May 20, 1901.]
how extremely fortunate this com- pany is in possessing so energetic a manager, who, in the furtherance of its interests, is quick to take advantage when the opportunity pre- sents itself, as witness his several trips to Tien- tein, doubtless at great personal inconvenience, to be first in the market as soon as the trouble broke ont up North, it appears further and fur- ther beyond one's comprehension. Truly, in- vestors all over the world are hard to please. The rate is weak at par.i
Mining Except a rise in Panjoms, which have gone up from $4 to 853, there is no change to be noted in shares under this head.
ESA.
JELEBU MINING AND TRADING CO., LIMITED.
The ordinary general meeting of the above Company was held at noon on the 9th inst.. at the office of the General Agenta; Messrs. Syme and Co., Singapore, for the purpose of receiving the Directors report and accounts for the half- year ended February 18th, 1901.
There were present Mr. A. Barker (Chair- man), Messrs U. J. K. Van Alst and Nathan (Directors), and Messrs. Ewald, Scott Russell, Diets, and others. -
The Chairman having read the notice calling the meeting, the minutes of the last ordinary meeting wers read and confirmed, and the adoption of the Directors' Report and accounts for the last half year was moved by the Chair- man, seconded by Mr. Ewald, and passed unanimously.
In moving the adoption of the above report, Mr. Barker remarked that during the past six months work at both the in and Glami lodes had been pushed forward vigorously, but they had been hampered by their extremely imperfect winding-gear, which had only permitted of stone being taken from the surface, it being impossible to have taken it from a lower depth. Now, however, two new sets of winding gear had been purchased, and they had already been shipped to Seremban, and as soon as these were erected and in work- ing order it would be possible to get stone from the bottom, and to go on in a very much improved manner.
CHINA OVERLAND TRADE REPORT.
get it. As to the supply of firewood, there was a sufficient supply now in hand to last six months, a thing before unknown at the mine.
In concluding the debate, the Chairman rumarked that according as information con- tinued to come in as to the mining progress, it would be laid before the shareholders, that they might not be kept in the dark as to what was going on, and monthly reports from the Manager would be inserted in the local papers.
Mr. Barker, the Director to retire by rotation, was then re-nominated for office, being proposed by Mr. Dietz, seconded by Mr. Scott Russell, and re-elected nem con.
This concluded the business of the meeting."
The following was the report:
$1
ALLUVIAL.
This account shows a nett profit of $5,205.87, against $6.776.85 in the previous half-year, The alluvial deposits hitherto worked are be coming exhausted, but as several new "kong; sees that the result for the current half-year will be are now starting on new land it is hoped
better. Advances to miners show a small in crease as compared with the previous half-year. The manager reports all advances as safe. The future of the Company, however, depends entirely on the development of the lodes, and while the alluvial business is worth doing as long as it yields a profit, your directors do not look upon as it likely to yield a large revenue in future.
LODE MINING,
The development of the various lodes has been pushed ón vigerously, with the result that to| day there is enough stone in sight to keep the battery of 20 head going for over a year and the lodes continus to open up well. Two new sets of winding gear have been purchased and will shortly be erected; when this is done all the machinery at the mines will be in first class order. After crediting the alluvial profit of $5,205.87 the Profit and Loss Account shows a debit balance for the half-year of $27,715.51. The whole sum spent on development of the lodges, viz., $40,820.98, and the usual deprecia- tion on buildings, machinery, and plant, has been charged to Profit and Loss Account, your directors considering this course to be better
|
and Mr. C. J thereby vaca
217
ing for Europe, and Mr. 8, J. place thereby vacated. Mr. signed on leaving for Europe, and hi not been filled up. Mr. A. rotation, and, being eligible, oners re-election. The auditors, retire from office, and offer election.
The
general Huttenbach Bros. & Co., haring Mesars, Syme & Co. have been app general agents.
SUPREME COURT.
Friday, 10th April,
Kr.,
for
IN ADMIRALTY JURISDICTION.
BEFORE SIR JOHN CARBINGTO
C.M.G., COMMander BlackBURY, R.N, AND CAPTAIN ANDERSON.
