1939-04-11 — Page 20

MARWAY

¿DAYS

10 DAY

DAYS

GoEMPRESS to America, Europe

THE CHINA MAIL, APRIL 11, 1939

TWO MINE PROPERTIES ACQUIRED

The first ordinary meeting of supply blocked out at date of com- the Anta-M-Ixl Selection Trust,mencement of milling.

The property has been valued at Limited, was held to-day and the £40,000, by Major Lathbury, a quali- Chairman, Mr. J. Fraser Brown, fied mining engineer in Kenya, and revealed that the Company had probably the most conservative and invested. £105,300 in New Saza successful operator there.

The Rhamba Mines Ltd., have paid Mines Ltd., in July last, but, as 489,500. for the mine, satisfied as fol- the company had not commenced lows: milling operations by the end of In Cash the year no revenue had yet re- By the issue of 7% De sulted... •

bentures of which 50

ex-

In Shares

per cent are conver- tible into shares

·

.$14,500. 0.

10,000.

0. 0.0.

15,000. 0. 0.

The profit and loss account showed a loss of £2,490,14.7d which was made

current running up entirely of

£39,500. 0. 0. The amount will he carried penses.

With your £25,000 subscription_the Victoria forward.

are issued capital is, with that issued to The Chairman sald:-As you Arrivé

on the vendors £10,000 above, equal to aware the only investment made

If the debenture your behalf during the year under re-£35,000 at present. view is the purchase of 105,300 shares holders exercise their right to convert, May 19 of £1. each of New Saza Mines Limited the then paid up capital will be £42,500. With your permission there It is hoped to hold the capital down to May 30 at par.

fore I shall devote a considerable part that figure.

The results forecasted for the Rham- June 16 of my remarks on this occasion to giv- June 28 ing you as much up-to-date informin. ba operation are very satisfactory.

GREATER DEPTH tion as possible on this investment,

Shang- Hong

hai Empress Kong

of

· Loave Arrivo.

Canada Apr. 14 Apr. 16 Russia Apr, 28 Apr. 30 May 2 Japan

May 12 May 14 Asia May 26 May. 28. May 30 Canada June 9 June 11

Naga- .saki Köbe

Leave Leave

Yoko- hama

Honolulu

Van- conver

Leave

Leave

Apr, 19 Apr. 21 May 4 May 6 May 13 May 17 May. 19 May 25 June 1 June 3 June 10- June 14 June 16 June 23.

Apr. 28

May 3

ALL ABOVE SAILINGS VIA HONOLULU

Air-conditioned equipment on C.P.R. Trans-Continental Trains.

The capital . New Sazn Mines Lim- ited is £150,000. so that you will see that you have acquired a very fine hold ing in the Company.

the

Even on a 30 ton per day basis and only a 10 dwt. head with a 90 per cent. recovery and a cost of 20 East African shillings per ton, a profit of £1,000 per month is shown. The mine has been The Saza Mine was formerly property of East African Goldfields opened to a vertical depth of 300 ft. Frequent Canadian Pacific Atlantic sailings to European ports.Ltd., with an issued capital of £476, and values on that horizon are found of in a free state in the primary zone in- 1943.15 and a Debenture Issue

£132,830. In addition to the above dicating greater depth to the deposit.

In concluding my remarks, I must there was a Share Premium account of] £112,000 indicating that the sum of say that I am highly gratified with the over £721,000. had been spent by the progress made in the short nine months former owners on this and one other life of your Company, Suitable pro- smaller property which they formerly perties are not easily obtained and I owned. The Debenture issue had been consider that we may congratulate our- created to provide funds for the build selves in having placed all of our avail-

able capital to such advantage. ing of a mill.

TO MANILA

Empress or Russia on Thursday, April 20th.

Canadian Paci

Union Building

Pacific

SPANS THE WORLD

Telephone 20752.

G. FALCONER & CO./HONG KONG LTD.)

WATCHMAKERS & JEWELLERS,

DIAMOND MERCHANTS, UNION BUILDING (opposite G.P.O.)

Agents for:-ADMIRALTY CHARTS. ROSS' BINOCULARS and, TELESCOPES, KELVIN'S NAUTICAL INSTRUMENTS, ENGLISH SILVERWARE Direct from Manufacturers.

High Class English Jewellery

PRESIDENT LINER

SAILINGS

SAN FRANCISCO AND LOS ANGELES

Via

SHANGHAI, KOBE, YOKOHAMA AND HONOLULU

8.8. "PRESIDENT COOLIDGE”

8.8. "PRESIDENT TAFT"

88. "PRESIDENT CLEVELAND"

88. PRESIDENT TAFT""

SA. "PRESIDENT COOLIDGE”

BS. "PRESIDENT TAFT"

SAILS APR. 10th at 10.00 P.M.

APR. 21st at 8.00 A.M. MAY 5th' at 8.00 A.M. MAY 19th at 6,00 A‚M. JUNE 3rd at 12.00 Noon JUNE 16th at 6:00 A.M,

AND FORTNIGHTLY THEREAFTER - NEW YORK AND BOSTON VIA SUEZ

8.8. "PRESIDENT. ADAMS" -- BS. "PRESIDENT VAN BUREN"

SAILS APR 14th at 12 Noon APR 28th at 12 Noon

AND FORTNIGHTLY THEREAFTER

MANTLA

8.8. "PRESIDENT TAFT”.

