Page
October 22, 1904.]
the year 1903 is $4,256,000 and exceeds the premium income for the previous year by $232,000, and not only are we able to recom. mend a substantial increase in the shareholders' dividend, and addition to the reserve fund of $100,000, Int. we are in a position to recommend the establishment of a sterling reserve fund and th setting aside of £20,000 for this purpose. We consider that this provision is necessary, as a large portion of our earnings and liabilities are in gold, and a reserve in the same currency will lead to increased confidence. The balance of $509,941.04 we propose to carry forward to underwriting suspense account, and thus close the account for 1903. Last year our gold iabilities and assets were converted into dollars. for the purpose of the report, at 1/8d., while this year the conversion has been made at 1/10d, which was the demand rate ruling on the 30th June last; this difference of 2d. in exchange has resulted in a book loss of $112,984,06, which amount you will see from the working account for 1903 has been deducted from the balance brought forward, as it was considered simpler to show the balance brought forward in this way than by making an unexplained entry to the debit of exchange. The figures for the
year 1904 are, so far as they go, very satisfactory, showing an increase in premium of over $200,000, while the losses for the same period are proportionately smaller, and I think this is a matter for con- gratulation. Turning now to the balance sheet, there is to be noticed a substantial in-
crease both in gold and silver investments, which are actual accretions due to larger earn- ings. On the other side of the account we find a diminution of some $78.000 in investment fluctuation account, which is due to the fall in value of
our sterling securities, while exchange fluctuation account shows a falling. off of some $118.000, due to the higher exchange of 1/10d. taken this year for the conversion of our sterling assets as against 1/8d. taken last
year. The working account balance shows a satisfactory increase, as also does the re-insurance fund. There are no other features in the account which require particular comment, and I do not think I can usefully add
any further remarks; but before moving the adoption of the report and accounts I shall be glad to answer any questions which you may wish to ask in reference to them. I may say that I have only one other matter to mention. You are aware, of course, that the excellent results of pur business are mainly due to the efficiency and assiduity of the Company's staff and the directors consider that this should be recognised, by making a suitable appropriation to the Company's provident fund. This, with your approval, we liave much pleasure in doing.
No questions were asked.
The CHAIRMAN moved the adoption of the report and accounts.
Mr. G. W. F. PLAYFAIR, in seconding, said:- It is unnecessary to praise the way in which this Company is managed. Year after year, the shareholders' investments increase in value, and year after year the position is more and more satisfactory. I am very glad, indeed, to see that the Board have started a sterling reserve fund. I think it is an excellent idea. Two years ago. I remember the (hairman told us what you have told us to-day about the Provident Fund. There was no mention of it last year, and I intended to ask about it to-day; but I am very glad to see that it has already been decided upon. Good work deserves reward, and I thoroughly believe in the policy of adding to such a fund as the Provident Fund It is practically an insurance for the stiff, and the Directors should be congratulated for what they have done in this direction (Hear, hear).
The CHAIRMAN-There was no mention made of it last year, but an appropriation was made to the Provident Fund all the same.
The resolution was then put and carried unanimously.
The Hon. GERSHOM STEWART moved the re-
election of Me-srs. H. W. Slade and E. S. Whealler as Directors of the Company.
Mr. MELCHERS seconded the resolution. Carried unanimously.
Mr. MORRIS proposed, and Mr. R. C. WILCOX seconded, the re-appointment of the company's auditors-Messrs. W. Hutton Potts and A. R. Lowe. This was also unanimously carried.
CHÍNA OVERLAND TRADE REPORT.
Mr. MONTAGUE E! E, on behalf of the Society's staff, wherever located, thanked the shareholders for their liberality in passing the bonus.
The meeting then terminated.
THE CHINESE AND THE CANTON-
HANKOW RAILWAY.
The report that the American syndicate which obtained the concession for the construc- tion of the great trunk railway from Canton to Hankow has sold its interests in the under taking to capitalists of another nationality is arousing indignant protests from Chiness in the provinces through which the line will pass and an important movement is afoot to secure a cancellation of the agreement with the Govern- ment of China on the ground that the trans- ference of the concession is a breach of the con- ditions stipulated by the Government.
Last week a meeting of the Chinese Chamber of Commerce at Canton was held to discuss the matter, and the correspondent of the Chung Ngoi San Po reports that it was attended by over two hundred wealthy and influential
persons.
TAOTAI LO-U-SAM, the President of the Chamber, who was voted to the chair, explained the situation, and stated that the gentry and merchants of Huuan wer making a determined effort to recover for Chinese subjects the right and privilege of constructing this railway. The people of the Two Kwaugs should unhesita tingly follow the guidance of the Hunan people. for the construction of the railway by fore gaers wou'd give the Chinese endless trouble.
TAOTAY CHENG TAO TSAI said it would be a great shame if they did not bestir themselves to regain these railway rights The Hunan people were providing the capital for the greater part of the line, and they could easily increase their fand. Surely the Cantonese could find the capital for their smal-
ler section of the line.
