10
Money and Markets
ICE COMPANY'S AFFAIRS.
LAST YEAR'S WORKING
PROFIT $19,000.
www.
CAPITAL REDUCED BY ONE HALF.
J.
in the Company's Articles; there fore your Directors bave voted them a lump sum of $5.000 to cover above, which you will agree is a very small consideration and re- presents only one year's remunera- tion without commissions. I may also mention that your Directors have not received any fees.. The debit balance brought forward from last year, viz., 83,004.55 plus the um of $130039.73 written off, less $12.437.50 profit without deprecia tion made for the year, gives A net loss of $160,183,-40 which it is The Hong Kong and Canton fee proposed to carry forward to the
debit of next year's account, Co., Ltd., decided at an extra- ordinary meeting yesterday to.. Pe- duce their capital from $400,000 to $200,000, each share being written down from $10 to 85. The shares are fully paid up and this step is being taken to enable a antisfactory balance sheet to be drawn up, next
year.
at the annual general meeting the
Chairman (Mr. J. P. Warren) was
able to announces profit of $19,000
|
Sale of Ice Encouraging. During the year under review the loan from your" General Managers
net balance of
was reduced by a further sum of 810,000, leaving a 85,000 still swing out of the original
ban of $10,000,
a
The saig of ice in Cantor has
THE HONG KONG DAILY PRESS, WEDNESDAY, OCTOBER 16, 1929.
RAUB GOLD MINING. THIS YEAR'S “SUBS."
MONTHLY REPORT.
mend the reduction of capital was the fact that nothing has been writ- ten off the assets of the Company for depreciation since its inception. And for that reason your Directors are of the opinion that the capital of the Company is not represented
The following report has been available assets to the extent of $200,000.
issued by the general manager of Reasonable Balance Sheet the Raub Australian Gold Mining
Expacted.
| Co., Ltd., dealing with operations for the four weeks ending Septem- ber 13:-
1
The Company's balance sheet has been before you and shows quite clearly how the various assets of the Company have been written down to a conservative market value and
do not propose to go through them in detail. In addition to this, the Company, as you will ace, has no reserve and this is another factor which your Directors have taken into consideration when deciding on the reduction. and it is hoped after the reduction has been completed to show at the next annual general meeting a balance sheet with a reasonable rescive,
you
Development. --For the period development work to the amount 930 feet, has been completed as follows:-
Staking Driving Crosscutting
Total
77) ft.
113 it.
100 ft.
956 It.
The tonnage mined and treated for the term totals 2,100 tons, the
know, fully paid up and therefore average yield per ton of fine gold
The Company's shares are, as
13 the proposed reduction capital does not involve any reductory proft.
of being 199 dwts, giving a satisfac
tion of assets except in book value,; it is not a matter which can affect
Development work gave satisfac-
DRAW AT JOCKEY CLUB STABLES YESTERDAY.
There was a large crowd at the Stables yesterday Jockey Club when the draw for the "suba. took place. Mrs. R. M. Dyer and Miss Sutton were in charge of the drawing, assisted by Mr. C. B. 'Brown, the secretary of the Club.
The result of the draw follows:- i-Dun, Ho Kom Tong ... 13.11 2-Grey, Han Un
13.0} 3-Roan, Lau and Lee... 13.11 4.-Grey, L. Dunbar..... -13.2 5.-Dun, K. P. Yu
... 13.11 B.-Grey, Hinson and Yam
Man
. 13.01 7-Chestnut, Harbot 13.11 8.-Grey, Hynes & Mackie 13.1 D.-Grey, Weelree
13.11 10.-Dun, Mrs. Pearce... 13.1) 11.-Grey, Wong Ping Shun, 13.1 12.-Brown, Mrs. H. S.. Shan 13.2) 13.-Grey, Y. T. Fung,
*** 13.11 14. Dun. Hon. Mr. B. D. F.
Beith
13.03 15.-Grey, Chow and Chan... 13.01 10.-Dun, Ho Sai Man...... 13.13 17-Grey, K. C. Lau .........13.13 18.Dark chestnut, Bellamy
not been very encouraging, but the Company's creditors. This will tory results throughout, and the steps have already been taken for facilitate the Court in granting theeyanide plant treated 300 tons of
wider distribution and we hope to necessary order the formality has low grade concentrates, for a profi 18.-Grey, Dyer and Beith... 13.12 show better results next year.
