December 9, 1896.]
NEW BALMORAL ĞOLD MINING
COMPANY, LIMITED.
The second ordinary meeting of the New Balmoral Gold Mining Co., Limited, was -held in the Company's Offices, 38 and 40 Queen's Road Central, at noon on Saturday Mr. Hart Back presided and there were also present-Messrs. W. H. Potts, C. Ewens; G..R. Stevens, E. Georg, W. E. Clement, W. Jones Hughes, T. F. Hough, E. K. Chandler, H. Humphreys, E. S. Kelly, J. Jupp, B. Rus. tomjee, J. M. E. Machado, Sin Tak, and Lai
Shan.
-
Mr. Juer read the notice convening the meeting.
a success,
·CHINA OVERLAND TRADE REPORT.
Mr. GEORG-I notice under liabilities an amount of $18,000 loan. Has that loan been repaid or is it still in existence ?
The CHAIRMAN-The loan has been repaid by ourselves.
Mr. GEORG-Can you give me any inform- ation about the $16,000, which appears as general expenses in the working account? It looks a big amount. I should like to know a little more about it.
The CHAIRMAN-That amount is greatly in excess of the amount in the previous report It is made up principally by a balance of wages have been a balance of £819 18s. 6d. due for unadjusted at the mines. There appears to
amount was charged to this account instead of wages which had not been adjusted and the
found that the stores used by the mine were being put to the mining account. short by about £300, and in the bookkeeping this account had not been charged at the mines, and when Mr. Willmott took over the mine it was found out. That makes a total of £1,118 168. 9d, out of the $16,000.
It was
Mr. GEORG―Then, as a matter of fact, this amounts to gross carelessness on the part of those people who kept the books at that time.
The CHAIRMAN-In Australia ? Mr. GEORG Yes.
The CHAIRMAN Certainly.
Mr. GEORG--One of the charges is $1,800 odd for postages and stationery at head office. Where do those charges come from, because the rent is already charged separately?
The CHAIRMAN-There are two amounts paid on commission-$250 each paid for commission on a loan to the Company, making $500, and $955.22 is due for special reports on the mines handed to the Company. The amount is due, but has not been paid.
Mr. НOUGH-I should like to know, Mr. Chair- man---you have given us a lot of particulars about discrepancies in the Australian accounts- I should like to know why the past managers, or those who were managers for the time being, did not give the shareholders some information about the discrepancies, as they must have known of the discrepanies, I should think. If not, why not?
The CHAIRMAN-Are you referring to the Mr HOUGH-To the question you have just answered Mr Georg.
The CHAIRMAN-Gentlemen, the report and accounts having been in your hands several days I will, with your permission, take them as read. I may mention that these accounts are made up to the 30th of September last in Hongkong, a date previous to that on which our firm took over the general management of the Company, but I will, should anyone be desirous of asking any questions, do my best to explain anything you may wish to know. We regret to say that the working for the period under review has not been and we are afraid that your late mining manager, who we learn has committed suicide while temporarily insane, was not in a condition of health to give your interests the fullest con- sideration. This is the more unfortunate as we are informed by our present mining manager that in his opinion the capital you had was quite sufficient to have carried the wrines to a success- ful issue, but that it has been wasted in the most reckless manner. Of course, gentlemen. we have to a great extent to rely on the com- petency and honesty of our mining managers, and I am pleased to inform you that we have every confidence in our present staff, and we feel sure that they will watch your interests as closely as if they were their own.. It is needless to say that we cannot work without money, and you have all probably noticed that an extraordinary general meeting will be held on the 14th of this month to pass the necessary resolutions for the issue of pre-charges ? ference shares. Our latest advices by letter from the mines are quite satisfactory and in- form us that crushing from the Queen's mine was about to be commenced, and that they ex- pected it would be carried on continuously for at least several months. The estimate formed by the mining manager is that 3 dwt, to the ton will pay working expenses. If this esti- mate is a correct one and the quality of the stone anything like a good as we believe it to be, we think that with the necessary work- ing capital our enterprise is bound to suc- ceed. I should like to take this opportunity of referring to the proposed sale of your pro- perty, together with that of our neighbour's, the Olivers Freehold mines. to a London Company. We hear from Mr. J. D. Humphreys, who has spent the greater part of this summer at the mines, that he was not at all surprised that the London Company did not buy, as when their expert arrived there was really very little for him to see. On the Balmoral property, al- though every effort was made, it was impossible to get the mines in a sufficiently advanced state for inspection. Most of the work done before Mr. Willmott took charge was to all intents and purposes useless. It was not the kind of work that was likely to make the mines permanently paying, and in fact was apparently done with out any set purpose or any definite object in view. As regards the Olivers properties, the 100 acre Freehold is practically unworked, and the old Eureka shaft having been abandoned as 'unsafe), the new shaft which was being sunk was naturally not sufficiently advanced to eu- able the expert to form any definite opinion as to the value of the property. Under these oircumstances we cannot feel any surprise that the negotiations fell through, but from present ppearances we are justified in thinking that the failure of the negotiations may eventually out to your advantage, and can assure you that everything we can do to bring about this
ed result will be done. I shall be pleased nswer any questions in connection with the report and statement of accounts.
