1890-10-30 — Page 4

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SOME PLAIN SPEAKING:

SON

SMOZION

THE HONGKONG TELEGRAPH, THURSDAY, OCTOBER 30, 1890.

THE PUNJOM AND SUNGHIE DUA Į mine? If London could not pay you, you were

SAMANTAN MINING COM-

still as fully interested in the mine as the London company, and why not proceed with the work for PANY, LIMITED.

which you get the pumps out? That is a practical | question, and requires a practical answer. "Meanwhile, it is satisfactory to know," says the report, "that funds have been sent to the mines for current requirements on the Jalls block, where the work is now being carried on at the expense of the new Company, and there is every reason to hope that such will now be continued with renewed energy. Necessary additions to the pumps, to deal with the recent increase of water, have been ordered by Mr. Becher, and before long the lower levels will be again accessible, from which it is expected that the richer veins of ore lately discovered will soon produce material for some returns of gold." (laughter), I think that that paragraph speaks for itself. "Produce material for some returns of gold!" "Necessary additions to pumps!" What are they? suckers? or boiler tubes? I can't say, "Mr. Becher returned from London to Singapore, no doubt; "and is now managing the Panjom Pahang" and this Company's properties jointly an arrangement by which they will have thecontlaned benefit of his services with an advantageous division of his remuneration." Now, at the last meeting. I took the opportunity of making the Chairman if Mr. Becher was not bound solely to this Company, and the Chair- man said that he "believed" that he was. I also asked what his remuneration was, and was told £1,500 a year. Now I may be allowed to ask what proportion of that amount the new Company will bear. I think we ought to know.

The Chairman---Certainly,

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to him that the present stage of entry on a period of five years' 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 vanished, as I predicted three years, age, as 1 bave since frequently predicted it would, at inattings of this Company, and it is new 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 remaik 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 not 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 ?! 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. Brodle has already stated it, and I did not hear him.

The Chairman-No.

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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 say so (Applause)

Mr Leggo-1 agree in the main with the last speaker, but not in his remniks 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. 1 propose that this meeting adjourn until i. 1§ p.m. when Mr, Becher can explain some of those

niaus,

The motion was 'seconded.

Mr. Becker said As we are going to adjourn I ain 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 stew you what work has been done. You say that affairs have been mismanaged, It is not сазу to do a thing, but it is very easy to criticise, to laugh, and be personal, 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 fair point of view, but from the share marku point of 'view; you yourselves put the shares up to n 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 Hight to make such à charge.

"Mr. Fraser-Smith-And what does the $17,co represent?

The Chaliman-Disbursements by uspending negotiations.

Mr. Fras-Smith-1 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 Jails Mine during the ball-year,

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more questions, because you can see for youren selves, from the letters. What concerns me at great deal more is what Mr. Fraser-Smith has w said about the reports. I have made about the mines. The first report i male after 1 had been in there six months, when I came to Hongkong and said what Mr. Fraser-smith quoted that ** I was pleased with what far, that that a good look at it, and found an hunerse amount Mr. Fraser-Smith-And we haven't received of quartz on the surface, but, we hat man repayment ?

at 21, 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 lude, and a very big lode, ton, the 200 feet I is a good deal in your argument that can be eased being only a bit of it. It was only when beter answered by Mr. Becher. You asked who we got below that we could see what it really wan were the promoters of the new Company. Mr. And that is the only point on which have Ewait and Mr. William Fraser are two of the contradicted myself in my reports-I challenge principal, promoters we had no reason to any one to shew me anywhere else. I don't want believe they were not in a position to ge on-if to caaggerate-in fact I have the reputation of they had been named believe the shareholdersbeing very pessimistic in all mines, 1 did not would have accepted them. We did not know give you very sanguins hopes-my first du selve the whole thing was done by telegram, expressions, perhaps, were more sanguine than as you know 11 depends on these man whether in my later reports, but my hopes are the same. the Lageo will come early of late. We did'] I said we had plenty of toile, and I have proved nothing in the matter without first consulting it by milling-uet 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 cold, capital that these men have failed; out of that and at the same time I bave got att assay of to amount only a small sum was subscibed, unda dw,,, which shews there are technical difficulties diy large sum was kit for the under-writers, in the treatment. I told you I was going back who under-wote pretty largely, and if they had hoping to complete my tasksbould like

