'June 6, 1895.1
CHINA OVERLAND TRADE REPORT capital of Fos.2,145,000, and giving right to 202 | 30,000 tons of dust coal in 1895, and of 42,000 votes.
tons in 1896, with option to the buyers of Messrs. Chater and Mody, the largest share-taking another 42,000 tons in 1897, at a holders, were appointed scrutineers.
price which gives us every satisfaction. The sales of this quality to local industries amount at the present moment to abont 1,500 tons per month. The upkeep of our plant has been the object of our most careful attention, our railway is now perfected, and we may roundly assert that as soon as the question of finance is settled we shall find ourselves in a good way to attain the realization of profits. As regards this question of finances, important negotiations have taken place, which will be submitted to you, and when you bave become acquainted with their purport you will be asked to pronounce your opinion on the consequences they import. We only have to await the solution of this question to at last be able to get all the return possible from the emormous mineral wealth we are called upon to exploit. I shall be willing to answer any ques- tion you may put to me.
427
to Messrs. Chater and Mody, a sum which to-day amounts to nearly eleven lakhs, which I may re- mark represents actual expenditure in hard cash. They have agreed to receive in total liquidation of this debt to date 2,000,000 fos. in shares, and it is to provide for this that we now ask you to consent to the increase of our capital by this amount, raising it thereby to six millions francs. This is a liberal arrangement enough, but I may further tell you that very nearly all these shares have been parted with by them to the syndicate to complete their consideration in order to bring about the conclusion of our agreement with the syndicate. I think you will agree with me that the unprecedented sacrifices made by these gentlemen merit our heartfelt appreciation. The I fourth resolution will not be put before you... had, however, better briefly explain it, as the phrase "par voie d'apport" may not be familiar to all of you. Some months ago 1 obtained from the Government of the Protecto ate of Tonkin a concession of the property of the surface over the whole area of the concession; and it was proposed to issue fresh shares in considera- tion of this " apport." To facilitate the arrange- ments, and in virtue of an agreement between Messrs. Chater and Mody and myself, I have now consented simply to hand this surface property
The CHAIRMAN-Gentlemen, we have the honour of submitting to your approval the accounts for 1894 For this year also the results have not been such as we could have hoped for, as several unfortunate oc- currences independent of our control intervened to hinder the development of our enterprise. Such were the plague which during last year raged with such fury in Hongkong and Canton, and for six months entirely stopped the sale of our dust coal in those places, and the China-Japan war, waich so notably increased freights that we were obliged to give up shipping large quantities of coal, the sale price, though it also rose, not being in relation to the cost of transport, which had indeed become excessive. The day on which our financial position enables us to fix charters for lengthy periods will see the end of all these inconveniences. Our receipts thus diminished in notable proportions, it was no longer our interest to push on with the produc- tion, and we decided to dismiss a portion of our coolies, keeping only the number necessary for a
The CHAIRMAN proposed and Mr. ROSE limited output and for the removal of the over-seconded the appointment of Messrs. Chaumier burden of earth at our splendid quarry at Hatou, and de Carrère as directors in place of Messrs.in its entirety to the Company. Consequently it so as to have everything in readiness for future pro-J. J. Keswick and Leroy.
1here were no questions, and the CHAIRMAN moved the adoption of the report and accounts.
Mr. R. M. MOSES seconded, Carried.
ریم
THE EXTRAORDINARY MEETING,
is not necessary to proceed with resolution 5- the appointment of a commissaire to value the property, as it is merged in the Company's conces
pany for it. These, gentlemen, are the few re marks I have to lay before you, and I am ready to answer any question that you may choose to put to me.
No questions being asked, the CHAIRMAN put the following resolution That the head office of the Company be removed from Hongay to Paris."
Mr. GROTE seconded the resolution. Carried.
The CHAIRMAN moved a resolution authoris- An extraordinary meeting of the sbareholdersing the increase of the capital of the Company was afterwards held, M. Bavier Chaffour being from Fes. 4000,000 to Fcs. 6,000,000 by the
issue of 4,000 shares at par. € in the chair,
Mr. BRODERSON seconded." Carried.
The CHAIRMAN-The other points on the order of the day for reasons given require no further mention, and therefore I shall pass them. This, gentlemen, concludes the business of the meeting and I thank you for your attendance.
AUSTRALIAN GOLD MINING
CO., LIMITED.
fitable work thereon. Every economy possible, The CHAIRMAN-You all know the keen in compatible with proper management, has been re-terest Mr. Keswick, of the firm of Messrs. Jar- alized, and in spite of our forcedly nupropitiousdine, Matheson and Co., bas taken in this Com-sion and no consideration is given by the Com- surroundings, the balance sheet for 1894 shows a pany, and so has Mr. Leroy. I have therefore far better state of affairs than that for the preced- no doubt that you will all join with me in express ing year.
