ASHL
can
THE HONGKONG, WEEKLY PRESS AND
supply our customers; but, I think, considering the misfortune that befell us, we have come out of it fairly well, and it is extremely gratifying to your directors to be able to state that since our stocks have arrived we have been doing an excellent business, and, although we have been deprived of our old premises, we see no reason why we should not do a larger amount of business than we did in the old premises. We have been promised that a new and modern store shall be finished on the site of the old one in less than two years, and we hope shortly to be able to come to terms with our old landlords for a long lease of them, but if we cannot obtain the old site on terms that we afford to pay we must, of course, endeavour to obtain premises elsewhere. I am sure you will, with us, regret the death of our old friend Mr. Geo. Corner, who has been the auditor of the Company for many years. The vacancy Caused by his death has been filled by Mr. Geo. D. Scott. I will now briefly refer to the ac- counts. You will notice there is a falling off of $18,000 in the gross profits, but the obvious reason of this is on account of our stock being destroyed, therefore we had to purchase, as I said before, locally to fill the orders that came in from our usual customers but I am glad to be able to state that our Company is now in a position to supply all goods from our own stocks. Of course the net profits show a corresponding falling off. The salaries, as you will observe, show. an in- crease of abot $4,800 this is owing to a slight increase in our staff, and sundry advances which had to be made in salaries of some of our older employees. You will also observe that there is a large decrease in our rent scoount. The reason for this, is that the bakeries have been transferred to the Company's own premises here. There is like- lers, Tientsin Office, Passages, etc." of $3,500, wise, an increase under the heading of Travel- which is mostly owing to extra passages for our assistants. The Tientsin branch, I am glad to inform you, under the able management of Mr. Jacques, has done an excellent business, and as that place is repidly growing we expect to see a still further improvement there. But the total increase of the three items, "Travel-
MAY 6, 1899.
Mr. Gudes-On behalf of the shareholders Ibert Ingram, Director of the Illustrated London beg to return our sincere thanks to the Chair man, Directors and staff for the good services rendered in our interests.
Capt. Tisdall seconded and the vote was car ried with acclamation-Mercury.
ANGLO-FRENCH QUICKSILVER AND MINING CONCESSION, LIMITED.
66
Mr. Jacob
News and Sketch, Ltd. Lieut, Colonel W T. Ellis, Director of the Welsbach Incandescent Gas Light Co., Ltd., Rydes Hill How Guildford; A. Rickmers, of Messrs. Rickmers, Rice Mills, Ship Building and Equipm Ltd., Bremen, G. J. Buckland, 1.G.8 tor of Viotory (Charters Towers); Gold Co., Ltd., Suffolk House, E.C. France, Leon Orosdi, Director of Et ments Orosdi-Back & Co., Paris; George Such is the abbreviated title of a Company Bank, Paris; and Paul Dubois, Engineer
Klapka, Secretary of the Imperial Ottoma which has been registered in London, the full Chief of the Department of Bridges and title being Anglo-French Quicksilver and Mining Concession (Kweichan Province) of in France. The two last named are Directors
the Sooiste Française d'Explorations Mi China, Limited. The capital is £310,000, di- vided into 130,000 7 per cent. cumulative pre- Professor of Metallurgy and Technologia
The following opinion of Herr G. Sch ference shares of £1 each; 180,000 ordinary Chemistry at the Academy of Mines. Olaus- shares of £1 each; and 50,000 founders' shares tahl (Hars), in his well-known work on Metal- of £1 each. All the ordinary and founders' lury (page 247), is quoted in the prospe shares are to be issued to the vendor as fully Asia the most important formation of paid in part payment of the purchase money, nabar is found in the province of Kwei the balance of £32,000 being paid in cash, leav- Mid-China. The formation is very extend ing £98,000 as working capital. The vendor is and traverses the province S.W. to N.E. It M. Julien Halphen.
In connection with this company some points probably the richest in the entire world. The of interest arise apart from the question of its district where the extraction appears the most commercial value. The concession is a Fob important would be that of Kaifschow, in concession, the validity of which is certified by neighbourhood of the chief town of Kweijsng.