During the past year Messrs. Tsolution and when the
G. Weali and A. S. Stewart resign
feel that at the next annual general been complied with, your Directora able recovery.
Bukit Koman Area-From this
our sear's working But taking ed from the Board on leaving the inceting they will be able to put area the tonnage mined and crush
into account the previous year's
Colony nad Messrs. J. P. Warren and B. E. Coxon were invited to debit balance the net loss was over all the vacancies.
$16,000.
The Chairman then proposed the adoption of the report and ac,
THE ANNUAL MEETING.
CHAIRMAN'S SPEECH.
The Chairman said:-The result of the year's working shows a profit of $18,923.73 as against 19,703.72 last year.
As nothing has been written off the values of the machinery and property for the past, seven years your Directors have) decided, as you will observe from the neecunts, to allow for depre- ciations for the period mentioned
A BLIZZI
amounting to $149,430.73. Your Directors consider that such step is essential in order to give truilen of the Company's affairs and in making three allowances a Conservative figure has been adher-
ed to.
General Managers Honorarium. Your General Mangers have not been paid for their services since the ception of the Company, nor have they been paid any commis- sion on the profits as provided for
The
4
counts.
Mr. J. F. Grose neconded, andj the report and accounts were adapt. ed.
On a proposal of Mr. W«Mac- Furlane, seconded by Mr. Chan Nai Pan, the retiring directors. Messrs. J. P. Warren and Lau Yick Cheuk, were re-elected.
Messrs. Percy. Smith, Seth and Fleming were elected auditors, on the motion of Mr. A." Stevenson, seconded by Mr. Ho Kom Tong.
EXTRAORDINARY MEETING.
CAPITAL REDUCED.
At an extraordinary meeting which followed, the Chairman said: As you will see from the notice. it is proposed to reduce the capital of the Company from 2400,000 to $200,000 by reducing the face value of the shares from 310 to 35 each. Your Board has now come to the conclusion that the reduction is necessary in order to place before you a sound balance sheet at the next annual general meteing.
The reason which actuated your Board when they decided to recom.
before you a sound balance sheet showing the capital of the Company ed totals 652 tons, and satisfactory figure more nearly in relation development work amounting to to the market value of its assets.
484 feet has been completed, I now formally move the following extraordinary resolution:-
140 ft. Level.-The crosscut cx- tended 18 it. values low.
440 ft. Level.-South drive ad-
That the capital of the Com- pany be reduced from $400,000 divided into 40,000 shares of 8:0vanced 6 ft. Bise for stope 2 ft.
ore 4 ft. crushing value 13 dwts. ench to $200,000 divided into 40,000 shares of $5 each and that
510 ft. Level.-South drive ex- such "reduction be. effected by tended eft. Rise in stope 9 ft. cancelling the capital which has Lodo 5 It. value 20 dats. been lost or is unrepresented by 640 ft. Love.-Crosscut from available asseta to the extent of winze, driven 8 it. values low. 83 per share upon each of the South drive advanced 2 ft. ore 12 40,000 shares which have been in wide, value 16 dwts. South in- issued and are now outstanding termediate driven a ft. total 58 ft. and by reducing the nominalore 2 ft. value 15 dwts. amount of all the shares in the Company's capital from 310 to 35 Per. share."
740 ft. Level.-Ore ft. wide, value 20. dwts, per ton.
Bukit Koman North Shaft.-190 Mr. Grose seconded,
. Level North drive extended 15 There were no questions, and theft. ore 2 ft. 0 in. value 5 dwts... resolution was put to the meeting and carried. The Chairman pounced that the confirmatory meet- ing would take plac on November 4.
