March 9, 1901.]
be added further premium since received, is somewhat in excess of last year, and I can only express the hope that our liabilities on un- expired risks will ran off without such a succession of heavy losses as was the case in 1900. I have pleasure in stating that our surveyõr's reports on the varions pro- perties under mortgage to the company show ample margins over the sum advanced. I shall be very pleased to answer any question any shareholder may wish to ask before propos- ing the adoption of the reports and accounts.
CHINA OVERLAND TRADE REPORT.
not exceeding $3,000 per annum for office rent and salaries of clerks."
Mr. Murray Bain seconded, and the resolu- tion was carried unanimously.
The CHAIRMAN-I have to thank you, gentle- men,
for your attendance.
HONGKONG STEAM WATER
BOAT CO., LIMITED.
209
Interest account
come to a certain extent shows a steady increase, and we look forward to an even greater improvement during the current tion, which must be considered satisfactory. year. Charges and commissions show a redue- Losses are in excess of those shown in our last report; not that we can point to particularly heavy claim, but rather succession of moderate losses which in the aggregate total the sum of $75.452.16. The claims incurred since the 31st – December. $1947.68 falle on the 1900 account, I will amount to £31,302.55 of which the sum
now conclude by moving that the Directors' 1900 as presented be adopted. After this has report and statement of accounts for the year Gentlemen.--As you are aware, this is only
been seconded, I shall be pleased to answer any a formal meeting required by law to be held questions that may be put relating to business within four months from the registration of
before the meeting. a Company. I may tell you, however, that the
Mr. Wilcox seconded, and no questions hay- Company has been doing well. The new boats ing been asked, the motion was carried. we are building will be ready soon, when I hope Sharp and Witkowski as directors was con
! The appointment of Messrs. Shewan, Slade, we shall be in a position to meet the require-firmed, on the motion of Mr. TURNER seconded The CHAIRMAN-Gentlemen, that concludes monts of our supporters. Thanks for your, by Mr. VEITCH.
There being no questions, the report and accounts were adopted, on the motion of the CHAIRMAN, seconded by the Hon. J. THUR
BURN.
On the motion of Mr. PETER, seconded by Mr. TURNER, the Hon. C. P. Chater, C.M.G., Messrs. J. H. Lewis, A. J. Raymoud, F. Maitland, and J. A. Mackay were re-elected Consulting Committee.
On the motion of Mr. WILCOX, seconded by
Mr. TOMLIN, Messrs. Fullarton Henderson and W. Hutton Potts were re-elected auditors.
the business of the meeting. Warrants will be ready to-morrow. I am much obliged to the shareholders for attending.
HONGKONG HIGH LEVEL TRAM-
WAYS CO., LIMITED.
Was
The statutory meeting of the above Company was held at noon on Thursday at the Company's offices, No. 20. Des Voeux Road. We have been furnished with the text of the Chair: man's statement, which as follows:-
attendance.
I
Messrs. Siebs and Moses were re-elected di- rectors, on the motion of Mr. DẸ CHAMPEAUX,
THE CHINA FIRE INSURANCE secondel by Mr. PETER.
CO., LIMITED.
t
The thirty-second ordinary meeting of share. holders in the above Company was held at the Company's Offices, No. 3, Queen's Road en'ral, sided, and there were also present Messrs. N. on Thursday afternoon. Mr. A. Haupt pre- A. Siebs, D. M. Moses. C. 8. Sharp, H. W. Slade (directors), G. L. Tomlin (secretary), G. de Champeaux, R. C. Wilcox, G. T. Veitch, T. H. Reid, A. Turner, J. C. Peter, C. Palmer, T. D. Guedos, A H. M. Silva, and Chan Pat. the meeting.
The SECRETARY read the notice convening The CHAIRMAN said-Gentlemen:
The
Messra. J. H. Cox and W. Hutton Potts were re-elected auditors, on the motion of Mr. PALMER seconded by Mr. REID.
The CHAIRMAN-That is all the vusiness ba. fore the meeting. Dividend warrants will ba posted this afternoon. I am much obliged for your attendance.
SUPREME COURT.
Monday, 4th March.
IN ORIGINAL JURISDICTION.
BEFORE HIS HONOUR Sir John Carring- TON, C.M.G. (CHIEF JUSTICE ), AND A SPECIAL, Jury,
HERBERT PRICE, TRADING AS H. PRIČE AND CO., V. LUM SIN SANG.
In this case the plaintiff prayed that the de- fendant might be ordered specifically to perform an agreement and to grant a lease to him in. accordance with the terms of the said agreement. Messrs Johnson, Stokes, and Master) appeared Mr. H. E. Pollock, K.C. (instructed by for the plaintiff, and Mr. J. J. Francis, KČ. (instructed by Messrs. Monnsey and Brutton) - for the defendant.
!
män) A. Denison, J. M. Beattie, F. H. A. The jurors were Messrs. Thos. Arnold (fore- Fuchs, R. G. Shewan, R. K. Leigh, and A. Shelton Hooper.
Mr. T. F. Hough's name was called, but he was excused on his stating that he was employed on certain Government work, which, if he appeared in the box that day, must be neglcoted.
