964
The secret of the mysterious rumours is the forination of a Chinese syndicate, which hopes to compete successfully with the old company.
The promotor is Mr. L. F. Cooke (a China- man with a foreign name) who has been a well. known compradore for some years, and is a government contractor. He informs as that the syndicate is to be registered as a limited liability company. His constant observation of the harbour convinces him that there is ample room for a
new company, to supply water expeditiously to shipping. A start is expected to be made next month.
Two boats are already built, and four are under construction, at Chinese shipyards noi Cheungahawan. They are modelled something like an English yacht, for speed, but carry junk sails.
од
Pamping machinery is
its way from America. It is specified to lift from thirty to forty tons an hour. Each boat will carry three separate tasks of fifty tons capacity, or about
150 tons per boat.
There is to be a European in charge of each boat. If the business succeeds, these boats may be replaced by boats driven by means of oil fuel. An American firn is offering to supply such
boats.
Present arrangements are for a supply of pure water from Victoria Main, near Blue Build- ings; but as soon as the Laichikok Reservoir is reconstructed, the company hope to get their supply thence. The Government is understood to be increasing the number of maius at that reservoir.
SHANGHAI ELECTRIC AND
ASBESTOS CO., LD.
Of
course this is
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THE HONGKONG WEEKLY PRESS AND
it is a great provocation to the whole population of China.
OBSTRUCTIVE PRIESTS..
Two months ago the Buddhist priests of the Cheong Sow temple were said to have instigated some bad characters to destroy a secular school in their premises, and in consequence the Viceroy gave order to the Nam Hoi magistrate to take soldiers to go and seize, and close their temple, and turn out all the priests therefrom in three days. There are about one hundred and fifty of them What shall they do? They are not fit for secular business. Their property being confiscated, and having no means of living. they must become vagrants. Their sanctum sanctorum is to be appropriated by the government as a barracks.
誓
PROPOSED YOSHIWARA. Some enterprising persons have proposed to the Bureau of Reorganization that they would form a company with a capital of two or three millions of dollars to buy a large ares of ground in the eastern part of the reclamation, a short distance from the execution ground, at a price of two hundred and fifty thousand dollars, whereon to build one hundred brothels, six or seven restaurants, a garden, and a theatre, on condition that all the rest of the brothels in Canton shall be closed. Their petition has been for- warded to the Viceroy, and is now awaiting
answer.
EXECUTIONS.
The execution by lingtes is said to have been abo'ished, but that by decapitation still exists, and more execution grounds are ordered to be made. Besides that one in Canton one in
Chütaoshar, and one in Kong Po, the Viceroy has ordered every city and town in the district to have an execution ground. One day, in Kong Po. when three robbers were carried to the execution ground to be executed, some of their
·comrades armed with revolvers rushed-én to the spot. and rescued one criminal by name Chew,
and carried him away; but they were pursued, overtaken by the soldiers, and brought back
THE SALT TRADE.
Formerly the post of Salt Commissioner was a very lucrative one, which brought in a yearly revenue of several hundred thousands of taels, and was greatly desired by the mandarins; but now, owing to the decadence of the salt trade and the ill-management and defalcations of the officials, the government has suffered a great loss. It is said that the government intends to abolish the post of Salt Commissioner, and
A LOCAL ARSENAL.
The Second Ordinary General Meeting of the Shanghai Electrio and Asbestos Co., Ld. was held at Shanghai on May 31st, when Mr. W. D. Little presided. The Chair.nan said :- As the report and accounts have been in your 'bands for some days we will as usual, with your permission, take them as read. Referring to the report you will see that we have a profit of $20, 75.21. not all cash in the bank. If you refer to the accounts you will find that our stook on the 31st of March last was somewhat in excess of the amount of our capital. We try as far as possible to keep down the stock so as not to have an excessive amount, but it is usual in the business to be well supplied so as to be able to meet all the demands made on farm it out to merchants. 08. If you look at the appropriations you will find that we have written off $1,500 from the lannch Electra, so that she will stand in our books at $3,000, while she is insured for Tls. 2000 which, when the policy was taken out, was considered to be half her value. The report shows that we are giving a bonus to the staff which I trust you will sanction. It is intended, with your permission, that this distribution to the employees be left in the hands of the Board. I have nothing further to say. The company is doing very well. Of course we have some competition, but competition is the soul of trade, and I think we shall continue to give satisfaction to our customers. Before proposing the adoption of the report and accounts I shall be very pleased to answer any question that may be put to the obair.
CANTON.
(FROM OUr correSPONDENT.)
5th June.
