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only remains to add that the greater work has called for more labourers. There are now 27 European and six Chinese Sisters, a big advance
made such A on the three who
The buildings modest start sixty years ago. themselves, the Asile de la Sainte Enfance, the hospics, and the home at Wong-nei cheong are eloquent testimony of the hard work and saori- fice of the Bisters, who commenced with nothing. These institutions will stand as their ments, proclaiming to all who see them, lifework of some of the noblest daughters of la belle France.
monu.
High mass will be the principal feature of to-day's observances, The beautiful little chapel will be decorated for the occasion, and his Lordship Bishop Pozzoni will officiate.
THE RECENT TYPHOON AT
CANTON.
PORTUGUESE SERVICES ACKNOWLEDGED.
We have received for publication the follow- ing' correspondence between the French and Portuguese Consuls at Canton :-
(Translation.)
Canton, 3rd September, 1908. SIE, AND DEAR COLLEAGUE.-In a letter dated the 22nd of August, Real-Admiral Perrin, Commander-in-chief of the French Naval Division in the Far East, bas requested me to convey his deep and sincere gratitude to the residents, both French and others, residing on the concessions of Shameen, who, undeterred by the fory of the wind, the torrents of rain, and the falling trees, which exposed them to imminent danger, rendered the most friendly assistance to the crews of the French gunboats on the occasion of the typhoon on the 28th July last.
THE HONGKONG WEEKLY PRESS AND
As a result of enquiry which I have instituted, I have found that a certain number of your nationals were among those courageous salvors, and I shall feel particularly obliged to you, if you will please convey to them the gratitude of Admiral Perrin, and I shall be particularly happy, if you will please couple with it my own personal thanks.
I stall esteem it a favour if I can learn from
you the names of your nationals who rendered assistance to the crews of the French gunboats in their endeavour to find shelter from the typhoon, and I shall deem it my duty to bring
them to the notice of Admiral Perrin.
Will you, Sir, and Dear Colleague, please accept the assurance of my high consideration.
Mons, de Moraes,
(Signed) J. BEAUVAIS,
Consul-General for Portagal.
Doyen of the Consular Corps.
Canton.
(Translation.)
Canton, 8th September, 1908. SIR, AND DEAR Colleague,-I have had the honour of receiving your letter of the 3rd inst, by which you asked me to communicate to my nationals the tbanks of His Excellency Bear- Admiral Perrin, Commander-in-Chief of the French Naval Division in the Far East, for the assistance they rendered to the crews of the two French gunboats on the occasion of the typhoon of the 28th July last.
I am extremely delighted to convey to my nationals the kindest thanks of His Excellency Admiral Perrin as well as those of
your good self, which gives them very great pleasure. Although they rendered bat small help to the French orews, which they were very happy to do, yet they never thought themselves deserving of such high and pleasant appreciation,
The names of the Portuguese who worked together: with the French to render assistance to the French crew are :-Messrs. João Pedro Fonseca, Arthur Pereira, Antonio B. Senna, Julia Noronha, Germano Axedo, and Andronico Alves.
I avail myself of this opportunity, Sir, and Dear Colleague, to ask of you the favour to kindly convey our heartfelt thanks to His Excellency Admiral Perrin, and to accept my renewed assurance of high consideration.
(Signed) J, D. DA COSTA DE MORAES,
Consul-General for Portugal.
Monsieur Beauvais,
Consul for France
at Canton,
PUBLIC COMPANIES.
UNITED ASBESTOS ORIENTAL AGENCY, LD.
[September 14, 1908.
The proposition was agreed to,
Mr. W. H. Potts was re-elected Auditor par the proposal of Mr. DENISON, seconded by Mr. SKINNER.
The CHAIRMAN—That is all the business Gentlemen, Dividend Warrants are now ready.
The twelfth annual general meeting of the United Asbestos Oriental Agency Ld. was held | THE HONGKONG HOTEL COMPANY on September 7th. in the offices of Messrs. Dodwell & Co. Ltd., Queen's Buildings.
Mr. Edgar G. Barrett presided, other share- holders present being Messrs. A. Denison, J. D. Auld, A. Ritchie, T. Skinner and A. 8.
Grassick (Secretary).
The SECRETARY having read the notice con. vening the meeting, the CHAIRMAN said :- Gentlemen.-You have had ample opportunity to examine the report and accounts. I, therefore, propose to follow the usual course and consider them read. Notwithstanding the severe depres- sion that has continued for so long throughout the Far East, we are able to pay the same dividend as last year which, I think, must be considered very satisfactory. Our actual profit on the year's trading is little more than last year and constitutes a record since the incorporation of the Company. It was found necessary, however, to write off slightly more this year for depreciation and bad debts, consequently the amount available for distribu- tion is not quite so much as last year, though only falling short by about Mex. $100. You will see from the accounts, it is proposed to pay a dividend of 20 per cent, on the ordinary shares, and $19.80 on each founder's share, and place $10,000 to reserve fund, bringing that fund up to $45.000, and I trust this proposed distribution will meet with the approval of the shareholders. In a business of this description it is of vital importance to pay the utmost regard to the stock, and to see that Do old material is allowed to accumulate. This matter has the constant attention of the Company's superintendents, and I can assure you that the stock has been most carefully checked and valued in Shanghai, Bingapore, and here, and due allowance made for any articles that are not in perfect condition. The Chairman at the last meeting informed you that a Branch of the Company had been opened in Shanghai in April last year, We have, there- fore, the result of a full year's working from that port which I am glad to say is very encou- raging. Our Singapore Branch, which has now been established for three years, also continues to show satisfactory returns. Before moving the resolutions I stall be pleased to answer any questions from shareholders.
