April 7, 1900.1
The CHAIRMAN-But I could only the majority
Mr. G MURRAY BAIN here asked if Chairman would propose the adoption of the report and accounts. and accounts.
not in the habit thus in the matter of say, can only refer you to the printed testimonials apopted and passed as presented.
CHINA OVERLAND TRADE REPORT.
that it never was made at Portland and never liad anything to do with Portland, and that our 1 cement as cement is quite as much Portland any made on the Thames or the Medway, not to speak of Portland cement made in Germany and Belgium. Our cement, gentlemen, is the best Portland cement, and, in proof of what I
in your hands from such experts as our Director of Public Works, Mr. Wm. Danby, the Manager of the Hongkong and Whampoa D ok and Messrs Leigh and Orange, as well as many others I might name. It has been used for the largest public works in this colony, as well as in the Straits Settlements, Formosa, Shanghai and the North of China, and everywhere has given complete satisfaction as a true Portland cement, which it is. That is all, gentlemen, that occurs to me to say to you, and, uuless you have any questions to ask me, I will proceed to move the adoption of the report and accounts.
Mr. MICHAEL-1 see that $5,187.50 is to be placed to the reserve fund. I ask whether this is going to be mixed up with the other big re- serve fund which is the capital fund-money paid by shareholders, or kept to a special reserve fund P
up.
›
The CHAIRMAN-It has already been mixed
reserve funds ”
•
There being no further questions the CHATE MAN propose that the report and account, be-
Mr. G. MURRAY BAIN seconded. Carried unanimously
Mr. Fung WA UHUN, seconded by Mr. BABINGTON, moved that Messrs Ewens, Li Sing, C. P. Chater, C. W Dickson, and D. Gillies be elected Consulting Committee for the year.
Carried.
Mr. G. MURRAY BAIN moved that Mesurs F. Henderson and W. H. Potts be re-elected auditors.
Mr. MICHAEL seconded and the motion was oarried.
The CAIRMAN-That is all the business. gentlemen. Dividend warrents will be issued on Monday. I thank you for your attendance,
LUZON SUGAR REFINING CO. LTD.
The eighteenth annual general meeting of the shareholders in the Luzon Sugar Refining Co., Ltd., was held on on the 3lat ult. at the Office of the General Agents (Messrs. Jardine, Matheson and Co.), Hon. J. J. Keswick pre- siding: The other gentlemen present. were : Messrs. D. Gillies and J. H. Lewis (Consulting Committee), W. A. Cruickshank (Secretary), W. H. Gresson, G. H. Potts, A. Brook-Smith, J. R Michael, P. A. Barlow, Choa Chee Bee.
out cement of inferior quality it is true, on consignment to be sold at any price which will leave the charterers a shilling or two over for freight. Unfortunately for us, though not so for the colony in general, steamers, for we have next to no chances by sail, are of leaving here in groat want of cargo, and we are freight not quite at as good an advantage as cement makers at home. On the other hand we can give better value, as the colonies seem to be a favourite dumping ground for bad cement which has been rejected by contractors at home as unfit for their works. Besides the outlets I have mentioned, we anticipate a large da mand for gement in the colony for the building of the new Naval Dock, &c. Naturally enough the authorities at home were prejudiced in favour of the home article, but we made special efforts to satisfy the Admiralty, both directly and through our agents in London, as to the perfect fitness of our cement for their purposes, and hope we have overcome their doubt in the matter. But it is not with them but with the contractors who have secured the contract for the work, and whose representative is now on his way out here that we have to deal. I may say that as soon, as it was known to which firm the contract was given we com- municated with them by wire, and have the Mr MICHAEL-Why I make this remark is reply from our London agents that the con- because in case of any falling back of the pre- tractors, Messrs. Punchard, McTap gart, fits I don't think it is right to fall back on the Lowther & Co. were favourably disposed, but capital reserve fund. that we must await the arrival of the engineer The CHAIRMAN-You propose, to make two in charge of the work. If, as we trust, we may
No, that would not do. succeed in obtaining the contract for this Mr. MICHAEL, proceeding, said that in cement, or at least a portion of what will be re-regard to the profit and loss account he found quired for the new dook, it will give us a good they had brought forward a ba ance-from 1898
The CHAIRMAN said—Gentlemen: I may in start, as it is estimated the works will take of $50,317. There was no dividend last year about 400,000 barrels in all during the next four and the chief plea was that they required the the first place express my regret that the report years, that is to say about the whole of the pre- money for the works at Hok Un. The share-and accounts were only circulated among you on the 29th inst.; this was due to the fact that sent output at Hok Un. That is all, gentlemen, holders were dissatisfied. They thought that I think as to the future. The prospect seems this was capitalised now. They found that it the accounts from Manila were received on the to me a very good one indeed, but it is never was brought forward and mixed with 1899, and 27th idem, for reasons which at present are not safe to prophecy unless you know, so I will say it had an effect on the value of the stock. His quite clear to us. You will no doubt consent to no more on that subject. Now as to accounts. idea was that this was unfair and nujust. He fake them as read, in the usual manne You will see that on 31st December we owed thought some other system should be adopted and I regret that, owing to the circumstances mentioned in the report, the results are un- our bankers some $200,000, which will be raised in future. ' on payment of the dividend of $50,000 to over
satisfactory. When addressing you at the last $250,000. We therofore require at least
annual meeting the Chairman mentioned that $50,000 at once to pay off out indebtedness as
work was started in Jannary, but that after a well as
