232
than
brighter, too late, however, to influence the result of our working for the period under review. This improvement, I am pleased to say, has so far continued. At the last annual meeting of the Company the Chairman men- tioned that a suitable site for a reservoir had been acquired, and that operations upon it had béen begun, When in July last it became evident that the results of the year's working would be very unsatisfactory, rendering every economy in expenditure more essential, it
decided was
to stop the work in progress and avail of an alter- native scheme which opportunely presented itself, furnishing a more limited supply than would have been afforded by the proposed re- servoir, but still sufficient for the anticipated needs of the Refineries for the time being, even during the winter months, and at a compara- tively smaller cost, as the figures given in the report will show you. Under these circum- stances I trust you will approve of the decision of the General Agents and Consulting Com- mittee to suspend operations upon the larger scheme, and of their recommendation to write back to credit of profit and loss account the sum of $140,000 previously appropriated for water supply. Before moving the adoption of the report and accounts I shall be pleased to answer any questions that may be put.
[April 1, 1896. provision for this in our accounts, as we have done, we should only be misleading you and placing a fictitious value on your property: The Zafiro, owing to the smallness of her carrying capacity, like the Diamante before-her, cannot hold her own on the line with such boats as the Esmeraldo, carrying more than double, but costing hardly anything more to run, and it will not be long before we shall have to con- sider how to replace her by a larger and more
and
more economical vessel. In: fact, it is time now that we had a bigger boat, and if we had sufficient money avail- able we should ask your permission to set to work at once to purchase or build one. I do not think there is anything in the accounts that calls for special remark or explanation from
me.
THE HONGKONG WEEKLY PRESS AND
transferred to Hongkong on account of the very low rates of exchange ruling during the latter months of the year, namely, from 3 to 5 per cent. premium, and I am pleased to say that the Company has gained considerably by the delay, the money having since been remitted at rates varying from 10 to 134 per cent. premium and applied to the reduction of the advances by the General Agents. The General Agents now propose to close the advance account
modern ever by transferring the amount at debit to thei current account, a course which, in view of the improved financial position, will no doubt commend itself to you." I would mention that in accordance with the wishes expressed by a shareholder at the last annual meeting of the Company, we obtained an independent certificate of the stocks of raw and refined sugar at A new Malabon, as on 31st December last. line of steamers having recently commenced to run monthly between Manila and Spanish which Messrs. Smith, Bell & ports, for Co. are agents in Manila, and the more frequent facilities thus afforded for direct shipments, will enable our Company to meet more promptly and with greater regularity the demand for refined sugar on the Spanish With regard to prospects for the markets. present year, am glad to say that the demand for Spain continues fair, and although the price of our raw material is higher, an advance has also been established in refined. Before closing I desire on behalf of the Consulting Committee and General Agents to express their appre ciation of the satisfactory management by the Manila agents of the Company's business I shall be pleased to during the past year. answer any questions shareholders may desire to ask before moving the adoption of the report and accounts.
There were no questions and the CHAIRMAN moved the adoption of the report and accounts. Mr. WILCOX-I beg to second the adoption of the report and statement of accounts, and in doing so I think all the shareholders will concur with me that the General Managers deserve our thanks for the handsome slice they have relinquished in their commission to reduce the debit balance. I trust the necessity for such a sacrifice will not occur again, and that next year the Chairman will have the usual pleasing announcement to make that dividend warrants are ready. (Laughter and applause).
Carried.
Mr. COUTTS proposed the re-election of Hon. E. R. Belilios, Messrs. F. A. Gomes, D. R. Sassoon, St. C. Michaelsen, and C. S. Sharp as the Consulting Committee.
Mr. WILCOX seconded. Carried.
Mr. G. C. Cox proposed the re-election of the auditors, Messrs. Thomas Arnold and Fullerton Henderson.
Mr. Ho TUNG seconded. Carried.
The CHAIRMAN-That concludes the business of the meeting. I thank you very much for your attendance.
LUZON SUGAR REFINING CO.,
LIMITED.
The fourteenth ordinary annual meeting of shareholders in the Luzon Sugar Refining Co., Limited, was held at the offices of the General Agents, Messrs. Jardine, Matheson & Co., on the afternoon of the 27th March. Hon. J. J. Bell-Irving presided, and there were also present-Messrs. R. Cooke, J. H. Lewis (Consulting Committee), F. Barton (Secretary), Hon. E. R. Belilios, T. Arnold, J. H. Cox, J. R. Michael, W. A. Cruickshank, W. Gresson, J. McG. Ho Forbes, Tung, Ho Fuk, and G. H. Potts.
The SECRETARY read the notice calling the meeting.
The CHAIRMAN-Gentlemen, the report hav- ing been in your hands since the beginning of last week I propose with your consent to treat it as road. You are aware that the year 1895 was one of great depression in the sugar trade all over the world and that in consequence prices remained at a very low level. The Company has, however, been fortunate, by virtue of its being in close touch with the Spanish market, where a steady demand con- tinued throughout the year and thus constant employment was provided for the Refinery, although at rates which only allowed of a moderate margin of profit. You will see on reference to the accounts that on the 31st December last there was the sum of $112,700.97 in the Hongkong and Shanghai Bank in Manila on current account at the credit of the Refinery, while its liabilities to the General Agents on the same date amounted to $149,533.50. The money in the hands of the Bank was not
|
There were no questions and the CHAIRMAN moved the adoption of the report and accounts.
