March 18, 1899.]
May till the end of June. Advantage was taken of this to dredge and enlarge the old dam and to construct a large new dam, giving us a greatly increased storage capacity.
During the year 6,383 tons of ore have been mined and milled, realizing 2,367 ozs. 6 dwts. retorted gold.
AUDITOR.
The accounts have been audited by Mr. W. H. Potts, who pffers himself for re-election.
JOHN D. HUMPHREYS & SON, General Managers. Hongkong, 8th March, 1899.
BALAXOR SHxxt, for tam YHAR ENDING 81ær DECEMBER, 1898.
LIABILITIES
Capital account-
15,000 A shares at 25
100 B shares at 55
$75,000.00 1,000.00
44,800 B shares at $3.50-$156,800
Les unpaid calls on
1,405 shares at $1- 1,405
-155,895.00
Accounts payable
ASSETI.
Cost of Olivers property $50,000.00
Cost of Euroka mine... 35,000.00
Eureka main shaft
Gold lots 105 and 308
.$85,000,00
82.997.04
4,279.19
Works, buildings, and fixed plant 35,041.84 Development
CHINA OVERLAND TRADE REPORT.
Property. Raildings Machinery Furniture Mill extension
241,700.57
6,194.75
ARENTS.
818,495.62 --
Tis. 110,184.83 192,858.41 827,704,60 1,622.00 19,998.87
Value of stook-
Yarn
58,016.05
Cotton in proceSE Cotton
4,629.62
25,714.92
Cotton waste ·... ..
826.00
Coal....... Mill storas
out the work for the increase of the number | Overdraft at bankers of spindles to 20,000. The Directors are Sundry creditors greatly disappointed at the non-receipt of the machinery on the date promised by the makers, but a large proportion of it has now arrived, and is being erected, and our manager hopes to have the whole of it working by the end of April. At our last meeting the Chair- man stated that there was every prospect of cotton being proourable at reasonable prices during this season, and this was the general expectation. A combination among native speculators has now resulted in forcing up prices materially, and China cotton is consequently to- day the dearest staple in the world. The native ring" will, however, most certainly fail in their efforts to force the foreign-owned mills to buy at their prices, as it is generally understood that large supplies of Indian cotton are now on their way here; and for our own part we are well supplied with sufficient cotton, bought at much below present prices here, to last us until well into the summer months. The price of 231,895.00
16,018.06 yarn, though much below that current a year ago, seems to be steadily improving, and the $247,4:3.05 | local spinnings are gaining in popularity, so that with fairly good fortune, we hope to be able to meet you here a year hence with a much more satisfactory report than we now present. If the shareholders have any questions to ask I shall be pleased to answer them.
No questions being submitted,
171,383.87
14.666.00
Live stock
783.76
Stores on hand and stook of fuel at
Battery...
1,857.95
Morable plant...
2,437.98
6,029.69
Cash in Hongkong & S’hai Bank $7,824.12
Cash in hand
Cash at call
101.62 5,000.00
Gold in transit
16,482.97
Ascounts receivable
Halance at debit of working account
1st Jan, 1898
Stat December.
WORKING ACCOUNT.
Dr.
To balance brought forward
To cost of mining, transport to mill and milling To general charges in Australia
To travelling expenses and telegrams To application fees and reat of gold leases To Australian management and salaries To General Managers' and auditor's fees To office charges To exchange
Bist Deo., 1898.
Cr.
By gold sossunt, proceeds of gold won
By rent of cottages and incidental receipts By interest
By transfer fees
By balance--
Stock of ore on hand at mine and
mill 105 tons at 25x=£131 5x. $ 1,386,87 Differenos
The Chairman moved that the adoption of the report and accounts, made up to the 31st of December last, be approved and passed.
Mr. J. Liddell seconded and the motion was unanimously carried.
Mr. G. Galles proposed that the election of Mr. J. S. Fearon as Director of the Company be confirmed.
Mr. E. Collingwood seconded and this was agreed to.
29,408.71
919.87
Mr. J. B. Walsh proposed the reappointment 40,671.41 | of Mr. Crawford D. Kerr as auditor for the
ensuing year.
$247,41 .05 Mr. Galles seconded and the resolution was
unanimously agreed to.
89,884.54
$
26.241.15
This concluded the business.
The following is the report presented to the 87,105.77 meeting
2,600. 6
The Directors now submit their report to- 3,075.12gether with the accounts of the Company for 774.95 the five months ending 31st December, 1898, 6,730.10
the closing of the accounts to this date being in 8,100.00
accordance with the Articles of Association. 526.68 265.65
The Directors feel there is not much to add to their report which was issued on 15th Oc- $180,419.78 tober, 1898. The production was necessarily Sgreatly curtailed owing to the extensive altera- 39,239.01 | tions that have been made and which were
254.98 218.35 88.00
essential in order to bring the Mill into the condition it is rapidly approaching of being second to none in earning capacity. The new spindles are in course of erection and by the end of April, it is hoped, will all be running.
DIRECTORS.
