122
THE HONGKONG WEEKLY PRESS AND
HONGKONG AND SHANGHAI BANK surance, and such proportion as may not be |
DIVIDENDS.
The following statement shows the dividends paid by the Hongkong and Shangbai Bank during the past twenty years :-
First 6-mos. Second 6-mos.
£1 0 1 0 1 10
* 2 0
1878
79
£1 0 1 0
80
1 5
81
1 10
82
1 10
* 2 10
83
2 0
84
2 0
2 0 2 0
85
2 0
# 2 10
86
2 0
87
1 10
1 10 1 10
88
1 10
89
1 10
* 2 10
90
† 2 10
91
1 10
92
1 0
93
1
0
94
1
0
95
1
5
1 5
96
1
5
1
5
1
5
1 5
1 5
97 98
1 10
3 0 1 10
1 0
T
0
1 5
recoverable under our policies will, as stated in the report, be charged to the depreciation and insurance fund. When last we met I said that the board in conjunction with the other com- panies interested in the trade would shortly be considering the question of building for the West River, and as you will have observed in the accounts, a beginning in that direction has been made by the order of two tow-boats and four lighters. These are for the direct line from Hongkong and the company's interests in them is one third. No steps towards order- ing larger steamers for the liue from Canton to Wachow have been taken pending settlement of the question of routes and places of call. Hitherto we have been at a disadvantage on this line by being bound down to one particular route and to certain places of call, whereas our competitors the Chinese Companies are allowed to take any route they choose and to call where they like. The only remark called for in con- nection with our investments is that the item of loans on mortgage has decreased by about $19,000 and our investments in shares in creased by a similar amount. Before proposing the adoption of the report and accounts I shall
* Includes bonus of 10s. † Includes bonus of £1. be pleased to answer any questions in connection
Includes bonus of £1 10s.
HONGKONG, CANTON, AND MACAO STEAM-BOAT COMPANY,
LIMITED.
The 64th ordinary half-yearly meeting of the shareholders in the above company was held at the office of the company, No. 18, Bank Build. ings, Queen's Road Central, at noon on 2nd Aug. for the purpose of receiving a report of the directors, together with a statement of accounts, declaring a dividend, and electing directors and anditors. In the absence of Mr. E. R. Belilios, the chair was occupied by Mr. J. J. Bell-Irving, there being also present Messrs. F. A. Gomes, N. A. Siebs (directors), T. Arnold (secretary), D. Gillies, A. Ellis, E. J. Moses, A. A. Cruz, E. H. Joseph, J. R. Michael, J. M. Goosmann, H. M. Mehta, Wo Hon, E. Georg, J. H. Cox. and Captain W. E. Clarke.
The SECRETARY read the notice convening the meeting.
|
The CHAIRMAN said-Before proceeding with the business of the meeting I desire to mention that the secretary received a note this morning stating that owing to indisposition our chair. man would be unable to preside. I am sure you will all learn with regret the reason why Mr. Belilios is not in the chair. With your premission the report and accounts having now been in your hands for several days, I propose that, in accordance wish usual custom, they be taken as read. At our last meeting a wish was expressed that the company should adopt a somewhat firmer attitude in dealing with the native opposition on the river. Your directors had at that time already in contemplation the adoption of some such measures as those sug gested, and were glad to have an expression of opinion from the meeting which strengthened them in their resolve. The measures adopted have naturally had the effect of diminishing the earnings of our steamers; consequently your directors think it prudent, in view of con- tingencies, to recommend the payment of a dividend somewhat smaller than the usual one and to husband our resources by carrying forward a substantial sum to next half-year's accounts. With regard to the unfortunate collision bet ween the Powan and Kwanglee, which I men. tioned at our last meeting, I regret that such alow progress has been made towards a settle ment. The matter is still occupying our Law Courts, but I think it due to shareholders to say that with the view of avoiding heavy legal expenses, an effort was made by your board to settle the question of damages amicably before litigation commenced. The judgment in the case is exactly in accord with the terms upon which That we offered to come to a settlement. judgment was appealed against by the owners of the Kwanglee, but was affirmed by the Court of Appeal, and considering the carefully worded decision and the numerous cases cited therein by our learned judges, and the circum- stances connected with the collision, it is highly improbable that the appeal to the Privy Council with which we are now threatened will succeed. The loss is one essentially appertaining to in-
therewith which shareholders may wish to put.
No questions were asked and The CHAIRMAN proposed the adoption of the report.
"Mr. GILLIES second.
Carried.
Mr. GEORG proposed the re-election of Messrs. N. A. Siebs and C. Buermann as direc- tors.
Mr. MICHAEL seconded. Carried.
Mr. JOSEPH proposed the re-election of Messrs. A. O'D. Gourdin and F. Henderson as auditors.
Mr. MOSES seconded. Carried.
The CHAIRMAN-I thank you for your at tendance. Dividend warrants will be posted to- morrow morning. Divideuds will be given to those who apply for them at ten o'clock to- morrow morning.
The proceedings then terminated.
KAUB.
REPORT FOR the five WEEKS ENDING ON 5TH JULY, 1898.
