regulations, and we uo at Jalis in the meantime. now, the Board has not enough money for the work at present. We shall be very glad to sell Guban to someone who has money.
Mr. MEHTA-If we are not successful in sell- ing it what will be done?
The CHAIRMAN-We have no money to
work it.
Mr. MEHTA-Before, it was worked very well and paid expenses.
The CHAIEMAN-Yes, it looked very well, but it had to be stopped for want of funds. As soon as we are in a position to do so we shall work it. We have got the cyanide process on our hands and we must utilise it first and then we will take up Guban or any other part of the concession that looks well. Nearly every week the question of Guban comes up at the Board meeting.
་
Mr. MEHTA-I drew your attention to it
because--
The CHAIRMAN-I am very glad you did. Mr. MEHTA That is all right, then. There was an impression that the Board had neglected Gubau.
The CHAIRMAN-I am very glad you did mention the matter as there is such an impres gion.
Captain TILLETT-As it seems that the cyanide process, though it may be a very good thing in the future, has up to the present time almost landed us in bankruptcy, I think it would be a very good thing for the shareholders, as it is absolutely necessary to study economy at the present time, if you would let us know how much expenditure we are to be put to with regard to this Mr. Mitchell. It is evident he could not have been in a fit state to come out when he did. Are we to pay for his passage?
The CHAIRMAN-We do not intend to be put to any expense on account of Mr. Mitchell. Captain TILLETT-We shall have to pay and get the money refunded afterwards, I suppose? The CHAIRMAN-We have already paid some of it in London. I had rather you had brought the matter up privately. The real amount will come out of the money which we hope we shall have to pay later on to the Cassells Company; if we do not get it that way we shall have to go to law about it. I can assure you we do not intend to pay that money if we can help it. Captain TILLETT-In that case I will not say anything more about it. There is another point I should like to being forward, as it is absolutely necessary to study economy at the present time. I notice we ploying two secretaries practically at the present time. Are the shareholders to pay for that?
are em.
The CHAIRMANI explained to you privately some time ago that two secretaries are costing us the same as one secretary before.
Captain TILLETT-I don't remember you telling me that.
The ChairMAN-I assure you I did, at the Club. The arrangements were made with Mr. Potts for the assistance of Mr. Duncan, and we are not paying more than we were before. Mr. Duncan is keeping the books and as soon as possible Mr. Potts will withdraw, so that there will be a considerable saving to the Company.
Captain TILLETT-Of course, so long as the Company is put to no extra expense there is nothing more to be said.
Mr. WILCOX-I hope when the new man comes out he will come out under a medical certificate; that ought to be a stipulation.
The CHAIRMAN-I think so, Mr. Wilcox. We will keep that point in mind when the engagement is made.
The CHAIRMAN-If there are no more ques- tions. I propose the adoption of the report and accounts.
Mr. J. H. Cox seconded. Carried.
Mr. BABHA proposed the re-election of Messrs. Shewan and Lewis as directors.
Mr. WILCOX seconded. Carried..
Mr. G. HOLMES proposed the re-election of the auditors, Mesarg, F. Henderson and W. H. Gaskell.
Captain TILLETT seconded. Carried.
The CHAIRMAN-That is all the business before the meeting, gentlemen.
CHINA OVERLAND TRADE REPORT.
The following is the report:
The directors beg to submit the annexed accounts for the year ending 30th September, 1895, showing a balance remaining at credit of working account of $12,929.79.
CAPITAL.1
As the Company was running short of funds owing to the extra expenditure entailed in con- nection with the erection and working of the cyanide plant, it was found necessary to make the final call of 25 cents per share, which accord. ingly became payable on September 3rd last.
MINING AND MILLING: -
Much good work coming under this heading. has been done at Punjom during the year, full particulars and details of which will be found in the manager's report.
The total crushing of ore and headings amount to 12,541 tons last year, but owing to the poorer quality of the ore the total yield of gold is less, viz., 4.682 oz. against 5,554 oz. in 1894. The quality of the ore extracted has, however, much improved lately and correspond. ing increase in the outturn of gold is expected in future.
CYANIDE PROCESS.
...
By cost of estate By machinery and plant By main shaft By Cyanide plant By Klidah dam... By buildings
By roads and bridges By live stock By furniture at mine By stores at mine By opium at minė By provisions ...
By cash in Hongkong and Shanghai Bank,
Hongkong By petty cash
155,821,76
46,358.15
10,000,00
20,708,75
3,266,85
4,996,98
2,795.74
1,740,29
875,59
11,474/19
1,723,62 686.55
!
