October 30, 1909.]
2
[The reference to etiquette in the above telegram requires the explanation that it has not been customary in Japan to announce death which has occurred abroad until the body has been brought back to Japan. This course was followed when Prince Arisugawa died in Formosa.]
Tokyo, October 28th. The most significant effect of the assassination of Prinoe Ito is the general opinion among Japanese of the necessity for the annexation of Korea. Yesterday the Foreign Office made a statement deprecating such sentiments, and stating their policy would remain unchanged. As an example of the sentiment prevailing among Japanese journalists at Seoul a meeting was held at which they passed a resolution in favour of annexation and demanding that the Emperor of Korea should visit Japan and apologise to the Emperor of Japan. I learn on good authority that the leading articles in the Tokyo papers have been censored.
Lord Kitchener visited the body at Mukden.
COMPANY MEETING.
NORTH CHINA INSURANCE CO., LTD.
The sixth annual general meeting of the above-named company was held at their offices on the Bund at 4 p.m. yesterday. There were present Messrs. W. D. Little (Chairman), H. De Gray, A. Hide, J. N. Jameson, A. McLeod and W. Meyerink (Directors,, Messrs. J. M. Young, C. M. Bain, A. C. Hunter, C. W. Wrightson, J. Sampson, G. E. Burgoyne, Qua Sang, and Chu Ching-son (shareholders) and Mr. H. G. Sims (Secretary), representing 720 shares.
The Secretary having read the notice conven- ing the meeting,
The CHAIRMAN said :-The report and state- ment of accounts for 1908 having been in your hands for some time, with your permission we will take them as read. The business before the meeting is: The passing of the report and accounts; the declaration of a final dividend and bonus to contributors; the placing of Tis. 75,000 out of the year's working account to underwriting reserve, closing the account for 1908 the election of directors and auditors for the next working year. The wisdom of continuing to build up our reserve, you will, I am sure, approve of, as in the best interests of shareholders and policy holders alike. The chief feature of 1908 working was restricted trade, which has naturally had its effect on our gross in- come. Our expenditure is somewhat higher owing to some changes in the staff, and the allowances made to retiring officers, which we debited direct to working account. On the other hand, our losses are well below those for 1907. Trade during 1909 having improved in some directions, our premium income has so far shown an in- crease over the same period in 1908. For some time past there has been a good deal of talk with reference to improving rates, and although I cannot say that our figures have so benefited, there is a more hopeful feeling, and underwriters, so I am informed, are more inclined to work together and hold out for fair rates. It is to be sincerely hoped that some practical results in this direction will follow in the near future.
There being no questions,
was
carried
on
Mr. W. D. LITTLE, proposed, Mr. H. DE GRAY seconded, and it was carried-That the nd accounts as now presented be ac- rep cepteu and passed.
Mr. W. D. LITTLE, proposed, Mr. A. MCLEOD seconded, and it That a final dividend of 7 per cent. the paid-up capital and a bonus of per cent. upon contributory premiums be distributed, both payable at Ex. of 2/3 per Tael. Taels 75,000 to be transferred to Silver Reserve Fund, and the balance transferred to underwriting reserve account, closing the ac- count for 1908.
15
Mr. J. M. YOUNG proposed, Mr. C. M. BAIN seconded, and it was carried-That Messrs. Little, Jameson, McLeod, De Gray, Hide, and Meyerink be re-elected directors of the company and that the remuneration of the directors be be Taels Six Thousand per annum.
Mr. A. C. HUNTER proposed, Mr. C. W. WRIGHTSON seconded, and it was carried.- That Messrs. Wingrove and Hayter be ce- lected auditors of the company.
CHINA OVERLAND TRADE REPORT.
The CHAIRMAN said this concluded the busi- ness of the meeting. Dividend warrants would be posted on Wednesday. He thanked all present for their attendance.
Mr. SAMPSON proposed that a hearty vote of thanks be accorded to Mr. Sims, their secretary, which he deserved, having had an uphill fight in bringing the company to its present position. The motion was carried with acclamation.
Mr. SIMS returned thanks on behalf of the staff and himself.
The proceedings then terminated.
THE CHINESE ENGINEERING AND MINING COMPANY, LIMITED.
The Annual General Meeting of the Share- holders of The Chinese Engineering and Mining Co., Ltd., will be held in London, on the 27th October, when the Directors' Report and Accounts for the Financial Year ending 28th February, 1909, will be submitted.
EXTRACT FROM DIRECTORS' REPORT. The net result of the year's transaction shows a balance to the credit of Profit and Loss Account of £204,868 made up as follows: Net Profit after providing for all
charges in China Add balance brought forward
from last year
Gross receipts in London
Total
£244,000,
£3,929 968
4,897
£248,897
£ 7,023 23,988
10,000
3,018
Deduct expenditure in Europe,
Salaries, stores, etc. Debentures, interest Debentures, redemption Directors' fees
44,029
Leaving a net balance of
.£204,868 Which the Directors recommend should be appropriated as follows: In placing to reserve for depreciation £40,000
(making a total reserve of £215,00) In paying a final dividend of 1s./6d. per share (free of tax) payable 2nd November, 1909 Making a dividend of 15 per cent, for the year with the interim dividend of 1/6 per share paid on 1st May, '09. Directors' per centage on profits in accordance with the articles of association... ! ... Income tax
And carrying forward...
