August 26 1905.]
that you should be mercifully dealt with, and under the power conferred upon me I intend to impose on you a fine of $5 0) or in default of payment six months.
His Lordship-What I was going to suggest was that some consideration should be paid to the family of the deceased. The money was paid.
IN SUMMARY JURISDICTION.
BEFORE MR. A. G. WISE (PUISNE JUNGR).
LI YIK TAK V. THE YEE WO CHEUNG FIRM. AND ANOTHER,
This was a claim for $1,000 due ou a pro- missory note.
Mr. O. D. Thomson represented the plaintiff, and Mr. R. A. Harding appeared for the defendants.
Mr. Thomson stated that on the 2.th of May of last year the plaintiff deposited $2,000 with the Po Lung Bank, which bank suspended payment in December. Not having money they gave him a promissory note for $1,000 chopped with the defendant's chop and signed by the
second defen ant.
Mr. Harding--Before evidence is called I take the point that ne document is not a promissory note at all.
His Honour-I understand that during my absence a decision that way was given. I have always held that these Chinese documents were promissory notes, and I am not going back on be wrong. myself. I may be right, or I may but when came here four and twenty years ago we always regarded these as Chinese pro- missory notes.
If I upset myself in a Court of Appeal it is another matter, for I understand an appeal is being made.
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CHINA OVERLAND TRADE REPORT.
139
report that the drawing office and staff are now located in Kowloon instead of on this side, and feel sure must lead to greater efficiency. I think the chief manager and staff are to be congratulated on the able and expeditious manner in which the work on the Glory and Albion was accomplished, and alto- gether we have every reason to be satisfied with the way our affairs are conducted, and interests looked after by our board of directors and staff. (Applause).
The motion was carried unanimously. The CHAIRMAN-That is all the business, gentlemen. Dividend warrants will be ready to-morrow.
HONGKONG COTTON SPINNING, WEAVING, AND DYEING COMPANY, LIMITED.
The report for presentation to shareholders at the eighth ordinary meeting to be held at the offices of the general managers on Saturday, 2nd September, 1905, at 12.30 p.m., is as follows:-
The general managers beg to submit a statement of accounts covering the period from 1st August, 1904, to 31st July, 1905.
The balance at credit of profit and loss account is $178.264.32, which it is proposed to
To pay a dividend of 10 per cent. appropriate as follows:- for the year
To place to equalization dividend fund
$125,000.00
of
30,000.00
23,264.32 -
3178,264.82
To carry forward to credit of next year's account
CONSULTING COMMITTE: :
Sir C. P. Chater, C.M.G., and Mr. A. G. Wood retire, but being eligible offer themselves for re-election.
this condition was not maintained, and there has been a considerable falling off in our earnings for the last three months of the period under review, to which is partly attributable the increase in our stock by some $122,000. While the dredger Canton Kiver has not been fully engaged during the past six months, I am | pleased to tell you that she has for some time past been profitably employed both at Quarry Bay and in the removal of the Canton River | barriers in and around Canton, where she is still at work, and when her services are no longer required for this work, I am glad to say we have further employment for her in riew. The new tug Edith built to replace the Fume, and to which I referred at our ast meeting. has been completed, and from. the work she has already performed will prove, as I told you, a valuable addition to our fleet, and of great assistance to the Robert Cooke. As an instance. I may mention that she was able to carry on the Robert Cooke's ordinary work while that vessel was engaged in the salvage of the Travancore, a piece of work which has helped materially to swell our towage account, which shows satisfactory results for the six months. The tonnage of ships docked and repaired. as compared with the previous half year shows a slight falling off, about 8,944 tous, and I am afraid that in view of the with. drawal from this station of so many of our battleships and large cruisers, and the coutinu anes of the war. We cannot look for any substantial improvement in the immediate future. Should, however, the negotiations now in progress at Washington happily result in peace being restored, we may hope for our fair share of improved business resulting therefrom. During the past half year our shipbuilding yard has, with the exception of the completion of the U. S. Government, the Mr. Thomson said that there was a case for Fathomer for the appeal, but owing to the fact that some of the building of the Tug Toyo for H. M. Orduance Court's officers were engaged at the Sessions, Department and the Tug Edith for ourselves. found little employment, but I am pleased to it could not be produced at the moment.
