Page
HAND ME "REFLECTIONS.
Life in Hongkong has been very roomy this last week Many have not, yet rstovorod from the surprise of the liquor duties sprang upon an ansuspecting community, and the obeap liquor: which helped to make life in the East appen dem like exile in now a thing of the past. No wonder life pessimists have been busy this week. But doubtles we shall forget all about it when the sun shines upon us once more,
COMPANY MEETING.
THE HONGKONG DAILY PRESS, MONDAY, MARCH 27TH, 1911. 177-
GREEN ISLAND CEMENT CO., LTD.
COMMTITNE OF INVESTIGATION APPOINTED:
dió. The total commission on sales at Shanghai | tion by the shareholders who may be di-satisfied last year was very small. A special agent, book keeper, Chinese staff, offices, to, could not possibly be provided for anything approaching the amount, the exact figure of which, for the reasons already given, I can only impart to any shareholder who wants to know after the meet ing.
4 How often have the General Managers convaned a meeting of the Consulting Com- mitten during each of the years 1904, 1905, 1906, 1907, 1908, 1909, 19197
either with or without good grounds with certain matters in connection with the Com pay, sud I certainly do not propose, sir, in addre ging this meeting to pass judgment on the General Managers. We are simply in the position, myself and the other shareho should like some enquiry to be made with refer ors who are with me in this matter, that we
eure to these various bad debts that have been
cannot be found before wa mscrifise Lu standing at nearly two lakhs of dollars in our books From the Accounts laid before you, you will see that as we promised you at our last meeting, we spent little or nothing on Copilal Acconut, nor do we contemplate sny more The twenty-second crdinary general meeting additions to Plant or Machinery. We have of shareholders in the Green Island Cement provided for Depreciation, as required by the Co., Ltd., was held at the filos of the Gaural Articles of Asscoiation, to the extent of Managera, Messrs. Shewan, Tomes & Co., at $114,593.17, and this smont has gone in 11.30 am. on Saturday morning. Mr. Breduction of the Overdraft at our bankers, It is not many decades since Hongkong Showan presided, and there were sise present which has been brought down to 2527,057.27 on passed under the British flag, hat it is beginn-Sir Paul Chator, Hon. Mr. H. Keswick and Dr. 31st December last. Interest, 340,498.72, still ing to suggest, i raspectable ago when the J. W. Noblo (Consulting Committee); Mr. J. forms a heavy charge against our profits, but year, but this is no criterion, as we frequently we also usturally have an eye toward the future. jubilees come to be celebrated. The Chamber Robertson (Secretary), Hon. Mr. H. E. Pollock, that will be lower this year and will naturally of Commerce is still very much alive after a Hon Mr. E. Osborne, Commander C. W fall as our overdraft is lowered. Not only shall varied career, and the attainment of its fiftieth Beckwith, Mesers, G. J. B. Sayer, A. Turner, we have less to pay for Interest, bat depreciation year is to be observed in a befitting misuner, A. Rodger, H. J. edge, D, K. Moss, A. S. D. at 6 per cent will also be less on the written For institutions have such a record of useful Consland, G. A. Hastings, A. H. Harris, A. S. down value of the plant, &c. On the whole, Gubbay, F. Smyth, T. F. Hungh, G. C. therefore, we need not take too gloomy, a view of nems on this valuable parliament of commerce.
