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Show Salt Lake Man Figures Benefits Of 71-cent Silver The income of Utah's metal mining min-ing industry was increased by about $500,000 annually when con- gress boosted the silver price from 04.64 to 71.11 cents an ounce. This sum was computed Tuesday by A. G. Mackenzie, secretary of the Utah chapter, American Mining Min-ing congress, on the basis of a five-year record of ore production and per-ton yield of silver in the state. The price increase of 6.47 cents an ounce added 48.4 cents a ton to the value of silver-led-zinc ores mined in the state on a basis 7.476 ounces cf silver to the ton, Mr. iMackenzie said. His figures were based on United States bureau of mines records for the years 1933 to 1937, inclusive, the complete classification for 1938 not yet being available. The figures fig-ures show that the average yearly yield of silver from silver-lead-zinc ores in Utah during the five-year five-year period was 8,108,572 ounces. Multiplying this sum by 6.47 cents, the difference between the new silver price and the old, gives $524,624.61. The compilation takes no account of the silver produced from copper ores, as this is a very small percentage of the total. Another compilation by Mr. Mackenzie suggests the extent to which various groups may expect to profit by the price increase. This compilation, covering the 10 years from 1920 to 1929, inclusive, inclu-sive, shows that mining companies applied 33.40 per cent of their earnings to payrolls, 31.95 per cent to supplies and equipment, freight and power, and 6.39 per cent to state property taxes and miscellaneous items. Besides these, the companies had to pay federal .and state income taxes; salaries of corporation, administrative, supervisory super-visory and clerical employes, legal expenses and all the other items that go to make up "general overhead". over-head". "The increase of 6.47 cents helps", Mr. Mackenzie remarked, "but it isn't big money. Moreover, it is only half of what we lost at the end of 1937, when the price was reduced from 77.57 cents to 64.64 cents". M |
