October 7, 1897.j...................
CANTON INSURANCE OFFICE, LIMITED.
The following is the report for presentation to the shareholders at the sixteenth ordinary general meeting, to be held at the offices of the general agents, on the 18th October, at 3 o'clock p.m. :-
The General Agents and Consulting Com- mittee have pleasure in laying before the share- holders the final accounts for the year 1896, and an estimate of the present year's underwriting to the 30th ultimo.
1896 ACCOUNT.
CHINA OVERLAND TRADE REPORT.
By commissions
By exchange
By balance as abovo
96,111.37 1,682.50 311,733.91
$1,326,085.10
ESTIMATE OF WORKING ACCOUNT TO THE 30TH SEPTEMBER, 1897.
Dr.
To premis, less re-insurance.. To interest, received and accrued. To exchange.. To transfer fees
THE PUNJOM MINING CÒ.,
LIMITED.
275
The Secretary of the Panjom Mining Co., Limited, informs us that the Company has re- ceived advice from Mr. Bailey from Japan to the effect that he has accepted the terms for the $ C. sale of the Punjom concession and that he was 1,006,000.00 leaving Yokohama for America on the 15th
85,000.00
September to make the necessary arrangements.
227.00 14.00
$1,092,141.00
Cr.
By losses paid and outstanding. By charges paid and accrued
By commissions paid and accrued By balance
$ C. 620,000.00
64,000.00 - 77,000.00 431,141.00
The balance at credit of this accounnt is $311,733.91, out of which the sum of $247,457.69 has already been paid for a dividend of 10 per cent. to shareholders, and a bonus of 20 per cent. to contributors of premia. Subject to the ap- proval of shareholders, it has been decided to dispose of the remaining balance of $64,276.22 by paying a final dividend of $6 per share, and carrying forward the sum of $4,276.22 to 1897 | THE SHANGHAI FEATHER CLEAN
account.
1897 ACCOUNT..
This account shows an estimated balance at- credit of $431,141.00.
CONSULTING COMMITTEE.
Mr. Gubbay was appointed to the sest ren- dered vacant by Mr. Sassoon's departure from the colony. This appointment now requires the confirmation of the shareholders.
Messrs. Chater, Dalrymple, Gillies, Maitland, and Gubbay retire, but offer themselves for re- election.
AUDITORS.
ING CO., LIMITED.
$1,092,141.00
The first general meeting of the shareholders in this company was held at Shanghai on the 29th September, at the office of the General Managers, Messrs. Arnhold, Karberg and Co. Mr. P. Arnhold presided, and there were pre- sent :-Messrs. E. Karbe, H. Schroeter, J. Nölting, G. Galles, F. Seitz, A. Edeler, J. M. Young, E. Hey, H. Lehmann, Pan Ching-poo, H. Heyn, Woo Sao-chin, and Ho Kin-chow.
The Chairman, in opening the proceedings. in conformity with German law read the regis- The accounts have been audited by Messrs. ter of shareholders, and explained that it was Fullerton Henderson and W. H. Potts, the lat-proposed to make an addition to the articles of ter gentleman taking the place of Mr. A. Coxon, Association by which, if the General Manager who has left the colony; and their re-election is were not a member of the firm of Arnhold, recommended..
Karberg & Co., or an employe of that firm, he must be elected by a two-thirds majority of a meeting at which two-thirds of the capital of the company was represented.
JARDINE, MATHESON & Co.,
General Agents, Canton Insurance Office, Limited. Hongkong, 4th October, 1897.
STATEMENT OF ACCOUNT FOR THE YEAR ENDING
31ST DECEMBER, 1896.
LIABILITIES.
Capital subscribed
$2,500,000.00
Amount paid-up
Reserve fund
Outstanding dividends
Outstanding bonus
$
500,000.00 1,300,000.00 2,580.00 2,000.00
Less dividend of 10 per cent. paid
to shareholders, and bonus of
20 per cent. to contributore of premia
247,457.69
Balance of 1896 working account $311,783.91
ASSETS.
Cash, on current account with Hongkong &
Shanghai Banking Corporation
Fixed deposits:-
Hongkong & S'hai Banking Corporation. -Chartered Bank of India, Australia, and
China
Mercantile Bank of India, Limited..
National Bank of China, Limited
Yokohama Specie Bank, Limited...
Mortgages
C.
Mr. Heyn, whilst congratulating the com- pany upon Messrs. Arnhold, Karberg & Co. being the General Managers, suggested that an addition should be made. to the articles of Association to the effect that the General Man- ager should continue to be the bona fide holder of at least ten shares.
|
A
MEW BALMORAL GOLD MINING. CO., LIMITED.
The General Managers, Messrs. John D. Humphreys & Son, have received the following report from their mining managers by the s. s. Australian
Mount Macdonald, 10th September, 1897. Queen Mine-The contractors for sinking the main shaft will complete their contract in a day or two, when the alterations to the poppet legs will be attended to and the sinking of an additional 50 feet started. When this is com- pleted we propose driving for the reef at 365 ft. from surface, where we anticipate striking good and permanent stone.
