COMPANY MEETINGS.
CHINA AND MANILA STEAMSHIP COMPANY, LIMITED.,
THE (DMPRADORE'S DEEALUATI GHA
THE HONGKONG DAILY PRESS, FRIDAY, JULY 18TH, 1918.
The CHAIRMAN-I think he did not represent all, but most of them.
Mr. GOLDRING-Was he secured? The CHAIRMAN-No,
Mr. GOLDRING-He was unsecured? Tite CHAIRMAN--Yes. He was secured in the early days, but he did not deposit any security in late years.
Mr. GOLDRING-So these large sum were passing through his hands without any accurity i
Mr. Ser-Roughly, what are the total "amounts due on freights during the month t
The CHAIRMAN-1 don't think I would like to give that information away to the public
Mr. SETI-This is a meeting of share holders,
prejudicial to the Company's interests The CHAIRMAN-Yes, but it might be
The CHAIRMAN-Quite so, but we sup-to know I can show you after the meeting. to publish that information. If you wish posed we had every safeguard.
standing for some time it ought to have Mr. Ser-If this amount has been out- been found out before.
selves of allowing
The CHAIRMAN--I think outstanding freights are as they normally were. There is always a certain amount outstanding is not an abnormal amount. for freights, I think 875,000 to 490,000
uphoop of plant, etc, have been paid for out of revenge. As regards the prospects for the present year we have a good deal of work in band, and a good many inquiries-some of which we hope will result in business, and your directors hope to meet you with a better report next
year.
retire, but, being eligible, offer themselves Association, Mr. Macray and Mr. McBain According to the Articles of
audited by Messre. Lowe, Bingham & for re-election, The accounts have been
election. Matthews, who offer themmives for re-
No questions being asked, the following resolutions were adopted :-
SHIPPING IN PORT.
STHANKED,
ANHUI, British atr., 1,354, J. B. Harris, 23rd July-Shanghai 17th July, Gen- eral Butterfield & Swire.. ATAGOGAN MARU, Japanese str., 2,593, K Kawamura, 7 July-Miike 2nd July, Coal-Mitsui Bussan Krisha. BENOLEUCH, British str., G. McMillan, 30th June-Moji 24th June, Coal- Gibb, Livingston & Co. CHINA, American str., 3,160, H. Thomp
son, 22nd July-Ban Francisco 91st CHYTEN, Chinese str., 1,287, W. Ross, 19thi June, General,-Pacific Mail 8.8. Co. July-Shanghai 16th July, General— Chinese.
Proposed by the Chairman, seconded by Mr. Marshall: That the Directors' re- port uud statement of accounts made up to April 30, 1913, us printed and cir-LENSTRAE, British str., 3,054, J. Mo culated, be adopted and passed, and the of Ts. 3 per share to shareholders on the directors be authorized to pay a dividend register as date.
Mr. GoLDRING That was done, I pre sume, on the advice of your legal advisers; orvos keine responsibility your. collected by an unsecured compradore?
SUB to be The CHAIRMAN--Yes. Mt. GOLDRING-You took the advice of your solicitors? couldn't say.
The CHAIRMAN-I don't know,
Mr. Ser-In the year 1911 there were It has been going on foring making a total of 861,000. I presume I amounts of $11,000 and $40,000 outstand a long time. tion to ask. That is Have the auditors
Mr. GOLDRING-I have another ques-that?
all outstanding freights were included in of the China and Manila Steamship Co..ferent to another: the earnings of the
the CHAIRMAN-One year may be dit-ed by Mr. R. E. Kadoorio: The
Proposed by Mr. H. Robertson, second- Ltd., advised this course of writing off steamers may be less.
MeBain and Maeray bo re-elected this 879,000
directors of the company..
The CHAIRMAN-I think I can answer that in the affirmative, and say. Yes,
unfair that they have refused to pass the Mr. GOLDRING-Then the siegestión Is
claowhere?
Mr. Sarn-It is clear that this amount has been outstanding from 1911 to the present day, If you had not more than $79,000 outstanding on the 31st December, The Chainuar-There may have been 1911, I don't see how you can have it now,
may have been larger.
