28AUGB9
<.1.
MAIL SUPPLEMENT TO THE HONGKONG DAILY PRESS.
HONGKONGSIAN
at are considered
HONGKONG, THURSDAY, AUGUST 29th, 1889.
FEEDLICK STEWART
•Colonial Secretary..
THE ANGLICAN CHURCH W Thara gure naporthle quiwin of jute
to old abireboltare: what has us conild ered, is the interest of the present there. We regret to learn list there is a porsi.holders, which is the same whether they have bility of the Colonial Chaplain's early retife been abanholders for long or short periods went from the service dwing to considera. To enatsue the pallay of writing down lions of health, As our readers are aware, luce would an domht place the Company or the retirement of the present incialent in the course of time in a very strong und <f the office, public worship is to receive notion ka gards ita ering power in relas further
ther support from the public funds, Intion to is capital. ·F the Estimates for the present
present year the ex-bed half years wac
• a handsome re- penditure provided for under the head of turn to the shareho
when the debt wa Elorinntica)
ia $6,318, which includes paid and the large tum new paid in in- For the Roman Catholic Chaplain for treat was available for dividend. On the grant
the mumkin. other:
value of
of their other hand, as the realisable. ing 35.498 being on
John stock is a matter of constant importance to of St. Cathed. This apsount is made up as fol- the elareholders, she policy of representing font:-Colouallowance; clerk, sexton, really, js ; order to pay in largo divido seruor my Committen will feel greatly obliged approbation. We in fortunato in stil is not founded on fot;1 shall be very pleased to $98,000 bringing the amount up to over 8900,000. | debts, when the directors think the rightime has
salary, $3,340, the value of the property as logs than it and $283 for chair a and grant to the Cathedral for the use of market does not deem indicrous. The ing from the Registrar of the Supreme Court Before moving, the adoption of the Report in which the acmants are kept, I on muily say miralty about 2 lakha have been written off? and messenger, 8848 Borplices,
etc., $24; & small.
Tulus of's stock is determined largely, am but not
A
the Boland
and Hospital
the troops, $500.
The last nained
bri
The Honourable P. Keris, Chairman, Hongkong
Gesend Chamber of Commerce..
will of course be contiened, and thereth together, by ite earning power; the duties of Special. Jurd
Que
the st
Hatun!
"per
16 por cent
F. HUNDERSON, Secretary.
Atont the keeping of the accounts. I have pot Mr. TRASKE-SM-I did not say anything
I mean this summary, in the report this extract the slightest doubt that they are kept properly. from the Bank's secounte. That sa different thing you know.
The CHAIRMAN-If the "zbareholders think forward and say Ko,
That
ganding the Filipinas, the Commission in Eng shls, as it has been held in courts of law, the end of the year. Nothing father occurs to me extraordinary generalmenting of the ompany, to in Hongkong will probably came on before the general meeting, propsant will be pat at an and fun now closed and the learing of the case other would also be tenable. Bofore the natL
before moving the adoption of the report, Iof the directers, to pay at the Company's debts which wems to require specal comment, botinoronsa its capital, if possible with the enpport
or reduces them to manfe fit, and to amend Mr. J. D. HONPEREYAir. I think just the articles of wariation in several hipoclent now you mentioned the cost of the now deckpoints I have looked over the articles of an without any writing off?
The CHAIRMAN YOR, 8150000.
sociation very frequently Intely, and I think, gentlemen, if you do the same you will agTED Mr. J. D. HUMFHRETS-That was the eswith me that they nord amendment. It is not timated of, but it is the actual cost that I want relevant to the briness of this meeting, but I to know, What is the cost without any of the way state, a tousou for carrying oser fors ammet written off or the admiralty grint P time this question that we do not papoin to boy 296, $24,000; in 1987.320,000 in Jane 1885. do at the extraordinary general meeting is to un- at 9814.981:10. We have written of'in Decem
The CHAIRMAN-TI now stands in the books increase the capital to-day or 10-morrow,
is a matter for the directors. What we want to 330,000 in December, $11000; altogether nuance the principle that we wish to pay off our think. saluding what fa drarn fraza the Ad-to be-Imopn the working ospital, the real ospi Mr. J. D. PUREYS-bont. 9 lakhs. I come, by fucreasing the capit 1 to what it ought at of the company, ease the capital, as I have The CHAIRMAN-Zoe. including their grant, already shown very cloarty, has alrevely heen in-
be Mr. J. D HUMPHREYS-Tat will learn theoreusod, only it has bez jucreased by tor owing present book value at about. in round numbers, The capital now is represented by shareholders capital and borrowed, capital. I are no ob the book for.
The CHAIRMANYes, that is what it is injection to have befrored dipital, but I do not thisk it should be as large as it is at present. Mr. J. D. HUMPHREYS-May I ask what I hope later that the Directors and the shara. sont time! vaday you place upon the new dook at the pre-holders will be in ion in this matter; that is
be worth about thres lakhs."
the maly question on which we differ. We are The CHAIRMAN-Oor opinia is that it may rory well satisfied with, the secounts as tre have good reason to be, and we think the directors for under these circumstances you were justified in the samo I nat more the amendment that the M. J. D. HUMPEYS-Do you think that theivexertions in theinterest of the Company. All paying nine lakhs for it F
undred thorsand dollars which, it is suggested to write off the new dock be carried to a new account.
Mr. H. HUMPHREYS Bonded.
$4,278. This does not seem very † million" ande hälf To understata the mat The Horomblo F. Stewart, LL.D., Colonialgravet optanro on, the management of a bank that the statement is not sufficient, let them come we get to show what the dook my be wotb.
