COMPANY HEPORT.
WILLIAM POWELL, LIMITED.
The report of this Company stabos:--- The Directors beg to submit to share holders a statement of the Company's accounts for the year ended 30th June,
7913.
The profit for the year is 313,249.28, ro which has to be added 22,158.18 brought forward from last year, making a total of 813.40.57, which your directors pro jose, to aŭpropriate as follows:- To pay, a Dividend of 50 cents per
share 15,000 shares
$7,400.00
THE HONGKONG DAILY PRESS, SATURDAY, SEPTEMBER 27TH, 1913.
THE CHINA ASSOCIATION,
#ELENT ACTIVITIES OF THE
GENERAL COMMITTEE, Meetings of the General Committee of the China Association were held on July 15th and August, 12th. The more impor tant subjects dealt with and the resolu- tions taken ase put out below.
OPIUS.
Letters from Messrs. E. D. Sassoon .
Co. Caclosing, copies of their correspond encs with the Foreign Office, were read. and considered.
THE REBELLION,
RUBBER AS AN INVESTMENT,
NOTES AND NEWS.
3
The young producers are companies which are just coming inte bearing. The HONGKONG UNIVERSITY Professor C. A. Middleton-Smith, Dean
cost of production is high, and they are An enterprising candidato as the recent PLANTATION PROBLEMS. of the Faculty of Engineoring of Hong-
often short of capital. The best of them election for the French Departmental koug University, addressed a special
manage to pay dividends from a produc- Connells made use of the cinematograph [PY A CORRESPONDENT OF THE TIMES."] appeal to the Committee to assist him in
tion of about a third or less of their
in his election campaign. The initabi- planted area. Their shares stand tants of districts which he was unable to obtaining subscriptions to provide an
The bulk of the investing classes are adequate teaching staff for the engineering
noderate figure, and their increasing canvass in person were invited to ser a faculty, for which British manufacturers somewhat chary of putting their money production should be usually sufficient to number of films of general interest, as have promised equipment to the value of into what the conceive to be the highly maintain and perhaps increases the rate well as a series showing the would-be
The Committee decided to
of dividend. The average first-class conseiller general" in various phases." £8,00 circulate à farther appeal, with a state-speculative rubber industry. They have young producer will pay 10 to 15 per cont ment of the grounds on which it may on the surface excellent reasons for being when in full curing, reckoning profits
The introduction of The Church's sceptical about the safety of their capital, no od. a pound-that is to say, when One Foundation" into the new appear to commond itself.
The history of the past three years of rubber is selling at 2. * pound pr melodrama at the Lyceum recalls to Rubber share values has demonstrated Soveral telegrams which had been how easy it is to lose a half or even two-perhaps less. To put it in other words. mind, says a London paper, a rather wicked wo- a good young producer is 'capitalized at atory of Archbishop Temple. He is said received from Shanghai and one from thirds of the capital and still to have
from £50 to £75 an, were when in full to have protested that he was sick to haunting fear that perhaps more of it
bearing. The correspondents showed that further Hongkong were read
death of the hymn and of cold chicken. The first of these alluded to the impend will vanish. Almost every one knows of
The market price varies with the stage He was confronted with the one at overy serious difficulties are being placed in the
of development at which the company bus service he attended, and offered the other way of the disposal of existing stocks, ing rebellion in China, and suggested the friend or a friend's friend who bought
but generally speaking it is whenever he lunched with a clergyman. and that, as
cannot sell them at For much,vaanted only in small parcels in Northern waters-to patrol the Yang
lower than it has been at any time since The shares of a 3,000.00 by Chinese dealers snuggling through the tze, in view of the spread of trouble in shares at G5s. and sees the market the spring of 190.
In view of the prices which Gains- Up to the end of June that direction. It also stated that price quoted at round about 13. 1,505.67 satire city.
