92
•
more to debit to it
been caused by the new vessels that have been taken into the list during the year 1896. On the other side of the account it will be seen that the loans and bills payable that are outstand- ing represent instalments on these vessels which have not yet been met, but these are being steadily liquidated by degrees and will be wiped off in due time. The new vessels which have gone out have given great satisfaction in China, both to shippers and passengers, and are proving a very serviceable addition to the fleet. The charge for interest is increased in con- sequence of these borrowings for the cost of the new vessels, and on the other side of the account the surplus from exchange secount has been dealt with in the manner which is explained in the report. I am sure the share- holders generally will be satisfied that the Directors have made this provision, for what will no doubt be a decrease this year in the value of the dollar. The underwriting account has had several claims charged upon it during the year, and there will probably be something on account of the steamer On Wo. Nevertheless, it closes with the satisfactory balance of £90,000 after having transferred to general revenue the sum of £16,318. There is one matter that I should mention to you, which is not referred to in the report, and that is that the Company has taken advantage of the recent treaty that' was signed in China for opening the West River in the Kuangtung Province to foreign trade. They are doing this by establishing a service of steamers in connection with other local Com- panies which are interested in developing the trade, but we must not expect too much from it at first. It is a new locality, the navigation is only imperfectly known, and the steamers at present available cannot penetrate long distances into the interior as they do upon the river Yangtsze Kiang At the same time these steamers will serve the wants of, what is a populous and progressive region, and from which access may be obtained to the Western provinces of China, and it is hoped in the Course of time that a substantial and remunera-, tive trade may be built up in that quarter. I think the only other thing I have to allude to is the Company's claim for the Steamer Kow Shing. We have still been unable to obtain a settlement of it.. It ought to have been admitted and paid long ago, and the families of the sufferers by that disaster are also being kept out of what is justly due to them: We have done everything in onr power to hurry the pace of the Foreign Office and of the Chinese authorities, and all I can say at present on the subject is that the case is still under negotiation with the Chinese, and that we hope for a satisfactory solution of it. I think with these explanations I may simply move―"That the Report of the Directors and the Accounts for 1896, as presented, be approved and passed."
Mr. REID-I have pleasure in seconding the motion.
The CHAIRMAN-If any shareholder has any remarks to make, or questions to ask, I shall be happy to answer him. (A, pause). If not gentlemen, I will put the motion to the meet- ing:
The resolution was then. put and carried unanimously.
The CHAIRMAN-I have now. to propose "That the retiring Directors, Messrs. Thomas Reid and William Paterson, be re-elected." They are both well known to the shareholders. Mr. Reid is an original director, and I think you cannot do better than approve their re- election.
Mr. KESWICK-I beg to second the resolution. The motion was put and carried.
The CHAIRMAN-The only remaining resoln- tion is for the re-election of the auditors for the ensuing year.
.BJ
Mr. EASTWOOD-I shall be pleased to pro- pose That the retiring auditors, Messrs. Turquand, Youngs & Co., be re-elected."
Mr. WELLS-I beg to second that resolution. The motion was also agreed to.
for your atten-
The CHAIRMAN-I thank you Hlance, and that concludes the business of the meeting.
The proceedings then terminated.
THE HONGKO
WEEKLY PRESS AND
ant
UNITED ASEN. ÎNS ORIENTAL AGENCYTD.
Messrs.
The first annual genere eeting of the shareholders in the United laystos Oriental Agency, Limited, was held a Hongkong Hotel on the 22nd July, Mac Anderson presided and there were also pres F. Dodwell, T. Skinner (Superint) A. Ellis (Secretary), GH. Medhurst, Ceng. On the motion of the CHAIRMAN, Aecome by Mr.DODWELL,Mr. Ellis was appointed Secre
The SECRETARY read the notice conveni the meeting.
The CHAIRMAN said-I regret there are so few shareholders present, but we will now pro- ceed with the business. I regret that my col- league, Mr. E. S. Whealler, is unable to be present, being is engaged on a jury. The ac counts in your hands speak for themselves, and I can only repeat the regret felt by us, that a loss should have resulted. It must be borne in mind, however, that, although these accounts cover the whole year ending 31st May last, there was very little business done during the first three months of the Company's existence, while, of course, expenses were incurred from the commencement. You will observe that the expense of advertising has been very heavy. think that it can now be materially reduced. This was unavoidable in the beginning, but we
The working of the Shanghai brauch has been disappointing, but there has been more business done of late, and we are not without hope that it will be increased in the future; we shall, however, be guided in our action, with regard to this brauch, by the report of our Super. intendent, Mr. T. Skinner, after his visit there. Here, business continues to go on satisfactorily. There is nothing else which occurs to me to say at the moment, but before moving the adoption of the report and accounts as presented, I shall be happy to hear any remarks which the share- holders have to make.
