August 15, 1895.1
CHINA OVERLAND TRADE REPORT.
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127
time for me to cross-examine now than if the the rate of interest we pay to 3 per cent. for 12 tako it as a safe principle. (Ranewol langhter enquiry is adjourned; in fact, it will not take months' fixed deposits in London and to 4 par and applause). It is pleasing to hear that we such a long time because the questions are incent. in the East. The fact is we find our- have more money than we know what to do with, my mind.
selves paying interest upon more money than and that poor Mr. Jackson is suffering trom His Worship-I have listeued to what you we can safely employ, and have consequently what would be called in Fronch, I think, an em have said, and I tried to explain matters to you. had to discourage deposits by lowering the barras de riches. It is a complaint we have not In the course of the cross-examination I told rate we are prepared to pay for them. Our suffered from in Hongkong for a long time past, you at once that I cannot allow the questions at cash in hand represents the large sum of and porhaps a little more of it would do us uo this stage, and I should have been glad if you over 41 millions of dollars, which is very much harm. In régard to what our Chairman said had let the matter rest thore. The responsibility in excess of our requirements. The finances of about cheap labour, cheap raw material, and, best of the inquiry rests with the Magistrate, and the Far East have been deranged by the war of all, no matter what bimetallists may say, bast of is for him to say what he shall allow or dis-between China and Japan, pending the payment all obeap silver, I am quite at ous with the Chair- allow. When I told you during the inquiry of the large indemnity Japan has to receive from man, and I rejoice to think over the benefits that I did not wish any questions asked with China. Ultimately the result of the war must be which will accrue to us in longkong therefrom. regard to the property, I should have been glad if to benefit trade between China and other countries. It is all very well to sympathise with our Man- you had rested satisfied. Any disadvantage there Among the first fruits I may note the erection by chester friends, but that need not blin 1 us to the may arise from the parties going out of court and foreigners of spinning mills in Shanghai, no true side on which our bread is buttered out here. conferring together must be laid to you and not doubt to be followed in the near future by manu- These things are all-powerful factors and strong to myself. I cannot be responsible for what factories of various kinds. Cheap silver, cheap elements in favour of industrial enterprises in takes place outside this Coart. I will now raw material, cheap labour, and a large domestic this colony, and the soon our capitalists wake adjourn the enquiry until Friday, 16th August, market are all in favour of the enterprise I up to the fact and make hay while the sin at three o'clock. I must also remind the bave just referred to. Our sterling investments shines and before other colonies got aboad of us solicitor that he is here to watch the inquiry ou remain as they were at the end of last half year in this matter the better for us all
Not being behalf of a particular Insurance Company, and with the exception of a slight reduction cause l a very large depositor in the Bank-(a laugh)- not on behalf of the public; therefore his by some bonds having been drawn in the interim. I can afford to view with equanimity the reduc- presence here is subject to any restrictions which They stand at £789,700, of which 2688,000 aro tion of the rate of interest to 4 per cont., but I the Magistrate in his discretion may think fit in 24 per cent. Cousols; the remaining £101,700 would venture to remind the Board' and Mr. to impose; and while I am very anxious that the consist of Indian Government sterling loan and Jackson that there are some poor unfortunates inquiry shall be perfectly full it must be left other high class securities, which as mentined ou on the other side of the fonce who would be much to mo to decide in what way that shall be done. the last occasion show a considerable profit upon more interested in hearing that the interest on At present I have not seen it possible to call what they stand in our books at|(Applause). Con- overdrafts had been likewiso reduced. (Ap- witnesses as to the contents of the shop, and I sidering the low value of money in Europe, but plause). Advancing this point to the manage- am inclined to doubt whether I shall allow the particularly in London, it seems probable that ment, I congratulate them sincerely ou their re- questions to be put at another time. All I say is the prosent high level at which first class socuri-port, the adoption of which I have much pleasure that I was not inclined to allow the questions to ties stand is likely to be maintained, if not in- in seconding. (Applause). be put now. The inquiry is adjourned until creased in the near future. (Applauso). I have Friday at three o'clock.
great pleasure in congratulating the shareholders upon the position the Bank now enjoys; its credit and general standing worn never better than they are at the present me. (Applause). With your permission, gentlemen, I wish to make one more remark, which I feel confident you will all readily endorse. The highly satisfactory figures before you bear testimony in more cou- vincing words than any I can make use of to the great ability and forethought displayed by our Chief Manager (applaus-in the managemout of the affairs of the Bank, and to him chiefly belongs the credit of the oxcellent result. (Ap-. plause). I have also much pleasure in stating that his efforts have been very ably seconded by our managers, agents, and staff generally (Applause). In fact, all have worked with a will in the interest of the Bauk and are worthy of all praise. Before moving the adoption of the report and passing of accounts. I shall be pleased to answer any questions shareholders may wish to ask.
THE HONGKONG AND SHANGHAI BANKING CORPORATION.
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The half-yearly meeting of the shareholders in the Hongkong and hanghai Banking Corporation was held in the City Hall at noon on Saturday. The Chairman of the Corpora- tion, Mr. J. Kramer, presided; and amongst those present were-Hon. A. McConachie, Hou, J. J. Bell-Irving, Messrs. G. B. Dodwell, M, D. Ezekiel, R. M. Gray. S. C. Michaelson, D. R. Sassoon, N. A. Siebs (Directors); T. Jackson (Chief: Manager), A. Coxon, A. Hancock, V. A. Cesar Hawkins, G. Stewart. J. B. Pater, Hoa. C. P. Chater, Hon. H. R. Belilios, Messrs: F. N. Firth, H. N. Mody, R. T. Wright, A. Sharp, S. Hancock. K. A. Chinoy, C. J. Gou- salves, J. A. Chinoy, A. H. Barlow, E. D. San- ders, G. G. Brady, S. S. Benjamin, P. Jordan, F. Henderson, B. 1. Karamjee, Ho Fook, H. C. Gotte, M. Figueiredo, E. Georg, R. L. Richard- sou, C. S. Sharp, J. R. Michael, W. Lysaught,ing of the accounts. R-Shewan, G. H. Pofts, A. Coutts, S. G. Bird, S L. Darby, H. Crawford, C. M. Firth, F. Dodwell, C. Palmer, R. C. Edwards, A. G. Morris, A. P. McEwen, E. S. Kelly, G. H. Medhurst, &c., &c.
