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"'CiOODENOUGM '-"•fJ-., HOONOAt— % BLUE BIRD AJAX ^'^•wi^^'i^'mmmmmmm "'■■• v." ■ iiiMHyi 1^ 4«u'ii tM'm'%, uw ■*^i ^llieifi»iai*i / i ^ »v» ** ^ ^ . V ^J t-vf* ( t>1^ npfPHRpi Mklllil riRST I^CPORT Tn[ RpOo'niNINO AND fllLLINO (jONR\NT LIMITED LIABILITY 0mCE5^NDniNE5 5AND0N.B.G. COMPILED BY J.M.MARRIS PRE5T. (5^ MANOR. BY AU1I10RITY BOARD OPiilblREGTORS. tM[ yiT rNiwl-NoflTHnuPco , :oyr'.iT* Alir'»iii>*T»■)■«. Bijfrtio. •• i PI. hms^kMiMJma :?^»m^^$fi^^ ^'^■^''■m'^mi^mmm^mmm^^^^m^lmmmmm^mki^-^ THE RECO MINING & MILLING COMPANY, Limited Liability* a CD C u as Incorporated September 18, 1896, under the laws of British Columbia, the "Companies Act of 1890 and Amending Acts." Organized November 10, . . J896. . . 5^ J Capital Stock, $1,000,000, divided into 1,000,000 shares of par value of $1.00 each, fully paid and non-assessable. 1 88738 ga u J?" O Q < < 1:5 O u PC " I* o 0« " r THE RECO MINING & MILLING COMPANY, Limited Liability. J. M. HARRIS. . . S. M \\HARTON. FRED T. KELLY, Officers : . . President and 'viANActK. . . Vice-President. . . Secretary and Treasurer. Board of Directors: Hon. Wm. Ward Spinks, Vernon, B. C. G. C. Wharton, Spokane, Wash. F. T. Kelly, Sandon, B. C. S. M. Wharton, Spokane, Wash. J. M. Harris. Sandon, B. C. Consulting Engineer, . A. S. FARWELL. Bankers : Traders' National Bank. Spokane, Wash, Bank of British Columbia. Sandon. B. C. r;T■:•^;^0^^i^^*. TflE PROPEI^TY a 6 DC h 75 u Q O J It consists of five claims, namely, the "Rue- cau " *' Texas," " New Denver," " Clifton " and "Bphraim," and embraces 150.65 acres, in the richest mineral belt of the Slocan. It has paid from its earliest workings to its present stage of development, under circumstances obstructive ordinarily to profitable mining operations. To the continuity of its ore chutes ; the facil- ity, and therefore the economy, with which the fissures are followed, and the extraordinary value of the ore, may be ascribed its uninterrupted suc- cess, as a highly profitable producer. 'm^i^"-:^ H' u '/ o G < w u iZ (I. o o u >1 /, -< *♦ ;'f'ffi'Si*sr;;ii'"'^<'<«- u «■ y. o Q < c/: W u O O u Si X, ii 1 *' All the claims are Crown Granted, and no involvement or question of title exists, as to either of them. The Crown grant to the " Ephraim " was issued direct to the Company. In the case of the " Texas," *' Ruecau," '• Clif- ton " and •• New Denver," the grants were issued to the original owners, who transferred the prop- erty to the Company. 1^ ■I. •f. y. The property is located on Reco Mountain, in the heart of the celebrated silver-lead mineral belt of British Columbia, described as the " Slocan." It is at present reached from the town of Sandon by a graded switch-back trail, four miles in length, though in reality the distance to the mine is less than 10,000 feet, and will be spanned by an aerial tramway during the approaching season. Sandon is the central mining camp and main distributing point for the Slocan. Two railroads connect it with the transcontinental highways ; one, the Nakusp & Slocan, via Arrow Lakes, with the Canadian Pacific ; the other, the Kaslo & Slocan, via Kootenay Lake, with the Pacific trunk lines of the South. The Crow's Nest cU-off , of the Canadian Pacific, ac..\..iS the lower border of the Kootenay s, which is expected to be finished in 1898, will have a lateral branch 32 miles north from the Kootenay River to Slocan Lake, thus bringing Sandon into close connection with the new and much shorter Canadian Pacific main line, and establishing a third railroad link between the camp and the transcontinental lines and smelters of the United States. 1 1 M-^l ,-r""i]p«»"'-^**- w) EQUIPMENT I The mine is equipped with sleeping and din- ing accommodations for 200 miners. The orig- inal boarding house erected at a cost of $2,000 was soon found to be inadequate, and another, which is at present the most complete and com- modious in the Slocan, was built at an additional outlay of $5,000. The six ore houses on the property represent an investment of $3,000, while a similar amount of money was expended on the trails. In the seven tunnels 12 pound rails are used for track. The company owns a private telephone line connecting the mine with its Sandon offices, which was put in for $350. n ;-->r--'!r«iffi)J«fl*ill*»^*^.