August 20, 1898.]
165
CHINA OVERLAND TRADE REPORT. one-third of your capital; and the whole of and by putting a stop to leakages in all welcome to the travelling public and should this money. gentlemen, hes come entirely out departments, the balance on the wrong side was enable the company to offer its patrons more of of profits. In place of the bankruptcy that redressed, the hotel was gradually brought into an up-to-date service. It is our present in- stared you in the face five years ago, you possess
a better condition, its service improved, and the tention, when this steamer is ready to take her greatly improved assets, a valuable good will, place rendered more attractive as the directors place on the line, to dispose of the Morning Star, and a comfortable balance at the bank. The in course of time got command of funds; the which is hardly suitable for modern require- business of the hotel during the winter season stock was overhauled and replenished and the ments on such a service. We are arranging was distinctly good, and more than usually pro- furniture first written down and then added to. for improved wharf accommodation at Kowloon, fitable; for in consequence of the depreciationThus, by degrees, the hotel has attained the including protection from the weather to of the dollar we were in a position to raise the position it now enjoys, that of second to none travellers while waiting for the launches, charges to the travelling public without their in the Far East. All this has been effected, in and we hope later on to be able to effect feeling it. In former years the tourist was spite of much discouragement, by untiring at- some improvements on the Hongkong side able for his golden sovereign to command only tention to details of a kind calculated to try the as well. It may interest you to bear that earn- $5 worth of accommodation; to-day he is in the patience of any business man. Your directors ings have been well up to estimates so far. The fortunate position of getting $10 worth for the have cheerfully given up most of their spare only other business before the meeting is to fix same expenditure. This unfortunately cuts time to this work, being determined to see the the date of the annual general meeting of the both ways, however, as is evidenced by the thing through, and they have succeeded. To Company. I have to propose that the annual heavy increase in the cost of our home pur-
do this they have been practically managers as general meetings of the company he held be- chases. Since our last meeting we have invest. well as directors. I know what all this work fore the 31st July in each year. Our financial ed in steam washing machinery, which enables means, and I am sure that only men in vigorous year will end on the 30th April, so in mention. us to get the washing done on the premises at health could attempt such labours in additioning 31st July we are allowing ourselves very considerably less cost than the local dhobie to their ordinary duties, Well, gentlemen, the ample time for the preparation of the accounts. would charge, and with the additional ad- bad times have fortunately been tided over, Mr. TERRY seconded the resolution. vantage of ensured cleanliness. We have shares are now at a premium, and the company Carried unanimously. also erected a steam punkah puller--a great is paying a dividend at the rate of 8 per improvement upon the uncertain energiescent por annum with a good chance of a better of the average punkah coolie. In the near one to come. I believe all the shareholders future the whole building, both inside and will thoroughly agree with me that the time out, will undergo a thorough overhaul and has arrived for some recognition on their part painting, and we hope by next season the of the efforts of the directors in achieving this hotel will present a much smarter appearance result. You will remember that, at the last than it does to-day. But hilst providing thus meeting, I referred to this matter, and then for outward show, we have not been anmindful said that I hoped the time would come when I of internal needs in the shape of up-to-date should be able to propose a bonus for the furnishing and other details which do so much directors. I think, gentlemen, that time has for the comfort of guests and the good name of come, and I will now ask the board to summon a hotel. I mention this because it is well share- an extraordinary general meeting of the holders should realise that, for the successful company for the purpose of submitting to conduct of their business, it is absolutely neces- shareholders a resolution authorising the grant sary there should be a ceaseless and often heary to the three existing directors of a substantial expenditure on improvements. People are pre-
bonus in recognition of their services in the pared to pay for comfort, and it behoves us. past. With regard to the amount of the bonus, therefore, whilst keeping a vigilant check upon 1 propose to consult some of the principal extravagance and waste, to stop at no reasonable shareholders. (Hear. hear.) expenditure that will yield good return. Re- garding the prospects of the present half year, the war in the Philippines has sent us a number of visitors whose contributious will enable us to tide over the lean summer months and turn what has hitherto been a period of loss into one
of moderate profit. Apart from this windfall, however, you will be pleased to learn that there seems every prospect in the future of the botel reaping the benefit of that improved reputation which I think even our most hostile and captious
If any
critics will concede it is entitled to. gentleman has any questions to ask I shall be glad to answer them.
There being no questions,
The CHAIRMAN proposed the adoption of the report and accounts as presented.
Mr. G. C. Cox-I have much pleasure in seconding that, Mr. Chairman. No doubt the shareholders must all bave listened with much gratification to the remarks you have been able to make this morning, and we are all much indebted to the directors for the success with which they have pulled the hotel through. (Hear, hear.)
The resolution was carried. On the motion of Mr. Ho TUNG, seconded by Mr. PETER, Messrs. E. Osborne and R. C. Wilcox were re-elected directors.
On the motion of Mr. MICHAEL, seconded by Mr. PHILPOTT, Messrs. W. H. Potts and W. H. Gaskell were re-elected auditors.
