January 27, 18001
Director in place of Mr. D. Gabbay, resigned, was confirmed,
The appointment of Mr. D. M. Moses as a director, in place of Mr. E. Shellim, who has resigned, was confirmed on the proposition of Mr. R. C. Wilcox seconded by Mr. Denison.
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Mr, ARNOLD proposed, Mr. JOSEPH seconded, and it was agreed, that Mr. F. Henderson and Mr. J.C. Peter be re-elected auditors.
The CHAIRMAN: Before proceeding to con- sider this special resolutiton which Mr. Mc. Conachio has mentioned, I may announce that dividend warrants will be ready to-morrow. Perhaps Mr. McConachie will now move his resolution, which we understand is purely in formal, be cause this meeting is not competent Mr. JH Cox: Probably the Articles of Association state the manner in which a pro- position to the Directors shall be made. It should be in writing I think and signed by a certain number of shareholders,
to deal with it.
The Chairman: I understand it to be purely informal, and is to take the opinion of the
meetings.
OHINA OVERLAND TRADE REPORT.
Mr Ho TUNG proposed a vote of thanks to the managing director, secretary and staff, whi ob was carried, and the meeting terminated.
THE WES POINT BUILDING
CO., LTD.
The eleventh ordinary meeting of shareholders in the above company was held on the 24th inst. took the chair, and there were present-The at 11.30 a.m.
The on. C. P. Chater, C.M.G., Hon. J. J. Keswick, Messrs, A. G. Wood, A. J. Raymond (directors), A. H. Shelton Hooper 8 Joseph, P. Jordan, H. N. Mody, A. G. Mor.is, (secretary), A. McConachie, W. H. Purcell, E. H. A. W. Slade, W. J. Gressen, and J. C. dos Remedios, (shareholders),
ANNUAL PRIZE DISTRIBUTION AT QUEEN'S COLLEGE.
ADDRESS BY THE KON, JR. STEWARTE LOCKHART, "G.M.G.
The annual distribution of prises took place at Queen's College on the 23rd inst. at noon. the absence of His Excellency the Governor (Bir Henry Blake, G.C.G.), the chair was oo pied by the Hon. J. H. Stewart Lockhart, C.M.G. (Colonial Secretary), who was support by Dr. Bateson Wright (Head Master), the Bishop of Victoria (Dr care), the Hon. F. H. Consul General Wildman (United States), Con May (Captain Superintendent of Police), sul Volpicelli (Italian), Consul Romano (Portu. guese), Consul Kutschera (Austria Hungary), and Mr. A. W. Brewin (Registrar-General's Department).
Dr. BATESON WEIGHT read the annual report which stated:---
Mr ARNOLD: Can you give us the benefit of / $125,000, and enabled us to pay off the mortgage | for 230, instead of 176,867 · for 235 days; after
the views of the Board P
The CHAIRMAN: The Board is really not yet fully informed what the views of the gentle- men are on the subject which Mr. McConachie has referred t. If he likes to put it before us in writing we will fully consider it. For that reason I am not prepared to say off-hand in regard to it what the opinion of the Board is. Mr. McCON&CHIE: I hope there is no want of sympathy.
The CHAIRMAN: I am prepared to add or behalf of the Board that they are prepared to listen with a sympathetic ear.
Mr MCCONACHIE: I beg then to propose:--
"That before the next general meeting of the Company the sum of $1,25,000 now stand- ing at the credit of reserve fund account be transferred to capital account, and that new Borip be issued at $75 per sbare fully paid-ap in exchange for the present sorip of $100 with $50 only paid-up, and that the Articles of Association of the Company be altered so as to
make the capital of the Company $3,750,000 fully paid up."
or as an alternative
"That the reserve fund be capitalized and
The CHAIRMAN said: Gentlemen, we will counts as read. Since our last general meeting with your permission take the Report and Ao- the balance of our capital has been called up and paid during the month of March in the last year, which placed at our disposal the sum of of $110,000 and thereby relieved the company for the payment of interest for the past 10 months. The net profits for the year amount to $23,421.29 as against $6,523.88 in 1898. This increase is brought about principally by the reduction in interest paid and an increase in the gross rental of about $1,800. Our rent roll 12 months ago, showed a monthy turn of $2,400, and about $300 estimated for vacant tenements. To-day I am pleased to in- form you we have no vacancies and our rent roll is $3,900. A result which I have no doubt will be deemed satisfactory. The whole of the
property is in good condition.
ro-
Mr. A. G. MOR 18 said that he had been a
shareholder since the formation of the Company, and had since carefully followed its development, making frequent excursions to view the Com- pany's property. He was most pleased with the slow but sure progress that had been made &nd at the very satisfactory increase shown in the rent roll. From his own observation he was con.
dent that the Chinese population was vastly increasing and he should not be surprised to 800 next year a similar jump in the rent roll. The present increase meant one of nearly three per cent., and those old soareholders who had
The total number on roll was 1,344,the same figure as in 1898. The attendance; how- ever, shows a very marked improvement, 204.021 reducing the attendance of 1895 pro rata to the same number of days, 230, we find an incresso in 1899 of 30,917 attendances. The highest montbly attendances 1.072, 1,070, and 1.
55, tually exceed the total annual rolls of the fears 1892-1896. The largest number of boys present on one day was 1,031; more than were present in 1895 throughout the whole year.
10-
The revenue from fees was $27.245, which is more than double the collection in 1897, and an increase of 85,652 on the amount in 1898.