No questions being asked, the CHAIRMAN proposed that the report and accounts be received approved and adopted.
LIMITED.
The ordinary half-yearly meeting of share- holders in the above company was held on Saturday. Dr. J. W. Noble, chairman of directors, presided, and there were present Messrs. W. Hatton Potts (director), E. J. Chapman, W. E. Clarke, M. S. Northcote, E. S. Kadoorie, Ellis Kadoorie, D. E. Haskell, J. Arnold, 8. A. Seth, and C. Mooney, secretary.
The SECRETARY having read the notice convening the meeting,
The CHAIRMAN said-Gentlemen,-I will, with your permission, follow the usual custom and take the report and statement of accounts
as road. The statement which has been in your hands for some days calls for no special com. ment excepting perhaps the slight innovation of placing in a conspicuous place thereon a state- ment of the Working Capital of the Company, The figures have been culled from those which appear under the heading of liabilities in the balance sheet now before you. It is upon the sum of $1,903,092.91 that the dividend has been earned and not, as many suppose, on the capital of $600,000 contributed by the shareholders. It is only bookkeeping made easy for those who will not take the trouble to look carefully into the figures placed before them, and requires no further explanation. During the period under review the business of the Company has, in common with business generally in the Colony, been very dull, and our revenue is less thần. for the same period of last year.
That your profit is greater is due entirely to economies eff-oted and not to any increase in the receipts, Since last we met, plans have been prepared and contracts signed for the removal of that portion of the Hotel known as the Old Building and the erection on the site made available of a new modern, up-to-date hotel building, the frame work of which will be of steel. This framework we hope to have erected and in position by the 27th of May next, and the entire building com- pleted as per contract fifteen months later, That part of our property known as the East wing, a portion of the verandah of whiche ollapsed in the autumn of 1907 and from which the entire front portion will be removed, is now being thoroughly renovated and repaired, and should soon be in first class order and ready for use in our business. To carry out all this work we must have money. Some years ago we issued $500,000 of mortgage debenture bonds. These will be recalled and bonds of similar nature given in exchange. The new issue, however, will belfor $750,000 instead of $500,000; with the exception of this change, all the terms and conditions will be identical. The new issue will be made on the 31st of December next. The exchange will be effected through the Hongkong and Shanghai Banking Corporation. issue of share capital will also be made, and to this you will be asked to subsoribe later on when a special meeting will be called to discuss and decide the terms of the issue, at which tim fall particulars of this increase will be laid before you for your consideration and approval We have purposely postponed the calling up of the fresh capital so that it may be unproductive for the shortest possible period of time. Just where it will begin to contribute as a dividend earning power it is impossible for me to say. The CHAIRMAN-Of course that would mean
can only give you the dates specified in the a re-adjustment of the whole capital.
contracts and those of you who are familiar with Mr. DENISON-Yes, of course.
building operations in Hongkong know, and The CHAIRMAN-In fact a reconstruction of better than I can tell you, how misleading it is the Company.
tó insert a date clause in a building contract specifying when the work shall be completed and alse, as a rule, what a farce it is to insert a
To illustrate the futility of inserting dates if penalty clause of so many dollars a day payable for non-performance of the terms of the contract. contracts I will cite a case in point; we are, as you doubtless know, about to alter the main entrance on Pedder Street. The contract timë. for the completion of this work was seven weeks from the signing of the contract in July last; three weeks were allowed the contractor to prem
Mr. DENISON-I have much pleasure in seconding the motion, but I am sorry the directors have not been able to carry out the scheme I proposed to try to do away with founders' shares by giving them ordinary shares for them. I am glad to see that business increases in spite of the depression in trade.
The CHAIRMAN-I did not know that you put forward a scheme, Mr. Denison. You asked two years ago if it could be done, and I think the Chairman then said it would have the consideration of the General Managers. It is a very difficult proposition, and we looked into it very carefully, but could not see how we could very well bring it about. If you put forward
a scheme we could submit it.
Mr. DENISON-I think there are only a few shares that are not held by Messrs. Dodwell and Co. They might be asked what they considered a fair nu ber of ordinary shares.
The motion was agreed to.
It was proposed by the CHAIRMAN, and second- ed by Mr. AULD, that the following dividend be taking for the twelve months ending 31st May now declared out of the net profits of the under 1908 upon the Company's capital on the said date; namely on the founders' shares a dividend of $19.80 per share, on the ordinary shares a dividend of 20 per cent for the year, and that such dividends be paid to the existing members on this date.
A new
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