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joined the Board the ausuitability of the present premises was recognised and arrangements have been made with Messrs. Watson & Co. for a shop and showrooms in the now block of build. ings now nuder construction for them in Des Voeux Road. Those premises will be easier of access for customers and will afford better opportuniti s for the display of goods, and the result ought to be a greater exponsion of business. There are no other detail to which I wish to direct your attention, but if any sharabolder desires further information I will endeavour to answer his questions before moving the adoption of the report an accounts.
Mr. ARNOLD-There is a very large amount written off for bad debts: wou'd it not be possible to recover some of that?
The CH IRMAN-I am afrail there is not any likelihood of our recovering any large amount. Mr. ARNOLD-Have any legal proceedings
been taken ?
The CHAIRMAN-In some cases they were. Mr. ARNOLD-What was the resu't? The CHAIRMAN ----- -In some 01303 wƏ re covered; in these casos we did not recover.
Mr. ARNOLD-With regard to the amouut written off were any legal proceedings instituted to recover these?
The CHAIRMAY-I cannot say off-hand.
Mr. ABSOLD-For it seems to me that every effort should be made to get the monoy, even if we go to the extent of taking legal proceedings.
The CHAIRMAN-I think they should, Mr. Aruold; but you must remember that we took this over as a going concern, and some of these debts are actually book-debts that we took over and which we have failed t. recover,
M. ARNOLD-But I mean there is nothing to prevent you summoning these people.
The CuaisмN-I am afraid that I cannot give you any more s tisfactory auswer than I bare, Mr. Arnold. You may be sure we are doing all we can to recover these amounts, but in a retail business I ke this you know how difficult itis to get people to pay cash for small amounts, Mr. ARNOLD-But there are people in the Colony who never care to pay anything until you have compelled them by legal procee linge.
The CHAIRMAN-I am sorry to say there are. Mr. ARNOLD-And I do not see why the; should not be so dealt with.
Mr. STOKES-I agree with Mr. Arnold's remarks that you should do what you can to recover these debts by pressure. If people will not pay ou asking, you should use pressure where is possible.
The CHAIRMAN-I think we have used a good deal of pressure in these casas. We have tried to squeze out as much as we could, and
these have been put down as bad debts because we considered them absolutely bad debts.
Mr. ARNOLD-Cannot thy be placed in any- body's hauds to be recovered upon commission. In the case of another company I know that was done,Could not this be done here?
The CHAIRMAN --We might do so where the people are in the Colony.
Mr. STOKES-Of course if they are out of the Colony they are out of the jurisdiction of the Court!
The CHAIRMAN-Well, gentlemen, if there are no other questions, I have to move the adoption of the report and the passing of the
accounts.
Mr. EZEKIEL seconded, and the motion was adopted unanimously.
THE HONGKONG WEEKLY PRESS AND
YOKOHAMA SPECIE BANK, LD.
Mr. ARNOLD moved the re-appointment of Messrs. T. H. Reid and W. C. Drew as direc- tors in place of Captain A. Tillett and Mr. H. Humphreys, resigned.
Mr. SOKES seconded, and the motion was adopted.
Mr. STOKES proposed the re-appointment of Mr. W. Hutton Potts as auditor.
Mr. DEEW secouded, and the motion was adopted.
The CHAIRMAN-That is all the business, gentlemen. Dividend warrants will be ready this afternoon, and may be had on application.
Mr. ARNOLD---I think a vote of thanks is due to the directors and the manager for the satis- factory report they have been able to place before us. With the first year's working we have every reason to be satisfied. I only hope there will be less to be written off for bad debts and depreciation next year.
The CHAIRMAN-I hope we will have a more satisfactory report next year.
The following is the forty-fifth report of the Yokohama Specie Bank, Ld. (Yokohama Shokin (Huko), presented to the shareholders at the balf yearly ordinary general meeting. held at the Head Office, Yokoham", Wednesday, 10th September, 1902 :-
on
Gentlemen,-The directors submit to
you the annexed statement of the liabilities and assets of the Bank, and profit and loss account for the half-year ending 30th June, 1992. The gross profits of the Bank for the past half-year, including 544,156.793 yen brought forward from last accounts, amount to 7,224,672.143 jen, of which 5.259,5 8.878 yen have been deducted for current expenses, interests, &c., leaving a balance of 1,965,073.265 yen. The directors now propose that 200,00 000 yen be added to the reserve fund, raising it to 8,910,000,000 yen, and that 100,000 yen be pat aside as special reserve to provide for the depreciation of the silver funds. From the remainder the directors recommend a dividend at the rate of thirteen per cent. per anoum, which will absorb
a
781,000,001 yen on oll shares and 390,000,0-40 yen on new shares. making total of 1,170,010,00) yan. The balance, 195,073.265 will be carried forward to the credit of yen. next account,
NAGATANE SOME, Chairman. Head Office, Yokohama, 1 th September, 1902.
SUPREME COURT,
Monday, 13th October.
IN SUMMARY JURISDICTION.
BEFORE HIS HON UR A. G, WISE (PUISNE JUDGE).
COLONIAL TREASURER 1. MUI FUK.
