196
has suffered from the peculiar conditions of this climate, but these difficulties are being gradually overcome. the output is increasing and we are still of opinion that with time and experience we shall be able to use this kiln to great ad- vantage.
The Deep Water Bay Works give a poor
result although both the production and the sales show an improvement. This is accounted for by the advance in cost of fuel, which has fully offset any increase we were able to effect in the price the goods.
The new works at Hok Un have made good progress and the site is now nearly all levelled and will be ready for commencing the founda- tions in about a month from now.
CONSULTING COMMITTEE.
Mr. A. P. MacEwen was invited to join the Committee and Mr. R. Shewan was reappointed on his return to the Colony in place of Mr. C. A. Tomes. In accordance with the Articles of Association Messrs. Ewens, Orange, Li Sing, Chater, and MacEwen retire, but offer them
selves for re-eléction.
AUDITORS.
The accounts have been audited by Messrs. F. Henderson and Jas. H. Cox, who are recom- mended for re-election.
SHEWAN TOMES & Co. General Managers.
Hongkong, 9th March, 1898.
PROFIT AND Loss Account, 318 DECEMBER, 1897.
Consulting Committee's fees
Auditors' fees
Interest
Depreciation for 1997
Balance
Balance brought forward from 1896
Balance of Macso working account Balance of Deep Water Bay working account
690.48
$75,083.45
271,976.00
BALANCE SHEET,
LIABILITIES.
$
Capital-
$
6.
40,000 shares at $10 fully paid up 200,00 .00 28,790 shares at $24 fully paid up 71,975, 0
Reserve fund
Debentures drawn but not presented.
Due to General Managers
Bundry creditors
Balance of profit and loss account
10,776.58 9,914.68
ASSETS.
Macso works-
Buildings and machinery as per
last statement Cost of Schofer Kiln $15,776.58
$ 6. 172,895.41
Less amount written
off for 1896.........
5,000.00
New machinery...
193,586.70
Less depreciation for 1897
11,786.70
Cement, raw material, &c. in stock
Cement on consignment
Less advances
8,430.00 4,056.05
Amount paid on account Hok Un works to
date
Deep Water Bay works--
Cost of land, buildings, machin
ery, &c. as per last statement. 24,813.9
Cost of new office, store, coolie
quarters, &c. and machinery
purchased in 1897.
7,268,83
Less sale of old machinery
Less depreciation for 1897
... **
32,079.92 1,000.00
31,079,92
2,429.72
Bricks, pipes, raw material, &c. in stock
Furniture...t
Sundry debtors
Head office......
Macao works
11'kong & S'hai Banking Corporation 65,828 71 National Bank of China, Limited... 19,413.23
THE HONGKONG WEEKLY PRESS AND
OLIVERS FREEHOLD MINES, LIMITED.
[March 12, 1808.
present workings, and I do not see any reason why we may not confidently look forward to this re- sult in the near future. I am leaving for the The second ordinary annual general meeting in Hongkong by the middle of May, when I mines by the next steamer, and hope to be back of Olivers Freehold Mines, Limited, was held on Wednesday in the offices of the General shall have great pleasure in meeting the share- Managers, Messrs. J. D. Humphreys and Son. holders and giving them a full description of Mr. Hart Buck presided and there were also everything we are doing, and I trust that before present-Messrs. C. Ewens (member of the Con-my return I shall be able to telegraph really sulting Committee), P. Jordan, A. H. Maucell, good news. Before moving the adoption of the H. Allen, W. D. Sutton, H. E. Pollock, Captain report and statement of accounts I shall be Clement, H. Humphreys, Alves, and J. A. Jupp pleased to answer any questions. (Secretary.)
the meeting.
The SECRETARY read the notice convening
This
The CHAIRMAN said:-Gentlemen, I pre- sume you have all examined the report and statement of accounts, so with your permission I will take them as read. You will notice we have adopted a little different arrangement in dealing with the assets in the account for 1897; the amount spent on the Eureka main shaft to the 31st December, 1897, now appears in a separate account under that heading, whereas in last year's report it was ineluded in the account Eureka Mine, Olivers Property at last year stood at $50,235.99. The amount of $235.99 has now been written off, leaving both property accounts at the price they originally cost. I may explain that the amount $235.99, was spent, when we first acquired the property, in some preliminary prospecting and stores. We have expended about $13,000 during the year on the Eureka main shaft, which brings the total $ 1,5 0.00
that date to $32,515.51. 40.00 spent to
amount not only covers the expense of the 13,854.66 actual sinking of the shaft, but also all work 58,738.31 intended for permanent use in the mine, such as winding, pumping and ventilating shafts, $76,083.45 levels, drives, and cross cats designed for the blocking out, stoping, and conveyance of ore to $7,117.12 the surface.
