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in the foregoing paragraph. I am pleased to say that we are doing a very good business in all departments at the present time. Before proposing the adoption of the report and ac- counts I shall be pleased to answer any questions which any shareholder present may wish to put. There being no questions, the CHAIRMAN proposed the adoption of the report and
accounts.
Mr. G. MURRAY BAIN-Mr. Chairman and gentlemen, I have much pleasure, after the remarks you have made, in seconding the adop- tion of the raport and accounts as presented.
The motion was carred unanimously. Mr. E. Osborne was re-elected a director, on the motion of Captain ANDERSON, seconded by Captain GODDARD.
Messrs. W. Hutton Potts and W. H. Gaskell were re-elected anditors, on the motion of Mr. CRUICKSHANK, seconded by Mr. H. C. WILCOX. The CHAIEMAN-Thank you, gentlemen, for your attendance. Dividend warrants will be ready to-morrow. That is all the business of the meeting.
Captain GODDARD-I think we should pro. pose a vote of thanks to the Directors and the general manager for the very successful work- ing of the past half-year and the substantial dividend we have received.
Mr. CRUICKSHANK-I have much pleasure in seconding.
The motion was carried unanimously. The CHAIRMAN-Thank you, Capt Goddard and Mr. Cruickshank and gentlemen for your kind yote of thanks. It will be much appre-
ciated.
QUEEN MINES, LIMITED.
The second annual general meeting of share- holders of the above Company was held at the registered offices of the Company, 38 and 40, Queen's Road Central, on Wednesday, the 27th inst, at noon. Mr. H. Humphreys presided, aud there were also present Messrs. C. Ewens, J. A. Jupp, A. H. Mancell, J. A. Tarrant, H. Sutton, (Capt.) Clement, A. P. Nobbs, J. M. Wong, and W. C. Taylor.
THE HONGKONG WEEKLY PRESS AND
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price. We cabled to our Agents in Sydney a few days ago to obtain, if possible, a further suspen sion of the labour conditions which, if granted, will enable us to wait practically without ex- pense for the result of the Eureka sinking, as we do not propose to make any charge for general management from the end of last year as long as the mine is shut down. If any shareholder has any questions to ask I shall be pleased to answer them to the best of my ability.
There being no questions, on the motion of the CHAIRMAN, seconded by Mr. MANCELL, the report and accounts as presented were passed.
Mr. J. A. JUPP-I beg to move that Mr. W. Hutton Potts be elected auditor for the en- suing year.
Capt. CLEMENT-I second it. Carried unanimously.
The CHAIRMAN-That is all the business, gentlemen.
CHINA SUGAR REFINING CO., LIMITED.
The twenty-third ordinary annual meeting of shareholders of the above company was held at the offices of the General Agents (Messrs. | Jardine, Matheson, and Co.) on Wednesday, 27th inst., at noon. The chair was occupied by the Hon. J. J. Keswick, and there were also present the Hon. C. P. Chater, C.M.G., Messrs. D. M. Moses, C. S. Sharp, D. Gillies, R. C. Wilcox (Consulting Committee), J. Rarton (Secretary), G. Murray Bain, W. Macgregor Forbes, W. J. Gresson, W. A. Cruickshank, F. Henderson, E. J. Moses, J. C. Peter, Madar, Ho Fook, and Wang Leung Hing.
The SECRETARY read the notice convening the meeting.
still a
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[March 30, 1901:
:
There being no questions, the report and ae counts were adopted, on the motion of the CHAIRMAN, seconded by Mr. Murbay Bain, who observed-I am quite sure that the share- holders will be pleased at the statement which has just been made by the Chairman.
Messrs. Chater, Moses, Sharp, Gillies and Wilcox were re-elected to the Consulting Com. mittee, on the motion of Mr. PETER, seconded by Mr. Ho Fook.
Messrs. T. Arnold and F. Henderson were re-elected auditors, on the motion of Mr. E. J. Mosis, seconded by Mr. WONG LEUNG HIG.
The CHAIRMAN-Gentlemen: The dividend. warrants will be ready on application at the offices of the general agents to-morrow. That concludes the business. I am much obliged for your attendance.
LUZON SUGAR REFINING CO., LIMITED.
The nineteenth ordinary annual meeting of abareholders in the above company was held at the offices of the General Agents (Messrs. Jar- dine, Matheson, and Co.) on Wednesday, 27th inst., at noon. The chair was occupied by the Hon. J. J. Keswick, and there were also present Messrs. D. Gillies. (Consulting Committee), J. Barton (Secretary), W. A. Cruickshank, W. J. Gresson, K. M. Ross, E. J. Benjamin, J. M. de Graça, Ho Fook, Chau Chea Bee, and Lo Cheung Shia.
The SECRETARY read the notice convening the meeting, and
The CHAIRMAN said-Gentlemen, the report and accounts, with your permission, we will consider as read. I regret the accounts, which are submitted to-day for your adoption, show such an unsatisfactory result, but you will re- member that, when addressing you at the annual meeting last year, I mentioned that, although we hoped to commence work at the refinery shortly, the future was by no means assured, as the supplies of raw sugar were pre- carious, and the outlet for refined sugar uncer
tain.
