Show PENNY WISE penny wise and pound foolish is an expression often aptly proven in mining operations in our travels throughout the mining regions we have noticed many instances where a dollar supposed to be saved was in reality a dollar lost there is i a vast difference between economy and extravagance but there is a right and a wr wrong ong way of practicing economy the right idea of economy is to make every dollar go as far as possible and at ai the same time not let saving seriously cripple the operations of tomorrow how hov often do we see the old hand windless doing the work which a hoist should do do resulting in a daily loss although the opera tors think they are saving money hr often does a mistaken management think only of present production and neglect the development which is necessary for future ore supplies A dollar saved is not always a dollar made and one spent Is not always lost A fine example of the penny wise policy was recently brought to our notice A certain mining company owned a very meritorious property which under proper management sho should uld have returned substantial dividends they had the ore the mill and were able to make a good extraction the troublesome question was the fuel supply for power and this was so easy of solution as to seem ridiculous for a period of years during which the property was operated the coal bill amounted to several hundred thousands dollars while the di videna record run only into two small figures the company owned or could have obtained several good water vater power sites and with a small outlay of capital could have eliminated a greater part of the coal expense it is just beginning to realize the course its dollars took another company having an equally attractive proposition made two mistakes in false economy which have resulted in the closing down of the property so long as a few days ore supply was in sight not a dollar was spent in opening up a big reserve the inevitable happened and the mill was shut down while more ore was being developed the second mistake was in the power equipment wherever a little power was needed a dinky little engine or motor was installed where one central power plant should have supplied the whole works with ten or fifteen small engines about the place the entire plant was seldom running smoothly and scarcely a day passed without some part being hung up for repairs the whole equipment was a waste of money and in the end cost a great deal more than a proper kind of a plant would have cost in the first place these are only a few of the many examples where a nearsighted near sighted management gets in its own light but they serve to illustrate how easy it is to waste money under the impression that it is being saved |