Mr. A. Sinclair :
Proposed by Capt. Lunt, seconded by Bingham & Matthews be re-elected That Mesars. Lowe, auditors to the company.
HATCHING, British str., 1,207, W. C. Pass- Gillivray, 18th July-Shanghai 16th July, General-Shewan, Tomes & Co.
HALDIS, Norwegian str., 2,065, Jurgenson, more, 23rd July-Swatow 22nd July, General.-Douglas, Lapraik & Co.
2nd July-Amoy 1st July, General→ Java-China-Japan Lijn.
HALVARD, Norwegian str., 1,086, C. Ander- son, 22nd July Jare 12th July, HANYANG, British str., 1,206, John Cogan, Sugar-Java-China-Japan Lijo. $3rd July-Samareng 13th July, Sagar.-Butterfeld & Swire.
Co., LTD., hereby authorises and requests under the impression that all reasonable accounts unless the, responsibility is laid very much larger business; tho carning" observed that he could not read is, as such | Tæpnasayo, British str., 3.370, Wise, 19th
For"
The CHAIRMAN-You can read the formu of the certificate.
Mr. GOLDRING-I am talking of this Company, not of the Philippines Steam- ship Company.
to pass the accounts unless the 879,000 is supplement the question by saying that accounted for I will go further and this is a subterfuge to get the accounts of this Company passed,
Company are the same as the auditors The CHAIRMAN-The auditors of this of the Philippines Steamship Company, They have passed the accounts in the way they are put before you to-day.
that they cannot pass the accounts of this Mr. GOLURING-It is their suggestion Company till the accounts of the Philip how this amount written off? pines Sternship Company are passed and
any declaration of that kind at all.
The CHAIRMAN-I don't think they made
whether that is so or not?
Mr. GOLDRING-You cannot say definitely
stand you now.
The CHAIRMAN-I don't think I under-
i
Mr. SETH-The outstandings on the 31st December are considerably in excess of this amourt which has been discovered now.
The CHAIRMAN-The matter of outstand- ing freights did not strike us as being abnormal.
under December, 1911, outstanding fraights Mr. Sen-1 cannot understand how, and sundry creditors amounted to 351,000. and they are now written off at $91,000. three times, the earnings were larger.
Mr. Sera--That was the object of my The CHAIRMAN-As I explained two or
I think shareholders are entitled to rough previous question. You said you would not like to give figures at the meeting. figures."
July-Manila 16th July, Ballast Shewan, Tomes & Co.
the attention of the Chairman was called Before the tormination of the meeting to the auditors report, but the latter procedure was not followed in Hongkong. THE INDO-CHINA STEAM NAVIGA-JELUNGA, British str, 3,360, J. R. O'Sulli-
TION COMPANY, LIMITED,
van, 22nd July-Moji 17th July. Goneral-David Sassoon & Co. The thirty-second ordinary general KINKASAN MARU, Japanese str., 2,246, H. on 21th ult, at 29, Cornhill, London, E.C meeting of the above company was held Koizumi. 19th July-Miike 13th July,
Coal-Mitoni Bussan Kaisha. KIRIANG, British str., 1,228, Robertson, 22nd July-Chingwantao 15th July, Kro MARU, Japanese str.. 5,701, Hashi-
Coal-Butterfield & Swire.
Mr. W. Fisher (Chairman) Brst expressed In moving the adoption of the report,
Friday. the sorrow of the Board at the death of Mr. W. W. Dickinson, one of their colleagues, who had died the previous
He was a man of the most ex-
both in China and here for some twenty optional business capacity, said the speaker, adding that he had known him
years, and had never sat with a man who The CHAIRMAN-I think the question was more helpful and resourceful in
they were higher than asual. Freights for 1912 were abnormal because Chairman remarked that the mort you put was as to whether outstanding counsel, or more clear and shrewd in his judgments. Referring to the accounts.
was what the amounts collected on freights Mr. Ser-The first question I asked
were.
