Page
368
case any shares are not taken up the Directors have taken power to themselves to dispose of them to the best advantage. There will be no difficulty about that; we have had applications already for any we have left, at a considerable premium. With these remarks, I will propose the four resolutions which have been circulated. It will save time, and our legal adviser tells me it is perfectly in order to propose them en bloc, and I will do so. The resolutions are :---
1.-That the Capital of the Company be in- creased to £327,000 by the creation of 9.150 new shares of £20 each.
2.-That 975 of such new shares be forth- with allotted and issued as fully paid-us to the Council for the foreign community of Shanghai north of the Yankingping, or such Council's nominee, in accordance with the terms and con- ditions of the Indenture dated the 1st July, 1905, made between the Company and such Council; such 975 shares ranking in all respects par passu with the existing ordinary shares of the Company, with this one exception, namely as regards the dividend of the year ending 31st December, 1905, each of such 975 shares shall be entitled to receive half only of the total dividend per share declared and paid on each c the 7,200 existing ordinary sharos for such year.
RN
THE HONGKONG WEEKLY PRESS AND
to your directors and is responsible for some of the unavoidable results of the past. The amount written off plant and machinery may seem large but the total writings off (including this) for the nine years the mill has b en work. ing is rather less than 25 per ceut. When the prospectus of this mill was issued it was thought that 7 per cent per annum would have to be written off but we have not come near that. It will be seen that the position of the debenture holders is a very excellent one: the stipulation that 25 per cent of net profits should go to the Trustees for their redemption was made in the expectation that all the debentures authorised | would be taken up; the small proportion issued makes this a very onerous condition, and unless the debentures come into favour they will be paid off as soon as possible. It will be noted with satisfaction that loans (bank and otherwise) which last year stood at Tls 338,000 have been reduced to is 180,000. The mill under the efficient management of Mr. Wood, supported by his staff, les brou maintained in thorough working order during the year and our yarn will bear favourable comparison with any produced locally,
No questions were asked and the following resolutions were carried unanimously without remark:-
Proposed by
the Chairman, seconded by Mr. Jameson-That the report and account for the year ended the 30th of Septem- ber, 1905, as presented, be accepted and passed.
Proposed by the Chairman, seconded by Mr. Chew Shing-ching That the election of Messrs. F. Ayscough and M. March to the Board of Directors be confirmed.
Proposed by Mr. Jameson, seconded by Mr. Ayscough--That Mr. W. H. Poate be re-elected a director.
Proposed by Mr. Seaman, seconded by Mr. Taylor-That Mr. Arthur R. Leake, chartered accountant, be re-elected auditor for the present
3. That the remaining 8,175 new shares rank for dividend as and from the 1st January 1906, but in all other respects rank pari juss i with the existing ordinary shares in the Com pany, and that such 8,175 shares be dealt with in the following manner: Every member of the Company shall be entitled as of right fo claim an allotment to himself or herself, or his or her nominee or nominees, of one new share for every old share held by him or her; similarly the Council shall be entitled to claim allotment of 975 of these new shares in addition to the 975 shares to be allotted it under the terms. of the foregoing resolution. | year. The Directors shall give notice in writing to each member of the Company and the Council, stating the number of shares which the member and the Council is entitled to claim as of right, and limiting a time within which the claim for an allotment must be made. The sum of £5 per share on each of the said 8,175 shares shall be payable on allotment, and the remaining £15 per share shall be payable at such time or times as may seem fit to the Directors.
4.That the Directors be empowered to dispose of any shares not claimed under the terms of the last preceding clause as they may consider expedient in the interests of the Company.
Mr. J. Cooper seconded and the resolutions were carried unanimously, without further remark.
THE INTERNATIONAL COTTON MANUFACTURING CO., LD.
The annual meeting of this Company was held at Shanghai on Nov. 14. There were present:-Mr. W. H. Poate (Chairman), Messrs J. N. Jameson, C Iburg, F. Ayscough, M. March, and Chew Shing-ching (Directors, K. W. Campbell J. F. Seaman, F. E. Taylor, Liu Chang-yin, Sen Ming-yue, Walter C. Wood (Mill Manager), and G. Wuilloumier (Seorotary)
The Chairman said-The directors trust the report and accounts now submittel will meet with the approval of the shareholders. It must not be considered a matter of regret that with such good results no dividend can be recommended; your directors believe that you will see the desirability (not to say the necessity) of following the course they propose; to carry on the mill properly more capital required and failing the issue of debentures the only source from which this can be obtainable is to retain any profits made until a sufficient amount has been accumulated; last year has done a great deal towards this end and, given a continuance of profitable working, the Mill will soon be in an excellent financial position. It may not be out of place to remind you that the mill cost Tis. 267,000 more than the amount of capital raised, and you can see from the accounts before you that it requires Tls. 200,000 more to provide for stocks of material. This want of working capital has entailed continual trouble
CANTON.
FROM CUR CORRESPONDENT.}
18th November.
THE PROVINCIAL LOAN FIASCO.