As a matter of fact, we were not able to begin working until the month of May, and although there was a fair local demand for refined sugar during the summer months, the offtake in the Philippines was not large enough to enable the refinery to keep regularly at work for a lengthened period, and during the autumn stocks began to accumulate, and it was decided soon after the beginning of this year to close down pending some larger outlet being found for our refined sugar. You will notice that the result of the year's working has, in one sense, not been unsatisfactory, inasmuch as the sum at debit on 31st December, 1899, has been reduced from $25,679.41 to $10,011,88, and if there were any prospects of development in the demand for refined sugar locally, or new markets could be opened up, I should be in- clined to take a more sanguine view of the future than is possible under existing circum. stances. Unfortunately, however, neither of the above contingencies appears probable in the immediate future, and I fear that the refinery will have to remain closed for an indefinite period. In the meantime, the machinery and buildings will be duly cared for by the engineer in charge, to be ready for any contingency that may arise. Before proposing the adoption of the report and accounts, I shall be pleased to answer any questions. --
The CHAIRMAN said-Gentlemen: The report and accounts having been in your hands for some days, we will with your permission follow the usual custom, and take them as read. When addressing you at the last annual meeting I mentioned that, although the results of the year 1899 then under review were disappointing, The CHAIRMAN said—Gentlemen: The re-
I did not take by any means a despondent view port and statement of accounts having been of the future, and that as we had fortunately in your hands for some days, I will, with your acquired a stock of raw sugar at a cost which permission, adopt the usual course and take from indications then existing appeared to be them as read. The accounts speak for them- satisfactory, I looked for a fair margin of profit selves and do not, I think, require any explana- when a revival in demand set in. From the ac- tion from me. Yon will remember that when we counts now before you, you will see that my met together last year the Chairman informed anticipations have been justified, and that the you that our only hope seemed to lie in the 205 results of last year's working have been satisfac- ft. level south, which was then being driven and tory. This improvement is the more gratifying which at that time was improving in appearance inasmuch as the period under review has by no as we went on; unfortunately the improve- means born free from anxiety. You are no ment was not maintained, and after a further doubt aware that since the introduction of distance of about 60 feet had been driven refineries into Japan that market, though the lode cut out altogether. The drive was
very valuable outlet for our refined of the attractions continued a further 33 feet in the hope of pick. sagar, has lost some ing up the shute again, but without success, and which it formerly possessed, but China shows work in this level was stopped in the first week a steady development. in July. About 63 feet was also driven in the side able concern that we saw the growing 400 feet level north, but as nothing at all pay. agitation in the North of China during the able was met with it was di continued. On the spring of last year, which paralysed all trade advice of our manager we then turned our at for a time, and culminated in the outbreak of tention to the 142 feet level south as giving the hostilities under circumstances with which you most likely prospect of finding payable stone. are all familiar. I am pleased to say, however, A reef was cut varying from 16 inches to 24 that as soon as matters settled down the demand inches in width, but although the quartz was of for refined sugar began to improve and the good appearance it yielded badly, a trial crush- average offtake for the year, though smaller ing of 40 tons made in July gave 7 dwts. to the than usual, was better than might have been ton, but as the stone in the drive was then expected. The stock we held in godown at looking poorer driving was discontinued. A Tientsin escaped any serious damage, but further 50 tons from the stopes above the level buyers of quantities which had been delivered on being put through the battery in August on c.edit are not traceable, having possibly been only yielding 6 dwts, to the ton, we were killed during the bombardment or in the in- reluctantly compelled to stop work on 15th Sep-terior. A claim for the loss has been put for- tember and close down the mine, a suspension ward against the Chinese Government through of the labour conditions for six months having the proper channel and an equitable settle- been obtained as mentioned in the report. ment of the matter may I hope be expected. The Company's funds being almost exhausted, As mentioned in the report before you, the im- we do not feel justified in doing any further portations of beetroot sugar from Europe con- work on the present prospect of the mine, but tinue to compete for trade in eastern markets, before taking any decisive step we propose to but the experience of the past year seems to the business of the meeting. I am much ob-
wait the result of the sinking of the Eareks Shaft by Oliver's Co. to 50) feet, as in the event of their finding anything good at this depth the 2,0.0 sbares we hold in this company would become much more valuable, and it would -materially improve the prospects of our own mine. Besides which we should probably in this event, if it became necessary, be able to lispose of our Battery and Plant at a better
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It was with con-
There being no questions, the report and accounts were adopted, on the motion of the CHAIRMAN, seconded by Mr. BENJAMIN.
On the motion of Mr Ross, seconded by Mr. CRUICKSHANE, Messra. Gillies and H. P. White were elected Consulting Committee.
Mr. Thomas Arnold - was re-elected auditor,
on the motion of Mr. de GRACA, seconded by
Mr. Ho FOOK.
The CHAIRMAN-Gentlemen: That is all
liged to you for your attendance.
indicate that in spite of that competition we can still conduct our business at a good margin
From July to December last year the p of profit. I am pleased to be able to say that
guns. In this is especially the case at the present time, took from the Chinese in battle 289 guns and that we have been well employed since the addition the Chinese inhabitants delivered 93 beginning of the year; we are in a favourable guns to the Russians either voluntarily or by position so far as our stocks of raw sugar requisition. Among the 90 guns thus delivered are concerned, and the outlook seems satis-up were five guns taken from the Russians, by
the Chinese at Albasin 211 years ago. factory.
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