IMPORTS
COMMERCIAL
COAL
75,000
6,094 7,339 1,435
£204,868
希
Malwa New
Quotations are:-
Malwa Old Malwa Older
Persian Fine Quality Malwa Very Old ....
Persian Extra Fine Patnu New Patna Old. Benares Now, Benares Old
OPIUM.
393
HONGKONG, October 26th,
..$1,250/1,280 per picul,
.$1,290/1,320 do. ..$1,330/1,360 do. ..$1,370/1,400 do. ..$1,100/1,050 do.
do.
per chest.
..$1,160/1,180
.$1,300 ..$1,280
do.
.$1,330
.3
do
do
HONGKONG, Oct. 28th-We beg to continue our advice of the 14th inst., since when the movements in our various Opium markets have been as
follows
Malwu.Patna, Benares, Persian
1,873 1,092 919
Stocks on the 14th Oct., 1909-1,451 Oct., 15th Imports perlaisang
22nd
,,4. Apear 27th
„Devanha 18
"
"
Less Exports to Shanghai Less Exports to East and“, West Coast Ports including Local Consumption for the fortnight..
Estimated Stocks this day
&
190 060 20
250
217
1,469 2,743 1,282 1,136
270 130
205
461
271
222
1,264 2,012 881 914
Beogal. Deliveries have not been setisfactory during the past few days, but in sympathy with further rise in Shanghai prices here have advanced to $1,310 for Patna and $1,325 for Benares. The volum of business has been small. Malwa. The market is firm at the following quotations:-New, $1,225/50; 2 years, $1,270/1300. Persian, The quotation of $1,120. is unchanged.
YARN.
HONGKONG-Mr. P. Eduljee, in his Report dated 29th Oct., states:-Business is much quieter, but still fair rales can be effected if small 75,000 concessions are made. Importers, having some- what eased their stocks, and strengthened by telegraphic advices from Bombay are now less eager to sell, whilst dealers having in hand sufficient yarn to carry them over for some time are indifferent and a temporary lull is for the moment eing experienced. There is, however, a fair future for the article, as with the prospect of an abundant rice crop, and with a change of weather for the better an improvement in all branches of trade is confidently expected. Meanwhile the market closes quiet, but prices on the whole are fairly well up to previous quotations, which do not allow much for the depreciation in exchange. Bombay is reported strong with a good business passing on the basis of annas 6 for No. 10s and annas 7 for No, 208, which have a small margin of profit to the Mills, whilst only the other day it was calculated that every pound of yarn manufactured was losing half an anna. Sales of the fortnight aggregate. 4,95 bales, arrivals amount to 4,871 bales, unsold stock estimated at 16, 00 and sold but uncle red Local Menu- yarn in second hands 30,000 bales. facture-Sales of 50 bales No. 8s at $117 and of 450 bales No. 10s at $119 are reported. Japanese
Raw Yarn: Nothing doing.
Cotton :---New Indian Cotton is shortly expected. A parcel of 250 bales New China t ple has been taken up at $38 to 38. Meanwhile the market is bare of stock of both descriptions. Quotations are Indian $32 to $38 and China $35 to $39. Exchange on India closes to-day at Rs. 1294 for T/T and Rs. 129 fr Post. On Shanghai 744 and on Japan 84. The undernoted business in imported and local spinnings is reported from Shanghai during the fortnight ended the 23rd inst., viz.:-Indian: -Demand has greatly fallen off, sales aggregating only 3,500 bales with an estimated stock of 52,000 bales, market closing quiet with an easier feeling. Japane e:-Are easier in sympathy with the | Indian article, and about 2,000 biles are reported to have changed hands at Tls. 103 to 118 for No. 168 and Tis. 118 to 128 for No. 208. Local There is no falling off in the demand and yarn 5.30 can be easily placed. Sa es about 4,000 bales at 5.40 the basis of Tle. 101 for No. 10s, Tis. 105 for No. 5,50 14s, and Tls. 109 for No. 16s.
HONGKONG, October, 14th.--The arrivals f coal since the 15th inst. amounted to 27,500 tons of Japanese. The coal expected is 36,900 tons Japanese, 8,000 tons Hongay, and 4,500 tons Borneo, Quotations according to Messrs. Hughes and Hough's circular are as follows:-
Cardiff......$21.00 to 22.50 ex-godown, nominal. Australian...$10.50 to 12.50 ex-godown, nominal. Yubari Lump...$12.00 Nominal.
Miiki Lump...$10.50 to 11.00 ex-ship,nominal. Moji Lump $7.75 to $9.50 ex-ship, steady. Moji Unscreened$6.00 to $8.00 ex-ship, steady. Akaike Lump ...$8.75 to $9.00 ex-ship, steady. Labuan Lump ...$9.00 ex-ship sellers.
RICE.
HONGKONG, 29th October :-The prices are advancing a little, holders teing firm. Saigon, Ordinary
32
»
$5.05 to $5.10
5.10 5,20
Round, Good quality Long... Siam, Field mill cleaned, No. 2... 5. 5 No. រ 5.25
*
Garden,
"
White,
27
Fine Cargo
5.35
5.45
5.15 5.25 5.10