1939-04-12 — Page 11

2

HONGKONG DAILY "PRESS"

Finance and Commerce

TRUST CO'S CONFIDENCE HONGKONG IN ORE RESERVES: MINE INVESTMENTS IN AFRICA

The first ordinary yearly meeting of shareholders of the Anta-M-[x] Selection Trust, Limited, was held yesterday at the rexistered offices of the company at No. 6. Des Voeux Road, Cen- tral, Mr. J. Fraser Brown being in the Chair.

Addressing the shareholders. thejeither during plant erection Chairman revealed, that in July last since milling commenced. the Company had invested £104,-

SHAREBROKERS'

ASSOCIATION

Volume of Business Transacted

on Tuesday, April 11, 1939.

100 $33.75.

Leads

Electrica Electrics

GENERAL

STRENGTH OF BRITISH FINANCIAL OPINION

The steadiness and strength with which the British financial organization withstood the serious strains of the past year, were emphasized in the annual addresses of leading British bankers. Without minimizing the difficulties, they dealt mainly with the new methods by which Great Britain has met and is meeting her 'économic and political problems.

WEDNESDAY, APRIL 12, 1939. —PAGE I

ji

PUBLIC

AUCTION

LAMMERTS' AUCTIONSI

PUBLIC AUCTION.

THE

HE Undersigned have

instructions

TO SELL Y

PUBLIC AUCTION

ON

THURSDAY, the 13th APRIL, 1939

Commencing at 11.00a.m.

Lord Wardington, Chairman of the general monetary positión, 63.25 Lloyds Bank, devoted much of his He said: 55.00 speech at the annual meeting of **The Exchange Equalisation Ac- the shareholders to a comparison count is an essential part of the of the financial station last machinery for regulating monetary 4.20 September with that prevailing in conditions. Let me observe, however, 5.25 August, 1914. After discussing the that no monetary mechanism can naught Road, Central, Ground 25.00 Improved internal organization of of itself perform the numerous and Floor.

100

166

Providents

750

4.50

China Lights (0)

800

8.2

| China Lights '(0) or China Lights (N)

Yazmati Ferries (0)

11

508

40

→ 51 24.00 1,000 48. 10jd. 10,000 Ps. 0,25

The plant is rated to treat 125 Yaumatı Ferries (N), 300 in New Saza Mines Ltd.. but. tons per day of twenty four hours. Marsman (HK) as milling operations had not-com-The crushing end, however, has Itogons menced by the end of last year, been designed to treat 250 tons per no revenue has as yet resulted. day of 24 hours.

The profit and loss account show-

CAPACITY INCREASE

It is contemplated to increase;

ed a loss of £2,490,14,7d, which was made up entirely of current run ning expenses. The amount will the mill capacity to 250 tons per be carried forward.

CHAIRMAN'S SPEECH

The Chairman said:-As you are aware the only investment made

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 Fractice. The value of the ore to

.

now

fully employed having been invested since the close of the financial period in Rhamba Mines Limited, a company with a nominal capital in shares of .£50,000,

The property of the company is be treated to commence with will situated In Kenya and is at pre- on your behalf during the year be 7 dwts. (U.S.$7-old price of sent being equipped with a 30/50 105.300 shares of £1 each of New gold), or P3.24.50 or HK$39.20-gold tons per day plant. Milling should

under review is the purchase of

The average tenor of the ore is high-13 dwts. and there will be date of commencement of milling. four years supply blocked out at

at U.S.$35. No account is taken commence in October. Saza Mines Limited at par. With of the present premium on gold, your permission therefore I shall devote a considerable part of my The recovery indicated by

over 140, shillings per five ounce remarks on this occasion to giving various tests on which the plant you as much up-to-date informa- design was based is over 90 per tion as possible on this investment.

The capital of New Saza Mines Limited is £150,000, so that you will see that you have acquired a very fine holding in the Company.

The Saza Mine was formerly the

property of East African Goldfields Ltd, with an issued capital of £476,343.15/- and Debenture Issue at £132,840. In addition to

cent.

the

Costs. I believe, should be in thei region of 25 East African shillings or Ps.12.50 or H.K.$20 per ton

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

tons per day.

