INDO-CHINA COʻS DIVIDENO. | dưỡng the favourable months of the year
QUESTIONS BY DISCONTENTED SHAREHOLDERS.
"EXPECTATIONS THAT WERE XỬC
·FULFILLED,
what account at the time when it was dissteamers would have to be put aside very covered! What has happened to such shortly Later in the same speech Mr. suspense or other account? Has it dis Row nys appeared from the books of the Company, and, if so, when? Have any, and, if so, what, auditors sanctioned the disappear. 3000 of such suspense or other account fromr the books of the Company' Has the amount owing to the Company and who is respon vible for its repayment? How did such loa accur↑
A-The Company did not suffer any loss
the fleet her period of useful recurring political upheaval in China which how long has such practice in regard to the of such loss been refunded or ill
replace.
то
THS HOMĦND DAILY PRE--, MONDAY, MAY Hen, 1918,
While the first months of this year should passage of such cobes Who receives the sen reights heer more than ord vari y show very sat fec.ory results, chartering difference between the amount charged by omarcave, the time of overhauls was husiness has now inore or less come to the Company and the amount paid for the Feduced to us in himuso, and the interstandstill and there is a gera falling passage and why? Do the general managers wil he referral to again in my
The life of each steamer has bon orks on the statement of accounts, It is in the North. The sudden and drastic the general managers receive any coramis re-off of trade en various times more especially and/or does anybody in the employment of
carefully assessed by three different and my right for me to mention that we have change in conditions, it is almost nedicession or profit, and if so, at what rate,
highly competent experts and the copro... Vessel, wshiel rằng
eintion provided is based on their report, bird to be past
to explain, is directly caused by the over for the conveyances of such coolies 1 For
with bias towards the safe sido, Th ges were we in normaal times. Owing how has once more shattered the rasy prospects conveyance of such conlies been carried on
Board have satisfied themselves that it The 38th ordinary general meeting of thever to the present dificulty of purchasing of local shipping concerus, and unless some by the general managers ?
is in chery way ample." above-nained Company was held at the contracting for up-in-tute to the reassuring factor appesis apon the horizo
That, si, is what Mr. Ross said in offices of the general managers, Messer in question are being used to the such as will give confidence to native mer-Cláno passengers to the Straits is at pre A-The gross amount charged for
London at the last general muting of the Jardine Matheson & Company, Limited. best advantage. I course of time, how-chants we regret it is only possible to: 220 per head, from which has to be at Shanghai or elsewhere by any default or help thinking that in what you have said Company on July 23rd, laut, I cannot Saturday, the 6th May. The Hon. Mr, ent permits, they should be substituted template, a, period of inactivity with resnt deducted fifty cents per head for Govern any other act of any employé of Messrs necessarily gloomy view of things, because Des Voeux Road, Hongkong, at 10-an, onver, as soon as opportunity of
to us this morning you have taken an uu David Landile (Chairman)]
and by modern vessels and funncial, provision. 148 lower earnings;
ment Licensed Broker and $2.50 per hond Jardine, Matheson & Co., Ltd., in 1011 ore Ross is not only very specific upon the "there" were" niso present—The How Bir kain Lime to time winde with the end in. You will notice that incometax will be to the boarding house keepers for food dur- any other time.
C. P. Choter, CM.G.. Sir Robert Ho view
dedɛeted from the preference dividonding the voyage and to cover native broker-
writing off being on a liberal scale, but Tung, Mesir. H. P. White and J. W. C.
