THE HONGKONG DAILY PRESS, MONDAY, NOVEMBER 24TH,, 1913.
Dr. Noble says, the Directors are exceedingly anxious that this resolution should be passed. Why this exceeding anxiousness, unless to means pure cussedness, or an auxity to cover any personal libility he and his colleagues may Have incurred through paying the dividend out in March last atter they were notified such a dividend would be illegal What else have they to worry about except the law of the lend and the laws of the Company, which it is admitted are the same?. I fail to see why it is necessary for the Directors to be so anxious to break either, or in other words to be a law unto themselves. I quite agree lots of us would, but I do not gather we are naxious to be taken for children, nor yet in our deluge.
VESSELS ON THE BERTH
PHE AMERICAN & MANCHURIAN
LINE (BJORNALL STEAMSHIP LINES, ITD.)
THE Steamship
from
“CITY OF BARODA,“ Captain Mason, will be despatched Hongkong on the 25th November for
BALTIMORE AND NEW YORK with liborty to call at the Malabar Coast.) For freight and further particulars, apply to THE BANK LINE, L.,
Agents, Hongkong, 10th November, 1913. [1266 THE INDRA" LINE, LIMITED. FOR SAN FRANCISCO,
Article 108 states Balance Sheets must be presented half yearly made up to a date within 2 months of the meeting, which means, in this Company's case, before the end of February and August, în 1913. Dr. Noble snys the June accounts have been ready for weeks past and kept back pending the passing of this resolution, and if the latter is not passed the accounts will be held back for a further period, perhaps indefinitely, and instances the hardship on the "Home" shareholders. By what right have the Directors to act in this arbitrary manner? Why not blame himoli and his colleagues who are acting illegally in not issuing the acceants? He has no right whatever to put the blame oo the one or two determined aliareholders, These latter ate not stopping the accounts, or the dividend it is childish to say this, for the Directors are the only persons capable of issuing the accounts, not any shareholder, and as regards the dividend the Directors can declare it or recommend any gum not inconsistent with the powers given them. Now the new shareholders have put both feet down on previous maladministration of dividends, it is quite competent for the Directors to either declare an interim dividend under Article 124 so long as they do not pay out more on one shero than another, which is illegal. I assume there is about the usual profit available, und if they do not wish to pay more. than has been paid on previous occasions to the new shareholders, viz., $1.80 per share, then I run sure nobody can object, so long as the old shareholders get no more than $1.80. Dr. Noble says he can carry any ordinary resolution- what more dues he wanti Ten't he trying to get more than he is entitled to for the old shareholders, and is he not
ore than he is entitled to for the old shareholders, and is he note Steamshil the obstrucling party: A
Dr. Noble says he is willing to pay off the debentures to meet the views of the shareholder in question if he is allowed to sell the "Hotel Mansions," but complains he is not allowed. Article, 105 (9) gives the Directors power to sell any of the property of the Company Where is the difficulty If, as he says, it is of little use for Hotel purposes, I am with him on this point, and the shareholder objecting cannot stop him, because he (the shareholder) cannot either pass an Ordinary or Special Resolution to stop such a sale--perhaps the other Directora object, or do the 16 old Shareholders?
Nor can 1 se, for the same reason, how this terrible shareholder can force the Directors and other shareholders to set aside more than they desire for the purpose of paying off debentures or other purposes. Why does Dr. Noble create this bogey of reduced dividends?
