Displaying a string in a picture box

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C#

I am trying to devlop a game.I am using picture box,and want to display numbers on the Picture Box.I am using the following code,But the string is not being displayed on the picture box.

PictureBox pb = new PictureBox();
pb.Parent = panel1;
Graphics g = pb.CreateGraphics();
g.DrawString("1", new Font("Arial", 10), Brushes.Black, new Point(100, 700));
pb.Size = size;
pb.Visible = true;
pb.Location = new Point(i + (i * 70), j + (j * 70));
pb.Visible = true;
pb.AllowDrop = true;

Please let me know where am I going wrong?