June 2, 1902.]
S. WATSON & CO., LD.
The seventeenth annual ordinary general meeting of shareholders in this Company was held at the offices, at eleven o'clock yesterday forenoon. Mr. Hart Back presided, and the others present were-Messrs. E. Osborne, J. A. Tarrant, J. S. Harston, E. Georg, J. A. Jupp, G. H. Potts, J. F. Williams, J. H. Lewis, and A. H. Mancell (Secretary).
The notice calling the meeting having been read,
The CHAIRMAN said—Gentlemen, the report and statement of accounts have been in your hands since the 21st instant, so with your permission I will, as usual, consider them as read. You will notice that the total of our stocks-in-trade has increased during the year by $149,484.42. The increase has been a general one ad is spread over Hongkong and all our European branches. As the goods were imported last year at better rates of exchange than have as yet prevailed this year, these full stocks should prove beneficial, as they have enabled us to considerably reduce our imports this year. Amongst our assets three new pro- perty accounts appear as follows:- Section E.LL. No. 19 and the
buildings thereon
...
ป
·
$60,000,00
San Jacinto land and building,
Manila...
31,284.51 Property at Iloilo, Philippine Islands 12,834.64 The buildings on Section E.I.L. No. 19 are occupied by our warehouse and wholesale departments and as we had an advantageous chance to repurchase instead of leasing, we considered it best, supported by the advice of the Consulting Committee, to do so. The San Jacinto land and buildings were purchased so as to secure a permanent site for our Manila soda water factory when we were obliged to move it away from the Escolta. However, later on we were enabled to remove the factory back to the Escolta, and the San Jacinto property is now let at a profitable rental pend- Ing its advantageons sale. The property at Iloilo was acquired for the purpose of opening a business there, the site being an excellent one for doing so, but later, owing to the unsettled state of that portion of the Philippines, your General Managers and Consulting Committee decided not to go on with the scheme, and we are at present negotiating for the sale of the property. Section A. of I.L. No. 17 with the Buildings thereon does not appear in the accounts now before you, as it was sold during the year at its book value and subject to a short lease of it to us until we are able to get into our new premises, now under construction on the Praya reclamation. As mentioned in the Report, Section A Kowloon I.L. No. 530 and Kowloon I.L. No. 551 were sold during the year, yielding a profit of $19,025.87. On the Remaining Portion of Kowloon I:L. No. 550, with the approval of the Consulting Committee, and as referred to at the last general meeting, we are erecting com- modious premises, and, these will be opened for business later on. Our profits for this year to date have naturally been lessened to a certain extent by the fall in sterling exchange, and this reduc- tion cannot be altogether compensated for by raising prices which in many ins'ances it is inexpedient to do. The fall in exchange also adds to our working expenses considerably where these are on a sterling basis. We hope, how ever, to make up for these exchange losses by doing a larger business, and so far the returns this year show a satisfactory increase over: those for the corresponding period of 1901. At our last general meeting, we mentioned that the necessity for an increase of the Company's capital had been obviated for the time being owing to sales of property having taken place yielding a good profit over, book values. This condition of affairs still holds good, but it requires much care and foresight to keep our necessary purchases within the purchasing exist -power of ́ ́ the business with the ing capital available, and as our trade ex- ands, it may not be possible to continue to do 80. Mr. H. P. White, recently resigned from the Consulting Committee and Mr. J. H. Lewis was invited to re-occupy and has accepted the vacant seat. This appointment requires--your confirmation at this meeting. If there are any questions, gentlemen, you
CHINA OVERLAND TRADE REPORT.
may wish to ask, I shall be pleased to answer
them.
419
the steamer gradually overtaking tho junk, till they were between haff and three-quarters of's There were no questions, and on the motion mile to the south of Tathong Point on Lam. of the CHAIRMAN, seconded by Mr. E. GEOвG, | tong Island. The bow of the Kate had by this the report and statement of accounts as present-time got to within half a length of being levai ed were adopted.
The CHAIRMAN next proposed the confirma- tion of the election to the Consulting Com- mittee of Mr. J. H. Lewis,
This motion was seconded by Mr. TABBANT and carried unanimously.
The re-election of Mr. F. Maitland as auditor for the ensuing year was proposed by Mr. Jupp, seconded by Mr. Ports, and agreed to without opposition.
The CHAIRMAN-That is all the business of the meeting, gentlemen. I am much obliged for your attendance. Dividend warrants will be ready on Saturday, 31st inst., at 11 a.m.
SUPREME COURT.
Tuesday, 27th May.
IN SUMMARY JURISDICTION. BEFORE HIS HONOUR T. SARCOMBE SMITH (ACTING PUISne Jupor.)