Turning to the recounts, them are one or both here and in London: The directors are age No employ of the general managers plays of the Company a Swatow about he is not merely recording
(13.)--Was there a lows through an em goes out of his way to point out that Banuar (Directors), Mr. H. W. Looker two items I should like to refer to In the vis:d that it is necessary for this deduc receive any commission or profits for fares two or three year age? What is the amount opinion or even
hip (solicitar 10. the Company), the Hen: Mr.ru place you will notice in the revenue ion to be made as otherwise the preference paid. We have no data with regard to how of such loss? How did it occur? Has ich bers of the Board, but that they have the opinion of tul Pollock, K.C Messer, C. E. account an item of £10.00-2.0, being shareholders would share in the profits of ong the present system has been in vogue; Anton, E. F. Aucott, B, Basto, E. A. ao of compensation to London directhe Coupany for the past year to greater it la of long standing and probably extends nger the shareholders in any, and, if any statement on the subject of assessing loss ever been disclosed by the general man actually gone to the trouble, before making Beanmort, B. D. F. Buith C. Well the benefit of tho present I would ex. (ompany's articles. We are advised by
tors, auditors. secretary and staff. For extent than they are entitled to under the over 20 year or more. No, what, report to the shareholders, or at the life of each steamer carefully, of engag G. H. Bowker, C. C. Boyd, A. E. Crap plan that such aonats represent com counsel that we are not able to assement the Company have awarded to it the sum suspense or some other and what account very great weight to what Mr. Ross says, N. V. Croucher, A, C. Davison, A, Derby,
Q. (6.)--In or about the year 1914 did any, and, if so, what, meeting of the share-ing three different and highly competent E J. Grint, E., D. Haskell, Henry Humpensation and gratuities unanimously refer income-tax hereafter,
holders Was sich low carried to a experts." Therefore I think that lends phreys, N. Locfo, L. A. P. Loito Wnded by the London shaloders, at
In cote uioa, gentlemen, you are all
of 83,700, or some other nud, what, sum, Logan, K. de C. Longmire. T. A. Lough the extraordinary mesting of 29th Dec aware that at the pre out time serious dis-tion will the seisure of some op in on the has happened to such suspouse or other valuable years of earning power before at the time when it was discovered? What That the steamers have still very many. lin, A. B. Lowe, J. McCubbin, R. E. Mc-ler, which are grament xi is between the Companys Langtry? Was such sain of mosey of the Company, and, fo, when Have any
by the Hongkong Government in connec Dougall, N. McIntyre, D. McMurray, Jin the statement of any for 20th and some of its floating staff. You will credited to the Company in nccount er was end, if so, what auditors anetioned the considering this question of whether an
Account it suppeared from the books then," H. N. Mody N. H. N. Mody, G. C connection with the retiring directors, the Moxon, J. Paterson, I. S. Perry, P. C, regomendation was de follows:appret a e, that the present strained relait credited to the general managers in disappearanes of, such suspense or other increased Downs should be paid or not, and That is material, of course, when wo an Potts, N. L Railton, J. Rodger, P. H.
tions preclude of my making any very full Thịt the shareholders desire in place. oupable announcevens on the position; it
Recount from the books of the Company I think we may reasonably conclude, after Holfe, G. M. Shaw, F. Smyth C. record their great appreciation of the conderd, however, only right and Stark, A. B. Stewart, H. Stoneharvice rende asi by racit member of the proper has such iteration the from the Govering as part value of still owing to the Company and who is
A-Au amount of $3.213.30 was received Hug the art brea refunded or is it having taken the opinion of three different JW. Tuy or. P. Tol, J. Walker, E. A London board and as a mark of their ap- afforded to shareholders as will not prono Lookysang. This suni docs pot belong A.-The reply to the question is in the mean valuable working M. Willams, C. Woothed, W. G. C.
upium sized on heard the se. Fuensany, | responsible for it, repayment ?
and highly competent expirts to preciation hereby vate the sum of £3300 judic. the Cmpany's ca c. Briefly spoke.