The CHAIRMAN-I cannot tell you that the interests of the Company. in public meeting. It is prejudicial to
Mr. STB-I don't think so. The CHAIRMAN-I am afraid you will have to leave that to my discretion.
The sole
moto, 18th July-Moji 13th July, KWANGTAB. Chinese str., 1,538, C. Stewart,
General Toyo, Kisen Kaishe,
23rd July-Shanghai 18th July, Gen- eral-Chinese.
LABETES. British str., 1,349. Wawn, 21^ť
Lop SEFTON, British str., 2,792, W. L July-Saigon 17th July, Rice-- Chinese.
Clifborn, 13th July-Port Arthur 27th April. Case Oil-Dodwell & Co. LYCAON, British str., 4,514, J. W. Walker, 19th July Singapore 14th July, Gen- eral--Butterfield & Swire.
MATHILDE, German str., 223, Schlaikier, 20th July-Hoihor 19th July, Gen- eral-Jebsen & Co.
MEXICAN PRINCE, British str., 1,953, J. 0. Young, 8th July-Singapore 1st July, Oil Asiatic Petroleum Co. NANKIN, British str., 4.250. Owen Jones, OPLAND, Norwegian str. 846, H. L R.N.R., 23rd July-London 14th June, General.-P. & O. S. N. Co.
Eriksen, 20th July-Saigon 15th July, PRISE EITEL FRIEDRICH, German str.,
Rice-Aagaard, Thoresen & Co.
4,812, C. Mundt, 22nd July--Yoko homa 12th July, General Melchorg & Co.
Besi, American str.: 2,707, James Miller, 22nd July-Manila 10th July, Gen eral. Shewan, Tones & Co. SANTRI MARU, Japanese str. 3,789, K. Sudzuki. 20th July-Seattle 17th June, Flour and General-Nippon Yusen Kaisha.
attention of the management. The earn- ings so far this year more then cover exponses but are below the figures of last year. There has been further invasion of regular liners betwcon here, and Manila which adversely affects passenger basiness;
Chinese An extraordinary general meeting of catly, to decline, and there is no ahipments seem steadily, though not shareholders in the China and Manila Steamship Company, Limited is bed parent probability of a resumption of at the offices of the general managers American tariff bave helped to a small the cattle trade. Proposed changes in the (Mesra, Shewan, Tomes & Co.); vekter- day morning. Mr. C. A. Tomes présided; } extent in the way of restoring some of the and there were also present:-Messrs garrade to Ching, tomporarily any. P. White and D. W. Craddock (Consulting Way. Referring again to the accounts as Committee) A. Temperley (secretary) rendered, I must now deal with the most II. B. B. Hancock, Goldring. Verious item that comes before us to-day Atienza, H. F. Campbell, A. A. Cordeiro, this most deplorable defalcation on the M. A. Figueroido, D. K. Mons, V. Fpart of the Compradore, of which you Soares, R. Henderson, C. Klinck, O. A.ve learned from the circulars privately Nutherton Russ, H. Seth, J. McMurtrie, shed to all, shareholders. Speaking for Ng Hon Tisz, A. S. Ellia U. C. Galuzzi, self i want to confess my deep distress A. L. Shields, H. H. Taylor, E. Seth, and chagrin over the unfortunate occur C. Smith, J. A, Young, A G. Gordon, rice, and my sympathy with the share- J. H. Seth, J. S. Perry, Chan Yui Tong, holders, of which the General Managers Chan Ngan Chau, R. Basa, Tong Fukare, might say at the outset, by far the Tong, Cheng Woon Cheung, Ng Ting largest, as we hold approximately half Pak and W. E, ven Epps.
The Secretary read the notice convCH loss is, I might say, half our own, and th shares in the Company, and so aug ing the meeting.
