294
THE HONGKONG WEEKLY PRESS AND
|
THE YANGTSZE INSURANCE ASSOCIATION, LIMITED.
The fifth ordinary general meeting of this Association was held at the head office, Shang- hai, on the 8th instant. Mr. James M. Young presided.
(April 17, 1895
remark applies also to the first three months of the present year. Let us hope that the war will soon be over, to be followed by a period of pros. perity and expansion in trade throughout this part of the world. Before moving the adoption of the report and accounts, I shall be glad to answer any questions that shareholders may wish to ask. (Applause)
There being no questions,
B.
1 he CHAIRMAN proposed, Mr. B. A. CLARKE seconded, and it was agreed, that the report of the directors and statement of accounts for the twelve months ended 31st December, 1894, as presented, be accepted and passed.
The CHAIRMAN
E! proposed. Mr. SKOTTOWE Seconded, and it was agreed, that a dividend of 15 per cent., being $9 per share on the paid-up capital, be declared (vis, a special dividend of 5 per cent on ormer years' account and a dividend of 10 per cent, on 1894 account) payable on the 9th inst. at the Chartered Bank of India. Australia, and China, or the Hong- kong and Shanghai Banking Corporation, to shareholders of record on the 28th March. 1895. Mr. P. BRUNAT proposed. Mr. CAMPBELL seconded. and it was resolved, that Messrs. J. M. Young, H. J. Sach, B. A. Clarke, E. B. Skot- towe, and J. S. Fearon be elected directors to serve nutil the next ordinary general meeting of shareholders.
Mr. GALLES proposed and MF, M, WOLFT seconded that Mr. Augustas White be re-elected auditur, to serve until the next ordinary general meeting of shareholders.
This was carried unanimously.
The CHAIRMAN-That concludes the business of the meeting.
The CHAIRMAN-On behalf of my co-direc tors and myself I am very much obliged for your vote of thanks. With regard to the Secretary and staff it affords me the very greatest pleasure to bear testimony again to the highly satis factory manner in which their basiness has been conducted. (Hear, hear.)
dosts, owing to the fall in silver, one dollar and a rupee. the other a forin, which twenty years In a balf against the stationary one dollar of the ago alike exobanged for a sovereign. East. How then can the West compete on the the West the fldrin is still a measure
in old price of labour? Only by continued improve of ten for labourers to fill up. the ments in machinery and continued cheapening East the rupee has become a measure of twenty, in the cost of transport, to both of which there which shows how much lighter is labour in the is a limit. Reverse present sterling costs at West, or how much better it is remunerated. the old price of silver and it gives seventy-five The West does not alter its own measure for bents against the stationary dollar of the labour, it imposes a double measure for labour East, and we at once see the immense margin upon a debt enslaved East, while an unencum- for profit there would be to the West were bered East benefits by what is practically a heary silver rehabilitated. Or take the case of coal. bounty on its industry. To make the florin and Twenty years ago it cost ten shillings, all in the rupec equally a measure of fourteen and a labour, transport thirty shillings, together forty half would mean more work or less pay for shillings, or ten dollars. Twenty years later, or labourers in the West, but it would relieve the to-day, the cost is still ten shillings, but trans-debt enslaved East and rob the unencumbered port is reduced o fifteen shillings. together East of its present advantage. twenty-five shillings. But exchange has also fallen 50 per cent and twenty-five shillings to-day costs twelve and a half dollars against the ten dollar cost of twenty years ago. Reverse to- day's sterling cost at the exchange oftwenty years ago and coal would lay down at six dollars and quarter. Cardiff coal is at least 50 per cent. better than Japan coal which sells for six dollars; therefore a ton and a half of Japan coal would The CHAIRMAN said-Before proceeding with not be worth more than one of Cardiff, of would the formal business of the meeting I have the have to sell for four dollars and a bit per ton on pleasure of bidding you welcome to these our foreign markets, at which rate coal mining in
new premises, which your directors deemed it Japan would very soon be limited to the neces-desirable to secure when they had the opportunity, sities of the country and its export decay. as being more suitable and convenient to our con- What England needs is a short and simple way stituents than our former offices and very little of becoming bimetallic without disturbing more expensive. I regret very much the absence the currency or frightening the nation by the from the Board to-day of Mr. Such, our Deputy use of terms it does not understand and what is Chairman, owing to illness, from which, however, more does not seem to wish to understand. The I am pleased to say he is making satisfactory re present currency law is that one Troy pound covery. The minutes of the last annual ordinary
Mr. R. M. CAMPBELL-I think we ought not weight of gold 9133 fine shall be coined into general meeting, held on the 18th April last, are 1.869 sovereigus, which gives 113-0016 grains of on the table, but having been printed and cir. to leave the room, gentlemen, without express- fine gold to each sovereign. One Troy pound culated will, as usual, be taken as read. The re-ing our cordial thanks for the conspicnons ability weight of silver 925 fine shall be coined into 66 port and accounts to the 31st December, 1894, with which the Chairman has explained to us, shillings, which gives 80 7273 grains of fine have been in your bands for some time and will and the directors, throughout the year have silver to each shilling. The ratio in England also, with your permission, be taken as read. parried out, the business of this Association. I between gold and silver is thus 1 gold to 14 2878 The result of the year's working and the posi- have no doubt also that the Board will wish us silver, from which it may be seen that with tion of the affairs of the Association are so clearly to include in our thanks our Secretary, Mr silver at 30 pence per ounce the British Mint shown that I need take up very little time in Jackson, (Hear, hear.) makes a profit of nearly fifty-four per cent, upon making the few explanatory remarks that its silver coinage, while offering that premium suggest themselves. Your