back again to the 1929 peak.
a
The CHART, Page 20 illustrates these production end consumption trends resulting from new demand patterns, end the resulting shifts in the grades of asbestos fibre produced. The proportion of "crude", "milled fibre" end "shorts" to "totol production" since 1900 is shown. Ref otivel y, "crude" wh 1ch once brought in the who! e of the industry's revenue has declined as a c:omrnerciol product; "milled fibres" hove however continual Iy been in demand; whereas "shorts" have almost consistently been expanding.
~
The lock of sufficient fibre production to meet world-wide postwar-n.
I demand was overcome by contrnuous additions to milling capacity by " oexpperaantsiioonns.end the building of new mills, accomi:>0nied by extended mining
I The surplus position of" shorts" fifteen years ago was progressively
I di spa sed of_ by the opening o~ new markets and intensive industrial
,j
research into new applications for this product (largely by the Johns
Manville Company). Moreover the very lack of "milled Fibres" prompted
.. consumers themselves to substitute "shorts" whenever proc:ticcl end
~ economic:, end this practice tended to continue once it wos estoblishe0
I From o position of surplus, demand for "shorts" grew so rapidly that the industry hod to improve its mining end milling techniques end wos
I 4s0ucpceersscfeunlt. e(r1SoeueghTAtoBLrEais1e, Pthaegeex10tr)ac:tion rote of short fibres by over
For the pest three 1eors total asbestos production in Canedo hes been
slightly greater than one million tons end ir1 1957 the peak value of production $106.4 millions. wos reached.
' Roughly 65 e>er cent of volume is rnode ue> by "shorts", and 35 per cer1t by "rni lied fibres". Productron of "crude" is quite small, less then
't 1000 tens. (See CHART, Page 20). In terms of value, however, producers orenccieiovnelyaobnoeuttht.i.r.,do ftrhoimrds"sohfotrhtesr"r. revenue from "crude and milled fibres"
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TABLE 1
CANADIAN
ASBESTOS
..
INDUSTRY
PER
CENT
FIBRE
RECOVERED
PER
TON
OF
ROCK
MILLED
YEAR
I
2
J
ROCK MILLED (000 ton)
PRODLICTION
..CRUDE AND
PER CENT
MILLED FIBRES" CRUDE & MILLED
(000 ton)
TO ROCK MIL LED
~
PRODUCTION
"SHOR rs
(000 lon1)
s
PER CENT SHORTS TO ROCK MILLED
6
TOTAL PERCENTAGE
___.
1943
0
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1,m.5 6,587.7 6,459.B 7,fJ27.5 7,740.B 7,894.5 5,671.l 8,615.0 10,219.7 10,915.9 11,189.0 11,394.6 12,427.0 11,740.J
m.o
191.8
m.7
128.9 221.2 . 243.1
198.3
X>2. I . 313.6 161.9 129.S 342.7 402.8 418.5
2.00
247.3
3.12
5.9'2
2.91
227.5
3.45
6.36
3.42
246.I
3.0I
7.Y.J
3.26
129.2
4.68
7.94
2.00
4'.lJ.7
5.67
8.55
3.00
473.6
6.00
9.00
3.50
3n.5
6.57
10.07
3.50
568.7
6.59
10.00
J.26
658.2
6.44
9.70
3.32
576.0
5.78
8.ffi
2.94
5<xl.7
5.78
8.22
J.01
594.2
5.71
8.22
3.2'1
661.2
5.'.l2
8.56
J.04
624.6
4.56
7.69
Production Doto:- Oominion Bureou of Statistics
6. PRICES
II The price of asbestos per ton is defined by the gra~ of the product, In the early days of the Conodicn industry there was considerable con-
I fusion in the grading of asbestos fibre, A number of standard grades were est obi is hed by the producers before 1900, but these were opp Ii ed di f.
I pferriceentwlyitbhyineeaacchhmgirnaed,e.leading to considerable variation in quality and in
I The present groc!ing system is based on the Conoc!ion Chrysotile fsbestos Classification and Grading of Asbestos Mine Products, deter. mined by a Committee formed in 1931 on the initiative of the Quebec
I Minister of Mines.
I The price history of asbestos based on the overage price per ton received by producers is shown on the CHART, Page 20. This overage price is affected not only by changes in price, but also by changes in the
l proportion of the various grades produced and sold.
Of particular significance in the historical pattem is the rapid in-
I crease in the overagi price during World War I to $75 per ton, followed by the postwar I price slump to $30 after 1920. Thereafter the average price per ton continued at the $30 - $40 level, interrupted only by the 1930-32
I n period during the dep~ession, when it dropped to $25. During World War prices increased and become generally settled at $40 - $..5 per ton
I a1v9e2r0a9h9ig. h Iot fwSa7s5.not until 1950 that the overage price again reached the
I The post-war II average price for row or unmonufoctured asbest-os hos risen almost every year and hos increos.d over 100 ?et cent since 1946.
Since the removal i:rf price controls in 1946 there hove been eight price
I increases, the last become effective on Ociober 1, 1957. Also at this
time, price
Pa99 20).
quotations
were
changed
to
Canadian
funds.
(S..
CHART,
I The "shorts" however, increased in price more rapidly percentoge-
I wi se than did the other grades, reflecting their now brood range of usu
and
importance
to
industry,
It
should
also
0
b1
noted,
that
the
increasing
l
l1
rec: but
smc
the and CH..A
OS~
Se t
Cone
NO. 1
GROL 3F-3;
GROlJ
4H-4~
GROU
SD-5~
GROU:
60
GROW
7D-7F-
GROUF
BS-BT
GROL.f
I
--
1:
,
, product.
ible con es were
ilied dif-
rand in
1
\rysotile 1, deter\Quebec
oer ton 1vera9e
in the /
iid in. d by price
n-'32
l"tgr
1r ton d the
. has 946. >rice this
RT,
ge .es "9
=-rFz= re.n i%
zmxnct:
recovery and but little
t~refore
p<oduetion
of
"shorts"
odde-d
considerable
tonnage
small
revenue to return on "sho
asbestos
production
ond
shipments.
The
relofr.. ely
the
rapid
decline
in
rts" plus increased the overage
output,
contributed
somewhat
to
and
similorly
slowe-d
the
price received per ton, recovery of the
beginning in
1920
CHART, Pcge 20)
overage price following. (See
As Canedo is the leading world producer, the price of
asbestos influences the general price structure of all osbesto$. sCeaenabdelioa"n"'. asshboewsstotsh. e current range of prices for the principal
Canadian
TABLE 2,
grades of
TABLE 2
ASBESTOSF-C.OA.RBL. OMAINDE PCRAICNEASDPAE R19S.5H8ORT TON
STAHOARO GRACE
OESIGHATIOH
NO. 1 ANO NO. 2. (Crude) GROUP NO. 3 (Spinning Fibre)
3F-3K-3R-3T-3Z
PRICE RANGE PER
TON
SCOH
. MINIMUM CARL.CAO QUANTITY
TONS
FRElGHT
Cl.ASSIFI CATION
790. to 1850.
