Permanent Chemical Exhibition 400 Dyeing Wool with Alizarine Colours 400 Relative Value of Lubricants by Mechanical Tests

PAGE 407

407

Cold Air Refrigeration Percentage of Phosphorus Requred in the Basic Bessemer Process Bleaching and Fireproofing Fabrics 407 Estimation of the Zinc as Carbonate and Silicate in Lead-Bearing Calamine

401

A New Modification of the Open

407

Hearth Steel Process..

402

The Florida Phosphate Fields

408

Printing Fast Colours on Cotton Yarn

A Chemical Fire-Alarm.

409

The Tyne Chenical Report.

499

The Liverpool Colour Market

419

In the first week of the approaching New Year, we shall issue a Special Number of the Journal. It will be an enlarged Special Number of very general interest, and we shall issue with it a neat and useful office almanac, suitable for our subscribers.

Including our regular subscribers, the New Year's Number will be issued to not less than 10,000 firms and individuals, so that intending advertisers will see at once that this is worthy of their special attention. We may explain that in our publishing department we possess very carefully compiled lists— in most cases the results of special attention and information, at our command-of every firm of repute, both at home, and in the main trading centres abroad, connected with the various industries whose interest it is our province to serve. We utilize these lists week by week, by selecting a number of them and sending out free copies of the Journal to those firms who have not yet become annual subscribers. The result is that every day brings us new subscribers. We have arranged to continue this process week by week, until we arrive at what we consider our normal circulation, which we have fixed at a tolerably high figure.

On the occasion of the New Year's Special Number, we shall make use of the whole of the lists we have referred to, numbering altogether, as we have stated not less than 10,000 names.

Of course, for this special issue. there will be special prices for advertisements, but those who order a series, either commencing with that number or previously, will have the advantage of our regular tariff rates, of bringing their specialities under the notice of a very large circle of buyers.

As only a limited number of pages will be added for advertisements, early application for space is necessary. We shall be pleased to send tariff of charges to all those who may desire to advertise in this Special Number.

Vol. VII.

CAPE COPPER COMPANY, LIMITED.

HE third ordinary general meeting of this company was THE held on Wednesday last, at the Cannon-street Hotel. Mr. E. A. Pontifex (the chairman of the company) presiding.

The Secretary (Mr. J. C. Leaver) having read the notice calling the meeting,

The Chairman said: Gentlemen, the accounts, which are in your hands, show a fairly satisfactory result of our past year's working. Notwithstanding that, from causes to which I will refer hereafter, our make of copper has been less than in some previous years-we have made a profit of £106,410, against £86,040 in 1888-9. We raised 24,891 tons of ore in 1889-90, against 26,193 tons in the previous year. The Swansea assays for the past year averaged 211⁄2 per cent., against 224 per cent. for 1889, showing a reduction of 34 per cent. in the copper contents of the ore. Inasmuch as there was an increase of 75 tons in the quantity of ore raised from the Trial Mines, this shows a reduction in that obtained from Ookiep of 1,377 tons. The costs of raising continue to be reduced, notwithstanding the diminished production. In 1889, they were 1/91⁄2 per unit, and in 1890 they were 1/71⁄2 per unit. The total costs, inclusive of those of raising, amount to 5/6 per unit in the former year, and 5s. in 1890. This is £17,300 in our total production. The price obtained for our copper is ros. per unit in the past, as against 9s. 1d. per unit in the previous year. Our liabilities have been reduced from the abnormally high figure of £358,230-at which, owing to the copper collapse, they stood last year-to the somewhat more moderate amount of £233,499. They would have been still further reduced but for an outlay in the new smelting works at the Cape, for the sulphate of copper works at Briton Ferry, and in connection with our newly-acquired mines at Tilt Cove. The first is responsible for an increase of about £11,000, the second for a little over £5,700, The and the third for £20,546; a total of £37,246. indebtedness to the company has also been reduced. It was £242,947 in 1889, and it is now £113,708. The railway has continued to perform excellent service during the past year, and the mountain locomotive has proved a complete success, though we may have to scarf away the hill-sides a little more in one or two places, so as to ease the curves, and thereby diminish the wear and tear of the rails and tyres. A good deal has already been done in improving the line over the mountain so as to fit it for locomotive traction, the whole cost of which has been carried to revenue account. During the past year the railway has carried 37,485 tons down to the coast, and 6.718 tons up. We have received for carrying for the Namaqua Company and for the general public £22,863 as against £16,807 last year. A fair proportion of this is in excess of the actual cost of transport, but our exceptional position of having so largely to rely for traffic upon our own mine, and there being practically no public traffic apart from that arising from our own and from the Naraqua Company renders it necessary that a much larger proportion than usual

