114
The CHAIRMAN-You ought to know ; you paid most of it.
THE HONGKONG WEEKLY PRESS AND
* Mr. MICHAEL-Yes, yes. Now I understand. Perhaps you won't like my inquiring into a certain matter, but I think it is for the benefit of all the shareholders. Hon. Mr. Gershom Stewart told us at another Land Company that Granville Sharp's estate was assessed by com- petent authorities a few years ago at a million dollars, and that the estate increased in value more than 100 per cent. within a few years.
Mr. TURNER-We ́don't deal in brothels. Mr. MICHAEL-Quite so. But I should like to know whether our property has been affected in the same way.
The CHAIRMAN-We have a good deal of Chinese property that is not paying very well at present. I think the reason is that Hunghom is very much overdeveloped. You were trying to make out that you thought the results of the Company rather poor considering the time it has been in existence. That is your point, is it not ?-
Mr. MICHAEL—Yes.
The CHAIRMAN-We hold quite an opposite opinion. You must remember that the Com- pany was a very sick child in its early days. It
started with six fever-stricken houses in Richmond Terrace, and subsequently a few more were added; afterwards a lot of undeveloped land was taken at Kowloon, and shares given in exchange. For some years that land was not a source of strength, but of weakness, as wa had to pay the Government any amount of Crown rent equal to about $2,500 annum and received nothing in return. If you examine the accounts for many years past carefully, you will find that the tendency of the Company has been gradully to improve, and its position has been steadily strengthened, and if you re-consider what you have said you will admit that yourself.
per
Mr. MICHAEL-That is a very good reason, but you speak about a sick child. You must re- member that that child is now 15 or 16 years old, and I think it has grown strong. You asked me just now if I were a landowner. I am, and wish I had been since 1891. I find that private people look after their property very well, and get much more income out of it than companies do. Why it is, I don't know.
Mr. Turner made the remark that we don't own brothels. That may be, but I would like him to tell me how it is that the rateable value of Government property has inc eased 200 per cent. He may be able to enlighten us.
Mr. JUPP-They have erected more houses, I suppose.
The CHAIRMAN-Possibly one reason for that may be that in the estate of a dead man the executors are naturally very careful how they sell or change, but a company has to pay dividend; whenever it sees a chance of selling property at a good profit it has to do so to please the shareholders and increase the dividend. That may be one cause why Mr. Sharp's property improved in a greater ratio than purs or the Land Investment Company's but there are other reasons which I won't go into.
Mr. MICHAEL-That is a very good reason, I can see; but have you answered the question re the rateable value of the Government ?
Mr. JUPP-We have nothing to do with that. Do you come here to ask conundrumis ? The CHAIRMAN-That does not mean that the value of old properties has increased.
Mr. MICHAEL-It means more rent. The CHAIRMAN-No, it does not. It means a great increase in the number of buildings.
Mr. MICHAEL-Excuse me, I differ from you very much; that is all I can say.
The CHAIRMAN-Well, you are entitled to your opinion, Mr. Michael. Is that all you have got to ask?
Mr. MICHAEL--That is all, thank you. There being no further questions, the CHAIRMAN moved that the report and accounts as presented be adopted and passed.
Captain GODDARD seconded, and the motion
was carried.
Mr. BONNAE seconded, and the motion was carried.
Mr. MICHAEL proposed, Captain UNSWORTH seconded, and it was agreed that Messrs A. G. Wood, H. A. W. Slade, J. B. Van Buren and Ho Tung should be re-elected to the Board of Directors,
[February 19, 1906.
Mr.JUPP moved the re-appointment of Messrs., way in which they received them (applause). W. H. Gaskell and W. H. Potts as auditors. This brought the proceedings to a close.
The CHAIRMAN-Dividend warrants are now ready. You can collect them at the office.
Mr. MICHAEL-I might say, Mr. Chairman, that the reason I asked questions this morning when everyone else was quiet was because it was my business to do so. For the past few years several of my clients have asked me for good investments, and I have advised them to buy shares in Humphreys Estates, so that I have been a false prophet.
Mr. JUPP-There is nothing false about it. The meeting then ended,
HONGKONG, CANTON AND MACAO STEAMBOAT COMPANY.
The ordinary half-yearly meeting of share- holders of the Hongkong, Canton and Macao Steamboat Co., Ltd., was held at the office of the company on February 15th. There were present Messrs. E. Goetz (chairman), N. A. Siebs, A.Haupt, F. Salinger, R. Fuhrmann, Hon. R. Shewan, C, R. Lenzmann, W. A. Cruick- shank, (directors), Thos. Arnold, (secretary), W. E. Clarke, J. Arnold: J. R. Michael, G. T. Veitch, P. Tester, L. Berindoague, G. de Champeaux, and E. A. Stanton,
+
The Secretary having read the notice calling the meeting,
The CHAIRMAN said
Gentlemen,-With your permission, the report and accounts will, as usual, be taken as read. The present position of the Company is so clearly set forth therein that it is unnecessary for my to detain
you with many remarks. Competition, as you are aware, is 88 keen as ever on all the lines occupied by the Company's steamers, but, even with this drawback, the result of several half-years' working under similar adverse conditions war- rauts us in the belief that we shall be able to maintain the present dividend of one dollar. You will observe that the amount it is proposed to carry forward is larger than that brought over from the previous half-year, but, on the other hand repairs to be effected during the current six months will be somewhat heavier than usual owing to new wooden decks being required for the louam and Fatsan in addition to the customary overhauling repairs. Turning
THE HONGKONG ICE CO., LTD.