Muzon, G. R. Pieroj, Ho Fook, A. Austin, the situation, as, if we cannot increase our profite, I see the men of Devon forsgathered on Satur Skot, A. Bryer. W. F. Clarke, 3. M. Macedo, our expenses and charges, such as the fore day night xt dinner, and I believe impreased on J. W. Les Joues, Roader Harris, C. A. Tomes, going, will be considerably reduced, and we their visitors that there is no county in the world Dr. Sanders, Dr. F. Koyt, Messrs. H. §. Oak shall not, I hope, have to face such losses again like glorious Devon." Indeed, I am told that ley, P. Klinck, D. Young, R. Cox-Edwards, for bad debts. You will notice that we have the Chief Justice who is not a Devonian A. & Gordon, R. Hancock, H. Hancook, A. V. had to meet heavy losses on this account. Our though it is an open secret that his lordship | Apcar, §. 8. Perry, J. A, Young, A. Temporley, daim on Brues, Peoblos & Co., Ltd..“ Eancies "Hope Dawlish" for his other namo. B. Rowe, Fung Shui Wa, A. Keith, N. $9,755.24. Against this we hold one debenture, remarked that in the dialect of the county Devon Crondhor, Chan Sui Wan, A. H. Hewitt, P. F. C. rhymed with Heaven. No-controversy, please. Gražu, W. Wilson, A. E. Griffis, O. Areulli,
A. K. Aroul,Lo Cheung Shui and others. Somo $8,000 has been voted by the Legislativo The Secretary road the notice convening the Council sa the amount necessary for the taking meeting. of the quinquennial census this year. I hope those who draw op the papera will deal gently with usand not give us too many problems to wrestle with as to race, nationality, number and character of birth martes, families at home and here, and so on. While I am in this choorful mood, I may as well remind those interested that a thros days' postilence with the low of 70,000 of the Israelitish host wak, according to the Second Book of Samuel, the consequence of one of the earliest attempts at numbering the people.
The Legislative Pouncil is to becongratulated -on its decision to extend the definition of barmaids to all wonen serving in any capacity in a bar or rooms adjoining a bar. There might bis soms justification for their employment at home, but there is loss in asen-
CHAIRMAN'S SPEECH.
The CHAIRMAN said Gontlemen,As the report and accounts have been in your hands for some days past, we will, with your permission, follow the usual custom and take them as read. The profit on sales of cement. &c., less interest on overdraft at the bank, is $281,145.78, and after deducting. depreciation at six per cent there would in ordinary times be $166,552.61 available for appropriation, or, say, a dividend of 40 cents per share. Unfortunately on this occasion we have had to provide 855,841.25 for Bal Delta, and $29,065.90 for loss on the Deep Water Bay Five factory, so that our net profit is reduced to 280,645,46, out of which a dividend of 15 centsporshare has been paid, absorbing $60,000, leaving a balance of 820,645.46 to be carried forward. It is with great regret that after the
|
was for
༄
written off with reference to the working of the Deep Water Bay worke, and also I think it will code within the with reference to the works on the Green Island scope of the matter if we say Baar Maono and the big works over at Hok Un. The answer is:-Two or three times each We do not, sir, merely ask to look into the accounts purely with reference to the past, but consult the Committee by circular, as that can Sir, I think there is a general feeling amongst be done at once, whereas time is lost in call, the shareholders if I may be permitted to say so ing a special meeting. For instance, when in quite a friendly way, that you have been too Ching Too defaulted, this information was optimistic in your past. forecasts. Nobody dis- pates that optimiam in itself is a very good thing, passed round to the Committee at once, and and nobody wants to seathe general managers of a Mr. Slade's opinion was obtained, and also company going about with long faces us if their pamed round later on, In the early struggling air, there is a feeling abroad that you have been, company were going to rack and rain. But, days of the Company, we had frequent meetings if I may say so, too optimistio in the past, and of Committee, but the business has been entirely perhaps I may be permitted-I don't want to go of a routine nature of lata years. No specialints things at very great detail-to indicate one expenditure was made last year, and no knotty two points on which I think thoro bas boen considerable optimism which has not been questions arose for discussion.
justified by the results. For instance, sir, in 5. With reference to the items in the accounts your anunal speech made to shareholders on the that speech: We have also taken up the 3rd of April, 1909, you said towards the end of making of conorets blocks for building purposes to take the place of bricks, and have just finished a godown for our friends the Standard. Oil Company, which I of what can be done in this way." Well, sir, think will prove a revelation to most people
to say that you were optimistic in that matter to pat the thing very mildly, 1909come to be looked into wa NSS becauso whom the Becounts for that year
pat down as an item of loas. "Loss of working concrete block and pipe department," $18,000 odd, and Hip On Company claim for damage by fire,810.000 odd. I understand that this concreto block business. that olaim of the Hip On was in connection with
- The CHAIRMAN-That is hardly true, Mr. Pollook. The toss WHA in connection
...
