Los Angeles herald., 1907-12-23
RICHNESS OF
GOLDFZELD
is PROVED
BULLION TAX FIGURES ARE
INTERESTING
CAMP PRODUCES HALF OF STATE
YIELD
Consolidated Mines Company Shows
Its Excellent Financial Condition
in Its Annual Report
Made Public
Special Correspondence of The Herald.

Special Correspondence of The Herald.
GOLDFIELD, New, Dec. A.-Goldfeld
is undoubtedly the richest mineral Sec
tion in the entire country. 1t is hard
to prove this to many, but figures will
not lie. James H. Nevin. state license
and bullion tax agent, has just COM
pleted his report for the nine months
of the year ending on September 80, and
he finds that the mines of the district
will have to pay $197, ,SSO33 in the shape
of taxes on bullion This tax is on the
net receipts of mines at rate of 40
per cent. All of the proceeds go into
the county treasury with the exception
of three-fourths of one per cent or rs
cents, which goes into the state treasury.
Nevada is the only state in the Union
that assesses a bullion tax. The tax
agent has the right, according to law,
to make a close inspection of the books
of any mining company to find out
whether the tax on its product should
be assessed or not.
Mr.. Nevin has made the following
comment: The gross value of the gold
and silver production of the state this
year will not be far from $25,OOOOOO, and
this is splendid showing in the face of
all the labor troubles we have gone
through. Goldffeld will produce half
of the amount The bullion tax collected.
of course, does not include the ores on
the dumps or the ores in transit that
have been sampled. 1 predict that next
year the gross value of the gold and
silver produced in the state will not be
less than $4,000 900, and Goldfield will
be the agent for half the amount. This
will place the state at the head of the
list of precious metal producers in the
Union"
In part, the annual report of the Con-
solidated Mines company, showing its eX-
cellent financial condition, follows:
The present rate of freight, treatment
and smelter deductions ON Goldfeld ores
is as follows:
Per ton
On ores carrying $50 per rton..............S1S 80
On ores carrying $50 per ton. n........... "a so
On ores carrying SIS per ton.............. 33 90
On ores carrying 500 per ton.............. 100
The above rates represent an advance
in the freight and treatment charges of
from 20 to 40 per cent within the last
three months.
With its own reduction plant of a
daily capacity of from 500 to 600 tons, the
company will be able to treat ore of the
grades above mentioned at a total cost
of less than SO per ton, while the ex-
traction would nearly equal the amount
now returned by the smelters, viz: $40
per ounce for gold, 9S per cent.
Independent of the smelters and financial
disturbances, large reduction plant
capable of treating 500 tons daily is now
being planned, and every possible energy
is being directed toward it's completion |
During the year the several mines |
shipped and milled ore as follows.
Shipped .............."........... 22.s24ll5 tons
Milled 11,7lS96 tons
Total ......................... 40 S2e 076 tors
from which total profits to the Goldheld
Mines company of 81, $780,
'5799 was derived as shown by the
auditors report.
Only five months profits from the
mine and mill are in the
above statement for reasons more par
explained in the auditors re-
port.
Ore shipments have been curtailed,
production interrupted and expenses in
creased by strikes on railroads and
mines. AS a result of these various in
.erruptions the payment of dividends
lid not commence as speedily after the
February meeting as was anticipated,
out in September your board met and
decided to commence the payment of
monthly dividends at the rate of 10 cents
Der share The first dividend of October
Is, was paid, and the second dividend,
payable November 25, Immediately de-
dared.
The excessive charges made against
shipping ore and delays which your com
,any suffers in receiving remittances for
IS shipments, have prompted the man
lgement to use all possible expedition in
leciding upon type and capacity of a
arse milling plant. Plans for 100
itamp mill are now under way and, when