1.)
370. to 650.
20
Crude
Fibre
GROUP NO. 4 (Shingle Fibre) 4H-4K-4M-4R-4T-4Z
180. to 245.
20
Fibre
GROLF NO. S (Poper Stock) 50-5K-5M-SR
11.:l. to 150.
20
Fibre
GROUP NO. 6 (Waste, Stucco or 86.
60
Plaster)
30
Waste
GROUP NO. 7 (Shorts or Refuse) 70-7F-7H-7K-7M-7R-7T -7RF-7TF GROUP NO. 8 (Sand) 8S-8T
40. to 80.
'E.
Shons
30
Shorts
GRO!.P NO. 9 (Grovel)
30
Shons
12
7.
THE FOREIGN MARKET
I\'I
Apart from the Soviet Union the large asbestos produc:ing c:ountries,
Conodo, South Afric:a and Southern Rhodesia c:onsume relatively smoll
I
!
q.iantities of the mineral. On the other hond the large consumers the
United States, the United Kingdom, France, Italy, Germany and Japan
produce either no asbestos or only small quantities, This situation
leods too vigorous international flow of asbestos in which Canada by fa
dcminates the supplying countries and the United States the consuming
countries.
/
While asbestos ptoduc:ts manufacturing is growing in Canada only 3 to
5 per cent of domestic fibre produetion is required for domestic: use.
Consequently the foreign market for asbestos is overwhelmingly the
most i"'?ortont fOf' the Canadian industry. In 1957 the gross value of Canadian asbestos fibre exoarts wcs dose to $110 millions, TABLE 3
analyzes the types and destination of Canadian foreign soles of asbestos.
TABLE 3 CRUDE
CANADIAN ASBESTOS EXPORTS 1957
VOLUME
!Sno" Tonsl
VALUE (SOOO Cdn.)
PER CENT SHARE
United States
233
United Kingdom
146
South America
197.
34.8
17-i.
30.6
Cenrrol Amico & Mexico --
European Countries
In
Other Countries
82
126.
22.2
70.
12.4
683
MILLED
United StotM
139,:;:o:)
United Kingdom
28,262
South Amttf'ico
20,859
Central America & Mexico 6,825
European Coun!Ties
131,720
Otner Countries
66,445
::<13,311
Source: - Oo,,.lftlo1t Buroou ol Stotistica
$ 568.
100.0
25,703.
34.8
6, 191.
3,no.
8.4 5.1
1,231.
1.7
26,062.
35.2
10,984.
14.8
$ 73,941.
100.0
Table J (Continu.d)
13
To
SHC
for'
pro~
the I fibr1 :
190C
port1 well
95 p
toda to re grad. hos . final mark ore thos1 res tr
I
1
~
y
countries,
iely small ers the
I + and Japan situation do by fa consuming
I
I 'f only 3 to
ltic use.
ingly the
tolue of
BLE 3
sbestos.
/
r-\CENT
d~E
I
Table 3 (Continued)
SHORTS
VOLUME
(Shor! Ton)
United States
505, 124
United Kingcbm
37,roi
South America
A,661
Cenl'rol Americ:a & Mexico 2.268
European Countries
69,332
Other Countries
17,417
636.611
VJ.LUE ($000 Cdn.)
25, 123. 1,645.
338. lAA. 3,933
1,359
s 32,542.
PER CENi :>HARE
n.2
5.1 l.O .A 12.1
4.2
100.0
As may be for"shorts". It
seen is
the
United
States
is
Canada's
most
important
market
significant, however, thafin recent years on increasing
tphreopoadrtdioitnioonf "omf itlnleedUfnibitreeds"Khinogvdeombe,en shipped to Westem E11rope. With
fibres" in 1957 was appreciably latrhgeer Et1h1ernopetahne mAarm~eetricfaonr "mmairlkleetd.
n The devefooment
asbestos exports
of
this
geographicol
diversification
for
Canadian
markets.
The
is a healthy CHART, page
sign
in
on
industry
so dependent on
foreign
1900
and
Canadian
20, shows the production and exoc
i:>roduction
of
asbestos
since
portion
of
Canadian
exports
to
rts ore production has
virtually b-n
eq11al.
(The
pro-
Welf over 80 per C"'1t and in the post-war 95 per cent),
almost consistently years hos been approximately
Notwithston~ing
today, the d
the
generally
lower
level
of
world
industrial
activity
to
restrict
ollar barrier the expansio
or
shortage
of
dollars
in
many
c:ountries
continues
n of safes of asbestos. Quite a number of asbestos
grades result hos only
from
the
production
of
fibre
from
o
deposit;
and
the
producer
limited eonfrol over the proportions of the various gr~des of his
final product. It is therefore necessary thot prod11eers
market are
that
will
consume
oll
their
grades,
in
the
develop o balonc:od proportion in whic
produced.
This
characteristic,
then,
intensifies
the
h they importance of
rthesotsreicteixopnosr.t markets currently not fully available bec:ause of currenC)
14
fII! I
1i
8. THE DOMESTIC MARKET
~ With obout 95 per cent of Conod
dv<:tion
being
sold
to
foreign
ion markets
asbestos
mining ond milling pro
asbestos
orodv>ts
mM11fact'ICtO,g
it i~
is
apparent
that
the
Canadian
importance to the orimory industry,
is by no means comparable in
Th is docs icont. Exp
not
imply
however,
that
the .domesth:
m
ort mcrlcets general and ore vulnera
ore
very
resoonsive
to
arket is insignil economic conditi
by
customer
countries
ble to on po
artificial restrictions
which
moy
ons in
be involved
/
litico-ec:onomic grounds.
A strong usually c
domestic
monufac:tvring
industry
creates
b
more
stable demand
for
the
row
materiel
than
eth do
employment
and
foreign mcrlcets.
In recent growing.
years
Ccincida's
c:ssbestas
products
Since 1950
Conodo has risen
the
value
of
asbestos
industry products man
has
been
close to
lSO
per
from $14 millions cent. This
to
$3.4
millions
in
1956,
ufactured an increas
in
domesti<:
clemond
however;
growth both the
has
not
been
sufficient
to
mHt
e of total
supply o
conside~ble
1:1uantities
of
United States asbestos
and
the
United
Kingdom
f American
sales is
in
the
fonn
of
products siding, roofin
to
Canada.
