predits best mod
Page
February 24, 1902.]
CHINA OVERLAND TRADE REPORT.
over there; for this purpose we sent over our superintendent, Mr. Klinck, who formerly managed a rope factory at Manila and is familiar with the country and the poople, to study the question, but his report has only confirmed us in the opinion we previously held that as compared with a factory here the dis- over there far outweigh the advantages advantages. The question of labour is of course much in favour of works in China, where
187
HONGKONG AND WHAMPOA DOCK CO., LD.
The following is the report of the board of directors of the Hongkong and Whampoa Dook Company to the ordinary yearly meeting of shareholders, to be held at the offices of the company, Queen's Building, Victoria, Hong- kong, on Monday, the 24th February, at
noon :-
Gentlemen,-The directors have now to sub- mit to you their report, with a statement of socounts for the half-year ended 31st December 1901.
per cent. to members of the s'aff will, without doubt, commend itself to every shareholder. It is indeed satisfactory to know the Bank is in a stronger financial position to-day than it ever has been, and to be assured the future g.ves every indication of continued prosperity. (Hear, hear.) The Anglo Japanese agreement just announced will undoubtedly tend to the preservation of peace and confidence in the Far East, and lead to increased enterprise
the best labour in the world is and trade, and with others the Hongkong and Shanghai Banking Corporation should cheap and plentiful, but that is not all greatly benefit. (Applause.) The Chairman the initial cost of a factory to-day would be has referred to the approaching retirement of at least four times as much as ours, which was of Sir Thomas Jackson, who has with such built nearly twenty years ago when land was signal success directed the destinies of the Bank cheap and when machinery could be imported for over a quarter of century, and I am sure at a rate of exchange which laid it down here shareholders will be in accord with any recogni- at half what it would cost to-day. Hongkong, tion the directors may make to mark their and too, is the finest distributing centre in the the shareholders' appreciation of his services.world, there being few places of importance we (Applause.) While wishing Sir Thomas many cannot reach by a direct steamer. The only years of health and happiness at home, I trust, advantage that we can sre that there might be as no doubt you all do, the directors will long in manufacturing in the Philippines is the retain the advantage of his advice and the chance of buying hemp on the spot a little benefit of his great experience. (Applause.) cheaper than we can, but this would be very With these remarks, gentlemen, I beg to second slight indeed. We are only forty eight hours' the adoption of the report and accounts.
steam from Manila, and as hemp is always The motion was put to the meeting and car-finctuating the 'olement of gambling comes in, leaving available for appropriation $1,094 895.02
ried unanimously.
Mr. J. S. VAN BUREN moved that Mr. E. Goets, who had been appointed to the Direc- torate, and Messrs. R. L. Richardson and H. W. Slade, who retired by rotation, be appointed
Directors.
Mr. R. K. LEIGH seconded, and the motion was agreed to.
Mr. C. PALMER moved that Messrs. F. Hen- derson and C. S. Sharp be re-elected auditors.
Mr. S. HANCOCK seconded, and the motion was agreed to.
Captain TILLETT proposed a vote of thanks to the Directors for the able manner in which they had carried on their arduous duties and worked for the welfare of the Bank during the past year. (Applause.)
"
The CHAIRMAN-I am much obliged on be- half of my colleagues and myself for the appre- ciation which has been shown of our services. Addison says,
'Tis not in mortals to command success. But looking at Sir Thomas Jackson I may sy we much doubt it; at any rate, we directors shall do our best to deserve it. (Applause.)
*
This ended the proceedings.
HONGKONG ROPE MANUFAC- TURING CO., LD.
The eighteenth ordinary annual meeting of shareholders in this Company was held at the office of the general managers, Messrs. Shewan Tomes & Co., on the 17th inst. at eleven, o'clock. Mr. R. Shewau (chairman) presided. and the others present were Messrs H. P White, A. J. Raymond, D. E. Brown (directors), R. C. Wilcox, Fung Wa Chün, and R. Henderson (secretary),
The notice convening the meeting having been read by the secretary,
The CHAIRMAN said-Gontlemen, The report and accounts having been in your hands for some days, we will follow the usual custom and consider them as ead. As we have pointed out in the report, the profit earned is considerably less than it was last year, the falling-off being acconute:Ï for by the high price at which hemp has ruled during the year, the effect of which has been to allow very much adulterated and low-cost rope to be used in certain markets where we were formerly able to sell at a good margin of profit. To meet this competition we have been obliged to reduce our price to the same level as that of our competitors, which in some cases has left no margin of profit at all. The price of hemp, which kept at an extra- ordinary height throughout the year, is at the present moment still higher, and as there seem few indications of a fall in the immediate future we can but look forward to a further curtailment of our sales, the cost of Manila rope having now reached a point that makes it practically pro- hibitive for some purposes, while for others it has now become more economical to use wire rope or Russian hemp cordage. The great change that has come over the condition of things in the Philippines has caused us to again consider the prospects of a branch factory'
and to obtain the lowest prices is as much a matter of chance as good judgment. I have gone into this question at some length in order to satisfy you that we are not ignoring the idea of an opposition establishment being started over there, and to explain to you as clearly as I can the reasons for the conclusion we have come to. Should opposition come we are fully prepared to meet it, but I can honestly say that I think it would be a very ill-advised venture. Although our business has increased it has not done so very rapidly, but has been At the present the growth of many years. time the consumption of Manila rope is checked and is actually falling off owing to its high cost, nearly three times as much as it was a few years ago, and it will be a long time before the demand overtakes our present output, which as you know was only last year increased by the addition of new machinery to nearly half as much again. I may here mention that our factory resumed work this morning after having been shut down since 14th December, an interval of nine weeks. If therefore we ourselves have to shut down from time to time through our inability to find markets for all we can make, I think it is very clear that there is no room at present for others in the trade. If there are any questions to answer before moving the adoption of the report and accounts, I shall be very pleas- ed to do so.
