December 1, 1902.)
shareholders, a bonus of 15 per cent. to contri- as last year, bators of business, the same leaving a balance of $318,669.09, $100,000 of which has been placed to
"Underwriting Suspense Account" as the beginning of an account which the directors consider it advis. able to open for the payment of losses of years previous to the current one and carry forward the balance of $218,669.09 to new account. The directors draw attention to the new account of “Reinsuranca Fund" which is the nucleus of a fund it is intended to build up, and is composed of premia on risks in excess of the Company's normal lines. The advantage and advisability of such an account as this is undoubted. Messrs. Palmer & Turner have examined the various properties mortgaged to the Company, and report that the advance in every instance is amply secured. It will be seen that the sterling exchange continues to be com- puted at 2s. por dollar. There is nothing further of interest to add, but before submitting the report and accounts for confirmation I shall be happy to give any further information that may be required.
There were no questions, and the CHAIRMAN proposed the adoption of the report and accounts In seconding, Mr. R. C. WILCOX said—Mr. Chairman, I have much pleasure in seconding I am the a loption of the report aud accounts. pleased to hear of the establishment of a re-insura co fund, which I regard as a step in the right direction, calculated to strongtheu the company. I only hope that we shall als soon be in a position to again make additious to the reserve fund. We have been pursued by bad luck pretty consistently for several yea18. and it is time that we entered upon a spell of gool fortune. I hope we shall have good luck during the present year and be able at our next meeting to make an addition to the reserve fund, and gradua'ly build it up to its former level of one million dollars. It is most neces- I consider, that all insurance companies should go on steadily building up their reserves It is true that the dollar is not worth much at the moment, less than 18. 7d. (bear, hear); but nevertheless we must go on piling it up though it is dissipated-I should say perhaps melted- in the process.
With these few remarks, I beg to second the adoption of the report and accounts.
sary,
The resolution was then put to the meeting and adopted unanimously.
|
On the motion of Mr. SAUNDE 8, seconded by Mr. 'TAYLOR, Messrs. Goetz and Ormiston had their appointments as directors confirme.
Mr. PARL NE proposed that Messrs. Schu- bart and Ormiston be re-elects 1 directors.
Captain ANDERSON seconded, and the re- election was unanimously agreed to.
re-
T. Arnold and H. W. Jeffries were appointed auditors, on the motion of Mr. A. J. RAY, seconded by Captain GODDARD.
This was all the basiness.
CHINA OVERLAND TRADE REPORT.
The accounts are as follows:-
BALANCE-SHEET. 31st July, 1902.
LIABILITIES.
To capital, 10,000 shares at $7.5)
each
DAIRY FARM COMPANY, LD. The following is the report for presentation to shareholders at the sixth ordinary yearly meeting, to be held at the Company's depôt. Wyndham Street, on the 8th December, at
3 p.m.:
I ese not called up, $4.50 per
share
To reserve fund
To accounts payablo To dividend uncollected To profit and loss
By cattle
Less written off
$
C.
75,000.00
15.000.00
•
ASSETS.
$42,18495 2,184.95
C.
G0,000.00 13.000.00 9.139.79 31:67 15.192.63
$97.9 4.14
C.
40,000.00 By property.-Farm lots 13, 19, 25 and 38 12,000.00
$16.779.37 By buildings.
4,779.37
Les written off
By town depôt . By furniture
By stores and utensils
By cash on hand..
By amount invested on mortgage By accounts receivable
By fodder on hand
12,000.00 9,000,00 237.01
427
other two Europeans, and this I think could be doue amicably by offering them a return passage or such other inducement as the directors may deem fit. The labour would be considerably reduce all round with a corresponding decrease in the expenditure. As soon as profits are ob- tained from Swah we could the consider the resumption of prospecting operations." Well, gentlemen, we replied to that on 20th November to the following effect :-
"I have been requested to inform you that the directors will always be ple sed to consider any suggestion you may make for the better- ment of the Company's interests. In this case, however, the directors consider that your services are to valuable to be applied to the purpose proposed in your latter under reply: To rau the mill yourself with the assistance of Mr. Richardson."
41
I he Board agrees with your views in rega d to rigorous prospecting not only in the North 1,296.21 but at other places in the concession which
392.09
may appear promising, but without relinquish- 12,000.00
ing any of the work now being carried on at 9.808.85
Swah and its immediate vicinity, where success 1.200.00
may be expected, as is foreshadowed in the con- cluding paragraph of your letter.
$97,934.14
PROFIT AND LOSS ACCOUNT. To written off cattle To written off buildings
To bad debts.
To directors' and auditor's fees To R. P. Moffitt (misappropriate
To balance......
By balance from 1 stygir
Less dividend Reserve fun
By transfer feas By interest
C.
$2. 84.95 4.779.37
$
6.031.32
1.55 1
fund-)
$24.41 1.97 $12,5 #946
8,000) 24,5 6,01
By balance of working asconat
5.735, 6 15,192.6
$29.6 12 26
፫.
3.914.97 15. 0 87.3.
