1904-06-02 — Page 3

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90 fest below the surfac This prospect is one of the finest looking and most encouraging on the concession. The lode, as we must call it, measures 2 fest i inches in wilth, strikes almost due N. and S., and dips distinctly with clean walls 60 degrees West. As elsewhere, the entry rock is clay slate, mach disturbed pour the lads, on the hung.ngwall of which is the same elspathic rock more or less decomposed, which characterises the whole formation. The quartz Too looks most favourable for gold, being suiced with iron and nuganese and carrying a sírall quantity of pyrites disseminated through it As elsewhere, however, this quartz shows an average of low auriferon- grade, though suruples from sunne paris giviromparativaly good vestits, which encourage one to continue explorations in hops of striking it rich at another part of its

vahutablo mofs.

to

do

rink-

N ERNST

8

NERNST ELECTRIC LIGHT. BEAUTY OF ILLUMINATION COMBINED WITH GREAT ECONOMY

AS CHEAP AS GAS! PARTICULARS APPLY TO

EDM. JOHANNSEN · ** SIEMSSEN & CO.

Saa KODAKS! KODAKS!! KODAKS!!!

THE HONGKONG DAILY PRESS, THURSDAY, JUNE 2xd, 1904. The fact that the leaders subject, came to the conclusion that na exten- development work on anything like a reason- and clay formation overlying the cap sion of time can be given, but that if prior to able scale. In mining on reals you will

the 1st September next the Panjeta Mining have

of prood deal of the lode have already produced nearly 500 "ozs, of gohl augurs well for the future pros. Company apply for a fresh concession of, say, 10ing: It would not be scratching the earth "pects of the Gubau Mine and the extensions of spare miles within the area of their present in fature. I regret myself that Gubau was same, and is of itself sufficient inducement to concession, and can show that they can flud abandoned. It was abandoned by our lato incur the necessary expenditure for the ancient capital for properly developing such manager-or rather before he was appointed, FOR "erection of machinery, and for the develop concession, their application will receive favour because it was thought that they had sunk deap "ments recommended, seeing that the conable consideration with a view to the issue enough, and other prospects had seemed to the "tinuity of quartz matter in voin shaps has been of a lease under the mixing enactment in foren Board as well as to the mining mangers more opened up for a length of 1,300 feet his at the time, the existing lease being cancelled." valible and less speculative. Another reason In any case the authorities did not intend to„for shandoning Guban was its distanco from the "already boon fairly well proved by the differ

continues to allow the Company se largo a con- mill, which rendered transport of the ere "eat fangels and workings tliereon. We think

that there is every probability of a seconsfri cession unless we are prepared to comply with expensive and difficult. The miners' houses too mining enterprise being established at Gulante our clauses, and we rond never comply were situated a great distance, away, and the if our recommendations are carried out. The with those clauses heranse we should probably minerincharge got rather disheartened, probably iudications and facilities for economical devel. uerer have sufficient capital to do so. With because he was alone, and he advocated giving "grant both at Muhunent and at Stagei Rusa regard to the area of tea square miles, it would up the shaft. Had we retained it, however, we should have had to lay a tramway to the mill. Northward on the descent of the hillars also of a very encouraging nature, and possible to include in that nearly all the

valuable roofs and lodes referred to by Mr. Mr. Houch You suggest giving the from Pakit tilangga this outcrop disappears, "fully justify further exploration at tha

"cantres.

Assays made by thour of many Hughes with the exception of Mulust and preference shareholders fully paid-up shares and then another lode is found at the heal of a sunil streama kuownas Sanggi Priun." Mr. Luck samples taken from various parts of these Sungei Buss, as they are all in a straight in the new company. Now is it not possible line extending due north from our headquarto arrange for those who have borne the in his report par. refers to Rakit Glangga workings gave very good results; the best was as a large reef not less than 6-foot wide where it from two samples taken out of the upper tnunelters. This, gautlemen, therefore is the position.heat' and burden of the day to have some We nnst either subscribe fresh capital or concession made to them? If you are going outcrops, but says that not enough work trut been

The assets to keep un bleeding the you will have great done to convey a true impression as to the sta.

give up the lease and liquidate. you possess are valuable if you intend to employ difficulty in getting money, sir. bility of the body, but that further work on it might be suspended till more promising points

them, but I nst point out to you that most of have been trist. No doubt Mr. Lock's reasa for saying so was owing to the collapse of the funnel and to the dense overgrowth of jungie which abseired all trace of former workings. It

STARTAN.