+

VALUED AT £40,000

The property has been valued at £40,000, by Major Lathbury, a qualified mining engineer in Kenya, and probably the most conservative and successful operator there.

cent. Debentures of which 50 per cent, are convertible into shares

.£14,500.0.0 10,000.0.0

At their Sales Room, No. 2 Con-

the present monetary system, he complicated tasks connected with. concluded:

the control of currency and credit. | A QUANTITY OF HABERDASHERY

In internal policy, for instance, it "Last year's andety over our ex-

must always be difficult to draw a ternal position arose in quite a precise line between the legitimate different way. For years past a demands of trade and the Meg- mass of floating unemployed capl-timate demands of excessive spe- tal has been constantly shifting culation from one centre to another. the

“Expansion and contraction cALO- motive behind the migrations per not

be regulated by a sort generally a search for safety rather of financial thermostat, act- than a desire for profit. Much of ing automatically according to the this money had found refuge in temperature of the economie body. London. So soon as the possibility No automatic system could be, de- of war emerged it began to flow to vised which would prove sufficiently other centres, and, if war had elastic or adaptable for the pur- broken out, or even had the crisis pose." been prolonged, the stream might have developed into a torrent," and even as it was a considerable strain was put woon the Exchanges. We were, however, in a much stronger position to protect ourselves.

STRONG POSITION "

. "In contrast to 1914, when the Bank of England only held 237 millions of gold, with, perhaps, $130 millions of gold coin in the pockets of the public and the tills of the banks, last August we were in a very strong position. On March 31, 1938, when they were then at their peak, out total golst reserves, valued at the then current market price of 140s, per ounce fine, were no less than £835 mil- 15,000.0.51lons. The Bank of England's owzi reserves valued at 140s, came to £39,500.00 £538 millions, while the Exchange Equalisation Account-a new factor since 1914-held £297 millions,

The Rhamba Mines Ltd., have paid £39,500 for the mine, satisfied FURTHER ECONOMIES

as follows:- In Cash Further economies in operation in Shares the above there was R Share will of course

accrue when the Premium account of £112,000, in-plant capacity is increased. Ton- By the issue of 7 per dicating that the sum of over nage will not be forced through to £721,000, had been spent by the commence, with and possibly only former owners on this and one 100 tons per day will be treated for other smaller property which they the first few months. formerly owned. The Debenture issue had been created to provide funds for the building of a mill.

The machinery suppliers took debentures in payment of the plant.

INSUFFICIENT RESPONSE

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

---4-------

With your £25,000 subscription the issued capital is, with` that issued to the vendors £10,000 A suitable staff took up residence above, equal to £35,000 at present. on the property early last month If the debenture holders exercise and as there is a five-months run their right to convert, the then However, there was an insuffi-time should be available for stope is hoped to hold the capital down of ore in surface, dumps. ample paid up capital will be £42,500, It cient response to the Debenture preparation and getting the under to that Agure, Issue to provide working capital ground work th order before the for, the erection of the mill and to keep the operation going "while the

dumps are exhausted, mill was being built,

The Debenture holders foreclosed on the property and appointed a Receiver to dispose of the Assets of the Company.

and

The mill "is now erected operating and I am happy to be able to tell you that so far no difficulties have been experienced

The results forecasted for the Rhamba operation are very satis-

I belleve Saza will prove to be a factory. splendid investment for us.

ANOTHER INVESTMENT The capital available for further investment is, as you will see from

GREATER DEPTH

Even on a 30 ton per day basis and only a 10 dwt, head with a 90

the Balance Sheet before you.East African shillings per ton,

per cent. recovery and a cost of 20 slightly over £25,000.

I am pleased to be able to in- form you that this money is

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BRIO MARSHALL, Agent

M2 Geverament M., Yu, B.C.

J. & CALIONS, Omarsi, Agen

RANDAL, Dit, fungsi

J. K. BAHO, AMY Grade Pantenbelt Agen

GEO," I. HAYNES, Pass. The lig

THE MILWAUKEE ROAD

profit of £1,800 per month is shown. The mine has been open- ed to a vertical depth of 300 ft, and values on that horizon are found in a free state in the primary zone indicating greater depth to the deposit.

