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Show Curtailment Policy Cuts the Earnings Below Those of .4 Previous Year. DETAILS OF THE ' OUTPUT ARE GIVEN Lead Plant Construction Is Possible Without. New Issue of Stock. The annual report of the International Smelting fc Refining company, with tho exception of the financial statement appearing ap-pearing In Saturday morning's Tribune, reads as follows;. "Tho Tooele plant at International, Utah, was not completed and put Into operation until-the latter part of July, so .that we had but five months of operation oper-ation at this plant to the close of tho year. Tho plant up to December 31, 1910, was not able to run at full capacity owing to the shortage In ores from the mines of tho Utah Consolidated Mining company, our principal shipper. Since the first of the current year shipments from tho Utah Consolidated Mining company and other shlppors havo gradually increased our tonnage and by tho end of 1911 we hope tho plant will be operating to its full capacity. "Following out the conservative policy of expansion that has been outlined by your directors, It was decided to begin the erection of a lead smelting plant shortly after the copper smelting plant at International had been put Into operation. opera-tion. Tho lead plant will have a capacity capac-ity of 500 tons a day. Work is well under way and the end of the current year should see the plant in operation to Its full capacity, as before authorizing the building of tho plant your directors had entered Into contracts for tho pur-Continued pur-Continued on Following Page. REPORT OF IRE IIIEiHTIOlL Continued From Preceding Page. chase of le.id-silver ores which will Inr sure its full operation. "It will also bo necessary to construct a lead refinery, and plants for such an Installation at the Rarltan Copper works at Perth Amboy, N. J., are now being prepared. "Tho amount to bo expended in the erection of the lead smelting furnaces at International and the refinery at Perth Amboy. as at present proposed, will be provided for out of cash on hand and no additional stock issue -will be made for the purpose. Why Earnings Eeduccd. "Owing to the curtailment at tho principal prin-cipal mines shipping their product lo the refinery, the Rarltan Copper works were at no timn during tho year operated at full capacity, and In consequence the earnings from the tefiucry end of tho business have shown a decrease. Several important roflnlng contracts have since beon entered into, consequently the earnings earn-ings for this year should be Increased from this source Irrespective of any additional addi-tional tonnage from old contracts which might accrue from u betterment of conditions con-ditions in the copper market. The Rarl-laii Rarl-laii has been kcrit at a high state of efficiency ef-ficiency and a liberal amount has been deducted from the year's earnings for denreciation. "The plant of the International Smelting Smelt-ing & Refining company at International Internation-al about four miles cast of Tooele City, Utah was completed In July. 1!M0. and we began to receive ores from the Utah Consolidated Mining company's mines on or about July 11. 1010. "Operations were begun on July LT and have con.'.nued uninterruptedly since. The amount of ore received from the rtah Consolida'ed mines has not been up to our expectations and we have been forced to opoiate the plant at about one-half one-half of Its capacity, the result being that no great profit could bo made on the operations. op-erations. We havo been advised by tho management of the Utah Consolidate! Mining company that when certain work In the mines has been done probably in the latter months of this year tho tonnage ton-nage will be Increased materially. Smelter Output. "The tons of original materials reduced for tho five months ended December 31, 1010. "wert! G3.3S6: copper produced and shipped. 2.131.317 pounds; silver in copper cop-per bullion shipped, S7.1S3 ounces; gold In copner bullion shipped, 3.030 ounces. "The construction was completed within with-in the estimated cost and within tho time specified, when the estimates were made, viz: Thirteen months from the date of the completion of. the Tooele Valley railway to the site of the plant at International. Tho plant started without any difficulty whatsoever- "Our roaster plant has been running at about half capacity and has given .satisfactory results. "Our sampling mill is handling the ore received with caso, working only ono i shift, and the results from the sampling have been very satisfactory. Wo have had numerous tests ns to tho efficiency of our sampling, as compared with other automatic sampling plants, and the checks have been very gratifying. "Our power plant has operated without any serious trouble and our engines have done all that, was expected of them. We have installed a power line lo the Utah Consolidated mine and have arranged a contract with the Utah Consolidated Mining Min-ing company to deliver power to said company beginning June 1, 1011, for a poriod of three years. "Our converters wero started with acid or silica lining and proved very successful success-ful as we had slliclous ores of a nature favorable to the process. "The Tooule Valley railway has operated oper-ated continuously throughout the year." 1 |
