882
Concluding, the CHAIRMAN said—You see he does not flatter us at all on our prospects, He simply given a business like report and tells us what we ought to do. He does not think the little lines of ore are worth following evidently, but he wants to go down a depth and get a pay- able roof, and that has been proved to be the best polioy at the Mt. MacDonald mine.
Mr. BEST, who had risen to ask a question during the extraordinary meeting, but was out of order just then, was invited to put his ques- tion now, and he observed-I intended to ank how many rook drills there would be, and how much ore we hope to deal with, because that has an important bearing on making the mine pay.
The CHAIRMAN replied that the last imforms- tion was that supplied by the late manager, Mr Cash, and Mr. Georg had been unable to verify it. Mr. Georg had been unable to go down the mines himself for fully three months owing to a fall which he had which injured his shoulder. He was just beginning to get well, and was going to resume his personal inspections of the miues. No doubt he would confrm what Mr. Waters told them. They had no reason to doubt what Mr. Waters said, because he was perfectly unbiassed in every way, because quite new to the mines. He should Bay with regard to the number of rock drills, they would have to be guided a little by the opinion of the manager.
Mr. BEST said the thing he would like to sall special attention to was that when once they got on to a reef they must have plenty of men to dig the ore ont.
The CHAIRMAN-That is what we shall do. Mr, BEST-Otherwise you will not yet enough to pay working expenses.
Mr. WAREES SMITH-Do you think his ides is to throw over the Zala, the Rise and Shine, and Bank of England mines?
The CHATEMAN-No, only let them to tribute parties for the present, and let these tributers develop them a bit.
Mr. BEST-What quality of ore do the Olivers - get at the depth we are working at present?
Mr. G■ORG-Between six pennyweights and half an ounce. ·
The CHAIRMAN-If we get half an ounce it is quite sufficient to insure a profit. I do not think I need detain you any longer, gentlemen. I have no further information for you.
The meeting then separated.
NORTH CHINA INSURANCE CO. LIMITED.
The following is the report presented to the eighth ordinary general meeting of Sharehold. ers, held at the offices of the Company, Hankow Road, Shanghai, of the 20th Octobers:-
The Directors beg to submit for the informa- tion of the shareholders the annexed duly sudited statement of the Company's accounts to the 30th June 1899.
1898.-An interim dividend of 5 per cent, amounting to Taels 46,692,61, was declared on the 20th April last, and after deducting this and the balance of working account, there remains a sum of Taels 67,760.17. The Direc tors recommend that Taels 60,000 be transferred from the Reserve Fund, increasing the balance to Taels 127,760.17, which they suggest should be appropriated as follows:-
A final share dividend of 5 per cent, on the paid-up capital,
And a bonus of 10 per cent. upon contri. butory premiums.
The balance to be retained to meet further liabilities.
1899. The balance of the working account to 30th June amounts to taels 270,983.29, which compares favourably with the corresponding period of the previous year.
Sale of the property.-Au advantageous offer for the property No. 10 Hankow Road having been submitted, the directors decided to accept it and have sold the same for taels 125,000, the sale to take effect from the 1st October of the present year. The value in the Company's books appearing as taels 50,000, it is proposed to place the surplus of taels 75,000, less ex- penses, to the credit of the reserve fund.
Directors.—It is with great regret that the Directors record the death of Mr. E. H. Lavers,
THE HONGKONG WEEKLY PRESS AND
who was connected with the Company from its commencement, and for many years acted as its Chairman.
Of
1October 23, 1899.
By agency commissions, 1st January to 30th
June 1899 A
By London charges
Th.
5,199.10
Mr. Welch retires from the Board, but they charge at head offos, branches & agencies 80,388.80 remaining Directors, being eligible, offer them. selves for re-election.
Auditors. The auditors, Messrs. White and Wrightson, also retire, but are willing to resume office if re-elected.
By Order of the Court Directors, WM. GEO. BAYNE, Secretary. Shanghai, 10th October, 1899.
BALANOS SHIRt—30тa Juxx, 1899. Dr.
To capital account:-5,000 shares at £25—
£125,000.0.0 at 25. 8id. To reserve fund...
To working account 1898---Bal- Tls,
ance on 30th June, 1898... 237,642.60 Deduct-Interim share dividend 46,692.61
Tis.
916,080.54 250,000.00
By directors and auditors' fess By income tax
By losses and claims
By balance carried forward
22,208.81
2,460.00 726.11
62,805.78 270,988.29
Tis. 409,251.89
HONGKONG JOCKEY ULUB.
The annual meeting of the Hongkong Jockey Club was held on Saturday at the City Hall. Hon. C. P. Chater presided and there were also present Sir T. Jackson, Hon. T. H. Whitehead, Colonel The O'Gorman, and Mr. D. Gillies (Stewards), Mr. T. F. Hongh (Clerk of the Course), Hon. J. J. Keswick, Major Dobell, Captain Mould, Lieut. Walwyn. Messrs J. Mo- Kie, G. Murray Bain, A. H. Mancell, H. E. Allen, W. D. Graham, G. L. Tomlin, Hart 67,670.17 | Buck, J. Jupp, A. S. Hooper, J. H. Lewis, W, Farmer, A. P. Madar, G. H. Potts, E. H. 270,985.29 Potts, C. H. Thompson, R. M. Moses, G. C. To bargain money on sale of Shanghai property 25,000.00 Moxon, Murray Stewart, Cruickshank, P. A.
