June 9, 1897.]
nection with the matter I will briefly explain the objects we have in view. The capital to be called up is for the erection of works in Hongkong on a larger scale than those we have in Macao. We have established our reputation for quality
|
and now find we are far short of being able to supply the ever increasing demand. It is estimated that $600,000 will be all that is neces- sary to raise in cash and this we propose to obtain in the way the resolutions are drawn. When the extension was first mooted it was thought $600,000 was perhaps a larger sum than the Company by itself could conveniently sub- scribe and the General Managers thought they would lend encouragement to the seheme by contributing some of the capital independently and they made arrangements accordingly. Later when it was announced that another firm was intending to embark in the cement industry here they were induced to abandon their scheme a d join forces with us in consid. eration of their being allowed an interest in our concern and on their part promising the It Company their active and co dial support. was decided that the readiest way to carry out these ideas was to allot to the General Man- agers $200,000 of the fresh capital and leave them to carry out the arrangements with the firma in question. In preparing the resolution we had to name a fixed date on which we could take from the register the names of shareho.ders who will be entitled to apply for the new shares and July 1st was chosen as likely to be the most suitable time. The transfer books will be closed then for a short time and as soon after as circumstances may demand the latest date for the receipt of application will be fixed and on application the first payment on the new shares will be made. In deference to the ex- pressed opinion of some of the shareholders that the 10,000 shares to be allotted to the Gen- eral Managers should not rank for dividend as regards the year 1897, I will state that what- ever may accrue to these particular shares will be returned to the Company. I do it in this way because to alter the resolutions would entail a further delay in carrying out our plans. The CHAIRMAN concluded by formally mov. ing the adoption of the following resolutions :-
(1)-That the Capital of the Company be increased to the sum of $500,000 Hongkong Currency by the issue of Thirty Thousand Now Shares of Ten Dollars each to be issued at a premium of Ten Dollars each, such Price of Ten Dollars each and also Buch premium of Ten Lollars each to be payable in such amounts, at such times and on such conditions as the General Managers shall from time to time determine. (2) That Twenty Thousand of such new Shares be offered to the persons who on the 1st day of July, 1897, shall be the Registered Shareholders of the old or existing Shares in the proportion of one New Share for every old or existing Share and such offer shall be made by a notice specifying the number of New Shares which each such Registered Shareholder shall be entitled to take up and limiting a time within which the offer if not accepted in writing will be deemed to be not accepted, and all non ac- cepted Shares shall be disposed of for the benefit of the Company on such conditions as the General Managers shall determine. (3). That the remaining Ten Thousand New Shares be allotted to the General Managers, who have guaranteed to apply for and ac- cepts that number.
Mr. A. BABINGTON seconded. Carried.
The CHAIRMAN-That is all the business, gentlemen. We will have to ask you to come again to confirm these resolutions in about a fortnight's time.
A military Court of Inquiry has been appointed to enquire into the whole question concerning the acceptance of fees in various departments in the garrison. We understand that the Court, which has Colonel Elsdale, R.E., as president, bas already held one or two private sittings and that at the next sitting Colonel Gorden, who returned from the North on Mon day, will be called as a witness. The appointment of the Court of Inquiry is a sequel to the dis- olosures made at the trial of Sergeant Fretter.
CHINÁ OVERLAND TRADE REPORT.
THE LAUB AUSTRALIAN GOLD- MINING 00., LIMITED.
The following is the annual report : with the Balance Sheet and Profit and Los The Directors have the pleasure to present here-
Account for the year ending 31st March, 1897, the Singapore accounts incorporated therein having been closed on 28th February.
Various schemes for obtaining an increased gold output have engaged the careful attention of both the Brisbane and Singapore Boards, and it has been finally decided to add 40 stampers to the present battery, the whole plant to be worked by electricity. To provide funds for this expenditure on Capital Account, the 10,000 unissued contributing shares were offered for sale by tender, and realised an average price of nearly £1 3s. 7d., or a premium of 98. 9d. per share.
In accordance with the Articles of Association, all the Directors-Mesara. De Burgh Persse, Robert Phi p. George Frederick Scott, and James Forsyth, and the Auditor, Mr. T. A. Bond, retire, but are eligible for re-election, and offer themselves ac cordingly.
It will devolve upon the meeting to fix the Auditor's remuneration.
(Signed) DE BURGH PERSSE,
Chairman.
BALANCE SHEET FOR THE YEAR ENDING 31ST MARCH, 1897. (Incorporating Bingapore Balance to 28th Feb., 1897.)
31st March, 1897.
LIABILITIES.
Dr.
8. d. To capital-200,000 shares at £
£1 each
200,000 0 Q. Leas unissued shares, 10,000
shares at £1 each..
10,000 0 0
190,000 0 0
£
#. d.
Uncalled capital on 140,000
shares at 6s. 2d. per share 43,166 13 4
8 -146,833 6
549 7 8 To sundry ereditors To unpaid dividends :—
Brisbane
Brisbane No. 3 dividend account
Singapore Singapore
To profit and loss
31st March, 1897.
47 1 0 7,315 3 0
65 16 6 759 18 6
7,362 4 0 2,361 17 11
£157,932 11 1
ASSETS. Cr.
