May operating results excellent

Title

Language

English

Source

The Marsman Magazine Volume II (No. 12) June 1938

Year

1938

Rights

In Copyright - Educational Use Permitted

Fulltext

June 1938 Vol. II No. 12 MAGAZINE MAY OPERATING RESULTS EXCELLENT Operations at the M arsman gold producers during the month of May went ahead smoothly, and once again new all-time monthly records resulted. The total output of the four lode and one placer operations was 'Pl,353,232.54 from 56,958 tons of ore treated and 336,520 cubic yards of gravel dredged. This total is but slightly under the record-brea,,kin.g figure of April, and represents the second largest monthly output for the group. San Mauricio and United Paracale Mining Companies established individual records during the month. San Mauricio produced 'P348,433.44 from 9,527 tons of ore, while United Paracale's output was 'P220,023.73 from 9,394 tons. Operating conditions were excellent throughout the month. Underground development results in general brought satisfactory results at the operating mines. UNITED PARA CALE DEAL RATIFIED The shareholders of the United Paracale Mining Company, at a special meeting held June 6 in the Marsman Building, Manila, unanimously approved the action of their directors in arranging for the termination of the existing financing agreement with Marsman & Company by exchange of share interest in the company. Accordingly, United Paracale directors were authorized to take the necessary steps to increase the capital stock of the company from Pl,100,000 to Pl,300,000, and to permit Marsman & Company nominees to subscribe to 1 ,941,176 shares of the increase at par value. It was explained at the meeting that immediate action would be taken to effect the increase in capitalization, and that the necessary papers would be filed at once with U, ~ securities and exchange commission for 2.pproval. Mori thht 1 7'7 pt r · cent of the issued stock of th, •. r·. 'lpa:ny was represented at the meet·~11! hich was called in pur:.. suance with "'it:'· rf':mlution adopted at the annual . • ·eholders' m~eting held on March l, .... '•~. VALLEY PLACER IS DISSOLVED Stockholders of the Valley Placer Mining Company, at a special meeting held June 15, in the Marsman Building, Port Area, unanimously voted to dissolve the company, and to return to the subscribers the unexpended cash assets. As a result of this action, Valley Placer holders may return their certificates to the main office of the company in the Marsman Building, starting Monday, June 20, and receive P.0823 for every share of par value of ten centavos. Of the authorized capital of Pl,000,000, the sum of P250,000 was subscribed and paid in, of which amount P206,114.87 is left, the remainder having been spent in exploring the property of the company. As soon as it was learned that the property was worthless for mining purposes, all expenditures were stopped and the company is thus enable. to return 82.3 per cent of the amount subscribed. The sum of 364.87 has been set asid~ to cover expenses of dissolution, the remainder to be returned to holders. George C. Dankwerth, president of (Please turn to next page)

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