Mix meat and remaining 8 ingredients together, well. Shape into 1 inch meatballs. In large frying pan, heat oil; brown meatballs and remove to drain.
In large pot heat chili sauce, jelly and hot sauce until jelly is melted. Add meatballs and stir to coat. Simmer on low heat 15-20 minutes. Makes about 9 dozen meatballs. Good on eggs noodles or as snack food.