472
hardly point out that by issuing bebentures at say 6 per cent. and lending the money again at 8 or 10 per cent. there would be a good profit for the company, provided the money could be promptly reinvested, as of course loss of time means loss of interest. So far we have not lost very much time, and we shall endeavour to avoid doing so by borrowing only enough to meet our wants and by promptly investing the money so borrowed. It is only by borrowing and lending in this manner that we can secure large profits for the company, and of course when our business has increased and the demand can no longer be met by borrowing we must have recourse to a further issue of capital. The other night there was a letter in the China Mail signed "Hard Pushed on the dearth of cheap houses for Europeans, and it is just persons in the position of the writer of that letter that this company sympathises with and is anxious to assist. We are not a building company and have no desire or intention to compete with the land companies in this colony, but if such persons as Hard Pushed" could arrange with those companies to build cheap residences we would be very glad to help them in providing the purchase money. You must not forget, however, that if you have any spare funds for investment we are equally willing to receive it on deposit or in exchange for debentures and not withstanding the celebrated advice of Polonius we are prepared to "either a lender or bor rower be," as it may suit our customers. That I think is all I have to say just now, gentlemen. The company has started well under favourable auspices, and I feel anre will in time, as its object and aims become better known and its business increases, prove benefit to the colony in general and in particular will offer special inducements to that section of the community whose incomes are restricted, who in face of a steadily falling exchange have had to accept the inevitable and make up their minds to reside permanently in the colony, and on whom a constant rise in routs presses most heavily. Before sitting down I must express the deep feelings of regret of my colleagues and myself at the sudden death of Mr. Hong Hoi Chan, who took a keen interest in the company from its start. (Hear, hear.)
A
There being no questions
!
The CHAIRMAN continued-As there seem to be no questions, gentlemen, that is all the business. I thank you for your attendance.
The proceedings then terminated.
GREAT FASTERN, AND CALE- DONIAN GOLD MINING CO., LIMITED.
The following report has been received from the manager at the mines:
Mount Macdonald, 7th May, 1898. Great Eastern Mine.-After sinking a well, which brought the shaft down to 181 feet, and cafting chamber prior to starting to drive for the reef, we have commenced crosscutting, and are now in 6 feet east, to cut the main reef, and 2 feet west, to cat the reef known as Clarke's, and we hope soon to be able to put good news before you from here.
more
Zulu Shaft. We have mastered the water, which was only the result of a floor, so far as to go on sinking, and this, shaft is now down to 119 fest. To our great delight we cut a new chute of ore, after breaking through the floor," which follows exactly in the wake of the chute cut at the 70 feet level, and which is un- doubtedly the continuation of the northern chutes as explained in the sketch I sent you some time ago. The shoot is to all appear. ances richer than the one cut at a shallow depth, for we estimate it to yield quite 3 ounces to the ton, or a very rich chute indeed. We shall know more about it in a few days, when we have got more below it. So far every piece of quartz almost broken from the reef shows gold to the naked eye, but The great importance of this find lies in the fact that it conclusively proves that we hare Now cut the second make, or that our rich ore lives at greater depth without losing any of its goldbearing qualities; it is also richer in mineral, which bears out the opinion of Mr. Schlapp, the fa:uous expert. After we have reached the depth of 150 feet, which will be out of June, we shall start driving and getting out the ore.
|
THE HONGKONG WEEKLY PRESS AND
I promptly wired you this good news, and shall telegraph you the width of the new chute, as soon as we know its extent. The prompt secur. ing of the Zulu claim at the time of starting is a proof of our Mine Manager's good judgment, and of his great knowledge of the ground.
Rise and Shine.-We expect to out the reef hourly, for all the indications are there, and to-morrow I shall probably be able to send you a wire with good news.
Bank of England.-Has turned out a surpris- ingly good claim. My last report mentioned
June 11, 1898;
98-
8
15
92
18
94
14
96
Mr. C. A. Tomės Mr. W. A. L. Lethbridge 107 Mr. G. W. F. Playfair... 112 Capt. Hibbert, K.O.R.... 110
27 entries. POOL
Mr. M. Stewart Mr. P. de C. Morriss
93
11
82
.96
10
86
8
89
92
89
98
8
90
104 10
94
Capt. Montgomerie, R.N. 97 Mr. G. Stewart Mr. C. A. Tomes Mr. E. R. Morriss...
that the reef seemed to widen out as we were going down, and on the 27 ult. I was able to wire you that the reef was fully 5 feet wide. It has THE since increased in width and we have now in the shaft a fine solid body of quartz, over 6 feet wide. The foot wall is the richest part of it, of which fully one foot will go from 5 to 6 ounces per ton; also the hanging wall shows gold, and we are certain that the reef taken out from wall to wall will yield at the least one ounce per ton. We have already about 30 tons on grass. The total depth of shaft is 37 feet and 6 inches. This has also been a splendid acquisition.
Calidonian Shaft. Is down to 140 feet.
We
had to timber nearly 40 feet, so that not much sinking could be done. The water is receding and the ground favourable for working. We shall reach 150 feet in one fortnight, when we also shall start driving for the reef. As our shaft is vertical and by 30 feet lower down the hill a depth of 150 feet will bring us fully 90 feet under even the deepest old workings and consequently give us plenty of backs.
Dam. This is progressing as fast as circum- stances permit and will be a very large one when finished.
Messrs. Lutgens, Einstmann & Co., Goneral Agents of the Great Eastern and Caledonian Gold Mining Co., Limited, have received the following telegram from the manager at the mines We have struck the main reef Great Eastern shaft.”
THE ROYAL HONGKONG GOLF CLUB.
SCOTLAND V. THE WORLD.
This annual competition brought out twelve couples and was concluded on 3rd inst., result- ing in a win for Scotland by 9 holes. Players started on level terms, the issue being for “honour and glory," and irrespective of handi- cap allowances. Last year's Captain of the Club did good service for his side, fairly laying out his opponent, whereas the 1897 champion placed a very small margin to the credit of the same side. The play in a good many instances was very close, as will be gathered from the subjoined details :-
SCOTLAND,
Dr. J. A. Lowson. Mr G. Stewart Mr. A. S. Anton
Capt. Montgomerie, R.N Mr. H. L. Dalrymple
Mr. J. Thurburn Mr. M. Stewart
Mr. G. W. F. Playfair Mr. A. J. McClure Mr. W. Taylor Mr. E. F. Mackay Mr. R. McK. Rosa
THE WORLD
holes. 1
Lieut. Des Voeux, RE... 0
Capt R. M. Rumsey, R.N.0
0
MẸ. V. A. C. Hawkins... Rev. G. R. Vallings.. 0
0
12 entries.
HOISTING* OF THE BRITISH
FLAG AT WEIHAIWEI,
Island of Linkungton, 24th May. On Sunday last the Alacrity, arrived, having on board Consul Hopkins of Chefoo.
At 9 a.m. yesterday a detachment of blue- jackets (45 in all), in command of Lieut. F. A. Gaunt, were landed from the Narcissus, and these having been duly installed in the tempor ary barracks, the Marines, in charge of Capt. Mureer, went off to the mainland, where the few remaining Japanese soldiers were rapidly embarking on board the transports.
Before leaving, the Chinese authorities enter- tained the Japanese at a grand banquet. Hang- ing round the banqueting hall I noticed the lags of all nations except the British! Some of the Chinese facetiously remarked that they were giving the Japanese a little food before kicking them out. When the feast was over the Japanese General went on board his vessel, which at once got under way and steamed slowly out of the harbour, being saluted by the two Chinese men-of-war in harbour, and as she neared the Narcissus this vessel also saluted and their band played the Japanese National Authem, and thus the occupation of Weihaiwei by the Japanese was brought to a close.
At noon yesterday, the Chinese flag was hoisted and saluted for the first time since we have been in possession, but "brief life is here its portion," for to-morrow it will be hauled down for the last time until our lease is up!
A few enterprising foreigners (not English) had opened some public houses on the island without permission, and yesterday Lieut. Gaunt with a guard marched round and peremptorily closed these establishments up, and later on I saw the late proprietors leaving the island sadder, if not wiser men. Also all the Chi- nese stores were given 24 hours' notice to re- move all their wines, spirits, etc. These people also are sad at heart, for they had counted upon a grand harvest, being first in the field.
And now let me tell you about the great event of to-day,
THE HOISTING OF THE UNION JACK AT WEIHAIWEI ON H.B.M.'S BIRTHDAY,
Early this morning a jack-tar accompanied by a Chinese interpreter, and the indispensable gong, went round the island informing the people generally that at half-past one to-day the English flag would be hoisted on the island, and that those who wished could come and wit- ness the ceremony.
holes.
Mr C. W. May
11
1
1
I
1
Mr. C. A. Tomes
0
Mr. C. H. Grace
Mr. H Pinckney
5
0
8 Mr. P. de ('. Morriss
3 Mr. G. Millward
0
# Mr. W. J. Saunders
0
0
Com. Taylor, R N.
24
PROFESSION PAIRS TOURNAMENT.
15
Your correspondent was on the wharf early, and at 1 p.m. two companies of sailors (100 1men), in charge of Commaner Napier, were landed from the Narcissus, and ahortly after these came 50 Chinese sailors from H.I.C,M.S. Foochi. The whole being headed by the band from the Narcissus. They were then marched, to the strains of "A Life on the Ocean Wave," up to the West Fort, where two temporary flagstaffs had been erected, upon one of which already floated the Dragon flag.
This contest will be entered on at an early late, and it is hoped the entries will be numerous. A list is laid on the table at the Club house for the enrolment of competitor's names. Entries close on Wednesday, the 8th inst., when the ties
will be drawn.
.
Here the men were drawn upon in a square facing the flag staffs, between which was placed the band, and then awaited the arrival of the Commissioners.
...Chefoo.
CAPTAIN'S CUP AND SILVER MEDAL FOR JUNE. A large number of players turned up on the links during the days devoted to this competi- tion, and resulted in good scores taking the There was about five minutes delay (fully Cup and the Pool. The remainder of the re-occupied by many in taking snap shots) and turns were rather poor, but the very oppressive then the Commissioners, consisting of
Consul Hopkins heat on two days may in a measure account for
“Narcissus. Capt. Kinghall Taotai Yen, and Capt. Lien.....Foochi. marched into the centre of the square, when Capt. Kinghall addressed the company in a few words, expressing his great pleasure at having the company of H.E. the Taotai to witness this free action between two friendly nations, and
this
=
CAPTAIN'S CUP: Mr. P. de C. Morriss -92 Mr. G. Stewart : Mr. E. F. Mackay.. Mr. H. Pinckney Mr. E. R. Morriss.......
888.3
82,
90
103
97
100.
.10