238
THE HONGKONG WEEKLY PRESS AND
[March 26, 1898.
GREEN ISLAND CEMENT COMPANY, | adoption of the report and accounts I shall be | It is evident from what we can see already we
LIMITED.
pleased to answer any questions from share- holders.
On Tuesday morning the ninth ordinary general Mr. BAILEY-Do I understand from your meeting in connection with the above Company report that this is an exceptional dividend paid was held at the offices of the Gener. 1 Managers, on account of the old sharesholders asking for Messrs. Shewan, Tomes, & Co. Mr. R. Shewan the full benefit of the profit, because real in- occupied the chair, and there were also present vestors would prefer very much a steady diví- | the Hon. C. P. Chater, Messrs. J. Orange, Lidend to a fluctuating one ! Sing (Consulting Committee), G. Murray Bain, J. R. Michael, Fung Wa Chuen, W. S. Bailey, D. Gillies, Ho Tung, and F. J. V. Jorge (Secretary).
The SECRETARY having read the notice con- vening the meeting,
The CHAIRMAN said-Gentlemen, as you are all familiar with the contents of the report and accounts it is not necessary to read them now. The net profit is $58,738.31, as against $46.117.12 last year, but the dividend proposed is 25 per cent. on the old shares as against 7 per cont. last time. We are bound to put something
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The CHAIRMAN-The old shareholders said they would prefer to have all the dividend this year. Next year we shall have to put more to the reserve fund, so that you must not expect so large a dividend as 25 per cent. If there are no other questions I propose that the report and accounts as presented be adopted and passed. Will someone second it.
Mr. GILLIES-I have much pleasure in seconding it.
Carried.
Mr. BAIN proposed and Mr.BAILEY seconded the re-election of Messrs. Ewens, Orange, Li
will have a much larger formation 50 feet deeper. For these reasons alone it would be much more satisfactory to sink. It is more than possible that we have struck the lode in the very poorest part.
Balmoral Mine.--Crushed for Peel and party, 5 tons; yield, 15 oz. 3 dwt. retorted gold. The Company in addition to royalty get one half. The ground from whence this was taken is too hard and the view of stone too small and irregular to pay for mining it. Other parties are prospecting on their own account, subject to paying royalty to the Company. Contractors for Battery making fair progress.
GREAT EASTERN AND CALEDONIAN GOLD MINING CO., LIMITED. The following report has been received from the Manager at the mines per steamer Guthrie:-
Mount MacDonald, 26th February, 1898. Great Eastern Shaft has reached a total
to reserve in accordance with our Articles, so we | Sing, Chater, and MacEwen on the ConsultiDE | depth of 141 feet or an addition of 11 feet dur-
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Committee.
Carried.
Mr. MICHAEL proposed and Mr. FUNG WA CHUEN seconded the re-election of Messrs. J. H. Cox and F. Henderson as auditors for 1898.
Carried.
The CHAIRMAN-I thank you for your at tendance. The dividend warrants will be ready to-morrow.
OLIVERS FREEHOLD MINES, LIMITED.
ing the last twelve days, including timbering of over 30 feet. This is a fine result for such a big shaft with hard ground to work in, and a credit to the three shifts employed there. The shaft is all timbered and laddered to the above- depth.
The Prospecting Shaft is down to 95 feet with no particular features to report. The last twelve days' work is disappointingly slow, and I shall sink the remaining depth by contract.
Caledonian Main Shaft-I am pleased to be able to inform you that we have mastered the The General Managers, Messrs. John D. water sufficiently for the men to continue sink- Humphreys and Son, have received the following, and although it has not all gone down, it ing report from their mining manager by will not be long before we have got rid of it steamer Guthrie :-
completely.
Mount Macdonald,
28th February 1898.
I have the honour to report that work at the mines is progressing in a satisfactory manner.
At the Eureka main shaft stoping is being carried on above the 150 and 200 feet levels where, as previously reported, there are large quantities of ore in sight.
At the 300 feet level the reef is being driven upon north and south. Here we have a reef 7 to 8 feet wide. Stone of the most promising character and shows gold. Have every con- fidence that as soon as level is opened up the yield from the battery will improve.
The sinking of the winze to connect the 200 feet with the 300 feet level has been resumed to-day and will be continued until the connec- tion is made.
A. fortnightly cleaning up at the battery on the 19th instant yielded 135 oz. 17 dwt. from
350 tons.
