OLIVERS FREEHOLD MINES,
LIMITED.
The first general meeting of the shareholders in the Olivers Freehold Mines, Limited, was held on Saturday, at noon, at the Company's Office, Queen's Road Central. Mr. J. D. Humphreys presided, and there were also pre- Bent-Dr. Noble, Messrs. G. R. Stevens, C. Ewens, H. Crawford, J. S. Hagen, Hart Buck, A. H. Manoell, C. Inchbald, C. H. Grace, G. H. Potts, J. H. Cox, F. W. Hall, E. 8. Kelly, W. H. Potts, W. B. Polish walla, W. D. Sutton, and J. A. Jupp (Secretary).
The SECRETARY read the notice calling the meeting.
THE HONGKONG WEEKLY PRESS AND
This will give you an idea of the class of men | you have on the job. If you know what poppet heads are and the immense weight they are, and that they are surmounted by a sort of small covered hut on the top to protect the men at their work in lifting the earth and throwing it down clear of the shafts, and that they are raised above the ground, you will see there is an immense weight, and that the performance therefore is a very good one. Tenders were then called for 150 feet, and these will be opened on the 16th March, and we think they will be a good bit below the estimate, including timbering. The engine and house are in good order, but a new dam will be built to supply the boiler with water, as the present one rould absorb too much power in The CHAIRMAN-Gentlemen, this is a statu- pumping. We are expecting a telegram to give tory meeting which we are obliged to hold the progress made up to date; and if it within four months from the date of the forma comes to hand during the meeting I will read it tion of the Company. The Company was
to you. Up to date 25,000 shares in the Com. registered on the 30th of December last and, as pany have been allotted or reserved for the min- you know, was formed for the purpose of pur. ing staff in Australia, including 15,000 A and chasing and developing a large area of auriferous 10,000 B shares. We propose to offer the whole ground at Mount McDonald, New South Wales. of the remaining shares, which are all B, to the The properties are known as "Olivers Freehold ' shareholders only, at par, irrespective of the and the "Eureka mino." Both these proper- market rate for the time being. An issue of B ties were fully and accurately described in
shares will be offered to the registered share- our prospectus and I need not therefore re- holders in the proportion of one B share peat what you can re-read for yourselves for every share they hold. Every share- if you wish.
Our prospects since then have holder on the register Thursday, the improved, owing to the attention of mining 23rd inst., will be entitled to an allotment promoters in London having been directed to of one B share for every share, whether A or B, this district by the success of the Wentworth, registered in his name; and it is proposed that which was floated with a capital of £500,000
an instalment of one dollar only shall be paid about four years ago and has since then re- for every share applied for, and that no further turned £250,000 net dividends to the share-calls shall be payable without at least two holders. Nearer still to us quite recently, in
months' notice in respect of those shares. When October, 1895, the Gibraltar Gold Mining Co. more money is required a final issue will be was floated in London with a capital of £300,000 made of the remaining 10,000 B shares, on which fully subscribed, and later still, since we bought an instalment of 81 a share will be payable in the first instance, and these shares will be also offered to the shareholders in the proportion of one to every five that they then hold. Notice by advertisement will be given in due course. I shall be pleased to answer any questions.
the
37
"Olivers Freehold and the "Enreka,” "The Great Eastern Ulive," immediately contiguous to the southern boundary of our Eureka lease, has been sold to a London syndicate and will no doubt be shortly floated. Enquiry has also been made for your mining pro- perties and we have been asked by wire to name our price. We replied by wire that we were prepared to negotiate on the basis of £60,000 for the property in cash and shares, and have since received a telegram from Mr. Ackroyd to the following effect Negotiating the sale of the entire block. Prospects are encouraging." We are not at all anxious to sell these mines even for this large sum of money, because, although it is a big price, we believe that after we have developed and pro- spected within the means of the small capital at our disposal we may do much better, either by floating a company for a larger sum in London or by working the mines, if we have sufficient capital, on our own account. After all the trouble we have taken to get toge- ther a mining staff consisting of three of the most able and trustworthy working mining managers in Australia and a staff of picked working miners selected by them, we tainly are not in favour of too hastily part- ing with a property which, given sufficient capital, is in our opinion certain to achieve results which will compare favourably with the best mining industries in Australia. Our
cer-
last advices from the mines are dated the 13th ult. The representative of our firm there, Mr. Willmott, jun., informs us that while waiting for the transfer of the “Euroka "they had em. ployed their time in prospecting the "Olivers," and had a windlass and everything fixed up over a spot where good gold has been obtained, but im- mediately on the transfer of the "Eureka " Mr. Willmott, sen., advised they should make a start at once with that mine; and finding that the shaft, which had been sunk to a depth of 85 feet by the previous owners, had been sunk over the old workings, and was therefore insecure and incapable of being carried to any great depth, they wired on the 24th February: "Cheaper to sink a new shaft for 'Eureka,'" and on receiving our reply "Sink" Mr. Willmott pegged out a new shaft the same day 25 feet west of the old one, and on the 25th and 26th it was sunk to a depth of 7 feet. The logs were waiting and it was then logged to a sufficient depth to take the poppet heads. Work was then commenced to clear the heads ready for shifting, and they were shifted bodily and placed over the new shaft without the slightest hitch or damage.
|
on
The CHAIRMAN-No questions being asked, gentlemen, I would now ask you to appoint & Consulting Committee. The ordinary work we can conduct ourselves, but in the case of a sale we should like to be supported by a Consulting Committee. We should not like to take the responsibility of selling your property entirely on ourselves, and we are supposed to have a Consulting Committee under the articles of as- sociation. I have thought over the matter and I think the Consulting Committee should be composed of gentlemen who know something about it and about the district. I would therefore suggest the names and propose that Mr. Geo. R. Stevens, Mr. C. Ewens, and Dr. Noble be appointed a Consult ing Committee.