*'tf»-««''. ic X H 0. C X 0. c < 2 C 7: < H O An excellent and inexhaustible supply of pure spring water for domestic uses is found on the mountain side above, from which an iron conduit has been carried through the property, with all necessary connections. The very best quality of timber for mining pur- poses exists in abundance on the several claims comprising the Reco group. The company has secured title, by grant from the Government, to one of the most valuable water franchises in the district, for mining and milling purposes. ^5 :-<*ft>fpspBI6(i»^ i,,') ■ 'i.t^.v .••<.-*-^*i,.^,'^n^us.,»_i(v*'-;>. f. ^;^iy|ini]|'w>tii)iiih' ^ t^T"^ VEINS. Continued, the ton. The great bulk of the ore in the " Big Lead" can be prepared for smelting to the best advantage by concentration, and for that reason its product has been reserved until the mill to be erected by the company for that purpose is in operation. The several thousand tons on the dump will be concentrated five into one, averaging when thus reduced 175 ounces silver and 75 per cent, lead to the ton. The Texas lead, paralleling the Big Lead 700 feet to the west, and having the same strike and dip as No. 2 and No. 3 leads, traverses the Clif- ton, New Denver, Ephraim and Texas claims. Several tons of ore on the Texas dump will aver- age 400 ounces silver and 60 per cent. lead. Only assessment work has been done on this lead, because of the difficulties and hardships of development, until such time as the tramway and concentrator plans of the company have been carried out. .K>J.„M,.^^.^. 91 -^n^w^mmmm*' iiMi«^. H u o X, Z en '■J -J m ^ 9 o «^ «> ct u > HI O o a o 111 o ..,, ,„,,-,,., ^-.^.(^ «»«W**-rt u O u si O W| SniPMENTAND PRODUCTION The subjoined table showing the production of the mine is compiled from Smelter statements. The total weight of shipments is given annually in pounds, though it should be explained that ore has been taken out only during three winter months each year,, owing to the lesser cost of transporting over snow trails. For each year the average yield of ounces of silver and per cent, lead per ton is shown, as well as the average value of silver per ounce and the price for lead. From the total of values all incidental expense for shrinkage, transportation charges, treatment and duty have been deducted. a.i t RKCO gUAKTKRS, 1893 TO 1896. SHIPMENT AND PRODUCTION.- Continued. Shipments Net M^eight. Mill Assay. Lead, Silver, Ozs. cent. Pri ce. 1 Year. 1 Silver. Lead. *Net Values. 1 J894 1 146,436 J 75.9 75.7 62.62 3.15 $ 7,100.91 1895 636,313 251.2 43.4 63.40 3.03 45,448.53 1896 856,557 307.7 36.0 67.53 2.96 79,018.85 tI897 1,178,749 2,8J8,055 .308.9 42.7 64.33 2.98 108,402.28 Total, $239,970.37 i 1 "■ * Receipts from the Smelters after deductions of 5 per cent. silver, 10 per cent, lead, — for smelting loss — duty on lead, and freight and cost of treatment. t Including only the first three months of the year. t Pursuing an analysis of the returns it is found that the mine has shipped in the four years of its development 1,690 tons of ore, from which have been extracted as a net yield for the company 16.8 tons of silver and 598A tons of lead. The ounces of silver was 404,035 and the pounds of lead 1,196,987. Thfc entire product of the two classes of ore treated has averaged 239 ounces silver and 42.47 per cent, lead to the ton. The aggregate of deductions for freight and treatment (not Inclusive of the cost of pack- ing from the mine to the railroad ware houses) $42,200, for duty $9,884.20; for smelter losses of as ^n^f 73 Li H 73 SHIPMENT AND PRODUCTION. Concluded lead $3,620.85 and silver $13,131.02 brings the gross value up to $308,806.44 or $182.70 per ton. The net value, or profit to the company for the ore, at the point of shipment, averaged $141,993 per ton, — a showing that would be exceptional even in the case of a first-class gold mine. Put in still another form the first and second classes of the Reco ore, average together in value at point of shipment 10.95 cents per pound gross, and 8.50 cents per pound net. < ■^^.;.