August 26, 1897.J
his previous statement to Mr. Cotton that he supplied our dairy with milk.-Yours faithfully.
D. KENNEDY. Hongkong, 24th August, 1897.
POSTAL DELIVERY AT THE PEAK.
DEAR SIR,-Will you permit me through your medium to give publicity to a small growl against the Postal Authorities in con. nection with the tardy delivery of mail letters at the Peak? The delivery of the last English mail commenced at 4.20 p.m. on Friday, and yet I did not receive my letters till 1.30 p.m. the next day. Saturday. When send to the Post Office for them I am told they have been handed to the postmau for delivery." The aforesaid postman (quite a misnonier by the way) is supposed, I believe, to deliver letters three times per day at the Peak, viz., 8 a.m., 1 p.m., and 4 p.m., but I should say he must alter these hours to suit his own convenience and in some instances omit a delivery altogether. This is a worse state of affairs than obtains in the most remote little village in England, where the postman has to trudge, through all weathers, sometimes ten miles, and yet this is a.great commercial port, and tho Peak a sub- urb thereof. Surely we have a right to expect and receive better treatment than this at the hands of the Postal Authorities. All the British and foreign residents are naturally eager for news from the Dear Homeland," 1 among the rest, and as it is needlessly delayed I think I am justified in subscribing myself.
AN INJURED ONE.
+
The Peak, Hongkong, 23rd Angust.
HONGKONG AND WHAMPOA DOCK
COMPANY, LIMITED,
The ordinary half-yearly meeting of share- holders in the Hongkong and Whampoa Dock Company, Limited, was held at the offices on 23rd Aug, at noon. Mr. St. C. Michaelsen presided, and amongst the others present were-Hon. J. J. Bell Irving, Messrs. J. H. Lewis, N. A. Siebs, J. S. Van Buren (Directors), D. Gillies (Chief Manager), T. J. Rose. (Secre- tary), F. Henderson, H. Wicking. W. Parfitt, E. S. Whealler, G. C. Cox, C. S. Sharp. F. Dodwelt, G. Murray Bain. R. Mitchell, J. R. Michael, H. E. Tomkins, D. Haskell, and H. M. S. H. Esmail.
CHINA OVERLAND TRADE REPORT.
onr
such an establishment as ours, especially if you take into considération that our docks and buildings could not be built now for the same money
as originally spent and that machines etc., on account of the low exchange now ruling could not be brought out from home at anything like the same cost. Then you must not forget that out reserve fund of $700,000, which, though not particularly created for such
a purpose, certainly at present stands as an asset against the book Furthermore, I value of our establishments. may draw your attention to the fact that we have actually written off not only those $18,600, but altogether $39,000, inasmuch as we have debited the whole cost of the reconstruction of the No. 1. slip so far expended to revenue account, thus improving that portion of our establishment without writing up its certainly enhanced value.
We could of course have
chosen the latter way and simultaneously written off the amount again, but the manner in which we have dealt with this item is inore correct one. The gross perhaps the earnings for the six months are comparatively less than those of the former half-year, but you
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have not yet received an answer. However, as the terms and advantages we now offer are more liberal than those formerly submitted we trust that they will meet with approval from the Lords Commissioners of the Admiralty. In
meantime the
yon will understand that
I am still unable to refer to this mat-
tries for which the exchange had previously been settled at higher, and partly at much higher rates than the present one. I should not like to commit myself to figures, but you will easily imagine that the difference must be a pretty large one.
ter at greater length. The No. 1 slip is now in thorough good repair-working very satisfactorily-and will render good The new service for many years to come. galvanizing plant by electric deposit is also giving much satisfaction, the work being done much better, in shorter time and at less cost. In former years we have always had a great deal of night work in the sawmill and joiner shop, and as the light used by the workmen was an open candle which is not only a bad light but also constitutes a very great danger from fire, more especially when the inflammable nature of the shavings and timber is taken into considera- tion, to reduce this to a minimum the Directors have introduced into these departments an elec... · tric installation which gives a much superior light at a cost but little exceeding that of ean- dles. Turning to the item in our balance sheet, must take into consideration the class of work "cost of material ou hand,” you will find the that has passed through our hands. We had same standing at 8947,109.10, which is about again a lack of large vessels with extensive $125,000 more than six months ago. The larger amount is explained by further additions to the repairs, and few of them required more than docking, painting, and the general overhaul stock that were needed: and though compelled to engines and boilers, so that the greater to by the wants of our business to keep such a part of our returns was derived from the heavy stock on haul, it might sometimes not be so agreeable to be in sneh a position, as a stock ordinary business. This class of work of course pays fairly well but only so long like ours absorbs a good deal of interest, but on as we get enough of it. The first four months this particular occasion you will agree with me of the half year made a very good average, but that there is only room for congratulation May and June were comparatively poor. Such inasmuch as the greater portion of our stock periods of dullness were absent during the pre-cousists of material imported from gold coun- vious two or three half-years, but they will always occur from time in a business like ours. Perhaps a certain rumber of vessels which used to dock here have been withdrawn from this coast and no doubt others have been compelled by the low state of the freight market to reduce their expenses with regard to docking to the lowest limit. The Company's tariff for docking, labour, and material is practically the same now as it was 30 years ago, when the dollar was worth so considerably much more, and as European labour and cost of material have in- oreased very largely and forms an important item in all repairs you can well understand that to earn the same profit a greater volume of work must be got through. Of lato years a very large expansion has taken place in the dimen. sions of steamships trading to the East; The CHAIRMAN.-Gentlemen, the report and indeed, I may safely state that they have now accounts having been in your hands for some
at least twice the carrying capacity they had ten time, I propose, with your permission to follow years ago, so that in consequence of having a the usual course and take them as read. Your much bigger class of ships to deal with it neves-
At this rate of interest Directors are glad to meet you once more with sarily follows that a greater demand is being a result that, although not as brilliant as those made for larger docks, work-shops, and machines. we are protected against any loss of an overdraft of the last two or three half-years, will never-
It therefore gives uo pleasure to inform you with the Bank, which would likewise cost ns 6 per cent. per annum. I hold out a hope six theless be considered a very satisfactory one.
