154
[February 26, 1898.
THE HONGKONG WEEKLY PRESS AND
HONGKONG AND WHAMPOA DOCK | are needed, and repairs to the works are also re-
Mr. T. H. Whitehead's Kingscote, 11st.....
(Capt. Burney) 0 Mr. T. H. Whitehead's Vicar, 11st 11lbs
(Mr. Bruce) 0 Glendubh started with a clear lead, Sport being second. At the second feuce Sport and Kingscote refused, and at the water jump the Vicar fell and threw his rider.. The race then practically developed into a match between Mufti and Glendubh. Mufti, taking the ob. stacles in splendid style, went away after negotiating the water jump and, keeping the race in band, won comfortably. The "YENISEI" CUP; value $250; presented; second pony to receive the entrance fees; for all beaten griffins at this meeting; weight for inches as per scale; allowances --unplaced Derby griffins 5 lbs., unplaced subscription griffins 7 lbs.; entrance 85; fourth day winners barred. One mile and a half. Messrs. McKie & Gore's Beechnut, 10st 7lb (Mr. Burkill)
The Neighbours' The Unknown. 10st 12lbs (Mr. Davies)
Mr. Bobjack's Solitaire, 10st 7lbs
(Baron Foy) Mr. Hart Buck's Oliver, 10st 7lbs (Owner) Mr. Dryasdust's Countersigu, 10st 13lbs... (Mr. Bucknall)
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3
0
Mr. West York's Buckingham. 10st 7lbs ..
(Mr. MacLachlan) 0 Buckingham jumped out from a good start and brought the field along putil passing the stand for the first time, having a lead of two lengths. The ponies then used on the leader and at the village Oliver and Beechnut came away, Oliver entering the straight first. A capital race home ensued, Beechwood winning by a length and a half. Time, 3 mins. 56 secs. The "JOHN PEEL CUP; presented; second pony to receive the entrance fees; for ponies that have run and not won a race; weight for inches as per scale; ponies that raced before this meeting 5 lbs. extra; subscription griffins of this meeting allowed 10 tbs., all unplaced ponies during this meeting allowed an addi- tional 7 lbs.; fourth day winuers barred, and placing to count against allowances; entrance $5. One mile.
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COMPANY, LIMITED,
The ordinary yearly meeting of shareholders in the Hongkong aud. Whampoa Dock Co., Limited, was held on 21st Feb. in the office of the Company. There were present Messrs J. H. Lewis (Chairman), Hon. J. J. Bell-Irving, G. I Dodwell, C. van Buren, C. Beurmann, A. Haupt (Directors), D. Gillies (Manager), T. I. Rose (Secretary), G. Murray Bain, Hart Buck, A. Coutts, F. Dodwell, F. Henderson, G. de Champeaux, W. G. Winterburn. R. Mitchell, T. Arnold, P. Jordan, and J. R. Michael.
The SECRETARY read the notice convening the meeting.
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The CHAIRMAN-Gentlemen, the report and statement of accounts having been in your hands for some days, we will with your per mission taken them as read. The
gross earnings for the six months compare favourably with those of recent years, but the net returns although very satisfactory are not quite so good owing to the class of work on which we were employed being of a less remunerative nature, but notwithstanding the reduction in our net profit, the directors are pleased to find them. selves in a position to recommend the payment of the usual dividend of 8 per cent, and a bouus of 4 per cent. to the shareholders, that a bonus of $20,000 be paid to contributing shareholders, that $41,941.67 be written from the value of the of the Kowloon and Cosmopolitan properties, and carry forward to new account the balance, $107,284.73, and the Board trust the appropria- tion recommended will meet with your approval. At our last half yearly meeting you were ad- vised by the Chairman that we had invested $100,000 in the Humphreys' Estate and Finance Company's Mortgage Debentures bearing 6 per cent. interest; the income however from this source has been more than absorbed by interest on our overdraft from the Bank, thus leaving a small balance of $484.62 to the debit of in- terest account, the overdraft being required to meet the large amount necessary for the purchase of the new extension of land at Huug- hom and in other improvements at both docks. You were also advised by the Chairman at our last meeting that in consequence of the steady increase from year to year of the general busi- ness of the Company, it was found imperative to make large additions to our workshops and plaut. These improvements are being carried out as fast as circumstances will permit, and you will observe in the statement of accounts that we have spent on Kowloon Docks during the last six months $95,838.26 and on the Cosmopolitan Dock 0$21,103.41 in providing the increased facilities so much required. The new articles of asso- 0ciation have been prepared and are now in the hands of the printer; it was the intention of the Board to have led them approved and adopted at this meeting; but as they could not be got ready in time it will now be necessary to call a special meeting for that purpose of which due notice will be given. All our establishments during the month of January have been fully employed, and I am pleased to inform you that not only have our gross earnings been very large but the net profit is also most satisfactory. Therefore we may consider ourselves fortunate in commencing another six months under such favourable auspices.
1
2
3
0
Mr. G. H. Potts's Tocsin, 11st 2lbs.
(Mr. Cruickshank) Mr. Edgar's Castanet, 11st 9lbs..
(Mr. Bucknell) Mr. Dryasdust's Bickleigh, 11st 3lbs....
(Mr. Marshall) Mr. Derick-Hunter's Fortunatus. 10st 6lbs (Mr. Hart Buck) Mr. Hopeful's Orinoco, 10st 10lbs.
(Mr. McLachlan) Mr. Westfield's Desperation, 10st 13lbs.....