The
bulk
o(vsableusetdosost a2le.2 millions in 1957), On the other handg,msohsitngles one! tiles
marketing
s to Conodc penetratio
ore
pipes
ond
board
and
appe<ir
of the tQ be o
British
past
few
years
by
n (osbestoscement pipe Atlos
hos been
n initiol marketed over th
boyrabtiootnhs)c:uomnd0o<u2nbiteesd. ly preceAdisnbgesthtoesesatnadblbiosahr~denbtyofCpcirpoeduAcstibveesftaocsilCitoierpse
~ Wh i Ie therefore expansion o( the dom
proceeding, it is cleiir that Cl establi
sizable
incerestaisce mcaonufo<:turing industry is
shment
of
foreign
mcrke!:
for
asbestos
uld only arise products.
from
the
on the c:entr
one
hond
by
high
American
tariffs
ond
on
This is restricted
the Uontiitoend oKfincg:odmomm.erc:iol control of t+ie industry in tthhee Uotn+ilteerd bSytatthees c:on
and
15
9.
In ,
(urc
c:en
(..
indl
ec:o:
f<X' real re-o: wod s vi:> i: mote alum1
VI
for pc
en in~
osbe!
1957.
It
of CJ
econo
1958,
(1) S.t
'I.
~ ,\,..
Ing pro onodion
aroble in
I
insignif
(
tons in volved
'1ent end
frkets. s been
red in
/
aHof
t total
ngdom
' bulk
+les
iitial
r the
~rp-
ties
is
..
the
red
nd
9.
CURREHT POSITIOH AHO FUTURE PROSPECTS
In
Excluding common
gold,
asbestos
is
Conodo's
uventh
largest
mineral
(uranium
with nickel, aluminum ore is a s~ciol
ond
c:opper,
iron
ore
ond
crude
uport, petroleum
context)
asbestos
is
very
c:cse which highly
need
not
be
discussed
in
this
indvstriol
heolth.
This
means
dependent on foreign markets o high
for its
ec:onomic: conditions in general.
degree of sensitivity to world
f~
In c:omrnJn the firs
with
these
other
lxisic:
industrial moteriols os
well, asb
rec! shrinkotgetiminethsince the end of the Second World War
estos is faced with o
re.adjustments
of
e international commodity morket. The
1949-50
general economic:
world
demand
for
and 1953.-54
industrial mate
hod
only
very
limited
effects
on
supports
and
portly
because
rials. Partly because of artificial market of genu
materials
found
ready
markers
up
till
ine
1955
unders upply, end
most of these
aluminum until well into 1956.
some, such os nickel end
for
World demand
port of 1957,
for
asbestos
also
continued
strong
t!iroughout
1956
an
While
it
is
difficult
to
pinpoint
the
exact
point
of
d weok-
aesnibne~s,tosit dsiad.mnsot frsohmowovoiloble dote that foreign demand for Conodian
1957. (1)
signs of abating vntil the lost few months of
of
It sums
Can
fairly
certain,
however,
that
asbestos
was
probably
ada's
importont
mineral
exports
to
fe-el
the
effects
the lost
of the curre
n
economic
1958, as
recession.
may
These
effects
become
marked
in
the
early
mont
t
be seen in TABLE 4. See next page
hs of
(1) Seuonolly General
odjuatoci
uriea
on
01bHto1
ftlOYefftent1
ore
doting
Reaeorch the b1.1ain
Aaaociatea,
when
theao
boc:Olllo
OYoiloble
being procH ud 9rootor occ
by
u1
o-nlum
will
be
pcuiblo (100
Appendix
"C",
1.1rocy po; 40),
In
16
I
'-'-
c958
t - -v.1 ...
1.20.0
:+ 3.9
.91.7
-21.7 .17.8 27.3
/
12.5
11.5
~u
ies in ~ii led >se to ne in
~ing
tes.
. i d e r
rent
I oil 'hot rt er
The immediate the ultimate
future
of
the
industry
will
therefore
b.
determined
by
severity and protractedneu of the cyclicol readjustment
fthlrioc1t.i1n99h owphiincihonstheregNaorrdtihngAmerican economy is now possing. The con
cations of on
uoswing
this is well in the neor futu
lcnown,
but
there
are few indi-
capacity
production
of
any
major
re of a dimension industrial m
likely
to
obsorb
It
oppeors
then
foirly
certain
that
sufficient
ateriel, demand
including
asbestos.
or
so
Ions
of
Canadian
asbestos
production
the
to toke rote
up the
million
years - is unlikely to be forthcoming in 1958.
of the post three
Another significant
important
aspect
of
the
situation
of
Canodion
asbestos
is
the
additions to productive capacity recently completed or neor1n9
completion in Canada.
The Canadian Johns-Manville
produce at least 10
Company,
Limited
is
now
able
to
per cent more fibre per year from their new modem
pmrioldl.ucTeheatnfeuwll Ncoarpmacointdyi.e FMliinntekooftethe Asbestos Corporation is now able to
doubling
their
mill
capacity.
The
Mines Limitd Cossiar
hove
recently
completed
creased
their
mill
capacity
to improve
Asbestos the econo
Corporation
hove
in.
mics of their operation_.
the
The American asbesto
Smelting
and
Refining
Company
who
control
and
operate
production
s deposit
in 1958
of
the
United
Asbestos
Corporation
pion
to
be
in
with a 5000 ton per (Canada) Limited hove acquired a 500
clay
mill.
The
Notional
Gypsum
of
Thetford
Mines,
from
the
Bell
acre Asbestos
proven
asbestos
proper:ty,
east
hove o 3000 ton per day mill in operoti~n thMisinyeesarL. imited. They expect to
The Quebec deposit ne
Asbestos
Corporation,
which
located
o
new
asbestos
a
orby their original
copocity of 2500
mine,
ore
building
o
new
and
larger
mill
with
tons per day. On completion this year they pion to
sc:rop their chang
old
mill.
The
name
Quebec
Asbestos
Corporation
is
also
being
ed to Carey-Canadian building a ne
Mines
Limited.
The Asbestos
Corporation is
w mill to be completed in 1958 with a daily capacity of 5000
atonnds,optoerabteingknoKwinng-aMsiltlheis King-Beaver Mill. On completion, the existing
pgeert dthaeyi.r proptfty into produtcotiobne bcylos1e9d6.0,AodtvtohceatieniMtiainlersotLeimofit2ed000shtoounlds
18 ' 'I
!
I '
be
In total, com
the
increase
in
produc:fr,.e
cooac1r
p !eted
(not
to
be
confused
with
y recently completed end produc!I
to
1d9u6s0tr.y(Ttohepreoduce theoret1c:olly at least 25 per ceonnt) should permit the in-
by 1959.) ffect of these increases in productive compoarce:itfyibsrehopuelrd ybeearfeblyt
With this Canadian
increase,
probably
about
250,000
to
to
have
asbestos to oper
industry
seems
likely, at
ns of fibre least for th
annually,
the
ate
at
a
level
of
80
to
90
per
cent
of
e next year capac
or
t'wo,
i
ctlaine 1b0e0qtuoite10p5ropfeirtacbelenternate of the past decode. This lower lteyverlather than
/
d more healthy in the long run.
however
A further growing
important
factor,
but
unfortunc:itely
eomple.x osftrWenegsttehrnofEuRroupses.ian eomoetition particualnarliympionndtehreabilne,duisstrtihale
While levelling
the
Conodian
<abestos
industry
may
does
not
out, eompc:ired indic
with
a
decade
of
rapid
have entered expansi
a
period of
dealing
in
a
ate a serious relative
setlxrck.
