•
March 31, 1900.}
CHINA AND MANILA STEAMSHIP
COMPANY, LIMITED.
On Saturday, the 24th inst., at noon, the 17th ordinary general meeting of shareholders in the abors company was held at the company's offices, 9, Praya Central, Mr. R. Shewan presided, aud there were also present: Messrs. N. A. Siebs, D. Gillies, J. H. Lewis (Consulting Com mittee), E. S. Kelly, M. Watson, R. D. Au- derson, A. Babbington, and Fung Wah Chuon. The Charman said-Gentlemen, with your permission we will dispense with reading the report and accounts, copies of which have been in your hands for some time. The result of the past year's work is eminently satisfactory, enabling us to recommend a dividend of 20% and to raise the reserve fand to $100,000. The new boat, the Diamante, has proved herself a very profitable acquisition and fully justified the stap we took in having her built. On the reopening, of the ports in the Philippines more tonnage wawauted for Manila and for Iloilo and Cebu, and we should then have been very glad to hare had another boat like the Diamante. But, as
CHINA OVERLAND TRADE REPORT.
ments sold to pay for the Diamante, but the loss is more apparent than real, being set off by interest, and the difference between buying and selling ez div. If you have any questions I move the adoption of the report and accounts. to ask me I shall be happy to hear them before
accounts were passed, on the motion of the There being no questions the report and CHAIRMAN, seconded by Mr. GILLIES,
·
215
EXTRAORDINARY MEETING. NEW REGULATIONS,
Immediately after the ordinary meeting extraordinary meeting was held :----
1.-To consider and if thought fit approve mitted to the meeting and in the event of the the draft Now Regulations which will be sub- approval thereof with or without modifications. or alterations
the
On the motion of Mr. FUNG WAR CHUEN seconded by Mr. WATSON, Messrs Gillies, Siebs, Lewis and Shewan were re-elected Con-resolution to the effect that the New Regula-
2.-To consider and if thought fit to pass sulting Committee.
tions already approved by this meeting and for Chairman thereof be and the same are hereby purpose of identification subsoribed by the approved and that such Regulations be and the same are hereby adopted as the Regulations of the company to the exclusion of all the exist ing Regulations thereof."
Messrs. T. Arnold and F. Henderson were re-elected auditors, on the motion of Mr. KELLY, seconded by Mr. ANDERSON.
This was all the business. The CHAIRMAN announce that dividend warrants would be ready on Monday,
HONGKONG HOTEL COMPANY, LIMITED.
The ordinary half-yearly meeting of share- holders in the above company was held at the hotel at noon on the 27th inst. Mr. E Osborne presided, and there were also present: Mezarı. W. Parfitt (director), C. Mooney (secretary), H. W. Looker (solicitor), W. Hutton Potts, R. H. Potts, F D. Goddard, D. Jones J. H. Lewis, F. leaderson, J. E. Gomes, Hari Buck, A. Babbington, E D. Sanders, G. T. Veitch, C. Palmer, J. R. Michael, W. A. Cruickabant. pot, P. Jordan, Ho Tung. Ho Fook, Ho Kom G, Murray Baiu. J. Y. V. Vernon, R. H. Phil. Tong. Lo Cheung Shui, Ho Chok Tin, Chan Chau Nam. Ho U Shang, Sang Kee, and Leung King Shang
The CHAIRMAN maid-I propose with you? permission to take the report and accounts as read.
you know, and particularly at the present time, it takes many months to build and lay down a new steamer here, and to maintain our hold of the trade we had to get a boat at ouce.
We. therefore, purchased the Menmuir, a vessel well known to you all for many years, which, when all the alterations we propose have been made | to her, will, we are quite satisfied, give a good account of herself and still stand in our books at a moderate price, say but little over $200,000. She is an old boat, of course, and will therefore cost a good deal more for repairs and apkeep than a now one like the Diamante. and for that reason alone we would have much
pre- ferred to have built a new steamer at eren double the cost, but time pressed and we had to
There is. I am sorry to say, a clerical do the best we could in your interests. We error of $19,90 i ia the body of the report in have seen no reason so far to repent of the step, comparing the profit on working with the but I mention this, as I don't want you to think previous year, but this of course does not affect we are in favour of buying old boats. On the the accounts. The business of the Hotel dur- contrary, your true policy is to discard your old ing the period covered by the report was A vessels 'and, like our enemies in the present war, distinct improvement on the co responding six equip yourselves with only the latest and most months of 1898, and it is gratifying to observe up-to-date material. We have to contend now the steady advance, aud to contemplats the not only with the former old boats on the Aus-increasing popularity of your establishment not tralian Line, but with some of the newest and ouly amongst tourists and the shipping com- finest steamers recently built at home for that manity, who patronize us extensively, but also trade, and unless you are prepared to look this amongst local residents, whose taster and re- competition squarely in the face you may pre. quirements are of a somewhat exacting character. pare to go to the wall. The purchase of We recommend a final dividend which is rather the Menmuir bas of course thrown 118 in excess of our expectatious, but we do so in the belief that it is your wish the profits should be so appropriated and in the confidence that, if business continues as it has been during the past year, this divideud can be fully maintained. As the extraordinary meeting will be held im- mediately after this I will not detain you by making further remarks, but if there be any points connected with the report which need explanation I shall be happy to give it go the best of my ability.
|
|
There being un questions, the CHAIRMAN
the adoption of the report. Mr. DOUGLAS JONES seconded and the mo- tion was carried.