There were no questions, and on the motion of the CHAIRMAN, seconded by Mr. WILCOX, the report and accounts, as presented, were adopted and passed.
The next business was the election of a consulting committee, and on the motion of Mr. FUNG WA CHUN, seconded by Mr. WILCOX, Messrs. White, Raymond, and Brown were re- appointed.
Messrs. T. Arnold and F. Henderson were re-elected auditors, on the motion of Mr. BROWN, seconded by Mr. RAYMOND.
The CHAIRMAN-That is all the business, gentlemen; I am much obliged to you for your attendance. Warrants will be ready at once.
In consequence of careful and systematic investigations by the Japanese authorities regarding large quantities of loot rumoured to have been smuggled away from Peking to Japan, the authorities have been pursuing for some time most extensive searches, which are now hearing fruit In Hiroshima the searching of certain honses is still progressing. A Shang says that large quanti- hai Times wire ties of gold and silver bullion have been discovered concealed in the houses of a mer. chant named Tasado, who i is supposed had arranged with certain army people to dispose of their loot and share in the proceeds. quantity of incriminating documents have been seized in the house of General Yamaguchi, and other high military officers' houses are being searched." A quantity of silver bullion has bean discovered in the house of Colonel Awaya, at the town of Yamaguchi, and orders have been issued for the trial of the colonel by court- martial.
A
The net profit for the six months, after paying interest due and all charges, amounts to
$645,919.87
to which has to be added the balance
brought forward from last account 459,695,15
and
$1 105,645.02
from this have to be dednoted- Directors' fees... ...$10,000.00 Auditors' fees ...
750,00
10,750.00
The directors recommend that a dividend for the half-year of 10 per cent. or $250,000, and a bonus of 8 per cent. or $200,000, in all $450,100, be paid to the shareholders, bonuses of $20,000 to contributing shareholders, and $25,000 to the European staff, that $155,988.36 be written from the value of the Kowloon Docks, $23,787.07 from the Cosmopolitan Dock, and the balance $420,119.59 to be carried to the new account,
The total tonnage figures of ships of all kinds docked at our yards during the past half year show an increase of 5 per cent. on the corres- ponding half year of 1900. These figures are. for 2nd half 1900, 445,757, and for 2nd half of 1901, 469,375. This increase, however, is more than accounted for by the dockings of heavy war vessels, as merchant vessels' tonnage shows a decline of 4 per cent.
The progress of the erection of the new engine shops has been but slow. Electric- driven cranes have been put in hand for each of the three divisions of the new building and should be delivered this quarter. Tenders for driving the plant throughout the yard by electric motors are now under consideration.
Recently the anvil block, weighing 190 tons, for the large new steam hammer, was success. fully oast at Kowloon and is now in position. The erection of the hammer, &c., will follow and the Dook Co. will then be prepared to deal with the very largest class of forgings.
A plan of the proposed new dock of Kowleen has been in the hands of the Hongkong Govern- ment for several weeks. It is understood the question of the sale of the land for the proposed It is confidently expected site is still open. that the present Acting Governor, General Gascoigne, will not allow the conflicting claims of the War and Colonial Offices to stand in the way of the settlement of a matter which is one of great importance not only to this Company but to the Colony generally and that he will very shortly bring this long debated matter to a conclusion satisfactory to all parties concerned.
DIRECTORS.
The Honourable J. J. Keswick, Messrs. J. H. Lewis and E. S. Whealler having left the Colony, and Mr. P. Witkowski having resigned his seat, the Honourable J. J. Bell Irving, Messrs. H. P. White, G, H. Medhurst, and Ě. vacant seats at the board. The Honourable Goetz have been invited by the directors to the C. P. Chater, C.M.G., has been invited to join the board. These appointments require to be confirmed by the shareholders at this meeting.
In accordance with clause 78 of the Articles of Association the Honourable J. J. Bell Irving and Mr. E. Gosta retire by rotation, but being eligible, offer themselves for re-election.
Mr. D. E. Brown has been appointed Chair- man for the year
1902.
AUDITORS.
The accounts have been audited by Messrs, Thomas Arnold and Fallarton Henderson. The directors recommend these gentlemen for re-election.
R. SHEWAN, Chairman, Hongkong, 18th February, 1902.