Page
TPE HONGKONG DAILY PRESS MONDAY, FEBRUARY 28TH, 1921.
I do not praless to be able to follow, the intricacies of exchange or politics in Chinn so I shall refrain from comment on those thorny topics, but it does not re quire a Napoleon of finance to realise that when a pound sterling only baya about 7/8 worth of goods on a pre-war basis, more capital is requited to carry on a business, and the business of this Bank, gentlemen, ie, as you are doubt less aware, not only stupendous but in
CHINESE RAILWAYSÄ, THE POLITICAL SITUATION
In conclusion. I must mention the Little, if any, improvement can he nated in the political or financial situn question of the unification of Railways, a tion in China during the past year. The prominent, practical part of the Consor overthrow of the Antu party in the tian programme. The consolidation of Peking Government which was accea the Railways of this country under one plished last summer has not so far pre-administration, if ever tarzled into effect, -duced the results in the way of reform cannot but prove of the highest advan Ro confidently expected by many, and the age. Aside from the economy of ad iuimediate repadiation by the Southpropinistration which will be brought about authorities of the Presidential Mandate by such a step, there is the more import announcing that the differences between nt question of local administration creasing all, the time. The issue price of which railways in partially developed dis-the new shares, viz., £70, in, in the air
eumstances, a fair one and will commend itself to those shareholders who look upon the increase of prestige and earning power of the Bank as the first considera tion.-(Applause.)
North and South were practically "cumy posed, showed that there is still a wide „gulf between the two parties. Meanwhile hoth parties are themselves in a state of chiasension, and in the South new Govern, ments are formed and reformed with be-
more evident is so necessary for the well- being and prosperity of the country, must inevitably be postponed.
tricts no often involve.
Were there a Chinese Railway Service moulded on the same lines and charac terised by the same integrity as those of the Custom Service, and were the
China has her owà particular difficul. ties to contend with and these have a compelling interest for the Bank, but she suffering also from the re-nctions of the war, like the rest of the world.
.:
„COMPANY REPORTS. NEW ENGINEERING AND SHIP. BUILDING WORKS, SHANGHAI,
DIVIDEND AND INCREASE OF CAPITAL- The sccounts of the New Engineering & Shipbuilding Works, Ltd., for the fu ancial year ended December 31st, 1920, show a net profit of The 1,220,472-10 which, with the amount brought forward from the previous year, viz, Tla. 39,081.23, makes a total of Tls-1,205,354.39. meeting of the board, held last week, it was decided that the shareholders should be recommended to apportion this amount As follows:-
по
4.
At a
Tia
............. 130,000.00 180,000
150,000.00
Interim dividend on 150,000
shares at Tl.. 1 Final dividend Bonus on 160,000 shares, at Tis. 3. 450,000.00
shares, at T. 1 To Depreciation Fund... Before
The proposed bonus of 20 per cent, to
To Charities
25,000.00 10,000.00
100,000.00 325,000.00 55,554.30
Tis. 1,265,554.39
wildering rapidity. While this situation satisfactory profits which certain of the the staff will, I am sure. met with your obtains, it is to be feared that first steps lines are able to earn, even under pre
cordial approval.—(Apple use.) towards the establishment of a really sent conditions, devoted to improvements sitting down I would like to say a few To Equalization of Dividend representative Government, sufficiently and extensions, the time would not be wards about our late Chief Manager and
fund powerful to exercise authority over the distant when the end of railway borrow our present one. We all feel pleased and And to carry forward
To place to Reserve provinces, which it becomes more and ing would be in sight.
