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to modern ears, the curious complaint men. tioned in the telegram is not new at all so far as this country of contrarieties is concerned. During the turmoil and con- stant fighting which took placs between the ☀ last years of the Tang dynasty, A.D. 935 and A.D: 960, when the first Emperor of the power- ful Sung dynasty mounted the Dragon Throne, | the interregnum of fifty-five years saw the reign of five dynasties, composed of successful generals of the usurpers. History tells us that men then changed masters and then returned to them As freqn ntly as they changed their costs, and often high officials, thinking themselves surrounded by faithful troops of their sovereign, would find to their cost that they were in the hands of some rival claimant to the Throne who had succeeded in tampering with the loyalty of the erstwhile Imperialists. To revert to even later times- the Taiping rebellion, 1849-1881 - Imperial troops with their officers having turned Taipings returned to their allegiance after a time. to go over to the Taipings the moment they found the The r.bels too strong for them, and vice versi. same policy it would seem is being pursued iu Kwangsi-to the benefit of the rebels. But with reference to the desire of Governor Wang Chih-chan that Marshal Su should be dismissed, it is another thing altogether. If the Marsbal is like ordinary Chinese Generals of the un- educated class we need not be surprised if we hear of his troops coercing him into joining the rebels the moment the Imperial decree dismissing him from the service is issued, whilst as to the mandarins in Peking, if they are mindful of their histories, it is quite likely that to prevent such a contretemps they will find means of putting the Marshal ont of the way.
HONGKONG HOTEL CO., LD.
The ordinary half-yearly meeting of share. holders in the above Company was held at the Hongkong Hotel on the 13th inst. Mr. W. Hatton Potts (chairman) presided, and the others present were Messrs. R. C. Wilcox, F. Osborne (directors), W. E. Clarke, G.-M. Baiu, E. Georg, F. D. Goddard, A. Denison, W. Daries, E. J. Joseph, Ho Tung, Ho Fook, Ho Kom Tong, and C. Mooney (secretary).
The notice calling the meeting having been read by the SECRETARY,
THE HONGKONG WEEKLY PRESS AND
Mr. BAIN seconded, and the motion was agreed to unanimously.
Messrs. II. U. Jeffries and A. R. Lowe were re-elected as auditors, on the motion of Capt. GODDARD, seconded by Capt. CLARKM.
This was all the business.
CHINA SUGAR REFINING CO.,
LD.
The 25th annual general meoling of share- holders in the abora Company was held on the 17th inst, at the offices of the general agents, Messrs. Jardine, Matheson & Co. The Hoa. C. W. Dickson (chairman of the con- sulting committee) presi lel, and the others present were the Hon. Sir C. P. Chater, CM.G., and Mesara. D M. Moses, R. C. Wilcox, A. G. Wood director.). J. Bartou (secretary), Peter Dow. K. McK. Ross, E. C. Emmett, J. R Michel, W. A. Cruickshank, G. M. Bain, A. Bain, R. T. Wright, G. C. Anderson, C. H. Ross. Ho Fook, Chao ep Chee, I.o Cheung Sin, and Wong Leung Hing. The notice calling the meeting having been
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March 23, 1903.
tion of beet will be a thing of the past and that competing with Continental countries upon level terms we may b. able not only to hold our own but revert to the prosperity of former years. I shall be pleased to answer any questions which shareholders may wish to put bearing apon the report and accounts now before us.
There were no questions, and the CHAIRMAN moved the adoption of the report and nocounts. Mr. G. M. BAIN-I have much p'essure in seconding the motion, and I think I may say fairly that the shareholders present and those who will read the clear statement of explanation which has been given from the chair will be quite satisfied that there is nothing behind what we have got now.
The m tion was put to the meeting and. agreed to unanimonsly.
The appointment of Mr. A. G. Wood as director in place of the Hon. O. 8. Sharp was approved, on the motion of Mr. MICHAEL, seconded by Mr. R 88,
Mr. WRIGHT proposed the re-election of the present members of the consulting committee, which motion was seconded by Mr. Moses and
carried wi bout opposition,
The only remaining it ›m of business was the appointment of anditors, and on the proposition of Mr. A. BAIN, seconded by Mr. EMMETT, Messrs. T. Arnold and W. H. Potls were re-elected.
The CHAIRMAN-That conclu les the businesa of the meeting, gentlemen, and I am obliged to you for your attendance. Mr. Murray Bain, in seconding the report, so'd he hoped there was nothing behind th accounts now before us, and am happy to be able to give you the assurance that there is nothing behind them Everything is shown in the accounts.
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Mr. G. M. BAIN-Excuse mo; what I said was that from the clear statement made from the chair, shareholders would be quite satisfied there was nothing behind. That was what I said.
The CHAIRMAN-I beg your pardon. I did not quite catch what you said.
LUZON SUGAR REFINING CO., LD.