^ '.#^>^f^(?>V 27 C/3 en D O X o < Q w "T- J o I- DIVIDENDS The following table shows the date and amount of Reco dividends paid to May i, 1897: 1895 1896 1897 J897 February J 5th, April 30th, $ 7,500 30,000 100,000 50,000 Note.— Since this report has been tabulated and sent to publishers, another dividend of $100,000 has been declared by the management from the proceeds of ore taken out ; and larger bodies of ore have been opened up, and regu- lar dividends are now assured for several years from the ore already in sight. 39 tw&Kt**!**!*!-. *.■ i^ en W en :^ c ai O Q < c X (/I 12; h d -A~ THE ORES ■<°Oooooo2^ 1 i While Lead is the predominating metal in the Reco, as it is in the Slocan mines generally, the ores show extraordinarily high averages of silvsr value in all the veins. From No. 2 vein smelter shipments I. (first- class), showing the average of $104.20 net profit for all the tonnage treated, are of coarse and medium grain galena; and II. (second-class) are vari-colored carbonates, averaging in net profit $61.05 per ton. One odd variety of ore found in No. i tunnel runs $400 to the ton. It is a peculiar blend of grey copper and galena that resembles hematite of iron. Stibnite, which ignites and largely evaporates in its own flames, is also disclosed in quantities in this vein. It runs 160 ounces of silver and as high as 50 per cent, lead to the ton. Immense ore bodies adaptable to concentration are characteristic of this vein. 31 ■>*■ a o X « X o 2: < 72 THE ORES.- Concluded. The first and second-class ores of the Reco- Goodenough vein (No. 3) are classified respec- tively, X and XX. The average net proceeds of the total shipments of X ore is $395.80 per ton. It is a fine grain galena carrying ruby and Q.nti- monial silver, grey copper and sulphurets. The average proceeds netted from the XX shipments is $160.07 per tor This ore is soft lead carbon- ates. Assays from it have yielded as high as 1,100 ounces of silver to the ton, and from the former 13,030 ounces, and is acknowledged to be the richest galena in the world. The classification of the ores is determined by the lead percentage rather than the silver values ; the X class running high in lead, and the XX comparatively low. In fact the silver values of the XX ore often run equal, and, at times, in excess, of those of the X shipments. For ex- ample, the highest X smelter return is 730 ounces silver and 67 per cent, lead ; the lowest X returns, 292 ounces silver and 72.6 per cent, lead ; while XX shipments have yielded, in one in- stance, 596 ounces of silver and 54.8 per cent. lead. .33 ■-««s«**«##*^ • 1 ■■ - 1 3 a. O E IT. X i U ■■J < Q o 1-^1 OTMERniNES m The Reco is surrounded by numerous mines and prospects, and though none ship as rich ore as the Reco, yet some are paying even more profitably. It is claimed that the mines of this immediate section are producing silver at a less cost per ounce than a.iy other mines in the world ; and this, too, with the wages of miners at $3.50 per day, and laborers $3.00 per day. The lead in the ore often more than pays the charges of transportation, smelting and duty. The records at this time show 72 mines and prospects that have shipped paying ore in this mineral belt, 26 of which have paid dividends. The mineral belt includes the section of country lying between Kootenay Lake on the east and Slocan Lake on the west, comprising an area about 30 miles k ng by 6 miles wide. The production from these mines has greatly increased each succeeding year since their dis- covery. \s LilfcMfe.' j.-.i C.jml^lattii' , m i^m- ^^m^mmm&Mm&mms^mmMm DEVELOPMENTS c/) O 'A O" Work on the Texas Vein (No. i) has not been prosecuted beyond assessments, because of the vastly greater economy in its development to be insured by the concentrator and tramway, when completed. On the Re-jo (No. 2) three tunnels (Nos. i, 3 and 5) are being driven. Another, No. 7, will be started below No. 5, on the vein, at an early day. The Reco-Goodenough vein (No. 3) is the most thoroughly exploited. It is opened wHh thre^ tunnels (Nos. 2, 4 and 6). A fourth, a cross-cut tunnel (No. 8), is in several hundred feet, and will tap the lead in 600 feet. A fifth tunnel on t^ie lead (No. 10) wiH be started immediately, s*.'