DOUGLAS STEAMSHIP COMPANY, LIMITED.
·THE HONGKONG WEEKLY PRESS AND
The CHAIRMAN-That concludes the busi- ness of the meeting, gentlemen. I thank you very much for your attendance. The dividend warrants will be ready on Monday and the bonus warrants on Thursday. (Applause.) I am sorry we cannot have them ready earlier.
LIMITED.
The ordinary general meeting of shareholders of the Douglas Steamship Co., Limited, was held on Saturday, at noon, at the Company's offices. Mr. J. H. Lewis presided and there were also present Hon. J. J. Bell-Irving, Messrs. THE PUNJOM GOLD MINING CO., D: R. Sassoon, A. Ross, C. A. Tomes (Con- sulting Committee); W. Parfitt (Secretary), V. H. Deacon (Legal Adviser), Captain Tillett, D. Gillies, A. G. Morris, G. C. Anderson, W. Parlane, Ho Fook, G. C. Cox, F. Maitland, D. E. Brown, T. F. Hough, Dr. Noble, W. Barlowing low, A. Coutts, A. H. Skelton, J. H. Cox, F. W. Hall, L. K. Davis, W. H. Gaskell, W. 8. Bailey, and E. Jones Hughes.
The SECRETARY read the notice calling the meeting.
a
The CHAIRMAN-Gentlemen, the report and accounts have been in your hands for some days and with your permission we will take them as read. Since their publication, however, strong body of shareholders have expressed a request that in addition to the dividend a bonus also should be given to meet their wishes, therefore, the General Managers and Consulting Committee propose the following appropriation of the net profit of 8255,327.09. To write off $43,721.50 from the value of the Company's property (excepting the Haimun) ou the 30th June last, being the equivalent of 8 per cent. thereon, to pay shareholders $120,000 being a dividend of 12 per cent on the Capital, a bonus of $2.00 per share absorbing a further $40,000, and to transfer the balance of $51,605.59 to the credit of reserve fund. The year under review has like the previous one been exceptionally good, and the General Managers and Consulting Committee are again fortunate in having such a substantial profit for distribution. Very serious consideration has been devoted to this important point, and we have been entirely guided in our decision by a desire to act as generously as possible to shareholders, and at the same time strengthen the Company with a view to its maintaining its position in the future as a sound, prosperous, and dividend paying concern. When it is remembered that last year
in addition to a 12 per cent. dividend a bonus of $15 per share out of reserve was divided amongst shareholders we not but think that a larger distribution than now recommended would hardly be considered prudent by shareholders generally, more especi. ally by those who hold a large stake in the Company as investors. The loss of our wharf has caused us much inconvenience, but arrange- ments have been made for the construction of a new iron one at an estimated cost of $50,000.
сап-
This the architects, Messrs Palmer & Turner, inform us should be completed and ready for use within twelve months from this date of
The Secretary of The Punjom Mining Co. Limited, advises us that he has received the fol- progress report for August from the Manager at the mines:-
Mining. This has continued to receive our best attention, and I am again able to report fairly good progress.
August Shaft. 200 ft. Level.-We continue to do a good deal of work at this level and are now getting much of the ore milled from this point.
Driving on Gillies's reef has been resumed, but I regret to say the ore does not improve in value. Nor does the reef appear at all strong or well defined. The "formation" (black slate) | is all one could ask for, and as we are now well up under the point where payable ore was worked near the surface, it is very disappointing to have found nothing of value.
The stopes on the N. and S. reef are giving, fairly good ore, but the ground is very hard and consequently progress is slow.
11
[September
Fire I regret to ga: serious)
which here to-day (31st August) by whole of the Chinese part of the camp has destroyed. Not less than fifty house burned, including nearly all the
Our losses consist of the cattle i coolie houses, valued at about $200.
two
8. C. FARNHAM & CO., LIMITED The following is the report of the Board Directors for presentation at the fourth annual general meeting, to be held at Shanghai on Tnesday, the 29th day of September, 1896,
o'clock p.m.
To the Shareholders of S. C. Farnham &
Limited.
Gentlemen,-The directors, have much sure in submitting to you their repor statements of accounts for the year ending 30th June last.
Owing to the docks in Japan, being fully engaged for Government work after the late war, the demand for docking accommodation and repairs at this port was exceptionally large during the year. * :
This, together with further extension of local industries, has tended to increase our gross earnings considerably, which amounted to Taels 190,708.75 more than the previous year.
Just before the rise in land your directors were fortunate in securing about 140 mow with about 1,100 feet frontage, adjoining Lower Dock, which they consider very satisfactory.
The net profits, after paying all charges, amount to Taels 198,038.03, including Taels 7,424.48 carried forward from last year.
This amount the Directors propose to appro-
Two of the winzes coming down from the "intermediate level have "holed," connected, and thus put the stopes on the E. and W. reef in good working order. The north drive on the course of the N. and E. reef is still-in good "formation," but I regret to say it shows no-priate as follows:- thing of value.