We have acquired during the 87,018.90
year, on the advice of our mining manager, 947.43
gold lots Nos. 105 and 308. A little prospecting has been done on the first of these and a reef of 3 feet in width has been found which it is estimated will yield payable stone. We must not forget in connection with the working account that we were only able from various causes to crush about 2,000 tons of stone for the whole year; frequent stoppages had to be made for repairing the old battery, and it was at last found necessary to erect a new one in 6,725.6 its place. We did not commence regular crush- 10,811.55 ings until the middle of April and the mill was 58,738.31
stopped for the erection of the new machinery on the 20th August, and did not commence $141,825.46
again until the 28th of November. As might be reasonably expected, slight alterations had to be made in this new machinery and then we were unfortunate enough to run short of water and the mill had again to be stopped. As far as I can make out we were exceptionally for- tonate in retaining our water supply as long as we did, for the drought in the district is said to have been the worst they had experienced for thirty years, and a great many neighbour ing mills had to stop work much earlier than we did. I am pleased to be able to tell you that our new mill is now working well and that we have a plentiful supply of water, and as its crush- ing capacity is now about doubled, which means that we can crush about 800 tons a month and our mining manager reports that he has au unlimited supply of payable ore in sight, there appears to be no reason to feel anything but confidence in the success of our mine. We received a telegram on Monday last telling us that at the lowest levels, where the reef is 8 feet in width, the quality of the ore is improving as developed. I take this, gentlemen, as very satisfactory news, and it appears to bear out the truth of the opinion expressed by the late Mr. Willmott that the deeper we sank the richer we should find the stone. Shareholders have occasionally asked us whether it wou d not be advisable to erect more crushing machinery. We must bear in mind, however, that only a certain amount of stone can be raised from one
91,975.00 1,600.00
181,800.00 76,060,13
4,373.95
31,558.90
29,050.00 15,498.95 600,00
18,442.70
848 07
351.72
shaft and that if we put up additional stampers we must also sink other shafts to feed thein with. This there is no doubt we shall do in the future, but I think you will all agree with me that it is wiser to feel our way at the present time $441,825,46 | and not extend our operations very much until we begin to receive substantial profits from our
86,440.73
No questions being asked, the CHAIRMAN proposed the adoption of the report and state- ment of accounts.
Mr. ALLEN seconded. Carried.
Mr. MANCELL proposed the election of Mr. W. H. Potts as anditor for the ensuing year.
Mr. Jordan seconded. Carried.
The CHAIRMAN-That, gentlemen, concludes the business of the meeting. Thank you for your attendance.
The following is the report:
A
Gentlemen,-We beg to lay before you the Report and Statement of Accounts for the year ending 31st December, 1897, which show a balance at debit of Working Account of $26,241.15.
|
During the year the Eureka Main shaft has been sunk to the depth of 300 feet. The reef has been cut at this level and promises well. The old battery being worn out a new 20 stamp Battery has been erected in its place and is working well, and the Machinery and Plant generally are now in good working order,
AUDITORS,
The accounts have been audited by Mr. W. H. Potts, who offers himself for re-election.
JOHN D. HUMPHREYS SON,
General Managers,
Hongkong, 4th March, 1898.
BALANCE SHEET, FOR THE YEAR ENDING 31st DECEMBER, 1897.
LIABILITIES.
apital ao count 15,000 A shares
at $5
Capital account 200 B shares at $5 Capital account 44.800 B shares
at $2 60
Accounts payable
ASSETS.
Cost of Olivers property 50,000.00 Cost of Eureka mine... 35,000.00
$75,000.00 1,000.00
102,000.00
188,000.00 7,715.14
$195,715.34
0.
$85,000,00 32,515.51 3,244.06
Eureka main shaft Gold lots 105 and 308 Works, buildings, and fixed plant 25,470.38 Cash in H'kong & Shangbai Bank § 3,143.55 Cash in hand
Cash available at call
Accounts receivable Balance at debit of working account
Dr.
146,236.95
80.09 20,000.00
23,225.64 14.40 26,241.15
WORKING ACCOUNT.
To balance brought forward To cost of mining and milling To general charges in Australia
To travelling expenses and telegrams To legal expenses
To application fees and rent of gold leases To Australian management and salaries To General Managers and auditors fees. To office charges
Or.
By gold account, proceeds of gold wen By rent of battery
By rent of cottages and grazing fees By sale of tailings By interest..... By transfer fees By exchange By balance
$195,715.14
6,364.46
54,430,94
5,285,60
3,908.04
450.25
471.93
7,200.00 3,050.00
3 6,95
$81,556.17
50,808.79
3,292.62
460.85
218.18
875.65
139.00
- 499,90 20,241.15
$81,536,17 -