¥983
pson said that in looking over the ibscribers of $50 and over he saw quite them who were not members of Committee, and he proposed that of the firms and the individuals sub- $50 and over be written to with the bject of placing them on the Finance Com- mittee
Rev TW. Pearce seconded the resolution, hich was carried.
This concluded the business.
HONGKƠNG TÕE CO., LIMITED,
The sixth annual general meeting of the Hong kong Ice Co., Limited, was held on Saturday, at noon, in the offices of the General Managers (Messrs Jardine, Matheson and Co.). Hon. J. J Boll-Irving presided and there were also present Messrs W. Parlane (Manager). D. K. Sliman, T. Arnold, J. S. Van Buren, E. Georg, J. H. Lewis, K. M'K Ross, R. H. Burder, Ho Tung, Ho Fook, Lo Cheung Shiu, and Ho U Shang.
Mr. SLIMAN read the notice convening the meeting.
The
The CHAIRMAN-Gentlemen, I propose refer- ring only briefly to the report now in your hands, which is the most satisfactory one issued since the Company was formed. The receipts show a considerable increase over the previous year, and as there is also some reduction in the ratio of working expenses to revenue, the net profits amount to $55,044.85 as against $47,754.66 in 1895, a result which, I think, must be gratifying to shareholders. necessity for the large addition to the plant was mentioned in the report of last year, and owing to the severe strain upon the works to supply the increased demand during last summer it became necessary to hurry forward the alterations earlier than was contemplated a year ago, and orders have been placed in England for a large modern machine, which will arrive towards the end of the present year, and which will replace one of the old machines. As stated in the report, the cost of the new plant when erected. inclusive of the necessary alterations to the works, will amount to between $50,000 and $55,000, and this expenditure will in all proba- bility be the only heavy outlay required for several years to come. The dividend recom. mended of $5 per share, making with the in- terim dividend paid 28 per cent. for the year, will, I trust, be considered sufficient by share- holders, and that the proposed appropriation of $20,000 from the profits to be written off pro- perty account will meet with approval. The plant replaced will realize only a small sum, and while this fact alone necessitates writing down property account, & liberal provision for depre- ciation will strengthen the position of the Com- pany against any possible competition. Before moving the adoption of the report and accounts I shall be pleased to answer any questions.
There were no questions and the CHAIRMAN moved the adoption of the report and accounts.
Mr. LEWIS seconded.
Carried.
Mr. Ho TUNG proposed the re-election of Mr Thos. Arnold as auditor.
Mr. Lo CHEUNG SHIU seconded.
·Carried.
The CHAIRMAN-That concludes the busi- ness of the meeting. Dividend warrants will be sent out on Monday.
KOWLOON LAND AND BUILDING COMPANY, LIMITED.
THE HONGKONG WEEKLY PRESS AND
|
from
ther
The amount received larger and the amount received less owing to the sale of debent for the building operations. The amount of the balance in the profit and loss account is almost identical with that of last year and the items are very much the game. Knutsford Terrace has remained fully occupied during the year and the three unnamed buildings near Lyemoon are also completed and will be ready for occupation within contract time. Things seem to be progressive on the other side. Better roads and a promised inproved ferry service, for which new boats are being built, I believe, tend to maintain the popularity of Kowloon and I think, gentlemen, we shall have no difficulty in continuing to let the houses in our possession. One of the new houses has already been lot and there have been enquiries for the other two. If any shareholder wishes to ask questions on the report I shall be glad to answer them,
Mr. HOLMES-There is an item in the balance sheet I should like to refer to, and that is the one showing accounts receivable. Per- haps it would be well for the public to know what these accounts are and if the asset is a good one. The amount is $793.25.
The CHAIRMAN-The amount of $723.25 was outstanding at the time the report was issued. It has all since been paid.
Mr. HOLMES-That is most satisfactory. There were no
more questions and the CHAIRMAN moved the adoption of the report and statement of accounts,
Mr. HOLMES-I have much pleasure in seconding that.
Carried.
Mr. JORDAN proposed the re-election of Messrs. F. Henderson and J. Goosmann as directors.
Mr. GEORG Leconded. Carried.
Mr. HOLMES proposed the re-election of Messrs. Thos. Arnold and W. H. Gaskell as auditors.
Mr. JORDAN seconded. Carried.
The CHAIRMAN-That concludes the business of the meeting, gentlemen. I thank you for your attendance. Dividend warrants will be ready to-morrow on application.