of the gross receipts should be looked to for recompense of our capital expenditure. The smelting works which we have been erecting in the colony have made somewhat slow progress, but they are now approaching completion. We expect by this means to supplement the profits made from our Ookiep Mine by being able to treat the considerable quantities of low-grade ores which we are extracting from our East Ookiep Mine and elsewhere. They may also serve as a useful check to the vagaries of our workmen at Briton Ferry, who are still giving a good deal of trouble, or rather they were doing so until within the last few days, when they withdrew from a very unreasonable attitude which they had taken up. Our smelting works in this country have continued to be of essential service to us, by enabling us to deal with our ores to better advantage than if we had to dispose of them to other smelters. But these works have not been so profitable to us this year as they should have been, partly because of the increased cost of labour and fuel, but chiefly because, with their higher wages, the men seem to have lost all desire to do good work, and to obtain the best results from their furnaces. And since profitable smelting depends upon the extraction of the metal being performed as completely and with as little consumption of fuel as possible, carelessness and indifference to these points very soon and very seriously affect the profits. This is one of those causes to which I referred in my opening remarks which have adversely affected our output of metal during the year. The other has been that, in view of the fact that we still do not find any considerable body of ore at or below the 105 fm. level in Ookiep, it becomes desirable to work that mine in a somewhat more conservative fashion. The lateral extensions, however, continue in a measure to compensate for this want of important discoveries in depth, and it is to be hoped that in the ensuing year better prices than were current in the early months of our last campaign will make up for any diminished quantities, and especially that they will be, perhaps, more than compensated for by the production from the company's newly-acquired mines at Tilt Cove. These mines are opening out exceedingly well, and the difficulty as to smelting which the former company experienced would seem to have been overcome by our Briton Ferry manager and metallurgist, Dr. Haege. As to the production which we may expect from these mines, I will ask Mr. Taylor to give you his views. I think that we may look forward to obtaining a good price for our produce during the current financial year. The statistics of the copper market continue exceedingly good, although there is for the moment a little check in the consumptive demand, as might be expected from the recent disturbance in the money market, and from the time of the year. Last month our visible supply decreased 2,785 tons, making the total decrease for the year, up to the end of November, 34,544 tons, and during the present month the visible supply has further diminished by 1,353 tons. Some doubts have been thrown on the accuracy of the monthly returns, but, I believe, entirely without justification. So far as can be ascertained, there is only about 15,000 tons of copper held in what may be called speculative hands over and above those which appear in the published returns, though, doubtless, the consumers hold larger working stocks now than they did when the operations of the French syndicate created so much well-founded alarm. I last year alluded to the greatly increased consumption of copper which was occasioned by the use of sulphate of copper in the cultivation of the vine. It is calculated that as much as 25,000 tons of metallic copper was used last year for this purpose alone, and, although the demand for sulphate of copper has lately slackened, it is now reviving, and those who are in a position to judge estimate that nearly as much sulphate will be required this year at last.

The

The consumption for electrolytic purposes is also continuously increasing, and is not unlikely in the future to do so in an even greater ratio, as we in England, and especially in London, are much behind other countries in the adoption of electricity for lighting and for other purposes. With tolerably good general trade, therefore, we may continue to look for good prices for copper in the future. At our last meeting you were informed that we had been compelled to take action against the Société des Métaux, and its guarantor, the Comptoir d'Escompte, in respect to their breaches of contract with us. former company had the excuse of bankruptcy, and of its absolute inability to perform its contract; but the latter repudiated their obli gations, because they found it unprofitable to carry them out, and they pleaded that they could not be compelled to do so, because they had gone outside the letter of their statutes. As the judge said who tried the case, they took the profits cheerfully so long as there were any, but directly a loss appeared on the horizon they repudiated the contract on the ground that they had acted ultra vires in entering into it. This does not seem a very high-minded course for a great French financial house to take, but it was successful, and we have to pay their costs as well as our own, unless, indeed, they should see the propriety in such circumstances of relinquishing their claim to costs. Notwithstanding this conduct of the Comptoir, we have not, upon the whole, come so bad out of the litigation. Unless we had gone into the fight, we should have had to deliver up the whole of the copper in our