honoured that the valuable services of Mr. Stabb to this great Insitution have been recognized by His Majesty the King I has further been decided to calt`s in the shape of Knighthood.-(AP | special meeting to authorize the increase pinuse) As regards the present Chief of the capital of the company to Tis 5,000,000, to be divided into 500,000 $ per Manager I am confident he will prove a cent. cumulative preference shares And worthy, successor to his illustrious pre- 500,000 ordinary shares. If this resolu. decessors,-(Applause.) I knew him per Tls. 1,500,000 of the company's reserves by tion be passed. it proposed to capitalize. sonally when we were both very young the issue of 300,000 & per cent, cumulative men and for that reason I have watched preference thares as bonus shares in the his advancement step by step to the ratio of two preference shares for every one ordinary share held at present, and highest rung in the ladder with more than further to issue 60,000 ordinary shares at a premium of Tla per share, which will in the ratio of two new ordinary shares first be offered to the present shareholders
for every five ordinary shares now held. Further, particulars of this reconstruction scheme will be submitted in a few days' time to the shareholders, together with copies of the accounts)
Financially, the situation is sufficiently serious. The Government, in spite of the large sum that have been released for their
use by the Customs and Salt Revenue Administrations, are still in dire straits for money to meet their many obligations and administration expenses, of which the heaviest item remains the
THE NEED OF THE TIMES. The outstanding cause of the world's trade troubles to-day is lack of capital, Inse of purchasing power. No quack remedies, such as a new international pay of an army altogether beyond the money or unit of account; no further in- passing interest. I have now much plea legitimate requirements of the country.flation of currency, with its attendant evil sure in seconding the report and state The fall in exchange, by largely increas of higher prices; no extension of Gov-ment of accounts.—(Applause.) ing the amount payable in the coming ernment control or increase of Govern As no shareholders desired to put a year in discharge of Chinese gold obligament restrictions will help us to sell our question the CHAMAN put the resolution, tions, adds to the difficulties of the exports, or to correct our exchanges, for, and it was carried unanimously situation, while the famine, which now next to pesce, freedom is what trade re APPOINTMENT OF DIRECTORS AND exists over a large area in the North,quires.-(Applause,) Governments can consequent upon the drought of last do much to establish both peace and summer, imperatively calls tor relief freedom but the larger part of Govern mensures by the Government on a largement expenditure in most, European coun- sente, involving considerable extra ex tries is in the nature of war expenditure, pertare if the lives of perhaps millions which is crippling trade and industry by of people are not to be lost.
its demands on capital.
FAMINE RELIEF.
AUDITORS.
; Mr. A. 'E. GRIFFIN seconded, and the
motion was carried unanimously.
Mr. T. E. PEARCE proposed that the appointment of Mr. G. M. Dodwell. Mr. A. S. Gubbay, Mr. G. T. M. Edkins, and Mr. A. O. Lang as Directors be con- firmed and that the Hon. Mr. E. V. D. Parr, Mr. A. H. Compton and the Hon. Political instability still denies n. Mr. P. H. Holyoak be re-elected Direc The foreign communities in China are proper "bearing to the crying economic tora giving what assistance lies in their power. needs of the situation. The fact that the This Colony and neighbouring British Colonies have contributed generously and urgency of these needs has so far failed funds have been opened in Europe and to force all nations into paths leading to America by means of which large sums universal, perce, is only additional evid have been raised and are being expended in relief measures. The excellent work ence of the prodigious difficulties of the performed in this direction by foreign readjustments rendered necessary by the missionaries in the admiration of all who war's disturbance of the world's 'equili- have seen and had experience of it. All brium. The, restoration of conditions of that has been done in this way, however, has scarcely more than touched the fringe security, without which no 'new period of of the needs of the famine-stricken trade expansion can be looked for, is regions, and the handling of the situation quiring the immediate attention of the
is one of the most serious problems re
Chinese Government.
Mr. F. SMYTя proposed, and Mr. DUNBAR seconded, that Mr. F. Maitland and Mr. E. A. M. Williams be re-elected auditors for the year.
This was approved.
SHANGHAI AND HONGKEW WHARF, CO
Tle.
hai and Hangkow Wharf Co., Ltd., shows The statement of accounts of the Shang-
that the balance at credit of profit and loss pecount for the year ended December 31st, 1920, is Ths. 720,048.88 which the Directors propose to divide as follows:→→
Interim Dividend of Tla. 3 per share on. 36,000. shares paid 97/8/20 Final Dividend of Tla. 10 per
share y Place to credit of ordinary re-
pairs and renewals Placeito Fredit of special re-
pair and renewals Place to credit of equalization
of dividend Account Place to credit of depreciation
fund
Pay a bonus to staff at wharves Carry forward
108,000.00
360,000.00
630,000.00
75,000.00
50,500.00
*50,000.00
8,286.50 8,780.38
Tla. 720,046.89
DIRECTOR'S FEES INCREASED.
