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THE HONGKONG WEEKLY PRESS AND
[April 3, 1895.
Cyanide Works-The erection of these is be- ing pushed on with all possible speed. Already four of the vats are put together and in position, and another month will see this work well advanced.
which has been in your hands some days, as read and south reef has been driven 10 feet 6 inches Milling. This was carried on during 28 days, When addressing you last year I mentioned on a strong body of ore, but I regret to say this or allowing for lost time consequent on bid shoes that I hoped the accounts of this year would be point does not show any signs of improvement. and repairs 24 days with full battery, crushing more satisfactory than those we were then able Total length from No. 2 East crosscut 104 feet. 1,000 tons of ore from the mine (no * headings to present to you, and that indications in this Intermediate (140 feet) level. The No. 1 have been crushed this month) for 457 ounces direction were not altogether wanting. I am crosscut has been extended a further distance of 7 dwts of melted gold. Happy to say that our hopes have not been mis. 36 feet and has intersected the leader referred placed and that the results of the working show a to in my report for January. The ore where distinct improvement on those of the three pre-passed through, although promising looking, is coding years. The demand for Spain, which, as not payable. Total length of this crosscut from you are aware, is our chief consuming market, | August shaft is 183 feet. continued steady at fairly remunerative prices during the year, and I am happy to say that it has continued into this year. I do not know that there is anything that I can usefully add to these remarks, but before moving the adoption of the report and accounts I readily record the ap- preciation felt by the Consulting Committee and the General Agents of the efforts made by the Manila agents and staff on behalf of the Company. I shall be glad to answer any questions that shareholders may wish to ask before I move the adoption of the report and accounts.
Hon. E. T BELILIOS—Mr. Chairman, would you kindly inform me whether or not the accounts have been audited in Manila; if not I believe they should be so audited, because all the vouchers and facilities are in Manila.
The CHAIRMAN-The accounts are audited in Hongkong, as you are aware, but the system followed is this: the Manila agents send over a complete journal certified as correct by them. selves. From that journal we write up a ledger, which consequently becomes practically a copy of the Manila ledger. The vouchers are, of course, in Manila, but it is not considered necessary to have them here for the purpose of andit, which we supposed that the possession of the journal rendered unnecessary. The Manila agents' at- tention, however, will be called to the question addressed to me by Mr. Belilios, and the matter will receive attention.
Hon. E. R. BELILIOS-It seems to me, Mr. Chairman, that a certificate of that kind should be signed by an independent gentleman or an ao countant, If we have not got such an accountant an independent certificate might be sent down from Manila.
The CHAIRMAN-If it is the wish of share holders the Manila agents will be asked to have the sugar stooks verified, and the certificate sent over of what the stooks are, and any informa tion that may meet the views of shareholders as expressed by Mr. Belilios.
Hon. E. R. BELILIOS-Do you wish me to formulate these views in a resolution?
The CHAIRMAN-If you so desire it, but should think the Manils agents will be too glad to meet the views of the shareholders, and I do not think it will be necessary to put your views in the form of a resolution. I am quite sure that the Manila agents will read the account of this meeting and the enquiry made by yourself, and they will be very pleased to meet the wishes of
the sbarebolders in every respect.
Hon. E. R. BELILIOS-Thank you, Mr. Chair man. I am perfectly satisfied. I have now very much pleasure in seconding the adoption of the report.
Carried.
It was proposed by Mr. SHARP and seconded by Mr. TAYLOR that Mr. D. Gillies and Mr. J. H. Lewis be re-elected the Consulting Com mittee.
Carried. Mr. Cox proposed the re-election of Mr Thomas Arnold as auditor for the Company Mr. CRUICKSHANK seconded the motion, which
was carried.
The CHAIRMAN-That o.ncludes the business
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The south drive on the course of the reef has been extended 19 feet 6 inches, the ore passed through being of medium quality. This point is now under the winze being sunk below- the 110 feet level and will be discontinued till the connection is made and better ventilation seonred.
The east crosscut at this level has been driven a further distance of 9 feet, and as it did not show anything of value, work there was stopped in the early part of the month. Total length of this crossont is 69 feet.
The drive on Phillips' leader has been ex tendled 31 feet 6 inches on ore of low grade. Total length of drive is 63 feet 6 inches. Stop- ing on this leader has been carried on on ore slightly better than that obtained in driving. I look for further improvement as the stopes are carried south.
The water-wheel is in position and will bè fit for duty by the time the other portions of the work are completed.
General. All work coming under this head has had the usual attention. The Manick road is being extended some hundreds of yards to enable us to get at new ground for firewood, and other timber during the dry weather and befor the next monsoon sets in..
Labour.This is without change. Health-Is fairly good.
THE STRATIS INSURANCE COM- PANY, LIMITED,
The annual meeting of the Straits Insurance Co., Limited, was held at Singapore on the 21st March, when the report and accounts were an.
110 Foot Level:-The south-east crossout atanimously adopted.. this level has been farther extended 19 feet, and is now in dyke country. It has passed through the true course of the north and south reef, and consequently work there has been discontinued for the present. Tofal length 257 feet 6 inches. The winze on the course of the north and south reef has been sunk 10 feet through rather broken reef matter; the ore, however, is fit for thò mill.
