104
the valuable assistance afforded us by the permission to employ convicts to load coal lighters and to the Military anthorities who supplied guards to watch over the workers, During that period our officers and crews had much extra work thrown upon them, and it is with pleasure I record the fact that, owing to their cheerful exertions, we were able to deliver all the cargo brought down without any delay, and the vessels per formed their usual service with nubroken regularity. I am glad to be able to state that, after prolonged negotiations, an arrangement was come to about the middle of April last with the Chinese-owned steamers runuing on the river, and we trust this amalgamation of interests will work beneficially for all parties. Our fleet is in excellent condition, The Honam. Heungshan, and Futshan have been docked and thoroughly overhauled and repairs affected to the other vessels. The valnes of our investments in shares of local joint-stocks have advanced consider- ably during the half year, and the Board, after allowing for possible decline, have placed this appreciation at credit of profit and loss ac count. Lasth If year some of these shares were written down to allow for depreciation. It is our practice to write them up or down according to whether they have appreciated or depreciated, as a question of account. The amount being car. ried forward is somewhat larger than usual, but your Dicectors deem it prudent in this resepot to follow the example of other steamship companies, in order that fullest provision may be made for depreciation of the steamboats. And now a word with regard to the disappointment that has attended our hopes-I may say anticipations as to the early opening of the West River to foreign trade and navigation. When the Treaty of Peace was fi st concluded it was telegraphi- cally aunounced that among its stipalations was a clause providing for this concession. On the publication of the Treaty, however, it wis apparent that this concession was among the demands withdrawn, and it is to be feared that we may have to wait some time before this privilege is conceded by the Chinese Government. Acc rding to Renter's telegram published by the Chamber of Commerce on Friday, the 20th July, our French friends have jast obtained a very advantageous treaty in which some valuable concessions are embodied; We must therefore hope that Lord Salisbury will insist upon the terms of settlement for the recent outrages on missionaries, including such com- mercial concessions as will prove an equivalent for those gained by France. The British Minis- tor at Peking is, we are told. exerting bimself in this matter, and it is to be hoped he will be backed by the Foreign Office, I may mention that, in order to lose no time in such an event as the successful issue of Sir Nicholas O'Conor's efforts, we have obtained plaus for a now light draft steamer suitable for navigating the West River even in its upper reaches, aud are therefore in a position to take the very erliest advantage of the opening up of this waterway. The only change in the Board of Directors was caused by the resignation of Mr. Keswick on his departure from the colony. Mr. Bell-Irving was invited to fill the vacancy, and his appointment will require your coufirmation. If any shareholder wishes for further informa. tion, I shall be glad to answer any questions before moving the adoption of the report.
Mr. J. R. MICHAEL-I would like to ask whe- ther it would be a better policy not to interfere with the value of investments in shres, as when there is a profit the shareholders would be very happy to see it on the right side, but when there is a loss they would only grumble, and I think it is better to follow the example of our worthy institution, the Hongkong and Shanghai Bank, which has large investments in consols and other sterling securities, and by a stroke of the pen they could show us a profit of a million dollars or over, but that did not make any altera- tion in the book value of the securities. I make this suggestion for the consideration of the directors.
The CHAIRMAN-I may mention for the in- formation of the shareholders that we have decided not to interfere with the book value of our investments; but in making our accounts in December last for the latter part of last year, we had to allow for some depreciation. Having done that we thought it would be only just to show the shareholders that the property has again appreciated. If the shareholders think
|
THE HONGKONG WEEKLY PRESS AND
the suggestion should be adopted, by all means it will be adopted.
.:
[August 7, 1895.
HONGKONG RIFLE ASSOCIATION.
Twenty member competed on the 27th alt., for the Short Range Cup and Spoous. The Cap was won by Capt. Ferguson, R.B., and the Spoons by Private Godbeer, R.B., Mr. Duncan, Mr. Hutter, and Colour-Sergeant Hopkins, R.B. The following were the best scores;~~
500 600 H'cap Total. yds. yds. points.
32 29
Capt. Ferguson, R.B. Private Godbeer, R.B... Mr. Duncan I would R. Rutter...
Mr. FENWICK-Abont a year ago Captain Tillet proposed that it would be expedient to re- turn a portion of the capital. It was then said that the large extra capital we had was required in c so the West River was opened up, and now the opening is as far off as ever it was- the river may be opened in a year hence or ten years hence-aud there is a large surplus capital amounting to about $1.300,000 invested in The average return on this various ways. capital is 3 or 3 per annum. ask you to consider whether it would not be expedient to return $5 per share, which would absorb $400,000. This would leave a million, or very nearly a million, dollars which you could use in case the West River was opened. If we required capital we could get it by raising debentures. For these reasons I ask the ques-We tion.
!
1bat
Cr.-Sergt. Hopkins, R.B... Private Ratty, R.B... Sergeant Evender, R B....
$
67
33 20
62
30
27
4.
61
30 19
12
61
32
27
59
27
20
2
58
26 23
4
53
CORRESPONDENCE,
do not hold ourselves responsible for the opinion
expressed by our Correspondents.}
THE KUCHENG OUTRAGES. TO THE EDITOR OF THE DAILY PRESS, SIR,Shanghai is going to hold an indigna- tion meeting to protest emphatically against the recent outrages at Kucheng. Has hongkong public spirit enough to call a meeting on its own account, or are we to take as our motto P
"
laisser faire"
An emphatic protest from us will materially strengthen the British Minister's bauds at Peking, and it will be a disgrace to the colony if we let the opportunity pass.
