August 26, 1897.]
THE EUREKA AND QUEEN MINEY.
We have received from Messrs. John D. Humphreys and Son, the General Managers, the following reports received by them from the mines:-
OLIVERS FREEHOLD MINES, LIMITED.
Mount Macdonald. 23rd July, 1897. Eureka Mine-During the past week work has been progressing as usual. At the 200 ft. level, the North and South drives are being pushed ahead, but there is no change since last report. At the 150 ft level, the reef in the North drive is improving in size and quality, and good work is being done in stoping at the back of both levels. The sinking of the main shaft is progressing satisfactorily; it is now 33 ft. below the 200 ft. level, 26 ft. bave been timbered, and ladder stage put in.
Battery is working fairly well cousidering we have got in the foundation log for the new pan, about to be put in to meet the require ments of the new battery. Bed logs have been obtained, and all preparations for new battery going on, so that we will be able to erect it immediately on arrival.
p. pro. JOHN D. HUMPHREYS & SON,
C. J. WILLMOTT.
CHINA OVERLAND TRADE REPORT.
to Reserve Fund, Tls. 30,000; amount to be placed to Maintenance and Depreciation Account, Tis. 15,000; a dividend of Tls. 12 on ordinary shares, Tls. 93,600; amount to be carried to new account, T18. 11,742.10. The object of the directors all through was to place the Company on a firm basis, and with this in view they had appro- priated Tls. 30,000 to the reserve fund, which now amounted to Tk. 190,000. A dividend of 13 per cent, had been declared, and although the dividend could have been made larger, still the directors had thought that one of 12 per cent. was most conducive to the best interests of the Company. Mr. Hay had gone home shortly after the last meeting, as they were all aware, and Mr. Mackenzie had been appointed a director in his place. Mr. Johnston, accord- ing to the Articles of Association, retired, but being eligible, offered himself for re-election, and Mr. Thorburn, the auditor, also retired and offered himself for re-election, Before moving the adoption of the report and accounts the Chairman said he would be pleased to an- awer any questions that might be put.
There being no questions, the Chairman moved and Mr. Johnston seconded:-" That the report and statement of accounts, as pre- sented, be approved, and the appropriations adopted."
Carried unanimously.
Mr. J. M. Young proposed That Mr. Jas. Johnston be re-elected a Director."
Mr. Thorne seconded. Carried.
Mr. Colin Buchanan proposed, and Mr. Ferrier seconded-"That Ir. J. D. Thorburn be elected auditor for the present year."
Carried unanimously.
NEW BALMORAL, GOLD MINING CO., LIMITED.
Mount Macdonald
23rd July, 1897. Queen Mine.The contractors in the main "shaft continue to make fair progress, averaging now 5 feet per week. The country is favourable for sinking, and there is no water to contend with. We will shortly take into consideration the best course to adopt in regard to this mine; as from present appearances we think it will be
The Chairman-That, gentlemen, concludes advisable to continue sinking after completion the business of the meeting, and you shall have of the present contract, but a change may occur
your dividend warrants to-morrow. (Applause.) before then.
Mr. Thorne-I have very great pleasure in Balmoral Mine.-The tributors are now break-proposing a vote of thanks to the Chairman, I ing a little stone, in which gold is seen; but the might also say, to the Directors and staff. (Ap- rock is extremely hard, and consequently ex-
plause.) pensive to work.
p. pro. JOHN D. HUMPHREYS & SON,
C. J. WILLMOTT.
The vote of thanks was passed and Mr. Pren- tice thanked the shareholders on behalf of him-
self and the Directors for it.
He welcomed
them to the new Board Room. He had been asked why the meeting was not held at the BOYD & COMPANY, LIMITED. Shanghai Club as usual. The reason for the change was that the Club Committee would not The annual general meeting of the share. allow any more meetings to be held there. Be holders in the above Company was held on the sides, by coming over to Pootung, the share- 18th August at the Board-room of the Com-holders had an opportunity of seeing their pro- pany, Pootung Shanghai. Mr. John Prentice perty, and they certainly had a'better view than presided, and there were also present, Messrs. at the Club. He would be pleased to show them Jas. Johnston, Jas. Mackenzie (Directors), Jas. round the works, in order that they might see Ferrier, C. Thorne, J. D. Thorburn, W. G. what was going on. Pirie, J. Tulloch, J. M. Young, Colin Bucha- nan, and Jas. H. Osborne (Secretary), re- presenting in all 6,746 shares.
The notice convening the meeting having been read,
The
The proceedings then termiuated,—N. ('. Daily News.
The following is the Report:-
In submitting their Report with Statement of Accounts for the year ended 3th April, 1897, the Directors congratulate the shareholders on the favourable results shown.
