Show To W Importance e of Mining to Other ij Industries Stressed by Official t ak n Of Silver King Coalition Mine Mont Declares Park Prot Producer Pro Pro- t y Ferry Single City 2 Jr t i r ducer Pays Pas 26 Per Cent of Summit h t L 1 C Count County T Taxes axes 7 By Sy W W. MONT FERRY j. M Vice President Silver King Coalition Mines Mine Co t Utah is generally admitted to be one of the greatest mining states t the union Within its borders are to be found metals and non non- l'- l' minerals in quantity and diversity that stamp this area as among th the most Important on the continent The importance of the mining ri ir in industry is quite generally recognized by the citizens of this co community but it is certain that they do not have a clear conception of its important important v ti re relationship to other industries and to the economic life of the state r a By y tho the unthinking mining is rea reed re re- a 1 ed edas as a haphazard sort of Ind inin in- in d' d dry ry in which Lady Luck plays Fabulous led ledas principal role prof- prof y L. L e e emphasized and i. i W lra these thesa loose thinkers andi and i toil toll hardship courage coinage intel- intel t I nce and money which aro nrc facin fac- fac ti lb in successful mining are arey if 11 ly y not appreciated and anci certai tai IY not seriously regarded Y f or Is it realized how intimate- intimate i l' l he activities incident to mina mining min min- a 1 ing and the results of mining opeo opre op- op re eo ions are aro interwoven in the I 7 1 Iii fn fabric of the state A Ac Aco c co concrete crete Illustration of the truth trutho o the foregoing tore observations Is the history of the Sliver Silver King Coay Coalition Coa Coa- y Mines company compan r l 1 rhe 7 he property of this company and of ot its predecessors has been under constant dev development and production since 1882 It has produced from 1882 to 1928 gold silver sUver copper lead and zinc Inc to the gross value of from tons of or ore shipped From this Impressive total there has been expended in wages supplies supplies supplies sup sup- plies material taxes freight treatment treatment treatment treat treat- ment and other charges charge the sum lIum of all of which has gone into the channels of Industry The balance of represents the profit of this enterprise and In Includes includes in- in the return of capital Mining Is called a devastating In Industry industry industry in- in because It reaps a crop that never growS grows again again and when profit profit- It- It A A A able operation ends the tha whole property property prop prop- erty is worthless Hence the dividends dividends divi divi- or so-called so profits returned are in part a return of principal OPERATING RESULTS D During the year five period from 1923 to 1927 inclusive the operations operations opera opera- I of tho the Silver King Coalition Mines company have shown the following fol fol- folI I lowing impressive results Dry tons of ot ore shipped crude and cons Gross yield from Total dividends paid Of this thia total 66 per percent percent percent cent was paid to Utah stockholders n 3 Freight smelting and treatment charges Taxes county state and federal ray Fay rolls lOUS Material and supplies purchased At present and for tor some years rears past the Silver King Coalition Mines company has paid 26 per percent percent percent cent of the total tax of Summit county The average number of at this time is men This number num num- ber represents over 2500 persons directly di directly directly di- di dependent for foe their livelihood liveli liveli- hood on the operation of this mine Total underground workIngs workings workings work work- ings Miles 1 Average monthly pay roll Power bill per annum The foregoing does not take into consideration the very ery Important totals of employment supplies and materials used by reason of the large tonnage shipped into the Park City district where this property Is located all aU directly due to the op operation operation op- op ration of ot this mine Nor does this tell teIl the whole story story- of the import- import u UA ance of t. t the operation to the well well- I en being o of the state Ever since production production pro pro- began in this property the ownership has been and is largely Utahn For the first 25 years of ope operation operation opera opera- atlon a- a tion and production practically all the profits of this tills enterprise were distributed within the borders of Utah The last 20 years has shown a wider distribution of ownership with a proportional amount of profits going out of ot the state The property is largely a Utah-owned Utah enterprise however 66 1111 per cent of ot the th stockholders being resIdents residents resi rest dents of the he state I The reinvestment of returns from this mine by Utah owners in Utah enterprises becomes Interesting and important how Important can readily be seen when the following careful and conservative presentation presenta presenta- tion is made Of the total return of profits and capital from 1882 to the present present present pres pres- ent of no less than 17 5 came to residents of ot Utah and of this amount at least 10 has been in labor employing employ employ- lag ing commodity using activities and andIn andin andin in th purchase and creation of substantial substantial substantial sub sub- properties which have borne and are bearing their part of the tax burden and are furnishing permanent permanent permanent per per- manent em employment to a large number of Utah men and women Thus It will be seen the mining Industry is not a narrow selfish activity but is on the contrary BO so closely associated and inter related inter related with agriculture manufacturing building real estate banking rallI railroads rail rall- roads rOads indeed indeed with every other in industry in- in I that that it is a vital and In Indispensable Indispensable Indispensable In- In dispensable factor In the welfare of our state S. state S. S L L. Mining Review |