February 19, 1906.j
HIS EXCELLENCY's enthusiasm was largely inspired by an overwhelming sense of China's magnanimity in this instance -the mean man's mite of charity, so to speak, loomed large because of its rarity. The benefactees are by no means so certain of their good fortune. They are allowed to reside and trade, but under restrictions and limitations that are unlikely to attract many to the pri- vileges. The terms on which the sites are to be leased are impossible, when compared with conditions at the Treaty Ports; and there are apparently no restrictions at all upon Chinese taxation. The Chinese, in effect, are simply taking a roundabout step in the direction of abolishing exterritoriality; if the foreigners accept these settlements on the terms offered, the principle is impaired at once, and China's agitation to abolish it altogether is strengthened. If they refuse, China has nothing with which to reproach herself, and to futu. demands can say with a clear conscience that her good-will offerings have been despised and rejected. We would honestly rejoice to know that these speeches were sincere, that China was disposed to a square deal," and that our scepticism was unjust and undeserved. But things are rarely what they seem in China, and the opening of Chinan, and other places promised to follow, cannot at present be valued at more than their worth.
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CHINA OVERLAND TRADE REPORT.
COMPANIES.
HUMPHREYS ESTATE AND FINANCE CO., LTD.
The ordinary annual general meeting of this Company was held at its registered offices, Alexandra Buildings, at noon on Feb. 10th. Mr. H. Humphreys presided and there were also present Messrs. J. A. Jupp, H. W. Slade, A. G. Wood and C. Ewens (directors), Captain Uns- worth, Captain Goddard, Mossrs. J. W. C. Bon- Hop Kee and Chan Chan-nam. nar., J. R. Michael, A Turner, Lo Cheung-shin,
have seen
After the notice convening the meeting had been read, the CHALEMAN, addressing those present, said:--Gentlemen-I propos with your permission to take the report and state- ment of accounts as read. The past year has been conspicuous for the inactivity of the property market and for the first time for several years we have to come before you with- out a single sale to record. This, of course, has affected our profits, but notwithstanding, we are able to give you a dividend of 8 per cent. which, I trust, will be considered satisfactory. Some shareholders would possibly have liked to a larger dividend paid at the expense of the equalization of dividend fund, not in favour of this being done, as they do bat your general managers and directors are not anticipate that this company will, for some time to come, be in a position to earn more than 8 per cent from revenue only, They do not, therefore, consider it. would be sound finance to draw upon this fund for the purpose of maintaining any higher rate of THE LATE MR. BRUCE SHEPHERD. all our interests are centred in Kowloon, and dividend. As you are probably aware, nearly
although there has been a downward tendency in values at Mongkok and Hunghoin, there has been an advance at Tsim Sha Tsui, so that on the whole our property has, I am glad to say, kept very steady. In the early part of last year. your directors took advantage of a temporary fall in values to secure Kowlogn Marine Lot 41 at what they considered a ry cheap price. The purchase was completed July subject to a mortgage of $100,000.00 (which mortgage We have appears amongst the liabilities). consequently the insurance fund has been in- suffered no losses from fire during the year,
creased by the sum of $4,39 1.05, which represents the value of our oval underwriting. With regard to the extensive building operations which we have been carrying out at Kowloon fronting and adjacent to the Robinson Road it will be some months yet before the work is completed.
The death at Sidmouth, Devon, of Mr. Brace Shepherd, was briefly announced in the Daily Press on the 13th inst. It is not yet twelve months since Mr. Shepherd left the Colony, on furlough, and although he was looking ill when he went away, the sad news was none the less shocking to the very large number of friends and admirers in the Colony.
Mr. Shepherd was born on Sept 9th, 1844 His connection with the Hongkong Civil Service dates from August 14th, 1881, when he was appointed Clerk of Dead Registry, Land Offlae and First Clerk in the Surveyor General's Department. He arrived in the Colony on Dec. 19th of that year. The following year, June 16th, 1883, he became Deputy Land Officer, Supreme Court, and from July 1st until Jan, 23rd, 1884, he was the Acting Deputy Registrar at the Supreme Court. Two years later, May 4th, 1886, he was appointed Secretary to the Land Commission; and in August and September of that year he acted as Secretary to Sir James Russell on the Opium Commission under the Chefoo Convention. From April 16th, 1889, Mr. Bruce Shepherd filled the positions of Acting Registrar at the Supreme Court, Official Trustee, Registrar of Companies, and Land Officer, being made a Justice of the Peace in August, 1889. His duties were temporarily varied in October, 1890, when he was Secretary to the Equatters' Com. mission; and in 1891 he undertook still more work, adding to his numerous offices those of Official Assignee and Registrar of Companies. When the Squatters' Board was established, he was made Secretary, May 1st, 1891. His chief that of Official Receiver in Bankruptcy,
Seventeen terrace houses, were, however, completed in September last and are now all let. We do not contemplate entering upon any new building contracts during the
year.
I have no further remarks to make, but shall be pleased to answer them. if any shareholder has any questions to ask, I
Mr. MICHAEL I should like to ask a few
questions, Mr. Chairman. I find in the report that you do not mention the age of the Com. pany. Is it dropped out purposely, or is it an omission ?
