Valley placer is dissolved

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) Valley Placer explained that while the matter of dissolution was favorably decided on at the annual meeting on March 22, 1938, it has not been possible to hold the final meeting until June 15. At a special meeting of shareholders held on December 11, 1936, the board was authorized to enter into an agreement with Gold Pocket Mines, Inc., to acquire the property of that company in exchange for stock of Valley Placer at such valuation as would be fixed thereon by the government at not to exceed P388,500, this valuation to be submitted within 18 months from that date. The 18 months term did not expire until June 11, 1938, and as the valuation had not been given to Valley Placer, the board of directors at a special meeting held on Monday, June 13, declared the contract rescinded and cancelled. The funds of Valley Placer have been on deposit in the Peoples Ban.k & Trust Company in the company's name, and the monthly bank statements were presented at the meeting for the inspection of shareholders. Marsman & Company never charged Valley Placer a management fee, and at its own expense paid the salary of a placer mining engineer for some four months spent on the property. No directors' fees were paid after the property was proven non-commercial. A vote of thanks to Marsman and Company and to the directors for the economical way in which the affair of the company have been conducted, and for the care with which the interests of the shareholders have been guarded was unanimously passed. ITOGON MINING COMP ANY During May the Itogon plant treated 31,385 tons of ore from which P356,387.10 was recovered, only slightly under the record-breaking output of the preceding month. Recovery per ton was Pll.35, and extraction was 85.48 o/o. Development work totalled 3,036 feet; of the 1,480 feet of capital development, 151 feet were in ore; of the 1,556 feet of operating development, 705 feet were in ore. The Taka Shaft-Drain Tunnel conrn:ction was cleared out during the month. Retimbering of the Taka Shaft from the 750 level to the 875 level will be finished early in June, and it will then be possible to make use of the shaft to the 875 level. This will result in lowering the cost of delivering materials to this level. Concreting the shaft :from the 200 level up is well under way. Results obtained on the 600 level Taka have been very encouraging to date. The vein is about 12 feet wide and the grade of ore is above the average. Two narrow veins, one of which merits exploration, were cut in the 96 vein crosscut 500 level Sesame. The new apartment house for staff members was completely built during the month, and is now occupied. Apart from a little work being done to roads and bridges in preparation for the wet season there is no construction work now under way. General conditions in the camp were good. The total cost per ton milled was lower than the April figure. I. BECK, INC. 2 Provided Miners Since 1898 Retail & Wholesale Wearing Apparel. Haberdashery for Men, Women & Children. Big Line of Househ<>ld goods. Radios. Phonographs. Beds. Toys. Send for Catalogue For Reference ask any old Mining Man THE MARSMAN MAGAZINE for June, 1938

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