Balance sheets of 15 producing mines

Media

Part of The American Chamber of Commerce Journal

Title: Balance sheets of 15 producing mines
Language: English
Source: The American Chamber of Commerce Journal Volume XVIII (Issue No.3) March 1938
Year: 1938
Rights
Fulltext: March. 1938 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 Balance Sheets of 15 Producing Mines • as of December JI, 1937 It had been the Journal’s intention to publish in this issue an analysis of the fiscal positions of each of the pro ducing mines in the Philippines. This has proved impractical. There is no uniformity in the accounting methods employed by the various com panies; it is even difficult in some cases to compare the 1936 report with that of 1937 because of variations in accounting systems used from one year to the next. The best we have been able to do therefore is to secure the balance sheets as published by each of the producing companies, and to reprint them here. All reports arc for the year 1937. AMBASSADOR GOLD MINING COMPANY Condensed Balance Sheet as of July 31, 1937 ASSETS: FIXED ASSETS: Mine and Mining Properties: Mining Claims ........................... P 2,561.00 Options ...................................... 43,768.23 Valuation on the Benefits, Ad vantages and Conveniences in the form of Drain Tun nel and Mill Sites afforded the Company from the For tuna Goldfields Mining Com CURRENT ASSETS: Cash on Hand & in Banks ............. P371,006.07 Bullion in Transit ............................ 736,519.17 Accounts Receivable ....................... 8,723.03 Accrued Bank Interest ................... 3,041.12 Bonds & Government Deposits .... 736.00 Inventories: Equipment & Sup plies in Bodega P497,099.57 Ore in Bins .......... 15,420.72 Equipment & Sup plies in Transit. 129,560.85 642,081.14 1,762,106.53 pany ........................................ 70,000.00 P116,329.23 Milling Plant and Equipment......... P 31.587.50 Mill Site and Installation ............... 14,584.85 46,172.35 DEPRECIATION & MINE AMORTIZA TION FUNDS INVESTMENT AC COUNT Equipment, Furniture and Fixtures, etc...................................................... 96,964.17 Land ................................................... 15-00 TOTAL FIXED ASSETS .... P259,481.75 CURRENT ASSETS: Cash on Hand and in Bank............. P 562.06 Advances and Receivables ............ 263.08 Inventories — Materials and Sup plies ............................................... 2,576.81 Chartered Bank of India, Australia & China—Fixed Deposit ............. P500,000.00 8-20-year Gold Bonds of $1,000.00 each of the Insular Government Irrigation & Public Works, bear ing 4Y2% interest ....................... 16,000.00 DEFERRED CHARGES Prepaid Insurance ........................... Prepaid Expenses.............................. 516,000.00 P 5,722.29 11,155.84 16,878.13 TOTAL CURRENT ASSETS. 3.401-95 SUSPENSE ITEMS ................................ 5,288.36 DEFERRED CHARGES ......................... 335,878.44 P5.078.430.74 LIABILITIES : TOTAL .................................. P604.050.50 CAPITAL: Authorized: 30,000,000 shares of 10<* each ........................ P3.000.000.00 LIABILITIES: CAPITAL: Authorized C (a p it a 1 Stock (125,000,000 shares at P0.01 par value) ....................... Pl,250,000.00 Less-Unissued ........... P614,984.15 Add-Unpaid Subscrip tions ......................... 35,750.00 650,734.15 TOTAL CAPITAL PAID UP..................... P599.265.85 CURRENT LIABILITIES: Account Payable ............................ P 4.165.97 William Anderson. Jr........................ 618.68 Issued and Fully Paid: 27 500,000 shares of IO*4 each .......................P2,750,000.00 CURRENT LIABILITIES: Accrued Payrolls .............................. P 53.348.30 Accrued Taxes .................................. 208,065.53 Accounts Payable ............................ 176.392.54 Unclaimed Dividends ....................... 6,194.93 Unpaid Dividends (Pavable January 15, 1938) 550,000.00 Unclaimed Wages ............................ 187.70 Miscellaneous .................................... 717.63 994,906.63 TOTAL CURRENT LIABILITIES........... P 4,784.65 TOTAL .......................................................... P604,050.50 ANTAMOK GOLDFIELDS MINING COMPANY, INC. GOLD CREEK MINING CORPORATION ................. 12,974.57 RESERVE FOR DEPRECIATION ................................ 589.436.77 RESERVE FOR MINE AMORTIZATION...................... 521.525.73 SURPLUS ACCOUNT: As at December 31st, 1936 ............. Pl,856,896.95 Add: Net Profit for year ended De cember 31st, 1937 ......................... 2,477,690.09 31st, 1937 ...................................... 2,477,690.09 Balance Sheet as at 31st December, 1937 ASSETS: FIXED ASSETS: Mine & Mining Properties............... Mill & Mill Machinery ................... Miscellaneous Buildings ................. Miscellaneous Equipment ............... Roads & Bridges .............................. P944,574.04 1,220,371.29 217,250.56 QflQ 924 1 1 12J116.08 P2,783,446.08 P4.334.587.04 Deduct: Dividends Paid— 100% Stock Divi dend, paid Jan uary 6th, 1937 . Pl .375.000.00 Nos. 46-51. paid April 15th. 1937 825,000.00 Nos. 52-57. paid July 15th, 193" 325,000.00 18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1938 Nos. 58-61, paid Total reserves ............................................ 4,216.61 October 15th, 1937 550,000.00 SURPLUS, PER EXHIBIT E .................................. 117.221.54 P3,575,000.00 Dividend Declared December 29th, 1937, payable January 15th, 1938 ............... 