S.B. "PRESIDENT ADAMS”. 88; "PRESIDENT, CLEVELAND” - 85. "PRESIDENT HARRISON”

SAILS APR. 14th at 1.00 A.M. APR 14th at 12 Noon APR 28th at 1:09 AM. May 12th at 12.00 Noon

AMERICAN ✰✰

PRESIDENT LINES

WORLD SERVICES.

The machinery-suppliers took deben tures in payment of the plant.

second such proposal.

I now beg formally to propose that the Report and Accounts for the finan- cial period ended 31st December, 1938 FORECLOSURE ON PROPERTY. However, there was an insufficient as submitted be adopted. I shall be response to the Debenture issue to pro-obliged if any shareholder will kindly vide working capital for the erection of the mill and to keep the operation going while the mill was being built,

The Debenture holders foreclosed ou the property and appointed a Receiver to dispose of the Assets of the Com

pany.

Mr. J. H. Sampson seconded the re solution which was unanimously 'car- ried.

Mr. S. Hampdon Russ proposed and Mr. J. H. Sampson seconded the re- election of Messrs. J. Fraser Brown

Messrs. Perey Smith, Seth and Flem-

The mill is now erected and operat-and H. T. Fox as directors-unanim ing and I am happy to be able to tell ously carried. you that so far no difficulties have been experienced either during planting were unanimously re-elected Au- ditors for the ensuing year at the same erection or since milling commenced.

remuneration as hitherto on the pro-- The plant is rated to treat 125 toposal of Mr. J. Fraser Brown and se- per day of twenty four hours, crushing end however, has been de signed to treat 250 tons per day of 24 hours.

INCREASED CAPACITY

The

It is contemplated to increase the mill capacity to 250 tons per day as soon as sufficient experience has been obtained with the present plant and a close study made of the metallurgy of the ore in plant practice. The value of the ore to be treated to commence with will be 7 dwts. (U.S.$7.00-ola price of gold) or Ps.24.50 or HK$39.20. gold at US$35.00. No account is taken of the present premium on gold over 140 shillings per five ounce. The recovery indicated by the various tests on which the plant design was based is over 90%.

Costa, I believe, should be in the re gion of 25 East African shillings or Ps.12.50 or HK$20.00 per ton.

On that basis a monthly profit in the neighbourhood of £3,500, should be earned by treating 125 tons per day.

Further economies in operation will of course accrue when the plant capa- city is increased. Tonnage will not be forced through to commence with and possibly only 100 tons per day will bo treated for the first few months.

The ore reserve position is safe and it is estimated that there is at present a four years' supply for a 250 ton plant.

A suitable staff took up residence on the property early last month and as there is a five-months run of ore in surface dumps, ample time should be available for stope preparation and getting the underground-work in order before the dumps are exhausted.

I believe Baka will prove to be splendid Investment for us. RHAMBA MINE

The capital available for further in- vestment is, na you will see from the Balance Sheet before you, slightly over 228,000)

. I am pleased you that this ployed

compa

conded by Mr. J. H. Sampson,

LOCAL SHARES

Following is the list of changes and enquiries in local share quotations this morning:

BANKS

Hong Kong Bank $1360 b., $1390 s. INSURANCES Canton Ins. $220 b. Union Ins. $465 b.

H. K. Fire Ins. $183 b.. $183 sn. DOCKS, WHARVES, GODOWNS, ETC.

H. K. and K. Wharves $105 sa. H. K. Docks $16 b. Providents $4.00 sa.

MINING Antamoks Ps. 35 sa. Atoks Ps. 30 sa. Baguio Gold Ps. 24% sa. Benguet Consol, Ps. 11.70 sa. Coco Grove Ps...35 ga. Demonstrations Ps. 18 sa. I. X. LPB. 52 sa. Itogons Ps. 251⁄2 98. North Camarines Ps. .53 sa. 'San Mauricio Pa. 1.78 sa..

Suyoc Consol. Ps. .16% 88; United Paracalos Ps; 60: sn.

LANDS, HOTELS & BLDGS. H. K Lands $381⁄2 b. 2.

PUBLIC UTILITIES H. K. Tramways $18,85 в2. ~ China Lights (Old) - $8.85 88. China Lights (New) $54O &, H. K. Electrics $55% 8*T INDUSTRIALS Canton Ices 95 cts. ba

MISCELLANEOUS Entertainments: $6.55 så. -H. E. Govt. 4% Loan 4%)

* 4% prem,” said

H K Govt, 3% % Loan par %prom.

Marsmana Inv. (H.K.) 3/- 5/-

LOCAL DOLLAR

The demand rate on the Hong Kong dollar to-day was 17 5/8.

**Spot" · "silver was quoted in London at 20 and forward at 19-11/18 sent

buldu.com

The London on New York rate quoted at £U.S.$4.6812 and

ondon