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outside and this place, because you want 'a business like this under the eye of trustworthy and competent men all the time in China.
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THE HONGKONG WEEKLY PRESS AND
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(May 28, 1895.
after year, my position here would be unbearable Company, of which you are sole Generál and I would ask you to relieve me of it or re-nager, this property at $30,000, a proper lease me from it and free yourselves of me and which has not brought in one single cent to free me of you. This is a matter which if you ! Company; and although it is' written “"down will look up the old reports, if you will look up $23,000 I put it to you, the purchase of the old statements-you will find all very clearly perty not having turnéd out a suddŠKE, and fairly pat before you, and why should I be you are prepared to take the property back" annoyed by having to repeat the same story year yourself ? after year?
The CHAIRMAN-Undoubtedly; I shall pleased to take the whole of the properties to-morrow at the same price you bought then
Mr. MASTER-I am speaking of the Kowl property,
Mr. MASTER-Mr. Humphreys-
The CHAIRMAN-I bave not finished 'yet; I am in the chair, and I call you to order.
Mr. MASTER-I ask you to be polite, please. The CHAIRMAN-I have said nothing that is not_polite.
Mr. MASTER-You applied the term 10-csat shareholder to me..
The CHAIRMAN-Well, I will say $10 share- holder, if you like it better.
Mr. MASTER-You have no right to apply that term to any shareholder.
Mr. WICKİNG-That should be a reason why we do not want to go to Kowloon, and because coolie hire would be so expensive.
The Chairman-If we went to Kowloon we should have a superintendent, If you part with ého property you may not get it back again. Before very long, during the ensuing years, we whall want larger storage for liquids in pank which have to be bottled, and bottling | space, but I do not propose to do anything at Kowloon, mind yon, until we are fairly starved out here and cannot any longer do the work in these premises; but I do think-you see when this place in which WO now... are was secured the business had not grown up to what it is now; it did not require the pre- | mises, but it does require the whole of them now. We could very well do with this place at Kow- loon, but i was stating before the meeting The CHAIRMAN-You would be more consi. commenced what I will repeat now. On looking derate if you would look up and see if these things at these properties and their big values you must had been answered several times before. As 1 fake the three of them together. I think that explained before, at the time these lots were made the properties in the Queen's Road have im-over to the Company, would have preferred to proved in value. They were also parohased have secured only one of the lots, that is to say from me, because as I say they were purchased the lot on the northern side of the road that by me for the business, and I think they have im- bisects them, and purchased with it the lot proved in value more than sufficient to enable belonging to Mr. Ozorio, but he would not ac you to write them up and to write off your Kow-cept less than $1 a foot for the land. He was loon property from the books if you choose, offered 75 cents a foot by me for it. I think, I There has been a greatly improved rental ob- do think, that shareholders, whether 10-cent or tained recently since the lease of the Victoria | 10-dollar shareholders or any other shareholders, Exchange fell in, and it gives us in addition to if they intend to lay traps for Chairmen of that a portion of the premises for our own use, public meetings or endeavour to put salt upon which we have much needed, and enables us, for their tails, might have the courtesy and the com- the time at all events, to let the shop below ùs. mon decency to come in and make a few preli- Mr. WICKING I am much obliged for the minary inquiries, and if they find the questions explanation you have given ns.
which they proposed to ask have been answered over and over and over again to the satisfaction of the meetings before which they were answered, and the assets in reference to which they propose to ask questions had been thoroughly sifted over and over and over again and passed at consecutive meetings of the shareholders over and over again, then there would be no object in raking these things up except for the purpose of personal an- noyance.
Mr. MASTER-1 should like to ask a question or two with reference to these Kowloon loss. You state you bought these lots for the Company,
The CHAIRMAN--For the business, yes, ^Mr. MASTER-Well, you bought one of the lots in 1875.
The CHAIRMAN-I am sure I do not remem-
ber the date.
Mr. MASTER-I have looked it up. You bought it in 1875, and it contained 595,000 mythire fest.
The CHAIRMAN-I dare say you are right. Mr MASTER-Subsequently, in 1888, this lot, which was Kowloon garden lot No. 30, was split up into various Kowloon inland lots and a small extra premium was charged. Kowloon inland Lot 549 and Kowloon inland lot 551 contained altogether 34,725 square feet, and so you have still got or you have sold the difference between 34,000 odd square feet and 595,000 square fent.
The CHAIRMAN-I am sure I have not the remotest idea I cannot profess to carry all these figures în my head. If you had given no- tibe I would have looked them up.
"Mr. MASTER-You will find that is so. Lot 550 you purchased in 1875. Well, the extra premiums that were paid for one of these three lots
The CHAIRMAN-I purchased it in 1875, did
I? From whom?
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*Mr. MASTER—From Mr. Engholm, for $5.
· The CHAIRMAN-Yes; that was in the early days of Kowloon. In point of fact, I might in- form you you seem to think you have got hold of a mare's nest. I may as well tell you it never belonged to Mr. Engholm; it belonged to me in the first instance. It was bought by Mr. Engholm, who was then my manager, fr the purposes of the business, and never belonged
to him for one moment.
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Mr. MASTER-What I was going to say was this. In 1890 these three lots were transferred by you to the Company for $30,000.