(Mr. Davies) Mr. Edgar's Tantivy, 10st13lbs (Mr. Brutton) 0 Orinoco led at the start but was soon over- taken by Tocsin, who maintained a slight lead until the village was reached, with Bickleigh close up second. On entering the straight Castanet came with a tremendous dash and overhauled Tocsin and looked like winning, but a few yards from home he was challenged by Tocsin, who won a splendid race by three lengths. Time, 2 mins. 15 secs.
The MAFFOOS' RACE; first prize, $20; second prize, $10; third prize, $5, for all beaten ponies; weight 10st. entrance $5. Once Round.
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Mr. Dryasdust's Outpost..
(Mui) 1 (To Su) 2 (Old Man) 3
Mr. Lintom's Slander Mr. John Peel's Mufti Messrs. McKie and Gove's Beachcomber
There being no questions, the CHAIRMAN pro- posed the adoption of the report and passing of the accounts.
Mr. MURRAY BAIN-Mr. Chairman and gentlemen, I have great pleasure in seconding the proposition just made by our Chairman, the adoption of the reports and passing of the ac- counts as presented. After the clear and concise
(Ah Ping) 0 Blander made the running to the straight when he was overtaken by Outpost who won a capital race by half a length. Time, 2 mins.statement made by the Chairman, it appears to 0 sec. SAILORS' Race; first prize, $25; second, $15;
third, $10 Once Round.
Seven men-of-wars-men were mounted for this race and a really good finish resulted, Jeffries, the rider of the winner, getting home by half a length, whilst only a length and a half divided second and third. Steele rode the second -and J. Clarke the third.
me unnecessary to add anything. Congratula tions are very easy and very pleasant, and we may, safely congratulate ourselves upon not only the working of the half-year, but upon the prospects for the future. I would like to add one remark concerning the policy of the Board in writing down. In Com. pany like this, any reserve fund, of course, is out of the question. The strengthening of the Company can only be done by writing off, and, personally, as an investor pure and simple, I should have preferred writing down being car ried a little further, and begun a little earlier.
quired; and I think, and believe that most of my fellow shareholders agree with me, that the strengthening of the Company in this way (al- though it is a very small proportion this year), should be carried on, and that pure investors will back up the Directors in their policy of writing down. With these remarks, I beg to second the adoption of the report and passing of the accounts. (Applause).
The CHAIRMAN-We are very pleased to hear that the course we have adopted of writing down property has met with the approval of shareholders generally, and we can assure you that in the future we will not lose sight of the fact that we must strengthen our position as circumstances admit.
The report was adopted and accounts passed. Mr. F. HENDERSON proposed the re-election of Mr. J. H. Lewis and Hon. J. J. Bell-Irving as Directors.
Mr. CHAMPEAUX seconded. Carried.
Mr. COUTTS proposed the confirmation of A. Haupt as a director.
Mr. ARNOLD seconded. Carried.
Mr. R. MITCHELL proposed the re-election of Mr. Thomas Arnold and Mr. S. G. Bird as auditors.
Mr. JORDAN seconded. Carried.
The CHAIRMAN That concludes the busi-
ness of the meeting. We are very much obliged to you for your attendance. Dividend warrants will be ready to-morrow.
HONGKONG AND KOWLOON' WHARF AND GODOWN CO., LIMITED, .
The eleventh ordinary annual meeting of the Hongkong and Kowloon Wharf and Godown Company, Limited, was held on 22nd Feb. at the Company's office. Hon. J. J. Bell-Irving presided and there were also present--Messrs. H. Ritchie, E. S. Whealler, G. D. Böning, C. S. Sharp, C, Beurmann, A. J. Raymond, A. Ross, D. Gubbay. N. A. Siebs (Directors); E. Osborne (Secretary), G. C. Cox, R. C. Wilcox, P. Jordan, E. Georg, G. B. Dodwell; F. Dodwell, J. Goosmann, Granville Sharp, Ho Tung, and Ho Fook,
The SECRETARY read the notice convening the meeting.
The CHAIRMAN-Gentlemen, the report and accounts for the past year have been in your hands for some days, and with your permission we will take them as read. The business of the company for 1897, taken as a whole, shows improvement ou previous years; but we find that year by year as Hongkong becomes less a centre of tracshipment to other ports our receipts from this, a more profitable class of work, diminish accordingly. The falling off, it is true, is more than compensated for by new and extended business in other directions, but the substituted work is of a nature which shows small profit and entails proportionately greater work and expense. Apart from storage, almost the whole of this increased business has, it may be said, been wrested from Chinese com- petitors, and it is gratifying to know that in spite of the severe, and I might almost add unfair, competition, to which we are subject, we have, with the exception of one class of cargo, re- tained in our hands everything thus acquired. This exception, viz., the handling and storage of coal, is a subject which has engaged the attention of your directors, but we find it impossible to improve matters to any extent, for the reason that a public company cannot resort to those subtle expediencies by means of which others, in the same line of business, appear to command so large a measure of success. The new West Point godowns, not- withstanding the low rates for storage accepted. elsewhere, have been kept profitably filled, "and in order to extend business relations with our Chinese supporters we are erecting further accommodation on the land recently occupied by the transit shed. As regards the Wan- chai godowns, which you will recollect were leased in 1896, I have only to remark that the results have so far fully justified the action of your Board in acquiring them. Turning to a source of revenue which it may be urged is
operations, you will observe it stated in the
The China Provident Loan and Mortgage Co., Limited, has been floated. Messrs. Shewan, Tomes & Co. are the General Managers. The capital is 81,000,000 divided into 100,000 shares We all know that in vast concerns like the Dock scarcely within the scope of the company's of $10 each, $5 being called up.
Company improvements are required, additions
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