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Mr. GEORG seconded.
Mr. BEST-I should like to ask one or two questions. I understand we have six shafts, have we not?
The CHAIRMAN—Yes.
Mr. BEST-On how many different lodes ? The CHAIRMAN-Two.
Mr. BEST thought that looking at the plan they might have another lode,
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Answering Mr. Best The CHAIRMAN said the distance between the " Rise and Shine' and the " Bank of England' was 261 feet.
Mr. BEST thought they ought to connect the two. What was the distance between the Zulu and the Rise and Shine ?
The CHAIRMAN-About 400 feet.
Mr. BEST said that that would not be a great deal to connect. He should strongly object to sinking deep shafts until they proved the lodes at present levels.
The CHAIRMAN-Well, we are not sinking more deep shafts at present.
Mr. BEST-There is another thing I should like to ask about. Have you heard anything more about these rich concentrates ? What has become of them?
The CHAIRMAN-Mr. Georg is trying to sell them now; I do not know what they will realise. Mr. BEST contended that the io les should be proved at present working levels and at surface if possible, before sinking deeper, and if on same line of reef work from each shaft inwards towards the other on line of reef, not outwards. On no account should they siuk new shafts or continue present ones to lower levels till the present working levels had been thoroughly proved. Sinking shafts was very costly and brought in no returns, whereas driving levels on line of reef was not only less costly but brought in gold to pay for work- ing expenses during this developmout. There were not wanting examples of the practice of spending all a company's funds in sinking deep shafts only for the benefit of successors,
The CHAIRMAN-That we quite agree with. Mr. BET, in the course of some further remarks, said they could not expect more than an average of half-an-ounce to the ton, but that would pay well if they got plenty of it. Better resalts would be got at greater depth after working levels had been well proved. He did not think Mr. Georg should have so free a haud as he had had in the past. He thought be should work according to the directors' instructious, He thought Mr Georg had been making an ass of himself and a fool of the shareholders aud directors. (Hear, he r.) He did not think they had had a satis- factory explanation of the suggested foul play.
The CHAIRMAN-We have not received a full explanation ap to the present. The last letter we received from Mr. Georg is not suffi- cientexplanation. He does not seem to know him self. When he knows more perhaps he will give us fuller information. At all events we shall write him for very full particulars on the subject.
Mr. BEST['but is satisfactory, but it seems to me we have not bad a satisfactory explanation from Mr. Georg with regard to the telegram mentioning pounds iustead of ounces.
The CHAIRMAN—In the mining code there is no word for 18 ounces and he took it for granted that by using the word which really meant pounds we should read it as ounces. That is Mr. Georg's explanation.
Mr. BEST-in future what we want to know is facts. We do not want a lot of twaddle about what Mr. Georg thinks. We want facts about what he really finds.
Mr. CHAPMAN said he should like to know whether it was possible to have two mauagers. He understood they proposed to retain the ser- vices of the present manager and supplement him by a practical man.
THE HONGKONG WEEKLY PRESS AND
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The CHAIRMAN said they had a mining manager now, Mr. Webb. Mr. Georg was the general manager and looked after the ao- counts and the expenditure generally; but what they wanted now pas an expert for the battery, because it seemed to him that it was there they had come to grief. It had been the result of ignorance or foul play. Which they could not tell.
he replaced by a fully qualified manager before further funds are expended, the remuneration to the new manager to be based on a moderate fixed salary and share of profits."
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Mr. Mork, in secouding, said Mr. Georg bad had an opportunity of distinguishing himself— he had been with them 18 months-and they ought to give another man an opportunity of doing something,
Mr. GEORG said it would be manifestly unfair at the present juncture to dismiss his brother and replace him by another man. He had worked hard for the company, and had been living a life which very few there would like to live-in a shanty amongst the miners. His brother was nota practical miner, but he had worked honestly for them, and to replace him by another man would be foolish. His idea was that they should get an expert. but that the chief management should be left in his brother's hands.
Mr. WARRES SMITH thought that it would be unwise to make a change. Mr. Georg's character was known and because all his pro- mises bad not been fulfilled it did not follow that he would repeat his old or make new serious mistakes; while the risk would be much greater in engaging a new man. They had only to call to recollection the history of other Hongkong Mining Companies, several of which had had serious misfortunes solely through having a succession of careless or incompetent managers, and the experience of this company would prob- ably be the same if a change were made. They would really know nothing of any new man that might be engaged. Mr. Georg undoubtedly had tue interest of the company at heart, worked | hard, and was thoroughly trustworthy. He ought to be given a chance of retrieving his mistakes,
Mr. BEST thought it would be only fair to give Mr. Georg another chance.
The CH IRMAN said he would remind share- holders that Mr. Georg had a large interest in the mine, he had worked very hard, and he thought it would be hardly fair not to give him another chance. He thought it would be very difficult to get a man who would look atter things as closely as Mr. Georg had done in the way of expenditure. He thought that if they got a battery expert and gave Mr. Georg precise instructions and limited him 88 to what he had to do, and made him furnish reports to show that he had adhered to those instructions. he could do better in the future.
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[April 1, 1899.
Mr. Cox said several experts had visited the Mount Macdonald mining field, the results of whose investigations had appeared in the Aus- tralian papers. These experts had always spoken very highly of Mr. Georg's work,
Mr. J. K. MICHAEL said that no doubt Mr. Georg had worked very hard, and if the mine had not been successful it was not his fault, He might have made mistakes, but not sufficient to warrant his dismissal.
Some discussion took place on the point as to whether Mr. Chapman's proposition was in order, seeing that the meeting had been called, for a special purpose, and the Chairman ul- timately ruled that it was not in order.
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The original resolution was then put and car- ried without dissent.
The CHAIRMAN announced that a confirma- fory meeting would be held in about a fort- night.
This was all the business.
THE SHANGHAI AND HONGKEW WHARE COMPANY, LIMITED.
The annual meeting of the shareholders of this company was held at the offices of the General Agents, Messrs Jardine, Matheson and Col, Shanghai, on the 21st March under the presidency of Mr. E. F. Alford. There were also present, Messrs A. McLeod, E. A. Probst, A. Korff, E. A. Howett (Directors), Cruick- shank, C. E. Anton, Duncan Glass, H. R. H. Burder, Gresson, J. M. Young, E. Jenner Hogg, Reynell, Spooner, R. Macgregor, Pem- berton, E. U. Smith, R. Inglis, E. H. Davis, 6. Thorne, aud Camera.
The notice convening the meeting having been read,
The Chairman said-Gentlemen, the Report having been in your hands for some days, I pro- pose to follow the usual precedent and take it as read. The result of the year's working I feel sure you will agree with me is highly satis- factory. In addressing you at the general meeting a year ago I referred to the decision of your Directors to increase the tariff from lat April, and expressed a belief that, notwith- standing the advance in the price of labour, an increase in our earning power would be ap- parent. The beneficial result of that step, taken for the protection of your interests, is shewn in the accounts before you, there being a balance at credit of 1898 work. Mr. CHAPMAN thought Mr. Georg had had ing acconut of Tls. 268,555 against Tls, . quite suffient opportunity. He had had 19819 for 18 7, or a net increase of Tis. fair trial, and he thought it was now time to 68,706. Confirmation of the necessity for the change. There was no indication they were
increase of tariff is found in the figures apper- going to have any improved results. If Mr. taining to working expenses for 1898. The Georg was going to run the whole show,and | total of these amounts to I'ls, 379,0 -2 as against wander about as he liked sinking shafts-be- Tls. 330,73) for 1897, so that without the pro- cause that was practically what had happened-tective measure I am now discussing, the return they would never be any better off.
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The CHAIRMAN pointed out that there had been a great deal of development work done. They were now in a position to get a great deal of ore and bring it to the surface.
Mr. CHAPMAN-But we get nothing out of it, that is the difficulty.
The CHAIRMAN said it was true they had got very little so far, but they hoped to do better when they got an expert to superintend work in the battery.
Mr. CHAPMAN said that Mr. Georg seemed to have run foul of the whole of the staff. He considered Le had made enemies all round him, and he thought it would be advisable to change. The CHAIRMAN-I hope he will live this down and make himself popular.
Mr. GEORG said his brother bad made enemies through his honesty and mentioned that in con- nection with some machinery for the mines his brother was offered £40 or £500 commission by a certain firm, but he refused it.
Mr. WAREES SMITH remarked that it was to be presumed Mr. Georg would learn by ex- perience and do better; a new man would prob- ably make new mistakes and the shareholders would have to bear the cost of his learning by experience.
Mr. CHAPMAN did not thin. their mines
should be a training school for managers. They were paying for an expert manager, and Mr. CHAPMAN proposed the following resolutly ought to have one. There were plenty of
good men in the world. tion:That having regard to th‹ results obtain- ed under the present manager at the mines the shareholders are of opinion the he should
Mr. E. S. JOSEPH said the question was, had Afr. Georg proved himself competent or not. if not he should be dealt with accordingly.
which shareholders may reasonably expect to receive, based on the value of their property, would undoubtedly have been interfered with by the euuanced cot of working. After pay ment of a interim dividend of three taels per share we are in a position to propose the payment of a further nine taels per share, thus making twelve aels for the year, to place Tls. 25,000 to repairs account, and carry forward Tls. 22,713.47 to credit of profit and loss Account for next year. With over 100 godowns, besides wharves and pontoons, to maintain in a state of efficiency, the item of repairs must always be an important ons; there- fore I feel sure that our action in making provision for the up-keep of your property will meet with your approval. I am pleased to be able to say that the saving on dredging opera tions still continues, our expenditure under this head being about balf that of the preceding At the same time it must be borne in year, mind that the shore to the eastward of the Ningpo Wharf is extending upwards, and considerable dredging may have to be done there in the future, also that in the next few years extensive repairs will be necessary at the Pootung Wharf, hence your Director's recommendation to carry forward a portion of our profits to enable such re- quirement to be met. The amount of Tls. 20,000 transferred from 1897 earnings to re- pairs account has been absorbed with the excep tion of T'ls. 425.22 which appears in the balance sheet now presented. Property
account bas been increased by the sum of Tle. 86.594 ex- fended during 1898 on new works and build.
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