The

at Mulumst, which gave fiozs. 21gr and 2ozs. 20gr. respectively. The highest of the Gabau samples was 2ozs. Adat. gr. being the average of two assays u de of ore broken in the No. 1 Main Cutting: the next was from the Intermediate level, which gilded 1oz. 7dwt. 18gr. and dwt, gr. respectively for the two samples tried. There were bosides ar thefore impossible for Mr. Lock to see quil 7 other samples taken from several places on judge of more than the very small portion of the the mine which gave 11dwt. 10gr.-Idwt. 22gr, reef quite rerently exposed to view.--Prian.--2dwt. 34gr. sind ldwt. gr. for ton. Referring to this reef, Mr. Bechor furthermore stated, that Hive again a fine mass of quartz is found the feet in thickness: striking N. W S. E., and vertical. A short tunnel follows it into the hili sido, nt the mouth of which u good prospect of gold was got.” Mr. Lock's repart," paru. 34, refers to this purtz reef as not being so large at the outcrop as the Bukit Glangga reef, but is distinctly good looking stone. Sam. ples from it were broken by him at two points, about 1999 yards apart, which assayed 6 dwt, and 54 dwt, respectively. Mr. Lock concludes

|

them are either of an unrealisable character ör

-

they can only be roulissed at a great loss. Thus you have at the mines various roads bridges, and buildings, all of which cost maneh muoney to provide, but none of such assets workl produce anything to speak of. Then the tram way, trneke, bullock carta, live stock, nachinery, mill plaut, timber, and stores would not realise anything like their coat. Finally the preference shareholders would take whatever small dividend there might be to receive. If, on the other hand, you decido to reconstruet you can start clear with a valuablo property, a certain amount of plant ready to hand, a magnificent water power, and no liabilities beyond that representer by the shares, and you could write down the value of these to a figure on which it should not be diffient to pay dividends. I am not hore- to-day as a partisan; I am here to record your

endeavoured to make the alternatives perfectly clear to you You will recognise without difficulty that there is no middle ecurse open to a. Of course we can do nothing definite to-day beyond taking a show of hands on the course that commends itself to the meeting, and I "hould be glad to hear from shureholders which plan they are in favour of voluntary liqui- dation and winding up, or voluntary liquidation and reconstruction, transferring all the property to the new company.

The CHAIRMAN: I see that difficulty. Mr. Hovan suggested that holders of fully paid-up shures might be given a canesssion of say, one free share in the new company for

every fvn.

The CHAIRMAN --E was thinking whilst you were speaking that something might be dons in this way, though I am not very much in favour of it myself say that the present shareholders should get their shaves for $4 and oue dollar be considered as already paid. I quite synayathise with the orlioary shareholders, but I do not see how it is possible to give any special consideration to the ordinary shero- holders.

Me. Hovon: Youw it get the money unless you du

The CHAIRMAN: The whole router in difficult.

AND

PHOTO GOODS OF EVERY DESŰRIPTION. Wa havo au Establishment Solely isvoted to

DEVELOPING AND PRINTING

or Amateurs, where we turn out work of the best description and with great prompiness.

LONG, HING & CO.,

Hongkong, 10th March, 1904,

HONGKONG SANITARY

BOARD.

17A, QUEEN'S BOAD CENTRAL

For Doors Bast of Hongkong Hotel

138

extent of $15,000, and the cargo, valued at £20,000, at least, was principally insured in America.

STEAMER MOVEMENTS,

A meeting of the Board takes place thisburg left Shanghai on Tuesday. 9 a.m., and may The Imperial Germnu mail steamer Olden-

be expected here on Fridas, atu.

afternoon.

ORDERS OF THE DAY.

1. Minute by the Medical Officer of Health

and 126, Queen's Road Central, résptetively, be closed,

recommending that certain old wells in Nos. 100

2. Minute by Dr. Barnett recommending that the nullah running by the West side of the racecants be trained.

3. Application for a modification of the

Health and Buildings Ordinance, 1903, in requirements of Section 175 of the Public respect of Nos. 2 and 1. Station Street, Mang- kok-tui.

4. Application for a modification of the requirements of Section 175 of the Public Health and Buildings Ordinance, 1903, in respect of No. 83. Temple Street, Yaumati.