Ashind the
Fear
ended
401-
Would
rent veuta cccurred,
the intone from wat rent became insufi cient to west the expenses, and the burden.
of maintaining public worship there was
thrown
FEES:10 SPECIAL-JURORS:
real
The fallortos farther correspondence has
on the shoulders of a comparative passed between the Colonial Socretary and the few, who biet it by contributions over and Chamber of Commerce in reference to the fees above their seat rents. What the Scotch paid to special jurors.
HONG KONG GENERAL CHANEKE OF
.COMMERCE, HUMA
Presbrarians and Euglist Nonformiste cOLONIAL SECRETLEY TO THE CHAIRMAN, bare been able to do the larger and wealth. jer Anglican community will no doubt be able 10 accomplish also. It is quite hopeless to expect, we believe, that the Secretary of State silt beinduced to review his decision
to the non-payment in future of ecclesias tical salaries from the public fonde,
THE BEETING OF THE HONGKONG AND WHAMPOA DOCK COMPANY.
Colonial Secretary's Office, Hongtong, 13th August, 189.
Seoratory
COLONIAL RECESTANY, TO THE SECRETARY, HONGKONG GENERAL CHAMBRE OF Сомикась
Colonial Bretary's Office, Hongkong, th August, 1889. Sir,With reference to your letter of the 17th
FREDERICK STEWARİ, Colonial Secretary,
STORM WARNINGS
have
ach.
value of this new dock must be retimated for all Mr, FREE SATA-Mr. Chairman nod gyu- tlemen, the value of any industrial property must be estimated by its earning power, and the commercial purpose npon le amount of its rA turns to the Dock Company, hire slips, I under- operod, and I think I am safe uslimsting that stand, buvo been in the cock sino it was first
ships bave not paid the expenses of the dock, the amounts received for the decking of these fin Mr. Humphreya has come here brimful of good intentions but as you аго Ell aware 8
pe pela body containing many well-knowny and ability of arte dollars by one official of the bank or another er deservedly in feial members of the community,Child Manager tirators foel that the titer from anses which would not bear inspection.
Exolandy bnt the same timo glad to zerats of the Bank would not be in botter hands. member at low he boot, and to Yes I frontar a take this opportunity of Saith if any business was aver conducted with The CHAIRMAN-I should like to ask Mr. ago bears completador, prostu tuir puistion of Mr. Melon's out loss Are there not always lowes P matters of real importants to the Colony-tending over twenty four yours. At their lagi-stanes of a bank here or chewhere that bas bad at bo glad to newer any questions.
between, his glew and thoirs as to all long and valuable survices to the Bank, have the honore to be, Bit Your meat obedient tafien Mt. Mate his joined the Loudon excusaking of lessses such as is shown in tile Mr. SMITH-Will you quote se single in- Servant.
Committee, where a great experience will history of this bank? be of the atmost ueft to the Bank. Your DirectorInele that the hareholders will sp-only of banks but of every other business, The CMAIBAN-Ium talking generally, not pray of the presentation they made to .There is no losing conducted without loss. Ix Molsan, on bis retirement of a sorrico of plate every for business there must be bus. valued at £1,000. M. John Walter nested EA, KIGONO ESTRAL CHAMBER thing of the Shanghai Branch on the 1st May you quote ono degla bruk in the history of Mr FRASER Ser-This is a bank. Can OF COMMERCE, TO THE COLONIAL SECRETARY.
from Mr. Cameron, who wished to retire from hanking in the tag quarter of a catury that Hongkong General Chamber of Crimerce.ks tobies by biar daring his able manage. hna bed P. I apa papared to wake alt resonable further service in the Bank, ant tho magrifient lias bud-a sucegeten of lassen such as this bank Hongkong., 17th Angust, 1889. Sir.—If agrocable tɔ H Excolletey the Go most of the Shanghal Branch merit the high steamcominus. If you san prove that was I sar you will be good enough donation their obtain. This services, as he will shortly be associated fake biok the great portion of what I have said. with MP Jackson in the Londoa manageme The HAIRMAN With referenca to the way the following information having reference to Ishull be glad to nziter any question.
that if the shareholders wish them kept In will he h
of the propert really During the past are yes,
FRASER-SM-Mr. Chairman and another way the they have been dous hitherto hea grant to be clergyman is the chief hem. A share representing 8100 How many special jury ses have there beun, we have just listened from our worthy Charlay anopted these secounts to this man
Lam 1 ranture to that the explanathu they have only to gan. for the Gaol xl Huspital of a worth of property speratorning Chaplain
The duration of each trial,
They have least $7201, sthe anong kitf
How many of them were Criminal cases, to the continerea would
ruan is scarcely suferat foastiefy the require or for you and considered them quite Roman Catholic, Chaplain. Accuting that higher price than one
commenda
The nature of the Civil cases, the amounts huge bus at the brink of the bank in Frato come forward and tall, us how they wish them menti of the sharebedors with regard to the suficient. Let them, if they wish a change, The lary offered to the new Rucni mbent
mbent 859 worl
worl shit were be aimes that received by the Calo If therefor the Dock Company property
How many Chinase cu 3.8. plaintiffs and Mr. Furbes has just told us that quito quer changed. sial Chaplain, including allowances, but deis really worth two millions and a half
defendants) were there requiring special jurios.telegraphic informua frem Indon that the peatedly, at the momnat, they received! duating the eum that. would be paid by the it would sem sound policy to increase its particularis I bare the honor to be. Sir, your ad overdraw scort to the extent of Were the remainder European cases? If not manager ofthe bash of the bank at Lys Government for his
services AB Chaplain for pital ip something, like
like that amount
Kobedient-serraut, the Gaol and Hospital, the amount to be instead of writing down the valuo in order
1290300 francs without giving ang seaurify nade good he the congregation tould thin big dividends
be paid on one
1 pcs, to me, gentlemen, that the mers fat THAY DO
of a thing, big possible reflects in large smeant for the myst
vulde of the property is not calculsied to
The CHAIRMAN-It all depends on the work gregation of a wealthy community hire that secure the most favourable market for the
Direstora to-day to have gives the shareholder abazahol for yeahby
or any other commerial mutitution. I veatur to think that it was the business of the Court of
Mr. J. D. HUMPHREYSB the real point of Hongkong to raise, but it must be borne shareholders when they wish to roalise. The
Mr. FRASER-SMITH-Well, I say new assistit if we had zut that dock at the present in wied that it is
is in addition to present object of atomite in to show the real, not a
The CHAIRMAN-It is bardy nessary for some information as thow it was possible that's
woont the English. Governmost would indace me to go over the ground with reference to this contributions. The
income from rent of fictitious Hale of affairs; to understate the
Fototas gambler i Mr. Morel, a gentleman spport you.
