January 17, 1895.]
would not have been asked their opinion if it had been merely a question of introducing the oyanide process, because the directors could have taken the responsibility of that; but at that time, we were not agreed amongst ourselves about going on with the proos, béoange if we did then it meant making a call. The feeling of the meeting was decidedly in favour of the process, but it was decidedly | against having a call to pay for it.. So the ordering of the plint wis abandoned for the moment; but directly we had sufficient money in hand to purchase it, and we were all agreed on the Board, then we ordered it.
Capt. BURNIE-I distinctly remember the feeling of the meeting was against the cyanide process.
The CHAIRMAN-My idea is, it was not so. What is your idea, Mr. Gillies?
Mr. GILLIES-I think you will fad it recorded in the minutes. My recollection of the meeting is that it was in favour of the cyanide process if no call were required
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The CHAIRMAN-Your own resolution. Mr. Cooke, at that meeting the resolution that was carried Was that "Action bo postponed. both in regard to the oyanide process and the question of a further call. I do not see any- thing about a further meeting to be called to consider the question.
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CHINA OVERLAND TRADE REPORT.
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The CHAIRMAN-It is the same thing with regard to writing off from the profits. I thought I had explained that although we made a profit out of the working account, we thought it right to write it off I have nothing further to say except to put the amend⋅n at of Mr.. Fraser Smith, se onded by Mr Cooke, to the meeting, Have you got it in writing ?
Mr. FRASER SMITH-Vote of no confidence is enough.
The CHAIRMAN-That there should be a vote of no confidence in the Chairman and Director-
Tillett have said, and every word they have said is perfectly soourite; you can't refute them. In fact, the affairs of this Company BAOM to have been grossly mismanagøð, and you give us the same falsoma, idiotic phrases about stook. &c. We have put a lot of money into this Company for years and we now want a dividend and it is the fault of the Directorate we have not had a dividend. I do not hesitate to say it. The cost of mining and milling is set down at $89,000; against an output of whạt P And Mr. Orange, our Chairman, has the audacity to come here and make a comparison between [ate of this Company ? mining in the Straite Settlements and mining at the Cape! Sundry charges, insurano, freights, &o., 34,549, what is it for ? No explanation; you don't know! Head office expenses, $6,000. I- guess I could run this show at $100 a month, and run it as well as it is now. If we are con. ributing for the benefit of anybody it would be just as well to let us know. Many of us would resign our shares and throw it up if you are to go on in this way. $3,521 in legal expenses for a paltry Company like this! What for? Surely it was your business to give an explanation of what this large sum was expended for.
The CHAIRMAN-It was in connection with. the settlement of the London Company, If you want details you can come to the office.
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Mr. FRASER SMITH-Yes, Upon & vote being taken 13 voted for the amendment and 7 against.
The CHAIRMAN—The vote of no confidence is carried. I will now put the accounts before you.
Mr. FRASER SMITH-My amendment was against the accounts. The vote of no confidence
means that no accounts can be passed.
The CHAIRMAN-Then you will have to pat at in writing.
propose
Mr. FRASER SMITH-I will do so. that the mosting be adjourned to take such steps as we may think advisable.*
The CHAIRMAN-I will not consent to an ad- journment. I will now put the report and se- counts to the meeting.
Mr. G C. Cox-Do you accept the vote or do you intend to take a poll ?
The CHAIRMAN This vote of no confidence is purely informal. It has no connection with the business of the meeting
A vote was then taken as to whether the report and accounts should be ado sted. Fur voted in favour, and a large majority against their adoption
The CHAIRMAN—A poll is demanded by five members, and a ballot will be taken at this office next Monday at 12 o'clock, aid the resuit of the ballot shall be deemed to be the resolution of the meeting at which the motion was proposed. That concludes the business of the meeting.
The following is the report presented to the meeting:-
A
Mr. FRASER SMITH-I don't want to come to Mr. Coord-As that resolution was proposed the offloe. I want an explanation here. Pun- You What is that for? and pas-ed we should have been notified when jom offios. $2,012! you intended to adopt the cyanide process You have an office here and one at Punjom. The should have asked our opidion (Applause!) amount of expenses on the dobit side of the balance
Captain TILLETT—The question I have to ask sheet prohibit any possibility of a profit. What Mr. FRASER SMITH-It is an amendment to is this-Why is no mention made in the report is it for ? Let us see what they do. Yon om't
your proposal that the accounts be passed. The and balance sheet of the liability for preference tell us. Administration, $391352. You have
vote was plaiuly worded, and if it means any- shares P—( Hear, hear, and applause) If you riven a sort of explanation of what that means; thing it means that the accounts ara rejected. turn to page 12 of the memorandum and articles but I do not think any public accountant-and I The CHAIRMAN—I do not eve it. of association, paragraph 6. you will see The am sorry for the auditors—would have allowed that Mr. FRASER SMITH-I do not care; it is holders of the said preference shares shall be huge sum to go in under the head of administra-only your own stupidity which prevents you entitled to a onmplative preferential dividend at 'tion, which absolutely means nothing Another from seeing it. the rate of 12 per cent, per annum." Now, thing I am sorry to have to call your attention again. we will turn up page 26, and in para- to. It has been admitted in all public companies graph 137 you will see: -" First-To the in Hongkong that unless where there were ex- payment of a preferential dividend at the 'traordinary circumstances the directors should rate of 12 per centum on the nominal amount of not take fees if the business is not remuneratira. the said preference shares, 80 that auy I see $2.50 pat down as directors' fees. Well, deficiency in such percentage of dividend for I have the bodour of being acquainted with which the profits of one year may be insufficient many of them, and two or three, I should say, to provide shall be made good out of the profits would be perfectly sorry, to take fees after I of any subsequent year." Consequently, we are have called attention to it I think I am per- getting on to have three years' dividends to pay feotly accurate in saying that in all public com- at the rate of 12 per cent on those preference panies, nnless they are paying, the directors shares; and that is what I maintain should have abstained rigidly from taking fees; and it have been shown as a liability. Applause.) | is public gossip in the town that some of the I do not consider this is the proper way to directors of this Company were of opinion that
Your I make up a balanos sheet. (Ap...›lause.) -E will call the fees should be increased. For what?