The meeting unanimously approved the movement, and Cheung Pat-shi. Vice-President
of one of the Six Boards, and Governor of Tang shui-chat, was appointed to interview Sleng Kung-po, the Director-General of Railways.
It was resolved that telegrams should be des- patched to Chang Chih-tung, Shen Tsuen. bsuen an allthe other officers belonging to the Province of Kwang-tany, asking their assis tance. It was further resolved to send a tele- gram to the Government at Peking insisting that the transference of the railway concession to another power by the power which obtained the concession was au obvious breach of Art. 17 of the contract. Two influential and wealthy per- sons were appointed to canvass Canton in sup- port of the movement.
CORRESPONDENCE.
A LOCAL TRADE GRIEVANCE.
TO THE EDITOR OF THE “DAILY PRESS.
305
ways in this very district; and these people not only carry on their noisy trade but do it at a nominal or no rent, thus handicapping the legitimate businesses who have heavy Crown: rent and taxes to meet.
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A flagrant instance may be seen next to the Government store on Praya East; where not only are boilers constructed but matsheds have been put up, a privilege denied to the old establishments, who are compelled to erect non-inflammable roofs when they require tem- porary sheds.
It appears to be very unfair that the works which in the past have assisted in building up the Colony should be driven out, and interlopers not only be permitted, but allowed advantages not accorded to the first-named.Yours truly, FAIRPLAY.
Hongkong, Det. 17.
MACAO.
[FROM OUR OWN CORRESPONDENT.
16th October. Portuguese the Canton Macao Railway conces
There are still hopes of securing for the sion, Mr P. Nolasco da Silva is leaving for Shanghai to day to meet the Minister (Mr. Castello Branco) to procure the concession. submitted by Mr. Abren Nunes for cleansing The Government has approved the plans the harbour, so that vessels of 14 feet draft can Macao to superintend the work. The contract come in, and this gentleman is coming back to for the work will be made with a firm in Hongkong.
Capt. Vieira da Rocha is appointed to substitute Colonel Chedas (who left by 8.8. Manchuria for Lisbon via America) as chief of the staff, although he still retains the appoint- ment of "Procurador dos Negocios Sinicos, i.e. Magistrate for Chinese.
These was a great festivity in the Taips to-day. The steam ferry was overcrowded with people, from 6 to 8 a.m.-to witness the religious festival and procession in the church there. Macao is the place for processions. Since June last we have had more than a dozen, and are
promised ten consecutive processions in Decem- ber next on account of the Jubilee of the Immaculate Conception.
TERRORISM IN KWANGTUNG, [FROM OUR OWN CORRESPONDENT.]
CANTON, 17th October. From what I have been able to learn during the course of the last month the state of Kwangtung province is at present very bad. From every quarter comes news of robbery by land and by water, blackmail, brigandage, battle and murder. In the S.W. a band of brigands 300 strong has been terrorising the people to such an extent that some villages have been deserted by them in favour of the larger towns. This state of affairs, though of course only temporary, could not be much worse. Yeung Kong is the favoured district.
From Tsungfa, in the Pun Yü district, Tai SIR,Some time ago the engineering shops Leung, on the Chü Kong, and Loongmoon on in the Wanchai district received warning from the East River, come reports of brigandage and Government to cease carrying on a noisy piracy on a large scale, and these districts are far apart. In the Shun Tak district I am and noisome trade, to wit boiler-making. &c." within a given period which is now approaching informed that a tax of one tael is raised on every
mow of land by the local banditti. maturity.
The effect of this is that several of the shops have already moved, and the others are prepar- ing to follow so soon as their resources permit. Geo. Fenwick & Co., Ld. (the oldest established and largest works on the island except Aberdeen Docks) are going to North Point: Fook Cheong & Co. remove to Hunghom: The Tin Hing Co. to Hunghom: Tong Sing to Yaumati: and mainland. the smaller works to various points on the
The cost of new buildings, transporting and re-erecting heavy machinery, and equipping new works, is very great; but if the noise and smoke had become a nuisance to the majority of the inhabitants of the neighbourhood I take it that the feelings or the pockets of the pro- prietors of the various concerns must not be considered: what I want to know, however, is this since the above decree was promulgated, newcomers have been allowed to construct boilers and tanks on pieces of waste ground and alley.
The growth of the Triad Society is one of the most remarkable features of the past year. Their numbers have quadrupled--at least on the North River, where the local gentry, unable to get help from the officials, have been compelled to join them.
Apparently the officials are quite unable to suppress this movement, although they resort occasionally to extreme measures, as lately on the North River, where two Buddhist priests were beheaded for allowing the Triads to meet in the precincts of their temple. This is a most unusual step to take, and it shows that the officials regard the state of affairs as serions.
Should the Triads and Kwangsi rebels unite, a crisis might come, but this seems unlikely. The rebels are reported as having threatened Kwang Ning, a prefecture of Kwangtung bordering, on Kwangai. They defeated the Government troops on the border, but seem not to have taken advantage of their victory.