358
NEW BALMORAL GOLD MINING
· Co., LIMITED.
THE HONGKONG WEEKLY PRESS AND than was estimated, the main reason, of course, being the enormous rise which took place in the cost both of material and labour at the time
The following report has been received by when the schemes for the foreign mills were the General Managers :--
Mount MacDonald, 9th April, 1897.
REPORT ON QUEEN MINE. Since last report the shoot of stone mentioned has been worked out, and operations are now confined to sinking the shaft another 100 ft. For this work we let it on contract at £4 1s. Od. per ft. for sinking and timbering. We have pulled down the engine and house in order to re-erect at a proper distance from the shaft and satisfactory progress is being made. The poppet heads will also be completed and every thing in readiness to use the engine at an early date. At the prospecting shaft every thing is going on satisfactorily and the depth of 100 feet as per last report will be obtained within the next two days. We hope to send you satisfactory results from this shaft.
p. pro JOHN D. HUMPHREYS & SON.
(Sd.) C. J. WILLMOTT.
THE LAOU KUNG MOW COTTON
•SEÏNNING AD WEAVING CO., LIMITED.
The third general meeting of the above Com- pany was held at the office of Messrs. Ilbert & Co., General Managers, Shanghai, on the 26th | April. Mr. C. J. Dudgeon (Chairman of Direc- tora) presided. and there were also present Messrs. A. Korff and Do Kingisan, Directors Mr. H. S. Wilkinson, Legal Adviser; and Messrs. W. D. Little, Danforth, R. S. Freeman, J. M. Young, E. Davis, Luk Wai-kee, Chan Yat-chen, and H. C. Pearce (Secretary pro tem.), representing in all 1,006 shares.
The minute of the previous meeting having been read,
The Chairman said-The report and accounts having been in your hands for some days I will, with your permission, take them as read. This meeting is held in the ordinary course, as required by the articles of association, which provide that, when no special date is fixed, the annual general meeting of the Company shall be held in the month of March or April each year; it will probably be convenient that our meetings in future be held in one or other of these months, closing our financial year on the 31st of December. The report which I have to ask you to pass this afternoon is very brief, merely announcing the opening of the mill on the 22nd ult., since which date work bas been steadily carried on without inter- ruption. We have now between 5,000 and 6,000 spindles running, and the remaining spindles so far erected are being rapidly filled up with cotton; we have 10,000 spindles practi- cally ready for work, and should have had a great many more had it not been for a strke amongst the spindle and flyer-makers at home, which has most unfortunately delayed shipment of the machinery; however, further frames are now being put up with all despatch possible, and we hope at an early date to have the whole of the 25,000 spindles in full work. I am pleased to say that the machinery is work- ing to the entire satisfaction of the manager; specimens of the produce of the mill, in different stages of manufacture, are in the room, and may be found interesting; the yarn is admitted on all hands to be of very high quality. We are at at present engaged in spinning 14's and 16's and we have sold those counts at Tls. 74,50 and Tis. 7 per bale respectively. In connection with these prices I would take this opportunity of meeting an objection to the success of the enterprise which I have heard expressed in several quarters—namely, the great rise in the price, of raw cotton. As regards this I have only to say that while cotton is 25 per cent. dearer than at the time when the prospectus of of this Company was prepared, we are getting prices for our yarn 32 per cent. higher than was then contemplated. I wish to say a word or two about the mill buildings: the Company is certainly to be congratulated upon them, and the thanks of the shareholders are due to Mr. Chambers for the immense amount of work and care that he has bestowed upon. their construction, They have, as we all know, cost a great deal more money
set on foot, but there is a further explanation which I have to make regarding their cost that the Directors, supported by the opinion of Mr. Chambers, considered it to be in the future interests of the Company to put up a very much higher class of building than was originally thought and by putting solidity into founda. tions and walls to guard against any possible mishap which might throw the mill out of work, with a consequent loss of tens of thousands of dollars in a very short space of time. Further, another object has been to make the buildings as fireproof as possible, and AB a matter of fact they are as fireproof as a cotton mill can be;
May 6, 1897.
It is not proposed to issue shares at par, but to take any advantage of the premium we can get upon them for the benefit of the Company. (Hear, hear.)
Mr. Davis-That is the point I wish to ascertain.
The Chairman then, put the motion, which was carried unanimously.
Mr. J. M. Young moved and Mr. W: D. Little seconded-"That Messrs. Fearon and Do King-san, the retiring directors, be re-elected."
Carried.
Mr. Davis moved and Mr. Danforth seconded That Mr. G. R. Wingrove be re-elected auditor, and that his fee be I'ls. 250 per annum.
Carried.
32
This concluded the meeting.-N. (). Daily News.
THE " YIKSANG" FLOATED.
Messrs. Jardine, Matheson & Co. received in- formation late on Monday night that the Yik- sang has been successfully floated.
We take the following account of the strand- ing of the vessel from the Kobe Herald :-
Kobe, 24th April.