A report by Mr. Chauveau, the very eminent the French Minister of Foreign Affairs, and the French mining engineer, who investigated the concession is said to give the right to work not only the mines particularly specified but also mine in 1896, is also given. On an output of
day of crude ore treated as the right to the absolute control and work
150 tons Chanyean estimates the ing of all quicksilver, coal, and iron mines fits for 300 working days at not less
suggests in Kweichau. This French concession, of £177,000. Taking the cost of mining, trans- such far-reaching extent, is to be sold to a Company registered in Great Britain, port, and subsequent treatment of crude
at £2 46. the chairman of which is
per ton, which includes Arnhold, of the German firm of Messrs. Arn-ministrative expenses and reserve, the daily 6.612168, of hold, Karberg & Co. Under the jurisdiction Profit works out as follows:-Say 6,6 pany come in China? The concession being cost at £2 4s, per ton of, orade ore £330-£590 and protection of what nation will the Com-innabar at 28. 248. per lb, £720, say 2,204 16
of mercury at 1s, 93d, per lb. £200–£920, 163* French, France may claim that it belongs to
or say for 300 working days a yearly profit her sphere. The Company being English, 8177,000. Great Britain may claim that it is her affair. If the staff should be German, as is not un- likely to be the case, and should get knocked on the head by the Chinese populace, Germany may also put in an appearance. Another con- lers, etc." Printing, etc.," and "Trade Ex-sideration that suggests itself is that if French
"for the year, has only been increased by about $4,000, and had it not been for the fire, the increased sales would have amply justified this extra expenditure. I will now refer to the balance sheet, although there is little need for any comment. The sundry The prospectus states that the Company debtors amount to somewhat more than last "has been formed to work the quicksilver mines year, but I can assure you that these are con-
situate at Ouen-Shan-Tohiang-(we follow the siderably larger than we should like, and that spelling of the original)-in the Kwei-Chau this item is having the special attention of your province of China. These mines are of large directors, and we hope, with our increased staff, extent, and of unusual richness, and well deserve to have these figures materially reduced very
the great reputation they have had for years shortly. There is, as you have no doubt
past. The concession to work these mines also. noticed, an item "Reserved for fixtures, gives the right to the absolute control and $10,635." This I may mention is the balance working of all quicksilver, coal, and iron mines in hand at credit of fixture account, which will in the said province of Kwei-Chau, and of be gradually absorbed as the new fixtures are
the existing smelting works at Tsing-Ki. The supplied. The reserve fund now stands
concession was granted to His Excellency of $152,500, which is considerably more than Toheng Ming Yuen and his partners by Im- the paid-up capital of the Company, and in reperial edict, dated the 8th February, 1898, and commending a dividend of $2 per share, your by two contracts dated the 17th of March and directors have not thought it necessary to use
the 26th of June, 1898, and made between the any of last year's profits in increasing this item. said concessionaires and the Société Française Our stock being all newly imported, and as the d'Explorations Minières, the Société Française property account is considerably within the obtained the right to work all the mines com- value shown in the accounts, these items require prised in the said concession upon the terms set no depreciation whatever. I may also add, gen- forth below, and this Company has been formed tlemen, that the prosperity of the Company is to acquire the rights of the said Société largely due to the energy of our employés. Française. The concession bears the signatures These, gentlemen, are all the comments I have of His Excellency Toheng Ming Yuen, Assis to make, but should any shareholder present re-
tant Taotai at Konang-Tong, Director of the quire any further explanation I will endeavour Kwei-Chau mines, and Mons. De Marteau, to give it.
representative in China of the Société Française, and certified in the presence of Mons, E. Dubail, Minister of France at Peking, dated 17th March, 1898." A contract has been made, dated 9th September, 1898, between the Société Francaise d'Explorations Minières of the one part and Julien Halphen of the other part, and another, dated 10th March, 1899, between Julien Halphen of the one part and Robert Maxwell as trustee for the Company of the other part.
penses
·
There were no questions. Proposed by the Chairman, seconded by Mr. Such and carried. That the report and accounts as printed and circulated be passed.
Proposed by the Chairman, seconded by Mr. Hayward, and carried. That the recommenda- tion of the directors as to the disposal of the profits be adopted.
Proposed by Mr. Geo. Osborne, seconded by Mr. Palmer, and carried. That Mr. W. Hay- ward be re-elected a director.
Proposed by Capt. Tisdall, socorded by Mr. Quick, and carried. That Mr. G. D. Scott be appointed auditor for the ensuing year.
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mining concessions are to be acquired on such easy terms, perhaps French railway concessions might also be obtainable at a price, say the line from Pakhoi to Nanning and the line from Nanning to Lungohow.
The Board of Directors is constituted as follows:-Jacob Arnhold, of Messrs. Arubold, Karberg & Co., Merchants, 5 East India Avenue, London, E.C., and of Hongkong, Shang- hai, Canton, Hankow, Tientsin (Chairman); Her-
In connection with this estimate a London but the name of which is not given, saya --- paper quoted by the London and China Express, There is, no doubt, quicksilver in China but the statements put forward in the prospectus of the Anglo French Quicksilver and Mining Concession deserve a word of comment. estimate is given of a daily production equi ent to an annual output of 35,260 tasks. this is very nearly equal to a year's consumptio of quicksilver, for the average consumption some years past has been barely 40,000 flask The question of such a large output, to be re fised in so restricted a market, is import when it is remembered that one mine în Spain is capable of supplying the world's needs. The present price of quicksilver is a little over £3 per flask. Next year, when the lease of the Almaden Quicksilver Mines will expire, there will be ng thing to prevent the Spanish Government from making an output of 50,000 flasks per annum, and this quantity, we understand, they can place upon the market at about £2 per flask, and yet make a profit on the transaction.
Royal hongkoNG YACHT CLUB RACE FOR MR. MITCHELL'S PRIZE AND FINAL CLUB Race 23rd AprIL.
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The boats were favoured with another strong breeze for the final race for the Championship, and the Maid Marion again showed most re- markable qualities and scored another win. The course was: From the Police Pier, Kowloon, twice round to port Channel Rocks and Meyer's East Buoy, 13 miles. The following boats started:-A Class, 1.15 pm-Active, Maid Marion, Phoebe, Erica, Sybil, Chanticleer, and Bonito; B Class, 1.80 p.m.--Princess, Dart, Payne and Ladybird.
The boats generally had two reefs, but in one or two cases three reefs were considered about right for the strength of wind. Shortly before the starts the Chanticleer's small jib was blown to rags, which handicapped her considerably i in the first beat to Channel Rooks. Brics and Chanticleer made a long tsok into Hungham Bay and got left by the Maid, Bonito and Active. The wind was too much for Phoska and Sybil, and they gave soon after crossing the line
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