•
4
June 4, 1904.]
|
CHINA OVERLAND TRADE REPORT.
Mr. JOSEPH seconded, and the resolution was agreed to.
It was suggested that Mr. Joseph and Mr. Kadoorie should assist the directors with advice, but neither seemed anxious to serve, and Mr. Kadoorie expressed the opinion that the Directors could manage the business themselves. The CHAIRMAN said that if the shareholders preferred, the Directors could call a private meeting for the purpose of receiving suggestions as to the terms and conditions on which the new company should be formed. That being all the business, he thanked them for their attendance.
development work on anything like a reason- a ble scale. In mining on reefs you will have to do & good deal of sink- ing it would not be scratching the earth in future. I regret myself that Gubau was abandoned. It was abandoned by our late manager or rather before he was appointed. because it was thought that they had sunk deep enough, and other prospects had seemed to the Board as well as to the mining managers more valuable and less speculative. Another reason for abandoning Gubau was its distance from the mill, which rendered transport of the ore expensive and difficult. The miners' houses too were situated a great distance. away, and the miner in charge got rather disheartened. probably because he was alone, and he advocated giving up the shaft. Had we retained it. however. we should have had to lay a tramway to the mill. Mr. HOUGH: You suggest giving the preference shareholders fully paid-up shares in the new company. Now is it not possible.M.G. (chairman), Messrs. A. J. Raymond, N to arrange for those who have borne the heat and burden of the day to have some concession made to them? If you are going to keep on bleeding them you will have great difficulty in getting moneyį sir.
The CHAIRMAN: I see that difficulty. Mr. HouGH suggested that holders of fully paid-up shares might be given a concession of. say, one free share in the new company for every five.
The CHAIRMAN:-I was thinking whilst you were speaking that something might be done in this way, though I am not very much in favour of it myself-say that the present shareholders should get their shares for $4 and one dollar be considered as already paid. I quite sympathise with the ordinary shareholders, hat I do not see how it is possible to give any special consideration to the ordinary share- holders.
Mr. HOUGH: You won't get the money unless you do.
The CHAIRMAN: The whole matter is difficult.
on
Mr. HOUGH: There are men on your registers who for the last twenty years have been paying. paying. paying. and they are called again without anything being given them, hat the preference shareholders are paid for their preference shares and accrued interest as well.
to be
to get
The CHAIRMAN: That is in the nature of things. The shareholders knew they were giving away their security when they issued preference
shares, and we must stand by it.
Answering Mr. Joseph, the CHAIRMAN said they might perhaps suggest to the preference shareholders that they should accept ordinary shares with 32 paid up, and a liability of $1.
Mr. JOSEPH: I do not think they will accept it. Have you consulted them?
The CHAIRMAN : No.
Mr. JOSEPH: Suppose they say. "We won't accept your terms; we want cash." you can't force them?
a
The CHAIRMAN: No; we cannot force them. The preference shares
held are
by comparatively small number of persons. We might call a meeting of them and see whether they would accept such a proposition.
Mr. JOSEPH-Would a majority decide? The CHAIRMAN -Yes, I think so. I cannot give you a legal opinion. It is possible that a minority would refuse to accept. but then I think they would come under the Limited Liability Companies Acts, which would compel them to accept the market value of their shares. If you have any concrete scheme to propose we shall be happy to receive it in the meantime. The only thing we can do now is to take the sense of the meeting as to whether liquidation and reconstruction is desirable, and if that re- solution is passed-it would not hind
us to anything we should call a meeting and submit resolutions. The Board would be glad if the shareholders would nominate two or more of their number to consult with and assist the directors by suggestions as to the details and terms on which the new Company should be formed Subject to that I will propose :----- That this meeting is in favour of voluntarily winding up the present company and trans- ferring the same to a new company to be formed the terms and conditions to be arranged."
STAR FERRY CO., L
The sixth ordinary annual meeting of the above Company was held at the Company's office,2.Connaught Road, at noon on the 1st inst.
Those present were Hon. Sir C. P. Chater, A. Siebs (director). H. Schubart. D. Nowrojee, I. P. Madar: and E. Osborne (secretary).
The SECRETARY having read the notice convening the meeting.
The CHAIRMAN said:--Gentlemen. the report several days. I will with your permission take and accounts having been in your hands for
them as read. The nett profit for the past year shows a considerable increase on that of the previous period, as the result of increased traffic combined with a diminution in working expenses, more especially in the cost of coal. Included in the profit and loss balance is a sum of $36,550, which represents the difference between the written down value of the Guiding Star and Morning Star and the price at which they were sold. This might appear at first sight as profit. but in reality it represents (at least to a large extent) the accumulated savings of previous years which have been written off the boats, and which were consequently of greater value than they appeared in the books and in view of this it is proposed
to
425
|
AMOY NOTES..
Amoy, 27th May.
GOLF HANDICAP.
