May 1, 1895.1
unauthorised action on the part of the Hoppo's, subordinates."
The foregoing remarks deal only with tes, but other articles such as cassia, rattans, feathers, bristles, &c., which are largely dealt in, have also been diverted from steamers to native junks owing to the existence of preferential duties | which continue to be granted.
CHINA OVERLAND TRADE REPORT. The results of the past year's working as estimated in the report looked upon
may, I think, be the accounts are so clearly stated that they as altogether favourable, aud really require little explanation. I trust they will be accepted by you as generally satisfactory, especially in view of the fact that this is the first occasion since the year 1889 that the posi- The Imperial Government has on more than tion of affairs has enabled the directors to re- one occasion prohibited the granting of these commend an addition to the reserve fund, the preferential duties, and though the local | building up of which is so important and essential suthorities for a time respected its mandates, to the progress and prosperity of the company. these were after a while invariably disregarded. Before putting the first resolution to the meet. The subject of preferential duties is so ex-ing for the adoption of the report and balance haustively dealt with in the accompanying cor. sheet I shall be happy to answer any questions respondence, to which I beg to ask your kind you may have to ask with reference to them. attention, that it seems unnecessary to trouble There being no questions, you with any lengthy discussion, as I venture to think a reference to the correspondence will tend to strengthen the opinion your Excellency seems to have already formed of the importance of a question having a direct bearing on so large a volume of the trade of the colony.
I am glad to notice that you consider the pre- sont crisis will probably present a favourable opportunity to press the matter home.-I bave, ko.,
J. J. KESWICK, Chairman. To His Excellency Sir William Robinsou,
K.C.M.G., &e., &c., &c.
THE NEW PORTS.
According to reliable native information a change in the places to be opened to foreign trade has been made. These places are to be Hangchow, in bekiang, Wachow, in Kwangai, Shaking, in Kwangtung. Kaifong, in Horan, and Chungking, in Szechuen, the opening of the latter not being satisfactory to the Japanese, they insisting upon further privileges.
It is further stated that China will have to
pay Japan annually the sum of Tls. 500,000 to defray the expense of maintaining a Japanese garrison at Weihai, which payment and ocon- pation is to continue for six years.-Mercury.
|NORTH-CHINA INSURANCE COMPANY, LIMITED.
On the 23rd April the third ordinary general meeting of the shareholders was held at Shan ghai. Mr. E, H. Lavers (Chairman) presided
The Chairman proposed that the report and accounts, as now presented, be adopted and passed.
Mr. A. R. Hearn seconded and the resolution was carried unanimously.
Proposed by Mr. E. H. Lavers, and seconded
331 value, work there has been discontinued. Dis- tance sunk and driven 41 feet 6 inches.
course of this reef has been extended 11 feet 6 Mill Gully Tunnel. The south drive on the inches, and has been stopped for the present. I hope to resume work at this point again shortly; however. Exceptionally good progress has been made in driving north, the coutractor having completed the 100 feet and earned the bonus offered.
little air shaft, and is now well ventilated. We This point has connected with the should connect with the deep workings at the Kladi Tunnel within the next fortnight, when all ore raised there will be brought to the mill through this tunnel. I need not tell you that this will completely drain the Kladi workings at their lowest level.
deal of attention, and good progress is being Kladi Tunnel.-This point is receiving a good
ling 226 feet. The reef here continues to give made, the total distance driven and sunk equal-
by Mr. W. Brand, it was agreed that the follow-drivages which can hardly find a place in this improvement. Of course there are many small fair grade ore, and looks most promising for
ing distribution of profits for the year 1894 be report. Total drivage for the mouth 754 feet 3 now declared:-Interest at the rate of 10 per inches. The quantity of ore mined is 934 tons, cent. upon the paid-up capital, payable in Shang-made up as follows:- hai at the exchanze of 3s. Otd. per tael; a bonus of 15 per cent ou contributory premia; and an addition of Tis. 50,000 to the reserve fund.
Mr. E. H. Lavers proposed, Mr. A. McLeod seconded, and it was agreed nem, con,, that the directors be and are hereby authorised to close up the accounts of the year 1894, as soon as they find it expedient to do so, and that the balance of profit (if any) be applied in such manner as the Court of Directors may deem conducive to the interests of the company.
It was resolved, upon the motion of Mr. E.
Jeuner Hogg, seconded by Mr. R. M. Campbell; that Messrs Brand, Davis, Hearn, Holliday, Lavers, Little, McLeod, and Welch be elected
directors of the company for the ensuing year, and that their remuneration be Tls. 6,000.
Mr. J. M. Young proposed and Mr. Yeend Duer seconded the re-election of Mr. Aug. White as auditor.
For the vacancy occasioned by the retirement of Mr. Barman there were two candidates, Mr. F. H. Bell, proposed by Mr. Yeend Duer and seconded by Mr. F. H. Haskell, and Mr. C. W. Wrightson, proposed by Mr. Heath and seconded by Mr. Kenny. Upon a ballot Mr. Aug. White and Mr. Bell were elected.
The proceedings then terminated.-N.C.Daily News.
PUNJOM MINING CO., LIMITED.
The following is the Manager's report for March, 1895:-
August Shaft 200 feet Level. -Good pro- gress has again been made in extending the No. 2 Crosscut, 33 feet 6 inches having been driven, making its total length 241 feet. still in good looking country, and letting out The face is water freely.