I rise to make a proposal which, I think, Mr. G. C. Moxon said:Gentlemen,- everywhere hindered by political unrest will meet with the general approval of born of aspirations économically impos- all concerned and will give you as great sible of fullment. Extravagant hopes, pleasure to pass with unanimity as it The speech of my predecessor last year along with all other forms of extra does me to propose the resolution. The contained a reference to the preliminary negotiations, for the re-establishment of vagance, must submit to the dictates Directors' fees of this Bank were fixed at the Consortium on a four Power basis of economic law. Recognition of the 820,000 per annum when the Bank was that is to say, the grouping of British. futility of rebellion against it French, Japanese and American bankers the beginning of wisdom. Happily its in 1804-at which figure they have re- is incorporated and were raised to $30,000 For cooperative work in China. The year which has passed has brought these early beginnings are to be descried in mained ever since, that is to say, over a negotiations to a successful conclusion. recent events, and first signs of returning period exceeding a quarter of a century. the dope" traffic is foreshadowed by A new attack by the Home Office upon
During this interval the capital of the to be put into force when 40 days' notice the announcement of further regulations Bank has been doubled and the total has expired.
Mr. T. W. Lamont's visit to the Far East
in the Spring had the happiest results in confidence appear. Awaiting their deve removing certain preliminary difficulties. lpment, it is for us to face the future and everyone concerned is much indebted
(Applause.)
DRUG SCANDAL TO BE
STOPPED
DRASTIC ORDER BY THE HOME OFFICE.
to him and, through him, to Messrs. J. in a spirit of quiet determination to make liabilities of this great Corporation have Under the present law, writes a Daki P. Morgan & Co. A meeting of the the best of whatever situation may arise, increased nearly four times. In view of Chronicle representative, persons may be Four Groups took place in New York and to discharge in a manner worthy the increased and the increasing responsell, or having in their possession cocaine prosecuted only for selling, attempting to in October and the agreement which they of our predecessors the great responsibilities of our Court of Directors, and and certain other dangerous drugs. reached and the resolutions which they passed were subsequently made public, sibilities laid upon this Institution.-in recognition of the stability and skili In future, imprisonment may follow a
AIMS OF THE CONSORTIUMI, .
which have marked their conduct of our the drugs, as well as for distributing them 'successful prosecution for manufacturing The aims and objects of the Consor tinm, as to which misunderstanding has CHAIRMAN said-I beg to propose the
At the conclusion of bis uldress, the affairs. I formally propose
by any means, unless under a doctor's That the annual fees of the Directors prescription. Not only coenine, but raw sometimes arisen, should now be suf Aciently clear, but I will just touch upon adoption of the report and statement of
of the Hongkong and Shanghai opium, morphine, ecgonine and diamor- the salient features. In the first place, I accounts After the proposal has been
Banking Corporation be raised "phine are affected by the new order. should like to emphasise the point that seconded and before placing the motion
from their present total of $30,000 Diamorphine is usually known as heroine, and has figured in more than one notor- the Consortium is a partnership which contemplates transactions spread over a before the meeting, I shall be pleased to mensurate with the work involved.
figure, I venture: to suggest, more cominus case. This new step," a Daily Chronicle representative was informed, considerable period of time. While it answer to the best of my ability any
"is an attempt to cut off the source of provides general machinery for the future borrowings of China, it does not contem questions which shareholders may have
supply of these dangerous drugs. It is plate a large immediate loan.
notorious that the evil is still rampant, particularly in certain parts of the West- end. Several pinces are known to the police where dangerous drugs are turned out by the pound. If these houses and tenements can be closed and the makern prosecuted, a great deal will be done.
