956
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Mr. GEORG-I only thought it would have been better to put it in this way, that you had paid so much for the property and so much since development.
+
The CHAIRMAN-It is entirely a matter of opinion..
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THE HONGKONG WEEKLY PRESS AND
there was not an ounce of picked stone; in fact, actual sinking, I should say that the sinking they crushed all they had taken out from the would probably cost about £3.108. a foot. mine:: We also learn that the reef is wider at ✨ Mr. GEORG--That is about the price. the 200 foot level than at the 150 level and The CHAIRMAN That is allowing for black. gives indications of getting still wider under-smiths and various other men who have been foot. There is no doubt, gentlemen, that it employed. I shall be very happy to give you is the genuine opinion of miners at Mount the exact details. MoDonald that we have made a success, and I hear that some of the men consider that the Eureka reef is likely to turn out one of the best in New South Wales. I do not like to be too sanguine, but I think from what we hear we are justified in saying that we consider the mine is a pronounced success. In speaking of our staff in Australia, I regret to say we have to deplore the loss of Mr. Willmott, sen., whose death occurred in January last, He was not only universally liked and respected by all who knew him, but he proved himself during his comparatively short business association with our Company to be a miner of exceptional ability, and we can safely say that everything which he predicted on taking over the manage ment of the mines has up to the present time been fulfilled. Unfortunately his sad death when success had been all but attained pre- oluded his having the satisfaction of seeing
Mr. GEORG Of course, the shaft is an asset and it could be easily shown in that way.
The CHAIRMAN-It is merely a matter of opinion; I do not think it is a material matter in any case.
Mr. GEORGI should like to ask another question in regard to the liabilities. Has the whole capital been called up!
The CHAIRMAN-Not the whole of the capital; a call has not been made, on a certain number of shares.
Mr. GEORGI mean that the papers speak of 40,000 B.shares. They have been paid up
..
the results of his prediction. In the late to $2 a share, haven't they?
The CHAIRMAN Yes,
The CHAIRMAN-Yes, a certain amount of it. Mr. GEORG Thank you.
There were no more, qestions and the CHAIRMAN moved the adoption of the report and accounts.
Mr. GEORG seconded. Carried.
On the motion of Mr. P. JORDAN, seconded by Mr. H. E. POLLOCK, Mr. W. H. Potts was appointed auditor for the ensuing year...
Mr. Willmott's son, Mr. C. J. Willmott, our Mr. GEORG You do not show that you do financial agent at the mines, we feel confident not show how the capital has been called up. we have a most capable business man and one The CHAIRMAN That is the exact state of on whom we can thoroughly reply. Mr. Ogle-affairs at the end of the year. We are speaking thorpe, our present mining manager, is a man of last year and not of the present time... of great experience, and has shown by the man- Mr. GEORG That-capital has since been ner in which he has carried out the work in the called up? Eureka Mine that he is the right man in the right place and confirmed the high opinion the late Mr. Willmott always had of him. It may interest shareholders to hear that Mr. J., D. Humphreys, who has been in Australia from June, 1896, to the end of March last, spent the greater part of that time at the mines. He has now left for England thoroughly satisfied that our interests will be carefully and efficiently looked after: As regards future work at the Eureka, it is now proposed to sink the shaft another 170 feet and thus largely extend our field of operations; you will see by the plan on the table what has been done and what we intend doing. One im- portant subject is that of tailings and the best method of treating them; we expect ours to be valuable and are giving this matter careful consideration. There are, as you know, various processes, and we have written to the mines for all information on this point and have no doubt that Mr. Oglethorpe will be able to advise us as to the most suitable treatment. Ildo not think, gentlemen, I have anything more to say, The sinking of the Eureka shaft to the 150 but one thing is certain; those on the spot who ft. and 200 ft. levels was not completed last are best able to form a sound opinion are con- year, therefore we were unable to have any re- fident of our success. Before moving the adop-sults. The reef has since been struck at both tion of the report and statement of accounts, I shall be pleased to answer questions.
Mr. GEORG With regard to the Eureka mine would it not be better-I quite agree that the sinking of the shaft should be an asset, but would it not have been better if you had shown how much you had spent and in what way. It was $35,000, I believe.
The CHAIRMAN—Yes, quite right.
Mr. GEORG-Have you spent $19,000 on the shaft P
The CHAIRMAN--We have.
Mr. GEORG―That is £1,900.
Mr. HUMPHREYS-On the working, mana- ger's wages, &c.
The CHAIRMAN-Not in the actual sinking. Mr. GEOBG-Would it not be better to show that in the report as other companies do ?-
The CHAIEMAN-I have just told you that in future these things will be charged to the working account, but while the develop- ment is going on and there is no opportunity of getting results we are quite right in charging
as an asset.
Mr. GEORG $19,000, on the face of it, is an enormous sum for sinking & shaft.
The CHAIRMAN-The wages are down there it includes the wages of everyone. If you look at the working account you will see that wages for the men are not charged. They are all charged as an asset to the mine itself.
per
The CHAIRMAN That concludes the busi ness of the meeting, gentlemen. I thank you for your attendance.