Mr GEORG About general expenses. discrepancies in the charges, etc. They are The CHAIRMAN-You could hardly call them perfectly correct. Of course all the Australian accounts are general expenses. Certainly these accounts ought to have appeared earlier, but general manager and secretary could not get the fault altogether lies in Australia. The late
the accounts before, and when they eventually got them they had to come in. I believe the late general manager repeatedly wrote to get the accounts up, but they were not forthcom- ing,
Mr GEORG-I think that under the pre- sent circumstances, as we have been working at such a heavy loss, the directors ought not to
draw their fees, at least not in full.
The CHAIRMAN-ÅS a matter of fact the directors have not drawn their fees:
Mr. GEORG They are charged in the ac- counts.
The CHAIRMAN-They must be charged as a matter of bookkeeping. According to the articles of association they are entitled to their fees and the amount must appear. That must be left for future consideration
The CHAIRMAN then moved the adoption of the report and accounts.
Mr. RUSTOMJEE seconded. Carried.
The CHAIRMAN-I have much pleasure in proposing that Mr. J. H. Çox be reappointed auditor for the coming year.
Mr. STEVENS seconded. Carried.
The CHAIRMAN That is all the business, gentlemen. I thank you for your attendance.
The German cruiser Prinzess Wilhelm, which arrived at Nagasaki on the 25th November to dock for repairs, will probably not be ready to leave for a couple of months.
459
THE LAOU-KUNG-MÓW COTTON SPINNING AND WEAVING COMPANY, LIMITED-
The annual general meeting of the Laou- kung-mow Cotton Spinning and Weaving Company, Limited, was held at Shanghai on the 30th November.
The CHAIRMAN (Mr. J. S. Fearon) said Gentlemen, the balance sheet, which has been printed with the report, is merely a statement of receipts and expenditure up to the 31st of me. Under the head of capital you will notice October, and calls for very few remarks from
capital paid-up Tls. 557,000; sixty shares more that we have issued 5,577 shares, making your
have been applied for. At the last general these 363 remain. The unpaid calls on shares. meeting there were 740 shares unissued, and of
held are almost entirely in England and advice of payment may be expected by any mail. As regards expenditure, under the head of rent we have entered the amount paid for our first year's rent, viz., Tls. 5,350; the balance is made up of a sum Tla. 5.650, which had to be paid to the previous lessee, and Municipal taxes. There is an item under advance payments account, which is composed of two years' rent in advance. When the Directors settled the lease of the ground, it was arranged that the first three years' rent should be payable in shares, and we have therefore issued 160 shares in pay ment of this, two years of which would not have been due in the ordinary bourse. Our buildings are approaching completion; the cost is very much more than we anticipated, but the rise in building materials has been very marked, and our neighbours have been affected in the same way. We have had our buildings erected in a very solid and substantial manner, and are making the mill as nearly fireproof as possible. The machinery is now in course of erection, and as it is of the highest class and contains the latest improvements we have every coufidence that it will prove thoroughly efficient. Our total expenditure will amount to about the same as our capital and we hope that the return on the investment will prove to be a satisfactory one to you. It is true. that a great advance has taken place in the value of cotton here since our mill was started, but yarn has also advanced in price, and; the margin between the two is not materially like to ask I shall be happy to answer them. changed. If there are any questions you would
.
"There being no questions, the Chairman then proposed and it was seconded by Mr. KORFF that the report and accounts, as presented, be accepted and passed.
Carried unanimously,
It was proposed by Mr, WILKINSON, and seconded by Mr. F. ANDERSON, that the retir- ing Directors, Messrs. A. Korff and Chung Liang-yue, be re-elected.
Carried unanimously.
Proposed by Mr. A. W. DANFORTH, seconded by Mr. CUSHNY, that Mr. G. R.. Wingrove be re-elected auditor for the ensuing
year.
Carried unanimously.
This finished the business of the meeting.
At Shanghai on the 30th November, shortly after four o'clock in the morning, fire broke out in the house No. 345, Shantung Road, and spread to the adjoining houses. The fire alarms were rung and the Fire Brigade pút în its nsual prompt appearance. The flames, however, were in a peculiarly difficult position, as regards~ proximity to hydrants, and the firemen in con- sequence experienced considerable difficulty in getting to work on them. This will be under- stood when we mention that all the hose on nine trucks was utilised, meaning that 4,500 feet of it were laid down. As soon, however, as four or five streams had been brought to bear, the conflagration soon died, and the firemen were able to leave shortly after six o'clock. Several insurance companies are interested; the North British to the extent of Tls: 5,000, the Union Insurance Society of London, Tis. 5,000, the South British. Tls. 3,000; and the Imperial, Tl. 2,000. The three first mentioned, we learn, will be total losses, and the latter a partial origin of the fire is unknown. Mei
The