October 21, 1897.Į
premia, and carrying the small balance of $4,276.22 forward to the current year. As regards the 1897 account, you will observe that the premia collected is larger than for the same period during the preceding years, but on the other hand, losses have been sustained amounting to $530,000, the greater portion on the very best risks, leaving an estimated balance on the 30th September of $431,141 at the credit of working account. Since the issue of the report a further loss has occurred by the steamer Namor, wrecked near to Foochow, on which our interest amounted to $37,000, and we have also received information from our London agents that the accident to the Glengyle will entail a heavy particular average claim, the extent of which is not yet known. Interest account shows a falling off, but this hardly requires explanation, | at you are all aware that interest on mortgages | has fallen, as well as rates on fixed deposit. Our mortgages have been valued as usual by our surveyors, who report ample margins for the advances made. With these remarks I beg to propose that the report and accounts as pre- sented be adopted and passed.
Mr. J. H. LEWIS seconded. Carried.
Mr. R. C. WILCOX proposed that the appoint- ment of Mr. D. Gubbay on the Consulting Com- mittee be confirmed and that Messrs. C. P. Chater, H. L. Dalrymple, D. Gillies, F'. Mait- land, and D. Gubbay be re-elected on the Com- mittee.
Mr. BYRAMJEE seconded. Carried.
Mr. FORBES moved the re-election of the auditors, Messrs. Fullerton Henderson und W. H. Potts.
Mr. HO FUK seconded. Carried.
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CHINA OVERLAND TRADE REPORT.
THE NEW BALMORAL GOLD MINING CO., LIMITED:
The General Managers, Messrs. John D. Humphreys & Son, have received the following report from their mining managers by the steamer Chingtu :—
Mount Macdonald, 20th September. Queen Mine-The contract for sinking the shaft has been completed 100 feet, making the shaft a total depth of 311 feet. The alteration to the poppet legs rendered it necessary to take them down, the work of altering being pushed on as rapidly as possible, and the re-orection will be completed in a few days. Then an additional sinking of 50 feet will be started.
Balmoral Mine-The tributors on G.L. 5 continue driving on new make of stone referred to in last report and with fair prospects. The two men working in the tunnel on G.L. 6 for the reef are making good progress.
JELEBU MINING AND TRADING
CO., LIMITED.
The following report and accounts, under date of 5th October, are issued to the share- holders of the Jelebu Miuing and Trading Co., Limited :-
Your Directors beg to submit a statement of the Company's accounts for the period from February 2nd, 1897, to July 28th, 1897, being the first half of the 9th year of the Company's existence by the Chinese Calendar. The work. ing of the mines at Jelebu resulted in a net profit of about $3,000. Operations in Maliwun Therefore. incurred a loss of about $7,700 $4,700 is the real loss on trading for the past half-year. To this must be added $7,000, being
The CHAIRMAN-As usual dividend warrants loss of treasure through theft in transit, as will be issued to-morrow. I thank for
you your attendance.
OLIVERS FREEHOLD MINES, LIMITED.
The General Managers, Messrs. John D. Humphreys & Son, have received the following report from their mining managers by the s.5. Chingtu
Mount Macdonald 20th September, 1897. Eureka Mine-In the main shaft sinking is now being carried on by three shifts of men and considering that we have a solid reef 7 feet wide good progress is being made. Since last report good gold has been showing, more than justifying the statement that the prospects may be regarded as first class. The winze started at the bottom of 200 feet level is being con- tinued, with reef 7ft. in width. This winze is yielding a large quantity of stone of good quality, which is being stocked in the drive ready to send to the surface as soon as crushing opera- tions are resumed.
At the 150 ft. level driving south is being continued on the reef, which is from 3 to 4 feet wide and shows gold. We hare two men working up where the rise from the 150 feet level connected with the air and mullock shaft. At this point we have a large quantity of stone showing fair gold. A plan of this portion of the mine will be sent on shortly, as it is at this point that the upper or surface reef tapers out and the reef on which we are working at the 150 ft. and 200 ft. levels commences.
Gold Lease 105.—The reef in the underlay shaft being sunk on this portion of the property is improving still, the last prospects being equal to 15 dwts. gold per ton with reef over 3ft. wide. Owing to the delay in shipping the new battery we have been obliged to shorten hands but we hope to be in full work again very shortly.
already reported in last half-year, bringing the total loss as shown to $11,700.
Jelebu Alluvial.-The arrangement, men- tioned in the previous report, to work the mines exclusively by paying cash on delivery of ore or advancing against visible ore and other security has been strictly adhered to. This portion of the Company's operations may now be con- sidered as on a satisfactory basis. The business of this branch is extending and justifies the expectation of increased profits for the future.
