The copper era and Morenci leader., 1920-06-25
ARIZONA COPPER CO. LTD. MAKES ANNUAL
 STATEMENT
Brief mention made of the Negotia- tions Now Under Way Between The Company and Phelps
 Dodge Corporation


 Dodge Corporation
 Copies of ''The Scotsman, publish ed at Edinburg, Scotland, have reach ed Clifton and contains a summary of the annual report of the Arizona Copper Co, Ltd, for the fiscal year ending Sept. 30, 1919.
 The figures appearing in the report as published are En ylish pounds and should be multiplied by s4.S7 to arrive at the amounts quoted in dol lars and cents.
 lows:
 The directors, in submitting their report for the year to 30th September 1919, state that the capital expend1- ture during the year was:-Mining property purchased, 124,367; eNpen- allure on concentrators, additions to smelter boiler plant, and other outlays 12,O91-136,4 ,45S. The revenue state ment shows :liat from the Copper Company's operations there was a l1Ifft from copper, stores. rents sc. of 169 ,232. From this there fell to be deducted expenses of administration at Clifton, &c.,, 22,060; interest paid in the United States, less received, Ill., 526: taxes in the United States, paid and acrued, estimated at 107 ,121; public subscriptions in Arizona, 2963; and expenses nj Edinburgh Qess re- ceived for transfer fees, 223), 1O-06O -153,742. Interest and dividends for the year received in respect of hold ings in other companies amounted to 33.O24. Adding the claim for repay ment of Excess Profits Duty, less amounts carried to reserve for con- tingent liabilities, 64,S4?, and interest received, less paid, $40, but deduct ing the amount carried to reserve &C., count for capital outlay, &c., 10000, there is a surplus of 9S.76S. Out of this there are payable the dividend on "A Pref shares for year to 30th September 1919, 2374, and on Pref. stock for year to 3Oth September 1919 2ss157. leaving surplRs, after pay ing preferential dividends, of 74,237 The balance brought forward from 30th September 1918 was 60, ,12O, which, added to the above surplus of 74.237, gives total surplus of 134, ,357 Out of this the directors recommend q dividend on the Ord shares for the year to 30th September. 1919 of Is Cd. per shares, free of tax, absorbing 113,992, As, and that the balance, 20, 365, he carried forward.
 The production for the year as final ly adjusted, was 1S,237 tons (2000 fb each) of Bessemer copper. The di rectors regret the delay that has oc cured this year in submitting their report. but it has been in consequence 1T, tn dicnnCP the large stock of unsold copper about 1O.S9O tons-on hand at the close of the financial year on 30tt September The average price al which the production for the year has been disposed of is 26, 1s,1d. pei ton less than that for the preceding year. In consequence of the continued restricted output, the high wages paid, and the cost of material and sup plies purchased, a reduction in the cost of the copper produced has no been possible. In actual fact the cos has increased by over 4 per ton. The reduced price received and the in creased cost thus represent reduc tion in profit for the year of over 3( per ton of copper produced.
 The report goes on to state that the directors received some months agt a letter from MT. Carmichael, the Company's general manager, submit ing a series of proposals affecting the future of the Company, which the Board considered should be carefully studied along with MT. Carmichael and thereafter discussed with the parties whom he reported to be inter -ested in the proposals referred to Accordingly a deputation, consisting of the chairman. MT. Pentland, ant Sir Frederick Macleod, along witf the secretary, proceeded to New Yorl in February Several weeks were spent conferring on the subject, a the end of which time it was fount that, in consequence of additiona data being required, which it was es timated would take fully six months to obtain, an adjournment of tht whole discussion was advisable, ant this was unanimously agreed to b, all concerned. A further statemen will be made by the chairman at the al 'nual meeting, but the shareholder will doubtless appreciate the fac it would be iniudicious at this stage t' dicuss the subject in public. It i satisfactory to report that MT Carmi 'chael was able to give the deputatiol very favorable information regardin, the ore developed and in prospect il the Company's properties.