| OCR Text |
Show the copper industry and that from one-third to one-half of the nation's copper is presently going go-ing into defense production. Despite De-spite the heavy demand for copper cop-per that existed throughout the year 1951, total supply was less than in the preceding year. This was due to a decrease in net im-. ports of 315,590,000 pounds or about 31 per cent, the industrywide industry-wide strike, and to the fact that producers' inventories at the beginning be-ginning of 1951 were at an irreducible irre-ducible minimum. In view of the existing emergency emer-gency and the critical shortaee stated that the U. S. Bureau of Mines estimated the increase in production of new copper in the United States at 38,466,000 lbs. last i year. Kennecott's increase of 24,126,244 pounds in domestic production made up about 62 of the total increase in copper production in the country. Total revenue increased $55,-331,490 $55,-331,490 but operating expenses, taxes, depreciation and other costs increased $52,092,607. Taxes Tax-es alone rose from $58,726,006 in 1950 to $83,035,765 in 1951. Total revenue for last year was $455,-484,550 $455,-484,550 compared to $400,153,060 for 1950. Substantial increases in taxes, wages, supplies and services ser-vices made total expenses $364,-137,397 $364,-137,397 in 1951 compared to $312-044,790 $312-044,790 for the previous year. Net income was reported at $91,-347,153, $91,-347,153, or $8.44 per share of outstanding stock as compared with $88,161,270, or $8.15 per share in 1950. Provision for all taxes amounted to $9.07 a share as against $6.61 a share for 1950. The report commented that 1951 was a strenuous year for of copper, Ke'nnecott is preparing prepar-ing for production of its "Deep Ruth" ore body -located near the open-pit operations of the corporation cor-poration at Ruth, Nev. It is expected ex-pected that ultimate production of this mine will amount to approximately ap-proximately 18,000 tons of copper cop-per a year. In addition, the corporation cor-poration has explored and is preparing for development a second and somewhat smaller ore body located in the same area. KENNECOTT LISTS PRODUCTION Kennccott Copper Corpora-, Corpora-, tion's production for the year , 1951 increased to 1,202,866,900 ' pounds as against 1,152,065,960 pounds for the previous year, it was stated by Charles R. Cox, president, in the Annual Report released recently. The report |
