July 80, 1896.]
The resolution to reduce the capital of the Company from $1,600,000 to $1,200,000, referred to in the last report, has heen carried into effect, the return of $5 per share having been paid on all but 263 shares.
In accordance with the others of Association Mr. NA Siebs and the Honourable J. J. Bell-Irving reure from the Board of Direction by rotation and, being eligible, offer themselves for re-election.
The retiring anditors, Mesra. A. O'D. Gourdin and. F. Henderson, also offer themselves for re-elm tion.
Hongkong, 23rd July, 1896,
E. R. BELILIOS,
Chairman.
CHINA OVERLAND TRADE RÉPORT.
JAPAN TIDAL WAVE RELIEF FUND.
Subscriptions already acknowledged $3,600 Since received:
China Fire Insurance Co.
F. Blackhead & Co.
**
50
China Traders Insurance Co..
50
N. Mody & Co.
13
Cawasjee Pallanjee & Co.
15
E. Pabaney
15
E. N. Mehta & Co.
15
A. Ebrahim & Co.
15
A. M. Essabhoy...
15
Framjee Hormusjee & Co.
15
30th June, 1896.
C. Rogge
10
ASSETS.
Value of 4 steamers and {ths of Fatshan.....
855,000.00
J. D. Hutchison
10
Value of wharves-
20,000.00
Ko...
10
Value of cargo-boat and wharf cargo shed.
850.00
J. M. Armstrong
10
Value of iron lighter Sun Lee
9,500.00
Tata & Co. ...
10
Value of coal and stores
3,763.20
H. A. Esmail & Co.
10
Value of spare gear
6,221.45
Value of furniture......
P. F. Talati...
10
750.00
Value of shares in public companies
193,900.00
D. 8. Dady Burjor
10
Value of Chinese bonds
1,034.48
M. H. E., Elliss...
Loans on mortgage
799,875.00
C. Abdoola & Co.
Properties foreclosed..
53,500.00
R. 8, Woonwalla & Co.
7
Amount paid on account two small steamers,
J. L. Chattoo
5
now building..
16,666.00
M B. Polishwalla
Cash with the Hongkong and Shanghai
Banking Corporation on current account.
9,847.60
8. B. Bhabha
Premium on policies anexpired
9,899.22
P. E.
Interest accrued to date
1,025.53
F. C. Keeka & Co.
Sundry debtors
6,886.32
M. Ally
E. D. Kotewall
$1,988,718.80
R. D. Vania.......
N. D. Ollia.
$
H. N. Cooper
M. H. Katrak
30th June, 1896.
LLA BILITIES,
Amount of capital, 80,000 shares of Šta excl.,
fully paid-up'...
Amonat of refund of capital of $a per share
on 268 shares unpaid
Amount at credit al depreciation miel insur
Amount at credit of equalization of dividensi
1346.00
60,040_00
J. A. Chinay P. C. Patell & Ca..
ance find
fund
Investment fluctuation account
Unclaimed dividends
Sundry creditors
Amount at credit of profit and loss account,
PROFIT AND LOSS ACCOUNT.
30th Jurie, 1896.
Dr.
To amount paid for repairs:
To steamers
To wharves
To lighters
9,000.00 12,442.14
421.00 22,212.74 143,302,02
$1,988,718.80
$36,576.00
355.53 154.87
To expenses in connection with the reduction
of capital
To expenses of a trip to the West River
To directors and auditors' fees
To balance to be appropriated, vix, :—
Dividend at 8 per cent. on
$1,200,000
To be carried to new account
81st Dec., 1895,
Cr.
£96,000.00 47,302.02
By amount brought forward from last account 80th June, 1896.
By net earnings of steamers
By Interest on investments
By realised profit on investment By unclaimed dividends written off
transfer fees...
C.
37,087.30
143,302.02
THE PUNJOM MINING CO.
LIMITED. ___~
The Secretary of the Punjom Mining Limited, advises us that he has receive following progress report on the work carrie on during the month of June from the manager at the mines :~ ~
Mining. This has continued to have our very beat attention and I am pleased to say good progress has again been made.
August Shaft 200 ft. Level.-This has now become a very busy point and is assisting materially in supplying ore for the mill. Our prospects here have improved since the date of my last report and I have no hesitation in saying they are now very encouraging indeed. The ore forming our western chute on the course of the E. and W. reef has now been found and men are now engaged driving and stoping on it. The ore is not yet so good as that seen in the intermediate level, but this is a matter 7.50 which may come all right directly when it has 7.50. been further opened on! On Gillies' reef, too, a promising change has taken place in the north drive. This is the finding of a chute of highly mineralized ore at a point about 226 ft. north of our No. 2 cresscut. Up to this time the reef is small (about 1 ft. 6 in. wide), but as it is letting out water very freely, I am in hopes that there is a larger reef ahead. It is poor for free gold, but assBys of the mineral give fully five ounces to the ton. The ore as it is broken out of the place is worth abont 15 dwts.per tou. The stopes on the course of our N. and S. reef have improved iu value 'and are now giving fairly good ore for the will.
