The copper era., 1901-04-04
ARIZONA COPPER COMPANY.


ARIZONA COPPER COMPANY.
The annual meeting OF the share
holders Of the Arizona Copper company
Nimited) was held in E iinburgh. Scot
land, on March 1. In the absence OF
MIR. w. J. Mrnzies. chairman of The
board of directors, now in Arizona
visiting the company's property, Mr..
E. +. Salvesen, X. c., presided. In its
report of the proceedings of the meet
ing the Mining Journal of London
says:
The chairman. in moving the adop-
ton Of the report, which has already
been published, and which recommend
ed that Il dividend OF g.. per share be
paid on the ordinary shares, supple
mented the information in the report
with regard to some OF the larger
items. Continuing, he said the outlay
for improvements amounted during the
year to sll2,596, which had been met
out of the amounts carried to reserve
for the paar two years. 1t was not
proposed to take the cost for further
improvements out OF revenue. During
those two pro 'pernLs years IL was
thought wise that this portion should
be taken out of revenue. but il was
not proposed that this should be- done
any further than had been done al
ready. [\pplaus' AS showing the
great progress the company had made
during the last ten years he gave a
number of figures which bad been sup
piled to him by the secretary. In 1891
their production was only 29l2 tons Of
copper; in 1900 it had risen to 925S.
The. gross profit from all sources in
1891 was sos .527, and in 1900 e325 SIC.
The net profit was 81, $40 in 1891, and
e30l ,2I3 in 1900 He thought the posi-
tion Of the company might also be illus
trated by the interest which it had had
20 paw in those two years respec' ivclv.
In 1891 it was e36 635. and in 1900 it
amounted only to e12.441. The profit
applied in paying off debt or for capital
outlay was s22 900 in 1891. and it had
risen to f1l0.O1O in 1900 As regard,
dividends, the progress OF the company
was still better shown, because in 1891
and for the three following years n"
dividend at all was paid to the share
holders. whereas in the present year
there would he divided amongst the
shareholders el6s.2S3 exclusive of 81.
81. per share, or f53. S35. which could
not be DIVIDED until the provisional
order was b'ained.
Colonel j. Bald Harvey. in second
ing, said he trusted that the share
holders would be pleased with the div
idend. 1t was 9s. per share, or 10 per
cent, and as soon as the provisional
order was passed there would be AN
additional IS. Cd, or III per cent,
making 624 per cent. altogether. APP
plause.l They considered their bill
was now reasonably safe. Applause. ]
When he was appointed director he
had asked himself these questions
was there any substance that could
take the place Of copper? Would the
price OF copper continue? And would
the quality and value Of their mine
continue? lie had st one time been
afraid of aluminium, BUT it had not the
conducting powers of copper. and al
though lighter, it WIS too bulky. and
therefore they might dismiss alumni
mum from their minds. AS to the pric''
of copper, they kUcw electricity
aud copper hung together. The greater
the use of electricity, of course the
greater would be the demand for cop
per, anu those who understood the
matter said that electricity was merely
in its infancy; that every year there
would be more uses discovered for it.
As to the third question. they had an
immense quantity chopper ore in
their mine. 1t was low grade ore, and
all experts said it was the best paying
kind when you had the proper appli-
auces for it. Their mine was mine
which would be able to pay regular
dividends for series of years. Mr..
Culquhoun, when he was here, had
told them that it would-.ast century.
Laughter
The motion was carried unani-
mouSiy.
Mr.. Salyesen and Mr.. Alex. McNab
were reelected directors, and M-s,rs.
Howden and Molleson, c A, reelected
auditors.
The meeting then closed"