328
position, as our station is only in course of erection there, and at the rate of progress, com- mon to most builders and contractors just now, it is impossible to say when the period of pro- duction over there will be reached. We hope, however, that from six to eight months will see us in a position to supply electric light to that part of the Colony, and when that time arrives we have every reason to believe that we shall find a good demand for the ligh'. I have, of course, no accounts to lay before you, but I may perhaps say the capital of $300,000 has all been subscribed, and, with a few trifling exceptions, paid up. That is all that occurs to me to say at present, but if any of you have any questions to ask, I shall endeavour to answer them to the best of my ability.
There were no questions, the CHAIRMAN thanked those attending, and the meeting came to an end.
OLIVERS FREEHOLD MINES,
LIMITED.
The fifth annual general meeting of the Shareholders of Olivers Freehold Mines, Limit- ed, was held on the 16th inst at noon, Mr. H. Humphreys (Chairman), presided, and the others' present were Messrs. C. Ewens, A. H. Man- cell, J. S Hagen, S. A, Joseph, W. E. Clement, R. M. Mehta and J. A. Jupp.
!
[April 20, 1901.
In addition to the claims and losses paid dur- ¡ing the year, which amount to $343,498.37 (equal to 49.99 per cent. of the net premis). there are claims pending on known losses and casualties which are estimated at about $140,000.
THE HONGKONG WEEKLY PRESS AND
I will now read rate for some months to come to you a telegram we have received from the mines giving the latest information as to the work done and the prospects for the future. Telegram dated 13th April, 1901.-Up to date have crushed 238 tons for a yield of 132 ozs. retorted gold. Mill ran nine days. The 500 feet level crosscut has been driven 32 feet, cut- ting into veins running parallel with the main vein, which assayed from 4 to 6 dwts. per ton, The crosscut is now in soft ground. These are We have still 36 feet to very good indications. drive to cut the vein. The Manager reports that the stone now being worked is likely to average 10 dwts. per ton and that they have a considerable quantity of this grade in sight. Before moving the adoption of the Report and Accounts, I shall be glad to answer any questions.
1
There being no questions, the (HAIRMAN moved that the Report and Accounts as pre- sented be adopted.
Captain CLEMENTS seconded. Carried.
Reserve Fund-After crediting this fund with $50,000, as recommended above, the reserve fund will amount to $600,000.
Exchange and Investment Fluctuation Ac- count.-This account has been increased by $15,074.53, and now amounts to $57.744.21.
Sterling Exchange has been taken at 2s. 104d. per tael (the demand rate on 31st December, 1900), and the relative value between dollars and taels at 73.
Investments.-The value on 31st December last has been taken for all the Association's in- vestments.
DIRECTORS.
In accordance with the articles of association the present directors all retire from office, but, being eligible, offor themselves for re-election.
AUDITOR.
The accounts have been audited by Mr. Mr. JUPP proposed that Mr. W. H. Potts be | Augustus White, who offers himself for re-
election. re-elected auditor for the ensuing year.
Mr. MANCELL seconded.
By Order of the Board of Directors,
W. S. JACKSON, Carried.
Secretary.
The CHAIRMAN-That is all the business, gentlemen.
The meeting then terminated.
GREAT EASTERN AND CALE- DONIAN GOLD MINING CO., LIMITED.
An extraordinary general meeting of this company was held at the offices of the general agents, Messrs. Lütgens, Einstmann and Com- pany, 14, Des Voeux Road, ou Thursday, at noon, when the subjoined resolution, which was passed at the extraordinary general meeting of the company on the 3rd instant, was fabmitted for confirmation as a special resolution :- "That the company he wound up voluntarily, and that Mt. Max Bennecke, the business manager of the company, be and he is hereby appointed liquidator for the purpose of such winding up.
Mr. A. Denison occupied the chair, and the other gentlemen present were Messrs. G. Atzenroth (Director). K. Edulji, Chan Kin Hoi, F. F. E. da Silva, Ellis Kelly, C. Osmund, and C. E. Osmund.
The notice calling the meeting having been read, the CHAIRMAN formally put the resoln- tion to the meeting.
It was seconded by Mr. Kelly and carried unanimously.
The HAICMAN-That is all the business, gentlemen. There are one or two letters here, should anyone care to have a look at them.
THE YANGTSZE INSURANCE ASSOCIATION, LIMITED.
