June 24, 1907.]
juncture will fall heavily on many industrial undertakings whose laud is in their own ownership.
laxation
With these circumstances in view, and in the knowledge that certain deductions are made in the valuations of properties elsewhere for purposer, possibly to allow for subsequent shrinkage in values, or for properties occasionally unoccupied, it has been decided to make a fired abatement throughout the Settle- ment of 20 per cent, on the new valnes.
Council Room.
Shanghai, 13th June, 1907.
CORRESPONDENCE.
THE SANITARY COMMISSION,
[TO THE EDITOR OF THE
56
DAILY PRESS.]
SIR-In the period of quiet following the noise of the broadside delivered by the Govero- ment battery against the Report of the Public Health Commission, may I direct attention to paragraphs 145 to 155 which declare that large sums of money have been wasted on useless experiments in disinfection. These findings appear to have been unnoticed by the Government; at all events, these paragraphs have not been called into question, and we may regard this silence as an admission that they are unanswerable. But taxpayers would be glad to know what measures the Govern- ment intend taking to prevent a repetition of this enormous waste, and the householders who have suffered 80 much by these futile! experiments would be greatly relieved to know that a period has been put to them-Yours &c.,
A REALER.
DWINDLING DOCKS.
[
TO THE EDITOR OF THE DAILY PRESS."}
M
|
SIR, I fear that Dock Shareholder" bas raised a hornet's nest by his letter on the above subject in your esteemed paper of the 6th inst. It is quite certain that your corre. spondent cannot know the circumstances revailing in the Shanghai docking business, for if he does he would know that he is stating an untruth by making the assertion that there is work and work in pleuly at this moment (and there will be more) to keep the hanghai Doc Company busy and uable it to return a reasonable dividend.
13
What is a reasonable divi lend? 10 per cent.? or 8 P or 6?
The Company cannot even pay
0 per cent on the past year's working.
The proof will be forthcoming before the first week of July.
And the cause? Too huge a capital invested in a now obsolete plant. The Reserve Fund of one million Taels which Dock Shareholder' suggests to be utilized for the purpose of writing down the assets would be much better employed iu purchasing an up-to-date plant if the Fund is in liquid form. But any man in Shanghai is aware that not a c-nt of the Reserve Fund is represented by cash but by scrap iron.
And it is the very reason which prevents the Dock Co., as at present constituted, to ever ge out of the moribund state into which it has sank. The capital of the Co. was, orizinally, Tis 2,200,000, and without the slightest addition to its plant or property it was raised some years ago, by a stroke of the pen, to Tls 5 52 › 000.
CHINA OVERLAND TRADE REPORT.
[TO THE EDITOR OF THE 64 DAILY PRESS."]
Hongkong, 20th June. SIR-I have just read "Another Share. holder's" letter in your issue of to-day.
I don't feel at all crushed.
I call 7 per cent. a reasonable dividend, If the Dock Company could not pay 6 per cent. even over last year's working, if toey show 3 per cent. ouly, and will devote that surplus to the purchase of any ne dful improvements in the way of machinery, &c., I shall be quite satisfied.
Under its recent management Shanghai Dooks would slowly but surely have died the death, I am quite certain of that, but I note, with pleasure, the recent drastic parging the Company has undergone, and I am acquainted with the ability and honesty of the existing management.
I beg to be exonerated from the kindly accusation of being an untruthful witness, preferred by my friend Another Shareholder."
If I have been guilty of an untruth it is unknown to me.
I am assured by Shanghai men, whose word I firmly rely on, that although the Docking business has recently been terribly dull, there is work and (unless Shanghai loses her place among Eastern Ports) will be work in plenty to assure my reasonable dividend.
The plant being now obsolete the Company cannot compete with modern machine shops which will finish work in half the time and at less cost than the Shanghai Dock is obliged to charge.
Presumably Shipbuilder was actuated by the same motives as myself when he wrote his letter of warning to the China Gazette to warn people against listening to such statements as made by your correspondent Dock Share- holder."
Statements of that nature have been made a hundred times during the lad five years but not one of them have been borne out by facts, and the unfortunate people who live listened to them have had to suffer accordingly.—I am, &P
ANOTHER SHAREHOLDER. Shanghai, 13th June.
•
Economies in running expenses have been effected by those now in power to an extent of Rome 3 per cent, of t'e capital of the Company. I do not despair of my 7 per cent, return.
As to present oppositions in Shaugliai in the repairing and docking line, I have studied them all, and I maintain that, honestly and efficiently managed, the Shanghai Dock Company has nothing to fear from them.
As to our obsolete machinery, I admit of course at once that it is not (qual to (say) that now being installed in Butterfield & Swire's new Dock in Hongkong-it is not t‹ ba expected
-but it is machinery quite capable of doing ail and any reasonable work. There are vessels living testimony to the capabilities of this and launches plonghing the seas to day that are
much-abused plant.
useless mass of effete machinery. It is a plant It is all nonsense to try and make out it is a that is quite able to hold its own against present competition in hanghai and it can be added to from time to time as circumstances permit.
As to the reserve fuud and the scrap iron question.