I returned to Singapore on the 6th June, Raub on 19th June. very much better in health, and arrived in
I found everything had been going on very satisfactorily during my absence, and I think Mr. Whyte and the European staff deserve very great credit for the way the works have I also congratulate share- been carried on. holders on the improved prospects.
While in Europe I furnished manufacturers with full details to enable them to tender for The contract was the electrical machinery. eventually let to Messrs. Johnson and Phillips, of London, who have the reputation of being one of the best firms in England for the con- struction of electrical power plants.
Since my return I have been busy examining the works at the different mines and works on the electric installation.
Ranb Hole. In this section I found that the chute of ore, worked so long and profitably by this Company, had “died out," in fact come to an end. The immediate cause of this was a fault in the country, but it had shown signs of giving out for some time. A good deal of prospecting has been done to try and pick it up again, but without result, and I have therefore stopped all work in the south end of the mine.
1
Main West Crosscut.-All work has been stopped in this drive at present. The country on the line of the western lode, to test which this crosscut was put in, is very much disturbed and broken up, and is not of a promising charac- ter, I therefore do not think it advisable to do any more work here at present.
Main North Drive, 220 feet Level-In this drive prospects look much more promising; a narrow chute of fairly rich ore has been struck at a distance of 375 feet north from the crossout No. 2 shaft. This is a continuation of a chute of ore worked several years ago from the surface down to the 120 feet level. We have therefore
Angust 6, 1898.
100 feet of backs to work above the 220 feet loves and as the ore is fairly rich, it will turn out a good deal of gold. It also appears to be going down strong under foot. I am continuing the main drive north in hope of cutting other chutes of ore. The face of the drive is now in broken ground, with quarts on the east side, which I have not yet shot down to see what it is. There have been years of costly exploration work done in this level, with, I am sorry to say, poor re- sults so far, but I am sanguine we shall yet be more than repaid.
Bukit Hitam.-A little over half a mile north of the Raub Hole, on the west side of the rail. way, is a low hill, almost surrounded by swamps, which has been worked right across from swamp to swamp by the natives. It is a place I have long had a good opinion of and a little while before leaving for England I started to sink a small prospecting shaft. 7 feet by 4 feet clear of timber, to test the lode below the native workings. The shaft was sunk to a little over 60 feet when we had to stop work owing to the water becoming too much for manual labour. Taking advantage of the recent dry weather, Mr. Whyte put a small pump in this shaft and succeeded in sinking it to a depth or 74 feet. At this depth what appears to be the lode was struck coming in from the east and from the old native workings. Unfortunately, as soon as the lode was struck, the water became too strong for the pump, so it had to be drawn to save it from being drowned. We were able to get out a few buckets of quartz from the lode, almost every piece of which carries fair gold. I think we shall have a good mine here. I am now engaged putting in a larger pump and more boiler power and hope to have it at work by the
end of the present week. I think it will proye a very important discovery, as it opens up a large extent of untried country between Ranb Hole and Bukit Koman.
Bukit Koman.-In this section development work has been pushed steadily on and large additions made to the ore reserves both in the 140 feet and 250 feet levels. In the former level it is from 1,600 feet to 1,700 feet between the two faces, both of which expose a large lode-s how wide I cannot say-and both faces show fair gold. The stopes continue to turn out large quantities of first class ore. Up to the present only about one-sixth of the backs over' this level have been worked.
No. 2 Level. This level is now about 800 feet from face to face and carries a good strong lode all the way.
}
In the North face, the drive is being taken in 10 feet with quartz showing on both sides and a little gold showing all through South End Same Level. The lode formation is fully 20 feet wide, of which 16 feet is crushing stuff. Some very fair gold can be seen in this face.
Two winzes have also been sunk, one north and one south of the main crosscut. These win- zes are in crushing stuff all the way.
Few mines can show larger quantities of pay- able ore than is waiting here to be taken out.
Bukit Jellis.-Marking out the site for this shaft was one of the last things I did before leaving for England. A start to pre- pare the site was made on the 12th July, 1897, and sinking started a week or two later. The shaft is 14 feet by 5 feet clear of timber, and is timbered throughout with 8 inches by 4 inches. sawn timber. No timber has been used in this work but merbau or penagra of the very best kind. The shaft will eventually be divided into three compartments, two for hauling and one for pumps and lad with cages,
There is an adit driven from derway. the level of the swamps, 6 feet 6 inches by 4 feet 6 inches, to carry off the water from the pumps, and is timbered throughout with sawn timber. At this level, 48 feet, the first opening sets have been fixed to open out at the old tunnel level. This tunnel has been driven 396 feet into the hill, which is about 200 feet high. There is a very large quantity of payable ore above this level, which I estimate at thonsands of tons. This will be the Level. At 100 feet below this a plat" or "station" has been cut the full width of the shaft and 10 feet in the clear. This is No. 2 Level. At 100 feet below this another plat has been cut, the same size as No. 2. This will be No. 3 Level. The shaft is
now down 310 feet from the collar-surface. It
is intended to sink it to a depth of 360 feet
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