April 21, 1900.j
OLIVERS FREEHOLD MINES, LIMITED.
The fourth ordinary annual general meeting of shareholders in the above Company was held at the offices of the Company, 38 and 40, Queen's Road Central, on the 18th inst. at noon. Mr. Hart Buck presided, and there were also present: Messrs. O. Ewens (of the Consulting Com- mittee), H Humphreys, G. Murray Bain, l'aul Jordan, H. Mancell, Lan Chu Pak, and W. C. Taylor (Secretary).
The CHAIRMAN said-Gentlemen, As I pre. sume you have all examined the report and statement of accounts. I will, with your per- mission, adopt the usual custom at these meet ings and take them as read. You also received at the same time the mining manager's report for the 12 months under review, so that it will not be necessary for me to add much to what is contained therein. I think we can fairly con- gratulate ourselves on the year's working and, considering the comparatively short time the Company has been in existence, our results are most encouraging. Comparing 1899 with 1898, we find that in 1898 we crushed 6,383 tons of stone, realizing 2,367 ozs. 6 dwts. of gold, being an average yield of 7.4 dwts. per ton, while in 1899 we crn-hed 6,596 tons, which gave us 4,535
Oz8.
13 dwts, an average of 133 dwts, per ton, the value of the gold won being $171,482.86. You will notice in the accounts that the balance at debit of working account at the beginning of the year has been almost wiped off, that amount standing at $4,133.92 instead of $40,671.41, thus showing a substantial profit op the working account of $36,537.49, and I think you will agree with me that considering our very small capital this esult is extremely good and compares very favourably with other gold mining companies who have enormous capitals to assist them. During my trip to our mines the year before last I paid A visit to some mines situated about 20 miles from Mount Macdonald, and was informed by the manager that his company, a London one, had already spent £90,000 in development, machinery, etc., and they had not at present started crushing, This amount compared with our small capital is, I think, a proof that our money has been profitably expended, for you must remember that we were unable to make use of the old Eureka Shaft, but had to sink a new one. With regard to our future policy by the advice of Mr. Roberts, we have commenced further developments and have decided to sink the main shaft another 100 feet, We shall theu open out at the 400 feet level and I trust that on striking the reef we shall find what is considered very probably, that it has again contracted and grown riches We shall also connect the Eureka and B shafts at the 150 ft. level, it being Mr Roberts' opinion that when
Woolloomoolo we get the
and "Pig and Whistle" shoots, which were very rich near the surface, we shall find good stone. This work and the purchase of extra machinery will of course cost money, and alth ugh we have sufficient for some time to come it is probable that the final call on the B shares will shortly be made. We are also erecting an experimental oyanide plait, to treat about 10 tons of crushed ore at a time, and if this is found successful, and in Mr. Robert's opinion it is likely to be, we must think about putting up a larger plant, this form of treating ore heing particularly inexpensive. Before moving the adoption of the report and statement of to answer any accounts, I shall be pleased; questions.
No questions being asked, the report was adopted, on the motion of the CHAIRMAN, Be- conded by Mr. G. MURRAY BAIN.
Mr. W. H. Potts was re-elected anditor, on the motion of Mr. MANCELL, seconded by Mr JORDAN,
This was all the business.
It is interesting to note that while last year the great majority of the plague cases occurred in the western portion of the city, only four out of the 39 reported so far this year are in that neighbourhood, all the rest being in Wanchui (No. 2 district). No. 9 district suffered severely last year, but up to now it has escaped entirely this year. Three cases occurred in No. 8 dis- trict and one in No. 6-
CHINA OVERLAND TRADE REPORT.
THE YOKOHAMA SPECIE BANK,
LIMITED.
The following is the report presented to the shareholders at the half-yearly ordinary general meeting held at the Head Office of the Company, Yokohams, on the 10th alt,
Gentlemen The directors submit to you the annered statement of the liabilities and assets of the bank, and profit and loss account for the half-year ending December 31st, 1899.
The gross profits of the bank for the past half-year, including yen 411,025.295 brought forward from last account, amonnt to yen 8,882,937.858, of which yen 4,083.436.745 have been deducted for current expenses, interest on deposits, &c., leaving a balance of yen 4,799,501:113.
The directors now propose that yen 500,000,000 be added to the reserve fund, raising it to yen 8,000,000.000; and yen 50.000.000 be set aside for the contemplated new building. From the remainder the directors recommend a dividend at the rate of fifteen per cent. per annum, which will absorb yen 900,000,000 and, as this is the last year of the Bank's business term origi. nally granted by the Charter, the directors farther reoimmend a bonus of ven 25.000 per share, which will absorb yen 3,060,000,000.-
The balance, yên 349.501.113 will be carried forward to the credit of next account.
NAGATANE Soma, Chairman.
CORRESPONDENCE.
[We do not hold ourselves responsible for the `upiņions expressed by ont corn spondents;]
THE PRESENTATION TO THE HON.