550,000.00 4,125,000.00 209,587.04 TOTAL Pl,607,496.67 BALATOC MINING COMPANY Balance Sheet as at 31st December, 1937 ASSETS P5,078,430.74 FIXED ASSETS— Mine and Mining Property: Book Value, January 1, 1937 ....................... Pl,584,179.74 Add: Development during the year........... 135,618.00 BAGUIO GOLD MINING COMPANY Balance Sheet as at 31st December, 1937 FIXED ASSETS: Mine: Mine and mining property ......... Development .... Total ........ Less reserve for depletion ......... Plant, buildings, equipment, etc., at cost ............. Less reserve for depreciation ... Equipment in transit ASSETS P 395,900.83 768,913.60 Pl,164,814.43 625,434.20 P 539,380.23 Pl ,032,583.99 393,539.54 639,044.45 ..................... 9,679.20 Total fixed assets .................................... CURRENT ASSETS: Cash ................................................. P 10,974.31 Bullion in transit .. P 209,886.82 Less charges and mint return dif ference ............. 5,102.57 204,784.25 Pl,188,103.88 Pl,719,797.74 Less: Reserve for Ore Depletion ............... 1,719,797.74 Mill and Mill Machinery .................................... Pl ,737,472.82 Miscellaneous Buildings and Construction ........ 842.108.4G Roads and Trails ................................................. 3,575.93 Tramways .............................................................. 30,888.19 Power Line............................................................. 76,037.68 Total Fixed Assets WORKING ASSETS— Mine Equipment.......................... P 281,582.30 Autos and Trucks ....................... 3,639.08 Benguet Laboratories Equipment 9,986.35 Store Furniture and Fixtures .. 3,692.52 Total Working Assets ............................ INVENTORIES— Bodega, including Supplies in Transit ...................................... Pl ,656,207.00 Less: Reserve for Depletion and Losses ........................................ 16,913.59 Pl,639,293.41 Mess............................................... 142.64 Company Stores .......................... 66,780.29 P2,690,083.08 298,900.25 Materials and supplies (not verified) ...................................... 162,421.59 Bullion in process .......................... 26,740.87 Accounts receivable (not con firmed) .............'........................... 50.02 Advances to employees ................. 1,214.15 Government deposits ..................... 380.00 Customs deposits ............................ 1,046.86 INVESTMENT AT COST ........................................ CURRENT ASSETS— 1,706,216.34 283,776.05 Total current assets .................................. DEFERRED CHARGES: Prepaid insurance ........................... P 3,251.33 Miscellaneous ................................... 8,529.41 407,612.05 Total deferred charges ............................. 11,780.74 TOTAL Pl.607.496.67 LIABILITIES CAPITAL STOCK—Authorized, 20,000,000 Shares of P.10 each; subscribed, 13,000,000 shares ........................... Pl,300,000.00 Less subscribed but unissued .... 100.00 Remainder ............................ Pl,299,900.00 Add amount collected on 1,000 shares .......................................... 50.00 Total capital stock ........ CURRENT LIABILITIES: Advances on bullion shipments .. Accounts payable ......................... Accrued salaries and wages ........ Accrued taxes .............................. Unclaimed wages ......................... Tool and chapa deposits ............. Dividends unclaimed ..................... ..................... Pl,299 950.00 P 30,000.00 102,388.36 26,419.33 23,662.31 753.29 897 50 1,987.73 Total current liabilities .......................... RESERVES: Reserve for assessment ............... P 1,060.48 Reserve for compensation and hospitalization ........... 3,156.13 186,108.52 Bullion in Transit ....................... Pl,776,046.50 Fire Arms Deposits ................... 1,400.00 Accrued Interest ......................... 1,257.52 Sundry Debtors .......................... 9,258.45 Miscellaneous Deposits............... 500.00 Bank Balances— In the United ■ States ............... P164,120.96 In the Philippines 62,580.27 Cash on Hand (Verified by count)— At Mine P22,394.55 In Ma nila . . 500.00 22.894.55 249,595.78 DEFERRED CHARGES— Prepaid Insurance ...................... P 328.82 Prepaid Taxes ............................ 1.210 00 Cine Operation Prepaid Expense 7,298.67 2,038,058.25 8 83749 P7,025,871 46 CAPITAL and LIABILITIES CAPITAL STOCK— Authorized: 6.000,000 shares of P1.00 each ................... P6.000.000.00 Issued and Subscribed: 6.000.000 shares of P1.00 each, fully paid .. CURRENT I.TARTLTTIES— Sundry Creditors ....................... P 124.308.98 Taxes Accrued ............................ 495.027.38 Unclaimed Wares ....................... 11,755.25 Dividends Unpaid ....................... 269.765.40 SURPLUS ACCOUNT— Balan™ as at 1st. Janua-v. 1937. Pl,741.900.50 Add: Net Profit for the year . . . 6,433,113.95 P6,000.000.00 900,857.01 Less: Stock Divi dend No. 3 .... Cash Divi dends Nos. 32-35 ..... P8,175,014.45 P2.000,000.00 6,000,000.00 March, 1938 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 Bonus to Gen eral Man ager ......... 50,000.00 8,050,000.00 ------------------------------------125,014.45 P7,025,871.46 BENGUET CONSOLIDATED MINING COMPANY Balance Sheet as at 31st December, 1937 ASSETS FIXED ASSETS— Mines and Mining Properties ............................. P 1,614,763.53 Less: Reserve for Ore Depletion ....................... 1,273,990.20 P 340,773.38 San Fernando Real Estate ................................ 4,616.43 Mill and Mill Extension .................................... 