Dr. Noble tells you this naughty shareholder, or shureholders, have threatened to buy up the shares to make themselves sufficiently powerful to carry out their wishes. Well, why shouldn't they? It is a matter of money, and is done every day. Have not other Companies shares been bought up with a similar object and are we not all willing to part at a price, I ask Dr. Noble whether he has not played this game himself, ie, bought up to gain his own legitimate ends, or held out for his own price. It is a perfectly legal and fair game if one can afford it,
Dr. Noble asks Mr. Grist if his clients will agree to the cancellation of $200,000 of capital on the ground that it is not wanted. Why should Mr. Grist object to the Court being asked to do this so long as all shareholders are treated alike? That is not what Dr. Noble says he is willing to do, however. Perhaps the Court would say the capital of the Company. according to its Memorandum and Articles is 20,000 shares of $50 each. If you produce the consent of your creditors, there is. no reason why you should not write down the capital by $200,000 making it. $800,000 in 20,000 shares of $40 each. How you any going to divide this $200,000 is no concern of the Court so long as your shareholders agree, but the most. equitable manner seems to be to pay off $10 per share on 12,000 shares costing $120,000, and unless you want to borrow the money to do this you will have to call up 816 per share on the 8,000 shares now $25 per share paid up, but whatever you do you cannot reduce the rights of any shareholder to less than an equal dividend per share unless you get-the- consent of that shareholder or shareholders Clause 16 of the Companies' Ordinance is quite clear on the point. Dr. Noble, however, it seems to me, thinks the people who hold one class of shares should alone agree to cancer part of their. interest in the Company for the benefit of the other. It all boils down to this, that the old shareholders have sold part of their rights and now want to curtail those sold rights for their own benefit in other words, they now want to possess the cake they have eaten. Most children do, but surely men ought not to expect it
To call up the uncalled capital and use it will only require 50,000 extra out of the profits eath half-year to continue the 12 per cent. dividend on the full capital of $1,000,000. The Directors have not yet pointed out the Company Jeannot afford this.
Anyway, there was no reason in 1012 why this could not have been the case, for last year's profit (per accounts $151,000), which would have totalled $163,000 if the capital had been called up, were sufficient to provide a 12 per cent. dividend on. $1,000,000-$120,000, also. $20,000 as more than a reasonable 10 per cent, depreciation on Furniture, etc., and leave a further $23,000 for extra dividend or to provide far more than sufficient for any depreciation reserve Tccessary for the rebuilding of the hotel on a 76 years' life basis. What did the Directora do with this $163,000 in 19127 They paid $12,000 more in interest to outsiders instead of as dividend, only $90,000 in dividend to shareholders, end wrote off as depreciation and reserves $100.00 1
Better results in 1013 and onwards can be used to increase the 12 per cent dividend, then even the old
per cent dividend, then even th shareholdera, who recognise the morality of my reasoning but do not like it because it might have hit their pockets, will have no cause to grumble. It does not matter one cent to a holder of shares in the proportion of 3 old shares and 2 new shares, for what he was underpaid on the "new" shares he was overpaid on the "old," but if he has sold bis new shares then the buyer (whom the Company has accepted as a shareholder) naturally wants his proper dividend.
Mr. Maitland states that the Directora, as businessmen, do not consider it in the interests of the shareholders as a whole, or in the interests of the Company, to make the shares fully paid. Surely, most businessmen who have large liabilities and an overdraft at the Bank are not usually averse to a little more capital, I think.
I feel sure that Mr. Maitland, in his anxiety to let the absentee shareholders have this situation fully before them, will agree with me that the facts I have stated in this letter, and my deductions therefrom, will tend to carry out his laudible motives, and possibly influence the cancellation of proxies, kindly issued by the Company, for more latex ones, if this letter reaches them in time,
Wo are all very much indebted to the Directors, especially Messrs. Noble, Osborne and Potts, for their hard work in reorganising the Hotel and making substantial profits, and we trust the present Directors will continue to de so instead of wasting their time in monkeying with its Constitution, which they are paid to administer, not to vary
In conclusion, I should like to point out that in my opinion the only bright spot in both meetings as published is contained in the words at the very end that "The Chairman did not vote." I take off my hat to you, Mr. Scott Harston, Solicitor, but wish you had read up the past history of the Company or, if you have done so, had given it to the meetings with your deductions therefrom, so as to guide shareholders voting: Perhaps hold-old shares and do not consider you have either a legal or moral right to
however, you only to rote
Since writing the above, I have obtained from the Company the list of present shareholders,
derer and in view of Dr. Noble's statement. Yet I too will prost by the success of the clients of Mr. Grist, for I hold 454 of the original martly paid issue, Let I am opposed to the scheme, as it is wrong in principle and a bad business transaction. I must further point out that Dr. Noble did not merely hold the a to 2 proportion of old and new shares, which would be 720 old to 484 now. He is down in this list for 1,112 old and 484 new. Will he explain how be profits under these circumstances, because under the past and his present scheme Dr. Nobla draws in Dividends as follows:
$6 per annum
AS ADDENDUM,ny the list of p
1,112 at
431 at 3
$8,672,00 *******1,452.00
$8,124.00
Under Mr. Grist's scheme of calling up the Capital, Dr. Noble will have to pay in out of his own money (or borrow from the Bank at 6 por cont.) $25 per share on 484 shares-$12,100 at 6 per cent.-8728 per annum. He will then draw in dividends 10.8 per cent, per annum or 85.40 per share, víz,: 1,500 Shares-88,818.40 minus $720 payable in interest, net 97,802.40. or a loss to him of 8231.00 per annum by supporting Mr. Grist, and this loss will increase if future dividends. increase, It Dr. Noble can find monoy costing him 4 per cent., or under, then I can understand his allusion, also le appears to have sold or transferred 200 now shares in August, 1912, but perhaps at less then the 204 per cent, profit be mentions.