T. H. WHITEHEAD.
TO THE EDITOR OF THE DAILY PRESS, Hongkong, April 12th.
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Had we known that the address would con tain such a paragraph we would never have assisted in the propagation of such what wo consider to be calumny
-We desire now as far as we are concerned to
express our disapproval and dissent from such a statement and to say how much we regret. that our names should have been associated therewith. The second paragraph above quoted is also in our opinion quite beside the truth and should never have been inserted in the address.
The composer of the address (whoever he may be) evidently thinks it desirable: to cast a slur on some one or other of the officials of this. Cology. We have no sympathy with such de- sire and we wish to say publicly and in partion. lar to those against whom such attacks are made that we repudiate the views expressed in toto so far as we are concerned.
Apologising for this somewhat lengthy tres- pass on your space,-I am, Sir, yours faithfully,
LI PAK
10 THE EDITOR OF THE DAILY PRESS. Hongkong, 17th April. SIR-We bave read Mr. Li Pak's letter which appeared in your issue of the 13th instant and entirely endorse its contents.
We too were deceived. Yours faithfully,
CHU WING ON)
THE CHINESE IMPERIAL POST
OFFICE
TO THE EDITOR OF THE DAILY PRESS,
SIR, The Chinese Imperial Post Office, now a recognised and much appreciated servant of the public, has proved a healthy and vigorous off-spring of the parental institution the I.M.C., once more demonstrating the wonderful organ-
sing power of the G.U.M. of Peking.
The establishment of an Imperial Postal Service was advocated by Sir Robert Hart in the early sixties, but Taungli Yamôn conserva- tism wes not overcome until late in the uinoties (1896-97), In the meantime postal work was carried on by the Customs (inter-port work).
After the long withheld consent had been
Sir, I write the following lines on behalf of my father and myself. On the 11th inst. I had the honour of presiding, in the absence of my father, at the City Hall at a Meeting of Chinese Mer-granted by the Yamên, Sir Robert Jart decided chants and it was our united wish to do honour to the Honourable T H. Whitehend, who is leaving for home on Saturday next.
My object in now addressing you is to inform you that until my father and myself saw the address in last night's local press we had no knowledge of its contents.
We were perhaps ti bame for omitting to make ourselves familiar with the address before we lent our names to it. We bal no opportun ity of doing so nor was it submitted to us for our approval.
Our only excuse for this omission was that we apprehended the address would be in the usual adulatory farm and contain the usual flowery Chinese compliments and wishes and that it would abstain from all animadversions and aspersions on those for whom we always have the highest respect esteem and admiration. My father and I never had any desire to belittle the good work of our own represent atives on the Legislative Council of this Colony, nor had we any desire to press home the claims of the Chinese to a larger share in the admini- stration of public affairs.
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We personally are perfectly satisfied with the existing régime and consider that we were led by the composer of the address into expressing views we never a moment intended to express, My father and I particularly desire to re- pudiate the the following passages in the address.
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to begin quietly, and advance slowly, endeavour- ing to avoid trouble or friction with the existing native posting establishments, and the result of that policy is that the majority of the better class or most useful of those instituțious have now been absorbed, or affiliated, and within a short time the whole of the native posting establishments will be controlled by the I. P. O. In addition the IP.O. is itself gradually extending its arms, and many of its signboardi may now be found in the interior.
$4
This work of extension has been carried out quietly and without any friction, and the I.P.O. as an institution will probably escape tl a term 'Foreign." which has ever in the native mind been associated with the parent institution. which fact speaks well for those engaged on the work, executive, as well as administrative. The executive have been from the first selected from among the members of the IM.C. Preventive department, and their knowledge of the lan- guage and people has assisted appreciably in gaining the confidence of this most conserva- tive of nations, and on the whole the result of the first four years' work must be very gratify. ing to Sir Robert Hart, Unfortunately, in view of what has been accomplished, murmurs of dissatisfaction are being heard with increasing frequency. Postal employees have seen for some time their ci-devant fellow-workers of the I.M.C. passing them by, but always hoping for better things they have remained loyal, and have worked hard to make the Postal, Service a success, being confident that the success the service would ensure the advancement of the individual. A
"You more full represented their views, their opinions and their wants than did others who purported to speak for them. We make bold to say that you are better acquainted with our real requirements than many of those whose However, that confidence is diminishing rapida knowledge of our language and whose officially and many now wish they had remained in the statns place them in a superior position for IM.C. The present chief (Postal acquiring such information."
thongh doubtless an able man, seems to the square peg and round hole, someone once remarked: A man musician but still be incapable an orchestra. the day theartthr
Whilst giving the Honourable T H. White- head due credit for all he has done on behalf of the Chinese we must say that we do not con sider the first paragraph above quoted justified and we do not sanction what is nothing less than a direct reflection and an attack upon the unofficial members of the Council representing the Chinese.} el
Meauness has never bean greatness, and, to ensure the institution as the I.P.O, «« avoided.
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