November 4, 1897.)
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CHINA OVERLAND TRADE REPORT.
GILBERT B. WHYTE.
EWO COTTON SPINNING AND WEAVING CO., LIMITED,
Present:-
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349
Bukit Koman.-No. 1 Level North.-The After doing some repairs to the boiler, etc., I hope to have the remaining 20,000 ont in lode in the face of the drive has pinched smaller, crushing was resumed at 4.45 the same after January, but the regrettable strike in
in the and for the last few feet has only averaged about noon, and has continued steadily since. Dur- engineering trade at home may cause some 13 inches thick. Although the lode is smaller, ing the month, we had to stop 5 head to renew delay as to the latter, and with respect to the it has improved very much in quality, and now the old battery box which was completely worn 3,000 spindles erected but not at the moment carries better gold than I have seen in this out. Advantage was taken of the stoppage to running they need not, I think, occasion you drive for months past. This drive has been dress the piles and thoroughly overhaul the anxiety-the fact is that the increase in spindles extended 21 feet during the month, making the foundation logs. A new battery box was put has been more rapid than the increase in labour. I am not alarmed at this; time will cure it and total distance from the crosscut 519 feet. The in, and crushing resumed after a stoppage of 5 leaders on the west side still continue to carry head only for 34 hours, the other 15 head go- you will, I think, agree with me if you bear in mind that already some 70,000 to 80,000 spindles fair gold. Winze No. 1 North.-I have coming on working as usual. menced a winze to connect the Nos. 1 and 2 Electric Installation.-This work is well in are being run by people who, a year ago, knew north levels. This wiaze is now down 17 feet, hand now, and, the weather having taken up. nothing of such work, and when you also con- sider the enormons increase in the silk filature all the way in solid quartz. For the first few good progress is being made with it. A survey feet water gave us some trouble, but we were of the cart road from Simpam Gap to the flume factories which have during the past few years fortunate enough to cut a fissure in the ore line has been made, and a start made at the successfully passed through similar experiences. A contract has been We need not fear; supply of labour will surely which has completely drained the winze, all of construction of the same. the water running through to the No. 2 let to some sawyers to cut the flume timber, overtake demand, and excess of supply will not level. South drive. We have had a change and we have another party of contractors only be an incentive to skill but a reliable check on an excessive wage. From what I have said, and of country here, the slate being soft lamin- started blasting a site for the power station. ated slate, but as yet no signs of the lode General. The health of the camp is good, also by our action in connection with the pro in it. I am in hopes that the lode will make there being very little sickness amongst the posals now to be put before you, we have again in this soft country. This drive has coolies, and all of the Europeans are in good evidenced our opinion of the future, and holding that opinion we are desirous of saving time in been extended 35 feet, making the total dis-health. tance from the crosscut 702 feet. The pro-
starting the extension recommended. It is to save time, and time is money, that we have specting crosscut has been extended 50 feet,
called this meeting, for if you agree to the making a total distance of 68 feet. A bunch
resolutions we hope to avail ourselves of the of ore has been cut in this crosscut; it is about
coming winter to get on with the ground work · 18 in. feet thick and carries a little gold. There
and foundations of the new mill, and the sooner are still a few quartz leaders in the face of the crosscut. I will continue it a few feet further, An extraordinary general meeting of share that is done the sooner shall we be ready then come back, open out, and drive on the ore holders in the Ewo Cotton Spinning and Weav- for the additional machinery, In fixing the already cut so as to ascertain what it is. Years ing Co., Limited, was held at the office of the 31st of December next as the date on which the ago, when first opening this mine, a bunch of general managers, Messrs. Jardine, Matheson & register of shareholders will be closed for the making up of the list of those entitled to the leaders carrying very fair gold was cut on the Co., Shanghai on the 25th October.
new allotment, we have selected a date which east side of the shaft, and a considerable amonnt Messrs. E. F. Alford (Chairman), A. McLeod,
will permit of applications for the same being of quartz was got from them. I am in hopes J. Prentice, Zee Ti-san (Directors), C. Dowdall that the ore cut in this crossent is a continua (the Company's legal adviser), P. H. Arnhold, sent in after the Chinese New Year, thus entail- ing no call whaterer for funds until the native tion of these leaders, as they are about the A. J. Howe, A. K. Craddock, R. H. Burder, same distance east of our main lode. Should A. W. Danforth, J. Paterson, C. E. Anton, settlement is over, and even then for but a very small sain. With respect to finance, the resolu. this prove to be the case, it means that we have G. J. Morrison. W. C. Murray, J. Mackenzie, another lode to the east running parallel to our J. M. Young, W. A. Cruickshank, E. Evans, tions seem clear and little more need be said. main lode. Gold has been got in the ore in the J. D. Clark, A. Shearer, and Tong Kid-son, The present mill of 50,000 spindles will cost com. plete a million and a quarter, and we expect to shaft and also in the prospecting crosscnt, a dis-representing in all 3,897 shares. tance of about 660 feet apart, being the only After the notice convening the meeting had save some two lakhs on the extension; we have places where we have cut through the ore, so we been read by the Secretary, the Chairman said: thus to provide for a total expenditure of some- can reasonably expect that it carries gold all this-Gentlemen,-This meeting being now duly thing like two and a quarter million taels, or say £285,000 when rendered in sterling. The distance. Should further exploration prove this constituted I purpose before submitting to your to be the case, it will add greatly to our ore reserves decision the resolutions which have been cir- calls on the new shares will be Tls. 10 on appli- and the value of the mine. Stopes No. 2 South. eulated amongst you, to offer a few preliminary cation and Tls. 15 on allotment, whilst the The lode is larger, being now about 11 feet or explanatory remarks which may not be with- other Tls. 75 per share is only levinble when thick of fairly good ore, but is not quite as solid out interest to those who by investment in this required in calls of Tls. 25 per share at intervals as it was, No. 3 Stope. The lode here is only Company's shares have shown their confidence of two months. So far as we can see these funds will suffice for the greater part of next year, about 6 ft. thick, but will get larger again a few in the enterprise. The original prospectus pro-