The CHATEMAN-Yon must get someone to you to make our as they are indasing the people question of the increase of the capital of the siltinga during the year ended Flat March,
value of the aggots is therefore
whose reputation In China is perfectly will 1858,
of Bombay, and the real question is what would Company as it will be bottled hereafter. I can $1,726, while the offertory fundable in principle as to overstate them, and it
objection
known as a gambler, Hould have had the oppor am simply stating my opinion.
Mr. PRASER-BI-I want no apport. I that doek cost if you paid the proper valge only form the shareholde that cur ber Cook had dupations amounted to $354. The will be coded, we think, that the Docir instant, en directed by His Breslioner the of the large sum of 2831,000. It is all very nie propose anything you 1.Det gat, someone to re- have made that dock for it yra had had the in-payar seen it in my experience and it is at the unity to defraud the shareholders of this bank The CHAIRMANYes, but if you are going to with the Admiralty. How much less could you business principles to write up property. I have for it? You would have to raskesome arrangement has been earning nothing, and it is contrary to total expenditure, exclusive of the amount Company's property could not how be replace Governur to transmit to you for the use of the and proper for Mr. Ferber to tell us that the end it. provided in the Colonial Estimates, wated for anything like the amount of which it for heroin, compreting the duties of Spatial but there in something beyond that. You must an imparfect summary of the coverts of that
tirestore keenly feel the lows of this huge smont
formation in your hands that jou have at the correct policy to parte.. I sortata that Mr. SMITH-What I say in this-that this is present moment f a small standa in the secounts The increase of balance. The wit
this part of our property will add very little to, amourt regoired from capital could he attended by no grost risk to Jurors have the honour to be, Sir, Your ember the great elbet that this robbery bas Batik I am Vorfectly entitled to express that was $450,000.
The CH-AN-Well the original estimate our raranue for som time to come. The other the congregation in fature will therefore the shareholders, because interest bae at most obedient Servant,
bad en the shareholders of this bank and on the opinion: Although there may not be another
dooks are quite capable of doing all our business ' benie $6,500 per
Hongkong community, with regard to itseeston shareholder prepared to stand up and sayam estimated. Hosthe difference be wasted or was instead of the present to a paid on the amount for which
M. J. B. HUMPHREYS That is what was and of taking the largest vessula except a fee $2,000 odd at present contributed. How i ja proposed
to issue, new stock, the
the vales of the shares Iway mention that in the right. I am perfectly certain that sine out of it simply a miscalculation in the first instance P advantages of this now dock will be fully ap
ironclads. I think the time will come when the this amount is to be raised in a problem thus in interest would at once. Hondoren, Rag Secretary, Gan raf Cham-cant promion, and immediately on the knowledge agree with me.
middle of July the shuts were quoted at 195 per ten-that know anything about accounts will which is now exercising the minds of the become available for dividend. When good
The CHAIRMANI may inform you that the preciated, but that tire has not yet come. ber of Commarço, Cathedral Trustees. To increase the rent
the half-years.
of this robbery wefting wind the shares fall to
dock has been made 50 feet longer than was at The CHAIRM-If the shareholders, wish firat istenfled. That kas increand the cost.
Mr, FRABER SMITH-Will you kindly kafor ako the hat one it. of the sittings from $10 to 830
168 per cent premlam. Now this is a matter them presented in a different form. let them my
ras how long the new dock has been avai abo for bo felt as hardship by many members values, to build up a fund for the 19th August 1884, to the 18th August, 1889 provided for, and whateer the shareholders may beers receivad in this form and no commente would be plusible inslead of writing down The Registrar's return slows that from the which I think should have been foreseen and the Bank was started, and the statements have
Mr. J. D. HUKTHREYS-What was the cost service and the net earningsdering that time- considerable public importance. It is a matter co. They have been presented fo this way since of making that atra 50 feet P of the congregation. The mae seems to equalization of dividends, which in a few the aumbar of special jury sases tried in the think. I bad a very strong opinion that to made thereon. We gnite prepare to make difformes between $450,000 and the artus cost in the dock; we Chinese wen-of-war, twice, The CHAIEMANI think about $100.000. The HAJEMAN-The now dock in bo open
an appr ximate estimata will be sufficient. be une in which the westbier member yurt world grow to sufficient dimensions Supreme Court was 25, and the time oppled very considerable exist the Court of Directors them in any way the shareholders wast; if they has been caused by mismanagement or is it a and a Spanish vessel, but we are not fully pre- Mr J. D. HUNPHERYS-May 7 ask if the. for eighteen months. There have been reships will have to put their hands in their pockets to guarantena permanens fair retura to the one of the uses worn criminal, are rupansible for this loss. What are they will fall to what they wish. If they do not to loss arising from inagidable carure? and contribute, according in their sans elisatolta and de away with those abatp In nine of the civil cases, menpying 31 days, pane of the bank? This not the fint gards leses, I do not know what is the copree in managernent, it was simply under sstimated.
