February 11, 1899.]
of land referred to in last year's Report. A contract has been entered into to build 16 houses. of a somewhat similar kind to those on the West side of North Szechnen Road, and it is hoped that, on completion, they will quickly And tenants
A-Little's Estate, No. 4.—The new buildings commenced in 1897 are now completed and are all let at satisfactory rentals.
Hanbury Road Estate, No. 5.-In last year's Report it was mentioned that the development of this Estate was completed, but the houses alladed to were not quite finished. It is the final payments for these buildings which ac count for the increased amount of the Capital Account of this Estate,
CHINA OVERLAND TRADE REPORT.
Estate No. 1
Estate No. 4
Estate No. 2
Estate No. 6 Estate No. 8. Estate No. 6
Estate No. 9. Unah due by agents..
Sundry debtors Sundry mortgages
Capital
BALANCE SHEET.
Dr.
ASSETS.
Cr. LIABILITIES
Tis.
THE PUNJOM MINING CO.
LIMITED.
119
512,465.68 781,182.16
The Secretary of the Punjom Mining Co., 255,559.93
Limited, advises us that he has received the 164,336.86 441,593.41 following progress report on work done at the 82,264.64 Company's mines in Pahang during the month 23,879.27 of December, 1898';-
1,621.52 63,329.22 883,600.00
Tla. 2,699,222.17
Jin Kee Estate, No. 6.-Two of the hongs on
Debentures bearing 6 per cent. this Estate have been completed and lot. The
Debentures bearing 51 per cent. three hongs on the Peking Rond will be finished
Debentures bearing 5 per cent in a month or two, and have been leased from the Hongkong and S'hai Rank current account
Profit and loss account 1st April. Contracts for two other large build-Unclaimed dividende ings have been signed, and, from enquiries Sundry creditors already made, it is confidently expected they will be let as soon as they are ready for occupation; if not sooner.
tar Estates Nos. 8 and 9.-Nothing has been done with these properties, as the directors feel that gasthe time has hardly yet arrived for the further
erection of Chinese houses.
[
DIRECTORS.
"On the departure of Mr. McLeod from G-Shanghai in July last, Mr. Kinnear was ap. pointed in his place. Mr. Dudgeon retires by rotation but offers himself for re-election.
AUDITOR.
:
Mr. Wingrove retires, but offers his services for the current year.
H. R. HEARN, Chairman.
WORKING ACCOUNT FOR THE YEAR ENDING 31ST
DECEMBER, 1898.
Dr.
To charges account
To agency management
To legal expenses
To advertising account .......
To directors' fees
- To suditor fes
To trustees' feas
To interest account:
TH 1,464.96
T
Reserve fund
MINING AND PROSPKUFINO,
Jalis, August Shaft, Level No. 3.-Prosprot- ing Winze No. 1, North Drive from,-Driven 24ft on the lode, which continued cut out in the bottom of drive on its dip here, and low grade. South Drive from.-Driven 17 feet on the lode, which continued out out in the bottom 1,300,000.00 of drive on ita dip here, and low grade. 83 tous 500,000.00 of ore from the above two drives milled 4,62 250,000.00 dwts, gold per fon.
Tis.
250,000.00
89.435.44
Prospecting Winze No. 2, Cross unt south 56,321.31 from east drive from.-Driven 17ft. through 1,550.15 lode to the foot wall thereof and stopped The 51,916.27 ore driven through is very low grade.
200,000.00
Prospecting Winze No. 8-This was started north of the East and West" lode not far Tis. 2,699,222.17 from it, in the hanging wall country rook, and sunk 12 feet, coming into the lode between the level and that depth, but the ore is very low grade where out.
HONGKONG ICE CO., LIMITED. The eighteenth ordinary annual meeting of the Hongkong Ice Company, Limited, was held on the 8th Feb, in the offices of the Company, Pedder Street. There were present, Hon. J. J. Bell-Irving (Chairman) Captain Tillett, Messrs. W. Parlane, A. Rodger, J. C. Pater, A. B. Smith, H. W. Bell (Secretary), K. Chinoy, Ho Tung, Ho Fook, Lo Cheung Shiu, and Ho U Shang.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen, I hope that you are all satisfied with the results of the working of this Company for the past year, and will approve of the proposed distribution of profits. It is recommended by the General Managers to again write $25,000 off property and to pay a final dividend of $6 50 per share, 505.14 making in all $8.50 per share for the year, 2,500.00 against $7.50 for 1897. The outlay in connec- 200.00 tion with extensions, including the cost of pro- perty purchased from the Government, to which 18,092.49
88.17 12,000.00
-500.00
To balance transferred to profit & loss account 134,617.87
repairs, to
Tls 169,968.68
Cr.
Tis. 201,803.63
$2,099.07
By gross rentals.
Leas fire insurance, taxes, water,
By transfer fees
By commission account
PROFIT AND LOS Account. Dr.
28th Feb., 1898.
To inal dividend for 1997 at 8) per cent. To transfer to reserve fand .. ..... 81st July,
To balance.
