May 6, 1897.
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The Chairman-No doubt Mr. Hogg's e- marks with regard to the property in London and Shanghai will have due consideration.
Mr. Hogg You have not said anything about the freehold. premises in London. You spoke about its value, but not as to whether the necessity of the Company needs such extensive premises.
The Chairman-The premises are required for the business of the Company, and whether to realise the freebo premises would suit us as well is another question. You mentioned just now the sterling value, which looks very much more than the tael value, unfortunately, but I am quite sure the remarks you made will be attended to. I don't think it is a matter we can rush into and deal with hurriedly.
Mr. Brand informed Mr. Hogg that the London premises brought in a rental of £400 yearly.
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cases, to repay the expense thereby incurred by the colony in the maintenance,. eto., of such people.
Where passage money or even part passage money has been paid for such destitutes or where, out of compassion, a passage has been given, it is obviously just that those who know- ingly import into the colouy persons who have no means of subsistence should not be allowed to put the community to the cost of maintain- ing.them.
This Ordinance is intended to provide such
means,
The Imperial Merchant Shipping Act 1894, section 237, does not apply to foreign ships, and atowaways are brought to Hongkong in foreign ships as well as in British ships.
The River Steamers Ordinance (No. 18 of 1895) and Ordinance 22 of 1890 have provided efficacious remedies in cases coming within their respective limits, and it is trusted that the pre- sent Ordinance will prove as useful, in cases where passages have been unlawfully obtained, as Ordinance 22 of 1890 has been in preventing attempts by Chinese to obtain such passages from Hongkong.
CHINA OVERLAND TRADE REPORT. enhanced value the directors are conscious draw attention to the idea which I know that its sole occupation for the business prevails in the minds of a great many share of the Company may appear to be an extra holders, that the cash resources of the Company vagance, but no offer has so far been re-should be made as available as possible and that ceived either for purchase or a lease, and we every exertion in the direction of economy can therefore only continue to occupy the pre- should be made so that the Company should mises until a suitable opportunity presents strive to re-establish itself in the position which itself of turning them to better account. As it occupied some years ago, and from which we to the "London freehold premises" standing in must all regret that it has. from some cause or our books at £38,307.3.7 I may inform you that another, fallen. There has been a sort of dry-bones Mr. Davis wrote quite recently as to the value flavour about the concern in the estimation of
Where, however, such destitutes come as of this property, and mentioned that premises some people and if matters can be galvanized adjoining ours of the same or similar kind so as to produce more satisfactory results nostowaways, against the consent of those in have recently changed ownership on terms doubt the Board will be no less pleased than the charge of the ship, and no passage money or compensation is paid, it seems fair that means quite bearing out the value of our freehold. shareholders. ̈ At the same time I may say that it is the
should be provided by which the stowaway can intention of the directors to reduce the
be punished and the master of the ship be pro tected. cost in the books when times permit of their. doing so. Of the retirement from the service of the Company of Mr. Herbert S. Morris on the 31st December last, you are all aware. After being connected with the Company for nearly 30 years, it has been gratifying to the directors to observe that his courtesy in the conduct of the Company's business has been suitably acknowledged by shareholders and con- stituents in London, where he undoubtedly worked hard during the past fourteen years. In view of the unfavourable working of the year 1896, the directors suggest the reduction of the amount of their fees for the current year to Tls: 4,500. This is embraced in the resolution for the re-election of the directors, which will be submitted to the meeting later on. In connection with this I am credibly informed that it is the intention of some of the share- holders present to suggest that the rule of the Hongkong and Shanghai Bank, and other similar institutions, should be adopted with regard to the appointment of chairman of the Court of Directors of this Company annually," or in other words the senior director should act for one year only, and the next senior succeed him the following year, and so forth. In this I fully concur, and may state that when the articles of association were last revised I pro- posed this course, but was over-ruled. And again two years ago I proposed at the Board meeting that Mr. H. R. Hearn should be. elected chairman instead of myself, and this was seconded by the late Mr. W. Brand, and nega tived. It is well known to you, gentlemen, that the directors appoint their own chairman, as laid down in the articles of association, page 24, clause 98, As regards myself, I feel that the honour conferred upon me for so many years, and very much appreciated by me, had better now be transferred to one of my colleagues of more modern experience and activity of mind, and I sincerely hope that under his guidance, with the assistance of his co-directors and staff, the prosperity of the Company will be renewed within a short period, the prospects of which I think are beginning to dawn upon us already: With these remarks I leave it with you to ask any question you may have to put, to which I shall be happy to reply, before proposing the first resolution, viz., that of passing the report
and accounts.