The following is the report submitted to the meeting:-
Gentlemen, The Directors now submit to yon a statement of the affairs of the Company and balance sheet for the year ending "31st December, 1896.
The balance of profit and loss account for the year, after writing off all charges and ex- penses, amounted to $5,234.12. The Directors, therefore, recommend that a dividend of 80 cents per share be paid, which, after writing off the Directors' and Auditors' fees, will leave a balance of $266.12 to be carried forward to a new profit and loss account.
DIRECTORS.
Messrs. F. Henderson and J. Goosmann retire by rotation, but offer themselves for re-election.
AUDITORS.
The accounts have been audited by Messrs, Thos. Arnold and W. H. Gaskell, who retire,
but offer themselves for re-election.
F. HENDERSON, Chairman.
Hongkong, 18th January, 1897.
81st Dec.
res
frent and rate:
To fire insurance To commission to To repairs To balance
Divide
Directors fec Auditors' fees
[February 1151807-
To be carried to new profit and
loss account?
1st Jan., 1896.
By rents......
By balance brought forward 31 Dec. By interest. By scrip fees
#266.12
$234:13
THE PUNJOM MINING CO
LIMITED.
The Secretary of the Punjom Mining Limited, advises us that he has received the following telegram from the mines, giving the result of the January clean up: "The mill rai 29 days crushing 1,200 tons, yielding 262 ↑ of smelted gold; thirty-five tons of concentrat calcined yielding 39 oss. of amelted gold
The Secretary also advises us that he has received the following progress report on the work carried on at Punjom during the month December:-
Mining. This work has received the usual attention and everything considered air pro
gress has been made.
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Angust Shaft, 200 ft. Level -The stopes here have given their usual supply of ore for mill, but I regret to say the grade is very low indeed The stope on Gillies reef continues to yield highly mineralized ore, but is still poor in free gold. The reef maintains its size (about 2 ft). We are now preparing to roast'a kiln of it prior to crushing to ascertain ita when treated on a large scale. By fire the mineral is worth fully 3 oss per ton: The reef discovered to the west of the new shaf has given out altogether as it was being driven on, so driving has been discontinued for the present and the men brought back to stope on the small chute of payable ore passed through The ore here, too, is highly mineralized and is payable in free gold.
Intermediate Level. The stopes here maintain their output of ore, but our best point has fallen off in value very considerably; this may be temporary only, however. We have now com- menced to put a drive to the west in search of the chute of ore seen at the 200 ft. level and referred to above.
110 ft. Level.-There is no change to report here, the points operated on giving their usual quantity of ore for the mill.
New Leader and Upper Stopes. Owing to the heavy rains, work at all the points here has been greatly retarded and consequently, there has been a great falling off in our output of ore as compared with other months. A heavy landslip occurred in the big cutting to the west of our workings, thereby rendering two of four small surface shafts useless and necessitating the sinking of two others to replace them. One of these has been completed and the other will
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The following is the report submitted to the be so in another fortnight, when I hopet to, see meeting
Balance SheeT TO 31ST DECEMBER, 1896. 81st Dec., 1896. LIABILITIES.
Authorised capital, 6,000 shares of $50 each --$300,000, of which 5,960 allotted $30 each paid-up
Accounts payable Dividends outstanding
Balance of profit and loss account
The ordinary meeting of shareholders in the Kowloon Land and Building Company, Limited, was held at the offices of the Company on Tues- day noon Mr. F. Henderson presided and there were also present Messrs. J. H. Cox, J. osmann (Directors), Mr. M. Stafford North- cote (Acting Secretary), HJ Holmes, P. Jor-81st Dec., 1896.
Cash Cost of property.
Georg, and Herbert Holmes.
The
ASSETS.
ACTING SECRETARY read the notice 5 per cent. mortage debentures of the Hong-
the meeting
kong and Kowloon Wharf and Godown Co., Limited Fire insurance unexpired Accounts receivable
AIRMAN Gentlemen, you have be
will ask, with your to lowed to consider it as read. It varies very little from the report of last year.
a greater output of ore again. I also expect a slightly better quality of ore raised as compared with that won this mon
Drivage The driva
month is
178,800.00 Ore mined
866.10
888.10 5,284,12
made up as follo August Shaft
New Leader and un
$184,788.32 We have given
undertaken, but
1,675.75 172,777.00 gres
tinnons heavy rai
201
$184
and