306
THE HONGKONG WEEKLY PRESS AND
[April 13, 1901.
4 one much beyond what the most san- PUNJOM MINING CO., LIMITED. / to abandon all, ideas of prospecting in the
indeed, and
guine of shareholders could have expected. When it is remembered, but a twelve-month back, what a sorry plight the company's affairs were in, its recuperative powers must appear all the more remarkable, and the General Managers deserve the greatest credit for effecting this wonderful change in such a short time. It is devoutly to be hoped that the Chairman's anticipations of favourable prospects for the current year will prove equally right as his auticipations of last year have certainly proved. Immediately the dividend became known, a rush, of course, was made for shares, which soon rose from $134 to $143; from the latter figure they fell back to $137. but have since rallied, and close at $136 ez div.
Kowloon Wharves. The strong enquiry of last month, when the closing rate was $95, slackened somewhat in the early part of the period under review. Of a sudden, however, a determined demand set in, which, being very poorly met, rapidly pushed up the rate to $100, but even at this latter figure very few shares were parted with. Rumours of railways, and reports of larger profits that the company is making, have played their part in accounting for the sudden rise, but the real reason probably is these shares have been standing below their intrinsic value for some time. Be that as it may, the market closes very firm, and shares are scarce to find.
Hongkong Lands kept fluctuating between $195 and $200, and were done in fair lots, both for cash and on time at perhaps slightly higher than the equivalent cash basis. Humphreys Estates have attracted a good deal of attention, and rose from $12 to $13.
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The fourth ordinary general meeting of share- holders of the Punjom Mining Company, Lim- ited, was held on Saturday, the 6th inst, Mr. R. C. Wilcox (Chairman), presided, and there were also present Messrs. T. Howard, D. Gillies (Direc- tors), W. H. Gaskell (Secretary), T. F. Hough, E. Kelly, K. Edulji, C. Mooney, F. J. V. Jorge, W. E. Clements, and R. E. Kelly.
The CHAIRMAN said-Gentlemen, before proceeding with the business of the meeting, I should like to say a few words in explanation of my occupation of the chair here to-day, As you are aware, I was invited to join the Board at the commencement of the year, and on my doing so, Mr. Gillies, who has for some time been making preparations to leave for England, asked to be relieved of the duties of Chairman which he has so worthily fulfilled for a number of years, and as the other directors were uncertain as to their
movements, I agreed to take the chair provi- sionally, knowing that I should meantime have the benefit of their advice and experience in the discharge of its duties. No one can pre- tend to the knowledge Mr. Gillies possesses of the history and operations of the Company, least of all a new comer like myself, but I shall do my best to get thoroughly posted in every. thing connected with the mines. I propose to day with your acquiescence to take the | Report and Accounts as read.
I am
sorry that we have not a batter record to place before you for the past year, but, as you will doubtless recollect, the Chairman at the last annual meeting had to announce the misfortune from which we have not even yet quite recovered. I allude to the bursting of the embankment of the dam, which deprived us of the motive power for our machinery. I am glad to say, however, that this obstacle is now in a fair way to be overcome, the new dam be ing nearly completed, and on a larger and more permanent scale, which will enable us to run double the number of stamps we now possess, or 48 head. The work done at the mines during the past twelve months, though not of a showy or immediately productive kind, owing to the disaster above mentioned, has been of a very us-ful description. Thus, the South Jalis shaft has reached the depth of 100 feet, and drives are now being made at this level. At Mill Gally shaft a depth of 130 feet has been reached, and but for water being en- countered drives would ere now have bзen com- menced in it. This water will soon be over- come, as we have a powerful 84-inch pump engaged on it. A good deal of work has been done, too, iu overhauling machinery and repair.
Hongkong Hotels.-Not much has been doing in these shares, except a few settlement lots and a small forward business, the rate having remained almost stationary and ranging from $123 cum div. and $119 ex div. The Company's earnings for the last half year, some $71,000, hare, as I said two months ago, not come up to expectation, but this fact did not depress the market any further; seeing that the stock has stood much too low ever since that memorable and boisterons meeting of six months ago, when the directors and shareholders disagreed. On that occasion the director's report was thrown out and an amended one was put to the voce and passed, in spite of their strenuous opposition. En passant, it may be permissible to ask, as the result of that meeting, does not the position of the directors appear un- precedented? In the present case we have the curious spectacle of the directors actually de- claring a dividend which, on their own admis- sion, they consider is not justified by the profits, and when their maturer judgment would haveing plant, &c, in preparation for a time of recommended a smaller one.
Cements. This company's dividend of 8 per cent has come rather as a disappointment, holders of this scrip having been in hopes of getting at least 10 per cent. Consequently, shares have been offering freely, and are obtain. `able at $18.
Watkins, Limited-The statement for the year shows a total profit of a shade over $18,000, not a bad profit for a concern of its size, especi- ally when it is taken into consideration that it was, made almost entirely in the company's ordinary business alone. It appears that the manager's several trips to Tientsin, with medi- cal and other comforts, have not borne fruit yet. The quotation is somewhere about $104, sellers. Hongkong Cottons have again had a relapse, and are a drug on the market at $7.
