:
136
report and accounts I shall be very pleased to answer any questions shareholders may wish to
ask.
There being no questions, the Chairman proposed the adoption of the report and no-
counts.
Mr. G. Stewart seconded. Carried.
The Chairman proposed that Messrs. C. Ewens. J. Orange and C. W. Dickson be re- elected to the Consulting Committee.
Mr. Mancell seconded, Carried.
Mr. Ewens proposed the re-election of Messrs Fullarton Henderson and W. H. Potts as audi-
tors.
Mr. Jupp seconded. Carried.
The Chairman-That is all the business of the meeting, gentlemen. Dividend warrants will be ready to-morrow morning. Thank you for your attendance.
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[December 30, 1899.
SWAIL
No 2 Workings Shuft.-This was sunk 15 ft. making it a total of 62ft. from top adit. It continued on a slight incline from vertical, on the lode, which showed well defined bat small aud of low grade -
-]
Level No. 1.-At 40ft. below lower «dit a drive was started northerly on the lode from the shaft and driven Ift, The lode showed well defined therein, but small and low grade.
THE HONGKONG WEEKLY PRESS AND
America, that we were anxious to make some provision for the future. What other mills can do we can do, but we do not think we should be treating you reason (bly or intelligently were we to gloss over the many difficulties which have to be surmounted before cotton spinning | in China becomes the profitable business its promoters imagined it would be at the onset. There is one thing that mill owners here might combine together to do, and that is to try to instil into the Chinese Government that it is better to ay and retain wages in its own country than to subsidize mills in India and Japan, as it is doing by levying an equal tax on yarn spun in the country to that which is imposed by treaty upon yarn imported from abroad. The task, is difficult, but I am not without hopes that the Chinese official mind might be brought to realize the great advantage of manufacturing in its own country. Before moving the adop-entirely cut out tion of the report, I shall be pleased to answer any questions.
No questions being asked the report and THE EWO COTTON SPINNING AND accounts were adopted and the usual formal
WEAVING CO. LIMITED.
The fourth ordinary meeting of the proprie lors of the above Company was held at the offices of the General Managers, Messrs Jardine, Matheson and Co. the Bund, on the 22nd December, Mr. R. Inglis presiding. There were also presant Messrs J. Prentice, A. McLeod, C. S. Taylor C. H. Ross, Lee Tee-san, Tong Kidson, J. Kerfoot, C. Buch- anan, C. E. Anton, Brodie Clarke, D. Landale A Cushny, and G. R. Morris (Secretary.)
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business transacted.
PUNJOM MINING C )., LIMITED.
The following is the report for the month of November by Mr. Bailey, the manager at the mines :----
TANKONG,
Adit levels.-A little low grade ore was mined here. Winze from level No. 1 on Lode No. 1 was filled up to keep water from going down it, it being of no further use.
Level No. 1 (50 foot level).-Stope No. 1. This stope continued to give as fair ore and open up and look well ahead.
Stope No. 2-This continued to give us fair ore and shows very well ahead.
was
from Level No. 2, here.
any
The Chairman said-Gentlemen. the report and accounts have been in your hands ten days so that I think by this time we may take them as real The position of the cotton spinning industry in Shanghai is by this time well known to all interested it and on this subject
It furnished all the ore we could raise and I need not occupy much of your time, but there are items in the accounts which I can perhaps transport with present equipment and other refer with interest to you. It is mentioned in work doing. Drive to uprise from level No, the report that there is still some preparing 2.-This driven 10 feet from cross- machinery to arrive and its cost will amount to cut No. 1 and connection made with uprise about j'ls. 40.300. It was not embodied in our original order, but-as we gained experience
Level No. 2. (100 foot level). South drive | we found it advantageous to spia lower counts from crossout No. 1.---Driven 2 feet making a rather than the higher ones and the lower we
total of 68 feet from crosscut on the line of A crosscut was put in go in count the more preparing machinery formation driving on. is required to keep all the spindles running. easterly, in the hanging wall country at the In England where they spin mostly 32s. about face of this drive, 13 feet. Nothing of 3 rooms of spindles to one roem of preparation value or of much promise was developed here. are needed, but for average 13s.. which are
South drive from northwest drive from ebaft mostly span here, about two rooms of prepar-Nothing further was done here or will be un- ation are required to one room of spindles. till stoping is commenced above this drive as This year's accounts of the different mills it is as near as it should be driven to the north in Shanghai will. I think, show their costs drive from crosscut No. 1, which was discon. in fall, and although we have as yet only one tinued in July, and which it will come into. with which to compare the cost of the Ewo mill it is gratifying to find, notwithstan (ing pessimistio ideas of the high price of Platt's machinery, that even with Tis. 4,000 to be added for the preparation coming on the book cost of our plant will work out to only Taels 19.8.0 per spin ile against Taels 19 per spindle at the other mill. It is not necessary to say much of the sum of Tasis 115,000 at debit of mill extension. which extension was not pro- o eded with wha we found that cotton spin. ning was not the great money making business it was imagined to be when mills were pro- moted here. Our profit and loss account ends
was continued
GUBAU.