The
industry
on since 19.tS, this is hig
opplic:ations
which
ly new will
product undoubtedly
capable
hly effic:ient, of m
being conduc:ted.
emltf'ge from the intensive sc:ientific raensyeanrecwh
the
When world
the
next
period
of
expansion
in
the
in
begins,
the Canadian
industTy
will
dustrialised be well
c:ountries
of
with will
renewed
demands.
The
N-,rth
American
fitted to keep pace
goodsbeinginwhtoichbe afseblet swtoithin twa years, assupreospuolatsitornonbgumlgoerlocelot ne, which
c:ularly housing and automs oibsileon
important
a~d
for many growing essential p
the
uses
for
asbestos
in
the
s. Defence develc:i
needs in
orti the "missile economy",
limitless
fields
for
present
and
pment of future
otomic:
energy
should open
up
applications of asbestos products.
In dustry
the con
long
vie..;,
the
present
doldrums
of
th
new period oonf lgyreboet rpergoasrpdeerdityat. worst, os a period eofCmanorakdiinagn tiamsbe ebsetfoosreina
' I,
r l
".._{ ~. ;
~ . ~
l I
\-/-
,
l I
~'--
r
19
!930
I
Id and to
the in
Ir 'f90r by
vld be felt
I
lr two, uolly, the or Jther than
'however
~ is the
dustrio!
I
\eriod of
>45, this
/
fficient,
"'Y new
es ear c h
i of p pace . which
r many
..parti
omy ,
)et\ up
jucts.
>S in ore a
---- ---------
=
- .. ,C'?dr ,....~.,--s..,._
I
TOTAL PRODUCTION 1957-1062 000 TONS
_, . .. ., . .. ........ . . .. .... l \f..I ~i----------+-..,----:::~--:::1r---~:,----.--S-H-O-R-T-S-
~---_,..,___ ____,.!_.
_._:_.__,,._ -, _,_ ..... _/,,,,,..
.~ .
,_"!/~v"-"
......,~
.,/
MILLED FIBRES
!\':~e I
; ~ ~
rI -~----t--------
J1 I\-J~~~--~-~-------
r V~~---~~~-+-~~~ I
~~,,~~---~~~-~-~~-----~~~--~---425 /------ DOLLARS ~1--~~~~~~~-+-~~~~~ ~~~-+----.~~___,. _ _~-;tQO
--t~~-----------+R-EA~CV~EEI.VREAADGSEP.EP!RRtITC~EO~N~.././~~"-" -+--~~~--~--~50
CRUDE PRODUCTION
LESS
THAN
I
1000
TONS
1930
1940 1950 1960
- - .........
I
'I i, HISTORY APPENDIX IIA" (1) EARLY LOCAL DEVELOPMENT
I ~ 1876- lSn
First important asbestos deposits disc:overed. Thetford Coleroine hills, Province of Quebec.
I ,f 1876 /
I 1885
Development olong Quebec Central R.R. line. Quarrying begun by Andrew Johnson. (1885 incorporoted os o privote c:omponynow Johnson's Company Limited. Seven operating quarries producing about 2,400 tons annually.
1890
Firm British marlcet established superceding ltolion supply, but the bulk of Canadian asbestos already being shipped to the United States.
1890.1892 1892 ff.
1905
Depression reduced asbestos produc:tion by one third.
Revivol and replacement of hand-dressing extraction by mechanical dressing. First sliipments of milled fibre.
Mi !ling ond fiberi sing plants installed ot all operating quarries. Development of morlcetable by-products osbestic: now "asbestos snorts".
(2) DEVELOPMENT OF FOREIGH CONTROL
'\ 1900 ff.
United "States interests (later John s-Monvi II e -Company (U.S.) buying up Asbestos ond Asbestic Company properties neor Asbestos, Province of Quebec:. '<easbey ond Mattison Company (U.S.) purchased Bell Asbestos Mines Limited propwties Thetford Mines, Province of Quebec. In 1934 Keosbey end Mattison purcliased by Turner-Newall Limited ond Bell Asbestos therefore returned to British control.
21
1924
1930-
' 1945 1952
1954
1955
I
'~
.corporoted Limited.
annually. n supply, ,ipped to
/
third
tion by
~ fibre. >eroting
c: now
i.
t I
~
(U.S.)
~ near
i r1iso,,
t rnited
1934
Tlited 1trol.
-;"'' -a n E E'
d - 'e za as
1924 1930 1945 1952 1954
1955
Philip
owned
Corey
Monufoc:turing
Company
(U.S.)
set
up
subsidiary Quebec Brou9hton S
Asbestos
wholly Corporation, Ecst
tation, Provinc:e of Quebec:.
NorTistown ablish
Magnesia
end
Asbestos
Company
(U.S.)
ed
a
wholly
owned
subsidiary,
est Nicolet Asbesto
Mines limited, St. Remi de Tingwic:k, Provinc:e of Quebec. s
Flintkote Company (U.S.)
Quebe
open
u~
Flintkote Mines
c:, Thetford Mines, Province of Quebec: .
limited,
Americ:cn Asbestos
Compcny Quebec:.
Smelting Quebe
&
Refining
Comoony
(U.S.)
form
Loke
c: Limited to toke over United Asbestos
Limited operations Blaclc Lake, Province of
Cassior Nor
Asbestos
Corporation
Limited
open
up
prop
them
British
Columbia. Lorge
stock
purchases
erties
by T
in
u
Newall Limited (U.K.) and
poroted (U.S.}
rner l<oybestosManhotton lnc:or
NotioMI Thetfo
Gypsum
Company
(U.S.)
purchase
proven
rd
Mines,
Provinc:e
of
Quebec,
from
Bell
property, Asbesto
Mines /Limited.
s
~ \
1.1
1:
i!
\ \1 11:
l \:
22
:l\
"l~
.)11:1
I'
,\
'I I l
APPENDIX "B"
PRODUCING COMPAHIES IH OET>.IL Asbestos Corporati an Limit.d, Motttre-cl, Que~
Asbestos Corporation Limited was inc:orporated as a result of a merger agreement undet Dominion laws in 192.5. The most important of the firms in the merger was Asbestos Corporation of Canada Limited, itself a result of on earlier amalgamation of several c:omponies. The dc:io;cm:opovneyry reocf:ord is a prototype of asbestos mining in Canada. After the
osbestos in c:ommerciol quantities, th ~rgcnization and
amalgamation of the componies engaged in the field was both involved and protracted ond Asbestos Corporation Limited developttd as a result of these c:omplex n990tiations.
The Asbestos Corporation Limited is new the l~rgest indeJ)endent
asbestos producer in the world. Its principal properties comprise opprox imately 33,000 oc:res located at Thetford Mines, Blad: lake, Coleraine .
and East Broughton, all in the Provine: of Que*.