The Chairman said-Gentlemen, the direc- tors' report and balance sheet for the year ended 31st December last have been in your possession for some time, and doubtless have received that attention at your hands which they call for, and with your permission we will take them as read. I have a few remarks to make as to various items in the statement of accounts, which,| however, will not, I think, detain the meeting for any great length of time. First of all, it is gratifying to note a substantial increase in our not premia of nearly Tls. 155 000 over that of the preceding year. This is in a measure due to the lower book rate of exchange at which sterling premiums have been converted, and is also attributable to the additional premium received for war risks, which have, as yet, been a profitable source of income to the company, and have likewise to a certain extent compensated for the depression in business and disturbance of trade, brought about by the hostilities existing between China and Japan during the last half of the year. In the second place. I would point out a satisfactory in- crease in our interest account amounting to Tls 5,300, and at credit of exchange account Tls. 36,648.79, being in excess of last year Tls. 22,657, but the latter is as you are aware only a book account, and entries are affected on the other side of the working account increasing the tael amounts of expenses and losses, but in the sggregate these compare favourably with pre. ceding years, having due regard to the increased revenue and business transacted. I must here, however allude to the London charges, which 110 Feet Level. The winze we were sink. look extremely heavy as regards the taeling on the course of the north and south reef amount, Tls. 67,848,85. I may mention that at date of my last report has, as before men- the difference between this year and last arises tioned, connected with the intermediate level. principally in exchange, the rate taken in 1893 Upper Stopes.-These have given a large being 48. and this year at 3s. 4d. for the conver quantity of low grade ore for the mill. The sion of sterling into tsels. The sterling expendrives and stopes south of the August shaft diture in London and Manchester for 1894 was in reality about £550 less than the previous year, and further reductions are now pending and will be shown in the accourts for 1895,
Upper Stopes August Shaft South of August Shaft Mill Gully
Kladi Tunnel.
...
500 tops. 119 $3
.235
"
>
10 cwt. 10
| Milling.This was carried on during 28 days, orushing 1,360 tons, yielding 450 ounces 6 dwts, viz, 960 tons from the mines for 416 ounces dwts., and 400 tons of headings for 40 ounces of smelted gold.
Cyanide Works.-Thanks to the fine weather with the erection of this. There is still much we are having, good progress is now being made to be done, however, but the end of April should see the plant nearly, if not quite, ready for starting.
General.The usual attention is being given to all work coming under this head. We have now two large gangs of coolies road making, so as to get in our supplies of firewood, etc., before the next monsoon, and a further gang is clearing a track to Bapong, where we have put up the the cyanide plant. necessary appliances for lime burning to supply
of the camp continues fairly good.
Labour. This is fairly plentiful. The health
RAUB.
The following is the Mining Manager's report for the four weeks ending the 12th April, 1895:-
Raub Hole Section. Main Engine Shaft No. 1 Level. The crosscut going west to cut the original workings is now in 60 feet. The face is still in har blasting slate, but it shows signs of approaching the old workings. This is the only work being done at this level.
Intermediate Level.-We are still stoping on the lode at this level, but the lode which has pinched small does not show so much gold. It will not take long to finish working out these
No. 2 Level. The main drive going south is now in 218 feet from the crosscut. in the face is hard blasting ground; the lode is The ground from 3 to 6 inches wide, but shows no gold. We have about 50 feet still to drive to meet the level coming north from the No. 2 shaft.
Intermediate 140 feet Level. The drive on Phillips' leader has been extended 7 feet 6 inches, and connected with the east crosscut.stopes.
The east drive to connect with the wiuze being sunk at date of my last report below the 110 fest level has been extended 9 feet, and the connection made. Stoping will now be com- menced there. Two winzes have been com. menced in the bottom of this level to open up stoping ground, and should connect with the 200 feet level within the coming month. sunk, No. 1 winae 28 feet, No. 2 winze 15 feet Depth 3 inches. The stopes over this level are now giving fairly good ore for the mill, as is also the No. 1 winze. The winze on No. 4 leader at the 110 feet level has connected with the drive put out to meet it, and men are now engaged stoping. The ore, so far, is poor, but I have reasons for expecting an improvement soon. Depth sunk 35 feet.
continue to yield ore of very fair quality. Total drivage at this point 202 feet. The operations we were carrying on to the west of the big outcrop of quartz failing to find any thing of
No. 2 Shaft South.-At the date of my last report we had just commenced to sink this shaft. Since then a recess has been out, and a tank fixed to take up the water from the level. The steam-pump taking the water from this tank, a draw-lift has been fixed in the shaft to pump the water into the tank. The draw-lift is worked from the main rod of the steam pump. shaft is now down 18 feet below the level. 15 feet has been sunk and 3 feet timbered, be- sides cutting recess for tank and fixing the pump. Good progress should now be made as everything is in order. The ground in the bottom of the shaft is hard diorite, but it blasts fairly well.
The
Main Drive North. This is now in 113 feet from the crosscut. The lode in the face is 2 feet wide in the bottom and one foot wide in the top of the drive and carries a little gold. I am sanguine that in the next level the lode will open out and make continuous instead of a narrow chute as hitherto.
Stopes.-There are four stopes at work south
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