ཀྱི་ཏྠཾ
March 18, 1899.]
would like to vote him a retiring allowance in view of his long and valuable services, which date back from early in 1871-a period of 28 years and as this can be done without increas ing the working expenses they trust that the proposal will meet with your approval. I should perhaps add that we have obtained the opinion | of the Company's solicitors that it is within the powers of the Board to vote such a retiring allowance, but we preferred to wait for this annual meeting and consult the shareholders so that we could ascertain what we propose to do is agreeable to them. These are all the remarks I have to make and I will therefore concluda by moving : That the Directors' Report and Statement of Accounts for the year 1993 as presented, and the retiring allowance of £10 per annum to Mr. Conghtrie be approved and adopte.l." After this has been seconded I shall be happy to reply to any questions that may be put relating to business before the meeting.
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CHINA OVERLAND TRADE REPORT.
HONGKONG HOPEL COMPANY, LIMITED.
The ordinary half-yearly meeting of share- holders in the above Company was held at noon on the 14th March at the hotel, Mr. R. C. Wilcox occupied the chair, and there were also present Messrs. E. Osborne, W. Parfitt (directors), C. Mooney (secretary), W. H. Potts, J. H. Lewis, J. R. Michael, F. Henderson, F. D. Goddard, A. Denison, G. C. Cox E. D. Sanders, R. S. Philpott. C. Georg, J. E. Gomes, S. H. Michael. W. E. Clarke, . Brown, J. Hooper, Ho Tung, Ho Fook, Lo Cheung Shai, Ip Chee Fong, Tai Tak, Ho Yam Nani Hon Chok Teen, Wong Kam Fook, Leong King Shau, and Leung Tit Shan.
The SECRETARY read the notice convening the meeting.
We
The CHAIRMAN-Gentlemen, following the asual practice here, I propose, with your per mission, to take the report and statement of Mr. POLLOCK said-Mr. Chairman and gen- accounts as read. It is gratifying to the Board tlemen, I have very great pleasure in seconding to be in a position to meet you with a statement the ad ption of this report and these accounts, so satisfactory as that presented to-day. The and also in secoading the motion made by the profit on the working account for the past six Chairman that a retiring allowance of £40 a mouths, amonuting to $62;8/9 94, is the record year bo made to Mr. Coughtrie. Perhaps, gen. showing for what We have always been tlemen, I may be permited to take up your time accustomed to consider the lean half of the year just for a few minutes with refereuce to the and a very lean half it has often been in past last portion of the resolution. I may tell you.
times. The divideud proposed-six per cent. gentlemen, that I was for several months prior for the half-year-makes, with that already to Mr. Coughtrie's departure from the colony paid for the first half of 1898, ten per cent for sit ing at the same table with him at the Peak the year, which I think you will agree is a not Hotel, and I am able to testify personally to the unsatisfactory return on your investment. very great reluctance with which Mr. Coughtrie, have decided to commence the formation of a under the strong advice he received from his reserve fund, and for this purpose bave set aside madical adviser, decided to leave this colony, $15,000 as the first contribution to what we and I can also testify to the fact that the hope may soon become an important buttress concerns of this Company occupied a very great to the cousera. The usual sum of $6,000 has share of his attention, and as I have said, it been carried to repairs and renewals account, was only with the very greatest reluctance and we have written off $8,44188 from the that he left this colony last year. (lear, value of furniture and fixtures, which will then hear). I think, gentlemen, that the fact that stand in our books at $90.000, by no meang too Mr. Coughtris performed his duties so ably and high a rate, considering the extent of the steadily as Secretary for the term of twenty- renewals. Apart, however, from these results, eight years is deserving of some recognition at I oight to mention that the cost of painting the hands of this Company. I think you will
and repairing this great building from agree with me, therefore, that this retiring basement to roof and through the greater allowance ought to be granted to him. I think portion of the interior as well as the there are very few Insurance Companies in this entire exterior, amounting to $14,398.98, colony which can show such a continual
the profits of the half-year. succes-ful record as this Company has shown This has been a special outlay, and will not have during the last twenty eight years, and I think to be incurred again, let us hope, for several you will agree with me, therefore, that we are years. Adequate provision for the constant und doing what is right in passing this voto. Unfor-efficient upkeep of the building must, however, tunately we cannot restore to Mr. Coughtriebe made. It would be the very falsest economy the health which he has to a certain extent to allow the Hotel to fall into shabbiness or forfeited by his long residence in the Far East. but I think we ought to make this grant in brder that we may alleviate for him as far as possible his labours and anxieties in the years that remain to him. (Applause.)
