April 1, 1889:]
ings and in consideration of the value of its book value I think that no exception can be taken to this mothod of treating the addition. Our present Guancial position does not call for any special remark. be ba. lanea due to Messrs. Jardine, Matheson & Co., at the present moment Tls. 36,000 to which will have to be added Tls, 35,400 for the proposed dividend if approved of by you Against this liability of course will be set the incoming receipts for current business, and the indebtedness gradually reduced. The new year has opened prosperously and there is every reason to expect a continuance of this improve. ment. It does not occur to me to add anything to the foregoing remarks, but, before proposing the adoption of the report and accounts. I shall be pleased to answer any enquiries that share- holders may desire to make.
Mr. E. Jenner Hogg-What you have said, Mr. Chairman, about the satisfactoriness of the accounts I think cannot be disputed for a .single moment, and the thauks of the share. holders must be due to those who have con- tributed to such an extremely good result. My object in rising for a moment is to put a ques- tion as to one of the properties of the Company which perhaps is worthy of soma further notice than has been given to it. All those who have observed the spreading of the Chinese Band on this side of the river must have been struck with the so-to-speak unsatisfactory state, the almost inutility, comparatively, of the Tung. kadoo property, which is on the other side of the river. The prosperity which has dawned upon this side of the river must, I should suppose, have some effect upon the opposite side and the property that I speak of, I think is somewhere about 200 mow.
The Chairman-236 mow. Mr. Jenner Hogg-Well, that is a very sub- stantial piece of land, and I must say I think it is hardly utilised. The property, I think, must have cost the Company, when it was taken over from the Pootung Company. something like Tls. 50,000, but now it must be worth vastly more intrinsically. But whether it is worth that intrinsically from the use that is made of it is another question, and I think it will be gratifying to know what is its position, whether it cannot be better utilised and what prospects there are of this being done.
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The Chairman-Mr. Hogg's enquiry is a very natural one, and I am very glad to reply to it. It is quite true that the earning power of this particular property is not satis actory, but taken altogether with Pontung, it is perfectly satisfactory. The earnings of the property taken over when the amalgamation with the old Company took place amount to Tls. 168,000 which would give nearly 12 per cent ou the two properties. Mr. Hogg is quite right in regard to Tungkadoo not being sufficiently utilised, but we have not lost sight of the fact and we look upon Tuugkadoo as part of the outlying suburbs which might improve. At the present moment it is difficult to see bow we can improve it because there are certaiu difficul. ties attached to the fact that it is not within the harbour limits. I have only to say we are quite aware of the position, and if it is possibly to make a better earning power from it as I hope it may be, as the prosperity on the other side of the river increases, we shall do all we can to deal with that possibility. I don't know that I can add any more.
Mr. Jenner Hogg-Is there any particular meaning in mentioning that it is not within the harbour limits? Has that a strong bearing?
The Chairman-Yes, it has this bearing. The Customs don't give a general permit to discharge up there and no doubt many people would not approve of our storing their goods there. We can only hope that, in the course of time, this penalisation by the Customs may be removed, as it may if we, as foreigners, get any control over the other sile of the vicer, and I hope that time will come. (Hear, her.) I now beg to more that the report and accounts as presented to you be adopted and passed.
Mr. McLeod-I have very much pleasure in seconding.
CHINA OVERLAND TRADE REPORT
seuior representative of Messrs. Jardine, Mathe- son & Co.
agreed to.
Mr. C. Thorne seconded, and the motion was
Mr. Hogg I beg to propose the re-appoint. ment of Messrs. C. W. Wrightson and G. R. Wingrove as audi.ors of the company for the
eusning year.
Mr. R. McGregor seconded, and it was ado ted.
The Chairman-I have to move that a final dividend at the rate of Tls. 9 par share be now declared.
carried.
Mr. l'robst seconded, and this was unanimously
The Chairmau-The warrants will be ready to-morrow. I have only further to thank you for your attendance and to hope that the Com- pany will continue to prosper.
A vote of thanks to the Chairman, carried on
the proposition of Mr. Hogg, concluded the proceedings.-N. C. Daily News.
CORRESPONDENCE.
We do not hold ourselves responsible for the opinions expressed by our correspondents.]
THE DEMAND FOR A BELGIAN CON- CESSION AT HANKOW,
269
burled at either Austria or Germany or used for the conquest of Asia Minor, or Turkey in Europe and the absorption of the Turkish Empire.
When, however, it comes to twopenny-half- penny states like Belgium putting forward claims to settlements out here it is surely tinie to realize that they are only acting as cat spaws to greater powers. They cannot hold their claims and must seek the protection of others; then others protect them and take over their rights, A Belgian sphere means a French sphere.
WIDEAWAKE.
Hongkong, 24th March, 1899.
FRENCH ACTIVITY IN YUNNAN.
