Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1881-05-13
RICHMOND CONSOLIDATED.
A London Correspondent ON thu
Affairs of the Company.

A London Correspondents ON b
Affairs of the Company.
The annexed correspondence appears in
the London Mining Journal of April 90:
AS a shareholder in the above company
l have been much gratiied in following
through the columns Of your journal the
splendid weekly reports Of the company's
mining operations during the past year,
more especially as the returns appear to
indicate, not only increased production
and refinery, but also increased value in
the grade of the ore raised.
About IL months ago some letters APP
peared in the Journal to the effect that, in
spite of the then handsome dividends
being paid, the company were only at the
commencement Of a long period OF greatly
increasing prosperity. Since the publica-
ton OF the communications referred to
the knowledge or foresight Of the writer
has been fully justified by results obtained,
and the shares quoted at f12 in February,
1880, cannot now be bought under Els or
f19, and in evidence of their being in good
hands and firmly held, / can assert from
experience that there is generally great
delay and difficulty in obtaining delivery
OF shares after purchase. In the face OF
substantial results shareholders need no
advice on the subject Of continuing or
adding to their holdings. But l would
suggest the following points for the con-
sideration OF those holders of long stand
ing whose faith in the future of the mine
has never wavered:
]. The gross profits Of the past inan-
cial year accounts to be presented in
May must amount to fully f700, 900, TAX
ing the published weekly returns as q
bases Of calculation.
At is an uncontestable fact that silver
and lead sold by the company have realized
better prices during the past than in the
previous year.
3.-The Chairman at the meeting in May
last promised greater economy in and re-
duction Of working expenses, and there is
reason to believe that this promise has
been fulfilled.
4.-There should, therefore, remain for
distribution among shareholders not mere
ly a larger but also a larger proportionate
amount than has ever been available for
dividends.
Assuming that the gross profits are about
f700, 000-which they certainly should be
IL the official returns have been accurate
there would, with the sum Of eco, 900 car
ried over from last financial year be f720,-
600 available for all purposes, and if from
tLiS auiuuut VIC utuuCt t0t 1ol ,UUU dlEtduy
paid in ad interim dividends Of 30s. per
share on the "a, 900 shares Of the company,
there remains a sum Of f639, 900 to be ac-
counted for. The fourth quarters dividend
OF los. per share payable in May will alb
sorb f27 900 Of this, and leave f612 900.
Should the Directors declare a bonus Of
only f3 per share and carry f100, 600 to
the reserve fund, there would still remain
the very ample and handsome sum of
ESQ, 900 to cover all working expenses, ex-
plorations, repairs, machinery, salaries,
fuel, etc.
With such hgures as have been pre-
sented to them from week to week, the
shareholders are hardly likely to be salts
fed with any smaller bonus or increase to
reserve fund than that suggested. But
whatever course the Directors decide to
take, II is quite certain that the property of
the Richmond Company Subject Of course
to good management is improving, and
that when it's real value and bona jfdes are
more widely known among the investing
public, the shares are far more likely to
command f38 each instead Of the present
price Of els. In conclusion,
my advice to fellow shareholders is don't
sell until after you have received the
Chairman's report and heard his speech at
the May meeting. II good things are not
now in store for the Richmond sharehold-
ers they never will be until -.
READER AND CALCULATOR.
london. April ~.