76 It. Level, winze ore. 12 tn. R-value 11'8 dwts.
Shallow workings.-Lodes 9 ft. average value 5 dwts, footage deve- Besides the Chairman those pre-opment 421 feet. sent were:-Meaars. R. E. Coxon and Ho Kom Tong (Directors), W. Macfarlane, J. F. Grose, Chan Nai Pan. Chan In Nam, Chan Pun Ko, C Manuk (Secretary), and A. Stevenson (Manager). F
The first morning out of Seattle brings this view of the) Bitter Root Mountains to passengers on
NEW OLYMPIAN
The building of The Milwaukee Road thru this rugged mountain range was a notable engineering feat. From many points on the climb won- derful bird's eyes give vivid impressions of the difficulties which they overcame. "Going over the hill" in the days of steam was a task indeed, but the electric locomotive makes easy work of it--and gives you who use the new Olympian a comfort and a pleasure in mountain scenery, hitherto unknown on railway journeys.
Roller bearings add to the riding ease of this train-all the way from Seattle to Chicago. No other transcontinental, train is so equipped. Rector's delightful dishes are served in the dining car-another exclu sively Milwaukee feature.
H
The observation car contains many conveniences that add to your joyment-lounge rooms, library, büffet, radio, valet, maid.
61 Hours Seattle to Chicago
CHICAGO MILWAUKEE
ST PAUL
AND
PACIFIC
For further information address
American Express Travel Buscau, Thor. Cook Son.
your nearest steamship office, oI
1.2. Carton
B. P. Kandal
Gen'l Agent, Past Dept., Seattle. Dior. Pass. Agent, San Francisco
A. P. Chapman. Ja
General Agent, Victoria
2. P. Babal
Asic. Gen. Pass. Agrat, Seattle
F. J. Ca General Agent, Vasɑmeyer W. 5. Dizon Gel Pim. Agent, Chicago
Cable Address "Milweiches"
longest electrified railroad in America
Anderson and Stope Area. The tonnage mined and crushed totals 679 tons, and development 210 fcel.
160 ft. Level-Ore in stope 3 ft. wide, value 5 dwts, and cutting out in stoping.
.
200 ft. Level-Stoping orc 4 ft. value 30 dwts. Xcut west driven ft. ore poor North drive extend. edit. ore going underfoot. Cham- ber cut for No. 1 winze, and pump installed. No. 2 winze sunk 6 ft. both winzes are sunk on good grade
ore.
Lilburne Shaft.-Plat cut at 960 it level Frame set, and shaft timbered to 200 ft. and shaft sunk la further, 11 ft. below this level. Cages befhg iustalled, and winch for hauling, and mullock being used at 160 level. Small compres sor, receiver, motor, and high tea- aion cables to transformers st shaft, all in process of erection, Shallow workings, lodes 3 ft. value 5 dwts, development 174 feet.
Derrick Shaft Area-Ore mined and crushed totals 835 tons, and development to 2011 feet.
200 ft Level,South drive ex- tended 13 ft, ore 2 ft. value 8 dwts. North drive from air shaft ad- vanced 4 ft. ore 9 ft. value 6 dwts, East lode shaft sunk 22 ft. ore 5 dwts. Shallow workings, average width 2 ft. value 4 dwts. Develop- ment 999 feet.
Construction.-Two. Safety Cages completed for · Lilburne shaft. In- atalled new Three throw Pump Shaft at No. 7 level. Substation and Transformers erected at Lil- burne shaft, and motor and winch, erected with housing. 3 "One ton ore trucks made, and 5. tour of castings for mill and plant.
Cyanide Plant-c06 tons of low grade concentrates treated for a return of 77.82 ozs. of gold bullion, |with profitable results.
Dredge-3400 yards treated, a lot of difficulty occurred with sunk. en timber, and the result was 33.55 ozs. of bullion yielding a proft.
Battery Tonnage.-40 worked for 27 days.
Bukit Koman Area....
