202
CHANGE DOINGS.
The morrow of February Settlement,
Hongkong, 1901.
THE HONGKONG WEEKLY PRESS AND
holders cannot be tempted to part, as the majority of them have paid high rates for their shares.
[March 9, 1901;
still is the remuneration of the Board. Indeed, from one point of view, and that a very prac- tical one, it has not even stood still this China Sugars. It is always the unexpected respect but has receded. $7,000 in this twentieth In spite of the intervening hinese Now that happens with these shares. For some time century, with exchange at 28, is not what $7,000 Year Holidays, exceptional activity has pre-past it was generally known that the company used to be in 1874, when exchange was at 48. 3a. vailed on the Rialto in the past month, the had had a bad year, and that hardly any dividend We do not wish to take credit to ourselves business done being of a varied and general may be expected. This impression naturally for the profitable outturn of the underwriting character, and all good investments claiming had the effect of keeping the shares in the back-account. Beyond laying down very broad more or less attention. Facilities also were ground, and even venturesome spirits fought lines, the Board does not interfere rith
than heretofore,
the other hand, the top risk but the terms demanded may still be considered
the responsibility of somewhat stiff. The chief feature of the month
seeing that you have competent men to do has been the steady and increasing non-local
this part of the business rests finally with the demand for sound securities, indicating that
Board, and the care of your very consider outside capital is being attracted and finds a
able funda is more especially their department. good market here.
I may mention that out of the 192 proxy forms I have here, only 20 are from shareholders in Hongkong. It seems, therefore, that Hong- kong shareholders have not generally exercised the option of appearing by proxy. Apparently also, when it comes to the point, they have not thought it necessary to be present in person in any large number. I have no doubt that in this as in most cases the small attendance indi- cates general approval of the proposition. Gentlemen, I now propose the resolution, namely That in Article 91 the figures “$7,000" be eliminated and in place thereof the figures "$12,000"-be inserted.”
The settlement, a comparatively small one, had, owing to the Races, to be gone through piecemeal, but passed off without the slightest hitch. The upward movement in the early part of the month was maintained all through- out the month, and substantial advances may be noted all round, while realisations over the settlement showed margins on the right side.
Banks were taken off the market in very large quantities for the North, leaving very few cash shares in local hands and causing a rise from 350 per cent. cum div. to 348 per cent. ex div., and very scarce at that. On time, a few lots changed hands for March and April, the highest price paid for the first month being 355 per cent. ex div. The meeting of shareholders took place on the 16th ult. The Chairman's proposal, to pay to the staff 10 per cent. bonus on their salaries, was deservedly received with general approval by all present, for a more hard-working, zealous, and courteous staff it is certainly hard to find. Both the chairman and the seconder of the report alluded to the great importance of strengthening the Reserve Fund. In this view, of course, they may rest assured they have the unanimous support of the whole body of share holders, but, after making the necessary provis- ion for that purpose, it does seem to the lay mind, that the amount “carried forward is & little out of proportion, as compared with the amount paid in dividend, and that a slightly better bonus night have been given to the share holders out of it.
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Insurance shares still remain neglected, only a few small lots changing hands, viz. China Traders at $55, China Fires at $84, and Hong- kong Fires at $315. I cannot understand why these securities receive such scant atten- tion from investors, as some of them, such a8 Unions, Hongkong Fires, China Traders give really handsome and safe returns at their present values.
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Dock shares have been the dominant stock of the month. After the January settlement, when they closed very firm at 630 per cent,, they kept advancing very rapidly, and in a few days rose to 655 per cent., when there was a slight reaction, the rate falling back to 645 per cent., and shares remaining on offer without meeting with any response. As the day of the meeting (25th), however, drew near, a demand for shares again sprang up, gradually forcing the rate up to 650 per cent. ex div., and, at the close, is still unsatisfied. A fair business was also done on time, up to May, at different rates. The share- holders hailed with satisfaction the decision of the Directors to increase the bonus by 4 per cent, which was as unexpected as it was wel- come. It was, of course, well known that the Company had had a remarkably good half-year, but it was thought that any increase in the bonus would come after the sub-division of the shares had become an accomplished fact.
In the Shipping line a very large business has been done. Indo-Chinas were booked for the North, which was a keen buyer of cash shares and paid as high as $118, this being the top point of the month. On time, too, a fair number of shares changed hands locally, $117 to $119 for March, $118 to $121 for April, and $120 to $122 for June having been paid. Latterly, a weaker feeling is apparent, shares offering at $116 not meeting with any response. Steamboats also came in for a fair share of attention, touching $351 ex div., but the demand soon died out, and the price fell back to $34, sellers. A report got about that a return of a portion of the capital was contemplated by this Company, but it turned out to be premature; the idea did not seem to find favour in leading business circles. Douglases have advanced from $45 to $48, but
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pany has not been so unfortunate, but has in | on fact done very well, particularly in exchange, and a good dividend may be confidently looked forward to. The proposed increase of duty in Japan, to which I alluded last month, has also, for the present, enabled the Refinery to work its full capacity. There is, therefore, quite a boom in these shares, and they have risen from $122 to $136.
Kowloon Wharves, after wavering between $92 and $94, close with a strong enquiry at $95.