Directors are very upon coins "made in Germany" or to coiners pleased to point out the increased amonnt of who will risk the pains and penalties attaching premia earned, viz., $401,621.45 against $323,011,96 to the unauthorized issue of silver pieces. in 1893, without any material increase in the fixed To amend the law it would only be neces- charges, as indicating a prosperons state of the sary for some bimetallic statesman to move Company's business. The percentage of ex- and carry that one Troy pound weight of silver penses to premia is 18.63 per cent. as against 925 fine shall be coined to forty-four shillings 20.26 per cent. for 189. Another very satisfac- and gold and silver coins be made unlimited tory feature has been the larger business from legal tender. It might cost England ten mil-shareholders, which your directors trust will lions sterling to convert its present silver coin-continue to grow. The London agency, working age, which, with loss of profit to the British on the conservative lines laid down some years Mint, would fall on the nation generally and is ago, has continued satisfactory; and the agencies otherwise too small an item to be considered in at other places have had the attention of the a Budget which runs into a hundred millions Board, with the object of securing an extension sterling. The effect would be to raise the price of profitable business. The amount of claims of silver all over the world to 44 pence, paid, viz, $47,266.26 with $115,000 more esti- the rupee to one and fourpence halfpenny, mated, to cover all claims from known losses and which is what Indian statesmen require to casualties shows that we have had exceptionally place the finances of India upon a satisfactory good fortune so far, which we trust will likewise basis, and the dollar to a trifle over three attend the running off of all unexpired risks. It shillings England is rich and powerful enough will be noticed that the balance at credit of to effect such conversion unaided and by doing exchange and investment fluctuation account so would force bimetallism at 284 silver to 1 is $62,300.30, against $16,131.11; with which it gold upon all Western nations, not one of whom was opened last year. The increase is owing to the would ever think of making England a “dump. | appreciation lu value of some Association invest- ing ground for silver coined at 16 or 15 to 1.ments less the depreciation in value of others. Such a step would not or should not offend the according to valuations of the 31st December, gold party in England, as England is not a 1894, and also to the enhanced dollar value of our borrowing nation but a lending one, and sterling investments. It represents, however, as borrowers who came to England for a loan explained at the last meeting, a book profit only. would be paid either in gold or silver, that is Your directors are well satisfied that all the theoretically, for as a matter of fact the country Association's assets are fully worth the amounts which loans seldom pays in coin, but in commodi- they represent in the balance sheet, and they ties, and therefore a loan means an increase in the trust you will approve of these appropriations, lending nation's trade. If with gold and silver as recommended in the report, of the balances equally legal tender in England borrowers did of the working accounts for 1893 and former not want silver but wanted gold, the gold hunger years as well as of that for 1894. In view of the can always be satisfied with an "agio," often increased business and the further gradual deve- imposed even when the Latin Union was lopment they look for, your directors feel it of effective, and borrowers would have to pay vital importance to keep adding to the reserve such premium for gold As the market fund as circumstances permit Cf the amounts demanded, which indeed would be but just, due by agencies, premia in course of collection for when the time came for redeeming the loan and other outstandings amounting on the 31st they would pay it off in silver or in gold, as December to $108,827.63, about $85,000 have might be convenient. The fact of rupees being since been received, leaving some $23,000 in legal tender in England would not drain one course of collection. In common with most com coin from India, because India is a silver con-mercial institutions your Association has suffered suming country, not an exporter of silver, and if to some extent from the war and the consequent it wanted gold could obtain it, as it does now, by interruption of trade, though on the other hand exporting produce. There are in the British Em-insurances against war risk have helped to make pire two coins of nearly equal silver contents, one' up for the falling off in ordinary business. This
Mr. W. S. JACKSON-On behalf of the stan and myself I beg to thank you for your vote of thanks.
The proceedings then terminated.-N. C. ||Daily News.
THE
CORRESPONDENCE.
"
[ We do not hold ourselves responsible for the opinion
expressed by our Correspondents.] JAPANESE OCCUPATION | 01 FORMOSA AND BRITISH TRADE TO THE EDITOR OF THE "DAILY PRESS,” | SIR-Anticipating the usual peons in the press on the great forbearance of the Japanese in not attacking treaty ports, I, as an old re- sident of Southern China, would venture to point out that by their occupation of the Pescadores the Japanese have completely paralyzed British trade in the five Treaty ports of Formosa and Fokien, and that this fact is gloried in by the native press in Japan, and even her semi-official organs do not hesitate to point out that if only the occupation of Formosa can be attained, a blow can be struck at the trade of Hongkong which will 80 far as its export coast eliminate it trade is concerned, while from a strategic point of view the occupation of the Pescadores-the Gibraltar of the China Seas-will be a constant menace to Hongkong itself, and will serve to maintain an influence on the Chiua coast from Foochow to Canton that will entirely counteract British influence and so harass our trade one way and another that it will be both unsafe and unprofitable for the English merchant to remain out here.
So far, even those most interested in coast trade from Hongkong have apparently received with calmness the fact of having the Japanese at their doors. We, who have spent our lives in developing the trade of Formosa, feel acutely that we have apparently only done so for the benefit of a country whose every aspiration is inimical to the interests of the land of