Whatever the Directors' views may be of the rights or wrongs of the question, it appears their monetary interests are reflected in their holdings, which are given to me as follows:-
Dr. Noble
Mr. Maitland....
Mr. J. W. C. Bonnar
Mr. J. Scott Hariton
Mr. W. H. Potts (on leave)
I also bold
1.112 old.
130
50
50
70
25
181 new
-33
Nil
Nil Nil
Mr. Bowley, who is not a Director, but who spoke at the meeting in favour of the Resolution and would have cs believe that in voting for the resolution he was doing so contrary to his own interests, is on the list as holding 65 old and only 33 new shares, so ho, in common with every one of the Directors, gains by supporting the Directors Resolution. I think the Directors might have carried the somewhat unusual course of publishing the names of shareholders rôting on each side a little further by adding the number of shares held of each class,
Anybody has a right by law to inspect the Company's Register of members, and according to the Articles the demand for a Poll can be withdrawn
Yours faithfully,
A. R. LOWE,
CHARTERED ACCOUNTANT,
THE
INDRAMAYO,"
(1257
FOR EUROPE VIA FORTS OF CALL. THE L
THE I.G.M. Steamship
CHINA ASSOCIATION. Wantinued from page 5)
in the end. Most of us have spent the beat years of our life in the country wa have learned to like the people and tä appreciate their many great qualities. with
clearness of vision, an unswerving We refuse to believe that the Chinese ard steadiness of purpose and an indomitable not destined to play a great part in the perseverance which have ovoked universal world, and we wish the God-speed in adaliration and respect. (Hoar hear.) their task of national regeneration, only those who know the difficulties (Loud cheers.) And now let me say one which he has had to encounter and the personal word in conclusion, I should masterly manner in which he has met like to repeat here what I and some them, can realize the almost unparalleled months ago at the annual dinner rendered to his country, and it must be Tientsin. services which this great тай has of the Branch Association at
I desiro to the fervent prayer of overy well-wisher of to my countrymen connected with China China that he may long bo spared to my deep debt of gratitude for the con guide the destinies of the State. sideration and sympathy they have shown (Cheers.) Ching has passed through a me during seven years of office at Peking, long period of destructive effort and it and I would like to add a word of warm is permissible to hope that we are nos acknowledgment to the members of the at the beginning of an era of constructive Legation staff and my colleagues in the word and development. But the task Consular Service, two awaiting the new Government is, as your Fella Warren and Si Livorera Fraser,
of whom,
Sir President has pointed out, one of are here to-night, for the loyal co-opera-
iL
express..
very soon, greatly
I hope to return to China
cucouraged and accorded me to-night, Loud cheers.) gratified by the kind reception you have
Will be despathed is hoe on the 26th gigantic proportions. First and foretion they have always extended to mo November.
For Freight, apply to
most comes the question of finance, which (Applause.) is undoubtedly the pivot of the situation. JARDINE, MATHESON & CO. LTD., The Chinese themselves realize that a
Agents.
Government which lives on foreign money Telephone a. 15 Sab. Ex. 9.-
has only a precarious existence at the Mr. D. C. RUTHERIOND, in a very Hongkong, 2nd November, 1913.