cupying 15 days, and to civil ovenpring 14 days paid fo, la it not manage and direct the so we shall publish the report es heretofors. As This system has been followed for many years fluctuatiqus in dividends which in the past all the parts were Europaas; in two they instance of this kind of thing we have hat other banke, but as regards this back it. has past in connection with the Taion Uhurch, have been fat no beeply by the proprietors were Chinese four were between Furopeans We had ons at Yokolens only a few years ever been the practice to mention losses in the answering these questions. There is cor other The CHAIRMAN-Certainly not from mie
pared to state the net sarnings When the large nongregation ttracted to
to of this Company's stock. that church by the personal influence of
and Chices; and one between Koreans and ago, and we know what the bank lost there; report
Mr. J. D. HUMPHETSI thank you for Logar dwindled
Europeans. One of the man was to vary the Benjamin scandal is only a matter of yes told to the shareholdes at the meeting by thein valte, since building, on fta marita?
Any speen lows that are made are I should like to put Has the dock deteriorated asay after his departure,
decres, and, the amount involved in the other terday; we lost two adhane in Manila and Chairsan. I do notgea tix versity for their
$237,159.
quarter of million in futaria There are other baing in the report, kr the Chairman's speech is I my inform you that the outfer dam had to be The CHAMANe, eertainly not. Besides Totnes that have been the ogrrent talk for year sent to all the sharsholders so that they know rebailt at a cost of $140,000. past. Sarely this is a matter that reflects on exactly what has happened in the Bank Of Mr. J. D HUMPREETS-It ses to we that the management. It was that the formidable course Mr. Morel's count looks very bad. I that 3140,000 is the only amount of actual loss. array of gentlemen who form the. Directorate should be very glad to make further explanations, The others could not be avoided. If there had The following letter has on addressed by rely on the strength of rumbers and not on the but I do not think with the information the Colonial Secretary to the Chamber of Comment. There is no other bank on the face I think we had better wait. We have very few a dash and a half, and hard you to construct it t
strength of intelliget somercial mun at present, it would be desirable to say to
been a loss with regard to tlie cofordom the dock certain place much hotter than engkong would have cost 91,Jakhe less, intonnd rambers, is said to be paved with good intentions; Colonial Secretary's Office.
of God wearththesbarakoders of which would have details from Londor, last mail only brought day you could not construct it for lees, putting by logic and Ene arguments mean nothing. ad that good intentions notes backed up Hongkong, 24th Angust, 1894, tolerate such management Supposing it was use few details information of the loss all olties out of the question! Sir-With reference to your letter of the 9th bargbrhich bad such lares, do you think the An accountant from London was sent to report construct it for less, especially as material is wonderful amount of courage and foresight and I
bank in Glasrow. Lundi Manchester, or Edin having only just before the mail left.
at all I cannot help thinking that the instant, on the subject of wather Telegrams, I shareholders would sit by tamely and submit to on Mr. Morel's account and the agency generally much deuter now than it was some tea or six think ales a wonderful amount of care for the lu- The CHAIRMAN-I do not think we could directors of the Tincki ompany have displayed a knowledge the receipt of your letter of the 9th for the information of the Chamber of Com porfeully certain that pubite opinion is not with matter has not been very long standing. As
Sir, I am directed by the Governor to acum directed by the Governor to acquaint you, them ? I'don't think they would. Although I am and that report has not yet been received. Theyaura iga instant in whh the Committee of the Hang- eroe, that he has given strb instractions for me, that is, patio pins repreted by the fark 1st November, Mr. MoreTs ton ff the safe of the dock has increased, the Deck Company, which ought never to have terests of shareholders inndopting the wise policy Long General Chamber of Commerce urges re- the immediate transmission to the Chamber of shareholders, at the same time I know perfectly account was at credit and, as far as the Bank in hother instead of writing down we should not been constructed. The docks owned by the Mr. D. HugraREYS--The de ceal ques- of writing off the value of that white elephant of consideration of the question, raised by them in Commerce of all auch talegrams received, who wall that I shall have public opinion outside with concerned, Mr. Morel had been requested to re-write ilap, if he cost of constracting anba donk Company previous to the building of this dock their letter of 30th April, 1888, as to an increase ther from the Observatory or elsewhere. of the allowance made to Special Jnters, and in reply I am to say that is Excellency 80s no ber of Commerce in their views to the extreme of the Court of Director in act having proper Again there is one thing. I do not know that sod quite what going on, that if that dock years, and the big dock at Aberdeen am His Broolliney fully concur with the Cham rectly attributable to grvo. Leglect on the part allowed to have overdrafia wirkyat security mo her, and all gentlerar, who 'rad the papers of shipping in the far East for the next 10 ne, when I reiterate that this trage loss is di- duce bis overdraft and informed that he was not is mas to-day, I think you will all agree with ware amply sucent for nil the requirements It may surprise the abareholders of the his view as the inexpediency of altering the and earliest information with respect to 1 canuit think of anything more scandal holds the Bank's power of attorong. In ea at to build it at once. I do not attribute way blame few thousand dollare been spent ou It, would bare thing in your latter whieb in any way undifies importance of obtaining and publishing the bost supervision over their leges at every branch any check can be plsed on the agent As he had out barn but we should have had to start speaking of what I know by experience)ad » Hongkong and Whampao Dock Company to las in the dirtion desired. lear that no dividend has been legally de- The renson for the Governor's draxton, feu wish the nature of the information now given or character as a gambler was well known and who come to the care of the Bank, lut such the times, because if they dock bad not been clad we are likely to have here in this gamers. typhosas; and he is by no mens satisfied either ous they that a person like M. Morel, whoes any moment draw a large sam before it could to the directors for being a little in advance of been de capable of boiding the largest iron. elred for the last half-year. The Chairis, the absorien of which the Committee make mom with the promptness of its supply to the public. Left, believe, the employ of the Comptoir d'Fs checks as we can place on the agent are built to the past it would have to be done now tion. directors, and shareholders present at the ment) His Hoellency had thought would be meeting held on Monday wers apparently softly obtions to preclude the noseity of a view to abitantial improvements in those rowupersion kint over Lis, and that he should in this case the result is very tretanto. which may be on the war path out here.Great
His really is now making enquiries with compte on that account sould not have had mare placed. Ton bara rot to trust your agent for the accommodation of Her Majesty's ships Mr. HUMPERETS-I do not know whather it thub concerned with the
giring them. question whether the policy of writing down was to be con- immemorial, in regarded as an obligation at somewhat large expenditure, be doss uct death of suemity. Of coures It is a very plateau the dieselors were not aware that Mr. Morst's our deck is the only one in the Mast bapeas not finished till recently, and that mak The duty of serving on juries Iss, from the offset, and though this might possibly involve a $330,000 without giving we cant in the share! I can only say that intil this thing happened fiombay to contract a dock there. I bolove the new dock was opened 1 months. It
spects, which he is determined, if possible, to have bra aliosed to ovlan that large sato af I do not think it necessary to say anything more.
