United Paracale Mining Company Annual Meeting, Balance Sheet

Title

Language

English

Source

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

Year

1939

Rights

In Copyright - Educational Use Permitted

Fulltext

UNITED PARA CALE MINING COMP ANY ANNUAL MEETING At the meeting of the United Paracale Mining Company on March 6, 1939, it was reported to the stockholders that the company had a very successful year during 1938. The annual report showed net current assets of approximately P740,401.57. The net profit for the year 1938 was P620,l 77.60, of which P551,176.48 was paid in dividends corresponding to 5 centavos per share. tion 1Jf 113,473 tons during the year having a value by P2,607,854.00. The very satisfactory condition of the mill and mine was explained to the shareholders by Major Beckerleg. The directors elected for the year are as follows : Elmer Madsen, H. P. L. Jollye, Major A. Beckerleg, A. F. Kelly, J. H. Marsman, Luis Perez de Olaguer Feliu, and S. J. Wilson. The ore reserves at the end of 1938 contained 243,000 tons valued at P6,836,000.00, for an average of P28.12 per ton. Notwithstanding the producA resolution was passed extending a vote of thanks to Marsman & Company for the successful and efficient management during 1938. UNITED PARACALE MINING COMPANY ' OPERATING ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1938 To OPERATING COSTS: Mine Operating ................. . Mill Operating .................. . P608,219.98 220,699.08 Mine General ................... . 154,991.14 p 983,910.20 " SMELTING AND MARKETING EXPENSESSee Schedule .............................. . " OTHER MINE GENERAL EXPENSES-See Schedule ................................. . " DEPRECIATION ........................... . " OPERATING PROFIT ...................... . 454,700.45 113,834.51 210,095.33 869,710.11 P2,632,250.60 By BULLION AND CONCENTRATES PRODUCED P2,607,854.10 " OTHER INCOME: Profits on Exchange . . . . . . . . . . . . P Interest Earned ................ . Miscellaneous .................. . THE MARS MAN MAGAZINE for March, .193!1 1,764.67 472.01 22,159.82 24,396.50 P2,632,250.60 13 14 UNITED PARACALE MINING COMPANY BALANCE SHEET AS AT 31st DECEMBER, 1938 ASSETS FIXED ASSETS: Mine & Mining Properties ..................... . Capital Development ........................... . Mill Buildings ................................ . Mill Machinery & Equipment ................... . Powerhouse Builcfing· ........................... . 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 Installation ..................... . Hospital Buildings .................•............ Hospital Equipment ........................... . Tools & Engineering Equipment ................ . Furniture & Fixtures ......................... . Miscellaneous Equipment ....................... . Roads, Trails & Bridges ........................ . Less-Reserve for Depreciation ............... . CURRENT ASSETS: Cash on Hand & In Bank ...................... . Sundry Deposit ................................ . Accounts Receivable ........................... . Bullion & Concentrate in Transit ................ . Bullion & Concentrate on Hand ................. . Machinery Parts & Supplies ..................... . INVESTMENTS: p 520,973.14 1,400,428.10 p 70,299.44 225,660.54 29,807.87 423,099.36 11,346.01 307,282.53 2,497.75 12,132.18 12,596.85 41,177.20 2,006.90 4,198.05 116,464.99 17,049.50 61,576.44 20,877.30 6,475.55 15,562.10 50,480.24 72,756.49 37,933.87 Pl,541,281.16 716,810.18 p 95,649.41 2.00 16,147.52 114,872.38 272,699.58 241,030.68 Philippine Smelting Co. . .................................... . DEFERRED ASSETS: Prepaid Charges ............................................ . Pl,921,401.24 824,470.98 740,401.57 100,000.00 3,387.72 P3,589,661.51 THE_ MARSMAN MAGAZINE for March, 1939 UNITED PARACALE MINING COMPANY LIABILITIES CURRENT LIABILITIES: Advances-Marsman & Co., Inc. . . . . . . . . . . . . . . . . . . P Marsman Trading Corporation .................. . Accounts Payable .............................. . Accrued Expenses ..................... · . · · . · · · · Accrued Payroll ............................... . Accrued Taxes ................................. . Unclaimed Wages .............................. . 13,654.74 44,834.63 33,903.28 62,375.95 18,285.10 25,126.47 929.13 2,800.00 Chapa Deposits ................................ . Uncollected Dividends .......................... . 6,852.54 p 208,761.84 RESERVES: Income Tax • • • • . • • • 1 • • . • 1 1 • I I • I I I I • I I I I I I I I I I I I I I I I I I I 1 I I I I I I NET WORTH: Capital Authorized11,000,000 Shares @ 10¢ each as at 31st December 1937 . . . . . . . . . . . . . . . . . . . . . . . . . . . P1,100,000.00 2,000,000 Shares @ 10¢ each Authorized 1938 . . 200,000.00 P1,300,000.00 lssued-13,000,000 Shares of 10¢ each . . . . . . . . . . . . . . . P1,300,000.00 Stock Premium-Balance as at 31st December 1937 P1,562,500.00 Add-Premium on Additional Issue 23,381.34 1,585,881.34 SurplusBalance as at 31st December 1937 P 388,806.55 Add-Profit for the year to Date 620,177.60 Less-Dividend Nos. 2, 3, and 4 .. 551,176.48 457,807.67 ~----- -~---~There is a contingent liability for machinery parts and supplies ordered under irrevocable letter of credit in the amount of P30,900.00. Manila, P. I., 1st February 1939. 37,210.66 3,343,689.01 P3,589,661.51 We have examined the books and accounts of United Paracale Mming Company 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 correct view of the state of the Company's affairs as at 31st December 1938, according to the best of our information and the explanations given to us and as shown by the books. THE MARSMAN MAGAZINE for March, :J.939 FLEMING & WILLIAMSON Accountants 15 UNITED PARACALE MINING COMPANY PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1938 To LOSSES ON BAD DEBTS . . . . . . . . . . . . . . . . . . . P " ADMINISTRATION EXPENSES " GENERAL OVERHEAD: Audit Fees .................... . Bonuses ....................... . Documentary Stamps ........... . Fees and Licenses .............. . Income Tax ................... . Insurance ..................... . Legal and Notary Fees ......... . Miscellaneous ................. . Postage ....................... . Stationery and Supplies ......... . Subscriptions and Contributions .. Telephone, Radios and Telegrams . " PAYMENTS MADE UNDER FINANCING AGREEMENT WITH MARSMAN & CO., INC. DATED .1.9th JUNE 1935, AUTHORIZED BY STOCKHOLDERS 17th JUNE .1935, AS AMENDED p 3,000.00 3,000.00 366.36 2,618.05 37,210.66 14,150.00 6,219.23 4,438.08 649.17 637.32 5,793.73 114.21 6th JUNE J. 938 ............................ . " NET PROFIT FOR THE YEAR .............. . By OPERATING PROFIT ....................... . 6,111.54 71,218.34 78,196.81 94,005.82 620,177.60 P869,710.ll P869,710.11 P869,710.11 Downtown Manila, from the air: the. Pasig _Rive1: in the foreground, with the Po11t Office Building in the back center.

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