"Portrait of at a price which represents less than £100 Gainsborough's
Mrs. limited shipments were possible from foreign and native merchants in Shang- also hears and reads of shareholders fair number of companies can be bought boroughs have been fetching. the gift of
Southern posts. but hai were strongly in favour of all foreign demanding their money back from com
per acro in full hearing. A company Graham as a Housemaid," by Rosalind $15,400.57 Hongkong tu
the return to the Colony of a shipment of Governments giving concerted support to pay pronators, of rubber companies capitalized at £100 an nere should give Lady Carliste, to the National Gallery, wenty-five chosts recently made to Fao Yuan Shih-kal in the crisis. Further, the ing wound up with the total loss of the a yield of 7 per cent, with 6. a pound is especially valuable. It is not so long ebcas indicate that these ontlets may soon opinion was expressed that if it became capital subscribed, or of companies whose profit, but it is not expected that the since that one of his works brought be closer, The prospect of passing into known in Peking that the British scrip is valued at the price of a tip
£20,060, and in private sales as much as circulating the large stocks still held in fevernment would uphold the 'red ut to a Cly waiter. It is patent also to the profit will fall to this figure for a year Shanghai and Hongkong is thus berom settlement of the difficulty might soca world at large that the production of ince the divina the fall does take £14,000 has been paid for examples of
tionately larger, ing very remate, and a serious erisis is reached, especially as the backing of plantation rubber is increasing at the line dividends should be propor- the great artist's work. Yet for carrying
fully Committee threatened. appreciate the gravity of the situation, the rebels then appeared to be wavering.
The message from Hongkong strenu but considered that in view of the chaotic conition of affairs in China they couldously supported the advocacy of Shang. hai, printed out the detrimental effect not usefully add anything the case early resented in the Foreign Office Letter to the Foreign Office of Febri ary 13th, 1913, Anual Report, 1912-13,
To write off Fixtures and Fittings 3,000.00 were being effect anghai, deliveries return of the British Leet-then cruising, suures, say, at £20 apiece, and now finds he | arrived.
To write of Stock ..... To carry forward to noor account.
DIAMOTORS.
Mr. H. J. Gedge and Mr. 6. C. Moxon having proceeded to England, Mr. R. F. G. Master and Mr. F. T. Chapple were invited to join the Board.
Mr. Master and Mr. Chapple are ligible for re-election.
AUDITOR
the accounts have been audited by your who is eligible and is recorriended for reelection
P. 44).
The
R. F. C. MASTER, Chairman.
TENDERS FOR WORK AT BRITISH LEGATION. Hongkong, September 23rd,, 1013,
Letters from several British firms in China were fair hefore the Committer PROFIT AND LOSS AUCOUNT TO THE YEAR Which presented the following facts ---
electrical and Tenders for certain. ENDED JUNE BOTH, 1915. To Directors' nnd Auditor's Fres 8 2,300.00 nechanical work to be done at the British 15 Bad Debts (written of) ........ 962.25 Legation, Peking, were invited in April, To Balance
13,240.30 1911, from British firms, by T.M. Office Ön account of of Works at Shanghai.
in China $ 16,511.6 the political disturbances
tenderers were notified, in the following Deveraber, that the Board would not $16,965.26 proceed with the work. After a lapse of no further eighteen months, and with prelade, announcement was made that a tender by Messrs. Siemens & Co. had been neempted This procedure was naturally $ 10,511.04 resented by the other firms, who were given no opportunity of revising, their estimates.
to Which, owing. higher exchange, might have been materially reduced..
By Balance of Working Account By Dividend from Juvestment
By Sorip Foosi basement
By Bad Debts recovered
BALANCE SHEET AT JUNE 30TH, 1913. LIABILITIKA.
To Capital 15,000 Shares of $1
each (fully paid)
To Bills payable
To Sundry Creditors (since paid) To Compradate's Deposit
To Unclaimed Dividends.....
To Hongkong and Shanghai Bank To Proft and Loss. Aecoupi. ---
·Balance June 30th,
1912
2,150.18 Profit for the year. 13,240.39
ABSETS. Dy Stock on hand By Fixtures and Fittings
As pur hast Account.$7,379.43 Written of 30th June,
-1012
- Added 16 June 30th,
1913
2,000.00)
$5,379.63
2,094.97
To Sundry Debtors""".
By Investment at Cost
By Hongkong and Shanghai Bank.
(Dividend Account).
By Cash in hand
By Unexpired Insurance Premium
H. O. Hour, Acting Secretary.
50.00 18.50 13488
A letter was therefore addressed to the $105,000.00 Foreign Office asking that the Board of
25,407.67 Works be moved to explain.
