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Show PARK UTAH REPORTS STRATEGIC STATUS I Psrk Utah Cortsolidstad Minss company com-pany closed the pa at year with current cur-rent assets of 1109,099 94, after the deduction of all liabilities, lt wa shown Saturday in the 1931 Statement State-ment snnounced by O. W. Lam bourn, president and general manager. Tha financial statement ahow a net Iocs of 9124.139.49 befor depreciation and a decrease In tha net currant assets of 4111,432 94. "Tha company hat now pasaad through three years of depresaed metal prices caused by tha stagnation of Industrial demand," Mr. Lam-boume Lam-boume reported to shareholder. "Its financial position, nevertheless, remains re-mains secure. It has no fixed Indebtedness Indebted-ness snd no lasua of preferred stock. Tha market prlca of lead, silver and sine, upon whoss production your company la dependent for it lncom, has been the lowest in recorded hi lory. Your officers, with tha reslixs-tlon reslixs-tlon that Industry cannot Indefinitely obtain these products at a prlca below tha coat of their production, have con tinuod to maintain tha policy of conserving con-serving the resources of tha minei so thst when these metals necessary to Industrial progress are again con sumed, tha company will be in post lion to place It product on tha mar ket on a profitable basis. For tha firs' four months ot tha yaar development operations war prosecuted withou' ore extraction, but at the and of tha period your officers decided. In th interest of economy, to suspend al operations except such work ss Is nsc saary to keep the mine in a stole oi repair and In condition to resume pro durtlon when metal prices recover. The prosperity ot your property ll dependent upon tha collective price of tha three metola lt produces, ant1 for that reason its loss of earnini powar ia not due to tha depreassc prlca of a tangle metal except in sr. far aa that fkrlce of this one matal cam trols general industrial conditions and tha consequent oonsumption of the other metals. In recant month tha ln-taaraat ln-taaraat of the public of tha nation has beeom ao focused upon tha part thst tha da prod tl on of sliver has played In tha general economic breakdown, that it becomes pro peer that your management man-agement ahould give you, as stockholders stock-holders eg aa important producer of this matal, soma facto governing the present breakdown In Its price and correct any conclusions thst tha factors fac-tors which brought shout this depreciation depreci-ation ar tha same as control othar com modi tie. "The low price ef stiver has bean brought about by artificial means and not by o ve rprod ueti on, a tact not generally gen-erally appreciated by the casual ob-server. ob-server. Tha primary cause wa the govearnnun-ital Belling of the silver reserves of India with Its resultant re-peretiaalona. re-peretiaalona. Sliver and gold, unlike other exwimoditiea, are not consumed in tha period In which they ar procured. pro-cured. Their price is not, therefore, directly dpntamt upon tha rat of prod tec leoa. Thte truth la readily understood un-derstood wham it la realised that the graateat recorded annual production of silver la but two and one-half per cent eg tha total amount ot metal In exaMance, and this rata of production cannot be materially tnct-eaeed from any known sourcea regardlaaa of any prlca which caa b obtained for tha metal. Th taM ef stiver as a supplemental monetary medium can be accomplished accom-plished without tha establishment ot a ilsed ratio ot its prlca to that of sold, thereby eliminating opposition from those opnoeed to th bimetsllnn of th 90a'. Your officers not with satisfaction sat-isfaction th general (rowth of opinion opin-ion smongst economists and peoples throughout tha world that an Increased In-creased value tor silver Is a necessary factor of general economic recovery. |