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20 <br />ore shoots wherein the grade of ore is subject to considerable variation. <br />Consequently the daily mill returns show a great range in the value of <br />J <br />the ore treated. In view of this fact it is obviously impossible, X <br />without an excessive increase in the mining cost, to maintain uniformity <br />in the mill production and to avoid monthly fluctuation~n the profits <br />~-ement, however, to minimise <br />1 0{ the mine. It is the aim of the mana~ <br />~t' this disparity. In this connection I would caut~oe tlhedepressed on <br />a elated or too a Y <br />against being either tocr highly rofits of <br />account of any abnormal increase °r Band confidently hope to be able <br />the Company" W e shall endeavour, <br />to render annual statements of earnings Which shall be entirely <br />satisfactory to the Shareholders. <br />To Summarize. <br />- I would state that the past year's operations have been extremely <br />gratifying. The profits, you will see, o r ~ henl I had the pleasure <br />promised by me in my Report of NIa}, 9 '~ ro ert <br />o{ recommending to the Shareholders the purchase of the p P Y• <br />I desire to express my appreciation of the loyal and efficient <br />~ services rendered by my assistant, Mr. A. Chester Beatty, your <br />' manager, Mr. \\'illiam J• Cos, and his able staff of assistants, in <br />connection with the administration of the Company's property. <br />~ Qe the liberal treatment <br />It is with pleasure that I also acl:nowledb <br />shown the management by the former owner of the mine, The Hon. <br />"I"homas F. \T'alsh, in the adjustment of monetary and other differences <br />incident to the transfer of the property. <br />Your truly, <br />1 (Signed) JOHN HAYS HAMNIOND. <br />ter, -... <br />,•~ . <br />.,, <br />,~ <br />5. <br />Jc <br />