An extraordinary general meeting of share- holders of the above Company was held at the offices of the Company, 38 and 40, Queen's Road Central, on Wednesday, the 6th iust., at noon, to consider a resolution passed at an extraordinary general meeting of the Company held on the 18th February. Mr. Hart Buck occupied the chair, and there were also present Messrs. C. Ewens and C. W. Dickson (Consulting Committee), H. Humphreys, J. A. Jupp, G. Murray Bain, A. H. Mancell, J. A. Tarrant, R. H. Potts, H. Sut-directors' report and statement of the Com- ton, J. M. Wong, and W. C. Taylor (secretary). pany's accounts for the past year having The SECRETARY read the notice convening been in your hands for over three weeks, the meeting, and
The CHAIRMAN said-Gentlemen: At the
I will, with your permission, now take them last meeting at which this resolution
as read and proceed to make such remarks pas ed, I think I explained fully why we cou-
upon then as seem called for. I am pleased sidered the time had now arrived when we
to say that the year 1899 has run off leaving might justly revert to the scale of remunera-
the satisfactory balance of $143,412.79 to be tion which was decided upon when the Com-proval we proposз to apportion this sum as dealt with at this meeting, and with your ap- pany was formed. I might, however, add that follows, viz., $120,000 to shareholders, being the in 1891, before we took the general manage usual dividend of $6 per share, or 30 per cent. ment and financed the Company through its on the paid-up capital, $650 to contributors troubles, another influential Company was ap- of premia as a bonus, an item which is proached on the subject, and I find on reading gradually growing smaller year by year owing the old minutes of meetings that the terms to the fact that almost all premia is now on net named by them were in excess of what we now terms, and the balance, $22,762,79 to the credit propose. Before putting the resolution to you of extra reserve fund, which will then stand at I shall be pleased to give any further informa- 824,630.01. The losses paid in 1900 on account tion.
Mr. MURRAY BAIN-It might be well, for
of our 1899 policies were somewhat heavy, but the sake of the newer shareholders, to give a
one claim, that of the unfortunate destruction little more information about the terms for- Peking a year ago, will alone account for $ 3,000 of the H. K. & S. Bank's new premises at merly proposed, so as to give some basis on of the sum paid ont. The loss ratio for 1599 which to vote. I am one of the original share-works out at 57.70 per cent. as compared with holders, and know pretty well what has hap-78.88 per cent. for 1898. The addition to our pened, but a great number of the shareholders | extra reserve fund will, I feel sure, meet with know practically nothing of the history of the your approbation, for this is a fund from which Company,
in the case of a disastrous year's working you and therefore whilst we have an opportunity of may have to fall back upon for your dividend, strengthening the same, I am convinced that it is a wise policy to do so. Turning now to the statement of accounts, there is nothing in the balance-sheet which calls for remark, except that the item of $20,000 on mortgago at Amoy has since been repaid. It may also interest you to learn that the Company's surveyors have, as to us, and I am happy to say that irrespective usual reported on the properties under mortgage of the recent boom in land in the colony, safe margins are shown in each case on our advances. The working account for 1900 shows a smaller balance carried forward by $6,566.57 than the previous year, but it is hoped that when our profit exceeds that of the former period, liability has run off it be found that the
and thus reverse Premium
the present position. (1) A godown at No. 11, Queen's Road Cen- account shows ing off, which is accounted for by the re- to the 28th February, 1982, at a monthly rent a slight fall. tral, Victoris, aforesaid, from the 1st May, 1900, insurances being somewhat heavier this year of fifty dollars, free of taxes, and than last, a precantion on the right side which will commend itself to you, and also, no doubt, the trouble in the North has curtailed our in.
:
The CHAIRMAN-I find in the minute book a report of a meeting held in 1891, at which Mr. Murray Bain was present and at which the following terms were proposed to be charged by an influential local company for taking up the general management: “To receive five per cent. of the gross earnings; a minimum remuneration of $2,500 per annum, which will include office clerks, but not stationery or other charges. In addition to the above remuneration, this Company to take one-quarter of the nett profits after they (the nett profits) amount to seven per cent, and one half after they amount to ten per cent." That, I think, is as much as it is neces- sary to tell you.
* Mr. MURRAY BAƒX-Thank you.
The CHAIRMAN then put the subjoined re- solution to the meeting: That Article XII. of the Articles of Association be cancelled and that there be substituted therefor the following article 12-The remuneration of the General Managers shall be a commission of five per cent per annum on the gross earnings of the Company, and in addition thereto an allowance
i.
The Foreman intimated that before the vase commenced the jury would like to have an allowance at the rate of $10 a day each.
This was agreed to.
Mr. Pollock-The plaintiff in this case Mr. Herbert Prico-
Mr. Francis-Would your Lordship have the pleadings read in the first instance P
read the pleadings.
His Lordship-I think it would be best to
pleadings in this case before opening. The
Mr. Pollock-I will read to you first of all the / petition of the plaintiff is as follows:-
at No. 12, Queen's Road Central, Victoria, in 1. The plaintiff is a wine merchant trading the colony of Hongkong, under the style or firm name of H. Price & Co.
the Portuguese colony of Macao.
2. The defendant is a gentleman residing in
agreement was concluded between the plaintiff 3. On or about the 25th day of April, 1920, and the defendant, whereby the defendant agreed to grant to the plaintiff a lease of the following following rents; namely: premises for the following periods and at the
(2) The premises at No. 12, Queen's Central, then occupied by the plain said business of H. Price & Co, for