The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-08

sutai income. ......... H,672212 Dec. 46li 200
Profit and loss surplus s,sssSs Inc scs sis
stephen Birch, president Of the Kenne-
colt, In his remarks to stockholders said
In part:
The average supply for the year wa
about 20 per cent. Of what was required.
out In the summer. when general condi-
tons were most favorable to the best
progress, tho supply was down to so per
cent. of that needed. The book cost of
labor per shift averaged somewhat above
the cost of 1917, but the efficiency In
most cases was 30 much lower that the
actual increased cost was far in excess
or that OF the previous year. The turn
over In labor was slightly over 200 per
cent. at the combined properties.
After allowing for smelter deductions.
there was received at the smelter dur
ing the year 6o.ee4.757 pounds Of de-
liverable refined copper and ss4,77s.36
ounces Of silver. There was settled for
during the year and taken into profit and
loss 5s,6s4.126 pounds Of copper and
SOS, 316.04 ounces OF silver. There were
23.617,410 pounds Of copper and 241,-
1884 ounces OF silver unsettled for at
the end OF the year, inventoried at cost
OF production.
ing companies throughout tho country
were obliged to increase their rates for
handling the products of the mining COM
panies This increase. together with the
high wage scale obtaining, lack of labor
efficiency, increased transportation rates,
and, generally speaking. higher costs of
all commodities. moro than Offset the in
crease In price to twenty-six cents fixed
by the Government on August l. 1918.
Due to the sudden cessation Of de-
mand for copper for war requirements
after the armistice was signed and the
large stocks of the metal accumulated
both In this country and abroad for war
purpose. shortly before the close Of the
year a considerable curtailment in pro-
duction was deemed advisable. The out
put from Alaska, therefore. has been
greatly decreased, and is at the date OF
this report approximately one-third OF
normal. Resumption TO full operation
will. Of course, be made as soon as con-
ditions warrant It"
The Braden 1918 income account pre-
sents the following salient features:
Operating revenue &c. .sis 2,7,c2s Inc S. :OS, soi
Operating costs. II ,sse.soS Inc. 4.sSs ,6s.
total ineome''".'''''. 1919 inc. Sss'os,
surplus ................ S,6so,ss0 Inc. S5.I6s
Braden, in the annual report said in
part: Delay in construction work con-
tinued through the year due principally
to the same causes as obtained during
1917, |. e. delayed deliveries Of construc-
ton material and shortage in ocean ton
mage. These conditions have to great
degree been remedied and 1t Is believed
better progress will now be made toward
completion of the enlarged plant.
Shortly before the close OF the year
due to the cessation of hostilities and
large accumulations OF copper stocks
with practically no demand for the
metal, the necessity for curtailing out
put became apparent A gradual de-
crease in production was effected and
at this date the output has been cur
tailed to about 80 per cent. of normal
Additional funds are needed to carry the
large amount Of copper on hand and &c
further the construction programme OF
the company and arrangements have
been effected with the Kennecott Copper
Corporation for necessary financing"
Discussing costs. s. 8. Sorenson, gen,
eral manager of the Braden operating
company. said in the report in part
in 1918 the United States dollar would
| purchase only 1893 pesos. whereas II
1917 1t was worth <.02 pesos This
means that In 1918. on the basis OF the
exchange alone, the increased cost Of
| the moneda corriente payroll, the State
| railroad freight, customs duties anC
| locally purchased supplies amounted
| to more than 20 per cent over the 1911
! figure.
The increasing scarcity Of shipping
| and consequently higher freight rate,
have greatly raised the cost OF imported
materials and delivery OF copper. TIL,
company has been obliged to build up {
largo stock OF supplies to prevent stop
page of operations at the plant situated
several thousand miles from the poin
where these supplies could be obtained
Many of these were purchased at wal
time prices. and must be used UP. a fac
which will keep the cost for supplies higl
| for some rnontha"