226
THE HONGKONG WEEKLY PRESS AND
per Tael, the rate ruling on the date the divi-, & Co.. Siemssen & Co., R1is & Co. The dend was declared, which will absorb Tsels 160,104.55; transfer to Reserve Fund Taels 30,000.00 making this fund Taels 220,000; aud carry forward to new acconat 96,088.56
It may be in your remembrance that at the last annual meeting I stated that the directors then considered it prudent to bring forward a larger sum than usual riź: Tls. 85, 592,44 to this year's account as it was possible some assistance might be required from this source to maintain
have the rate of dividend that you
been accustomed to-but it is pleasing to note that the increase in our revenue, helped no doubt by a higher rate of exchange, has enable us uot only to maintain but to increase our dividend by 2/6 per share, and to carry forward Tis 96000 or about Tls. 10,000 more than we did in 1905, I think that is about all I bare to say in reference to our accounts, bat before resuming my seat I would wish to make a few remarks with regard to the general affairs of the Company. The past year has again been a very active one, and very large extensions to our Works and Plant have been made. After a description of these had been given, the usual resolutions were passed.
THE SHANGHAI PULP AND PAPER CO, LD.
Meetings of the Shareholders of this company were held at Shanghai ou March 26th. Mr. G. ) acine (Chairman), said: I think you cannot fail to find the report and accounts sitisfactory, since, in the face of dear coal, which cost Tls, 20,551.76 over the previous year, they show such excellent results of the year's working. having made a net profit of 14 per c-nt for the year. It gives me much pleasure to testify to the able manner in which the company's business has been handled by Mr. Roach and his staff. During the year the mill has been running regularly day and night, and I am pleased to say con- tinues to be kept in perfect order. During the year we manufactured Tls. 491,440,06 worth of paper, all of which has been sold and delivered. The Profit and Loss Account you will fod charged with Tls. 9,551.39 for new additions etc. You will notico we have placed Tls, 80000 to! Reserve, bringing Reserve Account up to Tle. 45,000.00. We feel sure you will approve our action in building up a good reserves, as it is the only proper method to pursue in bandling a manufacturing industry. It is difficult to forecast what the result of this year's working will be, but you can be sure every effort is being made to bring about the best possible results. The true riga of pros. perous trade is confidence, and it would appear that the Chinese are by no means in possession of much of this essential at present. Owing to the continued very high rate of exchange the mill has to contend with very much competi tion from Japan and Germany, and result, prices for our product had to be reduced.
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¡April 6, 1907.
Western and American Products has been ! Chartered Bank, the "North-China Daily News ¦ initiated for 19 8 by the China Association, and the Committee of the Chamber has heartily and Herald, Ld.," and Melchers & Co.
approved the enterprise, I hope with your approval The year has not been remarkable for any par icular incident, but the depression
the
and in
Pisc--Goods trade
Shipping has been marked, and the general result Jul Before I put the formal resolution shall be glad to hear may remarks which members may wish to make with regard to the late delivery of Pisc› Goods and I shall be glad, so far as am able to answer any questions with regard to the R·port and Aeronat◄
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There being no questions or remarks tha CHAIRMAN proposed, it was seconded by Mr. Brolursan, and carried unanimously : that the report and recount as pablished be passed.
The CHAIRMAN also propɔead, and it was seconded Ihr Mr. Skotto wa mai carri d ur im udy that the waspetary, ha instructed to collect Tle 2 instand of Tis, 3) from mamber as the subscription for 1907.
The CHAIRMAN-The report and accounts have been in your hands for som-tune, with your permission we will take them as read. The accounts have been audited by Mr. Ryde to whom our thanks are due. Turning to the account the credit balanes of Tlx. 48852i« Tie 2,641,55 less than last year, but we base pliced The. 2,500 on fixed deposit earning fir- për cent interest, which explains the wide difference. Further than this I do not think that tha accounts call for comm at. From the report you will notic- that there has been an iner-asa in the membership of nin", which, however, 14 disappointing after the R solution last year ta
Tael lower the rate of anhscription from thirty to twenty, and it would be well that members should endeavour to enlist such firms of their acquaintance as are still nou membər.. There have been several changes on the com- mittee, and I am sure that I voice your feelings in expressing great regret at the loge of the services of Sir Chas. Dudgeon, who has done so much for the welfare of merchants trading ia China. The conservancy of the Huangpu has; year where forsign firms, not of good repate, a' last begng to materialize and we have lately 'had we wonted bank orders and not girea seen the definition of the normal lines of front delivery of the cargo, If the for sign banks
The wor uoʻified that age for the upper reaches of the river.
a disputs occurred ha now normal lines will necessitate very consider. I suggest d that the order should be held in able reclamation, which it is essential should i sagen«« un'il the matter was adjusted in som› be carried out in a homogeneous manner
Such way.