Bad debts written off, Ching Yue (estimated Loss), $51.130.94; Bruce, Peebles & Co. L, 86,710.31" will the General Managers explain what the position of these parties in and on what grounds they debit these faccounts to the Company? Will the General Managers also state whether they have credited themselves and their firm in Shanghai with any, w, if so, what remuneration and commission in respect of the transactions resulting in these bad debts?
with a fire, and had nothing to do with the couorete work at all...
Mr. POLLACK-Yes, there was a fire arising out of it.
in the reconstructed Bruce, Peebles & Co., Ltd. for £170, and scrip for 617 shares of 21 caob, fully paid, but as the latter seem to bạ of quite; a nominal value, we have thought it safer to write their valas off, and if any dividend is aver paid on them we shall be so much to the good. In regard to the estimated loss of $51.130.94 by Ching Yue at Shanghai, whose failure is so well known to you all, certainly no blame can be attached to our Shanghai agents, The answer is:-The grounds are that no for he seems to have been universally trusted, Agent will guarantee Bad Debts for a merosol- and regarded there as a very desirable onstomer ling commission of 21 per cont, but to put the to have in one's books. From all we can learn point beyond a doubt we took Counsel's opinion, the chances of reducing this hoary loss soom which is here on the table for your inspration. remote, but, of course, we shall soud in our claim Bere it is gentlemen, Mr. Slades. The answer against any cases which may be realised by the be the socond part of the question, which is, liquidator. As for the prospects for the current Will the General Managers state whether year, it is impossible to speak positively, for they have credited themselves and their firm in so much depends upon the competition we may Shanghai with any romanoration and commit meet with: We have, of course, reduced our output by burning fewer kilns and zoning the these 3nd Debts Pis No, Iu the ordinary course sion in respect of the transactions resulting in grinding mills on short time. We have also the Shanghai Agents charged commission in made all possible economies in the stuff, and their Acconet Sales, but this was written back &c. On the other hand, we have commenced The ectomission was, however, fairly earned, and the year with one or two fairly good contracts, had another firm bean Aganta there we do not which will help our local sales, and we have a suppioss we could have recovered the amount. good contrast in the North to carry out. To
6. With reference to the item in the Accounts make up for the competition in our old markets, Lem Loss on sales of Bricks, Pipes, &a. Mr. FOLLOCK-And I also understand, sir, we buvo mada stranacus efforts to push sales in 329,065,90," will the General Managers state that with regard to the concrete blocks that other directions. We have considerably in what remuneration they have made for them. they has not proved the success anticipated as articles of commerce. Now, sir, for the creased our business with the Straits and Javs, selves but of the sale of such Bricks, Pipes, of year 1908 w received an interim dividend of 40 and we have also begun a business with Van- The answer is No commission or remunera-couts per share and a final dividend of 51 couts conver, which we hope will develop into ation whatever. When the accomts were being per share; and for the year 1909 we received an regular bride with that part of the world made up at the d of the year, the femoral interim dividend of 35 cents per share and a finst dividend of 40 cents per share. And TOU, A shareholder, Mr. Turner, in his saal Managers decided, in view of the unfavourable sir, addressed a general meeting of shareholders in March of last year, and there again one To save time I will read them and answer them
certainly have not been justified by the results straightforward manner, has sont in a list of result, not to charge any commission. questions he intends to ask at this meeting.
has to point out the fact that you held out to us soluowhat bright and rosy prospects which
of this past year's working, because we hare received an interim dividend of 15 cents only
The CHAIRMAN-The contractor's matsheds
correcting me if I am wrong, but was it not in caught on fire.
