stroke of the pen, the experience of the Dock Co. itself is pro f enough that it takes millions of money and years of libɔur to found such an establishment. Besides, it competition | is going to be attr, oted, it will be attracted all the same whether the earnings of th· Company are known monthly or half-yearly.
The directors would perform a graceful act if they would take the initiative in this matter, while they would undoubtedly earn the appro- bation of all fair-minded men.— – Yonṛ, eto..
HONGKONG AND
JUNIUS.
SHANGHAI
BANKING CORPORATION.
The ordinary half-yearly meeting of share holders in the Hongkong and Shanghai Banking Corporation was held in the City Hall on the 14th inst. The Hoo. R. Shewan presided, and there were also present-Hon. C. W. Dickson, Messrs. A J. Raymond, E. Goetz, G. H. Medlarsı, G. Michelan, D. M. Moses, H. Schubert, N. A. Siebs, G. Billoch (directors), J. R. M. Smith (chief manager), Hon. C. S. Sharp, W. H. Potts, J. R. Michael, H. E. unter, J. C. Peter. C. W. May, R. F. Wright, E. Georg, C. J. Gonsalves, J. Ý. V. Vernou, 8. Hancock, P. A. barlow, J. M. Gomes, J. A. Chinoy, Lau Wai Chuen, H W. Fraser. A. Sharp, D. Haskell, A. G. Wood, P. C. Potts, J. M. Alrés, Kim-cai, G. Pearson, E. A. £ ewelt, C. N. Tomes, F. B. Marshall, J. Orange, R. K. Leigh, R. C. Wilcox, W. Lysaught, G. de Champeaux, W. H. Wickuam. E S. Joseph, G. Stewart, J. Neumenn, and others.
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THE HONGKONG WEEKLY PRESS AND
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The repart was read by the CHAIRMAN, who, continuing, said-ientlemen,) congratulato you, on the fine position which the report I have just read shows the Eank to be in, and ou the results of the last six months' wo k which allow of the usual di idend of £1 10- and a bonus of 10/- per share, and also of $750,000 be ng added; to the reserve fund. At our last meeting, in August, I pointed out that, at the then rate of exchange of 1/84, it took about $110,000 m ra to pay the same dividend than it did six months previously, and to do so now, at the present rate of 1/7, requires $110,000 further, besides a relative increase of dollars to pay the 10 bonds. In other words we are uOW Paying in dividend and bonus $2,021,052 64 against $1,725,842.70 this time last year, or say lacs of dollars more; while at the same time our posi. tion is now stronger than it ever has been before. (Applause.) The uncertainty of the silver market has mad exchange cperations matter of much difficulty and little anxiety. It has been a busy time for all con- cerned, and to show our appreciation of the manner in which the matter has been faced by our managers, agents, and staff generally, we have had pleasure in voting them a bonus on their salaries of 10 per cent., which I am convinced will meet with your approval. (Applause.) Comparing the present report with that of 30th June you will observe an increase in deposits of ab ut $20,000,00!, chiefly in gold accounts, and same has enabled us to reduce our liabilities under the heading of hills payable, which are some fourteen million dollars less; ou the other side bills discounted, loans and credits are ten million dolla s higher, and bills re- ceivable have increased $80,000,00. There is no marked change in any of the other items calling for comparisou. During the past half year we effected a salo in Londou, in conjunction with Messrs. Baring Bros. & Co., Limited, of Imperial Japanese Government Bonds which met with much success, ani I am glad to say the result was mutually gratifying to the Japanese Government and to ourselves The import trade has been dull here, but in the North there are evidences that at the opening of the river a good demand will spring up for piece goods from Europe and America. The Chinese have again proved their capabilities as business men, and bure mostly settled sterling exchange at the time they ordered their cods, thus insur- ing themselves against loss on a falling silver market. The commercial treaty made on be- half of the British Government by Sir James Mackay has been signed, but will not become fully operative until the other Powers cone rzed have also formulated the text of their treaties with the Chinese Empire on similar lines. As id six months ago, it is a bold attempt to
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remedy many grievances. Articls-eight with | for the past year its abolition of lekin and imposition of a surtax the usual custom is the one that blocks the way, but if the Chinese have little further Government will see that all the conditions recent meetings and are faithfully carried out, the new treaty on the lines laid down should greatly facilitate trade and also prove beneficial to the country | generally. One of the clauses of the new treaty is that China shall establish a national coinage that will be legal tender over the whole Empire. Gentlemen, if this is accomplished it will, in my opinion, greatly help and as-ist trade, but time must elapse before such a radical change takes place. From the way in which erents are marching, however, it appears certain that some staps must be taken to deal with the currency question in Chius. Eiam has already declared for gold. The Straits Settlements and other places around us are urging the adoption of a gold standard, and in this Colony also there are many whose opinion trends in the same direction. Personally, I should be glad to see such a thing accomplished, but until China makes the change on her own behalf, it would, in my opinion, be prejudicial to our trade here to divorce ourselves from the common currency in use in that great Empire. (Applause.) The Anglo Japanese Treaty which bas been signed is a measure for the common benefit and protec- tion of our several interests. It should make for peace and promote commerce, and as such deseives, and has, our cordial approval. As regards Hongkong and the South of China generally, business is, as you know, dull at the moment, but I think it rests on a sound and safe basis. Many changes have come over the situation for instance tea, in which formerly fortunes were made, has almost entirely left as; but on the other hand a variety of exports bas arisen which our predecessors hardly eve thought of, and which promises to increase from year to year. Railways in China are now being constructed, and will soon be an accomplished fact, and with the opening up of the interior of one of the greatest countri-s in the world, must and will, come larger opportunities, increased business. ard, I do ot doubt, increas. ing prosperity to your Bauk. (Applause, Before moving the adoption of the report and accounts. I would be pleased to answer any questions which you may have to put to ma
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There were no questions, and the CHAIRMAN moved that the report and accounts as presented be adopted and passed.
