376
CANTON NOTES.
21:3
OM OUR CORRESPONDENT.]}
16th May.
The new Viceroy, Shum Chou Huin, left Breckman on the 16th of this Chinese moon (12th May) for Canton, and is expected here about the 10th of next moon; but before he started. he sent a number of spies here to find out what the officials have been doing, and report upon the state of affairs in Kwangtung and Kwangsi.
· It is said in Canton that the gentry and merchants in Kwangtung and Kwangsi have petitioned and wired to the President of the Board of War, H. E. Wang, at Peking, asking His Excellency to cancel the act of the prefect of the Kwai Lam prefiction who applied to the French military authorities for assistanos in suppressing the Kwangsi rebellion. They also ask that the prefect shall be dismissed from office. It is reported that the French soldiers have marched into the territory of Kwangsi to fight the rebels.
FROM TH&
CHUNG NOOI SAN PO."]
THE HONGKONG WEEKLY PRESS AND THE "STAR" FERRY CO., LD,
The fifth ordinary annual meeting of the shareholders of the "Star" Ferry Co., Ld, was held at the Company's Office. Connaught Road, on the 20th inst. The Chairman, Mr. N. A. Siebs, presided, and there were present Sir Paul Chater, C.M.G., Mess s. A. J. Ray mond, B. C..Wilcox, H. Humphreys, J. Hooper, J. J. Monteiro. E. M. Roberts, and R. J. Macgowan (Acting Secretary).
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[May 23, 1903.
The amount at credit of profit and loss nocount, after paying for repairs and placing $7,750 to credit of insurance fund, is $41,337 06 which, with the approval of shareholders, it is proposed to appropriate as follows-
Directors' and auditor's fees $ 1,000.00 Dividend of 12 per cent. Write off boats
**
11
goodwill tarostiles
18,000.00
· 5,00 1,00 ·
1,000,00
500,00
Ice House Street pier 1,500.00 Transfer to reserve fund p.15,000,00 Carry forward to new account 337.06
$42,337.06
BOATS.-The old boats Evening Etar and Rising Star have been sold. The five double- anders have been running atisfactorily throughout the year.
INSURANCE FUND.-The directors have deemed it expedient to open an insurance account, orediting same yearly with 5 per cent. of the book value of the boats.
DIRECTORS.-In accordance with the Articles of Association Mr. A. J. Raymond retires but offers himself for re-election. Mr. D. M. Moses resigned on leaving the Colony and his place has been taken by the Hon. Sir C. P. Chater, C.M.G., whose *ppointment requires cou. firmation.
+
The CHAIRMAN said-Gentlemen, the re- port and accounts having been in your hands for several days, I propose, with your permission to take them as read: The gross earnings from traffic were $20,723 better than last year, and the net earnings show an increase of $14,791.32. From the balance at credit of profit and loss account your dir.ctors propose to pay a dividend of 12 per cent. which will absorb $18,0 0, It must be borne in mind that the capital is now $150,000 against $125,000 last year, so that the dividend amounts to $3,0 0 more. Following the policy pursuet in previous years it is proposed to write down the value of the boats, goodwill, etc., and $8,000 have been appropriated for this purpose. The book value of the five double-enders, of which your fleet now consists, will then be $150,070, at On the 10th inst. a draper named Kung-Sun which price it would not now be possible to sent one of his foki to Loongshan to purchase replace them. The Board considered that it silk. When the foki arrived at Sä Tan Pun would be a wise policy to open an insurance AUDITOR.-Mr. W. H. Potis bas audited the village by boat, he was attacked by a notorious account, crediting same yearly with 5 per cent. accounts now presented and offers himself for pirate named Choi Cham and a number of his of the book value of the boats, and $7,750 have | re-election. followers. Seeing that the poor foki_had_only accordingly been sot aside for that purpose; I
N. A. SIEBS, Chairman, sixty taels in his possession the leader of the feel sure that this will mee with your approval. Hongkong, 15th May, 1909. pirates took him prisoner and sent a letter to We have been fortunate in the past in avoiding the draper's shop asking one thousand five losses through typhoons, etc., but immunity from hundred taels for the prisoner's ransom. such risks may not always continue and we The master of the shop question refused to should be prepared t› make good any losses that socode to the outragous demands of the pirates. might occur without having recourse to our The money not being forthcoming, the pirates reserve fund. It is a matter for congratulation shot the unfortunate prisoner and threw the that during the year under review our boats corpse into the river. When the master found have met with no accidents, and we have had the corpse, he immediately reported the case. to pay no claims. It has been suggested to the to the local magistrate who promised to do directors that they should call up the balance bis best to find out the culprits. It is usual of the capital, and thereby increase the reserve when any case of robbery is brought to thefund, but the amount 80 realis d could. notice of the local mandarins that the com- not at present be profitably employed in plainants have to disburse s good sum of money the Company's business, and consequently as bribes to the gamen runners, otherwise their the dividend of 12 per cent. (on $200,000) case will never be brought to the knowledge of could not be maintained. Your directors, after the mandarins. Hence, very few cases of rob giving the suggestion their careful considers- tion, decided that it would be wiser to wait bery are reported.
until, with the expansion of the Company's business, further capital can be profitably employed therein. If the shareholders have Buy questions to ask I shall be pleased to answer them to the best of my ability.