about the life, which may be Worcester, J. M. Alves. J. Baptista, S
life," of our E da Laz, F. M. G. Opario, C. S. Romoment, to be divided amongst them pro refutian from the principal Coast Companies; but is being in the meantime held by them. pradure is Swalow is referred to I may tell stantial to go upon in urging the Board As spre al houicarium their retire-ing, the China Cons: Guld caims recognito the Company or to the general managers negative, but if the death of our late com steamers, that we have got something sub- dins, O. F. Ribeiro, FJ V. Tribocending to length of service." F. X. V. Ribeiro, d, M. Hocha, U. A, de
alsu disunnds for its numbery substantial It, ultimate disposal will by a matter of you that the freights owing by him at his at this meeting give to the Deferred Roza, A. H. M. da Silva. A. JC da Keswick and Mr. C. H. Res did not part and spension chem It would appear by the general managers,
easy mendon that Mr. Henry pereas of pay, further leave concessions, colisicetam, but none of it will be received death were paid to the Company by areholders the extra napunt of konus Sive, MN, da Silva A. M. E.
Mears, Jardine, Matheson & Co., Ltd. which has been moved by Mr. Honry Hu Soures, Ho Fook, Ho Koa Tong, Ho Ju,ipate in this honorar you, The balance of that the Cupany's refusa) to deal with the Q (7.)-With regard to # Ho Sha Kit, Ho Kwang, Ho Wing, Lo the out of £10.065.2.8 is ware un as guild is the chef grievance and we regres
the contract
Q (14)-What percentage of commission phreys. With regard to this, certain Cheung In. Wong Lai Sing. La Cheung.
is debited to the Company by the general Bgures have been la'd before the general Shiu, Chan Chan Nay, Nea Hong Tow,
managers in respect of the services of the managers in the course of this week and, it is one which for many good reasons we
Borneo ugent of the Company What por-you will as doubt have noted that if are, under present coulitian, unable to Lon Tak: Po, Lan In Cheong, Chan In Ting, with M, R. Sutherland (Seretary)..
concede. Po bly some way eat of the pre-
cntage of commission is in fael paid to sent dandlock on this plut may be arrived
such agent A The mice couvening the beeting having
at, and you may rest assured that every ben rend,
thng ponile wil be done in the matter the Company. xsopatible with the general welfare of
CHAIRMAN'S SPERON.
with-
follows:
Paid to Mr.A. 6. Well, the
facuer Secretary, who w very old servant of the Contis, pany, the cost of an annuity of 2500 per ann Paul to audito Paid to Mr. A. W. Estou in
lieu of not ce
£6,798.2.0 310-6
100.0.0
recount?
entered into with the Hongkong and Whumpin Dock Company for the construction of twe coas.ing vessels, when was the contract inde for euch of them, what is the amount of the contract price for each of them, and what commission or muneration is or will be payable to the general managers by the Company, and
comision in respect of the ste of athe who, upon tagh of such contracts ? Fur- thensory, is the Dock Company paying any"
either of them to Moser, Jardine, fathe son & Co., Ltd., or to soy representative of
heims, and if so, to whom [...
The CHAIRMAN said: The repors and Rabient of accounts having been in your the reunining amount of some £209. repre- this is a mater whib we are at all times As regards the coulissa, of our servios, handy for some days, I trust I-may," your approval take them as read. senting cunpensation to the other tombers willing to discuss with our own men and This is the first occasion on which the of the London staff in the form of not is perhaps, desirable to add that a general meeting of the Company has been year's salary, th
by generar_vw of what has transpired in hek Hongkong, and, as you are all no The amount of depreciation widen off the past hơn thầy when the Company has doubt fully cognizant of the proceedings is not eat for any conucnt, they bring bens a potion to nes', a large han in) Augu 4, 1915. The price was a favourable A-The contract was catered into in which took place in London on the 13th them which requires to he served outay to und 20th December last, in connection with under e depreciation schine, drawn up by have been grant d, 1t us be recognised Company to discose. The dile torju Lan. esaff additional advantag eng which it is not in the interests of. Die the tratufor of the management to Hung experts some years age and which meats that than is a lie to such Company on agreed to pay the general managers kong, it is unnecessary for the to-say more the requirements of auditon and of the chargs, and comparisons with other Cum per cent, come soon the coat payable thin th the notion taken will undoubtedly debenture trustees.