!! Lower on the mountain. /.i. '.Sould be explained that all of these work- ing;- . ' :cept the 275 feet of cross-cutting in No. 6 tunnel, are in the veins and expose, alniost con- tinuously, bodies of shipping or coni;entrating ore. By the time this report has bct.ii published the several tunnels will have been extended hundreds of feet on the ore chutes. For further f,t^^r>rrkiition, see accompanying plats of under- i^Tound workings. 37 X ■f. y. I ■r. < \£. y. VALUE INSIGHT In estimating the developed resources of the mine, May i, 1897, that is to say, the worth of the ore blocked and in sight, — the averages em- ployed in obtaining the sum of values, gross and net, include maximum expenses for the earlier period of the history of the mine, when, for ex- ample, it cost $30 to move a ton of ore to Kaslo, as against a present $7 charge ; and the smelt- ing charge was $7 more per ton than now. Such is the perfection of the tunnel system by which the mine is opened up, that the cost of production is reduced to a minimum. The ore in sight at present writing (May i, 1897,) in the Rerc Goodenough (No. 3) workings is $1,650,000. It is with grea^er difficulty that the value of the large bodies o5 concentrating ore in the Reco vein (No. 2) is measured, but the most conservative estimates place the gross sum at not less than $1,000,000. In round numbers w Q w VALUE IN SIGHT. Concluded. then, the exposed resources' sum up $2,650,000, or a prospective profit of $1,987,500, after subtract- ing mining, transportation and smelter charges. This manifest makes no allowance for the great saving to be made by the concentrator and tram- way plant. It represents the resources of the mine as blocked out and valued in accordance with past experience in producing, shipping and treating ore. ;« X r. W < < C 4< < u o en < < u o C/3 J The "Texas" was located by the organizers of the Reco Company, June 14, 1892; and the other claims of the group subsequently ; save the "Ruecau," v/hich was purchased from its discoverers for $2,700, July 15, 1892. The Slocan was then a wilderness, in which subsistence was precarious and work perilous. Wagon roads were unknown, the trails were of the roughest description, and supplies of every kind very scarce and expensive. Beyond the taking of necessary steps to pro- cure the title to their claims, prospectors and purchasers did little or nothing that year ; and in 1893 they were further discouraged, despite the high assay values obtained throughout the mineral belt, by the slump in silver values, con- sequent upon the repeal legislation in the United States and the closing of the Indian mints. Not until the late winter of 1894 did the owners of the Slocan mines begin to demonstrate the reple- tion and richness of the ore bodies. CapitaMsts 00 •r. < a: O u u 04 •f 5 4' ^m^&m. REVIEW. - Continued. OS 00 ai ■X. < 'J < C .1 had bonded the Reco property in 1892, then a mere prospect, for $80,000. After having paid the initial instalment the silver mining outlook for 1893-4 disheartened them, and they allowed the property to revert. In November, modest quarters were erected near the Reco vein at tunnel No. i, and from that time dates the continuous development com- menced without capital. The following year the Reco-Goodenough vein was discovered accidentally, on the line between the Reco and adjoining Goodenough claims, the fissure cutting clear through the Reco claim. Tunnel No. 2 was started that year, and tapped the ore chute at the grass roots. The profit of mining the property has ever since increased in precise ratio to the progress made in opening the fissure. It was deemed prudent to hold the carbonate and mixed ore bodies of Reco vein No. 2 in re- serve for the day when a concentrator could be added to the equipment of the mine. No abate- ment of work was suffered, however, in the three tunnels which were planned to open the " Big Lead" for economic production. Shipments have been steadily continued less than four months each year, making the total 45 .'mm^' RECO KAW-IIIUE TRAIN, 1896. ►, ■ ,.j».:„^.v f:^1l-.