Presidential Address, 1952

I have chosen this topic for my address with the intention of preserving a rather extraordinary record of recurrent additions of capital in the financing of one of the world's important silver-lead-zinc mines. The recitation of the trials and tribulations which fore-shadowed the rise of Mount Isa Mines to a position of relative prominence in the realm of non-ferrous mineral production may, I hope, be of assistance to some of the younger members of the Institute who may be called upon during their careers to meet similardevelopmental and financial problems.Mount Isa Mines Limited was incorporated in New South Wales in 1924 with an Authorised Capital of 40,000 shares of £20 each.In November 1925 the Company acquired the leases and water rights of the Mount Isa Proprietary Silver-Lead Limited for 6,250 fully paid £20 shares. Shortly thereafter, but in the same year, the £20 shares were split up into £1 shares, thus bringing the Authorised Capital to £800,000.The leases purchased consolidated and brought under one management the principal ore bodies of the Mount Isa area.Transportation facilities were indispensable to the economic future of the field, so the construction of a railway extending the Government line from Duchess, 54 ,miles to Mo.unt Isa, was assured by the passage of a bill in October 1925 by the Queensland Parliament. Under the provisions of the so-called Mount Isa Railway Act the Company was required to idemnify the Government against national loss on this branch line for a period of 10 years.