June 4, 1904.]
antagonistic to the proposition-far from it. But I think it would be as well if the chairman would give us just a little more information as to the prospects of meeting the increase of capital with a reasonable dividend.
The CHAIRMAN-I think Mr. Murray Bain wants me to assure the shareholders, or to give an assurance in some sort of way. that the present dividend of 10 per cent. will not be prejudiced by the new increase of capital. Is
that so?
Mr. MURRAY BAIN - Yes; that is so. The CHAIRMAN-Well. I do not think any chairman could actually promise or foretell what is going to occur in the future; but I think as far as we can see--as far as it is possible to predict, humanly speaking--we can maintain a dividend of 10 per
cent. in the future. The increase will not make a very great differ- ence to us, for the reason that some of our liabilities, mortgages, loans, and one thing and the other, are at the present moment paying per cent.. so that the margin between this 9 per cent. and 10 per cent. now paying to the share- holders is not a very great ous to meet. that satisfy you?
Does
Mr. MURRAY BAIN-Yes, thank you. The CHAIRMAN-There being no questions. I beg to move the following resolution
: That the capital of the Company he increased to nine hundred thousand dollars by the creation of thirty thousand new shares of ten dollars each.
Mr. MURRAY BAIN Gentlemen. I have great pleasure in seconding that resolution. As one of the original shareholders in the Company. I have followed it all these years in its workings, and it has been borne in upon the minds of those who have taken an interest in. the Company that it was essentially necessary that larger funds should be got. The expansion of the business. as our chairman has said. has been enormous. It has quadrupled within certain number of years, and I think this resolution proposing an increase of capital will commend itself to every shareholder. I heg
a
to second the resolution.
a con-
The motion was carried unanimously.
be The CHAIRMAN--There will firmatory meeting later on of which due notice will be given by advertisement. This was all the business.
PUNJOM MINING CO., LD.
RECONSTRUCTION PROPOSED.
The seventh ordinary general meeting of shareholders in the above company was held on the 1st inst. at the office of the Company. No. 13. Beaconsfield Arcade, the attendance including Messrs R. C. Wilcox (chairman). W. Kerfoot Hughes (director). S. A. Joseph, T. F. Hough, Ellis Kadoorie, H. C. Wilcox, R. Walpole, E. W. Terry, J. McCubbin, A. N. Ribeiro, Max Michael, J. R. Michael. R. A. Fergusson and A. R. Lowe (Acting Secretary).
The notice convening the meeting having been read by the Acting Secretary.
The CHAIRMAN said:-Gentlemen,The re- port and statement of accounts. together with the Manager's report, have been in your hands for some time, and, with your permission, I You will no propose to take them as read. doubt all have read the report by Mr. Warnford Lock, the Manager of the Raub Australian Gold Mining Co., Ld.. on our concession, with a review of its prospects and capabilities. That report we believe to be a thoroughly impartial document, and a further guarantee for the soundness of its conclusions is to be found in the fact that Mr. Lock was accompanied during his survey by Mr. Scrievner. the Federal Government's Geologist. The Board have to regret that later efforts to develop the field of operations proved so unsuccessful. In the light of Mr. Lock's exhaustive report, this is not so much to be wondered at. As shown in paragraph 23, the best development at any time was undoubtedly at Jalis. Yet even there it must be admitted that the thousands of feet of driving and cross-cutting signally failed to prove the existence of a permanent and payable body. Mr. Lock significantly adds:
There seems to have been no main fissure. or joint, or contact plane on which a strong lode conld form." This unremunerative work has brought our funds to so low น point
*
CHINA OVERLAND TRADE REPORT.
that
necessary
to
it was deemed instructions to the mines to shut down before our resources were quite exhausted. At the same time it was thought advisable, before presenting a statement to the shareholders, that we should obtain a thoroughly reliable and independent report on the concession, both in order to explain, if possible, the reasons for the constant giving out of payable patches of ore and also to enable the shareholders to form an intelligent idea of the true position of affairs, so that they would be able to come to a decision as to the future of the Company on this occasion. I do not propose to go now further into detail in reference to the mines or their working, because we shall presently take occasion to do this. I will therefore first ask you to pass the report and statement of accounts for the year ending 31st December last.
Mr. S. A. JOSEPH seconded, and the motion was agreed to.
Mr. McCUBBIN moved the re-election of Mr. R. C. Wilcox and Mr. Kerfoot Hughes as directors for the ensuing year.
Mr. E. W. TERRY seconded, and the motion was passed unanimously.
Mr. KADOORIE proposed the re-election of Mr. Huttou Potts as auditor.
Mr. T. F. Hougн seconded, and the motion was agreed to.
We
The CHAIRMAN :-Gentlemen: that business have now to having been disposed of. consider the future, but before making any even laying before you th: proposition or alternatives that confront us, it would be wall. I think, that you should hear what Mr. Hughes; has to say of his experiencs at the mines aud of the result of his observations, which I am Burd he will give you with great pleasure.