The £10,000 reserved pans rating in various parts of the 18 the instalment for the ships are prove of considerable benefit to the Ca for repairs, and renegaly is to cover extra words rve o meful purpo». I ennobond. This rate of commission is in cocord- pany, allowing as it does of uns expolis-works which will certainly has to be done but rifer to the greas cgret Et ut same ous settlement of questions of importance to the steamers when opportunity permits, I of our tri ted employ's lending teir ride Docs Company are paying nd complasia to ance with a long-stan ing arrangement, The For the information of shareholders gea-have clicady explained that in the inter-this drastic and considered nuvement afe sra, Jardin, Matheson & Co., Ltil, or rally a copy of the proelings at the usta of shareholders every effor, las been. In times of peare there would be jitle ex any repraentative of Moers. Jardine, two extraordinary meetings just referred made to take the fullest advantage of the
are laid upon the table. The change has high frights ruling, with the result that such preidings, but at a citi al Matheson & Co., Ltd., also unabled various outstanding points of rain work which, in ordinary times, ship and every Pritish seaman is an tao
fine like the present, when every British and to provide for this it is thought closest co-operation of all parties that the the accounts.
tained to the country's gab monetary described as deplorablɔ, boneft, the present situation a caly be
A. The Bace agent is not paid by the Company, but by the general manager out of their commisjon,
La
this extra bonus is paid it will not be neces sary in any way to make any inroad upon the underwriting account, not would it be necessary to reduce the £35.000 that is proposed to be passed on to reserve by any larger mount than £5,000. There will be still £30,000 to pass to reserve and it will he unnecessary to in any way affect the which you – have pointed "out
be
written off for depres The CBAIRMAN then proposed the adopthe special reserve accounts of £10,000.
ciation after ships, £40,580.7.3 tion of the repert and secounts, coupled Therefore, sir, I think that, as Mr. Hun with the following resolution :—
phreys has pointed out, in this prosperous
DISCUSSION ON RESOLUTION.-
long duration relating to the arrangeinces would have been done, has been postponed, to the nation, and when it is only by the and, if so, when, and at what price? What open for discussion. WANTED T
R
manager to be personally discussed he desirable to make ths provision shown' in commercial side of the war can be main think it is in the interests of the Company Proposed honu, ofien shilings per share ransfer books should not have been kept
between the Company and the general tween the directors and the general wa age with a view to arriving at a definito. understanding on what have been outstaal mg points for a number of years, EN
sunste difference which exist between the
QUESTIONS AND ANSWERS.
quations.
y be
in 1902, 1903, 1906-1911, our reserves were
Questions and answers are as follow:- llel upon, and in the case of the general the Indo-China Steam Navigation Com. (1)Why was the present meeting of roerve, entirely wiped out. In 1900, thony (hreafter referred to as the Com general reserve stood £70,000; in 1901 itany) hed at such short, not.eei
Company
my speech with regard to the noexity for A-I think I have explained fully in hoting this meeting today and the short not co of closing the books,
nuagers made out of the Company Fox Q (3) How much have the general nel of the years 1910 to 1918 inclusive
(a) In commi sions, drama (a) In profity on contracts, entered into
on behalf of the Company? At what rate per cent, and on what item
·ktomierz nad
(b) the amount paid en stint of the
new stɛamers now building 7 What remineration (if any)" hayo the amount expended on old steamers t general managers had for themselves on the
A-The
old
The
amount expended on teamers was £959 86. ld, being cabin se- amount spent on agrunt-of-now-steemers coremodation to the as, Insang.
now building equals £21,491 12s. 6d.