further funds to build more kilns in
month's running it had to be stopped, owing to case of our having to supply the cement for the
the scarcity of raw supplies, and I regret to say new dock, we could not do with our present
that for the same reason it proved impractic- installation without neglecting our regular cus-
able to re-open the Refinery again during the tomers and spoiling our business. We estimate
eutire year. A small stock of refined sugar that to build four more kilns and lay dowù the
remained on hand, and this was disposed of during the year at favourable rates, which necessary extra grinding machinery will require some $300,000 more, so that we can easily do
tended to minimise the inevitable loss. At the with double our present capital. Not only
last annual meeting you will recollect that this, we have a valuable asset in our land,
the Chairman also mentioned that active hostili- especially in the strip bordering on the
ties had then recently been going on in the road between the Docks and Kowloon City, anything else being done. He doesn't propose neighbourhood of Malabon, and that there was and we could utilize some of it and make a to do anything else, I believe. profitable investment by building Chinese houses and renting them on that road. You see we have ample use for more than another $500,000, and we therefore propose to raise this amount by the issue to shareholders at par of 50,000 new shares of $10 each fully paid up We could, of course, place these shares at a good premium but the premium would be paid by you with your own money, and would be capital just the same, so there is no reason why you should not receive scrip for it. To effect this increase of capital, the usual extra- ordinary meeting will be called, of which, due notice will be given you. You will notice that, thanks in a great measure to the energy of Mr. Witchell, the brick and pipe works at Deep
The CHAIRMAN said he was very much obliged to Mr. Michael for his remarks but he was beyond the facts. The matter was brought forward at the meeting last year and they could not write it down any other way. The $50,317 he referred to was accordingly brought forward to this year's profit and loss account It was beyond his (the Chairman's) power to alter it. He could not undo what the share. holders agreed to last year.
Mr. MURRAY BAIN-Would Mr. Michael give us any instance in which a company does not carry forward its balance of profit and loss to next year's account? I cannot understand
Mr. MICHAEL-I don't see it.
The CHAIRMAN --I am much obliged to you for expressing your opinion, but you agreed with the other shareholders last year that that should be done with the money. I cannot alter what was done last year and I am bound to deal
-
some anxiety as to the sa
safety of the staff and Mr. MICHAEL-In this instance not a cent was premises. I am pleased to say that no serious paid to the shareholders, and instead of paying consequences resulted to either, though the posi- a divided it was decided to carry forward a bation of the staff who elected to stay through the lance which is absorbed in the company's funds, fighting was an extremely unpleasant one for The CHAIRMAN said Mr. Michael's conten- many weeks. Turning from the past year to the tion was simply a quibble, and he was wasting present, I am pleased to say that the prospects the time of the meeting. Mr. Michael saw in at the moment are somewhat bright, and that last year's account that it was carried forward a sufficient supply of raw sugar seems so pro- resuming work, which and he ought to have stated his mind at that bable as to warrant us in
we hope will commence in the course of a week time,
or two. I regret to say that our manager Mr. Waghorn, who has been in indifferent health for months past, has resigned his post, but we have arrange for a competent substitute to proceed to Malabon, to take up his duties Although we have arranged to begin work is at present by any means assured, as until the Philippines have settled down under American occupation, the acquisition of steady supplies of raw sugar will probably be precarious and the outlet for refined sugar uncertain, because we shall be more or less dependent upon local The CHAIRMAN-I am sorry I can't satisfy demand. Before proposing the adoption of you, and as Mr. Gladstone said, 1 am not re-report and accounts I shall be glad to answer any sponsible for any understanding which God questions regarding them. Almighty has placed in another man's head. (Laughter). I could not capitalize that as you say, nor do anything else than bring it forward tooredit of profit and loss account.
80er Bay are at last paying their way, and I with the accounts according to the wishes of again shortly, I cannot say that the future
no reason why, as our pipes and bricks become better known, this improvement should not continue: At Macao, work has gone on efficiently and constantly throughout the year, with the exception, of course, of the usual interval for cleaning up and repairs. When the fourth new kiln has been erected there, and the last of the old vertical kilns have disappeared, we have done about all that is possible to get the works there into line with Hok Un and to make them a very important adjunct to the factory. I am almost ashamed to refer again to the question of quali- ty, but I feel bound to do so as there are still people who cannot get it into their heads that Portland cement is only a name taken from the favourite name for good building stone at home,
the shareholders. (Hear, hear.) The money appears as a balance at credit of profit and loss I am afraid you don't grasp the difference be tween the items.
Mr. MICHAEL—I can quite understand this. That money is absorbed and spent.
Mr. MICHAEL said they left it to the general
the
same time mangers to guide them, but at they had some complaints from certain share. holders for not giving them a dividend.
tho
No questions being asked, the CHAIRMAN pro- posed that the report and account be adopted.
Mr. Lewis feconded. Carried.
On the motion of Mr. MICHAEL, seconded by Mr. POTTS, Messr Gillies and Lewis we elected on the Consulting Committee.
On the motion of Mr. Barlow seconded by