The resolution which the meeting was we have a heavy dramble interest as share called to consider and pass was
holders as well as Managers. The facts they have. 13 follows:
am that the late Compradore was under) Tunt the CHINA And Manila Strazsuur strict scribing for some time, and we were "E. C. BARNES, Esq., as its proxy in safeguards had been thrown around the "Manila to vote for it and ou its tohelf Company's funds. A system of a separate "at the next Mesting of the PHILIPPINES form of receipt for freight money had been "STEAMSHIP Co., in favour of passing puf im (orce several years ago, and on the Report and Audited Accounts of that the receipts was clearly and legibly "Company for the year ending the 31-t printed in Chinese and English that no 'December, 1913; and particularly in receipt other than on this form and signed "favour of treating the freights and by a European in the employ of the
The CHAIRMAN-Will you repeat your "pange monies collooted by the late General Managers was valid or would be auditors of this Company-the China and
question?
Mr. GOLDRING-Is it a * Compradore and unaccounted for by hic,
fact that the "amounting (lesscommission) to 875 234.1, recognized. The terms of credit were "ass loss 16 that Company 87 241, supposed to be from three to four months nila takip Company--have refused "off the said Accounts accordingly."
without adhering, however, to this in absolute strictness in some enses. I made The ORAIEMAN said-This meeting has it my business constantly: to inquire if been called, gentlemen, to overcome this system of receipts was strictly acted technical-difficulty which has arisen re offers of the Philippines Steamship as far as the General Managers are con- the Proxy given by this Company to the to and was always assured it was, and Company in Manila. I say technical rned this was perfectly trus
Un difficulty because that is the only under fortunately, the Compradore seems to standing we have at the moment of the have been in the habit of collecting money in previous years. On the first objection in various irregular ways, sometimes on ordinary method of passing accounts as and allowing his shroffs to note receipts from Manila we assumed from the corres the D/Note, sometimes on the B/Lading pondence that the proxies did not wish and again often in shippers' to undertake the responsibility of writing books, and retaining the money for par
extent of £18,000 during the year, this sage debentures had been reduced to the off the Compradore's defalcation, and his own purposes only to be handed in to meet this objection we drew up and to the office when accounts became fully
having come about in the normal way by circulated the first notice calling for andre or pressure was put upon him to.
drawings. The underwriting account was extraordinary meeting, but this notice we collect. Of course it was always open to
principal item in that being their con- some £4,000 down from last year, the were forced subsequently to cancel on the Compradore ta allay suspicion in any learning from Manila that the objection particular case by promptly turning the
tribution to the Club on account of losses was not based on this reason, but on the money in and producing the proper and
being fellow-members of the Club. incurred over the Titanic, her owners fact that the terms of the instructions
Mr. GOLDRING-I will put my question
On were inadequate, and that a
regular receipt. The question, of the once more, and try to make it plainer. you again, sir, but there is one more liberal provision for depreciation.
Mr. GOLDRING-I am sorry to trouble £713,000, and they had made the usual the assets side the ficot was put down at detailed form of instructions, which you
validity of these receipts and the Is it not a facs that the auditors of this question I should like to ask. Did I sidering the value of tonnage at the have now before you in the notice calling possibility of compelling payment a Company, who are also the auditors of the understand you to say that the figures on present day, it was fairly safe to say that Con- this meeting, was necessary. As you are second time by the shippers has been well Philippines Steamship Company, refused this balance sheet of the Philippines the real value of the fleet was ucarer aware, the thethod on previous occasions considered. The opinion of the Com- to pass the accounts unless this $70,000 Steamship Company are practically the £1,000,000, Investments were £0.000 more has been that the accounts as audited and pany's Solicitors and Counsel was that it was written off! approved by the consulting committee would be inadvisable to take legal pro
The CHAIRMAN-That is not true.
same as those of the China and Manila than last year, and the sum at which they and general managers have been passed ceedings against shippers who had paid Mr. GOLDRING-Is it true they have
Stearnship Company?
stood was rather less than their present in Manita by the officers of the Company their freights under there holding proxies from the China and receipts for the purpose of attempting to can be passed here?
these irregular suggested this method so that the Recounts items of outstanding freights.