792,474.14 Power Plants ....................................................... 575,875.90 Equipment—Mine ................................................ 105,8©3.36 Equipment—Logging .......................................... 107,350.52 Equipment—Miscellaneous .................................. 41,447.70 Hoover Saw Mill and Logging Equipment .... 87,500.00 Tuding Timberyard .............................................. 4,091.02 Shaft House and Head Frame............................. 1,897.31 Aer:al Tramways ................................................ 79,847.14 Miscellaneous Buildings ...................................... 279,111.19 Water Supply System .......................................... 43,234.00 Ice Plant ............................................................... 2,808.50 Manila House......................................................... 25.000.00 Baguio Houses and Lots .................................... 77.890.77 Roads and Trails .................................................. 13.152.23 Autos and Trucks ................................................. 41,390.54 Bank Balances— In the United States .......... P376,669.74 In the Philip pines ............. 683,852.87 1,060,522.61 Cash on Hand— At Mines ........ P 52.395.51 In Manila ....... 1,000.00 53.395.51 3,538,426.14 DEFERRED CHARGES— Prepaid Insurance ......................... P 79.67 Prepaid Taxes................................ 110.00 Suspense ........................................ 3,286.26 3,475.93 P14 449^186.91 CAPITAL AND LIABILITIES CAPITAL STOCK— 6,000.000 shares at Pl.00 each, fullv na:d ........ ADVANCES FROM MINING COMPANIES UN DER CONTRACT— Philippine Mines Syndicate .............................. CURRENT LIABILITIES— Sundry Creditors ......................... P 401,977.36 Dividends Payable ..................... 1,000,077.62 ■Taxes Accrued.............................. 403,100.81 Wages Unclaimed ....................... 21,128.86 DEFERRED CREDITS— Income on U. S. Lumber Sales . SURPLUS ACCOUNT— Balance as at 1st January, 1937 P 3,710 345.59 Add: Net Profit for the year . .. 9,083,571.73 P 6,000,000.00 51,940.58 1,826,284.05 4,133.65 Total Fixed Assets ................................. P MISCELLANEOUS DEVELOPMENTS— Cal Horr Development (includ ing Manganese) ......................... P 816,117.44 Less: Depreciation and Ore Deple tion .............................................. 171,481.83 2,624,354.08 Less: Dividends Nos. Pl 2,793,917.32 94 to 97 .. P6,000,000.00 Bonus to Gen eral Manager 227,089.29 6,227,089.29 6,566,828.03 Ukab-Cal Horr Tramline............. Hartwell Group ............................ Bobok Timber Project................... P 644,635.61 34,630.10 264.210.62 458,953.33 Pl 4,449,186.91 1,402,429.66 CONTRACTS— Carino Ansagan—(Our portion)... P 28,312.86 Consolidated Mines ...................... 1.465,925.99 Florannie ........................................ 165.095.34 Gold Hill ........................................ 23,837.49 Midas............................................... 40,294.42 Philippine Dorado Contract (Our portion) ...................................... 11,446.81 Philippine Mines Syndicate (Narba)—(Our portion) ................... 15,372.95 Southern Cross ............................. 42,502.45 1,792,788.31 ADVANCES TO MINING COMPA NIES UNDER CONTRACT— Florannie Mining Company ........P 111,982.05 Ipo Gold Mines, Inc....................... 24,544.72 136,526.77 INVESTMENTS AT COST ............... INVENTORIES— Bodega Supplies at Antamok and in Manila, including Sup plies in Transit ......................... Pl,826,509.95 Less: Reserve for Depletion and Obsolescence .............................. 29,853.58 3,010,731.45 Pl,796,656.37 Bodega Supplies at Call Horr Unit ............................................ 89,451.14 Pl ,886.107.51 Cold Stores, Mess, and Store Sup plies ............................................ 54,347.06 CURRENT ASSETS— Bullion in Transit ......................... P2,076,361.51 Deposits with Government Bu reaus ............................................ 2,300.00 Sundry Debtors ............................. 334,900.43 Accrued Debtors .......................... 9,620.28 Miscellaneous Deposits ............. 1,325.80 CROSSLEY DIESEL ENGINES CROSSLEY HORIZONTAL LOW SPEED ENGINES sold since 1911 are still giving satisfactory service after 27 YEARS OF UNINTERRUPTED SERVICE IN THE PHILIPPINES Best suited for Ice Plants, Oil Mills and other Plants requiring 24 hours service Sole Agent: SMITH, BELL & CO., LTD Cebu — MANILA — Iloilo IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March. 19 38 BENGUET EXPLORATION, INC. Balance Sheet as at 31st December, 1937 ASSETS Chapa Deposits ... Fiesta Account ... Unclaimed Wages 328.00 18.22 133.69 18,731.51 FIXED ASSETS: Mine and Mining Properties Add: Development ............. P225,000.00 237,825.90 RESERVES: Workmen’s Compensation, etc. SURPLUS ACCOUNT: Balance ait 1st January, 1937 . . Add: Prior period adjustments Deduct: Reserve for Mine Depletion ....................... Mill & Mill Machineries .. Miscellaneous Buildings . .. Miscellaneous Equipments . P 69.786.20 19.325.11 29,398 02 P49.740.97 Deduct: Loss for year ....... P 5,608.50 Organization expenses written off................... 36,169.04 41,777.54 UNCASHED DIVIDEND WARRANTS (See Contra) 1,809.58 Less: Reserve for Deprecia tion .................................. Water Rights ....................... P118.509.33 47,695.22 P405.203.23 INVENTORIES ............... LIQUID ASSETS: Cash on Hand and in Banks Bullion in Transit ........... Accounts Receivable ........ Deposits with Government P 59.876.61 41.049.52 554.12 140.00 DEFERRED CHARGES: Prepaid Charges .......................................................... P.B.O.C. DIVIDEND ACCOUNTS (See Contra) .. CAPITAL: Authorized Issued and Fully Paid: 5,000,000 shares of 10 Centavos each CURRENT LIABILITIES: Accrued Salaries and Wages ................. Accrued Taxes ......................................... Accounts Payable..................................... 19,926.86 COCO GROVE, INC. Balance Sheet as at 31st December, 1937 ASSETS CURRENT ASSETS: 101,620.25 1,864.42 1,809.58 Cash on Hand and in Bank ......... Accounts Receivable ....................... Special Consignment Account .... Insurance Claim Receivable .......... Machinery Parts and Supplies .... P 5,672.31 3,102.15 19,276.70 37,776.45 96,657.62 FIXED ASSETS: Capital Development ..................... Land Leases .................................... P530.424.34 Pl,701,578.41 202.14 Pl,500.000.00 Dredge No. 1 (Mary Angus) ................... P631,265.49 1,701,780.55 P 162,485.23 Add—Cost of erec tion and instal lation ............... Dredge No. 2 (Anne Petronella) ... P606,248.11 (Please turn to page 27) likely will be Model 6 BK, for example, Waukesha Marathon Six, is sturdily built for exact ing service in modem speed vans. The Ricardo Combustion Chamber speeds and completes combustion, saves valves and seats, produces more power with less fuel, reduces crank case dilu tion, prolongs life of bearings. See the Tabla for specifications — note there are seven main bearings, 2% inches in diameter. Waukesha builds forty-three different engine models burning all gas or liquid fuels, 10 to 325 H. P., to meet the pecialized power needs of thirty-four industries. THE ANSWER very “Yes” if the power unit required i for efficient, economical heavy-duty service in the fields of transport, agri culture, manufacture, mining and petroleum production. MOTOR HESSELMAN? MOTOR SERVICE, INC. Waukesha Petrol Engine MODEL 6 BK Bore and Stroke 3% inches x 414 inches -M M 95 Displacement 28Z cu. inches—Litres 4.52 Seven Main Bearings Diameter . . 2% inches H. I’.—6O-8O Wt. 690 lbs. WAUKESHA ao it vettei? For Bulletins covering the general line or special applications, please address the home office. A new brochure, What Is That Hesselman Engine? describes this economical diesel-oil burning, spark-ignition, low-compression engine, making especially remarkable records in bus operation. Ask for a copy. Also available in Spanish: iQUE ES UN The Earnshaws Docks & Honolulu Iron Works Second Street. Port Area. Manila. P. I. Branch at Bacotod. Occ. Nee. WAUKESHA MOTOR COMPANY WAUKESHA, WISCONSIN, U. S. A. , Cables: "MOTOR-WAUKESHA” 21-B:37 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1938 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 Zinc was offered at 4.75 ^.ents in St. Louis during the latter half of February but buyers had no particular interest. Production is being restricted and producers are not greatly concerned about the upward trend in stocks. Some galvanizers displayed a little more inter est in obtaining metal following a long period of in activity. Buying of tin in the domestic market continued quiet but with the dollar inclined toward easiness and a higher tone on London, the situation appeared brighter. Tin plate activity in this country has improved, moving up to about 40 per cent of capacity. Deliveries of foreign tin in the United States in 1937 totaled 83,665 tons as compared to 74,005 tons in 1936. The substantial in crease was recorded despite the sharp slump which paralized markets in the last three months of 1937, and was taken to indicate the increased uses which have been found for tin. Production of silver in the United States was 69,315,000 ounces 1937, compared with 62,842,000 ounces in 1936. Much or the gain in production can be traced directly to the high rate of activity in base-metal opera tions, according to Metal and Mineral Markets. Although world production of aluminum in 1937 totaled 523,000 short tons, the largest on record and a gain of 29.5 per cent over 1936, the price remained steady due to the increasing demand for the metal. AVERAGE METAL PRICES FOR FEBRUARY, 1938 Gain or Loss from Jan. COPPER Electrolytic, Domestic refinery .. 9.775 — 0.250 Electrolytic, Export, refinery ... 9.279 — 0.479 London, Standard Spot...... 39.438 — 0.749 London, Electrolytic, bid .......... 43.500 — 0.500 LEAD New York............................. 4.500 — 0.400 St. Louis............................... 4.350 — 0.400 London, Spot-....................... 15.123 — 0.564 London, Forward ........................... 15.188 — 0.624 SILVER & STERLING EXCHANGE Silver, New York, per oz............. 44.750 Unchanged Silver, London pence per oz......... 20.000 Unchanged Sterling Exchange, “checks” ... 503.500 + 3.750 ZINC St. Louis........................................ 4.750 - 0.250 London, Spot ................................ 13.891 — 0.796 London, Forward ........................ 14.625 — 0.312 TIN New York, Straits ...................... 40.925 — 0.158 London, Standard Spot.............. 184.000 4- 3.000 OTHER METALS Gold, per oz., U. S. price............ $35,000 Unchanged Quicksilver, per flask.................. 77.500 + 3.000 Antimony, domestic .................... 13.750 Unchanged Platinum, refined, per oz............. $36,000 Unchanged Cadmium........................................ 117.500 — 5.388 Aluminum, 99 + % per cent........ 20.000 Unchanged CHROMIUM Chromium, 97%, per pound .... 