106
80th June, 1898.⠀ ⠀⠀
LIABILITIES.
Amount of capital, 80,000 shares of $15 each,
fully paid up...
Amount of refund of capital of §5 per share
on 10 shares unpaid
Amount at credit of depreciation and insur-
ance fund
Amount at credit of equilization of dividend
fand
Amount at credit of investment fluctuation - account A
Unclaimed dividends
Hongkong wharf special account amount received from Government, to be expended on new wharf
Sundry creditors
1,200,000.00
59.00
800,000.00
21,844.30
18,182.82 Amount at credit of profit and loss account. 116,165.16
$1,987,818.47
PROFIT AND Loss Account. Dr.
30th June, 1898. To amount paid for repairs:-
To steamers
To wharves and lighters
$20,969.89 422.65
To directors and auditors' fees
To balance to be appropriated, viz.
To be carried to new account... 35,165.16
THE HONGKONG WEEKLY PRESS AND
in your hands for the past month I do not think that it is necessary to further encroach on your valuable time by reading them now, so with your permission I will follow the usual course and take them as read. As a matter of fact these accounts are merely nominal, as with the exception of the payment of the aconmulated 9,000.00 | dividend on the preference shares up to the date of the incorporation of the new company 14,148.98
no other payments have been made, and of 8,947.2)
course none of the assels of the old company have been realized, but the balances of the farious accounts, as shown in the statement annexed to the report, have been simply transferred to similarly named accounts which have been opened in the books of the new company. As you are aware, the agreement entered into with the new company provided that the latter should take over all the as- sets and liabilities of the old company. Since the date of my report a few more shares have been taken up, and at present we have 550 | ordinary and 1,311 preference shares which are An advertisement regarding unapplied for. these shares will shortly appear in the local papers, and if they are not taken up within & reasonable time the holders will be deemed to have abandoned all right to them, and they will be declared forfeited and dealt with as the directors may consider advisable. I do not think that there is any other matter for me to bring before you to-day, but before asking our dhairman to propose that the report and state- 71,069.30 ment of accounts as presented to this meeting 30,715.82 be adopted, I shall be glad to answer to the best of my ability any questions you may wish to put.
$
0.
21,392-54 2,750.00
Dividend of $1 per share on
$80,000 shares
$80,000.00
115,185.16
$1st Dec., 1897.
Cr.
$139,307.70
$
C.
By amount brought forward from last account 37,344.58
30th June, 1898.
By net earnings of steamers
By interest on investments By transfer fees..
178.00
$139,3 7.70
DEPRECIATION and Insurance Fond.
30th June, 1898.
Dr.
To balance
31st Dec, 1897.
Cr.
By amount at credit
EQUALIZATION OF DIVIDEND FUND,
30th June, 1898.
Dr.
To balance
31st Deo, 1897.
Cr.
By amount at credit.....
$ 0. 600,000.00
$
Having met with no response,
The CHAIRMAN said-I presume you have no questions to put to the Liquidator with regard to the winding up of the old company. There- o.fore I will now put the following proposition 600,000.00 Before you'-"That the Liquidator's account as submitted to this meeting, showing the manner in which the winding up has been con- ducted and the property of the company dis- posed of received and adopted.
$ 0. 9,000.00
0.
$ 9,000.00
THE PUNJOM MINING COMPANY, LIMITED, IN LIQUIDATION.
Mr. VEITCH-I beg to second. Carried.
The LIQUIDATOR-Gentlemen, there is still another matter to bring before you, and before calling
Mr. Gillies to move
of
On
[July 30, 1898:
The CHAIRMAN-I thank you all very kindly. for your attendance here to-day, and I would include among those whom I thank our friend Mr. Hart Buck, who has just arrived at the close of our meeting. However, we are glad to see him, late though he has been in coming to the meeting.
The meeting then separated.
THE PUNJOM MINING CO., LIMITED.
The Secretary of the Panjom Mining Co., Limited, advises us that he has received the following Progress Report from the Mines on work done during the month June:
300 feet Level North Drive-This has been farther extended a distance of $4 feet 6 inches making total distance from main cross cut 65 feet; the ground here has been very changeable during the month and the course of ground twisting about a good deal by continuing this we have met with a piece of stone 2 feet wide crossing the Drive, but it is only of low grade. We have not done any work on the course of this as yet.
South Drive on course of Reef.This is now 57 feet from the main cross out, 39 feet having been driven during the month. The Lode is quite defined. carrying good walls, although at times small patches of slate have been seen; my ex- peotation, however, that the Lode would improve in value by extending south has not so far been realized. I fully expected when writing you last month, that we should have had pay- able stone during the month, but there is prac- tically no change since last reported.
East Drive. Fairly good progress has been made, 49 feet having been driven during the month, making total distance of 109 feet from main cross cut. The face of the drive is in a nice course of ground bearing north and south with small leaders of quartz showing in the face.
