June 4, 1888.]
adopted by the Company. Should they adopt a progressive policy and prospect and develop their lease, I am quite confident that it will be money well spent.*
JELERU MINING AND TRADING
*CO., LIMITED.
The seventeenth ordinary general meeting of the shareholders of the Jelebu Mining and Trading (ompany was held at Singapore on the 21st May. Mr. J. P. Joaquim presided, and there were also present Messrs. Arnot Reid and J. Miller, directors of the Company, and the following shareholders:-Messrs. J. S. Robertson, D. P. Macdougall, J. Forbes, W. Ewald, H. Hilton, E. M. Schwabe, Yeo Swee Hee, and Low Chong Chye
On
453
lease | gested alteration in the memorandum and au- thorising the company to act as electricians and
to purchase or acquire any other business. directly or indirectly connected with the supply of gas or electricity,”
CHINA OVERLAND TRADE REPORT.
Government would not. renew the which expired in November last year unless the Company were prepared to restart work and to erect machinery. The store business which had paid so well in Jelebu has not given satisfaction in Maliwun and will anyhow bare to be closed, The opium and liquor farms have, so far, left a loss to the company and are not worth taking up again unless the licences are reduced to half of the amount fixed now. Trading prospects, though a defiuite opinion cannot be pron unced, do not seem to be promising. The total amount spent the concessiou since commencement is $97,987, of which $42,151 have been previously written off. The assets might realise $10,000. The decison of the Burmah Government in re- gard to the renewal of the concession is still out Mr. J. P. Joaquim said-Gentlemen, the re-
standing, and there seems to be considerable port and accounts having heen placed before hesitation to grant the renewal. Our financial you during the prescribed time, I will with position is such that neither Jelebu not Maliwan your permission take them as read. As usual must be given up, as the profits of the Rin lode we have in the report given full details of are now distinctly promising. I would recom the workings both in Jelebu and Maliwun.
mend the stopping of Maliwun. Of course, From the report you will notice that during everything will be done to realize as much as the past six months, there has been a net possible for the concession and respective assets. profit of $6.200 in Jelebu. Alluvial mining These are all the remarks I can add to the re- is, I am glad to say, again making satis-port, and I shall be glad to answer any ques factory progress, and the manager is cou-
tions which you may like to ask. fident of doing an increased business in the current half-year. The satisfactory feature of this business is the absence now of risks con- nected with advances to miners. because we are now only advancing monies and stores to miners against visible öre or other good securities. I now come to the Rin lode and we must con-
gratulate ourselves on our possessing so valu- able an asset in Jelebu. We have published telegrams received from the manager saying that the lode was 6 feet thick and payable. The main shaft has been sunk to a depth of 110 feet. When Mr. Bibby inspected the lode, he suggested the sinking of the shaft to 160 feet, and the whole work is directed to this end. According to the lode manager. there can be no doubt that the lode will extend in depth, and probably, also, in size, the formation of the stone in which the lode runs being very favourable. It is hoped that the 160 feet will soon be reached, when crushing machinery will be erected. I now come to Maliwun, and I can't do better than place before you a resumé drawn up by the general agents which will help you to decide on the course to be followed in respect of this conces- sion. This concession was acquired by the company in November. 1894, from the Burmah Government. being a transfer of a lease stand- ing in the name of Captain Menzel, on the strength of reports from two prospectors and the then manager, with the previous sanction of the shareholders obtained at an extra- ordinary general meeting held on the 13th October, 1894. Following the proven policy of the company in Jelebu, and acting on the recommendations in the above reports. it was decided to give a thorough trial to the allu- vial mining, at the same time prospecting in the interior of the concession. Necessarily, these operations, considering (a) the scarcity of roads and want of steamer communication, (b) the scarcity of water required for mining (the dry season lasts 5 months during which no work can be done), (c) The considerable depth of the over. burden, (d) the difficulty in getting coolies and the consequent necessity and delay in importing labour, involved great loss of time and money. The result was a failure, and the unsuitability of the concession as regards alluvial mining can now be no longer doubted. Long before this fact was realised, the directors gave their at- tention to the various reefs reported as tin bear- ing. However, though the results of a sinall trial orushing in Europe were encouraging, yet the large amount of wolfrom contained in the ore and the not sufficiently satisfactory pros- pecting results, together with the difficulty in obtaining water, caused the directors to stop further work, it having been also found that the financial position of the company, which had then changed, and the funds being likely to be required on account of the promising Rin lode in Jelebu, did Lot permit continuing prog- pecting on such a scale as to warrant a reliable conclusion being come to within reasonable time. No further work has since been done on the reefs, but it is certain that the
As no questions were put to the Chairman, he moved the adoption of the report and ac- counts.
Mr. A. Reid seconded, and the motion was unanimously carried.
The Chairman said the next business was to decide what should be done in regard to the Maliwun concession.
Mr. MacDougall proposed the following re- solution: It is hereby resolved that the direc- tors are authorized to deal with the Maliwun concession as they shall see fit.
Mr. H. Hilton seconded.