Kr POLLOCK-I am much obliged to you for consequence of the working en concrete blocks? The CHAIRMAN-It was building the godown for the Standand-Oil Company. It was not the
port like Hongkong, and there can be no doubt high hopes Iexpressed this time last year I reduced the number of our engineers, burners, by the General Managers aftar tire loss occurred result of the concrete work at all.
that the change should make for decidedly better rezalts in this interests of the publicans and of their patrons. To prohibit women from enter- ing or parohening at pablio-hous hara is swooping innovation, and one which we are
not quite ready for yet.
The Hongkong University has advanced another stage. The Ordinance providing for its incorporation and regulation has been passed into law with comparatively little friction, and we all hope that its conduct will be as smooth and successful.
have to come before you on this occasion with such a pour result of the past year's working As you all know, the prospects of business, which were very bright at the beginning of the year, tight, and we had to face the failure of our lar- Here soon cloudel over. Money became very
gest contractor at Shanghai, and trade for the | rest of the year was bad and depressed all round. The building trade was no exception to this, and the demand for our particular commodity fell of agcordingly. Very little building was undertaken in this Colony, and we had no large contracts such as we formerly had the year was a very poor one, and one anles fell for work on the now Docks here, so that locally
off to a rory great oxtent. We suffered, too, in our prices from the competition of the cement factories at Canton and Haiphong, but we felt. the competition of cement from the latter place still more in other markets, such as those ch
sertatim
1. What · romuneration have the present
If the Sanitary Board's experiment at Starley is successful, school attendance is likely to vented with more terrors in that delectable spot than even the presence of the tiger pan provide Το the children lining up to bare the doses of quinian provided by the paternal authority of the Sauditary Board administered to them must Shanghai, Bangkok, and the Philippines. In appointed General Managers ?
800
General Managers of the Green Island Cement Co. received for each year since they baya baca
- The answer is →→I'sm sorry I cannot give the
General Managers on the Deep Water Bay 7. How much capital has been laid out by the
Works sinna 1900P What proßt, dedacting losses from gains, have the shareholders made
out of that expenditure since that date?
This question is hardly necessary, as all the information naked for has been carefully set out in each enurial statement of accounts, and can
Mr. POLLOCK-I understand the angins was there in connection with the concrete works!
The CHAIRMAN~It was in connection with
Oil Company. the building of the godown for the Standard
be a night for the gods. It smaoks somewhat those placas prices were recklessly reduced to act particulars Mr. Turner, wants, but I will easily be obtained by referring to them. When next proft and loss account will show a large
of the methode of Dothoboys Hall,and if
the children's linthsaiasm for the three R's fall
off we need not be surprised.
*
ment quotations which would have left an
guest which there was an pront to anyone, do the best I can. I am not quibbling, gantle and we were at last forced to decline to men, for there is no mystery about the General etual loss. In the Philippines our trade Managers commission, in fact, we are anxious to was also adversely affected by the discriminat. refute the preposterous statements which have American, and from all these causes our total much obliged to Mr. Turner for giving us this (Hear, hear.) The sales thers slag show a large reduction. In opportunity of doing so. fact, we suffered mera or loss from overdone average annual commission earned by the Gen- arol Managers since 1896, when we took over competition in all any best markets. The loss the management of the Company, is $35,636.
we took the Works over, the machinery was obsolete, and the whole Factory had to be practically remodelled and rebuilt. During the last ten years the total capital spent there has second part is-a nett profit of $14,343.
8. With regard to the item in the Accounts Sales of Cement, $321,895.05." will the General Managers state what remuneration they have made for themselves in connection with the
The answer isThe item referred to is
IT
INTIMATIONS
PAYS YOU TO BUY
THIS
WHISKY.
M.P.
