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410
EWO COTTON SPINNING AND
WEAVING COMPANY,
LIMITED.
THE HONGKONG WEEKLY PRESS AND
The first ordinary general meeting of this Company was held at Shanghai on the 16th November Mr. Alford being in the chair. There were also present Messrs. Adler, Ta Fong, and Tee San, members of the Consulting Committee, and a number of shareholders.
Mr. C. 8. TAYLOR having read the notice convening the meeting,
I may
Mr. BUTLER asked if the Chairman could ex plain why the position of the shares of this Company compared so unfavourably with the other similar companies in Shanghai. It was the first company started, and by the most in- fluential house in Shanghai, and the discrepancy was so marked that it would be kind if the Chairman could explain it.
Dr. MACLEOD proposed and Mr. DANFORTH seconded that the Consulting Committee, con- sisting of Messrs. Prentice, Adler, Ta Fong, and Tee San, be re-elected.
Carried nem. con.
Mr. DOBIE proposed and Mr. BUTLER seconded that Mr. C. W. Wrightson be re. elected auditor for the ensuing year.
Carried nem, con.
The CHAIRMAN having thanked the share- holders for their attendance, and Mr. YOUNG having proposed a vote of thanks to him, which was carried by acclamation, the meeting ad- journed.
KAUB PROSPECTS.
Singapore, 12th November. Mr. W. Bibby, Raub mine manager, came down from Klang yesterday with 1,913 ounces of gold, the product of the last crushing. The gist of a chat with Mr. Bibby over the pro- spects of Raub is as follows:-
The CHAIRMAN, having waited to ascertain if there were any more questions to reply to, said that he was not acquainted with the eccentricities of the share market, and The CHAIRMAN said-The notice calling this the only explanation that occurred to him had meeting having now been read, I may mention been given in his opening remarks. The that it is held in order to comply with the articles Company had a much larger capital taken of association. In the way of accounts we have up locally than either of the others, probably as only to offer a balance sheet of receipts and ex- large as that of any two of the others put penditure, but it contains one very favourable together, which resulted in its having a large feature, in that the entire capital has been sub- number of shareholders who had expected a scribed and paid up. We have as you will observe return much sooner than was possible. There balanced the books to 30th September, but was also the unfounded alarm that had been whether we shall continue to close our fiscal caused by the rise in cotton, and the fear of the year on that date has not been decided; in one position of a heavy excise; but he had no way it is an appropriate date as the cotton sea-apprehensions himself, and could assure Mr. son closes on the 30th September, but in other Butler that there was no other reason for the ways the 31st December might be more con-
fall in the shares. He then proposed and Mr. venient, and should the latter date of closing be ADLER seconded that the report and accounts decided upon, another statement will be issued as presented be adopted and passed.
Carried nem. con..' early in 1897, and a meeting called. The andited accounts now before you are so very simple that they need but brief reference; property account is practically closed, building account shows about half of what we expect will be required and has exceeded anticipations owing to the greatly increased cost of labour and building material, which has affected all similar undertakings, though it is satisfactory that we have avoided strikes, and can show work which is at least second to none. Plant account and cost of erection will run to treble the figures now shown;
the capital will thus be invested, but it is in good work and good machinery, which I have every confidence will justify the expen- diture, and in the long ran prove far more satisfactory to proprietors than had a danger- ous economy pervaded our action. perhaps anticipate enquiry by a few remarks on prospects. It is not uncommon to see a new enterprise start with a rush for shares, which it is forgotten are necessarily entirely unpro- ductive for one year or even two, but which attract public attention and give possibilities of immediate gains by other means. The result is obvious where the capital is large and locally held, but this has no effect on the sound. ness of the enterprise. It, however, causes ner vous and overladen holders of stock to become uneasy, and when they see the raw cotton market advance, they imagine everything has gone wrong. Believe me, gentlemen, that is not so; it is true, raw cotton has advanced, but so has its product, yarn, though the ratio of rise is not proportionate.. Then the duty question -arises and frightens them; the danger of this ex- cise question I do not underrate, Lor must you; it is a serious matter, but apart from the rights and obligations of treaties and such like points, which it can serve no useful purpose to here discuss, I have confidence that the common sense of the advisers of the Chinese Government will prevail, and whilst we have already made repre- sentations on the subject, we are still taking steps to impress our views, Meantime do not let us aggravate the difficulties we have to encounter by crying before we are hurt. We hope, gentle men, to see our mill at work soon after China New Year, and I will not detain you by an ex- haustive account of what parts are now complete and what are not, but if any of you wish to explore the property, I feel sure that Mr. Ainley, who as you are aware is our valued expert from Messrs. Platt Bros., will be glad to personally conduct you, and also give you the advantage of his extensive knowledge of the industry. For the managership have secured the services of Mr. James Kerfoot, formerly of the Newton Moor Spinning Co., and latterly of Messrs. John Leech and Sons of Stalybridge, holder of the City Guild's first honour certificate in spinning and weaving, and strongly recommended by ars, Platt Bros. for the position and we him here early in January. Now, emen, if there are any questions you will endeavour to reply before that the report and accounts as be adopted and passed.