The reply was anything but satisfac 9,797.41 1,100.00 tory. In substance it was to the effect 117.80 that the Board's original intention was 52,209.05 to invite fresh tenders; but, as it became necessary to proceed with the work at short notice, to do so would have caused delay. The Board therefore called upon the two lowest tenderers to submit revised 15,405.57 tenders, and Mears. Siemens & Co. having satisfied the Board's officers that a British they might be regarded as 8209,077.50
firm, were successful.
In so far as Messrs. Siemens & Co. own large works in London and Stafford, and 8167.39 the undertaking was given that the work itself should be carried out in England, their right to tender has not been But the fact remains that challenged. the arm is predominantly German, and is regarded as exclusively so in China a glance at the Directory will show that of their twenty one employees in China not one is English
7,404,00
Association.
the rebellion was having upon trade, and closed with the significant statement that it had no support from Chinese merchants
there or in Canton,
The Committee unanimously agreed that the best, as well as the quickest, means, to terminate the rebellich would be the combined support of Yuan Shil kai by all Towers, and approved of the letter which had been sent to the Foreign Office endorsing the vins of the Shang hai and Hongkong branches,
SHANGRAL SETTLEMENT EXTENSION.
A telegram from the Shanghai branch was read. It stated there was every indi- cation that if the question of extending the boundaries of the Settlement were then raised, it should have a satisfactory isse. Stress was laid on the fact that Chapel was then occupied by an inter national naval contingent; that its civil administration was in a ebastic condi- tion, and that the native residents, including the chairman of the so-called Council, favoured the establishment of foreign supervision.
The Committee were of opinion that no- more favourable moment we likely to occur for accomplishing the extension of the Settlement, and so putting an end to
the
perennial Chaper difficulty and danger. It was, therefore, decided that a letter strongly supporting the Shang hai telegram should be written to the Foreign Office.
of
↑
He
YOUNG AND OLD PRODUCENs.
rate of 20,000 or 30,000 tons a year, and that the price of the raw material has been rapidly on the downward grade. It should be noted that the capital per The pessimist foresees the time approach-acre in fall bearing is a very different
when the best plantation companies from will be fighting mongst themselves for this tum capital her planted acre. In proat of a few pence a pound, and the than five years old is unproductive, and shareholder will be thankful to get his 5. the amount required to bring it into per cent. on the par value of his shares. bearing must either be added to the Such a time, no doubt, is coming. The capital, or subtracted from the divi- point is, When 1
dends. If the investor is unable to make the calculation himself, he should get the assistance of one who knows. It may be taken as an axiom of safety for the cautious investor that he should not purchase a share which is capitalized at more than £100 an acre in fali betring.
There are also second-class young producers short of capital and their entire revenus for maintenance
shares whose purposes stand at
discount, A
and some- times much below their intrinsic value. The ultimate returns on the market price will be much more than 10 or 15 per cent. at 6d, alb, profit, but the holder has to remain without dividends for two or three years, and hold a share which it
The violent ups and downs in the share market-more particularly the ups-have been due to a short-sighted view of the industry. The value of a share is not to be estimated by the price of rubber on any one given day. When rubber was 129, a ib. (for a day) the man in the street struggled hard to buy a share at 35 times its original value on the assump- using tion that the company would continue to of The holder of pay for all time dividends at the rate 300 per cent or more! such shares now sadly realizes the force of the truism that shares should not be 018 temporary views of the hought moment, and least of all during the excitement of a "boom" on the Stock Exchange
rousing re
I ON İNVESTOES,
is, easy to buy but difficult to sell except at a loss. For the plucky investor these are without doubt the best shares to buy,
expert trustworthy
opinion is but
purchase, as there are required on shares of many young producers which are decidedly expensive, at a cunt.
As regards the old dividend payers, it may te shortly prophesied that none of them will pay 7 per cent, on the present price of the shares when rubber is selling Should the price of at d. lb. profit. rubber recover and remain at about 15. old a lb. for two or three years there is no doubt that the purchase of an dividend payer would be an excellent investment, but with rubber between 2s. and 3s. per lb. the young producer is by far the safer venture.
The young producers have also this advantage, that their careers for the next The ten years will benefit by the costly experi ence of the older companies. date back longer than ten or twelve history of plantation companies does not years Not ac acre of rubber has been continuously tapped for more than ten years, and no che can foretell what may happen when the trees have been tapped The latex day after day for 20 years. may cease flowing; the trees may die or wquire to he rested for long periods. Should this happens it will all be to the profit of the young producer, as the statistics of the production of rubber and The investor, there the consequent price will have to be fore, who has the necessary knowledge or radically revised. who can rely on expert opinion has the opportunity new of acquiring shares at a price on which there is every prob over a period of years and a sporting chance that his dividends may be 20 per cent, or more during two or three years of that period.
