March 1, 1909.)]:
Let us
|
manner.
CHINA OVERLAND TRADE REPORT. increase no doubt represents accumulation of, connected. Happily, the peace of the land has not capital waiting for a trade revival. You will been disturbed, and the changes consequent on the readily understand that some difficulty was ex- commencement of this new reign appear to be perienced in finding remunerative employment taking place in a quiet, orderly and commonsense during the half year for this large increase in the amount of money entrusted to the Bank's keep-hold the helm of State for many years to come, The Regent. Prince Chun, who will ing. Bills payable show an increase of $30 lacs. has the inestimable advantage, which I believe On the other side, the amount of dollars no other Chinese Ruler of modern times has deposited with the Hongkong Government is ever possessed, of having travelled beyond the raised from $10,000,000 to $13,000,000. Cash | limit of the Empire and visited Foreign coun- and bullion in hand and in transit, are higher tries. It may be presumed therefore that his by about $48 lacs. Bills discounted, loans and horizon is not altogether limited to within the credits have increased by $10 millions and walls of the Forbidden City and the Summer bills receivable by $27 millions. Consols, Palace, and I cann t help thinking that this Colonial and other securities show an increase knowledge of the outside world must be of of $48 lacs, due to temporary investments on great value to the country which he rules. I account of the increased resources already trust therefore that the Empire in which all of referred to. In China the period under review us have such great and important interest may has been one of great moment. The almost be entering upon a new and prolonged period simultaneous deaths of the Emperor and the of prosperity, and that slow but sure progress Empress Dowager whose influence over the may be made with the many reforms which are destinies of China has made itself felt for a long so urgently needed. (Applause) Gentlemen, period of years, and the accession of an infant to results such as have to-day been presented for the throne with his father as Prince Regent, are your acceptance and approval, can only be events which have occurred, fortunately, without brought about by hard work and good judgment. the peace of the land being disturbed.
Our thanks are therefore surely due to the bief hope that under the new regime many of the more Manager and the Staff who hare achieved for argently needed reforms will be inaugurated and us these splendid earnings,-(Applause)-and I carried into effect and that fresh developments feel sure that you will all most cordially approve of the Empire's vast potential resources of the bonus to the Staff which has been voted may give a new impe us to the national pros- by the Directors. (Applause). Gentlemen, I perity and increasingly promote the well being I have very great pleasure in seconding the of the people. Favourable crops in India have the adoption of the report and accounts as stimulated exports and the recuperative power presented to you to-day (Applause). of the country is again manifesting itself. After a period of anxiety, due to curtailed plications for allotment, it is satisfactory to note an increasing demand in London for remittances to India by Council bills, and further evidence of returning prosperity is to be found in the continued demand for har silver. The contin- uance of the India demand, displaying as it does a remarkable capacity for absorbing silver inde- pendently of Government requirements, has been at once the chief feature and the principal support of the silver market; not, however, without encouraging new speculative tendencies which result in keeping the market in highly sensitive state rendering it liable to frequent fluctuations and producing an settling effect upon the China trade. Although I cannot say that trade in the Far East during the past six months has been alto- gether satisfactory, yet the hopeful view of the prospects taken at our last meeting has, I think, been justified. A healthier tone is noticeable. business generally is on a sounder basis, stocks of imports are gradually being reduced and crops have been good. Renewed commercial activity has sprung up throughout America while in Europe money continues plentiful and cheap. Thus the time seems ripe for a return to pro- sperity, and the commencement of a new period of expansion in trade. (Applause).
No questions being asked,
80,
p-
2
un-
The motion was carried unanimously. Mr. A. FINDLAY SMITH proposed that the election of Mr. H. A. Siebs as a Director be confirmed and that Mr. R. Shewan, Mr. E. Shellim and the Honourable Mr. H. A. W. Slade be re-elected Directors.
Mr. JOHN A. JUPP seconded, and the motion was agreed to.
On the motion of Mr. E. F. MACKAY, seconded by Mr. G. MURRAY HAIN, M. W. Hutton Potts and Mr. J. W. C. Bonnar were re- elected Auditors.
Mr H. Ross seconded the adoption of the Report and Accounts. In doing so he said: -Gentlemen,-It affords me considerable plea- sure to second the report and accounts which have just been presented for your acceptance. The Chairman's reference to t e loss we have sustained through the much-to-be-regretted death of Sir Ewen Cameron, and the acknow- ledgment of the valuable and practically life- long service which he rendered to the Bank, will, I feel sure, be appreciated by all share- holders present and absent (Applause.) The accounts presented. Gentlemen, do not seem to me to require any comment. They appear satisfactory, - eminently and I think we are to be congratulated on the very excellent results of the past half-year's working which our Directors have to-day presented. If this be the result of a half year of dull and restricted trade, what indeed may be expected when the tide of prosperity again flows in the Far East! (Applause.) A brief reference was made by the hairman to changes which have taken place in Peking during the past few months, changes which, as the Chairman re- marked, are of great moment. The disappearance of that commanding personality, the great Empress-Dowager, from the autocratic position which she had held for such a long period, the death of the Emperor Kwang-Hsu, and the accession to the throne of an Infant, are events, indeed, which for good or ill must affect the Empire with which our interests are so closely
The CHAIRMAN-That is all the business, gentlemen. Thank you for your attendance. Dividend warrants will be ready on Monday.