Mr. J. H. Cox-I beg to second. I'am quite sure that shareholders are well satisfied with the good report the General Managers have been able to place before us.
Carried.
Hon. E. R. BELILIOS proposed the re-election of Messrs. J. H. Lewis and R. Cooke as Con- sulting Committee.
Mr. Ho TUNG seconded. Carried.
Mr. Ho TUNG proposed the re-election of Mr. Thomas Arnold as auditor.
Mr. Ports seconded. Carried.
The CHAIRMAN-Dividend warrants will be issued to-morrow. I thank you for your at- tendance.
CHINA AND MANILA STEAMSHIP
COMPANY, LIMITED.
The thirteenth ordinary general meeting of the shareholders of the China and Manila Steamship Company, Limited. was held in the Company's office on Saturday, at noon. Mr. R. Shewan presided, and there were also present -Messrs. M. D. Ezekiel and N. A. Siebs (Con- sulting Committee), J. H. Cox, A. C. S. Manners, and E. S. Kelly.
The outstanding freights and other debts on 31st December have since been pretty nearly all got in, about $1,000 of freight only being still uncollected, and of the. $18,000 odd due to sundry creditors there remains only a few hundred dollars not yet paid off. Of the. $41,000 odd cash on hand, some $15,000 has been invested in the purchase of 100 Hongkong Land and 100 China Traders' Insurance Co.'s shares and the remainder will be used in the payment of the dividend, amounting to $25,000. Before I move the adoption of the report and accounts I shall be pleased to answer any questions.
There being no questions, the CHAIRMAN. moved the adoption of the report and accounts.
Mr. KELLY seconded. Carried.
Mr. J. H. Cox proposed that the appointment of Mr. M. D. Ezekiel to the Consulting Com-.-. mittee be confirmed and the re-election of Messrs Gillies, Siebs, and Shewan to the Con- sulting Committee.
Mr. KELLY seconded. Carried.
Mr. KELLY proposed the re-election of Messrs. J. H. Cox and T. Arnold as auditors for the ensuing year.
Mr. N. A. SIEBE seconded. Carried.
The CHAIRMAN-That is all the business, gentlemen. I thank you for your attendance. The dividend warrants are now ready.
RAUB.
The mining manager's annual report for the year ending 29th February, 1896, is as follows-
1
I have the honour to herewith forward you my annual report of the work done and pro- gress made with the development of the different sections of the mine during the past year. Thẻ object I have kept steadily in view has been the development of the different mines, so as to in- crease the output and bring it more in propor- tion to the nominal capital of the Company rather than the payment of immediate dividends. With this object in view, I have devoted all the' avail. able resources at my disposal to that purpose, feeling assured that it is for the best interest of the Company to do so. You must bear in mind that this is not an ordinary "gold mine
gold field:" that I have to deal with, but a capable of immense development, and it is to this purpose I have devoted all my efforts: With this object in view, the No. 2 Raub Hole and Bukit Koman engine shafts have been sunk, the former 100 ft. and the latter 108 ft. deeper, making them 220 ft. and 254 ft. respectively. A new engine shaft, 13 ft. by 4 ft. in the clear, has also been started at Bukit Malacca, and is now down and timbered to a depth of 60 ft. This I propose sinking to a depth of 150 feet before opening out. When these deeper levels are proved and opened out, they will add greatly to our already large reserves of ore. The time has now arrived when I can with confidence recommend a large increase in our crushing power. I have, therefore, advised the directors to increase the battery by an additional eighty head of stamps, bringing the total number to 100 head. I have also advised that an electric installation of 300 h.p. be put in to provide power to work them and all the other machinery, and also for light- ing purposes at Raub. Surveys are now being made for the purpose of ascertaining the amount of power available and the cost of proposed in- stallation. During the past year the mill has may not be very great, but the depreciation put through 12,241 tons of ore for a yield in market value owing to the causes I have of 6,172 oz. 13 dwts. smelted gold, or an named is very large; and unless we made average per ton of 10 dwts.- 23 grs. This
The notice calling the meeting was read. The CHAIRMAN said-Gentlemen, as copies of the report and accounts have been circulated amongst you for some time past, it is not neces- sary to read them now. We propose, as you will have seen from the report, to pay a dividend of 10 per cent. and in addition to put $10,000 to reserve fund, carrying forward 8974.02 to new account. Last year we were only able to pay a dividend of 7 per cent., which left nothing for reserve, so that I think you will agree with me we have every reason to be satisfied with the result this time. Both steamers had to undergo
expensive surveys during the period under review, and are in very good order, but the ten dency nowadays with such constant changes in construction and improvements in machinery is for steamers to depreciate very rapidly. Small boats, too, for the Manila trade are be- coming obsolete, as at the rates which now obtain only large carriers can be worked in it at a profit. The actual depreciation from wear and tear with boats well kept up, as ours are,
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