5. Application for exemption from the pro- ! vision of back-yards, in respect of Nos. 14) to 150. Reclamation Street, Yamuti.

Application relative to the question of External Air, in respect of No. 5, Süu Wai! Lane, 2nd floor.

The Shire Tina steamer Monmouthshire lost

Shanghai on Tuesday afternoon, and is due bere

on Friday morning.

The Boston Steamship Co's steamer Tremont arrived at Yokohama on the 28th alt.

The Boston Towboat Co.'s steamer. Lyra left Victoria (8.C.) fer usual ports on the 31st ult.

The CP.R. steamer Tartar leit Tokobamır.

on Tuesday, the 31st ult., pm, for Victoria and

Vancouver,

TRADE

TELEPHONE No. 15,

by saying that this certainly merits being gentlemen, you have heard the opinion of decision and see it carried into offert. I have who for the last twenty years huve izen paying.quirements of Sub-section of Section 188 of! HAVE YOU TRIED

sample from Sungei Russ assayed 54wt. 5gr. It is true that you have heard from time to time of equally good, if not even of better results than these, but you must remember that those were obtained from viele patches in the disturbed auriforous and which we are now forced to abandon upon the assurance of a geological expert opinion that it was unlikely if not irepossible, for a permanent lede or reef to exist, and which is confirmed by a sad experience, us we have sigually failed to find any after weany years of diligent search. Now, followed up and thoroughly prospected. Chindra Messrs. John Taylor & Sons upon the Gabaa --Mr. Becher in referring to this district Mulut, and Sungei Rusa districts, and what romarks:-" Another somewhat outlying dis. Mr. Becher and Mr. Lock-two eminent mining Trict which, in my opinion, promises better than experts-have had to say upon other portions of most parts of the concession, is Chudras, which your concession, the northern section of which les further east than the localities I har contains many strong reefs as distinguished included in Bukit Sarang district, at the head from the auriterous patches hitherto worked of a tributary of time Tualang River, the valleys southwards, where our attention has been con- of which, too, are worthy of further attention centraled, and, as you have heard, where it was as kuowa to contain alluvial gold. At Chindras unlikely that a permanent or strong lade could form. These opinions seem to be sufficiently a party of Chinese tributers have been stream-

encouraging to warrant a further test in the ing for about two years in a small, way and near

more settled country in the north, but what the their workings is a very promising outcrop result of such a test would be, I am not export of the characteristic black slate and quartz enough to tell, though from the appearance of formation almost similar to Julis in appearance, the various outcrops and resfs referred to, which and which gave some very good samples in I have been to see, examined, and questioned prospecting. This kupwn as Songei Rawah."

the miners in regard to them. I am not afraid, Comparing the above with par. 2 in Mr. personally, to venture on this new enterprise Lock's report and from the appearance of thed to put money and work into it, and can heavy reef gold brought in by the tributors, up hardly imagine that you will willingly allow te the present time, there cannot be a donht

your claims and chances of future profit to lapse that the Mairis carrying such gold must be

without an attempt to at least prove the most ezeevilingly rich and will be found by persistent important of these reels. I may add that the developnuut work, and this is what. Mr. Lock

Government of Pahang are at present favour. suggests by desiring to son a systematic testing able to an initiation of an active policy in of what he describes as a very strong and perma genuine development work, and would probably nent-looking quarta reef i to 4 feet thick, carry-he suposed to grant State and to carrying on ing much mineral and having well-defined walls bonide mining work. provided we can show Mr. Becher in conclusion refers to the Bukit that we have the working capital necessary to Sorang district, which is situated at the head of develop some of these reefs.. The question the Tunkang River and runs in north-westerly therefore resolves itself into this:-- Are you direction. He adds: “Bukit Sarung lode itself | prepared to go on, or are you going to allow is one of the most disappointing of our dissome other Company to develop these reefs, dis- coveries, being strong and massive in appearance, covered during seats of costly work which has but of the poorest description of quartz. Still | boon done at your expense ? there has been much aliurial gold got in the The CHAIRMAN:--Gentlenion. You have valleys romuid about this outcrop, and in the con- now heard what Mr. Hughes had to say about tinuation of its strike north-westwards, at a your property. He has compared the pentarks place called Gumu, the prospects appear more of Mr. Look on the promising country with encouraging, aul to the castwards of Bukit Sarang prospect workings have proved other powerful outcrops at Bukit Kota, Bukit Pulm.

and Sungai Ketel; and the muriferous formu- tion is traces in its extension north and west- wards to the vicinity of the limestone cliffs

those of earlier authorities, and has found in them strong points of agresinent. You now know, as well as the Directors can know or can tell you, the best and worst of your property. It remains for you to say what you will do with

Mr JOSEPH: Has the Board any plan to lay before the shareholders?

