June 24, 1899]
The object of the Directors in engaging Mr. Leake was to obtain a re-examination of the Accounts to satisfy themselves that the full ex- font of the discrepancies had been discovered, or not, and this they now have every confidence has been accomplished.
CHINA OVERLAND TRADE REPORT.
The result of Mr Leake's work is the Accounts. now presented, viz., a uet debit balance of Tla. 68,949.75 which should have appeared to the de- bit of the Accounts to 30th September. 1898. According to the Articles of Association these Accounts could not be revised and any such revision would not in any way have affes. ted the final result of the Accounts. made up to the 31st March, 1899. 'These Ac- counts, as already stated, show a net logs. of Tls. 79,319.35, and it will be seen that this amount includes the payment of Tls. 8,000 to the American Trading Co.. and also Tls. 4,129.87 outstanding to Preliminary Expeuse, which the Directors have thought well to write off. From the said loss will also be deducted in the next half-year Directors' Fees for the year ending the 30th September. 1892, amounting to Tls. 4,500, which, in consideration of the heavy loss incurred, the Directors have decided to refund.
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Although not shown in the Accounts the Directors have had drawn up two separate Working Accounts, one for the thres mouths ending the 31st December, 1898, and one for the three months ending the 31st March, 1899, the object being to show the progress made.
To directors' fees account half-year
anding 81st March, 1899 nhện mà sản To auditors' fees account half-year
ending 31st March, 1899
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To interest account.
To rent of hineses houses account, To preliminary expenses account
To balance carried down
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Cr.
By transfer fees account By balance of working account half
year ending 31st March, 1899 By balanos carried down
}
LIABILITIES
2,250.00
250.00
launch, the Americans will be in a position to land troops all along the coast, and by leaving amall detachments in all the parblos, backed up 2,500.00 by the launch placed in a a good position, they 5,832 39 can take possession of the whole territory, 107.01 especially when it is remembered that their 4,129.87 artillery can destroy the innermost village from
the sea.. 'Tis. 88,758.99
Tls.
"Since writing the above the news of hosti- lities having broken out in Cabu between the Tls. 79,319 35 Filipinos and the Americans was confirmed by a letter dated the 13th instânt. “Th릦zcölur took from Iloilo, on the 12th instant, to Cebu 400 soldiers wud four guns,'
28.76
9,408.88
79,319.35
9,487.64
Tls. 88,756.09
Tia.
BALANCE SHEET, Bigr March, 1899.
Capital account Tis. 1,000,000, of which
8,884 fully paid up shares ls. 100.00 cnch 838,400.00
Russo-Chinese Bank--
Sundry creditors ....
Overdraft at 31st March, 1899
ARETS.
Cash in hand with compradore Building accoust Land improvement account
893,470,99 52,669.61
Tis.
3,579.0
230,844.56 3,853.38
234,697.93
Plant and machiḍory account Property account *(land, Chinese houses,
school house, hospital, etc.) Steam-launch account Ginning mill account
Furniture account Sundry debtors
Unexpired fire premis......
Stocks on hand-
Sundries, mill stores, engine
supplies, etc. Coal... Cotton
By products Yarn
747,784.81
77,997.42
AGUINALDO ANXIOUS FOR PRACE.
17th June..
Aguinaldo is said to be tired of war and is willing to accept overtures of peace.
About 50 insurgents gave themselves up to the American authorities at Cavile this morn
ing. All were armed with rifles.
REBELS ATTACK SAN FERNANDO,
•
17th June, Yesterday the rebels made a well conceived but feebly-executed attack on San Fernando, Tls. 1,274,539.00 | where a portion of General MacArthur's division is located. The guards along the railway from Apalit up so San Fernando are so, scattered that the rebels to remove some of the rails and telegraph wire without being seen. and when the telegraph operator at Apalit found he could not communicate with San Fernando, he 22,585.68 sent a man out to find where the break in the 2,500.00 wire was. This man nearly walked plump into 5,478.72 a camp of rebels, and he made a remarkably 6,219.89 speedy return to Apalit to report on his dis. 12,070.77 | obvery. Meanwhile, the rebels, having thus completely isolated San Fernando, proceeded to attack it. Th ir visit was quite an unexpected pleasure, so different from their usual retiring ways, and the boys in the treaches at San Fern- ando could hardly believe the thing was real. It seemed too good to be true. Rebels actu ally coming of their own' accord to make a call!
The inate courtesy of the American' soldier rose to the occasion, and the San Fer- nando garrison came ont joyfully to meet the visitors and to make them feel at-home, or wish they were. It was no case of waiting in the trenches to be attacked, but a spontaneous rush out into the oper to meet the advancing Fili- pinos. The Filipinos, however, very quickly got tired of advancing, and very speedily resumed their old favourite vanishing act." They left about seventy dead on the field, and about twenty- Filipinos were takon alive, American casulties, three or four wonuded.