Mr. J. S. Fearon resumed his seat on the Board on his retura from home, and his ap- 'pointment now requires confirmation.
40,671,41
$180,419.7
THE YAH LOONG COTTON SPIN- NING COMPANY, LIMITED.
The third ordinary general meeting of the shareholders of this Company was held at the offices of the General Managers, Messrs. Fearon, Daniel & Co., Shanghai, on the 7th March. Mr. J. S. Fearon presided and there were present Messrs. A. Werth, J. Liddell, and Wong Kiah-zur (directors), H. W. Daniel, E. L. Collingwood, H. A. Figueiredo, G. Galles, C. W. Wrightson, J. B. Walsh, and Ah Es.
The Secretary (Mr. C. W. Wrightson) having read the notice convening the meeting,
AUDITOR.
Mr. Crawford D. Kerr again offers his ser- vices.
J. R. TWENTYMAN, } Directors.
JOHN LIDDELL,
Fearon, Daniel & Co.,
General Managers. Shanghai, 21st February, 1899: PROFIT ANd Loss Account, 81st Decumann, 1898. To balance at 31st July, 1898
Dr.
'lo agency expenses To directors' and auditor's fees
To interest
Loss on working account
The Chairman said-Gentlemen, the report and accounts having been in your hands for some days, I presume you will agree that these be accepted as if read. The second ordinary meeting of the Company was held on the 28th October, but in order to conform to the Articles By transfer foo of Association, it was necessary to make up the By balance............ accounts to the end of the year, and therefore the report now in your hands covers a period of but five months. The result of our working during this interval has not been as satisfactory as we had hoped, owing to the stoppage of al- most half of the spindles, necessitated by the alterations that were essential in order to carry
Capital
Cr,
LIABILITIES |
Tie. 30,849.27
1,565.66
1,145.85 8,245.39
Tie.
Tis.
12.62 44,052.61
Sundry debtors
expired fire Insurance Balance of profit and loss account
3,407.50 14,255.62
106.849.41
***
4,712.81 10,612.47
44,952.61
Tia. 618,495.62
THE FOOTBALL CHALLENGE
SOIELD.
The third round for the Hongkong Football Challenge Shield resulted as follows:
Hongkong Football Club beat R.E. by 2 to 0. H.M.S. Powerful beat 25th Company, E.D., R.A.. by 3 to 1.
H.M.S. Victorious beat 25th Company, 8.D.. R.A., by 3 to 1.
38th Company, S.D., R.A., best G. Company, R.W.F., by 2 to 1.
The semi-finals will be as follows :- H.M.8. Victorious v. Hongkong Football Club.
ful.
88th Company, 8.D., R.A. v. H.M.8. Power-
This (Saturday) afternoon in the semi-final H.M.8. Victorious will play the Hongkong Football Club.
THE ROYAL HONGKONG GOLF. CLUB.
CAPTAIN'S OUP AND SILVER MEDAL FOR MARCH.
There was again a very good entry for the monthly oup. The greens, owing to the pro- longed drought, were rough and a good deal worn, which made play on them very uncertain. The following are the returus handed in :— CAPTAIN'S CUP.
Mr. E. E. Deacon... Mr. V. A. C Hawkins. Mr. A. J. McClure Dr. J. M. Atkinson
Mr. W. Taylor
Mr. C. M. G. Burnie Capt. Des Voeux, R... 100 Capt. R. M. Rumsey, R.N. 100
Mr. R. H. Hill
886882=881&
tie.
1014
18
94
8
95
8
87
...
•
95
103 14 99 13
9
89
91
92
105
12
93
Mr. H. W. Robertson ... Mr. W. J. Baunders
104
10
84
104
31 entries.
POOL.
Lient. Moreton, R.N. Mr. V. A. O, Hawkins
96
15
94
8
Mr. P. L. Goddard; R.N...
98
11
Dr. J. M. Atkinson
103
14.
89
Capt. Des Voeux, R.E.
100
9 91
105 12 93 104
.97
Mr. R. H. Hill ... Mr. W. J. Baunders.......
25 entries.
8858788
This completes the series of monthly com- petitions for the cup, and the winners, of which only six are at present in the colòny, will hɩvo to play off at as early a date as possible to secure final possession of Mr. Jackson's handsome pre- sentation.
Old residents in Shanghai, says the N. C. 41,806.97 Daily News, will have received with regret the 2,258.26 notice of the death of Mr. Pierre "Piry, a Frenchman by birth Mr. Piry was the Father 1 ls. 44,065.28
of the Imperial Maritime ustoms, which he entered about 1854, only retiring within the last two years. When a boy he was wrecked on the coast of Korea and taken to the Palace an a curiosity, and as such was sent by the King in | a cage to Peking as tribute. The Court at Peking, not knowing what to do with him, sant bim down to the Foreign Customs then just started by the Consuls at Shanghai, and he regarded all his life as in some measure a special 571,600.00 | protégé of the Chinese Government,
Tls. 44,065,23
Balanch Sanht, Siar Duonmuun, 1898.
.....750,000.00 178,400.00
Less uniarued aharos
}