September 26, 1895.]
not know what the intentions of the Direc- tors are, whether they consent to the General | Managers having such high commissions, but if they do consent, well and good; but the share- holders have something to say, and I say
if we cannot do anything at this meeting let us call a special meeting and know the exact position. If it is correct that the General Managers have got $60,000 commissions and $10,000 office expenses, making $70,000 altogether, it is to my idea something abominable and obnoxions, and I appeal to the shareholders to support
me.
I
CHINA OVERLAND TRADE REPORT.
Mr. MORRIS-I should have liked to see the plans.
The CHAIRMAN-Yes, I am very sorry they are are not here just now. They would not have afforded much information to the general body of shareholders, but I know you would understand them perfectly. We had to build a new steamer at once, in case of emergency, and we had for our guidance the opinions of all the captains who had been on that run, and we had to do the best we could
Mr. MORRIS-Yes, but what I mean is that I could get steamers three times that size on the same draught as this for almost the same money.
The CHAIRMAN But there is the length of the ship to consider.
Mr. MORRIS-Well, I have asked a question whether the Consulting Committee consented to this. The question has not been answered en- tirely, to my satisfaction.
Mr. MORRIS-Then you did not communicate with them by wire?
The CHAIRMAN We informed them by wire what arrangements we made, and they approved. I was considering the interests of
Mr. D. E. BROWN-Mr. Chairman and gen- tlemen, I think the majority of shareholders will side with the General Manager in his claim that it is unwise and would be detrimental to the Company's interests to give possible competitors this information as to the revenue-earning powers of the Company. I think they should be satisfied with the handsome dividend they have got, and not weaken the hands of the General
The CHAIRMAN—It has not been usual, un-. Manager. It is possibly within their province, less time has permitted-and in this instance and they may consider it advisable, if asked, to give time did not permit-to refer matters of work- some details as to the cost of running the Coming detail to them in advance. pany's business during the past twelve months; but I think it is certainly inadvisable to publish the information for which Mr. Mendel asks. myself am not in favour of giving it. Now that I am on my feet, there is one little item I was going to mention I notice it has been mentioned by the General Manager that is, the amount required towards the reconstruction of the Com- pany's wharf here. May I ask the General Manager what amount of money it is supposed will be required for that, and also may I ask whether the Government has paid the Company the $14,000 which I see mentioned in last year's report as being due in February? If it has been paid, I suppose it is among the money shown as cash in hand. I merely notice the absence of the item in this year's report, that is all. And while I am on my feet I think I may as well-I can with a great deal of pleasure-move a resolution that the accounts as read be passed, and I also move at the same time a motion congratulating the General Managers on the successful result of the year's work.
Mr. A. G. MORRIS-Before you put the motion, Mr. Chairman, I would like to ask about this new steamer in place of the Fokien- what is to be the carrying capacity, deadweight capacity that is, of the new boat?
The CHAIRMAN She has been built for a special trade, requiring light draught, and the plans are on the extreme dimensions possible for her requirements. She carries 700 tons deadweight, including bunkers.
Mr. MORRIS That is 12,000 piculs? Then you say in the report here, with reference to the Fokien," she is too small for our present re- quirements." She carried 8,000 piculs net.
The CHAIRMAN-But on what draught? Mr. MORRIS-I know nothing about the difference in draught; that is not my point. I understand 8,000 piculs was too small, and the one you are now building is only 12,000 piculs, including bunkers. Can you tell us what the bunkers will be?
The CHAIRMEN -Bunkers, 100 tons. Mr. MORRIS-Very well, then the new ship has а net deadweight capacity of a litte over 10,000 pieuls left, say. Well, I believe that for a steamer of only 10,000 piculs, to pay £25,000 means a most excessive sum to pay, and I should very much like to know if the Consulting Committee con- sented to pay such an enormous sum for it. You may say what you like about light draught, but I know light draught boats nearly three times this size that have been built for the Tientsin river at very much, the same cost as this. I should like to know if the Consulting Committee gave their consent before this was lone.
The CHAIRMAN—The Consulting Committee confirmed the contract for the steamer. Tenders were invited from home for a ship to be built according to the plans---I am sorry I have not the plans here to show you just now; they liave been sent away but tenders were received from a large number of builders, and this was chosen for acceptance as being the most satisfactory. It was not exactly the lowest, but it was accom- panied by certain guarantees, which many of the builders would not give, as to the ship ful- filling our requirements.
Mr. MORRIS-Yes, I know but the articles of association say that you must consult the Committee.
The CHAIRMAN-If we have not consulted
them enough, it is for the Consulting Com "mittee to raise objection rather than shareholders. The whole thing has been approved and con- firmed by the Committee, and I trust that when the steamer arrives they will find it satisfactory.
Mr. MORRIS And I hope the shareholders also will be satisfied. The Consulting Com- mittee represent the shareholders, and it is to the Consulting Committee that the shareholders look for the protection of their interests.
The CHAIRMAN-Not to the General Man- agers as well?
