March 25, 1899.]
to attend personally, owing to sickness. He wrote a letter to the managers, but has received no reply. The carrying forward of the profits for the year 1898, which profit has been made with the fully paid up capital of the old Green Island Company, is unjust and illegal, and he begs to protest against it being done in this way. The new shareholders had their capital only paid up to the extent of one half, and you cannot let them share in the profit on an equal basis with the old shareholders. He emphatically protests against the profit being simply carried forward. There is another matter. It was currently reported that the company had an unsold stock of 45,000 casks of cement, which at the rate of about $3 per cask would be worth alone $135,000. Raw material, coal, eto, the com- pany had in stock in 1896 about $50,000 and in 1897 about $76,000, because on both occasions there was very little stock of cement then. Let us assume the company had $50,000 worth of raw material on hand at the end of the year under review, then the total value of the stocks would be $185,000 instead of $138,000 as shown in the report. Consequently the assets would stand higher and the profit would reach $100,000, instead of $50,000, for division among the shareholders. It is no misfortune to have a large stock of cement, as new cement fresh from the factory does not give such good re- sults as cement does which has been stored six months or even a year. Mr. Bischoff wants to ask for a detailed statement of the stock on hand at the end of 1898, at least as far as the Cement Company is concerned.
The CHAIRMAN said that he had received the letter but had not answered it, ou account of its containing a threat that if it remained un- answered Mr. Bischoff would bring the matter before the general meeting. That was just what they wanted Mr. Bischoff to do. As regarding the legality of their carrying forward the profits to the detriment of the old shareholders, new and old shareholders stood exactly on the same basis in all points of law and had to receive the same treatment. By reference to the balance sheet it would be seen that the stock they had been obliged to place at Hok Un would answer the question concerning that point, and he could not oblige by giving any further details of stock in haud. If there were no more questions, he wished to propose the adoption of the report and accounts.
Mr. J. R. MICHAEL seconded. Carried.
Mr. E. KELLY proposed the re-election of Messrs. Ewens, Orange, Li Sing, Chater, and MacEwen on the consulting committee.
Mr. A. BABINGTON seconded. Carried,
Mr. FUNG WA CHUEN proposed the re-elec- tion of Messrs. Jas. M. Cox and F. Henderson as auditors.
Mr. J. R. MICHAEL Beconded. Carried.
This concluded the business.
OLIVERS FREEHOLD MINES, LIMITED.
CHINA OVERLAND TRADE REPORT.
The third ordinary annual general meeting of the shareholders in the Olivers Freehold Mines. Limited, was held on Saturday at the re- gistered offices of the Company. There were present Messrs. H. Humphreys (Chairman), J. A. Jupp, W. H. Potts, C. Ewens, A. H. Man coll, Captain Clarke, Lau Chn Pak, J. S, Hagen, and W. C. Taylor (Secretary).
The SECRETARY read the notice calling the meeting.
order to discover, if possible, the cause of the falling off in the value of the stone at this depth. You will readily understand that the striking of payable ore at the bottom level or deeper would greatly enhance the value of our property. You will remember that at the end of 1897 we had just finished sinking our main shaft to a depth of 300 feet, and were preparing to drive both north and south on the reef at this level. The reef was 8 ft. thick and looked very promising; unfortunately it did not come up to the expectations of our Manager, and as far as we have gone yet we have not met with any payable stone. Latterly, however, there are signs of change in the lode and we may rea- sonably hope for an improvement in the near future. At the 200 and the 150 feet levels driving and stoping has been carried on almost continuously and both from the stopes above these levels and from those of the int rmediate level below 200 feet we have been getting large quantities of ore of good quality. In the North drive at 150 feet a good shute of stone has lately been met with, and as we are now out beyond any old workings in this drive and approaching the "B" Shaft all the time we regard this as most satisfactory. The distances driven on the various drives during the year amount to about 500 feet. The "B" Shaft has been sunk to a depth of 136 feet. Driving to intercept the reef at this point is now in pro- gress and at the end of the year 33 ft. had been driven. As stated in our report, 6,883 tons of stone were crashed during the year, realising 2,867 ounces o dwts. of gold, or an average yield of 7.4 dwts per ton. The battery was idle for two months, six weeks on account of drought and consequent failure of our water supply and two weeks owing to a breakdown in the machin- ery. Advantage was taken of the dam being empty to dredge and enlarge it and to construct a new one, giving us altogether, we are informed, a storage capacity nine times greater than be fore. This in a great measure accounts for the increase of the account at the debit of works, buildings, and fixed plant account, the cost of these operations being $7,294.14, including all labour and stores; and the cost of the erection of a new storeroom and assay office accounts for the balance, It is absolutely necessary we should be in a position to do our own assaying on the spot, and as our battery manager is an experienced assayer we shall not need to increase our staff. On the whole, we think that the result of the year's working may be considered fairly satisfactory. The last three mouths we got much improved results, which have con- tinued in January and February this year. We see no reason why we should not look forward to a profitable year's work. During the year the mines have been visited in your interests by Mr. Hart Buck and Mr. J. A Jupp, of our firm, the latter's visit being occasioned by the sad death of our representative in Australia, Mr. C. J. Willmott, whom we greatly regret. If there are any questions to ask, I shall be pleased to answer them.
