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tank for dividend in respect of the cur|LIANG SHIH-YI IN EUROPE.
A GIFT OF SILENCE
than one occasion. At the time of the
THE STRICKEN, FIELD. Liang, as I have observed, is one of | SHANGHAI -ELECTRIC CONSTRUC. rent year, but interest (less Income Tax)
the most remarkable personalities i will be paid on January 1st, 1995, at the TION. CO., LTD.
rate of a percent, per annum on the full One of the most interesting personal. China. Bath his character and his career
are, noteworthy in many repects, especi INCREASED, PROFITS HIGHEST TET @y per share, from the date of payment ties in the distracted public life of China, ally when contrasted with those of his to December 31st next. The new shares His Excellency Liang Shih-yi, has been most prominent contemporaries and cal- leagues in the stricken field, of Chinese The eighteenth annual general meeting will tank para pass the shares now spending a few weeks in Great Britain politics. He is remarkable, in the stat of the Shanghai Electric Construction issued as regards all distribution in resto has now gone to the Continent, and place, for that gilt of silence to which I Co., Ltd., was held at Basildon House, feet of the year 1925 and subsequentis will return to London on July 7th, two record as a scholar and his ability as a
Despite his exceptional have referred. Moorgate, London, EC., on May 5th, Holders of share warrants to bearer will. Sir Alfred Dent, K.C.M.G. (chairman of be afforded an opportunity of partici- days before his departure for Amerión. financier he has always avoided publicity portant work has been lone quietly in the Company), presiding..)
pating, and, notice will be given by ad. A correspondent of The Times, who knows and the limelight; much of his most ins The secretary (Mr. B. W. Hawkins) vertisement, that forms of claim can be China well and met Mr. Liang in London, the background and a good deal of the having read the notice convening the obtained, which must be deposited at the applies the following charnetër “sketch. credit for it assumed by others on were company's offices in London or Shanghai, Some of our readers will probably make collapse of the Manchu Dynasty (1019) meeting and the report of the authors,
The CHARMAN said:The Report and with the warrants in respect of which the a shrewdl guess as to the identity of the and subsequently under the so-called "Presidency of Yuan Shih-kal, hin Accounts have been in your hands for a claim is made. The rights atuached to correspondent who writes:-
Ebrain and pen were the real power behind week and I assume that in accordance the now issue, if not exercised within the Under laang Shih-ri's egregious top-the Throne. When, for lack of funds, with the usual practice, you will take period to be stated in the conditional hat went one of the world's really first Yuan's struggle to preserve the dynasty'
became hopeless, it was Lang who draft- them as read. The operating profit at allotment letter, will lapse, and, in that class brains. As he haut come, so he deed the memorable and ingenious abdica £101,771, shows an increase of £4.779 as eyeat. any shares, the offer of which is parted, without flourish of trumpets or tion edicts for signature by the Empress, compared with the preceding "year, and not accepted, will be sold for the benefitting in the Press-a fart in itself in whereby the Dragon Throne was recog
nised and preserved as a political asset this is the first occasion on which it bas of the company, at the liest price obtaindicative of the superior man. Be it ob- in reservt. Thereafter, until the death of run into six figures. The growth of our able. Current results justify the belief served that one of the secrets of Liang's Yan (1916), he held, among other posts, business in Shanghai ought to have-re that profits will permit of the mainten remarkable carcer andoubtedly lies in his that of Chief Private Secretary to the Sulted in a far greater addition to our auce of the present rate of dividend on great gift of timely silence: another ning band which endeavoured at all posts Dictator President, and his was the guid- profits, but was "to a large extent nem¬
the quality of genial bunuur which frds (even to the sacrifice of his orthodox tralised as the result of the loss sustain the increased capital. ed by depreciation of subsidiary čoinage,
expression in the merry twinkle of his Confucianist principles in regard to the to which I shall reffe later. There a A matter which has required a prent.