ept their word lc us the money would have anyone to go to that country and see how ensys den forthcoming long ago, and the mine it is only look at the pictures here. I did been in full swing We could have amplete. my task--I made it a going concera Mr. Becher-Excuse me; I have just the sold the landl without consulting the going concetus are not always profitable--this same right to say that as you had against ine. shueholders, but we maile a point of doing png isn't) and I said I trusted it would be made I had nothing to with the shares whatever, but sn. Mr. Frase-Smith said at the last meeting, which still trust. If I get down a good you look at this by the light of different ciccups that we were acting judiciously (the Chairman fer deeper many mines stances. I can answer any question-give you then referred at length to the nonutes of the

are only profit- any explanation on every point you have at meeting) only quote that te shew the spirit only ron feet down-it will be profitable. fret down, and We brought forward. If you had taken the trouble In which ward existed it is different now. We have the same country as another sich you could have found the explanation withwit jou krew things are looking very dark aut you finnes fub, and there is no reason why we h inaking such remarks as you did, by reading Jake a very gloomy view of it, and infle winst Phould not strikes it rich the same way. We through my letters from London. It took away grow upsmpagne," it if you 5, with crip put a fry acies really ined, as you long time to get into the way of selling your The correspondence a good dad of shadi property at all--a committee of business men xphined away. It was not a bogus Can pony were appointed to carry your project, out, bat I in London"there are smun wares an ghat did not go to sell your property at all-I was inirantes it will not be permisst to go to the not there under your power of attorney, even-wat the committee had that, unitil, when I found.dial 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 in in, but, I wald" - your piece of land to people who were good people at the time, by the advies of men vaan I had to engage who were good business nen. 1 disposed of it to the only people who, would take it up they were interested in the Pahang Corporation and at the time they were in post- tion to carry it out Bat you know very well Mr. Friser Smith-That has nothing to do that the money market went dowa, and mining with it; I don't want to interrupt vod at year companies went down, in London to Compy vindica'i n, if your visits abge adv, & ut her is worth anything unless you put enormous recommence In the dial: Mr. B. Serco negroddult acolage, for anytime Predone: I have lies at the back of it--and the result was petalons in Leule --a vyhai roswith a quee my best, in what I siete my duty. that the people, having paid a good dinledingjald be dit die That wod and brought it out, were not able to fiat foot te kow. it. The shares were held, very largely by people who took the place of under-wri ees, and as soon ns, by the general rise of other things, they can get their shares sold on the market, they will be able to give you the money. As to personal responsibility in the matter it is simply Mr. Braser-Smithfien they know nothing ridiculous, a man does his best, and I have doncs, I'aque to call your attention to what you mine, for the only differénce between ine new sel unr your own signature in the report of and as you knew me before is the spectacles, you the 30th her as The directors atentate in Drenther, Past P I think that Mir, Fraser-SmithAnd the contract was took at me through. There is an old saving that glad to inform you East Mr." Becher has been 1.4ion the feed all the laid argument Mr. "A good mine makes a good manager" and it Lucern fat in archaing for the disunsul of a Beers at hilare van ns to his responsibility.. applies to pur cale. I will answer your other phation of our prop my won the tins which 1 rcnture to think, candlemag the doubts 15 10 remarks when we meet after tiffia.

wer cqanunicated to the shareholdbare at rig nur over gekng the £6ap. the it was a very The meeting then adjourned, and on requm- | rêu jugor the abù ult, and the diyethus arrived a la nena leng to put dored this novating fully eds." You have just $2000 as an asset of testomping (mption). The Chairman said In answer to Mr. Leg'sated the terms on which the area goment has The Chriftian-011, we wee hould jo inquiries with regard to the new Company, we have been made. Now Mr. Becher de this received £5.cco, and, he says, nothing further. rangement, as is offici diy stand in the annual

the as a meer of hook-keeping. Where would you have us if it ? That is true in so far that the first concludit ↑ report, it would be interesting to'ken w why so M. Finse-Sarth-To susenas account, " the bargain with Mr. Hecher, being the amount any months have been allowed to elapseWith- Tragictreak Well, where you like, but it necessary to seni it. As to the £6,000 still due, oft this $50 oco being pil.

phins mech 10. We had no peaf and respecting which Mt. Legge asks who is respon- sible, I can only say that circumstances are responsible mainly; things have changed very considerably since the men signed that contract, and that change has not been in fav of money I'do not know if you look on any ne here at the Board as responsible; we have done our best to get the monry, but we have 'nar thought it

