526
basis of the price of țin at $66, after deducting impurities, smelting charges, duty, &c., will yield about $8,900, against an estimated ex- penditure and writing off for depreciations, etc., of about $6,600, showing an estimated profit of about $2.300 per month, or $27,500 per annum; to which would have to be added the net profit on alluvial mining, say, per annunt $15,000-total $42,500.
There is no reason why the profit should not be considerably increased later on by erecting
one or several more batteries. However, even on the above basis, the following dividend could be paid, riz :-
stimated profit per annum... Less 7 per cent. on $45,000 pref. shares
Leaving an annual profit
$42,500 3.150
$39,350
THE HÔNGKỎNG WEEKLY PRESS AND
THE GENERAL AGENTS RESIGN.
We have also been provided with the following copy of a letter sent by the General Agents of the Jelebu Mining and Trading Company:
17th December, 1900.
To the Chairman and Directors of the Jelebu Mining and Trading Company, Limited.
(Present.)
Dear Sirs,-Wo herewith beg to tender our
resignation as General Agents of the Company. As is well known to you, an agitation has lately started against us and although we think it emanates from a quarter where the shares are not held as a bona fide investment but more for speculative purposes, yet we are not inclined to retain an agency when we are constantly harassed.
(December 29, 1900.
THE GREAT EASTERN AND CALE- DONIAN GOLD MINING CO., LD. (IN LIQUIDATION.)
The following is the report for presentation to the shareholders at the meeting to be held at the office of the company, No. 14, Des Vœux Road Central, Hongkong, to-day, at 11.45 a.m.
To the Shareholders of the Great Eastern and Caledonian Gold Mining Company, Limit. - ed (in liquidation).
Gentlemen,-I beg to submit herewith to the shareholders a final statement of accounts as they stand in the books, which have now been transferred to the new company. I see no necessity for dealing with any of the accounts, as the new company has taken over the old one as a going concern, and all the balances ap- Unless Company-wreckers should get the up-pearing in to-day's statement have been trans- per hand, we consider the prospects of the Com- pany very encouraging and it would only be which, distributed over $270,000 ($225,000 pre-
fair if, after we have stood by the Company in sent capital, plus $45,000 new capital to be now issued), would mean that the preference share-trouble some time, during which we have fre- holders would get a total dividend of about 22 quently given them financial assistance to a per cent., and the ordinary shareholders a divi- large extent, we should now also be allowed to
reap the benefit of the good times. dend of about 15 per cent.
The directors confidently expect that the preference shares will be taken up by the pre- sent shareholders, who, as there are no deben- tures, will practically have the whole company's We have still assets and property as security. to add that the directors will offer the new shares at
par to existing shareholders, so far as they are accessible, in proportion to their holdings. viz. one preference share to the holder of 5 ordinary shares. Of the $50,000 it is intended to issue only $45,000; the remaining $5,000 will only be issued if and when authorised by the shareholders in general mecting.
By order of the Board.
HUTTENBACH BROS & Co.,
General Agents. Singapore, 10th December, 1900.
Singapore, 5th-December, 1900. Messrs. Huttenbach Bros.& Co.,
Singapore. Dear Sirs,--As you are aware the extra 10 head of stamps have been erected some time ago and we are now only waiting for the arrival, from Australia, of the missing parts for the Frue Vanners.
When they reach us we will immediately pro- ceed with the erection of the Vanners, and we hope to be able, within one month of arrival of the missing parts, to start crushing with the 20 head. The Mine Manager estimates that we shall get 17 tons of tin ore per month; he expects
more, but gives this as a low estimate.
The Mino Manager assures me that he has sufficient stone in sight from the new workings to keep 20 head of stamps going for one year. without sinking, and I think you will find the late Mine Manager estimated that he had suff. cient stone in sight in the old workings to keep us going for about four to five years.
We intend to immediately start sinking on the Glamie lode, as the Mine Manager is of opinion that this will prove to be one of our best lodes. We will then have two distinct mines to keep us supplied, Lately we have been getting a large percentage of ore from the stone and it also assays much better as wo are getting less Wolfram from the Glamie lode, and there is every prospect of the stone improving as we sink to a deeper level.
Our arsenical chambers are now completed, and in use, and we hope to make some profit by the sale of arsenic.
The working expenses including depreciation for 10 head of stamps amounts to, say, $4,500 per month; and as far as I can judge at present about $6,600 should cover the expenses for work- ing 20 head of stamps.
In addition to the profit from the lode we have the alluvial business, which generally gives us a net profit of about $15,000 per annum.
The Mine Manager is now of opinion that we have overcome most of our troubles, and when the 20 head of stamps are in full working order we ought to make a very fair monthly profit.
Yours faithfully, The Jelebu Mining & Trading Co. L'd.
JOHN GARDNER,
General Manager
Without wishing to blow our own trumpet we are also of opinion that having been con- nected with the Company for such a long time and knowing all the details of the business, it will be difficult for the Company to find Agents who will attend to the interests of the share- holders as well as or better than ourselves.