Captain TILLETT-I am very pleased to second that suggestion.
Mr. Č. INCHBALD—I would like to propose an amendment to that, Mr. Humphreys. The amend ment I would propose is that the Committee should have the power of adding to theirnumber.
The CHAIRMAN—Yes, of course.
Mr. INCHBALD-Have you no objection to add that to your proposal? I should like it put within your proposition. I should like to add, "with the right to add others to their number." The CHAIRMAN--I adopt the amendment, gentlemen.
After consulting with Mr. Ewens, the CHAIRMAN said-Mr. Ewens has advised me in that case to call the shareholders to do it. It would be no Consulting Committee if they were appointed by ourselves. I shall be very pleased, on the application of any two or three shareholders, to call a meeting to add to the number of the Consulting Committee.
Mr. INCHBALD--Mr. Hart Buck might go on. The CHAIRMAN Mr. Hart Buck is a part- ner of our firm, and we are the General Managers. You have got the services of my son, of my firm, and Mr. Willmott down in Australia. You have got all these and all you want is a Consulting Committee to support them and consult with us on behalf of the share- holders in the event of anything happening ont of the usual course. The ordinary run of busi- ness we are quite capable of dealing with. I mentioned these names because these gentlemen are all very large shareholders, and two of them know all about it. Dr. Noble is a very
[April 15, 1896.
large shareholder and a large shareholder should go on. The other two are very large share- holders, and that is the reason I mentioned their names. Of course, I think that the shareholders are safe when their interests are represented by the General Managers, who hold a very large proportion, say about one-fourth of the capital of the Company, and the Con- sulting Committee, who hold a very large pro- portion of it.
Mr. INCHBALD was rising to speak again when The CHAIRMAN said-I think it would have` been better to discuss these things before the meeting instead of at the meeting.
After further consultation the CHAIRMAN said-It has been proposed by myself and seconded by Captain TILLETT that Dr. Noble, Mr. G. R. Stevens, and Mr. C. Ewens be ap- pointed a Consulting Committee.
Carried.
Mr. INCHBALD-I sin told now by the solicitor of the Company that it is feasible that I should propose, and I do propose, that the General Managers be requested as they see fit to add two or more members to the Consulting Committee.
Mr. EWENS-One or more.
Mr. INCHBALD-Well, we will say one or more. That the General Managers be requested to add one or more members to the Consulting Will any. Committee as they see fit to do so. body second that?
Mr. G. H. POTTS—I have very much pleasure in seconding. Carried.
The CHAIRMAN-Gentlemen, I think that concludes the business of the meeting. I hope we are going to be successful, and I believe we shall be. (Applause).
THE YANGTSZE INSURANCE ASSOCIATION, LIMITED.
The following are the accounts attached to the report of the Yangtze Insurance Association, Limited -
WORKING Accomer for 12 MONTHS ENDING 31st DECEMBER, 1895. Dr.
To not premia, less re-insurances, &c.
To interest account
To transfer fees secount
To profit realized on tale of securities
Cr.
** • •* * *g` •
By claime paid, less re-insurances, &o. By aganay commissions By head office and general charges
London charges
By Hongkong charges By agency charges By directors, committees and auditor's foos.....
By balance
$ 395,200.04 66,288.58
126.00 4,172.57
$455,767.19
0.
83,181.25
15,927.05
24,667.21
20,159.86
4,427.20
7,301,47
5,270371
294,832.44
$455,767.19
$ C.
328,695.22
120,594.18
WORKING ACCOUNT, 1894, AND FORMER YEARS. Dr. To balance of working account, 1894, from
last account
of working account, former To balance
years, from last account
CT.
By amount transferred to reserve fund By net claims, re-insurance premis, and premia returned, de, account 1894........ By dividend-1894 account-$6 per share on
6,948 shares By special dividend-former years account
-$3 per share on 6,948 shares By net claims, and all payments account
former yeara By balance
Capital
$449,289.40 8 C. 40,000.00
139,264.40
41,688.00
20,844.00
23,132.59 184,860.41
$449,289.40
Balance Sheet, ON 31ST DECEMBar, 1895. Dr.
LIABILITIES. +
.8,000 shares Less unallotted...1,052 shares
6,948 shares of $100 an
upon which the sum of $60 per share has been called and paid up Reserve fund
count
Exchange and investment Anctuation ne-
Working account, 1894 & former years...... Working account, 1895. Uncollected dividends and bonus.....
416,880.00 350,000.00
72,219.98
294,832.44
184,360.41
2,784.70
$1,321,027.48
Page 10Page 11
No comments yet.
Private notes are available after approval.