The CHAIRMAN-You mean that we should
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$584,421.90, and mortgage liabilities amount to $130,000. Why differentiate? Why is there not one account for mortgages?
The CHAIRMAN-The auditors decided that that was the best way to state it.
Mr. MICHAEL-Then you agree to it? don't think it is proper bookkeeping.
The CHAIRMAN-It is simply a question of bookkeeping, and considering the auditora advised it, you might leave it in their hands.
Mr. EWENS-We must do it that way according to law.
Mr. MICHAEL-There are few shareholders present. It may or may not be, as a share holder in another company remarked, that they were so well satisfied with the manage. ment that they did not care to come to listen to the accounts. I am not going to discuss about the dividend, but mast say that the Hon. Mr. Gershom Stewart opened our eyes a little at the last Land Company meeting when he showed that since 1891 there was an advance in the rateable value of property in the Colony from $3,649,000 to $10,472,000. That means an advance of 200 per cent. in rateable value. I daresay it is not an advance in buildings of 200, but it may be an advance of 50 or 100 per cent. We have an amount of $1,385,000 invested in property, and I want to know what proportion of that property is tive. undeveloped, and what proportion is unprodno-
The CHAIRMAN-There are four Lots absolutely unproductive.
Mr. MICHAEL-I just want to know thê property value.
The CHAIRMAN-Of the four lots ? Mr. MICHAEL-Yes,
$60,00) and $75,000.
The CHAIRMAN-I should think between
Mr. MICHAEL--Unproductive? The CHAIRMAN-Absolutely unproductive. Mr. MICHABL-Aud undeveloped ?
The CHAIRMAN-Three undeveloped lots are now in course of development. The represent from a lakh and a quarter to a lakh and a half of dollars, which is the value of the land only, exclusive of the buildings and money spent in building contracts.
Mr. MICHAEL-So we have property to the value of $185,000 which is unproductive P
The CHAIRMAN-No, because you have to take into consideration the amount expended in building contracts. Building contracts during dollars, of which about $200,000 has been the year amounted to about three lakhs of
actually paid.
Mr. MICHAEL-On what value of property are we receiving $77,705.39 worth of rent ? The CHAIRMAN-On the properties let P Mr. MICHAEL-Exaotly, But on what value. A million or a half?
The CHAIRMAN-I cannot tell you from memory. I cannot carry all the figures in my
head.
Mr. MICHAEL-You cannot carry it in your head, and yet it is your business at which you work all the year. I can carry it in my head,
The CHAIRMAN --I have told you about eight to nine lakhs.
Mr. MICHAEL. You said in your speech that have said it was the twentieth ordinary annual you don't expect to pay a better dividend than While we have got property eight per cent. general meeting ?
to the value of $1,385,000 we may expect a much better dividend.
The CHAIRMAN-Not for some time to come without property sales.,
Mr. MICHAEL-Yes.
because it is questionable whether there was not The CHAIRMAN-That was done purposely,
which I think it was this year, it would include a mistake before. If we count it the twentieth, the life of the Richmond Terrace Estate and
Mr. MICHAEL-Quite so.
The CHAIRMAN-It is a very good dividend,
given to him on Jan. 26th, 1892, after which | Building Co., and I don't think that can be too. I believe you are a landlord yourself, aren't
his abilities caused him to be several times called in to various departments in an "Aofing " capacity. In 1895.6 ho enjoyed a year's leave on half-pay, and again in 1901. On his reluru from the latter holiday, he found himself gazetted Land Officer and Official Receiver in Bank- ruptoy (Separate Department). In May, 1903, there was a double event--his appointment as a member of the Land Court, New Territory, was marked by a graceful tribute to his long, faithful, and able services to the Colony. Mr. Shepherd was made a Companion of the Im perial Service Order. As Land Officer and Official Receiver, Mr. Shepherd had an annual salary of $5,400, and when he retired on Aug. 25th, last year, he became entitled to a pension of $2,360,
included in the life of this Company.
you ? Mr. MICHAEL-But this Company's life is 20
years old.
has not been registered 20 years.
The CHAIRMAN-I think not. This Company
this Company P
Mr. MICHAEL-What do you call the age of
The CHAIRMAN-From the date of its incorporation as a registered company.
Mr. MICHAEL-How many years ago was it registered ?
The CHAIRMAN-I can't tell you from memory. On looking up the articles the CHAIRMAN said the company was registered in 1891.
Mr. MICHAEL-Very well. In the account I find that the amount invested on mortgage is
Mr. MICHAEL-Never mind that. We will come to that later on. We are renting at pre- sent property to the value of $800,000 or $900,000, yet you can give us a dividend of only eight per cent.
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The CHAIRMAN-In the account before you, you will observe that we have reduced the amount carried forward and that we have received an amount of $9,893 for commission. That is an item which is not likely to recur again in all probability, and we can make no allowance for it. We, therefore, think that 8 per cent, is the most that can be expected without land sales for
some time to come.
Mr. MICHAEL-May I ask what this com- mission is ?