85.000 Unchanged MANGANESE ORE 52 to 55%, c.i.f. Atlantic ports .. 40.000 Unchanged. (Domestic quotations, unless otherwise stated, are in cents per pound. London averages for copper, lead, zinc, and tin are in pounds sterling per long ton. Sterling exchange, checks, is in cents. New York silver is for foreign metal.) Balance Sheets... (Continued from payt 20} Add—Cost of erec tion and instal lation ............. 117,687.2.1 723,935.32 Camp Buildings ............................... 66,645.06 b loating Equipment......................... 2,044.11 blipway Construction ..................... 4,463.58 Light and rower Installation ........ 154,124.18 Roads, Trails and Bridges.............. 4,942.57 Tools and Engineering itquipiiiciu . 3,038.31 Water Supply Installation ............ 11,040.15 Blacksmith Shop Building ............ 9,863.68 Blacksmith Shop Machinery anu Equipment .................................... 24,135.21 Vvharf Construction ....................... 2,457.88 Hospital and Schoolhouse............... 14,789.64 Miscellaneous Equipment ............. 83,536.55 furniture and fixtures ................. 14,622.41 Leas—Reserve for Depreciation Pl,872,939.63 120,984.11 1,751,955.52 5,829.41 P3,622,050.71 DEFERRED CHARGES .......................................... LIABILITIES CURRENT LIABILITIES: Accounts Payable ......................... . P 58,150.57 Advances—Marsman & Co., Inc. . 144,602.55 Marsman Trading Corporation ... 17,268.30 Notes Payable ............................... 300,000.00 Bills Payable ................................ 11,795.00 Guaranty Deposits ....................... 500.00 Chapa Deposits ............................. 378.00 Unclaimed eWages ......................... 740.06 P 533,434.48 NET WORTH: Capital— Authorized, Issued and Sub scribed— 15,000,000 shares of 10c each ............................... Stock Premium ............... Pl,5Q0,000.00 2,250,000.00 Deduct — De ficit as at 31st P3,750,000.00 Decern her, 1936 .......... Less — Credits to De ficit in 1937 .. P664,212.94 2,829.17 661,383.77 3,088,616.23 There is a contingent Lability for Ma chinery, Parts and Supplies ordered under Irrevocable Letter of Credit amounting to................. P101,694.00 P3,622,050.71 FINANCE & MINING INVESTMENTS CORP. General Merchants — Investments — Loans — Insurance FINANCE & MINING BROKERAGE Stocks & Bonds 2O5-2O7 CRYSTAL ARCADE IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1938 DEMONSTRATION GOLD MINES, LTD. Balance Sheet as at 31st December, 1937 ASSETS FIXED ASSETS: Mine Claims and Development, Balance 31st December, 1936 ......................... P477,064.87 Add: Development & Other Expenses during 1937 ........................................ 143,473.15 P620,538.02 Deduct: Reserve for Depletion, 1937 .. 280,683.21 P 339,854.81 PLANT, BUILDINGS, EQUIPMENT, ETC.: Mill Site ................................................. P 53,693.31 Mill Buildings ........................................ 38,020.32 Mill Machinery & Equipment ............. 404,279.85 Power Plant Machinery & Equipment 166,227.79 Machine Shop Equipment..................... 10,805.30 Miscellaneous Mine Buildings ............. 79,219.35 Miscellaneous Mine Machinery & Equipment............................................ 40,763.58 Assay Office Equipment....................... 9,022.87 Water & Air System.............................. 19,708.11 Sewer System ........................................ 1,385.22 Transportation Equipment ................... Mine Tools and Equipment ................. Household & Hospital Equipment .... Furniture & Fixtures .......................... Roads, Trails, and Bridges ................... Surveying Equipment .......................... Deduct: Depreciation Reserves ......... 6,703.08 2,164.20 5,935.69 5,924.49 7,167.30 1,421.03 P852,441.49 247,423.34 INVENTORIES & GOODS IN TRANSIT:............. LIQUID ASSETS: Cash on Hand and in Banks............... P 66,612.24 Bullion & Concentrates in Transit.......................... Less: Advances & partial liquidations ..................... P344,782.01 87,588.40 257,193.61 Accounts Receivable .............................. Government Deposit.............................. DEFERRED ASSETS: Suspense ................................................. Prepaid Insurance .................................. 605,018.15 197,147.74 3,272.03 30.00 327,107.88 P 546.44 6,668.59 7,215.03 SOLINGEN CUTLERY “TREE” Brand “TWIN” Brand E. VIEGELMANN 460 Dasmarinas Manila, P. I Tel.: 2-26-64 LIABILITIES CAPITAL: Authorized and Issued: 10,000,000 Shares of P.10 each............................ RESERVES: Reserve for Workmen’s Comp. Ins. . . P 15,025.75 Miscellaneous Reserves ....................... 21,069.89 CURRENT LIABILITIES: AcGounts Payable .................................. Accrued Salaries and Wages ............... Accrued Taxes .......................................... SURPLUS: Surplus at Dec. 31st, 1936 ................... Add: Undistributed Profits, 1937 ......... Pl,476,343.61 Pl,000,000.00 36,095.64 P115,407.65 32,105.07 43,377.48 190,890.20 P222,892.70 26,465.07 249,357.77 J. K. SMIT & ZONEN Amsterdam—Holland INDUSTRIAL DIAMONDS FOR DIAMOND DRILLS CARBONS9 C U NCOS • FINBHARDS9 IN STOCK Various weights and Sizes from Vs to 2 karats each stone. Werf Conrad, N. V. Holland Air Pumps, Ltd. London General Excavator Co. Ohio Osgood Company. Ohio Howells Mining Drill Co. Pa. Climax Rock Drill Co. London Mining Engineering Co. London Lea Recorder Co. Manchester Du Croo & Brauns Amsterdam Scranton Pump Mfg. Co. Pa. COMPLETE MINING SERVICE AcHal Surveys, Diamond Bits Gravel Pumps, Compressors, Alluvial Prospecting Drills, Banka Drills Diamond Drills, Washing Plants, Sump Pumps, Dredges, Mine Cars, Lea Recorders. Sole Agents N. E. MULLEN & CO. Mining Machinery Department 22 Calle David, Manila. I. W. Sovaleff, Mining Engineer Manager Tel. 2-28-49 P. O. Box 1440 JPL476,343.61 GOLD CREEK MINING CORPORATION Balance Sheet as at 31st December, 1937 ASSETS FIXED ASSETS:— Mining Properties ................................................... 