December 2, 1899.1
Roads and Bridges.--Because of heavy rains these are not in the best condition, bat kept passable.
Health-This was generally good during the
πλαστ
GREAT EASTERN AND CALEDON IAN GULD GOLD MINING CO.,
LIMITED.
The General Agents of the Great Eastern and Caledonian Gold Mining Co., Limited, Messrs Lutgens, Einstmann & Co., have re- ceived the following report from the manager
at the mines :-
Gentlemen-Confirming my report of Ost. 11th, 1899, I beg to submit to you the follow ing:
Bank of England. The tribute party (J. Rogers & Cash) are still at work, engaged in breaking out a crashing from the stope north of the shaft and 25 feet from the surface. They have at present 4 tons at grass and expect a yield of 1 oz. to the ton.
Zulu The tributers (Everret and Carine) in the mine have abandoned their tribute. We have not received any further offers for tributes in the various other shafts and stopes.
In company with Messrs. Jas. Anderson and Carl Georg I have carefully inspected the mines at Dark Corner and feel very much im- pressed with what I have seen there, and will forward to you my detailed report and plans by the next mail. I have also shown Mr. Jas Anderson the Woodstock mine refered to in my last report-I remain, gentlemen, Yours faithfully
T. Waters.
JULEBU MININ ; AND TRADING
CO., LIMITED.
DISAPPEARANCE OF THE|LODE.
(SPECIAL TELEGRAM TO THE “DAILY PRESS")
Singapore 27th November.
The Jelebu lode has disappeared. Additional pamping machinery has been
ordered.
The directors state that fresh capital will be required.
THE
INTERNATIONAL COTTON MANUFACTURING CO., LIMITED.
ANNUAL MEETING,
The fourth annual meeting of the shareholders of the International Cotton Manufacturing Co., Limited, was held at the offices, Shanghai, on the 23rd November, Mr. David Brand pre- sided, and there were also present :-Messrs. J. F. Seaman, C. Rayner, Chu Paosan, and Chu Shing-ching (Directors), and E. Davis, W. H. Poate, G. E. Burgoyne, R. 8. Harvey, H. G. George, James Jones (Manager), H. P. Wil- kinson (Legal Adviser), and J. W. Ogilvy (Secretary).
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CHINA OVERLAND TRADE REPORT.
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465
No comment was made and the Chairman accordingly proposed that the accounts for the year ending 30th September, 1899, be accepted and passed.
Mr. J. F. Sesman seconded, and it was car- ried.
The Chairman proposed that the election of Mr. C. Rayner to the Board of Directors be confirmed.
Mr. Chu Shing-ching seconded, and it was carried.
Mr. E. Davies proposed that Mr. Chu Pao- san be re-elected a Director.
Mr. G. E. Burgoyne seconded, and it was carried,
Mr. W. H. Poate proposed that Messrs. R. Eastlack and A. R. Leake be re-elected anditors for the current year.
Mr R. S. Harvey seconded, and it was carried. The meeting ended with the customary vote of thanks to the Chairman.
REPORT AND ACCOUNTS. The directors have now the pleasure to sub. mit the audited accounts for the half-year end-
As the shareholders will recollect, the so- counts for the six months ending 31st March have already been presented and the debit balance there shown Tls. 79,319.35 is therefore the first item in the present profit and loss account.
Its result was a saving to the Company | fully anticipate a generally profitable result. upon the sum claimed of Tls. 1,418.39, leaving The Company's yarn has made its mark and a pet amount of Tis. 4,615,12 that has been commands a high price on the market. The raw sharged to plant and machinery sccount. The material will undoubtedly average a higher rate cost of the arbiration has been however, passed than that current during 1899, but there is direct to profit and loss account. We have writ. no reason to suppose the prices obtained for the ten off for depreciation Tls. 25,000. As stated yarn will not counterbalance such advance, Com- in the report, the directors have thought it wise pared with both India and Japan the advantages toopen this account, which is in pursuance of the are on the side of the local production and in a course indicated at our last meeting, and trust word your directors look with every confidence their doing so will meet your approval. It would upon the future of this enterprise, and are far have been permissible to postpone this matter from sharing in the pessimistic view of cotton and apply the whole proceeds derived from this mills in China recently published as emanating year's working to the reduction of the balance from an Indian expert and which are evidently at debit of profit and loss. But this account composed for local digestion. I have only to had to be started some time, and in our opinion say that I will reply to any questions or criti- the present moment is an opportune one cisms by the meeting, and the account once being opened it will be for the shareholders to see that it is duly cared for in the future. As to whether the amount fully represents the depreciation in- urred by the two years' working, in the absence of expert opinion it can only be a matter of conjecture; but it is a substantial sum and in the directors' opinion it is sufficient for the purpose, especially in view of the fact that the machinery has been kept in thorough order and could not be replaced at the cost at which it stands ou our books. Coming to the statement of our liabilities and assets, our capital account is The overdraft with the Russo- unaltered. Chinese Bank of 307, odd, thousand taels is under the circumstances not a very excessive amount, taking into consideration the fact already referred to that fully Tls. 25,000 is represented by our excess assets in permanent investments. 44