The final round of the handicap for the Farewell Cup presental by Mr. W. H. Wallace on his departure for England, gave rise to a prolonged struggle on the E-mag Kang Links between Messrs. J. MoArthur and C. J. Weed. The latter eventually carried off the prize. nineteen holes having been played.
EMPIRE DAY.
The 24th was not allowed to pass entirely without celebration, although, owing to the absence of vessels in port. the customary bunting was not in evidence. In the afternoon there was a children's party at Way Foong, where with Union Jacks and Royal Standards and small patriots were to be seen “demonstrating generally holding high revel.
TEA STEAMERS.
bombs disturbed the slumbers of those who were On Sunday last the din of fire-crackers and trying to snatch forty winks after tiffin. En- quiry elicited the intelligence that the Tartar steamers calling here this season the Chinese had arrived, and being the first of the tea were letting off a fusillade to get good joss."
HONGKONG,
The visitors to the City Hall Library and Museum for the week ending 29th May, 1904. were 186 non-Chinese and 88 Chinese to the former, and 68 non-Chinese and 1.298 Chinese to the latter institution.
The appeal by Messrs. Lutgens. Einstmann & Co. against the cancellation of their arms licence by the Deputy Superintendent of Police was dismissed by the Chief Justice. It appears that the Ordinance stipulates that such an appeal can only lie if made to the Governor in Council.
Mr. George Thomas. clerk and librarian of the Supreme Court, will resign his appointment at the end of the present month. to join the Hongkong Electric Tramway Co. Mr. Thomas has been in the Supreme Court library for 11 years. He assisted Mr. Kyshe in compiling the following books, viz. :--Kyshe's History of the Courts of Hongkong. Kyshe's The Law and Privileges relating to Colonial Attorneys- General, Kyshe's The Law and Privileges relat- ing to the Attorney-General and Solicitor- General of England. Kyshe's The Law and Customs relating to Gloves. Mr. Thomas during his long services had made friends with all the members of the Bar; he was a meritorious officer, and thoroughly conversant with the duties of his office.
distribute, in addition to dividend, a bonus of 4 per cent.. which, however, should not be regarded in any sense as dividend in dis zuise. as there is at present nothing to justify anticipations of a regular 22 per cent. return on capital. With the new boats, the first of which is expected to be ready within the month, it is proposed to inaugurate changes in the time table which will still further improve the service, for your directors, whilst regarding dividends as the main object of the company, are alive to the necessity for continual improve. ment. and they think that in a business of this nature it pays shareholders best to satisfy public requirements. Arrangements are practically concluded by which the ferry wharf opposite a new 100 foot road leading direct to at Kowloon will be moved further to the south.
Messrs. A. S. Watson & Co. removed into Robinson Road, which will doubtless be welcome their new premises in Alexandra Buildings news to Kowloon residents, who will then
on Monday, and their old place in Queen's Road no longer have to thread their was closed up. Their new Dispensary is a very way through a maze of cargo work: aud
handsome one, fully justifying its claims to be- advantage will be taken to build a wharfing the finest of its kind in China. In the first more suitable to the requirements of the Ferry, Before proposing the adoption of the report au l accounts I shall be pleased to answer any questions.
After a pause the CHAIRMAN said: There being no questions, I beg to propose that the report and accounts be passed.
Mr. SCHUBART seconded and the motion was carried unanimously.
Mr. NOWROJEE proposed that Mr. N. A. Siebs be re-elected a director.
Mr. MADAR seconded, and it was carried. Mr. SCHUBART proposed that Mr. W. H. Potts be re-elected auditor.
Mr. MADAR seconded. and the motion was agreed to.
The CHAIRMAN said:-That is all the busi- ness, gentlemen. Dividend warrants can be had on application at Kowloon, where the company's office now is. Thank you for your attendance.
During one of the latest engagements at Port Arthur, two eagles were caught on one of the masts of the Japanese cruiser Idzumo, and after the fight another was caught on the same ship, then on her way to the base. These birds were named Ichiro (first son), Niro (second son), and Saburo (third son). They have been sent to the Imperial Headquarters.
place the store is very advantageously situated, just opposite the Hongkong Hotel. Then the angular shape of the premises allows of very great window space. which is fully taken advantage of. The windows present a capital appearance, even in their prosent unfinished condition. When completed they will be one- of the chief features of Des Voeux Road. The interior is equally pleasing to the eye. On entering the place one finds one's self in the large, airy, and well-let dispensing hall, with the counter at the upper end, and on the floor a large number of glass show-cases filled with various wares. In the windows also the shelves are all of plate-glass. The cases and shelves were brought out from home, and arrived without a
single breakage having occurred. The whole arrange- ment of the dispensary is modelled on the London West End chemists. Electric fans and electric light are fitted throughout. At the ends of the counter are two doors, one leading to the dispensing-room proper and the o'her to the wine and spirit department. The offices are situated on the first floor. As the flitting' operations were begun only on Saturday after- noon, the fact that they were completed by on Monday morning speaks well for the energy · and willingness of the staff.
i