1890-10-28 — Page 2

Entimations.

DAKIN BROS, OF CHINA, LIMITE D. DISPENSING CHEMISTS.

WINE AND SPIRIT DEPARTMENT.

WH

JHISKY, SCOTCH F. D. S. DAKIN. A blend of the finest Whiskies produced to

Scotland, fully matured in wood before bottling. White Capsule $10 per dozen, $t per bottle.

BENAVON.-A perfectly pure clean spirit with a distinct peat taste; entirely free from fusel

off or other deleterious substance.

Square bottle, Gold Capsule, $7 per dosen, 65 cents per bottle,

DAKIN BROS. OF CHINA, LIMITED,

(Telephone No. 6o.)

Nos.' z2 & 34, QUEEN'S ROAD CENTRAL.. [sa Hongkong, 20th October, 1890.

BY APPOINTMENT.

THE HONGKONG TELEGRAPH, TUESDAY, OCTOBER 28, 1890.

FOOTBALL matches by lamp-light are the order of the day or tather right-in Singapore, just

now.

THE report of yesterday's Council proceedings is unavoidably held over, along with much other interesting matter.

THE festively inclined will not forget that to-night. Miss Plaisted and her Company will repeat their performance of "Madame Favart."

THX Superintendent of the P. & O. S. N. Co. informs us that the Company's steamer Zombardy left Singapore for this port at 8 am, to-day, MESSRS. Adamson, Bell & Co., agents for the Canadian-Pacific Line, inform us that the steam ship Straits of Belle Isle arrived at Vancouver on the zgth Inst,

Six months with hard labour was the sentence passed by Mr. Wise at the Police Court to-day Queen's Road Central

managers hailing from

tipon twa "club"

The London and China Express 'heats from Berlin that Hung-shun, the Chinese Minister to German, Russia, Austrix and Holland, has been recalled by the Tsung-li Yamėn.

AT the examination for the vacant cadet-skips in Hongkong and the Straits Settlements, held in London In August inst, no less than 59 candidates competed for 6 vacancies. LIU MING-CHUAN, Governor of Formoss, has been degraded for what Chinese consider next dear to high treason, his offence belog that he did not manage the coal-mines properly,

A REGULAR meeting of Zetland Lodge, No. 525, will be held in Freemasons' Hall, Zetland Street, on Saturday, the 1st. proxime, at 8.30 for 9 p.m. precisely. Visiting brethren are cordially invited. MR. LINCOLN took an affidavit on our office dictionary this afternoon that he will show at the City Hall to-morrow evening, and at the Canton Jall on Thursday night. He has a lot of new fun.

IT was notified In Saturday's Gazeite that Mr. A. S. WATSON & CO., LD. FA. Haseland had resumed his position as First Clerk of the Supreme Court, at the request of the Chief Justice, the post of acting Clerk of Councils being filled by Mr. A. McD. Thomson, cadet.

ESTABLISHED AD. 1841.-

MANUFACTURERS OF AERATED WATERS.

Our New Factory has been recently refited with automatić Steam Machinery of the latest and most approved kind, and we are well able to competi in quality with the best English Makers.

The purest ingredients only are used, and the utmost care and cleanliness are exercised in the manufacture throughout. LARGE BOMBAY

" SODAS”.

We continue to supply large bottles as heretofore, free of Extra Charge, to those of our Customers who prefer to have them to the ardinary sixe.

COAST FORT ORDERS. whenever practicable, are despatched by first steamer leaving after receipt of order.

FOR COAST PORTS, Waters are packed and placed on board ship at Hongkong prices, and the full amount allowed for Fackages and Emples when received in good order.

Counterfoil Order Books supplied on applica tion.

Our Registered Telegraphic Address is, "DISPENSARY, HONGKONG," And all signed messages addressed thus will receive prompt attention.

The following is a List of Waters always kept ready in Stock :-

PURE AERated WATERS

SODA WATER

LEMONADE

POTASH WATER

SELTZER WATER

LITHIA WATER/

SARSAPARILLA WATER ·

TONIC WATER

GINGER ALE

GINGERADE.