The CHAIRMAN-That is as regards these value. The revenue account showed an Manila Steamship Company, and the obtain payment a second time. Outside The CHAIRMAX-The matter was dislike to know how the China and Manila what disappointed that in a year that had excess of £15,000 over the accounts of last Mr. GOLDRING-That being so, I should year. Some shareholders might be some accounts so adopted have afterwards been of this freight money $64,251.49, which was cussed with them, and they acquiesced. embodied in the accounts presented at supposed to be protected by the foreign each annual meeting of this Company. receipts, there is the sum of $14,879.67
Mr. GOLDRING-Was it their suggestion?
difference was not greater. been generally good for shipping the The CHATMAN-I could not say who The Manila proxies have found. presunt representing Chinese passage money that suggested it. It was agreed anyhow.
reason was, of course, the fight on the ably through their legal advisors, that has now they must have definite and detailed meeting last year I referred to this period over, which these defalcations
tion, but those of this year had the full not been accounted for: At the
Calcutta section which had been forced Mr. GOLDRING-Can you tell me tho
upon them. The previous year's accounts instructions on each separate occasion outstanding passage money and stated extended? from the parent company before they can the Compradore's story in regard thereto,
only included three months of this opposi undertake the responsibility of passing accounts, and it is to enable us to give which was no doubt all fictitious. The probably a long time.
The CHAIRMAN-I really cannot. It is
1 months of it, and it had been as severe these instructions on behalf of the China mount owing on this account then was
as it could be made. He had seen a state- Mr GOLDRING--Can you give me any
that they and their allies in this trade mont emanating from Japanese sources and Manila Steamship Company that this $16,420.62, which by withholding his com-idea? Was it five or ten years? meeting is called to-day. I may add that missions was reduced to $14,879,67 at the The CHAIRMA-It may have been five the accounts as made up and audited have time of his departure.
took the initative in the cutting of rates. but this was just simply untrue. boon completed for a long time, and the inquired why the Compradore was not the time the compradore first began to act It may very fairly or ten years, or it may have been from
as a matter of fact, had no need to cut fact that they have not been brought for dismissed sooner, and the answer I can for the Company. It is impossible to ward before is entirely due to
rates in order to secure their very full; this give to this is that there was a strong obtain any proef about it. misunderstanding of the functions and feeling that on his departure the outstand
share of the business, and during the year Mr. GOLDRING-Can you tell me if there
they had bad the greatest dificulty powers of the proxies in Manila. Young passage money might probably not have been any defalcations in respect of
in will understand clearly that this is not be recovered, and that by keeping him other Companies for which Mesers
coping with the amount of cargo avail. ahle. If it were not for this opposition meeting of the Philippines Steamatu his commissions at least could be Shewan, Tomes & Co. Company, but of the China and Manila saved, and on his own representations and Managers, and in respect of which Mr. have a poll if you demand it. I nominate patience which deferred shareholders had on the Calcutta line they would have been are General The CHAIRMAN-Well, we are bound to able to Steamship Company for the purpose of from external evidence there was
very handsomely reward the giving instructions to the Philippi chance of his recouping himself generally
Fung Wa Chun was the compradore? Steamship Company to pass certain and he seemed to be engaged in some work
Messrs. Young and Goldring as tellers, been compelled to show for so many years. accounts. The China and Manila Steam from which he might largely benefit
having scrutinized the poll, report for the business genius of the Chinese that thereToRILLA, British str., 2.189, C. J. Swan-
A poll was then taken.