and the debentures will not be necessary until feet further south, The lode has been broken vided, as you are aware, for a mill to contain up and mixed with mullock. It is all sent to 40,000 spindles, but upon the arrival of our mill we come to payments for machinery. There is no intention of issuing these debentures en the battery, mullock and all, as it is impossible master, Mr. Kerfoot, he pointed out that the mill to separate it, and it is, therefore, all counted as buildings had been planned on so liberal a scale bloc; the money will only be required from quartz. No. 4 Stope.-I have started this stope that we could find space for 10,000 more spindles. time to time, and we anticipate no difficulty coming south from the No. 2 air shaft. The It is self evident that this increase of 25 per cent. in finding ontlets, as occasion may arise, for lode is small, being only about 4 ft. thick and is in the power of production was an advantage it these securities. This mode of finance will, we rather mullocky at present, but will improve was our duty to avail ourselves of without believe, prove the most economical and efficient, and in order that debenture holders may be in the when we get a little further south. No. 4 delay, and the necessary steps have been taken South Air Shaft.-The total depth of this shaft to that end. These 10,000 extra spindles were, sonndest legal position, we purpose inviting two is now 138ft., we have about 42 ft. to go before of course, not contemplated in the original well-known local residents to act as trustees. I we hole through to south stopes. Bottom Level.-provision or capital, and their cost, plus an am glad to say that Mr. W. D. Little and Mr. North Drive-The lode here is making solid excess over estimates for buildings (due mainly to Dowdall are prepared to accept the position of trustees; and you will, I am sure, be very plea-. again, and is now about 6ft. thick of nice the fact that four mills were being built at the quartz, but I do not see any gold in it. There same time) will bring the landed property,sed to welcome Mr. Alex. McLeod, who has is a lot of water making from the face of this machinery and building accounts up to a million kindly consented to fill the seat on the Board drive; it is evidently coming from the winze and a quarter taels. Of this amount, however, vacated by Mr. Adler on his leaving for Europe. above. The total distance from the main cross- about two lakhs are represented by land, I have dealt now with every point of interest cut is now 174 feet. South Drive-This drive godowns, honses, and offices, which will serve as which occurs to me, though before putting the has been extended 15 feet, making the total dis- well for 100,000 spindles as for 50,000, and resolutions to the meeting, I will endeavour to tance from crosscut 240 feet. The lode con- having now had our first six months' experience answer any questions bearing on the resolutions tinues to carry gold, and is about 12 feet wide, of cotton spinning in China, I am glad to should anyone desire further information. but not quite so solid as it was. There is nice feel justified in bringing before you the solid stone making again on the footwall side necessary resolutions for that increase in our of the lode, which for some time past has been productive power. The past six months have, - mixed with slate.
as you can all well understand, been a period of initiation and necessarily of many difficulties, which with past experience will, it is hoped, in future be avoided. We commenced on May 10th with 4,000 spindles, which by degrees have been added to until now we have 25,000 run- ning day and night. The average number for the period has been slightly over 13,000, and when I tell you that we purpose closing the accounts on the 31st of this month, and with the aid of interest on capital account, shall be in a position to recommend the payment of a dividend at the rate of 7 or 8 per cent. per annum, you will, I think, admit that our labour has not been in vain, and that there is visible evidence in justification of our faith in the industry. As already stated. we have now 25,000 spindles running; we have 3,000 more erected and ready to start, and
Bakit Jellis,Very good progress has been made with the sinking of this shaft, which has now been sunk and timbered to a depth of 93 feet. As we have no winding machinery here, all the work has to be done by manual labour, which will make the sinking slower as we get deeper. A quartz leader was cut in the south east corner of the shaft, but it is of no value.
Battery-On Monday, 11th inst., a rough clean up of battery took place, when 1,446 tons yielded 2,465 ozs. amalgam. The following are the particulars of the ore crushed: Bakit Koman 1,344 tons, Raub Hole 1024 fons, total 1,446 tons. This is an increase on our usual tonnage crushed, and is accounted for by hav- ing to take mullock with the ore from the south stopes; this stuff requires almost no crushing.
Mr. Ph. Arubold said that before the resolu tions were passed, he thought it would be better for them to make sure that cotton spinning in He slso thought Shanghai would be a success. that the General Managers' commission, even at per cent., was excessive, and went into detailed figures to prove his contention. He moved that the meeting be adjourned until the directors could put figures before the shareholders to show that the cotton spinning industry was likely to prove a success.
In reply, the Chairman said:-I am very pleased to find that Mr. Arnhold at least agrees with me as to the prospects of the industry. As to postponing the extensions until we show figures I have already said we intend to close the accounts to the 31st of this month and then. to hold a meeting, and as we are compelled to hold a meeting confirmatory to this one, share- holders will see what the position is from our accounts before the confirmatory meeting is We wish the resolutions passed now so 'held.