July 18, 1895.]
CHINA OVERLAND TRADE REPORT.
LIMITED.
19
The lamentable destruction of the steamer Kow Shing GREEN ISLAND CEMENT COMPANY, on the 25th July, 1884 with an appalling loss of life, discussion, legal and otherwise. At present the Board attracted universal attention, and has led to much public are precluded from saying more than that, under the direction of Her Majesty's Government, they are prefer- ring a claim on the Chinese Government (the charterers), as compensation for the loss of the vessel, for the lives lost among the crew, and for the suffering and peril undergone by the few survivors.
a pressing matter, and whether we decide even- tually to proceed by loans upon the security of the fleet, or by the issue of debentures, I am unable at present to say, but if debentures are issued the shareholders will be properly advised of the arrangement proposed. The accounts laid before you do not require much explanation from me. You will see by a remark made under the head of assets that the sum of £495,993, representing the value of the Kow Shing, the Board have contracted for a steamer To supply the vacancy caused by the disappearance of the fleet, includes the Kowshing, destroyed in to be built at Aberdeen, specially adapted for the Tien July, and we return it in that form, as we fully tsin trade, in which it is expected she will be ready to expect to obtain the value of it from the Chinese take her place at the opening of next year's season. Government. There is a material reduction in and other remunerative employment n w offering, render The increasing requirements of the China coast trade, the amount due to the Company in China, and it necessary to provide additional tonnage, in order that this has placed our account there in a more the position of the Company in the trade may be main. satisfactory position, and also considerably in-tained. The Board propose to meet this demand as may creased, in consequence, the cash available. The appear requisite, by building or purchasing vessels suited exchange account, which has so long been a vessels for the older and smaller ones.
to their purpose, and in some cases by substituting larger matter of serious loss to us, shows this year a de- crease of £7,785 but I sincerely hope this is the last occasion we shall see items of any moment upon this account. We hardly think that the price of silver is likely to go lower. We have written down all assets to 28, 1d. per dollar, and exchange since then has been rather higher than that, averaging 28. 2d. We scarcely, therefore, think it necessary to m ke any further provision upon that score. Having been rather short in the depreciation credited during the past two years we have increased the amount and have written off £35,831 from the value of the fleet, which. I think, now puts it upon a very fair basis. I do think there is any other matter I need call your attention to, and I will conclude by moving that the report of the directors and the accounts for 1894 as presented be approved and passed
Mr. MacGreggor seconded.
Mr. Warren asked whether the chairman would slate the amount they expected to obtain from the Chinese Government in respect of the Kowshing.
The Chairman said it was not desirable to make a public statement on the matter.
The report
theu pat was unanimously.
and carriep
The Chairman moved that a dividend of 8 per cent.. as recommended in the report, be and is hereby declared, payable on 15th inst. Mr. Watson seconded, and the resolution was carried.
The retiring director, Mr. W. L. Watson, Was unanimously re-elected.
On the motion of Mr. Anderson, seconded by Mr. Glover, Mr. William Paterson was elected a director. The auditors, Mess: s. Turquands, Young and Co., were also re-elected.
A vote of thanks to the Chairman terminated the proceedings.
The following is the thirteenth annual report of the Board of Directors presented to the meet- ing:-
The Board of Directors submit herewith to the shareholders their report and statement of accounts for the year 1894.
Notwithstanding the destructive war in which China has been engaged for the last five months of the year, it is very gratifying to be able to report that 1504 has been a prosperous year for the Com- pany. This is mainly due to the fact that hostilities were localized in the Northern districts, Manchuria and the Yellow Sea, and that the Japanese abstained from interference with the trade of the Treaty ports, or with that of the river Yangtsze.
The net earnings of the steamers amount to £91,672 58. ld, and this has enabled the Board to make increased provision for their reduction in value, by crediting £35,831 to depreciation account. The assets
have been written down to 2/1 per dollar, which it is hoped will prove sufficiently low, the exchange being now higher. This, however, has cost £7,885 10s. 7d., while the exchange reserve of £13,501 15. 9d., referred to in last year's report, has also been written off. The auditors have required £1,000 to be placed to a suspense account in connection with some liabilitios of the steamer Kow Shing, full details of which have not yet been received from China.
The balance at credit of revenue account is £12,257 68. 4d., and it has been decided to propose a dividend of 8 per cent, for the year, which will absorb £39,671 48., leaving £2,616 28, 4d. to be carried forward.
some obstacle to shipping, and it is very urgent that The Woosung Bar continues to be a most trouble. its regulation should be taken in hand by the Chinese authorities. The Peiho and Yangtze have been much in their usual condition, but on the latter the au- of an attack, On the river Min at Foochow steamera thorities removed the buoys through apprehensions were not allowed to proceed higher than Sharp Peak,
The retiring di ector on this occasion is Mr. Wil. liam L. Watson, who being eligible offers himself for re-election. Notice has been given by two share holders that Mr. Williain Paterson will be proposed
a director at the general meeting. likewise offer themselves for re-election.
The auditors, Messra. Turquand, Youngs & Co.,
By order of the Board,
London, 4th June, 1895, LIST OF THE
Taku
El Dorado. Pechili Tai Wo Fuh Wo..
J. MACANDREW,
Chairman.
COMPANY'S FLEET OF STEAMERS ON 31ST DECEMBER, 1894.
Tons gross.
Tons gross.
1,087 Canton 1,180 Kut Sang
... 1,737
2,311
1,160
Yik Sang
1,378
1,321
Choy Sang......
1,980
992
Yuen Sang
1,723
Kung Wo
982
Lien Shing.