£6,789 8 0 -118 12 8
By mining property (nominal) By machinery By plant By tools, implements, & stores 1,182 0 0 By railway.
By buildings By quart, hoppers By umber By fuel
By furniture Singapore and
Raub
2,947 8 0 1,418 10 0 136 0 0 27 3 0 306 11 0
£ 8. d. 131,684 17
8
178 15 0
13,082 7 8 By estimated value of 28th crushing, viz.,
1,834 ozs. from 2,230 tons of stone 6,602 8 ò By balance to credit of No. 3 dividend account- By balance to credit of old dividend account-
Singagore By cash balance—
Singapore
Brisbane
Raub
་་་་་་
Brisbane...、、、、、
31st March, 1897.
£5,639 1 8 13 1 11 103 14 10
PROFIT AND Loss.
To directors and auditors' fees, salaries,
charges, and interest
To stores, tools, & implementa To fuel
To timber
To depreciation--
Machinery and plant...... Buildings ....
759 18 6
47 1 0
5,755 185
£167,932 11 1
To
wages and expenses at
Raub, including cost of
Singapore office, and directors' fees
£ 8, d. 15,163 12 1' 609 210 1,863 6 7 422 16 2
634 3
86 11 6 322 7.6
36 5 0
dividends
No. 2 dividend of 8d. per
share No. 3 dividend of la per
share
4,750 0 0
9,500 0 0
To
Railway and quartz hoppers Furniture (Raub and Sin-
gapore)
To balance down
£
s. d.
P 648 2 8
18,058 17 8
1,079 7.4
14,250 0 0 2,361 17 11
£38,398 6 7
1st April, 1897. By balance down By gold account---
453
4,289 10 1
Net proceeds of 8,858 ozs. of gold from 14,096 tons of stone (including value of 28th crushing, viz., 1,834 oz., from 2,280 tons of stone), after payment of Royalty, cost of transit, insurance, &c. 81,967 17 By reats received........
By balance down
-160 12
£36,398 57
£2,361 17 11
The following is the mining managers' annual report for the year ending February 28th, 1897 :-
Gentlemen,-In laying before you my report for the year under review, it affords me great pleasure to congratulate the shareholders on the steady improvement in the prospects of the different mines, and the large additions made to our ore reserves, which I now estin ate at about 185,000 tons, and believe this to be greatly with- in the actual quantity available. This could have been largely increased if necessary,
The quantity of ore crushed during the year was 14,096 tons, yielding 8,858 ozs. 15 dwts. 12 grs, of smelted gold, being an average of 12 dwis. 133 grs. per ton. This is an increase of 1,855 tons over the quantity crushed last year, and is due entirely to the facility of transport afforded by the railway. The yield is 2,685 ozs. 18 dwts. 12 grs. better. The greater portion of this ore has come from development work at Bukit Koman, and speaks well for the future of the mines.
The total quantity of ore crushed by the Company to date is 44,354 tons, yielding 29,214 ozs. 8 dwts. Ogrs. of gold, worth £103,781 12s. 7d. The following are the details of the work done in the different mines during the year :-
RAUB HOLE,
In this section. work has been confined to developing the main ore chute, which has now dipped away to the south of the No. 2 Shaft. This ore chute dips to the south at a uniform rate of 1 in 5. It has been worked out for a dis- tance of over 800 ft., and shows no sign of giving out or getting poorer. At the date of my last report, the level at 216 ft. was being extended with the object of cutting the ore chute at this depth. This drive is now in 330 ft.· from the crosscut, and has not yet out the ore chute, but I am daily expecting it will do so,
At the date of my last report, the No. 1 Winze connecting the 120 ft. and 216 ft. levels was being sunk. This has since broken through, and a drive put in south from the winze on the course of the lode at 37 ft. down, and the ore chute was cut at this point. The chute of ore is as rich and large here as in any part of its course. We are now working the stopes above the back of this drive, which con- . tinue to turn out a fair quantity of first-class
ore.
A second winze has been sunk at 234 ft, in to connect the intermediate drive with the bottom level, and we are now. taking down the quartz in this winze. We have taken down the ore for 40 ft., and it continues to show good gold to that depth.
As soon as the ore, chute is cut in the bottom drive, we shall start to stope away the ore from this block, which I estimate to yield from 4,000 to 5,000 tons of first-class ore.
After the chute is worked out to this level a different system will have to be adopted to follow it, as it will not pay to sink straight shafts to do so.
A good deal of prospecting work is being done in the 216 ft. level. A drive is being put in north on the lode formation: This drive is now in 120 ft. from the crosscut; the lode formation is about 6 in. wide in the face of the 'drive, but carries no gold. It is my intention to carry this drive back to the No. 1 Shaft, a distance of about 400 ft. from the crosscut.
The main crosscut is being extended west from the shaft, and is now in 125 ft. At this point a gold bearing formation 2 ft. wide has just been cut, but I cannot say much about it yet. This is a purely prospecting drive, and I intend to continue it until I out the Western Lode line, about 500 ft. in. This drive goes right under the old original Ranb Hole workings, so if the rich small leaders got in these workings, continue down, , we should get them in this drive.