July 25, 1908.]
No additions have been made to the Company's feet during 1907, and
по fresh building contracts have been entered into.
8.8.
The Directors regret to report the loss of the "Yik Sang" in Jannary last upon the Islands known as "The Brothers," near Amoy. A portion of this loss will fall upon the under. writing account.
The retiring Directors are Mr. W. Keswick, M.P., and Mr. H. Beazley who, being eligible, offer themselves for re-election.
The Board are informed that Mr. Edward Beauchamp, M.P., will be proposed at the meeting as an additional Director.
Messrs. Turquand, Youngs & Co., the auditors, retire and will be proposed for re-election.
CHINA OVERLAND TRADE REPORT.
IMPORTS.:-
COMMERCIAL.
RICE.
HONGKONG, 24th July:-Few demands having come forward the prices are further declining.
Quotations are :— Saigon, Ordinary
"
Round. Good quality Long..
$3.40 to $5,15
5.15
to 6.20 5,30
5.40 5.10 5.60 6.13 6.45
21
11
Garden, White,
Siam, Field mill cleaned, No. 2... 5.05 No. I... 5.55
23
Fine Cargo
Lo to to 6.10 to 6.40 to
A. G. WELLS, Secretary.
By order of the Board,
29, Cornhill, London,
BALANCE SHEET AT 31st December, 1907.
To share Capital
LIABILITIES.
Authorized £1,207,000. divided into 6 per cent. Cumulative Preferred Ordinary Shares, and 120,000 De. ferred Ordinary Shares of£5 each. Subscribed and paid up-
49,589 Cumulative
Preferred Ordin-
ary
£217,945 0 0
L
F. d.
OPIUM.
HONGKONG, July 23rd-The movements in the various Opium markets during the past fortnight | have been as follows:-
Mala, Patna. Benares. Pera'a Stocks on the 9th July, 198 -- 543 1,512 891 1,330 July 8th luports per Marmoru., 201
is
69
offtakes our estimate of stock shows a substan- tial decrease on last figures. Bombay is reported strong. The market closes Arm. Sales of the interval aggregate 9,983 bales, arrivals amount to 5,851 bales, unsold stock estimated at 16,000, and sold but uncleared stock in second hands at 17,000 bales. Local Manufacture:-There is no change in the ontinued quietness of the e ti reads. Ja anese Yarn:-Almost neglected. Raw Cotton-A choice parcel of 200 bales Superfine Bengals has found buyers at $24 leaving the market bare of Indian staple, There no China cotton either on the market. Quotations are $20 to $24 for Indian, and China 822 to $25. Exchange on India after several fuctuations in sympathy with silver closes to- day at Rs. 135 for T/T and Rs. 185 for Post. On Shanghai 741 and on Japan 88. The under- noted business in imported and local spinnings is reported from Shanghai during the fortnight onded the 11th instant, viz:-Indian-In good enquiry, sales aggregating about 10,000 bales with an estimated unsold and uncleared stook of 40,000 bales. Japanese:-In fair demand, sales amounting to about 1,700 bales on the basis of Tls. 821 to 96 for No. 16s, and Tis. 991 to to 102 for No, 20, Local:-Sales of made to the extent of 1,000 bales at hardening some of the foreign owned mills have been
rates.
Ordinary
49,589 Deferred
247,845 0 0
13th
495,890 0 0
.. 10th
20th
21st
To First Mortgage Debentures
First issue of £345,000
Subscribed &
issued.....£250,000
on which has been paid up at this
date
216,275 0 0
To Balance of Underwriting Account To General Reserve Fund
242,000 13 7
To Bundry Creditors in L'don & China To Loans
To Deposits.
To Balance from Revenue Account
10,000 0 0
78,253 4 10 6,500 0 () 38,925 15 9 29,632 1 5
£1,114.476, 15 7
By Steamships, Ferry
Boats, &c.
Less Depreciation written off for this year
By Coals and Provision on board Ships
By Office Furniture
By Sundry Debtors in London and
China, Agents' Balances, Freights,
&c.
By Cash in London and China
By Expenses of Dc-
benture Issue
and in Godowns.
1¢
14
Lightning. Kutanng
A Behir Larang
1,054
Less Exports to Shanghai
Exports to East and West Coast Ports including Local Consumption for the fortnight..
Estimated Stocks this day..
2001
250 ས།།
177
125
201
350
2,942 1,356 1,507
25 275
1974 515
285
160
5361 2.149 1,043 1.338
Bengal. -As stocks both of the dealers here and in the consuming districts had reached a very low figuro a very active demand has to be reported and price advanced considerably from the lowest point touched. Patna is quoted at $1,055 and Benares at $972).
PIECE GOODS
Malwa. The market has not yet opened for the drug of the English mail. The market ruleding and publishing this information, but we ven- fairly steady at about previous quotations.
Persian. The local demand is trifling. Superior drug is quoted at $870.
HONGKONG, July 23rd.
ASSETS.
£
s. d.
1,062,812 17 G
56,584 12
0
-1,006,258 5 6
10,971 2 3
58 1 10
74,615 16 7
5,922 4 7
Malwa Old
.$920 .8940
Malwa Older
.$970
do.