175
our business neces-
the half year ending 31st December, 1908, amount to $261,981.53, as compared with $274,577.68 for the previous six months and $160,61195 for the corresponding period of brought 1907. Including the balance of $384,847.24 forward from last account and deducting Directors and Auditors' fees, we have available for appropriation the sum of $636, 78.77, out of which sum your Directors dividend for the half year of 8 per cent or $4 propose, subject to your approval, to pay a
por share, absorbing $200,000, place a further Extension Account, write $3,000 off the value of sum of $21,000 to the credit of No. 1 Dook
Cosmopolitan Dock, $25000, off floating plant, and carry forward $387,078.77 to the new account. We trust the proposed distribution of profits will meet with your approval. The figures now laid before you are slightly less than for the preceding six months but show an increase of about $100,000 over those of the corresponding period of 1907. The work of lengthening the No. 1 dock has not progressed the use of the dock in as quickly as we hoped for, but we find sarily interferes with and delays the blasting and excavation. The caisson of the No. 3 dock at Kowloon has been overhauled and repaired at a cost of $5,553.92, which amount, damage to docks, slips and buildings caused by together with 2,437.78 expended in repairing
the typhoon of July, 1908, appears at the debit of Revenue Account. Repairing damage to floating plant after the same typhoon cost us $8,264; this amount has been passed to the debit of Marine Insurance Account. The loan from the Admiralty having been paid in full, this will affect our accounts in that we will not require account now disappears from the statement and
to remit approximately $10.000 perannum. The item under the heading of "sundry debtors is about the same as
in the last account but "sundry creditors" shows a reduction of $93,000.. This is partly due to their being no instalments paid on work in progress. As to the value of material on hand, this shows a further reduction of about $70,000. The tonnage of British and Foreign men-of-war docked during the past half year was less than half that for the previous six months but slightly better than of steamers and tonnage of merchant shipping the corresponding period for 1907. The number
show little variation over a number of years, but with a tendency to increase. We have been fortunate in securing several good re- pairing contracts due to strandings which have materially assisted our profits for the period under review. The buildings, shops and plant have been maintained in good condition and the shops was availed of to give some of the machines opportunity of a slack period in the machine
requirements for using high speed tool steel. a thorough overhaul and adapting them to the
The moorings in front of Kowloon Docks have all been lifted and relaid in good condition, The various improvements and additions at the Kowloon Docks during recent years have put any orders that may be entrusted the works in a position for better handling
but one department, namely the foundry, will require enlargement, as, during the past two years, we have been greatly handicapped in not getting castings out as rapidly as was necessary. After consideration of the report drawn up by the Sub-Committee, your Directors deemed it advisable to obtain the services of an Expert to make an exhaustive examination of our whole organization and system of working, and Messrs. Medhurst and Keswick being in England and conversant with our requirements, your Directors requested their assistance in the Dyer, Ship-yard Manager with engagement of a suitable man. Mr. R. M. essrs. Barclay,
appointment and is now with us. Curle & Co., Glasgow, has been selected for the Our thanks are due to Mr. George Dodwell (who kindly. consented to act for Mr. Medhurst, absent in New York), and Mr. Heory for the trouble they have taken in
Keswick
matter. It is too early as yet to attempt to forecast the result of Mr. Dyer's examina- tion, but I am pleased to say he is receiving the cordial co-operation of our Staff, and you may rest assured that any recommendations he may make tending towards greater economy and efficiency will immediately be carried out. As regards the future, I regret to say that our business seems to be suffering from the pre-
Before the meeting separated, Captain C. V. LLOYD, rose and said:-As almost, if not quite the oldest constituent of the Bank in the East, it seems not inappropriate that it should fall to my lot to say a few words to-day in recognition of the splendid services of our Board of Directors; what those are, you have already seen in the report which is now in your hauds, and no eulogy of mine would add to their worth, although no doubt you will realize that more effectively when the warrants are handed round. Let times be ever dividend
so good, good direction is as essential in the pro- sperous days as in the days of adversity, and I think we can congratulate ourselves on having secured that in our Board, and I have much pleasure in asking you to join me in a vote of thanks to the men who have so successfully and triumphantly piloted the ship of the Bank though the troubled financial waters of the past year. (Applause).
The CHAIRMAN-On behalf of the directors I thank you for your vote of thanks. This concluded the proceedings.
HONGK NG AND WHAMPOA DOCK COMPANY.
The ordinary yearly meeting of shareholders in the above company was held yesterday at the offices in Queen's Buildings. The Hon. Mr. W. J. Gresson presided and there were present Sir Paul Chater, Messrs. H. A. Siebs G. Friesland, W. Helms, H. P. White. D W. Craddock, E. G. Barreft and (directors) R. Mitchell.(Acting Chief Manager), Silverstone
T. I. Rose (secretary), Messrs. T. Skinner. Erich Georg, H. Percy Smith, J. A. Chinoy, F. Mailtand, J. W. C. Bonnar, S. J. Michael, Cho'a han Sin Rie. Ho Kom Tong, Leep Chee, Ho Fook, Lo Cheung Shuj, J. P. Braga, L. Berindoague, M. H. Michael, and A. A. Moreno.
The notice convening the meeting having been read,
The HAIRMAN said-Gentlemen, with your permission wa will take the report and statement of accounts, presented to you some little time ago, as read. The nett profits for
to us.
this