January 31, 1903.]
Į
CHINA OVERLAND TRADE REPORT.
satisfactory to know that the two men who have been standing their trial in the Supreme Court have been found guilty of arson, and the sen- tonces passed upon them this morning may possibly help to deter others from following their example; at all events, it is satisfactory to know that some one has at last been caught. Mr. Chairman, there is another point I should like to mention the point of the unfortunate building collapses which took place during the last year. Of course the Govern ment must be given full credit for undoubtedly endeavoaring to get at the real reason for these! accidents, to see if some measures cianot be devised to put a stop in the future to these fortunate incidents. Whether they will do so or not is not for us to speculate upon, but I certainly wish, on beha'f of the shareholders, to congratulate the Board on the information given to us this morning that we, or at all events our Company, in no way stinted orders given, and that in fact, so far as we are concerned, we are in no way responsible for what has occurred. That must indeed be satisfactory to us all, and I congratulate the directors heartily. I do not think I need say any more, and I therefore beg to second the motion for the adoption of the report and
accounts, and there is consequently no comment I can usefuly make thereon. Several mortgages, to the Company were paid off or reduced during this year, but portious of the purch.se price of properties disposed of were left on mortgage, and the amounts so allowed to remain have in creased the Company's advances by $216,441.26. There is ample margia ou all mortgages. Turning to expenditure, the increase of some 83,200 on repairs to property is dne principally to the unfortunate collapses which cecurred after the typhooLs of last summer. You are no doubt all familiar with the result of the Magisterial enquiries into the cause or canses of these collapses, but it is perhaps not amiss if I here publicly record that no restrictions of any kind whatsoever were imposed by this Company as to the designs, specification or plans of these buildings. Fire insurance is a necessarily increasing item. You are probably aw re that under ins'ructions from the Fire Offices Committee in London, rates here have recently been increased 25 per cent. becau-e (to quote their own words) "of the defective condition of the water supply and fire ex- tinguishing appliances in the Colony." This increase in rates already regarded as high has led your directors to consider the question of the Company carrying its own insurances, and in view of the fact that during the whole term of the Company's existence the losses from fire hare not amounted to one year's premium, they have decided to take the whole of the risks on most of your European houses, and one third of the risks on your Chinese properties. You will possibly expect some reference to be made to the new Public Health and Buildings Ordioance, which has been before our local Legislature during the past year. The Bill first introduced was in many respects objectionable to landowners, chiefly in that it aimed at confiscation rather than compensation, and in common with others who would have been seriously affected by such a measure, this Company engaged the services of local architects, whose intimate know-will be ready to-day. ledge of the subject enabled them to prepare a most instructive criticism, which formed the
accounts.
The proposal was put to the meeting and carried
The next business was the confirmation of the appointment of Mr. C. Michelau and Mr. J. H. Lewis to the Board of Directors. The necessary motion was made by Mr. MURRAY BAIN, seconded by Mr. GooSMANN, and carried,
nem, con.
It was proposed by Mr. ORANGE, who was seconded by Mr. E. J. Moses, that Mr. N. A. Siebs and Mr. D. M. Moses be re-elected direc- tors. This also was carried without opposition. Mr. T. Arrold and Mr. J. C. Peter were re-elected auditors,. on the motion of Mr. LE:GH, seconded by the Hon. C. S. SHARP.
This was all the business. Dividend warrants
ANNUAL MEETING,
The 14th ordinary annual meeting of share holders in the above Company was held at the offices, Victoria Buildings, at 11.45 a.m. on Sir Paul Chat r (chairman) pre- the 26th inst sided, and the others present were Hon. C. W.! Dickson, Hon. C. 8. Sharp, Mr. A. J.¦ Raymond (directors), and Messrs. A. S. Hooper (secretary). J. N. Goormann, J. M. de Graca, R. K. Leigh, J. H. Lewis, M. S. Northcote, J. Orange, and J. C. Peter.
į
|
89
The motion was put to the meeting and carried unanimously.
Mr. GOOSMANN proposed the confirmation of the appointment as director of the Hon, C. W. Dickson, and this was seconded by Mr. ORANGE and agreed to without dissent.
On the motion of Mr. Lew18, seconded by Mr. De GRACA, the Hon. C. W. Dickson and Mr. A. J. Raymond were re-elected directors.
Mr. J. C. Peter was re-elected to the office of auditor, on the proposition of Mr. LEWIS, seconded by Mr. ORANGE.
This was all the business. Dividend warrants will be issued to-day.
HONGKONG LAND RECLAMATION
Co.,
LD.
ANNUAL MEETING,
The first annual meeting of the Hongkong Land Reclamation Co., Ld., was held on the 26th inst. in the Company's offices, Victoria Buildings. Hon. C. W. Dickson, chairman, presided, and there were also present Sir Paul Chater, Messrs. R. Chatterton Wilcox, D. M. Moses, Ho Tung (directors). A. Shelton Hooper, R. K. Leigh, J. Orange, H. N. Mody, Ho Fook, Ho Kum Tong, J. C. Peter, A. J. Raymond, H. C. Wilcox, and M. S. Northcote (secretary).