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THE Arratoon Aptar, which sailed hence this afternoon for Calcutta, via Singapore, carried amongst her passengers for the Ivter port as constables and a sergeant (Chinese) specially selected by the Chief of the local force for service in our sister colony, 'Major Wong, charged with stealing a pair of pants from a friend, was sentenced to three weeks' imprisonment, by Mr. Wise, at the Police Court to-day, the term to be concurrent with the six months' to which he was sentenced yesterday for the larceny of a $600 gold watch. MR. SPENCER'S military halloning experiment in Acheen cost the Netherlands, India Govern- ment upwards of eleven thousand guliders. Mr. Spencer's fee came to 1.5oo guilders for the first ascent, and his salary aggregated 2.000 guilders a month. He got for his balloon 3,000 guilders.

THE steamship Tartuo, which arrived at Shanghai last. Friday, reports having passed the Lytemoen still badly ashore in Silver Island Pass, The Shanghai endeavoured to pull her off-but-two bawiers broke,—without any effect on the position of the distressed vessel, alhough she had been considerably lightened by taking

out cargo,

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of their resources and distinct promise of future success in both gold and tin mining operations," I hold this (bis last report) up again—it is the answer. Under the head of "Mining” he tells us that "the west level has, in a length of roo feet, passed almost entirely through and along quartz shoots assaying up to an ounce and more of gold per ton. This slight development under. ground has proved what was only indicated on the surface, namely the continuous and extensive mature of the vast quarts-bearing formation which will be found bere of at least 200 feet thickness, and is traceable more or less continuously on the hill-tops over a mile of country." Compare that with what he says now. But hr. goes on to say that the very last crushing shews a nett yield of over 41 dwts of one at a cost of only $370, and he estimates the average value at 7 det. per ton. These are his own words-practical, not speculative words, and what have wo yel, two years afterwards? Any small profit per ton has only to be multi- plied by greatly increasing the quantities handled to accomplish sufficiently high results, and constitute an actual percentage of profit on capital" Up to date not a cash of profit has been realised, and I think, I am well within the line in saying, that it never will be (Hear hear.) He concludes by summarising his "decided opinion that you have here as good a prospect of developing extensive and rich gold-mines as either miner or mining adventurer can wish for," (Mr. Becher shook his head, mylng="Net an sich a gold mine, but as rich a prospect. That Is Mr. Becher's opinion in 1889, 21 months ago, Listen to him to-day. He commences by expressing regret that his plans have been less fully accomplished, and the results not so satis. factory; that the return of gold has been mexgre; and so on. Undoubtedly; that needn't take a quarter of a minute to tell us. After promislog to give us a working mine inside of six mosios, be now tells us that it appears to bim that the present stage of entry on a period of five yearu" prospecting lease should.) be regarded as one of distinct transition, at which this Parent Company should pass from all pretensions of actual mining to a position of simple Estate ownership.”. So far as this Company is concerned our mining enterprise has vanliked, as I predicted three years ago, as 1 have since frequently predicted it would, at meetings of this Company, and it is now admitted here, by the General Manager, that we have resolved ourselves into the exalted condition of estate owners-owners of an estate that is worthless! The Chairman has made the remark that he did not think Mr. Becher was to blame with regard to the transactions in London between us and the "Baby" Punjom Company. I confess that I am sceptical as to the very existence of such a Company; up to the present time I have neither seen in print nor heard officially from any of the members of the Board what the status of the Company is—who are its promoters? Who are the responsible persons connected with it? Who are the directors ? 1 want to know what we have got from it, and what we are likely to get from it; what guarantees we have that they are in a position to carry out their part of the contract? Up to now all these details, are a mystery. Perhaps Mr. Brodie has already stated it, and I did pol hear him.