The fifth annual meeting of the shareholders of the Punjom and Dua Samantan Mining Company, originally fixed for Saturday, was held to-day (27th inst.) In the Chamber of Commerce room, City Hall, the proceedings.commencing at noon-Mr. W. G. Brodie presided, and Among those present were the Hon. C. P. Chater, Messis, D. Gillies, and E L. Woodin (director), E. Jones Hughes, W. Legge, A. G. Morris, W. Judd, R. Fraser-Smith, J. Sampson, E. H. Gore-Booth, R. C. Wilcox, C. J. Hirst, W. H. Gaskell, | R. Lyall, E. Solomon, H. G. James," G. D. Scott, R. Talbot, N. J. Robinson, W. M. B. Arthur, C. Jones, S. A. Joseph, A. Lind, G. Holmes, M. P. Parlane, A. S. Cohen, G. H. Polti, F. A. Gomes, E. W. Terrey, S. Mendel, H. J. Scsit, F. Senres, H. E. Pollock, A. Fuckeera, Carl Seimund, W. St. J. Hancock, J. Lembke, F. Rapp, F. H, Hobuke, W. M. Moses, F. Bonianjec, N. S. Perry, P. Daver, J. Meier, C. Rogge, H. M. | Becher (general manager), A. O'D. Gourdin (secretary) and a large number of shareholders,

The Chairman said :-We have on previous Occasions saved the expense of the meeting by holding it at the Co.'s offices, but on this occasion

Mr. Frazer-Smith—I don't see what it has to it occurred to us that more accommodation

do with us if the Penjom-Pahang Gold Mining might be required. At the date of our Inst

Company has beer unfortunate in its inception half-yearly meeting I was absent in Singapore

it has to do with Mr. Becher, in selling our on business of the Company, having just

property to a bogus concern, or, if not bagus, to returned thither from Pahang, whence I had for- Mr. Legge then sat down, saying that he would a concern so hard up that it cannot pay the warded to the Directors the information which not attempt to tackle the accounts and he advance money bargained for. Mr. Becher is was embodied in their report and in the Chair-thought be had said enough for a start.

blameless who is to bear the responsibility 7 The man's address on that occasion. Our report, Mr. Fraser-Smith, who was warmly applauded Board of Directors, decidedly. If you are willing which has now been before you for the last few on sising, said-1 buve spoken o frequently to take the responsibility you are quite welcome, days, is based on the latest information brought at the meetings of this Company that it is but it lies between you to absolve yourselves to us straight from the mines by our General with a good deal of diffidence, considering (Applause). " At Punjom," Mr. Becker says, (it is Manager, Mr. Beches, who is present to-day and what we have before 43, that I get really amusing) "you will have the advantage of whose fuller report to us also in your hands. up to again address you. Assuming that the sharing the expense of management and admini- We have endeavoured to set forth clearly the Directors of this Company-the honorable stration with the new Company." We have position of affairs, and trust that it is understood gentlemen seated at the table before us-are defrayed the cost for years, and now he talks of by you; but I shall be glad to supplement our responsible, for this thing (the report), in view the advantage" of sharing expenses with a statements by explanation on any points which of the various reports that have have been Company of which nobody knows anything may be thought to require further elucidation, issued during the past six years I cannot but("Hear, hear," and applause). I need not wade We regret that our position is not more satisfac compliment them on their courage in facing the through this inconsistent conglomeration of tory, but it is better to know the true state of affairs shareholders of this Company publicly; they badly-written twaddle-it isn't worth while, for than for any indefinite or exaggerated imprès-must, I think, have an amount of assurance I suppose you've all read it, and laughed at it. sions of the value of such mining properties an an amount of temerity and confidence in their So now we will give Mr. Becher a rest, and look ours. We have not at any time been able to past actions which few men could fairly claim at the report. You will remember, Mr. Chair- say that there was any definite assurance of to possess, if they came before to-day man, that a year ago I asked you some pertinent great richness to our mines, and Mr. Becher's after issning such documents as these, and questions as to the conditions under which this conclusions have now satisfied us that, though before I sit down I think that, in a very few portion of our property was disposed of to we possess gold and tin deposits of wide extent, words, I can convince you that there is a very a so-called "Baby" Punjom Company, and you they are still only what we may call variable great deal of room for serious complaint-not to and Mr. Chater gave us rather lengthy prospects, and that to continue carrying oa ne harsher words, Like the previous speaker, explanations, which we accepted as true and expensive mining operations over such areas, orto I found difficulty in hearing the Chaltman's substantial statements of the actual position sink deep shafts with a view of searching for the remarks, but I did catch, at the end, a reference of affairs. I have no doubt that at that time both workable paria of these deposits, is a task which that he made to certain shareholders who, at gentlemen were fully convinced they were only we now realize is beyond our scope, or that of the last meeting, took upon themselves to make saying what was true ("Hear hear "). Bat it so any single mining company. We are, however, some remarks with respect to Mr. Becher, happens that what they said never came true. of opinion that with other sub-companies to take was one of those shareholders, and I remember Statements made with regard to telegraphic up smaller areas and develop several mines, the distinctly stating that, if I were in order, I would contracts and transfers remain as yet unrealised chances of making rich discoveries, such as has propose that he be instantly dismissed from the in fact this report says 50. Of course this been done at Raub, are by no means remote. Company's service...a proposition which I am Company was justified in making the best of a Our plans for the Immediate future, an set forth prepared to move at this meeting. (Applause). I bad bargain, and covering up the wound as best in the report, are to confine our operations to have read this report within the last half-hour, it could. The report refers to the mineral wealth;" prospecting only, at expenditure of not more and I think it would have been as well for Mr. we have not seen it yet, it is, perhaps deeper than $3,000 per month. The work of deep Becher's reputation as a mining engineer and as down than was expected. Mr. Brodie and Mr, amining will, nevertheless, as you know, be con- the manager of this Company, if he had never