There were no questions and the CHAIRMAN moved the adoption of the report and accounts.
Mr. DODWELL' seconded. Carried,
The CHAIRMAN propose that Mr. W. H. Potts be re-elected auditor.
Mr. MEDHURST seconded: Carried.
This concluded the business of the meeting.
The following is the report presented to the meeting:-
Gentlemen, The General Managers beg to submit the accompanying Statement of the Company's Accounts for the year ending 31st May ward to the debit of new profit & loss account. · 1897, showing a balance of $620.06, carried for-
The General Managers regret the loss shown by the accounts, in consequence of the usual difficulties and delays attending the inagura tion of such a business, and the small turn over at Shanghai. They intend that the Company's Superintendent. Mr. Skinner, shall visit that port. at an early date, and report upon the prospects, for business there in the future, ant that he shall then visit Japan where, as yet, no progress has been made.
The operations of the Agency in Hongkong have been satisfactory, and the prospects for an increasing and remunerative business are favour-
Fable.·
Auditor:The accounts have been audited by Dr. W. Hutton Potts, who offers himself
for re-election.
Dr.
E. S. WHEALLER,
General Managers. ARTHUR ANDERSON, J
BALANCE SHEEt, 31st May, 1897.
LIABILITIES,
To authorised capital, 9,900 ordin-
ary shares at $PU cach 100 founders' shares at $10 each
To capital paid up 9,900 ordinary
shares at $2 each
100 founders' shares at $10 each
fully paid
To sundry creditors To bills payable
Hongkong Shanghai
$0. 99,000.00 1,000.00
$100,000.00
19,800.00
1,000.00
$10,393.86 12,508.49
To suspeuse account.
$
0.
Gr.
ASSETS.
By furniture, fittings, &c.—
Hongkong Shanghai
By steam launch "Gladiator" By stock on band-
Hongkong Shanghai
July 29, 1897.
$703.45 340,00
1.049.45 7,500.00
$32,846.68 10,583.57
43,430.25
809.99
By preliminary expenses. By unexpired portion of insurance policies
Sandry debtors
By balance of profit and loss account.
20.62 3,859.46
620.06.
$57,283.83
PROPIT AND Loss Account, 31 MAY, 1897. Dr.
expenses (including working launch, cal Agents commission, godown rent To prelimy expenses 25 per cent rikten.
off
To furniture and godown fittings 15 per cent.
written off- Hongkong Shanghoi
To advertising- Hongkong Shanghai
To interest
To auditor's fee
By profit on sales
By transfer fees
By balance carried forward..
Cr.
14,61777
269.99
$81.14 67.00
148.14
$1,136.80 492.81
1,629.61 853131
50.00
$17,068.82
* C. 16,442.76
6.00 820.06
$17,068.82
THE PUNJOM MINING CO., LIMITED.
The Secretary of the Punjom Mining Com- pany, Limited, advises as that he has received the following progress report on work carried on at Punjom during the month of June:
August Shaft 200 ft. Level-Fair progress has again been made in sinking this shaft, 28 ft. having been sunk and substantially timbered. The ground continues favourable for sinking
the water does not show any sign of increasing as depth is attained, as you will see when I tell you we are still able to keep the. shaft clear by buckets.
I expect to make equally good progress dur- ing the coming month as every foot sunk should be bringing us more into the better channel of ground I told you of when I was at Hongkong.
In the stopes to the west of the new shaft Fabove this level the reef is strong and shows patches of fairly good ore occasionally, but I regret to say the bulk of the ore, as again shewn by the clean-up, is very poor. We have found a pocket which has given us about 25 ounces during the month and are still hoping to come acr. as other pockets. But this is very uncertain. Judging from the past, however, we have reason to expect them. We have con- nected these stopes with the winze sunk below the intermediate level and thus secured good ventilation and better facilities for working. The reef is unusually hard and bad for blasting, consequently we cannot get out very large quantities of ore for the mill from this point and as most of the other stopes have become exchausted or nearly so, the output of ore from
the mire is but little indeed.
I am hoping to increase this again in the near future, however.
܂
Intermediate Level÷The drive here to go to the North Shaft has been extended 13ft. 6in. and is now in 40ft. 6in. from the crosscut. The stopes below this level on the old chute of ore are almost exhausted but I am still hoping that the new chute will be found to extend above the old one and so give us payable stop- ing ground for some time to come.
110 ft. Level. The stopes above this level have given their usual quantity of low grade 20,800.00 ore for the mill. A slightly better class of ore 12,893.77 has shown here during the last few days so I am hoping this may assist us during the coming month.
22,902.35 687.71
North Shaft-Fair progress has been made in sinking this shaft, 33 ft. having been sunk during the month. The total depth is now $57,283.83 131 ft. from surface. I regret to say the water