I know our reserve fund is uot in liquid form, -I wish it were. What I Fry is that, if this 1,000,000 tael reserve fund be wiped out from our assets then it will leave us with our plant and machinery at somewhere about its (ra › value. Another Shareholder," I fancy, misunder- stauds my attitude.
curse
the recent
I have no sort of object in luring on unsuspecting investors to ruia by inducing them to buy a worthless stock. I am simply an unfortunate shareholder who has lost much money in this mismanaged concern and who heartily
nuscrupulous management who would appear to have exploited shareholder und 1 can see no sort of sense in me and the public at large. However, I am a
I said before: let us support our lying down to be trampled on. I repeat what present management and do all we csu to transform "Shanghai Docks" from being the sport of every gambler on the Risito to a decaut Godfear- ing sober-minded interest bearing stock. It can by done, I am convinced.-Yours faithfully,
DOJK SHAREHOLDER
SANITARY CONDITION OF MACAO,
[TO THE EDITOR OF THE DAILY PRESS."]
421
UNITED STATES COURT FOR CHINA.
NAMES APPEARING ON THE ROLL OF
ATTORNEYS.
June, 10th 197.
AMERICAN PRACTITI ›NERS,
Andrews, Lorria,
21, Yuen Ming Yuen Road, Shanghai. (b) Allan, Edgar Pierce,
57, Victoria Road, Tientsin. Fessenden; Starling,
3, Hongkong Road, Shanghai, (8) Fleming, William Stuart,
25, Nanking Road, Shanghai. Heen, William H.
13, Yoon Ming Yuen Road, hanghai. Jernigan, Thomas R.
3, Hongkong Road, Shanghai. (a)
FOREIGN PRACTITIONERS.
BRITISH.
SIR-I am to-day in receipt of an official communication from the Secretary General of The Macao Covernment, Dr. Alfredo Lello in- forming me that the Sanitary condition of that Colony is now excellent; only a few caves of Bubonic Plague are recorded oncessionally and these are ·onsidered Sporadio." You will oblige me by announcing this information in your newspaper.-Yours faithfally.
A. G. ROMANO, Consul-General for Portugal.
Browelt, Harold;
22, Yuan Ming Yuen Road, Shanghai. Drummond, William, Vean,
11, Peking Road, Shanghai, (0) Ellis, Francis,
4, Yuen Ming Ynen Road, Shanghai. (e) Gregson, Richard Eustace Stookdale.
11, Yuen Ming Yaen Road, Shanghai. (f) Hanson, John Carrie,
5, Hongkong Road, Shanghai. 'd) Hays, John.
4 Yuen Ming Yuen Roed, Shanghai. (e) Home, Noll Charles Mioolin,
11, Yuen Ming Yuan Road, Shanghai. Jones, Loftas Edward Paroival
5, Hongkong Road, Shanghai, (d) Kent. Percival H.
2, Victoria Terrace, Tientsin, (g) Mounsey. Kenneth W.
2, Victoria Terra 'a, Tientsin. (g) Maalend, Ronald Neil
11. Yuen Ming Yuen Road, Shanghai. (f) MoNeill, Dancau,
3, Hongkong Road, Shanghai, (d) Oppe, Henry Sigismund
1, Peking Road, Shanghai. (0) Phillips, Thomas Morgan
11, Peking Road, Shanghai. (c) Symonds, William North
11, Peking Road, Shanghai, (c) Tee-dale, John Hermsun
I', Yuen Ming Yuen Road, Shanghai. (f) Wright, Geoffrey Harbort
5, Hongkong Road, Shanghai. (d) White-Cooper, Alfred Samuel Plumptre
11, Peking Road, Shanghai. (c) GERMAN.
Woertz, Cart
Victoria Buildings,
Victoria Road, Tientsin,
ITALIAN.
Musso, Giuseppe Domenics
17, Peking Road, Shanghai. JAPANESE.
Toraz Kikuchi
Care of Imperial
Shanghai.
Japanese Consulate.
ASSOCIATED IN LAW FIRMS 8.8:-
(a) Jernigan and Fessenden. (b1 Andrews and Brooks,
(c) Drummond, White-Cooper and Phillips. (d Hanson, MoNeill and Jones. (e) llis and Hays.
(f) Stokes, Platt and Teesdale. (*) Kent and Mounsey.
H.E. the Officer Administering the Govern- ment has given his as out in the name and on behalf of His Majesty the King, to the follow. ing Ordinances passed by the Legislative Council. Ordinance No. 6 of 1907, — An Ordinance to authorise the Hongkong and Shanghai Banking Corporation from time to time to increase the Capital of the said Corpora- tion from the sum of Ten Millions of Dollars to a sum not exceeding the sum of Twenty Millions of Dollars; and to continue incorpor. ated for a further term of 21 years; and to contione in force for a farther period of 21 years the provisions of Section 3 of the Hong- kong and Shanghai Banking Corporation Ordiaauce, 1849, with regard to the Excess Issue of Bills and Notes payable to bearer on dem scyl. Ordinance No. 7 of 19 7.--An Ordinance to amend the Law relating to Bills of Exchange,