Whisky is good, so good that the demand for it is steadily and rapidly increasing after all, that is the supreme test of quality. We want
its good qualities, and the
for you to try it. Next time orders
M.P
It contains a Free Passage Coupon
Scotland in every case.
SAMPLES ON APPLICATION.
H. RUTTONJEE
& SON,
WINE AND SPIRIT MERCHANTS.
SURVEYING
AND
[50
SCIENTIFIC
INSTRUMENTS
BY
& CO.
AND
and there is nothing spparently forthcoming by way of a final dividend. What you said, air, on the 19th March last year by way of forecast W. F. STANLEY of what was likely to happen was "I think we are quite justified in anticipating that our
balance for appropriation, as I see no to suggest that our sales will show may falling off quite the contrary.” Well, sir, that was an anticipation which was vory wide of the mark, because if you compare the balance of the Working Account on the sales of cemerit.
-1910 you will find that in 1909 the balance was $504,000 odd, and for the past year it has fallen to $521 800 odd. That, sir, ins very considerable drop, a drop of something like 50 per cent. Well, not exotly 50 per cent, something less that that, bat a very considerable drop. Now, sir, you put forward in this roport as the reason for the somewhat disastrous (for the time bring) stato of affairs, amongst other matters, es exons. ing it, the question of the discriminating duties imposed in the Philippine Islands, in favour
at feast the tariff dealing with those discriminat
E. R. WATTS &
SON.
ALWAYS
CHS. J. GAUPP
of the home product. Well, sir, what I desire. KEPT IN STOCK to point out is that those discriminating duties log daties in the Philippine Islazile come into fores carly in October, 1909, sevoral months before you addreased us on the 1909 accounts in March, 1910. Therefore, sir, when you ad- dressed us in March, 1910, and held forth such glowing prospects, the present tariff had been in force for something over five months, and therefore that factor, six, existed when you pade that speech. Therefore, sir, it is not surprising that the shareholders have a feeling-if I might put it sof uneasiness in this matter as to whether everything is being done for the best, and I now propose that the Report and Accounts, | I think, sir, that it would be in the interests of
The sanitary authorities are not sanguine abont inducing the older folks of Stanley to walk up and bavo a dose of quinine. Theng duties placed on cement other than lately been cironiated on this subject, and we are heen, roughly, $250,000. The answer to the for the year 1909 with that for the year Celestial bacalic does not take kindly to foreign nostrnma, and most of them prafer to pin their faith to the old cures and remedies which have been trial for contaries with more or less Krosss. We can quite understand the former on the Deep Water Bay working is also most I wpaid willingly tell you what the exact figuros enle of that cernent ? being haranguet by an enthusiastic European regrettable, and if we thought this was likelyre for last year, and I am quite ready to give as to the vale of the medicine proffered, and to continue, we would not hesitate to recommend them in confidence to Mr. Turner after the plainly stated us balance of Working Account, nodding his head in apparent approval as the closing the Works at once, but we are not yet meeting, but I cannot make them public, as our te, the profit after all working expenses and other points out the manifest advantages of the sure that such a drastic step as this is necessary. only commission ja 24 per cent, on the sales, and commissions have been deducted, so the answer article in question, afterwards acepting it and great deal of this loss was from breakage in if I give you the figures I shall be practically is, "To remuneration was charged by the losing it in the nearest gatter. He would not shipments on the voyage and during discharge, telling everyone, our competitors included, what General Managers, nor gold it have best hart the feelings of the offload by declining to and as this appears to have ceased for the time sccept the quinine! He is too polite for that being there is still hope of running the our sales are, and I am sure no shareholder she charged" The only charges made against this has the interest of the Company at heart will account are these shown on the other side of Factory at a profit. We shall watch very But all the same he does not care for quinine.
