December 15, 1902.)
showing the result of our negotiations with the Government have been sent to all shareholders, I do not propose taking up your time to-day by repeating what is therein set forth, as you have no doubt fully cousidered same. The views of your directors and what we have been able to accomplish are stated thrin, and while it may be thought that conditions have changed mate- rilly since the project originated several years ago, and that the delay which your directors are not responsible for may make it seem more diffi-
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cult for us to finance the scheme now with the sime outlook for a return than it dil then, the conditions have really not changed in any way, unless in accentuati. g the necessity for a large dock capable of accommodating larger ships than then influenced us in advocating an extension of our docking facilities. The wisdom of our decision then in extending our premises so as to cope with the demands on us is demonstrated by what we re sic accomplished in the gradual installation of modern for obsolate machinery, constructing new and larger shops, &c., and I have no hesitation in pelicting that a continuance of that policy will bring us results that wo will never regret. You will peri aps agree with me that at this stage of the proceedings the question for us to consider is the wisdom or otherwise of accepting the Government's offer of the land on the conditions set forth for the construction of our proposed dock rather than discuss beyond
CHINA OVERLAND TRADE REPORT.
Site No. 1. It has the following disadvant ages. A dock of sufficient length would projet considerably into the bay, involving not only further negotiations with the Government but large reclamations to give access rand the dock, which would interfere materially with your existing and increasing new shipbuilding busi.
The sea access is also not gool, especially, taking into consideration the rgo class of vessels which would naturally be appointed for this new dock. We cannot recommend this sits."
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Sito No. 2. (btween Nos. 1 and 2 D. ks).- "This must by rejected, as thero is eveu unw insufficient room for baildings and accessori 8 for existing requirements. Another objection ; is that in order to get the required length for the dock the hill at the back would be required to be pierced at its greatest height [hy Chief Manager-aud the work of excavating and making the dock there would practically block No. 1 Dock]"
probably never recur, apparent to others
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since it must become that a site affording this does such a stretch of deep water frontigs and other important advantages, must bahighly valu sble for any commercial enterprise. (Hear, hour.) Now, gentlemen, that is the gist of what I have come prepared to say to you in advocating that something that will be satisfao- tory tɔ us all will b› décidad upon, and your Bard h pos that some scheme may be devi el among na afte: discussion of the matter, with only the Company's best interests in view, that will enable us to take the advantage we nor have of mosting any opposition that my arise in fu'ure, not only here, but throughout the East. and with the other trading lines which terminate here, and that we will then be in a position in which wa ara covered for the next 20 or 25 years; and when the day come, gentlemen, when wo of our succ 'ssors here, cɔnsi lering that the best interests of the Company may be served by a concentration of those dicks, if the Colony is going to increase in trade as much as wars led to believe, from experience gained in the past I think, gentlomer, one is not op ́imistic in predicting that possibly indus- fries, fosterel by cheap labor and a low exchange, may bindased to open in Hong- kong. Furthermore, gentlemen, if the Board were author's d to dispose of some of our outlying properties, it wou'd enable us to concentrate our efforts on oar Kowlooa pro- party. Con sentrition is one of the great adju.ets to cheap work -cheip al profitable work and whi'e, gentlemen, we have enjoyed a monopoly virtually of the frida for a great many years, ad have be able to charg↑ our own pr.cs, ti the annoyanes of 8 ana of our customers, that day is not going to list and wa mint provide in the futurs for 'cheap work. W. hva go to turn out our work mora cheaply; we hire to reduce our pries, to place ou selves in a position to do more work fo• les; money, but with the sa018 amount of profit to ours lys, Gentlemen, wa can only do that by providing for the ultimate e mem'ration of our effor 8, and the object of my remarks to day is to impress upon you the importance of coming to an arrangement that will phes nu; in a position to do that. Now, gentlem, w. shall be glad to hear any remarks from sharobollers present of thy subject. (Applaus (.)
Mr. II. POLLOCK, K.C.-Mr. Chairman,
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Sito No. 3." Undouble lly the only feasible site is that on the foreshore and promontory eastward of No. 1 Dock. The site is a som*. what expensive one, looked at marely from the point of view of building a lock, owing to the existence of the hill at the back, part of which must be removed to carry out the schems. At the samy time it offers many important and special adviutages. It occapi's. The extremity of the Karlom pro- montory with deep water and fra aceass, what is statel in our circulars the nature and Without doubt it is do day the most valuabl¦ details of the proposed dock. It may be well maring lot (that is for the purpose of a perhaps to draw your attention to the dovern- dock) in Hongkong. The cutting down of the ment's modified terms as set forth in our hill will not only afford the site for the dick, circular of 3rd instant, extending the time for but also provid⋅ a largo ad lition il area of land the payment of the land to two years and giving which can either be utilised for the exte, so of us eight years in which to complete the dock. | your own yard or for other profitable pu piss, ¦ Under those conditions (as we have it on expert | A largs sedina of the livel groand in the authority that the dock can be completed in from ! existing yard has been formed by cutting down three to three and a half years) we neednot neces- the adja' high cliffs, but at th yeast of 15 to sarily commence construction for between four 20 times the valus of natural levd grmal) and five years from this date and need only con. Goallies, I will now decal with th estimated sider until then the financing of the purchase cost of the schou. Thy am not si förth as price of the land, and that spreads over two yours. the cost of the new works (irrespectiv; of land As to what changes will take place in the next and inforost} in oar ei ca'y isanal to five years in the way of a natural growth of the sharehold wa dat d 22nd S plombe last. shipping trade in the East, I need only draw | riz.
