60
BELGIAN ENGINEER PROPOSED." Our Canton correspondent, writing on the 25th inst., saya :-It is reported that H.E. Viceroy Shum has received a telegram from Sheng Kung pao, Director of Railways, recom- mending the engagement of a Belgian engineer to superintend the construction of the Canton- Hankow Railway. Viceroy Shum immediately communicated the matter to the local directors, who replied that they had no objection to make, assuming that neither of the Chinese engineers, Chim Tin-yau or Kwong Shum-mow was able to come south. The directors asked the Viceroy what remuneration the Belgian engineer would | expect.
IS VICEROY SHUM GOING?
ANOTHER REPORT OF HIS REMOVAL..
The "Notes on Native Affaits" in N. C. Daily News of July 21st include the following:-
A rumour, which while lacking official con- firmation, for the present, has every chance of turning ont true, has come from Peking. It is to the effect that the Council of State Affairs (Chengwu-ch'u) after frequent secret confer- ences with the Grand Council, is on the point of strongly recommending to the Throne the appointment of H. E. Tuan Fang (one of the Travelling Commissioners) at present substan- tive Viceroy of the Min-Chè (Fukien-Chekiang) provinces, to be Viceroy of the Liang kiang (Kiangau, Kiangai and Anhui) provinces, in which case the present acting Viceroy of those provinces, H, E.
Fu, will go to Canton to take up the substantive Viceroyship of the Two Kuang provinces, vice the acting incumbent H. E. Tsên Ch'un-hsuen, who goes to Foochow to fill the post of substantive Viceroy of the Min-Cl provinces. There could not be a happier way to satisfy the discontent now rife in the viceroyalties named, the fact being that the present acting Viceroy at Nanking is not considered in mandarin circles to be a strong enough man for the
Chon
dificult and merous dutier of that post, while #the notorious squabbles and disagreements between Viceroy Tsen Chun-hsuen and the gentry and merchants at Canton concerning the Canton-Hankow Railway will be more likely to cease Finally it is reported that H.E. Yang Shih-bsiang, at present acting Governor of Shantung province, is to be confirmed in his post. At one time there were some intentions in Peking to transfer his Excellency to some other place on account of certain intrigues against him.
IMPERIAL JAPANESE IRON
FOUNDRY.
ORE FROM THE HOKKAIDO.
The iron ore purchased by the Imperial Iron Foundry exceeds 210,000 tons yearly, and is imported from the Taiya iron mine in Chius, The ore produced in the Abuta Iron Mine in the Hokkaido, which was opened last year, has been found of good quality, containing 56 per cent, of iron, much resembling the ore from Chins. For the encouragement of the Hok. kaido iron mine, the Imperial Iron Foundry has placed a contract with the mine for the purchase of 80,000 tons of the ore this The price agreed upon is said to be Y7 per ton, or Y 560,000 for the year's supply. If the ore produced in the Hokkaido is found satis. factory, its purchase by the Imperial authorities will be continued.
LUMBERING ON THE 'YALU.
་
FORMATION OF A CHINO-JAPANESE
COMPANY.
year.
THE HONGKON› WEEKLY PRESS AND
S. C. FARNHAM, BOYD & CO., LTD.
IN LIQUIDATION.
THE FINAL MEETING
The sixth annual general meeting of the shareholders in 8. Farnham, Boyd & Co, Ltd. (in liquidation), was held at Shanghai on July 17th. Mr. John Prentice presided over big assembly. He said this was a moting called by the l'quidators of S. C. Farnham, Boyd & Co., Ld. There were only two liquidators pre- sent. Mr. Gresson resigned on leaving for Hongkong and Sir Charles Dudgeon was away. The Chairman, whose speech, was practically inaudible, was understood to sy that the liquidators had pleasure in submitting their report-pleasure in one way but not in another. They regretted very much that the report for the past year was so bad, but called attention to the fact that in all businesses such as theirs they must take the bad business with the good. Those engaged in shipbuilding businesses could not depend on a regular and uniform amount of business they had to depend each year on the amount of work they had to do during that period. He called attention to the trade they had done during the past five years and the amount they had paid to shareholders in dividends. The past five years did not show a bad record for a shipbuilding company. All they had to do, at this meeting was to present the liquidators' report. A they would see by the accounts, after allow ing for an interim dividend of four per cent. ing Tls. 220,800, there remained for distribu on 55,200 shares paid in January last, and absorb.
tion the sum of Tls. 224,797.98. liquidators recommended dealing with this amount as follows:-Payment of a final dividend of Tls. 4 per share, Tis. 220,800, and carrying forward to
11-W account of Tls. 3997.48. Before asking the shareholders to pass the report he would like to say a few words about The Chairman proceeded to refer they were more than last year, and quoted figures to the assets from the Old Dock, saying that with regard t the International Dock and other undertakings. Before putting the resolution to accept the report and sccounts he expressed willingness to answer any questions
the accounts.
The
Mr. Hutton-Potts said the stock of material on hand, and unfinished work, less liabilities. was set down as Tis. 1,225,950 25. He believed last this amount was Tl«. 1,500,000 odd, so He would like to know whether the stock had that there was a difference of Tls 300,000 nearly.
year
been used or written off.