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Bukit Koman is looking particularly well, the drives in the upper level extending one thousand. feet, where less than one-sixth has been stoped. Indeed the batteries have been kept going almost entirely from the levels that are driven. That is a feature of the work at Raub. What in other mines is frequently looked upon as "dead work is keeping the batteries" going. It should be realised that Raub is not a gold-mine in the ordinary sense of the word, bat a goldfield, where half a dozen ventures are going on, of which any would be a big thing in another part of the world. And Raub is going to be a bigger affair than most people imagine. At the rate things are going now, with the battery fed from the exploratory work and the stoping and real stone-winning left largely untouched, the reserve of ore is enough to keep the present batteries going ten years. Every day of driving adds to the reserve two hundred tons of untouched stone, because, as we have said, little or no stoping is done. The south level No. 1 is about under the crest of Bukit Koman, and the estimate is two hundred feet of backs, averaging ten or twelve feet wide. At the north end on a crosscut they have driven fifty feet through very good stuff, which may be a parallel reef or a branch of the main reef, and if the two do run together, there may be a 25 feet reef at the point of junction. Indeed, every thing that is cut-except about four feet in the south level-is sent to the batteries.
The water at Bukit Koman is very heavy and it is a task on the pumps to keep the mine dry. At Bukit Malacca, a mile further north, there is also heary work for the two eight-inch pumps..
The western lode shaft is now 180 feet down and is to go 200 feet deeper. There are two levels in it and more work is in sight than there has been before. The policy is to keep pushing on with the developing work, so that each day under present conditions opens out material for many days' orashing. The policy
batte
November 25-18
the Mining Manager
keepi while Freed
The following port for the five weeks 1896-
Raub Hole, No. 2. the back of the i tinue to look very gold all through it
3 ft. wide. The winze being (220 this level with the No 27 ft. with a payable lode all t fortunate in having very little water in this winze, and when it is connected wit level below, it will give a large extent of the ore chute to be worked
до
In the No. 3 (220 level) the drive is now in 287 feet from the main crosscnt. There change to report in the lode formation or country rock. This drive should out the main ore chute in about another 30 feet. The main orosscut is being extended west, 12 feet has been dri since resuming work, making the total 88 feet from the shaft. This crosscnt is a purely prospecting drive; it is my intention to continue it until I cut the western lode about 400 feet. As this drive will pass und the ground where the rich leaders were got in the old, original Ranb Hole workings, something fresh may be discovered in driving.
Bukit Koman. Prospects in this section continue to look very well indeed. In the No. 1 level going north, the lode in the face of the main drive. continues rather broken.There is about 4 feet of fairly solid quartz on the west side, and about 14 feet on the east side, with about 5 feet of broken quartz, and - slate in between, making 11 feet in all. The whole of this is being sent to mill for crashing. In the new find west of main level, we have now driven 54 feet on the ore body. I cannot, say, ye whether it is a new lode running with the main lode, or an off-shoot fro it. Going north the ore body is abou 14 feet wide, of quartz leaders and the whole of which carries fair gold.- nearly all of it is sent to the mill for crushing In the south end it is not so wide; in the bottom of the drive it is about 3 feet and in the top 7 feet, the whole of which carries very good gold. We have now driven over
50 feet on this new make of ore. The only work being done both on this and the main lode is driving the levels. In the south main level the lode is hardly as wide as it was,- being now 7 feet of solid quartz, carrying very fair, gold all through. There are now about 200 feet of backs over this drive to the surface, and this will continue for several hundreds of feet before we get under the south slope of the hill. The total length of this level is now about 1,000 feet from face to face of level about one- sixth of which has been stoped out. There is no change in the stopes. In No. 2 level the face going north is looking very well the lode is 5 feet wide, and carries fair gold all throug In the south face we are still driving foot-wall in a mixture of quartz, slat rite. There is a small vein of quartz on wall, which is clean and well defined. The whole of this stuff is going over the mullock tip. Thaye started to take down the quartz on the hanging wall side of the lode, it is about 8 feet wide, showing good gold all through, and is all being sent to the mill. This drive is now about 100 feet from face to face.
foot
Bukit Malacca. The shaft has been sunk to a depth of 145 feet and a level opened 140 feet and crosscut driven at 33 feet. body of quartz, 8 feet wi the shaft. Ab met with, in this a little gold was nothing payable. The drive was continged to 80 feet, passing through; quar feet, but containing no gold. The drive is now in clean country back and opened out south on the cut. I am also sinking a small shai bottom of the old workings and can get. gold in small leaders:
Western Lode usual, with a As the small from keep the mill to stop all work
these WO
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