«!; REVIEW. Concluded. period during which the mine has obtained re- turns from the smelters, not to exceed 12 months. Circumstances not to be readily overcome rendered it expedient to work the mine under full force and ship ore to market only while deep snow lasted in the mountains. A saving of $5 per ton was thus made, being the difference in charge per ton for packing in the summer and *' rawhiding " over the snow in winter, from the mine to the railroad station. By th latter method an average load of a ton, wrapped in a rawhide that slides down the mountain trail, rough locked with a log chain, is taken out by one horse capable in the open months of the year of packing only an average of 300 pounds over the same course. Prior to the incorporation of the Reco Com- pany, September, 1896, profits to the amount of $37j5oo were divided among the owners. During the intervening five months two dividends of $50,000 and $100,000 respectively have been de- clared, while the sum of $50,000 has been ex- pended on permanent improvements and develop- ments designed to facilitate production. c-X' 47 1^ Via. ■t'4''' I «j>.^,-»-ww*»'' ,<■?%«*;■■ fffiH ii wwafftntOTrrmiM ! tii,j.i iii ,n i' "<^f :|^'''i VIEW OK PROI'OSED TKAMWAY FOR THE RECO. Tension Station. L(»wkr Terminal. Upper Terminal. ./«##««»•«.•; WV;'- !^. IMPR(MnCNT PU\N5 IhM \ It is the purpose to curtail ore shipments until such time as the Company's concentrator at Sandon, and its aerial tramway to the mine shall have been completed. Both should be in opera- tion next December. The concentrator will cost, approximately, $40,000, and the tramway $35,000. An auxiliary electric plant will furnish light for the mines as well as the mill. The jramway in its length of 9,993 feet will ascend the mountain 2,600 feet, crossing the Noble Five Slide at a height of 560 feet, with a span 2,750 feet long. It will transport 250 tons of ore daily, at an estimated cost per tor of 10 cents, as against a present average charge of $6.00 per ton to the same poirt of railroad ship- ment. The further saving to be iuad« from this improvement can be appreciated from uhe fact that the present pa?k rate of $15.00 per ton for 49 ■ fUK .- Hm»mi>''-M'^'" o ■A < X si > < C •■J ■J C z 'f 1 I IMPROVEMENT PLANS. Concluded. O •X. w Z *l 'f /: the ascent to the mine will be reduced likewise to lo cents per ton. The annual ascending ton- nage of iron, lumber, tools and general supplies has been half that of the descending tonnpge of ore. The concentrator will have a daily capacity of 1 20 tons, and will render highly profitable the large ore bodies of the Ruecau and Texas veins, the former of which is in an advanced stage of development. Water power for the mill is obtained under the company's valuable Carpenter Creek franchise. The supply for this purpose will be flumnd two miles, in which distance a fall of 700 i secured. The mine, the mill and the down-town offices of the company ai Sandon will have private telephone service. \ 5i W»«7ii8 =^ f PERMANENCT i ^ ■jr. y. Mr. Carlyle says in his last official report : "The find'ng of rich veins of ore in either of the series (geological areas of granite and slate in the Slocan), such as of silver-galena ore, points strongly to the fact that as depth is ob- tained in mining the continuity of the pay chutes is assured. The veins may be ' in and out,' as the miners term it, or have perfectly barren parts along the fissure, but more or less work will disclose other ore chutes, if this work is pushed ahead along this fracture in the rock, which has permitted the passage of ore-bearing solutions and the formation on ore bodies along it else- where." The experience of the Reco amply justifies the foregoing prediction of the Provincial Miner- alogist. Deeper and deeper as the tunnels have penetrated the veins, are they found to be con- tinuous, regular and clean walled fissures. The S3 i PERMANENCY.- Concluded. walls come and go occasionally in waves, but persist and soon straighten out, widening at times so as to form large and lengthy cavities filled with the best quality of ore. Two and three hundred feet in length of ore chute is common. What is most encouraging is the con- firmation of Mr. Carlyle's expectations found in the proof of permanence at all the points of depth attained in the mine. < r. 