Itogon Annual Meeting

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Part of The Marsman Magazine

Title: Itogon Annual Meeting
Language: English
Year: 1939
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Fulltext: ITOGON ANNUAL MEETING The stockholders of the Itogon Mining Company approved at the annual meeting on March 5, 1939, to increase the capitalization of the company from P2,000,000 to P2,500,000. The additional 5,000,000 shares of par value of ten centavos each, are to be offered prorata to stockholders of record as of March 20, 1939, at P.25 each. It was explained at the meeting that this move would enable the company to pay off its obligations and thus make possible the resumption of dividends at an earlier date. The ore reserve situation of the company was explain.ed to the stockholders by J. 0. Enberg, Chairman of the Board of Consulting Engineers of Marsman & Company. The ore block~tl out as of January 1, 1939, is 247,800 tons, valued at P3,325,000. It was explained further that this does not by any means represent the full ore possibilities of Itogon. Above the 500 foot level there is some two years' supply; between the 500 and 875 levels, 32 months; and from the 875 to the 1300 levels, from 4 to 5 years. The mine has a life of at least 8, and probably 10 years, with every likelihood of even longer as development work progresses. The stockholders unanimously reelected the following board of directors: J·. H. Marsman, Mrs. Mary A. Marsman, Benj. S. Ohnick, H. M. Cavender, M. Simpson, Judge Manuel Camus, and E. Heybrook. A vote of thanks to Marsman & Company for its efficient and excellent services during the past year. ITO·GON MINING COMPANY OPERATING ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1938 To Operating Costs: Mine Operating ................. . Mill Operating .................. . Pl,409,938.89 671,434.22 Mine General ................... . 275,366.40 P2,356, 739.51 To Marketing Expenses-See Schedule ............. . To Other Mine General Expenses-See Schedule ..... . To Depreciation .................................. . To Operating Profit .............................. . 43,329.18 223,764.61 495,883.10 1,055,924.41 P4,175,640.81 By Bullion Produced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P4,150,503.96 By Miscellaneous Income . . . . . . . . . . . . . . . . . . . . . . . . . . 25,136.85 P4,175,640.81 THE MARSMAN MAGAZINE for March, J.999 5 FIXED ASSETS: ITOGON MINING COMPANY BALANCE SHEET AS AT 31st DECEMBER, 1938 ASSETS Mine & Mining Properties . . . . . . . . . . . . . . . . . . . . . . . . Pl,438,948.53 Capital Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,292,536.34 P2,731,484.8'7 Mill Buildings .................................... P 217,095.29 Mill Machinery & Equipment . . . . . . . . . . . . . . . . . . . . . . 952,603.35 Powerhouse Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,181.43 Powerhouse Machinery & Equipment . . . . . . . . . . . . . . . 511,190.28 Mine Build~ngs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,865.97 Mine Machinery & Equipment . . . . . . . . . . . . . . . . . . . . 885,085.61 Assay Office Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,675.04 Assay Office Machinery & Equipment . . . . . . . . . . . . . . 16,195.66 Blacksmith Shop Building . . . . . . . . . . . . . . . . . . . . . . . . . 11,646. 72 Blacksmith Shop Machinery & Equipment . . . . . . . . . . 29,987.59 Carpenter Shop Building . . . . . . . . . . . . . . . . . . . . . . . . . . 6,081.18 Carpenter Shop Machinery & Equipment . . . . . . . . . . . . 16,757.12 Camp Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 386,520.85 Water Supply Installations . . . . . . . . . . . . . . . . . . . . . . . . 54,868.87 Light & Power Installation . . . . . . . . . . . . . . . . . . . . . . . 83,561.17 Hospital Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,914.95 Hospital Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,339.42 Furniture and Fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,929.55 Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,386.09 Tools & Engineering Equipment . . . . . . . . . . . . . . . . . . . . 