The crosscut to go out to the Mill Gully reef has been driven 9 feet, but owing to its having reached a rather heavy body of water 1 have discontinued the work there till it becomes drained. A winze in the bottom of this crosscut has now been commenced to go down on the course of the No. 4 leader.
Upper Stopes. These continue to give large quantities of fair grade ore for the mill, but I need not remind you here that our reserves at this point are becoming very small.
Mill Gully Tunnel.-This point has again received special attention, and fair progress
been made. The south drive on the course
The CHAIRMAN, Mr. T. Bogaardt, in the course of his speech, said I would willingly avoid reference to the agitation originated in London with objects other than to serve share. holders' interests, and which has been carried on in Shanghai with a view to the liquidation of the Company, but it may be as well that shareholders should have the issue plainly put before them. These agitators tell you that the intrinsic value of your shares is greater than the market value. Has it taken all these years to discover this If they had attended our meetings, or read our reports; or studied our balance sheets, the discovery would have been made long ago. Are there many solvent dividend-earning companies of which the same cannot be said? I think not, and, wuch nearer Shanghai than we are, there are companies as to whose shares the discrepancy between the market value and the intrinsic
value is from five to ten times a great as in action put forward by the agitators is the state- this Company. The only other reason for their of the reef has been extended 24 feet ment that they have no confidence in the directors and no confidence in the manage- through old workings and blocks of reef
Now the best an- left by the old workers. The ore obtained ment of the Company. although poor has paid the mill, and this applies swer to this gratuitous opinion is the sta- to the stopes over this drive. Ore mined and tistical statement on the back of the report. In milled from this point is 148 tons. The north a colony such as this there must be frequent drive has been extended 69 feet, and is now in changes in the directorate, but there are di 124 feet from the main tunnel; there is no bers for several years. The executive manage- rectors now on the Board who have been mem- change to report here. I am offering special inducements for progress, so as to get up under ment has been in the bands of the same gentle. the Kladi tunnel as quickly as possible. We man for three years past (practically for four have about 220 feet further to go, but I think years past) and the results are before you. I beg to move that the report and balance sheet we shall accomplish this in two months.
as printed be approved and a dividend of Kladi Tunnel.-Two winzes to go down on the 10 per cent. to shareholdere be declared. Before course of the ore passed through when driving formally putting the motion to the meeting I this tunnel some months ago, have been com- shall be glad to answer any questions and to give euced, and I am pleased to say the No. 1 winze any further information which may be asked in here, although only a few inches wide in places shows very encouraging prospects. The reef regard to the accounts.
where first seen, has now opened out to fully two feet, and is of very fair quality indeed. After our disappointment at Mill Gully I do not care, however, to say very much just yet. We are now down 35 feet below the floor of the tunnel, or 90 feet from surface, and have carried
of the meeting, gentlemen, and I am much good payable ore almost the entire depth of the obliged to you for your attendance. The divi-inze, and this point never looked better than it does to-day: The No. 2 winze will junction with dend warrants will be ready to-morrow.
the No 1 at above the level of the Mill Gully tunnel.
THE PUNJOM MINING CO., LIMITED, The following is the report of the Manager for February
have
The No. 1 North Kladi tunnel has been driven a further distance of 87 feet 6 inches, making its entire length 185 feet from its mouth; and as it does not show any signs of the reef Mining August Shaft 200 feet level.-The discontinued work there till we see further deve No. 1 crosscut has connected with the southlopment at the Mill Gully and Kladi tunnel. drive on the course of the north and south reef. Distance driven 10 feet 6 inches.. Total length 62 feet.
The No. 2 orossout is still in good looking dountry and letting out water very freely, Distance driven 35 feet. Total length from No.
crosscnt 203 fest.
I may remark here that many small drives and winses have been made in carrying on the wurk, which can hardly find a place in a report.
The total ground driven and sunk for tho month is 700 feet 9 inches, and the number of tons mined is 860, of which about 700 tons were got by atoping in the upper stopes, 140 feet
The south drive on the course of (the northlevel, and Mill Gully tunnel.
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THE YANGTSZE INSURANCE ASSOCIATION, LIMITED.
The following is the report for presentation to the fifth ordinary general meeting of share- holders, to be held at the offices of the Associa tion, No. 26, the Band, Shanghai, on Monday,' the 8th April ;
The directors have now the pleasure to submit to tho shareholders the annual report and audited statement of accounts and balance sheet to the 31st December, 1891.
WORKING ACCOUNT, 1893, AND FORMER YEARS, This account shows a balance of $120,594.18 at credit. As it is running off so satisfactorily, the directors recommend the payment of a special divi- dend to shareholders of 5 per cent. ($3 per share), thus absorbing $23,844, leaving a balance of $09,759.18 to be carried forward.
WORKING ACCOUNT, 1894. The net premis earned, after deducting ro insurances, returns, &c., amount to $401,821.45. The business done by the Association's head office and principal eastern agencies has continued to increase steadily, the result being a balance of $328,695.22 at credit of working account, 1894. The above results
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