March 1, 1902.] -F
was loved by all who knew him, for his many fine qualities and kindly disposition. Another old servant of the Company who will be greatly missed by all our friends and cus- tomers passed away in the person of Mr. Alexander Aitken, who had been with us since 1875. The year having been a record one for the Company, we recommend that all the for- eign employees be allowed to share in its pro. sperity by a bonus of $25,000, and we trust the suggestion will meet with your cordial approval. Before moving the adoption of the report and accounts, I shall be pleased to answer any ques
tions.
There were no questions, and the CHAIRMAN moved that the report and accounts as presented be adopted and passed.
In secouding the motion. Mr. H. HUM- PHREYS said Mr. Chairman and gentlemen, I am glad to see that provision has again been made for a bonus to the European staff. They work very hard and have few holidays and thoroughly deserve all they get. I am also glad to find that the directors have not yielded to the clamour of a few shareholders for more dividend. We must not forget that we have to face continual expenditure in improvements in workshops and in machinery; and there is also the big item in connection with the new dock to face in the near future which I should like to see paid for out of profits. Knowing that considerable sums of money are invested in our shares by trustees, think it would not be advisable to increase the capital unless absolutely inevitable. It would be much better, in my opinion, if money is wanted, in the future, if we raised it by an issue of debentures. I was quite expecting, Mr. Chairman, that you would make one or two remarks about Mr. Gillies, our late manager. I understand that some representation-or, rather, some petition from a few shareholders-had been made to the directors to reconsider their decision in Regard to the present to be made to Mr. Gillies, which, in my opinion, was inade- quate. I was not here whe. that was passed at the half-yearly meeting, otherwise I should have voted for a very much more valuable present. Some shareholders may say that Mr. Gillies is a rich man, and that he has no family to support, but I do not consider that that is any reason whey be should be treated differently from others. Mr. Ede, of the Union Insurance Company, was a rich man and had no family, and he got £5,000. I think some such similar amount would be the very least recognition we could give Mr. Gillies for his long and valuable service to this company. I have much pleasure in seconding the accounts.
The CHAIRMAN-Before proceeding with the adoption of the report and accounts, I should like to explain that the question of the presenta- tion to Mr. Gillies will be taken separately at a private meeting to be held after this meeting is finished.
The motion was then put to the meeting and carried unanimously.
On the motion of Mr. H. WICKING, seconded by Mr. P. C. POTTS, the appointment as directors of the Hon. J. J. Bell-Irving, Hon. C. P Chater, and Messrs. H. P. White, G. H. Medhurst, and E. Goetz, was unanimously confirmed.
The Hon. J. J. Bell-Irving and Mr E. Goetz, who retired by rotation from the Board of Directors, were re-elected, on the motion of Mr. G. H. Dann, seconded by Mr. E. W. RUTTER.
Mr. Ho Fook moved that Messrs. T. Arnold and F. Henderson be re-elected auditors.
Mr. C. N. Young seconded, and the motion was carried without opposition.
The CHAIRMAN-That is all the business, gentlemen. I am much obliged to you for your attendance. Dividend warrants will be ready on application at ten o'clock to-morrow morning.
THE HONORARIUM TO MR. GILLIES.
At the private meeting held afterwards it was resolved to present Mr. Gillies with the -sum of £5,000. The amount voted at the last half-yearly meeting was $10,000.
Captain S. H. Harford, the British Consul at Manila, is reported to be retiring; he goes home shortly. He is the dean of the Consular service the world over. It is probable that Mr. W. H. M. Sinclair, the present Vice-Consul, will succeed him.
CHINA OVERLAND TRADE REPORT.
PUNJOM MINING COMPANY, LD.
The following is the report for presentation to the shareholders at the Ufth ordinary general meeting to be held at the office of the Company, No. 13, Beaconsfiell Arcade, on Tuesday, the 4th March, at noon :--
In submitting to the shareholders the state. ment of accounts and report of the Company for the year ended 31st December, 1901, the Directors have to express regret that the develop- ment at the mines has not been more rapid; yet, when the difficulties of prospecting over large are is of dense jungle, ověry yard of which has to be cut and cleared, are considered, the work done must be regarded as satisfactory In prospecting it must be remembered that a great deal of the trenching has to be done, many small shafts have to be sunk to uncertain depths, numerous drives and tunnels started, and that work of this nature is slow, expensive, and frequently disappointing.
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During the past year, specimens of exception- ally rich stone have been found in the Swah Val- ley and are now ou view at the Company's office. At the point where these specimens were found a tunnel was star'el in a westerly direction, in which some nice looking stone was cut at 362 ft. from its mouth, and in driving worth some gold-bearing quartz heavily mineralised, was struck, from which the yield by dish-washing was from 1 dwt. to 1 ounce of gold per ton, with a promising reef overhead about one foot thick. and several pieces of the stone showing specks of coarse gold were found. In trenching on the surface of this hill, pieces of quartz showing fine gold and prospecting well, evidently thrown from the cap of the reef cut in the tunnel, have also been met with, and a deep al- luvial deposit from which good returns may be looked for. A trial crushing was made in October last of 70 tons of surface stuff broken' and collected in this locality, which gave 134; ounces of smelted gold, the equivalent of 3 dwts. 17 grains per ton; a result that may be con- sidered good, when it is remembered that 76,620 tons of headings were crushed from January, 1897, to December, 1-99, for an average yield of 1 dwt. 4 grains per ton.