23,806.94 Roads, Trails & Bridges . . . . . . . . . . . . . . . . . . . . . . . . . . 46, 778. 71 Flood Control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,675.54 P3,527,147.33 Less-Reserve for Depreciation . . . . . . . . . . . . . . . . . . . . 1,757,012.25 1,770,135.08 CURRENT ASSETS: Cash on Hand & In Bank . . . . . . . . . . . . . . . . . . . . . . . . P Guaranty Deposits ............................... . Accounts Receivable ............................. . Bullion in Transit .............................. . Bullion on Hand ................................. . Production Pending Outturn ..................... . Machinery Parts & Supplies ...................... . DEFERRED ASSETS: 30,138.84 1,600.00 8,024.30 491,346.95 85,311.04 1,382.79 545,131.71 Prepaid Charges ............................................. . 1,162,935.63 30,555.10 P5,695,110.68 THE MARSMAN MAGAZINE for March, 1939 ITO·GON MINING COMPANY LIABILITIES CURRENT LIABILITIES: Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P Advances-Marsman & Company, Inc .............. . Marsman Trading Corporation ................... . Bills Against Bullion Shipments ................. . China Banking Corporation-Overdraft ........... . Accrued Payrolls ................................ . Accrued Taxes .................................. . Unclaimed Wages ............................... . Chapa Deposits .................................. . Bills Payable .................................... . Accrued Expenses ............................... . Notes Payable .................................. . 181,296.25 11,024.53 418,899.36 443,041.23 4,948.62 49,347.86 32,757.66 6,432.88 13,339.58 50,070.00 4,207.44 395,876.29 Unclaimed Dividends ............................ . 3,055. 7 4 Pl,614,297.4·1 RESERVES: Income Tax 47,070.32 NET WORTH: CapitalA uthorized20,000,000 Shares of 10¢ each . . . . . . . . . . . . . P2,000,000.00 lssued20,000,000 Shares of 10¢ each Fully Paid . . . P2,000,000.00 Stock Premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319,804.65 SurplusBalance at 1st January, 1938 ... P929,432.95 Net Profit for Year 1938 . . . . . . 784,505.32 1,713,938.27 4,033,742.92 There is a contingent liability for machinery parts and supplies ordered under irrevocable letter of credit amounting to P78,840.00. Manila, P. I., 1st February, 1939. P5,695,110.68 We have examined the books and accounts of the Itogon Mining Company, Inc., for the year ended 31st December, 1938 and have compared them with the Mine Manager's Certified Returns, which have~ not been audited by us. No provision has been made for ore depletion. Subject to the foregoing in our opinion the above Balance Sheet is properly drawn up so as to exhibit a true and correci view of the state of the Company's affairs as at 31st December, 1938, according to the best <;f our information and the explanations given us and as shown by the books. THE MARSMAN MAGAZINE for March, .1939 7 8 ITOGON MINING COMPANY PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1938 To Administration Expenses . . . . . . . . . . . . . . . . . . . . . . . P 65,875 26 To General Overhead : Audit Fees . . . . . . . . . . . . . . . . . . . . . . . P Bonuses ......................... . Documentary Stamps ............. . Fees & Licenses ................. . Income Tax ..................... . Insurance ....................... . Interest ......................... . Leave Salaries ................... . Legal & Notary Fees ............. . Miscellaneous .................... . Postage ......................... . Stationery & Supplies ............ . Subscriptions & Contributions ..... . Telephone, Radios & Telegrams ... . 3,000.00 8,709.76 174.66 520.90 47,070.32 46,765.38 60,379.59 10,865.07 ll,369.50 2,999.59 241.28 5°'1.93 16,648.99 1,293.86 To Net Profit for the Year .....•.................. 205,543.83 784,505.32 Pl,055,924.41 By Operating Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pl,055,924.41 Pl,055,924.41 I. BECK, INC. Provided Miners Since 1898 Retail & Wholesale Wearing Apparel. Haberdashery for Men, Women & Children. Bir Line of Household goods. Radios. Phonographs. Beds. Toys. Send for Catalogue For Reference ask any ,old Mining Man THE MARSMAN MAGAZINE for March, J.939