The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-06-20
REPORT IS MADE
BY SWANSEA co.
Covers Period From June,
1902, to May 81 of the
Present Year.
INTERESTING DATA GIVEN
SHOWS MONEY MADE BY MAR
KETING SAYS ORE.

The Swansea Mining company yesterday
issued a statement Of its operations COW
eriug the period from June, 1902, to May
81 Of this year. There IS much interesting
"a ia In the report, data that viii be in
teresting TO others than the shareholders
of the company, for the reason that II
shows TO a cent what the company has
been able to 90 in the way Of making
money from the mining of IOW-gTade ores.
The period from June /, 1902 to May 81,
1865, is covered briefly, as follows.
"On June /, 1892, the net liabilities for
which no money had been provided were
SAOS9.42- From that date to May 81, 1SO0
a additional expenditures had been made for
Tetimbering shaft. pumping. extracting
ore, care Of property, taxes, insurance,
etc amounting to SIS 1888. making a to
tai Of S24 O79-2O. To meet these obligations
the company received for the same period:
From sale Of ores S14194.7O; royalties on
leases. SIZE: sale of materials, etc.
S107.0 assessment Of lie a share So
3S7. ., or a total Of S24, 7O7- a. which left on
hand surplus over ali hablilueS or
ION account of the low price of silver
and unfavOrable market conditions the
management was not able to handle at a
1zir profit the lOw-gTdde iron nuXlng ores
that had been developed during the eX-
traction of its higher-grade ores, and so
was compelled TO practically close down
operations from June, 1902, to June, 1875, a
period of three years
Increasing smelling competition and
the advancing price of silver finally made
a more favorable market condition for this
class of ores. so that in May, 1905, We were
warranted US IT undertaking operations.
Past Years Profitable Work.
Preceding a detailed financial statement.
which covers the vsTiOuS items IN cost OF
mining operation and maintenance, to
lether with a final balance-sheet summa-
~. is the most interesting paragraphs or
the report. It deals with the operations
of the company for the past year and up
10 Nav 81 in a manner that many other
companies might adopt with credit TO
f71- at70Hr
pTS. who would then know precisely what
was being accomplished The ore mined
and shipped during the year brought an
average OF $40 per ton net from the
smelters- Of this SO per ton was net
profit to the company. Here IS the state
ment.
amount received for same Si4-44Itl- eX-
penses for mining. etc, S26. s2y-,7 net earn
Ings 1.11S.33- To which add receipts
from royalties on leases, etc. $ll6I; MAX
ing total net receipts. SlLS36.54; out OF
which there was paid two DIVIDENDS OF &c
per share each met amount paid =, Also;
leaving surplus account operations for the
wear of SS.419O4- The gross amount OF ore
mined and shipped was 9.5Ss tons the
moisture in which amounted 10 az per
cent or 90 tons. leaving net tonnage Tor
which We received payment, 30 tons The
amount received from the SmelJerS Tor
this was S4-44tl- eQuIVSleI2- 10 sac
upr ton The expenses. inClud = hauling
and dead work. we're $40. - IS equivalent
10 S2S6 per ton, leaving net earnings, ST.
1883. or Sl-SS per ton
In these expenses is included &,2S4Si
eXDenied on dead work in opening up a
station and level Just above the water level
This is at a depth OF 500 feet and wheI
fully opened up vii give US addiuona
storing ground between 400 and 800 feel
IN length and 20 feet IN height -,
The amount OF silver contained IN the
ores shipped was 1854 ounces or 1St
ounces per ton. and gold 20 ounces OF
about 90 cents Der ton and lead, = tons
The mana cement has confined its opera
lions principally TO extracting ne market
able sulphde ore above the 30 level anC
large reserves of this class or ore are
known to exist below this level