The Chairman remarked that the directors would take the greatest care to see that the concession was not sacrificed. If they could sell it favourably to others they would do so. If they saw a good prospect of getting an advantageous renewal from the Government, they would do their best to get such a renewal, if by doing so they could the better sell the
assets.
On being put to the meeting, the motion was carried.
Mr. Reid then proceeded to move the re- election of Mr. J. P. Joaquim as a director of the Company, remarking that Mr. Joaquim had been a member of the Board'since the establishment of the Company and knew a great deal about its affairs. He thought, therefore, that they could not do better than re-elect Mr. Joaquim.
Mr. Hilton seconded the motion, which was adopted.
The re-appointment of Mr. A. J. Gunn as
auditor of the Company was moved by Mr. Reid, seconded by Mr. Robertson, and unani- mously agreed to.
There was no other business before the meet-
ing-Straits Times.
HONGKONG AND CHINA GAS CO., LIMITED.
The report of the directors of the Hongkong and China Gas Co., Limited, for 1897 states that the consumption of gas during the year has increased by 9.90 per cent, mainly due to new Chinese cousamers, and the resident engineer reports that he expects a considerable increase in the consumption during the current year. The total receipts amount to £35,683, being an increase of £6,212 over the previons year. During the year the loss by exchange has amounted to £13,805. Out of the balance of net revenue the directors recommend the payment of a dividend at the rate of eight per cent. per annum, free of income tax, of which four per cent. has already been paid as interim dividend.
an
The directors propose to apply to the Court for powers to alter the memorandum of associa- tion of the Company, so as to enable the Com- pany to supply electricity for lighting and other purposes. Enclosed with the report is a notice convening an extraordinary meeting at which a resolution will be proposed effecting the sug-
CORRESP NDENCE
[We do not hold ourselves responsible for the opinions expressed by our correspondents.]
ADMIRAL MONTOJO.
TO THE EDITOR OF THE
DAILY PRESS." DEAR SIR,-In your issue of the 26th instant I see with no little surprise that the Spanish Admiral Montojo is to be court martialed, being charged with cowardice displayed by him in skipping about from vessel to vessel during the recent engagement in Cavite harbour. I assure you that the information is quite incor- rect. Admiral Montojo had his eusign hoisted up on the un-armoured cruiser Reina Cristina at the commencement of the battle and he transferred it to the Isla de Cuba only when the Reina Cristina, already on fire, had to be abandoned, and he had consequently to order her to be sunk by her own crew. On the Isla de Cuba, then, Admiral Montojo's ensign remained until the end of this miscalled battle, in which the contest was certainly most unequal, as you can see from the Spanish official report before me. However, our navy did bravely and heroically faced the enemy, whose fire was poured out from modern ships mounted in greater part with 8-inch guns in "protected positions. And it must be remembered that our fleet consisted
of only four un-armoured iron and some wooden ships, three of which were in very bad state, and all of less tonnage than the American and mounted with only 4 to 6-inch guns.
He cannot, therefore, be considered a coward who thus fights until his resources are exhausted, and is then compelled to order his own ship to be sunk by the crew themselves before pulling down the flag.-Yours faithfully,
ENRIQUE MARTINEZ
MAGADAN. Hongkong, 27th May, 1898.
THE CHINA CUSTOMS REVENUE,
REPORT OF DUES AND DUTIES, JANUARY- MARCH QUARTER, 1898: CHINESE TREATY PORTS.
Newchwang. Tientsin Chefoo
Kiukiang Wuhu. Chinkiang Shanghai Souch w Ningpo Hangchow
1898.
1897.
1896.
Hk.Tls.
Hk.Tls.
Hk Tls.
nil
7,402
nil
57,677
53,979
89,245
99, 33
95,149
97,702
Chungking Ichang Shasi Hankow
70,855
71,501
76,756
110,819
104,787
109,914
5 4
288
nil
236,776
204,865
196,462
125,871
126,180
122,254
91,570
93,75
222,111
190,660
213,469
218,232
1,911,737
1,564,5
1,450,644
25,693
8,552
nil
174,770
170,608
184,711
39,5.5
30,3. 4
nil
Wenchow
7,465
6,725
4,089
Foochow
163,461
161,21
139,808
198,331
218,287
157,048
3ti0,959
297,760
255 173
Canton...
439, 27
42,433
359,290,
4,447
nil
nil
3,157
nil
nil
4,:01
nil
nil
7, 29
nil
nil
34,277
30,625
21,270
42.006
5.,764
$3,289
3,737,998
Hk.Tis.
92,9,0
1897. Hk Tls.
155,263
1896. Hk.Tls.
130,514
1.3,tit.9
113,91
99,083
984
#71
41,657
3,748
27,488 nil
23,623
nil
Amoy Swalow
Wuchou Samshui Kongmoon Kumchuk Kiungchow... Pakhoi........................
Total .....3,843,290 3,28,704 To this must be added —
Kowloon Lappa Lungchow Mêngtze Szeniao
1898.
Total............253,048
1,073
297,413 254,298 Divided under the different heads, the com- parative receipts at the twenty-five regular treaty ports were as follows, in Haikwan taels:
Import Duty Export Duty
189. -1897. 936,964 1,692,306 1,041,285 1,0≤0,871
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