February 1, 1909.]
not in a position to pay one per cent., being heavily in debt, its shares hypotheosted, and having large stocks of unsold material on hand. It stands doubly revealed before the public, if the term may be used, for in the coming of the Diet the House was to consider a proposal for the monopoly of the sugar industry, by which this corrupt company would have derived a large profit. This proposal was engineered by the directors of the company.
CHINA OVERLAND TRADE REPORT. interesting study when viewed from this aspect and it is the same with the sugar company. Up to a certain point the shareholders are passive and indifferent, beyond that point the spirit arises that prompts the assassination of Tokyo Railway directors and the smashing of cars, The mean course of consistent watchfulness and attention to business, which is the duty of a shareholder, does not occur to the Japanese mind, until it is perhaps too late.
THE GOVERNMENT'S DUTY.
*83
ospacity
financial difficulties, faced the situation — with energy and resolution, with the result you now see before you. Many of the original members are with us to-day and among them we are all pleased to welcome Mr. R. E. Belilios who was our first honorary treasurer, in which capac he acted for five years. I have no doubt that the club owes its long life in part to the sound financial basis on which he then placed it... Mr. Belilio's connection with the Club has been unin terrupted since its inception and his interest in Enough has been published in the papers it has never waned. On previous occasions Club about the directors of the sugar manufacturing as well as at the present time company to justify criminal proceedings in any has experienced his generous support, and the executive and members desire to express their western country, and as Japan is under the same law, to justify criminal proceedings here. The appreciation by electing Mr. Belilios a life mem- and honorary president of the club integrity and standing of two great companies ber is now questioned, the Tokyo Railway Company, (Applause). Craigengower is the oldest junior subscribed capital 63,000,000 yen, the largest club in the Colony, and its players have always concern in the country, and the Dai Nippon striven to excel in, and to uphold, the best Their Sugar Manufacturing Company, subsoribed traditions of the game of cricket. capital 14.000,000 yen, the largest industrial success in the former direction is amply concern in the country. Against the former evidenced by their position in the league con the charge is made of doctoring accounts, of tests. During the five years the league has presenting a very optimistic report of business been in existence Craigengower's record has when the petition for municipalisation was sent been-twice holders of the Shield, twice runners up and once third place (Applause). The mem- to the authorities and a very pessimistic one when the petition for increase of fare was pre-bers are naturally proud of such results but what they value more highly is the reputation their Club has for playing the game in a thoroughly unselfish and sportsmanlike manner, and this reputation it will be their object in the future, as it has been in the past, to maintain unsullied, (Loud applause).
POSITION OF THE COMPANY. The present state of affairs was brought about shortly after the amalgamation of three com- panies, the Dai Nippon in Tokyo, & company in Osaka and the Dairi Company in Moji, their subscribed capital being 14 millions, and paid up capital to-day 8,400,000 yen. For months, it appears, certain directors had had things their own way, deceiving the president of the company who, as is frequently the case, was a man of scholastic attainments, but of no business ex- perience, and crowning their course of deception by making a call on new shares and actually paying part of this for the 15 per cent dividend. The true state of affairs was brought to light by an Osaka auditor, who joined the company as the result of amalgamation. Finally the Mitsu Bishi, Mitsui and other interested concerns took the investigation up, the net result of which is—ferred; against the latter of malversation of that the company has lost between four and five funds enough to send all the directors to prison. million yen; that it has debentures to the In neither case has any action whatever been amount of seven millions; that its floating taken by the public prosecutor. Were these capital is three millions, the greater part of which two companies insignificant, nothing more need is borrowed; and that considerable sums are be said, but they stand for Japanese business owing for material. The papers further allege before the world. It is the urgent duty of the that the company owes some millions in the form authorities in Tokyo to show that they at least of customs dues and that the Treasury holds the have no doubt as to their course of action. The company's stock as security, stock that is worth papers are waking up to their duty, as the only half of what it was when the Treasury quotation at the head of this letter shows, and it accepted it. If the Government demanded pay. is now for the authorities of law and order to act. ment bankruptcy would follow.
means
EVILS OF THE PUBLIC COMPANY SYSTEM. The great businesses of this country are run upon two systems. First come the extensive family concerns, such as the Mitsui, Sumitomo, Mitsu
in Bishi, &c., which, established feudal times, continue to flourish increas- ingly, controlled by the various members of the family who are subject to family rules and discipline as of old. Second is the public company. This is a new growth and, like oon- stitutional government, not by any digested or appreciated by the Japanese people. It may be said with truth that the corruption which exists in public companies and in political circles is entirely due to the indifference of shareholders and electors. The education and environment of a thousand years cannot be swept away by the promulgation of a constitu- tion. Directors and politicians receive their mandate from shareholders and people and are then left to themselves, and being themselves, with few exceptions, unfitted for the work of company directors or legislators and not over- scrupulous, the result is corruption and mis- management. It is quite commonly the case in Tokyo that companies are headed by Dr. This and Dr. That, gentlemen of scholastic or scientific training and doubtless men of integrity, but who are quite unfitted to deal with the affairs of the company, much less to rub shoulders with the denizen of Kabuto-cho, the local Capel Court. There is little doubt that these doctors and professors are secured with much the same end in view as the scheming company promoter in London secures a title to sit at the head of his board-a figure-head in reality and a blockhead in business. They are useful men but only to dishonest directors. There are other important figures in the Japanese company, the advisers and auditors. Here, as in other cases, the law is abused. These offices are now filled in many com- panies by the
same men, who receive large fees, and are seemingly only nominal advisers and auditors. If they were to do their duty conscientiously, they could not hold so many offices at the same time, but they are merely professional and another useful tool to the scheming director. Finally, there are the shareholders, who should be most important of all. One of the heritages of the Japanese is absolute submission to authority or, breaking loose, a violent attitude of opposition. The middle course, the birthright of a constitutional people, is not practiced, simply because the people have not yet learned to appreciate it. The affair of the Tokyo Railway becomes an
CRAIGENGOWER CRICKET CLUB'S
NEW PAVILION.