THE KWONG LEE v. CHAN MING CHI AND
TONG THIT CHO,
|
with the stem of the junk and the Kate was abont to pass the junk at a distance of about 100 yards clear on the Kate's starboard side. The junk then suddebly turned to port, across the course of the Kate. The helm of the Kate was immediately put hard a-starboard but the junk- continued turning to port and her main- sail jibed over to starboard; her foresail was also observed to be to starboard. The junk came, on so rapidly towards the Kate minute or thereabout after that within a leaving her westerly course her starboard bow struck the starboard side of the Kate abreast of the mainmast." The Kate's helm was kept bard a-starboard till the collision. - The junk made a large hole in the Kate, extending almost to the water-line and inflicted other sérious injuries on the Kate. The sea immediately began to wash into the Kate, which was in imminent peril of foundering and would have done so but for the prompt measures taken by her crew to save her. The junk, being an overtaken vessel, neglected to keep her course as required by Article 21 of the Regulations for preventing collisions at sea. The helm of the junk was improperly starboarded and improperly kept to starboard. There was no proper look out main- stained on board the junk. Those on board the junk neglected to take the precautions required by Article 29 of the said Regulations,” The collision and consequent damages were caused by the reckless and improper navigation of those on board the junk.
In the Bankruptcy Court on 30th April, upon the application of Hung Mak Hol, oreditor of the Po Hing firm, an order was issued by the Chief Justice to the effect that the Kwong Lee, 100, Connaught Road, and the Ya Tak Shing, 18, Bonham Stroud, do have leave under section 6 of Ordinance No. 6 of 1892 to commence actions against Chan, Ming Chi and Wong Shiu Cho with a view to ascer- taining whether such persons; or either of them, are liable to the Kwong Lee or the Yu Tak Shing as partners in the Po Hing firm. In consequence of this order the above test case was called.
was
Evidence was taken, and the case afterwards adjourned.
BEFORE
8.8.
46
Wednesday, 28th May.
IN ADMIRALTY JURISDICTION.
HIS HONOUR T. SERCOMBE SMITH (ACTING, PUISNE JUDGE),
KATE
10
v "SAN HOP CHEONG" JUNK This was a consolidated action for damages in respect of a collision which ocurred on 28th February last near Ninepin Islands, as the ships were approaching Hongkong from the north. Mr. E. H. Sharp. barrister-at-law (instructed by Mr. J. Hastings, solicitor), appeared for the Kute; and Mr. M. W. Slade, barrister-at-law (instructed by Mr. F. X. Almada e Castro, soli- citor), for the Son Hop Cheong.
The nautical assersor was Liut. F. W. H. James, R.N., H.M.S. Tamar, King's Harbour
Master.
WHB од
In their answers the owners of the Kate stated that that vessel is a screw steamship of 2,224 tons register and owned by E. A. Jasbitz of Trieste. At the time of the collision she was on a voyage from Moji to Hongkong with a The San Hop Cheong is a cargo of coal. Chinese-owned three-masted junk about 120 feet in length and at the time of the collision a voyage from Amoy to Hongkong and was laden with salt. About 9.30 a.m. the 26th February, 1932, the Kate on was about two miles to the south of the Ninepin Islands whence she took a westerly to pass to the southward of course so. as Lamtong Island outside the Lyeemun entrance to the Harbour. She was going as the rate of about 7 miles an hour. A good look-out was being maintained on board her. The weather was fine and clear, the sea was choppy, and a strong wind was blowing from about E. N. E., which freshened as she approached Lamtong Island. Soon after passing the Ninepin Islands the Kute cleared a group of Chinese fishing vessels, whereupon the captain and others on board observed a junk about half a mile a head and slightly on the s'arboard bow proceed ing in the same direction as the Kafe. The junk was running before the wind, and proved to be the San Hop Gheong. The Kate and the junk kept on their parallel westerly courses,
In his answers the owner of the junk stated that on the day in question the junk had left San Mun Island before sunrise, had passed to the west of the Ninepin Islands and had borne when a steamer, which subsequently proved to away as nearly before the wind as was safe, be the Kute, was sighted, about on her port. quarter from a mile to half a mile distant. * At that time and up to the time of the collision the jank was proceeding under mainsall and foressil only, both being to starboard. Her speed was about five miles and that of the Kate about eight. The courses of the two ships were con- verging and the Kate rapidly overlook the junk. When the junk was about the middle of the Tathong channel the Kate had drawn up almost to her beam and was about 100 yards clear. The on her whistle Kate then gave one blast
her original and appeared to continue on course for a short time and then alter course to starboard so as to oross ahead of the junk. The junk was kept on her her course, until it was apparent that if she continued on her course a collision would be in- evitable. She was then luffed up sharply with Kate, but was unable to clear her and struck the intention of passing under the stern of the the starboard side of the Kate about 50 feet considerable damage was caused to both vessels, from the stern with her starboard bow, whereby but the Kate was in no immediate danger in consequence of the collision. Neither bafore nor after the collision did the Kate slacken her she took no steps to assist the junk or to speed, stop or reverse, and after the collision ascertain whether she were in any danger or need of assistance but continued on her course at full speed. The Kate did not keep out of the way of the junk; she improperly crossed ahead of the junk, having ample room to pass under her stern; she did not in approaching the junk slacken her speed or reverse. The owner of the junk claimed damages for the injuries done to his vessel.
Kate,
In reply the owners of the Kafe stated, with reference to what took place after the collision, that the engines were slowed down and she was junk as soon as she was clear of the Kate about to take steps to assist the junk, but the continued turning to port till she got back to her original westerly course and proceeded on her way to Hongkong. The master of seeing that the damage to the junk and high above the water-line in no danger or need of help, the injuries to his own ressed nature that he must at once place of safety proceeded só water and also to: bar per a view to beaching the Kate-il