Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1886-07-13
THE RICHMOND CON.

The Company, After Paying Every
thing, Have - Clear Balance Vi
100000 in Hand-Ex Re.
ii duced and Receipts Increased.
The regular annual meeting of the Rich
mond Con. Mining Company was held in
London on juno IT. Mr.. Hubert Akers,
the Secretary, read the report Of the Direc'
tors. which was as follows:
The Directors herewith submit the state
ment of accounts and balance sheet for the
year ending February %. 1886. BY refer
ence to these, 1t will be seen that the net
profit for the year is 40, 278 pounds 5 shil-
lings, as against e35, GG7 last year. The
Directors have paid dividends during the
year amounting to Ella. 500, also 2,497
pounds / shilling 10 pence for ex-
penses OF defending mino, etc., and
they have debited revenue with
1000, the amount agreed to be paid
in settlement Of the litigation with the
Albion Company, leaving, with the mount
brought forward from last year, a balance
on February %, 1886. to the credit Of rev.
enue of 81, 252 pounds 8 shillings 6 pence.
Seven thousand one hundred and seventeen
tons OF Richmond ore, and 1852 tons Of
/ puiCutocu i hoNO ohSipS W
| tho general furnace; and $40 tons of low
grade Richmond, and 1.940 tons of pur-
| chased ore by the No. 4 furnace, working
In connection with the refinery. Thirteen
| thousand one hundred and sixty-three
ounces of gold, 444 1858 ounces of silver
| and 2,045 tons Of lead have been produced
in the year. Lead having gradually i'm
| proved in price since June, 1895, 1888
| tons have been sold during the financial
year at prices varying from 1853 to 4.75
| cen ts per pound-14 pounds IL shillings 10
| pence per ton of 1000 pounds the stock
on hand February 90, consisting OF 6,151
| tons has been valued ia the cconnts at
4.70 cents per pound; and in consequence
| of this increase in the price Of lead, the
Directors are enabled to restore the reserve
| fund to the amount at which il stood in
1884, namely f75. 900. The cash received
| during the year for gold, silver and lead is
221 1857 pounds 8 shillings 3 pence. and the
estimated net value Of the bullion in tran
sit and at the works, unreslized on the 18th
Of February, 1886. (after allowing for all
| unpaid refining and marketing expenses)
Is 1853, 472 pounds 10 shillings 2 pence-to-
gether 374,839 pounds Is shillings 5 pence
= from which, deducting the value Of the
| bullion in hand February %, 1885, 1884,
1 lUf DUuuus 10 puiillubes hou 'lt1'O Pouhoo
4 shillings 4 pence, paid for marketing OK
| penses, refining, freights, commission,
brokerage, etc., leaves 149, 253 pounds Is
shillings l pence, as the net value of the
| bullion produced in the year. The cost Of
mining, dead work. smelling. purchasing
| ore, renewals and repairs, and all other
| working and general expenses at Eureka,
being 101 ,928 pounds 8 shillings Z pence.
The profit for the year on mining, smelt-
| ing and refining tin il, with 55 pounds 4
shillings received for sundries, 1880
| pounds Is shillings 6 pence. The ore has
| been of better grade than last year, the
average assay being S66 SO, as against
| S57 80, and the yield per ton Of ore has
been this year $50 35. as against S51 II,
an increase Of 81 So per ton. The ex-
| peuses OF mining have been reduced from
S11 rs to SO 03 per ton Of ore,
Notwithstanding that a larger amount
has been expended in dead work.
The smelling expenses have also been
| slightly reduced, namely from $40 80 to
$40 OF per ton. The amount paid for
purchased ore has been f40,6 1873 for 7,493
tons. as compared with f4S,lS 8 for
| 8. $40 tons last year. The furnaces were
| shut down in March and April, 1885, in
| consequence of the great difficulty in
| getting sufficient supplies of ore and fuel
| on account OF the now and bad roads.
Smelling commenced on May l, with the
| usual two furnaces, the general furnace
smelling ore, and the refinery smelt-
| ing Dresses, accretions from the slag dump,
and low grade ore. Two thousand nine hun-
bred and five pounds sevnteens chillings
eight pence has been expended out OF rev.
enue in repairs. and renewals of plant and
machinery. The exploratory work done
in the mine during the year consists OF
5S4 feet of drifts, as against 279 feet last
year. The cost OF this dead work 1880
pounds 16 shillings) is included in the
mining expenses. No large bodies OF ore
have been discovered but the small bodies
found on the 300 and 400 levels have fur
Their developed, and ore OF good quality
has been extracted from them. Prospect
ing il now being carried on in several
places. Explorations have been carried
on in the Williamsburg and Hoosac mines
on a small scale and 2l9 tons of ore have
been extracted. The Directors have to
congratulate the shareholders on the
settlement OF the ~long-pending litigation
with the Albion Company. In consider
alton of the payment of S85 900 all suits
against the Richmond Company have
been dismissed, and the liens on the
Albion mines, buildings, and works trans
ferred to the Richmond Company, to
enable the company to resume possession
of the mines and other property. The
thanks OF the shareholders are due TO MIR.
J Daniel Meyer, the company's banker and
bullion agent at San Francisco, for the
valuable services rendered by him in the
settlement OF this complicated matter.
Whilst the rise in tho price of lead has
enabled the Directors to restore the re-
serve fund to the amount it stood at in
1884, namely f75, 900. it is with pleasure
they are enabled to state that the profit on
the years working is due principally to
the intelligent manner in which the mines
have been worked. and the thanks of the
shareholders are due to Mr.. Probert not
only for this, but for the successful way
In which he has, by his inventions, been
able to treat thespeiss, whereby the pro
hts Of the company have been consider
ably increased; and the Directors hope
now that the company is free from litiga'
ton, he will be able to devote himself tC
the carrying out of still further improve