Salt Lake Telegram | 1936-02-28 | Page 26 | Additional Mining and Financial News

Additional Mining and Financial News I EARNINGS TOLD i BY SILVER KING SLIver Silver King Coalition Coalton Mines company company com corn pany pany last year earned a a distrIbutable distributable able profit of or 3 3 cents cent centa a sharer share it is 15 revealed in the th company's annual report report issued Thursday The company wrote of of depreciation on plant anc and equipment leaving lea a net profit o ol of or 35 cents cent a 1 share Additional profit would have resulted re re suIted the report points out if tons of zinc concentrates produced during the year and carried at t cost cosi but withheld from market had been beer old lold The Te value of stored product on hand December 31 31 1935 if con can F- F 8 eldered dered at market quotations obI obtaining ob ob- I taming at the close of the tho year would have resulted in additional profits of or 12 cents a ii ashare share hare and brought the total net Income for the year car to or 47 cents a B share on the te outstandIng outstanding ing capital sto stok k i iThe The years year's stok production of crude ore re mined totaled tons O Of this total 89 tons were sold direct t to the te smelter tons were vere treated in the mill mi resulting in 24 t tons ns of concentrates made and arid marketed Of this tons were vere sold Bold its as s lead concentrates 76 tons sold as zinc concentrates and tons tons of lf the he to latter later were held in storage star stor stor storage age in nt of an increased pr price ce for br zinc metal methi the report states The company company received lor for Te the he product sold after deducting freight and treatment charges Silver Sil- Sil Sil Silver SIver SI- SI ver contributed contribute per cent of this lead per cent zinc 13 per cent gold per cent and copper 41 l pc per cent cent Other income of oC the company amounted mounted Other to bringing the total income for the year to 1 Expenses for mining milling development insurance administration administration ad ad- ministration and all aU other operatIng operating ing costs cost including taxes aes of 93 totaled While pointing out that the average average aver aver- age ge price for metals was slightly higher in 1935 than tan in the precedIng preceding preceding ing year the report report of W. W Mont Ferry vice president and managing director says that no forecast for 1936 can be ventured with wih conf dence ence Too many uncertainties exist he asserts involving market conditions o taxes tes and restrictive legislation No stability has yet been attained Nevertheless the tendency Is ii I toward recovery Recent improvement in the statistical statistical statis statis- l position of the base metals tc in with wih the te attendant improvement general business conditions conditions' would seem t to justify t the e expectation of an an early ealy advance in lead and zinc the report metal quotations says of f James Ivers Ivors general manager Mr r. r Ivers Ivors points poInt out that development develop develop- ment work in 1935 was kept well wel abreast brest with ore extraction Development Development De De- footage for the year to totaled totaled to- to feet at a cost of 2831 31 and ard resulted in the extension exten exten- stan sion of present ore bodies and the opening of new and pro promising sy systems systems of fissuring Assets of the company are listed at t Four dividends of 10 cents cent a a share were paid in 1935 and a a. a like dividend was paid January January Jan Jan- uary 2 2 1936 Total dividends paid t to date dat including Inc paid by by the original Silver Siver King Mining company are listed as a The Th annual stockholders stockholders' meetIng meet- meet J Ing will wl be held March 16