}
The twenty-fifth annual meeting of this Company was held at the office of the general managers, Messrs. Jardine, Matheson and Co., presided, and there were also present-Messrs. on February 15th. Hon. Mr. C. W. Dickson
W. Parlane (manager), W. W. G. Ross (eore- tary), W. A. Cruickshank, C. D. Wilkinson, C. H. Ross, H. W. Looker, C. W. May, H. P. White, A. Brooke Smith, Ho Fook and Lo | Cheung-shiu.
2.4
The notice convening the meeting having been read,
Gentlemen, -I
The CHAIRMAN said
are agreeable, to take the propose, if you report and accounts as read. Our sales of ice both to steamers and for private consumption were larger than during 1904, and the revenue derived from old storage also shows a satis factory increase. To meet the demand on this branch of our business an additional store was insulated during the year and the completion of another, making five in all, is about to be under. taken. The seven new ice boxes referred to at
last meeting are now in course of erection, and the establishment is in a position to supply a considerably larger quantity of ic than ther has been a demand for. The appropriations suggested in the report will, I hope, commend themselves to you; they are dictated by a desire to
strengthen the Company in view of possible opposition which has been much talked of. Before proposing the adoption of the report and accounts, I will be pleased to answer any questions you may wish to put. I.
There being no questions, the CHAIRMAN moved that the report and accounts as presented be adopted and passed.
Mr. WILKINSON seconded, and the motion was carried.
The CHAIRMAN proposed the re-election of Mr. Thomas Arnold as auditor.
Mr. LOOKER seconded, and the proposition was agreed to unanimously.
The CHAIRMAN-That concludes the business,
to-morrow on application.
gentlemen. Dividend warrants will be ready
CHINA TRADERS' INSURANCE CO., LTD.
to the balinc) sheet, I don't think that there is any item which calls for special comment; I will merely remark that, as usual, our invest- ments in stocks stand at a figure well within their market value and that for every loan on mortgage there is a satisfactory margin. As you no d ubt have already learned our This Company held an extraordinary general Secretary has been advised to leave the East ou moeting at its registered offices, Queen's Build- account of failing halth. I need hardly tellings, on February 16th. Mr. H. A. W. Slade you that the Board very much regrets to lose was in the chair, and there were also present- his services after having been in the Company Messrs. A. Haupt, E. Goetz, A. R. Linton, C. R. for over 22 years, and in order to mark cur Lenzmaun (directors), J. Whittall (secretary), appreciation of Mr. Arnold's long and faithful A. H. Ough, W. J. Saunders, A. B. Ronse, G. services the Board has decided to grant him a de Champeaux, C. A. da Cruz and C. M. G. year's pay as retiring allowance, and I have to Burnie. doubt that this will meet with your approval, We have appointed Captain Clark, who has served the Company for 28 years, as his successor. Before proposing the adoption of the report and accounts as presented, I shall be pleased to answer any questions bearing thereon which shareholders may wish to ask.
There being no questions, the CHAIRMAN moved, and Mr. J. R. MICHAEL seconded, the adoption of the report. This was agreed to.
On the motion of Mr. BERINDOAGUE, seconded by Mr. CLARK, the appointment of Messrs W. A. Cruickshank and C. R. Lenz mann as directors was confirmed.
Messrs. A. O'D. Gourdin and W. H. Pott. were re-elected auditors, on the motion of Mr, G. de CHAMPEAUX, seconded by Mr. TESTER.
The CHAIRMAN-That is all the business. Dividend warrants will be ready to-morrow morning. Thank you, gentlemen, for your attendance.
Mr. MICHAEL--May I suggest that, in addition to what you are giving Mr. Arnold as retiring allowance after having been in the Company for nearly a quarter of a century, yon should give him some sort of souvenir in appreciation of his services.
The CHAIRMAN-Your suggestion will have the attention of the Board.
Mr. ARNOLD-I beg to thank Mr. Michael for his kind remarks and the shareholders for the
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The notice convening he meeting having been read.
The CHAIRMAN said-Gentlemen,—I have very little to say in connection with the two resolutions to-day submitted for your consideration. In regard to the first, our recently completed association with the Union Lusurance Society of Canton, Ltd., makes it advisable that we" alter our articles of associa tion to enable us to close our annual accòn its concurrently with theirs. The second resolution provides the necessary authority to issue a balance sheet for the period of eight months intervening between the last issued balance sheet and that which would be called for under the articles when altered as proposed. I have little doubt that they will both receive your sanction. If those resolutions are passed, and duly confirmed at a subsequent meeting to be convened, it is our intention to hold our next annual meeting some time in April, when accounts to December 31st last will then be presented, and to our late shareholders who have accepted the offer of the Union Insurance Society of Canton these will serve as a record of the Company's assets. If no shareholder desires more information in regard to these resolutions, I will proceed to move their adoption. No further information per sought, the
CHAIRMAN proposed the resolution, which read
adoption of the first