November 16, 1903.1
FOOCHOW.
[FROM OUR OWN CORRESPONDENT.]
Foophow, 14th November. FOOCHOW ARSENAL..
CHINA OVERLAND TRADE REPORT.
pany at par in the ratio and proportion of one new share for every two old shares in the Com- pany held by the respective shareholders thereof, the amount payable on each of such new shares respectively to be paid at such time or times and in such manner as the Company by ita General Managers may hereafter determine." I beg to move that that resolution be passed.
MB. HO FOOx seconded and it was carried. The CHAIRMAN:-I now move the second
resolution "that Article No. 82 of the Articles of Association of the Company be cancelled and the following article substituted therefor :- The remuneration of the General Managers shall be a sum not exceeding $8,000 per annum which shall cover office rent and salaries of Secretary and other employees) and a commie- sion of 5 per cent of the net profits of the Company for each year that such protits amount to 7 per cent. of the capital of the Compasy.
Mr. Ch. Doyère is still at Pagoda Anchor. age, and there are rumours of more trouble, financial and otherwise, things being quite at a dead lock. It is now said that a representa- tive of the firm of Messrs. Racine, Ackermanu & Co., of shanghai, which is supposed to be concerned in the contract for two ships made by M. Doyère in the name of the Foochow Arsenal, is coming to Pagoda Anchorage to go into the matter on the spot. Originally, and until quite recently, the Chinese authorities, as represented by Mr. Wei Han, hoped to be able to take up the whole contract, even at a loss to themselves. This, it seems, is now fonad impossible, and the whole contract as such will be repudiated. Work has already com menced on one of the ships, and the Arsenal may carry it to completion, but only as an undertaking to be regarded apart from any contract made by MDyère. Who will build | THE DAIRY FARM COMPANY, LD. ship No. 2, may perhaps be asked now.
SPORT.
Everyone is talking in the minor key of this year's griffins. Undoubtedly they are a poor lot.
I understand that three ponies at least are being brought from Shanghai, bought there after the meeting. We have some good old ponies, and it will be they that will cause most interest.
VISITORS.
Last Sunday we were quite inundated by visitors passing through on 8.8. Preussen, Most of them were on their way back to Hongkong from the Shangbai Races. We noticed Hon. Gershom Stewart, Mr. and Mrs. Moxon, and Mr. Owen among others. Sir Chas. Dudgeon arrived by 8.8. Hasshin and has been topping a few days with Mr. Brady, British Consul, and is on
his way further south.
The rice-crop here is rather above the average this year, and is being harvested in perfect weather. The market price is about $1 per picul cheaper than the last crop. There has also been a smart little spurt in tea. and particularly in 1 Oolongs. The Chinese tesmen have done rather better than over the previous cales, where their loss was estimated at over one third of the total sales.
RICE AND TEA.
ME. POTTS seconded, and it was carried. The CHAIRMAN:-Thank you for your attendance, gentlemen. That is all the business.
The seventh annual meeting of shareholders of the above company was held on Thursday at the company's offices in Wyndham Street, those present being Dr. J. W. Noble, chairmau, Messrs. F. Maitland and E. H. Hinds, Direc tors, A. Stevenson, Ling Wong, J. Walker, Manager, and S. A. Beta. Secretary. The notice convening the meeting having been read,
381
being no other business to bring forward, with re-elected auditor; carried unanimously. There
a vote of thanks to the chair the meeting terminated.
The following is the report :- The Directors herewith
shareholders a statement of the company's present to the
accounts for the year ended 31st July, 1903.
The profit for the year (including $2,692.69 brought forward from last account), after writing off 87,117.64 for depreciation, providing for bad debts, directors' and auditors' fees, and which it is proposed to pay a dividend of one other charges, amounts to $17,529.90, from
dollar and twenty-five cents per share, absorbing $12,500; to transfer to reserve $2,000, and carry forward $3,029.90,
As mentioned in the chairman's speech at last meeting, the balance of the late secretary's defalcations, amounting to $5,296,15, has now been written off.
DIRECTORS.
Messrs. Maitland and Hinds retire by rola- tion, and being eligible, offer themselves for re-election.
AUDITOR.
The annexed accounts have been audited by re-election at this meeting. Mr. W. Hutton Potts, who offers himself for
J. W. NOBLE,
The accounts are as follows :--
LIABILITIES,
To capital, 10,000 shares at $7.50
each Less not called up, $1.50 per
share
To reserve fund To ao counts payable To divi denda uncollected To profit and loss
By cattle
Byp roperty Farm lots 18, 19,
The CHAIRMAN said: Gentlemen, the report and accounts have now been in your possession for some days, and I will therefore, with your permission, take them as real. The directors are pleased at being able to present to you so satisfactory a statement of the past year's working. This sitisfactory | result is very largely due to the absene, of any serious outbreak of disease during the period under review-a blessing which (if you had been as long associated with this Company as 1 have) you will not fail to be thankful for. Our herd is at present in xcellent health and condition, and we are continually importing young stock of pure breed from England, America, and Australia, so as to improve and make it as perfect as possible, and thus make the milk, rich as it is, richer still. We can you that at the present moment we believe you possess a herd, the quality and quantity of wh ch is unsurpassed by any dairy in the East. We trust our policy of substantially writing down the value of our cattle will commend it. By machinery and stores self to you, as it is an almost unvarying Tuesday last. The chrysanthemums were necessity when dealing with live stock. With particularly fine this year. Messrs.