is permissible for we to speak just now, but 1 Linued or not that the business of declaring taching to British citane for the fulfilment that the importenos of the object to be gained thing to hear, and it must be so to the acconat sus overdrass. If there are no further able, of taking is saips which may have all the difference in the world. The new look esser is being exercised on the people of would point out that it is a mistake to say that the dividend was quite overlooked. ouissier is not likely to
The of which payment wan oplated by the will furnish its complete instilestion.: be attended by any common law ; sugh 'j-
moreover, not serious consequences; the dividend is to be now granted in Engl.
His Excellency hopes to be shortly in a posi- the Philippines are y cearly at an endport and accounts as presented.
sacobollers generally, that our troubler questions 1 deg to propose the adoption of the to be decked. I think therefore, sir, from the has earned a great det of mo ay since it was duir pait and on shareholder will be found to most of the Cominoes His Excellency this subject-1 hat the honour to be, Sir, your Court of Directors: bao quits congratulate motion was carried
as be believes, intion to make a'farther communication to you on That again is a matter on which I think, the
facts I have elicited from you that rather than faished, but or ainer it was temporarily opened. object, we think, on the ground of informa see any pecularity in the oifenmitances of most obedient servant, to be, Sir,
The Hon. C. P. CHATRU seconded and the writing down the ralne of the deck; se a matter Mr. SM-Has there been a sugto ship in What happened the
Hongkong with justifies an exception from the
themselves either for their foresight, their dis
of business principles, it should be written up. I the deck that could not have been decked af mesting was simply this. The adoption of the report and Sport Jura har, however, by local law
general rule
Mr. LAPRAIS proposed that the election of the ask you as a matter of etiquette, whether any Aberdeen or Samshpipo gretion, or their gent management. Our Hou. J. J. Keswick to the Board, be cerformed. Iegal status is the Pipines ought to have
smetiment I may wish to put, should be put scron He was proposed and scended in the of the colony, ben hitherts allowed a fee of $10. Henderson, Erg, Socrotary, Hongkong Ge been scared years agi 1 cuuld have been carried.
Mr. Grond-recorded and the motion was
The CHAIRMAN-NO. now or after the adoption of the report has been aust manner, and an amendment was then for each case in which they servo, Common
Mr. SMITH-Very well there you are. Now Just na oily enzed this as now, There was!
propond and recinted. ·· proposed and seconded to the effect that Jurors on the ther hand being allowed nothing,
Hon. C. P. CHATEL proposed that the elec
we are getting at the fats. The new dock is difflerty in the way and at a public meeting tion of Mr. T. E. Davies as member of the Boardbeg to propose the adoption of thereport, if any time it was started up to the present day. The CHAUMAN-In the first clara I would absolutely useless sud has proved so from the hum of $100,000 which it was proposed to though it must be supposed that, in si least one
held in this hall, I think three or four years to confirmed. write off the value of the new dock should, they, relatively to their means, low fully HONGKONG AND SHANGHAI BANK, I strongly suggested soicething being done
and will sooood it, and then you can bring for What will any one abarstolder, who come for be
Mr. HUMPHREYS conded, and the motion ward any sendment. carried to new Ron Bot The amendment such as Swiat Jurore by the performance
ING CORPORATION.
in that direction. Nothing was done until we was carried
ward to support the amendment, say against that was discusved at some length, and was finally of this day.
were compelled by having our agent sent izto
MR. LAPBAIK 'SecondoŤ. 'The CHAIRMAN intimated that dividend wax
single argument Res is a dock standing in voted upon and carried. The Chairmen exempts from arviot on Common Tazias and is shareholders of the above Corporation
As inclusion in the list of Spacial Jurors The ordinary hait yourly meeting of the wakened up to the fact that something, had to The meeting then oked.
gaol, when the Conet if Directors andderly rats would be ready caerday.