Sandry creditors" sundry amounts due from the Company which have since been almost all cleared off, and their total is offset by the stocks of yarn and cotton,etc., on the opposite side. On the credit side the land improvement account is unchanged. The pro-ing 30th September, 1899. perty account, which in the present balance sheet includes all buildings and land owned by the Company, has been reduced by writing off Tls. 1,473.93. The ginning mill and steam launch accounts appear as before and undoubt edly they are worth considerably more than their book value. There is a slight increase in furniture account, which needs no comment. "Sunday debtors" are amounts due to the Company which have since been almost all realised. Unexpired fire insurance account is the actual value of unexpired policies. The stocks on hand of yarn represent an amount of 500 bales already manufactured of which 240 are paid for. As regards store and appliances, coal, raw cotton, etc., the amounts at credit of the various accounts have been thoroughly verified. The item in suspense is a matter of account with the American Trading Company. I have now, gentlemen, gone over the items of the various accounts in the balance sheet and should any shareholders desire fuller information as to any of them I will endeavour to furnish it. The business of the past six months, indeed of the past nine, has been satisfactory and with a con. tinuance of a similar stata of things the balance at debit of profit and loss should soon become a thing of the past. As mentioned in the report, our production is sold to 31st December, so that a further three months' good trading is secured, always provided no untoward accidents such as fire or serious disturbance to labour interrupt the running of the mill. period under review we have had very little In the trouble on the latter point and the production has been well kept up. During the recent har vest operations, however, a certain number of Directors. Mr. E. A. Probst resigned his hands have always been missing and the daily seat at the Board on leaving for home. Mr. output has been somewhat reduced. Now these Charles Rayner (of Messrs. Carlowits & Co.) are over we have a return to our normal condi was invited to take a seat on the Board in tion. The general condition of the mill is very September: he accepted and his appointment satisfactory, the machinery is in excellent order. requires confirmation. Mr. J. L. Scott left for and the business runs very smoothly. As re-home in the spring on leave of absence; on his gards the Foreign employees at the mill the return he will resume his seat. only change to note is that Mr. W. Walmsley, spinner, has gone home on expiry of his agree ment and will be replaced by Mr. Lawrence, who has been well recommended and is expected here in the course of a week or two. The directors are glad to have the opportunity of recording their satisfaction with the way in which the staff have performed their duties. As regards the coming year's trade, whilst it may be unwise to count on as uniform a good busi- that under review, the direstars
After the usual formal opening, The Chairman said-The report having now been a considerable time in your hands I shall ask you to take it as read and proceed at once to refer to such items in the accounts as seem to require comment. Beginning with the profit and loss account the balance at debit Tls. 79,319.35 is the amount brought forward from the accounts to 31st March last. The directors and auditors' fees require no remark beyond that, through the absence on le ve of one of the Board, direc- tors' fees for the half year are correspondingly less. Following the method previously adopted of apportioning the interest on overdraft at our bankers we have charged to profit and loss account such proportion as represents the excess of expenditure on capital account for property, plant, etc., over and above the actual share capital, estimating such excess at the round sum of Tis. 250,000 and crediting the account with rent received on the Chinese houses as actual receipts against such outlay. The re- mainder of the interest is debited to working account as das in respect of working capital. The arbitration in settlement of the final account with the contractors for the machinery was foreshadowed in the Chairman's speech | at thêm mooting of 22nd November last.
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In presenting these accounts the directors trust that under the circumstances they will prove satisfactory to the shareholders and that the hope expressed in the last report as to the result of the present financial year has been justified.
The net profits for the six months under review are Tls. 55,350,13, and if the net earn- ings for the first quarter of the year are added, viz., Tls. 24,286.36. a total profit of Tls. 79,636.49 for the nine months is shown,
It
shareholders that having still the debit balance
may
be a matter of surprise to some
thought it expedient to write off the sum of of Tis. 23,696.22 to face, the directors have
Tls. 25,000 as depreciation from the amount at debit of the plant and machinery` ac count, and by so doing increase the sum at debit of profit and loss account to Tls. 48,969 22 As, however, the mill has been running for two years they deemed it but right to make the transfar and to open a depreciation account, and they doubt not that upon reflection the shareholders will concarin this view,
The conditors of the yarn trade for the nine months ending 30th September have been fair. ly favourable, and the Company have had no factory terms, and as regards the current three difficulty in disposing of their output on satis-
months the directors have only to add that the entire prodnation had leen sold at a fair profit.
Mr. Chu Pao-san retires by ̋ rotation, but offers himself for re-election.
Auditors.-The Directors have to record with much regret the death of Mr. T. Wood; Mr. A. R. Lenke was appointed to fill the vacancy. The accounts have been audited by Mr. Rufus F. Eastlack and Mr. A.. R. Leaks; and both gentlemen offer themselves for re-election.
Shanghai, 9th November.
Jaa. Jones, Manager.
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