Mr. E. Jenner Hogg-I should like to say one word about the freebold premises in London. Under the circumstances of the Company, which are not very satisfactory at the pre- sent moment, one naturally looks round to see where probable economies might be effected. It is satisfactory, no doubt, to learn what measures the directors have taken so far during the past year, which pro- bably will be conducive to the interests of the Company, but I think we must all feel that this last sum of £38,000 standing as the value of the freehold premises in London is a very large amount. One almost feels that the money might be more serviceable in the business of the Company. No doubt, sir, you have good reasons to give us for keeping this large amount standing there, but at the same time I think no harm is done in drawing attention to this parti- cular matter. As regards the premises in Shanghai, there is no doubt they stand in the books at very much under their present value and the shareholders will no doubt be very glad to know that the Board are looking for an opportunity of turn- ing them into cash. I do not wish for the moment to make any further remarks, and I hope that what I have just said will merely
Mr. HoGG-Thank you; it is at such explans- tion I aimed, and it is satisfactory.
The Chairman then proposed-" That the report and accounts, as now presented, be adopted and passed."
Mr. Hearn second. Carried.
THE LAW AS TO FLOGGING.
A Bill read a first time at the meeting of the Legislative Council on Monday provides that whenever any offender is sentenced by a Judge of the Supreme Court or by a Magistrate to be flogged, the sentence shall specify the birch as The Chairman proposed "That the follow the instrument to be used and the number of ing distribution of the profits for the year 1896 strokes to be inflicted. Such number shall not be now declared:-Interest at the rate of 10
exceed twenty at any one flogging. Such flog- per cent. on paid-up capital, payable at Shang-ging shall be inflicted on the breech, privately, hai at the exchange of 28. 9d. per tael."
Mr. A. McLeod seconded. Carried.
in prison and within six months of the sentence. The Bill is introduced in compliance with the instructions of the Secretary of State. The in- The Chairman proposed-"That the direc-structions prohibit the use of any instrument tors be and are hereby authorized to close up the accounts for 1896 as soon as they find it expedient to do so, and that the balance of profit, if any, be applied in such manner as the Court of Directors may deem oonducive to the 'in- terests of the Company."
Mr. Brand seconded. Carried.
Mr. E. Jenner Hogg proposed "That Messrs. D. Brand, E. Davis, H. R. Hearn, C. Holliday, E. H. Lavers, W. D. Little, A. McLeod, and J. Welch be elected directors and of the Company for the ensuing year, that their remuneration be Tls. 4,500.
Mr. Otto Fock seconded. Carried.
Mr. J. M. Young proposed" That Messrs. White and Wrightson be lected auditors of the Company for the ensuing year."
Mr. Burder seconded. Carried.
The proceedings than terminated with a vote of thanks to the Chairman, proposed by Mr. J. M. Young.-Mercury.
THE STOWAWAY ORDINANCE.
The Bill read a first time at the meeting of the Legislative Council on Monday, entitled "An Ordinance to provide for the punishment of Stowaways arriving in this colony," enacts that any person arriving in this colony as a stowaway shall, upon summary conviction, be liable to a fine not exceeding one hundred dollars or to imprisonment with or without hard labour for a period not exceeding one month. Also that the detention of a stowaway shall not be deemed illegal, if for no longer period than is reasonably necessary for the purpose of handing such person over to the Police, and the Police may apprehend such stowaway without a warrant.
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The statement of objects and reasons is as follows:-
:
The Vagrancy Law renders those who bring destitute people to this colony liable, in certain
of flogging except the birch, where flogging is ordered to be inflicted, and limit the maximum number of strokes to twenty.
OLIVERS FREEHOLD MINES, LIMITED.
The following report has been received by the General Managers:-
Mount MacDonald, 9th April, 1897. REPORT ON EUREKA MINE. Since last report the work has been pushing ahead as quickly as possible and with most en- couraging results. At the 200 feet level the north drive has been extended a total distance of 42 feet and the reef is 5 feet wide and shows
gold in the solid stone. The south drive is now in 31 feet and the reef has widened to 4 feet, and of good quality. At the 150 feet level the north drive is in 27 feet with the reef 2 feet wide and in the south drive it is from 23 feet to 3 feet in width and shows a nice lot of gold A rise to connect with the old workings has been started and it is now up 10 feet. (This is in the south drive, as per plan sent. you). In the north drive a winze to connect with the bottom level is now being sunk; it is now down 16 feet on the reef 5 feet wide and good gold As soon as the winze is showing all the time. finished we will be in a position to break an immense quantity of stone. The Government Inspector of Mines was here this week and after thoroughly inspecting the Eureka ex- pressed the opinion that we had one of the best reefs and one of the best shows in New South Wales. An opinion like this from a man in the Government service who is practically ac- quainted with every mine and reef in is most invaluable. There is no doubt
bat that there is a brilliant future
Eureka and the only regret by everybody here is that Mr. Willmott, senior, is not alive to see the result of his “new shaft.”
p. pro. JOHN D. HUMPHREYS & SON.
(Signed) C. J. WILLMOTT.