This was a case in which plaintiff sued for a sum of $74,760, being the amount forfeited by the defendant under a contract entered into by him with the Government and dated 25th September, 191, for the conserv work (removal of night-soil, ete) for ti.: City and Hill District for three years from 1st October of that year.
Mr. H. . Dennys, Acting Crown Solicitor, appeared on behalf of the plaintiff.
The suit had been origiually called on Friday last. At that time ab aljournment was made on account of the question arising whether the case was admissible in Summary Jurisdiction,
Mr. Dennys arguing that it was admissible as being a forfeiture under the meaning of the Ordinance, the words in the contract being: "likewise forfeit to the Crown."
His Lordship decid d that the suit admissible.
was
Mr. Dennys stated that the defendant bad sent s letter, of date 15th September, to the Government to the effect that owing to heavy losses-some $30,000-in connection with the conservancy contract, he was forced to dis- continue it, as he was deeply in debt. The long drought had seriously hampered him, and the uuseasonable rain, when it did come, was too much for him.
His Lordship--I think that will do, Mr. Dennys.
In his letter, which was formally put in, the defendant further stated as one of the reasons for his inability to continue the contract, that "the robbers demanded three times as much blackmail from him as from former contractors, as they thought that as he could pay a la ge sum to the Government he could give them more too."
J. Leonard went into the witness-box and gave evidence that he had served the writ personally upon the defendant,
Hon. Dr. F. W. Clark, Medical Officer of Health, was the only other witness He said that in August and September last he had been Secretary to the Sanitary Board. Defendant was the conservancy contractor for the City and Hill District for the three years from 1st ‹ctober, 1901. His agreement had bean cat. celled by the Governor from 1st October of this year in consequence of the receipt of the letter which had just been produced.
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[October 20, 1902. serious danger of the Coliny suffering from epidemic?
His Lordship-I do not think it is necessary to go into that,
Mr. Doungs-But I want to show why the penalty is so large.
The question having been repeated, Dr. Clark answered in the affirmative. His Lordship (to Mr. Dennys)—Of course you may not recover any of this money?
Mr. Dennys-We may not recover a cent. His Lordship-Judgment for plaintiff and. costs,
The Court afterwards a 'journed.
This sum for the recovery of which deoree was given, is, we understand, the highest sum for which decree has been given in Summary Jurisdiction of the Supreme Court.
SPORTING NOTES.
The passage of the new rules of the Hong- kong Cricket Club was marked by harmony all round. The new rules commend themselves by their commonsense, in particular Rule VÍ, which states that the general committee may draw up bye-laws to regulate the use of the practice-nets, lawn-tennis courts, and racquet- courts by members and by Naval subscribers or for any other purpose. Naval subscribers are among the first to recognise that tho ordinary members are entitled to ask that in the limited time at their disposal for play they, who contribute the bulk of the Club's income, shall get reasonable opportunities for practice- which they can hardly be said to have had, as far as cricket is concerned, during recent years.
The six-aide competition of the Football Club is proving a great success this year, and an exciting finish may be anticipated. A great improvement is noticeable from the enlarge- ment of the distance between the goal-posts. Previously the narrow target rendered the prevalence <f low-scoring matter
a
of course. The results of the matches so far have been-Worcester and (larke drew (0--0); Kew beat Bennett (1-0); Rutherford. beat Boonar (3-(1); Anderson and Kew drew (0—0); Wolfe beat Clarke (1-0); Bennett and Worce- ster drew (0-'); Rutherford beat Anderson (1-0); Wolfe beat Bonnar (2-0); Benuett and Bonuar drew (0-0); Rutherford beat Clarke (2-1); Wolfe beat Worcester (4-0); Clarke beat Anderson (1-0); Rutherford best Kew (3-0); Bonnar beat Worcester (3-2). Bennet beat Anderron (2-1). Rutherford's and Wolfe's teams so far divide favouritism, the former with 4 matches to nil and 9 goals to 1 baring so far carried all before it, while Wolfe's team has three wins to its credit. The two teams do not meet until the 29th inst., when a great struggle may be anticipated, though of course either may to defeated before then.
The annual general mesting of the Royal Hongkong Yacht Club produced a curious dis- cussion on Sunday racing, w ich perhaps it is well to have got over. No doubt some of the members were surprised to hear that there are people in the Colony who are really offended at seeing yachts racing in the harbour while they rest from their Sunday tiffins. Even the Com- modore of the Club somed to endorse the view that Sunday racing showed a bad example and was discreditable to the Club. It was rather refreshing after this to hear the views of Messrs. M. W. Slade and F. B Deacon. There are, I imagine, numberless other such aban- doned people who cannot see the offence of Sunday yachting. Certainly when we find Subbatarians condoning the Sunday killing of snipe, etc.," because people do not notice it," we may be pardoned for marvelling at the objection to the innocuous pr. cedings of our amateur yachtsmen. Not far from Hongkong there is a dreadful place called Shanghai where they actually played a cricket match on a recent Sunday. We may pride ourselves that we on Sundays indulge in nothing worse than shoot. ing, golfing-and yachting.
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The success which attended the efforts of the Concert Committee of the Hongkong Toat Club last Saturday was so encouraging that there is now no doubt that these pleasant gather- Mr. Dennys-In consequence of the defeud-ings will be continued periodically during the ant throwing up that contract, was there a
winter. It is hoped by these means to raise a