The CHIEF MANAGER read the notice con- vening the meeting.
No questions being asked the CHAIRMAN moved the adoption of the report and the pass-
me.
Carried.
The Hon C. P. ·CHTER-I beg to move that the appointments as Directors of Hon. J. J. Bell-Irving, Mr. M. D. Ezekiel, and Mr. ✪. B. Dodwell be confirmed by this mooting.
Mr. G. STEWART-1 have much pleasure in seconding.
Carried.
The CHAIRMAN-That is all the business, gentlemen. Dividend warrants will be ready on Monday. I thank you very much for your attendance.
Mr. R. L. RICHARDSON--I would like to pro- pose a hearty vote of thanks to the Directors for the manner in which they have performed their duties during tho past half-year,” (Applause). I have much pleasure in bringing this proposal before you.
Tho CHAIRMAN-I thank you very much on behalf of my colleagues for your kind vote of thanks.
This concluded the proceedings, which lasted only eighteen minutes.
HONGKONG AND WHAMPOA DOOK CO., LIMITED.
The following is the report of the Board of Directors of the Hongkong and Whampoa Dock Co., Limited, to the ordinary half yearly meet- ing of shareholders, to be held at the offices of the Company, No. 14, Praya, on the 19th August, at 3 o'clock p.m. :-- To the shareholders of the Hongkong and Whampoa
Dock Company. Limited. Gentlemen,Tao directors have now to submit to you their raport, with a statement of accounts for the half-year ended 30th June last. The total receipts for the six months are $1,096,259.80, and the net profit, after paying intorest due and all charges, amounts to to which has to be added the balance
bronght forward from last account.
!
3309/751.67
22/761.72
$332,613.39
$1,600.00 400.00
Mr. R. SHEWAN, in seconding, said—Mr. Chairman and gentlemen, I wish, and I am sure you will all join me in the wish, that the chair. meu of many other companies in Hongkong could present such a glowing report as that which you, Mr. Chairman, have just read to us. It is so good that it requires no comment from
μο The CHAIRMAN, after reading the half-
I can only hope that the Bank may do it yearly report, said Gentlemou, the half year again and do it often. (Applause and laughter). to the 30th June has been a very pros. In regard to the Chairman's remarks it seems perous one for the Hongkong and Shanghai to me that if there are any shareholders who Banking Corporation. (Applause). Again we do not approve of a dividend of 25/, who are have to record an almost entire immunity from not satisfied with a dividend of nearly 20 losses, which accounts for the favourable profit per oeut. per annum, such people must be and loss statement we are able to place before very hard to please, and I doubt if anything you on the present occasion. (Applause). I hope would please them. They are either the sort of our friends everywhere will approve of the way persons that want the earth or they are specula. we propose to divide the profits, viz, £1 58. por tors pure and simple, who only want the bigger share dividend, while five lacs are placed to dividend as a means to drive and force up the the credit of the resurr fund and $312,000 market value of the stock | (Hear, hear). In are carried forward. Considering the number the latter case they have no real, abiding interest. of dollars we have made, L1 5s, may seem a small in the Corporation, aud their complaints requiro dividend to declare, but at 2s. 14d., the rate at little consideration from us. If they were bona which it is paid to our Eastern shareholders, it fide investors they would be glad to think they
The directors' ree mmend a dividend for the half represents a distribution at the rate of 18,73 per had not been given all their money to spend as
Foar of 7jer cent., or $109,375, be paid to the share- cent. per annum. If exchange again goes to they liked, and would rest content in the holders, a bonus of $10 to contributing share 28. for telegraphic transfer, £1 5s. per share knowledge that the balance was in the hands of holders, that $65.865.10 be written from the value of would mean a dividend to Eastern shareholders a man who knows far better than they do how Kowloon Docks, $41,058.58 from Cosmopol tar Docks, at the rate of 20 per cent. per annum. If silver to invest it for them. (Applause). We all know and $3,453.71 from the value of the Fume, and balance were only steady at a reasonably high level, we the golden rule laid down by that eminent be carried to new account. would not have any difficulty in pleasing our share- financier, Mr. Micawber, to his young friend holders in the matter of dividend, but in its pre-Copperfield; he said:"Income £20, expendi- sat very uncertain position we have got to think ture £19.9.6-result, happiness; but income seriously before committing ourselves to a high £20 and expenditure £20.0.6-result, misery.” sterling dividend. (Applause). During the half (Laughter). I am not quite sure if the figures year both our sterling and silver deposits have in-are correct, but it is the same principle of put- creased considerably, and as they were likely to ting something by for a rainy day, and when we go on increasing we have been obliged to reduce find two great minds agreeing on that we may
and from this have to be doducted- Directors' fees Auditors' fees
leaving available for appropriation
4,400.00
$328,113.39
8 dock at Kowloon has been comploted. The No. 2 During the six months the lengthening of the No. dock at Kowloon has been lengthened from 330 feet to 371 f et to meet the increased length of modern steamers this work is not finished, but is so far advanced as to allow the dick to be available for
its entire length.
The new machino shop at the Cosmopolitan docke is nearly completed and ready for the new travelling crane and machinery.