$
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104
8.3
THE HONGKONG WEEKLY PRESS AND
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[August 20, 1906.
STEAMBOAT CO., LTD.
The SECRETARY having read the notice convening the meeting,
With the increase in these figures we see a San Francisco which called forth the sympathy | HONGKONG, CANTON AND MACAO reduction of $129 nos in Bills Receivable. of the whole world. Our sympathy is now Against $62 lacs of Bullion in Hand and in coupled with admiration for the high-spirited Transit on 31st December we now show only manner in which the calamity has been met and $9 laos. **During the six months under review for the splendid determination since displayed in The ordinary half-yearly meeting of share. China has required to import little or no silver. restoring this great centre of Pacific trade. holders in this Company was held at the office Bills Discounted Loans and Credits have increas. Although naturally put to inconvenience, I am of the company, Hotel Mansions, on the ed 828 Incs Indian Government Rupee paper, glad to say we suffered no loss, and our business 14th August. Mr. E. Goets presided and there Consols and other securities stand at $9,624,716 87 has been carried on without interruption, thanks were also present-Messrs, N. A. Siebe, A. as against $11,344,870.38 in the previous balance to the energy of our agent (applause) It Haupt, T. A. Gomes, C. Lensmann, E. sheet. Bank Premises Account has inoreased, was with great regret we heard of the death Fuhrmann and A. Babington (directors), from $1,107,110,54 to $1,379,892,36. As you are of Mr. H. M. Bevis in May. During his long Captain W. E. Clark (acting secretary), Messrs. all aware our building here in Hongkong is no service of 31 years, latterly in Shanghai, MF. A. H. M. da Silva, J. Arnold, W. H Potts, onger large enough for our requirements. In the Bevis was deservedly popular both in and out of F. E. Ellis, E. J. Moses, S. H. Michael, A. meantime we are making structural alterations the Bank. By his death we lose a loyal servant, Denison, T. F. Hongh, G. de Champeaux, J. J. to give us immediate relief and, to provide for an able and most successful manageru. Our Leiria and Captain G. F. Morrison. the future, your Directors deemed it advisable Chief Vanager, Mr. J. R. M. Smith, left to acquire the block immediately to the west of for Europe on furlough on the 30th May
we expect him back early next year. During The CHAIRMAN said :-- Gentlemen,--With- our present building and to the north of the premises of the Chartered Bank. We have also this four years' maagement Mr. Smith has your permission I will follow the usual custom acquired a suitable site for an office of our own enabled us to place before you a succession of and consider the accounts for the half-year asrend.
Sourabaya. The
is in
building in splendid reports (applause). Increased Before proceeding with the report and accounts course of erection. We DOW come to returns to shareholders and the strong position now before us, I feel it to be my duty to give the Sterling Reserve Fund which, our Bank is in to-day, testify more eloquently expressions to the deep regret of the board at you know, is invested
in Consols and than I can to his unsparing devotion to our the recent piratical outrage enacted on board other first class securities. It is our duty to interests, and your Directors are glad of this the steamer Suinam, causing the untimely death keep these securities up to what we consider a opportunity to record their high appreciation of the Rev. Dr. Macdonald and the wounding safe realizable value of £1,000,000 sterling, and of his services and also of those of the of Captain Joslin, Engineer Beggie, the we are therefore sure you will approve of our Managers, Agents and Staff generally, without four Indian watchmen and several of the having augmented them by the purchase ofwhose efficient co-operation these results crew. Our heartfelt sympathy is thus publicly the widow and fatherless £28,000 24 per cent. Consols out of current could not have been achieved (applause). expressed to
our Hunter, recently profits. At market prices on 30th June these Mr.
manager in obildren of the late Dr. Mardonald, also to securities were worth £1,065,045, equivalent to Shangbai, who is well known to you all, and in those officers and members of the crew, who $10,023,952.94 ut current rate of exchange. whom your Directors have every confidence, bave suffered in the execution of their duty. As regards the filver Reserve Fund. if you has been appointed Acting Chief Manager The Company, together with the other joint approve of the proposed addition, it will stand during Mr. Smith's absence (applause). Before owners, Messrs. Jardine, Matheson & Co., agents, at $10,250,000 or $25 lacs more than our capital. moving the adoption of the report and accounts Indo-China Steam Navigation Co., and Messrs. Gentlemen, the handsome dividends distribut. I shall be pleased to answer any questions. Butterfield & Swire, agents, China Navigation ed for many years, increased only when your There being no questions, the CHAIRMAN Co., have made strong represents'ions to H.B.M. Directors and management were convinced that proposed the adoption of the report and accounts Consul-General at Canton claiming redress for the earning power of the Bank warranted it,
as presented.