Mr. J. D. RUMPHREYS-Sir, I hag to move the books at the present time at something like baving unda the novel announcement as to therefore a privilage which is not afrequently Flald on Saturday, the
an amendment, which I believe takes precedence $750,000 which has poter earned a cent and the issue of the dividend warrants, the pro- olkited for, it would soom that payment, it made the City Hill, Hongkong. There wore amount of baieft. No amount of dissatisfac
was be done. "I don't think thore is any great graditi
of the rosolation. The amendment I propose is not likely to earn one, and yet the directors are 4th August, it due to us Court of Directors even for this
"That the $100,000 which it is suggested to to be blamed because they took the only riai ceadings terminated, the question that the to only one of the two classey, should be tsade present Mesus. W. H. Forbas (Chairman) tion can be expressed with one of THE HONGKONG AND WHAMPOA forward to a new account. My reisons for pro paay by writing dozu ile valus its Betitio
write off the value of the new deck, be carried coarse af giring a basis of stability to the Com report as amended bebroved not being put rather to Common Jarers and yet application ILL. Dalrymple, W. . Brodle, T. E. Davies, of the bank's working. Indeed it is most gra- to the meeting in spy, sbape
forms, That is now mads lah, if granted, would increase J. F. Holiday, Hon. J. J. Keswick Huifying is and that our saning power is lucres
TRADOCK COMPANY, LIMITED.
posing this are theso. From the answers Just value. Besides, I rentary to think that the old the shareholders did so approve might be
what His Eranoy regards as the undue pre-B Layton, Mears. Se C. Michaelsou, J. Bing and the most important fact that we bare
olioited from you think yery grave doubts shareholders are entitled to some consideratioa. Inken for granted, but the approval was not bg For the mason above Indicated, His Ex-mon (Director), GE Noble, Chief Manager; eleven las of dollars gives ne an idea that all, Hongkong.on the with August. There were amonut for which it stands in your books, and don't want toys. We want articles. We can nan ference in favour of Special Jurors already exist Moses, L; Poesiecker, N. A. Eleb, E. A. Selo ruft in six moms of something like holders of the above Company was held in the City under the prosent circumstances than the onch Bat we don't want such a dook. We will are in the minds of the shiroholders aà It may be quite true that if we were to start to The ordinary half-yearly meeting of share to wholer, that dock is not worth worn money build arch a dock now it would cost quie an expressed, as required by
Articles of lancy is of anion that if are wire to heJ. P. Wade Gardner, H. 2. fast, C. J. Gon the carning power of the bank is almost un-resent Messrs L. Presnecker (Chairman), W.if such is the case there is no reisen for writ-and it will be very long time before we shall Associaljon.
The adoption of Mr. BUMPEREra'a amend, lag foor to Inture altogether be out abolish Chaos, CA. Ozocio, 3.D. Lalu limited, and, with props management, the Forbes 5. C. Michaelson, A. Siel T. Bing it down. Now, sir. I have no wish, while maks sny menoy out of this dock. Bulk bout ment at Monday's lasting may be lakengard their apikation ag glmost without the Henderson, A. U. Stephen, W. E. Gaskell, G. on, 1st managers af branches and others Billies (Secretary), Hos: P. Egie, Mars. W. should be divided amongst the shareholders, tor dollars. It is tras vs here considerable or
Excellency observes that the Committee John B. Laprah, J. Muffet, G. Stewart, sing that their busines is proporly carried Laytoo, Hou J. J. Howick (Directors) Mr money that it does, to propose that more mouey already a capital of ever'ne million and a quar A. Chtacy, CA. Humphreys Court will take some litt personal interest in Daries, EL. Wood F. Dodwell, Hen B. the Company is owing the very large sums of increasing the capital of the Company It has indicative of the dates misation of the meal of the Gorerament to refuse (1) becsuie Coxon, D. MoCalioch, Hon. O. P. Chister, are not allowed to gants with morey not bo- Arinatrong, A. S. Coan, J. B. Elias, A Cohen, because I think the creditors of the Company amific at the Bank, bat it seems to me that the jority of the shareholders that the policy oft is based on the strictest squity (2) because H. T. 3. Grou, P. Jordan P. Cantiniog, longing to them by oranjaving accounts from A. G. Morris, B. Frater Simi h. Perry, JD. might take objection to such a course, but it directors are taking the best and wisest cause writing
down. the Tale the Company's Property is to
to be discontinoed.
"it done not involto a charge upon the whole f. 8. Silas W. Legge, A. Bois, B. B. Jorey, the bank without seenvils, ir in fact overdrawing lamphreys. H. Humphreys, D. McCulloch, J.my intention, and I think I shall be supported in reducing that overdraft. In years past I doubtful,bandon
1community, but only upon litigante, (2) bereuse J. Turbaru, & Heronok, S. 8. Benjamin, G.D. from the bank at all-who that sort of thing is 1. Cox. E. B. Jorey, J. F. C. de Roza, F. by a large majority of the shareholders Lave frequently denounced the bad pelias of Articles of
whether under the Special Jurors are unaimonsly in its Scott C. A. Tomes, F. Dodwal, A. G. Stokes, put a stop to. I think we may reasonably look Grimble, W. H: Boy, S. Lapraik, 8. 9. Bot-anall not be able to fart it at this meeting, declaring big dividendain the days of prosperity. the Directors might faveur, and (4) bocense" the silence of the rest W. H. Young, N. D. Ezekiel, R. Fraser-Smith for better results, cortaity more satisfactory re-anio, H. Robake, G. A. Caldwell, Treg, but I eu supported by a great funny shaye It was a mistake; they should have consolidated got have written off the mount they the community must be tako na approval of 0. 01. Herman W. Maitland, G. de Cham-suilta that we have had br many years past. . E. Bolios, Ho Tung, E Henderson, G. M. holders who will record their tes at the the position of the company. No doubt there proposed
on their own responsibility without the application fo reference to the shareholders. By Amelse. For reusins given above ha regards the ke
His Excellency is unable to consur in this Booth, W. H. Bay, A. E Trans-Nicholson, would call atleation Iht move an mendil, J. H. Talbot, &o, Pe
penux, E. Geor. J. Consmans, E. B Gore- There is other thing, it regard to which I Bain, J. 1. Sott, W. D. Sutton, A. H. Mannest meeting it is my intention to propees are many here to-day who remember the cir 101 it is provided that the Directors may proposal, instead of being equitable, as wrong in with the suretion of the Company, deelar people and as increasing an nequality already port has been circulated for two wosks past, I do garly report; the most important part or what permission we will takoit as read. It is plesat we should have been in complete unison. now when they
The CHAIRMAN said:---Gentzan, as the raget half dozen sopporteu.and that fe in this bog teen in your hands for some days and with your into some arrangement with the directors so got when the days of adsetaily came.
