March 26, 1898.]
that occurs to me to refer to, but I shall be glad to answer to the best of my ability any questions that shareholders may desire to ask. (Applause.)
CHINA OVERLAND TRADE REPORT.
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237 formation of an additional Reserve Fund, to be called 'Extra Reserve Fund." monies standing at the credit of the Extra. Re. 121B.-"The
tion of dividends, and such monies, or some por serve Fund may be applicable for the equaliza-
think fit, be appropriated toward the equaliza tion thereof, may, whenever the Directors shall tion of dividends."
confirmation of these resolutions.
In conclusion the Chairman proposed the
seconding.
Mr. J. H. Cox said he had much pleasure in
The motion was carried unanimously. The CHAIRMAN enid that this concluded the business, and thanked those present for their
two months, thus practically reducing our work. ing year to one of 8 months. I should be very pleased if I could hold out hopes that the results of the current year promised well, but I cannot Mr. MICHAEL-In view of the splendid re-disguise from you the fact that the outlook is port laid before as of the continued prosperity not at the moment a cheerful one. Owing to of the Company, I think we would be failing in the low price and large production of beet sugar our duty not to recognise the services of the in Europe brought about by the bounty system, staff at the works and the office. We have got the demand for the company's products in an example of this in the Hongkong and Shaug- Spain is undoubtedly falling off, and it is hai Bank and the Hongkong and Whampoa evident that in the immediate future we shall Dock Company, who in their prosperity always have to depend largely upon local sales of the remember their staff, and allow them a bonus. refinery's production in Manila, and other I beg, therefore, that a bonus-which would Eastern markets. To enable us to sell with be a deserving one-of one month's pay be given. profit in markets, other than Mauila, our raw I hope somebody will get up and second that.
The CHAIRMAN-I would suggest that you sent, owing to an outbreak of cattle disease in
sugar must be cheap, but unfortunately at pre-attendance. had better leave that question until the next in Philippine Islands, the raw material has ad- THE CHINA AND MANILA STEAM meeting of the Consulting Committee, when I vanced in value as not only is actual production will bring it before them for consideration. interfered with, but transport difficult.
SHIP CO., LIMITED. Mr. MICHAEL-If you take it into considerather cause for anxiety is the recent renewal of FIFTEENTH ́ORDINARY GENERAL MEETING. tion, I am quite satisfied.
the outbreak against the Spanish authorities in the Luzon Province, which threatens to assume general meeting of the China and Manila Steam- On Monday morning the fifteenth ordinary serious proportions, and is dislocating all busi-ship Company. Limited, was held at the office ever, that during the last outbreak the rebels Tomes, & Co.
In this connection, I may mention, how of the General Managers, Messrs. Shewan,
Mr. R. Shewan presided, and.... scupulously respected the property of the Com- there were also present Messrs. N. A. Siebs, mediate vicinity, and I can o: ly hope that they ton, J. H. Cox, C. P. Karberg, and Fung pany, although fighting was going on in its im- J.H. Lewis (consulting committee), S. Babbing. will continue to do so. From what I have said Wah Chuen, you will realise that prospects at the moment are not encouraging, but you may rest assured that no effort will be spared to endeavour te bring about a better state of things. Before moving the adoption of the report I shall be pleased to answer any questions.
The CHAIRMAN-There being no further remarks, I beg to move the adoption of the report and accounts.
ness.
A fur-
There being no question the CHAIRMAN pro- posed the adoption of the report and accounts.
Mr. BELILIOS seconded. Carried.
Mr. WILCOX-Mr. Chairman and gentlemen, I have to congratulate the general agents on the very satisfactory report placed before us to-day, and the shareholders generally on the large dividend proposed and the improved pros- pects of the Company. I think great credit is due to the foresight and judgment displayed by the management in producing these excellent results. I am especially glad to notice the pro- posal to form a reserve equalization of dividends fund, to which as a commencement a substan- tial sum of $140,000 has been transferred. I am strongly of opinion that all industrial un- dertakings should possess a reserve fund for this purpose, and the China Sugar Refining Company is certainly no exception. It has had its up and downs, its fat years and lean years, as we all know, and we have had to re- joice in dividends of no less than 24 per cent. on one occasion, and we have on other occasions been sent empty away. I should like the latter contingency to be averted in the future, and I hope therefore that the reserve for the equaliza-elected tion of dividends will be augmented whenever possible. With these remarks, I beg to second the adoption of the report and accounts. - Carried.
Mr. MURRAY BAIN-Gentlemen, I beg to propose that Messrs. E. R. Belilios, F. A. Gomes, C. S. Sharp, D. Gubbay and A. Haupt be re-elected to the Consulting Committee for the ensuing year.
Mr. J. R. MICHAEL seconded. Carried,
Mr. K. McK. Ross proposed that Messrs. Thos. Arnold and Fullerton Henderson be elected auditors for the ensuing year.
Mr. LAYTON seconded. Carried.
The CHAIRMAN-Gentlemen, that concludes the business of the meeting. Dividend war- rants will be sent out to-morrow.
THE LUZON SUGAR REFINING
COMPANY, LIMITED.