We are, now in a position to place before our readers some additional particulars regarding the loss of the Indo-China liner Yiksang, Arthur McGlew, who was the only European passenger on board, having arrived here from the scene of the wreck, via Moji and Onomichi, this afternoon. Interviewed by a Herald repre- sentative shortly after arriving here the young gentleman said the accident happened at about 10.30 on Wednesday night. The ship was going almost full speed at the time, the danger not having been realized until a few minutes before she struck. The Chief Officer was
Mr. Davis, in proposing a vote of thanks to the Chairman, took the opportunity of endors.. this also has costing all he said referring to the architect, Mr. money; but we hope to made up for the J. Chambers. (Applause.) He thought it expense in the form of a reduced fire insurance must be very satisfactory to the shareholders premium, a point which is already in negotia- to find the shares at a premium, and he expressed tion between the Directors and the insuranes the hope since the enterprise had begun so well, companies. Again, the buildings have been that so it would continue. made somewhat larger than was originally planned, and in this the Directors think that there will be found ultimate economy. They are capable of accommodating easily between 40,000 and 50,000 spindles, and the Directors hope that the success of the Company may be such as to warrant & recommendation for an in- crease in the number of spindles at an early date. The engines and boilers are giving every fine satisfaction, and undoubtedly form a very piece of work. On the subject of labour, I may say that though naturally, at the outset of "the" undertaking, we have had difficulties to contend with, these difficulties have not been as regards the quantity of the labour offering, but as regards the quality. The well-known aptitude of the Chinese in learning industrial work makes it reasonable to hope that troubles arising from the inexperience of the mill-hands will be speedily overcome, with the result not only of an improvement in the quality of the work, but in a decrease in the quantity of workers employed. The question of the honsing of the mill-hands is one which has occupied the serious attention of the Direc- tors; the desirability of providing them with
on watch when the disaster accommodation close to the mill has induced the Directors to acquire on long lease some 24 mow
As soon as the ship struck rookets were sent up, but no assistance arrived until of land on the north side of the Yangtsepoo Road, upon which houses are now being built the following day. An attempt was made to as fast as possible. Apart from the question of get the ship off, but the reversing of the engines the convenience which these houses will afford and going full speed astern had no effect. to the workpeople, the venture can hardly At about 11 p.m. all hands turned to to dis- fail in itself to be a paying one. With regard charge cargo, and a quantity of bean cake was to the capital of the Company there still thrown overboard to lighten ship, but this remain 362 shares unissued, which, as our stock proved of no avail, the ship having gone on at now stands at a premium, can be placed with full tide. All night long the vessel lay on the some advantage to the Company. The accounts rocks, humping at times badly, much to the consternation of the Chinese, passengers, of which are submitted to you to-day are again a simple statement of receipts and expenditure, whom there were 36 on board, and who were, it being impossible at the present stage of in great fear until life buoys were given operations to lay before you a statement of them. At 4 a.m. on Thursday the 2nd officer working account, At our next meeting the and 3rd engineer left in a life-boat for Moji. accounts will be stated in the customary manner, As soon as day broke a hawser was got out and and though, in our first year's working--a after a good deal of difficulty fastened to a pine year which must necessarily be largely one of tree on shore; about forty or fifty feet above sea organisation too much is not to be looked for, level. The first attempt to get the bawser yet I hope that we shall be able to show you ashore failed, but a fisherman stripped and sufficiently satisfactory results to confirm the sprang into the sea and eventually secured it. belief which we all of us have in the success of When the hawser had been made secure at either the undertaking. Before proposing the adop-end the 2nd engineer crossed from the ship to tion of the report and accounts, I shall be pleased to answer to the best of my ability any I beg questions which you may wish to ask. to move-" That the report and accounts as presented be passed."
Mr. Korff seconded.
Mr. Davis May I ask what ground rent you pay?
The Chairman-Tls. 5,500. We have a leass for 99 years with a new assessment every 25 years; we have it for Tls. 5,500 for 25 years at present.
Mr. Davis-You have referred to certain stock not issped. Is it proposed to issue it to the present shareholders ?
The Chairman-We propose to issue the stock to anyone who will take it. That has been the practice all along.
Mr. Davis-Seeing the stock at a premium I do not know how it might pay.
The Chairman-We have not considered the question of altering the present mode of issue,
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occurred.
the shore (about a hundred yards distant). by means of a boatswain's chair. It was no easy work getting across, and the journey was watched with a good deal of anxiety by those on board. Before 8 o'clock all was in readiness to land the passengers, lines having been fastened to the chair con- necting it with the hillside and the ship: Our informant was the first to be transported across, then Mr. Shimauchi, a Japanese pass. enger who joined at Newchwang, and then one by one the Chinese, thirty-six in all. During Thursday afternoon a steam tug was sighted making for the ship, but she eventually put back, the weather being too rough for her. The captain and officers and nearly all of the crew remained on board all Thursday night, while Arthur McGlew and the 2nd engineer where passed the night in a fisherman's house, whe they were very kindly treated. Indeed, we are assured that throughout the Japanese did all they possibly could to render what assistance