October 29, 1906.j
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in your hands for a considerable time, I will, with your permission, take them as read and pass on without delay to a brief review of the items with which they deal. The year 1905 has, according to our experience and also apparently according to the experience of our competitors, not been one of marked prosperity for underwriters. We have had i to face and are now facing a period of undoubted depression in trade and that together with the cessation of applications to cover risk against mines in the Gulf of Pechili, must largely account for the dimination that the premium income for 1905 shows on a comparison between it and two years immediatly preceding. The current year has been attended with events that will inflict heavy losses on Insurance Companies. Not only have we had to deplore the great disaster that befel San Francisco, from which, however, I am glad to say we escaped practically unscathed, but we have also fresh in our minds the calamity which overtook this Colony on the 18th of last month, and the burning of the "Hankow on the 14th instant. You will be relieved, however, I am sure, to learn that by these misfortunes our losses will be mrch less than those of our com- petitors, and will, I think, be fully covered by an estimate of $55,000 (Applause). For all coutin- gencies we believe we have made ample provision by carrying forward the exceptionally large sum of $233,638.49. By adheringto the policy that we have consistent y pursued of building up reserves, on which obviously the Company's success and good name depends, we are now in a position of being able to pay a dividend of $20 per share from the interest derived from our investments alone, a fact that I am sure you will receive with satisfaction. We have brought our Reinsurance Fund up to $200,000 and our Reserve Fuud to $1,675,008) and wade. provision for the effect that the existing high rate of exchange has had upon gold investments. I shall be glad to do my best to answer any question that any shareholder may desire to ask before moving that the report and accounts as presented be adopted and passed.
There were no questions and the CHAIRMAN
CHINA OVERLAND TRADE REPORT.
JAPANESE COTTON-GOODS IN
MANCHURIA.
ZITRAORDINARY PROSPERITY.
The season for cotton-goods in Manchuria
having opened, the local Japanese cotton market
THE CHINESE CUSTOMS,
295
The notification from Sir Robert Hart to the foreign members of the Customs Staff, to which we made reference, though it was not of such s nature that it could be made directly public, has naturally had a reassuring effect on all who are has been very active since last month. The interested in the maintenance of the Customs Mitani Bassan Kaisha has been shipping cotton-Service in a state of efficiency. It has been goods at the rate of 2,000 bales per month. The followed by a somewhat similar notification from demand is so brisk that the stock is always the Paking authorities to the Customs Taotais.
short, and the Mitsui Bussan Kaisha has made application to the Manchuria Cotton-goods Ex- port Syndicate that an additional 1,000 bales per month be supplied.
The cotton-goods market at home is however, also very active, and the weavers are not in a sition to grant the application of the Mitsni Bass Kaisha. While the demand in Man- churia is very brisk, the price is ruling com. paratively low, due to the competition of Americau ruling at. Y7.50 per bale, of Japanese at Y5.50, goods. The notation of American goods is
It is stated that the Americau goods are being rapidly ousted by the Japanese goods, owing to the higher price of the former, and Japanese goods are considered to have a bright future in Manchuria.
INTERESTING QUARREL BETWEEN HIGIE CHINESE OFFICIALS,
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The memoraudum from the President of the China Association (Mr. R. S. Gundry, has thus heen robbed of most of its foro, but it is still interesting as showing that the possibilities of danger in the Imperial Decree of May 14 were kept. well before the Foreign Office by the Association. In the light of after events it is
evident that some of the assumptions, including that of the offering of a personal affront by the Chinese Government to Sir Robert Hart, were over estimated. At the same time there were many little indications pointing in that direction, and old China hauds, who form the executive of the Association at Home, had every justification for suspicion. How far the satisfactory conclusion of the incident is due to the self-restraint of the Inspector-General himself will probably not appear as yet. We have reason to know that before the issuing of the decree there had been sjue considerable friction between the Waiwapn and the Kungpu (Board of Public Works), both of which had considerable voice in the nitimate control of the service, and the transference of the duties to the new Board was partly, at all events, with the object of overcoming these internal difficulties. There may well have been also an attempt to use the occasion to obtain a wore definite recognition of the Chinese control of the service, but the step intended in that direction, was evidently premature, and it has been withdrawn, at least to the satisfaction of Sir Robert Hart. -N.-6. Daily News.
It is reported from Peking that H.E. Viceroy Yun Shih-k'ai had a disputs recently with the (trand Seeretary, Suu Chia-nai during one of the sittings of the Royal Commission. It seemed, says the N.-C. Daily Nears, that the Grand Secretary, who has a soft heart, wants to see plenty of posts open to official aspirants in the Reformed Government that it is proposed to inaugurate with their Majesties consent. This Viceroy Yuan very rightly objected to on the score of economy, the useless expenditure of public money being one of the chief failures of the present system of Government in the Empire. GLOBETROTTING EXTRAORDINARY. The dispute between the two high officials gradually became warmer, and eventually
proposed that the report and accounts as pre-drifted to subjects quite foreign to the topic sented be adopted and passed.
Mr. Roggi seconded the proposition which was agreed to unanimously.