a follows:-
The La'ance of £34,103 28. Id. is made up £78 36 Id. on count of a River contract, d for at Home and tored by the Admiralty £2,363 . or the purebne of tug and lighter, for the Yangtze service £9,8 19, for udditions to Huks on the
Yangtze,
er
bo
That the Company pay a final divi-year which we have got, and, in view of dend of 3 per cent on the Preferred and the conditions which now prevail, the De Deferred shares, which will mount to ferred shareholders have every right to ex £14,876.14/ako a bonus of 10/- per pret a more generous dividend than that share to Deferred shareholders, absorbing awarded to them at this meeting. Before £24,794.10/- in place to general reserve I sit down, there is another matter for dis: £5,000, to increase underwriting ac- cussion upon which should like to say a ̧ cunt by £13,770.12.0, leaving the sun of few words, and that is the question as £12.004-14/to be carried forward to to why longer notice was not given before xt year's account. The dividend on the transfer books of the Company were shares on the Hongkong Register will be closed. That is a point upon which some paid at the rate of 1/11 per dollar. of the shareholders feel very strongly in Q. (8) H. the ss. Lien Shing ben sold,
The Chairman said the matter was now dred. After giving, as wo are bound to give, every due weight and consideration was her Look value of the date of sale 1
M HENRY HUMPHREYS-I have an I do not se self any reason why the to what has fallen from you. "may, A-This is a question which I do not amendinoat to mako-and that is That the
shipping companies operating in Eastern Those who have followed the history of
I should answer, but I ant wiling to give seconocer, shilings? Is making this why the transfer books should have been to Defereed shareholders he increased to open a day or two lunger." I do not man informallion to any sharucho ders who woundoost, I as pot influenced by any gheed when Bastarday oening gret, gentlemen, that in order to hold, waters during past years are fully aware
at practically three hour Es to end at the office ill will in the directors either enl'ectively to affect the transfer of hires. this meeting today it was necessary to of the fact that owing to sudden and most close our transfer books at vory short spec ed fluctuations of tada regular:
(2 (9.)—With regard to the item in the or individualy, but I am entitled to x Bank at least reid prolem quito think one Botice This was due to a variety of percentage of earnings on capital are more
accouple of £34,404 2 1d. appraning on press an opinion and that is
that the pre- causes; jo the first place we are very she exception than the rule By this I
the past de of the balans chest, under posed bonus of ton shifing is inadequate, appreciate that a week's notics bar to kanded is our book office owing to the mean thus, while a good year a result in receive from Messra, Wilkinson & Grist and payments on acerant of now open of a great number of shareholders. He of
The Chairman, boat.nuing, said he had the hading of “ Adsitions to old scamera not only in my opinion but in the opinion be given of the meeting, but why it should abonce of a number of our staff who are satisfactory profite, lean years follow with ist of question, many of which had no building," what's
necessary to give such vory shori action in Europe fighting for their country, nud persistent regularity, who by force of rearing whatever on the accounts or the
paphorically speaking we shareholders have of closing the transfer books I entirely fail it has been an easy matter, owing to cumstane s inroads have to be made into business at this meeting. He would, how
I cannot so why they should want thu saanster of the books froin London, torres buit up during prosperous times ever, se a matter of courtesy, reply to thes
(a) the amoɔns sixpanded in the old | ca sojourning in the wilderness for oleven have been kept open to Monday or The
years living on mann-and not to day of this wook, which would have given prepare the accounts for presentation to if dividends are to be kept regninr This
nuch of it either unti let yene wo on- you. In fas, I had abuust ven up hope Company has gone through the same ex-
tered into a land which seemed to be over opportunity to shareholders who of hu'ding the meeting today until
flowing with milk and honey. We saw the into their names to come forward and wished to have their sharea, transferred end of last week, when, having obtained
bperience na cther and during the bad times
owners of small stesuerg aking 100 per have them so transfwered. the information we required from London,
cat and even more, and we slapped each that I think shareholders word treated with I' punt way we found ourselves in a position to com
other on the back sad gtid, “The Promised plete the accounts." In view of the unfor
Land at last! Alas it was little better very scans courtesy in this matter, and, than a mirage Eleven per cent, on the why the meeting should be held at such sir, with regard to the general question whole capital does not seem to be a very short notice. I fail to understand why it fasting Kalf and the management, 1003 at £100 000; in 1904 at £150,000 in before closing the transfer books of the
finest shipping year we have ever seen in the gentative of Mesert, Jardine, Mathon & food at £100.000; in 1909 at £100,000; in Q. (2) Why was rot longar notice given which I will rofor later, I was very 1805 at £110,000, in 1908 at £30,000 in
satisfactory result on what is probably the should have been so No doubt a repre ghus to leave today for Shanghai in order to hs on the spot where the negotin 1907 at £10.000; and by 1008 i had been
Far East You. Mr. Chairman, in the Company will be left here when you leave tions ware going on.