As regards the China section, they must TJIPANAS, Dutch str.. 2,444. A. Older ship Company's annual meeting will be Later on, however, the aspect became so
The CHAIRMAN The appointed tellers, report a very satisfactory year's trade. bridge, 22nd July-Batavia 12th July, held later. As, however, the passing and bad that it was impossible to let him hold
and It was evidence of the wonderful
General Java-China-Japan Lijn. Mr. GOLDRING There have been other fore declare the resolution carried. These state of chars which was existing at the resolution, 12,407; against, 5,265. I there should be so swift a recovery after the approval of the Philippines Steamship Company's accounts by the Company in position. The relations between the losses through this compradore? Manila might render them final and con Compradore and the Company are clear
figures represent the number of shares. A CHAIRMAN Some indebtedness, large majority are, therefore, in favour end of 1911 clusive for all practical effect as regaris and indisputable, and he has been from
The Chinese were not the Company in Hongkong, it is necessary the very outset of his connection the direct
of the resclution. That is all the busternment that, while not over rapacious, political theorists, They wanted a Gov- mess to-day. that any discussion of these necontits servant of the Company. should be held now, and for that reason "xplained to shareholders by the Chair- This was
was strong enough to secure them in their it is incumbent on me to review the man, Mr. J. S. Moses, at the annual
SHANGHAI DOCK & ENGINEERING peace and security, and so long as they daily business with a fair amount of operations of the Company for the past meeting held on the 17th March, 1894,
CO., LTD. year, and as well as I can to give you ben in reply to a question he used the
had that he did not think they cared two Mr. GOLDRING-Were no steps taken to an idea of its present position. The following words:This point (of the get security from the compradore l
atraws by what name the Government was accounts show a working credit balancelations between the Compradore and the
The annual meeting of the Shanghai called: He thought it was because the of about $65,000, which probably would eneral Managers) was brought up at early days, but I don't think any steps 26 Broadway. The chair was occupied by ties of being practical and strong that
The CHAIRMAN-We had security in the hold last week at the head office, No. way in his own person those characteris VARO, Norwegian str.. 874, J. Jobsen, sth
Dock and Engineering Co., Ltd., was present President typified in a wonderful have been at least $75,000 hed it not been the time when Russell & Co. failed and were taken lately. for the unfortunate accident to the Zafire, how our Compradore is appointed direct
July-Bangkok 29th June, Rice.- and this improvement over the previous this Company he is the Company's of shares in the Company standing in his A J. Macray and C. E.
Mr. J. Prentice, and he was supported by his success was hoped for by the business. Mr. GOLDRING-Are there not a number Messrs, A. M. Marshall, C. Michelau, H. community in China, both foreign and YAMOTO MARU, Japanese str., 2,953,
Chinese. year, when the working account was $2,000 rant." I might add that the system of name! on the wrong side, is accounted for handling receipts in the way I have
Anton Chinese.
Nishiama, 17th July--Dairen 11th mainly by increased earnings of 833,000reviously described has been a complete
(Directors) The total number of shares The CHAIRMAN-None at all.
Mr. W. Paterson seconded the motion. July, Coal-Order. represented was 9,497. and reduced expenses of $30,000. The
Mr. GOLDRING-Nor in the name of any reports and accounts having been in your
which was agreed to unanimously, no YUENBANG, British str., 1,128, E. Schenk, earnings were credited with 80,444.44 rotction in all other Companies' affairs nominee of his?
The Chairman said:-Gentlemen,-The questions being asked.
2od July-Manile 19th July, Gen- proportion of subsidy received from the 2nd private business conducted by the
It was further resolved to pay A
cral-Jardine, Matheson & Co. Philippine Government for the period General Managers, and so far as has been
The CHAIRMAN-Not that I am aware of hands for some days, with your permis dividend of 6 per cent. on the preferred Juna 1st to December 31st. The reported to me no loss has been incurred sou?
Mr. GOLDRING-Nor in the name of histion we will take them as read. We have ordinary abares for 1912; Messrs. W
SHIPPING REPORT. contract expired on May 31st this year through these irregular receipts by any
still to regret that the hoped for revival Fisher and Henry Keswick, M.P., were The The CHAIRMAN-Not that I aux aware of of trade in Shanghai has not yet taken re-elected to the board, and a
Chenan British str. and the Government have not renewed it.
hearty vote
reports We
interest except this unfortunate Company. If there were any, of course, we would place, but we trust that it will not be much of thanks was passed to the Chairman, the Threatening weather to Kueichow, after revenue, but I repeat my expression of deep ragret at Baturally appropriate them. are sorry to miss the there is some compensation in being tree what has happened, but
longer delayed, and that the affairs in board of directors, and the staff in the words fine, but showery, calmng and light from strict adherence to sailing dates, anfferers and the greatest of them, soe no official return for the year 1912,
аз fellow- Mr. GOLDRING-This (document) is the
China may soon be settled and placed on Far East, both ashore and afloat.
