July 16, 1904. ]
condition, however, need not be limewashed, but must be cleansed.
Mr. H. E. Pollock minuted-" Yes; the advertisement should be definite."
Mr. Lau Chu Pak-“I agree with Mr. Pollock."
CATTLE DISEASE AT KIUKIANG,
There was laid on the table a report relative to the prevalence of cattle disease at Kiukiang. Mr. W. J. Clennell, British Consul at that port, having written notifying the fact.
Theolonial Veterinary Surgeon minuted that "we get no cattle from Shangligi but our sheep and goats come via that port. I believe, however. that they are not reared there but further north. I do not think any action is necessary."
WANCHAI BATH-HOUSES,
11
During the month of June, it was reported. 24.785 men were admitted to the Wanchai bath- houses.
Inspector Lyon reported that there was a falling off at the end of the month, which was owing to the heavy rainfall and the general full supply of water provided to a great part of No. 2 District owing to the outbreak of cholera.
Mr. Hewett minuted." On the face of it I cannot believe that these figures are correct. The Inspector's explanation does not seem reasonable. Does he imply that a large number of people were turned away from the door
because there was no water?
Mr. Rumjahn: Who makes up the record? Is it reliable? Fi ures from the first to the last day of the month either end in 4 or 5.'
FOOD AND DRUGS.
Mr. A. C. Franklin's report for the quarter ended 30th ult. showed that two samples of whisky and four of brandy had been analysed and that all were found to be pure.
RATS.
A return was laid on the table showing that during the fortnight ended 11th inst. 1026 rats were killed. Of these 72 were found to be infected with plague.
THE HONGKONG BLUE BOOK.
In his General Observations on the Hong- kong Blue Book for 1903, the Officer Adminis tering the Gov.rument says:
Sir Henry Blake, G.C.M.G.. left the Colony for Ceylon on the 21st November, and I administered the Government. from that date until the end of the year. Major-General Sir William Gascoigne. K.C.M.G.. who bas com- manded the troops for the last five years and who on two occasions (1900 and 1902) adminis- tered the Government of the Colony, re- linquished his command in September, and was succeeded by Major-General Villiers Hatton, C.B.
The figures already given at the beginning of this Report are evidence of the continued prosperity of this Port. The fluctuations of the silver-market and the partial commercial depression arising from the prospect of political disturbances in the Far Fast, have with other causes contributed to preveut the past year from being marked by special buoyancy of trade or steadiness in the stock market; but there is nothing to ind.cate that the trade interests and the wealth of this Colony have ceased to expand. But if the port is to preservo its predominant position as a great emporium for shipping, there are many problems which demand early consideration and timely action. such as the increase of the accommodation in the Harbour for ocean-going steamers, the provision of more space for the housing of an aver-increasing population, and the further development of the trade of the West River and its tributaries by the opening of new ports. Over-shadowing all these questions, however, is the pressing necessity for the speedy construction of the railway between Hongkong and Canton. for which a concession was granted to a British syndicate many years ago by the Chinese Government. The development of railway enterprise in other parts of China has, in the opinion of Government and the entire commercial community, rendered it of paramount im- portance to the prosperity of Hongkong that this Colony should be connected by railway with the capital of the Kwangtung Province which is to be connected by a trunk line with the Yangisze Valley.
CHINA OVERLAND TRADE REPORT.
INDO-CHINA STEAM NAVIGATION CO.
The twenty-third ordinary general meeting of the Indo-China Steam Navigation Company. (Ltd.) was held on 7th instant at the offices of the company, 29, Cornhill, E.C. Mr. W. Kes- wick, M.P. (chairman) presided. The Secretary (Mr. A. G. Wells) having read the notice con- vening the meeting, and the auditors' report. the CHAIRMAN said:-
your
Gentlemen, the report that you have in hands briefly, but I think clearly, states the course of events during the past year. I have just refreshed my memory by looking at what was said last year when we met, and if I had to enlarge upon what the report contains I would only repeat in a great measure what was then said. The year was one of depression throughout the world for shipping. and in China there was no exception to that condition. From almost the beginning competition was ex- tremely keen and the amount of freight less than usual. Considerable financial pressure in China, limited the amount of business done by the natives, and for that limited business there was
an
revenue
excessive amount of tonnage available. The consequence has been that for last year we had very considerably reduced earnings. We were fortunate enough to escape any serious loss in the underwriting account, and that fact, combined with a reduction in the amount of risk covered. has enabled us to transfer a con- siderable sum from it to increase account and provide sufficient to entirely meet what we have never neglected since the company began-an ample amount for deprecia. tion of the fleet; and touching upon that point. I will allude to the fact that from the very beginning of this company's history. it has made full provision in every year for the proper upkeep of the steamers. The overhaul is of a very thorough character, and everything required to keep the fleet in a first-class con dition has been provided. (Applause). We do so because we desire to avoid deterioration, and do want absolute efficiency. This we hare secured. (Applause). I think that is about all I need say with regard to last year. I am pleased to say that this year we have begun better-not in the first month, but in subsequent months of the year up to date, the earnings of the Fleet promise improvement. How long such a condi- tion of things will last it is impossible to fore. cast, but in China, when there has been a period of depression, it is followed usually by a period of greater activity, and I hope that this season will prove no exception. We have sold out of the Fleet two steamers which were getting rather out of date, and you will have observed in the Report that we have added five now steamers. It is our intention, as circumstances demand additional vessels, to reinforce our fleet with the most modern steamers, to keep pace with the requirements of trade. It is most important in the great traffic that we participate in. that we should be able to meet our customers' requirements fully. The transfer that we have made enables us to propose to you the payment of a dividend of 5 per cent, free of income tax. That dividend will absorb the sum of £24,794 10s.. and leave to be carried forward into the
present year a balance of £5.853 6s. 8d. I think, gentlemen, you will agree with me that, consi- dering the year we have passed through, the account which we present is one with which we should be satisfied. I beg to move the adoption
of the report.