THE "
HANGCHOW GLENGYLE * COLLISION. --CROSS-ACTION -FOR DAMAGES,-* The case for the Hangchow having concluded
Glengyle. on Thursday, Mr. Sharp resumed that for the
Captain Darke, master of the Glengyle, at the request of his Lordship, marked the exact spot of collision on the large scale chart handed to him, and placed two models of ships in post- tion to show the angle between the Hangchow and Glengyle at the moment of collision,avigat
Examined by Mr. Sharp, Captain! Darke said that at the moment of impact the Glengyle was either stationary or going astern. So får as he could remember, there had been no material change in the position of the Northern Fairway all the time he had been running to Hongkong-s period of ten years nor in the anchorage next to the Fairway. That morning he had seen six ships moored in what he con- sidered was the Central Fairway, one of these ships the Ferndene. The Admiralty Sailing Directions said that the anchorage was marked by a line of buoys, and that book was, the one he would lay beside his chart on coming into
With twenty head of policy than making any addition to the Conces harbour. It was a master's bible, so to speak t
stamps in working order and new winding gear, there was no doubt of better returns. With regard to the Rin lode there was enough stone in sight there to keep the batteries going for another three years. In the report it was stated that there was only enough stone in sight for another year, but this referred to the Glami lode only. The prospect was an extremely satisfactory one. The Chairman then went on to say that according to an estimate formed on the returns for the past year, it had been decided to increase the crushing power by ordering another ten head of stamps. In doing so they felt they were perfectly justified since, with thirty head of stamps and their machinery in good working order, the opera tion of the company must be greatly ex- tended. He thought that after all the disappointment and dangers through which the company had passed, at last they were in a safe position, on a rocky bottom, and there were good times ahead for the shar holders as a reward for their patience. In concluding, Mr. Barker said that he hoped that in a year hence the profit and loss account would be wiped out, for of course until that was wiped out there could be no dividends, as the Directors believed that that was the better and the safer course to take.
Mr. Ewald asked several questions relative to the proposal to add the extra ten bead of stamps, mentioning that when the old Directors had decided on the addition of stamps, the per- centage from crushing results was higher than now. He only wanted to be assured of the favourable future of which the Chairman had spoken? He would also like to know had the | Company a sufficient supply of firewood Per All the questions were answered satisfactorily by the Chairman and the Mine Manager, Mr. Gardner, who was present. The latter gentle man mentioned that the low percentage of crushing nt was accounted for by the fact that they were
ushing almost worthless stuff, taken from the surface, but there was plenty @good stone_further down, and with the new machinery they would be able to
sios and Development Account (standing at $150,000) until the lodes are returning sub- stantial profits. Charges at Singapore show a considerable increase. which in due to interest on bank overdraft. The fresh issue of capital will greatly reduce this charge during current half-year.
BATTERY,
The 10 new stamps have been erected, and started crushing in March. A further 10 head have been ordered, your directors considering that the prospects of the lodes call for the pro- vision of further orushing power.
ORUSHINGS.
Tons. Tons. Sept....Stone crushing 374 for 7. oxide. Oct.
461 for
5* 12 owt. Nov.
45) for
8 10 506 for 8 ་ 470 for 7 11
for
13
I
*
TO
Dec.
11
Jan.
11
1)
15
Feb.
March
840 for 10. 18
**
"
11
10
Total quantity of stone crushed, 3,161 tons, producing 47 tons, 11 cwt. of oxide (-1.53 per cent.), having an average assay of about 60 per cent.
NEW CAPITAL.
At an extraordinary general meeting held in February last it was decided to increase the capital of the Company to 3300,000, by the issue of 15,000 new shares. The shareholders took up 8,380 of the shares, equal to $41,900, and your Directors decided not to issue the remainder for the present. This fresh capital does not appear in Balance Sheet for the past half-year, having been issued since 18th February.
By
DIRECTORA,
On 18th December, 1900, the entire Poard, consisting of Messrs. L. Huttenbach, C. E. F. Sanderson, D. P. MacDougall, J. P. Joaquim, and the Hon. Dr. Lim Boon Keng, resign ed, and a new Board, consisting of Messrs. J. E. Romenij, E. Nathan, and A. Barker was formed. Mr. W. Dunman and Mr. J. Graham subsequently joined the Board. Mr. Romenij resigned on leaving for Europe,
By Mr. Francis.-Coming through the har bour, witness ased no chart at all; he had a pilot on board. Until after the collision, he had no chart of the harbour on board like the one produced. His knowledge of what that chart contained was not acquired since the collision. Witness always took a Chinese pilot on board when coming into the harbour. The pilot usually pointed out the buoy, and witness steered what course he (witness) thought best. The pilot was not in the habit of pointing out the course. ⠀⠀
A reference at this point to Captain Darke's earlier evidence showed that he had made an entirely opposite statement —that on the day of the collision the pilot pointed out the course to
·be steered.
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-:
R
By Mr. Francis. ---Witness could not say when · Jardine's buoys ceased to be used by him. The Glengyle's mean draft at the time of the collison was 21 feet, and her deep load line 23 føst 2 inches; she was a little low by the head Witness did not remember where he picked up his pilot on the day of the collison; the pilot directed the course to Green Island, but not through the shipping in the harbour. The agent from the Wharf Company at Kowloon told witness where to anchor, and gave him 1 option either to moor to the M.M. bony or an- chor. Witness had had no copy of the Harbour Regulations since the collision, but remembered having had one before then.. When coming into the harbour witness generally took the North Fairway; his knowledge that Fairway was not pilots, but from for an explanation, no other experience steering through the Northers
Chinese pilot on board. Witne at any time paid the
the li
the Harbour Regulations, beyond Byl pennant. When ing Captain Lordshi
appeared to be simply
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