Indeed. to ask.
so long as the hold of the Central
to $50,000
I trust that this proposal will find a ready seconder and meet with the unani [mous approval of this meeting. Mr. T. E. PEARCE seconded. -
Government on the Provinces is in ita MR. H. HUMPHREYS BECONDS THE The resolution was carried unanimous
MOTION.
Jy..
The CHAIRMAN: Gentlemen-On behalf of the Directors, I should like to tender you our thanks for this résolution, un -animously passed-and I should also like
present unsatisfactory condition, and so long as the likelihood of war between the contending factions remains,”no loan can
Mc B. Humenners said: Mr. Chair he considered. On the other hand, the Consortium is, as it were, a notice to man and Gentlemen.-The seconding of China of the conditions under which the the Bank report and statement of to say that it comes, as a complete sur Groat Powers are prepared to lend the accounts, 18, so far as I am"concerned, prise to your Directors, and they will do sinews of reconstruction, and it is virtual becoming a sort of family babit. My their utmost to continue to deserve the ly a notice that, without fulfilment of these conditions, China will not be able to father did it on several occasions and I confidence that you have shown in them. barrow, at all. If in the result this remember Mr. Fraser Smith used to refer
(Applause) should read to China borrowing at home. rather than abroad, so much the better. to him in his paper as the "champion The second feature upon, which I wish seconder of accounts," Although I can to lay emphasis is the fact that the policy lay. no claim to being anything of the of the Consortium, if steadfastly pur sued, rings the death knell of the earlier kind. this will make the third occasion I policy of spheres of influence or interest. have seconded the Bank report to by previous speakers, so there remains By the pooling of all outstanding agree seconded the accounts when the capital menta and options, and by an under- taking to share equally the financial and of the Bank was increased in 1907 from commercial results of all future business $10,000,000 to $15,000,000, so now your the Powers in effect undertake to pre- Chief Manager, considers I ought to re- serve China from those entrenchmente upon ber sovereignty, which have followed peat the performance on the eve of the in the train of concessions in the past. increase from $18,000,000 to £50,000,000 There will be no second" Battle of the said to the Chief Manager the other Concessions there will be no more
Playing off by China of one great day I thought that anyone who seconded Power against another: she will be met the accounts more than three times with fairness and reason, we do not doubt, but above all with rigid, unnut should receive a bonus. He replied he mit Bhe will be offered for her loans had no objection, but in such an event the best terms that the financial world he would see to it that no one was asked has available, and for all her require- ments the most favourable prices that to second the accounts more than three public tender can reach.
times aughter.
WINSTON AS ARTIST. PARIS DISCLOSURES OF A DOUBLE LIFE.
take rank as a first-class painter. in England to-day a statesman who can Not many people know that we have
THANKS TO DIRECTORS: AND STAFF, have been asked to propose a vote of Mr. HENRY KESWICK aaid: Gentlemen, thanks to the Directors and the staff. A correspondent of the Daily Herald Their services have been already referred gives away the secret, He writes:
"On entering, the well-known picture the Directors bring to the councils of the will find on the Teft-hand side four very little for me to say. We know that gallery in the Rue Royale, Paris, you Bank expert knowledge of the whole field pictures entitled Southom Scenes, and sonal experience of sitting on the Board These pictures have been most lay- of trade in the Far East, but from per numbered 78, 70, 60 and 81. of Directors, I know perfectly well that it ourably reviewed by all the best-known is due to the Chief Manager, sub-man art critics and the unknown painter- agera, and the staff that the Bank is so whose style is broad, audacious, and Directors have been increased, and a good continue painting,, and to leave whatever successful.-(Applause).--The fees of the highly coloured is strongly advised to on voted to the staff, and I hope wo other work he is engaged upon, and the future of repeating that performance. The critics and advisers, apparently, charchalders will have an opportunity in devote himself entirely to art.
do not know whether a seconder has do not know that Charles Morin, whe been appointed, but I am sure you will signs the paintings, is, in fact, none carry it with applauseam
other than the Right Hon. Winston Spencer Churchill."
The motion was curried with acclama tion, mante
The CHAIRMAN Thank you very much, gentlemen. That is all the business.
The advice to keep off other activities (adds the Daily Herald), seems to be sound.
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