Show r I r MILLING r ASSETS I lARGER r. r iLo st- st t- t Money l hone Y in Leasing n of f Dragon Mine in w r Year r o Herald 1 Pt Provo O o April 3 Accor According to the n nuu nu- nu hual nual u l report of ot tho Milling Mining co copan company com com- pan pany for tor th tho year 1919 tho company compan tho ba balance bal ended tho the year as shown by ante ance sheet sheo with assets of at 3 consisting of or In cast cash 1 In In products on hand and transit the tho remainder being accounts aCC is and bills receivable supplies and crud crude de vre Liabilities are placed place at at Cap tal al stock 30 assessments assessment on capIt capital nl stock bills payable originally lY assumed Indebtedness depreciation de of ot milling plant 6 1 li Depreciation of or patent rights U 47 and current liabilities of at 48 48 c segregated as accounts pay payable ble December pay payroll 3 and accrued interest of or 6 Tho general manager r in his report says ElYS Tho cost of ot supplies also niso materially ly Increased and It ha has been VCr very difficult cu cuo to f-to o 0 obtain pia proportionately proportionately increased ed treatment rates This h has been true ue I particularly as aa to extremely Y low oW grade grad ad e ores where an Increased treatment o nt charge where would have a resulted resulted In curtailing curtail curtal ing our supply o of available ore Your dour attention is c called to tho e ex- ex x- x of or mine leasing I This covers ers loss In tho the operation of at a on tho the Dragon mine To offs offset this Item considerable ore oro h has b one bone been n fa blocked out ont and ond broken but Is only onh drawn on as ns needed T This property espy has l J Tarnished us a splendid supply Y of ot r re reserve reI re- re servo serve ore and ami will continue to do dotor s eo flO o tor for the ensuing year yeu I Your Tour company has now reached t the he favorable position where It is ab able tout to properly finance tho the business without ithe ut borrowing and If Jt the ensuing year la to t aa as favorable as IS tho ono one being cons considered considered consid consid- d ered cred at least a portion ot of the original origin t assumed indebtedness will be f liquidated During the past year one Important change changO has has bas be been on made In tho plant ata at tt ata tto I a cost cot of ot about The conveyor y o r system of handling the tailings which ch was originally Installed was wag found toJ to 1 bo unsatisfactory actor and ond expensive Inin Ina InUs In its Us place there has hS been Installed a system which will soon eoon oon be bo bot In J operation and It la Is expected that t the h e et reduction obtained thereby in opera t J Ing costs will Justify the tho expenditure c. c m New Machinery Tour directors have also alo authorized ed eda t th the installation of ot tho the necessary m ma- ma a- a and equipment for tho elc electrical electrical elec elec- the precipitation of ot lead What isch is received of ot this metal is now batI be bat I I wasted our recovery values bein being Sold gold of sliver and co copper per Experiments w which hl ch I t have nave been conducted conducted in our laborato laboratory t f have proved pro very successful sul and wa warrant war war- rant the addition of at this now feature JI Improvement ement In gold Sold recovery h halso hash hasI has ae I also h had d the attention of ot our re research earch taft staff and indications are aro that tory results will be bo obtained in d duo 4 Extraction of ot silver and cope copper Us is fairly satisfactory Tho outlook for tho the future Is 18 I aging Tho ore oro supply Is la reasonably satisfactory and it has bas been amp amply demonstrated that your company can treat low grades Evades of ot ore at a a. reasonable prof profit It Tho statement of at Income Lucerne shows shows' Revenue Rent ent 63 71 Sales of product ro u 6 I w Total revenue 30 Operating G JG G c e n eral ex ex- expense 0 pense Office e expense o Laboratory b Crushing Cr 6 toasting Leaching H Refining 9 99 77 Oro Sampling Shop Shop Mine Une le leasing ln O 12 25 S 57 G r oss profit r from from rom opera- opera r 4 mess mess- ens El 31 1 w I Depredation Depreciation on an Depreciation milling plant plant- on Patent patient rights rightson w an good will 1 on CUrrent current cur cur- rent bills bUls payable pay pay- able 1 UJ terest on aD or- or lf- lf nl u I T tax tar 5 Net profit for vr or 1913 63 I 1 O i |