1’385,700.65 Development ............................................................. 366,397.55 P752,098.20 Less: Reserve for ore depletion ........................... 210,000.00 P542,098.20 Camp and Houses .......................... P 10,884.91 Machinery .......................................... 21,389.18 Tools and Equipment ....................... 31,808.04 Roads, Trails & Bridges ................. 5,133.09 Telephone Line ................................ 259.95 Tram Line .......................................... 3,694.90 Motor Truck ...................................... 1,727.00 Furniture and Fixtures—Manila . .. 670.85 House and Office Furniture and Fix tures—Baguio .............................. 1,168.52 14,578.70 Less: Reserve for Depreciation CURRENT ASSETS: Cash on Hand and in Bank............. P 53,371.88 Accounts Receivable ....................... 342.40 Bodega Supplies .............................. Investment at Cost—Metropolitan 1,438.49 Water District Bond ..................... 2,140.00 57,292.77 ANTAMOK GOLDFIELDS MINING CO. CONTRACT:— Ascertained Profits Receivable ............................ 13,932.30 DEFERRED CHARGES:— Unexpired Insurance, Registration, etc............... 258.62 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL March. 1938 THE AMERICAN CHAMBER OF COMMERCE -JOURNAL 29 LIABILITIES CURRENT LIABILITIES: Accrued Expenses .............................. Unclaimed Wages .......................... Unpaid Dividends ............................ NET WORTH:— Capital:— Authorized:— 10,000,000 shares of 10 Centavos each .......................Pl.000.000.00 P 761.10 341.51 65.94 P 1,168.55 Due to Banks .................................. Bank Advances Against Bullion and Concentrate Shipments ............... Accrued Payrolls ............................ Accrued Taxes ................................ Bills Payable .................................... Uncollected Dividends ................... Accrued Expenses ........................... Notes Payable .................................. 489,093.89 365,604.26 46,691.21 34,182.09 106,700.00 3,432.99 4,695.87 395,876.29 Pl,921,397.01 Issued and Subscribed:— 7,000 000 Shares, fully paid.... P700.000.00 Surplus Account:— Deficit as at 31st De cember, 1936 .... P 44,627.49 Add: Loss for year to 31st December, 1937 ..................... 28,380.47 Deficit as at December 31, 1937.. 73,007.96 626,992.04 ITOGON MINING COMPANY Balance Sheet as at 31st December, 1937 ASSETS CURRENT ASSETS: Cash on Hand and in Bank............ Accounts Receivable ....................... Bullion in Transit ......................... Bullion on Hand ............................. Machinery Parts & Supplies .......... P 26,586.19 6,492.50 408,419.68 92,511.57 549,879.94 Pl ,083,889.88 P628.160.59 RESERVES: Income Tax .................................... 41,479.89 NET WORTH: Capital— Authorized— 20,000,000 shares of 10c* each . P2,000,000.00 Issued and Subscribed— 20,000,000 shares of 10<* each fully paid P2,000,000.00 SURPLUS: Balance at 1st Jan uary, 1937 .......... P 538,101.84 Net Profit for year 1937 ....................... 691,331.11 Less—Dividends No. 27 and No. 28 paid in 1937 ............... Pl,229,432.95 300,000.00 929,432.95 STOCK PREMIUM ....................... 319,804.65 3,249,237.60 FIXED ASSETS: Mine and Mining Properties ............ P2,217,948.53 Add—Capital De velopment during the year ............... 639.284.22 There is a contingent liability for Machinery, Parts and Supplies ordered (Please turn to page 34) P2,857,232.75 Less—Ore Depletion Reserve................. 780.000.00 P2,077,232.75 Buildings ........... ’. . . P 692.304.13 Mine Machinery & Equipment .......... 841,575.05 Mill Machinery & Equipment .......... 965,053.58 Assay Office Machin ery & Equipment . 15,377.56 Power House Ma chinery & Equip ment ..................... 497,406.17 Carpenter and Black smith Shops Ma chinery & Equip ment ".................... 52,089.49 Water, Light & Pow er Systems .......... 123,948.63 Miscellaneous Equip ment ..................... 103,030.65 Furniture and Fix tures ..................... 52.023.21 Roads. Trails and Bridges................. 46.778.71 Flood Control .......... 80 707.04 P3,470,294.22 Less—Reserve for Depreciation ........ 1.433 582.48 2.036.711.74 4,113,944 49 Recipe for-Sghtiita You cannot repair damaged eyes. Protect them against harmful strain * by adequate and sufficient light Use always OSRAMg] LAMPS SMITH BELL & CO.. LTD. Sole Representative Manila Iloilo DEFERRED ASSETS: Prepaid Charges .......... 14.280.13 P5,212.114.50 LIABILITIES CURRENT LIABILITIES: Marsman & Company, Inc............... P 178.420.10 Marsman Trading Corporation ... 59,848.47 Accounts Payable ........................... 236,851.84 OSRAM>Q> LAMPS give more and better light. LV RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 34 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1938 Balance Sheets ... (Continued from page 2.9) under irrevocable letter of credit amount ing to P39,200.00. P5,212,114.50 payable January 15, 1938 ............ 