(the addition of the $2,000 now proposed Siemseen, E. J. Moss, and A. E. Rey-ell to be added to reserve, this fund will stand at were the principal prize-winners, the first named taking the big prize for a massed collec- tion of chrysanthemums, the plum of the show.
FLOWER-SHOW.
The annual flowe show was held in very fine weather on the Recreation Ground on
HUMPHREYS' ESTATE AND
FINANCE CO., LD.
EXTRAORDINARY GENERAL MEETING.
An extraordinary general meeting of the above Company was held on Wednesday at the Company's offices, Nos. 38 and 40, Queen's Road Central. Mr. Hart Back presided, and there were also present Messrs. H. Humphreys, A. G. Wood, P. C. Potts R. C. Wilcox, H. W. Slade, Turner, G. TVeitch, J. 8. Van Buren, A. H. Mancell, J. T. Wheeley, Ho Tung, Ho Fook, Lo Cheung Shiv, Ho Kom Tong, Chau Chan Nam, and J. L. Cotter (Secretary),
The CHAIEMAN said:-Gentlemen, the business before us today is to confirm two special resolutions which were passed at an ex- traordinary general meeting held on the 31st of October last. I have nothing to add to what I said at that meeting, but before putting the resolution to you shall be pleased to give any shareholder any further information" he may desire.
assure
25, and 38 By buildings
Less written off
By town depot By furniture
Less written off
$
Chairman.
$0.
0.
75,000.00
15,000.00
60,000.00 18,000.00
5,667.84 357.58 17,529.90
$101,554.82
ASSETS.
Less written off
47,366.44 3,366.44
44,000.00
12,000,00
13,648.64
1,618.64
12,000.00 9,000,00
717 85 217.85
500,00
3,881.71
1,884.71
2,000.00
5,921.07
19,139.75
4,000.00
$101,554.82
Less written off
By cash on hand and in bank By accounts receivable
By fodder and butter on hand
PROFIT AND LOSS ACCOUNT.
To written off cattle To written off buildings
To written off machinery & stores To written off furniture
To bad debts
To directors' and auditor's fees To interest
To balance
04
0.
3,866.44 1,648.64 1,884.71 217.85
7,117.64 250.00
1,550.00
$20,000, and We hope, as time goes 00, to continue adding to this fund. The rapid growth of the population in Kow. loon has induced your directors to open a depot there for the sale of milk and dairy products generally. For this purpose we have leased No. 57 Elgin Road, and we have no doubt this new departure will be greatly appr ciated by all Kowloon residents, as well as increase our revenue. We are now in a position to offer sterilized milk in large or small quantities to all those requiring milk so treated. It is intended To R. P. Moffitt (misappropriate fund«) for the use of young children or invalids, and for those who prefer pure fresh milk on long voyages-this milk, as you all know, will keep sweet for an indefinite period, the sterilising process destroys all germs the milk may contain. By balance from last year. The price of foodstuffs, we are sorry to say, still continues high, and shows indications of advancing still further. The sa ce might be aid of wages. Before moving the adoption of the report and accounts, I shall be glad to answer any questions regarding the same to the best of my ability.
No one having any questions to put,
The CHAISMAN proposed that the accounts be passed.
Mr. J. WALKER seconded the motion, which was carried unanimously.
The CHAIRMAN then proposed that the retiring directors, Mr. F. Maitland and Mr. E. II. Hinds be re-elected.
No questions being asked the chairman con- tinned :—I now move the first resolution, “that the capital of the Company be increased from $1,000,000 (divided into 100,000 shares of $10 each) to $1,500,000 (divided into 150,000 shares of 810 each) by the creation of 50,000 new shares of $10 each to be offered, and if accepted to be Mr. STEVENSON proposed, and Mr. LING allotted to the present shareholders of the Com-' WONG seconded, that Mr. Hatton Potts be
Mr. J. WALKER seconded this motion and it was carried unanimously.
|
Leas dividend Reserve fund
By transfer fees
84.66
5,296.15
17,529,90
$31,928.35
0.
15,192.68
$7,500.80 5,000.00
12,500.00
2,692.69
3,00
By balance of working account
29,132.67
$31,829.35
The Court then called Navigating-Lieut. Chang of the Wong Tai to testify as to the deviation of the cruiser. It was then adduced that the deviation chart was made up in Shang-`, hai and it was discovered that her error was
degrees W.S.W. The Lieutenant further said that it had been said that the captain committed anoide. He was carried down with the vessel and he (witness) would like to prove it. The Court then adjourned,