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From the Courrier d'itunphong we learn that examine on the spot the project for a railway a portion of the commission appointed to from Laokay to Yunnan arrived at Haiphong. by the last mail. General Peunequin, the head of the commission, is expected by the Laos, It is stated that M. Doumer, the Governor- General of Indo-China, is also about to make a rapid visit to Yuunan. In connection · with French activity in this sphere it may likewise be mentioned that attention has of late been drawn to the dependence of France on English cables for the means of telegraphic communication with Indo-China and to the assumed danger TO THE EDITOR OF THE DAILY PRESS."
to French interests which this implies. In DEAR SIR, It seems to me that the British policy of conserving the failing Chinese Empire cable, owing to the great cost and the few land. view of the impossibility of laying a French is beginning to bear its natural fruit. Hading places at which such a cable could touch, it- Great Britain decided on a bold policy even one year ago she might have dictated the division of China to suit herself. Now her policy of propping up a brokendown and repro- bate empire is tending to the assemblage of a lot of claimants to the various portions of that empire when the inevitable disruption takes place, who only one year back would never bare thought of putting forward claims to be con- sidered at the division of territory belonging to the dying Empire of the Eust.
has been suggested that communication by land of "our ally Russia." A scheme has therefore lines should be established, with the assistance beeu advanced for the carrying of a line from Indo-China through Thibet to connect with the Russian line in Siberia. The first portion of sneh a line would of course have to pass through Yuunau. As an argument in favour of the scheme we are reminded that “China last year undertook to place the postal and telegraphic service of the empire under the direction of French agents.”
PROGRESS AT KIADCHAU.
When the British took over the adminis- tration of India the resources of Great Britain were not one tenth of what they are at the present time, yet we find our greatest statesmen now proclaiming the impossibily of her undertaking the control of the Yangtze Valley. Surely Britain must be on the waue if what they aver be true. It is not true, howing the Troops, the Civil Commissioner, the
ever.
Would any British statesman now dare to declare that Britain must relinquish India as she could not hold it? I think that Britishers of two generations hence will laugh to scorn the idea that they are unable to hold not only India but half of what is at present Chian. Far from weakening the British Empire it will add greatly to its capability of holding the whole of southern Asia, for it will hold its Asiatic Em- piro as the present Manchu Dynasty has held its sway, by the transference of troops raised in one province to another where they are strangers. Chinese troops will be found serving in India and Africa and Indian and African troops in China, It seems to me that a division of U bina between Russia, England. France, and Germany would be a more natural arrangement, and if America and Japan put forward claims they would ua- turally have to be considered.
America's claim
might best be satisfied by an Anglo-American control of the central portios of China as it Dow works in the Anglo-American settlement at Shanghai.
We now have Italy claiming a base for ex- pansion, under the name of a naval station Austria must follow with a similar claim, and
as Britaiu a d Germany have supported Italy they must naturally support an Austrian claim There is much to be said in favour of the claim.. of these two powers, for both have growing in- terests in China and are great nations able to order in the spheres they may obtain. That Ger- send men and ships cut to con rol and maintain
many should desire to see her allies in force in tus Far East is but uatural, as, in case of a conflict,
a blow dealt at Russia or France bere must paralyze their action in Europe to a great ex- teat. This would particularly be the case as re-regards Russia, Germany and Austria could never afford to allow Russia to absorb North China and use it as a recruiting field to raise troops to be conveyed by rail to Europe and
The resolution was carried unanimously. Mr. Pemberton-I beg to propose the election of Messrs A. MoLeod. J. L. Scott, E. A. Hewett, E. A. Probst, and A. Korff as Di- rectors for the ensuing year in addition to the
Kiaochau, consisting of the Officer Command- A Government Council has been formed at
Intendant, the Principal Medical Officer, the Director of Public Works, and the Harbour Master. Three civilians are also to be the firms entered in the commercial register, nominated, one by the Governor, one by
mediaries between the Goverumeut and the and one by the landowners, to act as inter community in matters affecting civilian inter- ests; their advice will be taken before new orders are issued or existing oues amended. The election of the civilian representatives will take place annually, in March. In the Tsintau correspondance of the Ostusiutische Lloyd it is all the principal German firms, who at first! stated that each week brings new colonists, and
were sceptical as to the prospects of the new settlement, are now acquiring laud for the erection of offices. In the week prior to the date of the letter, 16th March, five lote in the European quarter were sold, theasuring in all 7, 51 square meters, and the price, realised cents per metre (4 ceuls per foot). In Tapatau, was $3.597 Mexican, giving an average of 16
the Chinese quarter, there have been sold since. the beginning of the year 1,373 square metres realising $1.139, or an average of 83 cents (8 cents per foot) It is mentioned that the tele- mountaineering club has been formed to explore phone is being introduced, and also that a
the beauties of the surrounding country, which is re:erred to as the " Chinese Switzerland."
Nagasaki on the 22nd March from Kinochow. She belongs to the second division of the squadron in these waters and carries the flag of HR.H Prince Henry, lately promoted to the rank of Vice-Admiral. The Prince remains at Kiaochow with Princess Henry, who returns to Germany in April next. Captain Muller in the commander of the Deutschland, which will stay at Nagasaki several days and will go into dock_to_be_cleaned.-Nagasaki Press.
H.I.G.M. cruiser Deutschland arrived at
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