Cassiar Asbestos Corporation Limited

STATEMENT OF OPERATIONS
For Year Ended September 30, 1955

Salessof- asbestos fibre: ses sce ere sce itr tree EE a

Less:
Gost of, production: es ise ie eee ee ean $ 2,524,401.93
Shippingeand «marketinghcosts: sce oe ee 871,391.30

General and administrative expenses —

BD IreCtOrs sek Ces age saeco ONO need eset OI $ 1,650.00
egal fees) cen iee enter nein atti eer ae one 2,014.30
Remuneration of executive officers 19,500.00
Interest paid less earned 7,706.93
Ad ministrative iexpenses aoe aie oe Ui eh eee eels 57,885.58
Netsprofitibetoreidepreciationie = eee ee

Depreciation of plant and equipment
Net profit transferred to earned surplus eee

Note (1) Under the Income Tax Act the company is exempt from taxation for
three years commencing July 1, 1955. The above statement includes
the operations for the entire year ended September 30, 1955 including
a nine months’ period prior to the mine coming into commercial
production.

(2) No provision has been made during the three months ended September
30, 1955 for amortization of exploration and development deferred as
the amount chargeable to such period would not be material.

STATEMENT OF EARNED SURPLUS
For Year Ended September 30, 1955

Balance September 30, 1954, being excess of sales over costs and expenses during three
months ended: September 30,5 1954 sq = weuies aate

Less portion of above total allocated to period prior to commencement of commercial
production — credited to exploration and development

Balance: September 30,9955: 5 apa se Hea

Pace Eicut

$ 4,749,540.61

3,395,793.23

$ 1,353,747.38

88,756.81

$ 1,264,990.57
578,898.42

$ 686,092.15

3 513,621.75
686,092.15

$ 1,199,713.90

141,212.08

$ 1,058,501.82