There had been two or three vory socious work can only be successfully done, by estrust- cases of tire kin l during the past year
body. ing it to
which B representative will care not only for individual interest i but for the general interests of the port
of Shanghai. No attempˇ.
far know. bas ret been made to assemb'e › the necessary wachinery for this work, and if you approve, it should be the duty of the Com mittee of this Chamber as soon as possible to move for its introduction. With regard to the
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Mr. J. Justs said he desired to make a suggestion with regard to Native Bank orders. Sureral c8€ K had occurred during the past
Mr. SKOTTOWK «sid the cases had bn investigated by th· Chamber of Commeres, sud it was found that the complaints myle were
The freign I grenaden
banks would not depart from the position they had tak-ɑ up in regard to native bank orders.
late delivery from Europe of piece goods, the Hongkong General Chamber of Commeres has adopted certain resolutions which have been made known to you, but which in the opinion of your Committes are inapplicable here Your Committee thought it well to lace the matter open for your general discussing today should any members wish to expres their view < It may be remembered. however, that at th Anoual Meting held on March 27, 195 resolutions were brought forward as regards claims to be made by buyers against shippers and manufacturers and to form a eastom of U.. Port, but they were afterward‹ withdrawn, as the passing of them by the Committe» «>ull not put us on a legal basis and moreover it would lay the individual importer open claims from the Chines withoɑ! his bring able to enfore those claim at home The Sub Committee, mentioned 1 FI the report. to consider the Lower Yangtz- Pilotage Re
to
gulations duly put in the report, which after careful scrutiny by the General Committ was forwarded to the Cast Io«pecior Whil it is not possible to cuatrol native pilote, we feel confident that the proposed regulations will create an efficient and dependable Loger Yangtze Pilotage service. And we her reaso
Proposed by Mr. M. Speelman, seconded by Mr C. E. Roach and carried: That the Directors be authorized to pay a final dividend of 5 per cent, for 1906 to shareholders registered at this date, making ten per cent for the year. The capital of the Company was increased to Tis. 600,000.00 S.S. by the creationing to the interference of the of 1,500 new shares of Tis. 10000 each, the i same offered at par to each shareholder on the 26th March in the proportion of one abare to every three shares heid, the same to rank for dividend in all other respects pari passu with the existing ordinary shares.
SHANGHAI GENERAL CHAMBER OF COMMERCE.
-ANNUAL MEETING.
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KI
to believe that the scheme will shortly I put in force. The status of Natire Bank orders has, called Chinese Chamber of Commerc-, led to e›nsider. able disquietads and friction. When I pat it the so-called Chinese Chamber of Commerce, I mean that the Committee thereof is In car opinion rather officially appoiate i, than elected by native merchants, in any case the outcome in that the Foreign Exchange Banks contend that once a Native Bank order has been issued and chopped and is in possession of a bona-dd- holler un third person (as is assumed by the Chioes Chamber of Commerce) can interrege betwe[] such bona fide holder and the cashing of the order by the issuing Bank. The Foreign Exchange Banks coutention has been established in the past with convenience to all traders and any upsetting of the custom would very seriously disorganis trade. We cannot allow official intervention in
The perso
The annual meeting of the Shangbai tieneral Chamber of Commerce was held on March 25th. Mr. H. Keswick was in the chair, and there were also present representatives from John Brown mercantile customs and procedure & Co., the P. & O. 8. N. Co., Ilbert & Co. nial question of the abolition of Likin Currency Jardine, Matheson & Co., Gibb, Livingston Reform and Trade Marks Regulations still & Co., A. Bira, Olivier & Co., Jas Jones, form the subject of desultory discussion; they Wisner & Co., Butterfield & Swire, Ward, continue to be most desirable, but so far as we Probst & Co., Bradley & Co., Scott, Harding can see they are as far from attainment as the & Co., Trevor Smith & Co., David & Co., Bavier ' millenium. An International Exhibition of
F
The following committee was elected for the current year
Messrs Ed - Basier. Bessier de Thay, ('. Broteren, H E. Campbell, F Gamburg, J. N. Jameson, H R Kinnar, D Landale, A. M. Marshall, C. Michelan, E B Skottowe, and A. Wright
This bright the business of the mating to a cinga
On
NEW GOVERNOR OF MACAO.
His Excellency P-dro D Arorado Coutinho, the new Governor of Maean, rouched congkong Windomadiy Ly the Himbarg-Amerika wea Der · Rh-Dauta mak was wole ›med by Baron de Ca loro, caplain of the Ria Loma, Consul Gegeral Saboc Romano and Vion- Consul Leurin, who accoɑpsaved His Excellency and suits to the Hongkong Hotel where he took up his real-an for a few days
Yesterday His Excellency pud an offisiel riat to Sir Matthew Nathsɑ st G irerament Houer, and later in the aft -en ››n thì tisrecnor, accompanied by his A D (', retarded the call the Hongkong II t-l Tonight Consul. Q-geral Senhor Roman" will entertain the Portuguesa Gorero ir, and on Saturday His Excellency will proceed to Macao He will then take over the Gararam-al and the same Atoo. ing will be alertsio»d by the [, al 8,uado
CORRESPONDENCE.
TYPHOON WARNINGS FROM
MANILA.
TO THE EDITOR OF THE DAILY PRESS”.
STR-If the relations bitwasɑ the Kowloon and Manda Observatorine ars" ́ourdini," why is it the the typhoon warnings from the Msatis Obervatory which bien basa pablished dunng the last few days, coms through the channel of the United States Cmentato in Hongkong rather than through the Observatory:
Ars
"loose
the warnings regarded n remarks" at the Kowicon station ? – Your &c.
OCTIS.