Show CON MERCUR ANNUAL the consolidated mercur gold mines company of salt lake has issued its annual report for the year ending june 30 1910 this report covers the operations of the company in detail from which we reproduce produce re the following financial F In ancial statement gross value of gold produced receipts from iiii other other sources manning tailings royalty gold belt water co dividends ground rent total revenue less operating expenses mine mill mann manning I 1 n g mill net earnings for the year OS balance from last r report total available profits less extraordinary expenditures tures repairing leaching dept wreck slime plant improvements prove ments balance of assets june 30 1910 assets cash on hand and in bank gold oh hand supplies on hand unapplied e expense x p e n s e items a 5 4 72 0 accounts receivable manning leasing co stock liabilities accounts payable balance of assets june 30 1910 tonnage the number of tons of each class of ore mined and milled during the year by months was as follows month base oxidized total july 1909 august 1909 22 1611 september 1909 october 1909 19 november 1909 18 december 1909 january 1910 february 1910 march 1910 is april 1910 may 1910 june 1910 total 43 per cent 57 per cent average tons per month average tons per day in reviewing the affairs of the company president dern says in part the results for the year are not particularly gratifying the net earnings being on y and it has taken exceedingly hard and careful work to make any money at all indeed several months of the year showed a net loss we are operating on so close a margin that it is a constant worry to know whether we are gaining or losing slight mishaps or interruptions that would scarcely be worthy of mention under more favorable general conditions now serve to throw our results from the profit to the loss column the reason for this precarious condition lies in the fact that our ore continues to get lower grade it is true that the average for the year covered by this report is one per cent higher than for the preceding year but this was only brought about by reducing the he tonnage it was hoped that by cutting the tonnage the average value of 0 the ore could be raised sufficiently to increase the profits by this means the ore values were held up to last years results but we treated tons less hence the gross production and the net earnings both decreased the expenses were only one cent per ton more than for the preceding year which is considered creditable in view of ane reduced tonnage and an increase of 5 per cent in the proportion of base ore treated the extraction was not quite as good as last year the increase in the tailings loss is chiefly due to the oxidized ore from the brickyard mine which is very much harder than any ore ever heretofore encountered in our mines and on which even in the laboratory it is impossible to get such low tailings as are usually obtainable on mercur ore another factor was the exceptionally cold weather last december and january which repeatedly froze up the mill to such an extent that it was almost impossible to keep running at all to say nothing of getting tin satisfactory results prospecting has been y kept up during the year as is apparent from the statement that over was expended in new work of this character I 1 stated last yar y bear that we had a good deal of promising territory that we intended to test this referred particularly to the apex and maga zine veins of the golden gate gaie mine and the magazine vein south of the fault in the brickyard mine we had strong hopes for these places and were deeply disappointed when no ore was found in them on account of the disappointing developments op ments and the constant tendency of the 0 ore re to get lower grade 0 I 1 regret that I 1 have no sufficient reason to hold out any encouragement for improved results during the ensuing year during the year the company suffered the loss of a member bemb er of its board of directors mr air edward H airis who died on may 23 1910 in recognition of mr air arrisa valuable services and in token of the high regard in which he was held the board of directors on june 4 1910 adopted the r reso eso unions which are printed herein |