The financial position of the Company at the beginning and
at the close of the year 1928 based upon Balance Sheets prepared
by the auditors at both dates is set forth in condensed comparative
form,

December      December        Increase

31,1928         31, 1927         Decrease

Current Assets   .................$2,761,261,42   $2,640,776,75   $   120,484,67

Current Liabilities   ...............     132,002.53       117,83003         14,172,50

Net Current Assets  ........  2,629,258.89    2,522,946.72       106,312.17

Other Assets   ....................        6,438,96         14,230.90        *7,791,94

Permanent Assets—Less ; Deprecia¬
tion   .........................     447,456,90       473,712.08       •26,255,18

Mines, Real Estate and Conces¬
sions—Less:  Depletion of  Mines    892,367,24      920,014,24       *27,647.00

Deferred   Charges   ...............     261,131.84       239,306,32        21,825.52
 

$4.236,653,83   $4170,21026  $    66,443.57

Represented by:

Reserv(^-Insurance   ............$    97,102.28  $    84,886.81   $    12215.47

Reserve—Dividends Payable   ...     100,000,00       100,000.00             ......

Reserve—

Sabana-Grande Advances   .....       27,921.57             ......         27,921,57

Reserve—Property   Replacement .           999.39          1,019,72            *20.33

Capital Stock  .................. 2,000,000.00    2,000,000,00              ......

Surplus   ....................... 2,010,630,59    1,984,303,73        26,326,86

$4,236,653,83  $4,170,210,26  $    66,443.57

Ratio of Current Assets to Current

Liabilities    .....................      20.91 to 1        22.41 to 1        *1.50 to 1
 

* Decrease
 

Dividends Paid

April. 1928 .....................................$100,000.00

July, 1928 ...................................... 100,000.00

October,  1928   .................................. 100,000,00

December, 1928 .................................    50,000,00

January, 1929 ....................:..............  100000,00
 

$450,000.00