The 21st ordinary annual meeting of the shareholders of the above Company took place in the Company's offices on the 17th inst. Hon. C. W. Dickson (chairman) presided, and there were also present Mr. J. H. Lewis (consulting committee), Messrs. R. C. Wilcox, P. A. Barlow, K. MoK. Ross, A. J. 1. Hunter, P. Potts, Ho Fook, Chro Leap Ches and Lo Chenng Sin.
read,
The CHAIRMAN said Gentlemen, report and accons as having been circulated for some time, you will, I presum, be as read. It is a prepared to take them matter of much regret to the general agents and consulting committee that the year's working should be attended with such an unfortunate resnit, but having regard to the al- together exceptional conditions which prev iled, it will. I vesture to think, be no surprise to those of you who have followed the movements. of the sugar industry during that period. Reference has frequently Leeu "made from this chair to the necessity of purchasing supplies of
of well ahead raw sugar
needs, and at last annual meeting it was indicated to you that the purchases effeefed in the autumn of 1901 to meet our requirements during the following year showed a consider- able depreciation in valne. When I mention that in August, 1901, the price of raw beet sugar was in the neighbourhood of 8/. per cwt. and that in July, 1902, it was quoted at 5/104– fall of 2/14 per cwt, or say 2/6 per picul-you will appreciate the extent of the depreciation. When closing accounts for 1901, outstanding shipments of a value of close upon four millions of dollars were taken over upon a basis which it was calculated would on prices then enrrent yield a profit sufficient to neutralise The CHAIRMAN said-With your permission, the high cast of our
sugar commit- I propose to take the report and accounts as men's. Unfortunately the expectation was read. The business for the six months shows a not realised. Not only did beet unexpectedly small increase over the corresponding period of fall another 10 per cent.. but Eastern markets 1901, and we are again able to recommend a were made the dumping-ground for large dividend of 12 per eout. for the half-year, and quantities of this hounty-fed sugar, with the The CHAIRMAN suid-Gentlem n, The report the result has been obtained in spite of an ever- result that they utterly collapsed, and instead and accounts having been in your hands" for falling exchange, and increased competition, of making the handsome profits anticipated we some time we will, with your permission, which, since the beginning of the year, has been had much difficulty in disposing of the ship-follow the usual course and take them as farther augmented by the opening of the Club ments at the low prices then established In- annere, and the German Club. The new recep- deed, gentlemen, had it not been for the fortu- tion rooms referred to by the Chairman at our naté e reumstance that a considerable percen last meeting have been completed, and seem to be tage of these shipments to gold-u iug countries generally appreciated both by visitors and the were not drawu against, and that we were conse- residents of the Colony, Nearly the entire cost quently able to benefit by the otherwise regret- of these alterations, and certain other improve table decline in silver, there would have been ments, all conducing to the comfort of our pat- an actual loss. As a result of this glutting rons, are included in the accounts before you. of consuming markets it was necessary to work You will have noticed that some $32,000 has been short time for the greater part of the year, paid on the Reclamation, and we have still deben-which of course means increased cost. I should tures to the amount of $275,0nissued, wherewith to finance the building, bupes we are considering, in order to Keep the hotel up to date, the advisability of having our own electric plant, as also the removal of the servants to another building, to avoid the noise and smell of the Chinese cooking, it may be necessary later on to raise more capital, or to increase the debenture issue. In January last we commenced charging in sterling, this seeming to be the only remedy to avoid constant changes in our rates, owing to the lower purchasing power of the dollar. Before moving the adoption of the -report and accounts, I shall be pleased to answer
any questions. (Applause.)
There were no questions, and on the motion of * the CHAIRMAN, seconded by Mr. Ho TuxG, the report and secounts as presented were adopted and passed.
The next business was the election of a director, and Mr. DAVIES proposed that the retiring member of the board, Mr. W. Hutton, Potts be re-eloofed.
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The SECRETARY having read the notice con- vening the meeting,
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read. From what passed at the las meeting of shareholders, you are aware that the obances of resuming work at Malabon were then remote for reasons which it is scarcely necesary for me to repost. The position did not improve daring the year under review and the refinery silent over since has perforce remained our last meeting. So long as the important question of the tariff between the United States and the Philippines remains unsettle, as is at present the case, I would counsel further here say, however, that even had other condi- patience on the part of the shareholders, because tions allowed of it, we should probably have although immediate prosperity for the Company been unable to attain our normal output will necessarily follow, the position might because of scarcity of water owing to the be so materially altered as to largely increase unpreced nted drought which prevailed list the value of our property. If on the other year. In China it was not possible owing to hand no substantial relief in the way of beet competition to raise prices to a level cor- duties is obtained, it will doubtless be expedient responding to the enhanced cost of production to take the sense of the shareholders as to the resulting from lower exchange. The position course to be then paraned. I know of nothing has been further aggravated by the higher that I can usefully add to these remarks except wages which in common with all other local to say that expenses are being kept down-con- industries we have had to pay for native labour, sistent with due care of the machinery and and by an increase in our ordinary trade ex-buildings, which are in good order. Before penses due to the depreciation in silver. I trust I have in these remarks conveyed to. you: the exceptional circumstances which have led to the inevitable result shown in the accounts before us-a result as dis appointing as at this time last year it was unexpected. The Brussels Convention having now been ratified we may indulge in the hope The CHAIRMAN then proposed that Mowerd. that when it becomes operative during the 1 J. H. Lewis and A. G: Wood be elected as coming autumn such an enormous over-produc- the consulting committee,
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moving the adoption of the report and accounts I shall be pleased to answer any qu stious which shareholders may have to ask:
There were no questions, and tho-CHAIRMAN moved the adoption of the report and accounts. Mr. BARLOW seconded and the motion was unanimously agreed to.