As we have this conviction we naturally feel sorry, not only for ourselves but also for the shareholders, that self-respect should compel us to take the above decision. We are inclined to think that the majority of shareholders aro reasonable and differ from the noisy members of the Company, who have induced us to offer our resignation. We even think that if we were to take the trouble of asking for proxies, we would command the majority of votes. We do not, however, consider it compatible with our dignity to canvass for ourselves.
|
We beg to add, however, if at any time the shareholders of their own accord ask us at a
general meeting to resume the agency again wo shall do so, but as stated the nocessary action. action would have to be taken by the share-
holders themselves, as we shall not move in the matter.
The Company owes us to-day about $3,500— to which will have to be added the amount which we shall have to pay the Company's Bankers and which was advanced against our personal guarantee, viz. $10,000.
We think that legally we would perhaps be
entitled to insist on the above indebtedness being squared before we hand over the Agency, but being desirous of facilitating matters as much as possible we shall not insist on this, although we hope that, in all decency, the new Agents will of their own accord pay us the above amount before they assume the Agency.
There are some lots of tin due here shortly which we think we could also legally have ap- propriated against the Company's debits to us, but in this respect also we wish to facilitate matters and have therefore not taken any steps to deal with this tin.
our
We must finally express once moro regret that we should have been constrained are afraid our resignation to resign. We places the Directors in a somewhat awkward position which we need hardly assure you we very much regret. There are payment ordere outstanding for $3,700 which ought to be paid by the new Agents at once, or otherwise the Company's credit may suffer.
Fresh working capital will also have to be pro- vided or all operations at the mines may come to a complote standstill. the shareholders who stirred up the agitation wished for such a state of affairs. Anyhow they are responsible for it, as without the agita- tion we would probably have continued to use our own funds for the Company's benefit, as we have done in the past.
We do not know whether
Wishing the Company all success in the future and thanking you for the confidence which you have always shown as and which made it a pleasure for us to act as agents,
We remain, dear sirs,
Yours faithfully, HUTTENBACH Bros. & Co.
ferred to the new company and will be duly explained by the latter.
The holders of 7,282 ordinary shares and
5.500 preference shares did not claim the res- in the new company. A sale of the shares pective amount of shares they were entitled to having been found impracticable, the new company is at liberty to deal with these 'un- allotted shares as they may see fit.
The accounts have been audited by Mr. A. O'D. Gourdin.
LEOPOLD LAMBOTTE,
Liquidator.
Hongkong, 22nd December, 1900.
To property-
"}
י
BALANCK-SHEET,
ANSETS.
Cost of estate and building
Union Bank of Sydney
ash
Furniture
:
"
Live stock (horses).
Machinery, plant and tools...
.. Mine stores
Groat Eastern main shaft
Caledonian main shaft
By capitalShares
+
LIABILITIES.
$132,255.85 2,953.03 207.53
2,811.98
512.42
80,263.94
9,156.34
9,470.90
12,950.70
Zulu main shaft
11
14,047.17
Prospecting shaft
4,416.60
Old Great Eastern drivo
€81.78
"
Rise and shino shaft.
5,947.25
+1
Bank of England shaft
10,629.40
Dam
3,898.06
11
Balance (transferred to new Co.)
115,927.21
$406,1311.5
18,200 fully paid up at $5.00.. $91.000.00 51,800 half paid up at $2.50 ...129,500.00 51,750 first call at $1.00
51,750.00
51,738 second call at $1.50. 54,901 proference shares at
$1.00
77,607.00
5-4,901.00
-$104,758.00
1,373.15
$406,131.15
WORKING ACCOUNT.
Dr.
0.
25,893.77
$2,103.52
3,000.00
1,500,00
500.00
150,00
7,253,52
175,01
Hongkong and Shanghai Banking cor-
poration current account
To balance brought over
++
Charges
Sundries
General agents
Directors' fees
,, Repairs..
1,150.23
477.36
Liquidators' fees Anditors'
Legal expense8
(1
Travelling expenses
Printing and stationery
73
Telegrams..
066.17
Wages and salaries
15,058.18
Crown runt
19
1,051.93
Office charges
847.01
Fuel
4,487.08
Mine charges
7,819.47
2,084.23
19
Fire insurance...
027.14
,, Driving Caledonian shaft
3,900.51
Zalu shaft
11
"
7,541.81
Great Eastern shaft
*
3,376.03
Development bank of England shaft
7,357.42
21
Rise and shine shaft..........
"
3.396.06
Zala shaft
11
8,718.09
Caledonian shaft
11
2,938.78
11
5,524.25
Zulu shaft .....
17
*1
8,278,78
"
Pank of England shaft
3,210.71
11
Raising stone
2,003.65
Carting quarts
1,477.12
31
Great Eastern air shaft. ...............................................................
1,489.40
"
Battery wages warmmmm-1988 289 490 Battery sundries....
6,6 7:27
760.57
Stoping Great Eastern shaft
$130,721.15
+