Building The West

IN CHAPTER I it was shown that the approximate market value of the copper produced at the twelve big Porphyry mines from 1905 to 1931, inclusive, was $2,821,300,000. This represented the refined metal ready for shipment to the consumer. In addition, at least $50,000,000 worth of gold and silver had been produced, more than $30,000,000 coming from the Utah mine alone. Consequently, the revenues totaled about $2,871,300,000, as shown in Table 58. Society paid this sum for a given quantity of metal that it wanted for industrial use. Where did the money go? Who were the direct beneficiaries of the creation of this new wealth? These questions this chapter will answer in a general way. Because some necessary data are not available, an exact tabulation in detail can not be made, but Table 58 is believed to reflect with reasonable accuracy the disposition made of the aggregate income from the twelve operations. The word "operations" is used advisedly because the complexity of corporate relations precludes the possibility of picking out companies, as could be done if each enterprise were an independent entity such as Miami, for example. Some explanation of the table and some elaboration of the items under "Outgo" is desirable. In the first place, it is assumed that the sum of surplus current assets existing in various treasuries at the end of 1931 was substantially equivalent to the “new” money that actually was put into the enterprises as a group. Less than $20,000,000 in new capital was realized from securities sold by the Utah Copper Co., the remaining funds coming from earnings. In respect to some of the others, such as Chuquicamata, Inspiration, and Andes, the amount of new money was much greater. However, of the two items-total new capital invested and total current surpluses-the former