REGINALD E. C. Mas Director ciation, its Council decided to ask the may be initiated by the Consular body at collected for some time at a high price ability of receiving at least 10 per cent.
F. T. ORAPPLE
the question under review for some tinie past, and in view of certain additional information supplied by the China Ass Board of Works for permission to publish authoritatively, in the Press of China and this country, the names of the con-
sub-contractors for the. tractors and
his pictures from Bath to London, Gains- borough painted
and રી Landscape presented it to the publie carrier.
of
The State Banquet at Bakingham Palace in honour of the wedding go Duchess of Fife and Prince Arthur Cannaught is to be notable by reason of the fact that both Prince Arthur and Princess Mary are expected to be present There will be a very for the first time. large assembly of the members of the Royal family, and the invitations will be limited for the most part to the official and diplomatic circles and friends of the bridad bridgroom. The only toast offered will be that of "The health of the young couple," proposed by the King.
INTIMATIONS-
intimate
WHY LOSE YOUR HAIR
CUTICURA
SOAP SHAMPOOS
And occasional light dressings of Cuticura Ointment will pre- vent it when all else fails..
Bample of each with 32-p. Lock tree from meorest depot: Newlery, 27, Charterhouse 24., London; 11. Towns & Co., Hydney. ...; Lennon. Ltd., Cape To: Muller, Marian & Co, Calruzin and Bombay: Potter Dry & Chem: Corp.ælspropa, Bastos, USA. -Under-Larut me share in damfors will Cuti- -Cura Soap Eha ving fafch.. Liberal aminpla trou.
The great majority of people who have been interested in rubber from the outset They have not are interested still." parted with their shares even during "boom" times, except perhaps to make a favourable exchange from a highly. capitalized dividend payer into a promis- ing young producer. There are planters in the East and their friends, Mincing lune men, retired Eastern officials, who have locked away large sums in rubber, In view of previous correspondence it sometimes even to the greater part of was thought unnecessary to enter into their savings, and they are not by any lengthy particulars, but the following, as means anxious to sell their shares and get emphasizing a new danger and as a far-out of a so-called speculative industry. ther argument for the inclusion of Cha They retain a firm confidence that in no pei within Settlement limits, may be other industry can so large a yield be of obtained on their money and so great a quoted-To the inconvenience haring at its doors a district ill adminis weasure of security for their capital tered, a refuge for bad characters, and Such men must bave good reasons for the a source of chronic friction has now been faith that is in them; and it may be superadded the fact that the region he useful to examine what some of these came for a time, and may vecenné lyzin,
First, these optimists in rubber are to the safety interested in plantations in the Middle storm-centre dccupied by insurgent
ing East; that is to say, in the Federated troops, and a grave menace
residents in the immediately adfining
States, Siraits Settlements, Foreign Settlement. The case for its Malay The unfortunate consequence of their inclusion within the area of the Settle Ceylon, Java, Sumatra, Borneo, and 32,825.69 action was no doubt unforeseen by the ment and providing a practicable-bound Southern India. The climate and labour 490.00 Board of Warks; but it cannot be gainary capable of defence in case of need conditions render this part of the globe
said that their irregular procedure has 117.80 resulted to the disadvantage of British appears to the Association have been easily first in rubber production, and it eo greatly strengthened by these incidents is quite certain that the world's future 1,882.02 manufactarere.
Acting upon a suggestion made by the that they have no hesitation in represent supplies of rubber will be drawn almost 450.00 Tientsin, branch, copies of the corresponding afresh to His Mailly's Government exclusively from the Middle East. The the forests of the Amazon or front the 8203,077.ence were sent to the British Engineers the desirability of taking steps to accom output of wild rubber, whether it be from
That Association has had plish the purpose!
