Publisher's Synopsis
Excerpt from The Mining Magazine, Vol. 16: January, 1917
Last month we referred to the endeavours of the controllers of mining companies to se cure a less strangling application of the excess profits tax to their operations. 'their argu ment rightly is that mining risks demand a comparatively large return on money invested, and that ample allowance should be made for the redemption of capital in the case of a wast ing asset such as a mine. With regard to this redemption of capital, or amortization as it is nowadays called, we said that directors and shareholders have only themselves to thank for their present unenviable position, for very seldom have the companies applied profits for writing down the property account in the bal ance sheet. We promised that at another time we would say more on this point of amor tization, so we return to the subject now.
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