The following is the report of the General Managers presented to the meeting
Gentlemen,-We beg to lay before you the report and statement of accounts for the year ending 31st December, 1896.
After deducting rent of battery, interest, and transfer fees there remains a sum
of $6,364.46 to be carried forward to the debit of working account.
|
general charges
↑ May 8, 1897.
WORKING ACCOUNT.
Dr.
To office charges nad stationery
To preliminary and legal expenses. To telegrams
To travelling expenses.... To rent of gold leases To Olivers wages
To General Managers' fees
By interest. By transfer fees. By rent of battery. By balance.
1,755.99
678.62
2,661.54
832.77
552.15
825.82
594.96
3,000.00
$10,296.85
Gr..
801.16 23.50
3,607.54 6,384.46
$10,296.65
THE NORTH CHINA INSURANCE COMPANY, LIMITED.
The fifth ordinary general meeting of the shareholders in the above was held at Shanghai on the 27th April, Mr. E. H. Lavers presiding. There were also present Messrs. W. D. Little, H. R. Hearn, D. Brand, A. McLeod, Cecil Holliday, J. Welch, E. Davis (Directors), R. H. R. Burder, N. E. Möller, Otto-Fook, E. Jenner Hogg, W. S. King," W. H. Anderson, John Stenhouse, W. Lamond, Jr., G. A. Matthews, and Alex. Ross (Secretary.)
The notice convening the meeting having been read,.
The Chairman said.-Gentlemen, before pro- ceeding to the forinal business of this meeting, I trust you will be good enough to permit me to allude to the death, since we last met, of Mr. F. H. Bell and Mr. William Brand, whose names had for a long number of years been associated with this Company, in which they took a deep interest, and to the prosperity of which they substantially contributed. I am
-sure, gentlemen, that in recording that these events have occasioned much regret to the directors, I am also expressing your sentiments. We will how commence the business for which this meeting has been convened. The report and accounts have been before you for some time, and may as usual, I presume, be taken as read. It is a source of great disappointment to the directors, as it must also be to the shareholders generally, that they do not show better results. The claims paid and estimated are, you will perhaps have observed, about Tls. 3,000 in excess of those of the previous year, while the premium income is about Tls. 40,000 less, and there is likewise a smaller return from interest, owing to lower rates allowed by the Banks on deposits, and a lesser amount of funds invested. Our principal want of success during the past year has been occasioned through the Canton, Melbourne, Sydney, and San Francisco agencies. Upon the Sydney and Melbourne accounts, a loss of £6,000 was incurred by the Siren, which was a particularly unfortunate case, inasmuch as the vessel was run down near her destination, in the English Channel, by one of Her Majesty's ships under circumstances which left no doubt as to the fault of the latter, and it was hoped the Admiralty BALANCE SHEET FOR THE YEAR ENDING 31ST DROHKBER, Would make good the loss, but this they have so
these levels, and we are pleased to inform you that the prospects are most encouraging, the two crushings that have been made both giving good results.
The accounts have been audited by Mr. W. H. Potts.
JOHN D. HUMPHREYS & SON,
General Managers. Hongkong, 26th April, 1897.
1896. LIABILITIES.
Capital account 15,000 A shares
at $5
Capital account 200 B shares at $5 Capital account 9,800 B shares at
$2.50 Capital account 25,000 B shares
at $1
Accounts payable
Olivers property
Eureka mine...
Stores Timber
;
Firewood,
Fencing
Accounts receivable ............. Cash in Sydney
7
ASSETS.
$
$75,000.00 1,000.00
24,500.00
25,000.00
$4,978.48 Cash in Hongkong & Shanghai Bank 864.13 Cash in hand..
41.11
Mr. GEORG That would be equal to £9 foot in sinking the shaft, including all expenses. Balance at debit of working account.
The CHAIRMAN-There are certain
that must be paid at the mines beyond the
0.
-0.
far declined to do, and prospects of recovery, I' regret to think, are not promising. The other branches show fairly profitable results, accord- ing to the estimates of the year's working, but owing to reduced rates the margin of profit is not as considerable as we would wish, although it is to be hoped rates of premium have now 125,000.00 reached a point at which they may reasonably 7,683.61 be expected to take a turn for the better. With reference to the London agency, I may $133,183.61 mention that measures have been adopted to place this under a new organization, whereby 50,235.99 the business of the Company will be conducted 54,629.41
1,726.65 upon restricted lines; and the directors feel 1,496.97 confident that Mr. Davis, who has been ap- 242.64 pointed agent, will give effect to a policy of 962.33 retrenchment to the advantage of the Com- 11,041.54 pany's interest there. With regard to
investments I am glad to be in a position
of 5,883.72 Tls. 38,500 over and above their values in the balance sheet. This does not include the Shanghai property, with reference ,163.61 | which I may say that looking
inform you that they show a sur on hữ
e to to
its
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