Intermediate Level. The stopes here have not given their usual quantity of ore this month owing to the reef having narrowed very con- siderably, nor has the value of the ore been equal to that won from here hitherto. This may be only temporary, however.
Good progress has been made in the drive going west off the new shaft and if nothing unusual happens, it should strike the reef within the coming month.
110 ft. Level.--The quartz found in the drive we are extending north here and reported on at the end of July turned out, as I expected, to be a floating piece of reef only. It died out early in the month and after driving about 15 ft. further we came on to what is evidently the ontinuation of the ore we were looking for. This ore, too, is poor so far, but I feel sure it will improve as it is opened on.
We have resumed driving the south level on the course of the N. and S. reef with the object of testing the ground under some extensive native workings seen on the surface.
A dividend of Tis. 14.00 per share Amount to be placed to credit of
reserve fund ... Amount to be written off for depre-
ciation
Balance to be carried to new account
Tls. 105,000.00 70,000.00
10,000.00 13,038.03
Tls. 198,038.03
In accordance with the articles of association Mr. Jas. R. Twentyman retires, but being eligible offers himself for re-election.
The accounts have been audited by Mr. Geo. R. Corner, and the directors recommend his re- election.
• Be
THE STRIKE OF NIGHTMEN.. The following circular has been issued by the Sanitary Board-
Government sanction, which is expected daily, have given their usual quantity of ore for the caused it to take place.
A strike amongst the private nightmen having occurred within the city of Victoria, the Sanitary Board desires to inform honse- holders of the reasons which are alleged to have The alleged primary canse is the preliminary made by the Sanitary Board in October, 1894, and approved by the Legislative Council December of the same year.
New Leader. The many points at work here mill, but the grade has fallen off in some of Of the funds in hand we have not yet them. I think this will improve again in the step taken to enforce the by-laws which were
plans, &c., having been submitted in proper
course.
succeeded in placing any very large amount upon first-class mortgage, the demand for the class of investment having been very great during the past twelve months, and we do not think share- -holders generally would care to see their money in fluctuating stocks, especially if purchased at a high price, but no opportunity will be missed of securing safe investments, and we hope soon
to have our cash assets earning at any rate more than 4 per cent. Before proposing the adoption the report and accounts, I shall be glad to hear any remarks gentlemen may wish to make.
No questions were asked, and the CHAIRMAN proposed that the report and accounts as now presented be adopted.
Mr. D. GILLIES-Gentlemen, I beg to second the adoption of the accounts and the report, subject to the alterations just stated by the Chairman.
Carried.
Mr. D. E. BROWN proposed the re-election of the Consulting Committee-Hon. J. J. Bell- Irving, Messrs. D. R. Sassoon, A. Ross, and C. A. Tomes.
Mr. L. K. DAVIS seconded. Carried.
Mr. F. MAITLAND proposed the re-election of Messrs. J. H. Cox and W. H. Gaskell as auditors.
Dr. NOBLE seconded.
|
near future.
Drivage for the month 396 ft.; ore mined 1,100 tons, made up as follows:-August Shaft 683 tons, New Leader 417 tons.
Milling This was carried on during 27 days,, crushing 1,100 tons, yielding 384 ozs. 4 dwts.
Calcining worka ran for 27 days treating 50 tons of concentrates yielding 55 ozs. 16 dwts of melted gold, making the total output for the month 440 ozs.
Cyanide Works.-This plant resumed work on the 5th August and is now running on ordinary tailings. We shall begin the clean-up to-morrow and hope to have it completed by about the 5th September.
General. A great deal of work coming under this head has again been done. About 700 feet of road has been made into the jungle to reach our timber reserves. The corrugated iron apron on the main dam has been lifted, the main retaining wall raised four feet, and the apron relaid on substantial foundation timbers. The water wheel is in a forward state and will be completed within the coming month.
Labour. This is far from plentiful. Health. This is again fairly good. The last case of cholera was on the 19th August, so I am hoping we have seen the last of this.
Rainfall. The total rainfall for the month in 10 inches.
After the issue of the preliminary notice the nightmen, it appears that certain evil dir posed persons industriously spread a false rumour that the Sanitary Board were going to charge a fee for the registration, etc., of private
nightmen.
The objects of the above mentioned by-laws
are:-
*
(1) To secure competent persons for this service who will be known to officers of the Board.
(2) To secure regular and efficient remove
of nightsoil from within the limits of the city.
(3) To afford a means for persons employ
ing such men to satisfy themselves that they are duly authorized by Board for such service.
(4) To secure the removal of nigh
the most efficient manner and little inconvenience to hous
!
and danger to the public healt possible.
The Board further desires to inform holders that no fee whatever is registration, supply of badges and
to solicit their co-operation in the sten are being taken to enforce these by-laws
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