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THE HONGKONG WEEKLY: PRESS AND
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[August 28, 1998. nature, as the debentures could, without doubt, | sizə as those out in the drive, and in both plaown be easily sold at any time, sud one of the objects | irregular and unsteady,
Stope No. 2 was opened from this drive at crosscut No. 1, and yielded some very fair ors. This is the point at which Lode No. 2 was dre cut and good ore passed through. This stope is is not yet extended enough to prove how large a deposit of such ore there is at this place.
of the directors in issuing 1,000 mortgage Bouth Drive from Crossout No.,TM-Driven one debentures and holding more than half for the foot, making a total of 88 feet, and lisconsi Company was to have funds in readiness should | tinned. it be considered advisable, later on, to build on the Company's portion of the Praya Reolama- | tion. The first floor of the old building, which has for some years past been let out as offices, has been fitted up with bed room accommoda- tion and 14 rooms gained thereby. The direc- tors have reason to believe that these Crosscut from South Drive from Crossent rooms will show a better return if let to vini. No. 1 was started and driven four feet on Lode tors to the Hotel than they did as offices. The No. 2, when it was stopped because of hasty prospects for the current half year are so far | ground, and another crossout started to develope good, I am glad to say, but it is somewhat early that lode at the same point started in the hang- to speculate on the profits of a business subject | ing wall, and driven 31 feet and discontinued. to such vicisitudes as that of the Hongkong | Some ore was developed thereby but proved of Hotel Co. If any gentleman has any questions low grade, to ask I shall be pleased to answer them to the best of my ablity. --
There being was no questions, the CHAIEMEN proposed the adoption of the report.
to the machinery the somkring one in replac. with those of the most ich enable work to be economy, efficiency, and pumps for No. 2 Kowloon leos and will shortly be running, reduce by more than one half
• pump out this dock, which earning power of it will sorpased. The new blacksmith has been completed and lately great advantage to our work. A nd machine shop, 60 feet wide, 225 16u fost high, will shortly be com
aressed accommodation which. will ford is, a pressing necessity, of No. 1 Dook at Kowloon is we hope before long to be în into, this dock vessels of 576 blocks. The decision of the Ad. ild a dook of their own in Hong. inot remove our need for another and Mr. Ho TUNG-I have much pleasure in ok, to which reference was made at our seconding that proposal, and I should like to I meeting, but it may be some little remark that I am sure the shareholders will ore the directors will be in a position to agree with me that the results of the past half- their proposals to shareholders. As you year's working must be very gratifying. I 'don btless awaro, a fire broke out in one of believe I am not mistaken when I say that the stores at Kowloon on the evening of the profits are the best ever recorded in the annals Oth instant, but I am glad to say the damage is of this Company. It is but a few years ago that very serions and will interfore but little with we shareholders came here and met with iness. Our loss is covered by insurance, gloomy faces when no dividend was to be de- staff, from the Chief Manager down.clared and a large debit balance to be carried for. we are largely indebted for our continued warded to the next meeting. To-day the Com- ity; they had a very busy half-year and pany is in a very much sounder position. roat pleasure in bearing testimony to Not only have we set aside six per cent. of a And zeal they have displayed. Before dividend and wiped of $15,000 for furniture the adoption of the report and accounts and fixtures and $10,000 for repairs and re- pleased to answer any questions. newals, but we have put $15,000 to the reserve stions being asked, the CHAIRMAN fund, making it a round sum of $30,000, and the adoption of the report.
carried forward a very handsome amount. I MURBURN-I beg to second that, and I think the shareholders will agree with me that pleasure in doing so. It is the best the directors have noted very prudently in set- the Company have ever had, and the ting money aside in this manner. Personally ilders ought to be satisfied with it. We I believe the prospects of the Company are very reaping the benefit of the policy par bright. Taking into consideration the coming paying for the improvements and ad- development of the Philippines under the en- out of the profits of the Company instead lightened American Government and the grad- ing the capital. The Dock Company nal but steady opening up of the interior of very high reputation for first-class China, more people from all over the world are "I have always heard naval officers for sure to be altracted to Hongkong and this com- remark on the excellence of the work pany is sure to reap its full benefit. Gentle no doubt a great deal of our prosperity men, with these few remarks I bag to second to this fact, and the chief credit for this the adoption of the report and accounts. to our management.
The motion was carried.
The motion was carried.
CHAIRMAN—That is all the business, son. 'I'am obliged for your attendance.
ants will be ready to-morrow.