450,000.00 1,137,500.00 443,559.69 P2,647,675.17 I.X.L. MINING COMPANY MASBATE CONSOLIDATED MINING COMPANY, INC. Balance Sheet as at 31st December, 1937 ASSETS Balance Sheet as at 31st December, 1937 ASSETS FIXED ASSETS: Mine & Mining Prop erties .......................... P 824,612.55 Less—Reserve for Mine Amortiza tion ....................... 168,849.94 P655,762.61 Fixed assets Mme & Mining Properties........ Mill & Mill Machinery............. Buildings & Improvements .... Miscellaneous Equipment......... Joint Equipment ....................... Roads, Trails & Bridges .......... Panique—Colorado Railroad ... Construction in Process............ P4,870,376.94 Mill & Mill Machinery? 761,573.33 Miscellaneous Buildings 107,141.55 Miscellaneous Equip ment ......................... 297,558.04 Pl,166,272.92 Less—Reserve for Depreciation .... 166,019.87 1,000,253.05 Roads & Bridges ............................... 45,504.60 Pl,701,520.26 CURRENT ASSETS: Cash on Hand and in Banks............ 208,742.78 Bullion in Transit............................. 412,618.12 Accounts Receivable ......................... 12,147.30 Advances to Contractors ............... 16,695.05 Government Deposits ..................... 305.00 Inventories— Equipment & Sup ADVANCES TO COMPLETE PAY MENT FOR PROTECTION OF PROPERTIES .................................. CURRENT ASSETS: Cash on Hand and in Banks .... Bullion in Transit ....................... Deposits with Government ........ Accounts Receivable Inventories— Bodega Supplies Store ............... Mess and Hos pital Supplies Ore ................. Supplies in Transit P 36,491.61 390,772.48 36,487.38 950,000.00 P707,938.01 23,051.52 742,412.25 76,611.02 1,282,774.74 plies in Bodega.. P 250,771.38 Store Inventory ... 26,343.52 Equipment & Sup plies in Transit... 10,374.58 287,489.48 937,997.73 DEFERRED CHARGES: Insurance Unexpired................... Miscellaneous Prepaid Expenses P 15,833.11 20,634.69 LIABILITIES DEFERRED CHARGES .............................................. 8,157.18 P2,647,675.17 LIABILITIES CAPITAL: Authorized— 15,000,000 Shares of 10 centavos each ............................................Pl,500,000.00 Issued and Fully Paid— 15,000,000 Shares of 10 centavos each ...................................................................Pl,500,000.00 CAPITAL: Authorized— 50,000,000 Shares of 10 Centavos Each ... Subscribed and Paid Up— 50,000,000 Shares of 10 Centavos Each .... CURRENT LIABILITIES: Accounts Payable.......... Drafts Payable............. Accrued Payrolls ......... Accrued Taxes ............. Miscellaneous Liabilities P P5,000,000.00 P5,000,000.00 547,402.87 GENERAL RESERVE—Premium on Sale of Stock CURRENT LIABILITIES: Drafts Accepted ................................P Accrued Payrolls ............................. Accrued Taxes ................................ Accounts Payable ............................. Unpaid Dividends (Payable January 15th, 1938) ......................... Accrued Director's Fees ................. Miscellaneous Liabilities ............... 2,191.58 13.895.74 80.882.75 107,674.09 450,000.00 47,180.12 2,291.20 704,115.48 SURPLUS ACCOUNT: As at December 31st, 1936 ...............P 507,457.35 Add—General Reserve Trans ferred ........................................ 130,000.00 Net Profit for year ended Decem ber 31st, 1937 ............................... 943,602.34 Pl,581,059.69 , Deduct—50% Stock Dividend issued April 10, 1937 .... P50D,000.00 12-1/2% Cash Di vidend paid July 15th, 1937 ........ 187,500.00 30% Cash Dividend declared Decem ber 29th, 1937, RESERVE FOR DEPRECIATION ON FIXED ASSETS .................................................................... RESERVE FOR MINE AMORTIZATION ............. SURPLUS: Balance at 31st December, 1936 P 457,041.90 Net Profit for the Year as per Profit & Loss Account 394,317.12 387,569.52 353,288.07 810,329.97 P7,139,619.48 SAN MAURICIO MINING COMPANY Balance Sheet as at 31st December, 1937 ASSETS CURRENT ASSETS: Cash on Hand and in Bank .... P 34,931.40 Accounts Receivable ................... 2,320.25 Bullion and Concentrates on Hand and in Transit......................... 319,227.62 Machinery Parts and Supplies .. 236,275.96 FIXED ASSETS: Mine and Mining Properties ........ I’ Land Leases ........ Development to Date ........... 322,234.45 71.28 815,689.90 Pl.137,995.63 Buildings............. P 291,843.35 P 592,755.23 .March, 1938 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 35 Mine Machinery and Equipment . 275,714.07 Mill Machinery and Equipment . 240,785.98 Assay Office Ma chinery and Equipment .... 10,521.87 Powerhouse Ma chinery and Equipment .... 346,958.90 Carpenter and Blacksmith Shops, Machin ery and Equip ment ................. 33,994.85 Power, Light and Water Systems . 102,129.44 M i s c e 1 1 a n - eous Equipment 65,528.48 Furniture and Fix tures ................. 35,771.79 Roads, Trails and Bridges............. 47,364.83 Bullion and Concentrate on Hand 58,667.68 Machinery, Parts and Supplies ... 273,865.78 FIXED ASSETS: Mine and Mining Properties ............ Add—Development to Date ..................... Less—Reserve for Ore Depletion ... P 652,828.05 Less—Reserve for Depreciation ... Pl,450,613.56 378,674.01 1,071,939.55 2,209,935.18 INVESTMENT: Philippine Smelting Company ........................... 100,000.00 DEFERRED ASSETS: Prepaid Charges ................................................... 