hest, end until the provinces recognise felicitous speech, proposed the health of their obligations to the Central Govern the Chairman, and outlined Sir Walter ment we cannot hope, I feat, to see the Hillier's great services to England and strong and united China which-Sirto Cirina. Edward Grey has stated to be the aim in a very happy teply Sir WALTER of British policy, Railway construction HILLIER aroused much laughter by relat and the opening up of the mineral ing how years ago Sir John Jordan and resources of the country under conditions Sir C. S. Addis, then both Mister," which will attract foreign capital are founded a debating society and held a only two of the many problems which we committee niceting to decide who should expect the new Government to take in be eligible for election to it. His name hand, and in all these projects of develop was suggested, but he was blackballed by ment this Association can render most both those gentlemen, because they said. useful assistance. (Applause)There they did not want any old fagics in the has never been a time in the history of Society: That happened more than. China when the opinions of commercial twenty years ago, so he wondered what bedios carried more weight thar fort of an old fogey he was to day. But present. It is an open secret that thiens he looked around he took courage, for views of the Chambers of Commerce at he saw members of the Association who, Shanghai and Hongkong had a consider he ventured to say, were older fogies than able effect in smoothing the transition from himself, He could cast his eye, for the Manchu to the Republican viiner, example, on a incruber who was past and the steadying influence of trade has eighty years of age, but was prepared for done much to discourage the recent counterrevolutions: (Applause) We all. I feel aure, echo the belief of the After the speeches there was the usual President that China will win through conversazione in the reception room.
"PRINZ DITEL FRIEDRICH," Captain C. Mundt, will be despatched from here o WEDNESDAY, the 26th November, and is due to arrive in GENOA on the 23rd December. This Steamer gives splendid opportunity to reach Home just in time for Xmas. Early Booking Recommended.
For further particulars, plensu apply to MELCHERS & Co., General Agents, Norddeutscher Lloyd Honglong, ith October, 1913. FLICE
GLEN LINE (MCGREGOR, GOW & CO.), LTD.
THE Steamship
GLENTURRET (Capt. R. WEBSTER), FOR LONDON GLASGOW AND
NEW ANTWERP.
The above Steamer will be despatched for the Ports named, on 3rd December: 8.9.GLENLOCHY (Capt.E.J.STALDARD), FOR GLASGOW, ROTTERDAM AND
DAN FANTWERP
This Steamer will be despatched for the above Ports on 7th Decembot:
These Vessels have excellent accommodation. for a fer Saloon Passengo, all Cubing kro Amidships, and the Steamers fitted with Electric Light and Fans in every cabin.
Attention is particularly directed to the Moderate Rates charged, vizNANG Saloon Passage HONGLONG to LONDON, GLASGOW, ANTWERP, or ROTTERDAM,
£40. For freight or passago, apply to
SHEWAN, TOMES & CO. Agents. Hongkong, 18th November, 1913. [1229
REGULAR STEAMSHÍP SERVICE
(WITS LIBERTY to call at the Malabas COAST.)
PROPOSED BAILINGS FROM HONGKONG,
FOR BOSTON AND NEW YORK. 8.8. MUNCASTER CASTLES
On or about 5th Dec For Freight and further information, apply
DODWELL & Co., LTD., Agents Hongkong, 12th November, 1913.
[1316
HONGKONG-NEW YORK.
AMERICAN ASIATIC 8.8. CO
For NEW YORK VIA PORTS AND SUEZ CANAL.
(With liberty lo call at the Malabar Coast)
SS “INDRA” On or about 13th Bee."
For Freight and further information apply to
SHEWAN, TOMES & Co... General Agents. Hongkong, 20th November, 1918. 0341
CANADIAN PACIFIC
THE FAST ROUTE
ROYAL MAIL STEAMSHIP LINE
BETWEEN CHINA, JAPAN AND EUROPE VIA CANADA AND THE UNITED STATES.
INTENDED SAILINGS FOR 1913.-SUBJECT TO CHANGE WITHOUT NOTICE.
NOTE. The only fixed dates are departures from LIVERPOOL and HONGKONG. All other dates are approximate only.
Kobe
STEAMERS
7 Deo. 8 Dec. 10 Dec. 12 Des. 21 Ded
5 Jaa, |7 Jan. 19. Jan. 18 Jao,
*Moji.
To VANCOUVER Hong
S'ai Naga kong Woosung siki
Leara. Leave. Leave Leuro LUSTO Arrive Leava Arrive
27 Doc. 3 Jan.
14 Jan 21 Jan.
24 Jan. 31 Jan.
14 Feb 21 Feb.
[To_|_L'POOL} | FROM L'POOL]
Yoko
hams
Vancon- [St. Joha|· Lilver-
vor
N.B.
pool
Liver- pool
Lissve
24. Oct.
7 Nov.
21 Nov,
20 Jan.
Nakti
6 Duo,
3. Feb.
EMPRESS OF Thors: ASIA 4 Dés, EMPRESS OF Thur 21 Des. 23 Des 23 Dec. 27 Dec. 8 Jan. PAJAPANA 18 Dec.; EMPRESS OF Thurs 4 Jun
RUSSIA. Jan. Thues. MONTE 1GLE
18 Jau 15 Jaal EMPRESS OF Thurs.
1 Feb. INDIA
22 Jan. 15 Jan. 0 Feb.
5 Fab. 7 Feb. 19 Feb. 25 Feb. 4 Mar
PASSAGE RATES-HONGKONG TO LONDON.