Hongkong Lands, in the early part of the month, tonched $202, but gradually weakened and fell back to $194. They have now again recovered, there being buyers at $199. A good many shares were booked on time as follows: $202 to $295 for April; $203 to $206 for May; and $207 to $200 for June.
Hongkong Hotels have been quiet but steady, a small business having been done at last quota-carried. tion.
There is no change to note in the follow- ing shares: Cements, Electrics, Humphreys Estates, West Points, Watkins, and Watsons, in all of which some small business has been done.
Mining. Under this head business is almost at a standstill. The Punjou Company has made a call of $1 per share, which has been met by the shareholders, but with a rather heavy heart. The Directors of the Jelebu Company have decided to increase the capital by a now issue of 15,000 shares, at par, thus bringing up the total number of shares to 60,000. It is doubt. ful, however, whether the majority of share holders will think it worth their while to apply for this new issue, as shares are obtainable at par in the open market. Raubs have ex perienced a rather heavy drop, from $47 to $374, but close firmer at $38.
ESA.
UNION INSURANCE SOCIETY OF
CANTON, LIMITED.
On Thursday, the 1st inst., at noon, an extra- ordinary general meeting of shareholders in the above company was held at the Society's head office, No. 1, Queen's Buildings, for the pur- pose of submitting the following resolution:-
That in article 91 the figures '$7,000' be eliminated and in place thereof the figures
$12,00' be inserted.".
Mr. R. L. Richardson presided, and there were also present Messrs. N. A. Siebs, G. H. Med hurst, C. S. Sharp, J. A. Mackay (directors), W. J. Saunders (secretary), A. G. Wood, J. H Cox, H. W. Slade, A. Finke, J. C. Petar, A. B. Rouse, C. P. Hay, C. M. Burnie, H. J. M. de Carvalho, and J. A. de Carvalho.
The SECRETARY read the notice convening the meeting.
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The CHAIRMAN said:-Gentlemen: You have no doubt all of you seen and read the circular which was sent to shareholders on the 1st November last, giving the facts and figures on which we base the proposal now before yon, and I need not recapitulate them here. Ample time was purposely allowed for shareholders in all parts of the world to express their views on the question, and I am happy to say that, while we have received proxy forms from 192 share holders representing some 2,275 shares, in many cases accompanied by letters approving of the scheme, we have heard not a word in opposition to the proposal. The progress of the Society has been steady and con tinuous. During the 25 years which have passed since the remuneration of the Board was fixed at $7,000, the whole of your reserves have been built up, your paid-up capital has been doubled, your annual premium receipts have increased to quite respectable dimensions, and your assets to the large total of $5,000,000. The annual dividend has also steadily increased, and the only point in which the Society has stood
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Mr. PETER seconded and the motion was
The CHAIRMAN announced that the resolu tion would be submitted for confirmation a3 & special resolution at a subsequent extraordinary general meeting to be held on Tuesday, the 19th March.
HONGKONG FIRE INSURANCE CO., LIMITED.
wero
The thirty-second ordinary annual meeting of shareholders in the above company was held at the office of the company, Pedders Street, on Wednesday, the 6th inst., at noon. The Hon. J. J. Keswick presided, and there also present the Hon. C. P. Chater, C.M.G., Messrs. J. A. Mackay, A. J. Raymond (Con- sulting Committee), G. T. Veitch (Secretary), the Hon. J. Thurburn, J. C. Peter, A. Parlane, A. Turner, W. J. Gresson, G. L. Tomlin, R. C. Wilcox, G. C. Anderson, E. C. Emmett, Ho Fook, Lo Cheung Sin, J. A. Chinoy, A., H Chinoy, F. A. Gomes, and B. Byramjee.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN faid-In presenting to you the report and accounts, which, with your permission, wo will as usual
ce as read, the General Managers and Consulting Committee regret they are not, so far as concerns the 1899 account, quite so satisfactory as those presented at our last annual meeting, for although the balance of the 1899 account at this period last year was considerably in excess of previous years, the unexpired risks an off badly. Serious firos occurred at some of our agencies, involving the company in heavy losses, among them being several which could hardly have been looked for, notably the burning of the fine now promises of the Hongkong and Shanghai Banking Corporation in Peking and of other buildings in Tientsin. In Shanghai fires were of constant occurrence during the whole of last year; in many of these the com- pany was more or less interested, so that when the year's account was finally closed the result was disappointing, the losses on the year's working amounting to $187,612.29, or 59,01 per cent. of the premia income, as against 38.34 per cent. for the previous year, and the balance available for present appropriation $204,651.70 as against $244,411.96. I trust the proposed method of dealing with the year's pro- its meets your approval. We should have liked to augment the reserve fund by adding thereto the maximum amount allowed by our Articles of Association, but seeing the respect- able figures this now stands at, it was thought the provision of a sum sufficient to bring the fund to over 11 lakhs, paying the usual 10 per cent. to contributors and a dividend of $24 per share, would meet the present occasion. As regards the working of the 1900 account, so far we have reason to be satisfied therewith, the loases paid and in course of settlement compar ing favourably with those for 1899 to a similar date; the balance carried forward, to which will