has come out
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servants and, after training, to keep thein, as frequent changes are fatal to efficient attendance. I am glad to say that a gratifying measure of success has attended these endeavours. Through the exercise of care and vigilance, the losses from bad debts have been brought to a minimum; and the stock of wines and stores has, by the same means, been kept in good order to the prevention of waste or deterioration. The loan of $500,000, which was called in by the Hong- kong Laud Investment Company, was paid off on the 31st December and an overdraft arrauged with the Hongkong, and Shanghai Bank at 6. per cent. per anuum, until arrangements can be made for floating debentures. I think that is ad I have to say now, gentlemen, but I shall be glad to auswer any questions you may wish to put to me,
disrepair. The great aim of your directora, which they bare kept constantly before them through all the years of adversity as well as during the more prosperons times that have lately dawned upon the Company, has been to Mr. G. SHARP-May I, sir, be allowed to
make of this a first-class hotel in every sense of add my word to that of the Acting Attorney the term, and to maintain that reputation it is General. I have known this Company sino- necessary that its appearance shall be good and its first day, and I have known Mr. Coughtrie attractive, its plenishments of the best, and its during all the time he has been hers. I think catering liberal and excellent. Therefore, there is nothing which is more deeply impressed gentlemen, we shall have to go on spending apon the minds of commercial men at the pro-money, for though we have made great progress seat time than the extraordinary market value and have acquired many most necessary and of integrity combined with business ability. desirable things, we still have wants," aud (Applause.) Some of you, like myself, have among others is new furniture for most of the known Mr. Coughtrie during the whole of his
rooms in the old building. This we are get- time here. Some of us have been privileged ting by degrees, and expect in another twelve also to enjoy the acquaintance of his amiable, months to have the Hotel well furnished interesting, and most accomplished family, and throughout; indeed, we shall not rest coutent I think we shall all feel that anything which
until every room, corridor, and corner of the it is within the power of the Board and the building is equipped in a style that will justify shareholders to grant should be gladly grauted the reputation gained. By the removal of to comfort and sustain him in his retirement. Messrs. Skött & Co. and the impending
Mr. MODY proposed that the appointment of
vacation of their offices in this building by Mr. A. MoConachie as a Director be confirmed, Messrs. Gibb, Livingston & Co., we ball soon and that Mr. C.S. Sharp be re-elected to the Board.
have at least a dozen more good rooms avail. Mr. J. H. Cox seconded.
able for guests, and furniture for these has Carried...
already been ordered and partly received. It will also then be practicable to make various improvements on the first floor. One such has just been effected by the equipment of a billiard room for the use of boarders and residents, which we trust will supply a want. The business of the Hotel has shown a steady increase in every department, the bars and billiard room have been well trequented, and we are pleased to see that the dining room is now so popular as a restaurant. The improvement of the service has occupied much attention, and efforts have been made by the Board to seome good Chinese
Messrs. J. H. Cox and W. Hatton Potts were re-elected anditors on the proposition of Mr. G.SHARP, seconded by Mr. H. E. POLLOCK
This was all the business.
The following telegram dated Rangoon, 10th March, is published in the Gazette: Hong kong declared infested port an ler Quarantine Regulations fra ned under Vouice Convention for Birni ports. Request that shipping firms may be informed assordingly. Letter follows.”
No questions being asked, the CHAIRMAN proposed the adoption of the report.
Captain GODDARD, in seconding, said he thought the shareholders must be pleased with. the gratifying report before them. When they knew how the hotel had been kept up, when they knew that $14,000 had been spent on the buildings and paid for out of the earnings this la t half-year, everybody should feel satisfied. The hotel was very popular. The energy of the directors had been very conducive to the prosperity of the hotel.
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On the motion of Mr. Ho TUNG, seconded by Mr. PHILPOTT, Messrs. R. C. ilcox and W. Parfitt were re-elected directors."
Messrs. W. H. Potts and W. H. Gaskell were re-elected auditors, on the motion of Mr. J. H. LEWIS, seconded by Mr GEORG!
The CHAIRMAN said there was due little matter which he wanted to bring before them before they parted. The auditors had applied for an increase in their remuneration (Hear, bear. The fees at present were very small- $150 for the half year, and they had applied for it to be increased to $200, The Board had no power to vary the remuneration. According to the Articles, that devolved upon the share- holders. Therefore it had to come before them. He had much pleasure in proposing that the remuneration of the auditors be raised from $150 to $200 each half year.
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Mr. Ho TUNG-Is that for the two or for the one ?
The CHAIRMAN-It is for the two. Mr. J. R. MICHAEL seconded and the motion was carried,
The CHAIRMAN said that dividend warrants would be ready that afternoon on application at the Secretary's office. He thanked the share- holders for their attendance.
Mr. Ho TUNG said that before they parted the shareholders should pass a hearty vote of thanks to the directors and the general staff for the good management and the good report which had been put before them that day. (Har hear.) It was due to the energy and the untiring efforts of the directors and general staff that the hotel had been brought into its present state. (Hear hear.)
The CHAIRMAN thanked them on behalf of himself and colleagues for the confidence placed in them. He trusted they would coutinue to deserve it.
THE PUNJOM MINING CO., LIMI (ED.
On the 15th March the second ordinary gen- eral meeting of shareholders in the Punjom Mining Company, Limited, was held at the office of the Company. No. 9, Praya Central. Mr. David Gillies presided, and there were also present Mr. J. H. Lewis and Capt. Burnis (directors), Messrs. J. B. Duncan (secretary), H. Wicking, G. C. Cox, W. H. Gaskell. S. B. Bhabha, F. J. V. Jorge, W. E. Clement, P. M. N. da Silva, E. W. Terrey, and Capt. Ellis.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen, the report having been in your hands for some days, with your permission we will consider it as having been read. Your directors are very much disappoint. ed that they are not in a position to lay before you a more favourable report on the working of our mines during the past twelve months. We have done our utmost to accomplish the and we had in view, but so far success has not attended our endeavours." In the
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