Show COST AND PROfiTS oi Of BOSTON At the Boston Roston Consolidated annual meeting In London at which a 1 debit balanco balanco bal bal- anco for Cor or the tho year ending September SO 0 0 of or was shown shon against credit of oC tho previous year ear Chairman Ryder said Tho The than showing Is I better It I seems as only two months' months real work ork had been dono done b by tho concentrator when lh till financial year el co closed ed In March last developments ll in tho the lar largo large quarry tn in n tho the porphyry deposits came as a n dl disagreeable surprise and temporarily delayed progress progress ress res toward toan a profit earning st stage c. c A lower portion porton of or the tho property was as then thene developed e loped free from Iron excess and profitable for tor concentrating under tho the contract contract con con- tract then In force This W was S done be between between be- be tween April Apri and November when practically practically cally cly a new part of or tho the mine mInI was developed developed devel devel- and partly Darty blocked out amounting to over OO tons Though tho the mill mi worked on a n small smal seal scale from April Apri to toJ J July I not till ti August W was a profitable concentrate concentrate con con- obtained The most Important and satisfactory point In the report of or thu tho new consulting engineer S. S J. J Jennings I Is his estimate of ot oro ore Indicated IndIcted at tons torn tore tor favored ta bringing the tho mill mi to full tul ca capacity en- en pact as us soon as possible and working It till ti cost figures could coul be verified a as la is being done and ad If I figures provo prove as e estimated esti esti- t- t mated and ad it can cn be sho shown that Hint earning capacity can bo be moro more than doubled by duplication of ot the Garfield GarfEld plant only it I will 1 then be be considered whether mone money shall hal be raised to double mill mm capacity to tons p per r day Mr Ir Jennings Jenning estimates after January 1 1 11 1910 profits after aCor all al charges charge of or a year ear with wih copper averaging 14 U cents and nd with wih moro more for each cent rise 1180 In copper With Wih ten of ot the thirteen s sections see sec o- o lions tons running and copper at nt 13 cents tho the oa board anticipated March profits of or to be Increased as soon as tho the mine could supply moro morn ore Debt of ot tho the American Amerian company is about and It has been decided to Issue further capital to pa pay oft off or debts and provide pI-ovido sufficient working capital by Is Issue u of ot shares underwritten at a 2 5 6 shillings per share and amid offered pro rata to stockholders Conduct of or both administrative and financial matters is now vested in an ex executive ex- ex committee in New Xe York in position tion ton to give I e affairs affaIr constant and efficient attention On my visit I was a struck with Ith the value and magnitude of or the tho mine and the Immense scale of ot operations All Al methods of ot ore handling appeared most roost up to date and economical and opinion was that the company had one of or the finest mills mis In America Up to September 30 the tho company treated treat treat- ed tons of or dry dr ore oro yielding j 2938 pounds of ot copper orG 39 ounces of or gold and ounces of at silver siver Copper recovery er cry ery was cas as about 11 H per cent Complete mechanical metallurgical and operating success of or the Garfield Garfeld mill mm has h been dem deni- Engineer Jennings says sars th the sulphide mine values alue are aro so variable end tons available so indeterminate that it is iR better better better bet bet- ter to look on an any profit from this source as os a n means of tiding over till ti the mill millworks millworks tIding mi I works lo tu full ful capacity However vigorous 11 vig vig- orous prospecting ml might ht disclose an ex exceedingly cx- cx valuable oro ore body The Time tons estimated developed In the porphyry mine should average a 19 per cent edit copper and nd per pcr cent Iron Existence of or Iron to unsuspected extent led to trouble with wih tho time smelters but this was overcome m. m and Iron Is likely to tobe tobe to be of ot final b benefit neO It I Is I estimated that the tho company compan should bo be le able ble to produce copper at a net cost of ot lO cents per pound |