attention to another inconsistency. We see in services no doubt may have been valuable; but I The settlement with the Penjom Pabang Company your own report, paragraph 4, “ New prospecting | do not see it. When you can send ont accounts any was completed during the past year, and the re-assign. shafts and drives have been made resulting in inan understands and 'et us kuów how the money ment of the property handed over to this Company.
Tho work carried on at Punjom has been consider- very promising discoveries. To the south of is going then you will be entitled to ithable, and particulars have been given in the monthly the mine a new roof has been found which is abourer is worthy of his hire-but I emphatical reports of the Manager. The August shaft was deep- now being tested by a drive from the lower ly protest against this item going into the no- ened, and new drives opened out at the 200-foot level. levels." And then if you turn over the leaf counts. The writing off which Mr. Choke has so The reef was struck from the shaft, but unfortunately you will fad :. "The Board regret that during ably oalled your attention to is absurd. Is your though well defined and of a prouiaing nature, it has the past year no prospecting has been done new machinery loss valuable or has your pro-proved poor in quality up to the present. Driving is on the Company's concession, owing to lack of perty depreciated ? Surely not. It reflects proceeding along the line of the reet to ascertain if better qality be not met, sud probably a winze will funds, all profta baving been spent on new upon you. This show has bien muddled from
be sunk to further prove the nature of the lode. machinery, and on what should be capital ex- the beginning to now and it has ben muddled penditure." You practicably contradiot your-long enough, and for that reason I propose a Belf.
vote of no confidence in the present Chairman The CHAIRMAN-We mean no prospecting | and Directórs. outside the Jalis mine. That is understood
Mr. COOKE-I am sorry to say I have to Capt. TILLETT-At any rate, there is an in-second Mr. Fraser Smith's proposal-applause) onsistency there, and I maintain that the -for I consider what he has said is quite true. balance sheet is not correct in leaving out that |(Applause), liability for preference shares. I for one will not support the adoption of the report. (Ap- plange.)
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The CHAIRMAN-I am certainly not going to make a defence for myself or the Board. hope we have sufficient friends here to speak Mr. FRASER SMITH-It is with influite regret for us all. I do not happen to have much ex- I have to rise to propose a vots of no coufidence perience of Boards in this Colony, but I know we in the Chairman and directors of this Com. have met very many times and given a great deal pany, and I will, as briefly as possible, give you of our time, which Mr. Fraser Smith has been my reasons for asking you to support me in pleased to say is of no value. I myself and Mr. carrying this amendment to the jesolution that Gillies especially have worked for yearsand years this report be adopted. If there is a man in this for no remuneration, and when the new Company joom who knows anything about accounts, who was formed we determined we would not do it in has even the elementary knowledge of a common future. The labourer is worthy of his hire. The clerk, he has only to read this balance sheet once preference shares is a matter of book-keeping, and to see what a piece of meretricious rubbish it is. if it is so wrong our auditors might have pointed Mr. Orange has favoured you-why he did it out for us. I do not think it is wrong. is only 8 debt so heaven only knows; I don't-with a long It is a debt, but it report from the manager full of technical terms against any money we may have in hand, and which are not understood by us, and he has when w+ gặt money in hand it will be paid. road all those pages of his own supplementing Capt. TILLETT It is a liability and it is a the most idiotic report I have ever seen in growing liability, and as such it ought to be the accounts Hongkong, signed by Mr. James Orange. I shoh Its omission makes have listened to what Mr. Cooke and Capt. incorrect
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The directors beg to submit the accounts for the year ending 30th September, 1894, from which it will be seen that the balance at the credit of working sc- count is $15,309 20.
New prospecting shafts and drives have been made, resulting in very promising discoveries. To the south of the mine a new reef has been found, which is now being tested by a drive from the lower levels.
To the north of the mine a new reaf has been dis- covered about 12 feet wide and of very good quality. viz., about one ounce to the ton; this reef will be proved by a crosscut from the 200-foot level drive, and is the most promising discovery yet made at Panjom, and ensures a large supply of good ore in
the future.
The new ton-head stamp battery with new boiler has been erected, and has worked very satisfactorily. An additional winding engine was fired at the August shaft and a 12-inch pump erected in the shaft.
During the year 9,874 tons of ore were mined and milled, yielding 5,488 ounces of gold. Also 645 tons of headings, being the ore left by the old Chinese workings, yielding 66 ounces of gold, making a total output of 5,554 ounces, realizing $133,278.29.
The board decided to erect cyanide works for the treatment of tailings by the Mac Arthur Forest proj cess, and a satisfactory agreement has been entered into with the Cassel Gold Extracting Company whereby this Company with the consent of the resi dent holds the sole rights for the State of Pabang. A plant was ordered to treat 1,000 tons per month, and is now being erected at Punjom.
The Board regret that during the past year no pró- specting has been done on the Compay's concession owing to lack of fan is, all profits having been spent in new mohuery, and on what should be capital ex- penditure.
Mr. Blamey was absent for ten months from thể mine in order to recover from the effects of the sociť dent to his arm, and resumed management in Augustį