(A reply has since been bett
to the jungles of Africa, will absolutely cease effect, that His Majesty's Government is with the exception that a certain amount prepared to support any scheme which of fine hard Para will continue to be The second outstanding fact is that the use of rubber is growing rapidly and Shanghai and receives the approval of to fulfil special requirements.
that the cheaper it becomes the greater the Diplomatic Corps at Pelting.)
will be the consumption. The extension
of German statements.ga
in the near future thousands of tens of rubber where hundreds are now con HERVICE ON SHANGHAI MUNICIPAL COUNCIL A letter from the Shanghai Branch was
sumed. It is estimated that 112,000 tons It need astonish no one if rend again bringing before the Commit
of rubber were bought by manufacturers ter the importance of securing for service
in 1912. 500,000 tons are required in 1920. It is
Messrs. Armstrong, Whitworth's new on the Municipal Council the representa-
the hope and the reasonable inference of tives of all British firms of standing, and pointing out that while the vast majority
the rabber optimist that even with a machine gun was given an official trial on Saturday, the 20th inst., at the Inter of firms took their share in this honour
still lower price for the raw material he will see his capital returned in dividends able service there were still one or two
together with a handsome rate of interest national Rifle Range, Poking, officers from prominent institutions who had hitherto
long before the supply of cultivated the War Ministry and Ministry of the refused permission to their employees to
A letter from the Hongkong Branch rubber begins to exceed the demand. The Navy and the British, American and offer themselves for election.
was read in which stress was laid upon consumption af rubber 1913 is Italian Legations being present. decided to address letters to the firms the importance of securing to Hongkong estimated at about 195,000 tons and the
Mr. Waters, Messrs. Armstrong, Whit indicated, and the Committee believe a through connection with the great trunk
50,000 tons. It is thus obvious that the worth's representative, carried out the The following note appears in the their representations will not be without line between Hankow and Canton, and production of plantation rubber about British Trade Rezier of September 1st: effect. It has been urged that the large urging, with that end in view, the desir plantation product has to oust the firing, which was most enccessful in every
mics revolution in China has the stake a firm bant, the that es core ability of linking that line with the rail rensining 75,000 tons of wild rubber and way; 297 rounds were automatically fired STERLING SILVER WARE.
more incumbent it is its repre embarrassed many British merchants, who sentative should take his share in the way now running between Kowloon and then to catch up the increased and at a target measuring six feet by six, at
has so long prospered.
importance of the point, but considered laws of supply and demand come into plainly discernible, mostly in the head COMPANIES REGISTERED IS SHANGHAL, that the question was one that had better operation. At what length of time that and shoulders of the figure of a man and also to interior markets. With the
The gun and tripod were then placed the rubber interesting problem in cable hints that large shipments will for
In the course of a judgment delivered be raised locally. It was understood that point will be reached presents the most painted on the targe
lying prone on the ground as in their lowest position, and this firer, the presoat be unwise, owing to the dis-
target and then, sweeping the fire over BOFFS OF HIGHER PRICES,
a large area, distributing a stream of the With such a remarkable drop in the well-placed bullets, demonstrated price as has taken place this year, the remarkable ease with which the gun could wild product may, it is thought by the he manipulated for skirinishing. Final The gun worked sanguine, disappear so rapidly that there ly. 600 rounds were fired continuously in may aeually be a short supply, which will less than a minute. high premium for two or three years, or inendation-Renter; again put the plantation article at a splendidly and evoked the highest com- at any rate for a sufficient peried to strengthen the position of the investor immensely:
I beg to report that I have examined the foregoing halanes sheet with the hooks and vouchers of the Company and certify that I have obtained all the information and
-TRADE MARKS. IN, CHINA.
explanations I have require and that the manufacture of the plaut, as a refutation Office which stated that the Japanese of mechanical traction alone will require
balance sheet is properly drawn up so as to exhibit a true and correct view of the state of the Company's affairs at the date namica according to the best of my information and explanations given to me and as shown by the books of the Company. The stock is rertified: by Mr. Chapple.
H. Percy Shifth, Klca. Hongkong, September 23rd, 1918.
BUSINESS IN CHINA.
It was
A letter was read from the Foreign Government was unable to agree to a pro- vision for the protection of unregistered marks in China, and that, in consequence, Sir E. Grey presumed the Association would consider it advisable to drop nego tiations altogether.
The Committee directed that a reply should be sent to the Foreign Office saying that Sir E. Grey had correctly gauged their opinion.
RAILWAY IN SOUTH CUNA
in
A NEW MACHINE GUN.
