142
This Chamber, having been approached by by the Commercial Education Department, London Chamber of Commerce, is now consider. ing the question of the formation of a local centre of examinations for the London Chamber of Commerce Commercial Examinations.
The Committee, upɔn bing asked by the Governmen for their views on the proposal of the Chinose Authorities to establish a bank under the control of the Chinese Board of; Finance, gave it as their opinion that no obstruction should be placed in the way of the proj et, provided that such bank be placed on exactly the same footing as the other established foreign banking i stitutions.
The Committee regret that the'r representa. tions to the Hongkong Government upon the subject of the Chinese Emigration Ordinance, 1889, have met with no saccess. The Secretary of State in a letter addre sed to R. E. Sir Matthew athan, K.C.M.G., conveyed the information that the Imperial Government could not, for the present, introduce legislation into the Imperial Parliament which would be necessary to effect the dared object.
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The Committee upon being requested by the Government to appoint a member to represent the Merchant Shipping interest upon a small Committee, nominated for the prpose of considering proposals for the improved lighting of Hongkong Harbour, invited the Hon. Mr. Keswick to represent the Chamber.
The Governmen' forwarded a copy of a Treaty of Friendship. Commerce and Naviga. tion between the United Kingdom and the Republic of Nicaragua ratified on the 24th August, 196. The Committee inform & the Gorerument that as the Treaty under its! articles could be terminated as far as this Colony was concerned by giving certain notice, in their opinion would be inadvisable to refnse adhesion thereto.
The Committen were pleased to receive & notification from the Government that an arrangement had been come to with the British Members of the Tientsin General Chamber of Commaroe where'y the Government were enabled to keep open the servic, until 30th September, 19 8.
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THE HONGKONG WEEKLY PRESS AND
COMPANIES.
HONGKONG AND WHAMPOA
COMPANY LIMITED.
Mesars.
[March 2, 1908.
Amounts
to call for any special comment. under the headings of sun Iry creditors and DOCK!ndry debtors are rather larger than shawn in the last sixtement, but thana will be reduced as new work in hand is delivered and paid for. As you
are aware, the new tag sad The ordinary yearly meeting of shareholders | salvage s'eamer "David Gillies' has ben in the Hongk ng and Whampoa Dock Co. ¦ successfully launched; she is now being fitted out Ld. was held at the offie's of the Company, and will be finished, so far as towing is on Queen's Buildings, at noon yesterday. Mr. carned, in about six wooke; the salvage plant, H. P White presided, and there were also though ordered in the early stages of the work, present Sir Paul Chater, Hon. Mr. II Keswick, is a t yet to hand. The afterstinas consequent A. Fuchs, W. Helme, G. Friesland, on the extension of the boiler shop are well D. W. Craddock, G. H. Medhutat J. Van advanced; the most satisfactory festura in same Buren, S. Silverstone (directors;. R. Mitchell being the erect on of a new chimony and the (acting ch ́ef manager), T. I. Ross (secretary), installation of induced draught. This sys'em A. V. Apcar, L Brind ague, J. P. Braga, has only been Fanning two weeks bat Chan Sia-ki, (bos Leep-chas, A. D nison, gives indication of decided efficiency and will E Ellis, E Georg, W. ('. Jack, . H. Michal, certainly result in farther economies of F. J. Moses, B Mori, W. Parlane, A. Rodger. working expanses. The tounage of British and I. Percy Smith, T. Skinore, W. M. Watson, foreign m-n of war dicked during the put W. H. Wickham and A. G. Wod
half-year shows a steady reduction compared with former years, and as to merchant shipping, while there bare baan tower steamers docked, the aggregate tonnage remains almost the same as the corresponding six months of Isat year, shewing that the average tonnage has gone up from 2,416 tons to 2,6201 tons. The sub-com. mittee of Directors have submitted several matters resulting from their investigations which have already been dealt with by the full Board, and the shareholders may rest assured that every effort will continue to bi mida in the direction of effecting eo¬nomies. Gentlemen, before closing my remarks,
The SECRETARY having read the notice calling the meeting,
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I may say that with the amou of work no band, cur proep tele Are favourable for the current half-y ar, and before moving the adoption of the report and sin'ement of accoun's. I shall be pleased to anawa, to the best of my ability, any questions that you may wish to ask.
There being no questions, the Chair-an mored the adoption of the report and Resoun's as presented.