The Chairman-No,

Mr. Franer-Smith—I don't see what it has to do with us if the Penjom-Pahang Gold Mining Company has been unfortunate În its inception -it has to do with Mr. Becher, in selling our property to a bogus concern, or, if not bogus, to

■ concern so hard up that it cannot pay the advance money bargained for. IF Mr. Becher is blameless who is to bear the responsibility? The Board of Directors, decidedly. If you are willing to take the responsibility you are quite welcome, but it lies between you to absolve yourselves (Applause). At Punjom," Mr. Becher says, (it is really amusing) "you will have the advantage of sharing the expense of management and admini. THE steamship Malfoo anived at Shanghat laststration with the new Company." We have Friday morning from the South, and reported defrayed the cost for years, and now he talks of having seen the gun-boat Firebrand riding the "advantage" of sharing expenses with a snugly at anchor inside Taichow Island, o Company of which nobody knows anything Wednesday afternoon, completely sheltered from (Heas, hear," and applause). I need not wade -a furious gale blowing outside at the time. The through this inconsistent conglomeration of gun-boat Linnel lell Shanghai on Friday to see badly written twaddle-it isn't worth while, for If the Firsbrand required assistance,

I suppose you've all read it and laughed at it. So now we will give Mr. Becher a rest, and look THE Band of the Argyll and Sutherland High- at the report. You will remember, Mr. Chair. landers will play the following programme st man, that a year ago I asked you some pertinent the Officers' Mess this evening, commencing questions as to the conditions under which this at 8 o'clock :--

portion of our property was disposed of to a so-called "Baby" Punjom Company, and you and Mr. Chater gave us rather lengthy explanations, which we accepted as truc and, substantial statements of the actual position of affairs. I have no doubt that at that time both

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Mr. Fraser-Smith-You were willing to permit them, for a valuable consideration-

The Chairman-It was all put before you shareholders at the time, and you accepted it.~

Mr. Fraser-Smith—They accepted the state- | ment you put before them from the chair-there was nothing said about the new Company being hard-up.

The Chairman-We didn't know it, or we would not have entered into the negotiations.

Mr. Fraser-Smith—But even, in small matters the directors have not seen over their noses. In the report for March 18:9 I see a statement about à launch which is "expected to be a source of permanent revenue to the Company," and yet In six months' time the balance of expenses over receipts is over $1000. You see that in small matters like that you didn't know what

you were doing, or you would never have made such a ridiculous statement. I strongly abject to the statement of accounts and report, and to Mr. Becher being permitted to act for us and a Company of which we know nothing; I strongly object to this Company being carried on under the conditions It has been carried on for years past; you have not been governing it in proper manner. You should state that if in the beginning that this Company was started formin- ing purposes your efforts have been superficial, | perfunctory, and useless. The Chairman threw it in my face ance, when I asked him what this Company was started for, "do you expect it was. to mine 200 square miles?" No, I certainly do not, but I do expect you to mine the small portions you started out mine. You never try-you do nothing you fasue flowery but misleading reports to the shareholders here and elsewhere, telling us we shall have a working mine in a few months, and handsome returns, and then at the eleventh hour, when the shares are at $3, and hundreds bave legitimately bought them, in good faith, at $50-you are compelled to admit, that the new Company is worthless-for I say it is. worthless and has been carried to the extent it was principally through the mismanagement on the part of the directors and I don't hesitate to any so (Applause).

Mr. Legge I agree in the main, with the last speaker, but not in his remarks with regard to the directors, for the reason that I was in accord with him when he said that they believed what

they were informed by the general manager, I propose that this meeting adjourn until 2.15 p.m. when Mr. Becher can explain some of those maps.

The motion was seconded.

Mr. Becher asid-As we are going to adjourn I am not going to occupy your time long, but I will not explain the maps--you can look at them for yourselves and they are sufficiently clear to show you what work has been done, You say that affairs have been mismanaged. It is not easy to do a thing, but, it is very easy to criticise, to laugh, and b perzonal, though it is not so easy to be as eloquent as some of you because that is not in my way. But if you look into your hearts you will see that you are not examining the different points from a filr point of view, but from the share market point of view; you yourselves put the shares up to a ridiculous figure during the last year, without the slightest encouragement from me-you went mad over them for a time-

Mr. Legge-You have no right to make such a charge.

