240
In terms of the Articles of Association all these gentlemen retire, but being eligible, offer themselves for re-election.
AUDITORS.
The present accounts have been audited by Messrs. J. H. Cox and W. H. Gaskell, who re- tire, but offer themselves for re-election.
DOUGLAS, LAPRAIK & Co.,
General Managers.
BALANCE SHEET FOR THE YEAR ENDED 30TH JUNE, 1897.
. LIABILITIES.
̈Capital account:-
20,000 shares at $50
Reserve fund
Underwriting account of the Company
Sundry accounts payable
Unpaid dividends
Unpaid bonus (account 1896)
Profit and loss account
L
tan, Hailoony, Namoa, Thales, Formosa, & Haimun 841,500.00
Value of buoys and moorings at
Swatow, Amoy, Tamsui, and
sundry spare gear
$
C.
1,000,000.00
THE HONGKONG WEEKLY PRESS AND
Messrs. St. C. Michaelsen and A. J. Raymond retire by rotation and offer themselves for
re-election.
AUDITORS.
The annexed accounts have been andited by Messrs. T. Arnold and H. U. Jeffries, who offer themselves for re-election.
C. BEURMANN, Chairman.
Hongkong, 17th September, 1897.
STATEMENT OF ACCOUNT FOR THE YEAR ENDED 30TH APRIL, 1897.
101,731.59 Cash in hand
50,984.:0
Fixed deposits with Banks
ASSETS.
59,220.22❘ Invested in mortgages of properties...
Bonds of Chinese Imperial Government
Loan, 1886
Cash in hand and on fixed deposit Interest accrued, but not yet payable Furniture at head office and branches Sundry debtors
C,
81,638.53 345,000.00 916,206.78
52,203.69
056,173.08
163,325.97
83.00 138.00
153,540.30
Hongkong and Kowloon Wharf and Godown
Co., Limited, debentures
$1,365,097.61
ASSETS.
$
Shanghai Waterworks Co., Ld., debentures.. Shanghal and Hongkew Wharf Company,
debentures
150,000.00 5,545.93
C.
50,916.19
Value of the Co.'s steamers Hai-
$
C.
London branch:-
Cash in hand
$138,589.07
Indian Government securities. 850,137.20 Remittances in transit... a 167,446.81
Hongkong, steam launch, and
Australasian branches:-
5,778.51
S-47,278.51
Cash in hand, in course of collection, and
on fired deposit
Material for new wharf at Hongkong
35,162.75
Yokohama branch:—
Loans on mortgage...
,172,500.00
The Hongkong and Shanghai Banking Cor-
poration (deposit and interest account)
136,087.98
Value of coal in stock.
7,745.20
Freights duc 30th June, 1897
85,148.24
Sundry accounts receivable from agencies, &e. Cash in hand
$0,233.74
641.19
$1,305,697.61
Capital subscribed
Reserve fund
JUNE, 1897.
$
e.
To remuneration to General Managers for
office expenses, for 12 months.
Exchange fluctuation account
10,000.00
Sundry creditors
To remuneration to Consulting Committee for
Profit and loss account
-12 months
2,000.00
To auditors' fees
600.00
To exchange account
2,132.40
To charges account
338.99
To late Amoy agents (amount written off)
5,197.02❘ To losses ...
PROFIT AND Loss Account FOR THE YEAR ENDING 30TH
To interim dividend for 6 months ended 31st
December, 1896..
To balance.
By profit on running the Company's steamers
to date,
By profit on coals supplied to steamers,
By interest on deposits areount
By interest on mortgages account
By bonuses received........
Amount paid-up
Dividends outstanding
LIABILITIES.
$2,000,000
WORKING ACCOUNT.
To charges, survey fees, &c.
40,000.00 To directors' and auditors' fees -head office 153,540.30 and branches
To balance to profit and loss account
$213,808.71
c.
$ 194,018.04 4,176.08 8,372.65 By interest
By premia, less re-insurances, return pre-
mia and commissions
5,832.44 By transfer fees
1,409.50
By exchange
$213,808.71
CHINA TRADERS' INSURANCE CO.,
LIMITED.
The following is the report for presentation to the shareholders at the thirty-first ordinary meeling, to be held on Saturday, 2nd October, at noon :—
The directors have much pleasure in laying before the shareholders the accompanying state- ment of accounts for the year ended 30th April last.
The net premia amounts to $1,001,455.92 and the working account shews a balance at credit of $621,807.25, which sum the directors re- commend be appropriated in the following
manner:
A dividend of 20 per cent. to share-
holders...
..$120,000.00
A dividend of 20 per cent. on cou- tributions, payable to all con- tributors of business whether shareholders or not
To be carried to new account
DIRECTORS.
+
|
[September 23, 1897,
but I regret to say the quality of the ore mined has been very low indeed. The reef is excep tionally hard and hence the Chinese miners are not able to get out the quantity of ore one would expect from such a big reef. I am still of the opinion that rock drills should be got the moment our prospects in the deeper ground* warrant the outlay. We have not succeeded in finding any pockets of rich ore during the month.
