San Mauricio Dividend, Balance Sheet

Title

Language

English

Source

The Marsman Magazine Volume III (No. 9) March 1939

Year

1939

Rights

In Copyright - Educational Use Permitted

Fulltext

SAN MAURICIO DIVIDEND The newly elected Board of Directors of the San Mauricio Mining Company, at a meeting held on March 6, 1939, de .. clared a five centavo per share cash dividend. The dividend is payable March 22 to stockholders of record on March 18. This dividend will represent an aggregate distribution to shareholders of P500,000. The amount closely follows a. similar dividend payment made last year, and is the first 1939 dividend. Further distribution of a 100 % stock dividend was explained at the meeting. The stock dividend was ratified early in March, and the necessary documents to effect this issue have been filed with the Securities and Exchange Commission. As soon as the legal technicalities permit, the date of recorc for those stockholders entitled to this dividend will be announced. Also announced at this special meeting was the plan to increase the milling capacity at the mine. For the purpose of increasing the milling capacity at San Mauricio from 300 tons to 450 tons }Jer day, an appropriation of Pl00,000.00 was made. According to present plans, it is expected that within three or four months the increase of 150 tons per day will be in operation. The following officers were elected by the board: H. P. L. Jollye, President; P.A. Meyer, Vice-President; Major A. Beckerleg, Vice-President; A. F. Kelly, Treasurer; M. H. O'Malley, Secretary; Geo. C. Dankwerth, AssistantSecretary; Miss H. M. George, Assistant-Secretary. SAN M~URICIO MINING COMPANY OPERATING ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1938 To OPERATING COSTS: Mine Operating ................ . Mill Operating ................. . Mine General .................. . p 610,950.55 216,493.37 167,897.46 To SMELTING AND MARKETING EXPENSESSee Schedule .....................•......... To OTHER MINE GENERAL EXPENSES-See Schedule ................................. . To DEPRECIATION ............................ . To OPERATING PROFIT ....................... . p 995,341.38 569,802.30 206,543.49 234,752.35 2,026,376.19 P4,032,815. 71 By BULLION AND CONCENTRATES PRODUCED P4,000,035.70 By OTHER INCOME: Profits on Exchange . . . . . . . . . . . . P Rents Received ................ . Miscellaneous .................. . THE MARSMAN MAGAZINE for March, J.93JJ 883.14 884.08 31,012.79 32,780.01 P4,032,815. 71 9 10 SAN MAURICIO MINING COMPANY BALANCE SHEET AS AT 31st DECEMBER, 1938 ASSETS FIXED ASSETS: Mine & Mining Properties ....................... . Capital Development .......................... . Mill Buildings ................................. . Mill Machinery & Equipment ................... . Powerhouse Building .......................... . Powerhouse Machinery & Equipment ............ . Mine Buildings ................................ . Mine Machinery & Equipment ................... . Assay Office Building ......................... . Assay Office Machinery & Equipment ............ . Blacksmith Shop Building ....................... . Blacksmith Shop Machinery & Equipment ........ . Carpenter Shop Building ....................... . Carpenter Shop Machinery & Equipment ......... . Camp Buildings ................................ . Water Supply Installation ...................... . Light & Power Installations ..................... . Hospital Buildings ............................. . Hospital Equipment ............................ . Tools & Engineering Equipment ................. . Furniture & Fixtures ........................... . Miscellaneous Equipment ....................... . Roads, Trails & Bridges ........................ . Less-Reserve for Depreciation CURRENT ASSETS: p 323,234.45 1,091,393.60 p 64,072.09 212,674.01 51,504.23 453,807.13 7,619.42 466,654.25 7,588.03 10,729.07 6,349.63 32,854.79 1,705.12 1,140.06 140,989.68 22,029.94 82,304.90 18,942.77 9,388.18 8,787.37 36,218.70 54,896.74 51,176.32 Pl, 7 41,432.43 597,010.31 Cash on Hand & in Bank . . . . . . . . . . . . . . . . . . . . . . P 92,555.89 10,862.36 115,859.99 649,532.05 119.18 Accounts Receivable ............................ . Bullion in Transit .............................. . Bullion & Concentrates on Hand ................ . Production Pending Outturn ................... . Machinery Parts & Supplies .................... . Sundry Deposits ............................... . INVESTMENT: 149,675.07 2.00 Philippine Smelting Company ............................... . DEFERRED ASSETS: Prepaid Charges ...... · .. · ..................................... . Pl,414,628.05 1,144,422.12 1,018,606.54 100,000.00 10,277.18 P3,687 ,933.89 THE MARSMAN MAGAZINE for March, 193!) SAN MAURICIO MINING COMPANY LIABILITIES CURRENT LIABILITIES: Advances-Marsman & Co., Inc. . ................ . Accounts Payable .............................. . Marsman Trading Corporation ................... . Uncollected Dividends .......................... . Accrued Taxes ................................. . Accrued Expenses ............................. . Bills Against Bullion and Concentrates shipments .. . Unclaimed Wages .............................. . Chapa Deposits ................................ . p 178,129. 75 15,383.27 44,109.03 54,546.65 54,944.78 78,204.20 104,483.94 253.04 2,938.35 Accrued Payrolls ............................... . 17,970.20 . p 550,963.21 RESERVE: Income Tax NET WORTH: Capital Authorized-8,000,000 shares of 10¢ each as at 31st Dec. 1937 · . . . . . . . . . . . . . . PS00,000.00 2,000,000 Shares of 10¢ each Authorized 1938 . . . . . . . . . . . . . . . . . . 200;-000.00 Pl,000,000.00 Issued-10,000,000 Shares of 10¢ each Fully Paid Stock Premium ................................ . Surplu.sBalance as at 1st Jan. 1938 .... Add-Net Profit for the Year 1938 P740,231.08 1,625,154.38 P2,365,385.46 Pl ,000,000.00 151,575.96 Pl,151,575.96 Less-Dividend No. 2 . . . . . . . . . . 477,500.00 1,887,885.46 There is a contingent liability for machinery parts and supplies ordered under irrevocable letter of credit amounting to P34,310.00. Manila, P. I., 1st February 1939. 97,509.26 3,039,461.42 P3,687,933.89 We have examined the books and account~ of San Mauricio Mining Company for the year ended 31st December 1938, and have compared them with the Mine Manager's Certified Returm. which have not been audited by us. No provjsion has been made for Ore Depletion. Subject to the foregoing in our opinion the above balance sheet is properly d:tawn up so as to Exhibit a true and correct view of the state -:>f the Company's affairs as at 31st December 1938, according to the best of our information and the explanations given us and as shown by the books. Tm': MARSMAN MAGAZINE for March, J939 FLEMING & WILLIAMSON Accountants 11 12 SAN MAURICIO MINING COMPANY PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1938 To LOSS ON SALE OF MACHINERY AND SUPPLIES ..................... · · · · · · · · · · · · · · To ADMINISTRATIVE EXPENSES ............ . To GENERAL OVERHEAD: Audit Fees . . . . . . . . . . . . . . . . . . . . . P Bonuses ....................... . Documentary Stamps ........... . Fees and Licenses .............. . IY.l.come Tax .................... . Insurance ...................... . Interest ...................... . Leave Salaries ................. . Legal and Notary Fees .......... . Miscellaneous .................. . Postage ....................... . Stationary and Supplies ......... . Subscriptions and Contributions .. Telephone, Radios and Telegrams ... 3,000.00 3,500.00 515.53 2,171,31 97,509.26 12,926.68 4,469.72 4,583.85 6,000.00 2,369.96 604.81 589.90 8,631.21 277.26 To PAYMENTS MADE UNDER FINANCING AGREEMENT WITH MARSMAN & CO., INC. DATED 6th AUGUST 1935 AUTHORIZED BY STOCKHOLDERS 15th JULY 1935 AS 4,457.79 105,706.84 147,149.49 AMENDED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,907.69 To NET PROFIT FOR YEAR . . . . . . . . . . . . . . . . . . . 1,625,154.38 P2,026,376.19 By OPERATING PROFIT . . . . . . . . . . . . . . . . . . . . . . . . P2,026,376.19 P2,026,376.19 THE MARSMAN MAGAZINE for March, J999

Media