Becher have been at Punjom looking for it, and tinued by the new Company at the Jalis mine at written a line of it, for anything more shameless no doubt many of the shareholders in this Penjam, in which, with the decided improvement from the servant of a public Company I have Company have lost their little all on the faith of in the appearance of the quarts veins in the rarely read, and I say that unhesitatingly. On the the statements made by those experts (Hear 110 feet level, we have great hopes of shortly 30th May, 1888, Mi! Becher presented a report to hear"). Before I proceed further, would you seeing a corresponding improvement in the this Company, which I hold in my hand now. In tell me if the £6,pco have been actually paid bying at 2.30 output of their minings, which will mean a good that report he says, referring to the reports of Mr. the London Company? value for their shares and the enhancement of Haughton and the late Rev. J. Tenison Woods The Chairman--No. vilde lo our remaining property. The tin ore on the Company's property-'I had a better sent to Singapore from Sungei Dua, which was opportunity, perhaps, than_my_predecessors in referred to in our last report, was of a lower examining the deposits at Puojom, and I quality than the market accepts there. Mr. have had the assistance of two good prac-it Becher, after making examination and tests, tical miners, and I may now tell you that finds that, with a certain apparatus, It can be we are all three convinced of the genuine brought up to a comparatively high quality, and existence and favorable prospects of that first we are informed that the smelting works in casential of a gold mine-the lode." He wrote Singapore are erecting such machinery at present, that in 1898, I have also here the report with which we hope they will be able to deal with Issued last week-look on this picture and on It. The Sin Yum, steam river launch, has been that, and see the change! I make noʻcomment, of considerable value, to us, but now that our A little further on he says-" hoplag that I have operations are to be so greatly circumscribed, your recognition of the disadvantages under and our requirements for river carriage will be which my first term of management commenced, so much lessened, it is contemplated, if possible, I am happy to say that the first difficulties are to find a purchaser for this vessel. I need now surmounted, and I shall on my return find scarcely repeat the regret we feel at not being most that I require to my hand and ready to able to report the payment of the sums due us complete the task I have undertaken, namely, by the London company-we have come to the to make a going concern, a real mine, and, I conclusion that it would be imprudent to sincerely trust, a profitable mine of Punjom- complicate the position by taking legal within the space of the next half-year. This proceedings for the moment, but it will, when I was issued in May 1888-now it is October 1890, reach London, be my first duty co-operato and we have what?- going concern i with Mr. Ewart in bringing about the best and (faughter) no; an abject admission that the whole carllest settlement of this business. We have thing is a fraod and a "frost." (loud applause), "It authorized the £100,000 in shares of £1 fully is needless to say," he adds, "that my endeavors paid-up of the Penjam Pahang Gold Company to shall be directed to the other portion of your be issued in the names of John Ewart and W. G. property, the tin mines of Sungael Dan." The Brodie, by which course, Instead of having scripto in industry as prosecuted by thousands of bearer, a stamp duty of £1,500 will be saved, Chinese in the Straits cannot be called and the advantage will be gained of the voting mining proper, and it is only a case of good power being la the hands of your representatives. business management to assure success where out your saying that it was a substantial Com-very highly respected at home, and I am sufe, With regard to these shares we may remind you, the tie is so well knowa to exist in rich deposits,pany, with money to pay its way. It is currently under the conditions of allotment, we are allowed as it is in Pahang." We have had good reported, and, I believe, on very good authorky, to dispose of 20,000 three months after com- business management”—or at least we have that very few of the new Company's shares were pletion of the purchase and 20,000 during every paid for it—and here we have, an admission subscribed for subsequent three months. There were certain to day that there is no payable. tin where questions asked at the last meeting and remarks we were working..: (Applause), In a letter made with regard to Mr. Becher and his man- dated 5th January, 1889 Mr.. Becher agement of our affairs and of the special duties as I have now the pleasure to communicate for which he was sent to London, These briefly the facts which, after a year of solid pro remarks we consider were unjust and undeserved. gress. In bringing both Punjom and Sungel Our London, committee first appointed, altogether Dus properties from the vague condition of failed in bringing our properties into notice with unknown prospects to the first stages of anyone, and after much delay, for which Mr. working mines" he has "definite knowledge Becher was by no means to blame, he had to of their resources and distinct promise of future