The CHAIRMAN said-Gentlemen. The report and statement of accounts having been in your hands for some daye. I propose, with your permission to take them as read. The_net profits for the half year ending 31st December, 197, amount to 816 4,611.95 as compared with 841,396,82 for the first six months of the year. and 8369,596 35 for the correap a ding period of 1906. Including the $491,580156, balance brought forward from last account. And dedusting Directors and Andit rs' fees, have available for appropriation the sum of $611,442 51 out of which sum your Directors propose, sahjuct to your approval, to pay a dividend for the half-year of 8 per cent, or $4 per share, absorbing Stonn af and to carry forward the balance $441.14251 to A DAW account; we trust this distribution of profits will meet with your approval. Some share. holders may question the advisability of paying away more than has been earned during the past half year, but I would point out that, Mr WICKHAM — With the depression ezist- taking the year as a whole, we have earned more ing during the period under myrisw, I think the than the dividend« recommended. While regret. shareholders may bongfatulated the ting the poor results of the work in z for the past! sccounts being as good as they are. In justifying six months it must be remembered that during the payment of A four dollar dividend, the the first three months of the period under Chairman allud d to the fact that taking the reci-w there was very little doing in the way of year as a whole, the dividen i hal ben fully docking and repairs, and but for the new work earned It is now of the slight ine javanences in the shipbuilding department, the shops would of half yearly accounts that the period under have been practically closed As mentioned in 1 review is often too short to show a correct vieW the report, most of the profit ou the new work of the average earnings. Many of the most uncomplete will come into the current six, sucessful malarprises, if a sufficient'y short months. The proft from this class of work is 'period is taken in their history, would b› made to small but helps to cover establishment charges show satisfactory „cevante for that period. and keeps our man together during slack It is very satisfactory to hear that the work in periods. The work of lengthening the No 1 hand makes the opening of this year appar to be dock, is progressing as well as can be expected. a favourable one, and we hop« tha said sown in without interfering with the utility of the the last an half year will bar fruit this year. dock and seeing there is still $2,11392 at It is also estinfsetóry to know that work at the the credit of the extension account, your Number One dock is progressing favourably, and Directors deemed it inexpedient to make farther that the fand alres y allotted for that work provision for this serouat just now, the amount will be sufficien to carry on for the premat in hand being more than sufficient to carry on half Par The Chairman but not alluded to a for the current six months. The crissog of the matter interesting to every shareholder – that No. II dock bas been thoroughly overhauled 1. the pe-spect of e›mpetitio u Personally, I and repsired at an expense of $12,4963), which | fil rary optimistic about the resources and amount you will observe appears at the d-bit of | sbilitine of The Dock Company to meet om. revenue account, and it was unfortunate that petition I'm advantages are manifold and only we had to provide for such a heavy extraordinary, hava to be stated to be appreciated. You have duties on the 1st February, 1908 The appoint-only during a lean half year, but the work | the gudanes of a board of directors which in- ment of Mr. Williams requires confirmation of repairing could DQ' be further delayed. ! clut « r-preventatives of most f the landing of the Members in compliance with Rule 15.
During the present half-year, tha CUKRON nf No. III dock will require a thorough overhaul and repair, bat being small in itself the cost will not be so heary as in the ather caissonS Stocks of material on hand are
The Chamber were invited by the Govern. ment to comment upon the suggestion of the Chief Justice that the Supreme Court Vacation should be extended by 4 days. The Com- mittee were of the opicion that such extension would interfere with public business and their opinion was supported by in any of the Solicitors in the Colony in a letter addressed by them to the Chamber.
The Membership of the Chamber for 1907 consisted of 23 individual members and 121 firms. During the year Mr. G. C. Moxon and Messrs. Midzushima & Co. and '. Lemaire & Co. resigned. Messrs. Soares & Co. were elected members and the election requires the confirmation of the Chamber.
The only change on the Committee is the resignation of Mr. A. Haupt owing to bis approaching departure from the Colony. Mr. G. Friesland was invited to fill the vacancy and accepted.
Mr. A. R. Lowe, who has been the Secretary of the Chamber since the spring of 1902, resigned the post in April last, but has since acted until the new Secretary took over the
The expenditure for the year 197 has exceeded the income by $306.55. This is due to the fact that the income derived from Reuter's Political Telegrams has decreased by over 8400 and the cost of publishing the annual report of last year was under-estimated.
Shanghai reports the death on Feb. 15, of Captain William Peter Johnston, Ista Master in the China Merchant's Steam Navigation Company. Captain Johnston, who was 6x years of age, was a native of Sweden. When he first went to Shangbai he was employed as toll keeper at the bridge crossing the 8 ochow Creek. Later he was in the service of the Shanghai Cargo Boat Company and then (in 1867) he joined the China Merchant's 8. N. Co., rising to the position of Yangtze pilot for the company and afterwards to explain on the Shanghai-Hankow line. Captain Johnston etired about a year ago.
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shopping arms and companies in the Colony. You have a capital relativel, low sompieed with the res arcs of the dwk, its workshops and engiavering plant Ya bere also a imloas and
expert
staff who ara not only o00. lower by 876 than six math g, and I ser-ant
th- onditions and require- take this opportunity for informing yon that it i menta пр local shipping. hat who aro will be our end-avour to effect such farther | personally well in touch with the requirements reduction as is consistent with the «i'isfactory ¦ of the busia -ss. These are some of the adrao- worki g of our business. The taking of stocks has been thoroughly carried out and we have thin I v-blurtstat - never appears on the balan assurance of the stock takers that the materials sheet —That is the matter of sentimmat. Ecory. are worth the money hey stand at in- ur boks. one who has ·he interest of th (hop at heart In the statement of accounts, your Directors looks with pr d ́o i the Dock Comp、ny. Every considered it advisable to make a slight chang Hongkonzite, whether he is a shareholder or from our n-nal practice in giving detailed cost of not, ri-wei's put achierements with pride a d imor vements and sepirate items in our earn. looks forward with good will and h-p、 to its ings; there are now merged in two amounts. If increased prosperity in fatare. Gentlemen, any shareholder wishes for fuller information with the co operati›a of your directors, staff and regarding same, details cau be obtained on shareholders, the good will of your customers, application to the Secretary. Farther than and the support of public opinion, you may look this, the statement of accounts does not appear forward to meet succesfully any competition
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