March 5, 1898.]
PUNJOM MINING COMPANY,
LIMITED.
The sixth ordinary general meeting of the Punjom Mining Company, Limited, was held on 26th Feb. in the office of the Company, Praya Central. Mr. D. Gillies presided and there were also present Messrs. J. H. Lewis, W. H. Loxley (Directors), Thos. Howard, E. W. Terry, Captain Tillett, Hart Buck, G. Murray Bain, G. C. Cox, M. B. Polishwalla, J. R. Michael, G. T. Veitch, D. W. Craddock, J. M. E. Machado, 8. B. Bhabha, and J. B. Duncan (Secretary.)
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen, the report having been in your hands for some days we will take it as read. The returns for the twelve months under review are not so satisfactory as we anticipated, owing to our reserves of payable ore having been almost worked out, so that during the last three months we had nothing better to pass through the mill than the old headings left by the Chinese who were at work on the Jalis mine many years ago; of these we have crushed about 2,000 tons a month, which yielded from 200 to 250 ounces of smelted gold, barely enough to cover the working expenses. Early last year it was decided by the Board to deepen the August shaft with a view of proving the value of our reef at greater depth, and work was commenced to put the upper part of the shaft in proper order, and to make such alterations to the pumping arrangements as were deemed necessary; sink- ing was commenced on the 15th April and com. pleted to a depth of 315 feet by the 27th day of August. A cross-cut was then started at the 300 feet level to go out to intersect the course of the East and West reef, but the
progress made with the cross-cut was rather slow, owing to the rock being very hard and difficult to blast. On the 18th instant, a telegram was received from Punjom advising that the cross- cut was now beyond the line of the reef, the lode being much split up with many leaders which appear to be running East towards the North and South lode. Quartz is also coming in the face of the North shaft, and in the opinion of Mr. Phillips, the manager, our prospects are now most favourable. This telegram, as you know, does not affect the old Company, but as our position as share- holders in the new Company is now so rastly improved, I thought it well to recall this very important information to your notice. Probably in another week we will be in receipt of letters giving fuller particulars of this new development, which I trust will prove to be the most satisfactory news we have ever received from the Jallis mine. In the month of June last, finding that all the stopes on the main bodies of the payable ore, both above and below the 100 feet level, were almost exhausted, every effort was made to seek in other places for a supply of ore to keep the mill going. Several small shafts were sunk at various places for the purpose of prospecting the upper ground, but we failed to find anything of value. In the early part of the year work was resumed at Gobau, and a shaft commenced to test the reef at a greater depth, the intention being to go down to 100 feet from the surface, but as the water became very heavy and we had no mechanical means ready to cope with it, we decided to cross-cut at 60 feet, which was done and the reef intersected at 28 feet from the shaft; the width of the reef where seen is 14in. but as the stone was of a very low grade, and our funds nearly exhausted, work was discon- tinned and has not since been resumed. The calcining works have been run almost con- tinuously during the year, but on account of the heavy charge for firewood this process of treating the concentrates is not satisfac- tory, but
we hope to be in a position shortly to treat them by cyanide and obtain much better results. The cyanide works have also been run continuously throughout the year, but the returns, owing to the very low value of the bullion obtained, may be considered to fall far short of what we anticipated. The process is worked by a Mr.
CHINA OVERLAND TRADE REPORT.
on to tram to mill,
177
Milling was carried on for 28 days, crushing of smelted gold. 2,400 tons of headings for a yield of 300 ozs.
for a yield of 36 ozs. making total output 336 Berdan Pans treated 36 tons of concentrates
This should leave a profit on the month's work.
0Z8.
Cyanide Plant worked 26 days, treating 720 of bullion, valued at 15/74 per oz. This also tons of tailings for a return of 264 ozs. 5 grs. should leave a profit on the month's run.
our failure. We are now in correspondence
Chinese New Year.-All works except mill- with our agents at Charters Towers withing was stopped for four days. Malays were put regard to the engagement of a capable cyanider and hope to have an able man at the works being worked most successfully in Australia, very shortly. The cyanide process is now and we hope that equally good results will be obtained at Punjom in the near future. In the mouths of January, February, and March of last year, there was a greatly diminished out- turn of gold from the mine, while our expendi- ture at the same time continued to be very heavy; then with no reserves of payable ore in sight, and our working balance reduced to a seemed to be in a very critical position indeed, very low figure, our financial affairs. really
so that your Board of Directors could see no other way out of the difficulty than a scheme of shareholders held on the 27th day of October, Accordingly, at a meeting of
old company were duly passed, and confirmed 1897, the necessary resolutions to wind up the at a subsequent meeting Our attendance here to day is to adopt and pass the report and Company, and with this business completed all accounts of the old Punjum Gold Mining
further connection of the shareholders with the
reconstruction.
I do
working of the old company will cease. not think I have anything more, gentlemen, to say with regard to the old company, and as for the new company all I would like to say with regard to it had better be reserved for our next meeting, the statutory meeting, when I hope to be able to communicate some further inform.
ation with regard to the development of the mine. Our business now is to pass the report and statement of accounts.