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success in both gold and tin mining operations."

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1.

Mr. Fraser-Smith-I assumed that it bad been Mr. Legge-I asked about it.

Mr. Fraser-Smith-Then as a matter of fact has not been paid the new Company have failed to carry out their contract?

The Chairman-They have paid the £5,000 bargain money.....

Mr. Fraser-Smith--Why don't you forfeit 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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Mr. Fia-Smith-Do you want us to and stand thug the fit of this Compune kumar borw frement, la Landon is a need of a hoolikal

The flasim Weg

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Mr. Fast-Smith-That is who posted, am vorrigid to love-soft exnivision' gå pinion.

The Chairman --I don't doubt its bangfles The man who got this Compin up got ta the Pahang Corporation-one of the best thing in London.

saa hen from tite indy there, and you have to do Prood deal of mine to ascntain what you barnet. We have urined aver a great many spits, and our prospres font the washings pre amy tee-wei bare often got an ounce, or two pretend vet when we get down we dead-ins Jali atjiense cunt of quart with Jonty & thule goli in it. At Rand they get

But they have sodel of a million pounds and zal equáre i bilen, and you haraonly frobos, and 200 8 A very great den af capital-is | vnded--it fe no site for a company with small capito try and develend a concession except atute owners. It is for other companies, with free down capital, to sink and prove it, as they have done in many places with an better You 11 the aft om man fell of the subject. I powprats (ban purn, I could go on talking to

Trei ad (A: leder).' 'I will spet on any pals print you want: 1 a glail that so much interest is & dent in the meafter, but I shape-mas matitleses in what I have done had mula stroyd his d better if someone who perhaps has

The Cation a-1 have said igral deal about par

Mr. Frer-Smith-f presume that the hol dra han all the directers show ?

The Centrm'n-Yes,

The chiun in! have just told you,

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a few gumaks.

Mc, Fraser-Smith asked when the £5,000 we paid by the new Company.

The Chairman-- July.

Ain himaer-Smithuse! hep your pardon Déan we away Love ist neb intef $275.000/

dsatt, in tur why glance MENA, 415

time

Dah

fatere & thangan vilties we have Letova al pan y arcanty; ir pabla,that 3.1 www.gers of thvebgħar sad mike our förp baka manner powe care rezonden ding caution sly renti, bor i bhu prête, mnie may be diffi Don't wrap bbwth Mays

Mr, Fraser-Smith Bu you have.net I want 16 Jenow, if Mr. Bucher was cafuented with He Important day of carving our thun må torsdag Jah is got drie host: 21 he hd west o not he hire rady.. Its two posta pe www.