The CHAIRMAN, said-Ĝentlemen, as I pre- sume you have all examined the report and statement of accounts, they having been in your hands for some days, I will, with your per- mission, follow the ordinary course, and take them as read. I think the only item in the accounts which requires explanation, is the amount $1,301.02 under the heading of suspense account. This represents an amount stated by our Agents as owing for December, but as they gave no particulars, wo must leave it to be ad- justed in our next account. Attached to our report is a summary of the year's work by our Consulting Engineer, Mr. J. Whear Roberts, and I don't think I can adi much to what he has there told you. The result of the year's work, although somewhat disappointing, after the good results obtained in 1899, does not justify us in taking a desponding view of our prospects. The total yield for the year under review is 2,431 ozs. 18 dwts. from 4,477 tons as against 4,535 ozs. 13 dwts, in 1899 from 6,596 tons and 2,367 ozs. 6 dwts. in 1898 from 6,383 tons; the average per ton being 10 dwts. as against 134 dwts. in 1899 and 74 dwts. in 1898. The Working Account shows a loss on the year of $9077:46, bringing the total loss on Working Account to date to $13,211.38, not a very large amount, spread as it has been over four years, but of course no allowance has been made in the accounts for depreciation, We informed you, when we met together last year, that we proposed to do certain develop- ment work in the Mine, the chief of which was the sinking of the main shaft a further: 100 feet, and the further driving of the 300 feet level south. On the advice of Mr. Roberts, we decided to go down 200 feet with the shaft, making 500 feet in all from the surface, as in his opinion, this will be a decisive and thorough test of the value of the mine, and, at the end of the year, the shaft was actually down 472 feet 6 inches, and has since been completed to 5.0 feet, and cross cutting for the reef is now going on. The 300 feet level south has been extended dur- ing the year a distance of 322 feet, and three. distinct shutes of ore have be ́n passed through, but the average a say value still keeps too low to be payable. Nevertheless, if you have read Mr. Robert's report, you will see that he, at the -time of writing, took a very hopeful view of our prospects for the current year, and we can only hope that his anticipations will be realised. At -the same time, we cannot disguise the fact
that our present position is somewhat critical. ! The Company's funds are running very low; and everything depends on what we find at the If we strike
$250,286,34 400 feet and 500 feet levels.
The dividend will be paid in taels at exchange anything payable at this depth, the future of the Company would seem to be assured, and we 73. $12 at Exe, 73-Taels 8.76 per share.
-The net premia ought to have no difficulty in raising more Working Account, 19 0 capital to carry on, but, on the other hand, we earned during 1900, after deducting return may be again disappointed. Our results, so far premia. re-insurance promia, &c., amount to this year, have shown a decided improvement $687,119.70 against $704,631.99 during 1899 on those for the corresponding period of last and the account shows a balance at credit of year, and I think we may reasonably hope for a $305,865.23 on the 31st December last, which continuance of the improvement at any the directors recommend carrying forward.
The following is the report for presentation to the 11th ordinary general meeting of share. holders, to be held at the offices of the Association, No. 26, The Bund, Shanghai, on Tuesday, the 23rd April, at 4 o'clock p.m. :-
The board of directors have now the pleasure to submit to the shareholders the annual report and audited statement of accounts and balance sheet to the 31st December, 1900.
8
Working Account, 1899 and former years.- credit balance of This account shows $250 286.34 against $163,121.92 on the 30th December, 1899. The directors recommend the payment of a dividend to shareholders of 20 per ceut, out of this account and the transfer of $50,000 to the credit of reserve fund. account will then stand as follows:- Dividend of 20 per cent. (=$12 per
share)
To Reserve Fund Balance to be carried forward
The
Shanghai, 2nd April, 1901.
YOKOHAMA SPECIE BANK, LIMITED.
The following is the forty-second report of the Yokohama Specie Bank, Limited (Yokohama Shokin Ginko), presented to the shareholders at the half yearly ordinary general meeting, held at the Head Office, Yokohama, on Saturday, 9th March:-----
The gross profits of the Bauk for the past
forward from last accounts, amount to yen half-year, including you 163,695.052 brought 5,972,348.502, of which yen 4.218,000 892 have been deducted for current expenses, interests, The directors now propose that yen 180,000,000, &c., leaving a balance of yen 1,754,338.610. be added to the reserve fund, raising it to yen 8,310,000.000. From the remainder, the direc- tors recommend a dividend at the rate of thirteen
per cent. per annum, which will absorb yen 780,000.000 on old shaies and yen 390,000,000 on now shares, making a total of yen 1,17 1,000.000. The balance, yen 404,338.610, will be carried forward to the credit of next account.
NAGATANE Soma, Chairman. Head Office, Yokohama, 9th March, 1901.
Capital paid up
Reserve fund
BALANCE SHEET.
LIABILITIES.
Reserve for doubtful debts Reserve for new building Deposits (current, fixed, etc.) Bills payable, bills rediscounted, ac- ceptances, and other sums due by the bank. Dividends unclaimed
Amount brought forward from last ac-
count
Net profit for the past half-year
Cash account--
In hand
At bankers
ASSETS.
Yen. 18,000,000.000 8,130,000,000 233,093,250
315 423.110 52,978,953.960
71,187,731.564 4,094.230
163,695.052 1,590,613.558
Yen 152,603,634.724
Yen.
Yen. 5.819,690.620 6,123,146.310
11,942.826 930 23,860,183.550 Investments in public securities Bills discounted, loans, advances, &c. 45,104,751,710 Bills receivable and other sums due to
the bank Bullion and foreign money Bank premises, properties, farniture, &c.
70,9'6,572.414
173,405.870. 605,839,250
Yen 152,603,634.724
$96,000.00 50,000.00 104,286.34
PROFIT AND LOSS ACCOUNT.
To current expenses, interests, &c ...... To reserve fund
To dividend--
To
Yen 6,500 per share for 120,000 old shares-yen 780,000.000; and yen 3.250 per share for. 120,000 new shares.yen 390,000.000
balance carried forward to next ac-
count
Yen. 4,218,009.892 180,000.000
1,170,000.000
404,838.610
Yen 5,972,348,502
No comments yet.
Private notes are available after approval.