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150
THE HONGKONG WEEKLY PRESS AND
least as much for bis great big charitable heart. That was a thing, gentlemen, which endeared him to everybody. If anybody was in distress or want, whose band was ever ready to help? Sir Thomas Jackson's and we all of us wish I am sure, that good health and a long life will be granted h m to enjoy the rest in the old country which he has so nobly earned. (Applause.) Gentlemen, although the old pilot bas left us and this argosy will have to sail her way under
a new hand and under new directions there is a good old quotation, and some of the old quota- tions are good-1 am sure that some of us will say the old exchange quotations were much better quotations than they are to day (laughter)
[August 25, 1902.
care and of very good management in the past.
auditors' fees is 8782 620.45, and the Board We must not forget that we have been so very
recommends this amount to be distributed fortunate as to tave in the past a good Court
as follows:- That a dividend of 19 per cent. of Directors, a very good Chief Manager, and
and 8 bouus of 2 per cent, for the half- last, but by no means least, a very good staff,
year, absorbing 8300.000, be paid to share- and that all these things combined have con.
holders, that $68,00485 be written off the'. duced to the report laced before yon and
value of Kowloon Docks, $40,679 92 from the which it is or r pleasant duty to receive to-day.
Co mopolitan Dock, and $10.755.99 from I be reports speak for themselves, the accounts
floating plant, absorbing $519,137.76, leaving to speak for themselves, but there are two points
be carried forward $263,342 69.
or about than which I think I might venture to touch
$160,000, lees upon,
we brought forward for they seein to me, Mr.
from last year, and we trust this division of Chairman, so essentially satisfactory. As we all know, for
profits will be acceptable to shareholders, years past the policy of the Board has been not
inasmuch as, while it may possibly be a surprise to pay us extravagant dividends, but, as the
to many, it is nevertheless true, that, in com- Chairman very truly said, good and satisfactory-there is a a good old quotation which I willparison to the net profits for any six months
working, the present appropriation to share- holders is the largest ever paid in the history of the Company. The amount written off will leave the Ki wloon Docks standing in our books at $1 750,00, or $50,000 more than on the 1st July last; the Cosmopolitan Dock at $30,000, the same as on that date; and our floating plant, adding the dredger Canton River, one new steam lighter and ope launch, at $205,000, as against $68.306 at the end of last year. The dulness of marked during the six months under review, business in all departments was unusually
dividends, whilst placing apart to the reserve fund such sums as have from time to time been thought necessary. Gentlemen, that policy is one which I think we must all most cordially endorse. It seems to me that it has resulted- indeed it has resulted in the magnificent sum which stands to-day to our credit iu reserve. It is true, as the chairman has pointed out, that without money the Bank would be practically nothing, and we can all congratulate the Board
me a
on the position in which we find ourselves to-day in this respect. The other point which seems to me essentially satisfactory is that there are no If in losses to speak of in the report before us. past years these have hampered us, or if in past years they hare irritated and anuoyed us, to-day nothing of the sort is here. There are no losses whatever to report, which Feems to most satisfactory state of affairs. Our Chairman has alluded to that old man of the mountain, lekin." Well, gentlemen. I am sure we cordi- ally endorse what he has said and we hope that it may be possible to find some medus vivendi whereby this most iniquitous tax will be removed from our merchandise and whereby, at the same time, the Chinese Gorerument may get what they ought to got in reason and in fairness. It is, as we all of us can see, a difficult thing to manage, bi canse the Chinese have a way at times of saying "Yes, we will abolish this" and Yes. we will abolish that"; but, unfortunately for those who are dealing with them, the same thing crops up frequently under another name and under another aspect. I only hope that
my
that will not be the case here. If any of you are hypercritical people, you may ask what liave I, as a lawyer, got to do with ickin? Gentlemen, there is more in it than, perhaps, you tl ink, but. when I explain to you that whatever appreciably affects clients tends to appreciably affect me, perhaps you may be able to gness (laughter). Our Chairman, gentlemen. has touched upon the Electric Tramway. That is a thing which. for over twenty years now, very nearly twenty years, has been before the Colony in some shape or cther. We all know it is a mere truism to say that improved communications are beneficial, and, certainly, if the forecast of the Chairman is at all approximate, then we should get, in due course when the tramway is laid, great benefits in every way every day. I for one am a believer in it, and I think that most of us are, and in the future it is still ex tended, as the Chairman Lints, to Kowicon and Canton with the adjacent railways, great benefits must er me to Hengkeng. Gentlemen. one point in the Chairman's speech I have not touched upon yet-our old friend Sir Thomas Jackson (applause). We have known him, many of us, for many years; we have known his sterling worth, and we have known how be bas given the best half of his life, one might say. | to this institutior-the Hongkorg Bank. We all know how he has worked for it. how he has brought it from what it was to the magnificent edifice and institution which it is to-day, and it is plessing to think uct only that we ask him to accept from the Board, as no doubt you all would ask him, the honorarium which is men- tioned in the report, but it is pleasing also to remember that we shall have something tangible of him to look at, in the shape of a statue, which it is proposed to put up (applause), not that we want that to remind us of Sir Thomas Jackson- I venture to think that, when this Colony is years and years and years and years older, yet, the ni me and memory of Sir Jhomas ackson will be green to us all, and it is my piviks ge at leest to think that the great man as he was in finance will continue to held a lead on the business that has developed under him. I can- not but think that he will be remembered at
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remind you of and that is that there are as good fish in the sea as ever cwe out of it." Gentlemen, a new pilot has taken charge, and uuder him let us re-cho the Beard's wish, seuti- ment and belief that he will couduct the ship in which we all are shareholders to success and plenty as it has been conducted in the past (Applause.)
adopted
The report and accounts unanimously,
were
the appointments of the Hon. C. W. Dickson
Mr. W. H. RAY moved the confirmation of
and Mr. G. H. Medhurst to the Court of Directors.
but it was not altogether unexpected, as my predecessor at our meeting ou February 24th Mr. G. STEWART seconded, and the motion last pointed out to you that the enormous in- was agreed to.
