It does not seem necessary to recount in detail the efforts that
are being made by those interested in the silver mining industry to
employ all possible means to protect the interests of Silver as an
essential element in world commerce and exchange, as the develop¬
ments in this question are being constantly presented through the
daily press.

There is submitted as a part of this report a Comparative State¬
ment for the years 1931-1930 of the outstanding items of our
annual operations, an Income and Profit and Loss Statement for
the year ended December 31, 1931, a Condensed Balance Sheet as
of December 31, 1931, and a Comparative Condensed Statement of
Assets and Liabilities for the years 1931-1930.

Our relations with the Government of Honduras have been of
a helpful and cordial character, and in your name it is my pleasure
to extend to the Government and people of Honduras our sincere
felicitations.

Lewis L. Clarke,

President.
 

Comparative Statement of Operations
For the Years 1931-1930

Year                   Year             Increase

1931                    1930            *Decrease

Total Sales Value of Gold and
Silver Recovered   ........$1,403,104.20       $1,315,821.38       $87,282,82

Tons of Ore Milled ........     131,900.00           108,480.00          23,423.00

Ounces of Silver Recovered. 3,689,790,76        2,957,119.98        732,670,78

Number of Ounces of Silver
Recoveredper ton of Ore..            27.97415             27.2595                .71465

Ounces of Gold Recovered...      15,835.597           13,498,365          2,337,232

Sales Value of Silver Recov¬
ered   ....................  1,075,782,43         1,036,810,24          38,972,19

Average Sales Value of Sil¬
ver per Ounce ...........                .29155                 .3506              *.05905

Average Cost of Silver per
Ounce ...................                .20041                 .2240              *.02359

Average Profit on Silver per
Ounce   ..................                .09114                 .1266              *.03546

Total Sales Value of Gold
Recovered   ..............     327,321.77           279,011.14          48,310.63

Value of Gold per Ounce... .            20.67                  20.67                  ----

Value of Silver Recovered
per Ton of Ore ..........              8.1561                 9.5576              *1.4015

Average Cost of Silver per
Ton of Ore ..............              5,6066                 6.1076                *.5010

Average Profit on Silver Re¬
covered per Ton of Ore,.,.              2.5495                 3.45                   *.9005

Value of Gold Recovered per
Ton of Ore ..............              2.4815                 2.5720                *.0905

Number of  Bars of  Bullion

Shipped from Mine  ......        2,157                  1,748                  409