OPENED BY MRS. R, E. BELILIO8.
There was a large attendance at the Craigen- gower ricket Club on the 23rd January when thenew pavilion was opened by Mrs. R.E.Belilios. The new building, which has a length of 60 feet, and which contains a social hall 26 feet by 15 feet 10 inches; a dressing room 15 feet 10 inches by 15 feet 10 inches; and a committee room 15 feet 10 inches by 15 feet 10 inches was tastefully decorated with flags, and a League match between the Club and Kowloon was proceeding on the ground. When the Craigen- gower eleven, who went in first, had been dismissed, an adjournment was made to the verandah of the pavilion where the crowd assem- bled to witness the opening ceremony.
Mr. W, D.
our
new
Mr. BRAIDWOOD then handed Mrs. Belilios the key to the main door of the lub house, and asked her to open the Club.
Mrs. BELILIOS unlocked the door and declared the Club opened.
As the other doors were opened those present entered the new building and inspected it.
1.
Mr. A. E. ASGEB, the secretary of the Club, next addressed Mrs. Belilios as follows:-In the name of the executive and members of the Club I beg to thank you for kindly consenting to be present to-day, and to officiate at the opening of our new Club house. To-day is a red letter day in the history of the Club, and it will be a lasting pleasure to us that your name will be for ever associated with our entrance into our new premises.
Mrs. BELILIOS replied-I thank you very much for the honour you have done me this afternoon, and I ask you to accept my sincerest wishes for the future prosperity of the Club (Hear, hear and applause).
On the call of the PRESIDENT three cheers were then raised to the lady.
A popping of corks followed, and when glasses were charged,
Mr. BELILIOS said the honour had been left to him of proposing the health and prosperity BRAIDWOOD, the President of the raigengower Cricket Club. He felt of the Club, said:-Mrs. Belilios, ladies to a certain extent that it was apt that this task and gentlemen. On behalf of the committee should be left to him seeing that years ago, as a of the Craigengower Cricket Club, I beg little kiddy, he had the control of the funds ot the lub. Whether he had brought about to extend to you a most hearty welcome on the occasion of the opening of
of the success which the Club had now ac- any lub house, but before calling upon Mrs. quired he did not know, but he felt that better Belilios to perform the opening ceremony, it hands had succeeded him and the present flourish may not be amiss for me to give you a short ing condition of the Club was due to the ex- The emplary manner in which they had carried out resume of the Club's inception and career. Club was formed fifteen years ago by a number their duties (applause). When the Club first of the upper form boys of the Victoria English started Mr. Braidwood was its head man, and School. It took the name Craengower from he is its head man to-day, and so long as he first seven took such a keen interest in it, and” so the school house, and for Lue years of its existence the Club membership long as the speaker's old school friends took was confined to past and present pupils of such an interest in it, so long would its the school. In 1901, however, this restriction prosperity last. He asked all to drink to the was removed, members other than pupils, success of the Craigengower Cricket Club. were admitted and at the same time the Club, having through the kindness of the Government been granted the use of the present playing pitch, migrated here. Originally the Club con- sisted of twenty-four members, but shortly after the removal to Happy Valley the number increased to sixty and to accommodate these a substantial matshed pavilion, the funds for which were raised by voluntary subscriptions among the members of the Club, was erected. That pavilion was later on extended and from time to time repaired, but ultimately the typhoon of July last year completely demolished it, and literally scattered it to the four corners of the Valley, The desire for a more substantial building had long existed and the total destruction of the matshed brought matters to a climax. The committee and members, though confronted with serious'
The toast was fittingly honoured and the proceedings ended with cheers for the President.
The many ladio present were then entertain- ed by members to afternoon tea, while the gentlemen visitors congratulated their hosts on their new building over the glass that cheers.
Although the old Straits Settlements Dollar ceased to be legal tender on the 1st January, 1909, there still appears to be a large number of them in the possession of persons who have not been able to exchange them for the new Straits Settlements dollar within the time fixed by the Government, and His Excellency the Governor has been pleased to extend the period for effecting such exchange at the Treasuries to the 28th February next.