That concern, so optimistically commenced, evidently did not last long. It is not until 1900 that another record appears of a really up-to-date concern; and within two years it was in difficulties and had to be taken over by the forerunner of the present Steam Laundry Company. An excellent resume of the history of the concern is contained in the report of the first annual meeting, in 1903, of its more permanent successor, and I cannot do better than quote therefrom.
The Hongkong Telegraph of December 22, 1903, states:
The first annual meeting of the shareholders in the Steam Laundry Company Limited, was held yesterday afternoon at the works, the registered office of the Company, Causeway Bay, next door to the Kennedy Stables (old Jockey Club stables).
Mr. W. Hutton Potts, the company's chairman, presided, and there were also present Messrs. D.E. Brown (Director), G. Mooney (Secretary), F.G. Allen (Manager), Mak Fuk and Li Yuk....The chairman said........As you are aware, this company is the successor to the Hongkong Steam Laundry Company, Limited, registered in August, 1900, whose assets and liabilities we took over on the 1st of June, 1902, the shareholders in the old company receiving in exchange for the ten dollar share one of five dollars in this company, and those of us who were members of the old company have had, like many other shareholders in local industries, to pay for our experience by the loss of half of our capital; and under these circumstances we are the more pleased that we are now in a position to recommend a dividend of 8 per cent. or 4 per cent. of our original investment. With regard to repairs and renewals ($5,534.47) this may seem large for one year's work, but you must remember that work has been carried on continuously since September, 1900, and it was only during the period covered by the account now before you that the machinery began to wear out........From the information of our predecessor we have had innumerable difficulties to contend with, one of the principal being accommodation, the present building being badly designed and much too small, with no ground for drying in the open. The water supply was also a cause of great inconvenience and anxiety, it being impossible during the last two winters to obtain sufficient for our requirements, but after purchasing for some little time from water boats, we struck a good flow of water in the wells sunk in our compound.....
We can congratulate ourselves that ours is, as far as we are aware, the only steam laundry in the East that has survived native opposition, which always carried with it the pecuniary sympathy of the native domestic, and the fact that we have been able to carry on makes it evident that the cleanliness of our methods and the punctuality of our delivery is appreciated, and that our patrons, no longer doubtful as to where their clothes have been laundered, or have been lying for a week or more, are more inclined to overlook our shortcomings....With an increase in our already large ship work, this year should show better results...
Mr. D.E. Brown seconded and the report was unanimously carried. On the proposal of Mr. Mooney seconded by Mr. Allen Mr. Brown the retiring director was re-elected. The re-election of Mr. A.O'D. Gourdin as auditor of the company was agreed to, on the proposal of the chairman seconded by Mr. Brown.