hare named the nominal sum of only $1,000 for this purpose. The reason for this is that we find a strong feeling exists amongst the old shareholders that anything put aside for reserve, or carried forward to next year, would benefit the new shareholders to a greater extent than the old, and to allay this feeling and satisfy the the old shareholders it is deemed best to devote, as far as possible, the whole profit to payment of dividend this year. Shareholders must, how- ever, bear in mind that this is a very exceptional case, that our policy must be to build up a good reserve, and that anything approaching such a dividend need not be looked for again. Owing to the increased cost of coal our prices had to be raised accordingly. This no doubt had the effect of checking sales, but in any case I do not think we could have sold much more than we did, as our stock at the end of the year was only" a moderate one though larger than the previous year's, which was much smaller. At Green Island the factory was kept steadily at work, and we managed to increase the production by about 8 per cent. on last year's, but although we cou- tinue our efforts in this direction I doubt if we shall manage to squeeze much more out of our present installation over there. We may be able to do a little better when the Schofer kiln is in full swing, but that process is still in the experimental stage and cannot yet be pronounced an undoubted success. As we anticipated we have had difficulty with the climate, quality of coal, &c., but these have been fairly well overcome, and so you can understand it is well worth all the trouble we have had if only to obtain a kiln which will burn coal at half the cost of our present fuel-coke. Our trouble at the present moment is, however, of an- other kind and arises from the bricks swelling and sticking in the top of the kiln instead of passing easily down to the fire below, but with a little more experience this will no doubt be got over too and we shall then have a very im- proved and economical kiln. I mention these details as some shareholders appear to think one has only to build a few kilns and start making cement right away, But it is one thing to build a kiln and another thing to get it to work properly, as was found in the case of the Hoff- main kiln. The Schofer kiln should, however, effect a great saving and it was not without care- fully weighing the pros and cons that we decided to try it, nor have we so far any reason to re- Queen Mine. The reef mentioned in my last gret our action. At Deep Water Bay the re- report has been driven upon 10 feet north and sult has been disappointing, owing chiefly to the varies from 2 to 4 feet in thickness. Although high price of coal. We have a new superin well mineralized have not found any gold as yet. tendent there now and other changes have been It is a somewhat singular formation, being 4 made in the staff there which we think will feet thick at the bottom of the drive and 2 feet effect an improvement in the future. The site at the top, and tapering out as it goes up. for the new works at Hòk Un is nearly all There no defined wall on the west side; con- levelled and will, we think, be ready for building sequently it is very hard to determine whether operations next month. A good part of the it is a continuation of the Queen reef or an en- machinery has been ordered from home, tirely new formation. Should it be the latter, but we
do not expect to make another then the Queen is yet to the west, and in order call of capital till say 30th June next. to prove this, the cross-cut drive is being pushed You will notice that 1,210 new shares have not on to the west of formation, this being the only been taken up by the old shareholders who were safe course to adopt. We are now feet west entitled to them, and as ample time has been of formation. Another 10 or 12 feet will decide given those shareholders to come forward, we the question. Should the formation already Bow propose to proceed at once to forfeit these passed through prove to be the continuation of shares. In regard to the paragraph in last the Queen, it would be advisable to sink the night's China Mail I can only say our Shang-shaft an additional 50 feet, for several reasons. hai agents advise us that their tender was At the present we are evidently near the top of about 8 candereens per barrel lower than the the formation, consequently if we drive upon one that was accepted. Before I move the it we will have no stopes above the drive. " ̈(2)
Everything in connection with mine and machinery in good order.
THE NEW BALMORAL GOLD MIX- ING CO., LIMITED.
The General Managers, Messrs John D. Humphreys & Son, have received the following report from their mining manager by steamer Guthrie :~
Mount Macdonald,
28th February, 1898.
I have the honour to report on the Mines as follows:-
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The Zulu Shaft is down 99 feet, with nothing fresh to report. The water here is not very troublesome now.
HONGKONG VOLUNTEER CORPS.
ANNUAL CARBINE COMPETITION. The sixth annual carbine competition in connection with the Hongkong Volunteer Corps commenced on Saturday last at Kowloon and will be resumed to-day. The weather was favourable and the shooting good. following are the principal scores :-
200 H'cap. Total. yards. Pts. 5444554
Capt. Sanders... Gr. R. Henderson... Sergt. Lammert Gr. Stewart Sergt, Crombie Gr. Swanston... Gr. Arthur Corpl. Shelton Sergt. Smyth... Corpl. Brown... Sgt. Maj. Duncan..... Gr. Aitken
75 Men Competed.
Gr. J. Hance Gr. Plummer. Sgt. Maj. Duncan. Sgt. Smyth Gr. Deas Sgt. Lammert
Gr. Gow Gr. Gilchrist Corpl. Rutter... Gr. Donaldson Sgt. Hayward... Gr. Stewart
The
4
35
4334453 7 4455455
33
32
5554445 0
: 32
4354453
31
3345553
3
31-
4334433
7
31
5444445 43445
0 30
30
3554434
30
5444334
30
5452334
30
400 H'cap Total. yards. Pts. 4545555
35
4553554
4
35
3554554 3
34
5355555 0
5534554 2
33
5544545
32
4555454 0
32
3455455
32
3345555
32
4525535 3
32
5535445
31
69 Men Competed.
Corpl. Rutter... Drummer Hart
Lieut. Slade Gunner Cotton Sgt. Hayward Gunner Gilchrist
Wilkinson Stewart
..
5535553 0 31
500 H'cap. Total.
********
yards. Pts. 4555255 545 1453
3 3
34
4535533
5 33
5544245
'32
5555352
4425335
3355253
3444544
4454524
44
2525455 ... 3540255 2424524 63 Men Competed.
28.
.28
28
Lieut. M'Donald Capt. Chapman Q. M. Sgt. Watling Bombr. Nobbs
1
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