Mr. MASTER-Have you finished? Now I would like to make my statement.
The CHAIRMAN-You are not authorised to make any statement. I object to your making any statement. You can ask any question.
Mr. MASTER-I will ask a question. The CHAIRMAN-I consider I have answered all your questions. You are not allowed to make any statement. I consider I am the only one in this room allowed to make a statement.
Mr. MASTER-Have you previously explained to your shareholders the purchase of these lots and have they approved ?"
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The CHAIRMAN-I have already told you so. Mr. MASTER-This is the first time it has been written down at all, I think ?
The CHAIRMAN-Yes; it is written down for the first time. A
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© Mr. WICKING—I think you said the revenne derived from the property on this side had con siderably enhanced in value, and one was a set off against the other.
Mr. MASTER-I did not say that.
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The CHAIEMAN—But I say not to piok the skim milk and leave you the cream.
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Mr. MASTER-But I am speaking of Kowloon property.
The CHAIRMAN—Well, I am speaking of whole lot. You could not do without the perties. Have you any further question to sam?
Mr. MASTER-No.
The CHAIEMAN-I will take the unusual coura of calling for a show of bands. Are you footly satisfied with my statement with refersé to the Kowloon property, and do you think desirable in the interests of the Company for that property to be retained ? If you are of that opinion, after the explanation I bare given you I shall feel obliged by your holding ip, your hands. All those who are of opinion that my explanation is a satisfactory one I ask to hold - their hands.
Ten gentlemen held up their hands, and da holder remained neutral. Master was the only dissentient. · Onévalueo-
The CHAIRMAN-Ten are of the opinion;: one-Mr. Master-against it.. Now, gentlens I hope I have heard the last of that. - I mail de any future case reqnest the Secretary tot bud the minutes of this meeting and any previous meetings at which reference was made to Kowloon property.
Mr. MASTER-You have heard the lant of it from me.
The CHAIRMAN -You know me perfectly. We Mr. Master, and you know you could have yo fall information if you had come in and worm Mr. Wicking has often gone to the Hear for information. Have you (to Mr. W ever been refused ?
Mr. MASTER-It is one thing going tork Secretary and another thing coming here, believe in doing these things at the mordi of shareholders. I did not bring this fort with the least ill-will or with the slightest g sonal feeling towards yourself. I have brought this up against you as Mr. Humphrey but in your capacity as General Manager of the Company; I do not look at the thing in white the same view as you do, and I came specially fo this meeting to ask you about it. The holders did not support me.
Mr. WiCKING-I have often made 'enc of the Secretary, and I have always found- exceedingly courteous. I think you m mistook the manner in which the questions asked. You gave me a very detailed and adver although I think it woull be advantageous excellent explanation whion I think satisfi the Company to sell this land at Kowloon and take our chance of buying ground for a godown if required. My present opinion is that it would this land for $23,000. The cost of icon be to the interests of the Company to dispose bf Kowloon would be very great.
Mr. WICKING-Mr. Humphreys said that. The CHAIRMAN-What I said was that the properties on this side it was not considered necessary to valne because it was considered un- necessary expense, but they can be valued if youwise to dispose of the property before our wish; they were also bought from me, I think, at pretty nearly the same time the whole of the meeting transactions occurred, and I say they have in. creased in value—I am willing to stand to that statement-sufficiently to allow of the Kowloon lot being written off altogether.
· The CHAIRMAN-I do not think it would be
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Mr. WICKING That is perfectly satisfuofdry It is merely an expression of opinion. This the only opportunity we have of expressin opinion. I am certain nothing personal i tended against you.
pany. I consider it is the best business position should Kowloon ever become settled on why hirin scale, which it may in the future. I shall Hot be at all surprised if, in ten years' time; ithin ýtő»›
The CHAIRMAN-On the then valuation made. Mr. MASTER-Well, Mr. Humphreys, what The CHAIMAN-The Kowloon property i through the Company's solicitors. You might I bave to remark in reference to the Kowloon exceedingly well situated for the purposes of the
least put in the whole story.
lots is this-If the shareholders are thoroughly business if you ever need it. It is in eloss com.i Why, MASTER-I put it to you in this way- satisfied as to the purchase by the Company atmunication with the pier and the Godown Cân. Comparere not these lots transferred to the this date, then there is nothing more to to say. formed, as when the Company was originally The CHAIRMAN-It does not matter whether
The Chart of the bargain ?
they are satisfied at this date or not. That is explained toEMAN-Because, as I have already a matter of ancient history,
you, and as I have explained Mr. MASTER-I say this, without explana-perty goes up to $3 a foot. were fresh in the when the circumstances holders, and min memory of the then share- The CHAIRMAN-You have had a full explana.
re- tion. explain these things you, if I have to
Mr. MASTER-Well, without an explanation, the Company to everyt every annual meeting of
10-cent shareholder who it does seem, I must say, peculiar that you, as chooses to come here and repeat questions year Mr. J. D. Humphreys, should have sold to the
some years
tion-
Mr. PARLANE-Do you consider "that wed-- generally in Kowloon has depreciated in value from the time $30,000 was-paid for it ?
The CHAIRMAN-Enormously; but it is now rising very rapidly. It has been ■ drug on the market, and quite unsaleable but that ha