Curing the post-war ye<1rs all mills hove been improved; tf.e British Canadian Mill revcmp!d and enlarged in 1948 and the Normondie Mill, which is on entirely new mine and mill, completed during 195.5. ~ The c:ompany's opetatio"s do not extend beyond the milling stage,
Othveerpr9o5dupect>t bceeinntg odfetlhiveierrebdustoinmesasnuisfaicntutrheersei~northte meorvrkdtert.and fibre state.
The presem C:C!1'itcd stoclc
authorized ond 1,800,000
of
the
c:ompony
c:ons ists
solely
of
3,600,000
no funded debt.
outstanding c:ommon shores. The c:ompany has
23
~
~
Ml
Kin9 BeoYe Briti st Norma Otner ,
-*King
* time th
A twei
TABLE
A.L. Pe
Thetfcrc
K.T. De
Montreo.
G.F. Jer
Thetforc:
J.A.O. >.-
Th et fore
J.E.L. C
Montreal
F.E. Noi
Montreol
W.A. Ari: Montreal
H.P. The
Montreal Lt.-~I . Montrea I Paul Bie Montreol
I
I
I..' ~
'suit of a portarrt of
fes.ci Limited, The After the
iation ond
involved
1 o result
I:l~endent
/
tapprox
..oleraine
\e arit1sn
Mill,
I
- stage, e stcrte.
S00,000 1ny hos
MIHES
King
Beaver (Closing British Conodion Normondie Other Properties
1958)
"King. BeoYer
Mll.LtNCi CAPACITY TONS PER DAY
3,::00 3,600 6,000 5,000
17,200
5,00J
ORE RESERVES
TONS
6,550,000 6,515,008 56,865,000 33,3AS,OCO 15.400.000 l 18,6~5,00'J
time"theTeh.Je1:isKtiinn9g-KSienegveMrillMiisll esxhpoeucltdedbteo cco:lmospeledtoedwnt.his yeor, ot which A twelve year finonc:ial review of operations is shown on poge 25, TABLE 5.
A.L. Penhale, Thetford\ Mines, Quebec:, K.T. Dawes, Montreal, Quebec. G. F. Jenlcins, Thetford Mines, Quebec. J.A.O. Marcotte, Thetford Mines, Quebec. J, E.I.. Ouquet, Montreal, Quebec:. F.E. Moteboert, Montreal, Quebec:. W.A. Arbuckle, Montreal, Quebec:.
H.P. Thomhill,
Montrecil, Quebec:. Lt Col.J.G. Ross, Montrecil, Quebec. Paul Biertvenu, Montreal, Quebec.
MJ.MACEMEHT President & Managing Director Vice President & DireC"tor General Monciger & Direc:.-tor General Soles Mcinciger & Cirec:tor
Director Director Director Director Director Director
24
- ~-
YEAR
TABLE 5
TWELVE YEAR REVIEW OF OPERATIONS ASBESTOS CORPORA'TION LIMITED
INYESTMEHT
OPERATU-IG PROFIT
TAXES
EARNINGS
(In lhousonch of OollGu)
EARNINGS PER SHAl1E
OIVIOENDS PER SUARE
RANGE OF STOCK PRICE
1946
9.792.7
1947 10,273.5
1948 10,624.1
1949 11,185.9
~
1950 1951
12, 123.7 13,263.8
1952 14,739.7
1953 18, 100.9
1954 26,268.8
1955 18,955.4
1956 J0,500.6
1957 32,955.1
1,937.9
2,254.5
2.221.6 2,383.8 6,203.2
7,328.9 7,777. 7 6,341.5 7,398.2 7,832.0 7,961.9
9,579.0 .
568.0 491. I
586.0 454.0 l,557.0 2, 190.0 2,SOO.O 2, 5'.Xl.0 2,175.0 1,717.0 695.0 1,393.0
953.2
1,249.7 1,159.9 I, 136.2 3,488.2 3,901.1 4, 247. 7 4,810.7 4,366.9 5,039.2 5,063.I 5,223.2
0.53 0.69 0.64 0.63 1.94 2.17 2.36 2.67 2.43 2.80 2.81 2.90
0.47
0.53 0.53
0.53 0.73
0.67 1.25
1.25 1.25 1.60
1.60 1.75
12 - B
10 - 6 10 - B
9- 7 IJ - 8
25- 13 27- 22 28-24 35-24 46-32 45-32 35- 25
Soutce: - Annual Reports
/, * Adju1tod for 1951 Stock Split 3 for 1.
---- --- -- .,______ .-_______.----------~--- ------- . --~-----------. . .---...--._..
....... a.-----
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Caulor >.1buto1 Corporation Limited, Toronto, Ontario.
Ccssior Asbestos inion lows in 1951
Co~orotion
Limited
was
incorporoted
under
Dom-
Yolue
shores,
which
with a copitalizotion was inc:reosed
of
2,500,000
common,
no
per
Lettet"s
Potent
doted
July
17,
to 1953. 3.
4,000,000 shores There ore
by
Supplementary
1tcnding.
3,800,000 ahores out-
Conwest Exploration company operation
Company
holds
920,000
shores
and
directs
the
s. Central Patricio Gold Minu Ltd., an ossoc:iate
company, also owns 320,000 shares. Bell Asbestos Mines Ltd.
Scles gre handled lorgely by the
Turner Newell any. They also
Company
ltd:,
(U.K.)
own
600,000
shares
of
the
comp
Inc. (U.S.)
have
own the Bell also purchase
Asbestos
Mine
Ltd.
Roybestos-Manhatton
shares. The Newmont Mining dCosrtpoocrkatiinonthheovc.oemppuarncyhaasmedou2n0ti0n,g00t0o s6h0a0r,0e0sC.
tos
The Cassiar deposit and
Asbestos
Corporation
owns
o hi9h-9rode
lowiron
asbes.
mill in the McOame Lalce A'" of Northern British Coi.
tuomsbuiap.plyMminiilnlgfeoepderfaotriotnnse ofruell cyaerraire.d on from June to Oc1ober-November,
A 500 ton per been increased
day
mill
come
into
production
in. July,
1954,
which
has
to 1,000 tons per day. However, on c:ommenc:ing prod-
;urco1dioen,ortehethmenillthoepemrailtledwaasbodvueigcn:aep-dac:ity, . whic:h indicates thaf a lower
was originally handled.
for (6,000 tons group 3 per year),.
Ore tons in
reserves in 1955, and
the
main
ore
section
only
were
shown
ot
6,n6,000
S per cent 3K (Spinneisntigmfaibterde) oatnd9,040p0e,0r0c0entton~)s( t(oSdhaiyn,glbeefliibervee)d. to grade
In 195.5 the uced "A.AA"
company
added
two
new
grades
cf
fibre
to
the
irades
prod
c:ement fibre . o super spinning fibre and "AC" o high grade asbestos-
A review
TABLE 6.
of
finonc:ial
operations
sinc:e
inception
is
shown
on
Page
::2!:1
26
.