Jelebu Rinlode. The expenses in the half- year amounted to $8,057. A break in the lode, a thing not unfrequent in lode mining. has occurred; but the Lode Manager daily expects to recover the lead. The sinking of the shaft recommended by Mr. Bibby is proceeded with, and is expected to be finished within the current half-year. When completed, a final decision, as regards working the lode, will be arrived at. Altogether, about $30,000 have so far been spent on the Rinlode, though it only stands in the Company's books at $8,057.
Maliwan. During the half-year, Mr. Money handed over charge to Mr. Machado, which change entailed extra expenditure. The policy of the Directors, as laid down in the instruc- tions to the new manager, is to absolutely avoid all business of risky nature and to exercise the greatest economy without impairing efficiency. The difficulty in obtaining sufficient water for mining purposes is still occupying the Directors' attention. It is hoped that, with the help of Government, measures may soou be taken to do This would allow away with this drawback. the Directors to consider the speedy working of the otherwise promising North Hill range. In the meantime, the Manager's efforts are being directed in addition to the ordinary min- ing to trade in ore and agricultural and forest products. The prospects of a profitable business in these look promising on the basis of small trial shipments made and samples received and valued.
4.
General. The general business of the Com- But a dividend pany is now on a safe basis. paying period can only come in sight again in the near future after either the Rinlode or Maliwan Hills or both are being profitably worked.
A return cricket match with the Navy was played at Yokohama on the 2nd October, result- ing in a second defeat for the visitors. The
Accounts. After writing off the usual de- Navy went first to the wickets but only sue- ceeded in compiling 66, of which Gillett con-preciation for plant, $2.639 for Maliwun tributed 22. Edwards did a remarkable bowling advances, $7,000 for loss of treasure by theft, there remains at the debit of Profit and Loss performance, capturing five wickets for no rans. Yokohama made 101; Edwards 21, Walford 19, the sum of $11,735, which snm, together with and Kingdon 18 not out being the highest $26,787 from the previous year, your Directors
propose to carry forward.
scorers.
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313
BALANCE SHEET FOR THE Half Year Ended 28th July, 1897. To capital To dividends unpaid.. To unpaid charges and creditors.
JELEBU.
By cost of houses and coolies' quarters
and godowns, balance Additions to property
Less 25 per cont. written off By cost of houses and godown furniture,
trade utensils, plant, wator-ways, and ronds Additiona
Depreciation
....
$225,000 773
6,977
· 8232,751
$2,277 1,540
$3,817 954
$2,863
$2,953
151
3,105
Less 15 per cent. written off
485
2,039
By cost bullocks and carts By depreciation
$500
50
450
By cost of ore-bags, balance
Additions to stock
$280
375
$655
350
305
1,248
4,838
15,096
3,422
897
8,057
40,000
88,410
696
$9,106
1,365
7,740
4,059
By value of ore and tin in stock on 28th July* By advances to miners
4,957
4,527
Less written off as doubtful.
2,839
1,887
1,650
707
23
93,052
329 38,523
$232,751
RINLODE, JELEBU.
By cost of stores in stock By advances against security By value of ore in stock on 28th July * By cash at Jelebu... By sundry debtors By expenditure in half-year By Maliwun concession By cost of buildings, plant, furniture,
boats, carts, de. Additions
MALIWUN.
Less 15 per cent. written off By cost of stock of provisions, stores,
opium, and medicines
By cash in band By sundry debtors...
GENERAL.
By cash in hands of agents
rent account
++
By amounts on fixed deposit and balance of cur- By sundry debtors By balance of profit and loss
• All the Jelebu and Maliwun ore and tin has since been sold and delivered, and the valuation is based on the proceeds.
PROFIT AND Loss ACCOUNT.
To balance from last account To 25 per cent. written off from buildings and
plant at Jelebu
To 15 per cent. written off from buildings and
plant at Maliwan To 15 per cont. written off from furniture and
trade utensils
To depreciation ore-bags To depreciation carts To cost of prospecting at Maliwun To general charges at Jelebu To general charges at Singapore, direc- To general charges at Maliwun
tors' fees Auditors' fees, stationery, printing, etc. Agents' commission
26,787
954
1,365
465
350
50
308
3,286
4,217
$1,150
481
1,040
2,671
74
2,639
7,000
$50,233
$9,531
456
1,721
38,523
$50,233
To amount written off from Jelebu advances To amount written off from Maliwun advances. To amount written off for theft of treasure
By Royalty and profit on ore and tin By profit on stores and general business By Bank interest By balance, being loes
(Cents have been omitted.)
Owing presumably to an oversight, arrange- ments were not made at Nagasaki to exchange gold for silver on the 1st October and the result was that gold was at per cent. premium. The Juhachi Bank quá Jubachi Bank had gold coin to exchange for silver at that rate, but the Jubachi Bank qué agent of the Central Gov- vernment Treasury had no gold at its disposal,