March 12, 1898.]
THE LAOU-KUNG-MOW COTTON SPIN ING AND WEAVING COMPANY, LIMITED.
The following the report presented to the shareholders at the fourth ordinary meeting of the Company held at the Offices of the General Managera, Shanghai on the 9th March :-
The Directors now submit their report, together with the accounts of the Company, for the year ending 31st December, 1897.
The mill commenced work in April with 1,300 spindles, increasing to 23,100 spindles by the end of the year; night and day working was started on 1st November, the average number of spindles running during that and the follow- ing month being 18,000; the whole of the 25,000 spindles are now erected. The buildings, with some small addition to the card room, are capable of housing between 40,000 and 50,000 spindles; the Directors recommend that the gradual increase in the number of spindles up to the full capacity of the mill be now taken in hand, and a resolution to this effect will be proposed at the forthcoming meeting.
In order to provide for this extension of the mill, and to reduce the Bank overdraft, the directors will ask the authority of the share holders to issue the remainder of the capital of the Company.
The profit and loss account shows a credit balance of Tls. 21,108.37, which the directors recommend be carried forward.
DIRECTORS.
Mr. J. S. Fearon and Mr. Do Kin-san have retired from the Board; Mr. J. M Young joined the direction in November, and his elec- tion requires the confirmation of the share- holders. Mr. Korff and Mr. Chung Liang-yu retire in rotation as required by the articles of Association, but offer themselves for re-election. AUDITORS.
1
Mr. G. R. Wingrove again offers himself for re-election to the position of the Company's auditor.
A. KORFF,
JAMES M. YOUNG, Directors.
ILBERT & Co., General Managers.
Shanghai, 25th February, 1898.
PROFIT AND Loss Account, 31ST DECEMBER; 1897. Dr.
Ta.
To agency expenses
To directors' and auditor's fees
To balance
3,375.00 2,020.00
5,395.00 21,108.37
CHINA OVERLAND TRADE REPORT.
ROYAL HONGKONG YACHT CLUB.
RACE FOR MR. N. J. EDE'S PRIZES. SATURDAY, MARCH 5TH. Course :-Markboat north of Cowechow and back. Handicap
La Cigale Erica
The total marks to date are :— Erica
50
Maid Marian 52 Meteor Chantioleer Phoebe
13
140
197
Ladybird... 63 Payne Dart Active
POLO.
+44
41
28
A game was played on Wednesday between Over Thirty and Under Thirty, the sides being-
Under 30.
Hon. T. H. Whitehead Back Mr. Des Voeux
Over 30.
allowed
22 min. 23 seo.
Maid Marian....... Phoebe Chanticleer
24
7
19
L
26
27
27
9 11
1+
+
28
41
11
41
Major Gawne
"
31
2
Capt. MoLachlan
11
T
31
4)
11
21
£3
Meteor Active-
Capt. Taylor's Cutter 28 Ladybird Sybil Dart
32
"
The wind was from the north and light at Cowechow. Phoebe went away with a good lead the start, but increased on the way down to closely followed by Erica with Maid Marian and Meteor next. Chanticleer and Dart got away in the first flight but they could not go the pace. Sybil and the others were late at the
start but on the reach down some of the boats
passed through the fleet, La Cigale coming along in the hard wind.
The leading boats rounded the markboat, which had got somehow about half a mile to the south of its proper position, in the following order-Phoebe, Erica, Maid Marian, Meteor, Sybil, the last giving the boat a very close shave, to the evident alarm of the crew thereon. The wind was free on the way back and La Cigale passed all the boats but Phoebe, which kept the lead up to within half a mile of the finish, where Erica took the leading position. Maid Marian and Sybil also passed La Cigale and Phoebe, and Sybil at the finish pushed her long snout past Maid Marian's bow and got in second, half a length after Erica.
The times were :- Erica...
Sybil Maid Marian La Cigale
Phoebe
Meteor
3 46 44
3 47 1-First 3 47 9 3 47 47
3-Second
3 49
3
50 28
3 54 24
4 4 0
Capt. Taylor's Cutter 3 51 24-Third Chanticleer
Dart... Ladybird
4 11 30
NINTH CLUB RACE.-6TH MARCH. There was a very strong east wind and con- siderable sea in the middle of the harbour at starting time and only three boats in each class ventured out. The course was from the Police Pier, Kowloon, round Kowloon Rocks, Channel Tis. 26,503.37 Rocks, mark boat off Lyeemoon, Kowloon Rock, and Channel Rocks, all to starboard; 12 miles. The second class started at 1.20 and the first class at 1.30. The starters were :--- Second Class :---
Cr.
By interest.
By transfer fees.....
By premium on shares
8,367.50 157.30 1,873.61
By balance of spinning account
Tis
Dart 5,398.41 21,:04,96
Payne Ladybird Tis. 26,503.37 | First Class :---
Maid Marian Phoebe
BALANCE SHEET, 31ST DECEMBER, 1897.
LIABILITIES.
Capital: Tls. 800,000, issued. ...... 600,000.00
Less unpaid calls
Overdraft at bankers..
