Page
October 28, 1899.1
CHINA OVERLAND TRADE REPORT,
engines till the Captain came up and ordered by 4
361
| Agents of the Company, be and he is hereby appointed Liquidator for the purposes of such winding up."
Mr. BEST seconded.“ Carried unanimously.
issue of preference shares (some $55,000) has been practically exhausted; that the fall in the quotation for the stock on the market has rendered the issue of the new proposed ordinary shares impossible; and that unless we were pre- pared to sacrifice a fire and promising property The CHAIRMAN-I beg to propose the second there was no other resource left but the recon._resolution—“That the said Liquidator be and
he is hereby authorized to consent toTM gistration of a New Company to be named the the re-
Great Eastern and Caledonian Gold Mining
prepared with the privity and approval of the Company Limited with a Memorandum and Articles of Association which have already been Directors of this Company,'
the half-speed. I had looked over the side and saw that the ship was still going ahead. The Captain ordered me to send for the carpenter sound. The carpenter reported later that the ship was making no water. The Captain also ordered me to sound every half-hour, which was "done, and up to midnight she was mak-struotion of the Company. What form that ing no water. When the ship struck there was reconstruction should take was considered at no sign of any broken water near her. The private meetings of the shareholders held on ship seemed to strike twice and then slide over something. She heeled a little. The Captain
the 4th of October and on the 12th of October. to be submitted was sleeping on the lower bridge. It was only a couple of minutes before he was on the bridge
The Court returned the following finding We find that the British ship Esmerlada, official number 95,859, of which Alexander Wiliam Ross Cobban is master, the number of whose certificate is 017,422 issued at Aberdeen, left Hongkong on a voyage to Manila via Amoy, on the 14th September 1899, at about 2.00 p.m. That at about 10.30 p.m., the same day :shock was felt as of the ship striking some submerged body. The position of the ship at the time, according to the evidence, being approximately Chelang Point N. E. by N. N. (true) 44 miles the bart showing 14 fathoms and an even bottom. The ship appears to have been properly manned and found, pro- | vided with proper oharts and the course steered acording to the evidence was a safe and proper one. Having duly considered the evidence the Court is of opinion that the casualty is not to be attributed in any way to any default of the master or officers.
IMPORTANT MOBILISATION SCHEME IN CENTRAL CHINA.
[FROM A CORRESPONDENT.]
At the latter the son was unanimously decided to you for adoption w upon by what I believe to be a majority of the shares if not of the shareholders. We have met to-day to give the legal effect to that deci sion, and the Board of Directors sincerely hope that the meeting will be unanimous. You will observe that it is not proposed to write down the property in any way; there is no reason why it should be so written down. The mines are more valuable now than they were when acquired, for they have undergone considerable development, we have a battery of 20 head of stamps, winding engine and gear, offices and other buildings, a dam ensuring a fair water supply, and tools, implements, etc, all ready to carry on with, under an experienced mining manager, who has just taken over the reins. I will now briefly explain to you the resolutions to be put to this meeting. In order to carry out the scheme for increasing the capital it is necessary to reconstruct the company and for that purpose the present company must be wound up and a liquidator appointed. The first reso lution effects this and appoints Mr. Lambotte as liquidator, for which post he is well qualified, being thorough conversant with the condnut of the company's affairs. The second resolution authorises the liquidator to consent to the registration of a new company to bear the same name as the present company. The memo, and Articles of Association of the new company have been drawn up by the Company's solicitors and approved by the Board and the shareholders bave had an opportunity to inspect them. They are on lines similar to the Memo, and Articles of Association of the present company, with the addition that the new company is authorised to take over the old company as a going concern, and the capital of the new company is $615,000 divided into 55,000 preference shares of $1, each and 140,000 ordinary shares of $4, each, The new company will be registered im- mediately after the confirmation of these reso- lutions at the confirmatory meeting, which has to be called not less than 14 days after this meet. ing. The third resolution adopts the draft agreement which has been prepared to carry the reconstruction into effect and authorises the liquidator to enter into that agreement. The principal provisions of the agreement are as follows:-1. The new company is to take over the property of the old company as a going concern, and to take over and discharge all outstanding liabilities of the old company, and to take up and carry out all the existing con- tracts and engagements of the old company, and to pay the expenses of reconstruction. 2. The new company will allot fully paid up preference shares of $1, in the new company in exchange for each preference share in the old company, and two ordinary shares of $4 to the registered holder of the share or his each $2.50 paid up for each ordinary share nominee provided that such shareholder applies to the new company within a time to be arranged from the date of the confirmatory meeting. 3. On Wednesday morning an extraordinary Every application for ordinary shares must be general meeting of shareholders in the above accompanied by a remittance of 50 cents per company was held at the offices of Messrs. Lüt-share, being amount of first call subsequent calls gens, Einstmann and Co., the geueral agents, for will not exceed 50 cents each. 4. Shares not the purpose of considering the advisability of claimed within the time specified will be sold by winding and reconstructing the company and the liquidator and the proceeds be divided the passing of certain resolutions. Mr. R. C.
between those shareholders who have not Wilcox presided, and there were also present claimed. The position of the preference share-
A step is now on foot to mobilise an import ant army of 100,000 men at Kiangsu for the purpose of garrisoning the Yangtsze Delta, principally at such points as Woosung, the Laugshan Crossing, Kiangyin, Chinkiang, and Tsingkingpn, the entrance to the Caual. This step was instigated by the Viceroy Lia at Nan- kin, with the approval of the High Imperial Commissioner 11.E. Kang Yi during his visit there, and it is reported that General Su Yuen- chua, kuown as Marshal Su, the famous Com- mauder-in-Chief of Kwangsi, wow on a special mission to Kwangchanwan to define the bound- aries of the territory recently leased to the French, will go up to Nankin to again confer with the Viceroy on the final arrangements with regard to this army.