17,412.24
5,356.23
35,857.05
:1,034.68
12,644.92
The result of the first three months is a loss of Tls. 14,877.4, which is much to be regretted, but it must be borne in mind that for a period the Mill was working "ahort-time," which means working at a loss; it was only towards the end of December that a change for the better took place, and the Directors hope it will be satisfactory to the Shareholders to know that the working for the last three months shows a profit of Tls. 24,286.36; this profit should bare been larger, but for the unfortunate circum- stance that contracts for Cotton at cheap prices Profit and loss account, balance, 31st March, were not fulfilled. In the one instance a con- tract for American Cottou which should have been received in January has only just arrived, and in the other instance contracts for seed Cotton, the non-delivery of which has given rise to lengthy litigation in the Mixed Court, with the result, however, that delivery of the Cotton is now being obtained. The non-fulfil- ment of these contracts necessitated for the
1899
82,308.02 79,319.35
Tia. 1,274,359.80
AFFAIRS IN THE PHILIPPINES.
From the Manila Times we learn that a severe
time being the purchase on the spot of Cotton fight took place at Bacoor on the 13th June. at high prices.
since the 31st March the Mill has been
working day and night to fulfil contracts made up to the end of this mouth, and the Directors hope that circumstances will so far assist their efforts that when they again come before the Shareholders at the end of the financial year the loss now standing in the books will have been considerably reduced.
Audit of Accounts.-The Shareholders will see that the Balance Sheet is sigued by Mr. R. F. Eastlack only. Mr. T. Wood having refused to do so for the reasons stated in his letter attached to the Accounts.
PROPIT AND Loss Account, to 31st March, 1899. Dr.
Tis TIs. 5,289,97
To balance of account as rendered
30th September, 1898, omitted:
500.00
at 30th September, 1898
Items appertaining to accounts at
To legal expenses
To Secretary's salary
3,000.00
To cotton purchases ac-
count
49,482.50
To duty packing, etc. ac-
count
3,793.60
To stock Brcount, mill
stores
6,000.00
To interest account
Less fire insuranco gecount
363.87
63,144,97
Keturn premia received
dao 31/12.07
4,195.22
58,049.75
To American Trading Co. as per agreement To General Agents' commission to
22nd November, 1899.
To expenses of general management
from 22nd November, 1898
1,307.00
2,640.00
64,239.72
No details of the operation are given. but four- teen were known to have been killed on the American side, and the names of forty-two wounded are given and thirty more were being brought down to the hospital. We take from our contemporary the following items referring to other incidents of the war :-
FAMINE STRICKEN PARANAQUE AND LAS -
PINAS.
15th June.
General Otis has ordered the Chief Commis
inhabitants of the above villages (which were cap- sary of the Department to distribute among the
tured by the American troops ou Sunday, 11th inst.) and are now suffering for food, two bun. dred sacks of rice and five thousand pounds of beef in cans The rice sent will be taken, as far as possible from captured enemy's stores now stored in Manila.
WAR IN CEBU.
El Progreso of 16th June contains the follow- ing Cebu news :---
"It is said that yesterday news was received by the head of a commercial firm in Manila by wire to the effect that in the province of Cebu war has broken out Although we do not think the movement is of much political importauce we are inclined to believe the report. This state of affairs has not been naexpected, since the ol- us for several days past was known to have shipped reinforcements of men and artillery from Iloilo to Cebu. From those who are acquainted with the capital of Cebu we have learned that the town cannot be seriously threatened and that
on the advance of the American troops the 8,000.00 rebels will have to take to the mountains of Guadalupe and Lubton, where American artil. lery will reach them. The geographical position of the island also does not offer much chance of 3,047.00 sucess to the revels. Protected by an armed
INSURGENT GENERAL LUNA DEAD.
14th June, Many conflicting rumours regarding the death or assassination of General Luna ard. afloat. The actual facts are these. Luna being Lient. General of Aguinaldo's forces and such subject to Aguinaldo's orders has long barboured a feeling of ambitious jealousy towards his superior in command, superior as well in intellgence, tactics, and personal ascendency and influence over the hearts and minds of the rebel troops, Luna, grad. ually grew more and more independent: and. Aguinaldo, who has had experience in to get rid of dangerous rivals, quietly waited for an opportunity, meantime secretly under- mining Lana's influence. Finally Luns, went, with his friend General Roman, to Agui- naldo's palace, to have it out, and, sete.
•Not at home,
the with Aguinaldo's there and then, The guard at the door, said and refused admission. Luna and Roman in- sisted, an altercation ensned. Luna again at- tempted to pass and push the sentinel saide and drawing, his sword threatened to cut him down unless permitted to pass, The soldier. loyal to his chief, again refused to admit the outlaw upon which General Lnos made a thrusts at him with his sword, seconded by Gen. Ro-” Luna's heart with the bayonet (another story the sentinel pa rried the swords and pierced says he shot Luna) then turning ou Roman ha but subdued, prevails amongst Filipinos of all served him likewise. Enormons, excitement, classes; and exultation amongst Aguinaldo'a ad. herents, because the death of Luna, as Agui, saldo's greatest rival, solves the difficult problem of chieftainship over the rebel hordes. -
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