possession for which the Société had paid. The position was this: we had paid for all the copper which we had delivered, and we had also been paid for somewhat over 3,000 tons the delivery of which was due, but of which the Société had not taken physical delivery. We had, however, given for these 3,000 tons documents which the holders claim to be equivalent to delivery warrants, but which we maintain were merely certificates of indebtedness, not legally transferable by endorsement. These certificates had been transferred for value by the Société to third parties, who claimed delivery of the copper. We argued that they could only claim through the Société, against whom our equities in respect of their breach of contract arose. Before we could enforce these equities it was necessary that we should obtain a judgment against the Société. But Messrs. Mason and Barry were in advance of us in this respect, and by virtue of their judgment they attached any copper in our hands in respect of which the Société had an interest. Here was a nice little legal complication. We were told by many that we had no eq 1 ties in the copper, but that even if we had, the possession passed with the so-called warrants. If we were successful in both these contentions, our success would be valueless to us, because of the prior judgment and attachment obtained by Messrs. Mason and Barry. Although apparently in a cleft stick, we did not lose heart, and we explained to Messrs. Mason and Barry that we should only fight the holders of the warrants if we and not they were to reap the bulk of the benefit. Otherwise, of course, we should climb down at once. They met us in a very friendly spirit, and agreed that if we won we should pay them the sum of £10,000. as satisfaction for their judgment, which was for a very large amount. Armed with this conditional compromise, and having won our action with the Société, we approached the holders of the warrants, and compromised the case with them also -upon the basis that we should delivea up two-thirds of the disputed quantity, and retain one-third. This left us with 1,050 tons of copper in hard, the value of which was sufficient, after paying the fearfully heavy law costs, and paying Messrs. Mason and Barry their £10,000., to leave us with about £45,000. as damages for breach of contract. I believe that of all the parties to the contract with the Société we are the only company who not only has been paid for all the copper delivered, but also has got something by way of compensation for breach of contract. In addition to the £45,000. we expect to get some dividend from the estate of the Société, in respect of a proof for £17,000. which has been admitted by its liquidator in Paris. Neither of these amounts appear in the accounts of the past year, but will do so in those of the ensuing one, to which they properly belong. With these remarks, I beg to move that the report and accounts, which have been laid before you, be adopted. (Applause.)

Mr. John Galsworthy seconded the resolution.

Mr. Yetts pointed out that in the last financial statement there was a suspense account of £110,000., which in the previous year amounted to £200,000. It did not appear how the difference was accounted for, and what the suspense amount meant.

The Secretary said the suspense amount was created from profits, because they had valued the ores in the year at the price to be obtained from the Société des Métaux ; in fact, it was to cover the failure of the Société. Since then the stock had been sold, and the difference between the price to be obtained and what they got for it had been carried to suspense account, thus reducing that account. The resolution was then carried unanimously.

Mr. John Taylor said he would like to confirm, in a very few words, what the chairman had said with regard to the Tilt Cove property. That was a property which he and Mr. Leaver had special knowledge of before any one else connected with the Cape Copper Company, and he thought he might, with absolute certainty and safety, assure the shareholders that the development of the great deposit of ore in the east mine had gone on most satisfactorily since it came into their possession. Not only had the body of ore continued to hold down as they had worked upon it equally large, but it had fully maintained, and more than maintained, its average richness, which, of course, was a very great point indeed. A large quantity of ore of 2 or 3 per cent. might be of no value to them whatever, but an enormous amount of ore of more than 4% per cent. must be as time went on a very valuable property indeed. Beyond that, the report of Dr. Haege, which was appended to that of the directors, must make it evident to the shareholders that the West Mine, of which very little was said when the question of the taking over of the property was suggested, must have been an enormously rich mine. That was entirely independent of the East Mine, and the large deposit which they had spoken of so often, and Dr. Haege told them in very clear language that an enormous mass of stuff was lying at the surface which had been left as worthless. This, he said, contained from 4% to 6 per cent. of copper, demonstrating very clearly how good a mine it must have been when in full operation. That mine would doubtless require a vigorous exploration, and he thought it would become a very good property as time went on. The chairman had spoken about the consumption of copper for the purposes of electrical transmission of He (Mr. Taylor) would like to say one word upon that,

power.