THE BROKEN HILL PROPRIETARY CO. INTERESTING FINANCIAL HISTORY.

Te Aroha News, Volume VI, Issue 330, 2 January 1889, Page 2

THE BROKEN HILL PROPRIETARY CO. INTERESTING FINANCIAL HISTORY.

At ft banquet teftderel to the directors of the Broken Hill Proprietary Co. at Vdelaide at the end of last month, Mr Patton, the general manager, mentioned that a year ago he had reported the quantity of ore in sight to be no less than 700.000 ton?, averaging 3lozs of silver to ths ton. The quantity of ore at present in sight was greater than then ; the development of the mine had in fa-t more than kept pace with the output, and the property^ooked far more promising to-day than a twelve-month since, not withstanding the enormous production of ore that had been made. His account of the financial history of the company was pregnant with interesting details. At the outset of the company's career, the amount placed to their credit was about £13,000. They ordered two 30 ton furnaces in October, 1885, the available calling power of the company being £16.000. Fifty tons of ore were taken out by Mr Jamieaon, at that time the general manager of the mine, containing 35,6050zs of silver, which was reduced by the Intercolonial Smelting Company, ! and realised L 7442 12a lid. At that time silver was much higher than now, the price being4s 2d an ounce f orfine silver. They then sold 1200 tons to the Barrier Ranges Silver Association smelters, and received net from them £26,251 10s 10d, making a total from the two disposals of L 32 ,600 for ore sold, exclusive of the M 3,000 thatwas in the bank, a portion on deposit and portion on call for working expenses. Their own furnaces were ordered in October, 1885, and in May, 1886. When they grot these furnaces in blast, they were L 2500 in debt, having spent L 48,000. They started paying LI dividends in July, 1880, and ran until November, 1887, with three breaks — none being paid in August and September, 1886, nnd May, 1887, They paid fourteen £1 dividends. In December, 1887, they increased the dividend to 30s, and ran until April, 18i8. In May last they felfc justified in increasing the dividend to £2, and at that it had remained up to the present time* They had paid in dividends a total amount of £536,000, and cash bonuses from the sale of blocks amounting %o £576,000. The total quantity of silver produced was 6,500,3460zs and 25,233 tons of lead. Tlie groas total of the value of the metal was £I,soo,ooo— the silver being £1,180,000 and the lead £320,000. Referring to the matter of a reserve fund, he said that the company had no reserve in cash, but they had 19,000 tons of coke in stock, on which they had paid £71,000; and this he not unjustly considered was as good as a reserve in cash, if not better. Money in the bank was not regarded as so useful to a concern like the Broken Hill Proprietary Co. as a store of the material necessary for reduction the vast quantities of ore they have awaiting extraction from the mine. The wonderful success of the big mine suggests tin enquiry to the prospects of others, not alone those on the same line, but also in vnrious parts of t!ie field. What seems to be needed in that c«so of these mines are capable and eneiv gotic ninnngwhenb »md con mere- in the outliiy of ciipitnl. To those desiderata, fur more than even to the t'jeistene of i enormous dojxisits of vnUwhle'ore? in the I mine itself is t tie ""tiroes* ot the Brokep ) Hill Prufuii'tary Co. dim.