The Chairman-My darol, por e inde, Mr. Fraser-Smith-This balance sheet shews

rape. You say i was ten seus ape Wie our credit balance disappearing as a very well-prudent to go too far in pressing the men to pay contract was to take effa from Nejte aha la 1. known share operator bere told me months ago up--we have been given a certain kind of reason that is one year sun, which, withadout 1. q..... it would melt away-he was a true prophet. But for their not having done so as yet-hat is all. long cough. We have oh ya that we if this money has not been paid this report We are pressing them now on the 19th done our best to have the ntract complex d and not merely the Chairman's speech should September we wired them "For the interests although I Live not hem i le to state why of definitely state it, as part of the position of affairs, of all concerned we cannot too strongly his ny ben compled. You may call mar The Chairman-It seems to me that it does. urge you to endeavor to get settled in | Him mane for your bed at manly Moore in th Mr. Fraser-Smith-I don't see itwe are a friendly manner £oro; If you have fototaby--I don't Uhink the 15 a fare thing "ves,

Frantah, got to genral sereptence -hen i crni delito į tobul naer with demeyeü," promised an early settlement; and apparently it settled before shareholders' meeting arrange her and get not be able to st

youre dos Mond; there is any Murphan tak but may not be for fifty years yet.

for somewhere about the middle of next month, cannot get your money, Laughter). I do mi ere, mail think 1 in expedig te opinions of1! or we must openly declare the situation and wish to be jocular on this matter. great public disgrace must result" We wired not a maller to be treated lightly, I think it is tiles. Our totention is to recht now," and I think is my fellows dieetitors who are piciunt for us to that, pushing the men as much as we could one that can be better carried out on the spare it'in the hands of those who thinle they because we bought that they had reason to fear than by correspvidency, but as to why we have en sal better thing ofie Appinus). A poblic announcement of this kind much moje i ́ngt en raid, 1 cinnol give you any further bave donelaut best, rs, we have?mite dun'oące Wo than your directors. There are only three dice particulars.

repense-kland, wy resign.t tors, or four, at home, I think; one of them is at present representing as in'n way. Mr. Ashton said Them is bech do vely much and that

late, B cher (who rage with some hesitation)- Bell is in Pahang he is a director of the mine, is difficult to remember the exact points; come?

questions have been asked, and answered, and indeed I know, that he sees the injustice of this "ped again, but I will answer any that may be position and will do his best to rectify it. I shall pd, Wregards what I did at home, I haveshuply be there myself, if that is any use, and I will do order you to the credors; I anadu, my wolkly what I can with Mr. Ewart, who is a man of repor s-1 don't think I missed one except say, good position and highly esteemed in Londou. China, and the letters were open to any Three of us will manage to do what, in our shareholder to read. They are acord of what absence, cannot be done. If you will have ngid London; I was at the office, four. patience to wait for that you might hear of her five work for a routes, and if you good result. As to the pumps not being erecunding the Venough-As to the surces, OF I may say that Immediately this basincas, was oberw of the new Company, I don't pull my opened, and these pumps arrived, it was a que el Fonsible for a moment; it was a tion as to whether the new Company would take fub by it did not go to float a Company, them at all-we couldn't say what they meant but you can es from the mines, use what land until it become evident that they would be did shift had it was for bupings men to carry it the transter of phe Comen's popser l'any

The Chairman-As to that we only tell you what we are promised that is an early, seitle- ment.

Mr. Fraser-Smith--And do you think that the representative of this Company, who made a bargain like that, is not deserving of censure? No doubt your bargain had something to do in forcing up the value of the shares in the local market, and in Singapore, and elsewhere, with

The Chairman-That was made perfectly plain at the time.

Mr. Fraser-Smith Then why enter into a contract with a Company that was not in a post tion to carry out its contracts, when' you knew The Chairman-That could not be ascertained until it was properly pat on the market. It was our duty to complete the contract.

it

Mr. Fraser-Smith-You were willing

them, for a valuable considerationing to permit

to and we didn't put the pumps on their could be done to sell part of the Concession,

1

you, thinle you had heter have, the reart and Mr. Frasti-Smith Before you to that, don't

no on moped-thefort you? avent talk of retipping? It the fgg line if my exțierlence

pata that he—chádĮ lave not-séen divectors. desating her bloats (Laughter and applause)," mick to the ship woen stints sinking, instead of

to do, but we are not going to sit here under

The Chairman-That is not What we wanted raking fire, *

Par Fraser-Smith--There has been done miegs at you at all-four posit you undertook to insle after the interests of the reipong bid" 650, wild when you undertrik It charrhelders. 1 am not saying, nor have I said: or tinted in way way that the directors have not done their hest, br Tato say their bind at han viny much, an cela ty shirt has

take the matter up slagle-handed, and was market 'remained what it, was when we first answer. Under the head of " Mixing” he tells | »hkieholders at the time, and you accepted required, We would have put them up at once, -out. "W the rug of the duces 1 mpdated | ikes could have done a grant aleil moi, bit it

authorized by us to do so. Had the Pahang I hold this (his last report) up again-it is the