Mr. VERNON moved that the appointment of Mr. D. M. Nissim to the ousulting Committee be confirmed, and that Sir Paul Chater, and Messrs. F. Maitland, H. P. White and G. C. Moxon, who retire, be re-elected.
Mr. Ho Fook seconded, and the motion was carried.
Messrs. W. H. Potts and H. Tercy Smith were re-elected auditors on the motion of Mr. WHITE seconded by Mr. MAITLAND.
Tho CHAIRMAN-That concludes the business of the meeting, gentlemen. Thank you for your attendance. Dividend warrants are ready and will be posted to local shareholders first thing on Monday morning.
THE NORTH CHINA INSURANCE COMPANY, LIMITED.
under discussion. Finally the Grand Secretary: haughty and impatient at opposition, started a series of criminations and recriminatious against his distinguished opponent, winding up with violent aspersions ou the individual character which was entirely unexpected from such a per- sonage who had, prior to this, always had the name of being courteous and affable. Viceroy Yuan Shib-k'ai on the other hand while not a porsou to receive such violent attacks meekly, kept a remarkable control over his temper for the most part and eventually reminded the Grand Secret- ary that respect for his greater age (eighty) alone precluded the Viceroy from treating his the Grand Secretary's) ignorance and uncouth- Dess as they deserved. As Sun Chia-nai is also, one of the Progressive Party the other members came between the two disputants and the Grand Secretary probably already ashamed of his temper finally withdrew his project and gave his consent to the eventual deliberations of his colleagues.
The Report for presentation at the Third Ordinary General Meeting of shareholders, to THE COMMERCIAL ATTACHE AT be held at Shanghai, on October 23 says:
195.-The Balance at credit of this accoust
is
SHANGHAI
ls. 291,925.59, and after deducting an interim dividend of 7 per cent, aggregating | week Tls. 26,229.51, paid on May 1 last, there remains a sum of Tls. 265,696.08 which the Directors correspondent that the Acting Commercial
The anuunncement we were able to make last он the authority of onr Shangbai Attache of the British Legation will henceforth recommend should be appropriated in the spend a portion of his time in Shanghai, will following manner:--
A final dividend of 7 per cent on the paid-be at all events a partial satisfaction to British up capital.
A bonus of 15 per cent upon contributory premiums.
£10,000 to the credit of sterling reserve. And the balance to be transferred to under- writing reserve account, closing the account for 1905.
1906.-The balance at credit of working account to June 30 amounts to Tls, 185,529.01.
On October 20th Messrs. Hughes and Hough, auctioneers, offered for sale by public auction the Spanish steamer Neil Macleod, but as the price offered. $10,000, was below the upset, the ressel was withdrawn.
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merchants there. Commonsense would seem to indicate, remarks our northern contemporary, that a commercial attache should have his head. quarters in the chief commercial centre, and Mr. J. W. Jamieson was indeed located there and kept closely in touch with the mercantile life of the port. It is, we understand, no fault
of Mr. Hosie's that since he has held the acting appointment, he has not been seen in Shanghai but while the new conditions which have arisen since the war, have made it advantageous for the attaché to keep in close touch with the Minister, Sir John Jordan has quickly realised that Shanghai has certain permanent claims which deserve attention. We are glad to think they will now get it.
Ou Oct. 25 there arrived in the Colony by the Statesen, avocat, Chevalier de la Coronne de steamer Hanoi from Haiphong M. Constantin
Kommanie, who is touring the world on foot with the object of winning a sum of one million franes offered by the Touring Club of Vienna to anyone who can tour the world on foot in four years.
Three started on the tour from Bucharest ou November 4th, 1903, and M. Statesco is How alone, оде of his the other companions having died, and retired
to illness. owing He has been through Roumania, Austria- Hungary, Servia, Bulgaria, Turkey, Greece, Italy, Switzerland, France, Germany, Denmark, Norway, Sweden, Russia, Turkey in Asia, Syria, Egypt, Soudan, Abyssinia, Karachi, Djibouti, Bombay, Calcutta. He walked to Calentta, doing the journey, 1,221 miles from Bombay to Calcutta in twenty-four days. Afterwards he went to Rangoon, Moul
Melu.
Aden,
He then went by steamer to Penang. Crossing to the Province he walked to Malacca and then by steamer to Singapore. Thence he proceeded by steamer to Saigon and walked to Mankay, nor h of Haiphong, intending to walk to Canton, but the authorities would not grant him the necessary permission, declaring it to be unsafe for a foreigner to travel alone in that part of the country. He had therefore to turn back to Haiphong and take steamer for Hong. kong. It is his intention to walk to Shanghai, cross by steamer to Japan, walk to Yokohama
tour ends at Baltimore, and he has to reach and take steamer for the United States. The there by November, 1907.
VAH KA-DER DECAPITATED.
A Soochow dispatch states that Vah Ka-der was decapitated on October 13th by order of Governor Chen Kuei-lung. There is also a rumor current that, feeling escape to be impessible, Vab Ka-der committed suicide while on the way to Soochow by taking raw opium and that upon this being reported to the Governor on arrival at that city, his Ex- cellency ordered the man's head to be struck off without loss of time.