November 18, 1897.]
and they had absolute power in their own hands to right any thing that was wrong. If the Go- vernment had looked after the condition of these houses they could never have fallen into the de- plorable state of insanitation in which they were found in 1894.-I am, sir, your obedient servant.
T. H. WHITEHEAD. ' Hongkong, 15th November, 1897.
CHINA OVERLAND TRADE REPORT, required, but if it is not called up it really means that ordinary shareholders perhaps pay only $1, and they get this very large increase in voting power. I do not think it is quite fair to preference shareholders, who took up their shares under certain stipulations and conditions, and who expected that they would retain their rights and privileges. Now you propose to take away these rights and privileges, and give them THE PUNJOM MINING COMPANY, comparatively no voice in the matter. I will therefore more an amendment that the voting. instead of being one vote for forty shares, shall be one vote for twenty shares. I do not wish it to stay as it is, but I think we are entitled to some consideration. This is a very small meeting-I see only six shareholders bere beyond the directors--and of course I consider it a rather important matter.
LIMITED.
An extraordinary general meeting of the Punjom Mining Co., Limited, was held at the Company's Office, No. 9, Praya Central, on 13th Nov., when the resolutions which were passed at the extraordinary general meeting of the Company held on the 27th day of October, 1897, were submitted for confirmation as special resolutions. Mr. D. Gillies presided and there were also present:-Messrs.. W. R. Loxley, J. H. Lewis (Directors), J. B. Duncan (Secretary). A. P. Stokes (Solicitor), S. B. Bhabha, E. Georg, G. C. Cox, Hart Buck, M. B. Polish- walla, and Karasji Edulji.
The SECRETARY read the notice convening the meeting.
Mr. LEWIS-Due notice of the meeting bas been given, Mr. Buck.
Messrs. Buck, Lewis, Gillies, Stokes, and Loxley voted for the amendment, and Messrs Bhabha, Georg, and Polishwalla against it. The amendment was therefore carried. The CHAIRMAN then proposed the coufirma. tion of the special resolutions.
Mr. HART BUCK-Yes; we cannot help it. Of course we must accept anything that may be decided here. Still, I wish to protest on ac- count of the preference shareholders,
The CHAIRMAN-Well, Mr. Buck, no one Still, the has seconded your amendment. directors are most anxious to keep clear of The CHAIRMAN-Gentlemen, the business of any friction with preference shareholders, and this meeting, as you are all aware, is to confirm I think in this matter we will meet yon, and to the resolutions which were passed at the last meet-show we wish to do so I have much pleasure in ing held on 27th day of October last. As I have seconding the amendment put to the meeting. nothing in the way of news to give you with It has been proposed by Mr. Buck, and seconded regard to the mine, I do not intend to detain by myself, that the voting power of preference you, but shall proceed at once to put the re-shareholders should be one vote for every 20 solutions to the meeting-(1.) "That it is de- shares. sirable to reconstruct the Company, and accord- ingly that the Company be wound up voluntarily, and that James Berwick Duncan, Esq be and he is hereby appointed liquidator for the pur- poses of such winding up." (2.) "That the said liquidator be and he is hereby authorized to consent to the registration of a new Company, to be named The Punjom Mining Company. Limited, with a Memorandum and Articles of The CHAIRMAN-The resolutions having Association which have already been prepared been duly passed and confirmed, the necessary with the privity and approval of the Directors steps to carry them into effect will be taken on of this Company." (3.)"That the draft agree. Monday, and notices will be sent to shareholders. ment submitted to this meeting and expressed These notices will be duly circulated on Mon- to be made between this Company of the first day, and it is to be hoped that shareholders. part and its liquidator of the second part and both ordinary and preference, will lose no time the new Company of the third part be and the in filling them up and sending in their applica- same is hereby approved, and that the said Li- tions as directed in the circular. A letter of quidator be and he is hereby authorized, pur-precisely the same form and giving the same suant to Section 149 of the Companies Ordinance, notice, but altered to snit preference share- 1865, to enter into an agreement with such new holders will also be sent out. Gentlemen, I thank Company when incorporated in the terms of the you for your attendance. said draft, and to carry the same into effect with such (if any) modifications as he thinks expedi- ent."
I shall be glad if any shareholder present will second these motions,
Mr. HART BUCK-I should like to ask if any provision has been made for the voting power in the Articles of Association in accordance with what was proposed at last meeting. That is, the voting power of holders of preference shares.
The CHAIRMAN-The alteration. I think, has been made in accordance with the statement made at last meeting, that each ordinary share- holder should have one vote for every ten shares and that preference shareholders should have one vote for every forty shares, the cost of a vote to preference shareholders representing $40-forty shares of one dollar each-whereas ordinary shares represent $8, so that the value of ordinary shares to obtain a vote is 880. I think that in this case the ordinary share. holders are putting themselves very much in the same position as preference share- holders did when they subscribed $30,000. The ordinary shareholders at this time are making themselves liable for $240,000. It may not all be called up, but still we accept the liability. The whole of it may be called up, and I think it is but fair that the ordinary shareholders should be entitled to some consi- deration, as they are in a manner saving the Company at present from going into bank ruptcy or being wound up.