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The total expenditure in Cash Book and Clown Agents Accounts was $1,460 less than the sum provided in the Estimates. ` The increase of the. Gross Expenditure by, $3.600 is due chiefly to but partly to the increase in Expenditure 're- the item Adjustment of Exchange in England, ferred to in par. 7 of my last report.
From absence and resignation the staff has been shorthanded this year, and frequent changes have enxned. Four out of ten English The Second Master, Mr. A. J. May, went on masters have been absent throughout the year.
leave in March. Mr. Machell was on leave the
the $25 outstanding on each share gradually | stuck to the Company were now reaping the The tenth master provided on the estimates bris
called up, thus completing the capital of the Company at its authorised amount of 85,000,000,"
Mr. MCCONACHIE: As this is purely informal matter, may I ask those in favour of the first resolution to hold up their hands.
A number of hands was shown.
Mr. A&NOLD: Before we vote, I, with others no doubt, would like time to consider so import
ant a matter.
Mr. DOUGLAS JONES: I should think it would be wiser instead of taking an informal vote to give us time, as Mr. Arnold suggests, to digest this thing, and consider it, for really to most of us it is quite now. It would be better to consider it, and in the ordinary way call a meeting, and no doubt before that the opinion of the Board would be ascertained. I take it that if the Board have any great objection to it, probably the shareholders would not press the matter. Therefore, before even putting it in an informal way, I think it would be better to think about it..
The Hon. C. P. CHATER: I need hardly say I concur with the views expressed by Mr. Arnold, Some of you might have made up your minds either for the first or second resolution. On the contrary a good many s.so in this room have heard this resolution for the first time, and as Mr. Arnold says, are not prepared to give their opinion, and must have time to consider the matter. Therefore, under the circumstances, it is best that actual voting might not take place at the present moment. The Directors have heard what you have had to say, and later on you must put it before us in an official form, when we will give it the attention it deserves, and then call a meeting to place the matter before you
benefit of having done so. He anticipated higher rentals next year, and had much pleasure in seconding the adoption of the report and
accounts.
The motion was carried unanimously. Mr. MCCONACHIE proposed and Mr. Purcell Hon. J. J. Keswick and Mr. A. G. Wood in seconded, the confirmation of the election of the the place of the Hon. J. J. Bell-Irving and Mr. U. S. Sharp. Carried unanimously.
Mr. PAUL JORDAN proposed and Mr. Slade seconded, the election of the Hon. J. J. Keswick and the Hon. C. P. Chate, C.M.G., as directors-Carried unanimously.
Mr MODY proposed ad Mr. Joseph seconded, the re-election of Mr Fullarton Henderson as Auditor.-Carried unanimously.
The CHAIREAN: That is all the business, Dividend warrants will be ready to-morrow. gentlemen, thank you for your attendance.
on the 18th instant, when three boats competed. The Hongkong Boat Club had a scratch race After a good tussle No. 1 boat. (Young, stroke) won by a length.
A somewhat exciting incident took place on the Heron ferry launch on Thursday afternoon. Among the passengers was Private Reynolds, of the Royal Welch Fusiliers. He was some- what under the influence of drink, and accord. ingly when the Portuguese collector came to him for his fare he became awkward and mid he would not pay anything. The collector pressed him, and getting exasperated the soldier threw him overboard. Fortunately the collec- tor could swim, and managed to keep afloat until the launch turned round and picked him up. The soldier was brought up at the Magistrady yesterday and fined $15 and ordered to pay $10 The CHAIRMAN: In that case you will doubt-compensation—a most inadequate punishment, less address a letter to the Directors on the seeing that if the collector had not been able subject calling a meeting for a specific pur. to swim he would in all probability have been
cat drowned.
Mr. MCCONACHI: I am perfectly satisfied if the directors will call a meeting.
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whole twelve months. The ervices of Mr. Jones were retained at the Supreme Court. only just eutered on his duties. In June, Mr. James resigned on obtaining the appointment of Second Master at King's College, Bangkok. His example was followed in August by Mr. U Hang Kam, Native Ma:hematical Master, who left the colony for Manila. In November Mr. the Supreme Court on probation. A serions Wong Kwok-ü was temporarily transferred to loss to the college was caused at the end of December by the resignation of the Second Chinese Assistant, Mr. Luk King-fo, who is entering upon a mercantile career. In January, 182, when I held my first Annual Examina- tion, Mr. Luk was prozime accessif to the Mor- ↑ rison Scholar, and in the following year was appointed to bis late post. In his relations with masters and boys, he merited and enjoyed their highest respect and esteem.' His classes invariably passed with great credit. No man has been more successful as a master in teaching English to Chinese boys; nor has any Chinese Assistant excelled him in his strenuous and
of the English language. persistent efforts to mataer fully the difficulties
Mr. A. W. Grant, B.A., of Pembroke College, Cambridge, appointed to the additional mastership mentioned in my last report, arrived at the end of August. The appointment of Mr. B. Tanner to the vacancy caused by Mr. James resignation was approved by the Secretary of State, but has only just come into effect, on the expiration of the notice required by the terme of his late engagement. We were fortunate i April in securing the services of Mr. Cheong, graduate of Melbourne University, a substitute for Mr. Jones, Mr. Ng In, ihir Chinese Assistant, has been promoted post vacated by Mr. Luk. A scheme cling three additional pupil teachers," improving the salaries of the junior Uhi assistants, is under consideration.
The results of the Oxford Local Exa tions are as follows:--Of seren senior candi dates, six of whom were Chinese, fourk per cent, passed; of the Junior, all non-Chinese,