1,€59
Yuen Wo
2,521
Chelydra
2,407
Fook Sang..
1,557
E Sang
1,783
Kuong Sang
1,512
Wo Sang
1,783
Wing Sang
2,339
Lok Sang
1,559
Tai Sarg
2,326
Tak Sang
1,562
Total..... 36,822
LIABILITIES.
£
BALANCE SHEET AT 31st December, 1894.
8, d. Toshare capital:-Authorized £1,200,000, first issue 60,000 each $10, whoreof To balance of underwriting account
49,589 subscribed and fully paid-up..... 495,890 -0 0. To sundry creditors in London and China 1,243 4 7 78,280 13 9 To balance of revenue account...
42,287 0 4 £617,701 4 8
ASBETS.
By steamships, hulks, ferry, £ s. d.
boats, &c.
1.531,824 17 6
35,831 0 0
Less depreciation written off for this year .............................. This includes the value of steamer Kow Shing, now being claimed from the Chinese Government.]
By coals and provisions on board ships
and in godowns
By office furniture
By sundry debtors in London and China, By cash in London and China
Agents' balances, freights, &c.....
REVENUE ACCOUNT.
£
s. d.
495,993-17 C
An extraordinary meeting of the shareholders of the Green Eslaud Cement Co. Limited, was held on Monday at the offices, 9, Prayá Cen- also present-Messrs. J. Orange, G. Fenwick, tral. Mr. R. hewan presided, and there were Lee Sing, Poon Pong (Consulting Committee), G. Morris. G. H. Potts, A. G. Stokes, R. C. Wilcox, and A.
The SECRETARY read the notice calling the meeting, and the minutes of the previous meeting were confirmed.
The CHAIRMAN said-Gentlemen, I beg to propose that the following resolution passed at the extraordinary meeting held on 29th June be Company may at any time by special resolution onfirmed, viz.-That the words, and the
law,' be added at the end of article No. 19 of the reduce its capital in any manner permitted by Articles of Association of this Company."
Mr. WILCOX Seconded the resolution, which was carried.
THE PROHIBITION OF IMMIGRA- TION AT SINGAPORE. The following communication has been re- ceived from the Singapore Government:-
Colonial Secretary's Office,
Singapore, 6th July, 1895. Sir,With reference to the Governor's telegram of the 9th May, informing His Ex- cellency the Governor of Hongkong that Chinese immigration by vessels leaving or touching at Macao, Swatow, or Hainan after 10th May had been prohibited by proclamation at this port, 1am directed by the Officer Administering the Government to inform
you that the proclamation referred to was withdrawn AS regards Swatow on 20th June and as regards Hainan ports on 27th June. Further information is awaited from Macao before withdrawing the proclamation as regards that port also.-I have, &c.,
A. V. TALBOT, Acting Colonial Secretary, S. 3. The Hou. The Colonial Secretary, Hongkong.
THE PLAGUE ÁT MACAO,
Mr. A.. G. Romano, Consul-General for Portugal, writes us under date of 9th inst.:-I have much pleasure to inform you that I have just received the following telegram from His Excellency the Governor of Macao :-" Consul, Portugal. Hongkong. The Sanitary Board officially inform me that the epidemic in Macao is now finished.-Governor."
The statistics of Lappa plague hospital, Macao, for the past week are as follows:-On the 7th inst, there were 46 patients under treatment.
Now cases. Deaths. Discharges.
July 8,
9 10.
11.
6
51
6,095 14 5 130 0 0
"
12.15. 13.
14.....
Total
26
8
15
05,011 16 7 20,479 16 2
£617,701 4 8
To goneral charges, telegrams, directors'
Dr.
To exchange account
and auditors' fees... To depreciation account-
On steamships, &c. On office furniture
£ s. d. 35,831 0 0 33 8-10
To suspenso account To balance-Profit transferred to balance' To interest account
sheet....
Cr.
a. d.
1,791 11 4 7,885 10 7
35,861 8 10 1,000 0 0 1,031 6 +
42,287 6 4 £02,860 3 5
s. d.
7 12 6
£92.860 35
The claims to be met oa underwriting account have not been important, and this account has now a large By balance brought forward from 1893. 1,180 510 balance at credit to provide for contingencies. The first of these will be the total loss of the river steamer Tai W, By net earnings of steamers for the year 91,672 5 1 which took place on the 14th January, on the Centaur By transfer fees Shoal in the estuary of Yangtsze. A larger and more suitable vessel is now being built in the Clyde to replace the Tai Wo, and in the ineantime the steamer Taku has been altered and fitted for the river trade, in which sho 1 now employed. One of our smaller steamers on the river, the Kung Wo, has recently been sold to the Chinese authorities.
at Shanghai about August, on the same lines as An amateur circus performance is to be given
the one that proved so successful last year.
HONGKONG GOLF CLUB.
UNITED SERVICES VERSUS CIVILIANS.
match under the abovo title was played in the Happy Valley on Wednesday, 10th July, and, contrary to general expectation, resulted in a great victory for the soldiers and sailors. The result was mainly due to the arrival of rein- forcements from Auping, and but for Captain Winsloe, .N., victory would have rested with the civilians. Doing the first six holes in 26 strokes he never gave his opponent a chance and came home with the substantial margin of 9 to the credit of the Services. The best and clos ly contest: d watch was fought between Captain Eccles, R.B, and Mr. Ger- shom Stewart, the soldier just getting home one holo to the good. Lient. Saunderson R.B., and Mr. R. W. Toman, R.N., also helped considerably to swell the total for their side. For the losers two bankers, Mr. J. Thurbara
most