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August 30, 1902.] HONGKONG AND WHAMPOA DOCK CO., LĐ.
TO THE EDITOR OF THE "DAILY PRESS,'
Hongkong, 25th August. SIB,-Non-shareholders are doubtless tired of seeing letters in the newspapers on this subject, but as the points at i-sue are of vital interest to shareholders they had better be well threshed out at once, and we must claim indulgence from those not concerned.
In making enquiries and investigating the statements published it is inadvisable to go too much into detail; to find out things by pumping those competent to give accurate information, without their knowledge that it is intended for publication, is too mean, and to ask point blank for particulars of faults and failures is not diplo matic; therefore mere assertions must suffice,
and those whom the caps fit will try them on.
In an evening contemporary "A Shareholder considers the expenditure too heavy; quite 80. Last February's report gives the office and drawing office expenses at $62.995.86 for the half-year, and for the last half-year it is two thousand dollars less at home it is a very large establishment indeed which requires £9.0 per month for office and salaries alone; some economy might be effected here, the drawing office especially ought to be in the vicinity of the workshops and moulding-loft and not au extravagant rent paid for its being in the city.
It also would be advisable to intro-luce a leaven of scientific or technical men on to the Board; business men undoubtedly have the opportunity of putting work our way, but there are one or two who never would be missed, and these some of the "smartest" too.
I sincerely hope the construction of the new river steamer will prova a profitable job. The price is a fair one and with good management it should pay. The Directors are discreetly silent about some Admiralty craft which the Dock Co. built for Weihaiwei,
Whether the executive staff is too large or not, I am not competent to judge; it is natural that "one of us should take up cudgels on their behalf, but it is quite impossidle to avoid treading on corns when people have big feet; the staff have certainly nothing to do with the
troubles, but when questions of economy are brought forward it mast touch somebody. We are told that there is a lack of system; this must be due to faulty management, want of adaptability to local conditious is no doubt at the root of it, and it is not on the subordinates entirely that this want is observable.
There is "something rotten in the State of Denmark" when ships, here for repairs, are allowed to leave the port and get them done else- where. The Munchen is mentioned: last month a small steamer which was moored at Kowloon about three weeks eventually went to Shanghai and had the general overhaul done there; the first estimate was exorbitant and more than the value of the steamer, it was subsequently reduced to less than one third, and yet the work was not done locally. Who is to blame for these blunders? there must be something in what Wheels Within Wheels "
says about the incompetence of some of the Company's valuators: Are we to believe that the plague alone is responsible for the American feet deserting this port for docking and repairing purposes?
With all our magnificent plant and well equipped shops of which we are con- tinually boasting, how is it that Shanghai cou. tinually gets ahead of us?
Amendment" writes very much to the point. After hearing the counterblast hurled
at
the meeting, my previous half-formed opinion that shareholders in general were usually regarded by directors as merely the necessary implements for putting through what they had previously decided upon, and that any show of difference of opinion was presumption. was strongly confirmed.
CHINA OVERLAND TRADE REPORT.
TO THE ETITOR OF THE 喝着 DAILY PRESS.
- were
Hongkong, 28th August. SIR, In all the correspondence which has appeared in the public Press bearing on the above subject, I failed to notice any mention of an incident that occurred at the general meeting of shareholders. Alough perhaps trivial in itself, the incident is of some importance when taken with the rest of the procɔedings. Оп rising to second the adoption of the report and accounts, the Hon. C. S. Sharp is reported to have said: "I have heard some reports. of clamours for a larger dividend. but I c.nnot think that anch can have come from any share. holders having the permanent interests of the Company at heart. &c. In other words, he meant to say those voting for a larger dividend - among whom, it may once more be repeated only temporary holders of the stocks aud were three members of the Board
consequently mere speculators, whose vote should carry no weight. Now, the right of every shareholder, no matter how small his interet, to give free expression to his views is indisputable. But if any one shareholder takes it upon himself to impugn the bond-fides of his fellow shareholders, and attributes other than fair motives to them in the exercise of their unchallengeable rights, such shareholder lays himself open to what I may be permitted to term counter criticism. As I said above, the right of a shareholder in no way depends on the size of his holdings, but it is a question of taste whether a small shareholder should make him self prominent in the deliberations of a body of his fellow shareholders as a large holder might. Mr. Sharp will excuse me, I hope, when I say that with the insignificant interest he represents, having boeu picked out as the most fit person present to second the adoption of the report and accounts, might have confined himself to patting on the back those who com plled his admiration in their drawing up of a report which a chancellor of the exchequer may well envy, and to other general remarks, with- out going to the length of stigmatising share- holders having large and permanent interests in the Company as, mere gamblers of no consequence. Mr. Sharp possesses, through his great tact and unfailing courtesy, a very wide popularity in this Colony, which, though aspired to by many, only a very few can attain, and it seems a pity that he should have been prevailed
The three months' grace will perhaps prevent the necessity of the overdraft for the dividend: docking and ship-repairing is a business of prompt payment and short credit, and I hope the expenditure in future will be regulated to avoid the overdraft as much as possible and so save interest. Not knowing the inner workinga of course I cannot express an opinion, but it seems to me that this overdraft need not have been a necessity in the past, whatever it may be now.➡Yours, etc., EXTRA DOLLAŘ.
upon to give utterance to the above uncalled for remarks.-Yours, elc.,
"TASTE."