Due to General Managers
Accounts payable
Balance of profit and loss account
Buildings
ASSETS.
Reservoir and land improvements.. Machinery and cost of erection
Property-Chinese houses aud land Furniture
Value of stook-
Yarn
Cotton in process...
Cotton and cotton waste Coals
Mill stores
Unexpired fire insurance
Unexpired rent.
Yarn duty passes in hand
450.00
44,460.64
Tls.
Dr. Clark Officers, R.E. Mr. C. D. Wilkinson
Mr. J. Hastings Mr. F. H. May Erica
Mr. A. Denison The boats in the second class made rather a straggling start, but the three in the A class 194,283.52 got off with the gun. Dart went away with a 2,898.09 lead in the strong wind and sea and was soon 27,145.54 about half a mile ahead in her class, with Payne
599,550.00
21,108,37 | next, and in the A class Maid Marian went to
Tls 174,850.46
29, 85.76 481,001.07 34,21 .77
the front, with Erica second, the order at Kow. Tls. 844,965.52 loon Rock being Dart, Maid Marian, Payne, Ladybird, Erica, Phoebe. The same order was kept up to Channel Rocks, when the Maid and Payne both passed Dart, and Erica got in front of Ladybird. At the Lyeemoon Erica had caught both Dart and Payne, and 2,574.50 these went round the markboat practically together. On the run down to the Kowloon Rock & stronger puff than usual carried away Payne's mast at the deck level, and she made the best of her way home under jury boathook and jib. On the second beat up Phoebe passed Ladybird but after that no other changes took place and a stiff race finished as under :---
H. M. 8. Maid Marian... 3 46 52 first 10 marks Erica
3 50 35 second 4 4 0 50 first 10 4 1 53 third 1
4
second 4
5,435.92 48,325.08 2,508. 0 12,749.88
2,507.66 7,020.33
113,479.52
9,528.49 133.35
Dart
Tls. 844,965.52
Phoebe
Ladybird
9 35
"
"
"
Capt. Paton
who was
3
2 √1
Mr. Nugent
+
Mr. Landale
Mr. Johnson
*
The two barb ponies brought from Malta by the 4th Regiment were playing and they thing struck me and that was with these ponies made a marked improvement in the game. One playing more attention will have to be paid to the rules to avoid accidents, and beginners should study their book of rules before playing in the game. Like most games, everything cannot be learned from the book, but ignorance of the rules absolutely prohibits a player ever being any use to his side, whereas he consti- tates himself a danger to everyone, including It was rather late when the game himself.
won the loss and began. Mr. Whitehead elected to defend the nullah goal.
The game soon became fairly brisk and Landale, who was playing in good form, secured the ball and placed a goal to his side's credit. Ends were then changed and the ball soon found its way down to the over thirty's quarters (Red) but Nugent only managed to secure a subsidiary. The Reds now buckled together a bit and McLachlan, On a barb and hitting very hard and galloping well, secured a goal for his side. On change of ends Landale secured the ball on the throw in and running it down made a good hit, but only scored a subsidiary. The play was more even now and after some good runs up and down the ground Major Ganwe managed to dribble the ball over the line between the posts. This made Red two goals to Blue one goal and two subsidiaries. Finally, before time, Nugent made a very pretty goal for Blue and after changing ends the ball went out behind Red's goal at the nullab end As the bell rang. The ball was started by Red from the nullah goal line for the second quarter and Whitehead missing his hit out his pony kicked the ball and sent it into play, both he and No. 3 rode for the ball and tried at it, and as they apparently had accepted this as a hit out the umpire did not call it back, but unfortunately for Red No. 3 missed the ball and Whitehead's pony shied off and No. 1 (Johnson) on Blue's side dashed in and hit a goal. It was asked if this was a goal, and the umpire ruled that as the ball was sent into "play " with the intention of being a hit out it should score; neither No. 3 nor the back on Red's side should have ridden at the ball had they wished not to count it as a hit out. This is where the players defending the goal show their knowledge of the game. Had they not accepted it as a hit out the ball would have been called back. On the throw in Red were determined to retrieve their misfortune and made good attempts to score, but there w.s-want of combination in their play. The back seldom followed up his hit and when he did No. 3 left the goal open; however, McLachlan took full advantage of being well mounted and repeatedly ran the ball down the ground and finally, after taking it rather round the ground, he hit a very good goal. Ends being changed the game was again alive and an "off side "being given against McLachlan, Landale took the hit and succeeded in following it up and scoring a good goal. Major Gawne ended the game by hitting an- other goal for his side. The Over 30 were the stronger team but they lacked combination. The weather was not very propitious, still there was a fair gathering to watch the game. Capt. Barney acted as um pire and Cof. O'Gorman kindly kept the time.
ON LOOKEE,
H.M.S. Algerine came out of Tungkadoo dock on the 2nd March and went to the Old Dook next morning to complete her repairs. Lient, Commander C. H Grafton, of H.M.S. Redpole, is to take command of the Algerine, Liont.- C. P. R. Coode, who is acting în command the latter ship, going to the Redpole.