120
W. J. Saunders, J. Barton, J. R. Michael, S. J. Michael, G. L. Tomlin, E. 8. Kadoorie, C. W. May, Wong Leung Him, Ho Fook, Lo Cheung Shin and Ho Kom Tong.
The Chief Manager read the notice conven- ing the meeting and the CHAIRMAN read the report, after which he said-Gentlemen-, It gives your directors great pleasure
to
come
THE HONGKONG WEEKLY PRESS AND
America there is good reason for anticipating general revival of trade throughout the Far East, and we may look forward with confidence to the future Applause).
The increase
in dividend will be welcomed, especially in view of the remarks of the Chairman that this would not have been made without the prospect of it being continued. We all trust that the close of the long war is near, bringing about a mire secure feeling in trade and business enerally. I have much pleasure in secondingt the proposition for the adoption of the report and accounts.
The proposition was agreed to an animously The appointment of the Hu. M. C. WF. Dickson and of Messrs. G. H. Medhurst aud F. Salinger a directors was confirmed on the motion of Mr. SAUNDERS, Cnded by Mr. BARTON.
There being no questions, the CHAIRMAN proposed the a loption of the report and accounts.
Mr.
ORANGE-I feel sure the report and accounts place I before us cannot fail to be satisfactory to the shareholders. before you with another good result of six months' working of the Bank. I feel sure that the report which I have just read will be considered satisfactory, and I trust the distribution of profits which we recommend will also receive your approval. From the statement of accounts which has been in your hands for some time, you will have seen that, in addition to placing 85 lacs to the silver reserve, raising that fund t. 88,5 10,001 and carrying forward some $2 las in excess of last half year, we pro- pose, on this occasion, to pay a dividend of £1.158. per share, being an increase of 5s. on the dividend which you have regularly received for the past six and a half years. At first sight 58. per share does not seem a large increase but it amounts to 140.000 a year, and in per centage you will find that at present exchange it represents fully 4 per cent. pa. on the capitil. which I think you will admit is a very substan- tial addition to our dividend. Your directors fully recognise. as I am sure you must all do, the inadvis bility of raising the dividend unless there are reasonable grounds for feel. ing confident of being able to maintain it. The proposal has, therefore, not been mad, without due consi leration and only after careful observation of the steadily insreasing earning power exhibited by the various branches of the Bank, not only in the Far East, but also in other parts of th world where we are established. But though we feel justified in thinking that
!
the time has come for shareholders to receive a
bigher dividend we are also alive to the necessity of ensuring that the Bank shall be prepared to take advantage of the increased opportunities certain to accompany the great impetus to enter. prise in Chica which is expected to follow the close of the war, and we, therefore, fully realize the prudence of cintiquing to add to our reserves. This is the surest way of maintaining the strong position in which the Bank at present stands, and your directors have no intention of depart- ing from the general line of policy in the respect
which has been pursue with so much success in the past, anl of which we ar. tɔ-day reaping the benefit. Turning now to the balance sheet and comparing it with that of 31st December last, you will notice that the total figur r are considerably higher. This is to a large extent accounted for by the increase of some two and a half millions sterling in the gold current accounts due chiefly to the temporary deposit of proceeds of loans recently floated. There is no appreciable change in gold fixed deposits; silver current accounts show an increase of $5,300, .00 and silver deposits are also a little higher. Bills payable have increased by $5 000,000. There is only a slight difference in our note circulation. but compared with a year ago it bas gon› up about $11 lacs. On the other side of the account coin lodge with the Government against the excess nota issue romaius unchang ad at $8,500,000, but cash and bullion ia band, anl in transit, amount to $19,336,683.16 against Indian Our holdings of $43,204,418.57. Government Rupee Paper and Consols, Colonial and other securities have both been slightly increased; Bil's discounter, Loins and Credits stand at $104,214,416.69 against $85,601,394,98 in December, and Bills Receirable are nearly twelve million dollars more than last half year. Far Eastern commerce has pursued a compara- tively even course throughout the past half year considering the importance of the political events which hare marked the period. The effect of the war upon trade has not changed in any striking mauner since we last mat. Things seem to have adjusted themselves fairly comfort ably to the temporary conditions. We hare certainly witnessed a marked depression of trady and contraction of natire credit in the South
of China; this, however, has been mainly due to local causes which we may hope before lung to a whole, the see disappear; but, viewed as foreign trade of China continues to expand while that of Japan has shown remarkable pro. of gress, notwithstanding the continuance hostilities. In the happy erent of peace results ing from the conference now being held in
|
Mr. G. MURRAY BAIN movel that Messra. W. H. Potts and A. G. Wood be ro-eliefd auditors.
Mr. JUPP seconded the motion, which was
carried.
The CHAIRMAN-That is all the business, glemen; dividend warrants will be ready on Monday.
Mr. CRUICKSHANK proposed a very hearty rota of thanks to the Board of Directors, Chief Manager, other Managers and staff, and con- gratulated them on the satisfactory work during the past six months. Gratifying as the results were, he said, they must not overlook the fact that they owe the very substantial rise in the value of the shares to the able management,
care and interest shown by those who bore the host and burden of the day during the past six months. (Applause.)