Some time ago Viceroy Shum memorialized the Throne asking for authority to raise a loan of Tls. 3,0 0,000 from the people in order to carry out some important schemes. The request was granted and the Viceroy asked the Commis. sioner of Customs to take up the matter. The Viceroy also instructed the Sin-Han-Kuk to issue 30,000 public bouds and send them to the Commissioner of Customs to be signed and sealed. For several months the authorities have Leen persuading the people to buy up these bonds but in vain, as the money market is very much depressed at present. Moreover the people remember being deceived by the officials ten years ago, with the Chin-Shun bonds, which have never been repai, capital or interest. It is reported now that the Commissioner of Customs has been instructed to postpone the issue of this lean for the present.
AN ENLIGHTENED OFFICIAL.
Kung Sing Chang, formerly acting prefect of Canton arrived here yesterday from Foochow. Tantai Kung is a very enlightened and ener getic official. He went to Europe when his uncle was Chinese Minister in Loudou. He is an experienced man in foreign affairs and is a good English and French scholar. No better man could have been selected by His Excellency the Viceroy to carry on successfully the numerous affairs connected with the Bureau of Foreign Affairs, Kang Taotai hails from Anhui and was held in high esteem by his com patriot, the late Vic-roy Li Hung Chang.
MANILA TOBACCO BYCOTTED.
It is reported that considerable losses have been sustained by the cigar and cigarette shopkeepers in Canton, Manila tobaccos being boycotted on the ground that the Philippine islands belong to America. Previous to the boycott these cigars and cigarettes were sold in considerable quantities. It is reported that the existing stock is completely spoilt.
PREPARED OPIUM MONOPOLY. The King-Shun-Tong has obtained from the provincial Government the privilege of levying a tax on all prepared pium retailed in the province. The tax has been fixed at four
|
{November 27, 1905.
candareens per ounce and the monopolists have agreed to pay the Government an aural fe of Tls. 72,000, payable at the rate of Tla. 6,000 & month. The privilege was granted yesterday.
THE LINCHOW COMMISSION.
The members of the Commission have not yet reached Linchow. It takes ten days from Chin-Yuen on the north river to reach the scene of the massacre, The party proceeded over land from Ching Yun and are expected to arrivo there to-day or to-morrow
JAPANESE CONSUL FOR CANTON.
As Japanese commerce and the number of Japanese residents in Canton has been steadily increasing, the Japanese Government decided to establish a separate Consulate in Canton sometime before the declaration of the Russo-Japanese war. Now that peace has been concluded, the Japanese merchants bere have brought the matter again to the notice of the Japanese Government. It is DOW reported that Imperial sanction has been given and a consul and post master appointed to this port. It is said that the two officials will arrive here very soon and that they will commence their duties in January, 1906.
NOTORIOUS ROBBER.
Chau Chat Shing, a notorious robber, has been arrested in Macao. His Excellency Viceroy Sham bas applied for his extradition and is sending witnesses to Macao to establish- the numerous charges brought against him.
VILLAGE WATER SUPPLY.
The Sa 1-Yuen and Tong-Ha villages, outside the north gate of the City, have a quarrel over a water question. Both villages claim the privilege of drawing, water from a certain canal to water their paddyfields. A big fight was expected on the 14th inst.
FRENCH CHARITY,
The superintendent of the Yunnan Railway, who is in Canton at present, having heard that subscriptions are being made for the relief of Yunnan labourers, has sent $1000 to the Viceroy through the French Consul here. The Viceroy has sent the money to the Sin- Hau-Kak with instructions to hand this sum to the charitable institution which has taken this matter up and to obtain a receipt for same. In the event of the non-existence of such a relief fund, the Sih-Hau-Kak is ordered to send the money back to the French Consul. The Sin Hau Kuk is investigating the matter.
A CHINESE BURGLAR TRAP.
A family surnamed Kwan in the Kow-Kong village, owing to the frequency of robberies committed in their neighbourhood, bought several dynamite bombs, and placed them in the safe. On the following night, robbers attacked their house, opened the safe and threw its contents into a bag. The shock caused the dynamite to explode and the roof of the house was blown away. Eight of the robbers were killed outright. A hot chase was started after the rest. The robbers, after running as far as Loong-Kong, sought refuge in an empty house. They had been fired on on the way, several of them being shot. The remainder were surrounded and two of them captured. On entering the house the besiegers found two more who had died from the wounds received through the explosion. The two captured men informed the authorities that sixteen of them had been killed in this affair. All Chinese who wish to keep Fobbers away will now post a notice on their doors to the effect that their safes are full of bombs.
THIEF LOSES AN EAR.
Lam Hung Lin, a servant in the Military College, stole a piece of clothing. He was caught in the act by the porter. The thief was sentenced to be whipped and to have one of his ears cut off! The porter was rewarded with a dollar.
Q
20th November.
H
A TYPICAL ROBBERY CASE. A wounded robber on trial at the Nam-Hoi Magistracy told the following story :—“ Our leader was Yu A Yam. He had six men with him. We decided to attack the theatre boats that were moored near the Five Eyed Bridge. Our leader with two other meu and me went on board and demanded Tis, 300. The people on board offered us fifteen dollars. This was too little and we started to search for money and valuables, revolver in hand. We found 8250
1