Exploitation is going on at other places to the north of Swah, and at Batu Valley, midway between Swah and Chindras, a big blow of stone crops up in the gully. These places are all on the same range of hills, where there is an almost continuous run for miles of old workings by the Siamese, the prospects of which seem to be very promising.
In the Chindras Valley a site for a camp was selected on account of its central position an:l probable developments, and the European staff,
as well as the native workmen, have been in
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occupation for some months. A great deal of energy has been displayed in prospecting this district, which has lel to the discovery of heavily mineralised ore assaying 3 dwts. 22 grains per tou, and subsequently, several fair prospects have been obtained, the highest, giving 5 dwts. 5 grains of gold per ton. Extensive trenching has also been done on what appears to be the main line of reef, which is increasing in size with development, and the Mining Manager continues to write very hopefully of this district
Of the two prospecting shafts in the Pang- gong Valley mentioned in the last report, the one at Sonth Jalis proved disappointing, and has been abandoned; whilst that at Mill Gally will have to be given up because of the water encountered, but another will be sunk at a point near thereto, where a former manager, Mr. Blamey, proposed to sink, and this position, in the opinion of the present manager, is thought to be worth a trial.
Tin has been found in the southern part of the concession, and will have attention as soon 18 opportunity serves.
The new dam has been completed, and is a most substantial work. It has already stood the test, in December last, of a flood as heavy as any of those which carried away previous dams, and it still had a margin of 8 feet on the by wash 135 feet in width. Its catchment area is about 6,500 acres, with an average rainfall of about 100 inches yearly, no fear need be entertained, therefore, of lack of water to supply power for crushing far in excess of requirements, even in the most droughty season.
Unfortunately, however, there is at present
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no payable ore at hand to crush, nor can there be until the tramway to Swah has been laid, which it is expected will be completed in March next, the material being now on the way to Singapore. The value of the old headings had dwindled down by repeated picking to 17 grains per ton and were becoming poorer every too unprofitable for montb, consequently treatment.
DIRECTORS,
In accordance with the Articles of Associa
Messrs. Thos. Howard and W. tion, Kerfoot Hughes retire from the board, but, being eligible, offer themselves for re election.
Mr. D. Gillies has resigned his seat on the board in view of his intended departure for Europe.
ACCOUNTS.
The Accounts have been audited by Mr. F. Henderson, and the board recommends him for re-election.
R. CHATTERTON Wilcox,
Chairman. Hongkong, 20th February, 1902.
The following is the report of Mr. Thos. Lester, mining manager, dated 4th January, 1902 :-
Gentlemon, beg to submit my report on your mine for the period commencing 14th February, the date of my arrival, to the 31st December, 1901.
Dam. This was being rebuilt under the supervision of Mr. James Walker, who left in May. The excavation and embankment was not finished until about August, when it was found that considerable repairs to the parit were necessary. The water was got through to the mill in October, when a small trial crushing of 70 tons of surface stone, from Swah, was treated for a yield of 13 ozs. 10 dwts. smelted gold.
The dam is a substantial piece of work, and the water reserve will give ample power for al requirements, even in the driest of seasons, Had this dam been constructed years ago, it would have effected a considerable saving to the Company in times past.
Mill. This was pulled down and rebuilt out of the old material, with the exception of two new mortar-boxes. The machinery was ready for work in September.
Mines. A shaft named the "South Jalis " was sunk 100 ft. deep, the position being abont 800 ft. south of the old August shaft. Two levels were driven, east and west respectively, the former 120 ft. 6 inches and the latter 194 ft. 6 inches. As nothing was located in either of the levels, the mine was closed down in the latter end of August.
Mill Gully," situate Another shaft, called about 750 ft. in a north-easterly direction from the August shaft, was down about 130 ft. and flooded, Maobinery of a stronger type was erected and pumping was commenced about the end of February. The water was bailed out and sinking resumed on the 14th March. The shaft was suuk a depth of 150 ft., and at a depth of 140 ft. a level was started north and driven 135 ft. At the end of this level a crosscut has been driven 18 It. east. At a distance of 40 ft. from
the shaft a crosscut has been driven 100 ft. west. Up to the present, nothing has been located in any of the drives. The mine has been very expensive owing to the large quantity of water we have had to contend with.
Prospecting. As there were only two the employ of the Company miners in
was done by when I arrived, very little way of prospecting during the first four months, except at Swab-where a tunnel was started in March-and clearing of jungle. The three additional miners arrived in June, and since that time an immense amount of work has been dɔns in the Swah and Chindras distriots. The following work and prospects are to be reported concerning Swah:-"After driving the tunnel 362 ft and a crossout from the end in a northerly direction for a distance of 25 ft, gold-bearing stone was cut, early in November, and up to the present it is looking well. As a considerable amount of alluvial gold has been obtained from the foot of swah hill, and the surface stone crush: s fairly well- the whole of which must have been thrown from the reef we are now working-it is only reasonable to think that a bright future awaits us in this district, and I have every confidence