CHINESH AND AMERICANS. Since the receipt of a telegram from the syndicate of Chinese merchants of Shanghai, the committee of the eight Chinese hospitals, the directors of the Chamber of Commerce, the head men that represent the seventy two guilds, and the gentry of Canton, haye called severel meetings in the Kwong Chai Hospital to protest against the exclusion treaty, After a lot of speech making to ventilate the grievance of their countrymen they have resolved not to have anything to do with Americans nor to buy or make use of any goods from America, and sent a telegram to Waiwupu requesting the latter to 8-nd instructions to the Chinese Minister, Liang Sing-shee, in Washington, not to sign any such treaty, as
As the guns and rifles manufactured u der the government auspices in Chang Pu, outside the suburb. are ill-adapted for warfare, the machinery being old and guns badly made, so the government had to buy guns and ammuni- tion from foreign merchants abroad, spending the enormous sum of over three million taele within sight years. Now the Viceroy has selected quite a suitable place in Ching Ynin to establish a gun manufactory where steamers can go. He has bought modern machin: ery from Germany, at the price of six hundred and sixty seven thousand taels, to make guns and smokeless powder.
DISHONEST TRADE OF LEPERS.
Piracy and blackmailing are of frequent occurrence in the Canton rivers, and 1 pers amo employed by the pirates as spies, hiding themselves--in matsheds or small
rotten boats, in some narrow creeks to give informa- tion to pirates. This is frequently the case, 80 the captain of the garrison in Chu Tao Shan has order from the Viceroy to destroy all matsheds where lepers live d arrest
(June 12, 1905.
CORRESPONDENCE.
THE PEAK T'AM SCHEME.
TO THE EDITOR OF THE "DAILY PRE88.
44
Extraordinary General Meeting of the Tram- SI,-Following up my remarks made at the
way Company on the 3rd instant, which were unavoidably curtailed, and perhaps not covering objection to the deal, permit me through the the ground fully enough to make clear my columns of your paper in add a few further points for consideration of the Shareholders in the old Company before the Confirmatory Moeting, which may or may not legalize the sacrifice of the old Company to a new one.
I would have, as sta ́ed at the Meeting, no
objections whatever to a dissolution of the old Company, and the sale of same to a new Com- reasonably near an equitable value, and such as pany, were, the price and conditions of sale
would enable the old company-or rather the Shareholders in the old Company-to coutique earned for them. These benefits are demon. enjoying the same benefits the old Company has strated by the Company's ability to satisfactory dividends on a market price of $325.00 per share.
earn
What position are the Shareholders in the old Company going to occupy in the new Company being made to force & minority representing between 270 and 300 shares (out of 1,250) to give up their interests in the entire ownership of the present Company earning net profits as it does of about $50,000 per annum on a Capital of $125,000 -And what are we promised in return? A third interest only in a new Company capitalized at $750,000, whose only hope of a revenus return for the next three and possibly four or five years will be the revenue earned by the present
that is so anxious to absorb us ? An effort is
Company, and we will have to remain satisfied with a division of only one-third of those profits.
Is this an inviting outlook for Shareholders in the old Company, and is it not worthy of con- sideration before giving away "The g0080 that lays the golden egg," which appears to be the value as an incentive in inviting investment plum" the new Company is after at half its by the Public in the new Company.
14
General Managers at Saturday's Meeting, To my mind the argument, used by the
seemed more of an effort to invite invest. ment in the new Company than to justify the dissoluti. a and sale of the old Company, and, unless I 8.70 very much mistaken, those same arguments are likely to appear later on the prospectus of the new Company, if formed, inviting investment therein.
•
I fancy, however, if the General Managers and Consulting Committee, who represent, we are told, seventy-five per cent of the Capital, are so anxious to dispose of the present Tramway Company for $250,000, they will probably find the Public more ready to buy it at that price than invest in the new Company even with the old Company as a “nest egg.'
But why not let well enough alone? The old Company is strong enough and surely doing well enough. Let the new company go ahead with their brand-new Concession and build their new line and operate it against us for a few years when, unless I am very much mistaken, they will only be too glad to sell out to us at a price considerably less than it is going to cost now to build their line.
In conclusion, I will not be found antagonistic
the latter and put them into the lep r hospital. to any proposal that is going to benefit the old Com.
MAGISTRATES IMPRISONED.
The late magistrate, Li Kwong Yeung, wag censured and discharged by order of the Viceroy He took a residence in Ching Nam street in Canton, and the Pan Yu magistrate went there, arrested him, and put him in prison. The late magistrate. Li Chi In, of the Sun Tak district, for mis-appropriat- ing over twenty thousand dollars, was also arrested by the Ñam Hoi magistrate and put in prison.
AN AMUSING "IP."
It is rumoured that the Viceroy intends to put a stop to all the gambling in Canton, if he can find another source that yields sufficient
revenue.
pany, and my attitude now is only protection of the interests of its present Shareholders, one of whom I am. It might have been made an acceptable proposition to all the Shareholders if a more equitable price had been offered for the old Company, or had a larger percentage of ownership than one-third in the new Company been offered as some inducement to give up s the old Company to the new Company either reality for a "shadow." Surely the value of
as an asset or an inducement to investiment is worth at least a 50 per cent. interest in the Capital of the Company, and why the General Managers and Consulting Committes recom mend letting it go for less I fail to understand. Then again, is our Reserve Fund of $50,000 to