Was th r. sail of a your attention to the expansion of the List five | design aml eštimika prepar d by thy Com- years; and I am not afraid of predicting that pany's staff, who displayed mach ability in the in the next five years we will see not ouly as largo | éx cu ion of a task of a highly technical and ¦ but a larger increase of tonnage and much larger special nature. It was in view, however, of the ships trading to the East that we should be great importancy of the question that tha able to dock. It may be claimed that wo could directo s resolved to obtain a raport from accommodate this increase both in number and Mesars Ilousto and Kidd. After making the size of the ships by lengthening our present nocess ry investigations and surveys, these No. 1 Dock, but as has already b en pointed goûtlemen have advised a length of 659 fort, out, of the six dry-ducks wo possess there but proposo increasing the width and dopth. is ouly оце that will tako a ship and have prov did for much larger area of level drawing over 20 feet, and that the ne- ground and a longer breakwater. They have cessity for another and larger dock is not so also include an equipment of my binery of the much the matter of greater leugth but greater highest class so as to enabls the bit resalts lo breadth and depth, as has a'rra ly beon demon. ba" obtained in the working of the dock, strated to as-uuless wo wish to so the large Certain gural items of expenditure, such as warships going past us to Japan to be docked. the cost of administrati 1, &s, have ben aldo), While the foregoing is serious, the most im- including a 1) p r cent, margia fo: coating porlant point for us to provide for in the future cies. Taking thes addit on iuto account, their is the uninterrupted docking throughout the es ́imate is nearly $2,900,000, which they assuro year of the ships of our regular customers which us will amply provide for the full completion of we cannot at preseut gumauten, for the reason the new works in their entirety. It may fairly that should our No. 1 Dock by occupied by a however be considered that the provision for ship needing extensive ropai s below water, we levelling an reclaiming the entire area of the have at present us alternative dock to carry ou site, as demanded by the Government under with. This difficulty his already faced us clius 9, need not be carried out nutil the ex- several times and has no doubt aggravated the pansion of the Company's business renders it demand for opposition docks here and elsewhere necessary, and probably the Government would that will menice our position and revenus as consent to a reasonable modification of this long as we continue unable to meet the demands condition, which, as it stands. seems unnecessari- on us for work required. Now with regard to ly burdensome. In that case the estimated cost the necessity for the purchase of additional land of the works would be mite ially re lucal with for any necessary increase in our docking facili-out impairing the utility of the proposed schono ties, your director on learning that alternative schemes for meeting the situation were suggest ed by various shareholders, employed Messrs. Houston & Kidd, Civil Engineers, at present constructing His Majesty's Naval Dock bare, and experienced, as you may know, in the con- struction of modern docks and pier works, to survey and report on three proposed alte native sites for a new first-class dock, viz., the first on the foreshore in front of the existing building slips at the west end of the Company's pro- perty. The second site suggested being betweзu Nos. 1 and 2 Docks. The third site being the one shown on the plan accompanying our circalar of September 22nd, and I can do no better par- haps thaa quote you their views (in which your Board concurs), viz,:—
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Having now laid bafora yoits the best of my ability te main outlines of the scheme, I venture to impress upon you the importanes of acquiring, this most valuable piecs of land, bu doubly valuible to this Compiny, adjoining as it does the Company's existing Kowloon estab- lishment and affording the ouly possible site for that extension of th Company's operations upon which its future success must depend. The opportunity now offers for acquiring this site. and it is for you, gentlemen, to decide to-day as to whether we accept or reject the Gorera- ment's offer, which ouly remains open to us until the 15th instant. It seems only reason- able to suppose, in view of the inevitable expansion of the shipping trade of Hongkong, that should this opportunity be missed, it will
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I should like to ask you a question which has been suggested to me by a littor which recently appaired in the Chind Mail above the signa far of Mr. Wicking In that letle· Mr. Wicking conjectured that No. 1 Dock had ouly bo u occupied on au average for 20 days in the month. I would like tɔ know whether that is correct or not?
The CHAIRMAN -Aro thero any other remarks?
Mr. W. PARLANɛ—Mr. Chairman, I think it would be well if you would lay before this meeting the estima'el cost of longthening No. 1 Dock, say 10) feet.
Captain G. C. ANDERSON-Mr. Chairman and gentlemen, during the last 20 years I have baan in very close touch with the Hongkong and Whimpoa Dock, and have soon a great deal of what has been going on there; and with reference to this proposal I have been trying to get at some reason why we should pay such an exorbitant rate to the Government for the site which is now r pos d while thera is ground in existence at Kowloon already, the property of the Company, whare a dock could be made. (Applause.) The policy of the Goy rnment of this Colony seɛm3 to be one of those things which no one can understand. Why we should pay such exorbit- ant rates, saddled with such conditions, as have been put forward I for one fail to unders and. Of course shareholders have not put their money into the shares of the Dock Company for the purpose of fancy schemes (applause), but to make an interest on their capita'. Many of them are poor men who cannot afford to stand for five or six years out of their money, as will in all probability be the case if this scheme is carried. (Applause.)
Mr. J. R. MICHAEL-Mr. Chirmin and
gentlemen, the scheme of the proposed now dock, only the bare cutline of which has been submitted to us for consideration and decision, has no doubt had the very careful consideration of at least some