Show CHIEF COHS CONS OFFICERS SUBMIT THEIR REPORTS information regarding prop erty will be sent out along with the dividend checks during the present month when the shareholders of the chief cons mining company receive their dividend checks within the next few days they will also receive very complete reports covering the opera eions at this mine during the past year the report from manager walter fitch Is as follows though the metal prices were higher during the year the adverse conditions attending the operations more than compensated for these tor for notwithstanding L 8 t n di in g that the mine s capacity fo for r production was larger than at any previous re alous time in e the pro duct made was smaller mailer than titan during the previous kear rear the limitation was on account t the inability a 11 ty of the smelters to lake ake as m much ch of f the ore as formerly lecause e cau e of the many any dit dif attending att anding their operations and of the r rowing increase of difficulties ticul ties incident to the war As far as it Is possible to anticipate these conditions will continue until the war Is over overa much new ore has hag been found and in two places caces this has been fol lowed below the permanent water level and the quality of this Is re mar kably good and as its character makes it very much more attractive to the smelters than the ore above the water every effort will be made madea to mine at this lower level with the hope of gaining some relief from the many adverse conditions in respect to prospecting the income from the sale of ore was greater than in the previous year though the tonnage was less this because of the higher metal prices and improved quality of the ore but the net profit was less owing to the largely increased labor costs of the heavy cost of doubling the width of the hoisting shaft the cut ting out of the pumping stations and reservoirs an added amount to cov er depreciation the cost of the met research work and the set ting aside of a large amount in anti ci pation of a very heavy federal war income tax all of these items having been charged to operating cost the experimental metallurgical work started at the beginning of last year has made considerable en cou raging progress and it is hoped that during the current year that some plan may be developed that will permit of the treatment of these ores other than by direct smelting supt bupt cecil fitch s report gives a summary of the development work as well as a report on ore prodoc tion metal contents of the ore etc during the past year the chief cons company did 16 15 feet of development work divided as tol fol lows drifts 13 feet raises 1 feet and dinzes feet this was the work at the company comp anys s main property and in addition a large am aunt of development work was done at the pinion peak or Ho mansville section of the chief s holdings as well as some extensive work in be half of the company s ground for the homansville mansville Ho tract of mineral land 2 feet of drifting was done and for the about the same amount making a total footage of 20 for or the entire property the total shipments from the mine amounted to 69 59 dry tons which yielded net after payment of smelt ing transportation and sampling 1 64 46 the metal contents were as follows gold 9 ounces silver 1 ounces lead 10 pounds and zinc pounds the average gross value of oredas ore was 40 12 per ton and the aver age net value following the payment of smelting freight and sampling charges 25 2593 93 the net profit att aft er all charges was 24 supt bupt fitch says that operations below the 1800 are under the water and are being handled in a temper ary manner pending the installation of the new which will perhaps be in oper operation atlon within the next three months he says that the ore production during the year has been coming from the 1600 and 1800 levels during the latter part of the pas year shipments were cur curtailed on ac count of the insufficient capacities of the smelters and this condition still exists to a certain extent to tether with higher treatment chang es higher taxes and higher ing costs all along the line because of this fact the chief cons people have suspended some of their devel work awaiting a more aus licious time in which to take up the prospecting of new ground this ac ae counts for the suspension of opera eions at the pinion peak tract where conditions were entirely satisfactory and where it is thought that valuable mineral deposits will be opened the shipment of tons of manganese ore per week from the pinion peak tract Is giving the company a small revenue even lie supt bupt fitch in his report speaks of t the favorable conditions existing in n the now controlled by the chief and in which extensive work is s under way the work through he the shaft of the has been een stopped for the present |