. י
North off West.-The Lode here is very irregular, and the ground is much harder now than at times during the month. We have hnd quartz for most of the distance driven, at times over two feet wide, and at other times only just a trace. This drive should intersect the piece of stone referred to as crossing the North Drive. drive 55 feet. Distance driven 28 feet 6 inches, total length of
Winze 200 feet Level-Better progress has been made with this, 17 feet 6 inches having Lode is the same as last reported, value by assay been sunk, making total depth 61 feet. The 4 dwts. 27 grs. per ton.
In pursuance of section 130 of the Companies Ordinance No. 1 of 1865, a general meeting of the members of the Punjom Mining Company, Limited, in Liquidation, was held in the office of the Company, No. 9, Praya Central, on 25th July at noon "for the purpose of having an account laid before them shewing the manner in which the winding up has been conducted and the pro- perty of the company disposed of, and of hear- ing any explanation that may be given by the Liquidator, and also of determining by extra-used by the old company. The old share re-quartz 8 inches wide running parallel with the
ordinary, resolution the manner in which the books, accounts, and documents of the company and of the Liquidator thereof shall be disposed
of."
Mr. D. Gillies presided, and there were also present :-Captain E. Burnie, Mr. J. B. Duncan (Liquidator), Captain A. Tillett, Messrs. D. W. Craddock, E. Ellis, G. T. Veitch, F. D. God. dard, G. Murray Baiu, F. Mahomed, G. C. An- derson, H. Wicking, E. W. Terrey, W. Parlane, G. C. Cox, F. E. Č. Georg, W. B. Clement, T. F. Hough, E. J. Hughes, Hart Buck, J. H. Cox. Ho Fook and Ho Tung
The LIQUIDATOR read the notice convening the meeting.
The CHAIRMAN-Gentlemen, this being but a formal meeting we will not detain you very many minutes. The meeting, as you are aware, has been called to meet the require- ments of the Companies' Ordinance of 1865 to receive from the Liquidator a statement as to the manner the assets of the Company have been disposed of and give any other explanation which may be required. I shall now ask the Liquidator to favour us with his report and as full a statement as he can with regard to the disposition of the Company's property.
The LIQUIDATOR said-Gentlemen, in accord- ance with the notices published in the Gorern- ment Gazette and in the local daily papers, you meet here to-day for the purpose of having an account laid before you shewing the manner in which the winding up of the old Punjom Mining Company has been conducted. But as my report and statement of accounts have been
the resolution called for by the latter part of the advertisement convening this meeting, that dealing with the disposal namely, to the old company, I should like to be permit. the books, accounts, and documents belonging ted to say that as the ledgers, journals, and cash Books were practically new they have been taken over and are now being used by the new com- pany for the same purpose as they were hitherto gisters, however, are of no use except for pur poses of reference, and it was compulsory that we should get new share registers and their Kindred books. Having, I hope, put this matter clearly before you, I will now ask Mr. Gillies to be good enough to propose the necessary re-
solution.
The CHAIRMAN-I beg to propose That the books and documents of the old company remain in the custody of the secretary for the time being of the Punjom Mining Company, Limited, for a period extending over at least five years from the date of this meeting.'
Captain TILLETT-I beg to second that reso- lution.
Carried.
The CHAIRMAN-Gentlemen, I have great pleasure in stating that the duties devolving pon Mr. Duncan as Liquidator of the old Punjom Company have been carried through in a very able manner-(hear, hear)-and, I have much pleasure in saying, to the entire satisfaction of the directors. I think that on account of the very energetic manner in which Mr. Duncan has devoted himself to those duties he is entitled to a vote of thanks from the shareholders. (Hear, hear). I propose a
rote of thanks to Mr. Duncan, our secretary, if any gentleman present will second it.
Mr. MURRAY BAIN-I have great pleasure in seconding that proposition.
Carried.
The LIQUIDATOR~Mr. Gillies and gentlemen, am deeply gratified to find you appreciate my services, and I thank you heartily for your kind remarks.
New Find No. 1 Level. This drive has passed through an ore body 32 feet wide, when we struck foot wall, and håre struck a leader of
main body but dipping away from it. This leader gives by assay 7 dwis. 7 grs. per ton; distance driven 32 feet. The ground in the face of the drive at present is black slate; we
shall continue this drive further.
No. 2 Level.-31 feet inches has been driven during the month, making_total_length 47 feet. We have intersected a hanging wall leader but have farther to drive before crossing the course of the main body!
No. 3 Level.-This has been continued be.. yond the line of out-crop which this level was started to test and after passing through various leaders we have struck what appears to be a part of the main reef. The whole drive is in solid quartz;
distance driven 38 feet, total length 72 feet.
Tankong. The old incline tunnel has been cleaned out and the bottom stoped down, to water level, a level driven through to surface, a distance of 42 feet, an open cutting 49 feet in length and one of the old drives cleaned ont a distance of 32 feet and retimbered, this now drains this section of ground. We have driven east and west on Leader off the old shaft workings measuring in all 58 feet 6 inches.
We have sent to the mill from this section 260 tons. The greater part, however, is stone that was mined formerly and from which we con- sider we have recovered by free gold, tailings, and concentrates 8 dwts. per ton.
Outside Prospecting-We have nothing de- finite as yet to advise; we are devoting some time to this.
Milling was carried on for 25 days, crushing 260 tons from Taukong section and 1,840 tons