"You will observe by the culting from the max paper encl sol. Unt th proposed increas of capital, $6.00) W .S anarim- ousle carried It i the meting of shue. holders, and as the directors hope that this sun will, with the winnin.s from Swab, suffle to prospect the concessió 1, they would ba | gll if you will plas yourse fincamaniecion. with Messrs. E. D. Miles & Co., either by letter or telegram, nnl raqut them to send s soon as they can you two suitable miners int with them, un'es you believ, you can engage suitable men in the Straits who au 'er- stiud the Malay language.
LI
With two addit oual men, you will then be 21.333.89 abl to spare Mirchison or Hangin tɔ prosp et the t'u deposits thoroughly, and if any hing $29.54.25 | satisfactory be found, you will then advise as to the best way of daroloping, whether by our own omployees, or by lesing it to the natives or Chinese.
PUNJOM MINING CO., LD.
EXTRAORDINARY G3ERAL MEETING.
An extruord uiry general meeting of the sbareholders of the Tunjom Mining C, 1 d., was held on the 27th ult in the Company's
offices, Beacousâɔ'd Arcade, Mr. R. Chatterton Wilcox (chairman) presided, and there were also present Messrs. Thomas Howard. W. Parlane, B. J. Barlow, Carl Georg, E. W. Terry, P. Stoppa, E. J. Moses, A. S M. Soares. A. H. Ribeiro, and W. Kerfoot Hughes (secretary).
The SECRETARY haring read the notice oalling the meeting,
The CHAIRMAN said-Gentlemen, we are met bere to-day merely to confirm the special resolutions passod at the last extraordinary meeting. Before doing so, however, I would like to say that we have received a letter from the manager in which he made a proposal which, I think it only fair, should be put before you.
Really the Board did not propose to entertain it for a moment, and I am qui'e sure you will not; but I w.uld like you to know it because it will show you that the manager him-elf has great confidence in the future of the mine. The letter is dated 30th October,
..
The directors herewith present to the share-and we received it on the 14th inst.:
I mentioned then that to thoroughly holders a statement of the Company's accoants
conc. ssion would require more for the year ended 31st July, 1902.
pro pect the capital, as you will understand that the present yield of g.ld there can be no profi.
The profit for the year (including $3,914.97 brought forward from last account), after writ- ling off $6,96 1.32 for depreciation, providing for bad debts, and directors' and anditor's fees, amounts to $15,192,68 from which it is pro- posed to pay a dividend of seventy-five cents per share, absorbing $7,500; to transfer to reserve 85,00) and carry forward $2,692,68.
The directors regret to have to report that the late secretary absconded early in October last with funds belonging to the Company.
DIRECTORS.
Dr. Noble and Mr. Hinds retire by rotation, and being eligible, offer themselves for re- election.
AUDITOR.
Mr. F. Henderson having resigned, Mr. W. Hutton Potts has andited the accounts in his stead, and now offers himself for election at this meeting.
F. MAITLAND, Chairman.
|
"I would only be too pleased to see vigorous prospecting work carried on in the Vorth. bat it needs a large amount of capital and labour to do it effectually.
16
Judging from the Chairm n's remarks and from recent correspondence, I gather there is same difficulty in raising the necessary fands, and I trust you will not take it amiss if I make a suggestion which for a time would tide 1s over the difficulty. This would be
to develop Swah only, keeping only one European there, assisted by one or two Chinese miners. The mill to be run by myself with the assistance of Mr. Richardson the accountant, who at the present time is helping me in this work and allowing me to get about for several hours during the day. The Company to make some arrange ments for dispensing with the services of the
|
"It might possibly be desirable, under any circumstances, to lesse a lim tel area of the
tin land to natives or Chine en terms which
would be remunerative to them as well as to
ourselves."
Weil, gautlemen, we considered it would be absolutely absurd to dispense with the services of the two miners, who have proved themselves rery efficient-Imean Murchison and Hangan- who have prospected and found a good deal of valuable ore at different times, and who have besides learned the Malay language, a great consideration, because they therefore can get on much batter with the natives; and we should be putting the clock back very materially indeed if we were to reduce our staff at the present moment. Therefore we hops and believe that oar action will be approved by the share- holders. I may mention that since then a letter has been received, dated the 11th instant, in which the manager sys: --
"Swah There is nothing fresh to report concerning the stopes. Good progress is being made with the No. 3 tunnel-the tunnel to intersect the air-shaft, and referred to in my last letter. A contract has been let to Young Fook to pro ure surface stoue at 40 cents per ton. I think we will have sufficient stone to keep us constantly going this month.
་་
Prospecting Mirchison and his gang of coolies are working between Swah and Paug- goug, and I am pleacol to say he has obtained some very good prospects from a few floaters of stine in one of the trenches which is being worked to intersect large ‘blow' of stone." So that there is every prospect of our getting plenty of stone to the presea; and if wo can lease the tin land to some advantage to Chinese
which I believe is very possible – we shall have another string to our bow. The manager in bis last report referring to this tin land writes
"Tin.-Early in April a Malay report d that he had discovered tin in the southern portion of the concession. At first it was thought to be of some value, but when tri d later, the wash proved to be very shallow and the tin of a very low grade. I have not been able to spare any of the Europeaus to prospect in this district but will do so as soon as circunstances will allow."
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