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THE HONGKONG WEEKLY PRESS AND
conditions are demanded by the merest common { prudence. Si quid agas prudenter agus, et- respice finem gaya en aucient Latin maxim, and it holds good stil. How long would a business man last were he to act otherwise than with prudence? Let us profit by the experience of others: The ca-e of the local S S. Company I have already referred to above, but it cannot be too often repeated £8 a warning. This Company, from being in a most enviable position as he result of thought'ess expansion DOW finds itself in a life-and death struggle, while its shareholders, despairing about getting any dividend, know not from day to day when they may have to put up their shutters.
The road we should follow seems clearly indicated. After years of nursing and the expenditure of vast sums. our stablish- ment, thanks to a very hard-working staff, who fully deserved every cent of pay or bonus they received, has been brought up to a pitch of perfection which answers every reasonable call that is likely to be inade on it. Let well enough alone, and tinker not with any Utopian schemes. We cannot go wrong in following the ripe and sage advice of the great Herbert Spencer which I again quote:
W
Do not suppose things are going right till it is proved they are going wrong, but rather suppose they are going wrong till it is proved they are going right."-Yours, etc.
SHAREHOLDER.
TO THE EDITOR OF THE "DAILY PRESS.
Hougkong, 21st August. SIR, Eren to a casual observer the action taken by a section of the Dock Directorate at last Monday's meeting must appear entirely contrary to all precedent,
I say
a section, because it was noticed with satisfaction by those present that three members of the Board, and these not the least important, voted for the ame.dment, while one othr Director stood rential. It is thus seen that with all the talk of the Chairman as to the array of business talent, whose decision, we were told, shareholders ought to accept without demur, he was, after all, only voicing the opinion of six of his colleagues (including himself) and not that of the Board as a whole. That being so who can blame the shareholders, eren had they no other cause for dissatisf- ction, for not abid ing by a decision which was certainly the means of division in the camp of the Directorate?
It will, of course, be readily admitted that the Chairman was quite within his rights in the course he took, but for all that it was a high-handed pro.eeding, such powers Lot being conferred to be used arbitrarily. To have set at nought the decision of such an over- whelming majority of the most numerously attended meeting of shareholders ever known in Hongkong, and that backed up by the votes of three leading Directors, on the demand of five shareholders representing insignificant interests, seems entirely opposed to all our preconceived notions of the relations which should exist between Directors and shareholders or rather between the paid servants of a Company and its proprietors. If shareholders are only to be called together for the purpose of confirming what has already been decided upon by the Directors, such meetings would become perfectly farcical.
As far as last Monday's proceedings are concerned, it would seem that the meeting was considered quite competent to pass the report and accounts as presented, because that would have coincided with the views of the Directors, or, as I must repeat, a section of them; it was not considered competent enough to reject or amend the same, because, forsooth, that was not in harmony with the views of these gentlemen. But, when one comes to think of it, these "immortal five," who demanded a poll, have shown themselves truly high-souled, for, according to the latest list, their own interests are not very important; but, just because of that, they were doubtless able to vote with a more open mind, and probably considered them- selves, in a special sense, the sole guardians of the interests of the absent ones. Verily, such "unctuous rectitude" is very rare indeed.— Yours, etc.,
AMENDMENT.
+0
#
TO THE EDITOR OF THE DAILY PRESS.
Hongkong. 22nd August.
(August 25, 1902.
most advisable course of procedings be to effa o the sale of the four steamers that comprise the fleet, the realisation of which would restore to shareholders something like the high price at which they hold their shares ?
It would be interesting to hear what other shareholders have to say on the subject, whose forecast and opinions may tend to show matters up in a less gloomy aspect, and enliven the hopes
"DISCOURAGED."
of oue who is
t
SIR, Mr. D. E. Brown in his reply to the amendment of Mr. J. R. Michael made the following remarks, which to say the least of it, were evidently used as a threat to the share- holders: -“ If after the foregoing information you insist on putting your amendment to the meeting and it is carried by a show of hands it can only be regarded as an unjustifiable vote of want of confidence in your Directors, most, if not all of whom, are the largest and most con- sistent supporters of the Dock Co." Des Mr. THE FORTHCOMING RACE MEETING Brown mean to insinuate that if he resigned his position on the board, he being a paid ser- rant of the C. P. R. Co, the head office of the Company would withdraw their support from our Docks, or does he mean to convey the idea that before he was invited to take up the Directorship of tlie Dock Company the C. P. R. Co. was giving
less support to the Hongkong and Whampoa Dock Co? The m in reason why heads of shipping firms are asked to join the board of the Dock Co. is dus to the feeling among the share holders that thy are under a sort of moral obligation to those Companies for their contri. |bution, which is recognised in a way by electing the Managers to the board who conduct for the time being the affairs of their respective firms This consideration towards such Directors need not however be made into a hard and fast rule, by which the shareholders must of neces sity be bound; on the other hand shipping companies must regard the election of their representatives as a mark of appreciation on the part of shareholders, which should not be abused.
aly
Now in this instance, we need not remind Mr. Brown that he owes his position more to the Company be represents than to his own personal influence, and baving regard to this fact Mr. Brown as chairman of the meeting should have taken all possible care t have based the powers vested in him upon the principle of such sound! judgment as to have consulted the general
interests of the shareholders and not to have abused it to extent of asserting his authority in suspending the payment of the dividend to the shareholders. amongst whom I can unur a good may widows and orphans who almost entirely depend on this as their means of subsistence, notwithstanding the overwhelming majority, which included three of the Directors, that opposed his resolution. Such arbitrary and bigh-handed procedure has rarely been heard of and it calls for general condemnation.
