October 2, 1905.]
tion of the affairs of the Company and have arranged to push the erection of the ice p aut at Cantoa so that it will be turning out ico by nxt hot seaso. The contract for this plant, including all machin-ry and building has bee let to the Oriental Constraction Co and their Manager states that the first instalment of machinery will be delivered at Canton within six months and before that time work will be commenced on the foundations. The land owned by the Company at Canton has proved too smal to contain the necessary buildings of the plant and, as adjoining property is held at high va ues, it is proposed to sel this lot and buy another larger and che per site, although somewhat far. ther removed from the centre of the city. The Directors have in view several loc‹tious on the bank of the river well suited to our needs. I trust at the next meeting to have something more substantial on which to report than the promise of the past. Unless there are any questions to be answered I will propose the adoption of the accounts as presented.
Mr. WATKINS said he had much pleasure n seconding.
The resolution was carried.
Mr. WATKINS proposed the appointment to the Board of Directors of Messrs. Lai Hui Kwan, A. F. Carrick, N. M. Holmes and C. W. Mead.
Mr. CHAN A. FOOK seconded, and the motion was agreed to.
The CHAI MAN in imated that but for a delay at the printers the prospectuses would have been issued that day. They would how- ever be ready for distribution on Monday.
This concluded the business.
WILLIAM POWELL, LIMITED.
The fourth ordinary yearly meeting of share- holders in this company was held at the offices of the company, Alexandra Buildings, on the September 3 th.
There were present: Mr. W. H. Gaskell (chairman) and Mr. G. C. Moxon (directors); also Messrs. H. Eyre (manager), L. S. Lewis, J. W. C. Bonnar, T. Arnold, Percy Smith and C. A. da Roza.
The MANAGER having read the notice con- Fening the meeting, the CHAIRM N said- Gentlemen-The report and statement of accounts having been in your hands for s me days, with your pesmi sion I will consider them as read. We are pleased to again come before you with what we may jusly consider a satisfactory report of the year's working. The expenses in connection with the business for the past year have been somewhat heavy, but this we anticipated would be tue case for the first year in our new premiss aud consequent
extension of business. You will observe from the report before you that we stil contine to write down our stock on haud, reducing it to a low cost,· At the close of the yar under review the value of our stock was about $53,0 10 more than that of the previous year, the increase
with boiug princip ly in connection
the furnishing department. We held at the present time no old or dete:iorated goods having dis- posed of same from time to time during the year. We found it absolutely necessary to carry a cleau and up-to-date stick, having so m ny climatic influences to contend against. I am pleased to be able to state that the sal s for the first three mon hs of the present year, July, August aud September, are in excess of the corresponding mou hs of last year, and although trade has been dull for some time past we look for a considerable increase of business during the | coming season over that of last year. Our manager reports that he has a good and reliable staff of assistants over each departments that we should be in a position to meet all demands for the coming winter. There is noting that occurs to me to add to my remarks, but I shal be happy to answer any questions or give any information tuat shiro solders may desire.
There were no questions, and the CHAIRMAN proposed the adoption of the report and accounts. Mr. ARNOLD-I have much pleasure in seconding the proposition. I think he share- holders have every reason to be gratified with the resu.t shown.
Mr. Lewis proposed the election of the Chairman (Mr. Gaskell) and Mr. Moxon as directors for the ensuing year.
CHINA OVERLAND TRADE REPORT.
Mr. BONNAR secouded and the proposition was agreed to.
Mr. BONNAR moved that Mr. Percy Smith be relected auditor of the c mpany.
Mr. Rosa sec nded, and the motion was carried.
Mr. SMITH-I thank you, gentlemen, for the confidence you have placed in me, and I hope I deserve it. While passing a vote of thanks to the manager and staff, may I also pass one to yourself, Mr. Moxon, for the exc l'ent services you have rendered the company during the year. After the m uager, no one is in a better position than I am to know what time and attention you hare devoted to the interests of the company.
The HAIRMAN-I thank you. gentlemen, for the vote of thank accorded to Mr. Moxon and myself. We always do our best to safeguard the interests of the firm as much as possible, and hope to be able to steer the company into smooth water. That is all the business before the meeting, gentlemen. I thank you for your attendance. Dividend warrants are now ready, and the manager will distribute them.
CANTON INSURANCE OFFICE, LIMITED.
The report for presentation to the share: holders at the twenty-fourth ordinary general meeting, on Friday, 20th October, reads as follows:-
The general agents and consulting committee beg to submit to the shareholde s the final accounts for the year 1904.
1904 account. The balance at credit of this account is 866 540.38 as per statement which it is recommended be appropriated as follows:-
A dividend of $20 jer share...$20,000.00 Addition to the reserve fand 200,000.00 Addition to re-insurance fund... 50,000.00 Carrying forward to the current
year's account...
211,540 38
$661,540,38
1905 account. So far the general agents and consulting committee have every reason to be sati-fied with the progress of this account,
Consulting Committee.-Since the last meeting Mr. G. C. Moxon was nominated in place of Mr. D. E. Brown and his appointment requires the confirmation of sharebold -rs.