The net earnings for the year, including amount brought forward from last count and interest on investments, and allowing for all known liabilities, stand at. Less Directors' and Auditor's Fees
*
Tls. 152,642.10 2,300.00
Tis. 150,312.10
The CHAIRMAN said that the report and accounts having been in the hands of the shareholders for some time, with their per- mission he would take them as read. Directors had reason to congratulate the share holders' on the results of the year's working. It would be noticed that the results were not quite as good as those of last year, but they would remember that last year he, the Chair- man, had told them that entirely different circumstances then existed, and that such an excellent state of affairs was not likely to happen again. Unfortunately it had not happened. The balance at credit of Profit and Loss Account was larger than that of all the preceding years, with the exception of last year, which was exceptionally good. The balances 1st-Amount to be added to Reserve at credit of Profit and Loss Account for Fund the preceding six years were Tls. 142,000, Tls. | 2nd-Amount to be placed to Main- 122,000, Tis. 140,991, Tls. 145,658; for last tenance and Depreciation Account year, an exceptionally good one, Tls. 259,867, | 3rd-Dividend of Tls. 12:00 on Ordi- and this year, Tls. 152,642. As the share- nary Shares... holders were aware, the Company had been 4th-Amount to bo carried to New working at the Birkhall for some time, and Account that had been a cause of serious loss. That, however, was all written off, with the exception of the last two months, which had come into this year's work, so that the loss for next year would be very small. After deducting Direc- tors' and Auditor's fees, it was proposed to appropriate the balance at credit of Profit and Loss as follows÷Amount to be added
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PROFIT AND Loss AccouNT. Dr.
28th July, 1896. To dividends paid on 7,800 ordinary shares,
Tis. 16 per share
To dividends paid on 200 founders' shares,
Tla. 117 per share
To maintenance and depreciation account 1896 To reverse fund, 1896
To directors' and auditor's feor, 1896 To balance carried down.
To balance' 30th April, 1897.
Cr.
30th April, 1898. By balance from last account
By balance brought down 28th July, 1896.
30th April, 1897.
By net earnings for the year
Property account--
Stock account-
178
Tis.
117,000.00
20,000.00 23,400.00
60,000,00 2,300.00 37,167.24
Tls, 259,867.24
152,642.10
Tle. 162,642.10
Tis. 259,867.24
Tls. 259,887.24
37,167.24
115,474.86
Tle. 162,642.10
BALANCE SHEET.
ASSETS.
Tis.
Land and buildings in Pootung, and the
"New Dock"
427,063.00
Plant account-
Machinery and gear at engine works and
new dock, and pumping gear
187,620.27
Value of materials at engine works and
new dock
371,635.51
Furniture account
In offices and dwelling-houses Reserve fund-Investinent acconat-
8,207.17
25 Canton Insurance shares 45 North-China Insurance shares 35 Yangtsze Insurance shares 30 Union Insurance shares 105 China Mutual S. N. Co. Pref.
shares
2,087.50
6,390.00
1,715.00
1,860.00
100 Taku Tug & Lighter Co. shares 54 Shanghai Tug Boat Co. shares 8 Co-op. Cargo Boat Co. shares... 50 Shanghai Cargo Boat Co. shares 9 bonds Chinese Gov. loan E. .... Fixed deposits with H. & S. Bank Sundry debtors-
Accounts in course of collection
3,875.00 0,000.00 6,124.58
800.00 8,250.00 2,250.00 63,547.92
100,000.00
283,789.23
Tls. 1,378,316.18
LIABILITIES.
Tis.
pital account-- Ca7,800 ordinary shares at Tls. 100 780,000.00 200 founders' shares at Tls. 100 20,000.00
Improvements account ---
800,000.00
18,519.79 14,137.26
4,382.63
Balance from last account Less expended 1896-1897
Maintenance and depreciation account --
Balance from last account
10,489.73 Appropriation, 30th April, 1896 20,000.00
Less expended 1896-1897 Reserve fund—“
30,469.73 16,039.87
14,430.06
Amount at credit of this account
180,000.00
244,860.49
152,842.10
Tis. 1,376,815.18
Sundry creditors
Profit and loss account--
Balance at credit of this n^count
The Reserve Fund stands at Tls. 160,000, of which Tls. 100,000 is invested, and the directors have decided to add to it the sun of Tls. 30,000, A scientific prospecting party, writes an and they propose to make the following appro- occasional native correspondent to the N. C. priations:
Daily News from Amoy, has been investigating Tls. Ch'uangchon prefecture, Fokien, at the orders of H.E. Yn Ln, Tarlar-General of Foochow 30,000.00 and Imperial Commissioner of the Foochow arsenal and naval dockyard. for coal, which is 15,000.00 | urgently wanted at the last-named works, in view of the renewed activity in shipbuilding 93,600.00 | there. The idea is to have some coal mines conveniently near to supply the Arsenal in as 11,742.10 large quantities as desired." But the prospect- ing party was agreeably surprised to come upon, Tia 150,342.10 daring its wanderings, a rich galena mine in In accordance with Clanse 98 of the Articles the vicinity of the Chingyang bills, belonging of Association one of the directors, Mr. Jas. to the district of Anch'i. A glowing report Johnston, will retire, but being eligible, offers has been sent to the Viceroy Tan and the Tar- himself for re-election.
tar-Geveral Yd about the mine, bat the problem lies in the difficulty of transport, as the district has no good roads,
The accounts have been audited by Mr. J. D. Thorburn, who offers himself for re-election.
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