No questions were asked, and the CHAIRMAN proposed that the report and statement of ac- counts be adopted and passed
Mr. VEITCH seconded. Carried.
The CHAIRMAN-Gentlemen. I may mention that the dividend due upon preference shares will be paid shortly by the liquidator. We received a letter from Mr Bailey a short time ago, which possibly might interest shareholders, and I now ask the Secretary to please read it from Mr. Bailey.
The SECRETARY read some correspondence
1
The CHAIRMAN-Gentlemen, I thank you very much for your attendance to-day. Al. though the information I have placed before you is not of a very satisfactory nature, yet it is a duty we have to perform in closing the old Company. That has now been done, and I think that a brighter future is in store for us with regard to the new Company. I hope our next letters from the mine will give us some definite information, and will be quite up to, if not exceeding, our expectations. (Applause.)
The Secretary of the Panjom Mining Co., Limited, advises us that he has received the following progress report on the operations carried on at the Company's mine for the month ending 31st January, 1898 :-
August Shaft, 300 feet Level.—Work was resumed here on the morning of the 10th ult. after the water had drained off. The water, however, got into the soft ground causing small falls of rock, so that it was necessary to timber this portion of the level. This has now been done up to the face of the drive, 74 feet having been strongly timbered. Fair progress has been made for the time worked, 22 feet having been driven, making total distance from shaft 173 feet. I hope in my next report to advise you of having struck the lode with payable stone,
200 feet Level. This has been driven during the month 14 feet, making total distance from west crosscut 38 ft., very good progress for the time worked. I have stopped this for the pre- sent, it having in my opinion passed through a chute of ore, and I prefer to prospect this chute at a deeper level.
North Shaft. This has been sunk 20 feet, making total depth from surface 234 feet. At 17 feet below the 200 feet we struck what ap- peared to be the lode, but it proved to be only a banging wall leader of 2 feet thick carrying good looking mineral, but no free gold. You will see from plans sent you that we should
|
atroyed two-thirds of the Chinese camp. In Fire. On the night of the 31st ult. fire de-
down. The camp is built on either side of the the business part of it all, the shops were burnt
house takes fire there is no hope of saving the Jalis river and is so closely built that if one
smallest portion. The Company have suffered no loss.
head is having attention and things generally General. Everything coming under this
are in good order.
Labour.-Very plentiful and the health of camp is good.
Rainfall for the month is 133 inches.
PRINCE HENRY'S MOVEMENTS.
[SPECIAL TELEGRAM TO THE "DAILY PRESS.]
SINGAPORE, 24th February. pore to-day with his squadron-the Gefion and Prince Heury of Prussia arrived at Singa- Deutschland. He landed as an Admiral and at once called on His Excellency the Governor. He then drove to the German Consulate, after which he returned to Government House and attended Lady Mitchell's reception.
In the evening. Prince Henry dined with His Excellency the Governor and afterwards attended a reception at the Teutonia Club.
To-morrow Prince Henry goes to Johore tiger shooting.
SINGAPORE, 27th February. Prince Henry of Prussia will leave Singapore with his squadron on Monday afternoon for Hongkong.
1118 HONGKONG ENGAGEMENTS. The arrangements for the visit of Prince Henry of Prussia and his squadron to Hong- kong have been practically completed. His Excellency the Acting Governor, Major-General Wilsone Black, C.B., telegraphed to His Royal Highness at Singapore inviting him to dinner the nights he was in Hongkong and also offering him a garden party if the length of his stay here permitted it. His Royal Highness replied that he would dine with His Excellency on Wednesday evening, the 9th instant. After dinner he will go to the German Club to a reception to be given by the German community. The Prince will be here only two days and therefore there will not be sufficient time for a garden party to be given.
THE SHANGHAI ARRANGEMENTS. At a meeting of the German residents of Shanghai, held at the Club Concordia on the 26th February, to consider the reception of Prince Henry of Prussia, Dr. Stuebel and Mr. Korff, the president of the Club, were elected a com mittee to wait upon His Imperial Highness during his stay in Shanghai. It was also de cided that, subject to H.I.H.'s approval, a ball should be given in his honour. It is also pro- posed that Prince Henry shall at a future period unveil the monument to be erected by German residents in Shanghai to the memory of the brave men who went down in the fitis. The monument is being made in Berlin and should be presently on the way out. It is to be erected on the Bund.
GREAT FIRE IN CANTON,
A disastrous fire broke out in Canton at 5 p.m. on the 26th February and before the flames were extinguished sixty shops were destroyed. The fire originated in a joss paper shop in West Hing Loong Street, and as most of the shops in that neighbourhood trade in crackers and joss paper the fire spread very rapidly. It is not known how the fire was
about six
when a big fire broke out
Kreal who picked up the little he knows of strike the main chute of stone at about 40 feet, | cansed.rse shops burnt were re-built
chemistry at Punjom, and we fear that his lack or in 13 feet more of sinking. We should get of skill and experience is the principal cause of 1 fairly good stone here when met with.
in the same locality.