Mr. Becher-Excure me; I have just the same right to say that as you had against me, I had nothing to with the shares whatever, but you look at this by the light of different circum- stances. I can answer any question-give you any explanation on every point you have brought forward, you had taken the trouble you could have found the explanation without making such remarks as you did, by reading through my letters from London. It took long time to get into the way of selling your property at all-s committee of business men were appointed to carry your project out, but,1 did not go to sell your property at all-I was not there under your power of attorney, even- the committee had that, until, when I found that there was not a soul out of your representatives who would do anything except to gamble in our shares, I had to take it into my own hands. I

did not profess to be a business man, but I sold your piece of land to people who were good people at the time, by the advice of men whom I had to engage, who were good business men. disposed of it to the only people who would take it up-they were interested in the Pabang Corporation and at the time they were in pasi- tion to carry it out. But you know very well that the money market went down, and mining companies went down, in London no Company is worth anything unless you pat enormous big lies at the back of it and the result was

Mr. Legge-I must say I am quite satisfied with the explanations ou have given.

The Chairman-Thank you We have nothing to hide-nothing in the world. I will now past to the remarks of Mr. Fraser-Smith.

Mr. Fraser-Smith-Before you do so will you kindly point out where the 45,000 appear in the accounts? I can't see it. I see $17,000 here,

The Chairman-That has nothing to do with it; it is bargain money,

Mr. Fraser-Smith-Îs it in the account: 7 The Chairman-Ne,` because it has not been paid.

Mr. Fraser-Smith—I u derstand you to say it had been received.

The Chairman-It has been received, but had not then. Surely there is some reference to it, though.

Mr. Fraser-Smith-I see none.

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The Chairman-Is there none ?` The money must have been received since the accounts were made up. If reference to it has been omitted it will be satisfactory to hear that it has been pa.. I am sorry if there has been any omisslon, but I certainly thought there was some remark in

the statement.

Mr. Fraser-Smlib-And what doesibe $17,000 represent?

The Chairman-Disbursements by us pending negotiations.

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to do-and we didn't put the pumps on their did that, and it was for business men to carry it land until it become evident that they would be | out. At the request of the directors I appol ted required. We would have put them up at once, a commitice to work with me; at first they did I believe, but they were not exactly our-they not attempt to work, so I appointed others, Mr. were sold, and although not paid for we were Fraser and Mr. Ewait, who worked very hard. I did not accept any responsibility if the thing committed in a way to the new Company not to

was not a commercial success; I didn't know erect their propery. It would have increased the amount of their account, and perhaps it is the Stock Exchange, or one promoter from big enough as it is, although it should be semem- another; I had to rely on the advice of bered to their credit they are spending their own those two gentlemen. Mr. Brodie has answered money to-day, and the erection of the pumps the question as why the money had not been will be at their exproze-not ours. With paid-it' was because the state of the market regard 'to Mr. Becher's salary, it has been in s

would not allow the underwriters to realise on männer arranged that it shall be divided between | there shares-ther haven't the cash to pay, but the iwo Companies equally. That answers all they ke up the shares and wait for the market Mr. Legge's inquiries.