Mr. W. PATERSON seconded.
*
Dr. DIVERS: I should like to ask two ques- tions. One question is, what is meant by Cover has been provided "? Does that mean outside insurance, so as to lighten the loss to our under- writing account should there be a
total loss of a steamer? And the other question is whether. as a matter of fact, we did not carry on the business last year at a loss, and whether we pay the dividend only by the transfer from underwriting account.
LE
was, as
The CHAIRMAN: The cover alluded to was insurance effected and paid for, and the transfer from underwriting account stated in the report, appropriated to provide. together with the earnings of the year, for full depreciation. and the payment of the proposed
dividend.
17
The resolution was then put and carried ¦ unanimously.
The CHAIRMAN: The next resolution is: That a dividend of five per cent., as recom- mended in the report, be and is hereby declared, payable on the 8th inst."that is to-morrow.
Sir EDWARD F. ALFORD: I beg to second that resolution; and I would also say, from grounds upon which we have declared a five per a long experience of this company, that the
cent. dividend are, in my opinion, not only per- fectly justifiable, but due to the shareholders.
Carried unanimously.
Mr. PATERSON: The third resolution, which I propose, is, "That the director, Sir Edward F. Alford, be re-elected."-Mr. H. BEAZLY secon- dod. Carried unanimously.
Mr. SAWER: I have pleasure in proposing. That Messrs. Turquand, Youngs & Co. be re-elected as auditors of this company."-Mr. R. H. R. BURDER seconded. Carried nem, con.
BELL'S ASBESTOS EASTERN
AGENCY, LIMITED.
NINTH ANNUAL REPORT. In London, on the 21st ult, the directors presented the report and accounts, to the 31st December, 1903, showing a profit of £797. 13a. 10d.
To this has to be added the sum of £350, carried forward from the last account, making a total of £1,147. 13s. 10d.
This amount the directors - recommended
should be allocated as follows: To pay £500 off the debenture bond, to write £300 off · Purchase of trading rights," being 10 per cent. of that sum, to pay a dividend of 4 per cent. for the year. free of income tax, absorbing £185. 198. and to carry forward £161. 14s. 10d. to the next account.
Mr. A. G. Anger retired by rotation, and, being eligible, offered himself for re-election.
Mr. John Cooper, the Company's auditor, also retired, and offered himself for re-appoint- ment.
The accounts are as follows:-
PROFIT AND LOSS ACCOUNT for the year ending 31st December, 1963. Dr. To trade expenses
To London office expenses io directors' fees, 1903...
Arreurs......
To auditor`s fee
To debenture interest.
To income tax
To advertisements To depreciation on furniture To balance, not profit
Cr.
£
B. d.
41 1 8
187 3 7
£250 0 0 210 0
252 10 0
Ju 10 0
By balance brought from last account By discounts &o By commission. By transfer fees By profit on trading
BALANCE-SHEET. 31st December, 1903.
LIABILITIES.
Dr. To authorised capital
8,001 shares of 12s. 6d. each £5,377 10 0
To subscribed capital:
To undry creditors:-
7,438 shares, 12s. 6d. each, fully paid
London and branches To debenture bond
To directors' fees not drawn To reserve for bad and doubtful debts To contingent liability for goods on consignment, per contra
185 6 9
13 7 6
38 3 9
249
1,147 13 10
$1.878 10
£ a. d. 350 0 0
226 6 2
181 0 11 10
1.112 16 9
£1,878 310
£
s. d.
4,848 15 0
2,857 9 9 3,560 0 0 125 0 0 8411 9
£330 18 8
1,147 18 10
To profit and loss account, balance Note --Exchange is taken at—
Singaporo ls. 9.9-18d. per d›ilar. Hongkong Is. 8td. per dollar.
Cr.
ASSETS. By cash at bank and in hand :--
At London and branches By London assets :----
Sundry debtors..........
Office furniture
£12,913 10 4
£ 8. d.
639 5 4
36 17 3
21 1 0
57 18 $