The CHAIRMAN'S acknowledgment of the rote concluded the meeting..
A MOTOR REVENUE CRUISER.
A novelty in local shipbuilding construction a motor Chinesa revenue cruiser-the completion and succs of which has been eagerly awa ted by both foreigners and Chiness in this district, is now moore f in the Soochow Creek, opposite. the new Boathouse, and is receiving its finishing touches. This is a for cruiser, which has been constructed by the Chinese General Engineering Company to the order of the Silt Commissioners of this proviuce. for service on the creeks and lakes in the vicinity of Soochow and Wusish, for the purpose of putting a stop to the illicit trade in salt, which seems to increase from year to year.
The vessel is 5 feet in length by 12 ft. bain She was and draws less than 2 feet of water. designed by and constructed under the super- vision of Mr. Olaf Janson, C.E., manager of the China General Engineering Company, wh care the local agents for the Truscott Motor Boat Company, with whose m tors th‹ vessal is fitted. She is built throughout of tak wol anlis undoubtedly one of the most complet boats on the river, Forward on the main deck is a Skoda quickfiring gun, easy of manipulation and capable of discharging from 480 to 500 Immediately aft of this rounds per minute. are steps leading down to a commodious cabin, | affording ample and com nodious accommoda- tion for thirty native soldiers. Amidships is the galley and pantry. abaft of which is the
which are installed engine room. in Truscott motors of 24 horse-power sach, with Edison six-cell batteries and dynamos and spark-coils-molls of nitness and compactness and though looking compli cated, very simply worked. These can be worke together or independently, driving twin screws, and prop-l the russel at the rat of about nine knots per hour or can turn her in little more than her own length. Forward, in the fore-hold, is a very strong, ribbl tank, with a capacity for 100 gallons of gasolene, au-l as the consump- tion of gasolen› is less than on pint par horse- power per hour, it wil beson that to supply of gasolene will list for longer than any ordinary voyage the vessel may have to undertake.
fitted
two
Aft of the engine-room is a very comfortable cabin for the mandarin in charge of the vessel,
[August 21, 1905.
fitted with two berths, upholstered in crimson plush, and containing lavatory, and ample locker accommodation. The awning-deck runs almost the whole length of the vessel, affording an excellent promenade for the commander of the vessel, and forward on this deck is a well- fitted little wheзl-house with telegraph to the motor-room.
The new cruiser is a very serviceable boit and has alrealy had a trial trip in the course of which she proved capable of auswering all requirements. No doubt her builders will ere long be the recipients of many further orders for boats of a similar claıs —N. C. Daily News.
CORRESPONDENCE.
MANILA SHARE QUOTATIONS.
DAILY PRESS.")
10th August. SIR,With reference to your leader of 2nd inst anent my firm's circular of 24th ult., I am sorry to see you question my voracity. I give proof at foot of the Philippines Co. quotations I then gave, and in circular 46 I shall prove the other things. In fairness to me I would ask you to publish this letter. Th cable is private, of course.-Yours faithfully,
WALTER A FITTON.
TO THE EDITOR OF THE
**
the
The proof at foot was an instructioa from Hongkong to buy 100 shares Philippines Co., Ltd., at 83, on July 23 h, in answer to a
in pesos: request for an offer. That was Mex. quotation at this end at that time was 44 $9 sellers." The actual market valus is still ̧. a mystery.
THE NEW CANTON ICE COMPANY.
The Oriental Construction Company have taken over the contract for the construction of an Ice Company at Canton, The company promoting the venture has been reorganised, finances are well 'n han 1, and an early start will ben made with the plant. The construction company confident of having it erected before the contract time expires, and in time for the next hot season. Fifty tons of ice will be turned out per day, and in addition there will be a distilling plant cipible of turning oat 30 gallons of distilled water per day.
810
THE CHINESE WAY.
We are indebted to the N.C. Daily News for the following good story :—
The completion of a Revenue Cruiser to protect the salt gabelle in the oreks and lakes in the vicinity of Soochow recalls a perfectly true story that was well known here. When steam launches were much less common tha they are now, Shanghai was startled by the announcement that six native-owned launches were to be offered at once by auction. It turned nut that they had been used to protect the salt gabelle, but the smugglers had complainel that The launches were making their busine33 unprofitable. They were prepared to be chased by any number of native guuboats, but if sleam launches were used, they would be obliged to withdraw their contributions to the private exchequers of the officials. The officials saw the justice of this complaint (this was years ago) and the steam launche; were sent down to Shanghai and sold.
VICEROY SHUM'S SCHEME OF ARMY REFORM.
some .
From the Chung Nysi Sai Po.} Viceroy Shu n has again asked his subordinate officers to take steps to abolish the army corps of the old form throughout the province of different Kwingtang and to instract the prefects and magistrates to devis plini to in tita'e local police forces for the protection of the places concerned instead of the army co ps which, he says, cannot be mach relied on. being gen rally composed of weak and aged people. He memo.ialized the throne list your asking permission to abolish all the army co p of the old form but the P.king Government was afraid that if the army corps were to be put an end to in such a harry, it would