to pay them out, as far as I can learn. I did not negotiate the sale--I had others to do that, but we w. re jointly responsible to the directors. As far as the contract on which the property was sold was concerned it has been car led out, because it simply sets got what is sold for £100,000 in shares and £5,000 in cash. The ›ub-contract was that the promoters would form the Company that was to work the property, and which was to pay the £195,000. That has not been carried out. The payment of the expenses after the 1st September was only a secondary consideration which. I agreed to so that this Company could ret refunded as much as possible. As a matter of course they might have refused to pay any of the expenses until they took possession of the mine, but I dated the contract back to the rat September, although it was really not registered in London until February following, so that you may get your money for six months that you have no right to expect; it will be simply thrown in, if you get it. Even after the transfer they might refuse to give you anything towards the expenses, so that you should look of it as a debt which is all for your benefit: As to what I did In London further I am not going to answer any more questions, because you can see for your. selves, from the letters. What concerns me a great deal more is what Mr. Fraser-Smith bar said about the reports I have made about the mines. The first report I made after I had been there six months, when I came to Hongkong and said what Mr. Fraser-Smith quoted--that I was pleased with what I saw, that I had had a good look at it, and found an immense amount „of quartz on the surface, but we had not sunk at all, and could only see what anyone elsa The Chairman-It is the £6,000 we haven't could, I saw what appeared to be the outcrop received-this forms more than half of it. There of a lode, and a very big lode too, the 203 feet I is a good deal in your argument that can be measured being only a bit of it. It was only when better answered by Mr. Becher. You asked who we got below that we could see what it really was, were the promoters of the new Company, Mr. And that is the only point on which I have Ewart and Mr. William Fraser are two of the contradicted.myself in my reports-I challenge anyone to show me anywhere else. I don' want principal promoters; we had no reason to believe they were not in a position to go on-if to exaggera'e-in fact I have the reputation of they had been named I believe the shareholders being very pessimistic in all mines. I did not would have accepted them. We did not know give you very sanguine hopes-my ourselves-the whole thing was done by telegram, expressions, perhaps, were more sanguine tha as you know. It depends on these men whether in my later reports, but my hopes are the same. the £5,000 will come early or late. We did I said we had plenty of lode, and i have proved nothing in the matter without first consulting it by milling-net 100, but 1,000 tons, from you. It is only in the matter of the working which we have got an average of 4 dwt, of gold, capital that these men have failed out of that and at the same time I bave got an assay of 10 amount only a small turn was subscr bed, and ■ dwt, which shewa there are technical difficulties very large sum was left for the under-writers in the treatment. I told you I was going back who under-wrote pretty largely, and if they had hoping to complete my task" I should like kept their word to us the money would. hare anyone to go to that country and see how easy been forthcoming long ago, and the mine it is only look at the pictures here. I did been full swing. We could- have e mplete my task-I made it a going conce a sold the land without consulting the (going concerns are not always profitable-this shareholders, but we made a point of doing one in) and I said I trusted it would be made 10. Mr. Frater-Smith said at the last meeting so, which I still trust. If I get down a good that we were acting judiciously (the Chaiimin deal deeper-many mines Bre only profit- then referred at length to the rainutes of the able foo 600 f.et down, and we last meeting) I only quote that to shew the spirit are only too feet down-it will be profitable. in which we once existed-it is different now; We have the same country as another rich you know things are looking very dark and you miac, Raub, and there is no reason why wo take a very gloomy view of it, and talk about should not strike it rich the same way. Wa "very gross mismanagement," but if you read have only got a few acres really mined, as you can see from the map there, and you have to de the correspondence a good deal of that is explained away. It was not "a bogue Company in London "there are some names on it that guarantee it will not be permitted to go to the wall,

Mr. Fraser-Smith—I am asking a question of accounts—it is down here as an asset,

The Chairman-It is an asset from the new Company, being the disbursements on Jalis Mine during the half-year.

Mr. Fraser-Smith-And we haven't received repayment?

Mr. Fraser-Smith—Do you want us to under- stand that the fact of this Company having been formed in London is a proof of its dana fides 1

The Chairman-No,

Mr. Fraser-Smith-That is what you said I am very glad to have your expression of opinion

The Chairman-I don't doubt ita þena fidis. The man who got this Company up got up the Pahang Corporation-one of the biggest things in Londen.

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ог

Grat

good deat of mining to ascertain what you have got. We have. mined over a great many spots, and our prospects from the washings are very good-we have often got an ounce or two ounces-and yet when we get down we find—as at Jalls-an immense amount of quarts with only a little gold in it. At Raub they get at or to our 4 dwt. But they have capital of a million pounds and 20 square miles, and you have only $100,000, and zoo mi es. A very great deal of capital is needed—it la no use for a company with small capital to try and,deve ope a concersion except as estate-owners. It is for other companies, wlib their own capital, to sink and prove it, as they have done in many places with no better prospects than ours. I could go on tolking te you all the afternoon--I am full of the subject. I don't apologise for anything I've done; I have done my beat, in what I considered my duty, That is all (Applause) I will speak on any particular point you want ; I am glad that so much interest is taken in the matter, but I should liked better if someo; e who perhaps has more confidence in what I have done had made, jfew remarks.

Mr. Fraser-Smith-That has nothing to do with it; I don't want to interrupt you, Eut your vindication, If you wish to make any, had better commence from the time Mr. Becher commenced operations in London—not before-with figures shewing what he did there. That's what we

want to know.

March......... La Pere la Victoire "

Genne. ....Nos Branes Gens de Village"... Caibuka, "Rem, of Sondand“ ...........Godhwy.. Selection Alplers Last

Keler, Belar Styriandam....