The CHAIRMAN: Yes; it is simply this, To form a new Company to have a capital of 8300,000 in 100,000 ordinary shares of $3 sach.

paid up, and the balance to be called up at the discretion of the directors. The capital to be issued as follows

50.000 shares to the present ordinary share. holders in exchange for their existing scrip on payment of 82 per share, with a liability

of $1 remaining.

18.000 shares (fully paid ap) to preference shareholders in exchange for their $1 shares nail interest accrued thereon.

22.000 deferred shares of the value of 33 each, to be offered to the public at a small

premium.

Mr. Josera: Don't you think it would he better to liquidate the old Company altogether. and leave the shareholders to take shares in the new Company if they like? Under the plan

propose they will be dragged in whether

they wish it or not.

The CHAIRMAN. The proposal would have to do adopted by a three-fourths majority of the shareholders before it could be acted upon I am afraid it would be rather difficult to carry out the plan you suggest. Mr. Joseph What's more, you would lose a great deal of time a dime is of importauce, as according to the notice we have received from the Pabaig Government we must come to a decision by

the 1st September,

it. Before I go further, however, it may be as Mr. JosEra: I want to know whether, nader

Mr. Horen: There are rush on your registers

paying, paying, and they are called again without anything being given them, but the preference shuroholders are to be

pout for their preference shares out to get

acorned interest as well,

..

The CHAIRMAN: That is in the nubare of things. The shareholders knew they were giving away their security when they issued proferenca

Answering Mr. Joseph, the ChaIRMAN said shares, and we suust stand by it, they might perhaps suggest to the preference shareholders that they should recent ordinary shares with $2 paid up, and a linbility of $1.

Mr. Joseph: I do not think they will accept it. Have you consulted them?

The CHAIRMAN: No.

Mr. JOSEPH : Suppose they say, “We won't accept your terms; we want cash," you can't force them:

į

**

The CHAIRMAN: No; we cannot force them. The proference shares are held by comparatively small number of persons. We might call a meeting of them and sea whether they would accept such a proposition.

7. Application for a modifiention of the re

the Public Health and Buildings Ordinance. 1993, in respect of No. 30, D'Aguilar Street.

Application for axemption from the pro- vision of back yards, in respect of Nos, 4 to 32.

Station Street North, Moug-kok-txui.

9. Application for xemption from the provision of backyards, in respect of the ground Roers of Nos. 0 to 105, Kramer Strøi. Tai-kok-trai

1. Application for exemption from the provision of open spaces, in respect of No. 149. Des Voeux Road and No. 137. Bulkeley Street, Hunghom.

II. Further correspondence relative to the

provision of farther washing accommodation in certain common Lodging Housen,

12. Further correspondenes sintive to the proposed erection of a urinal in the Engine. house at the Peak tramway terminus, with plun attachal

13. Report of the Colonial Veterinary Surgeon for the year 1903.

14. Further correspondence relative to the application for renewal of a fat-boiling licence, is respect of No. 1, Sheung On Lane, ground floor, Hunghoan.

15. Applications for licences or the renewal of same as detailed below:-

Fruit-No. 29, Queen's Road West.- Beef-No. 7, Wing Fung Street. Fish: No. 45, Sai Wan Ho.

14. Mortality Statistics for the week ending 14th May, 1904.

17. Lime-washing Return for the fortnight

18. Rat Return for the fortnight' ending Both, May 1904.

·

Me. JOSEPH-Would a majority decide? The CHAIRMAN --Yes, I think so. I cannot give you a legal opinion. It is possible that a minority would refuse to accept, but then 118. Rat Retain for think they would come under the Limited Liability Companies Acts, which would compel thom to accept the market value of their shares, If you have any concrete, selene to propose wa shall be happy to receive it in the meantime, The only thing we can do now is to take the

SHIPPING NOTES.

WEATHER.