The SECRETARY having read the notice calling the meeting,
The CHAIRMAN said—Gentlemen, the report and accounts have been in your hands for the past week and with your permission we will take them as read. The period under review is but a short one, the Company having been registered only in April last, and as I stated at our statutory meeting in July it is not possible to move very quickly in furtherance of the prin- cipal objects for which it was formed. We have necessarily to pass through a period of expen- diture before we can reach the era of dividends. It will no doubt interest you to know that we have lately purchased from the Government a large tratat Kowloon Point, and the work of its reclamation is already under way. The few houses we own at Yaumati are well let, and we are
district. All these works will necessitate con. siderable expenditure, and further capital will in all probability have to be called up at a not distant date. The accounts now before you do not appear to call for any special coinment, but before moving their adoption I shall be pleased to answer any questions regarding them which you may wish to put.
There were no questions.
The CHAIRMAN formally moved the adoption of the report and accounts.
basis of a joint petition to the Government. WEST POINT BUILDING CO., LD). "about to extend our building operations in that That Bill was erentually withdrawn, and replaced by another less open to objection, in which effect was given to many of the sugges- tions put forward, and it is hoped that when passed in its final stage the result of this amended Bill may be a restoration of confidence in pro- perty investments bich for many months past have been looked at askance, owing to uncer- tainty which existed as to the requirements of the contemplated legislation. At our last meet- ing the Chairman alluded to a projected scheme for the improvement of the Eastern district of the Colony. Although not pushed forward with the vigour which work with such a desirable object deserves, it has not been abandoned, and it is to be hoped that during the current year much greater progress will be made. There is nothing else I think I can usefully say. but before moving the adoption of the report and accounts 1 shall be glad to as far as possible give any further information regarding them which shareholders may desire.
There were no question, and the CHAIRMAN accordingly proposed the adoption of the report
and accounts.
Mr. DEACON-I have much pleasure in seconding that proposition, but before doing so, howeter. formally, there is an equally pleasant duty which devolves upon me. Since we last met one of our directors has received a very great honour from His Majesty the King (applause)--and I am quite sure that all of us here to-day congratulate him very heartily upon it and hope that he will live for many years to thoroughly enjoy it. (Renewed applause.) In his speech the Chairman mentioned several undoubtedly important subjects, but before touching any of these I think we must first of all congratulate the directors on the nature of the report and accounts. Considering the very depressed condition of the property market during the last year, as has already been stated by the Chairman, I think we cannot but regard the accounts set before us as decidedly satisfactory. (Applause.) One of the most important points alluded to in the Chairman's speech is the question of fire insurance. That fire plays a very prominent and a very unplea- sant part in the incidents of the Colony we all of us know only too well, and it is perhaps
i
i
·
The notice calling the meeting having been read by the SECRETARY,
The CHAIRMAN said-Gentlemen, I propose with your permission to treat the report aud accounts as read. The net profits for the past year amounted to $98.914.27, as against | $40.172.40, the difference being more than made up by the incressed expenditure, as foreshadow- ed in my speech to you last year, in substituting iron girders for the wooden beams in part of your property; the repairs altogether costing $4.334 to the end of the year, or more than $1,50 over that spent in 1901. Your property has been kept in good repair, and we may look forward to the same dividend being paid so long as the present lease runs, provided we have no extraordinary payments to make in the way of typhoon repairs, etc. I think it right to inform you that you must look forward to an increase in our expenditure during the current year in our insurance account, as the offices here have increased their rates of premium by 25 per cent. Before moving the adoption of the report and accounts I shall be glad to answer any question. (Applause.)
There were no questions, and the CHAIRMAN proceeded to more the adoption of the report and accounts as presented.
Mr. LEIGH-Ï have much pleasure in second- ing the adoption of the report and accounts. I do not think there is anything necessary to say: the lease is runcing on, and while that lease continues we may hope for about the same dividend, barring, as the Chairman has put it, any expenditure in the way of typhoons or anything of that sort. I beg to second the adoption of the report and accounts.
Mr. ORANGE Seconded, and the motion was agreed to.
Mr. LEIGH moved the re-election of Messrs. D. M. Moses and Ho Tung to the directorate.
Mr. H. C. WILCOX seconded, and the motion was agreed to.
Mr. Ho Fook moved the re-election of
Messrs. W. H. Potts and A. O'D. Gourdin as auditors,
Mr. SHELTON HOOPER seconded, and the motion was agreed to.
This was all the business.
The following itams are from the Foochow Echo of Saturday, the 17th January. The Russian cruiser Razboynik is in port. The Mandjour was in last-week and left on the 15th instant. The F. A. M. & D. Society announced a dramatic performance on the 21st inst, at the Theatre. The plays to be presented are Barbıra and Chiselling.—Mr. Playfair gave a fancy dress ball on Twelfth Night, the 6th inst.
At Singapore on the 14th inst. the onse against the 26 men charged with rioting in a opolio-depot in Wayang Street on the 5th December was brought to a conclusion. The jury returned a verdict of guilty against all the accused with the exception of three. The judge sentenced Nos. 1 to 5 und numbers 7, 15, 16, 17, 18, 24, to two years on the first charge, two on the second, and one on the third, the sentences to run concurrently; Nos 10, 21, 25, to one year on the first charge, and eighteen months on the second and third, the sentences to run concurrently: aud Nos, 6, 8, 9, 10, 12, 13, 14, 20, 26, to three months on each charge, the sentences to run concurrently.