Broker had been entirely wiped out. As regards the under
out of your speed, made a great point the Colony 10-day and I do not now why specially warned that the books would come its account the figures were-In 1900,
depleted gradually during the coung of even if it was necessary for you to poet of the insurance reserve fund having been the meeting should not have bocu buld fortyzud-bad-entioned the fact in their 206,101 in 1001, £232,367, in 1902, circnlar. We had dao Licen
£240,000; in 1904, £241,000; in 1906, asked not to close the transfer books until 120 000 in 1908 £270,000 in 1907,
particularly
requist-years. I quite recognise that fact, but, on elsewhere. I think that in a matter of this
the other hand, in the days when we had sort there has boon roal ground for dis after the April kettleinent. I apologize for £24003; 1908, £148,000; in 1909,
that large insurance reserve fund I ander-satisfaction on the part of the shareholders, The inconyantenes which it has caused £138,000 in 1910, £114,000 in 1911,
stand we insured the whole of the steamers Of course, a size may hold a considerable shareholders and there will be no difficulty £91.000; in 1912, £90,000; in 1913, £83,000
ourselves; tion of them. If I am wrong 1 shall be glad registered in his name he has no oppor
now we only insure a small por number of shares and if he cannot get them in
giving long notice in future.
and 1914, £88,000 You wil no doubt Before passing on to the statement of agres that in the light of previous experi-
to be onrrected. My amendment accounts a brief résumé of trade eɔudience it is of the greatest possible import of account were such commissions charged i
£070 16s, &d. being the purchase price of ally involves, the extinguon of the practicinity of voting at the meeting or being as engineer-superintendent launch ward. For my own part I cannot see any- Well, sir, I have already said, I eu. to support his interests at the meeting. tions which prevailed throughout the year nne, and sound policy, to once again foster under review will no doubt prove of in our funds for the rainy days which will claim to have for charging such em seunsration in connection with amounts bore but with which most of us probably shareholders should get this extra bonus of
What author ty do the general maniger;
at Hongkong-
advantage in having any carry-forward attirely support what has fallen from Mr. terest, Business in the North opened under undoubtedly be experienced on the ter This question does not refer to the expend d on old steuners,
The gental managera have received to all, and for reasons: I do not care to give Humphreys and I think the Doferrex normal evaditiong, and whilst prospects for raination of the war, the Company's vessels on the regular linge
are familier, the Less we carry for seven shillings per share appeared to be favourable
In recommending the appropriation of ants now before the meeting with the Q (10.)––Have any director's fees been werd the better My to the funds as so in your direction of the year 1915. We were ed er are any such fees proposed to be am involves the reduction of the
Amendment Limited amount of tonnage operating, therefore had set frath in the report y te dire appo ated general manager, of the Cem paid, and, I te, to wast-angast, to the paid to the general reserve fund framt hans boon proposed by Mr. Humphreys and was little indication during the first six comider, and while it is a matter of regrety in pure of the Company's n zentle shat business would prove to any that the distribution of funds does not randum of as ociation. We have an sgret Ltd., in Hongkong, in addition to the share kindly cond my axendment?