closely the working of this business for the next wish me to disclose the details of the Company's the Profit and Loss Acconut. The Account in which this item of 8321,895.05 appears at creditis "Present company excopted" is a very few months, and at the end of the half-year business to the general public. (Applause)
2. With reference to paragraph 6 of Article the Frost and Loss Account, to which it has been necessary phrase at times., The Hon. Dr. He will lay the result before the Consulting Com
transferred from the Working Account, which Kai had to use it on Thursday at the meeting mittee for their decision. If we find that this eleven of the Articles of Association, which prolattar account as you know is credited with pro- of that august assembly, the Legislative less from breakage can neither be prevented nor vides that (in addition to 5,000 dollars per annum ceeds of all sales and debited with all working Council, when he referred to the capacity for covered by raising our prices, we shall have no for office expenses) the remuneration of the charges. The sum mentioned is the balance of
that working account. liquor possessed by some of his friends. A option but to shut down the Works and dismiss General Managers shall consist of a commis gallon in an hour, even of beer, represente a the staff. To show you that we are not exag sales made by the General Managers on behalf sion of 24 per cent. on the gross proceeds of all capacity of which any man might have been gorating this loss by breakage, I may tell you of the Company, and on all monies received by prond in other days, but this qualification that some shipments to Penang lost as does not confer any distinction in these an much as 45 per cent., and in one case even them other than monies paid in respect of calls regenerate and comparatively sober times, 76 per cent, while to Singapore one shipment on shareholders, will the General Managers on the words, "ou all monies received by them Shareholders are not always lethargic, as was lost 65 per cent. by breakage, and three others state what interpretation has been put by them proved on Saturday when a big number turned over 55 per cent. The stock on hand at Dee other than monies paid in respect of call on up at the meeting of the Cement Company Water Bay sufers, too, from deterioration, as it and made the prootelings much more lively is difficult to keep such fragile goods from than at the ordinary company meeting when becoming chipped and otherwise damaged it everything is out and dried. The result onght handling, and much of what was first class stock to do good all round.
when it came out of the kite has to be relegated A Chinstons has been writing his impressions to the second class list when we make up our
*
*
the usual tribute to their independance and all
a sore point when ho
says that when ho
speaks
must seem to you good and sufficient reason for
of the Beat in mach a connection ho also includes
shareholders Pr
passed, and when that has been seconded I and passing these scouts to-day This Commit- as presented to this meeting, be adopted und everybody that instead of adopting this report shall be glad to answer any questions from tee which I suggest should be appointed to go shareholders to the best of my ability.
De. NOBLE seconded.
The CHAIRMAN-Gentlemen, I shall be
ready boon dealt with by Mr. Turner, but why Mr. COUSLAND-I think the points have al pleased to unawer any questions:
was Ching Yue, piece-goods dealer, given cement on credit when the custom in Shanghai is cast The answer is No interpretation, no notice on delivery?
The CHAIRMAN-I am unaware that that is the custom
Mr. CorLANC-Did he give any security to Shewan, Tomas?
The CHAIRMAN—No.
whatever. It would seem from the disuss that we are legally entitled to charge a commissien on all monies collected, &c., in addition to our commission on sales. That may be so, but I
inte matters, not merely with reference to the past, but also with roforence to the fature. I think, sir, that that would strengthen the hands of the General Managers and it would that as a result of that engairy nothing very create a better fueling all round. It may be, sir, drastic could be recommended by way of chiare.
& CO.,
ALEXANDRA BUILDINGS.
I do not know. On the other hand, it may be that some valuable suggestions may be made with regard to the working of the future, and with regard to economies generally all round. WHY GO TO I think that nobody can have any doubt that if such an enquiry is held it will certainly not tend,
as somebody suggested to me, to depress the Hon. Mr POLLOCK-Mr. Chairman, I beg to sharon in the market and create a feeling of
United Kingdom, but the snnexation. of Deep Water Bay has had to contend with and / holder doubts this statement; I shall be happy number, and with power to employ, at the Com-lines and that there are good hopes and pros.
RODERICK RANDOM.