The Chairman-It was 'all "put before you Mr. Frassy-Sraith-They accepted the state ment you put before them from the chair-bere was nothing sald 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

I believe, but they were not exactly.ours-they a drinite to work with in at frust they del ta ut been said or indicated that we have any were sold, and although not paid for we were not strenit to work, so l'appoint haben, Me | waits! could use in the good faith of the committed in a way to the new Company not to erect their property. It would have increased dig Me of my sundupedal des plude a very there was wrong jalgic feeling against the Fiber and My Jiwat, wat wished pay hod, ↑ larutors: - An the dent; mediang I war the fracj the amount of beir account, and perhaps it is a campida se credit kan bokeh, with repandits athugambling to land big enough amit is, though it should bentemthe Stock Exprings, an ant musener Dom. Fin sem cimed dyrestidence in their good fanb bered to their credit they are spending their own mother of That to rely on money to-day, and the erection of the pumps these two ruilenen Mr. Baplis has answer the tento dos teister you are trust dvice of and it received thetaliat unanimous support of will be at their expense-not ours. With the question as to why the money had my bean, you all but we intend to have a little say at regard to Mr. Becher salary, it has been in a paid was because the stale, of the pocket) cho qublic angering on whet you hard done. manner arranged that shall be divided between would hollow the mild for the two Companies equally. That undwerk all there shares they aren't the gck to pi, bu nozaican cituate the fairly, andil d

Wour sinto ang bán to achieling and we have Mr. Legge's inquiries."

they like on the shares and wait for the muket, de glaibif any mester of the Bohrd will "poitit | with the explanations you have given,

pottage the sile I had ghore to do it, belors you contactive to talk above resignlik (... Mr. Legge I must am quite satisfied to by then out as far as I can learn, Fald, but our phlox unfurly made hinted at But The Chairton Thank you. We have nothing woully responsible to the diceptors, papinle you have one duty to perform, "art that to bide-thing fa the world will now pits first conficton which thus pujemy was los so get you repos a acente parali to the remarks of Mr. Fraser-Smith

Mr. Freser-Smith Belofe you do kó, will

Kennermadilhas aga Cruchong, It is men.curs in the Aigania degree to resiga" kindly point out where the 45,000 appear in the 100,00

Sinips, se1 But what is sold to before fulfilling your duties to the shacholiera accounts 7. I'can't see it! I see $17,005 berebinther was that the posters would form The Chairman-Then the best thh we cur

"Indians and £5,cmincash, qhe | (Apple) | The Chairman-That has nothing

that was to work the unperty, and do under the circumstances would be ask you It; it is bargain money,