THE KWANGSI FAMINE.
It is reported that a meeting was held a few days ago in a charitable institution, the Prefect of Kwang Chow being voted to the chair, to decide upon plans for raising a fund for the relief of sufferers by the famine in Kwangsi. It was decided to distribute subscription lists to all the gentry and the merchants asking for an initial fund of three hundred and fifty-six taels. The local gentry of Kwangsi were also. asked to co-operate in assisting to distribute onagee and rice to the starving people and to sell rice at a cheap rate in various districts. Recently a large quantity of rice has been sent from Canton to Wuchow, so that the price of rice is gradually declining at the latter place.
LICENSING JUNKS AND BOATS.
The Canton Government has sanctioned, in consideration of payment of a large annual sum, a proposal presented by an influential merchant to licence all the junks and boats in Canton.
GENERAL SOUFAT CANTON.
I
Mr. HUMPHREYS said—Mr. Chairman, as you have referred to the suggestion made to call up the remaining capital, I think I may say to co: sider the advisability of increasing the that it might be worth while for the directors Company's business by running a ferry service between their present wharf and Yanmati. I have in my hands the refusal of a wharf in deep water, which the Company, if it takes it, can fence in and use for its own purpose just the same as at Kowloon. If the Company's busi- ness is not extended it seems to me that the present capital is too large and it might be reduced by paying off the new shares altogether. The CHAIRMAN-We have tried a service to Yaumati before but it was not successful, but We will consider the question again.
Mr. WILCOX seconded the motion for the adoption of the report, and it was carried.
General Sou of Kwangsi has arrived at Canton from Wuchow. The General was
Mr. HUMPHREYS moved, Mr. HOOPER reported to the Throne some days ago and seconded, and it was carried, that Mr. A. J. ceneured by the Governor of Kwangsi for Raymond be re-elected a director, and the re- being unable to suppress the rebels and allow-eleo ion of Sir Paul Chater as a directer be ing the soldiers under his command to join hands with the rebels. An Imperial decree was' recently issued ordering the General to go to Peking to answer the charges brought against him.
Commenting on the movement to secure the
confirmed.
On the motion of Mr. WILCOX, seconded by Mr. HUMPHREYS, Mr. W. Potts was re-elected auditor.
The CHAIRMAN-Dividend warrants may be had on application at the office.
* Admiralty Dock in Hongkong The directors have the pleasure to submit to
of
the
“India remarks:-A curious fatality seems to dog the footsteps of the naval anthorities whenever they attempt to -carry out a scheme in the Far East. The fiasco which appears imminent at Hongkong will not be the first case of blundering in Chinese waters.
The report is as follows :→→
abareholders their report, with statement of accounts for the year ending 30th April, 1903.
ACCOUNTS.
The nett earnings of the boats, after paying all working expenses, were $12,973,50 as against $28,182.18 last year, being an increase of
14,791.82.
A. S. WATSON & CO., LD.
The following is the report of the general managers for presentation to the shareholders at the general meeting of the Company, on Thursday, the 28th inst.:-
Gentlemen.-We beg to lay before you a statement of the Company's business with a balance-sheet for the year ending the 31st December, 1902. The net profits of the Company for
the twelve months under review, after paying all charges, including the salary of the general managers, and providing for all bad and doubtful debts amount to ~ To which has to be added the balance brought forward from the previous year
.$101,951.95
4,728.61
$106,675,56
From this there has to be deducted- General managers'
com-
mission of 5 per cent, on the net profits for the year as per Artiole 80 of the Company's Articles Remuneration of consulting committee as per Article 92 ..:
of Association...
!
$5,097.60
2,500,00
Leaving an available balance of
We
paid an interim dividend of 5 per cent. in November last absor bing...
And we now propose to pay a farther dividened of 6 per cent. (making 11 per cent. for the year) which will absorb
To write off furniture, fittings, utensils of trade, lighter, soda w ter plant, machinery and building additions ..
To carry forward to 19 3
account
ご
$30 000.00
36,000.00
30,000.00
$7,597,60
.899,077.98
3,077,96
$99,077.96
The result of the year's working has been on the whole satisfactory, notwithstanding the low rates of exchange which prevailed during the latter half of the year and the keen competition we experienced in all branches of our trade.
& CONSULTING, COMMITTEE.
The existing committee consists of Sir C. P. Chater, C.M.G., Messrs. C. Ewens, J. HA