886
.
THE HONGKONG WEEKLY PRESS AND
snoh men as Donglas Jones and W. J. Saunder to fall back upon shareholders may well feel comfortable as to the future of this flourishing Society. I may add that I have seen a detailed list of our sterling investments, , and I am glad to say they are all, without exception, gilt edged. With these remarks I beg to second the adoption of the report and passing of the
Mr. THOMPSON proposed that Messrs. H. L. Dalrymple and N. A. Siebs be re-elected direc- tors.
Mr. HUNTER seconded. Carried.
Mr. BYRAMJEE proposed that Messrs. J. H. Cox and W. H. Polts be re-elected auditors.
Mr. ÁLVAREZ seconded.
Carried.
Mr. SAUNDERS said-Before concluding the meeting I have some remarks to make regard ing the speech of Mr. McConachie. I have had nothing to do with the prosperity of 1897
Mr. MCCONACHIE-My remarks appertain to 1898.
Mr. SAUNDERS-The secretariat business of the Society is chiefly to keep the machinery oiled. We leave the agents at the branches to make the profits, which they do.
The CHAIRMAN--That concludes the business of the meeting. Dividend warrants will be issued to-morrow,
THE GREAT EASTERN AND CALE- DONIAN GULD MINING CO.,
butors beyond the 20 per cent. already paid. The interest account for the year amounts to $168,000, which is almost sufficient to pay the dividend of $17 per share recommended in the report. Shareholders must not think, however, that they are getting nothing out of the under writing account. A very considerable portion of the interest is earned on the premium in hand on the current year's working. The work-accounts. ing account balances shown in the present · Carried. report amount to no less than $1,290,000, nearly „all of which is bearing interest. I hope you will also approve of the addition of $40,000 to the reserve fund, as it is only by additions to reserve fund that the gradual increase in the annual dividend can be kept ap permanently and the Society's resources strengthened. I believe it is generally admitted that the year 1897 has been a bad year for marine under- » writers all over the world. Rates of premium have been lower than ever and the losses of really first-class steamers have been more numerous than usual, more especially perhaps in the Eastern trades. The Society has been fortu-- nate in being able to increase its premium -income notwithstanding the low rates and also in not being more largely interested in the losses. The figures for. 1898 are so far very favourable, but it is impossible to forecast the - final result at such an early stage. There is one item in the working account on which I would like to say a few words, namely, "head office charges." These show an increase of $29,000 in the final account for 1897 and an in- crease of $15,000 in the first 6 months of 1898. This increase is accounted for by the payment sof a bonus of £4,000 to Mr. N. J. Ede, our late Secretary, on his retirement, $2,500 hav- ing been charged to 1897 account and £1,500 to 1898 account. Mr. Ede was Secretary in 1874 when the Society was reconstructed on a permanent basis and had held the post con- tinuously from that time until his retirement last May. During this time from a small Com- pany with a paid-up capital of $250,000 and no reserve fund the Society has risen to its present position. The capital has been doubled, a re- serve fund of $1,300,000 accumulated and the aunnal dividend has reached a figure which pomes to 34 per cent on the present capital or 68 per cent, on the original capital. The direo- stors trust the shareholders will agree with them in thinking that Mr. Ede could not be allowed to retire without some substantial recognition of his services and that the shareholders will approve of their fixing the amount Fat £4,000. There are no other features in the account that require any particular com- ment. The exchange fluctuation account shews za satisfactory increase and the investment fluctuation account a decrease which is accounted for chiefly by a slight fall in the market value of the best sterling securities since the date of our last balance sheet. On the other side of the account the Society's holding in rupee paper has been reduced during the year by Rs. 350,000 and the amount has been invested in sterling. I shall be glad to answer any ques tions you may wish to ask before I propose the adoption of the report.
No questions being asked, the CHAIRMAN proposed the adoption of the report and passing of the accounts.
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LIMITED.
Messrs. Lutgers, Einstmann & Co., General Agents of the Great Eastern and Caledonian Gold Mining Co., Limited, forward us the following report received from the manager at the mines:→→→
17th October, 1898. Great Eastern Mine-The drive north is in 79 feet and the reef is keeping its width; with- out that we have touched the proper foot wall. The latter may not be so defined at the present level as it was above, but we have the same smooth hanging wall going with us as we are driving along. The reef looks well and carries a strong seam of mineral, which should be a good indication of gold. As we have opened out a large body of ore already, I am now em- ploying three men for the time being to put in a rise, prior to commencing to stope the ore out.
Zulu Mine. I am pushing on with all pos sible speed to get the drives in. Three shifts are driving north and1l have also started three shifts south on the reef. The drive north is in 6 feet, the ground very hard, but our reef con- tinnes to show rich gold. ́A great deal of development work must be done of course be. fore we can know how long this rich run of gold will last.
October 91
The bridge over the dam is inished and the contractor has turned out a good job,
Office nearly finished. ⠀⠀⠀⠀⠀
The excavations are nearing completion, and the erection of the battery is being vigorously proceeded with.
CRICKET
HONGKONG CRICKET CLUB V. THE NAVY, Teams representing the Hongkong Cricket Club and the Navy met on Saturday. The Club won the toss and Campbell and Hancock were sent to the wickets. The partnership was not, however, of long duration, Hancock being caught before he had broken his “duck" and when four only had been scored. Moberley followed, but his life was also very short, be being bowled by Bedwell when he had raised the total to eight. Dyson, who next partnered Camp bell, held on until 23 had been put on. – Burnie was dismissed at 45, Lowe at 49, the wicket to fall being that of Campbell, who was responsible for a well-played 33.