423
sendelspathic rock more or less decomposed, which. characterises the whole formation. The quarts too looks most favourable for gold, being stained with iron and manganese and carrying a small quantity of pyrites disseminated through it. As elsewhere, however, this quartz shows an average of low auriferous grade, though samples from some parts give comparatively good results. which encourage one to continue exploration in hope of striking it rich at another part of its courge. Northwards on the descent of the hill from Bukit Glangga this outcrop disappears. and then another lode is found at the head of a small stream known as Sungei Prian." Mr. Lock in his report para. 33 refers to Bukit Glangga as a large reef not less than 6 feet wide where it outerops, but says that not enough work had been done to convey a true impression as to the sta bility of the body, but that further work on it might be suspended till more promising points have been tried. No doubt Mr. Lock's reason for saying so was owing to the collapse of the funnel and to the dense overgrowth of jungle which obscured all trace of former workings. It was therefore impossible for Mr. Lock to see and judge of more than the very small portion of the reef quite recently exposed to view.-Prian.—— Referring to this reef, Mr. Becher furthermore stated, that:- Hereagain a fine mass of quartz is found three feet in thickness; striking N. W., S. E.. and vertical. A short tunnel follows it into the hill side, at the mouth of which a good prospect of gold was got." Mr. Lock's report, para. 34. refers to this quartz reef as not being so large at the outcrop as the Bukit Glangga Sam. reef, but is distinctly good looking stone. ples from it were broken by him at two points, about 100 yards apart, which assayed 64 dwt. and 54 dwt, respectively. Mr. Lock concludes by saying that this certainly merits being followed up and thoroughly prospected. Chindras. Mr. Becher in referring to this district remarks: Another somewhat outlying dis- trict which, in my opinion, promises better than most parts of the concession, is Chindras, which lies further east than the localities I have included in Bukit Sarang district, at the head of a tributary of the Tualang River, the valleys of which, too, are worthy of further attention as known to contain alluvial gold. At Chindras a party of Chinese tributers have been stream. ing for about two years in a small way and near their workings is a very promising outcrop of the characteristic black slate and quartz formation almost similar to Jalis in appearance. and which gave some very good samples in prospecting. This is known as Sungei Rawah." Comparing the above with para. 32 in Mr. Lock's report and from the appearance of the heavy reef gold brought in by the tributers, up to the present time, there cannot be a doubt that the matrix carrying such gold must be exceedingly rich and will be found by persistent development work, and this is what Mr. Lock suggests by desiring to see a systematic testing of what he describes as a very strong and perma- nent-looking quartz reef 3 to 4 feet thick, carry- ing much mineral and having well-defined wall Mr. Becher in conclusion refers to the Bukit Sarang district, which is situated at the head of the Tualang River and runs in a north-westerly direction.
Mr. W. KERFOOT HUGHES then addressed the meeting. He said: Gentlemen. I think we might usefully pass over the subjects referred toly Mr. Lock in the first part of his report. for the reason that it deals with matters which lo Hot immediately conceru us. agree with Mr., Lock regarding the mode of future treatment of the clayey surface subsoil at Kalumpong and at Swah. The work should be done સઃ suggested in paragraphs 28 and 29 in a puddling machine. erected on the spot. there bein -- abundance of water at both places. The hill at the North end of the Swah valley which divides thik valley from the Batu valley is consideri to be the line where the country assumes a more normal character, and which would form the southernmost limit of our future field of opera- tions wherein genuine mining development work would be done.
I shall therefore confine
to
engage.
Bukit
'
·
1
|
my observations to the central zone of this area. and endeavour to prove that the opinion given in Mr. Lock's report, paragraphs 31 to 37. has curiously enough, since neither authority ever met the other. been confirmed by a report which was written in 1890 by Mr H M. Becher. A.R.S.M.. an eminent min- ing expert, and the most energetic and enter. prising Manager which the Punjom Company
courage ever had the Glangga. Mr. Becher referring to this outerop remarks :----" Going northwards from the Kalompang district and passing through the
He adds: Bukit Sarang lode itself valley of the Hulu Swah and its tributary streams, throughout which the presence of gold is one of the most disappointing of our dis- is evident from the numerous traces of former coveries, being strong and massive in appearance. Chinese and Malay surface workings, quartz but of the poorest description of quartz. Still there has been much alluvial gold got in the drift is found almost continuously along the road, and at a distance of three miles from Jalis valleys round about this outcrop, and in the con- tinuation of its strike north-westwards, at a it appears in the powerful outcrop of Bukit Glangga. Here again considerable well directed place called Gubau, the prospects appear more prospecting work has been done, mostly in the encouraging, and to the eastwards of Bukit less expensive form of costeaning trenches Sarang prospect workings have proved other across the cap of the quartz outcrop, which is powerful outcrops at Bukit Kota, Bukit Tuba. and Sungei Keteh; and the auriferous forma- identical with the back of the hill ridge and follows the crest of this continuously for half tion is traced in its extension north and west- limestone cliffs smile or so in the length of its course. A single wards to the vicinity of the
called Gua Sai and Gua Bama. In reference tannel has been driven at a convenient spot to reach the greatest depth available with the least to these and other places Mr. Lock in para. 37 horizontal distance, viz., 200 feet, and this has also informs us that the list of already discover- most distinctly proved the quartz, to all appeared lodes is by no means exhausted, in fact, that the northern portion of the estate, especially ance a well formed lode of regular continuity
This prospect is towards Goa, where a very striking limestone at 90 feet below the surface. one of the finest looking and most encouraging formation exists, is seamed with lodes. on the concession. The lode, as we must call Manager's annual report for last year, which is it. measures 2 feet 6 inches in width, strikes printed on page 2 of the Report now presented to almost due N. and S.. and dips distinctly with you. para. 4. also tells you that the chief feature As elsewhere. the of the year has been the location of a large quan. clean walls 60 degrees West.
tity of crushing stuff, and of extensive alluvial country rock is clay slate, much disturbed near
The discovery the lode. on the hanging wall of which is the same deposits, in the Goa district.
The
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