Head of Mosm Jardine, Matheson & Co., £35,000 to £30,000. Will going shareholder secunded by the Hon. Mr. Pollock, accord, vary appreciably extent. Fair business
ing to the Articles of Association, in nos was, however, maintained, despite the holy meet with the approval on into on the formation of the Company hy to the Hand of Matheson & Co., Ltd, in much pleasure in seconding the amendment Beard as the Board shall in their abso ancut with the Company which was cales of companion to London directors paid
The Hop, Mr. E. POLLOCK I Te in order. The amount that is placed in of the shareholders, I have no hesitation political threat prevailing and the uncer
general reserve cents entirely with thei" tainty as to the future. The autumn crops saying that for roagons hereafter expressed cordance with high they used and in ne London? How much did such shano amount which has been proposed by Mr. Henry lute discretion decide." were exceptionally good and accounted for the recommendation get forth unquestion which are made
Wo
Humphroys. I could have wished, sir, that satisfactory business being done in the ably in the very hey interests of the Com- haya sused our rights to une exteng to A-The sum of £3,300 was divided his amendment had been seconded by a Hon Mr. POLLOCK-What Article in chartering trade from Hankow and Wuhu Pany as a whole
certain durges for a number of years, but ainong, he following directors: Ed member of the mercantile community of that that you refer to? to the South.
As you arY WE BALM, tha
their reinstatement is now un croonde ward Beauchamp, Mr. E. Cou ins Mr. W, In striking.contrary to the conditions pro tainty of what is to be contemplated in the Lion, Git of the cumuasion we are entitle, Fisher, and Mr. A. P. Simpson. No re are aware, we asked to take the chair directors regret that they cannot see their The CHAIRMAN-Articles 96 and 94, The vailing in Rome waters, the Southern mar way of Home Government Taxation is an to charge we pay all establishown charges orcentative of ether Messes. Jurdine, at the recent mesting in the City Hall, and way to declare a larger dividend. This ket at the commencement of the year was in barrassing feature in all Companies re and what is left to un is a matter with Matheson & Co., Ltd. or Messrs. Ma hesenso a number of shareholders asked me to meeting has no power to declare the divi-
very depressed state, titily enquiry for gistered in the United Kingdom-the ever
which we alone are cuncerned,
&Co., Ltd. participated in this honor second the amendment proposed by Mr. dend. tonnage being in evidence and competition changing conditions of the Finance Acts 2(4)-What contracts have the general arian
I regret that I must rule the Henry Humphreys, Sir. with regard to amendment out of order. tering rats during January and Febru made for future demands. One thing are such contracts made in the name of these h-April, 1816-on- from outakes steamers being severe. Char. preclude of any definite provisen being manager, made on behalf of the Company Q(11)What is the estimated ne, pre- the future prospects of this Company Hon Mr. POLLOCK On behalf of the
with regard to coal supplies for 1916, and fit of the Company from 1st January to
you have drawn a somewhat gloomy pie dissentient shareholders, we must protest azy were cmaqaently on a low level, but however, appar certain, and that is that
ure and in partientar with regard to improved after the New Year holidays. long a war continuen we shall have to mpany or of the general managers↑ Do During the spring months several well-contribute increasing amounts to the finan. the general managers receive any commis (b) the sale of steamet
(a) the working of meainers; knowu ve employed in the general cial reanirements of the Empirere pse of the contracts for aches. How tion or profit, and, if so, at what rate, in chartering trade were withdrawn from the
