February 22, 1904.]
per
cent. On
un-
CHINA OVERLAND TRADE REPORT.
have spoken of has the reputation of being an experienced brewer. I believe there is an ample market for all the beer w propose to brow a first, and as we intend brewing only first class beer and selling the same at reasonable prices it seems to me that as soon as we are ia a position to supply good wholesome boor, there will be an immediate local demand for the same What we need now is money.
We want the rest of our shares taken up before we can put up our Brewery and commence brewing. With the prospect of the very paying concern we have in hand, there ought to be no difficulty in getting the whole of the capital subscribed, and I cannot help thinking that if this matter is properly brought to the notice of the subscribing publ e we shall have no difficulty in getting in all the mondy we need. Our property up to the present his cast. $80,000, of which sum we have paid $40,000 ($10,000 remaining on mortgage at 6 per cent. per annum). I have already explained to you that the reutal of the Metropole Hotel is sufficient to 10
pay per cent. ou the purchase price of that portion of our property and is therefore sufficient to pay 12 per cent. on the $40,000 we hare on morigage, or in other words, to
the 8 pay cent. interest on our mortgage money and leave a margin to pay 4 per the $40,000 we have already paid out of our funds for the property. While this cannot bo considered an altogether satisfactory arrangement, it is not a satis- factory ous, because the object for which the company is formed is to brew bear, and not merely to act as landlords. I think there is no doubt whatever that as soon as our shares are taken up, and we are thus placed in a position to carry out the object for which the company was formed, we shall be in a position to pay good dividends to our sharab Iders. There seems to be no doubt whatever that we shall pay good dividends, divid uds sufficiently higa to speedily put our stock at a premium, and to keep it at a premium; but until the public subscribe for the balance of our shares, and enable us to get on with our legitimate work-if I may so express myself I am afraid, gentlemen, you will have to be content with the 4 per cent. return your capital is now earning for you. The matter remains with you and with the public, with you if you desire
the full benefi reap
of carrying on the business of brewing beer by increasing your subscriptions sufficiently to enable the work to be properly carried on; with the public on their taking up the unalloted shares of the company. As soon as this is done, you will be in a position to derive the full benefit arising from the brew. ing of beer-and in the opinion of those capable of forming a fair and proper estimate the benefit will be a real one-until thun, as I have said, you will have to be content with a return of 4 per cent. of your money.
It is the intention of the Police to take over the Bay View Hotel, and convert it into a Police Station at a very early date. Mr. Christie, the present proprietor, will therefore have to remove. It is his intention to apply to the Justices for permission to remove his business to the Metropole Hotel, and doubtless this will be granted. There will then be no licenced premises for intoxicating liquors between Praya East and the Metropole Hotel I have already explained to you what has been done by your
managers in the matter of the mortgage and lease, and I shall be glad if you will express your approval of what they have done.
to
It was proposed by Mr E. C. WILKS and seconded by Mr. LAM CHOI PANG that the Report as read be adopted. This was agreed to.
The O. 8. K. 8. Tahung Maru, brought down from Wahu by the s.8. Samshui, arrived at Shanghai on the 5th inst. She was taken up to Tungkadoo to have her cargo taken out, and be prepared for dooking. The whole of the Tessel was destroyed by the flames. The hulls which is of steel, is practically intact, though much blistered by the heat of the fire of the, upper works. Only the iran joists and girders remain. The Talung was to remain at the wharf for about a week, and then go into dock ofr survey. Should it be considered worth while, she will then be repaired.
CHINA FIRE INSURANCE CO., LD.
The following is the report for presentation
meeting, to be held at the Company's offices on to the shareholders at the thirty fifth ordinary
the 10th March at 11.30 a.m.; ~
1902.
$262,897.67 460.61
WORKING ACCOUNT.
1st January to 81st Deo imber, 1908. Dr. To charges account:~-~~-
Ront, salaries, legal and sur- veyors' fees, taxes, stamps, stationory, do Directors' and auditors' fees
To commission account :-
Agents' commissions
Contributions at agencies, &c.
The balance at credit of working account as per last report was Add premia since received Deduct claims paid in 1903 43,075.97 return pr.mia,&o,,&o. 7,413,43
50,489.40. Balance of Profit $212,868.88. To balance...
"
To fire brigades account:-
-$263,358,28
fo losse account, 1903 :--
To amount writton off :—
Furniture account
............
It is proposed to apportion this sum as follows:-
Dividend of $6 and bonus of $1 per
share on 20,000 shares. Bonus to contributors of premia Addition to extra reserve fund, which will then stand at $125,675.58 as shewn in the annexed Balance Sheet..
Transfer to investment fluctuation account, to meet difference between cost and market value of invest- ments on 31st December, 1903 Writs off loss on sale of rural Building Lots Nos. 42 and 84 Bonus to office staff
1903.
$14,000.00
100.25
149
0
0.
83,599.57 7,40 1.00
40,939.57
8 1.110.60
17.48
46,273.55
70.00
829,047.48
$446,458.68
0.
