Show PAYS Manager Mang r Dern Dem Explains Why I i Was Not Paid I I At the meeting of the directors of the Mercur Gold Mining company yester yesterday yesterday yesterday day the expected dividend was not declared t financial exhibit de tie deciding deciding the board blard to make It 12 cents a share or thio thi time Asked why the reduced amount had been b en named General Manager George GeorgeH H Dern Darn said saidI I 1 feel sure that the action of the board will cause some surprise and disappointment among the shareholders ers era and I have no hesitancy in stating the reasons The long and short of the matter is we have not cash enough in our treasury to pay a dividend Our March pay rolls roUs have not been quite completed so I cannot figure the exact amount of the expenses for the month but I estimate that on the of this month when the dividend is payable we will have about on hand Reference to our annual report will show that on Jan Jail 12 we had on hand Hence we not only had no surplus but we lacked about of having enough to pay our January div dividend dividend This had to come out of the earnings of the first quarter of 1900 1300 Then our construction not finished at the time of the annual re report report report port Since the date of the published statement we have bave completed our im improvements improvements and have paid out an ad additional additional to on this ac an account account count countIn In February we made the changes at the mill adding the new crusher and elevator and shifting some of o the theother theother theother other machinery machine which necessitated a shut down of nearly a week TIlls This of course curtailed our receipts by sev several several several eral th u nd dollars These three considerations alone ac an account account count for our deficit and but for these extraordinary circumstances we should now be able to fa pay our regular divi dividend dividend comfortably But in addition to these facts during a part of January and most of February we had a run of hard luck at the mill mm For no ap apparent apparent apparent parent reason the average values ran very low something all mines and min miners miners mm ers experience periodically On top to of this we weye were bothered with poor ex cx extraction extraction traction in the mill due probably to more or less base and talcy ore are Nat Naturally Naturally uraU our profits were reduced ron non considerably i by the conditions while the purchase of two carloads of cyanide has also meant the outlay of a large sum of or money From all 1111 of these mat matters matters matters it is clear that the mine practical practically pr ly camel its regular dividend this quarter but hut it was unfortunate in not having havins a surplus to fall faU back upon to meet its extraordinary expenses During he the month of March we had very satisfactory results We pro produced produced produced about and this without any extra effort to fatten the treasury We are getting out a good tonnage tonn e with satisfactory values and dt tit t the present time our earning exceed the rate of 25 cents per share quarterly Summer work has many advantages anyway and I feel very confident col ident that we shall have no trouble at t all aU in pay paying pa paylag ing lag a dividend in July |