Now as to the Chairman's taking the passing of the amendment by the majority as a vote of want of confidence in the Directors or much rather a section of the Directors-one uaturally would feel inclined to expect that when the amendment was carried, the resignation of that section who were against the amendment would follow. As they have not resigned as yet. are we to understand that they will take the usual course if the result of the poll goes against them ?-Yours, etc.,
ANTI-BLUFF.
CHINA AND MANILA STEAMSHIP CO.
TO THE FIITJĖ OF THE DAILY PRESS.
$1
Hongkong, 17th August. SIR, "Shareholder's" letter of the 16th inst. seems to echo very truly the sentiments of many, and while he deals principally with the subject of the Hongkong & Whampoa Dock Co., he makes allusions to, and contrasts their intentions of heavily capitalising their Company with the manner in which the local steamship Co. namely the China and Manila S.S. Co., has done, and consequently is now reduced to the present de plor- able condition in which it finds itself. Now, with regard to this latter Co., would it not be better policy for its shareholders to be open and frank in regarding matters in their present position, and also their prospects? To begin with, the fine business the Co. has cannot com-
ensate for the high prices paid for its two new boats, and while taking into consideration the great reduction in freight, the presence of new steamers on this run must of necessity affect this Co. in a more serious sense than that of merely bring thorns in its sides. In face of these facts therefore, and the little likelihood of dividends, until the present debt is paid off, which must take a long time, would not the
TO THE EDITOR OF THE “DAILY PRE88."
Hongkong, 18th August, SIR,--There have of late been so many opinions expressed on the subject of our forth- coming race meeting though the medium of your columus, that I imagined the topic was How exhausted. I must. however, ask to be allowed to add one more to the already large number of letters, on hearing that programes for our n xt meeting ware being drafted by individuals whose interests in the matter may not be in harmo y with the rest of the racing community, especially in such respects as the allowing and distribution of races and prizes for the old walers and China ponies, in propor- tion to those for the griffin walers and China ponies. I do not speak of the old ponies in a sense prejudicial to their claim for having more races, etc., but I would like to point out one item, and that is, how many there are in the Colony who subscribe for an animal now, and yet have not the slightest idea whether they will be here for the next meeting, or not. I therefore maintain that we race for the present, and there being, as the s.ying goes, uo time like the present, I think the encouragement in the matter of races and prizes should be in a far greater proportion to the griffins than to the old ponies. Trusting I have not trespassed to much on your valuable space Yours, etc VIGILANS.
TO THE EIITOR OF THE DAILY PRESS,"
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F
Borgkung. 19th August. SIR-I was very glad to learn from the letter sigued Vigilans" in your issue of this mor ing that somebody was interesting him- self in the matter of the programme for the next race meeting. I was also glad to hear that the persons referred to were drafting their programme with dus repard to the claims of the owners of old walers and China ponies in the matter of races and prizes. Your correspondent "Vigilans" is not quite clear to me. for he says:
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I do not speak of the od ponies in a sense pre- judicial to their claim for having more races,' elc., and then in the next few lines he goes on to give a re. son why old ponies are not entitled to fair play. And what a reason it is! It is put in the form of a query as follows: "How many there are in the Colony who subscribe for an animal now and yet have the slightest idea whether they will be here for next meeting or
not?" What does that matter? The horses make the race meeting, not the owner who stands on the rails and watches them. Terefore it is
quite immaterial who owns the old pony as long as some member of the Jockey Club does so and finds sufficient encouragement given him to race him. It doesn't matter if he dozen times between one changes bands a meeting and another, the pony is still in exis- tence and has been kept and paid for by someone in the interval and is just as good for racing purposes, subject of course to the treatment he has received in the changing hands process. Possibly “Vigilans" is a person who does not own an old pony and has not the slightest intention of ever being the owner. of one, or he might look at the matter in a different light.--Yours, etc..
OWNER OF AN OLD PONY.
THE HIGH LEVEL TRAMWAY,
Craigmin East, Magazine Gap,
Hongkong, 21st August.
TO THE EDITOR OF THE "DAILY PRESS.
SIB, If the Tramway Company would arrange to hoist a red flag, on a staff at the lower station, and another on the top of the Peak Hotel, whenever the service is disarranged, the Peak residents would be made aware of the fact that they have to walk down, for those who
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