Mr. Harding-What Mr. Sercombe Smithsay will be kept better employed for the next six months with the following new said was that if the document stated the money
vessels: a large river steamer for the Yangtsze trade, three steam water boats for a local company and one steam cargo lighter for the Bangkok trude, besides several smaller boats. This is the fifth steam lighter built by us for this trade and to the same order, a proof, gentlemen, of the satisfactory work issuing from our yard. The wiring and motors mentioned in my spe.ch of the 20th February having arrived, the electric drive has now been installed | Capital account in the boiler and shipyard departments as also | Sundry creditors
Unclaimed dividends in the electrical and pattern shops, and is
Profit and loss account giving satisfactory results. We are going on with the electric drive to the saw mills which will further centralize the power in the yard, and enable us to reduce the working expenses of the Kowloon Docks. The two extra electric cranes have been received and fitted in the engine works. Turning to capital account, you will observe an amount received for pumps and salvage gear disposed of. part of these were lost with the s.s.Shrewsbury and their value recovered under insurance policies. To keep our salvage plant up to date all these pumps, etc., are being replaced. Our chief manager, Mr. Dixon, was recently granted twelve months' leave and left last month. and I am sure you will all extend to him your sincere sympathy in the sad domestic affliction which has befallen him since his departure from the Colony. During his absence we have appointed Mr. W. Wilson, who has for so long been in charge at Kowloon, acting chief manager. Mr. Mitchell taking over his duties there in addition to his which has charge of our drawing office recently. been removed to Kowloon. Gentle. meu. with nothing further to remark, before report and moving the adoption of the accounts, I shall be pleased to answer to the best of my ability, any questions you may wish to put
was to be paid it was alright; he did not hold that the word promise was absolutely necessary. I have His Honour-I am with him there. held that always.
After further argument the case was adjourned unti to-day.
COMPANIES.
HONGKONG AND WHAMPOA DOCK CO., LIMITED.
The ordinary half-yearly meeting of share- holders was held at the offices of the company, There Queen's Buildings, on August 21st. were present-Sir C. P. Chater (chairman). Hon. Mr. C. W. Dickson, Messrs. N. A. Siebs, E. Goetz, A. Haupt, H. P. White, D. E. Brown, J. H. Medburst and S. Silverstone (directors). W. Wilson (acting chief manager), F. J. Rose (secretary), and Messrs. O. E. Arculli, W. E. Clarke, J. McG. Forbes, E. Ge rg, Ho Fook. Ho Kom Tong, J. A. Jupp, G. P. Lammert, J. R. Michael, E. J. Moses, A. McGowan, C. W. May, W. Parlane, P. C. Potts and T. Skinner.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN-Gentlemen. The report and statement of accounts, having been in your hands for some days, I will with your permission follow our usual custom and take them as read The net profits for the half year ending 30th June, 1905, amounted to $328,209,51 to which must be added the sum of $498,289.10, the amount brought forward from our last account, and after deducting Directors' and Auditors' Fees there remains for appropriation the sum of $815,739.61 as compared with 8864.880.76 for the previous half year. Subject to your concurrence the Board propose to deal with this balance as follows:-To pay a dividend for the half year of 12 per cent or $6. per share, absorb. ing $300,000, to write off from the value of the Kowloon Docks the sum of $14,407.34, and to new account the balance carry forward to 8501,332,27; this we trast will meet with your approval. When addressing you in February last I stated that we had commenced this year satisfactorily, but I regret to say that, in common with concerns similar to ours
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There being no questions the CHAIRMAN moved the adoption of the report and accounts. Mr. JUPP-1 have much pleasure in second. it must be ing the resolution. I am sure gratifying to all shareholders to know that in a lean year, such as the one we have just experi- enced, the company is able to return 26 per cent. on its capital to the benefit of the shareholders. I think we may reasonably hope for better times before very long. At any rate we need not anticipate any worse. I am glad to see from the
:
AUDITOR:
The accounts have been audited by Mr. W. Hutton Potts, whe offers himself for re-
election.
JARDINE, MATHESON & CO., General Managers.
The accounts are as follows:-
BALANCE-SHEET. 31st July, 1906.
LIABILITIES.
........
ASSETS.
Property-comprising land, buildings and
machinery
Furniture Sundry debtors Cashi
Cotton, value of stock Yarn, value of stock. Waste, value of stock Mill stores, value of stock Coal, value of stock.
Fire insurance and taxes pertaining to
1903 period after 31st July.
c.
1,250,000,00 435,224.64 4,039.80 178,204.32
$1,867,528.76
.1,331,527.79
2,857,00
16,678.99 2,516.41 412,621.38
1,743.78
30,179.15
45.615.90
1,860.50
1,983.86
$1,867,528.76
PRÓFIT AND LOSS ACCOUNT. Dr.
To remuneration to General Managers, 10 per cent. on balance of working account To remuneration to Consulting Committee To auditor's fee
To balance
By balance from last year By gain on working By transfer fees
0.
17.620.61
3,000.00
250.00
$20,870.61 178,264.22
$199,134.93
Ur.
0.
23,862.88 176,206.10
€6,00
$199,134.93
The P. # T. Times reports that the Yellow River has burst its left bank above Kaifeng, and is apparently returning to the N. E. channel it deserted some centuries ago, running past Weihuifu to where three provinces meet, Chihli, Shantung, and Honan,