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Mr. GEORG seconded. Caried.
OLIVERS FREEHOLD MINES, LIMITED.
The General Managers, Messrs. John D. Humphreys & Son, have received the following report from their mining managers by the steamship Tsinan :
Mount Macdonald, 22nd October, 1897. Eureka Main Shaft sunk during fortnight 9 feet; total 275 feet. The reef has crossed over to the west side of shaft as shown in plan, and we are now sinking in country rock and good progress will be made, and the work of sinking be completed in a short time when we will proceed to open out in the reef at the 300 feet level.
The winze at 200 feet level sunk 13 feet. frame sets put in, windlass and brace fixed, but this and all other work with exception of sink ing main shaft will have to be suspended until after crushing operations have been resumed, every place being blocked up with ore ready to send to grass.
Mining Tenement 18.-Shaft supk 3 feet. Hare now started driving for shoot of sline referred to in last report.
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to a considerable depth with borse power. It is proposed to sink and open up at a depth to cor- respond with the 150 feet level on main shaft and connect the two. This will open up a long and valuable tract of country.
Sites are also being selected for a shaft to cut the Queen Reef in the Freehold and also one to strike the "Lucky Hit," or what is now My Brother's Reef." This work will be pro- ceeded with as soon as possible.
THE NEW BALMORAL
14
MINING CO., LIMITED.
GOLD
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Humphreys & Son, have received the following The General Managers, Messrs. John D. report from their mining managers by the steamship Tainan
REPORT ON THE NEW BALMORAL AND QUEEN MINES.
Mount Macdonald,
22nd October, 1897. Since reporting on the 8th instant the water in the Queen main shaft has been bailed out and sinking resumed and good progress is being made. Machinery and everything in first class order and working well.
Queen Prospecting Shaft-Extended driveon lode course 14 feet. Country highly mineralized, but no change of importance yet.
Balmoral Mine.-True Blue tunnel, country very hard, expect a change for the better soon, two men working, progress satisfactory.
Eight men working on tribute, two on pay. able gold, the others doing good prospecting work and are sanguine of ultimate success.
REPORT ON WORK BEING DONE ON THE MAIN SHAFT OF QUEEN MINE.
Mount Macdonald,
26th October 1897, On the completion of the contract for sink- ing the last 100 feet we had attained a depth of 311 feet from the surface, It being deemed unadvisable to open out for the reef at this depth the sinking of an additional 45 feet was started on the 11th inst., and good pro- Estimated cost, £225. gress is being made. This includes miners wages, engine-drivers' wages, firewood, timber for shaft and ladders, At 350 feet the explosives, candles, &c. &c. lode will be 20 feet west of shaft and will be reached at a cost of about £60.
Time estimated to complete the whole, twelve weeks from date.
REPORT OF THE NEW BALMORAL BATTERY.
Mount Macdonald.
26th October, 1897.- Respecting the above battery we beg to in- that a contract to take down, remove, form you and re-erect has been let and the work is now proceeding.
The new site for this battery is situated on the east side of the Olivers battery dam, and a better site could not be desired. The contract price for the work is very satisfactory, so far as the firm is concerned, The time allowed in which to complete the work is 16 weeks, a fine being imposed for each working day over that time, and unless the contractor is exceedingly fortunate both the time and money will be short enough.
The whole of the work has to be carried out in a workmanlike manner aud to the satisfaction of your manager or any other person he may appoint to supervise the work, and every care will be taken to have the work carried out in the best manner possible. On the com- pletion of the re-erection he has to run the machinery during a portion of two days, 80 that if there should be anything wrong it will have to be put right before he received his certificate stating that the work has been completed.
G. L. 105.-Underlay shaft sunk a total of 58
Had this work been let during the winter feet. Reef same size and quality as last re-months the time would have had to be extended to ported.
at least six months and the price would have been considerably higher. Contractors for this class of work always allow a considerable margin both of time and money for wet weather, during which they can do little or no work.
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A site has been selected for a new shaft 500 feet north of the Main Eureka shaft on what was formerly known as the Woo- Mr. HART BUCK-I can quite understand, lomooloo Mine, which was the richest of Mr. Chairman, the feelings of ordinary share-all the small mines on the Eureka line of
A fatal accident occurred in a shop near the holders in this matter, and as a holder of or- reef. It is stated that, the reef cut out at dinary shares I have a certain amount of between 60 and 70 feet from the surface, and North Honan Road, Shanghai, on Friday night, 4th November! A native woman while engaged sympathy with them. At the same time, I do allowing for the southerly dip this corres- not think the preference shareholders are being ponds exactly with cutting out of the reef in in lighting a kerosine lamp upset the oil over quite fairly dealt with in having their voting the Eureka Mine. In the latter case it occurred her dress, with the result that she was so fear- power thus cut down. As you say, possibly, we at 120 feet. There will be no water to contend | fully burned that she died on Saturday morn hope not probably, all the capital will be with in the new shaft and it can be opened up ing.
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