Show Silver ling King Coalition Issues Annual Report To the Board of Directors of the Silver SUver King Bang Coalition Mines Company The Tho annual report ot of the operations of your our company for the year ended December De ember 31 1942 is 15 herewith submit submit- ted The attached report of the secret secretary ry supported by auditors auditor's certificate Indicates Indi- Indi Indicates cates the financial condition ot of the com com- company pany at the close ot of tW tare period covered The report of the Manager of Operations discloses the results ot of mining and mill mill- milling Ing operations Conversion ot of the non ferrous mining Industry to the war effort was accompanied accompanied by numerous governmental con con- controls controls the effects of which h vo ve b en to remove from the scope of management somo functions normally exercised by that agency I DurIng the year the War Labor Board Doard set wages and froze salarIes The Man Man- Manpower Manpower power Commission froze employment so that excepting for certain compelling reasons an employee may not quit his Job and management may not discharge him unless for gross misconduct Tho War Production Administration the tho Office of Price Administration through the Quota Committee of the Premium Price Plan for copper lead and zInc sets tho prIce the company re-I re re- re receives for Its product and the Priorities Division determines the kind and quan- quan quanI quantity I ot of material and supplies the opera opera- operation I tion Is entitled to purChase After protracted negotiations with the Union which began In May an Im- Im Impasse impasse passe was reached In an effort to arrive at agreement on wages and working con con- conditions conditions to supersede supercede the tho contract which expired Juno 30 1942 By mutual con con- consent consent sent the controversy was referred to the National War Labor Board which after a hearIng Issued a directive order Octo- Octo October ber 23 1942 1042 granting an Increase or of octo-I octo per day retroactive to to- July I 1 1942 The Tho Board also directed Inclusion In the contract of the tho called so-called Union Maln- Maln Clause Adding the necessary additional taxes and other charges In- In Incidental incidental to such a 0 wage raise the overall cost to the company approximated per day per employee affected by the directive The base rate for a machine miner Is now per day with time and one half for work performed In ex- ex excess cess of forty hours The present agree agree- agreement agreement ment expires June 30 1943 Under the tho Premium Price Plan the Quota Committee ot of the War Production Administration set the monthly quota of I metal to be produced by your company I before premium payments were to be- be become come effective at tons ot of metallic lead and tons of metallic zinc As I be-I or of August I 1 1942 this quota was modified to tons or of lead and tons or of zinc I Tonnage produced during the year was I below normal due to the development of a labor shortage brought about by bytho bythe the tho Influx of war Industries to this re- re gIon Some loss of manpower through the drat draft was experienced At one period employment was down to 55 per cent ot of maximum employment This shortage resulted In loss ot of productive efficiency through disruption ot of operational bal bal- ance At years year's close the labor situation had Improved somewhat but labor supply I Iwas iwas was still far from adequate Average em em- employment for the year was men Mining operations produced tons or of first class or shipping ore and tons of milling ore From the latter there was produced tons ot of lead concentrates conc and tons of zinc con con- concentrates concentrates or a a. total ot of tons sold to the smelter For this product the company received and In- In Income income come from rom all other sources amounted to making a a. total gross In- In Income income come for the year or of Ex- Ex Expenses Expenses for mining milling administration tion and all other costs amounted to leaving an operating profit of deducting for depreciation leaves a a. net profit for the year or of Re Relative e values for the metals produced ed and average prices for tor 1942 are as follows vs Lead per Lb Silver SUver 2942 per Oz Zinc Zinc 2850 per Lb Gold 35 peroz per Oz I Copper per Lb I Recent developments have so Improved the physical condition of the property that assuming an adequate labor supply 1943 should prove a productive year at least feast from the standpoInt of ton tonnage age and metal content of ores produced Respectfully submitted JAMES IVERS IVEnS Vice President and General Manager |