Condensed Balance Sheet
December 31,1931

ASSETS

Permanent—

Mines, Real Estate and Concessions .$3,000,000.00
Less:   Allowance  for  Depletion  of
Mines   ......................... 2,137,496.47$  862,503.53
 

Plant,    Buildings,    Machinery    and

Equipment   .....................  1,751,044.13

Less: Allowance for Depreciation,.  1,331,422.72     419,621.41 $1,282,124.94
 

Current—

Cash   ........................................     119,820.34

Bullion at Smelters and in Transit—Less:  Al¬
lowance for Expenses   ......................     231,551.65

Broken Ore in Stopes and Mill Bins (at cost) . .       89,779.10

Materials and Supplies (at cost)   ..............     245,795.19

*U. S. and Other Marketable Securities  (at cost

after Reserve) net plus Interest ............. 2,149,356.02  2,836,302.30
 

Other Assets—

Sundry Accounts Receivable  ..................       14,756.39

Loans Receivable—Government of Honduras. .. .      30,000.00

Capital Stock of Other Company (Nominal Value)              1.00       44,757.39
 

Deferred Charges—

Prepaid Insurance, Taxes and Expenses  ...................     215,971.37
 

TOTAL ASSETS  ...................................$4,379,156.00

LIABILITIES
Current—

Drafts Payable .............................$    61,444.38

Accounts Payable   ............................       23,738.33

Federal Income Tax—1931 ....................      29,657.06      114,839.77
 

Reserves—

Dividends—Payable January,  1932   ............      75,000.85

Mine Fire Insurance   .........................      98,671.84

Transit Insurance   ............................      38,389.06

Sabana Grande Honduras Mining Co. Advances.       31,174.33     244,236.08
 

Capital—

Capital   Stock   (Par   Value   $10.00   per   share)
Authorized and Issued (200,000 shares)......$2,000,000.00

Surplus—
Earned   ..........................$1,437,545^.51

Appreciation   of   Mine
Valuation    ............$1,500,000.00

Less:    Allocated    Deple¬
tion   .................     917,465.36     582,534.64 2,020,080.15  4,020,080.15
 

$4,379,156.00

*Market Value at December 31, 1931—$1,608,887.00

NOTE:  No contingent liabilities were reported to us and so far as we
could ascertain, none existed.