August 21, 1895.]
work done by the staff. Our Secretary, Mr. Gillies, was granted a year's holiday, and left us in May last; to fill the temporary vacancy thus caused we have appointed Mr. R. Cooke Acting General Manager, and, in order that Mr. Cooke should be relieved of most of the clerical work and have more time to devote to the management of our business, we have appointed Mr. T. Ï. Rose Acting Secretary. Before proposing the adop. tion of the report and the passing of the accounts I shall be happy to answer to the best of my ability any questions that you may desire to ask.
|
CHINA OVERLAND TRADE REPORT.
such a very satisfactory statement. In regard to the dividend it must be the opinion of all the shareholders having the real prosperity of the Company at heart that fancy dividends should not be paid, but we must be content with a fair divi. dend until things look better and the Company's position improves.
Carried.
The CHAIRMAN-That concludes the business of the meeting and I thank you for your atten. dance. Dividend warrants will be ready to morrow morning.
THE NATIONAL BANK OF CHINA LIMITED
The following is the report of the directors to the shareholders for the half year ending 29th June, 1895:-
145
of continuing. The average width for the whole distance is 15 to 16 feet, the whole of which is being sent to the mills for crushing. There is no change to report in the prospects.
Engine Shaft.-This is now suuk 64 feet below the 146 feet level. The ground is still black slate and is getting harder. The water continues about the same. The new 10" inoh pump for this shaft has arrived, but no pipes have yet come.
Mr. GEORG-I have listened with very great interest to the exposé of the financial position of the Company. I think every shareholder ought. to be very well satisfied with the statements made and very pleased that the Company is in a sound and good position. At the same time the dividend which it is proposed to pay at the present moment is only 7 per cent. In view of the good business which I believe is in the hands of the Company the directors might, I think, recommend a higher dividend when we meet here again. I have been looking up the reports since 1882 and I find that since that time $1,500,000 has been written off property year, makes a total of $40,501.16 undivided profit to be and I think is a split in the lode. As this is
Limited.
To the Shareholders of the National Bank of China, Gentlemen, We have the pleasure to submit to you the interim accounts for the six months euding 29th June last.
The profit earned so far amounts to $30,434:12, which, with $10,067.04 brought forward from the previous half
carriod forward.
The accounts at the head office have been audited by Messrs. J. H. Cox and W. Hutton Potts and in London be Messrs. Deloitte, Dever & Grilths, chartere i ac countants.-Your obedient servant,
Chairman.
Hongkong, 7th August, 1895.
HERM STOLTERFOHT,
BALANCE SHEET, 29TH JUNE, 1895. LIABILITIES,
of £1 each (at par of 3s.) Capital, partly paid, £327,001 (at par of
38.)..
Reserve fund
.........
Notes in circulation.. On drafts, acceptances and endorsements Fixed deposits, current and other accounts
(bills re-discounted). Balance of profit and loss account
and plant; and when the writings off as recom. mended in this report have been effected our property will stand at the very low figure of $1,400,000. That amount is far below the real value The item, sundry creditors, has been re- duced by $200,000 during the half year, and with a rin of ordinary good luck we might see this account disappear altogether. a higher dividend paid, and a reserve fund started to form the Capital 750 fully paid founders shares. nucleus of a fund should it be necessary to in- crease our establishment by the erection of a new Admiralty dock, abcut which the Company has been approached by the authorities. I only hope that at the end of the next half year we shall have another good report and a higher dividend. Naturally good reports create a do- mand for shares, which have gone up to 110 and 111 per cent. premium. Amongst the number of investors there is ever-growing class of small investors who, owing to the high dollar value of the present Cash on hand and at Bankers shares, cannot afford to invest in a market-Government securities belonging to the able quantity. On their behalf I would submit to the directors the propriety of subdividing the present shares of each $125 paid up into fve shares of 825 paid up. The new share would at the present rate be worth over $50 and would be within easy reach of small inves. tors. This is not the place or time to make that effect, and a formal proposition to I do not press for an immediate expression of opinion, but I hope the directors at the next meeting of the Board will take my remarks into their favourable consideration, and if they agree with the propriety of sub-dividing the shares to take the necessary steps at once.
an
Bank
ASSETS.
Bills receivable, loans and advances Furniture, stationery and stamps Adjusting account (exchange and interest)
C.
|
Western Lode.-Work in the stopes botween the north and south winzes is being carried on as usual. Very good gold is being got from these stopes, which are turning out a fair quantity of crushing stuff. I have stopped the stopes north of the north winze as I do not think them worth working. A crosscut has been driven 45 feet east from the sonth air shaft to intersect the south end of the the south air shaft; 25 feet has been driven on a stopes. We have also opened a drive south near make of stone about 3 feet wide which shows good gold in breaking. This is a distinct body of ore from what we are working in the stopes | · between the two shafts. It appears to be a con. tinnation of the lode worked in the level abovs3
going south into new country it may develop something of importance; in any case it will add largely to our reserves of ore in this section. Taking this section of the mine all through it is looking remarkably well at present. The ground is easy and inexpensive to work; the water gives very little trouble. As soon as I finish sinking the Raub Hole and Bukit Koman shafts it is my intention to sink this shaft 100 feet deeper, as I consider the prospects fully warrant my doing so.
