November 7, 1895.]
directors think it best to make it the nucleus of a provident fund, which they propose to continue by calling upon each member to pay into the fund five per cent. of his salary, and the Society adding thereto a similar amount. This will scarcely be felt by the Company, it will be an advantage to the Society's servants, and will also benefit the Company itself inasmuch as the Society will be able to dispense with the services of any officer who becomes past his work without feel | ling that he is being hardly dealt with, and it will also naturally increase the interest in the Company among the members of the staff. (Applause). I hope, gentlemen that this proposal has your approval. (Applause). 1895.-It is, of course. impossible now to say what will be the final outcome of this year's working, but the accounts at present look very healthy. Before moving the adoption of the report and accounts I shall be happy to answer any questions that you may wish to ask. (Applause).
Mr. CoxON-I notice in your report a para- graph regarding which you have said nothing, and which has reference to the directors' fees. From information received I learn that the fees paid to the London Committee far exceed those paid to your. Hongkong Board. on whom the greater responsibility rests. I would like to mova a resolution on that subject to the effect that an addition be made to the $7,000 now allotted for directors' fees, and that the sum be increased to $12,000, if I am in order in making the resolution now.
The CHAIRMAN-If you make the resolution after the accounts have been passed it will be better.
There were no questions, and the CHAIRMAN moved the adoption of the report and accounts.
Mr. HAWKINS seconded. Carried.
Mr. CoxoN-My proposal is this- That the fees of the directors be raised from the present figure of $7,000 to the figure of $12,000 per annum; that the sum of $5,000 be hereby voted to the Board as an addition to their fees for the year 1895, and that the directors be hereby re- quested to take steps for the altering of the articles of association to put into effect the first part of this resolution."
Mr. SHARP-I have very much pleasure, Mr. Chairman, in seconding Mr. Coxon's proposal. I do not think this is a matter on which it is necessary to say very much, as the proposal is one that is sure to commend itself to the body of shareholders as being a reasonable one under
the circumstances.
The CHAIRMAN-Before putting the resolu tion I may mention that this clause was put in the report with the view of bringing it before the notice of the shareholders. The directors did not propose to take any definite action them- selves; they had felt that the remuneration was insufficient, and they hoped the shareholders would look at it in the same way. You will understand, gentlemen, that this resolution will not take effect until this present year; it has nothing to do with the accounts passed for 1894.
The resolution was carried uem con.
The Chairman-On behalf of the Board of Directors, gentlemen, I thank you, and I do not think you will find your confidence misplaced, as we shall try our best to show in a practical manner our appreciation of the confidence re- posed in us. (Applause.)
Mr. LEWIS proposed the re-election of Messrs. G. B. Dodwell and D. R. Sassoon as directors.
Mr. MORRIS seconded. Carried.
Mr. ANDREW proposed the re-election of Messrs. J. H. Cox and W. H. Potts as auditors.
Mr. BYRAMJEE seconded. Carried.
CHINA OVERLAND TRADE REPORT:
tell you that this rate of exchange varies with every increase or diminution of our gold, but the rate at which the figures now work out is .3s. 34d, and on the present outlook this appears a fairly safe rate. As notified to share holders by circular dated the 31st July, 1895, the directors recommend the transfer of $250,000 from the exchange fluctuation account to paid up capital account, thus making the paid up capital $500,000, in 10,000 shares of $50 each, and re- ducing the uncalled liability from $225 per share to $200 per share. From the information we have received and from the proxies sent us from all our branches and agencies, this pro- posal seems to have met with the unanimous approval of our shareholders. We are advised by the Society's solicitor that the proper method of effecting this transfer will be to make a call on the shareholders of $25 per share, and simultaneously to declare a dividend of same amount out of the exchange fluctuation account. I will now, therefore, propose a resolution for your acceptance to enable us to carry out this object "That the proposal of the Board to transfer $250,000 from exchange fluctuation account to paid up capital account be hereby adopted, that a special dividend of $25 per share be declared out of the amount at credit of the exchange fluctuation account, that a call of $25 per share be made on the shareholders, and that the aforesaid dividend be applied to the pay. ment of the said call."
The CHAIRMAN-I will now, gentlemen, bring before you the subject of the proposed transfer of $250,000 from the exchange fluctua tion account to paid up capital account. The amount of this fund as at 30th June of this year was, you will see from the balance sheet, $724,366.65; and taking from it $250,000 will leave $474,366.65. This sum would not have ensured us to a very high rate of exchange on our gold assets in the event of a rise in the value of the dollar, hence the reason for the conversion of about £45,000, gold into rupee paper which I spoke of just now. I need hardly
дорог
Mr. Ross-I have much pleasure in seconding the resolution!
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947
this point will assist the output of gold for some months yet.
Drainage Tunnel. This has connected with the swamp at the back of the mill and now completed. ·
Gillies' Reef. All the ore above the water level has now been taken out and work there discontinued for the present.
Drivenge for the month 548 feet 6 inches Ore received 1,000 tons 10 owt. Made up as follows:--
August shaft Mill gully
New leader.
924 tons
21
7.
