194
neighbourhood. I trust we may be equally fortunate this year. Before moving the adẹp- tion of the report and accounts I shall be pleased to answer any questions.
There we è no questions asked. The CHAIRMAN proposed the resolution. Mr. WILCOX reconded, and the motion was adopted unanimously.
Mr. Lows moved the confirmation of the appointment of Pon. C. W. Dickson, Messrs. C. Michelau and A. G. Wood as directors.
Mr. S. J. MICHAEL seconded, and the motion was agreed to,
THE HONGKONG WERKLY PRESS AND
Brought forward
Stock of linen, crockery and glassware, de. Stock of wines, provisions, household
sundries, and stationery Shares in public companies, as
per last report ..
per
es "Campbell
Moore & Co., Ld, sold
Licenses attaching to 190) Value of steam lannch as per
last report
Less written off. AA recom-
mended in last report
On the motion of Mr. WILCOX, seconded by Sandry debtors Mr. S. J. MICHAEL, Messrs. E. Goetz and H. Schubart were re-elected to the directorate.
On the motion of Captain CLARK, seconded by Mr. Goosmann, Messrs. W. H. Potts and A. O'D. Gourdin were re-elected auditors.
This was all the business.
THE HONGKONG HOTEL CO., LĐ.
The following is the report of the board of directors be presented at the ordinary meet- ing of shareholders, held at the Company's Hotel, at noon, on Friday, the 13th March :----
Gentlemen,-The directors now beg to submit their report for the half-year ended the 31st December, 1902.
ACCOUNTS.
The profit on working account amounted to 890, 165.45, as compared with $88,550.33 for the corresponding period of 1901, being an increaSO of $1,615.12.
The profit and loss account, including the sum of $14,466.05 brought forward from 30th
7./33.81
747.50
$11,000
1.0000
Hongkong and Shanghai Banking Corpora-
tion
Hongkong and Shanghai Banking Corpora-
tion. No. 2 account Cash in hand
$ 883,312.77 43.265 23
5.6 8.51
6,286.31 1.2.1.2
19,001.00 66,9, 6,42
5.8 9.00
262.161
$1,057,540, 41
PROFIT AND LOSS ACCOUNT. For the six months ending 31st December, 19 2.
Dr.
To bad debts and refunds To rates
To balf-year's interest on debentures
! ($225,0 at 3 per cent.)
To fire insurance
To Crown rent
To directors and auditors' fees
To repairs and renewals account
To pay a dividend of 12 per To balance, to be appropriated as follows :
cent.
$72,000,00 To write off furniture and fixtures 19,00 To set aside against repairs and
renewals
To write off steam launch To carry forward to new account
('r.
1,0 400
272. 0
June, 1902, shows a credit balance of §93,272.09. | By balande from 30th June, 19-2 8112, 466, 5 which your directors propose to apportion as follows:-
To pay a dividend of 12 per cent. for
the half-year
...
To write off from value of furniture
and fixtures
To write off from value of steam-
launch
+
To carry forward to new account
Less dividend at 12
per cent.
*. $72,0 0.00 Less transferred to
reserve fund Less transferred to repairs and T newals account Less written off
5, 00.00
10.000.00
}
[March 14, 1933.
REVIEW.
The Silver Standard and the Straits Currencys Question. By Avqust HETTENBACK. Messrs. Kelly and Walsh.
THIS little rotams of 147 pages should be read by everybody inte ested in the question of the hour. The author is an adroents of a gold standard and his arguments are put with : commendable lucidity and tersoness. He first discusses the silver standard in its relation to prices, the wage-earner, trade, the Government, the country and the producer. In the second part of the book the question of a goli standard for the Straits in dealt with, having regard to the 1,765.38 circumstances of the local trade. Concerning th Straits trade with China the author declares that as regards China's purchases from the Strails they are to a great "extent the produce of the surrounding countries, which China must have, and which are not produced by any other silver using country. And as regards the import trade of the Straits from China, that would be carried on alike nader any alan- dard. The problem in the Straits as in Hongkong is difficult through the Straits 6,75 | trade being a transit' trade, Lut is more 1,752.75 complicated than here, for Hongkong, na 478.89 the anthor remarks, would have only one 6.969.22
hinterland to reck n with and not with a dozen 3.2.0
of them like the &traits, and these differently constituted and disposed. The problem consists in constructing a method which while giving fixety cannot through its modus of introduction iffint injury on the Straits and co-users, and the chief interest of Me. Huttenbaok's book centres of conias in the schemo suggested by · him to accomplish the objec's above indicated. It is described retrospectively in what the author entitles "The History of the Reform, 1903 to 1904," and is as follows: -
$
2:10.48 2.83 38
93,272.49
$115,494.91
$
...$72,000,00
10,000.00
To transfer to repairs and renewals
account
10,00 2.00
furniture and fix. tures
1,000,00 272 09
Leas written
off
steam launch
10.000,00
1,000,00
98,000.00
-$11,466.05
$93,272,09
By rents of shops and offices, new
building
By rents of shops and offices, old
building...
