An extraordinary general meeting of the shareholders in the above-named Company, called for the purpose of confirming the resolutions at the last extraordinary meeting, was held at the Chamber of Commerce Room on Monday, the 20th Feb., 1905. There were present Messrs. E. 8. Little (Chairman), L. R. Burkhardt (Director), R. Macleod "ud Cunvingham (representing the Secretaries), Capt. Dobie, D, M. Gubbay J. Hunt, C. Tburg, A. E. Jones, R. H. Lent, J. MeMurtrio, W. A. Moller, G. J. W. Morgan, F. E. Taylor, J. M. Young, and Marcus Wolff, representing, wish pear: 6,100 shares.
Mr. Macleod read the notice convening the meeting.
The Chairman—I shall have pleasure in proposing the resolutions as read, but before doing so, I think it desirable make one or two remarks, so that you understand the present position of the Company. When we last met there were 'a number of liabilities hanging over heads and requiring immediate payment. Those liabilities are still hanging over us, of course, but we have arranged with our creditors to wait until this meeting has the resolutions now before it, and until the Company is reconstructed. Our creditors without exception, been most considerate and all are willing to wait till funds are available to moot their claims. Then we have transferred our account, the No. 2 account, to the Hongkong and Shanghai Bank. (Hear, hear, and applause.) I am hoping that, if this meeting passes the resolutions before it, we shall be able to carry on till the nionies from the first call on the reconstructed Company are available. In reference to our employees, as you are aware, the Company had entered into agreements with them coyering three years. The Directors have seen each one and found them perfectly 14 willing to accept the suggestions made} to them, and they have left us in the; 1 most friendly spirit. We have paid them agreements, the understanding each of mani in paste! on thei that we shall pay them each two months farther when we have the money in hand. That will complete their agreements, or, if we require them in the future, they are ready to come back again and renew their old agreements, or enter on new; ones. Without one exception we have) overcome the difficulties with these men, and therefore the lawsuits hinted at will not take place. With reference to the Cor concentrates, they are occupying the attention of the Directors; samples ha been sent to various places in Japan and Riterioa. We have taken the best possible, advice on the matter and nothing further gan be done till we have the reports on these concentrates. We understand that
the cost of sending the concentrates to America is about $40 per ton, which would leave a very small margin of profit. As far as cyaniding is concern-understand that the longer the ore remains untreated the more difficult it becomes to treat. If the ore is held over for smelting it makes no difference even if the process is postponed for some months or years. The mine is uow probably being again operated. We have sent up Mr. Verschoyle in charge of the mine and we are impressed with this gontleman's ability. He has been a manager of mines in Australia and elsewhere. Moreover, he has met the Company on financial questions in a very generous way. He has not yet boon paid hi January salary and ho is willing to wait for it until the Company is reconstructed. Than he required " levelling instrument which will cost about $100, and this he has also undertaken to supply temporarily his own expense. He has gone up to without a definite agreement the understanding that when the time comes that we can give him a better appointment he shall have it. think we are fortunate to have gained the assistance and sympathy of such a man. (Hear, hi Wo have sent him to Weihaiwei with instructions to reopen operations, and though no report has yet come down from him, we hope the mine is now being developed. I have gone as carefully as possible into the present position of the mine, I presume you are all aware that there is good paying ore in the mine, The only question seems to be how much is avail-'We cannot know that for three or four months. Meantime the money that com!
from the first calls will, we hope, be ut for developments. Wo for the next $2,400 to $2,500, and of four months we ought to know whether it is worth while to continue developing the mine or whether it must be condemned and shut down. According to all present indications the mine has a good future before it; the shareholders shall have the fullest and speediest information as to results of the analyses and developments. With reference to the preference calls. to be paid, meeting that th on the first $12,165,: making a total of $27,205. These figures show to be still due: on the first call $3,845, and on the second $6,720, a total of $10,565. I have been through most of the names, and they all seem to be good for the amounts still' due. Wo are again reminding those who have not paid that they must do so immediately. Some in Europe, and most of the money will be forthcoming without legal proceedings or other pressure. (Applause.)
The Chairman then moved, seriatim, the confirmation of the three resolutions previously passed for the reconstruction of the Company.
Mr. Burkhardt seconded all thro resolutions, which werounnimously carried.
The Chairman also moved: That Godfrey Heathcote Thomson of No. 2, Kiukiang Road, Shanghai, chartered accountant, be and is hereby appointed liquidator for the winding-up of the many.
Mr. Burkhardt seconded, and the resolution was carried unanimously.
The Chairman—That disposes of the business of the mesting, and I thank you, gentlemen, for your attendance. I may toll you that the necessary legal work
Text read from the printed page and cleaned; old type leaves the occasional error.