55.10 Milling. This was carried on during 251 days, crushing 1,000 tons yielding 439 oz. dwt. of gold.
Winding Plant at New Shaft.-This is almost completed and will be quite so in a few days
more.
General. The usual attention. has been given to work coming under this head. Roads and bridges are in good order and a new bridge has been built to allow of firewood, etc., being brought in during the monsoon weather.
The new godown at the river is now well in hand and should soon be ready to receive goods coming up from Pekan. Further additions have been made to our firewood stock and mining timbers generally and contracts have been let for further supplies for one year.
Labour. This, I am pleased to say, was never more plentiful.
Health. This is fairly good.
Rainfall. The rainfall for the month was- 8 inches.
The CHAIRMAN-You doubtless have heard that the capital of the Society was considered insufficient; in fact, in some places we were prevented from doing business because the silver amount was insufficient. This is one of THE STRANDING OF THE “BELGIÙ.” the main reasons for increasing our capital. It has always stood at a very good figure, but $250,000 is hardly sufficient.
The resolution was carried.
THE INQUIRY.
The following is a condensed report, taken The CHAIRMAN-It will take some little from the Japan Mail, of the inquiry held at time to make arrangements for carrying out Yokohama on the 21st October into the strand- this resolution, but it will be taken in handing of the Belgic at Sunosaki. at once. Dividend warrants for shareholders will be ready to-morrow, and the bonus to con. tributors will also be ready.
THE PUNJOM MINING CO., LIMITED.
The Secretary of the Punjom Mining Co., Limited, advises the receipt of the following report on work done at Punjom during the month ending September 30th, 1895 :-
*
August Shaft, 200 ft. Level. The chief work carried on at this point has been the driving of the No. I crosscut and preparing reef. This latter has now been completed and for stoping on the course of the north and south
men will be put on to stope out ore for the mill. In the No 1 crosscut, as intimated in my last report, the ore has improved until it is now payable. We cannot yet say what width of ore we have, as up to this time we have not reached the hanging wall. I do not dare to say much until more is known, but the, very fact of pay- able ore having been discovered here is of great evidence that the gold is persistent in depth. importance, if only in establishing the necessary Nothing has been done on Gillies' Reef at this level during the month, but I hope to resume work there in a few days.
here.
Intermediate Level-There lias been an im- provement in some of the points operated on In a crosscut driven east off the south drive on the course of the north and south reef payable ore has been found and as this is immediately in the course of the ore found in the No. 1 crosscut at the 200 feet level, I am of opinion that it is the same chute and that we have some thousands of tons of ore between these two levels. The stopes continue to give their usual quantity of ore for the mill. Owing to the ground becoming harder, and the influx of water, the progress made in sinking the new shaft has been very small indeed, only 9 feet having been sunk for the month. We have still 18 feet to sink to connect with 200 ft. level..
110 ft. Level. We are still making the neces- sary preparations for working the big stopes coming up from the intermediate level, and hope soon to have everything in readiness.
New Leader.-I am pleased to tell you that in following this leader west, we again came upon payable ore, and that, from all appearances,'
The court was composed of HB.M. Con- sul, Mr. J. C. Hall, President; Commander' Edward Street, of the P. & O. steamer Ravenna, Captain Wm. A. Evans, steamer Monmouth- shire, and Captain Robert McGregor, steamer Guildhall. Mr Dodds represented the owners of the Belgic.
Captain W. H. Walker, master of the Belgic, said-On the day coming in, 8th September, we had good observations at noon, and at the course for three miles south of Noshima Light, 89 miles distant. At 4 p.m. we sighted land on the starboard side, and at 6.40, after altering the course, we sighted Noshima Light bear- to S. 75 W. by compass. At 7.25 Noshims ing W. compass. At 7 p.m. we altered course Light was abeam. I estimated the distance at three miles, and altered course to W. S. At 7.55 altered course to N. by W., and at 7.59 altered course to N. W. At 8.05 altered course to N. and at 8.10 to N. E., and at 8.17° to N. by E.. At 8.20 altered course to N. 17 E., I taking Mela Head for Sunosaki, and con- sidered that Sunosaki was abeam. I then left
turning to the bridge at 8.31 the second officer the bridge for about ten minutes. Upon re- was in charge and reported that we were running into a thick fog-bank. On look- ing ahead I noticed we were close to the land and could see the lines of breakers. At ̈ 8.32 put the helm hard astarboard and the engines full speeed astern, the ship driving on to a sandy beach. At 8.47 engines full speed astern. At 849 ship stranded, and stopped engines. The ship's head was N. 29 W., Sano- saki about N. 57 W., Mela Head S. 5 E.; all by compass. The moon was just rising over the land, and the horizon was a little deceptive. It was a fine night. The fourth and second officers were on the bridge and a Chinaman on the look-out forward. After setting the courses I had no conversation with the officers on the bridge, beyond saying Sunosaki was abeam.". have made the entrance to Tokyo Bay for ten years · running. This was my forty-ninth voyage over the course. I was steering more by the land than by the compass courses. current might possibly have deflected my course, but there was nothing unusual in wind or tide. We allow a degree and a half for the current.
The chart by which, the ship was steered was then put in.