possible to forecast what effect this tax will Iwye on the net
income of your Compaii}^.

Four dividends aggregating $14.00 per share, a total of
,000.00, were paid during 1952.

The earnings from mine operations of the Company for
the year 1952 before provisions for depreciation and depletion
and United States income tax were $521,547.87. Earnings
were adversely affected by a smaller amount of premium per
ounce of gold sold in the foreign market as compared with
premium obtained during 1951.

Balance Sheet as of Deceniber 31, 1952 and Statement
of Income and Earned Surplus for the year 1952 are included
in this report.

Respectfully submitted.
 

R. F. GOODWIN,

President.
 

March 12, 1953.
 

44