Intermediate Level-The drive here to go up to the North Shaft has been extended 9 feet 6 inches, making its total length 85 feet from the cross-cut. We are now running a cross-cut West off this drive to prove if the ore we are working in the stopes at the 200 feet level is continuous in height, and a separate chute from that already worked out, and hope to see this proved during the coming month.
Drivage for the month 167 feet 6 inches.
Ore mined 336 tons.
110 feet Lovel.-The stopes here have become exhausted and the men put on to take out a piece of reef near the surface.
North Shaft.-We have fixed the Evans pump in this shaft and are now sinking with it. It gave us great trouble to commence with, but I think we have now overcome this, to a great extent, at least.
The sinking here for the mouth is 7 feet only, 22,545.00 making its entire depth 140 feet from surface. 14,077.45
Milling. This was carried on during 29 days 7,413.23
crushing 336 tons of ore from the mine yielding 45,179.19
84 ounces, and 2.264 tons of old headings yield- $2,510,225.04 | ing 145 ounces of smelted gold.
$ c.
600,000.00 1,000,000.00 21,363.62 158,393.77 108,660.40 621,807.25
$2,510,225.04
C. $ 582,760.05 237,943.24
Caleining Works.-These works treated 35 tons of concentrates for a yield of 23 ounces of melted gold.
This, I need not tell you, is a great falling off as compared with former months and is the result at the very poor ore we have been milling.
Cyanide Works.-These works ran 28 days treating 846 tons of tailings for a yield of 305 ozs. 8 dwts. of bullion valued at 19s. 04d. per oz.
A new water wheel to replace the old one for these works has been made here and will be put into position in a few days. The dimensions of the new wheel are 12 feet in height with a 3ft. 10in. breast it is made throughout of the 20,801.89. very best Maribo timber procurable here. 621,807.25
$1,443,312.43
$ c. 1,001,455.92 110,288.86 190.00 4,029.00
By amount brought forward from last year. 327,348.85
$1,443,312.43
RESERVE FUND. To balance on 31st July, 1897...
$ 1,000,000.00
$1,000,000.00
c.
$900,000.00
100,000.00
$1,000,000.00
By balance on 31st July, 1896 By amount transferred from 1895-1896 ac-
count
THE PUNJOM MINING CO., LIMITED.
The Secretary of the Punjom Mining Co., Limited, adrises us that he has received the following progress report from the manager at the mines on the work carried on during | the month of August:
August Shaft. The sinking of this shaft was continued full time up to the 27th instant, when the required depth (315 feet) having been 150,000.00 reached and the necessary timbering completed, 351,807.25 the cross-cut to go up to the reef at the 300 feet
level was commenced. $621,807.25
Messrs. J. Kramer, P. Sachse, M. D. Ezekiel, and J. W. R. Taylor retired from the board on leaving the colony; Messrs. C. Beurmann, G. D. Böning, J. Thurbarn, and A. J. Ray- mond accepted invitations from the directors to fill the vacancies, and their appointment will be submitted for the confirmation of share holders.
The ground sank during the month is 21 feet 6 inches, which I presume to think is fairly good progress for 27 days' work in such hard ground. The cross-cut is now in 4 feet, and will be pushed on with all possible speed.
Of course the cutting of the plat will take some little time; but after that is completed I hope to see really good progress made. In the stopes to the West of the New Shaft at the 200 feet level the reef has continued very strong,
'
General. The nsnal attention has been given to all work coming under this head and every- thing kept in good order. All the European quarters have been newly roofed and repaired generally so as to be ready for the next monsoon. Labour. The supply of this has been fairly plentiful.
Health. This has been fairly good. Rainfall. The total rainfall for the month is 9 inches.
SECRETARY'S NOTE.
The "plat" referred to in the course of the Manager's Report for August is the technical term applied to the enlarged chamber at the opening of a cross-cnt. It extends in for about 12 feet only.
OLIVERS FREEHOLD MINES,
LIMITED.
Messrs. John D. Humphreys & Son, the General Managers, have received the following report from the Mines:-
Mount Macdonald, 27th August, 1897. Eureka Mine. The sinking and timbering of main shaft is going on well; total below the 200 feet level is now 40 feet. A hole was bored
feet into the reef, which was found to be of solid stone, and showing gold equal to any seen when the reef was broken intc at the 200 feet level. We cannot yet state how thick it is, but from indications believe it will be over 5 feet, possibly 6 or 7 feet; and from the gold showing already there is not the shadow of a doubt about its quality. There is no change to report
in main drives at the 200 feet and 150 feet levels, since last week. We are putting in main stall timber and completing tram lines.
The air and mullock shaft will be connected with the stopes at the 150 feet level in about three weeks. The sinking of the underlay shaft on G. L. 105 is being carried on by two men.
The reef is increasing in size and shows A little gold in dish trials. The clean up from Eureka last Saturday was 724 ozs. from 140 tons. We could not get any more through the old battery: -