Godfrey. Selection Rem, of Bellal H.M.S. Redpols and Rattler arrived at Swatow on Saturday, searching for the missing gunboat Firebrand and received news of her from the No Credit given for bottles that look dirty; | steamer Newchwang, which had sighted her appens that what they said never came true. it. The shares were held very largely by that.

between Foochow and Shanghai. A Swatow correspondent writes that many of the bodies of fishermen drowned in the gale early this month are being washed ashore, and, horrible to gay, devoured by the dogs.

or greasy, or that appear to have been used for any other purpose than that of Contalaing Atrated Water, as such bottles are never used ́again by us,

A. 5. WATSON & Co, LIMITED, Hongkong, Chins, and Manila.

ts

TO SUBSCRIBERS. SUBSCRIBERS TO Tax Horexore

TELEGRAPH ·ARK MOST RESPECTFULLY

MARRIAGE,

Tax Straits Time of the arst inst, says:-- Yesterday the local directors of the Raub Australian Syndicate (Ltd.) received letters from the manrger dated Raub, 12th October, It appears that since the date when he started down streem with the first gold the weather had been very dry, and while this facilitated mining operational rendered the river navigation difficult, and only three small boats have got up stream from Lubok Tuah with atores, The weather, REMINDED THAT ALL Subscriptions must bis private letters Mr. Bibby says "the pros

when he wrote, had broken, In the courge of pects of the mine continua fairly good, and when be paid in advanet.

I start crashing I hope to continue doing so till the end of the year." The following is the message Mr, Bibby prepared to have wired to the Australian directors, and, which was sent from Singapore yesterday:-"Crushing will be commenced next week. Quantity of stone raised to date is 120 tons, now at battery Prospects the same as before. Expect to finish crushing] about the end of the year. Mine prospects good. As on Sunday, 12th inat., Mr. Bibby said he would comments crushing next week, it appears that the crashing has now commenced; and Mr. Bibby apparently expects to continue crushing steadily two In that time he should Crush a considerable quantity of stong-the maximum possibility being about a thousand tons, and that would imply running iko stamps day and night which may, or may act, be the Intention. It is of course, likely that the quantity put through may be much less than the possible

At Trinity Cathedral, Shanghai, zand Oct., by Rev. H. C. Hedges, M.^., ARTHUR W., Dour WAITE, M.D., to CONSTANCE H. GROVES, eldest daughter of E. K. Groves, Esq., of Bristol, England,

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Mr. Fraser-Smith—I assumed that it had been. Mr. Leggo-Iasiced about it, Hr. Fraser-Smith-Then as a matter of fact it has not been paid-the new Company have failed to carry out their ceptract?

The Chairman They have paid the $,000 bargain money

Mr. Fraser-Smith-Why don't you forfelt it

and kick them out?

The Chairman-We may do that some day, if they don't come up to time.

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The Chairman--I have said a good deal about

Mr. Fraser-Smith-I presume that the share holders know all the directors know ?

The Chairman—Yes.

many months have been allowed to expse with- out this $50,000 being paid and

The Chairman—I have just told you

Mr. Fraser-Smith asked when the £5,000 were paid by the new Company.

The Chairman-July,

The Chairman-Well, where you like, but it must go in somewhere. We had no profit and lose account, t

Mr. Fraser-Smith-1 beg your pardon-your have a very large, loss account of $175,009- (Applause.)

Mr Woodin, who was almost inaudible, also briefly explained the action of the directors towards the new Company,

gentlemen were fully convinced they were only that the people, having paid a good deal aying what was true ("Hear bear"). But it so and brought it out, were not able to fat Statements made with regard to telegraphic people who took the place of under-wri'ers, and contracts and transfers remain as yet unrealised as soon as, by the general rise of other things, in fact this report says so. Of course this they can get their shares sold on the market,

Mr. Fraser-Smith-Then they know nothing Company was justified in making the best of a they will be able to give you the money. A to had bargain, and covering up the wound as best personal responsibility in the matter it is simply Now, I have to call your attention in what you is could. The report refers to the mineral wealth;" ridiculous, a man does his best, and I have done stated under your own signature in the report of

