March 4, 1899.1
TUE NATIONAL BANK OF CHINA, LIMITED.
The follow is the report of the directors to the eighth ordinary annual general meeting of shareholders to be held at the offices of the Bank, Victoria Buildings, Hongkong, on Satur- day, 11th March, at noon:-
To the shareholders, The National Bank of China, Limited.
Gentlemen.-The Directors have now the pleasure to submit to you the accounts and balance sheet for the year ending 31st Decem- ber, 1898.
The gross profits, including $4,523.23 brought forward from last year, are $197.799.15, which, after deducting all charges amounting to $136,425.29, leaves the net profit of $61,373.86,
Instead of paying a dividend, the Directors, as stated last year, propose to place this amount to credit of Capital Reserve Fund, which will then stand at $170,870.50, leaving only $1,689.50 to be added to this account to bring it up to the proposed amount of $175,560.
Mr. Lants and Mr. Kwan loi Chuen retire in
rotation from the Head Office Board, and Mr. Buttery from the London Committee, and being eligible for re-election offer themselves accor- dingly.
The Accounts at the Head Office have been audited by Messra, J. H. Cox and W. Huttou Potts, and in London by Messrs. Deloitte, Dever, Griffiths and Co., Chartered Account- ants. Your obedient servant,
CHAN KIT SHAN, Chairman,
CHINA OVERLAND TRADE REPORT,
THE HONGKONG K PE MANUFAC-
TURING CO., LIMITED.
The following is the report for presentation to the shareholders at the fifteenth ordinary general meeting, to be held at the office of the general managers on Wednesday, 15th March, at noon :-
Annexed we have the pleasure to lay before shareholders the annual statement of accounts made to the 31st December, 1898.
The net profit, including the balance brought forward from last year, amounts to $93,592.96, which it is proposed to appropriate as follows:-
To place to Reserve Fund
$38,730.00
To pay a dividend of 20 per cent. 50,000.00 To carry forward to next year's
account
4,862.96
THE PUNJOM MINING CO., LIMITED.
185
The Secretary of the Punjom Mining Com- pany, Limited, udvises us that he has received the following progréss report on work done at the Company's mines in Pahang daring the month of January
JALIS.
August Shaft, Level No. 3.-From prospect- a further distance of 21 feet 6 in. The Soath ing Winze No. 1 the North drive was continued drive 2 feet 6 inches, West 4 foot. This drive is to prove another section of ground. 19.5 tons
of ore from the above drives milled 4.32 dwts, gold per ton.
Prospecting Winze No. 3.-This was con The year bas been a very difficult one owing total depth 98 feet, and a drive put out East tinued to a further depth of 16 feet, making to the war and political trouble in the Philip-15 feet. This was continued in quartz most of pines interfering with the supply of hemp, but the distance worked an- the 50.5 tons of quarts nevertheless the present result is the best on
won from this gave 2.17 dwts gold per ton:
record.
Consulting Committee. In accordance with the Articles of Association, Messrs. Gillies. Lewis, Raymond, and Shewan retire, but effer
themselves for re-election.
Auditors.-The accounts bave been audited
this point were not continued for January, but Prospecting Winze No. 2.-Operations at the 24 tous won from this during the previous month milled 2.33 dwts gold per ton.
TANKONG,
by Messrs. T. Arnold and F. Henderson, who only 15 feet having been sauk, inaking total Shaft-Slow progress was made with this,
are recommended for re-election.
SHEWAN, TOMES & Co., General Managers.
Hongkong, 28th February. 1899.
Exchange
PROPIT AND Loss ACCOUNT FOR THE YEAR 1898
$ Consulting Committee's fee
2,000.00 Auditors' fee
300.00 76.67
144
25,162.78 93,592.96
Written off land, buildings and machinery,
as depreciation
Balance
Balance brought forward from 1897
depth from surface 83 feet.
West driva Level No. 1 was continued a further distance of 94.6 in the lode, making total distance from shaft 96 feet.
South drive Level No I was driven 11 foot, The lode at this point is pinched. No ore waa milled from this section during the month.
NEW FIND.
The crosscut No 4 was further extended a distance of 10 feet beyond the line of reef when the men were brought back to drive vest on the course of reef. This was driven 31 feet 61 $.21,182.41 inches in a well defined lode, bat of low grade.
No 3 was driven adding 7 feet to the total $ . length. The face of this drive is also in nice 9,377.31 looking stone but again of low grade. .
8,387.78 88:.32 164,506.02
Hongkong, 9th February, 1899.
BALANCE SHEET, 3.8T LECEMBER, 1898. LIABILITIES.
$
Capital, 750 fully paid founder's shares of
£1[each (at par of 38.)
5,000.00
Capital, partly paid, £ 23,624 (at par of 8.) 2,157,493.32
Capital reserve fund
109,498,64
Notes in circulation
464.705.00
Fixed deposits and current accounts
580,898.12
Loans payable.