29 Jan.
£71.10 £71.10
VIABT. JOHN, N.B. VI NEW YORK,
EMPRESS OF RUSSIA EMPRESS OF ASIA EMPRESS OF INDIA EMPRESS OF JAPAN
Meals and Stooping
Car Borth across" ·
Canada 28 additional.
£65 £43
£65 £45
MONTEAGLE
FROM VANCOUVER
STEAMERS
Vancou
Yoko- ver " hems
Leave
Arrive
Kobe
Naga- S'bai Hong. Baki Woosing kong
Arrire
Arrive Arrive Arrive
St. John, N.B.
Arrive
EMPRESS OF 31 Oct, ASIA
5 Nov 16 Nov 17 Nov, 19 Nov. 21 Nor. 24 Nos. EMPRESS OF 19 Nov. 3 Dec. 4 Dac. 14 No7.
6. Dec. 8.Doa. JAPAN
11 Dec.
23 NOT.
EMPRESS OF
4 Dec. 15 Dec. 16 Doc. 18 Dec. 20 Dev. 23 Des. RUSSIA
Moji MONTEAGLE 11 D. 27 Dec. 30 Dec. 1 Jan.
4 Jan
7 Jam: EMPRESS OF
'saki 13 Dec.
18 Des. INDIA
Fan2 Jan. 4 Jan 6 Jan. 9 Jau
THE "EMPRESS OF RUSSIA " AND "EMPRESS OF ASIA 기 registered tonnage 16,850, displacement 30,625 tons, are new quadruple screw turbins steamers, the finest, fastest and most luxurious, ou the Pacific. Their passenger accommodation inclades Suites, Rooms with Bath, Single Berth Rooms, Library, Lounge, Gymnasium, Laundry, etc.
SPLENDID OVERLAND TRAIN SERVICE, connecting with the Company's Atlantic
Steamers. EMPRESS OF BRITAIN" and "EMPRESS OF IRELAND.” HOTELS The sorrice furnished by the Company's chain of Hotels is unsurpassed. THE COMPANYE STEAMERS are fitted with powerful Marconi Wireless
Installation, Passengers may proceed by Rail between Porta of Call in Japan if so desired.
Hour of Departure-All Steamera sail from Hongkong at Noon Passengers purchasing Trans-Pacife Round Trip passage tickets to points in Canada and the Route
United States have the option of returning from San Francisco by the steaners of the PACIFIC MAIL E.8. Co. or Toro KISEN KAISHA
SPECIAL FIRST CLASS RATES granted to Naval and Military Officers, Civil Servants,
Missionarias, etc. Particular will be furnished on application,ja t AROUND THE WORLD RATES in connection with Suez MAIL LINES OF TRAND-
SZUEBLAN ROUTE,
7431
from HONGKONG VIA SHANGHAI, NAGASAKI (through INLAND SRA OF JAPAN), KOBE, TOKOHAMA and VICTORIA, B.C.
For full particulars of Parage and Freight Rates, Pamphlets, et, please
Apply lo
D. W. CRADDOCK,
GENERAL TRAFFIC AGENT, Corner Pedder Street and Prays
good stiff bicycle ride any day. (Applause)
THE AUSTRALIAN ORIENTAL
LINE.
HONGKONG TO PHILIPPINES AND AUSTRALIAN PORTS.
SAILINGS (SUBJECT TO ALTERATION)
Steamer.
* TAIYUAN".
"CHANGSHA":
Arrives Hongkong Leaves Hongkong
from Australia.
for Australia.
26th November,
2nd December.
3rd Jan., 1914.
20th Jan., 1514.