On the motion of Mr. VERNON, seconded by Captain GODDARD, Messrs. R. C. Wilcox and E. Osborne were re-elected directors.
Ou the motion of Mr. VaITCH, seconded by Mr. MICHAEL, Messrs. W. H. Potts and W. H. Gaskell were re-elected auditors.
into debt again, but we have not asked for further capital on her account, as she bas only been acquire as a temporary measure and must sooner or later be replaced by a newer and more suitable boat from home, for which of course fresh capital will be re. quired. As to the future of the trade I have little fear. The present result has been obtained during a year when the hemp and sugar ports were closed to the export of cargo, so that we may reasonably expect au augmentatiou în our earnings when the carriage of.those commodi.proposed ties and other produce from the Islands is resumed. Not only that, we all know that the capabilities of the Philippiues have never yet been properly tested; but we also know that the country is now in the hands of a nation which is not in the habit of sitting still and doing no- thing, and we may rest assured that having got hold of a good thing that nation will make the most of it, and, as we would do ourselves, will use every effort to develop the great natural resources of those rich and fertile islands. The result must be a vast increase -in the trade with this place, and we hare only to look to Jara and the Straits to see what may also ba don with the Philippines by a good and energetic Government. Hitherto our business has been with Manila only, but I look forward to the day when steamers will ran regularly direct to Iloilo, Cebu, and other ports, and in such trades we must be ready to take our share. At the moment things are not quite settled down over there, but it cannot be long now before order is fully restored and with the return of the natives to their work on the plantation we shall soon see business return to its old channels in larger volume than ever. I do not think I need detain you with any re- The CHAIRMAN-On behalf of myself and marks upon the accounts. Thore are no un. fellow-diresters I have to thank you very much usual items, except perhaps the less on invest- ' for your kind expressions.
|
The CHAIRMAN said that that was all the business for that meeting. Dividend warrants would be ready on Wednesday,
MI. DOUGLAS JONES-While waiting for the extraordinary meeting I do not think the time can be filled up better than by according a hearty vote of thanks to the chairman and his co-directors for the splendid report they have been able to set before us. I am sure the record ever since these gentlemen joined the Board has been one of steady and gratifying improvement. know it is very often the custom in this colony (Hear, hear.) I for shareholders to take all the good things given them without even smacking their lips over them, much less opening them, but I like when credit is due to give it, and I think that in this instance it certainly is dus. (Hear, hear.)
|
|
The SECRETARY read the notice convening the meeting.
more
The CHAIRMAN said-For some time past your directors have felt that the Company's Articles of Association-they are termed Ře ing, revision and amplification. There are gulations by our legal advisers-needed prun. provisions in them which are out of date, there others that are superfluous. 80 with the assist. are some that are almost impracticable, and ance of our lawyers we have produced an almost new set, complete so far as the combined intelli. gence of our lawyers and ourselves are able to make them—and all of them of a practical and useful character.
(1) More extensive and easier borrowing powers; beyond mere legal technicalities are as follow:- The prinsipal alterations
and the transfer of shares; (3) annual instead (2) more up-to-date rules as to share certificates of half-yearly meetings; (4) modernised reguls- tions as to voting at meetings; (5) increase of directors' fees; (6) powers of direstore clearly defined; (7) revision of clauses bearing upon the disposal of profits. proposing to change it from a six-monthly to As regards shareholders' meeting our idea in an annual one, is to save the trouble and ex- opinion the calling of you together half-yearly pense which these meetings involve. In our necessitates au expenditure of time and money which produces no compensating benefits. The accounts, however, would still be audited twies a year. The only other question upon which I need dwell, and one which we naturally feel some delicacy in bringing forward, is that of our fees. Under the exting Articles we are entitled to a minimum of $3,000 a year divided amongst claim additional remuneration according to a the whole Board, but besides this $3,000 wO CAE sliding scale when the dividend exceeds 16 per cant.. We think this sliding scale, this induce- sound, and we propose to abolish it and ask yon, ment to pay large dividends is economically un- gentlemen, to sanction instead a fee of $2,000 anually to each director, the number of dires. tors being limited to four. There is much that I could put forward in support of this long argument to show that the prosent fous request, but I do not propose to enter into any are inadequate, because 1 feel sure you will · agree with me that the time and trouble we remuneration than we receive at present. But give to your affairs are deserving of higher whether you approve these increased fees or the Board, continue to bestow the same care not we shall, so long as we remain members of and attention as we have done in the past, and confidence that you will act up to the old we leave the matter in your hands in the full proverb that the labourer is worthy of his hire.
|
|
{
Mr. GEORG-I have not seen the new Artioles of Association, but may I ask whether they enable the Board of Directors to give an interim dividend half-yearly, because it is very desirable that people should be able to get their dividends half-yearly? Seeing that the accounts will be audited half-yourly this san easily be dope,
give the Directors power to declare an interim The Chairman-The proposed new Articles dividend.
put the resolution to the meeting, I have some Mr. Ho TUNG-Mr. Chairman, before you amendments to suggest to the proposed new Articles of Association. I will give them ens by one. I propose that in Article 12, line one i the letter "" be added to the word "holder.”
The CHAIRMANx-That is merely a printer's error, and we are very much obliged to Mr. Xo Tung for pointing it but.