The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-05-10
LARGE TONNAGE PRODUCED AND HEAVY
EXPENSE By MINES THAT SHOW NO PROFIT
UNUSUAL EXPENSES IN MOST CASES PROFIT
ABLE oPERATloN-LAW sA REQUIRE ALL PRO.
oUcNe COMPANIES FILE STATEMENTS
THE STATEMENTS filed under
oath by Idaho mining companies
with the county assessor to show

of taxation furnish valuable statistics
which could probably not be obtained
in the absence of the law. But the
law does not go far enough 1t re-
quires only those companies which
have earned profit and are therefore
liable to pay the tax to file the annual
statement of operations, while as a
matter right and protection to the re-
venues of the county, all productive
companies should be required to sub
nit the statements, regardless of whe>
ther a profit is earned or not How
ever that is matter that cannot be
remedied until another session of the
legislature meets, and as its tendency
would be toward imposing additional
burden on the mining industry, there
would be no difficulty in getting it
through the average Idaho legislature.
The failure of the law to require
productive mines which do not show
net profit to file the annual statement
has caused a misrepresentation in the
minds of many regarding the figures
published by the profit earning mines.
The impression seems to prevail to q
considerable extent that the tons Of
ore extracted. gross value, costs of ex-
traction, freight and treatment, and
betterments and repairs. as shown in
the tabulation published in the last is
sue of the Miner. represent the total
amount of ore produced and expendi-
turs under those headings for the en-
tire district during the year covered
AS matter of fact, the only total
shown in the table that represents the
entire district Is that for the column
headed net profit. This is explained
by the fact that there were numerous
mines producing and shipping ore dur
ing the past year which operated at a
loss, and therefore do not appear in the
reports to the county assessor because
they have no net profit to tax. Yet
| these properties produced thousands of
tons Of ore, representing hundreds of
thousands of dollars, and for which
many thousands We're spent in costs
for extraction, freight and treatment,
and betterments and repairs.
No Basis for Estimates.
In the ubsence of reports from these
companies which show a net loss 1t Is
impossible to form anything approach
ing close estimate of the value of
the production of these non Improbable
properties but it is very large, as are
also the disbursements for the various
costs of operations. The Hypotheek
affords a good example of these, the
manager Of that company having filed
report, although the law did not re-
quire him to do so. During the year
this company shipped 1296.45 tons Of
concentrates and crude ore. It's value
was $99,23545; cost of extraction, $751;
479.03: freight and treatment, $685.
S72.9S: betterments and repairs, $685.
242.4S; net loss. $36, 1t may be
stated in passing that the Hypotheek
built mill. installed a new
hoist and made other expensive and
permanent improvements during the
year 1916 which accounts for the net
loss on paper Under ordinary opera
ting expenses the company has shown
a profit of $4,000.
Many Companies Not Reported.
There is quite a long list of COM
panies which shipped more or less ore
during the year, but which do not ap-
pear in the list of profit earners At
the same time they added much to the
value Of the mineral production of the
district and contributed largely to the
general prosperity through disburse-
ments which must be made regard
less of whether or not the mine is op-
Grating at a profit Many of these,
like the Hypotheek, were profitable un-
der ordinary operating expense, but the
profit was wiped out by unusual ex-
penses for permanent equipment, ex-
tensive developemnt work. etc.
Among these may be mentioned the
Douglas, Constitution Highland Sur
prise, National, Ray-Jefferson, Rex,
Tuscumbia Idora, Jack Waite, Terri
BILE Edith, Empire Copper, Nellie, Sill
verado, Polaris Yankee Boy leases,
Big Creek lease and probably others.
Besides these the shipments of anti
mony from the Coeur d'Alene and Star
companies were considerable, while
gold and tungsten from the Golden
Chest We're quite important.
Prices of Metals.
The net profit reports for 1917 show
in general terms an increase in the
gross value of ore produced of about
third over the production of 1915.
How much Of this is due to increase in
output and how much to higher prices
of metals cannot be determined for the
reason that companies do not make
uniform reports under the heading
tons extracted" some of them turning
in ore as it comes from the mine and
others the shipping product. The av-
erage prices Of the metals for 1916
were Silver, 65.861: lead. 6.S5S;
spelter. 1884 In 1915 the ayera ge