F .M. Connell, Toronto, Ontori o
W.H. Connell,
Spencerville, Ontario.
C.R. Elliott,
Toronto, Ontario.
J.E. Kennedy,
Toronto, Ontario.
/
K.J.. Creery, Montreal, Quebec.
C.S.M. Mortimer,
Toronto, Ontario.
G.W. Smith,
Thetford Mines, Quebe~
John Orybrou9h, Winnipeg, Manitoba.
S.R. Zimmerm.;n, Jr.,
Manheim, Pennsylvan:a
MANAGEMENT
President&. Director Viee-Pres1ac:nt & Director Secretary Treasvrer & Director Director Director Director Director Director Director
c
! c(
I
'
I
(
I
(.
I
lI "c I-
" I
L
I j
c
" <
j c:
<
-0 ;:;
i w
v
<
I
....J
l.
\
CD
< v
I ~
:;:
c
... J
<
Q:
I.I.
cc..
ci...
~
>IJ..
IJ.. 0:::
0:::
<
IJ..
>-
z >IJ.. wV'l
I ___ -... 27 '.:: ::-~~+-
:"7 ..
'
It-
TABLE 6 SEVEN - YEAR REVIEW OF OPERATIONS CASSIAR ASBESTOS CORPORATION LIMITED
YEAR
INVESTMENT
SALES
(In 1housond1 or dollars)
TAXES
EARNINGS
EARNINGS PER SHARE
DIVIDENDS PER SHARE
PRICE RANGE
- 1951
- -- -- '1952
2,055.0
-- -- -- , 1953
6,456.0
...
1954
7,648.2
OJ
--
1,242.0
--
--
--
--
--
--
--
513.6
0.14
(3 Months to
Sept.JO)
1955 10,233.6 1956 11,291.4
1957 14,270.4
4,749.5 6,854.3 8,314.6
---
686.1
0.18
--
2,225.I
0.59
2,811..3
0.74
----
4.20 - 1.90
--
7.10 - 3.00
9.50 - 5.75
7.00 - 5.50
-- 12.25 - 9.25
--
9.10 - 6.60
--
8.50 - 5.00
Source: Annual Reports
E)(ompt from Income to)( far three years, from July l 11, 1955.
--- - .--
.
Canodlan Johns-Manville Company Limited, Asbestos, Queb.c
Canadion Johns-Manville Company ltd., is a wholly owned subsidiary of the Johns.Monville Corporation, New York.
Avthori zed capita I of Canad ion Johns-Monvi lie Company ltd. is $2,500,000, consisting of 25,000 shares of $100 eoc:h, all owned by the Johns-Manville Corporation of New York.
The predec:es sor of the parent company, H. W. Jo,hns-Monvi lie (U.S.),
/ entered the Canadian field sometime in the early 1900' s, assuming the
holdings of the Asbestos and Asbestic: Company, limited, at Asbestos,
Quebec:. In 1918 the Canadian subsidiary was incorporated under Fed.
eral laws.
The Jeffery Mine, Asbestos, Quebec:, is the lcirgest in the world,
and output from this operation alone now ac~ounts for over SO per cent of the Ce1ne1dian output, and in 1957 produced 568,000 tons. A five y.ar
expansion pion to conver1 and expand the mine to underground operations,
and construct a new mill wcis c:ompletecl in 1957. Current daily capacity of t~e mill is Clpproximately 22,000 tons of ore. The new mill is able to produce in excess of 625,000 tons of fibre.
Although volume is large their production is believed to be heavy in "shorts", particularly Group 60. The company thet"efore developed a process by whic:h this fibre could be used in the manufacture of asbestos. cement board, shingles and siding, whic:h 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 "shorts".
In addition to. the Jeffrey Mine at Asbestos, the world's largest, the
company has the Munro Mine near Matheson, Ontario, and other nearby
properties ore being explored. At present tho Munro Mill is operating at
2,500 tons pet" day, and can bo easily doubled as markets expand. This
mine produces a harsh fibre, heavy in the shingle Group 4 ran9e, which
is wel I suited to th monufoetur of asbestoa-<;oment products.
runs around 30,000 tons per year.
011tp1Jt
29
l I
I
' I
t
!
lI
I I
!
As'. plonts, just ec elude roofing asbestc The t... with th
It rr ufoctur 1 iheir w their ir product rights f
The 31st, 1' common
Fine Manvill< urporaiaries, year re"
L.M. Cc
New Yo
A.R. Fi
New Yo !
C.F. Re
New Yo Al virt- B New Yo
H.C. Al N-Yo
I
I
subsi&.
l
ille (U.S.), suming the
at Asbestos,
lundet Fed-
I the world,
J per cent of "
t' five.year
loperat1ons,
Iii ly ccpacity is able to
I.
0
heavy in
i'eveloped a asbestos
19r, Group
y also dev
I
:or;est, the
lier nearby
~eroting at
iond. This
lge, which ~. Output
I
I
Asbestos product monutac:turing ope-rations are carried on at two plonts, Asbestos, OuebCK;, adjacent to the mine, and Port Union, Ontario, just east of Toronto. Major products of the Asbestos, Quebec plant in elude asbestos textiles, papers and packings, insulation materials, roofing papef and shingles, and rock wool. The Port Union plant produces asbestos cement pipe (tronsite), mineral wool insulation end other products. The two plants cover nearly half a million square feet of floor spoce with the Asbestos plant slightly the larger of the two.
It may be pointed out that the important rcw materiel t.ised in the mon
ufocturing plants of this company is asbestos. However, because of their wide coverage of North America, their merchandising position and
their interest in diversifying, th ..y hove added new basic row material
production cs: diatomi!e, rock wool inst.ilction, and in recent yeors, timber
rights for insulating board ond gypsum for gypsum products.
The capitol stock of the Johns-Manville Corporation on December 31st, 1957, consisted of 25,000,000 outhori~ed and 7, 148,723 issued
common SS par shores.
~incncicl statements are not available separately for Canadian Johns. Manville Company Limited. However, the accounts of Johns.Monville Corporation (U.S.) would reflect the success of their Conodion st.ibsid iaries, and in particular their asbestos mining cperotions. A twelve year review of operations is shown on page 32, TABLE 7.
MANAGEMENT.
L.M. Cassidy, New Yoric City, New York
A. R. Fi aher,
New Yorlc City, New York.
C.F. Rouw.lier,
New Yorlc City, New York
>J vin-BroWft, New Yorlc City, New Yorlc.
H.C. Alexander, New York City, New York.
Chairmen & Director President & Director Vice-Chairman, Vice-President & Director Vic:e-President & Director Director
30
-
I MAHAGC:MENT (continued)
I H.E. Manvill, Jr., GI ouc:ester, Mas soc:husetts.