HONGKONG Hotel CO., LIMITED.
dinary balf-yearly meeting of share in the Hongkong Hotel Company, was held at noon on Monday, Mr. W. occupied the chair, and there were also Messrs R. C. Wilcox, E. Osborne, C. Mooney (Secretary), J. H. Lewis, Hatton Potts, E. Georg, F. D. Goddard, J. Y. V Vernon, W. H, Gaskell, Heirres, J. E. Gomes, J. C. Peter, G. Henderson, W. Newton, R. T. Monteiro, E. M. Roberts, J. R. nodonald, Ho Tung, Lo Chung STEST read the notice convening
x_said-Gentlemen, as the unts have now been in your
days I will, with your per
them as read. Since the arly meeting of shareholders the been increased by the sum of
now stands at the full amount the Articles of Association, vis,, ortgage debentures to the extent have been issued, of which the Com-
275,000 worth. These two abled the Company to fix to the Hongkong, and
Shang was a temporary, one
in at very short notice, it might not have been Company to borrow at (of $975,000
ated
Hotel Company? Company is
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On the motion of Mr. LEWIS, seconded by Captain GODDARD, Messrs. E. Osborne and W. Parfitt were re-elected directors.
On the motion of Mr. NEWTON, seconded by Mr. GOMES, Messrs. Potts and Gaskell were re-elected auditors.
The CHAIRMAN-I have to thank you for your attendance, gentlemen. Dividend warrants will be issued on application this afternoon.
Captain GODDARD-1 beg to propose a vote of thanks to the Chairman and Directors and manager and staff of the Company. It is a very good report we have had from them for the past half year. I hope the Directors' thoughts that we shall have at least as good a dividend during the next half year will prove to be true. (Applause.)
The CHAIRMAN-I thank yon, Captain Goddard and gentlemen, on behalf of the Directors, managér, und staff for your sory kind vote of thanks.
{
PUNJOM MINING CO., LIMITED
The following is the report for July received from Mr. Railoy, the manager at the mines ---
TANKONG,
Adit levels. A very little ore was mined from here, ample, being got from the lower levels to keep the concentrating capacity of the mill rnaning full time.
Level No. 1. (50 feet level.) Crosscat No. 1. -Driven I foot, making a total of 196 feet, and discontinued.
North Drive from Crossont No. 1.-Driven northerly 48 feet on good ore most of the way, varying from about 2 feet to about 10 font in thickness.
Stope No. 1 was opened from this drive, here, and yielded some good ore. The ore deposits as developed by this stope were about the same
Crossout No.. 2 Westerly-Driven six feet, making a total of 46 feet, und discontinued, a
Level No. 2. (100 foot level). South drive from Crosscut. No. 1-Driven 22 feel, muking a total of 41 feet from Crossout on the lode. It continues fairly well defined, and of low grade.
North drive from crosscut No. 1.—Driven 14 foot on the lode, making a total of 301 font. when it was discontinued temporarily because of the ground being very bad to handle, and so facilitate starting an uprise from this drive. The lode showed well where the last work- was doue, having widened out to some five feet in thickness, the last samples assaying over an ounce fine gold per ton.
North-west drive from shaft.—This is the drive mentioned as the northerly drive in March report. It was extended 24 feet. Some ore in
fode like formation was cut which proved of low grade and was not developed further as yet; otherwise this drive was through country rook.
Uprise No. 1. This was started from cross- out No. 1, ou the lode ent therein, and put up li feet thereon. The lode is varying in sise and character, being from one and a half to three foot thick and of fair grade only.
Footwall crossout was driven 3 ft. 6 in. from south drive from crossont No. 1. to prove if we had all of the lode there or not in the main drive. Nothing but country wall rock being cut therein, proved we had.
Product. Everything taken out from this level except the rock from Northwest drive from shaft and foot wall crossout was or will be sent to the mill to be treated.
Shaft-Siuking this was resumed and 6 feet 6 inches sunk. This is and will be slow work because of the water the mine makes and of the considerable work being done at levels · Nos. 1. and 2 for the small shaft and light equipment we have at this place.
SWAH,
No. 3 Adit level. (formerly, No. 3 cutting.) Driven 76 feet making a total of 190 feet. This is being driven to prove the hill, at the foot of which there are extensive ancient or na- tive workings, and some very fair grade gold- bearing ore to be found yet. Considerable other prospecting development work was done but no permanent reef or lode of value found.
GUBAU.
Level No. 1 North drive.-This was discon- tinued, the lode or vein therein appearing of very little promise, and by so doing drive South at this level could be expedited. ***
South drive. Driven b15 feet making a total of 142 feet from orossent. This was driven all the
way on the lode or vien which is very rdefined from 8 to 15 inches in thi sometimes solid quarts and at rubbly nature, assaying a few penny per ton.
PREAN.
Shaft (No. 4 East workings). —This was sunk to a depth of 15 feet when work had to abandoned on account of water, but it will be prosecuted further as soon as practicable. An exceedingly well defined lode about 15 inches thick was developed here, the best defined by far of any lode I have seen in this vicinity cri The last sample from the bottom of this shaft assayed, as heretofore advised, 1 oz. 1 dwt. 14 gen fine gold per ton.
REDUCTION WORKS.
Part of our 22 stamps were run on and part and concentrator op- Tankong equivalent to 29 days 5 hours, treating ore yielding product as follows -
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