THE HONGKONG HOTEL CO., LD.
A. meeting of shareholders in the above Com- pany was held at the Hongkong Hotel on the 27th inst. Mr. E. Osborne presided, and the others present were Messrs. R. C. Wilcox, W. H. Potts (directors), P. C. Potts, M. S. North- cote, W. A. Cruickshank, F. Maitland. Captain W. C. Clarke. Captain F. D. Goddard, Ho F. ok, Lo Cheung Shin, and C. Mooney (secretary),
The notice convening the meeting having
been read,
157
ations are being made on the first floor of the old building, whereby we shall obtain a fine snite of retiring and reception rooms, comprising a large music and sitting room, reading room, smoking room, two billiard rooms and toilet room, all of them greatly needed and the want of which has been frequently commented on and very much felt, especially during the busy season. The changes deprive us of some dozen bed-rooms, which loss will of course reduce the earnings, but we feel that we cannot longer continue to pose as a first class hotel without improved accommodation of this nature, and we think, or at least hope, the loss of revenue will b made up in other directions consequent upon
the increased comfort which these rooms will afford to visitors staying in the Hotel. Before proposing the adoption of the report and tiou that any shareholders may wish to put. accounts I shall be pleased to answer any ques.
There were no questions, and ou the mot on of the CHAIRMAN, seconded by Mr. CRUICK. SHANK, the report and accounts, as presented, were adopted and passed.
The confirmation of the appointment of Mr. W. H. Potts as director and the re-election of Mr. E. Osborne were agreed to, on the motion of Mr. Ho Foox, seconded by Captain Clark `,
Mr. P. C. POTTS proposed the re-election as auditors of Messrs. H. U. Jeffries and A. R. Lowe, and the motion, having been seconded by Captain GODDARD, was agreed to unanimously,
This was all the business.
SUPREME COURT.
Wedneday, 27th August.
IN SUMMARY JURISDICTION.
BEFORE HIS HONOUR A. G. WISE
(PUISNE JUDGE).
HANSEN v. MARTY,
This was a re-hearing, of the case in which H. C. Hansen, lately third engineer on the 8.3. Hongkong, sued A. R. Marty for $531, being in lieu of notice. Mr. E. J. Grist, of Messrs. wages and board alleged to be due to plaintiff Wilkinson & Grist, solicitors, appeared for the plaintiff, and Mr. P. W. Goldring, of Messrs. Deacon & Hastings, solicitors, for the defendant.
Captain Pannier of the s.s. Hongkong gave evidence that the third engineer (the plaintiff) had been discharged as there was an arrangs- meat, by the law of France, that mads it com- available. pulsory to employ Frenchmen when they were If they were not available they might employ foreigners other than French-
men.
Mr. Grist contended that if the evidence as
entitled to an adjournment so that a translation to the French articles was to be brought in he wa might be procured. They were trying to shuffle out of their agreement by Franci law and to e-tablish that they were not bound by contract and that four months' notice was not necessary.
The case was accordingly adjourned.
ALEXANDER v. PUNCHARD LOWTHER & CO.
The CHAIRMAN said---Gentlemen, The report and accounts I will, with your permission, take as read. The profits for the half-year were This was a writ to recover the sum of 8543, slightly under those of the corresponding period being the sum of $348 of salary payable by the last year, the decrease b ing due not so much to defendants to the plaintiff for work as க dimination of business as to increased cost of marine engineer for the defendants from wines and stores through the fall in exchange; the 1st to the 31st May and $200 in respect of but notwithstanding this the results of the work-quarters from 16th May to 3rd July. Me. J. ing will, I think, give satisfaction, and believ- S. Har ton, solicitor, appeared for the plaintiff ing such to be the case I need make no further aud Mr. Grist, solicitor, for the defendants. comment on the accounts. Some eight mouths ago you approved of a proposal to build on the reclamation and at the same time gave the Board authority to vary the scheme if thought fit, the one wo submitted being somewhat modest, involving an expenditure of bout $5,000. Subsequent to the meeting at which this proposal was approved, an offer was made to us for leasing a five-storeyed permanent building costing some 8400,00, and this offer we have accepted, because the nett results to the Hotel Company are an assured income equal to if not larger than would have been earned by the
first scheme, whilst in place of a cheap one-storeyed building which would have had to be demolished in ten years' time we shall possess a substantial permanent structure which, so long as the Colony prospers, cannot fail to command good rentals. "Extensive alter
C. W. Alexander stated in his evidence that be applied in persou to Messrs. Punohard Low- ther & Co. for the position of a foremanfitter previous to May 13th, when he received a letter offering him the position which later on the plaintiff accepted on certain conditions, one of which was that he should be provided with quar- ters. In due course the plaintiff was employed and, the quarters not being ready, the plaintiff temporarily resided outside. Later on the plain- tiff found out that in his quarters he would have to share a room with another man. He said to Mr. Kidd to whom he was subordinate, that in all the jobs he had been in in the East he had had a room to himself. Subsequently the plaintiff was informed that he would re to take his chance with the rest of the empleos. He however objected to live in a room with others. Subsequently he received a month's