that steps have already been taken to carry out Our net profit, after adding the amount carried some of the improvements that will be required months ago that our interest account night Our show a more favourable result this time, but forward from last half-year's account and de- to meet the wants of our constituents. ducting Directors' and Auditors' fees, amounts business has been growing considerably from for the reasons just stated it is the reverse, to $421,950.59 and enables us to propose the year to year and in order to make provision for the account showing a deficit of $480.95 as distribution, of what has for some time become the increase in the amount of work your direc- compared with a surplay of $21.50 on the last occasion. With regard to the Admiralty Loan the usual dividend and bonus of 12 per cent., tors have entered into negociations with the absorbing $187,500, and to recommend a bonus Government for a further extension of about I might mention that your directors some time of $20,000 to contributing shareholders; that a 375 feet width at Hunghom Marins Lot No. 1. ago tried to pay off the balance in order not to sum of $18,659.67 be written off from the value the acquisition of which will give ample scope incur any possible further loss in exchange on of our Kowloon and Cosmopolitan establish-
for the further enlargement of the works; but the amount still outstanding, but we received a ments and our launches, to place another lac to the whole of this land will not be required for reply that the Government had no power to Our articles of Association in accede to our request, so in accordance with the the credit of reservo fund, thus augmenting the immediate nse. latter to $700,000, and to carry forward the their present form require that any purchase terms of our contract with the Admiralty balance of $95,790.92 to new account. I trust of land must be sanctioned by the shareholders, we had to go on paying off by instalments. The result of this j3 at the present that all of you will approve of this distribution so to meet this requirement I shall latter on which I think recommends itself in every res-
submit to you a resolution empowering your time that not only the amount of $8,530,87 pect. As regards the amount written off you directors to buy the property in question. at the credit of Admiralty loan adjustment will notice that the same is not as large as ou
The land acquired in September of last year account has been wiped out, but a further small sum of $213.99 had to be debited to revenue some former occasions. In my speech six is now being levelled down and as soon us
eccongt. As exchange has continued to de- months ago I remarked that it was good policy the hill has been removed a new blacksmith
cline heavily since June 30th we must of course to go on writing off fair amounts and thus fur shop and a forge with all the most modern
The facilities be prepared to make further provision in sub- ther strengthen our position, but on the other improvements will be erected.
At our last meeting I in- hand it is not absolutely necessary to write off of this departinent have long been felt to sequent accounts. such large amounts each time as our establish. be quite inadequate to meet the demands formed you that we contemplated remodelling our Articles of Association and we accordingly ments are already down in our books to such a made on us, because our present appliances are low level. To this I also referred in my last not competent to take the heavy Class of forg-gave instructions to that effect to our solicitors. speech, when I mentioned that the total booking frequently wanted for some of the larger | The latter have finished the work in the mean-
The SECRETARY read the notice convening the meeting.
value amounted to about $1,125,000. To-day the latter, including the additions since 31st December, 1896, and after deducting the $18,659.67 to be written off as proposed, is $1,550,000, and I can only repeat that this must be considered an exceedingly low amount for
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As I mentioned before, our tariff has not been altered so far, but if exchange remains at present rates wo night be compelled to do so ere long. The difference alluded to is of course pot profit but only a saving to us, and it is certainly very comforting to know that we have the latter in hund on so big an amount. At the last meeting I promised that we would carefully go into the question of investing our
better rate of interest. a funds at have DOW
done 50. but 011 account of the improvements and ablitions to our plant and stock we have bal to spend a good deal of money, so that when the time came we found that we had very little to invest. have, however, lent $100,000 to the Hamphreys per cont. Estate and Finance Company on mortgage debentares.
We
We
steamers. Since our last meeting the fresh time, but it was too late to bring up the new proposals then referred to for the construction | Articles for approval at this meeting, so they of the new Admiralty Dock have been for will have to stand over until Febrarry next. this The month of July and the beginning of warded to the Commander-in-Chief on station, Sir Alexander Buller, who has trans- August were, I am sory to say, rather slack, but since the middle of this month greater mitted them to the authorities at home, but we
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