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Mr. A. G. WOOD-Mr. Chairman, I have much pleasure in secouding the adoption of the report and accounts just placed before us, and sure they cannot fail to b satisfactory to the shareholders. It is also a pleasurable duty to rec gnise the ability ou the part of the mauage ment and staff which has helped to achieve such a good result. I think we are all pleased to learn that this is being recognised in the bonus we are asked to vote for the staff. (Applause.)
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The motion was carried unanimously. On the motion of Mr. J. ORANGE, seconded! by Mr. S. HANCOCK, the appointment as directors of Mr. C. Michelau and Mr. G. Balloch. in place of Messrs. A. Haupt and H. W. Slade, resigned, was confirmed, and Messrs. N. A. Siebs, H. E. Tomkins, and H. Schabart were re-elected directors.
Mr. G. STEWART proposed that the Hon. C. S. Sharp and Mr. W. H. Patts be re-elected auditors.
Mr. J. NEUMANN seconded, and the motion was agreed to.
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n the report. You will not in his report on the work done, reef three foot thick was discovered in Kalam-- poug Valley early in November, and though it cut out after sinking fifteen feet on it, further searching in the locality has shown, a large amount of crushing stuff, evidently the cap of a reef. He adds:--" Samples taken at different points indicate that the whole of the stone is carrying gold. There is no defined reef as yet”. but I anticipate that from the surface along we shall have sufficient stone to keep the mill going night and day for some time. A branch line is being laid, and I expect to start crushing at the end of the present month. The cost of getting the ore and conveying it to the mill will be slight indeed.” Mr. Lester's hope that he would obtain sufficient ore to keep the mill going night and day was not immediataly realised, for be writes on the 13th ult. that "owing to very heavy rains the work at Kalampong has been retarded and we shall be a little later in getting a start than was anticipated." On the 20th idem he also an- nounces: "The work at Swah is being vigorously pushed on. We are now stoping on 8 bunch of leaders at the No. 3 tunnel, and up to the present we have about 20 tons in hacd." It is evident that they arʊ Dów getting good supplies of ore, for, on the 8th inst., we received a telegram to the following effect:-"The mill has been started to-day." I think we have reason to hope, therefore, that, now the staff has been reinforced and the work of prospecting taken in hand on a larger scale, there will soon be important discoveries of stone and a resulting amplitude of ore fer milling. It is interesting to know, as stated in one of the manager's recent letters, that the Resident General of Pahang and the Warden of Mines with their staff. lately paid a visit to the mines and bad a run out to bwah to inspect operations, Mr. Lester says that they seemed pleased with the amount of work that had been done. With regard to the tin land, Mr. Murchison, who has had onsiderable experience in tin mining, has been detailed to prospect this, and we hope to hear before long the result of his investigations. It is satisfactory to hear that the health of our staff at the mines is fairly The good, and we hope it will continue 80. first call of fifty cents per share of new capital has been made and is being pretty generally responde to. The Board trust that the whole of it will soon be paid up and shareholders saved the necessity of paying interest. Many of them pid up before the dne date, a prais-worthy alacrity worthy of all imitation. The prospects of the Company wore never brighter than at the present moment, though dividends are not yet in sight. I think that is all that it is necessiry for me to say, but if any shareholde ́s require further information I will do my best to furnish it.
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There were no questions, and the CHAIRMAN proposed the adoption of the report and accounts. Mr. EDULJI seconded, and the motion was carried unanimously.
The next item of business was the election of directors, and on the motion of Mr. BOWDLER, seconded by Mr. TERREY, the retiring.directors, | Messrs. Wilcox and Howard, were reappointed. The CHAIRMAN-The only business before This was all the business, and the proceedings us now to be transacted is the election or re- I may say that the terminated with a vote of thanks to the direc-election of an auditor. fors, proposed by Mr. DE CHAMPEAUX,
au lit has been very ably conducted by Mr. Low›, who has gone through it in great detail and done a great deal of valuable work for us in inspecting all the assets, leases, and everything. Lowe is to be re-elected. I leave it to the meeting to decide whether Mr.
PUNJOM MINING CO., LD.
E
The sixth ordinary general meeting of shareholders in the above Company was held at the offices, 13, Beaconsfield Arcade, on the 17th inst. Mr. R. C. Wilcox (chairman) presided, and the others present were Messrs. T. Howard (director), W. K. Hughes (secre- tary), R. A. Fergussou, H.-C. Wilcox, J. A. Fredericks, R. Walpole. W. T. Shewan. K. Edalji, G. M. Bain, E. W. Terrey, Max Michael, A. H. Kibeiro, E. Bowdler, E. J. Figueiredo, E. E. Elias, and Kong Kam.
The notice calling the meeting having been read by the SECRETARY,
The CHAIRMAN said-Gentlemen, in present ing to you the report and statement of accounts
Mr. BAIN-I beg to propose that Mr. Lowe be re-elected.
Mr. EDUII-I beg to second Mr. Bain's proposition.
agreed to without opposition.
The motion was put to the me ting and
The CHAIRMAN—— That concludes the business of the meeting, gentlemen. Thank you for your attendance.
Sir Ernest Satow, HBM a- Peking, arrived in London on the 15th ult. from China, on leave.
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