In addition to the foregoing, we cannot tarkes, bring att neted by the better rates close our eyes to the growing demand of uch have the general managers made for offering in Home waters, and the resulting the Government for commercial vesels for solve on coal contract of the Con- scarcity of tonnago caused a general is. use as transports, colliers, cbs. Unfortun- ny for mach of the years 1910 to 1915 provement in charter business. Rates adaty it is not desirable in the present cir inclusive vanerd rapidly during the gumuner non, cumstances to go too fully into all that A None The Company contract, with a considerable amount of tonunge being hacently transpired in this connection Messra, Jardine, Matheson & Co. Ld, as "taken up on trip and time-charter. Bus-suffice it to say, however, that the demands coal merchants for their apply of coal, 19 gontinurd brisk until the autumn of the authorities have been & great source The result of three contrects to Mesra, when heavy stocks of rico caused rules to. decline and the market was quiet until of anxiety to your directors, and, while we Jardins, Matheson & Co., Ltil, whether a wall into November. The closing weeks of have no desire to shirk our dus proportion less or a profit, is the business of 1915, however, indicated a marked in of the national burden still certain ex Mears. Jardine, Matheson & Co, Ltd., provement the nagu availab a being optional circumstances governing some of and not of the Company The contract for insufficient to meet the demand, and rates our lines justified very full representation 1916 was fixed by the directors in London aga u assumed an upward tendency. Dur. being made to the Government for partisi on behalf of the Company. We make no ing the year the vessels on the regular exemption, So far, matters have been allow profit on any controls wa maka on behalf Southern ranseurod satisfactory so to rest, but why the future main of the Company support and rater of freight were increased store for us a governed by factors of which as considerad, advisable, findin
us have no knowledge; the outlook, bow- An regards the fleet, our vesse's have ever cannot by any means he regarded as best kept in a good state of repair, but satisfactory
în
tot
this Colony, but, as perhaps some of you grest "Endor
able
The CHAIRMAN The amendment - which
the condition of the Company's steamers against this raling formally, and we reserva
anast mate of the nett profit to 30th April of the steamers are altogether inconsistent show of hands. I will not renture to say who is all our rights, right and who is wrong, but I can only say The CHAIRMAN then put the originat A-It is quite imposible for us to give the remarks in your speech of the condition motion, which was declared carried after 4 1916. The books have only just been closed with the observations of Mr Ross, who took to 31st December Our Shanghai firm the chair at the last meeting of the Compassed
The folowing resolutions. have wired to us that the profit for January pany, which was held in London. At that
were al
steamers was T 43,000, last, which after all is not so many months and Mr. H. P. White be re-elected dire on the working of the Northern and river meeting, which was held on July 23rd, Messrs. Jardins, Matheson & Co., Ltd., "That the Senior Representative of
ago, Mr. Resz said with reference to the tors.
already dealt with
The profit on the sale of steamers. I have
Q. (12)-In or about the year 1911, did the Company suffer a on, of a large, and, if so what, sum owing to the default of au employé or some employés of Mears, Jar- dine, Mathe on & Co., Ltd, of ho Shang- ha office? Who was on charge of auch office at Shanghai when euch loss was dis covered 1 Has emph kos eger boon disclosed
Q (5.) What amount per head is the in any, and if so, what, report to the share
hy the general manager, to the shareholders Company now charging for the compeyan a holders or, at any, and, if so, what meet of Chinesy coolies to the Braite Settling of the shareholders Was nch loss er meats! What is the amount pu'd for the ried to a suspense or to some other, and
Proposed by M. WALKER and seconded by Mr. MOCURSIN. gads I should explain that white our That Mesure. Lowe,
Bingham steamers are thoroughly well kept and Matthews be appointed as the Company's cared for out of the revenue, our customa auditors for 1916, and that the fixing of has been to er, if at all, on the side of their manuneration be left in the bandaLof liberality writing off depreciation. the directors," Proposed by Mr. Ho Kou One result of this is that book values Toso and seconded by Mr. Lo Cuzuno IP. tended, ins
n many cases, towards a mere **That the appointment of the surlilere breaking up value, while the steamers be confirmed. Proposed by Mr. LEFFE and themselves have still many valuable years seconded by Mr. BERWICK, of earning powers before them."
The CHAIRMAN announced that dividend exact contradiction of what you told us morning, and might be obtained on applica
Pausing here for a moment, that is an warmante would be ready this (Monday) this morning when you said a number of tian.