Anderson Stope Area Derrick Arca
Stamps
Tous. 689 678
835
Total
..."2,198
Amalgam.-3,091. qzs,
SMELTED GOLD
Battery
Cyanide Plant Dredge
Total
Ounces. 1,064.78 77.89 33.56
1,790.15
... 13.9.
and Gordon 13.11
20.--Bay, Ha Kom Tong. 13.21 21.-Grey, D. U. N. Downs 13.9) -Dun, Li Tae Fong 13.11 24-Grey Widdicombe..... 13.0 24-Bay, Mr. Eve
13.0) 9.-Mamble grel. W. E. L
Shenton
..... 13.1 Chestnut, "John "
* 13,14 27,-Grey, Mrs. Pearce..... 13.11 99.-Bay, K. H. Kay.... 13.9)
-Dabble grey, Lo and
Leung
13.03 30.-Bay. Mrs. K. E. Beith... 13.1 31.-Iron grey, Cheng and
NE
13.11 12-Chestnut, Mrs. Southern 13.0 33-Iron grey. E. L. Hosie Jac 34-Blue roan, Mrs. R. M:
Dyer
J201 35.-Dun, H, K. Yong...... 13.9) 36.-Grey, Tester and Abra-
ham.....
12.1 37.-Brown, Li Tar Fong ... 13.01 38.-Grer, Liane Sai Yen... 13.01 39.-Dark grey, Mr. Tonsille 13.11 40.-Dark chestnut, Wong
Knm
13.21 41-Grey, Mrs. E. L. Dun-
bar
13.1 42.-Grey. Chan Wai Yuu........ 13.13 43.--Brown, Mr. Tonside.... 13.9) 44.-Grey, Rafeek and Rum-
jahn ........
13.21 43.-White, Mr. Dynasty 46.-Grey, Dyer and Beith... 1314
-Dark grey, Hynes and
Mackie
13.13 49-Grey, L. Dunbar 49.-Strawberry roan, Chau
Wai Yau
13.14 30-Grey, Dr. C. M. Leitao. 13.11 51.-White. Choy and Tse... 1024 52-Black Remedios...... 13.14 53. Not drawn for, unfit, 54-Grey Mr., Splits... 13.04 55.-Dun, Mr. Eve
13.14 56.-Grey, Capt. R. Bjuke... 13.01 37.—Grey, J. J. Basta
129 $9.-Grey, Mr. Pearl (Kit-
chell and Li)
13.1 59.-Grey, U Sze Wing.... 13.03 60.-Grey, W. T. Stanton ... 18.2) 61.Grey, W. E. L. Shenton 13.11 62.-Cream, Weefree
13,14 63.-Grey, Chan Tin San... 13.03 64.-Grey, Mrs. E. L. Dun-
bar......
13.3) 66.-Grey, Mr. Wayfoong 13.02 60.-Grey. S.. To Wong... (3.1) 67.-Cream. Chan and Mok... 18. iP 68.-Grey, Parkson, Chau... 13.0) 49.-Dark brown, J. C. Mog-
naschi 70.-Grey, J. C. Mognaschi... 13.2) 71. Bay, Hynes and Mackie 13.11 79.-Grey, Wong Ping Shun 13.11 73.-Dun. D, E. Sherman ... 13.2) 74.-Chestnut, Mr. Dynasty. 13.13 76.-Iron grey, H. S. Chau... 13.1] 76.-Roan, Li Tar Fong 13.2) 77-Grey, Lient,-Comdr.
Addington 13.14 78.-Dun, Sturt, And Lobel... 121) 70.-Not drawn for, unfit.
13.21
13.9
80. Chestnut, C. B. Brown 13.01 81.-Grey, Tang Shiu Kin ..... 13.0) 82.-Chestnut, Lau and Lee 13.01 83.-Iron grey, H. Seth 84-Bay. Glehh. 85.-Grey. T. L. Kwok 66.Blue roan, D. E. Sher-
män
87-Skewbald, Ellandel
88. Grev. Hon. Mr. B.
F. Beith
13.11 13.91
13.04
13.11 13.7
13.11 80, Chestnut, Lo and Leung 13.11 00.-Marble grey, Jack Mae
TO-DAY'S WIRELESS
73.13
PROGRAMME.
BROADCAST BY Z.B.W, ON 330 METRES.