'A > o u ^ >^' TF' >• -^."9: *-i.""'E^»- .ss •i li i SILVER vs. GOLD 00 '■J n G < w* ST. X > < c •I t 1 By way of comparison it may be easily shown that investment in the Slocan silver-lead mines is guaranteed greater profit than in the Trail Creek gold belt. The cost of mining is vastly less expensive, while the returns are nearly three times the value of the gold profits. Not only are these statements true, but the Slocan output shows increase of value per ton, with the progress of development and growth of ship- ments, while the tonnage of the gold belt de- creases in average value with the same test. Both in the matter of volume and commercial worth the Slocan silver-lead ores take first rank. To illustrate : The gold, or sulphide division of the West Kootenay Mining District, produced, in 1895, 19,693 tons of ore, the average return from which was $35.67, while the Slocan silver- lead mines produced in the same period 9,649 tons that averaged $109.72 per ton. In 1896 the 57 . .w.' <••''•'' ■ SILVER vs. GOLD.— Concluded. < z u c c output of the Trail mines, 38,075 tons, averaged in value $32.67, and the Slocan output of 18,215 tons, gave $110.35 a ton. Thus in the two years, while the Slocan silver- lead ores ranged in value more than three times the average of the Trail gold ores, their average value per ton increased 63 cents, while the aver- age of the Trail ore decreased $3.00 per ton. This, too, with lead at its lowest notch, and the silver market falling. ON < ft ^ 59 W^^M^^^M^ z On CO U X c/: » 1 .1 TRCASURT SHARES X • When the company was organized it was de- cided to set aside 100,000 shares of the Capital Ptock, the proceeds from the sale of which should le applied to developing the mine on a larger scale ; and to the purchase and placement of a concentrator and tramway. The fifty thousand of these shares disposed of for the creation of a development fund sold at par value. The remain- ing fifty thousand shares were reserved for sale until the concentrator and tramway plan could be perfected, and for the purpose of providing xor their construction the residue of the treasury shares will now be sold. ;i 61 BT LAW5 ARTICLE I. — Namks, Sharks and Seal. Skctkin I. The name (if tliis cdipoiation sluill be the "KeC'> Mining and Milling Cdmi-any," Limited Liiii>ility, incorpor- ated under tlielawsof the I'roviiicc of British Colunihia, as contained in the "Companies Act of l8yo, and amendments," on the iSlli day of Septeml)er, A. 1). 1896, for the period of Fifty (50) years, for the purpose of carryiiiLj on a j;enc 1 niinint; l)iisiness, uitli the prin- cipal offices located at Saiulon, Province of liritisli (.!olunibia. Sec. 2. The Capital Stock of tins corporation shall be One Million (!*i. 000,000) Dollars, divideorat<' name of this corporation, with its priticipal olVicc and I'rovince in the outer circle, and «it!iin tiie circle iht're shall be the words "Limited Liability," ami in the center the word "Seal." ARTICLK 1L-- OiiiCKKS. Skction I, The elective ofllcers of this corporation shall be a President, Vice-l'rcsident, Secretary and 'IVeasurer, who shall per- forin tlie usual iluties pertaining; to their respective; olTices, ami shall be clei:ted by the J 'irei-tors at a incetini^ subse(iiiei)l to the aiinu.d meeiiii!^, ami inir.ieireclor of the corporation, he or she shall cease to be President 01 Vice-Presitlent, and the otlice is declared, v. -ant, and a new President or Vice-President is elected. Sec. 8. The Directors may, liy rcsohition, reijuirc any or all 'if said ofllcers to yive bonds to the coriioraliou with j^ooil and suffi- cient security conditioned for the faithful performance of their respective duties and offices. ARTICLE IIL Section I. The affairs of this corporation shall be controlled and managed by a Hoard of Ki-t,'(c' 1 )irectors who 'iiall be elected by the stockholders at the aninuu .leeting, and who shall hold office for One (l) year, or until their successors are electeil and (jiialil'ied. Sec. 2. No stockholder shall be eligible for election to the ofitce of Director, nor to any other office in said company, unless at the time of said Kleclinii lie shall be the bona fide owner and holder of at least One ''housai'd (l,oooj shares of the capital stock of the corporalion. Sec. 3. Vacancies in the IJuard of Diieclors may be Idled by a majority of the remaining members at any Directors' meetini^ regularly callo'l. Skc. 4. The 1 )irectors shall elect all the other olTicers of the cor- puiMtion. and may appoiet dui..ig their pleasure a Sujierinlindt lit. .Skc 5. The trai'sfe'.