Mr. Ho TUNG-Mr. Chairman, I am sure all present must be gratified to learn from your lips the sound position this company bus attained, and which is so plainly shown in the excellent report laid before us. Some of those present are not aware, however, as I am aware (having sat on the board myself in the dark days of the company) what an advance has been made. Five years ago, the prospect of any dividend being ever paid by this company seemed very remote, and but for the indefatigable efforts of the present directors it is doubtful, I think, whether such a result would have been reached. | The shares at that time might readily have been picked up at from $7 to $10; it was a struggle to pay the interest on the loan; nothing had been written off for depreciation; and the balance at credit was nil. Step by step, how- ever, and by rigid economies, by careful atten- tion to the business of the hotel, by prevention of loss by bad debts, by judicious letting of all available premises as shops, offices, &c.,
The CHAIRMAN-On behalf of my co-direc- tors and myself I have to thank you, Mr. Ho Tung and Mr. Cox, for the very flattering comments you have been good enough to pass upon our work.
It is exceedingly gratifying to us to know that our efforts have been
The CHAIRMAN-Gentlemen, unless any members present have any remarks to make, that will complete the business before the meeting.
THE GREAT EASTERN AND CALE- DUMIAN GOLD MINING CO., LIMITED.
The following report has been received from the manager at the Mines :- -
Mount Macdonald,
22nd July, 1898. Great Eastern Mine.-The North Drive is now in 26 feet and south in 2 feet. The reef is 4 feet wide, of which the eastern half carries a lot of fine gold, whilst the western half is com posed of quartz and mullock with no gold in ft. The gold bearing part taken out will probably yield 14 to 15 dwt. per' ton. but we are not yet on the big reef, to do which we would bare to drive another 20 feet probably. About 50 feet south of our shaft on the surface the reef is split in two, reforming again into the large lode a little higher up the hill, and we have undoubtedly struck the same formation crowned with a fair measure of success and it below, as the reef is dipping north, and since is even more gratifying to feel that those efforts
we have not got the footwall yet. The pleas- are appreciated by the shareholders. (Hearing part about this reef is that it apparently hear.) We shaft be very happy to call the
carries more gold at the greater depth than it meeting Mr. Ho Tung speaks of at which the did at the higher levels, and a very important subject mentioned by him can be discussed. fact also is the large increase of mineral in the That is all the business. I thank you for your stone, which here at Mount Macdonald means altendance. The dividend warrants will be
also more gold. The crosscnt west is in 37 feet, out this afternoon gud they can be had ou
but I have stopped the work there, most unwil- application at the secretary's office.
lingly though, since we cannot expect anything there under 60 feet.
"STAR" FERRY LAUNCH CO LID.
Zulu Whip Road. The reef we cut here some time ago has been traced for a good dis- tance up the bill, but we are not going to spend any more money on it just yet, as we can out it from below or turn our attention to it again later on.
Zulu Main Shaft.-The new contractors started end of last week and they will have the shaft down by five more feet on Saturday, which would bring the shaf t down to 148 feet. There is nothing new to report from here. The reef is as strong as ever, and so far this claim promises to become the mainstay of this company. Gold can be seen freely in the stone, but the battery will prove the best test.
Rise and Shine Shaft-The contractors will start here to-morrow. The present depth is 81 feet from old brace. The last 14 days have been spent in logging up and firing the whipple. The additional 30 feet should be put down very quickly, as the ground is not too hard and the shaft only small.
*
The statutory meeting of the "Star Ferry Launch Co., Ltd, was held on 15th Aug. in the office of the Hongkong and Kowloon Wharf and Godown Co. Mr. C. S. Sharp presided. The other gentlemen present were:-Messrs E. S. Whealler. A. Haupt (Directors). E. Usborne (~ecretary), N. A. Siebs, A. Shelton Hooper, G. Murray Bain, E. Georg, E. W Terry, J. M. Beck, J. Brownhill, J. A. Plumn. mer, R. C. Wilcox, H. Pinckney, I. P. Madar, Leung Kum Lin, Ng Kan, Cheu Ki Tong. Wong Kam-fuk, W. Newton, S. R. Ismail, etc. The CHAIRMAN said Gentlemen, as you are no doubt aware, this is only a formal meeting, called in order to comply with the requirements of the Companies' Ordin- ances, and the only business We have to transact is to fix the time for holding the com- pany's annual general meeting. 'The' capital was fully subscribed and the varions agreements in connection with the formation of the com- pay were adopted and the company com- menced operations on the 1st May There have been various pelty troubles which seem inse- parable from the transfer of such a business; but these are gradually being got over, and ou the whole we are now moving along as smoothly as can be expected. We are inclined to take it as a favourable symptom that our critics are not now so much in evidence in the newspapers as at one time was the case. The new double Caledonian Main Shaft.-The cross cut for ender is now being constructed by the Hong- the reef is now in 35 feet and 20 feet more kong and Whampoa Dock Co., and should should cnt it. be completed about October next. We think this addition to the company's fleet should be
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Bank of England Shaft is down to 64 feet. Also here the men have been busy logging up and fixing the whipple, and after putting in one more set of timber, the contractors will take charge of this shaft also. In other words, our work will be done now faster and cheaper. There is also nothing new from this reef to report. It remains the same strong body of quartz with a rich footwall. We have about 200 tons at grass,
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Dam-1 he rainy weather and the water from the Caledonian shaft have filled two-thirds