In the meantime preliminary measures are being taken for the enlistment of soldiers, and pending the return of the Marshal from Kwang chauwan the whole force of the army will be completed and be temporarily taken command of at the various places where the soldiers are enlisted by officers delegated by Viceroy Liu.
General Su will wike Tsingkiangpu the beadquarters for the new Army and will stay there with 10,009 men under his immediate com- mand in time of peace, but will take full com- mand of the whole army if occasion arise, when ho will also be made Commander-in-Chief of all the Naval forces of the Yangisze. THE GREAT 1ASTERN AND CALE
M
DONIAN GOLD MINING COMPANY LIMITED.
|
Mr. MICHAEL seconded, Carried unanimously.
I beg to propose is That the draft agree- The CHAIRMAN-The third resolution which ment submitted to this meeting and expressed to be made between this company and its liquidator of the one part and The Great East- ern and Caledoniau Gold Mining Co., Limited (the proposed new company) of the other part the said liquidator be and he is hereby author- be and the same is hereby approved and that ized pursuant to Section 149 of the Companies Ordinance 1865 to enter into an agreement with such now company (when incorporated) in the terms of the said draft, and to carry the same into effect with such (if any) modifications as he thinks expedient."
Mr. BARRAS seconded. Carried unanimously.
The CHAIRMAN said that that concluded the business of the extraordinary meeting. The confirmatory meeting would be called within fourteen days on a date of which due notice would be given. Continuing, the Chairman said they had received by mail that day some copies of testimonials relating to their new manager, Mr. Waters, from his previous employers. These testimonials, which were of a highly satisfactory character, were read by the Chair- man, who added-This is the first letter from Mr. Waters after his arrival at our mine —
"Mount MacDonald, N.S.W. Sep. 28, 1899. The General Agents, Hongkong. Gentle- men,-Since taking charge of your mines I have carefully examined them throughout, and consider it would be a waste of money to con- tinue stoping in any of the side line mines, which include Zulu, Rise and Shine, and Bank of England mines. The lode varies from eight inches to two feet in thickness, but the chutes of stone appear to be very short. and the quartz is in hard rock which will make it expensive to mine, and I cannot see how we can make any profit or even pay expenses on 11 pennyweights to the ton. I would recommend
letting this mine to tribute parties.
C
The Great Eastern and Caledonian mines are undoubtedly one line of reef and in a direct line with Eureka Gold Mine. At the Caledonian Mine we are at present driving north on a reef three feet in width, and judging from pan assays to be worth four penny weights to the ton. I have not been able to get down the main vertical shaft and examine the lode there, owing to the water being above the crosscnt, and we are now waiting the arrival of the wind. ing machinery. At the Great Eastern operations have been suspended for the time being. The prospecting shaft is now being sunk another 50 payable ore. feet in the lode channel in hopes of striking It is entirely in virgin ground, and if we are fortunate enough to strike a reef in this shaft I am of the opinion it will be rich, as there are several quartz leaders running at right angles from the lode.
owing to the low grade re near the surface it In conclusion I would like to point out that will be necessary to sink into the depth and do away with all this surface prospecting. To do this work we require a rock drilling plant and get the main shaft down as quickly as possible. With rock drills we should be able to complete 60
ther depth of 400 feet in six months after the plant is erected.
8. A. Denison, R. Abesser_(directors), L. holders will be practically unchanged, while feet per month and prove the ground to a fur- Lambotie (secretary). F. B. W. Bowley (solici- tor to the company), C. Schwencke, D. Warres Smith, Eric Georg, A. Best, J. R. Michael, J, C. Remedios, and J. D. Barras.
The SEC ETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen, I think there is no necessity for me to detain you with any lengthy explanation of the object of this menting
~ You are all pretty well aware of the circumstances that have led up to it. You know that the small amount of capital raised
each ordinary shareholder will get two $4 for each $5 share with a liability of $1.50 on each share. If any shareholder wishes to ask any them to the best of my ability. questions I shall be very happy to answer
posed the first resolution-"That it is desirable
There being no questions the CHAIRMAN pro
to reconstruct the company, and accordingly that the company be wound up voluntarily and that Leopold Lambotte, assistant to Messrs. Lutgens, Einstmann & Company, the General
"When the main shaft is unwatered and the bottom level examined, I will be able to report on the lower workings of the Caledonian Mine me without surface appearances are unreliable and Great Eastern. My experience has taught
the lodes should be good at a depth, and I advise you to get down as speedily as possible—I main, gentlemen, yours faithfully,
T. WATERS