Level No. 1.-North drive from crosscut from shaft. Driven 52ft. making a total of 145ft. from crosscut. The lode continued well defined all the way, but smaller than recently, being but some 3ft. thick and very low grade.
South drive from winze. -Driven 41ft., making a total 152ft. 6în, from the winze when work was discontinued here, the ore having
No 1 North Winze.-This was started north- erly from the shaft to intercept the north drive from crosscut from shaft, and sunk 58 ft. This is being sunk to handle the rook from that drive through and for ventilation.---
Shaft. No sinking was done as we were unable to get timbers cut for pump, which musi be put in before any sinking can be done.
PREAN.
Shaft.-This was sunk 'I feet 6 inches, mak- ing it a total of 25 feet when work had to be discontinued because the water was more than could be handled by hand power. As this shaft was off of the lode, in country rock, nothing was developed thereby as yet.
JALIS.
Surface. This is the surface formation at or near the Jalis workings carrying stringers of quartz, It is adjoining where some of the Headings probably came from and is being blasted down and sent to the mill. It is prov ing very low grade.
REDUCTION
WORKS.
Mill. This was run equivalent to 28 days 8 hours full time. 8 stamps and 2 concentrators were run part time on Tankong ore and part time on Headings and Jalis Surface ore, and 14 stamps were run on Heading and a little Jalis Surface ore.
The ore crushed and product therefrom was as follows :---
* Concentrates • G.dd Amal am Bullion Estimated 1,000 dry wight Ane in Long ons, concentr.
18 80.10
0 e.
Tuns.
Tankong 389 Hendinge 18681
Jalis Surface 216
0's.
OZS
78.50 25.20
244.90 78 50
3
8.10.
21
88.20
Total 24731 323.40 103.70 * Assay value 4 ozs. 9 dwts., In Bullion 88.20
073.
GENERAL
Labour. This continues more or less short
in all departments except for operating the mill.
during the month. The night of the 2nd of
Water Power,-This was ample for power
Northeast drive from northwest drive from shaft.-Driven 28 feet, making a total of 80 feet on the line of formation driving on. Crossout northerly in the foot wall country from this drive was extended 4ft. Nothing of any value or of but little promise was developed here. Uprise No. 1, This 9ft. making a total distance of 59ft. from level No. 2, when it was discontinued hav- ing reached level No. 1. This proved to be on the badly broken up and practically more or less barren formation showing quartz, that crossout No. 1 at Level No. 1 passed through some 20 ft. before coming is progressing though but slowly, or ing partly
onto the lode ore known as lode No. 2.
No. 1 crosscut.-Driving this was resumed and 3 ft. driven, making it a total of 20 ft. This was driven in country rock; to see if we cannot find the ore body known as lode No. 2 at level No. 1 at this level by so doing. The developements in the uprise from here, just completed, suggest it is not unlikely we
will.
with a small credit of Tls. 14,427.56, which shows the year's profit to have been Tis.32.077.35, but you will notice we have debited Tls. 9,802 for repairs aul renewals, upon which a few words may be said. We believe in keeping our machinery in order, as with care we can prao- tically double its life, and our practice has been to go through the machines from one end of the mill to the other, take them to pieces clean them and reset them, and thus have always two frames out of work and in repair. The interest account may be considered heavy, but this is owing to the subsoribed capital not being fully paid, and next year the amount will be con. siderably reduced, as the said capital is now all called up. We might, if it would have served Buy useful end, have made the present credit | balance larger by taking over stocks of cotton and yarn at the current market rates, but this year promises to be such a trying one in Shaft.—This was not sunk any during the consequence of the enormously enhanced price month because of the impracticability of doing of cotton not only here but, in India and in 'so in connection with the other work doing.
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Level No. 3. (150 foot level). Northwest This was started at this drive from shaft. level and driven in country rock 3 ft.
Sontheast drive from shaft-This was-tarted at this level and driven 8 ft. What appears to be the wall of a lode and some quarts was cut herein. but it has not proved to be of any This is doubtless the same value where out rook as the lode like formation passed thron.h
in the shaft.
the present, mouth we had an unusually heavy · rain, which carried away our dam, thereby stop- ping our water power.
Transport-Continued sickness and death among our bullocks keeps us short of transport.
Machinery. This is all werking well. Surveying. The survey of our territory is
to the very rainy weather.
Roads and Eridges.-These, with the excep- tion of the Buket Sarong—Batu Burong road, which I am not endeavouring to keep in order, and one or two wood roads, are kept passable, but are not in good condition, owing to the heavy rains and lack of labour.
Health. This was generally very fair during the month.
The_East Anglian Daily Times announces the painfully sudden death of Mr. Sidney Jet- frey, its Colchest_r_representative, from an epileptic fit. Mr. Jeffrey was for a few years on the staff of the Hongkong Daily Press and afterwards on that of the Straits Times. On leaving the Far East he rejoined the East Anglian Daily Times, with which he had been previous connected. Mr. Jeffrey was only twenty-eight years of age and leaves a widow and two children, with whom much sympathy
will be falt in their sad bereavement.