The Chairmen replied that the stock was reduced, and the figures quoted now represented the actual stock in hand. They had been trying to reduce their stocks all the time, and share holders would be able to see that was so if they looked back through the old accounts.
Mr. Hutton-Potts-I understand nothing has been written off, but it ha been user?
The Chairman Nothing has been written off at all.
Mr. Hutton-Potis said he noticed in the accounts that amongst the assets were:-Old Dock, property with boilers, pumps, new moorings. shear legs, launching ways, Capstans etc., Tls, 691,550; Cosmopolitau Dock, property with pumphouse, pumps, boilers, ete, including ground, Tls, 554,000; and Tankadio Dock, property with uildings, boilers, pumps, shear legs, etc. Ils. 178 300, He would like to know & out all these boilers, pumps, etc.; was a bything
written off from them?
The Chairman replied that nothing was written off because they wer kept in order all
the time.
Mr. Burkill--How about the machinery, fools etc., at the five docks and engine! works, TLs. 1,103 097?
The Chairman-They are all kept up in the same way, and are not valueless by any means. I have an independent valuation here putting the property at a larger figure than we set down. (The Chairman proceeded to read the valustion made of the various docks).
During the war a lumber-office was established on the Yalu by the Japanese Army for the purpose of cutting lumber for the use of the Army, and this office has continued in operation until the present. We are given to understand that the work will be transferred to a lumber company, which is to be jointly established by Mr. Hutton-Potts said there were a number Japanese and Chinese, according to the Japan of opposition businesses which had sprung up China agreement in regard to Manchuria and were making money. There was the signed in "Puking in December last by Baron | Kiangnan Arsenal; the Vulcan Iron Works Komura,
were making something like twenty per
(July 28, 1906.
cent; and Mr. Blechynden, they all knew, was making a small fortune. If the Dock Company " as sufficiently pushed and the thing driven through they could drive All this opposition ότι of the place. He knew the chairman dil his very best for the company and worked very hard, bat what the shareholders wanted to see was young blood in the place (applause). Their business would not come to them all the time, they must nse plenty of energy and tout for trade. these people in opposition cut under them they must retaliate by cutting too. They had money at their backs,” they did good work, and they must, if necessary, go five per cent. less in their prices than their opponents. Lat them lose money, if need be, for a year and go with out ** dividend the company had plenty of credit plenty of backing, and would win in the end (applause),
X
If
The Chairman said he could not agree that they did not push their business. They had young wen running all over the harbour for work, and when they came across these small shops in seventy per cent. of cases they took the business away from them (applause). He was not prepared to lose money, but if they were given a fair field and no favoar he was quite sure they would do better than any other firm here (applause).
The Chairman proposed, and Mr. M. Young seconded :--That the report and accounts of the company mad up to the 30th of April last be adopted and approved of, and that the liquidators be authorised to pay a final dividend at the rate of Tls. 4 per share,
The resolution was carried nem con.
THE KIANGPEI CONCESSIONS, LTD.
THE PRESENT POSITION.
The statutory meeting of the Kiangpei Concessions, Ltd., was held on July 17th. There were present: Mr. E. C. Pearce (Chairman), Mr. E. Jenner Hogg (Director), Mr. Wong Kai- (shareholders), Mr. J. H. Teesdal, the Com- zur, Mr. J. M. Young, Mr. Arthur Fleet pany's Solicitor, and Mr. J. E Bingham
Secretary), representing 383 shares.
A
All the
The Chairman said-This is the statutory meeting of shareholders, being the first general meeting of the company, and, as such, has to be held within four months after the formation of the company. Notice of the meeting has been duly announced by advertisement in the local
formal nature, there are no resolutions to be laid Press. This meeting being purely of
before the shareholders, but I think that it is only meet and proper for me to give you as short aud concise an account as possible of the preparatory operations of the company since its inception. The company was regis. tered in Hongkong in accordance with the Cmpanies' Ordinance on the 23rd of March last, and I may note in this connection that the time limit under Mr. Little's concession, now transferred to the company, expired on the 25th May last. The company's prospectus was issued on the 17th Apr 1 last, asking for a capital from the public of Tis. 400,000 in 4,000 shares of Tls. 100 each, Tis. 50 to be called up. In ad lition to this a further 1,000 shares wor to be given to the vendor, Mr. Little. shares, I am pleased to say, were applied for by the specified date and were daly alloted. 3,639 shares being taken in Shang- hai and outports, 361 shares being taken up in Chungking. We have experienced some hindrance. Our bankers in Chung- king, the Tien Shun Hiang Bank, at the last moment refused to recept application money; it was also found that the native pspers in Szechwan province refused to give publicity to our prospectus. Official interference there- fors deterred intending subscribers in Szechwan, resulting in a far smaller subscription there than had been promised. A telegram was dispatched to our Chungking representative, to apply to the Viceroy for permission to commence work in the Langwangting district and for our engineer, already on the spot, to survey the route for the proposed railway from mines to the river. The granting of this non-ssary permission has been withheld upon one pretext or another, the details of which are really of woo trivial a nature to trouble you with, and matters
up
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