Fine weather provuils.

sense of the meeting as to whether liquidation The ss. Plinthire from Singapore" and the and reccustraction is desirable."and, if that re-

Keu in from Chefoo report good pasages. The Sladusi from Saigon experienced calm and light solution is passed--it would not him as to airs to Paracels, thenice to port fresh N.E. wind an ything-we should call a meeting and submit andsen;somerain. ThaChang Chew from Singa resolutions. The Board would be glad if the pare reports light easterly winds to Hollow, fresh .N.E. wind ouwaril, The Zeftro from holes would nominate two or more of

Iloilo reports light to moderate N.E. winds their number to consult with al assist the throughout, sea smooth. The Aweiyang from directors by suggestions as to the details and Chinking met with variable airs and fine terms on write the new Company should be weather. Then the Taurus from the west formed. Subject to that I will propose reports glorious weather."

MISCELLANEOUS.

That this meeting is in favour of voluntarily winding up the present company and trans-

The .. Burder Kaight, Capt. E. Dalton, formed, the terms and conditions to be of general cargo. She has 43 cases of sulphuric

acid. dition had not brought us to a full stop, the participate in the new company will be compelled smaged."

The Ms. Sinon urrived from Mororan Mr. Just Becomiled, and the resolution was attitude of the Fahong Government in reference to join?

yesterday with 5,200 tons of coal for Mosure. The CHAIRMAN: Wa might purchase his agreed to.

Dodwell & Co. to the labour claws of our lease would necessari.

It was suggested that Mr. Joseph and Mr. shores at market value.

Kadooris should assist the directors with advice, Mr. JosEPII: --- Suppose he wants to leave his but neither seemed anxions to serve, and Mr. claim

called Que Bai ant na Bana. In referencewell to remind you that if our impecunious conyonr plan, a shareholder if he does not want to ferring the same to a new company to be furrived from London yesterday with 4,600 tons

The CHAIRMAN He could do so. Mr. Joseph :---Ik would not be compulsory on him

Kadoorie expressed the opinion that the Directors would tunnuge the business themselves preferred, the Directors could call a private The CHAIRMAN said that if the shareholders meeting for the purpose of receiving suggestions ix to the terms and conditions en which the new company should be formed. That being all this business be thanked them for their

tendance.

EASTERN EXTENSION TELE- GRAPH CO.

to the uul other places Me. Lock in para. 57, also inform us that the list of abroady discover- ud lodes i no means exhausted, in fact, that the northern portion of the estate, especiallyly have done so. As you aro no doubt aware towards fica, where a very striking limestone this clause provides for employment on the formation exists, is seamed with Indes.

The

This workings of a certain number of hands. Munger's annual report for last year, which is)

is inserted, sery wisely, in all mining buses printed on page of the Report new presented to

as a precaution against speculators acquiring. you, pars. 4, also tells you that the chief feature ench leases and, holding them merely with a view, of the year has been the location of a large quan- to gaining an unearned increment ou the value. The CHAIRMAN:-The shares would layse Etity of crushing stuff, und of extensive alluvial | Well, I am bonuul to confess that never, at any Mr. T. F. Hous: Don't you think m

deposits in the "Con district. The discovery time in the history of the Company, here we

alternativo scheme might be considered under of two promising recfs, one at Bakit Prenok, been able to properly comply with the require- which we might escape the expense of liquida- which is feet 6 inches thick, carrying good tents of the Labour Olanse, but the Govern- tion and the delay by having another issue of gold : and the other vest, which is a distance of meat, so long as it saw wo were endeavouring to proference shares in the sune lines us the 14 miles to the sentie-cast of it, and from which develop our concession, did not press for assisting preference shares, Int having only 4 tracks of gold can to obtained from any portion penilty or mek to unduly hamper us. They second claim? of the lode, which is 7 feet wile. Gubau.-Here knew that we had put far more dollars into the. The CRAIUMAN: I should be very favourable agaju Mãe, Lock pošutaout in para.35 in bis report, soil than we were taking out, and they possessed to that if I thought there would be any chance that quite pretentions work had been done, and their souls in patience. When, however. it of their being subscribed, That two tests were made by him of the shaft becipe apparent to thou that we were near the ktone which is lying at grass in ok-cured heaps, end of our resources, and that the efforts of the assayed 111⁄2 dwt, and det, respectively, and Company wore contined to surface work (this nids, that it would be folly to neglect further has latterly been the case) then-they-became investigation. Messes. John Taylor and Sons. iniperative, and they now require that we shall n distinguished firm of mining engineers in furnish sufficient capital to develop the conces- London, reported upon the Guban district, und sion or that we shall surrender the whole or at In fact the shaft alluded to in Mr. Lock's report was any rute a portion of our concession. the outcome of their recommendation. Messrs. it has become imperative that we should sarren-

