I
take it at one fourth; that would be, as they are putting up another $4, that for every ten shares held by the ordinary shareholders they should have one vote and preference shareholders one vote for every forty shares, so that the pro- portion is pretty well on the same footing as it would have stood in the former Articles of Association providing the votes had been in proportion to the value of the shares. think, gentlemen, that ភេទ business men with unbiassed views on the matter you will think that the Directors have acted very fairly in the matter. However, it is left in your hands. If you do not think it is right you have the power to alter it providing there is a majority in your favour. Before proceeding with the resolutions, gentlemen. I think it would be well to have an expression of opinion with regard to the voting powers. I shall, therefore, await for what you have got to say on this matter and I shall give your remarks every consideration.
Mr. HUGBES-Do you propose then that this power shall be graduated, because the ordinary shareholders paying $1 now would be receiving more than their share of voting so long as the call was confined to the $1.
Mr. GEORG thought the alteration would be quite fair, as the ordinary shareholders had a liability.
Mr. HART BUCK-You should not lose sight of the fact that in a great many cases the holders of preference shares have given a great deal more than $1 for their shares.
Mr. LOXLEY-We cannot recognize that fact. Mr. HART BUCK-I do not think it is quite fair.
The CHAIRMAN-The voting power was not very clearly stated in the old articles. The old articles, as far as the voting power went, were never altered to meet the case of the preference shareholders. That was an oversight. It ought to have been mentioned that preference share- holders would be entitled to such and such a vote or to no vote at all, and I think it is only right that it should be mentioned now,
But you must remember that the ordinary shareholders are placed in a very different position now. The value of their shares will be $8 instead of $4.
us,
Mr. HART BUCK-If they are fully paid up? The CHAIRMAN-Yes. I hope the necessity of their being fully paid up will never arise. hope they will not be paid up, but at the same time if the mines are to be carried on it is hard to say what we have before It may be necessary to spend money for new plant if we find the lode where we expect below the 300 feet level. think it will be better to call up $1 now and to have the power to call up $3 at a future date. I think it is more in the interests of the Company that this provision should be made now to avoid coming back to the shareholders in another two or three years for some more money.
Mr. JORDAN suggested that the opinion of -meeting be taken on the question of the recon- struction of the Company, leaving the question of the voting to be dealt with afterwards.
The CHAIRMAN then proposed the first and second resolutions, which he said the Company's Solicitor suggested should be taken together.
Mr. GEORG seconded.
The motion was carried, there being only one dissentient.
The. CHAIRMAN next proposed the third resolution.
Mr. GEORG seconded. Carried.
The CHAIRMAN-I may mention, gentlemen, for the benefit of those who have not received a circular that was issued, that the holder of every ordinary share in the present Company will be entitled to receive one ordinary share in the new Company, which share will be liable to an im. mediate call of $1; the balance ($3) will be called up as the Directors may deem necessary in calls of $1 each, and thirty days' notice will be given of each call. A meeting will be held in fourteen days to confirm what has taken place to-day. Due notice will be given in the usual way by advertisement in the local papers,
The CHAIRMAN then proposed "That the Articles of Association of the new Company as drawn up and submitted to this meeting be ac- cepted,"
Mr. GEORG seconded.
THE HONGKONG WEEKLY PRESS AND
Carried. There were two dissentients, The CHAIRMAN-That concludes the business
of the meeting. I have to thank you very kindly for your attendance.
The Secretary of the Punjom Mining Co., Limited, advises us that ho has received the following progress report on the operations carried on at the Company's mines for the month ending September 30th, 1897 :-
Angust Shaft.-The crosscut we are driving at the 300 ft. level here has received our hest attention, but owing to the ground being very hard and bad for blasting the progress is not so good as I bad hoped for, 26 ft. only having been driven for the mouth. The "plat" or chamber has been cut and the necessary timbers, both for it and the shaft, put into position.
The ladder-way also has been brought from the 200 ft to this level, and everything put in good order. I fully expect to reach better ground during the coming month, and that much better progress will then be made.
200 ft. Level. The ore in the stopes to the west of the New Shaft having become too poor to pay the cost of working, I have decided to discontinue almost all work here, for the pre- sent, at least. The reef is strong, but terribly hard, and is just suitable for rock drills.
A cross-cut has been commenced to go out to receive the North Shaft when it reaches this depth, which should be within the next two months.
Intermediate Level. The drive being driven north here to go up to the North Shaft has been extended 23 ft., and is now letting down water pretty freely. Another two months will see the connection made.
The cross-cut west to intersect the conrse of the reef we are working at the 200 ft. level is now 64 ft., and should reach the point where the ore should be found in the course of a few more days.
The drivage for the month is 39ft. 6in.
Upper Stopes.--These stopes having now been worked up to very near the surface, we have discontinued work there, and shall take out the ore by means of an open cut on the This will mean a considerable reduc- surface. tion in the cost per ton of ore mined at this point.
North Shaft. The pump here gave us great trouble in the early part of the month, but is now doing much better. Ground sunk for the mouth 22 ft., making the total depth of shaft from surface 102 ft.