The
present members, The Hon. Sir Paul Chater, C.M.G., Messrs. F. Maitland, II. P. White, E. Shellim and G. C. Moxon retire, but offer themselves for re-election.
Auditors. The accoun's have been audited
ty Messrs. W. H. Potts and T. Arnold, the latt rireplacing Mr. R. Chatter on Wilcox, and their re-election is recommended.
JARDINE, MAT ESON & Co., Gene al Agents. Hongkong, 27th September, 1905.
Accounts are as follows:-
STAUEENT OF ACCOUNTS, For the year en ing 31st December, 1904.
$2,500,00 1,01
LIABILITIES.
Capital subscribed Am unt paid-up Resorvo fnd B-insurance fund ... Outstanding dividends Accounts payable Balance of worsing account, 1904
ASSETS.
Cash, on current account with Hongkong and Shanghai Banking Corporation | Fixed deposit, with bank in Ho gkong Mortzages and eb ntures, in Hongkong
and Suanghai Chines Imperial Government loan, 1886 United States bonds (4 per cent. loan, Japanese Government bonds
192)
account
WORKING ACCOUNT, 1904. To amount brought forward from last To not promia received, loss returns and
re-insurances 1. .................................... To transfer fees
To interest
PANOU HORMON SUN AG - RAVAN CONNAYAKENTA
$ C.
500,000,00 1,4 0,000. 0 97,8:5.48 8,762.0 37,280,24 €61,54 .38
$2,705,478,10
$ C.
11,414.95 225,00 .00 1,858,029,52 46.174.25
40,000.00
164,86 .38
$2,7 5,178.10
C.
150,494.34
1,616,887.53 168,171,70 41.0
$1,935,596.57
By losses and claims paid By char os, ine using directors', audi- tors' and surrey fees, agents' ex- penses, &c.
................
By commissious By exchan e.. By balance as above
CANTON.
1,033,609.61
04,329.24 144,711,02
1,803.32 661;54:48
$1,935,596.571
FROM OUR CORRESPONDENT.]
Canton, 23rd September.
DEBTORS ARRESTED.
Some two years ago, the partners of a large pig's bran firm in Sha Kes Tai Kai, named Oa Chan, which was doing a very flourishing business at that time, snidenly declared themselves insolvent. Their liability was over Tls. 30,09). The partners Li Fong Lan and Lam King Chow closed the door of the shop and went abroad, leaving only one of their confidential servants supposedly to look after the place, but in reality his duty was to watch the disposition of the creditors and to report to them what procedure they were taking. The only assets left behind by the debtors were the fixtures and the lease of the shop, and these, according to the Chiness custom here, are considered as quite a valuable asset in every business. The creditors took proceedings against Li and Lam in the Nam Hoi Magistracy, but as the defendants could not be found, the notion was discontinued. Recently several of the creditors discovered that the defendants had returned to their native village up-country, and were there enjoying their ill-gotten gains. The creditors artfully concooted a letter, supposed to be written by the debtors' trust- worthy servant in Canton, saying that ho had received a very good offer from a certain pariy who desired to purchase the fixtures and lease of the shop, and he believed the creditors had abandoned "all hopes of recovering their claims It wound up by urging his masters to come to Canton as soon as possible to execute the transfer of the lease by which they could make another big haul. The defendants came to Canton. Their surprise and disappointment may belter be imagine than described, as on their arrival at the shop they found a crowd of creditors and several braves awaiting them. Li and Lam were arrested and bundled away to the Nam Hai Gaol.
PIRACY.
A junk trading between Canton and Sai Nam, which left here on the 19th instant for the latter
The
place, with full cargo and passengers, was pirated on the sam day near a place call Kamkai. It was reported that over thirty pirates boarded the junk from simpans rowed by women. pirates took the junk to Man Kao, and after ransacking the passengers' luggage and the ves-el, they left her, taking away with them merchandi e jewellery and money to the extent The matter was reported of over 10,000 tarls. to the authorities, and braves have already been s ut out to locate the pirates.
MAGISTRAT☺'s NOVEL WAY OF COLLECTING INFORMATION.
The new Nam Hoi magistrate, Chan Pak Hau, is a very energetic official. He juspected the ison on the 17th instant and intends dealing wit all the remanded prisoners first before taking up any fresh cases. As I told you the other day, he has placed two letter boxes at the entrance of bis Yamèn, Here is a li eral translation of the Chinese characters on them. On one of the boxes, is * Desirous the heading, iu largo charioters : to learn ab at my own faults," and in smifer claracters the following notification :—“ If any of my secretaries or domestic servants should cause trouble or swindie popl outside, or if any of my clerks or yamen raauers should extort money, etc., the public are requested to write out stat-mouts describing full particulars of the case and put same into this box." The heding on the other box is: "Request to be informed of all public affs rs concerning the people," and the text in smaller characters reads as follows: "If in the city there should be anything beneficial sad pro- fitable that requires to be prom ted, or anything vicious and sorrupt that requires to be ra- formed; if in any village' there are bandits anp