6,913.02
99.90
92.85
270.30
$ 130.00 268.70
12,680.09 15,163.96
28,242.75
74.64
$296,141.93
By cash at Pekan agency. By head office furniture By accounts receivable:
Advances to employés at
Punjour ... Balance due on July gold. Part value of August gold. Part value of Sept. gold By deposit with Telegraph Co. at Kwala
Lepis
c.
This so far has proved a great disappointment. Practically no results have been obtained from the trials made and as the chemist in charge seemed unable to explain the exact cause of made with the failure arrangements were Cassels Company at home, the patentees, to send out their chief expert to make enquiries and experiments on the spot. This gentleman | To cost of Cyanide working arrived at Singapore on December 5th, but was To reconstruction of old battery and other immediately ordered home again by his medical repairs adviser. on account of his health, and the direc- tors have had no other course open to them than to reopen negotiations for a fresh man in his place. The consequent waste of time and money is greatly to be deplored.
WORKING ACCOUNT, TO S0TH SEPTEMBER, 1895. Dr. To cost of mining To cost of milling...
BATTERY.
The old 12 head of stamps has been taken down and thoroughly overhauled and re-erected, so that there are now the full 22 heads of stamps in good working order.
DIRECTORS.
Mr. D. Gillies resigned on leaving the colony and Mr. R. Cooke was elected in his place. Mr. W. R. Loxley has also accepted a seat on the Board at the invitation of the directors. In accordance with Article 104 Messrs. R. Shewan and J. H. Lewis retire, but are eligible for re-election.
:
AUDITORS.
To sundry charges:
Insurance Exchange
$77,969.04 35,552.53
113,521.57 3,077.77
4,961,84
..$1,048.89 943.56
628.23
1,662.82
Charges on gold shipments to
London
1,211.61
Gold purchases
656.96
360.00
6,512.01 6,043.61
Travelling expenses Upkeep of police
Payment to the Toh Kaya at
Lepis
44
To head office expenses To legal expenses
To Mana_er's salary and office expenses
at Punjom
To commission to agents at Singapore ano Pekan and general expenses at Punjom To royalty to the Sultan of Pahang
To directors' fees To auditors' fees
The accounts have been audited by Messrs. To balance... F. Henderson and WH. Gaskell, who are re- commended for re-election.
ROBT. SHEWAN, Chairman. Hongkong, 19th December, 1895. BALANCE SHEET, 1ST OCTOBER, 1894, TO 30TH SEPTEMBER, 1895.
Dr.
To authorized capital 60,000
at $4
To less 2nd call of 25 cents on 7 shares outstanding
...$ 1.75
To less 3rd call of 50 cents on 32 shares outstanding
To less final "call of 25 cents on 13,205 shares...
To preference capital 30,000
shares at $1
To accounts payable:-
$240,000.00
3,301.25
3,319.00
$236,681,00
30,000.00
$4,945.59
19.76
7,343.13
Manager at Punjom, James Morrison & Co.
Limited, London agents! Hongkong and Shanghai
Bank, Singapore .
E. D. Miles & Co., Charters
Towers, Queensland Deposit account with em
ployés at Punjouį. Syme & Co., Singapore
agents
Suspense account Directors' and auditors' fees Maxine insurance on gold from Punjom to London
.47
180.00
289.66 111.25 2,650.06
991.34
To balance at credit of working account...
266,681.00
114.20
11,497.80
12,850.53 11,539 19 2,500.00 150.00 12,929.79
$185,698.34
C.
$ Cr.
15,309.20 160,094.18
By balance from last account
By gold account
By interest...
By transfer fees...
By license fees
By profit on sale of stores
By profit on sale of opium
..$1,739.58
2,402.45
By profit on sale of provisions... 1,182.53
By profit on sale of shares
189.20 81.40 113.50
5,324.56
4,586.30
$185,698,34
NEW BALMORAL GOLD MINING COMPANY, LIMITED.
The first annual meeting of shareholders in this Company was held on the 28th December at noon, at the offices, Duddell Street. Mr. G. R. Stevens presided and there were also pre- sent Messrs. C. Ewens (member of Consulting ‹ Committee,) W. H. Potts (Secretary), V. H. Deacon, J. H. Cox, A. G. Stokes, E. Robinson, 8. Rustonjee, J. A. de Carvalho, and Hart Buck.
The SECRETARY read the notice calling the meeting.
The CHAIRMAN said-Gentlemen, the re- port and accounts having been in your hands for some days, I will with your permission take them as read. We regret that in a monetary point they are not more satisfactory, the mines not having been as yet sufficiently opened up to 16,531.14 make them self-supporting, although we are 12,929.79 still advised by both Mr. Henderson and Mr. Grant that our prospects are as good as ever. $296,141.93 | Mr. Henderson expresses every confidence in