Why does Shanghai always take the lead P-— Yours faithfully.
Y.
Hongkong, 5th August, 1:95
The CHAIRMAN-About this time last year, when Captain Tillet threw out the suggestion. the Board told him it would be wise for him to matters with shareholders n lo arrange wanted a return of capital. They could then
SO a resolution, come forward with we could test whether shareholders in general perferred a return of capital. I do not think the question of the opening of the West River is so remote as you seem to think. Consider the concessions the French have had. I am certain that Lord Salisbury's Government will not allow the French to draw the chestunts from the fire while we are standing looking at them England must do something, and the first thing will be the opening of the West River. Would you not like to wait until we are sure whether Probably the that is likely to be the case? opening of that river will be a great source of DISASTER 10 A FRENCH COLUMN profit to u; it way turn out to be as profit-
IN TONKIN. able as the Yangtsze. Shall we go begging from the public by the issue of debentures ? I think it would be only right to wait a little longer. If you wish to
press the matter by all means find out if there are any shareholders who would like a return of capital, aud bring the subject forward in the form of a resolution. I am sure it will be argued and. tested in the most honest and fairest way possi- ble. I am afraid, Mr. Fenwick, you made a mistake in regard to the return on the capital. You said it was something like 34 per cent. per annum; that was for the half year. It is more than 6 per cent, per annum.
Mr. FENWICK-I apologise if I made a mistake. The CHAIRMAN-Don't mention it. Mr. FENWICK-I went over the figures roughly. Of course 6 per cent. is more satis. factory. ·
All these
The CHAIRMAN-Probably you made some It is 64 per mistake in regard to the period. cent. per annum. We had a large amount in vested at the very outset, when this money was thrown into our hands, at 6 per cent. loans have fallen in, and the money is invested at 7 per cent. We had a great deal of money in vested in hotel bonds, and large loans on property earning 6 per cent. All that money bas como in and is invested at 7 per cent. At the end of the year you will find the r turo will be much la ger than 64 per cent.
Mr. FENWICK ---"' Thank you.
The CHAIRMAN-I beg to move that the report and accounts as submitted to the meeting be a lopted.
Mr. RUSTOMJEE seconded. Carried.
REPULSED BY PIRATES.
Negotiations with China for the suppression, of piracy on the Tonkin border having resulted in nothing practical, the Governor-General, M. Ronsseau, decided to take independent and ener- getic actiou, and a column of 1,200 men, half Europeans and half Annamite tirailleurs, was placed in the fi-ld, under Colonel Chaumont, to extirpate the pirates in the Moncay district. This decision was hailed with satisfac tiou by the local press, and the Courrier d'Hai- phong again advanced the suggestion that if the pirates received any assistance from China, the feet should be called upon to co operate and the Pakhoi Custom-house be seized.
Some days passed without news being received of the column, and the press was growing im- patient at the delay, when intelligence of a very disagreeable and painful description came to We translate from the Courrier d'Hai- hand phong of the 30th July :-
Sad news reaches us from Moncay. Already it was known that an advance guard had been fired upon at a distance of thirty paces by the Chinese pirates and had one officer, Lieut. Aguely, wounded and three meu placed hors de combat. Afterwards, the column continued its forward march,
In attacking position in the Paubay range, where the caves of Vo-lai are situated a formidable position in which the Chinese who hold the Lyaudet family in captivity were cutrenched-tbe column was repulsed. We do not yet know the exact figures of the loss sustained. People speak of a hundred who have been killed or
of are missing and
many Ou the motion of Mr. DooWELL, seconded wourded landed by the Hanoi at Quangyen. by Mr. FENWICK, the Hon. J. J. Bell-Irving's | Amongst the latter there is a chief of battalion, Commandant Moudon. As will be understood, this appointment to the directorate was confirmed.
is not the time for recriminations, whether more or less well founded, or to express astonishment, for example, that the columu should have attacked such a position, seemingly impregnable, without knowing whether it was possible to assault it with success, seeing that the circumstances of our non-successs are unknown.”
The retiring directors, Hon. E. R. Belilios and Mr. J. Kramer, were re-elected on the mo- tion of Mr. MICHAEL, seconde i by Mr. DENISON. Mr. KRAMER proposed, and Mr. GOMES seconded, the re-election of Messrs. A. O'D. Gourdin and F. Henderson as auditors, and the resolution was carried.
The CHAIRMAN-That is all the business be- fore the meeting, gentlemen, The dividend warrants will be ready on Tuesday at ten o'clock; Mouday being a holiday we cannot issue them earlier. I thank for your attendance.
you
Saigon papers record the death of Mr. R. Thompson, clerk in charge of the Cape St. James station of the Easteru Extension Telegraph Company. Mr. Thompson succumbed to a severe attack of fever
Our contemporary goes on to urge the neces sity of prompt and decided action to wipe out the defeat at whatever cost, and again shown that China suggests that if it be has not loyally co-operated with France, if it be proved that within a few days of signing the recent treaty she has once more fooled France, the fleet should be called into action.
week before this affair, it seems, Only a
chief of the Vanhay baud had written
the manager of
Kebao Company
the to the