ment, batam perfectly well aware I should not.
samo mole of paying off this arvessive debt. austaudes connected with the fasting prosperity The CHAIRMAN Gostioman, the report bas I should by most pleased if I could have entered of past years, and what blame the directors holt or bonus
to be paid to the share-existing. Moreover, bearing in mind that linct propose realing it unless you desire me to do ought to liste been most important partis omitted.ag to note the very satisfactory result of the We could have arrived, as I have aired, to-day, a wiser policy they meet with a factious ;and Article 102 provides that the gauts are by no means tholly confined to the The prsite for the half year under review There is to reference hors to the loss in Francoist six months working, which permits your di- at the vile in the books, of the siw dock, and opposition based on grouds which I am at a loss Directora
are attapting to follow dividend or hendes et ur comt of tas pro his duty to favour what words practically to there are slaint record in the muinates rictors to recommend a dividend of 5 cent, supposing that the values of the othe
my, before
kside nut of the pro-hia bu file of the Cany such a Rom
they us on a portion of the community, nor does ke dollars to the Reserve Fund, and 370.000 carried very well for the Chairman now to joske anna erubelders, and to reduce the book value of the I think, Sir, that we could fairly strive at what stupid could be organised, been the only cout. on the capital; an addition of one lao of that such a los bas bon sustained. It is all to pay the nominal sum of $100 to contributing! are as stated neither overvalued unrunderalued, ging" the shares in the market nothing more think proper as a reserved fund. It any there is all to be unsalinity in its favourit, satisfnotary, but as were in great hopes of and law de son at the doch sorged on the Oceany should be, the scan't be high re should it be to sand the shares down. doy, man who does feel himself bond to noord an application be forward. This in itself is, I think you will adofficial explanation, which is no explanation at new dock by $100,000 When the castro the amount of the new ocpital of the company reasonable effect of an increase of expital would not appear that the shareholders base AZY right at in ordinary wearing to reverse their none but the very few interested hapish dat would have been the best record. Dar The Cifarma Ithamorez been done befora, the Chine, Station, as mat was ofima ed oapital for the Dock Company. I think, gentle would see that the only fest would be to end
on the part of those who slone benefit by it be presenting to you a Proft and Loss Account have had it here before us a the report. decision of
of the Directors As to the sum toto bavi expressad their Apinion on it, and this first accounts showed II Ises of dollars profit,
by Admirst Willes, Commander-in-chief of urease the present capital to make it a fair knows anything about Sgares and statisties. be su sut aside. Some years ago the reserve cially since the decision of the tavernment but about the widdle of last mouth the London before. Is every case it has been omitted, but it greed to give us a free grant of £25,000, equal correspondence on the subject and there saddle the Compeuy with a capital on which no fund wu done away with in
Mr. Snow has never been done st 8450,000, of this sum the Government men, that most of the shareholders lare read the the shares down fifty per cent. probably, and the policy of wriling down values, How Froellenes further observes with surprise Bank in Tyone, bad overdrawn his socount to the larly constituted bank, is London for instauros,tets the dock for the sum orixinally estimated course, waryoze of as a right to our opi- reed with considerable ama meat the oiroular favour of and red any adrese expression uno sary Manager wired that Mr Morul, the agent of the ought not to have been witted. In a regu-to $149.69.72 Had it been possible to comfore I ned any nothing on that We have, of adrenats reture could possibly Un made. I are far the discretion of the Directors is affected the the Committes regard the case of India extent of 1,990,000 franes wifiont parmission that report would have ih seat back until it would row stand in the Company'e Apels at ning on that realtor. My opinion it thia-that sort round by Mr. Humphreys. I do nat kaow by the change may
may be a matter of argu.it app that Special Jurors are not and without security, to meet lossese bad incurred was amended This is the most important 830000 less the amount formerly written off the capital of the company should I such as to who is responsible for the gurus given but su ment, but it is clear the Articles stand to aid as having analogy with that of. Hong onthe Bouras Mr. Jackson recommended that the part of the report, the most important event would also rensind you that our wings make it perfectly safe against all fungers and thing wors amusing then the statistics in that need of amendment, as suggested by Mr. in the number of the case from which Special there was no obsice of recovering anything, and under review, and there is pit, oso word bere sud to son by, ocuparing as his months from this meandrent. The real question can be set- not think it is necessary to speak fart or on this k on the ground of the enormous disparity whole amount aleald be written off as he thought that has happoned during the whole six months teresarily fustuato very largely, which a continge airs, end therefore I bara proposed airealar I do not recollest ever having read. Ide HUMPHRENG
at Monday's meeting. Taking Jures are dries in India compared with them as they stand they do not seem Hongkong and beanusa for this resume provision for $890,000, and thereby reducing one give us bill a dozen line. I say that no pro snder review, when you will find that the net amsudmat to the buggestion of de directors. give the shareholders time to ensider this pro we accordingly wooded our accounts, making the Chairman fa his only endoscorda to July to December 18 with the period now led benafter; I hare simply proposed the matter; if there is to be another meeting it will to give the abareholders at the ordinary adin the ter os the commercial comunity in profits to 3776.000. I need hardy tell you how fessional accountant wall pass that statement profit is 3.74 times greier for the last thus it 12 doos et alter il sogonate in sy way, exporal. I ask you to oppose the amrodment." Ita yearly and balf-yearly meetings full control light, while in Hongkong it is a positivo burden ashly the Dirsstors feel the loss of so larges of accounts. It is askelses; it is usty state was for this preceding six months. It is for copt putting to new account instead of writing not baard en common-smes principles: it is an of the whole of the earnings of the Com. His Excellence presumes that the Committee sum ander azokaircumstances. Mr. Morelement of counts at all. I should like to sea this reason that your directors resemmend that off naw dook accenat. The acconnis practically insult to the Directors, abo are at ruggling for the pany, but, on the contrary, leave large no statistics to justify the statement in to this of course no longer So the employ of the Bark this sort of thing sabated at the meating the sum of 8100.000 be written from the value of remain the same. There is no question of dis best interests of the companalo sharebeldars power in the bands of the Directors. The ormous disparity but in their abeone he and Mr. de Boris, latestbanget here, Las left of ahareholders of the Cheriered Bank in Lean tho nos dock; this is the policy that has been puting the socounts. All the sharhelders are you; apart from the two gigantic sharebears qualification for a Director in