$
5,000.00
2,180,006.66
Battery-This has been kept going full time 50,000.00 since the last clean up, and has worked in all 717 A rough clean up 2,587,256.62 hours crushing 1,145 tons.
took place on Monday, the 5th inst.; the above 1,494,092,57 number of tons yielding 1.550 oz. amalgam. 40,501.16 Crushing was resumed again the same afternoon
and the mill has run full time since. $6,826,957.01
470,100.00
Machinery. This is all in first class order. $ 0.
Railway. The whole of the formation includ- 996,939.72 ing bridges and culverts will be finished to the present section (" Bukit Malacca") by the end of 39,000.00 the end of this week. About three-quarters of a 5,377,717.58 mile of the track has been ballasted and the rails 37,621.92 laid for about half a mile. As we have no more 375,677.79 rails to continue the work I have had to discharge $6,826,957.01 half of the coolies. Had we the material. the whole of the line would hays been PROFIT AND Loss AccoUNT, 20TH JUNE, 1895. completed by the
of end
the present Dr.
$ 0. month. The whole delay in getting up 60,577.81 the materials is at Pekan. We have Charges, salaries, directors' fees, &c.. Balance to be carried forwark to next ac-
no trouble in getting stuff from Lebok Tuoh 10,501.16
here, although by far the most difficult part of $101,079.00 the journey, the boats having to be hauled over waterfalls by blocks and tackle. The Bilat river $ C. is very low just now owing to the dry weather 10,067.04
we are having, which makes the work of getting up the material more difficult. This delay will 91,011.96
add considerably to the cost of the work Most $101,079.00 of the coolies are at present employed trimming up banks and finishing the work as far as pos- sible.
count....
Cr.
Balance brought forward from last half-year Gross earnings for half-year ending 29th
June, 1895
RAUB.
The Mining Manager's report for the four' weeks ending the 8th August, 1895, is as follows:
The CHAIRMAN-In reply to Mr. Georg I would remind him that the writings off have been very carefully considered. The property is still at a very high price and the one thing we must bear in mind is the possibility of opposition. We believe ourselves that we have written the property down to a safe value; if opposition came we might have to ask the shareholders to write it down still further. The property as docks and workshops is worth a great deal more than it stands at in our books, but if we had opposition we should be in a very different Raub Hole No. 2 Shaft. This is now sunk position. With regard to the dividend, at preto a depth of 83 feet below the 120 feet level. sent we do not feel justified in recommend. The ground is a little better for sinking, but the ing a higher rate. It is impossible to say water has increased, and the pump has all it what we shall be able to do at our next meeting, can do to keep it out. A good deal of time has and everything depends on the results of our been lost through this cause, and, should the half yearly working. At present I am glad to water increase, we shall not be able to sink record that July has been a very fair month and deeper until the large pump now on the way up there seems to be good work coming to us If river arrives. we only get what we hope and expect, we will be able to pay a higher dividend at our next meet-work is not pushed on in them at present as we ing. (Applause.) Mr. Georg's remarks, about sub-dividing the shares have our atten tion and they will be carefully considered. As regards the new Admiralty Dook, abont which there are various rumours, I would men- tion that nothing but preliminary negotiations have so far passed-nothing that we could in any: way convey to shareholders at present. If there are no more questions to be asked I propose the adoption of the report and passing of the' accounts.
Mr. SHARP-I have much pleasure in second- ing that. I think every shareholder must con- gratulate the Board upon being able to produce
There is no change to report in the stopes; have plenty of crushing stuff independent of them to keep the mills fully employed, so only a limited quantity of crushing stuff has been sent to the battery from here. The stopes north of the winze on the ore chutes above the 120 ft. level are practically worked out; but there is still a good deal of ground to take out south of the winze which shows good gold. There is no other work being done in this section.
Bukit Koman-The work of extending the stopes is being steadily pushed on, and still shows the same favourable developments. These stopes are now considerably over 300 ft. long from the north to the south faces, with every appearance
WM. BIBBY.
THE GYMKHANA MEETING. There were serious doubts whether the post- poned third Gymkhama Meeting would be held on Saturday, for heavy clouds hung over the colony and looked very threatening. Fortu- nately the rain did not come and there was a The very good attendance at the Happy Valley. meeting was very successful, but rather slow, the delay being so great that before the last race was run the golden tint in the western sky was fading; in other words it was getting dark. The best race without doubt was the third one, and a splendid finish was witnessed. In the straight it looked as if the winner would be either War- lock or Daylight, but fifty yards from the win- ning post Glenties and Chesal sprang forward| and the former won by about a quarter of a neck. The following were the officials-
Committee:-Capt. Goold-Adams, A., Mr. R. Alexander, Mr. T. F. Hough, Licut.-Col. Barrow, 11.K.R., Hon. J. J. Boll-Irving, Mr. Hart Buck, Lord Chas. Conyngham, RB, Mr. W. A. Cruickshank, Capt. Gordon, R.A, Mr. R. M. Gray, Capt. Loveband, A.D.C., Mr. A. 8. Manners, Mr. G. C. C. Master, Lieut-Col: The O'Gorman, D.A.A.G., Mr. C. S. Taylor, R.A., Commander W, F, Tunnard, RN,
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