Director
I
J.W. Hanu, New York City, New York
Oirec:tor
W.C. Stolle, New York City, New York.
I E.M. Voo,+,s,
New York City, New York.
E.G. Burton,
I Toronto, Ontario
D irec:tor Director Director
I
"J.A. Graziu,
New York City, New Yorlc.
Director
I
I
I
I
I
I
I
I
I 31
z
0
< ~
Q::
0
ii. Q::
0 u
LU
..J ..J
z > :<::
.;.,
~
a ~
""w
.,., ....J
z CXl
< Q
I-
)....
<Q::
Ll.J ii.
0
u..
0
~ Ll.J
> aLl:.:J
<Q::
Ll.J
>-
>Ll.J
...J Ll.J ~
~
------- ------- - -
'
.
TABLE 7 TWELVE YEAR REVIEW OF OPERATIONS - JOHNS-MANVILLE CORPORATION
YEAR INVESTMENT
SALES
TAXES
(In mllhons of dollars)
1946
73.3
1947
96.0
1948
110.8
,w_,,
1949
118.4
1950
121.2
1951
131.8
1952
144.4
1953
160.9
1954
177.5
1955
193.7
1956
216.6
1957
257.6
92.0 133.9 173.5 162.6 '.X>3.3 238.0 244.7 252.6 253.2 284.7 310.4 308.3
1.8 6.1 11. I IO.O 16.7 24.8 21.3 22.5 21.5 27.2 26.6 .
20.3
Source: - Annual Reports
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 5.72 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
I. 17
55 - 38
1.40
46~- 37
2.00
42 - 33
2.50
so - 30!'2
3.50
51Yi- 36Y2
4.25
70!11 - 47
4.25
79 - 63
4.25
75 - 58
4.25
9HS- 62
4.25
97 - 77}7
2.75
5BY, - 43
2.00
52 - 34
"Adjusted for 1tock 1pllta
Johnson's Compgny Limited, Thetfctd Mi nu, Queb.c
I of
Johnson's Company asbestos in
antecedents
w~e perhaps
the earliest producers
I mined
in
Canodci since Asbestos
the Thetford greg in 1878
is
reported
to
have
been
first
Johnson
Asbestos
C.:impony
was
by Andrew Johnson, formed to handle
and
in
1855 the
about 100 tons of rock
I per day. When Asbestos Corporation Limit~ was formed the Johnson's Company was the one Canadian-controlled company to stay out of the
merger. The
1946. The
present
company
was
incorporated
undet
Quebec
lows
in
I Quebec:, :ind coonmepaant yBhlaodse tLwaokem,inCinlugebp.cr:o. perties, one at Thetford Mines,
/
I The Thetford Mine is o blockcaving operation with o copocity of op. proximately 2,400 tons of rock per day. The Black Lake Mine is on open
t opci:titoypoefra4ti,0o0n0antodntshep~rmidlloyf.or Tthhies Jmoihnnesboeng'sanCopmropdauncyinhgoisn a1ls9o54deavt eolocpoepd~ the specialised plant, built to treat cisbestos tailings.
Since this The company
is a hos
private
company
no
informotion
is
ovoiloble
on
profits.
paid up capitol of $4,900,000 consisting of 480,000
6shopreers,ceanllt ocuf moulpaatirvvealrueedeoefmSaSb.le preferred shores and 500,000 common
A.$. Johnson, Thetford Mines, Quebec:.
J.H. Mooney,
Quebec: City, Ouebec:.
E.A.. Mackenzie,
Mcntreol, Ouebec:.
J.E. Johnston,
Mcntreol, Quebec:.
T.H. BHt,
Toronto, Ontario.
President & Director Vice-President & Director Director Director Director
33
1
l
tiJ
l
t
,-4
l
. !
j
l
l
Bel!
E 1936 shoi"e Turne Newo Afric c:eut1 the U
r
doily 19th ( oratec: Keasb orbed Newel c:ontro As bes (Canoe
Th
Their
than 2
re9ord investr
produc:~
01ns sc
Fir and oc informc:
I
I -
.roducers be.n first
11855 the
. ol roc:k fihnson's
t of the c: lows in Id Mines,
t of opn openOf a coptveloped
/
I profits.
t 480,000
Icommon
' I
I
I
I
' I
Bell Asbestos Mines Limited was inc:orporoted under Quebec lows in 1936 with o c:opito Ii zcrtion ol $ 1,000 ,000 representing 10,000 common shores of $100 per value. The c:ompony is Cl wholly-owned subsidiary cf Turner and Newall Limited (U.K.), o holding company. The Turner and Newell group hos very large interests, engaging in mining osbesto~ in ..Afric:io ond Canedo, in manufacturing asbestos goods, magnesia, pharmoceutical products end asbestos automotive products at plants in Conodo, the United Kingdom, the United States and Indio.
The property now operated by Bell Asbestos Mines Limited with o daily c:opoc1ty of about 2,000 tons, was originally developed in the late 19th century. Jn 1888 Bell's Asbestos Company Limited was incorporoted in London, England. The English company was later token over by Keasbey and Matt;son Company (U.S.). Keasbey and MoMison was absorbed by Turner od Newall Ltd. in ]934. In April 1947, Turner and Newall (Overuas) Ltd., was orfjonized in Canedo as a holding company control Iing the parent company's three Conodion subsidiories: 8 el I Asbestos Mines Ltd., Atlas Asbestos Co. Ltd., Turner ond Newall (Canada) Ltd.
The Bell Asbestos Mines Ltd. is working completely underground. Their ore reserves could conceivably support a much larger _operotion
than 2,000 tons per doyI bvt the owners (T urner-Newoll Ltd.) apparent Iy
regard the mine as assuring o supply of raw materiel for their much bigger investment in osbestos monufocturing plants, and ore content to see the production rote remain at this level. It is u~derstood that this mine cont cins some of the highest grade ere in the Thetford area.
Finonc:iol statements ore not ovoiloble for Bell Asbestos Mines Ltd., end ciccounts cf the parent company, Turner-Newell Limited, give no information on its subsidiaries.
I
I
I W.W. F. Sh4!'?hercl,
Rochdale, England.
G. W. Smith,
I Thetford Mines, Quebec.
MAt~ACiEMENT
Chairman President & Managing Direc1or
I
H.A. ~ith,
Thetford Mines, Quebec:.
Vice-President & Director
F.P. Smith,
Thetford Mines, Quebec.
I / J.E. Lemay, Thetford Mines, Quebec.
I C.8. Brown, Montreal, Quebec.
Secretary & Direaor Treasurer & Oireaor
Oireaor
1
I I
1
l
35
OL of Phi
ufoc:fu operat Ouebe'
Ou
laws 1 The L and th
on, 01.
to be
Th larger At thi! is alsc in keer
No
cop ital value.
ltS. K Cinc:1nr H.R. B
Glenda
C.B. p Cinc:inr J.W. H1
Glenda
E.A. B.