- of stock owiumI iiy a Director leaving his holding less than Cue Thousand (1,000) shares (the arn)rs may be calletl at any time by the I'rcsident, and in his abseiici; by thj Secretary, 011 ai)plicalioii. in writing, by a maiority of the Direc- tors, by m.dling 10 each Dirivtor at lea.-t thirty (,?C)) days prior to the date of such called ineetmg, a written or jjiinted notice, staling the day and place t^f holding such meeting. She. 9. At each ;imuial meeting of the stockholders tlie Direc- tors shall present a gein.'ral suteim-nt of the busiii-ss of the juc- ct-diiig year, a rcjiort of the Imamial coiulilion of the corporatif)ii, and a report of the condition of tlu; plant. Sec. 10. A ( leneral Superintendent may be appointed l)y the Hoard of Directors, and be reiroved at their pleasure. He shall take charge ot the iiropeily belon.'ing to the company, and control and direct all labor and business ji' riaining to the interest, objects and Ojierat'on of the company ; but he sliall not have powiir to sign notes or contracts for the company ; neither shall he have the power to incur any indebtedness, unless specially authorized by the Hoard of 1 )iieetors, Skc, u. The olVicers ami superintiiident shall receive such t ompetisation for their services us the Hoard of Directius shall deterndne iipoii. 63 ARTICLE IV.— STocKiroi.DF.Rs' Meetings, Section i. The .inmial sliickholdori' inectinjj oi i!iis corporri- tion shall l)e hold at the ijcneral otVice of 'he cdiporatinn, at Saiulon, Province of liritish Columbia, on the I'irst day of I'ebruary of each year, frv)ra and after the lith day of November, 1S96. IVo- vitied that when such day shall fall on Sunday, or a icj^al holiday, sucli meeting sliall be h<;ld on tlie day previous, at the same hour and place, for the purpose of electing a Hoard of Directors and ruch other business as may be specially stated in the call for the meeting. h,'EC. 2. Special meetings of the stockholders may be called by stockholders representing two-fifths (?) of the stock issued, tiling wit 1 the Secretary a written call for such meeting, stating the ob- jecc and whether such meeting shall be held at the regular place. SliC. 3. At all stockholders' meetings, each stockholder shall be entitled to cast one vote for each share of slock held or owned. This vote may be cast in person or by proxy, appointed in \\ riling, duly liled with the Secretary and by him entered of record in the minutes of the meeting. Skc. 4. A (juorum shall consist of the majority of the shares of stock, but stockholders representing less than a ipioruni of stock may adiourn the meeting to a future f record at the time of said distribution. Skc. 3. All certificates of stock shall show the name of the cor- poration, the capital stock, ihe par value of shares, to whom issued, the numtn^r of shares in each certilicate, antl shall be signed by the I'resi lent and the Secretary, and sealed with the corporate seal. Se*'. 4. Shares of stock must bi; transferrei! upon the books of the corporation either in person or by attorney, upon surreiidiiing the certificate to the Secretary for cancetlation and signing suih transfer in tiie regular transfer book of the corjioration, whereu])on a new certiticate shall l>e issued to the p.uty becoming the new stockholder. ARTICLE \ I.— .\mknoments. Section I. These by-laws or any nart of them may be abridged, oltered and amended, addi-d to or repealed by tin same Imh1\ which enacted them, at any regular meeting (or special meeting called by the Secretary Un that purpone; of such Ixxly. 64 --<*^m^. •..:V"f: