May 6, 1899.)
longh, and was receiving a certain remunera. tion. These and similar causes were mainly responsible for the increases in the bank's or-
penses. *
Mr. Thomas asked whether the Board had fully considered whether it was worth while continning business. Year after year they had been faced by most miserable results, in spite of having on the Board gentlemen who occupied very high positions in connection with the East.
CHINA OVERLAND TRADE REPORT.
Jelebu Rin Lode. The outlay for the half- year amounted to $13,359, which, together with 815,363 spent to account of lode-machinery, ana together with the previous expenditure bring the account to $62,009. Though about $80,000 have been spent on the lode, it is valued at only $62,009 in the Company's books. That amount is considered a good asset. During the period under review, the prospects of the lode have further improved. The main shaft has been driven to a depth of 160 feet as recommended Mr. A. J. Hicks was of the same opinion as by Mr. W. Bibby. A crossout from that point that expressed by the last speaker. They were interesected the lode at 14 feet and 40 feet making no progress, and he considered it was, from the shaft, and the lode was found to be quite time they considered this matter most 1 foot 6 inches and 8 feet thick. The mining seriously.
manager considers the prospects excellent. The Mr. Fleming also strongly advised the wind-machinery ordered for working the lode, refer ing-up of the bank.
red to in last report, has arrived and is now on the way to Jelebu, where all preliminary work for the erection of the machinery is nearly com. pleted. It is expected that, unless unforeseen circumstances interfere, everything should be in working order by September of this year.
Mr. Holland, as an old shareholder owning 2,000 shares, asked his fellow-shareholders to give the directors a little more chance. It was comparatively only a few months ago that the present bank was allowed to run alone; he knew the results were very disappointing, but he for one, if the directors considered there was a good chance in the future, would strongly advise them to give the director's recommendation earnest consideration. There were shareholders last year who strongly urged the directors to wind up the bank, but their loss would have been very much greater had their advice been carried into effect. They were not yet altogether out of the wood; they had important aotions pend- ing both in the States and China, and there appeared to be a fair chance of the directors suc- ceeding. He was in favour of giving the direc- tors certainly another twelve months' chance.
|
Maliwan. As will be seen from the accounts, the remaining assets have been finally disposed of. The Company has no farther interest in this concession, which has been surrendered to the Government.
Accounts. After writing off the usual de- preciation, there remains at the debit of profit and loss account the sum of $69,793, as against $86,773, at the end of the previous half-year. That debit balance your directors propose to carry forward. It should be pointed out that the decrease in the amount of the half year (811,244 as compared with the balance of the previous half year, $52,428) is accounted for by
By cost of ore-bags, balance from
count
Additions to stock
Depreciation written off
By cost of stores in stock for sale to miners... By advances
By value of ore in stock on 9th Feb., 1899.... By cash in manager'e hands at Jễ By sundry debtors.
RIN LODE JELEBU.
By previous expenditure By expenditure during the half-yo... By machinery, &c. .................
GENERAL
By cash in hands of General Agents By amounts on fixed deposit with Co.'s
bankers
Lees current account
By sundry debtors
By balance of profit and loss
978
$400
875
$775
$275
.500
813.
20,734
67,152
...leba
8,840
264
$53,286
13,359
15,363
62,000
159
$31,156
19,911
11,244
1,981
69,798
$289,951
WORKING ACCOUNT OF JELEBU FỌR THE HALF-YMAR ENDING 9TH FEBRUARY, 1899.
To 25 per cent. written off from buildings and
plant at Jelebu
To 18 per ceat, written off from furniture and
trade-utensils To depreciation written off from ore-bags To depreciation written off from carts To general charges at Jeleba To balance.....
By profit on stores and general business
By royalty and profit on ore
the fact that the value of the ore in stock on the 9th February was $57,152 (since realised) against only $25,894 in the previous accounts, and further that the sum of $15,264 had been By net profit of Jelebu for the half-year spent on machinery.
PROFIT AND Loss AccoUNT. To balance
Charges at Singapore
General. The profit in the half year under review is at the rate of 15 per cent, per annum on the Company's capital, which would, in normal circumstances, justify the paying of a fairly-good dividend.
The Chairman said the remarks of the last speaker answered in a great measure those previously made. It was only about the mid- dle of the past year when they were free of the committee, whose influence the Board had to respect. The feeling of the Board was that if they did not succeed this year, it would be a matter for serious consideration at the end of it what they would then do. He regarded the present year as a test, they could not expect great things, but they hoped to obtain The directors cannot, however, recommend satisfactory results. If they did not he was such a course while there is a debit balance sure the Board, who were very much interested due to former operations; further, having re- as shareholders, would not for a moment gard to the funds available, the profits made on desire to influence the decision of the alluvial must be used to meet the preliminary shareholders in any other way then in the one expenditure on the Rin Lode. The Rin Lode which would appear best for their interests. may now be considered a prospectively valu. They believed, however, that there was a field able property, ou the possession of which the for the bank. Business had extended, China shareholders are to be congratulated. The was opening up in a considerable manner, and Lode has been proved in quantity and quality he had himself every expectation that, although of the ore sufficiently to make it almost a cer- they could not expect to do anything bril-tainty that there will be enough paying quartz liant, still they would be able to do enough to justify their existence-and their continued existence and justify, also, the confidence he hoped the shareholders would place in the Board by allowing them that further period of time. Hear, hear.)
The motion was carried unanimously.
THE PUNJOM MINING CO., LIMITED.
The Acting Secretary of the Puujom Mining Co., Limited, advises us that he has received the following telegram from the mines giving the result of the April clean up:-"The mill ran 24 days, crushing 2,2 10 tons, yielding 146 ounces of smelted gold. Prospects are encour- aging."
JELEBU.
The following is the report issued to the shareholders of the Jelebu Mining and Trad- ing Company (Limited), under date of Singa- pore, 21st April, 1898 -
Your directors beg to submit a statement of the Company's accounts for the period from 17th August, 1898, to 9th February, 1899, being the second half-year of the tenth year of the company's existence by the Chinese Calendar.
Jelebu Alluvial. As will be seen from the working accounts, a profit of $17,827 has been made during the half-year. That result is especially satisfactory as the capital employed in this branch of the business has only been smail. The general manager reports the ad- vances to be safe.
to last, even if it be worked on a large scale, for a number of years. Subject to the final test of actual working in bulk, the success of the lode mining is practically now as sured. The director to retire by rotation is Dr. Lim Boon Keng, who offers himself for re-election.
The auditor, Mr. A. J. Gunn, retires from office but offers himself for re-election.
J. P. JOAQUIM and JackSON MILLAR,
Directors. HUTTENBACH BROTHERS & Co.,
General Agents.
BALAXOR SHEET FOR THE HALF-YEAR. To capital To dividends unpaid To unpaid charges and sundry creditors
By cost of houses, coolies' quarters and godowns, balance from last account Additions to property
Les 25 per cent, written off
By cost of houses and godown furniture, plant, waterways, and roads, balance of account Additions
Le 15 por cent, written off
By cost of 18 bullocks and 8 carts By addition_..
By depreciation written off
APR 140 128
$4,191
1,117
$5,809 1,527
$2,038 408
$2,441
866
$450 60
$500 50
$225,000
718 14,232
81,397
866
276
60
5,289
17,827
$25,085
$24,459
626
$25,085
$17,827
$86,773
9,767
$90,540
17,827
742
8926 1,250
2,176
$86,775 16,979
69,798
$90,540
By net profit of Jelebu for the half-year .......... By bank interest
KALIWUK ACCOUNT.
By sundry receipts By proceeds of sale of Maliwun property By balance of loss from last account By less profit for half-year
HALL & HOLTZ, LIMITED.
The seventh ordinary general meeting of the above Company was held at Shanghai on the Clark (Chairman), H. J. Sach, W. Hayward 29th April. There were present Messrs. J. D.
(Directors), E. Nelson, (legal adviser), E. W.- Tisdall, S. B. Remedios, Moffat, Geo, Osborne, E. Palmer, J. Quick, J. M. Guedes, and E. J. S. Colgan (Secretary), representing 1,732
T
shares.
The CHAIRMAN said-Gentlemen, the report and accounts have been in you possession for some time, therefore, with your permission, we will take them as read, but before asking you to pass them I should like to make a fow remarks. I feel certain that you will, with your directors, feel pleased with the accounts
as printed. We have had the misfortune, since we last met, as you are $239,951 all aware, of having cur premises and stook totally destroyed by fire. When I say totally, I mean all our stook stored in the Nanking Road premises at the time of the fire, but we were fortunate enough to have some stook in the Soochow Road godowns besides some of our furnishing goods, as well as the bakery, which considerably helped us to resume business almost immediately after the disaster. I may mention that the fire occurred on Saturday night and on the following Monday we were doing business in our own premises here. Nevertheless it was an anxious time, for we had to set to work and find new premises suitable to carry on our 2,075 business in a central position, and I think you will agree with us when we say we have been most fortunate in securing a place in the Nan- king Road, next door to the old premises. Although we were fully insured, we
$3,981
450
what suffered in having to purchase locally t
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