The sixteenth ordinary annual meeting of shareholders of the above company was held at the offices of the general agents, on Wednesday. Hon J. J. Bell-Irving presided and there were also present Messrs. J. H. Lewis, D. Gillies (Consulting Committee), J. H. Cox, Hon. F. R. Belilios, Ho Tang, K. McK. Ross, Barlow, D. Landale, A. R. Ezekiel, J. Burton (Secretary,) and others,
The CHAIRMAN said-Gentlemen, with your permission we will, as usual, take the report and accounts which have now been in your hands some days as read. The course of business during the year was I regret to say uncertain and chequered, as we were beset with many difficulties. In consequence of an entire absence of demand for Spain, the refinery was shut down during January and part of February, but during the next five months sales improved considerably, and there seemed a sonable prospect that the results of the year would not be disappointing. But, gentlemen, this more cheerful prospect was not to be continued, for in August raw sugar in the Philippines became scarce and dearer, and demand for Spain simul- taneously fell off to such an extent, that it again became prudent to close our refinery for over
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and D. Gillies be re-appointed to the Consulting Mr. Cox proposed that Messrs. J. H. Lewis Committee.
Mr. Ho TUNG seconded, Carried.
Mr. Ho TUNG that Mr. Thomas Arnold be re- Proposed by Mr. BARLOW and seconded by
auditor. Carried.
The CHAIRMAN:-Gentlemen, this concludes the business. Dividend warrants will be sent out to-morrow morning.
CHINA FIRE INSURANCE
CO., LIMITED,
An extraordinary general meeting of the shareholders in the China Fire Insurance Com- pany, Limited, was held at the offices of the presided, and there were also present-Messrs. Company on Monday at noon. Mr. N. A. Siebs
H. L. Dalrymple, C. Beurmann, C. S. Sharp, A. Haupt, W. Gabbay (Directors), J. B. Coughtrie (Secretary), J. H. Cox, Wei A Yuk, A. Ross, D. R. Crawford, G. L. Tomlin, Chan Pat, and J. M. S. Alves.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN-Gentlemen, the only busi- ness before you is the confirmation of certain resolutions passed at an extraordinary meeting of shareholders held on the 28th ult. Your directors are still unaware of a single expressed opinion adverse to those resolutions, which I now proceed to read as follows:-
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meeting.
Mr. KARBERG read the notice convening the
per
accounts having been issued some time I will The HAIRMAN-Gentlemen, the report and with your permission dispense with reading them now. We are glad to come before you again with a satisfactory statement of the year's business, the more satisfactory as the great increase in the price of coal which has taken place since we last met has swelled our which goes on whether we work at a profit or a working expenses considerably. Depreciation, loss, has been allowed for as before, and after putting a substantial sum aside as reserve we are able to recommend a dividend of 15
Turuing to the accounts there is nothing in cent. as against 12 per cent. this time last year. them I think that needs explaining, but I am pleased to say that after giving up the item of $733,39 as a bad job we have at the last moment succeeded in recovering some $600.00 of it, and here I might remark that cousidering we have always from $30,000.00 to $40,000.00 outstand- ing in uncollected freights it speaks well for our supporters that we have so few bad debts. The different sums making up the item of sun- dry creditors and sundry debtors are now all practically wiped off. Our surplus funds are all invested as you see and bring in a good re- quite satisfactory although we are threatened turn. As for this year, our earnings so far are with a renewal of political troubles in the Philippines, and I fear with the example of Singapore before us that our old enemy quar- antine is not far off. However, we have faced these difficulties before and overcome them and have no doubt we shall do so again. Before proceeding to move the adoption of the report and accounts I shall be glad to answer to the best of my ability any questions you may wish to ask.
moved the adoption of the report and accounts. There were no questions and the CHAIRMAN
Mr. BABBINGTON seconded, Carried.
Mr. Cox proposed that Messrs. D. Gillies, N. A. Siebs. J. H. Lewis, and R. Shewan be elected the Consulting Committee for the ensu- ing year.
Mr. FUNG WAH CHUEN seconded. Carried.
That Articles Nos. 53 and 122 of the Articles
eliminating therefrom the word of Association of the Company be altered by and substituting therefor the word "March."
February That Article No. 7 be altered by inserting the words "or Extra Reserve Fund" immedi. ately after the word "Fund" in the sixth line of the said Article, and the words "and Extra Reserve Fund" immediately after the wording year.
Fund" in the seventh line of the said Article.
That Article No. 121 be altered by inserting the words "and subject to the provisions of Ar- ticles 121A and 1218" immediately after the word “
" sum and before the word "be" in the fourth line of such Article.
That the following Articles be inserted im mediately after Article No. 121, and be numbered Articles 121A and 121в. 121A. Although the Reserve Fund may amount to the sum of one million dollars the Directors may neverthe- less at their discretion from time to time appro- priate a portion of the net income and profits earned by the Company in any one year to the
Mr. SIEBS proposed that Messrs. J. H. Cor and T. Arnold be elected auditors for the ensu
Mr. LEWIS seconded. Carried.
The CHAIRMAN-That concludes the business of the meeting, gentlemen. Dividend warrants will be ready to-morrow.
be
Vice-Admiral Seymour made an inspection at the Naval Yard on Tuesday morning. While seeing the engines out an Indian gave the.
was there a fire muster was ordered, and alarm to No. 2 Station. The firemen were soon brought on to the scene, and were considerably chagrined on finding that the alarm was a false one.
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