Te
88.05 676.02
I referred twelve months ago, has so far reached $68,302.67, and an additional expendi- ture of approximately $38,000 on a new boiler and other plant will be necessary during
the current year.
Mr. Parlane considers that when the extensions to which I have just referred are completed, the works will be in a thoroughly efficient state and capable 169;204.66 of meeting any increased demand that is likely to arise for some years to come. General x- penses have increased about $4,000 over those of the preseeding year, but this extra expeudi- ture has been fully counter-balanced by much larger receipts. Investments of surplus funda Tls
on mortgage are now yielding 7 per cent. in- 84,500.00 terest per annum, to be increased next month 180,000.00 to 7 per cent., and the debentures of the Hong. kong Wharf & Godown Co., Linvited, returning
Tls. 169,968.63
To interim dividend for 1898 at 41 per cent. 58,600.00 | 54 per cent., will be re-invested on mortgage at 81st December,,·
89,435.44 the above rate should a favourable opportunity of realizing them occur. Before moving the Tls. 362,436.44 adoption of the report and accounts. I shall be pleased to answer any questions or give any further information.
*81st Dec, 1897.
By balance..
Sist March, 1898.
for 1895, ...
31st December..
Cr.
By China Fire Insurance Co., Limited, bonus
By balance of premium on new issue of shares
By interest on estate No. 8 ...
By interest on esiste No. 9
By balance of working account for 1898
31st Deo., 1898, To balance
RESERVE FUND ACCOUNT. Dr.
*Bis Des., 1897.
Cr
By balance.
-28th Feb., 1898..
By profit and loss recomt
Tls. 219,114.61
2.25
2,745.60
4,631.76 1,329.35 134,617.87
No questions being asked, the CHAIRMAN proposed the adoption of the report and accounts.
Captain TILL TT seconded.
Carried.
Mr. CHINOY proposed that Mr. Thos. Arn- old be re-elected auditor for the ensuing year.
Mr. HO TUNG seconded, Carried.
The CHAIRMAX-That is everything. Tls. 862,495.44 dend warrants will be sent out to-morrow.
Tls. 200,000 00
Tis. 200,000.00
Diri-
The correspondent who writes on dusty roads, and whose letter will be found in another columa, will have many supporters. Is it not the Sanitary Board's business to attend to the watering of the roads? If so, why does it not Tie.
do its duty? The Governor also ought to have 70,000.00
something to say in the matter, seeing the ex- 130,000 00 ample His Excellency bas lose at his own door. ¡Still, after all is said and done, roads have a way Tim 200,000.0ù of becoming dusty in the course of a four or five
months' drought.
country rock above the lode. If the lode con- Tankong Shaft.-This was sunk 14 feet through tinues down on the dip it has in Lovel No. 1 this shaft will soon cut it.
Level No 1.—This was continued 24 feet on but too low grade and refractory to mill, the lode, it continuing strong and well defined.
surface of this lode was continued.
New Find.-Prospecting on and near the It still barren of gold. proves to be a massive body of quartz, but almost
Manik.—The shaft was sunk here 421 feet, proving what was thought to be the lode was shaft was sunk to connect with adit tunnels as not continuous with depth where sunken. This well as develop the ground. Surface cut con- tiuued in gold bearing dirt, but the high grade ore has proved quite limited in quantity so far. pennyweights gold per ton. 150 tons from this surface out milled 6.35
continued 30 feet on leaders, some quarts show. Kolampong-Drive No. East. This was ing at times, but nothing of value developed,
Selango.-Surface prospecting was continued here, but owing to the wet weather bat little progress could be made.
Hadji. Prospecting was continued here, 135 but not payable stone. feet of drives being driven and a small, lode cut,
❘
-
ing considerable quarts about and old native Bintang, Swab.-These are two places show- workings in the immediate vicinity of each, where prospecting work has been instituted. Sur. At these several places, in the Bukit Gubau, Malamet, Sunghie Russ, Sunghie Sarong section, prospecting was continued but owing to the wet weather little could be done and nothing of any importance was developed.
REDUCTION WORKS.
Mil: 22 Stamps.—These were run 26 days 22 hours..
Pans.--Part of these only were in condition to be run.
Ore and product were treated for amalgam and bullion as follows:- Stamps-
Tons, Amalgam ose. Enllion ozs. 2,423 454.90
Ore crushed. Headings
∙164,15
Jalis
89
43.15
15 58
Manik
150
122
44.09
Pam-
Sundry product
5.75
2.06
10
3.60
10
360
2,656 645.80
239.02
23 1: 1.7 per os. 2.8
23
28. per oz.
Jalis concentrates Manik Do
Total Bullion assay here-
Gold 861 fine Silver 118,
Total
£3 13 4,5 per oz. Cyanide Works.—These were cleaned up for November and December, during which time they were not ruu to their full capacity but in an experimental way, and again the results have not been satisfactory. The principal, in fact the whole reaso; therefor I attribute to the (sot that the tailings we have are of such a character as not to be susceptible to satisfactory ovanide