In airs. which sometimes entailed additional ex-other course than to make the best of the
a firm and solid basis, satisfactory to all making this latter proposal, Mr. Burder pense and lost cargo and passengera maiter and write, the loss off in our
The CHAIRMAN-That is a long way back. have no doubt that not only China bat all times in the last five or six years, but he concerned; when this does take place we said they had gone through very strenuous The Government contributions to earn- accounts. Under the new regime notice since that time,
There have been a great many changes connected with her will mutually benefit, thought they were approaching the end of ings outside of the subsidy were has been served upon all known shippers.
Work during the year has been scarce them. disappointing,
Mr. GOLDRING-I know, but this is the and competition for it very keen, and The trade the steamers of the terms on which receipts are given, only available on at the Registry. No prices therefore necessarily very low, but are engaged in has suffered further collections are turned in as received, and other has been filed sinee. And it gives we still continue to get a good share of vicissitudes, and it would seem that these all accounts are guaranteed by the Com the name of Fung Shiu Wa, compradore, all work going. We think, taking every- constant changes are inevitable. It is a
pradore and must be paid in any event as the holder of 1,960 shares. I believe thing into considoration, the result of the history of ups and downs, with a pre- ponderance of downs in later years. The within 60 days of the sailing of a steamer, I am correct in stating that he is Fung year's working may be considered fairly creased lightly slong the east coast of China, On the 24th at 1140 am.---Pressure has in- general managers have entertained and the Company is guaranteed by an Wa Chun's son? during the last year or two several progreement and deposit of security with
satisfactory. The net profits for the year, and decreased slightly over Annam. The CHAIRMAN-Yes, but that does not including the amount brought forward posals for the sale of one or both of the Shewan, Temes & Co. Before putting the prove that the shares belong to him.
A shallow depression still covers south-wost Company's vessels, but only one negotia proposed resolution to the meeting I shall
front last year and after paying all charges Chios. tion appeared serious and we did think he pleased to answer any questions to the
Mr. GOLDNING I quite appreciate that, and allowing for all known liabilities, at one time this would lead to business. best of my ability.
Mr. J. H. SETH-Mr. Chairman, what amount to Tia 180,116.29, which we recom The intending, buyer, however, found he
steps were taken in bringing this matter mead to be dealt with as follows, viz. could do nothing. There are no funds
before the notice of the auditors f
Pay a dividend of Tls. 3 per share and available from this year's working for
The CHAIRMAN-I have answered that carry forward to new account Tla. east of Luzon is nearly stationary. ̈depreciation and the value of the boats
in my speech.
14.916.29. remains at the same figure as for the last a higher value than it did three, four or recently acquired shares.
All shipping stands now at I don't know myself, as I have only brought to their notice by the General editions, the best thing to do in the to day is as follow: five years ago, The Company's' steamers could not be replaced at their book value to-day it is true, but if their operation fails to bring or bolds out no hopes of dividends the only reasonable course would seem to be to accomplish a sale or bonds, and this is having the earnest
from
six years.
find a more remunerative run to put the
Mr. GOLDRING-Mr. Chairman, can you tell me the name of the late compradore?
The CHAIRMAN-I think he is pretty
'
thing of that in my speech, and said, not The CHAIEMAN-I have explained some of this nature, but in the way of giving wrong receipts.
The
perhaps, but no material amounts
Mr. GOLDRING-Have those losses always been made good! may have been, but they were very small The CHAIRMAN-I don't think so. Some amounts.
$142,000, seeing that the Philippines Com Company are debtors to the extent of pany is a subsidiary Company?
nothing new, and nothing changed from The CHAIRMAN We went over all that last year and the year before. There is the previous year. It is the same as last year with regard to the China and Manila other questions I beg to move the passing Steamship Company. If there are no of the resolution as read.
Mr. RADDOCK seconded, and on the wan declared the resolution carried. show of bands for and against the Chair-
Mr. GOLARING-I demand a poll. shares?