$0.00
6,380.00
By dividends on shares in public companies By scrip and transfer fees
By bad debts recovered
By interest account
By dividends forfeited
1.397.21 128,00
DIRA TOKS.
Mr. W. Hutton Potts retires by rotation, but offers himself for re-election.
AUDIT.
The accounts have been audited by Messrs. I. U. Jeffreys and A. R. Lowe, who offer themselves for re-olection.
W. IUTTON POTTS,
Chairman.
Hongkong, 4th March, 1903.
The accounts are as follows:—
BALANCE-SHEET, 31st December, 1902.
Capital---
LIABILITIES.
8,810,00
478.00 (5.00 5.10
By profit on Hotel working account for the
six months ending 31st December, 1:01 90,165,45
$115, 191.81 REPAIRS AND RENEWALS ACCOUNT Dr.
C.
To payments on accouut of repairs andi
renewals
C.
Cr.
$19.848.46
ミ
By balance from 30th June, 1902
By transfer from profit and loss account, as
recommended in last report
12,04 shares at $50 each (fully paid-upt ... 600,000,00
1,000 mortgage debentures,
authorised, issued at $509
each
Less 550 do. not issued
Reserve fund
Sundry creditors
Unclaimed dividends
944
Profit and loss account ..
A88ETS.
...$500,00 340
275,000,00
227,000,00 190,000. 0 33,379.34
5,889,00
93,272.69
$1,057,54 1,43
Value of land and buildings as per last report :--
Marine Lot No. 5 and remain- ing portion of Marine Lot No.9
1+
---
Remaining portion of Marine
Lot No. 7
Praya Reclamation
..$372,045.60
368, 108.20 21,291.77
New building on reclamation to Marine Lot No. 7, pay.
ments on account
Value of furniture and fixtures.
as per last report
Less written off, as recom-
mended in last report
Since added
32,016.45
$91,306.06
10,000.00
$-4,396.06 5,514,69
2,879.21
...10,000,00 By balance, transferred to profit and loss
account
(1) The new carroucy altered little in what was then the Straits currency. The only alterations were that the silver dollar was, as Boon as it was no more required, to be done away with and that the sovereign and the one. dollar note were to be added.
The ratio adopted was twelve dollars to the sovereign.
The Government would sell notes at the ratio and give goll at the same ratio for all notes and only for notes tendered.
Notes and/or sovereigns were to be legal | tender to any amonat,
(2) The Straits Government was appointed the Execntire of the Monotary Union and wore to give effect to all decisions arrived at, inclu- ding all concerning the now curieney.
(3) The now onrrency was only to apply to transactions subsequent to its introduction. From the datę of introduction all rovenue, wages, new bargains, etc, were to be paid in the pew currency unless otherwise specially contracted for.
(4) Private rights were not to be interfered with. Contracts, debts, etc., were to be liquidated in the currency contracted for within a fixed period. Provision was made for debts and contracts expiring after that period, such as mortgages and leases, to have the same just treatment.
(5) A fixed period was arranged during which the old and new currency were in operation concurrently but each for a different purpose. The new currency, viz., the notes for new transaction only. The silver dollar to liquidate $19,848-16 the past ouly.
0,969 22
With the so-called “lease" of Port Arthur tb Russia, Kiaochon to Germany, and Weibaiwei to Great Britain, the Chinese Northern, or Peiyang, Squadron has been as it were homeless and without any permanent naval headquarters north of the Yellow River for the past few years. Viceroy Yuan Shikai, says the N.-Q. Daily News, intends now to remedy matters and has obtained the vicinity of the Chefos forts, af the mouth of Chefoo harbour, for the purpose. The Shantung troops that have hitherto $798,462.02 garrisoned the forts in question are to be with
drawn and the forts and buildings adjacent to them turned over to Admiral Yeh, commanding the Peiyang Squadron, who will make the place the future headquarters of the Squadron. It is further stated that the Peiyang Naval Academy hitherto in Tientsin, is also to be removed to Chefoo on this account.
89,850.76
(6) Measures had been concerted to clear the whole system after the period of transition of the silver dollar if it should then be advisable to do so, and on a plan which could not disturb anything.
(7) The cost of the whole scheme was esti- mated at $200,0.0 per annum for ten years and decided to be divided pro rata amongst all com. ponents of the Monetary Union, in roportion to their population.
The Government contracted 攜 loan of £700,000 repayable in ten years by ten yearly eqnal instalments. That loan, guaranteed by the Imperial Government, was easily negotiated at the rate of 3 per cent. interest per sunum. The gold securities held as a reserve against the dollar-note circulation were sold and realised another £300,000. The Government had thus £1,000,000 in hand. Ample, not only to change the silver reserve into gold, but sufficient also. to pay every note in circalation in gold.
.e!
SLAVI