was to pay the Lost to the wallem arill

The payment of dic expenses padres ptember was, only a cocyboy

da

arranged to send Mri Becher home, he would us that the west level has, is a length of 100 feet, have had an easier task, and the result of his passed almost entirely through and along quarts negotiations would never have been criticised, shoots assaying up to an ounce and more of gold Mr. Becher obtained the best terms he could in the per tones. This slight development under circumstances. These terms ware placed before | ground like proyed, what, was only indicated on you and approved by you before we quthorized | the surface, namely the continuous and extensive their acceptance. So far as the non-payment of nature of the vast quarts-bearing formation which the money due is concerned, Mr. Becher cannot will be found here of at least 200 feet thickness, | the directors have not seen over their noser.- In la fairness be held in anyway accountable. and is traceable more or less continuously on the the report for March 1879 1 see's statement I don't think I can add anything more we are hill-tops over a mile of country" Compare that, abbat a launch which is "expected to be a source willing to hear any opinions and remarks that with what he says now. But he goes on to of permanent revenue to the Company," and yet may be offered, or to answer any questions. say that the very last crushing shows a nett in six months' time the balance of expenses over Mh Legge am sorry to say that, I found it yield of over 41 dwts of ore at a cost of receipts is over $2000. You see that in small exceedingly difficult to hear the remarks made anly, $3.70, and be estimates the average matters like that you didn't know what you were by the Chairman, so that I must confina my Valus, at 17 dwt, par, ton." Thos9, are his own doing, or you would never have made such a comments to the report and balance sheet as words-practical not, speculative words, and ridiculous statement. I strongly object to the presented. The first point, and to my mind a very What have. He you two years afterwards P. statement of accounts and report, and to Mr. serious one to get over, is the position of the Ang small profit per ton has only to be multi Becher, belug permitted to act for us and a London company the "Baby Funlom.plied by greatly increasing the quantities handled Company of which we know nothing; 1 could not hear what the Chairman said about it, to accomplish sufficiently high results, and strongly object to this Company being carried on but it seems that we have received about £5,000 constitute an actual percentage of profit on under the conditions it has been carried on for from It According to the agreement they capital Up to date not a cash of profit has years past ; you have not been governing it in a ware to pay all the working expenses from a been realised, and I think I am well within the proper manner. You should state that if in the certain date; and since then we have spent quite line is saying that it never will, bo (Hear hear, beginning that this Company was started formin £6,000, but received nothing from them. Who He concludes; by summarising his "decided ing purposes your efforts have been superficial, Is responsible for that what individual? What opinion that you have, here as good a prospect perfunctory, and useless. The Chainman threw security have you for the fulfilment ofthe promise? of developing, extensive and rich gold-mines as my face once, when I asked him what this

it in According to the report we are'"" promised | "either miner or mining adventurer can wish for," Company was started for," do you expect it was un early settlement, and your directors will (Me Becher, shook his head, saying," Not as to mine 200 square miles ?!!. No, I certainly do'f!

The Chairman It has been received; but continue to use every effort to obtain für rich #gold mine, but, as rick a prospect,).That not, but I do expect you to mind the; small not then. Surely there is some reference to (Applause). I am certain that they should try to in Mr. Bocher's opinion in 1889, 21, months agą, portions you, started out to mlac. You never thought tolala mudi alc id hangg get hold of some responsible person!" Mr. Becher Listen to him today, ip, commences by try-you do nothing you issue. Lowery but, Mrs Fraspt Smithesisës simetrinity Le says--"It is perhaps the greatest misfortune espressing regret that his plans have been less misleading reports to the shareholders here and The Chalinin in there tone? The monity. this unlucky ming (jelio) has ever suffärer " that fally accompitted, and the results not no matus: elsewhere, telling us we shall have a working must have been received sides the accounts were (Bar our finances should be hampered" for want of factory that the return of gold has been meagre mine in a few months, and handsome returns made op fréférence toni Wah hech sminga'it (já, 37, money to me the pumps, which are now in and so on. Undoubtedly, that, needn't take a and then at the eleventh hour, when the shares will be satisfactory to hear that 1l Hall been deild. Chantery | (laughter.). We got pamps out to the quarter of a minute to tell us. After promising are at $35 and bundiedui have's legitimately I am sorry if theis has been my omil mine if there be such a thing there as a mine to give, us, as working, mine inside of six bought them, in good faith, at $50, you; are: certainly thought tibië wke some romark 18

so why stop working ? why boybett out awg mhensha he now fellous that Il appears! compelled to-admis shat, the new Company is | the statement;

Mr. Frask Smith 13 it in the accost The Chairman-No, because it has not paid to or garo ini salah mad

Mr. Frater-Smith understood you it had been received,

TVMe LoggaAs one who has taken-very- which agreed jo so that this considérable intrest in this Company, not in

st, refunded as much aỀ.

matter of course, they, might

spicit of opposlton, but for the Company's benefit, I beg ja/propose if any of the expenses. Mr. Wilers recorded!

sfan of the ming Mr. Frasers fith-beg to propose as an

back to the tat amendmantibue the following pingtips the left" was really nonregistered out "Mr. Hi, My Bechuzhelmed from London February,fallowing so that you to Singapore to aliomlidle.of July anil has since money for six months, that you been to the mines, of which he has inde a full o expect; it will be simply thrown

Heremained several weeks at Pinjom

ive Even after the section cusurarfangements in niteration:

ta, lze you anything towards the of the retail wade proginlinie of operati cfperace so that you should look on it as a debt ontogenlandthelivansfer of the Jalia' Walch is all for your benefits. As to what I did after which he visited Sungle Dus and inspected in London further I sin not going to answer any alizike workings at that concetto