The CHAIRMAN -- You represent 500
own uame
Mr. GOLDRING I have 500 shares in my
well known. I don't think there is any out that this amount was owing it tion, decided to make this recommenda Mr. Ser-How did the auditors Gad Your directors, after careful considera-
Mr. GOLDRING-I should like to know.
The CHALKMAN-He is well-known out-
side.
Mr. GOLDRING-I don't know his name. The CHAIRMAN-Mr. Fang Wa Chun. compradore for the rest of the companies Mr GOLDRING-He was also, I think, for which Messrs. Abawan. Tomes & Co. are general managers
Managers?
The CHAIRMAN-Of course.
WEATHER REPORT.
They
No returns from Luzon or Japanese stations From the scanty information to hand it would appear that the vypheos to the north-
Hongkong rainfall for 24 hours ending at +1) mm. 1o-day, 154 inches,
Variable winds, moderate.
tion as being. under
The forecast for the 24 houre ending at noon the present
DISTRICT interests of the shareholders.
FORECAST. With regard to depreciation-we have, as we Hongkong & Neighbourhood Mr. Bera-Did they question the large told you last year, taken Tle. 500,000 from amount outstanding
the reserve fund of Tls. 1,000,000 and Formens Clennel The CHAIRMAN-When the compradore out how much money was likely to be it may be deemed necessary to write off south coast of China between The same as disappeared we took active steps to and placed it to the credit of a depreciation Soath coast of Cisen between The same
fund, which will be debited with any sum
-Hongkong and Lamcoke. I No, 1. lost, and reported at once to the Consult from the book value of the assets of the ing Committee,
company, All the necessary repairs and
Hongkong and Hainas
No. 1.
* E winds, moderate; fair to showery,
SATINE RICKMERS, Dutch str.. $73, Jagt,
SIAS, B.itish str., 92, F. Prynne, 22nd 21st July-Tamsui 18h July, Balk Oil Asiatic Petroleum Co..
SILESIA, German str. 4,910, H. Christian- July-Antung 17th July, Ballast.- Asiatic Petroleum Co.
sen, 18th July-Singapore 13th July, General-Hamburg-Amerika Linie. StONAL, German str., 907, P. E. Chris tiansen, 15th July-Tourane 12th July, Salt and General Jebsen & Co. SINGAN, British str., 1,647, Moss, 23rd
July-Shanghai 18th July, General.. Butterfield & Swire.
son, 22nd July-Calcutta 6th July, General-David Sassoon & Co. TRIUMPH, Gorman str., 769, Langschwager,
22nd July-Hoihow 21st July, Gen- TUNGSHING, British str.. 1,479. L. Hussy,
eral.Jebsen & Co.
19th July-Bangkok and Swatow 3rd SARDINIA, British str., 4,219. G. Manley, July, Rice-Jardine. Matheson & Co.
23rd July-Yokohama sth July, "Gen-
ral.-P. & O. 8, N. Co.
PASSENGERS. ARRIVED.
Per Chenan, from Shanghai, Mr. Kundsen and child, Master Gille
PASSED THE CANAL.
May 30th Antilochus, Nore, June 6th-Teucer, Tydeus, Den of
June 10th-Bohemia, Nippon. June 13th-Indrani, Nic, Perttaus, June 17th-Dunbar,
Glamis.
June 20th-Korwaerts, Cotswold Rangé, Fungtare, O. J. D. Ahlers.
June 24th-Meinam.
July 1st-Benvenue, Palawan, Afghan Prince, Arubia, Tranquebar, Glenfarg,
July 4th-Belgravia, Kitano Maras, Peleus, Polynesien.
July 8th Ambria, Goeben. Japan, Theseus. Barou Ogilvy, Neleus.
July 11th-Annum, Hyson, City o Baroda, Nyanza, Baran Jedburgh.
July 15th Benlowand, Idomencuê, Sumatra, Wakasa Maru, Kiota..
July 18th-Aki Maru, Australien, Austria, Buelau, Tyo Maru, Perso.
ARRIVALS AT HOME. July 18th-Ghazer, Himalaya, Enthian, Africa, Paul Lecat, Danfa,