hould have been inclined to quoation it exist for Lyons to take up the position of agent. The con. You would have it rery quickly throws followed in former years and in the opinion of extremely well natised will then and their who are mpposed to have organised this opp the holding of four our share, and at the present time, we be Jururs in India (like that of Europeans) boars a late, but I am pleased to inform you that after kod working, those sto tie items which the as ler as it may be found was in manner is which they have fonagel the com- Chairman
fest, and to believe that the number of Special Manila agency has caused as much anxiety of lack upon you. The gris warnings, expenses the directars it is the fost and wiset toyursue thanks are due to the directors for the very bis tion, to vote for the resointion put by the love, the totul auieber bald by the nine mel lower and a bigher proportion to the many difficulties and delays un have at last shareholdere wish to kniznot this thing I saw the future property of the Company, and paby's interests during the past half year, but gentlouen colpposing the Board does not total population fies it does in Hongkong. excred bundred and fire. Any gentle any case the duty dere!rlog on Speeist the certificate of registration belug now in our consideralon of cha director I think it would appropriation of the sun, in the manner yoooming down end I think if you will inquire into following realt
abcorded in getting the Bank registered there, have meatbaed these for feets for the future although it is called writing dewa, yet the there is a difference of opinion about this watsolation was then put to the meeting with the Hr, J. D.HUMPHREYS Awendment to the re- man accepting a pest at the Bourd
Jarure in Hongkong, though no doubts position. This is a most stalactory result, be well if the hairs of the Bank were conducted ended is nothing less than building up a re- the water as fully so I have done you will find positive "bare treely be regarded as it gives the Bank status in the Philippines publicly na then affair of other chartered perre fand and preparing us to mest opposition that it well established enstom at home, where in return for his remuneration use his
For the amendment-hi; «gainst-25. judgment in the control of the affairs of in eighteen months fro
average involves to anot Javor service only once trust that Court troubles i tort quarter may is nothing to hide and I piume that the Bank he crushing weight of an increased spital.ands of companies for every one has bore, although that will not be final a most of my pro The CHAIRMAN declared the amendment lost sous be ended, we will now be recognized will lose nothing by tolling the tenth as to its During the past six motthe the amount of sun-you will fad that in meerdance with preced-xian bave been shut cat
Mr. J. D. HUNTER Grizand a ballot its affairs would probably be quickened it especially surprised that the Committee should sults that were formerly decllid. against as the report are what we arentitled to have by to $790,974, and if our present poljey is oon of the vine of the state, that it han axiom at this meeting it must be fast
But however this may be, His Exoloney is in Branis Courts and in a poltion to defoud general working, and the things emitted in dry creditors has been reduced from $77.384.95 Bol at home, as regard this conting changing bis pecuniary stake in it was enlarged. now repudiats the existence of any wology in without a hearing on the sole grad of our non- law. The best taing de to bave all available inned, there would to be wary pro that you may not write up the glas of your
As to the policy of writing down the value the case of Inds, Samanoh as it was at their registration. Our legal advisersla Manils con- informatici at your disgal. I do not think babit of gaidating the whole scint In property for the prepose of declaring far as this meeting in epoerned.
The CHAIRMAN-Wiaterer is the decision: of the Company' property or jecreasing the gostion contained in their latter of tidently assure as that the funds of the Bank there is any noosity for sing anything more, a form. The Company's Dock and dividend. I think the revures would also apply
ມ order to pay of its large debt, 50zil, 1088 that he tunde eoquiries as to that were embarged early to the year will on The whole thing is cut a dried and finished; uschine cheps are all in met slent although I don't know of any praedeus, that position of this $100,000 think Mc HUMPREEys and hit supportersWhile zino wyretting that he is unable to taken up by Mr. Jackson on the lat June, spaz the Catift of Director cold one and tell being the last six months, without in any way peris below its real worth for the purpose of hot not be final as to the wishes of the shareholders
the Indian practice
be returned to as The management in London but it is not very creditame that almost story mate, enabling as to do a large amount of pairs you may not write down the value of your pro¦
Mr. FORBES-It will fun as khe die- have decidedly 19e best of the argumest, griat an application which is urged with no Mr. Mclean having wished to wire, and from as we have lost three ur bandred thousand over taking the exons of the works. Te coloring a dividend. I think if the que le tonn this matter. I don't think a quator arzo Mr. HUMPHREYSI mean to say that it will
It is
FEEDLEICA STEWART, Colonial Secretary.
neral Chamber of Comm
Daturali, esa maller of comoron love exceptiooni kurdiskfp seeing that it on the which enables it to plead inthe Courts. I corporations of this" olaɛs." "I same that there without the disadvantage of heavy, debt. or there are hendreds or thousanda or has of thon
Lho Compiny, but his personal interest in
capital
tit
Aud
Mr. J. D. BusPESTS-It may be final as