Mr. Fraser-Smith And the contract was we have not seen it yet, it is perhaps deeper mine, for the only difference between me now the 30th December last. The directors are entered into in December last? I think that, down than was expected, Mr. Brodie and Mr. and as you knew me before is the spectacles you glad to inform you that Mr. Becher has been knocks on the head all the lucid argument Mr. Becher have been at Punjom looking for it, and look at me through. There is an old saying that successful in arranging for the disposal of a Becher has put before you as to his responsibility, no doubt many of the shareholders in this "A good mine makes a good manager" and it - portion of our property upon the terms which I venture to think, considering the doubts as to were communicated to the shareholders at the our ever getting the £6,000, that it was a very Company have lost their little all on the faith of applies to our case. I will answer your other

meeting on the spik glt, and the directors are risky and unbusiness like thing to put down this a statements made by those experts ("Hear remarks when we meet after tiffin,

The meeting then adjourned, and on resum- now awaiting falles details." You have just $17.000 as 4u asset of this Company (applause). bear, Before I proceed further, would you

stated the terms on which the arrangement has The Chairman-Oh well, we were bound to tell me if the £6,000 have been actually paid by ing at 2.30.

The Chairman said—In answer to Mr. Legge's | been made. Now if Mr. Becher made this that as a matter of book-keeping. Where would the London Company? The Chairman-No,

Inquiries with regard to the new Company, we have arrangement, as is officially stated in the annual | you have us put it † reatived £5,000, and, the says, nothing further,report, it would be lateresting to knew why so: Mr. Fraser-Smith--To suspense account. That is true in so far that the first concluded the bargain with Mr. Becher, being the amount necessary to seal it. As to the 6,000 still dye, respecting which Mr. Legge asks who is respon- Mr, Fraser-Smlik--But you hare not ... I want sibit, I can only say that circumstances are to know, if Mr. Becher was entrusted with the responsible mainly; things have changed very important duty of carrying out this matter why considerably since the men signed that contract, he has not done his duty ? If he had wo should- and that change hay not been in favor of money. 'not be here to-day. It Is two years ago now. - I do not know if you look on anyone here at the

The Chairman-My dear Sir, you are a liftle | Board as responsible; we have done our best to erratic. You say it was two yours ago. The The Chairman. I strongly advise you, gentis. Mr. Fraser-Smith--This balance sheet shews get the money, but we have not thought it contract was to fake effect from September last, men, not to wreck a thing in which we have our credit balance disappearing; as a very well-prudent to go too far in pressing the men to pay That is one year ago, which I will admit is gaife £100,000 of paper money; it is possible that known share operator here told me months ago upwe have been given a certain kind of reason long enough. We have told you that we have they may carry it through, and make our scrip It would melt away he was a true prophet. Bat for their not having done so as yet-that is all, done our best to have the contract completed worth mappey, we are recommending caution and not merely the Chairman's sperck-hould September we wired them "For the interests has not been completed. You may call mpre. Dots you like, though. Taking the expressions if this money, has not been paid thle report We are pressing them now on the 19th, although I have not been a^in to state why if therefore, but if you prèss us it may be difficult, definitely state it, as part of the position of affairs. of all "concerned we cannot too strongly than once for your bill at many doors in th of Mr. Fraser-Smith, and the general acceptance The Chairman-It seems to me that it doen. urge you to endeavor 19 get settled in Colony-I don't think that's a rare thing even which I conclude they bave met with from you, Mr. Fraser-Smith-I don't see it--we are a friendly manner Co,oco; if you have not heje-and yet not be able to say why you I don't think there is any step-I can take but promised an early settlement; and apparently it settled before sharchiders meeting arrange chhnot get your money, (Laughter), I do not one, and I think I am exp easing the opinions of for somewhere about the middle of next month, wish to be jocular do' this matter. ' I think it is my fellow-directors who are present for us to may not be for filty years yet