The CHAIRMAN That is all the business, gentlemen; I thank you for your attendance. Dividend warrants are now ready,
Mr. R. K. LEIGH-Before we part. gentle- men, I beg to move a vote of thanks to the directors for their able and satisfactory report, and for their good work during the past half year. (Applause.)
The meeting then dispersed.
HONGKONG AND WHAMPOA DOCK CO., ID.
HALF-YEABLY MELTING,
The ordinary Lalf-yearly meeting of share holders in the above (ompany was held on the 18th net at the offices, Queens Buldings. Mr. D. E. Brown (chais mau) presided over a large aitendance, among whom were Messrs. N. A. Siebs, J. S. Van Burcu, Hou. C. W. Dickson, Messrs. G. 11. Medhurst, E. Goetz, A. Haupt. J. B. Lewis, Hon. R. Shewar directors), W. B. Dixon (chief manager), and G. A. Cald- well (acting secretary), J. Anderson, A. S. Auton, A. F. Arculli, T. Arnold, R. Bocker, H. F. Carmichael, G. de Champeaux, K. A. Chinoy, Clon Hing Ki, W. E. Clarke, W. A. C. Cruickshank, H. M. S H. Esmail, A. l. Ezekiel, E. Georg. A. R. Gubbay C. S. Gublay, David Haskell, John Hastings, F.. H. Hils. Ho Feok, Ho Kow Tong, W. H. Humphreys. Hart Buck, H. Jissen, E. S. Joseph, M. A Joseph. S. A. Joseph, Lam Kin Fan, J. J. Leiria. Liao Tze Sau, Lo Cheung Shiu, Lo Ping Shek. I. 1'. Madar, II. A. Meyer, J. R. Michael. M. Michael, M. H. Michael, S. H. W. Michael, 1. Mitchell, G. W. C. Pemberton. P. C Potts, T. H. Heid, J. C. dos Komedics. C Richards, Alexander Ross, Charles H. Ross, Capt. T. Rowan, Hon. C. S. Sharp A. Sual
A. H. Skelton. H. A. W. Slede, Otto Struck- nyer, R. Unsworth, W. H. Wickham, W G. Wintertuin. 1'. Witkowski, Wong Chuck Yan
and Wong Ki Sam.
The notice calling the meeting having been read,
The CHAIRMAN said- Gezilmen. Before
we
all feel at the
commencing the regular business of the meeting, you will all, I feel sure, wish to join with the Beard and employees in recording an expression of dep regret which unexpected death during the period under review of our late chief manager, Mr. David Gillies, so long and so closely identified with us. The report and accounts having been printed and in your hands for some time, I will with your permission take them as read. Your directors much egret that the figures they have to lay before you show such a falling off in the bet profit for the first six months of the year. being only 373,460.26 as against 2645,949.87 for the previous half-year and $94,6,558.66 for the corresponding period of last year. Adding the large amount of $420,119.59 brought forward from last account, the amount available for appropriation after deducting directors and
crease of work brought to us by the Spanish. American War and the disturbances in the North of China had passed away, and that we should have to look to an improvement in the trade of the Far East generally, to make up for the loss. This development of business out here has not, as you all know, so far shown itself, in fact, trade is ut usually depressed just now, and we suffer like other people from the relapse, and the generul absence of life and lack of demand in business. The heavy fall that took place in the value of the dollar early in the year had also an adverse effect on our earnings, as it is impossible for us to imme iately adjust all our charges to the increased dollar cost of all material ordered from home. It is true that a low exchange increases the dollar value of your fixed machinery and tools, but this only for the same number of dollars and does not means that you cannot replace such machinery
affect your secounts in any way. But in spite of the falling off during the past six months, I am glad to say that prospects do look a little better for the second half of the year which will bring the addition of a new Trans-Pacific fleet of large steamers, two of which are over 9,000 tons, and whose Eastern term aus will be Hong- Kong: also the substitution by one of the present Trans-Pacific fleet of two 11,000 ton steamers including $9,000 for cur dredge rover 8281.00 for two smaller ones now running. We sp ut.
on improvements and additions during the first six mouths of this year, and the benefit of these improvements is even now being felt in the reduced cost of output and in economy generally. It is difficult to say what the future has in store for us, but without wishing to be nudnly optimistic. I think I may say that there are some sigos that China is endeavouring to wake up and throw off her lethargy and indifference to Western methods and ideas, and
if the day ever comes when she will succeed in doing this, such an industry as ours will be the first to reap the benefit of the demand for steamers and machinery of all kinds, which we ere year by year becoming better equipped for supplying. Your chief manager has, I am glad to report, giren practical effect to a very desir- able change in the mode of our working by giving special attention to the shipbuilding as distinct from the repair department, and this year marks a new departure in the annals of the Dock Company by our having secured the contract to build and engine entirely out here, a first-class, full-powered passenger boat for the Canton River against tenders from the best builders at home. Oar Dew 100-ton steam bammer, after haviug been completed and successfully put to work, landslip from the hill behind the forge. Steps, has unfortunately been damaged by a heavy however, are being taken to hasten the necessary repairs and to prevent a recurrence, which will take several weeks to complete. As regards the proposed new deck, which has been so often referred to by my various predecessors at successive meetings ever since Japan's docking ·
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