Show CHINO MAINTAINS ITS SURPLUS the total net income of the chino copper company for the year 1919 amounted to or at the rate of per share as compared with or per share for the year 1918 this marked decrease in earnings according to charles al macneil president is accounted for by the smaller production and the lower price of copper for 1919 as compared with those of the year 1918 As noted in the quarterly reports issued during 1919 production was cut to about 50 per cent of capacity beginning january 1 1919 and has since continued at that rate the net operating income was 1038 miscellaneous income adjustment of treatment charges etc or a balance to surplus account of which makes a total surplus on december 31 1919 of gross copper production for the year in concentrates and precipitates was ib pounds according to the report of colonel D C jackling managing director after smelter deductions the net production was pounds in addition there were also produced gold and silver valued at costs of copper production the net cost of producing copper for the year as shown in the report was 1553 cents per pound as compared with 1413 cents per pound for the year 1918 capital distributions were made to stockholders during the year at the rate of 75 cents per share per quarter a total of 3 per share for the year or the total disbursements to stockholders up to and including december 31 1919 amounted to the total ore and waste removed by steam shovels during the year was cubic yards of this amount cubic yards were stripping the remainder being equivalent to tons of ore of the ore that was removed tons were sent to the mill and tons were sent to the stock piles at the end of the year there was a total of tons of ore averaging per cent copper in the ore stock piles tonnage handled in year during the year 1919 there was treated in the mill at hurley a total of dry tons of ore compared with dry tons of ore treated during the year 1918 this tonnage is equivalent to an average of tons per days day compared with an average of tons per day for the year 1918 a decrease of tons per day corresponding to 54 per cent the average content of the ore treated during the year was per cent copper or approximately 02 per cent higher thair that treated during the year 1918 the total production of concentrates amounted ed to dry tons which averaged per cent copper the total copper content of the concentrates cen was pounds which is per cent of the average production for the previous two years this corresponds to a recovery of 2397 pounds per ton of ore equivalent to an extraction of per cent which extraction was 24 per cent higher than for the year 1918 this improved result was due to the fact that an aar ore of a better concentrating character was milled during the year 1919 than during the previous year milling costs increase the average cost of milling was per ton being an increase of 19 cents per ton or approximately per cent over that for the year 1918 this increase is mainly due to the smaller tonnage treated during 1919 as compared with 1918 the ratio of increased cost of labor per ton of 0 ore r P milled in 1919 compared with 1915 is as is to 1 of supplies is as is to 1 and the ratio of all costs calculated on the same basis including labor s supplies up plies administration depreciation and taxes except federal taxes tor for the same years is as is to 1 |