East B
I
I
ft or I I I I
/
I I
I I I I I I
Qubec J.1be1to1 Corporation Llmitd, East Broughton Station, Q..D.<:
Quebec Asbestos Corporation Limited is a wholly-owned subsidiary of Philip Carey Manufacturing Company, (U.S.). The Philip Carey Man ufocturing umpony also owns the Philip Corey Company Limit~, hic:h operates a plant for the monufocture of asbestos products crt Lennoxville, Quebec.
Quebec Asbestos Corporation Limited was incorporated under Quebec
lows in 1924, tokin51 over the properties of the following c:omponies:-
The Ling Asbestos Compony, The Frontenac: Asbestos Mining Compony, und the Eastern Townships Asbestos Compony: The mill ot East Brought.
on, Quebec, hos a doily c:apac:ity of 1,200 tons. Production is believed
to be heavy in "shorts".
This ye-er (1958) the company will bring into production a new and
larger mill on a nearby property, with a daily c:opac:ity of 2,500 tons.
At this time the existing mill will cease operations. The company name is also being changed to Carey Canadian Mi.nes Limited, which is more in keeping with the name of the parent.
No information on profits is available. The company hos a paid up
capitol of saoo,ooo consisting of 8,000 shores of common stock of no par
value
R.S. King, Cincinnati, Ohio.
H.R. Barrett, Glendale, Ohio.
C.B. Poolet,
Cincinnati, Ohio.
J.W. Humphr.y, Glendale, Ohio.
E.>... Boadway,
East Broughton, Quebec.
MANAGEMENT
Chairman & Direc:'for Vice-President, Controller & Director VicePruident & Director President & Direc:tor Direc:tor & General Manager
36
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Flintkote Minn Limited, QuebK. Thetford Minn, Quebc: Flintkote Mines limited was inc:orp<>rated under Quebec lows in 1945
and is a wholly-owned subsidiary of the Flintkote Company, (U.S.). The United States parent concern engages in the mining ond manufacturing of a wide variety of asphalt, asbestos, ~troleum, timber and allied products.
The Flintlcote Comp<1ny also has two manufacturing s1.1b~idiaries in Canada: The Flintkote Company of Conado Limited, Toronto, Ontario, which manufactures asphalt road and industrial emulsions and compos
/ it ion ti le produc:ts in Toronto and o plant c:t Vil le St. Pierre, Quebec:, .
for the monufac:ture of asphalt road and industrial emulsions; ond the Flintlcote Company (Newfoundland) Limited, whic:h operates a plant for the :nanufac:ture of asphalt road materials and for creosoting lumber products.
e.x: The Mining property operated by Flintlcote Mines Limited, is 2}l
miles east of Thetford Mines, Quebec. The mill has been gradually
p<S1ded to 2,000 tons pet day. Produc:tion started in 1946 and is believed
to be heavy in "shorts".
Flintkote Mines Limited has authorized capital of $1,500,000 con sisting of 15,000 shores of common stoclc-of $100 par value, authorized
and issued. No seporate financial reports are available for the Canadian subsidiaries. The parent company's accounts for any given yeor include profits from foreign. operations, which includes in addition to the three Canadian subsidiaries, th Industrial Asphalts Company Limited, England, a relatively small company.
f.J. Harvy, Jr.,
New Yorlc City, New Yorlc.
P.C. Row, New York City, New Yorlc.
R.C. Wace,
Oakvi Ile, Ontario.
MANAGEMENT
President & Director Vice-President & Director Vi~e-President & Director
G.W. G New Y
G.orgt Old Cf,
F.H. H Gf e-en
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~.S,.)i.n
1945 The
ffacturing nd ollie-d
'diaries in
ro, Ontario, compos , Quebec,
l end the plant for g lumber
lo, is~ rlually H: /
I believed
I~ con
1ori:zed ronodion
include the three rnglond,
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MANAGEMENT (continued}
- J.A. Main, New York City, New Yorlc.
G.W. Gr9'9g, New York City, New York.
George K. Mel( HI Xi, Old Greenwich, Connecticut.
F.H. HHier,
Greenwich, Connecticvt.
AuistantSecretory & Direetor Treasurer & Diree1or Secretory & Director Director
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Hicolri Asbestos Mines Limited, Norbutos, Quebec
Nicolet Asbestos Mines Limited is owned by Norristown Magnesia
I and Asbestos Company, Norristown, Pennsylvania, and was incorporated under Quebec laws in 1930. It owns mining properties in Tingwick and Walton townships in the Province of Quebec. Th~ mill at St. Remi de
I bTeinligewveicdk tohabse ahed<a1ivlyy inca"psahcoitrytso"f. around 3,500 tons, and production is
I . No information is available on profits. The Canadian company hos I t / $p1<01i0d-pupar cvaapluiteolanodf 1s,.050005,0c0o0mmco:onnssihsatirnegs ooff no5,0p0a0r vparleufee.rence shares of i1
1 M.A.HACEMEHT
1
L
t; '
I
Guy G. GGbri .i 1011,
Bernardsville, New Jersey.
Chairman
1
Philip A. Meyer, Short Hills, New Jersey.
President & Director
A.A. Lo~uist,
Norris town, Psnnsyl van ia.
Vic:e-?resident & Director
C.G. Cre~shield1: Montreal, Quebec:.
Vice-President & Director
E.T. Deoc:on,
East Orange, New Jersey.
Vic..F>resident, Treasurer & Oireetor
SE.t.SOt
exports
2 for se
and a r The re: general peaked ell othe
there he
before t lyin'g 11 any sig progres !
39
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Iown Magnes1.0
~inrorporoted ingwic:k and
1 St. Remi de rroduc:tion is
kcompony hos e shores of
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APPENDIX "C"
SE>.SOl'U.LL Y .ADJUSTED ASBESTOS STATISTICS
As mentioned on page 17 G.R.A. hove hod monthly series of asbestos
exports in both value and volume terms processed by Univac method 2 for seasonal adjustment. This provides a clearer view of growth trends and o reedier and more accurate comparison of monthly developments. The results which may be seen in the accompanying tables confirm in general the remarks mode in the main body of the text asbestos e~orts
pecked out in the lest quarter of 1957, considerably later than almost
oil olher basic: industrial materials exports. The ,eries also suggest thc't there has tv be an economic readjustment of relC!tivel;r severe proportions befare the asbestos industry Is affected at all reflecting a greet underlying strength. G.R.A. '.Nill be maintaining these series up to dote and
any significant developments in asbestos exports o' business recovery
progresses could be reported to subscriber~ to this report.
40
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I I I I I ALL INFORMATION OBTAINED, COMPILED ANO
INTERPRETED FROM SOURCES BELIEVED
I RELIABLE AND AUTHORITIVE, BUT THE AUTHOR OR THE PUBLISHER DO NOT ASSUME LIABILITY
I FOR THIS INFORMATION.
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PRINTED IN CANADA
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