TRIALS IN PEKING.
were well sold forward to coast houses, local government, under which Shanghai / Contocommittee fully appreciated the increasing demand, before the ordinary a range of 500 yards; 231 hits were
for
turbed state of the country, the export transactions, Mr. F. 8. A. Bourne, the Canton-Kowloon Railway were equi: is at once the fascinating and speculative kirmishing purposes, at first fired at the
2 ly anxious to secure a connection, and that
only lack of funds prevented the work part of the business. from being undertaken. It was decided
to defer taking action pending further advices from Hongkong.
ANNUAL DINNER:
It was decided that the annual dinner should take place at the Whitehall Rooms, Hotel Metropole, on Wednesday, October
th, 1815, at 7 p.m
[96-v
MAPPIN&WEBB,
LIMITED.
NEW CONSIGNMENTS
PRINCES PLATE
(GUARANTEED FOR 30 YEARS).
CUTLERY.
at Shanghai in a case concerning share the authorities of the Chinese section of industry, and it is this uncertainty which of cotton fabrics and of general goods Assistant Judge, said: We want has to some extent been checked; but it clear, hard law and strong administra is hoped that, when the revolutionists on both in regard to registration of tracts. Until our legislature has pro have had their fling and there is prospect companies and to forward share con- of a more settled state of affairs, trade rided this, there can be no return to the will expand. The business opinion is confidence that reigned here before 1900." The Shanghai branch, in drawing that the opening up of the empire cannot long be delayed, and railway contractors, attention to this important pronounce engineers, and other industrial firus amunt, asked that the Foreign Office might well as shippers of cotton goods, ar be asked to expedite a settlement on this looking forward to the increased demand question, the main principles of which, it is understood, have been agreed to
The returns that an intending investor THE PIRACY OF THE LICORNE.” that must spring from the more modern needs of the vast population. In fact, between the Foreign and Colonial Offices.
Seven persons have been sent to hospital to be more The Foreign Office in replying to the are still very much a secret to be in Rubber bares may expect on his now the markets promise settled, and there is less commercial dis committee's representations said that discovered by the architectural profes-holdings depends, of course, on his choice quietude on the Yangtse and in the the whole question of the control of sion. The other day Lord Decics brought of share, as well as on the law of supply Trenty ports, several well-known houses British companies in China, and the an action against some architects and and demand which will ultimately come suffering from knife and bullet wounds
Mr.tion companies in the Middle East may ss. Lierac in Chinese waters. None CHS, in the North of England are making further question of the provision of builders in the London Courts for faulty into force. For his purposes the planta sustained in the piratical attack on the
send out special facilities at Shanghai for the incorpora construction and won his case.
and be roughly divided into two classes- travellers. With the changing industrial tion of companies in the British Empire, Justice Bailhache heard the plain The the old dividend payers and
arrangements
to
The acoustic properties of buildings
and commercial conditions in the Far were engaging the most serious attention in delivering judgment said: East, manufacturers are convinced that of Sir Edward Grey, but that he was not
there will bo far greater possibilities of in a position to make any definite ference of round bou two Pronouncernent on the subject." Indeed, one Wor representatives of enterprising firms have
British trade.
the were seriously burt..
One of the passengers on the vEHA:1 worst thing about the house is the trans- young producers. The old dividend
one part to payers have the bulk of their land in full states that he had amongst the cargo a
They have survived all the mather I would like to grant Lord bearing. While the Committee could appreciate Decies something to compensate for that, troubles of pioneers; their costs of pro- case containing 30 grey felt hats, four. the demands upon the time of Sir Edward but I am persuaded that the question of duction are low, and they pay huge bottles of Florida water, 23 dozen hand- received the liberal instruction: Grey, disappointment was expressed that sound is ill-understood by architects and dividend in many cases over 100 per kerchicis, 18 piece of silk, 38 blankets,
you think
no information was forthcoming as to that one must not expect more of a man cent. The price of the shares is equally be guided by circumstances. If well, work through India, China, and
the progress made in disposing of a than the average of his profession, or high, and die dividends depend entirely a 10 bed covers, the total value of the question which srose so long ago as what I called yesterday the standard on the rise and fall in the price of article: being about $220. The case was
12 mind." Japan.'
October, 1910.
rabber.
Estolen.
"From the
SOLE AGENTS;
J. GAUPP & CO.,
ALEXANDRA BUILDINGS.
CHATER ROAD,