·
Balmoral Mine-The tributors on G. L. 5. are opening up on a new make of stone in which gold is showing but it will take some time to develop it. Work at the tunnel on G. L. 6 is progressing satisfactorily, but at present the ground is very hard, though it will improve when we get further into the hill.
OLIVERS FRÈLHOLD MINES, LIMITED.
The General Managers, Messrs. John D. Humphreys and Son, have received the follow- ing report from their mining managers by the steamship Australian
Mount Macdonald,. 10th September, 1897. Eureka Mine-In our last report we stated that a hole 24 feet had been bored into the reef in the shaft, which showed gold. Since then we have continued breaking over to the footwall and find that the reef is 7 feet wide, with gold showing throughout. The breaking of the reef The Chairman said that at any time the share-bas somewhat retarded the sinking, but it was holders could appoint a General Manager by getting together two thirds of the capital and carrying a resolution by a two-thirds majority; Mr. Heyn thought it might be difficult to get so representative a meeting.
The Chairman, after some little discussion, 64,276.22
accepted Mr. Heyn's amendment and it was in- $1,868,856.85 corporated in the resolution and agreed to un-
animously. $
Upon the proposal of Mr. J. Nölting,
Mr. seconded by
G. Galles, Mr. P. 2,673.14
Arnhold was unanimously elected General Manager; and at the instance of the 160,000.00
Chairman, seconded by Mr. Schroeter, the fol- 75,000.00 lowing gentlemen were chosen to constitute the 75,000.00 Board of Directors:-Messrs. Galles, Heyn, 10,000.00 Karbe, and Nölting. 50,000.00 The Chairman said the shareholders would be 1,054,881.95 pleased to hear that the works were progressing 94,000.00 very favourably. The roof was on the main building and the sample room for feathers was 69,864.57 nearly finished. The chimney was a good half way up. the fearther cleaning machinery was 15,000.00 nearly completed, but the other machines were not quite so far advanced. Towards the mid- 22,000.00
dle, or the end, of November they hoped to be 113,182.44 | in full working order.
Hongkong and Kowloon Wharf and Godown.
Co., Limited, debentures Shanghai and Hongkew Wharf and Godown
Co., Limited, debentures Hongkong High-Level Tramway Co., Limited,
debentures
Humphreys Estate and Finance Co., Limited,
debentures
Indian Government stock, (3) per cent. loan,
1865).......
Indian Government stock, (3) per cent. loan,
1842-43) ....
Chinese Imperial Government loan, 1886 Interest accrued but not yet payable
WORKING ACCOUNT, 1896.
To amount brought forward from last account To net premia received, less returns and re-
insurances,
To interest
To transfer fees
By losses and claims paid
By charges, including directors', auditors',
and survey foon, agents' expenses, &c.
C.
45,015.58
1,170,024.87 110,977.65
necessary to get over to the footwall to ascertain the width and expedite future operations. The reef is solid and well defined, and the prospect may be regarded as first class. The shaft is
down 50 feet below the 200 feet level. Work at the 200 level is being confined to taking in a small stope at back of drive north and putting in main stall timbers, 91 feet of which is now completed. A winze has also been started from the bottom of this level to follow the main shaft down as shown on plan sent yon. Depth of winze 4 feet with reef 7 feet wide and showing gold. At the 150 feet level the drive north has been extended to a total of 139 feet; the last breaking down of stone showed good gold with reef 2 feet wide. The drive south is
now 45 ft. and width of reef from 3 to 4 ft. of
payable character. The rise from this level has been connected with the air and mullock shaft, and this connection will ventilate the mine thoroughly and be of great value in future working. There are over 200 tons of stone at grass, large quantities ready to send up from the 150 ft. and 200 ft. levels and an unlimited supply in sight in the drives and stopes already- opened up; but as stated in last report it was useless to attempt crushing with the old battery. It has now been all remoyed and new bed logs put in ready to receive the new for the delay, at the foundry, through having to make new pat terns, the boxes would have been in course of erection. We hope to have them here very shortly, and no time will be lost in getting them in position. We expect to have it completed in a month's time. The steam boilers have been cleaned out and tested in accordance with the Government Regulations, the large engine taken to pieces, thoroughly overhauled, and re- paired where necessary. The new tables for battery are made and ready to lay down and the Watson and Denny pans have been repaired and strengthened where required, and every- thing put in order for a long and successful
43,767.11
Mr. Geo. McBain, the General Agent for the 68,094.19 26,413.45 Shanghai-Lankat Tobacco Co., Limited, has re-boxes, &c., and bat
ceived the following telegram from the Estate: $1,868,836.85 -"Fourth hole flowing 210 feet, third 340, both large quantity; exact quantity unknown. We are going deeper into both. My letter explains everything; everything going on well." Shortly after leaving Tientsin the Taishun, which arrived at Shanghai on the 27th Sep- tomber, sighted two capsized junks, with several natives on board. The Taishun steamed close $1,326,085.10 to them and the chief mate went over in a boat. He succeeded in taking off four men and a boy $836,351.88 from the bottom of one of the junks, and four men off another. Holes had to be cut in the 80,505.44 | junks to liberate the men beneath-Mercury.
67.00
|
No comments yet.
Private notes are available after approval.