{25€
N. LAZARUS
FOR YOUR GLASSES?
of the Scotch in a northern paper, and he pays books at the end of the year. We quite rug can only say that we have never dreamt of taking an amendment to your motion that the unsasiness, but, on the other hand, it will tend their other sunspicuous qualities, but he touches aise that the present most disastrous showing advantage of it, and that we have never charged report and accounts be now passed, and I will to create and hispire confidence. If a co10+ stopping, but we know what a number of dif. but one commission only, viz, on the proceeds hand it in. The amendment, sir, which I move mittee of shareholders goes into them matters the English, This is just a little bit malties one after the other our mazarer at of all cement sold. (Applause) If any alareis-That a Committee consisting of Dr. Noble and finds that things are being run on what and Mr. Coualand, with power to add to their sppears to be fairly economical and sound previous Scotland is supposed to run the England has always been disputed up till now.
surmount, and we only sak you now to to furnish him with a certificate to this effect pany's expense, such legal and other assistance pects for the future, then all the better for the have patience for a little longer, and from the Auditors, or from Messrs, Lowe, as may be necessary, be hereby anpointed to in Company and for everyone who is in any way con
vestigate the affairs and books of the Company nected with the Company. Sir, I am, as you BECAUSE give us another chance of pulling the Bingham & Matthews if he prefers it.
and to report thereon to the glareholders." Sir, are probably aware, only a comparatively small The Hop Treasurer of the Alice Memorial business round before you decide that it is 3. Is the Company debited with commission E think you must be wall aware that this recent holder of shares in this Company, but I have and Affiliated Hospitals begs to acknowledge with thanks the following donations to the funds hopeless. Our own disappointment is very (in addition to the 21 per cent on the gross report is viewed with considerable dissatisfaction beim approached in this matter by people to
keer, because we felt at the beginning of the Proceeds) in respect of cement sold by or through by the shareholders of this Company. If you ao whom, I am sorry to say, this loss of any year that we had overcome all our diffinities, Messrs. Shewan, Tomes & Co. in Shanghai and sent this proposal of mine the result, of course, dividend copresents a very serious and import for wo bad succeeded in greatly improving the Singapore? If so, at what rate is such com will ust be that the report and accounts will be ant item, and, sir, it is on their behalf more rejected for all time, but simply that there than on my own that I think it would be quality of our pipes, and had increased the mission calculated output, and were obtaining better prices and new The answer is-At Singapore the Company report and accounts until some enquiry has suggested should be held. I think it will tand been made into the affairs of the Company and to doar up things oll round, and we shall start outlets and merkats in the Straits for our wares has its own Agout, and Messra Shewan, Tom its books Sir, I need hardly say that int lenst, I hope so as a result of that enquiry OPTHALMIC Everything still points to better timon and & Co. muku uc charge. At Shanghai Messrs bringing forward this motion I am actuated by with better hopes for the future, with Srmer conditions if we can avoid this heavy loss from Shewan, Tomas & Co. charge the west selling absolutely no personal motive or any fooling faith in the Company sad its workings; and with breakage, and we must therefore study the commission of 23 per cent, the same as the pro- against the General Managers. I presume that a brighter tone all round (Applause).
(Continued on page 5 situation carefully and sea if some remedy Vious Agents, Mesere. Arnhold, Karberg & Lo., they like everybody else, will welooms investiga-
of the Hospitala ---
Dr. A. S. Gomes
W. A. Dawley, Esq.
F. Fumatsu, Esq.
L. F. Cooke, Epg...
W. Dickson, Eq...
China Mall, Ltd....
Craz, Basto Co. Noronha.&Co.
Mackenzie, Esq,
A. Denison, Esq
$10
998A999988
final
You will receiva Fair
ment
A Camful and Intelligen
Exemination
We have Sound Optimal Reason behind every Lane,
will be a postponement of the adoption of the estisfactory if such an enquiry so I have N. LAZARUS,
OPTICIAN, CORNRE D'AQUILAR ST, HONGKONG.