Claims paid after deduction of re-insur-
ances
Cr.
By premium account :---
re-insurances
..A.
By interest account:-
52,915.14
By transfer fee account:-
Amount at credit...
15,000.00
1,068.49 3,785,00
$212,86 .88
The balance at credit of working account at the close of this year was $329, 47.18, showing a gain of $66,149.81 over the previous 12 montiis, which must be considered satisfacto: y.
DIRECTORS.
Messrs. D M. Moses, G. Balloch, R. Shewan and C. Michelau resigned their seats on leaving the Colony and Messrs. E. Shellim, H. W. Slade, C. A. Tomes and A. Haupt were invited to fill the vacancies on the Board. These appointments will require the confirmation of shareito ders.
Messrs. A. G. Wood and E, Shellim retire by rotation, and, being eligible, offer themselves for re-election.
AUDITORS,
Messrs W. Hulton Potts and A. R. Lowe have audited the anexed accounts and offer themselves for re election,
$
The accounts are as follows :---
BALANCE-SHEE", 31st December, 1903.
LIABILITIES.
Capital account
Reserve fund
Extra reserve fund
Investment fluctuation account.......
Account payable:
Dividend for 1902 Bonus for 1902 and sundriss
$ 140,000,00 20,175.64
0.
Working account, 19:3:-
Balance at credit
ASSETS.
а
409,000,0 ‚1,00,000,6 · 125,676,56 2,561.75
Cash at bankers Fixed deposits at banks :—
Hongkong and Shanghai ૐ 0. 140,000.0 Banking Corporation Chartered Bank of I. A. & C. 65,000,00 Moroantile Bank of India, Ld. 50,000.00
Investments :-
160,175.64
329,047.48
$
Promiums received after deduction of
Amount at credit, including interest due
on deposits and investments, &c ...
326,636.62
119,646.77
175.2:
$446,458.68
SUPREME COURT.
Friday, 19th February.
IN CRIMINAL JURISDICTION.
BEFORE HIS HONOUR SIR WILLIAM M. GOODMAN (CHIEF JUSTICE).
THE CALENDAR. There were on the calendar six cases, im- The most serious plicating eight persons. charge was one of manslaughter against a husband and wife from the New Territory.
CHARGE OF THEFT.
Wong Chau was brought up on a charge of stealing $238 from Mr. H. S. Gaskell's house, 7, Queen's Gardens, on 7th February.
He pleaded not guilty.
The Hon. Attorney-General Sir Henry S. Berkeley (who was instructed by Mr. F. B. L. Bowley, Crown Solicitor).. stated that he had understood the prisoner was going to plead guilty, and the complainant was not in attendance, being away on military duty. Accordingly he was not prepared to proceed with the case.
His Lordship put it down for trial on Monday.
ARMED ROBBERS,
ад
Leung Kun and Chan Lai were charged with having on the 21st January committed armed assault at Yaumati Bay upon Chau Yow and Chau Chun, with intent to commit a robbery.
They pleaded not guilty.
וי
The following jury was empanelled :-Messrs. J. D. Auld, S. Swart, H. A. Siebs, Paul Lücker, $2.017,460.43 J. Arnold, (). I. Ellis, and J., H. Maclaren, The Attorney-General in opening the case said that in the early morning of the 21st 32,981.52 January last the prosecutor and his family were asleep on their boat at Yaumati when the two prisoners accompanied by another man boarded the boat and attacked the people on board with a kaife. A fight ensued. Prisoners got the worst of it, and after inflicting cuts upon one of the parties in the boat, Chau Chun, they jumped overboard. The two prisoners were picked up by a police patrol-boat. The question for the jury would be what the intention of these men was in boarding the boat.
Chinese Imperial Govorament
E. bonds
$ 85,565.69
..
Hongkong
103,152.50
and Kowloon Wharf and Godown Co., Ld. debentures Hongkong Club debentures... 43,400.00 Hongkong Hotel Co., Ld.,
debentures Shanghai Land Investment
Co., Ld., debenturos..... hanghai Waterworks Co.,
Ld., debentures
50,000.00
49,877.40
8,472.22
Shares in public companies... 132,840.00
Loans on mortgage :-
On properties in Hongkong.... Furniture account:-
Office furniture, &o. Accounts receivable :---
255,000,00
473,307.81
...1,186,800.00
Promin due from agencios, interest due
on deposit and investments, &o.........
640.00
69,231,1 $2,017,460.49
Evidence having been taken, the jury found the prisoners guilty of assault with intent to rob.
His Lordship stated that the prisoners must kuow perfectly well they were two of a gang of robbers who went to rob this junk on the}{night in question. It was disgraceful that people in Yaumati Bay should be robb id in this way in the middle of the night. They had been convicted of an offence which was punishable with life imprisonment. In all the circumstances he would sentence them each to four years' impri sonment with hard labour and to reosive 24 strokes with the birch-rod within the first week of their incarceration.