A glance thrown on it will be suffi- ing our appreciation of the services these gentle cient to bring conviction that the situation of men have rendered to the Company. (Applause). On the motion of the CHAIRMAN, seconded our Company is sensibly improved, and even to induce the best-founded hopes for its near by Mr. GROTE, Mr. Matharel was appointed uu- future. Putting aside the occurrences of whichditor in place of Mr. Champain. mention has been made, which formed such The CHAIRMAN-There is nothing further grave obstacles to our regular working, on the order of the day, and I beg to thank you
attendance. we have, during this year, as before, had to for your carry on our operations under circumstances finan- of a peculiarly unfavourable nature cially. Not only were. we withont working capital, which compelled us to have recourse to credit and crippled our operations, but we The CHAIRMAN-Before proceeding to the had still to bear the heavy burden of the various discussion of the various points on the order of loans successively contracted during the the day, I beg to call your kind attention to period of organisation which preceded that of some preliminary remarks I now put before you. commercial exploitation, on which we are fully Gentlemen, in taking the order of the day launched to-day. Comparing the balance for this extraordinary meeting, I have to inform sheet of 1894 with that of 1893 you cannot but you that since its publication circumstances arrive at the conclusion that immense progress have to a certain extent altered, and it will not has been made. In 1893 the net proceeds of the be necessary to put all these resolutions before extraction were $446,601.59. Interest, commis- you. The reasons for this I will explain in detail sions, and discounts amounted to $157,466.19. The as I take the various points. As you were in- RAUB total loss on the year was $94,828 17. In 1894 the formed at the last general meeting, I have for net proceeds of the extraction, whose development a considerable time been occupied with negoti- was arrested on account of the reasons given above, ations with a view to releasing the Company from
The following is the Mining Manager's report. were $165,325.92. Interest, commissions, and dis-its present unsatisfactory financial situation, and counts reached the figure of $190.293.18. The I have now to lay before you the result of these for the twelve months ending 28th February, total loss on the year is $22,898.14. So, in spite negotiations. I may tell you briefly that this is 1895 of heavier charges for interest than in 1893, "the that a syndicate has been formed in Paris, which To the directors and shareholders.
Gentlemen, I have the honour to herewith loss for 1894 is far less, a result due on the one has agreed to finance the Company to the extent hand to the improvement in the sale price, on the of 2,000,000 fcs. towards paying off the current forward you my report for the year ending the I regret I cannot lay before you other to the saving realized. Given these figures, debt of the Company and finding the necessary above date. we are, we think, fully justified in asserting, working capital. The amount will be due at as favourable a report as I hoped to have done the end of 1897, when the syndicate has the in the way of dividends; still, good substantial and indeed it may easily be deduced from an examination of the balance sheet of 1894, that option of taking payment in cash, or of convert-Irogress has been made with the development the Company will be on the high road to profitsing this indebtedness into shares of the Com- of the different sections of the mine, all of on the day on which it is released from the charges pany. These gentlemen having agreed to supply which are now in first class working order, with that hamper it, and when it is in possession of a so large a sam naturally are desirous of having large reserves of ore in each. Each section is the direction of affairs puder their own eyes, thoroughly equipped with both pumping and sufficient working capital, an event which may well be realised, thanks to a scheme which will and this is why we will ask you to day to winding machinery, and the crushing power bas shortly be laid before you. As far as regards our | sanction the transfer of the head office to been doubled by the erection of an additional ten head of stamps. The whole of these improve output, the quality of our screened coal and of our briquettes is more and more appreciated, as
ments have been paid for out of the profits of much in Tonkin, where the Administration of the
the mine, Protectorate takes regular supplies for the navy, for the Customs launches, for the public works, and for the Residencies, as at Bongkong, where that we find a ready market for these descriptions of funds naturally claim a quid pro quo; this by bullock carts, which is both slow, costly, and То assist unreliable. To illustrate this, I may state that fuel, thanks to their perfect quality. We may is simply a matter of business.
was no less than twenty-eight of the working bul- even assert that we could easily increase our in satisfying their requirements, it sales of screened and briquettes in noteworthy originally proposed to reduce the existing capital locks have died during the last three months, the proportions, if our output permitted it, and as this question depends solely on our financial position, it may here again be easily seen how much we should profit by an improvement in this position. You must be aware that nothing should be easier than to double or even triple our output, thanks to the facilities in working presented by our Hatou quarry. The question is simply one of labour, and is one easily to be determined when we have our hands free. Our sales of dust are also developing. We have made a contract with an important firm in Canton for the delivery of
Paris. I now come to resolution No. 2-re duction of capital-which I am happy to inform you that I have not to put to you, thanks chiefly to the action of two of your directors, Messrs. Chater and Mody. You will understand the gentlemen who furnish the
The defective part of our present working system is the transport of the ore from the mines to the battery. At present this is done
by one half, i.e., each shareholder was to receive cost of which is not less than $1,500. To remedy one new share for two old ones. Now, however, this, I have recommended to the directors the Messrs. Chater and Mody have generously come construction of a light railway to connect all the forward, and consented to find themselves very mines with the battery, the surveys, plans, es. nearly the whole of the consideration required timates, and specifications for which are complete by the syndicate, myself supplying the balance for the construction of the first section as far as This very heavy sacrifice, whereby you, gentle- Bukit Malacea, about three miles, and the es- men, are placed in so far more advantageons a timated cost is about £32,792 00. I can proceed position, is closely connected with resolution 3-at. once with the work, as soon as I receive From authority to do so. The cost of this work, in- increase of capital by issue of shares. examination of the balance sheet you will see cluding rolling stock, can be paid for out of the how very large a sum is owing by the Company proceeds of the mine if the shareholders desire