THE DAIRY FARM CO., LIMITĒD.
Ui.
in a crosscut 'we were driving at a point about 60 ft. north of our new shaft to intersect the course of the N. and S. reef we have come on to an ore body showing very fair quality ore' occasionally. It is very much broken, however, but as it is in the direct line of the reef referred to, I am hoping it may prore of real value directly.
Intermediate Level.-All points at work heré are without change to notice. ·
110 ft. Level. The stopes over this level continue to give ore of fair quality for the mill. We have now commenced a drive to go out in a north-east direction in search of our western chute of ore, as we are of the opinion that it has never been seen at this level. A few weeks will tell you if this is so or not.
New Leader. All the points at work here continne to fully maintain their output of fair grade ore and from appearances should not show any serious falling off for some months yet.
made
Drivage for the month Ore mined
up as follows
287.ft. 1,060 tons.
An extraordinary general meeting of the shareholders in the Dairy Farm Company, Limited, was held on the 27th July at noon, at the town depôt of the Company. Dr. Noble presided, and there were also present-Captain Tillett, Messrs. G. Sharp, G. C. C. Master, W. H. Potts (Secretary), G. C. Cox, J. Walker, W. H. Ray, J. M. Machado, 8. Deacon,, and Ping The meeting was called to confirm the following resolutions passed at an extraordin 927.45 ary general meeting of the Company held on 585.93 the 6th July. (1)—"That it is desirable to 2,750,00 reconstruct the Company, and accordingly that the Company be wound up voluntarily, and that Mr. William Hutton Potts be and he is hereby appointed Liquidator for the purposes of snch winding up." (2)—" That the said Liquidator be and he is hereby authorized to consent to the re- gistration of a new Company, to be named The Dairy Farm Company, Limited, with a Memo- randum and Articles of Association which have already been prepared with the privity and ap. 5,064.30 proval of the Directors of this Company." (3)- "That the draft agreement submitted to this 33,403.02 meeting and expressed to be made between this 18,966.99 Company and its Liquidator of the one part, and 515.20 The Dairy Farm Company, Limited, of the other
Cyanide Works.-This was carried on full. 312.50 part, be and the same is hereby approved, and time to the 15th June, when a stop was made that the said Liquidator be, and he is hereby for the clean up, which was completed on the $184,652.70 authorized, pursuant to section 149 of the Com- 19th June and operations resumed. The works
panies Ordinance 1865, to enter into an agree-
ran 26 days, treating 860 tons of tailings-vield ment with such new Company (when incorpor- ing 293 ozs. of bullion valued at £1 188. 1d. por cated) in the terms of the said draft, and to carry
oz. Owing to our having run out of evanide 600,000.00 the same into effect with such (if any) modifica.since the 19th June, which will amount to about we are again cleaning up the tailings treated tions as he thinks expedient."
$184,052.70
DEPRECIATION AND INSURANCE FUND, Dr.
30th June, 1896. To balance
$
C.
120,390.03
$
$600,000.00
81st Dec., 1995,
Cr.
By amount at credit..
EQUALIZATION OF Dividend Fund.
Dr.
80th June, 1896.
To balance
31st Dec., 1895,* By amount at credit
Cr.
600,000.00
The SECRETARY read the notice convening the meeting.
The CHAIRMAN-Gentlemen, you have heard the notice convening the meeting read, and it $800,000.00 only remains for me to propose the confirma-
stion of the three resolutions.
Mr. SHARP seconded. * Carried.
C.
A
9,000.00
The CHAIRMAN-That is all the business $9,000.00 before the meeting. That winds up the old company and starts the new. I may say that $ C the new company have aŭgmented their herd 9,000.00 largely and have an ample supply of milk for all customers who may present themselves; $9,000.00 in fact, we have a large surplus. We thank
you very much for your attendance.
August Shaft
New Lender
476 tons. 584 tons.
Milling. This was carried on during 26 · days, crushing 1,060 tons, yielding 516 özs, of melted gold.
Caloining. This was carried on during 28- days, treating 50 tons of concentrates, yielding 85 ounces of melted gold.
430 tons.
General Again a very large amount of work coming under this head has been carried on and fair progress made. The tailing pumps are completed and the concentrating buddles in the mill put into positions. All the main timbers - for the water wheel are now ready to be put to gether and lifted into the wheel pit. The race from the Jalis river to the mill is al complete and the wheel pit is in a very state. About 6,000 bricks have beer and other 6,000 are now ready for
Large extensious to our roads into. for firewood and other tim made and all road as to be ready for shortly expect
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