THE HONGKONG WEEKLY PRESS AND
RAUB
ATORE
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that the issue of the terms and conditions as the determine. It is intended that these conditions shall be their issue at per cent. premium, say at Tls. 70, a price hich we have thought the circumstances of the vell "warant“ -We have every con- that the shares will be taken up at that, olution does not state the price for son that we wish to avoid a hard and being imposed in the issue. The as you know, are in the first instance to offered to the present shareholders; and we xpect to find them so satisfied with the pros- pects of the company that they will leave few o be taken up outside of their body. You will also have noticed that a shareholder is to be held entitled to three new shares for every ten he now holds, or say in the ratio of one to 31 Thus, s helder of say 176 shares would be entitled to 52 new shares and eight tenths It has been found inconvenient, how ever in other companies to have fractional res; and indeed our articles would not per- mit of them. We propose therefore to exclude these from the allotment and to dispose of the aggregate ofthem by tender or otherwise. Any profit arising between the issue price and the sale price will be distributed pro ratá among the shareholders interested in them. The pre- mium on the new issue we would place to reserve, to be employed, however, in the busi- ness of the company.
2.
The Chairman then formally moved the re- solution, which was duly seconded and carried. DRE PINK THE ANNUAL REPORT. --`
The report submitted to the ordinary meeting states as follows:
1
The proht on the working account stands at Tls. 77,695.34, as against Tls. 56,490.58 last The profit and loss account, after deduoting the amount of interim dividend, paid in July, shows a credit balance of Tls: 80,028,69, and this sum it is proposed to divide as follows:-
A
Tls.
To pay a final dividend of 5 per cent.
on the paid-up Capital (making 9° per cent. for the year).....
48,566.00 ansfer to reserve fund (making
to Tls, 70,000) EA, SI 30,355.77 y forward to new account » 1:108.92|| Details of the warious estates are given in the
Assets.
Estate No. 1
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Lieut. Hickley. P.0 Eyang PO.Candler.
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drive 1197 being driven find another chute of gold; drive going south at this leve extended 81ft,, making a total 302ft. The main ore chute has not out at this level, but we are daily in of doing so, and, from the appearance ground, I do not think we will be long, Cut ting the oreohute at this level will mean a large extension to our reserves of payable ore in this section. The crosscut going in from the shaft has been extended 191t, making the total distance 168ft. There is no change to report from here. In the stopes and on the back of the intermediate level the lode varies from one to two feet wide, and shows fair gold. 161 tons of ore have been sent to the mill fróm these stopes. By
Bukit Koman. The favourable development in this section still continues in all parts of the mine. In the No. I level south, crosscuts have bean driven both east and west. That on the east has been driven 41ft.; nothing was got on this drive; and, as it was making a good deal of water, I decided to stop it. The west cross- cut was driven 23ft., the end being in clean country. I decided to stop it 20ft. of this drive carry leaders and bunches of quarts, the whole of which will pay to orush. This, with the width of the lode, makes about 30 ft of crushing stuff in this end. I have resumed driving the main level. In the south end the lode still maintains its favourable appearance, and is fully 13 ft wide, showing good gold all through. This end has been extended 29 ft. and is now close on 100 ft. from the crossout, with every appearance of continuing as far as we like to follow it. The two stopes coming in over the bulk of this drive still maintain their full size and quality of ore. No. 2 level." The total length now driven at this level is 170 ft., 23ft, having been driven since my last report. In the north end the lode has opened out to be tween.3 ft. and 7 ft. in width, and carries fair gold all through, the rock being very hard and solid. In the south end there is very l
little change to report. We are still driving on the foot-wall side of the lode on a mixture of slate, diorite, and quartz-leaders. This stuff is all being sent over the mullock tips, as it contains no gold. A small soft blucan is coming in on the foot wall ride, and I do not think it will be long before this makes a part of the lode!!! We are allowing the lode to stand on the east side, as it is not required. 925 tons have been sent to the mill for crushing from this section, how to
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Bukit Jalis Bezar. The entrance to the tannel has been cleaned up and re-timbered and following is the balance sheet pre-all is in order to start stoping when required. I have sunk a small shaft 7ft. by 4ft clear of Tls. timber, 51ft. At this depth the water became 522,597.28|| too strong to go deeper by manual labour. -(As | 627,598.01 this is only a prospecting shaft, I have decided 130,680.06 to drive and see what the lode is like at this 180 569 46 level before going deeper. (226
Gunner Shepherd. $18,202.69 Western Lode. This shaft is now sunk 62ft. Sergeant McPhail.
13,526:19 below the No. 2 level, and preparations are being | Serge *7,263:70|| made for cutting a plat for No: 8-level, after Corp 14,564.80 this is completed, sinking will be resumed for 487,900.00 No. 4 level::-34
Cash due by agents Bandr lebtors *Bundry, mortgag
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