San Mauricio Annual Meeting

Title

Language

English

Year

1940

Rights

In Copyright - Educational Use Permitted

Fulltext

SAN MAURICIO ANNUAL MEETING A continuation of the outstandingly successful operating results which marked the 1939 activities of the San Mauricio Mining Co., was predicted for 1940 at the annual meeting held Wednesday afternoon, April 10th, at the Marsman Building in the Port Area. Production for 1940 is expected to be around P7,000,000, some P50,000 more than the 1939 total, while dividends for this year will probably be in excess of the P2, 700,000 paid during 1939, stockholders were told. The stockholders unanimously reelected the board of directors as follows: H. P. L. Jollye, J. H. Marsman, Major A. Beckerleg, P. A. Meyer, H. M. Cavender, S. J. Wilson and Antonio Vasquez. Of the outstanding stock of 20,000,000 shares, 16,018,157 were present at the meeting in, person or by proxy. Major Beckerleg, who :recently returned from an inspection trip to. the property, gave ·a detailed report on conditions at the mine. Plant capacity, which was doubled during 1939, will be increased further during 1940, he said. He pointed out that through I I the use of a small pilot plant, the gold recovery had been increased nearly two per cent to around 95 per cent. General efficiency of the entire operations has been increased and the mine and mill are now running smoothly and economically. Operating costs were cut" during 1939, and will be further reduced this year. In anticipation of higher costs and of possible shipping difficulties, the directors of the company decided to lay in supplies and equipment ahead of present requirements and the San Mauricio bodegas now have some 18 months stock on hand. Ore reserves were increased during 1939 to 518,086 tons with a total contained value of Pl9,066,255. Major Beckerleg explained the development work in detail and outlined plans for this year, which are expected to result in further increases in reserves. The stockholders unanimously passed a vote of appreciation to Marsman & Co., general managers of San Mauricio for the successful results accomlished during 1939, Qtarlrtnal JlnsurantJ.1 <!rnmpanu 20 HEAD OFFICE: MARSMAN BUILDING MANILA, PHILIPPINES When You Need INS u·RANCE Cable Address: .. CARDINAL-MANILA" Post Office Box 297 Phone 2-32-32 THE MARSMAN MAGAZINE for April, .1940

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