5.

In concluding my remarks, I must say that I am highly.. gratified with the progress made in the short nine months life of your Company. Suitable properties are not easily ob- 'tained and I consider that we may congratulate ourselves in. having placed all of our avail- able capital to such advantage! I now beg formally to propose that the Report and Accounts for the financial period ended Decem- ber 31. 1938 as submitted be adopt- ed, I shall be obliged if any share- holder will kindly second such proposal.

Mr. J., H. Sampson seconded the resolution which was unanimously carried,

Mr. S. Hampden 'Russ proposed and Mr. J. H. Sampson seconded the re-election of Messrs. J. Fraser Brown and H. T. Fox as directors -unanimously carried.

-Messrs. Percy Smith, Beth and Fleming were unanimously re- elected Auditors for the"; ensuing ́ year at the same remuneration as hitherto on the proposal of Mr. J. Fraser Brown and seconded by Mr. J. H. Sampson.

"NIKS'

Although in defending sterling we lost nearly £100 millions of gold during the autumn crisis, only minimum disturbance was caused to the banking system, or the

gold came out of the Bank of Money Market, as none of this

England, but from the Exchange Equalisation Account, and so it dia not lead pound for pound to a cor- responding contraction of the credit basis."

BENEFITS OF FUND

The Right Hon. Reginald Mc- Kerina, Chairman of the Midlaria Equalisation Fund and the benefits Bank, also discussed the Exchange

of its operations in the light of

also

ป

12 Cases Preserves

4 Cases Torchlight Lenses

1 Bale Agaragar

TERMS:—Cash on Delivery

LAMMERT BROS.

AUCTIONEERS.

HONGKONG SOCIETY FOR THE PROTECTION OF CHILDREN

under the distinguished patronage

of

H.E, SIR GEOFFRY NORTHCOTE, E.0:M.G,

MAND

"LADY NORTHCOTE

The ANNUAL BALL

will be held at

PENINSULA HOTEL

ON

FRIDAY, APRIL 14

AT 9.30 P.M.

14

Tickets $4.00 each including Supper

Tables can be reserved at Hongkong Hotel or Peninsul Hotel

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MARTHA HOREEN (($aÐ FL008 15-19, Qoxus'a BOAD OR

THE

HE Undersigned have rooedvod

instructiona

Dail by

PUBLIC AUCTION

WEDNESDAY, the 12th "APRIL, 1939

Commencing' st· 10.30 a.m.

At No. 11, Kent Road, Kowloon Tong

A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE

also

One Gibson Refrigerator

On VIEW from TUESDAY, the

11th April, 1939,

Terms: Cash on Delivery.

LAMMERT BROS..

AUCTIONEERS.

PUBLIC AUCTION.

The Undersigned have received

instructions

TO SELL BY

PUBLIC AUCTION

OK

FRIDAY, the 14th APRIL, 1939-

Commencing at 2.30 p.m.

At their Sales Room, No. 35 Han- kow Road, Kowloon,...

A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE

Comprising:-

M

Iron Brass and Teakwood Bed- steads, Divans, Wardrobes, Dress- ing Tables, Chests of Drawers. Chesterfeld Suites, Sideboards, Dining Tables, Chairs, Folding Screens, Typewriter Tables, Glass Cabinets, Suftcases, Carpets, Ruga, Mosquito Nets, Glasses, Crockery, Toilet Sets, Cutlery, E. P. and Brass Ware, Wall and Table Clocks, Elect. Table Lamps, Fans and Heaters, Gramophones and Records, Sewing Machines, Ornaments, Cooking Utensils, etc., etc,

also

A FEW PIECES. OF BLACKWOOD KURNITURE

änd

2 Radio Bets

1 Upright Piano by "Hamilton"

1 Double Iron Bedstead with Spring - and "Simmons #Mat- tress (practically new):

On VIEW from THURSDAY, the 13th APRIL, 1999.

TERMS:---Cash on Delivery.

LAMMERT BROS.

AUCTIONEERS.

DONT FORGET

THAT WHEN are at Home

the

HONG KONG DAILY PRESS

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