These Steamers are fitted with Refrigerating Moobinery, ensuring a plentiful apply of Ice, Fresh Provisions, etc, and have enperior accommodation with Electric Light throughout and Electrio Fans in the State Rooms. A duly qualified Doctor is carriad. Rodneed fares. Cargo booked through for all Australian, New Zealand and Tasmanin Forts.
For freight or passage, apply to
Hongkong, 19th November, 1913.
BUTTERFIELD & SWIRE, TELEPHONE No, 36.
AGENTS,
11334
INDO-CHINA S. NAV. CO., LD.
FOR
PROJECTED SAILINGS FROM HONGKONG (SUBJECT TO ALTERATION).
TO BAIL... Tuesday, 25th Nov, D'light Tuesday, 25th Nov, Nooe, Friday, 28th Nov, Dlight.
STEAMERS ! TIENTSIN.
* ORI PAHING" SINGAPORE, FENANG & CALCUTTA" LOVAT".
SHANGHAI
............................ "HANGSANG” TIENTSIN
"CHEONGEHING" Friday, 28th Nov., Noon. SINGAPORE, PENANG & CALCUTTA“ KUTJANG”
BANDAKAN
MANILAMFOR REN
HINSANG "YUENSANG
SINGAPORE, PENANG & CALCUTTA" KUMSANG"
MANILA e ke
Saturday, 29th Nov., Noon.
Saturday, 29th Nov., Noon...
Saturday, 29th Nov., 2 P.M.
Wel'day, 3rd Dec. Noon
LOONGSANG". Saturday, 6th Deo, 2 Bat RETURN TOURS TO JAPAN, ANA
The Steamers KUTSANG," NAMBANG" and “Liigane" lesva about every 3 weeks for Shanghai and Japan returning via Kobe (Inland Sea) and Moji to Hongkong. Time occupied 20 days. This vice is supplemented by the Fooxean," KURSANO," Lovat,***Yatuling" and Suisang." leaving Hongkong at regalar intervals for Yokohama, Kobe and Moji and returning. thepee direct to Hongkong Time occupied 6 daya
There vessels have all modern improroments and are atted throughout with Electra Light, A daly qualified surgeon is also carried,
Cleaners have superior accommodation for First Class Fassongers and are fitted throughout with Electric Light.
4Taking Cargo unthrough Bills of Lading to Y'aze, Chofos. Ttein, Dalny. W'wel. T'tan&N'chwane. Taking Cargo on Through Bills of Lading to Kadik, Labad, Datu, Simporna, Tawas Bankan, Jesselton and Labuan.
Telephone No. 215, Sab. Xush. 4.
Freight cr Parnego, apply to JARDINE, MATHESON & CO., LTD., Hongkong, 24th November, 1913.
GENERAL MANAGERS.
BRITISH INDIA S. N. CO., LD.
NEW SERVICE OF STEAMERS BETWEEN YOKOHAMA, KOBE, HONGKONG AND RANGOON.
EASTWARD.
The 8.8.
will be despatceed for YOKOHAMA, KOBE and MOJI at an early date, taking Cargo and Passengera at Current Rates.
For Feight or Passage, apply to
Telephone No. 215. Hoogkoug, 15th October, 1913.
THE
JARDINE, MATHESON & Co., LTD.,
AGEETS
ROYAL
MALL STEAM PACKET COMPANY.
PROJECTED SAILINGS TROM HONGKONG. SUBJECT TO CHANGE WITHOUT NOTICE.
FOR:
"SHIRE LINE SERVICE-HOMEWAK DS.
ASTHAMFER
DATE OF DEPARTURE DENBIGHSHIRE" On 25th Nov.- DEN OF GLAMIS”........, OR 28th Dec
LONDON & ANTWERP LONDON & ANTWERP
TRANS-PACIFIC “SHIRE AND GLEN"
JOINT SERVICE. VICTORIA, VANCOUVER, SEATTLE TACOMA DEN OF AIRLIE
&POETLAND_CAR VICTORIA, Vancouver, SHATTLE, TACOM
TACOMA & POETLAND
On 27th Nov. "MERIONETHSHIEB... On 31st Dec
VICTORIA, VANCOUVER, SEATTLE, TACOMA (
& PORTLAND 200
"GLENROY *****................... O¤ 18ik Jan. For Freight and Farther Perticalars, apply to Talephone No. 215 Sub Ex. No.
JARDINE, MATHESON & CO., LTD.,
(499
Hongkong, 22nd November, 1913,
AGENTS.