1,786.78
Cox, E. W. Rutter, F. H. Hohnke, G. Harling. etc., etc.
Less-Amount brought forward
from below......
190,949.90
128,189.82
To working account 1899:-Amount brought
forward from below
To dividends uncollected...
Shanghai
Or.
Tls. 1,531,560.78
By cash on current and deposit account in By Chinese Imperial Government loan of 1888.
(E. issue)
By Shanghai Municipal loans..
By Shanghai Land Investment Co's 6 per
eent. debtres
By Shanghai Waterworks Co.'s 5 per cent.
debentures
By mortgage ou property in Shanghai By land and premises-Head office, Shanghai By London freehold premises......
By London branch-Balance, viz.:—
Cash at bankers
..£7,177 18 8 8,000 0 0
16,534 14 7
Short loans on security India Government securities... 18,994 6 11 Colonial Government bonds... 20,708 7 4 Chinese Government 5 per
cent. gold loang Japanese Government 4 per
cent, loan North Eastern Rally. Consols Indian Railway securities Illinois Central Railroad 4
per cent gold bonds... Furniture accounts-London
and Manchester... Premia outstanding, bills re- ceivable, policy stamps and drafts, etc., in course of collection.....
***
1,560 0 0 1,989 10 4 20,432. 8 9
5,087 11 0
887 4 0
8,298 9 3
£109,120 5 10 3,527 3 9
Less-Due to sundries
By Hongkong branch-Balance By Yokohama branok-Balance By Singapore branch-Balance.. By furniture at head office, Hongkong. Yoko- Ry sundry debtors-Premia, etc. hama, and Singapore branches
outstanding at head office and agencies.
Tls. 53,715.88 Less Due tɔ sundries ................ 2,975,58
Working Account 1898,
Dr.
Tis.
147,333.24
20,000.00 78,400.00 45,000.00
9,600.00 50,000.00 280,724.87
13,000.00
773,812.06 18,455.14 18,986.99 22,824.22
2,684.38
60,740.38
Tls. 1,531,560.78
Tls.
To not premin, 1st July to 31st December 1898 343,344.15 To interest... To transfer and certificate fees
To balance carried forward..
Cr.
By agency commissions, 1st July to 81st De-
camber 1898
By charge at head office,branches & agencies By London charges By directors' and auditors' fesa By income tax
By depreciation furniture account By exchange account By losses and claims..
WORKING ACCOUNT, 1899.
. Dr.
Tis.
|
The CHAIRMAN szid-Gentlemen, the pub. lished accounts have, as customary, been in your hands for some time, and I have no doubt they have been accorded your usual careful consideration. In so much as the figures are uniformly grouped under a few headings, their comparison as submitted to you to-day, with those of the year preceding will be very simple. We commenced the year under review with a debit balance of $26.233,86, and closed with a balance on the same side of $20,472,38, or an improvement on the year's working of $5,761.51, which is very gratifying. (Applause.) The total expenditure for the period shows a decrease of $454.47, which in- cludes the sum of 100 guineas to Mr. Hopeful's Stable, as the winner outright of the Challenge Cup-(applause)—whilst on the credit side, the earnings show a material increase, especially in the item for sale of tickets, &c,, namely from $7,679.66 to $12,173.05. This no doubt you will consider is very satisfactory, and I am sanguine that during the coming year we shall bave even a further increase under this head. (Applause.) The prospects for this season good. There are more subscription griffins applied for than last year. (Ap plause.) It is a matter of pleasure and congratulation to note that among the Officers of our Regiment stationed here there are so many who are fond of the noble sport and will contribute in no small measure towards making the meeting a great success. Gentle- men, I will be very pleased to answer any ques- 4ion any gentleman may like to ask; otherwise I shall be pleased to propose that the accounts be adopted.
are
No questions being asked, the CHAIRMAN proposed that the accounts submitted be adopted by the meeting.
Colonel THE O'Gorman seconded.
The CLERK OF THE COURSE then read the report of the Gymkhana Committee, as follows: Conformably with the resolution passed 23,748.05 at the last annual meeting of the Jockey Club,
20.00
four Gymkhanas were held at intervals during 123,189.82 the past season, in addition to the Regimental one got up by the Officers of the Royal Welch Tls. 490,302,32 Fusiliers. The full anticipated series of five Gymkhanas was not got through owing to our 8,954.04 not being able to run the first meeting off until 38,741.11 the end of April, the course not having been 31,1 3.62 available earlier as it was opened up in places 2,450.00 daring the Spring for the purpose of laying 3,507.47
drains; these were also postponements on account 230.59
of the weather. We commenced the seasod 3,647.7! 401,697.77 with $47C in hand The meetings have been more than self supporting and the Hon. Trea- 490,362.32|surer expects that after all outstandings are disbursed there will be some $600 to carry forward. As the last. Gymkhana was only held on Saturday, the 14th instant, it is impossible for the Committes to render closed accounts on this occasion. G. C. Moxon, Hon. Secretary Gymkhana Committee."
Tls.
Tls. To net premia 1st January to 30th June 1899 377,3 8.70 To transfer and certificate fees To interest.
25,066.50 To profit and investment realized
To exchange account.................................................
43.00 $,671.53
8,082,16
Tla. 409,251.89
Mr. McKin then • proposed that a mories of gymkhanas be held next year, as usual, under the auspices of the Hongkong Jockey Club,
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