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dred thousand taels of the said rent are to be distributed among the officials, gentry, and Yamen runners, who were in the habit of accepting blackmail from these gambling houses | in former time and the remaining one million taels are to go to the Government Treasury.
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The Viceroy has commenced to take steps to root out piracy. A committee, composed of the provincial Treasurer and Judge, the General, the Admiral, seviral Taotsis and vios-generals, have been appointed for the purpose. Soldiers are to be sout in fiva directions to heat out the robbers by land and by water. On the 17th ult fire pirates ware disonvarad and captured in
■ brothel in Long Yu-lin in Canton. On trial they all confessed that they had made many attacks on steam launches and hey were con. sequently taken to Tin-l's■ Ma-tau to be de- capitated on the 25th ultimo.
SANDAKAN NOTES.
[FROM OUR CORRESPONDENT.]
BANDAKAN, 25th February. Since my last report the redoubtable Mat Salleh has been killed, and the whole of the native trouble here ended. The engagement was on the 31st of January. Mat Salleh has been reported killed once or twice before, but there is no question about the fact this time. He has been very annoying element for the past four or five years, and no doubt has some. what hampered trade in the territory; now, however, in all probability, there will be no more trouble of this kind, and it is sincerely to be hoped the West Coast trade will go ahead, and, under a peaceful regime, more than fulfil the sanguine anticipations of the Board of Directors of the North Borneo Co.
A private company has been started for working a timber concession in the Labuk Dis- trict, and the existing cutters are all very busy, so that no fault can be found with this partion. lar trade here. Indeed, what is wanted now is tonnage, and the Mau Sang will be very welcome to these waters again on that account. Also, I understand that another private com- pany intends opening up the timber trade at Zamboanga immediately, the principals interest ed being from Sandakan.
Those interested in coffee here would like to see the Market holding its upward trend, as that would give a much desired impetus to the cultivation of it in this district.
Latest reports received here from Zamboanga do not paint business there in any glowing colours, but the Americans are very hopeful that this place will turn out an important con- tre in a little time.
HONGKONG
AND KOWLOON WHARF AND GUDOWN COMPANY, LIMITED.
The thirteenth ordinary annual meeting of the Hongkong aud Kowloon Wharf and Go- down Co., Limited, was held on the 6th inst. at the Company's Office. Hon. J. J. Keswick presided. The other gentlemen present were: -Hon. C. P. Chater, C.M.G., À. Haupt, E. Goetz, D. M. Moses, J. A. Mackay, A. J. Ray- mmond, A. G. Wood, E. 8. Whealler, N. Ă. Siebs, H. A. Ritchie (directors), E. Osborne (secretary), P. Jordan, E. Georg. W. S. Bam- sey, J. R. Michael, C. H. Thompson, T. F. Hough, J. Osborne, Captain Tillett, J. Goos. man, Ho Fook.
The CHAIRMAN sail-lhe report and ac- ́counts having been with you for some days, I propose, with your permission, to consider them as read. The most n›ticeable feature in the accounts, and ons that will probably cause some surprise, is that whilst oar gross esraings have increased by some $24,000, the profit shows a decrease of $22,000. This apparent anomaly is explained by two facts. To the Arst place the profits in 1898 were materially assisted by some exceedingly lucrative business which oume to as in consequene of the war in the Philippines, and in the second place the expenses of conducting our work have largely increased-compensation has been made to European employees for the shrink. sge of their salares through depreciation of
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THE HONGKONG WEEKLY PRESS and
silver-a higher sole of pay has had to be adopted towards onr Chinese in order to retain them in our service-a large increase has taken place in the cost of coolis labour-an advance in prices bas brought our expenditure on stores to a higher figure-and taxes, crown rent, and interest have increased. In fact, the company has had to incur a larger expenditure on every side and more especially on what may be termed intelligent labour, that is to say, olerks, godown men, tallymen, overseers and others, of whom we employ about three hundred. So long, too, as the services of these men command higher wages elsewhere than we are giving, I fear we shall have to face a continual increase in this dires- | tion if we are to avoid losing our trained men, who are attracted elsewhere by higher pay. Another explanation for these reduced profits lies in the fact that in order to keep business in our hands we have had to engage outside accommodation for cargo and coal which we could not take in our own godowns. We have had to work with hired tools, and that as you know generally leads to unsatisfactory results. At the same time, I feel sure you will agree with me that it is a sound principle of busi- ness to retain one's connections, even though in doing so the profit may be small. And this brings me to the question of increased accommodation to which reference was made by the Chairman at your last meeting. One large now godown is nearly finished, au- other has been commenced and WO have leased a third. The first two, when com- pleted, will give much needed relief to the overstocked godowns, and afford our staff a chance of conducting the company's business in a proper sal efficient manner. Our past ex. parience, however, teaches us that we must not stop still, that we must look ahead and be in advance rather than behind our requirements, and that a most essential point in the successful | working of our business is that we should have plenty of room for sorting purposes, and au ample reserve accommodation so that advantage may be taken of any windfall that happens to come along. Under these circumstances, it will, I hope, meat with your approval that we have ac- quired the additional land mentioned in the report, and that we should incur further outlay in providing more accommodation. Though the upward tendency of our expenses is regret able, it is on the other hand gratifying to find the company's permanent business, and by that, I mean, regular as distinct from exceptional business, continues to develop, and judging b he steady expansion that has characterised it during the past, I think we are now making, and others that we contemplate making, will not fail to yield their fruit in due season. I do not think that their is anything of interest that I can add to these remarks, but before proposing the adoption of the report and acoonuts I shall be very pleased to answer any questions to the best of my ability.