The Chairman-As to that we only tell you ar we must openly declare the situation and not a matter to be treated lightly, I think it's take. Our intention is to resign now, and what we are promised that is an early seule greit public disgrace must result." We wired one that can be better' carried out on the spot leave it in the hands of those who think they that, pushing the man as much as we could than by correspondence, but as to why we have can make a better thing of it (Applause); We Mr. Fraser-Smith-And do you think that the because we thought that they had reason to fear not been paid; I cannot give you any further have done our best, as we have more than once representative of this Company, who made a public announcement of this kind much more particulars,

repeated, and we resign, de bargain like that, is not deserving of censure? than your directors, There are only three direc M. Becher (who rose with some hesitation) Mr. Fraser-SmithBefore you do that don't No doubt your bargain had something to do in tors, or lour, ai kome, I think," one of them is at sald-There has been to very much said that you think you had better have the report and forcing up the yalue of the shares in the local present representing us in a way. Mr. Ashton is difficult to remember the exact polats some accounts adopted--before you even talk. of The following portion of the proceedings at the market, and in Singapore, sad elsewhere, with Bell le in Pahang he is a director of the mine, questions have been asked, and answered, and resigning 2 It is the first time fu my experience meeting of the shareholders of the Punjom Com. our your saying that it was a substantial Com- very highly respected at home, and I am sure, asked again, but I will answer any that may be not a short one-hat I have not seen directors pany held yesterday afternoon had to be kept pany, with money to pay is way. It is currently indeed I know, that he sees the injustice of this put, As regards what I did at home, I have simply stick to the ship when she is sinking, instead of over from last night's Issue, which broke off in reported, and, I believe, on very good authority, position and will do his best to rectify it. I shall to refer you to the creditors I made my weekly deserting her like rats (Laughter and applause), the middle of Mr. Fraser-Smith's speech. The that very few of the now Company's shares were be there myself if that is any use, and I will do repor s-I don't think I missed, one except say, The Chairman-That is not what we wanted. complete report will be obtainable ja the mali | subscribed for

what I can with MP Evart, who is a man of at Christmas, and the letters were open to any to do, but we are not, golog to sit here under « Танце.

The Chairman-That was made perfectly plain good position and highly esteemed in London, shareholder to read. They are a record of what raking fires DA OD BLE Mr. Fraser-Smith continued:—In a letter at the time.

Three of us will manage to do what, in our I did ta' London; at the office for Mr. Fraser-S.aith-There has been no-one dated gib · January, 1889 Mr.....Becker Mr. Fraser Smith-Then why enter into absence, cannot be done. If you will have the or five-days a week for monty, and if you bring at you at all-your position Vlaan Ar Emergency meeting of St. John Lodge, No. | says "I have now the pleasure to communicate contrset with Company that was not in a posl¡ patience to wait for that you might hear of some don't think that's gnough", Ag to the scosso responsible, one, and when you undertook t 618; S.C., will be held in Freemasons' Hall, briefly the facts which, after a year of solid pro tion to carry out its contracts," when you knew good result. As to the pumps not being erected otherwise of the new (ompany, I don't hold my you undertook to look alter the interests of the

gresk in bringing both Punjom and Sungei Ir 2

may say that immediately this business was } self responsible for a moment) it was apart | shareholders, I am not saying, nor have i said: Zelland Street, to-morrow evening, at 8.30 for a properties from the ragus condition of The Chairman-That could not be ascertained opened, and these pumps arrived, it was a ques from my work did not go to float a Company, or used in any way that the directers bars go'clock precisely. Visiting brethren are cordially unknown prospects to the fast stages of until it was properly put on the market. It was tion as to whether the new Company would take but so you can see from the minutes, to see what sot done their best, but I do say their best has

werking minese ke han "defalte knowledge ! our duty to complete the contracte

jusm at all-we couldn's'say what' they ́mosás | ocnld be done to sell, part of the Conqueion/7; 1 Jaen beoq'vary musli, ospecially świth: augand-to-

DEATH.

At the Shanghal General Hospital, on the Auto Service, 1800's EyeI SMITH, of LM.

Customs aged 51 years.

The Honghong Telegraph.

HONGKONA, TUESDAY, OCTOBER 18, 1890.

TELEGRAMS.

THE SILVER MARKET.

LONDON, October asth The decline in the price of silver is ascribed to dimenities in liquidating spéculative accounts.

LOCAL AND GENERAL.

maximum.

THE PUNJOM MEETING,

STRAIGHT TALL.

zsent.