Mining. The result of the Raub crushing has come to hand (abont 1,500 ozs.), and is cer- tainly more promising. Buyers at $38 failed to ob'ain many shares, the market closing very strong. Olivers also appear to be improving, the cabled results of the 19 days' crushing, viz. 300 ozs. out of about 500 tons of ore, raising the hopes of those who have pinned their faith in this company.
ESA.
The suicide is reported from Shanghai of Captain Clemens on the 2nd instant, on board the Chinese Engineering and Mining Co.'s steamer Kwangping, whilst she was at sea on a voyage from Tsintao to Shanghai. The act was deliberate, but no motive is known. De- ceased was 34 years old.
more active production. Some prospecting has been done in the Swah district, and the ap- pearances there are undoubtedly encouraging, but without testing more thoroughly than has yet been possibie it would be unwise to ex- press any definite opinion on this field. It is, however, the intention of the Directors to carry on prospecting on a larger and more systematic scale, and under the skiffed direction of Mr. Lester, our new manager. To this end three new miners, specially selected by him, have been sent for, and we hope that in a short time some of the staff will be regularly and specially en- gaged in this important work. Referring to the new manager, I am glad to say that his impres- sions of our property, so far as he has been able to inspect it, are most distinctly favourable It would be unfair to have asked him to make an official report on the mines after his very brief experience, but it may interest you to know that he lost no time, after his arrival, in inspecting the works and taking a brief exploring trip over the con- cession. He had only been a week at the mines when he w.ote his first letter. Referring to the two shafts, he says they are well situated as far as prospecting is concerned, and should be carried on. He is of opiniou that the dam
Pang-gong Valley except the two shafts now being sunk, and vigorously prospect the northern portion of your concession, where without a doubt the future of Punjom lies. Mr. Lester comes to us with first-class testi- monials and a long experience; he is a man of great energy and resource; and we may, I think, fairly hope that in him we have at last got the right man in the right place. With
st regard to the increase of capital agreed to a the ext aordinary meeting of the 8th December last, I need only say that the first call is coming in, though rather more slowly than we could wish. I now appeal to those shareholders who have not yet paid this call to do so at once, thereby saving themselves interest and enabling the Board to presecuts work at the Mines with the vigour that Mr. Lester so desires to infuse into it, and which is absolutely necessary if we are to achieve success.
There being no questions, the CHAIRMAN moved the adoption of the report and accounts for the year.
Captain CLEMENTS seconded.
Carried.
Mr HOUGH moved the confirmation of the election of Mr. R. C. Wilcox to the Board of Directors.
Mr EDULJI seconded. Carried.
Mr JORGE proposed the re-election of Messrs. Gillies, Howard, and W. K. Hughes as Direc- tors.
Mr KELLY seconded. Carried.
Captain CLEMENTS proposed that Mr Fuller- ton Henderson be re-elected auditor.
Mr MOONEY seconded. Carried.
The CHAIRMAN-That concludes the busi- ness of the meeting, gentlemen, I thank you for your attendance.
THE ORIENTE HOTEL CO., LIMITED.
The following is the report to the share- holders at the first half-yearly meeting, hold on the 11th March, 1901, at the offices of the Company, Manila:-
The directors have pleasure in presenting to the shareholders the first half-yearly report with accounts duly audited.
per ornt.
The net profit on the half year's working, after providing for director's and auditor's fees, and a Government Industrial tax of 5 on the proposed dividend, amounts to $31,685.70. Of this it is proposed to pay a dividend of $28,000, amounting to 8 per cent. for the half- year, or 16 per cent. per annum, and to carry forward $3,685.70 to profit and loss account.
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The furniture and fixtures, horses, carriages and harness were valued on 31st December, 1900, and stand in the Company's books per figures given in balance sheet herewith.
DIRECTORS.
Mr. Kuight resigned his seat on the Board on leaving Manila, and Mr. F. E. Coney, of Messrs W. F. Stevenson & Co., has been invited to fill the vacancy; his appointment requires confirmation at the half-yearly meeting, as also that of Mr. Harry Streiff, of Messrs Kuenzle, on the Board; latter left for Europe last month. AUDITOR.
The accounts have been audited by Mr. Irwin Turner, of the Hongkong and Shanghai Banking Corporation, who offers himself for re-election.
The Oriente Hotel Co., Limited.
WALTER A. FITTON,
Managing Director.
Shortly before the s.s. Esmeralda left Manila those on board were surprised at the non-ap- pearance of the 2nd officer at his post on the
I would take ab.at four months from that afterpart of the vessel. Enquiries were set
(22nd February) to complete, and consequently no crushings cou'd be put through before June. By that time stone should be at grass at both Mill Gully and South Jalis shafts. He adds
I have just returned after being out three days exploring a small portion of the north of your concession, and consider, in the interest of the shareholders, it would be advisable
when it was ascertained that he was lying → dead in his cabin......... Access was obtained, and a post-mortem made by the Manila authorities, who kept the intestines for further evidence as to the cause of death. The body was embalmed and was brought to Hongkong on board the steamer, which arrived on the 5th inst. Whether the death was self-inflicted or not at pres remains a mystery.
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