this outrage against the British flag; that he (the last instance of this being one year ago),
will cause to be brought to speedy justice the bear solid testimony to the wisdom of building
perpetrators of this criminal and murderous up our reserves (applause). It is this policy,
attack on our ship, passengers and crew, and steadily pursued, which has enabled us to prosper
that adequate steps be at once taken by the continuously in the face of keen and increasing
Chinese authorities with a view to protect as competition, and I feel confident it has
once and for all against a repetition of such your approval (applause). Before passing
molestation and loss. We are carrying on on from the accounts. I should like
trade in accordance with rights conferred upon to take the opportunity of reminding you
us by treaty with a friendly Power. Our ar- that fluctuations in balances are apt to be
rangements are made for times of peace, but in misleading. Our silver figures include equiva-
view of the bad old reputation of the delta, we, lents at current rates of large amounts in pro-
at great expense, take extra precautions cal tected and fixed ourrencies, in addition to Gold
culated to cope with any ordinary trouble that Current Accounts and Fixed Deposits which
may arise, but we cannot be expected to provide alone amount to nearly £10,000,000 sterling;
against such a sudden and cumingly devised therefore our totals in silver must go up or
act of war against our vessel and crew while down according as exchange fluctuates and
ander the shelter of the British flag. Rest quite independently of other causes. The true
assured, gentlemen, that, as joint owners and managers, with the assistance of our Canton agents, Messis. Deacon & Co., everything has been done and will be dune to bring this matter through to a final and successful I will issue as far as in our power lies. now refer to the items of the report and so- counts as presented. You will notice the repair account for this half-year has been extraordin- ary, due to new wood decks being laid on two of our steamers and other extra repairs not occur again in many years. which will This was necessitated by the steel decks oor- roding in places, becoming a constant heavy expense for repairs, and as this deck is the third-class passengers' deck, your directors under expert advice concluded that wooden decks would be more comfortable and conveni- ent for our deck passengers. In my speech to
·
guide to our progress or otherwise is our turnover and profits. You will be glad to hear that the former continues to grow and despite daller trade during the six months under review we are able to record a large increase of business. The resulting profits speak for themselves. When we met you six months ago there was general confidence that on the opening of the Northern ports in the spring we should see an improved demand for foreign manufactures. This, however, has not been the case and, as a consequence, stocks in the North have ac enmulated. Owing to a shortage in the rice orop in the two Kwang provinces and the diminished Canton silk crop we are also passing through dull times in the South. The reckless minting of copper cash and silver suleidiary coins by the provincial governments in China is also responsible in no small degree for the present depression; the natural result being a serious curtailment in the purchasing power of these coins. It is satisfactory, however, to note that the Central Government is now alive to
the danger involved, so far as the minting of copper cash is concerned, and that steps have been taken to restrict the output. Better crops may temporarily reduce the discount on silver subsidiary coins in the South, but the only cure is the proper regulation and control of the Canton Mint. Notwithstanding the adverse circumstances I am glad to be in a position to state that during the past six weeks an im- provement in trade has been apparent and, although business continues dull at the moment, still, we may reasonably hope for a revival after the full and unhampered opening of Manchuria to foreign commerce. This has been officially notified to take effect from 1st September next, We have to deplore the serious earthquake at
Hon. Mr. E. A. Hewett seconded. He said - After the very lucid explanation given by the Chairman very little remains for me to say, In view of the manner in which the meeting has received the statement with regard to the building up of the reserve fund it is quite unnecessary for me to say that I feel confident the very sound policy adopted by the Bank for many years past will meet with the entire approval of the shareholders (applause). With regard to the purchase of property the Bank has followed a very sound principle. It is a further demonstration, if "cue is required, of the increasing needs of the Bank owing to the increasing business. It is to trusted that the Chinese Government have at length awakened to the danger of the reckless issue of subsidiary coinage. Many representations have been made to that Government of late years on the subject both by the diplomatic and commercial bodies in China, and it is to be, hoped that these representations will take effect very shortly. I am sure we all endorse the remarks of the Chairman as to the regret we felt at the death of Mr. Bevis, who had been for so long connected with the Bank and had rendered faithful service to it. He had been associated with the Bank for a very long period and to many of us he was a warm personal friend. The only other point to which I wish to refer is that regarding the Chief Manager, Mr. Smith. It is very satisfactory to find that the Chief Manager has been able to produce so satisfactory reports, and that the business enabled him to give increasingly satisfactory reports (applause). I beg to second the adoption of
the report and accounts.
The adoption of the report and accounts was carried unanimously.
Mr. DAVIS seconded, and the motion was unanimously carried.
you at last meeting dus mention was made of the contemplation of these works being carried out. The total of these large items is $27,000, and, as you will see, your directors have decided Mr. Stewart proposed the confirmation of that a share of same, namely, $15,000, shall the appointment of Mr. H. E. Tomkins and be come chargeable to the current six months working. The charges for this half-year's dook- the Hon. Mr. W. J. Gresson as directors.
ing will, under ordinary circumstances, be very light. During the early part of the summer it was decided by your board to employ the steamer Heungshan more fully in the Long- kong-Macao trade by running a Sunday excur- sion, and thereby competing with greater ad- Mr. E. C. RAY-I am sure you will all join vantage against the serious opposition on the with me in passing a hearty vote of thanks to line. With this end in view it was necessary the Directors, the Chief Manager, and the staff to instal an electric light, plant, which generally for the very full account they have is now nearing completion. The whole fleet of steamejs is now in first-class con- rendered to us to-day (applause).
The CHAIRMAN-On behalf of the Directors dition, the electric plants put into better and the members of the staff I thank you for order and electric fans - itted in the passenger state-rooms our Canton and your kind words (applause).
The CHAIRMAN--That is all the business of the meeting, gentlemen. Thank you for your attendance. Dividend warrants will be ready on Monday.