The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-05-25
H GOLDEN LEAF.

"A stirring Meeting in London ana Two
R~esixnations Follow.
The general meeting of the stockholders
of the Golden Leaf Mining company held
in London May 6. was q lively one. The
company owns the Empire mine. in this
county, the Golden Leaf at Bannock and
some mines at Carlisle. N. N. These latter,
according to the report. were tho ones that
caused the row. Thu Financial News. OF
London, gives the following account OF the
meetings: The chairman said: Gentlemen,
We have met to-day for the purpose OF hear
Ing the annual abatement OF our steward
ship of your properties; but. owing to the
very fnll Information which we send out
month after month. there il really very
can be new. ! wish, however, with your
permission, to make one or two observa-
lions in application Of the position of
affairs, As will bs seen from the report
and accounts, our gross profits for the year
were g22, 915. Pursuing the policy we have
adopted hitherto, and which has met with
your approval at previous meetings.. We
charged in addition to working expenses.
the entire amount spent on Developments,
and that amount during the twelve months
is &C. OF 1Os., leaving the net profit for the
twelve months at ZIG. 1897, made up from
the various properties. Taking these prop
critics in their order, there is first the Col
annual meeting, we told you that the out
look for the year was good, and that. from
eyeIy appearance. the mine was opening
out so we'll that at the earliest time which
might be considered advisable the directors
would increase the then ten stamp s to twenty
stamps, and. accordingly, early In the
year 1892, the mine still continuing TO look
we'll, an additions oil ten stamps were put up.
go that on that property we had a twenty
stamp mill crushing during the twelve
months 18, 9O6 tons. One OF the objects we
had in putting up that additional ten
stamns at the ~earliest time we considered 1t
advisable, was in order to reduce tho work
tonnage that went through the mill the
lower the working expenses would be. Dur
ing ths early months. for instance. we
crushed 2.620 tons at a cost of $3.50 pei
ton, but We have since crushed III, 2S6 tons
at q eost of $4.O5. Thus the difference be-
mill is that the latter is $1.S4 per tor
cheaper. The saving in the gold was u
FER cent, and 81 per cent of silver. Thu
total output for the year from tn.
Golden Leaf was 105, 719 ounces. In
1890 our average value was S12!
Der ton, but the fall in the price of silvel
was so great last year that our average was
Only o. CChtet "hiSh Ahaoo q vi
over 1000 loss on the net profits from tn.
Golden Leaf. Towards the end of 1892 w
began to find that the carly promise of the
mine did not keep good and therefore. afte1
q consultation with our manager, We con.
sidered 1t advisable to close down the mine
We should have continued to work longer
because there are very large bodies of or,
In sight. but the present low rrice of silvel
will not pay us to work the mine. w,
have, however, continued Developments
hoping that We might be as successful i,
opening up other large valuable lunches q
We had previously been. but these hopes u
to the present have not been verified. Til
latest news We have on that subject is con
tanned in a letter from the manager, date
March II, in which the following passap
occurs: Work ia progressing in Nos. 3 an
south raise witt good showing of hig
grade ore, with every encouragement of
being an ore shoot to surface" aThe new
OF April 2 is: NO. 4 south raise 10 im
proving considerably" He then goes on I
give various assays of the ore produced
which show it to be in every respect satit
factory. The net result of the years wor
at the Golden Leaf IL, after the dsductio
of working expenses and the carrying {
the AZ, ense of prospecting and develoi
ment to revenue account. n profit of &c, S8
which. If 1t had not been for the fall in 81
yer TO which l have referred. would ha,
been $40, 1884.
Now we come to the Empire. If yc
rsoollect, when this company was reorga,
lied and We took over the Empire propart
it was then ANTICIPATED that We should ha,
ON hand twelve TO eighteen months wor
We have been SO fortunate, however, tn.
We have had thee years work: but ii
stores are now exhausted. aud l geqret
say that Tor the present tho outlook
She Empire il not brilliant. ON the O
casiou of my visit to America, in the a.
tumn o. 1891. we had then struck on VIII
we hoped was the apex of n large BODY
ore. We then sunk 100 feet of the sha
there, and drifted some 10 feet either wa
at a considerable expense; bat l regret
say that We were not fortunate enough
strike the BODY of ore We began upon, Y
did not feel justified. therefore. in exten,
ing our prospecting there. the more 9
pecially as the manager advised us that
did not really think it wise. We did
some developing, however, on I
Smithviile property. and MIR. Lon
maid ia of opinion that
might possibly be warranted
spending another 81, 600 in developme,
there; but. as he ia not very hopeful of
suits, we don't feel warranted in procee
ing with that until We have an expressi
Of opinion from the shareholders. On