Mr. MORBIS-Yes, to the General Managers as well, but first of all to the Consulting Com- mittee.
The CHAIRMAN Well, I shall be very glad to show you the plans when I have them, or give you any information you like, but meantime I must beg to remind you that the question be- fore the meeting is the adoption of the report and accounts.
Mr. MORRIS-Yes, but that comes in under your report, and I have a perfect right to ask about it before passing the accounts, and I do not think it is necessary to get annoyed about it. (The CHAIRMAN-Quite the reverse.) When I can see your plans for this steamer, I shall show you plans of other steamors two or three times its size and same draught, all for the
same money..
;
The CHAIRMAN-But she has to meet the requirements of a special trade.
Mr. MORRIS-So are the Tientsin steamers for a special trade.
The CHAIRMAN-But not the same length. Well, are there any more questions, gentlemen If not, I will proceed with the resolution.
Mr. MENDEL-I object to the motion being put yet. I agree with what Mr. Morris says. I do not think the answers sufficient, and I do not agree with Mr. Brown about not giving information, and I am very sorry that we can- not get to know the amount of the General Managers commission to-day, and I think that if we cannot get it to-day we must have a special meeting,
The CHAIRMAN Well, gentlemen, it is quite outside the scope of an ordinary general meet- ing, and so I cannot give it now; but I am quite prepared to give the information in private, it you will nominate a committee of shareholders or appoint my number from among yourselves that may be approved by the Consulting Com- mittee. But I think it would be detrimental to your interests to give it now, or in any way to let it become public for the use of our com- petitors. If you are still not satisfied with my decision, you can decline to pass the report and accounts.
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237
to reserve fund I should say only $100,000 to reserve fund and $50,000 to insurance fund.
The CHAIRMAN The articles of association will not admit that.
Mr. MORRIS-Then I beg to propose that we underwrite $25,000 per steamer, as provided in the articles.
The CHAIRMAN-That, think, is a question which may be naturally left to the General Managers and Consulting Committee. We did once increase the fund to $50,000, when we lost. two steamers and there was rather a scare; but why should we increase it now I think it is merely a detail of management which perhaps you would better leave to the General Managers, and Consulting Committee; but of course, if the majority of shareholders are in favour of increasing the risks we underwrite ourselves, we can try it.
Mr. MORRIS-My motion is not seconded and I do not press it. If some of the share- holders support me you will have to put it to the meeting.
The CHAIRMAN-There being no more ques- tions I beg to move that the report and accounts as put before you be adopted."
Mr. BROWN-I beg your pardon, I have already made that proposition, coupled with a motion of congratulation to the General Managers. However, I have much pleasure now in seconding your motion.
The motion was put to the meeting, and only Mr. Mendel and Mr. Morris voted against it.
Carried.
Mr. J. C. PETER moved the re-election of Messrs. J. J. Bell-Irving, D. R. Sassoon, A. Ross, and R. Shewan to be members of the Consulting Committee.
Mr. H. CRAWFORD seconded. Carried.
Mr. BURDER moved the re-election of Messrs J. H. Cox and W. H. Gaskell as auditors.
Mr. C. S. Sharp seconded. Carried.
The CHAIRMAN-That concludes the busi- ness of the meeting, gentlemen.
I thank you very much for your attendance, and I have only to add that the dividend warrants will be issued on Monday.
THE PUNYOM MINING CO.,
LIMITED
The Secretary of the Punjom Mining Co., Limited, advises the receipt of the following report for August from Mr. Blamey, the man- ager at the mines :-
August Shaft, 210ft. level. The north drive on the course of Gillies reef has been driven a further distance of 9 feet, making it 76 feet from the main east crosscut, and work there has been discontinued for the present for reasons which will appear in a later part of this report.
Work in the No. 1 crosscut was resumed a few days ago, and I am pleased to say the face is now in a strong body of ore showing a little free gold by washing. So far it is poor, however, but I am looking for an early improvement. Of course, I need hot. tell you that this is our deepest level or that the finding of payable ore here would put a very pects throughout the mine. We are stoping different complexion on the value of our pros- on the course of the north and south reefs, where we have a large body of low grade ore.
•
In order to begin this work, we had to re- move the air pipes put in to ventilate the work. ings on Gillies' reef, and as the reef is large and has to be blasted out, we shall not be able to replace these for some little time yet.
The crosscut started to go out to the new shaft has reached its destination and is now ready for the shaft when it reaches this depth,
Intermediate, 140 feet level. This point con- tinues to give the bulk of the ore we are mill- ing and within the last few days has shown signs of improvement. I now think the main chute of ore is standing to the east of our former - workings, and am confirmed in this by the fact that in two small crosscuts put out in that direc- tion we are getting very fair grade ore.
Sinking the new shaft below this level was Mr. MORRIS We are also entitled to under-commenced early in the month and nine feet has write $25,000 for each steamer, according to been sunk and timbered. I expect to see the the articles of association. I propose that you connection with the 200 feet level made early should do so, and in place of carrying $150,000 in the coming month.
No comments yet.
Private notes are available after approval.