| Show timeHIGHLAND HIGHLAND BOY TRANSFER Meeting in London at Which It Was Recently Authorized The Citizen of London in its report ot a meeting of shareholders of the Utah Con In that city to authorize tho reorganization of the company under the laws oC New Jersey and the conveyance of the Highland Boy mines at BiiiKham and the smelter In Salt Lake valley to its successor says the resolution providing for it was unanimously unani-mously adopted The resolution is I as follows That the company approves n sale oC the undertaking and assets of the IHEbland Boy Gold Mining company subject to Its liabilities to a new corporation cor-poration to be organized under the laws oC the Stae of New Jersey U Si A to be known as the Utah Consolidated Con-solidated Mines or by some other title I approved by the directors with a share capital of 1500000 divided Into 100000 shares of Sn each In consideration ot the Issue to the Highland Boy Gold Mining company of the entire share capital of the proposed new company credited as fully paid up and hereby authorizes and reauests the tlirortorH to take all such steps as they deem proper to effectuate the sale In his address to the sluirchohlcrjj J E Dudley TUdcr chairman is quoted as follows With reference to the smeller operations oper-ations we find that between January 1st and November l0th our smeller treated 131750 tons of ore which produced pro-duced W71 tons of copper containing t gold and silver From statements furnished fur-nished us as to the developments of the mine we gather thai during the earliest part of the year the efforts of the managers were fpr the most part directed to the opening up of the No 7 and No Tlfe levels and a large quantity quan-tity of ore appears to have been found Latterly their attention seems to have been directed to tile hlghti levels l known as the fi and 5A tunnels where the greater part oC the work has been through ore of a very high grade assaying as-saying in one instance high as 13G per cent copper and the gold values have also been quite Uugc I think from tillHe details you will be ablo to gather that the mint JP still continuing con-tinuing to develop most satisfactorily and Ut2 although your directors in london may no longer preside over your destinies they feel confluent that with the management of the mine in such able hftnds as thoae of Mr Broughton and Mr Channlng a long period of prosperity for the undertaking undertak-ing is assured Having been connected with this undertaking from its Inception Incep-tion and having believed tIn t-In the great value of this property which I have upheld through good and evil report 1 cannot help regretting that persistent and Interested attacks should have driven so many oC the hares to America To those who have stuck to their shares I must frankly own that 1 have such reliance In those now in power on the other aide that 1 1 sec no reason why even with copper cop-per at Us present price good dividends should not continue to be earned for our ore keeps up its grade and our smelter extracts the metal as cheaply aa any in the United States The News bureau oC Boston says Recent statements that the Highland Boy in 1002 earned 1000000 net were not properly based Actual net earnings earn-ings for 1002 amounted to 725000 01 not quite 250 per share for the 300 000 shares of Utah stock The company com-pany Is I now paying a dividend of 7 shillings or 170 per share of Utah stock calling for 3f10000 leaving a surplus for the year of 5213000 The company does not now have to bear the burden of paying an English Income In-come tax or administrative expenses of the London office Highland Boy Interests In-terests who have a thorough knowledge knowl-edge oC the property state that the mine has an abundance of rich ore and that It is easily capable of earning 100000 net per month on an 11cenC copper market but that the Amalgamated Amalga-mated Interests have had difficulty In buying back at low figures the stock they sold in the lOs and 50s and until they succeed In their stock accumulation accumula-tion It is i not expected that he I property prop-erty will be allowed to make the showing show-ing It is capable of making |
