Cove Hotel
Cove
16 August 1897
My dear Chris
I have your letter of 3 July and am now writing to catch you at Colombo.
There is very little in the shape of news and business is very dull. The South African market has had a spurt, but the moves did not reach as far as us. Several British Columbian things are being brought forward but I do not think that the public touch them to any extent. Some of the papers foretell a small Australian boom in September or October.
Since the last two or three cables – especially the last giving a return of 218 oz from 385 tons. Croydon Consolidated have dropped considerably and it has been impossible to do anything in them. They now stand at 5/6 — 6/- but were as low as 4/5 — 5/- the other day. The figures will now be about 11,000 contg. ???? nearly 40,000 ???? ???? on hand. As few of the latter have been sold on the Continent. Jubilees are at 1/- — 1/6 and we have not many left. Croydon ???? ???? speaks well of the mine and an assay they took haphazard from the No. 2 North ???? (from a 4 ft. reef) gave a value of ₤57 per ton. Seeing this, one would think that crushings in the next month or so should average at least an oz. Reine d’Or there has been nothing doing in; the progress at the mine has been so disappointing that nothing could be expected. The quotation however has not fallen, being still 5/-. 6/-. So, I ???? are much the same N.C.Cs. are quoted 1/6 — 2/6.
As regards Croy. Goldfields we have had any number of enquiries from True Blue B shareholders, but have given no definite ????.
The Waratah as you may have noticed is almost in a state of collapse. It has been found that the rich shoot of stone only extends a few feet either side of the underlie, so that the mine is quite unpayable and six months total exemption has been obtained on this plan.
They are working in the True Blue, but McDonald a little time sent Jessop round to see if we were open to any scheme of amalgamation between the True Blue and J.B.C. I told him that we would do nothing until you arrived, but could not find out what kind of a scheme they proposed. It would hardly suit I should think unless they sold outright for cash and I don’t think they would do this. Then that would mean increasing the cost to us and the capital would have to remain the same, as the number of shares is large already.
Forbes has said nothing further as far as I know and has acted very well all through. The balance is not yet complete, although the auditing and checking is practically finished. Neither of us can understand what has been done re the Croy. Cons. dividends on shares held in London.
The balance to credit of the Croydon shares ???? is so small that it seems impossible the dividends could be in that. It seems to be that the item Share Account, ₤98100, appearing as a balance in the Balance Sheet must have something to do with them. What makes the matter difficult to us is that we have had no explanation as to any of the items appearing in the Balance Sheet. I understand however that you wished this Balance Sheet to look as well as possible.
I came up here for a couple of weeks with the rest of the family including May, Hinton and the baby. Mary is also here. The weather has been fine, so that we are having a very good time. Forbes will go for his holiday as soon as I get back so that we shall all be ready for hard work as soon as you get back to London.
Edie has been better lately and Aunt Nellie is helping her while Mary is away. The house has been pretty full during the summer but only seven or eight are staying there at present.
My own health is very fair, the only thing I have to avoid being a walk of any distance. This brings on the pain in the back, which used to trouble me before.
With love from all.
Your affectionate Brother
A B Elmslie
I don’t know whether I told you that I have not shaved since I was laid up – saves a lot of bother.
C.T. Elmslie
Passenger by “Massilia” or other steamer from Sydney
C/o Agents P & O Steam Navigation Company. Colombo