10,184.82 P2,912,875.23 Buildings ................. Mine Machinery and Equipment .......... Mill Machinery and Equipment .......... Assay Office Machin ery and Equipment Powerhouse Machin ery and Equipment Carpenter and Black smith Shops Ma chinery and Equip ment ..................... Miscellaneous Tools and Equipment ... Light, Water and Power Systems .. Furniture and Fix tures ..................... Roads, Trails and Bridges ............... LIABILITIES CURRENT LIABILITIES: Marsman & Company, Inc......... P 691,467.81 Marsman Trading Corporation 191,506.69 Accounts Payable ....................... 57,870.63 Bank Advances Against Bullion & Concentrate Shipments .... 149,566.54 Bills Payable (Guaranteed and Interest Paid by Marsman Trading Corporation) ............ 200,000.00 Accrued Taxes ............................. 15,450.90 Accrued Expenses (Production Marketing) ............................... 44,205.49 Less—Reserve for Depreciation ........ DEFERRED ASSETS: Prepaid Charges .......... P 493,985.57. 745.313.58 Pl,239,299.15 36,000.00 Pl,203,299.15 P 420,258.92 279.980.59 417,545.53 12,980.02 326,611.70 33,029.32 99,938.63 13,275.96 19,950.47 181,042.73 Pl,804,613.87 486,858.68 1,317,755.19 LIABILITIES Pl,350,068.06 RESERVE: Income Tax ........................................................... 22,576.09 NET WORTH: Capital Authorized— 8,000,000 shares of lOtf each .......... P 800,000.00 CURRENT LIABILITIES: Accounts Payable ........................... P 51,234.96 Bank Advances Against Bullion and Concentrate Shipments ............... 157,918.60 Accrued Payrolls ............................. 10,683.16 Accrued Expenses............................. 1,941.79 Accrued Taxes ................................. 5,863.46 Dividends Payable ........................... 125,000.00 Issued and Subscribed— 8,000,000 shares of 100 each fully paid .......................................... P 800,000.00 Surplus— Balance as at 1st January, 1937 .. P 363,962.97 Add—Prior Years Adjust ments during 1937 ................. 4,920.08 P368,883.05 Add—Net Profit for the Year 1937 ................. 371,348.03 740,231.08 1,540,231.08 RESERVE: Income Tax ............................................................... NET WORTH: Capital— Authorized— 12,500,000 Shares at 100 each ................................. Pl,250,000.00 Issued and Subscribed— 12,500,000 Shares of 100 each Fully Paid .......... Pl ,250,000.00 2,521,054.34 8,343.55 P3,182,225.94 P 352,641.97 16,751.18 There is a contingent liability for Machinery Parts and Supplies or dered under irrevocable letter of credit amounting to Pl 10,400.00. Surplus— As at 1st January, 1937 ............... P210,568.68 Net profit for Year 1937 .... 279,186.32 P2,912,875.23 SUYOC CONSOLIDATED MINING COMPANY Balance Sheet as at 31st December, 1937 ASSETS Less—Dividend De clared and Pay able 15 th Jan uary, 1938 ........ Stock Premium ........... P489,755.00 125,000.00 364,755.00 ................... 1,198,077.79 2,812,832.79 CURRENT ASSETS: Cash on Hand and in Bank .......... P 127,088.14 Accounts Receivable ....................... 17,741.35 Bullion and Concentrate in Transit 175,465.10 There is a contingent liability for Ma chinery Parts and Supplies ordered un der irrevocable letter of credit amount ing to P22.200.00. P3,182,225.94 36 THE AMERICAN CHAMBER OE COMMERCE JOURNAL March. 10 3S UNITED PARACALE MINING COMPANY BaJance Sheet as at 31st December, 1937 ASSETS CURRENT ASSETS: Cash on Hand and in Bank ....... Accounts Receivable ................... Machinery Parts and Supplies . . Bullion and Concentrates in Transit ...................................... Bullion and Concentrates on Hand P 144,302.83 15,256.69 327,478.28 238,846.90 150,074.78 P 875,959.48 Roads, Trails and Bridges............. 10,45 1.71 Pl,477,763.04 Less—Reserve for Depreciation . . . 523,289.53 INVESTMENTS: Philippine Smelting Co......................................... 100,000.00 DEFERRED ASSETS: Prepaid Charges ............................................... 1,812.09 P3.458,454.40 FIXED ASSETS: Mine and Mining Properties ........ P 480,423.14 Add—Capital Dev elopment ......... 1,045,786.18 Pl,526,209.32 L I A B I L I T I E S Buildings ............. P 264,423.10 Mine Machinery and Equipment 258,564.81 Mill Machinery and Equipment .... 220,347.39 Powerhouse Ma chinery & Equip ment ............... 409,869.88 Assay Office & Machinery Equipment........ 12,132.18 Blacksmith and Carpenter Shops Machinery and Equipment .... 45,375.25 Miscellaneous Ma chinery and Equipment .... 98,079.92 Furniture and Fix tures ................. 49,889.86 Water, Light and Power Systems 78,625.94 CURRENT LIABILITIES: Accounts Payable ....................... Bank Advances Against Bullion & Concentrate Shipments....... Accrued Expenses (Production Marketing) .............................. Accrued Taxes ............................ P 105,738.15 221.203.92 39,829.20 17,183.30 P 383,954.57 RESERVES: Income Tax ............................................................ 23,193.28 XET WORTH: Capital Authorized, Issued and Subscribed— 11,000,000 shares at 10c each Pl,100,000.00 Surplus as at 31st December, 1936 Less—Prior Years P 2,251.77 Adj ustments during 1937 . . . 135.78 P 2,115.99 Add—Profit for the year to date ... 386,690.56 388,806.55 Stock Premium . . . 1,562,500.00 3,051,306.1 P3,458,454.40 Nou) That You Can Buy— Invest Wisely At— MANDALOYON ESTATE Far Tune in on our Regular ^Ex Tuesday Night Program ^e^^ The Subdivision Providing A Setting Both Serene and Beautiful; Removed From Confusion; Yet Only A Stone’s Throw From Everything Important! TO P2.00 PER SQUARE METER ORTIGAS, MADRIGAL Y CIA. S. EN C. FILIPINAS BLDG. MANILA TELEPHONE 2-17-62 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL
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