.290,000.00
kills for collection and branch balances
688,404.49
Drafts, acceptances and endorsements (bills
rediscounted)
7:3,721.17
Balance of profit and loss account
Interest and dividends on investments Amount transferred from bad & doubtful debts Balance of working account
6,73.86
$5,071,092.60
$121,132.41
ASSETS
Cash on hand and at bankers
$ 0. 407,518.34
BALANCE SHEET.
LIABILITIES.
(apital 5,000 shares at £50.paid up Reserve fund
Bills receivable, loans and advances
2,064,778.85
Bills for collection receivable and branch
Due to General Managers
balances
Sundry creditors
2,072,188.39
Proft and loss
Furniture, stationery and stamps
27,667.04
Interest, &c., accrued...
2,895.32
$5,071,092.60
Government securities belonging to the bank 496,644.69
PROFIT AND LOS8 Account, 31er DECEMBER, 1898.
$ 0. 250,000.00
MAN:CK,
A new adit level was commenced to conneot with shaft. This was driven during the month 92 feet 6 inches. When this drive is con. nected with the shaft we shall commence stoping in the ore body opened up.
Prospecting between Maniok and Tankang has been conducted with encouraging results, 11,270.00 one prospecting pit having been sunk 18 feet
6,206.12
11,559.68 showing lode.
93,592.96 No ore was milled from this section during
371,628.76
ASSETS.
Cost of land, as in last account... Additional purchase - 1398
40,000.00
30,504.50
Dr.
$
0.
To charges, directors' fees and salaries
136,425,29
70,504.50
To balance (to be placed to credit of capital
reserve fund)
Less depreciation ...
10,604.50
61,373.86
$197,799.15
60,000.06
Value of factory, machinery, &o.
as in last account ... Additional purchase in 1898
Cr.
By balance brought forward from last year... By grosa carnings for year ending 31st De-
cember, 1898.
Less depreciatioà
4,523.23
193,273.92
Value of rope, hemp, &c., in godown $197,799.15 Value of rope on consignment
110,000.00 4,658.28
1:4,658.28 14,658.28
100,000.00
50,578.00 34,425.15
23,499.02
3,256.65 25.00
CAPITAL RESERVE FOND.
Dr. To balance on 1st January, 1899
Cr.
By balance By amount to be transferred from profit and
loss account (as above).....
Fire insurance premis, account 1899. Hongko g & Shanghai Banking Corporation (ash on bai.d 170,870.50 Cash at factory Sundry debtors
$170,870.50
$ 109,496.64
C.
61,873.86
$170,870.50
Dr. Zedelius, of Shanghai, died of pneumonia, after a brief illness, on the night of the 26th February, much regretted by the foreign com. munity of the port.
The steamer Cowrie has been formally ar- rested at Shanghai in a suit brought by the agents of the Indo-China steamers Esang and Suiwo, arising out of the recent collision, the amount claimed being Tls. 55,000.
I vestment in shares of local companies, at
cost, viz.:-
300 shares Hongkong Land Investment &
Agency Co., Limited.
130 shares hina Traders Insurance Co.,
Limited.
100 shares Hongko ga d Whampoa Dock
Co., Limited.
64 shares Yaugtase Insurance Association,
Limited.
*
the month.
KOLAMPAN
The drive here was driven 30 feet during the mouth, but nothing proving of value operations were suspended for the present.
SELANGO.
Owing to the beavy rains work was stopped in the early part of the mouth. Work will be resumed here shortly.
HADJI
A new drive was commenced at water level to go in under the lode discutered by the top drives. Beyond this we had men prospecting, but nothing so far of value found,
BINTANG.
Work bere also was suspended on account of 880.10 the rains.
22,599.34
00 shares Douglas Steamship · o., Limited 76,565,30
$371,628.76
H.E.Tan, the Viceroy of the Two Kwong, has received a red silk hanging from the En press Dowager as a taken of distinction and reward for his long and arduous services. ('n it are, embroidered in gold the words “longevity” and
happiness."
SWAH.
No 1 Drive-Fairly good progress has been made with this, 55 feet having been driven. We have not met with anything of value at this point yet. It is certainly a place that should be well prospected.
No. 2 Drive. This also has been extended 55 feet in the course of a leader which at time gives fairly good goll by panuing.
GUBAU, MILUMET, BUNGHIE RUSA, SUNGHIE SÜR,
At these several places in the Bukit Sarong Section prospecting was continued and a fair amount of work done, and sipall leaders fouud has been sent around by river and is now at at North Gubau. Machinery for Guban shaft Bata-Burong waiting far a favourable opport. unity to take it to the mines.
MILL..
22 Stamps. These worked 27 days 13 hours,
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