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[March 10, 1900.
HONGKONG LAND INVESTMENT AND AGENCY COMPANY, LIMITED.
On the 7th inst, at noon an extraordinary gene- ral meeting of the shareholders in the above company was held at the offices. The chair was occupied by the Hon. C. P. Chater, C.M.G. and there were also present. Messrs. N. A. Silba, D. M. Moses, A. Haupt, A. J. Raymond (directors). A. Shelton Hooper (secretary), A. Mackenzie, A. Denison, A. MoConachie, E. A. Ram, E. Georg, J. Orange, H. A. W. Slade, G. de Champeau, J. C. Peter, J. Hooper, J. A. Joseph, D. W. Craddock, C. Palmer, G. Stewart, H. N. Mody, G. T. Veitoh, M. 8. Northgote, Dr. Hartigan. S. Rustomjee, G. Murray Bain, F. M. de Graca, J. M. de Graca, Douglas Jones, and C. H. Thompson.
The CHAIRMAN-Gentlemen. I regret to have to inform you that our chairmaḍ (Hon. J. J. Keswick) is temporarily indisposed. Conse quently his duties temporarily devolve upon me. At our last ordinary annual meeting, after the reading of the report and accounts. Mr. McCona- chio suggested for the consideration of the Board and of the meeting, that it was highly desirable in the interests of the company and of the shareholders, that farther liability for calls on the shares in the company should be dous away with, and that the shares should become fully paid up either by capitalizing the old fund, one and a quarter millions of dollars. and issuing a fully paid-up scrip for $75 per share, a course which involved a reduction of our subscribed capital from $5,000,001 to $3,750,000; or, by capitalizing the reserve fund, applying it in payment of $25 per share on all the shares in the company, and gradually call. ing up the other $25 per share in cash. Mr. McGouachie rocomended the adoption of one or other of these courses on the grouud that, our shares once fully paid up and freed from all fur- ther liability, would become a very highly desirable form of investment for trustees and others having capital to put out, and that we would at the same time confer a benefit on our own shareholders by furnishing them with a better market and more numerous customers for their shares, and largely benefit the colony by helping to retain in it money that must other. wise seek investment elswhere. Your Directors immediately negatived any proposal for the re duction of the company's capital, but expressed their readiness and willingness to take into consideration any proposals that Mr. McCona- chie and his friends might desire to lay before them for utilizing the reserve fund by capital- izing it, and for calling up the unpaid capital of the company. They deprecated, however, any discussion at the meeting of Mr. McCona- chie's proposals as inopportune and not in order, neither your directors nor the share- holders generally having had any notices of these proposals, and the sense of the meeting be-
No questions being asked, the CHAIRMAN pro- posed the adoption of the report and accounts.ing with your directors, the matter was not then
Mr MICHAEL seconded. Carried.
On the motion of Mr Ho Fook, seconded by Mr. E. GEORG, the appointments of Messrs E. Goetz, D. M. Mo es, J. A. Mackay and A. G. Wood to the Board of Directors were confirmed. Messrs. N. A. Siebs and A. J. Raymond were re-elected to the Directorate on the motion of Mг. THOMPSON, seconded by Mr. Goo■MAN. On the motion of Mr. JORDAN, seconded by Mr. HOUGH, Messrs. F. Henderson and W. H. Potts were re-elected as auditors.
The CHAIRMAN-Dividend warrants will be posted to-day. That concludes the business of the meeting. I am much obliged to you for your attendance.
The s.a. Heungshan had a somewhat unfor- tunate experience on her last trip to Macao. Owing to her propeller getting fouled she was some hours late in getting away from the wharf, arriving at Macso at 8.30 p.m. When off the Praya Grande, the steamer fouled the cable, cutting it in two, and brought back several yards on her propeller to Hongkong. This accounted for the cable interruption be tween here and Macao. Captain Clarke being about to take a holiday ran to Australia, a new captain was in charge of the Heungshan ; bo, however, was in n› wiss responsible for the ' mishaps.
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further considered. Since that meeting, a re- quisition very numerously and very influentially sigued has been addressed to the Board, to which they have given the very fullest and most care- ful consideration, and in the result the present extraordinary meeting has been souvened. The proposal put forward by the requisitionists was as follows: That the reserve fund of $1,250,000 be capitalized; that $25 per share be oredited to the present sorip of $5 per share paid up, and that the remaining 525 per share be gradually called up, completing the capital of the company to its authorized amount of $3,000,000."* With this requisition before them your directors had four things to consider. 1st.
Was it advisa' le to call up the aupaid capital? 2nd. By what instalments when it should be called up? 3rd.—Was it advisable to utilize the reserve fund of $1,250,000 in part payment of the call or calls? and 4th.-If advisable, could it be legally done and in whal form? Now the first conclusion the Board arrived at was this, that no such considerations as those suggested by Mr. McConachie at the ordinary meeting in justification for his proposals could warrant them in calling up the unpaid capital; neither the benefit to the colony nor any possible beneft to the shareholders personally, unless at the same time they could see their way to early and profitable employment for the capital so called up. To call up capital that could not
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