Drivage for the month
129 ft.
.389 Tons.
Ore mined.. Milling. This was carried on during 28 days, crushing 389 tons of ore from the mine, yielding 58 ozs., and 1.837 tons of old headings, yielding 106 oz., 6 dwts., of smelted gold,
Calcining Works.-These works treated 15 tons of concentrates for a yield of 12 ozs., 10 dwts., to which was added other 12 ozs., 10 dwts. got from grinding old weathered concentrates in the Berdans. In our cable this appeared as 25 ozs. got from caleining.
Cyanide Works. These works ran 21 days, treating 504 tons of old tailings for a yield of 200 ozs. 6 dwts, of bullion valued at £1 0s. 84d. per oz. The reason why so few days were worked and such a small quantity of tailings treated during the month is that we had to lift the new water wheel into position and our having com- mencel the clean-up on the 27th of the month so as to have it completed in time to send out the bullion with the returns from the mill.
General. We have given the usual attention everything in good order. to all work coming under this head and kept
Labour. The supply of this has been fairly plentiful.
Health. This has not been so good as I could wish, fever and dysentery being prevalent. It
better now, however,
Rainfall. The total rainfall for the month is 164 inches.
The Spanish steamer P. de Satrustegui arrived at Colombo from Manila on the 10th October bound for Barcelona. She was full of troops, sick and invalided, returning home from the Philippines, and many of them suffering from severe wounds. During the voyage to
·Colombo eleven deaths took place, and, on arrival, over fifty passengers were very ill.
[November 4, 1897.
THE GREAT EASTERN AND CALE DONIAN GOLD MINING co., LIMITED.
The first general meeting of the shareholders in the Great Eastern and Caledonian Gold Min- ing Company. Limited, was held on 29th Oct., at noon, at the offices of the general agents, Messrs. Lütgens, Einst mann and Co., 20, Stanley Street. Mr. R. C. Wilcox presided and there were also present-Messrs.. G. C. Cox, G. A. Atzenroth (Directors), C. Schwencke, O. von der Heyde, L. Lambotte, Th. W. Vogelgesang, E. Georg, and Ho Fook.
The CHAIRMAN, after reading the notice calling the meeting, said-Gentlemen, as you are no doubt all aware, this meeting is merely the statutory meeting of the Company, held in compliance with the provisions of the Companies' Ordinance, under which it is registered. There is no business before the meeting, and I have little information to impart, as we have done our best to keep you posted, through the Press, concerning all developments at the mines. It may, however, interest you to know what our acquisitions at Mount Macdonald have been since the registration of the Company. Origin- ally our property consisted of the Great Eastern Mine, containing nine acres, and the Caledonian, consisting of twelve acres, or, in all, 21 acres. We have since acquired a further 22 acres sur- rounding and connecting with our mines, some of which lots enable us to control the water supply from the creek, and others (including the Zulu Mine) promise to yield us handsome returns. All this land has been secured on most favourable terms, the greater part indeed for the mere cost of pegging and the licence fees. In the Zulu Mine, for which we paid £200, & lode has alendy been struck nine inches in width, and estimated to carry 2 ozs. of gold to the ton. Concerning this acquisition we are informed. by Mr. Georg's last letter, that
C
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Mr. Cash thinks such a great deal of the Zulu Reef that we are going to sink a shaft there also, for he predicts with confidence that it will turn out a great show. I am so pleased with this purchase that I would have advised you to pay a great deal more for the lease had "it been wanted." I may mention that, accord- ing to our last advices from the Mines, the work then in hand consisted of one main shaft, 200 feet, in the Caledonian Mine; one underlying shaft of 150 feet from the present bottom of the old shaft in the Zulu Mine; and one main shaft in the Great Eastern Mine of 200 feet. In the next report from the Mines we shall no doubt have some information of the progress of the work. When that letter was written they had only commenced sinking a few days, and had sunk depths varying from 4 to 11 feet. Of course there is nothing certain in mining, and it would be folly to imagine that we shall meet with no obstacles, but, so far as our manager can reckon, our prospects are, in his opinion, very encouraging indeed. If there is any other information which shareholders would like to have I shall be glad to supply it. All the letters and a plan of the mine are open for perusal by any shareholder.
No questions were asked and the meeting concluded.
RAUB,
The Acting Mining Manager's Report for the four weeks ending on 21st October, 1897, runs as follows:
Raub Hole, 220 ft. Level:-The main west crosscut has been extended 42 ft. during the month, making the total distance from the shaft 328 ft. A bunch of quartz about 18 in. thick has been passed through in this crosscut, in a few feet further I will come back and open but no gold could be seen in it. When we get
out and drive a few feet on it to ascertain if it carries gold. The North Drive, on the lode formation, has been extended 19 ft., making the total distance from the crosscut 248 ft. There is no change here, the ore still continues about 4 in. thick, but no gold can be seen in it. Stopes, south from the No. 2 Winze. The stone here is smaller and is not quite so good as it was as we appear to be getting through the ore chute in this end. North of the No. 2 Winze. The ore continues to increase in size here, and will average about 15 in. thick in which gold can be freely seen in breaking.