October 15, 1898.]··
CHINA OVERLAND TRADE REPORT.
ur machinery is now erected, and we are al- been working under great disadvantages in ready doing a good deal of work in our new our confined quarters at Yangtsepoo, have shops, especially in the boiler yard and black been sufficent to pay such a dividend, so that smith's shop. We have had one steamer along the 7 per cent, though not guaranteed, may be side our wharf for repairs which were satisfac-looked upon as a certainty. It is proposed to torily effected. We are also building for the call up the amount of the shares as follows:- Custom House a new Tungsha lightship for Tls. 25 on application, Tls. 25 on allotment, launching in a few days. Turning to the Tls. 25 on 6th January and Tis. 25 on 6th statement of accounts it will be observed that February. The shares will rank for dividend the net earnings for the year are smaller than as from 1st November op the whole one hundred those shown in last year's accounts. This is teals. although not half of that amount will partly due to the fact that a great deal of the then have been actually paid up. The lists will work done for the Dock at our Yang-tee-poo close on the let of November. Before propos- works has been charged at cost price, besides ing the resolution I shall be happy to answer which our foreign staff has necessarily been any questions on the subject which shareholders larger than would be required for present opera- may wish to ask. I may further add that we tions, but is none too large in view of the fact originally-if we had thought we would have that we are expecting in the very near future to bad any such accidents-could easily have in- be engaged on ship work. For this it has been sured all the capital in the beginning but we necessary to engage foreign heads of depart naturally thought it to the greater advantage of | ments. The drawing office staff has been con- the shareholders to issue only what appeared stantly employed as enquiries must be answered, necessary at that time. It would have been and we have not the advantage that older offices easy to have the whole of the capital because it enjoy of a large stock of drawings to make use was oversubscribed and now, of course, in the of. Against the expiry of the lease of our present state of the money market and the shares present Yantszepoo premises, your Director- of the company being at a discount, which I are making arrangements to lease more cons hope will not be for long, we came to the con- venient premises nearer the English Settlement, clusion that this was the best way to issue on very reasonable terms. If any shareholders shares-and I hope all the shareholders who would like to ask any questions I shall be happy are present and all the others who are not pre- to answer them and if they are of a technical sent will support us because to tell the plain nature Mr. Blechynden who is present will do truth we must have the money. It is not much and if anybody who understands such matters will go down to the dock and look at the work, if he is a professional man he will say it did not cost more than it ought to have cost for the work that has been done.
BO,
No questions being put,
The Chairman moved that the report and accounts as printed and circulated be adopted.
Mr. O. Meuser seconded and the resolution was carried.
Mr. C. Overbeck proposed and Mr. A. H, Maertens seconded the re-election of Mr. O. Middleton as director. Carried.
Messrs. Wilmer Harris and R. Eastlack were re-elected auditors of the company on the mo- tion of Mr. E. W. Clements seconded by Mr. Pilkington.
The business of the ordinary meeting ter- minated and the shareholders resolved themselves into an extraordinary general meeting to discuss the following resolution: "That the balance of the ordinary shares at present unallotod shall be forthwith issued numbered from 6,201 to 7,500 inclusive and that such shares (being the second issue of shares) shall be entitled to a Preferential Dividend at the rate of seven per centum per annum on the amount thereof pay- able out of the profits of each year. Whenever the profits of the Company in respect of any one year shall be more than sufficient to pay the preference dividend aforesaid and also a dividend for such year at the rate of seven per centum per annum on the first issue of the ordinary shares, the holders of the second issue of ordinary shares shall be entitled to participate in the surplus (of the amount appropriated for dividend) pari passu with the holders of the first issue of ordinary shares."
:
918
kiang, and Nanking Railway, which would run through one of the richest and most densely populated districts in China, and they had engaged two English engineers, one of whom was sent from home, to make the detailed surveys of the road, and this work they had all but completed. The second engineer was Mr. Morrison, who origin. ally went out to China in connection with the Woosung Railway, and whose local knowledge had been of special value in connection with the locating and surveying of the line. This cor portion had for its representatives in China the Hongkong and Shanghai Bank and Mesare: Jardine, Matheson and Co. With the con». cession there would be rights of extension within the province and for the branch lines that might become necessary. A matter-of supreme importance to which he might allude was that the sphere of their interest in the regions of the Yangtaze in regard to railway concessions had been lately defined in a clear and satisfactory manner, and they might con- sequently look with confidence for sound and legitimate expansion of great works in that populous valley. Through the good offices of the Hongkong and Shanghai Bank, to whom the corporation was much indebted, a working arrangemet had been come to with a group of leading German banks and others, forming what was known as the German Syndicate, and who, with the Hongkong and Shanghai Bank, had been already engaged in large financial operations for the Chinese Government. This arrangement was one of mutual advantage, and they looked forward to the happiest results to be obtained from it. This corporation, then, had an outlook which could not but Mr. DF. Robertson (Nagasaki) Mr. Chair- be regarded most favourably by the share- man and Gentlemen-As a shareholder from a holders, and the Board considered there - was distance I wish publicly to express to you the business before them which, though it would opinion of one who is not an expert but who take time to mature, was calculted to prove satis has visited the works the other day and I would factory. The intention was to proceed carefully wish the shareholders to thank you gentlemen and prudently, for the Board were aware there for the way you have carried on the undertaking would be many wild schemes, uncertain, and per- in the face of the most obstinate difficulties. haps valueless, concessions, and a fruitful orop There is no question in my opinion about its of disasters and disappointments before the rush ultimate success. What you have said will be for Chinese enterprises ceased, and the fact was found to come out exactly as you have stated recognised that in China, as elsewhere, only and I am certain if the shareholders understood what was sound, well controlled, and economi the situation, your preference shares would be cally managed would prove profitable to share- more than applied for and even if not I am sure holders and capitalists: In conclusion, he said if you go to the debenture market there is no he thought they had reason to congratulate doubt your success will be assured: I thank themselves that they had before them the pros- you for keeping us out of the pawnbroker's pect of good business in connection with the de- hand and for giving us the privilege of takingvelopment of the resources of China. the issue up as preference shares. (Hear, hear),
".
