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Show DEFICIT SHOWN II CHILE COPPER PIT Chile Copper company, for .quarter ended March 31. 1919, reports deficit after charges of $660,769, according to the Boston Bos-ton News Bureau. In preceding quarter, surplus amounted to $300,936, or S cents a share (par value, $25) earned on $95,000,-000 $95,000,-000 capital stock. , The company's report for the first quarter quar-ter of 1919 says in part: "On account of the condition of the copper market our operations were curtailed cur-tailed to approximately a 50 per cent basis. Production of copper for the quarter quar-ter averaged 5,169,641 pounds per month, compared with 9, 70S, 505 pounds per month during the last quarter of 1919. "During quarter ended March 31 there was treated 648,203 tons of ore, averaging I. 57 per cent copper; in preceding quarter quar-ter 996,695, averaging 1.64 per cent copper. cop-per. Net recovery for quarter ended March 31 was 82.72 per cent, compared with 84.03 for preceding quarter. In accordance ac-cordance with governmental regulations, our profit and loss is based upon inventorying inven-torying our copper on hand at cost price; profits are figured on actual copper sold, instead of on production, as is usual with copper companies. "The costs heretofore reported have been stated on the basis of copper sold and delivered; during the quarter 3,977,-849 3,977,-849 pounds were sold and delivered out of a production of 15,508,9-24. In the preceding pre-ceding quarter the sold and delivered was II, 366,138 pounds out of a production of 29.305,514 pounds. "Average price realized for copper during dur-ing the quarter was 13.724 cents per pound, compared with 25.66 cents per pound for the preceding quarter. "On account of the variation between the poundage produced and sold, and the consequent fluctuation in the cost of copper cop-per when figured on the sa!es only, the costs given below and in future reports will show the cost of producing copper at the property, including depreciation, but exclusive of the cost of delivering and selling the copper, excess profits tax, obsolescence, depletion of ore reserves, interest in-terest and amortization of bond discount. For the quarter ended March 31 the cost of producing copper, including depreciation deprecia-tion and all general expense, but excluding exclud-ing items above mentioned, was 15.25 cents per pound, compared with 13.146 cents per pound for the last quarter of 191S. Excluding excess profits tax and obsolescence, the cost figured on copper sold was 30.355 cents this quarter versus 23.503 cents last quarter 1918." |