£18,105 12 0
Less Written off at
Malwa Very Old
.$995
do.
the rate of 10 per cent per annum
Persian Fine Quality
..$800
do.
Persian Extra Fine
$870
do.
751 7 11
Patna New
17,351 4 10
per
chest.
£1,114,476 15 7
Patna Old Benares New
do.
.$972!
do.
Benares Old
REVENUE ACCOUNT.
for the year ending, 31st December, 1907.
Dr.
To General Charges and Telegrams in London and China, inoluding Dir. sotors, Trustees and Auditors Fees
To Depreciation Account-
On Steamships, &o....
To Income Tax Account
To General Interest, &c.
To Debenture Interest
To Expenses of Debenture Issue,
amount written off'
To Balance transferred to Balance
Sheet
By Balance brought for- ward from 1906.
Less Dividend Paid.
Cr.
16,091 19 3 12,397 5 0
By Net earnings of Steamers for the amounts transferred
year, and
from the Underwriting Account (£30,000) and from the General Reserve Fund
To Transfer Fees..
Ł
怠。 d.
6,215 4 5
56,584 12 0 1,913 12 2 10,805 0 3 5,073 2 7
754 7 11
28,632 1 5
£107,978 0 9
£ B. d.
3,691 11 3
104,226 14 0 56 13 6
£107,978 0 9
Mr. A. H. Tedd, who leaves the Colony by the English mail to-day. WAS entertained by his comrades of the Engineer Volunteer Company to a smoking concert at Headquarters on July 22nd.
Quotations are: — Malwa New
YARN.
عيد
per picul,
do.
do.
Messrs. Noel, Murray & Co.'s Report on the Shanghai Piece Goods Trade, dated Shanghai, 9th July, 1908, states:-The lists for the collection of these ya uable statistics were sent out earlier than usual so it is hoped that the returns will be completed with more promptitude than they were on the last two or three occasions. Taken as a whole the majority of stock holders do send in the returns with commendable celerity, showing their evident desire to baye the figures completed as early as possible, but this is frequently frustrated by some firms inadvertently overlooking the fact that the de'ay in sending in their returns, how- ever small they may be, delays the completions and publication of the whole. Some we know do not agree with the advisability, or utility of collect-
paid to figures in the past few years the trade ture to think if a little more attention had been
would not have got into the state it is at present in many of its branches. No returns have been published as yet of the piece goods that have been distributed from this port by means of the railway. A very interesting report of the working of the lines recently published animadverts very severely on the obstructiveness of the Likin system, which is evidently inspired by interested officials, on the freight traffic of the local line. Whereas the passenger returns are above all expectations the earning for the carriage of merchandise is absurd- ly small and must result in a dead loss on the running, and that means a drain on the Imperial Exchequer, if something is not done to relieve the situation. The railway serves a vast and densely populated area which would derive the greatest benefits from it if it were allowed to run on rea- sonable lines, free from the monstrous squeeze system which is the great bugbear to trade
ехрап- sion in this country. From the Trade Reports for the Yangtsze Ports for 1907, it is very evident native productions of yarn and cloth are begin. ning to receive preferential treatment in the country to the detriment of imported foreign goods. It is pointed out else where in the report that the so-called Likin controlled Junks are receiving a considerable amount of preference owing to the privilege they obtain of selling on route instead of at a fixed port. It is worthy of note that the total import of foreign yarn in 1907 was Piculs 354,538 against 42,415 Piculs of native yarn. The week has been productive of very little of interest, the attention of the trade being diverted by the unusual amount of rain that has been falling, with few intervals, throughout the period under review. It being a critical time for the crops news is anxiously awaited as to the effect it has had in the country, and consequently the native dealers have held of from buying almost entirely. Otherwise there is not much change in the situation, though certainly nothing to justify the report the agents of some of the foreign banks in New York are said to have received that the
HONGKONG-Mr. P. Eduljee, in his Report dated 24th July, states:-The speculative feeling alluded to in last report, continued throughout the whole of the past fortnight, and again a good business has been done, and a large quantity of yarns have changed hands as noted at foot. There has been only a small business in No. 6 and 8s, the market being bare of stock. No. 10s have, as usual, attracted by far the largest amount of attention and form the bulk of sales. No. 128 and 16 are in moderate demand, but best makes are more saleable and comparatively higher in price than medium and common threads. No. 203 take second place in point of quantity and are in fairly good enquiry for the Northern and Tonkin markets. Prices show an appreciation of 50 cents to $2 per bale and are steady at the close. Taking into con- sideration the paucity of stocks, both in first and second hands, restricted supplies, hd the high range of values ruling in India, the imposition of our market had greatly improved. dealers are acting very cautiously and streuously provement in prices here is not large, but stand against any further advance in rates while on the other hand holders are anxious to meet the demand while it lasts. Receipts during the interval are small and with larger
of the import houses here have as yet felt that im- We think we are quite safe in saying that none provement to any appreciable extent. It is to be hoped, however, that it will have the effect of strengthening the attitude of manufacturers in the United States, for this market is certaiïlly`