The Chairman-I thank you very much for the kind words you have said Everyone has done his best for the interests of the share- holders. I now propose the special resolution.
The resolution was seconded by Mr. Chun Fai-ting and carried unanimously.
The Chairman-An extraordinary meeting to confirm this resolution will be held on Tuesday October 18th, at four o'clock p.m. in this room. I thank you very much for having attended these meetings and I declare the meeting closed. ---N. C. Daily News.
· BRITISH AND CHINESE CORPORATION.
The first ordinary, or statutory, meeting of this corporation was held on Sep. 5th at Cannon Street Hotel. London. Mr. W. Keswick presided.
"
The Chairman said-Gentlemen, before pro- posing the special resolution which we have met to consider, I have one or two brief remarks to make. It has for some time been no secret. that we required further funds. The land. slips that occurred while building the dock, which I have already referred to at the ordinary meeting, have naturally swallowed up a good deal of money, but your directors have purposely delayed coming to the public till the accidents just mentioned had been The Chairman stated that the meeting was fully repaired, and they had thorough con. held in compliance with the Companies Act, fidence in the stability of the work. The which required that shareholders should be called dock being now 80 near completion we no together within four months of the registration longer hesitate to come before you with a of the gompany. This corporation was registered scheme for raising the funds necessary to finish on May 24. The shares, were fully applied for, the undertaking and we trust we shall receive and had been allotted and issued. The corpora- the hearty support of the shareholders. Varioustion was now, therefore, legally constituted, and, plans for raising the money have been con. sidered, and your Directors finally decided that it would be to the best interests of the share- holders and the Company to issue the balance of the ordinary shares under the conditions mentioned in the resolution. Regarding the preferential dividend, the Board desires to impress upon the shareholders (and the invest- ing public) that they will consider it their duty to declare the dividend, should the profits be sufficient, before putting anything to reserve or writing anything off property account. I may point out that the profits for the last two years, though we have
|
No resolution was submitted to the meeting other than a vote of thanks to the chairman.
RAUB.
ROUGH CLEAN UP.
The Singapore Secretary of the Raub Aus- tralian Gold Mining Company, Ltd., Singa pore, has received the following telegram from Raub, dated 3rd October, 1898 :-
"Rough cleaning up of Battery yielded 2,650 oz. Amalgam, estimated quantity of stone crushed being 1,100 tons. Four weeks' crushing."
+
the
Adopting an approximate average of 37 per cent gold in the amalgam this would repre- sent about 980 onnces for the month's work. Say just under 18 dwt. to ton (over 17 dwt.) This would be pretty near, though not quite up to, the average for the last crush. In sterling the amount would represent about £3,822 for four weeks; say, £7,644 for the usual two monthly crush. At Is. 1d. per dollar this would be almost 880,000 for the two months of September and October, the annual out-turn on the above gold approximate estimate being, therefore, $480,000. Taking the average from the actual beginning of the year into account, it would however, be more than that.—Singapore Free Press.
he might say, possessed a body of shareholders of the highest character and influence. The sphere of its operations was a vast one, and gave promise of great possibilities. Events in China, as they all know, had broken A complete plant for making $5 notes of the down the wall of exclusiveness, and that ancient Penang Branch of the Hongkong and Shang Empire was now a field in which there should hai Bank has been found at Penang. The be found abundant opportunities for the favour-plant included dies, paints, brushes, and tools, able employment of money for the construction The blocks were made of brass, and were fixed of railways, the development of its vast mineral on wood. The cutting of the dies is said to be resources, and the introduction generally of finely done. The signatures were forged with Western appliances. of machinery and steam pens. The plant was found at a blacksmith's power. They had secured the refusal of the shop. The Chinaman who tried to pass the concession of the Shanghai, Soochow, Chin- notes has been arrested.