The CHAIRMAN--I 810 afraid, Mr. Hough, John Taylor & Sons in their report stated-der a very large portion of our cenenssion; bat

That the one and all important work that is as a gutter of fact we should lose very little by your proposal is quite impracticable for additional short cables in the Java seas has been

First of all, it would be very difficult Since the postponement of this reasons. strongly recommended to bo vigorously doing so. "proecoded with is the sinking of a shaft on meeting, we have received from the Re- to get the shares subscribed, because they would **the Gubau lotle, as the future of the mine sident-General of Pahang a letter dated only come after the present preference shares, depends on the devolopment of the lode in Máy 17th. in continuation of some cor- and the assets would not bo suficient to satisfy depth. Small prospect drifts should also be respondence had with Mr. Hughes whilst the first preference shareholders. In the second "put in at likely places, and prospecting work he was at Singapore, and I will read to place. I am afraid the Pahang Government generally should be carried on because it is you the concluding portion of it: His would say that any amount we are likely to get of the under that plan would be too small to cavey on **reusemble to expect the discovery of other Excellency, after fall consideration

LL

Mr. JOSEPH Cromarked that the whole of the original preference shures were not taken up.

Mr. HOUGH said he had no rolution to pro- pose, but it hud just occurred to him that the expenses of liquidation might be avoided and the necessities of the case met by an issue of preferonce dares to have a second claim on the

nxsats.

The as Opland arrived from Moji yesterday with 1,800 tons of cost for the M. B. K.

The Taaroja Norwegian freighter) arrived from Barry yesterday with 2,800 tons of coal for the M: B. K.

day with 2,300 tons of cargo for Messrs. The .. Shaust arrived from Saigon yester- Butterfeld & Swire.

THE NEW ITALIAN LINE.

As a result of the difficulties experienced by the Navigazione tienerale Italiana with the Italian Government in regard to the continuance of subsidies, the Directors of the Company have decided to consider the multiplication of the Mediterranean service, awl the establishment of new oversen lines, including one across the Indian Ocean to Japan. The new steamers may be expected to begin running here after September.

MARINE TRADE IN THE EAST.

The gross receipts of the Eastern Extensiou Telegraph Company for the half-year ended December 31st last have amounted to £265259. against £267,550 in 1992. The working expen The marine correspondent of the Times ses including £33,400 for maintanance of cables, writing on the 25th April, remarks. The absorb £14244, ugaiust £121.869 for the ror, Britisk stormer Buxton Hall, from Shanghai, is responding period of 1902, leaving a balance of reported off Singapore, and it is understood £122,810. From this is deducted £4,473 for in- tlint she is bound for Rangoon. The war risk come tax. E12.512 for interest on lebenture underwriters, to whom notices of abandonment stock, te, leaving as the net profit for the half have been given in connection with the vessel's year £105,8-4. After adding £71.036 brought alleged detention at Port Arthur, declined forward from the previous half-year, there is an recently to enter into any arrangements for available balance of £176,890. As already on working the steamer or to give any authority nounced the total distribution is 7 per cent. for in the matter. The opportunities for the 1983, The balance of £11,390 has been ried remunerative employment of steamers in the forward. The further contract with the Ne. Far East are now so numerous that the ownEES therlands Indian Government for laying some were apparently unwilling to let the 'Foston Holl lie idle at Shanghai Little business is satisfactorily carried out. The directors deemed now belig done in war risk insurances, and that

Tittle

at low rates. Coul steamers via the Cape it advisable, in the interests of the company. that a representative of the board and the gene. to Japan are being insured at 10s. and 12s 6d, ral manager should make a tour of inspection of per cent. Steamers with provisions from San the company's stations abroad and in the colo Francisco are insured at 10s. per cent, and! nies, and accordingly, the Hon. George Peel these with oil from the Eastern States to Japan and Mr. F. E. Hesse left Loudon in November at 58. per cent. The hull and cargo of the last for this purpose. They have just been Pacific Mail Steamship Company's Coton am visiting Singapore, Penang, and the cable definitely reported to be totally lost. The hull, station at Direction Island, in the Cocos group. valued at 455,000, was insured in London to the

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[23