The Directors, in presenting their report, 95, are 1d to be able to say that there is come improvement in the position of the Company's affairs as compared with the previous year. Good work has been done at the mines, and both Mr. J. A. Porter and Mr.
A. Akers report favourably upon the pros-silver necessarily continues to. tell heavily pects for the future, though the low price of against all silver mining company The Smuggler-Union Ca. remitted in due course the money required for interest on Joans and debentures for last year, and this which war paid at the rate of 74 per cent on as been poid in full. Royalty for the year, net, earnings, the price of silver having ranged. under 70 conte per oz, amounts to 18,678.17, against last year Tls. 18,013.84, A new lease hes been made to the Smuggler-'Union Mining Ca. for five years from the Ist day of June, 1896, with a sliding scale for Royalty regulated' by the market price of silver.
'The agreement with Mr. W. A. Akers, the Company's Manager, terminated on the lst December 1895, and' Mr. J. A. Porter, President of the Smuggler-Union Mining Ca., has Kindly undertaken to protect the Company's interests in America.
Text read from the printed page and cleaned; old type leaves the occasional error.