Salt Lake Tribune | 1917-09-15 | Page 13 | Accurate Estimate of Ore Reserve Due

OF OREJSERVE DUE. Mining and Scientific Press Pointedly Discusses Problem Prob-lem in Editorial. Our Canadian friends have engaged in igorous discussion over a suggestion, I made bv K. VT. Bripstoke. that the ot'fi- -'iaI estimates ot" ore reserves as given f X i:i the annual reports of mining eom- panics should be verified by an inde pendent engineer, says the Mining and Scientific Press editorially. Messrs. , .John E. Hardman, R. B. Watson and ' V,. r. Mathevson have joined in con- t (iemninp Uiis proposal as impracticable. tVasor D. Reid suggests that mining ! companies sliould be compctlo'l to file J an Hft'idavit stating exactly how their estimate was obtained. Apparently these Canadian engineers arc unaware that several British coni- 1 panies have been in the habit of doin something of this kind. Thus C. h. Knecht, manager of the Brakpan, and i "William Mc(J. Cameron, formerly con- J &n engineer to the Goerz group, ' fscd to furnish an interpretation of the data or. which their estimate of ore re- r serves wan based. Other London companies com-panies give such information frankly, although un fortunately the majority not only withhold it but give their estimates in a confusing way. Of course, the shareholders, who are tho real owners of n mine, are entitled to have iuc.li information and to have it . in the most explicit fashion. ! The whole policy of mine administra tion, especially in this country, is satu- , I,- - rated with the idea that those in control f are entitled to insido information, and after them their friends, leaving the minority shareholder in a cold fog of ifinornnee. We go further and say that not only should vital statements, such as the annual estimate of the mine's resources, re-sources, be accompanied by all the ex- tib planation necessary to make them in-telligible in-telligible and convincing, but we would pucq-est that the board of directors in 4 their annual report should appraise the mine, stating what, in their opinion,, t baspd on the advice of the company's i engineer, is the present value of the property. They make such a valuation j in their own interest, as largo share-I share-I holders, and we see no reason why they 'V should not give the other shareholders the benefit of their opinion, not as individuals indi-viduals but as trustees for the shareholders.