The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1910-03-05
Manager Finlay's Policy

~, n,uv MINING RECORD has a good word for General
Manager Finlay and the first monthly report made by MN Oh
the Consolidated. We concur with what the RECORD a 10 Sd
about Mr.. Finlay and his policy of fuller reports N reprns 't
article in question, having always followed the policy in all things Oh
giving credit where credit is due. The Record says;
stockholders of the Goldfed Consolidated Mines company
which owns that wonderful Nevada gold mine, may perhaps detect d
difference in the monthly reports coming from that corporation. II
of them, the report for January, appears IN TINS ISSUE Oh ne ne'oiu
Not that the reports of last year were unsatisfactory o te company
has been a good deal better to its stockholders ina mos mhns ~
,ora+;ons able to a 5000 900 a year in dividends, but that there
are different ways of presenting facts and that the science OF hne
accounting is one that mine managers should give due heed to, not
only for themselves, but for the benefit of those who hold the shares
The companys report for January gives a clearer insight no the
costs of production at Goldfeld than we were able to gather from the
animal report issued a few weeks ago, and we imagine tnat III cauSe
is to be found in the personality of the man who Is now IN charge.
ct sbould be of interest. to the stockholders OF tins company 10
know that the new manager, j. R. Finlay, has very pronounced loeas
concerning the economics of mining and that ne IS a hgn autnofi1y
the ouestion of what stockholders ought to known. IL d Wnle
he a secretary of the Mining and Metallurgical Society OF America
that this organization issued a general report o s5 Oh onu mnGna
showing the natureo of an ideal report to the shareholders OF a mining
company. We commented upon that report at the time: L Mor u owe,
frequent occasion to cr1tlcSe the incompetence o. Ia Sp e Inv I'll Ill
reports and to praise the fullness of others 1t is one 0 1 ms well
ngrained beiefs that a mine report should be luminous TO STOCK
holders and his example should, therefore, be a good one to follow:
AS lecturer on mining economics at Harvard university e deserved
the reputation of having thoroughly traversed the SUBJECT o I te
costs Of mining and of extracting the metals under many varying
conditions, and t is, therefore, worth while to observe what may come
from that quarter concerning the costs at Goldheld. IN us january
report he expresses the belief that mining costs are probably as low
as possible, and he looks forward to an increase by reason oil deeper
operations.
"a new feature of the Consolidated report is a division of the
tonnage treated according to its sources, along with a statement Of
average of values going through the mill is due to the rich ores dis
covered in the new Cermont workings. Red Top is a little above
the average, Is well, but the largest consignment came from the Older
Mohawk workings, where the value OF the ore was $lo2I a ton.
Aside from the Cermont ores, which represented about 10 per cent
of the whole and averaged $S7 a ton, the average OF the month s ore
production was 1888 a ton. Attention is directed to this fact, be-
cause there has been a good deal OF uncertainty IS 10 what average
value should be placed upon the reserves, and some commentators
have jumped at the conclusion that the 100000 tons OF ore estimated
by the former manager, Mr.. Mackenzie, would show a value OF S@O a
ton, though Mr.. Mackenzie did not commit himself. The very high
grade product may be soon exhausted, and the investor should figure
conservativey.
1T occurs to rs as a suggestion that the Goldfeld Consolidated
management has played a good card in placing Mr.. Finlay in charge
of the property, not only for his ability as a manager, but for his
well known views in the interests of the investing public