At this point things did not look rosy for the Club, who had only 51 to their credit. They subsequently pulled up, however, the seventh wicket falling at 86, the eighth at 126, the ninth at 162, and the tănth at 179. Lethbridge was a tower of strength for the club. He carried out his bat for 68, which included five 4's, two 3's, and fourteen 2's, the rest being singles, Benn and Salter batted first for the Navy. They opened well, notching 28 points before Arthur separated them by stumping Bean. Salter followed his partner to the pavilion with the score still at 28. Bed- well and Nugent were then together. The former stuck well, compiling the highest score
Tery
34-for the Navy, his wicket being the eighth to fall. The score had then reached 126. In the meantime the third wicket (Nugent's) fell at 47, the fourth (Hastings') at 58, the fifth (Dormer's) at 81, the sixth (Bowden Smith's) at 107, and the seventh (Elliott's) at 120. The ninth man was out at 151, and five more only had been compiled when the tenth succumbed, leaving the Club the winners by 23. Scores ----
Gill
HONGKONG ORICKET OLUB.
Lt. G. D. Campbell, H.K.R., b Elliott H. Hancock, e Hastings, b Bedwell, Lt. Moberly, H.K.R., b Bedwell Capt. Dyson, A‚P.D., o Nugent, b Gill C. M. G. Burnie, a and b Bedwell.. A. R. Lowe, 1 b.w., b Bedwell Capt. Langhorne, B.A., o Benn, b ́Gill Lieut. Lethbridge, K.O.R., not out Dr. Lowson, a Hickley, b Gill A. S. Anton, e Bowden Smith, b Benn H. Arthur, b Benn ........
Extras
Total
BOWLING ANALYSIS. Overs, Maid. Rans; Wider
18 4 48
63 27 22
Bedwell..... 21 Elliot...... J.F.A.Hastings 10 20
...... 4.3.
3: €9
Rice and Shine Shaft. This is down to 119 feet and we have a fine reef in the bottom, which is showing 24 feet in the shaft, butBenn which may be much wider, like in the upper level, and it is underlaying into the hill. It carries good gold, seems to bear in a northerly direction, and promises to became a second Zala. It must be the same reef, as the quartz is almost identical. The ground is getting very hard and the country rock is now the same as what we met with in the other mine.
Bank of England. We have recovered the big reef in the hanging wall, and although we have driven 6 feet into it we have not reached the other wall yet. Gold can be seen in the stone when brought up and this mine promises exceedingly well.
1. I shall push work on here also as fast as possible,
THE NAVY:
13
68
17.
179
N.B. Wicketa.
Mr. E. P. Benn, H.N., st. Arthur, b Burnie, Mr. A. V. Salter, R.N., b Lethbridge Mr. H. Bedwell, R.N., o and b Lethbridge - 84 Lieut. R. A. Nugent, R.N., 1.b.w., b Burnie 16 Mr. J.-F. Hastings, R.N., Moberly, b Lowson 6 Lieut. 0. Dormer, R.N.; c and b Langhorne 14: Lt. Bowden Smith, R.N., o Dyson, b Lethbridge 15 Mr. H. Elliott, R.N., b'Bumie
Lient. 8. A. Hickley, R.N., b Lowson Mr. Gill, RN, st. Arthur, 6 Lowson
· Lieut. R. Dalgety, R.N., not out
Extras
Totals
BOWLING AN
Maid.
$51
45
6.4
14
Mr. MCCONACHIE-The period covered by the accounts now before us was characterized by more than ordinary losses on first class risks. It is therefore most satisfactory that you are able to lay before us once more such an excellent report. You pay us the handsome dividend of $17 per share, which I think should satisfy flie most exacting. You return a bonus of 20 per cent, to contributors and you add $40,000 to the reserve. On such results as these, especially during such a difficult period, I think the board, the secretary, our London agents, and agents go nerally deserve our congratulations. I am glad to learn and see by the accounts, that our Inte rable secretary, Mr. Ede, was not allowed to retire without his splendid management of the Society Hor such a long period being substantially re
cognized and that you voted him a bonus of £4,000, which I feel sure every shareholder will approve of That the Society's premium in- come, notwithstanding low rates, continues to increase and that the figures for 1898 so far -are very favourable, speaks well for the careful to the dam enables us to run the water into the silver yen to the amount of 1.200,000
and able management of our Acting Secretary, Mr. Saunders, and so long as the Society has
Caledonian Mine-We have driven north on the lode, and are now in 8 feet, with the reef showing strongly in the face. It is about 2 feet wide, and carries gold and mineral. · I can- not say, however, much about it before we have driven another 20 feet, when no doubt it will be the same wide lode as in the old workings. The|| last few feet have shown a great improvement. I shall, as soon as possible, let a contract here.
All our shafts make a quantity of water, but whilst it of course gives us a lot of trouble, it is also a boon to us, as the position of all our mines
latter, thereby averting the danger of any pos- sible shortage.
Lethbridge Burnie Hancock Lowson .. Langhorne Lowe Campbell
w
In a previous issue of our paper, say Nagasaki Press, it was stated that a larg amount of silver yen had been exported Specie Bank for Hongkong to meet the demands in the market there. It is now stated
also exported from Yokohama on the 3rd inst. for the same destination,
No comments yet.
Private notes are available after approval.