11 to 11.30 a.m.-Commercial News, Share Beports, etc., in Chi- nese and English,
12.30 to 1.30 p.m.-Demonstration programme (Chinese and European records).
For use of the Radio deniera,
1.49 p.m.-Weather report. 6 to 6 p.m.Programme of Chi- nese music (records supplied. by The Pleasant Co.).
6 to 7 p.m.-English records pro-
gramme.
7.48 p.m.--Evening weather re- port. The Great Western Railway re- p.m.-Evening general pro- cently announced that the world's gramme. (Columbia and Regal re fastest train, "The Cheltenham cords supplied by Messrs. Anderson Flyer," will run every week-end Music Co., Ltd.). throughout the year between Swin- don and Paddington. Its average speed is 88.2 miles per hour, and it covers the 77 miles in 70. of Same." minutes
Mr. W. B. Finnigan (President of the R.S.P.C.A.) will give a short discourse on "The Local Activities
10.30 p.m.-Close dowd.
Going to Europe or America?
1
Five Reasons for President Liner Preference
California fruits, vegetables and dairy products are served every meal throughout the voyage,
י.
Every stateroom is on an outside deck and is equipped with running hot and cold' fresh water, thermos bottles and reading lamps. Twinbeds of the finest manufacture ́are standard equipment in every stateroom on the Presi deut Liners.
There is a swimming bath aboard every President Liner. It is refilled daily.......... And is always available for use. A College orchestra, versatile in its musical accomplisis- ments plays for luncheon, tea-dancing, dinner and for evening parties.
See Egypt at no additional cost, and without loss of time. Many passengers avail themselves of the opportunity of seeing Egypt by leaving their President Liner at Suez, going by motor to Cairo and rejoining ship at Alexan- dria three days later. '.
On your next trip to Europe or America
travel on the President Liners,
For Bookings, Passenger and Freight Information, apply to 14. Pedder Street. (opposite Hongkong Bolei) Telephone Central 2177, 2478 and 795
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for Passenger and Freight information pleaso apply:
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Queen's Buildings.
RUBBER:
MARKETS QUIET.
Agents.
Messrs. Pentreath & Co. have forwarded us the following letter, dated September 11, from Messrs. Hornby. Hemelryk & Co., Liver. pool:-
The market has been quiet dur- ing the past week, and prices eased somewhat due to the larger ship- ments during August, particulars of which were given in our last, report.
Yesterday, due to firmer advices from America where the bearish effect of the August shipments is subsiding, the market was steadier and closed, last night at 101d. for Spot and September, 10d. for Oct/ Dec., 10.13/16d. for Jan, March, 11.1/10d. for April/June and 111d. for the whole of 1930.
The market is now awaiting in formation regarding American con- sumption in August. Estimates vary, but a figure of not less than 38,000 tons is generally anticipated as general conditions in the tyre industry have been good.
There is a good enquiry for Spot Rubber with an improving demand from manufacturers both here and America, and although there is no reason for any spectacular rise, we fully anticipate seeing a better market with a much improved manufacturers enquiry,
Telephone C. 1080.
Stocks: London 38,620 tons (in crease 1,016 tons): Liverpool 8,331 tons (increase 701 tons).
Writing on the August 30, one of our New York correspondents says that the heavy liquidation of September doubtless improves the " technical situation, And that American manufacturers are by no means covered for, their require- ments for the last quarter. Never- theless, imslier August consump tion is anticipated, and tyre stocks are nearly 50 per cent, larger thou a year ago.
Our New York correspondents cabled last night that September liquidation has been well absorbed. character, and our friends believe. Buying of distants has been of good that Rubber is an attractive pur chase at current levels. »
Close New York last night- December 21.300, March 21.90, May 22.306, July 22.700.
Question at Bow County Courts What pace was the motor-cycle go- ing? Witness: Faster than I can walk."
accused of assault: You admit you Solicitor, at Southend, to a man a fairly hard blow Man: Well, I didn't exactly tickle him.
dealt
Man, in a letter to the Highgate Bench: I crave indulgence from the noble justices to excuse me for not attending your court in "re- ply to your invitation.