The CHAIRMAN said—Gentlemen, the report and statement of accounts having been in your hands for some days, I will with your permis- sion take them as read. You will see by the accounts that besides the amount spent in min. ing and crushing, and actual mining charges, we have expended during the year a sum of $14,666 in developing our property, which has been charged to a new account called develop-
ment account. This amount will have to
No questions being asked, the CHAIRMAN proposed the adoption of the report and accounts.
Mr. LAU CHU PAK seconded.
Carried.
The CHAIRMAN-Mr. G. R. Stevens having resigned from the Consulting Committee, Mr. Pollock was asked to join the Board. This ap- pointment requires confirmation. I would there- fore propose that the appointment of Mr. Pol- lock be confirmed.
Mr. JUPP seconded. Carried.
The CHAIRMAN proposed the re-election of Mr. W. H. Potts as auditor.
Mr. MANCELL seconded. Carried.
This concluded the business of the meeting.
1:
THE PUNJOM MINING Co.
HIMITED.
247
The Secretary of the Punjom Mining Cọ, Limited, advises us that he has received the following progress report on work done at the Company's mines in Pahang during the month of February, 1899 :---
JALIB, AUGUST 8HÄFT. Level No, 3 from Prospecting Winze No.-1. -The west drive has been driven a further distance of 14ft. 6in., making total length from North drive 18ft, 6in. At this point we have passed through 15ft. of lode. When first met with we found several stones showing gold and the sample from breast of dete gave by assay 1 oz. 19 dwts. 4 grø. fine gold par ton. We milled 20 tons broken when driving through the lode and we find it gives by milling 4 dwts. 18 gra, fine gold per
ton.
The report of the Shanghai Tugboat Co., Limited, for 1898, shows that the amount at the redit of the profit and less account is Tls. 36,475.13. Three interim dividends of Tls. 5 per share have been paid, amounting to Tla. be witten off from time to time as opportunity 15,000, leaving a balance of Tls. 21,475.13 The offers, and when we get returns from these directors propose to appropriate this balance as developments. It includes the cost of sinking follows:-Add to Reserve Fund Tls. 7,500, the "B" shaft, which we referred to in the write off for depreciation Tls. 6,293.98/ pay a report, and the cost of driving at the 300 feet final dividend of Tls. 5 per share (making in all level in the main shaft, which work is quite 20 per cent. for the year) Tls. 5,000, and carry unremunerative, but which must be done in the balance to new account, Tls. 2.681.17.
:
Prospecting Winze No. 3.-The drive East has been lengthened 21 ft. 6 in., making total length from winze 36 ft. 6 in. This has been continued in quartz the whole of the distance. We have not milled any stone from this point; it is placed aside for future treatment.
TANKONG SHAFT,
The ground here is not so favourable for sinking, only. 12 ft, having been sunk during the month. Total depth from surface 95 ft.
Rise to communicate the 50 ft. level with our upper ground was commenced in the early part of the month and fairly good progress made. This is put up through the lode and will open up this section of ground for stoping, giving about 70 feet of stoping ground in height.
NEW FIND.
No. 1.-We resumed operations here in the early part of the month for the purpose of driv- ing through the belt of slate to test the ground beyond. In driving we have cut a leader over a foot in thickness; the assay result from it not yet known; it is certainly an encouraging feature.
No. 3.-24 foot was added to this drive daring the month; it passed through the lode into the same channel of ground as Ño. 1, when it was decided to stop for the present.
MANIK.
The adit level was communicated with shaft after driving 52 feet, making total length of cross ont 144 feet 6 in. We are getting ready to stope on the ore body which was opened up by the shaft.
PROSP KOTING.
The usual attention has been given to this, but with results not quite so favourable. 771⁄2 tons of ore was milled from this section, but it only gave 16 grains fine gold per ton. This, how- ever, was not a representative sample. We have four heaps broken from the same cutting ready for the mill assaying 1 dwt. 2 grs., 4 dwts. 8 grs., 5 dwts. 10 grs., and 12 dwts. 11 grs., re- spectively fine gold por ton.
A tramway has been laid down in adit level; an ore bin almost completed to receive the ore from the mine so as to run into the wagons without trouble.
SEI ANGO.
We resumed work here in the latter part of the month. There is no change since last re- ported on.
HADJI.
This was driven 69 feet 6 inches, making total length 88 feet 6 inches. This I think is beyond the line of reef, so work was stopped for the present.
SWAH.
No. 1 drive West.-Good progress was made with this, 73 feet having been driven, making total length 203 feet. We have not met with any lode as yet.
No. 2 drive. This also has been driven: 58 feet, total length 113 ft. This is in the course of reef. We have a little stone at times, not regular. At one time during the month we had a leader about 1 foot 8 inches assay value
os. 14 dwts. 16 grs: fine gold per ton,
BUKIT SAKONG SECTION.
No. 1 level North Guban has been extended
34 feet carrying about 1 foot lode,
No. 3 level extended 24 feet, 20 feet of this
driven in a small lode.
No. 3 shaft. Sunk a further depth of 21 feet and timbered.
Y
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