Imperial succession) to stem the tide of * a considerable falling off in the profit deal of patience and persistent effort is
political disintegration and to restore, Liang Shih-yi has generally been dty with the Throne, the established order of on exchange, partly because the rate was that of the reorganisation of Singapore not so favourable as in the preceding Eletric Tramway, Ltd.. bat progress, it scribed in our Press as es-Premier of government. Like Ynao, he realised that. year and partly because material sums slow, has been continuous. The efect China. The title is technically correct, without this central rallying point for were absorbed locally in capital expend of our assistance to the Beceives in the but it leaves a good deal untold. What constituted authority every province most are, and in renewals, and were therefore loca administration of the undertaking actually happened. In December, 1921, speedily become a law nuté "itself, and not available for reusittance. Renewals has been markedly beneficial, and a power was that when the Lion of Mukden and the people as sheep without a shypheni will continue to be easy for some time stadion and tramway which were on the the Inirgen of Loyang were merrily fight- | —which indeed has come to pass. For to come. There are some other viaria verge of becoming derelict are now earn- ing, with more noise this bloodshed, for supporting Yuan's attempt to found a new tions which are not of sufficient import-Einga prpfit: Whe matters were the Crown, Liang put his money on the dynasty, in his own person he could find ance to call for comment. The net result suficiently advanced Mr. MeColl paid a forme--that is to say, on Chang Tro-lin, good precedents in Chinese. history, and is a profit, before making appropriations, visit of more than a month's duration to the war hird of Mancheria. By order of justification for a desperate measure in of £107.430, as compared with 1829 Singapore, al carried the negotiations that doughty chieftain, signified in the the desperate nature of the Stato's dis- As regards appropriations, we have with the Municipal Commissioners to atual ninner to the requisite number of ease-nevertheless it was a policy that maintained the allociation to reserve for point at which agreement was reached docile delegates at Peking, he was nomin-needed unustal courage, for it ran counter renewals at £15,000, and the reduction in regard to the terms of the Tractionated for the Premiership, whereupon the to the opinions and anitions of the in the rate of Corporation Profit Tax Ordinance, and the teraporary supply of aforesaid Rght for the Crown came to be great majority of his fellow Cantonese- from 18. in the £ to 6d. half way through power to the Commissioners. pending the waged with intensified vigour, about his and Liang has all the chaunishness which the year has allowed us to set aside erection of their own generating station, impertulable person. In the end of the peculiarly distinguishes the natives of £4,000 corepared with £5.000 in the Our latest information indicates that the bot it was not the Lion who wan, but that restless province. Again, in 1918 preceding year,
The appropriation to Traction Ordinance will shortly be pre- the Unicorn-General Wo Pei-fu to wit-when Speaker of the Senate, his was the the Staff Provident Fand is less sented to the Legative Council in Singa
and Liang's career as Premier came there-policy which secured the election" tor than last rear because it includes jore.
fore to a sudden and inglorious end.. Wn the Presidency of Hsu Shih-chang, ex- Pei-f having transmitted onlers for his Viceroy of "Manchuria, classical, scholar, arrest and impeachment, he fellowed the Monarchist, and guardian" of the' Maneha proreilure by systems established · dor" | Heir-Apparent. Ministers in such enses, and made good his escape to the South.
only the annual contribution and not the initial grant, After making these appropriations there remains balance suficient to permit of a final dividend of per cent, making 20 per cent. for the year, and the amount carried forwned the substantial sum of £24.300, being £700 in excess of the airhint brought
1:1,
'SUBSIDIARY CUINAGE DEPRECIATION,
|
SINGAPORE KLECTRIC TRAMWAYS.
eye.
RODS IN PICKLE..
The present stage of our own con pay's history is of considerable import. duce, in siew of the rearrangement of fares in Shanghai and pending develop
In the matter of his education and ments in that city and in Singapore
political egter, as in his personal appear- Additions have been made to the staff,
Faner Linig Shih-y used to present a and further additions will be necessary.
enrious eustrast, in pre-Revolution days The duties thrown upon our general man-
Since then he has dwelt under the shel-nt Peking. to Tang Shao-vi, Liang Tun- ager, Mr. McColle have been, and wil
ter of the pair britannien in the Crown ven, and the other American eduented continue to be, heavy. I think we are The increased loss by depreciation of justified in regarding the future with con-Colany of Hongkong in touch there with Cantones, who, as protégés of Yuan Sun Yat-sen and other leaders of the self- Shih-kai, held high offices towards the subsidiary coinage is the result of a filence, which is due in ne smrdi measure
determined Repulic of Canton; and, if end of the reign of HM. Kuang Ho higher percentare applied to larger tak to the ability and energy of our general ings, and amounted to £165,490. When manager and the loyalty, and zeal of rumur lies not, there are new reds in Short of stature, with a figure of the Affairs in Shanghai have pickle prepared against the next round Napoleonic build, eareless in the matter I addressed you last year the directors his staff. lind ander consideration the desirability engaged the constant attmeion of the with General Wu-Pei-tu. Hime bien qui of dress, and knowing no language lit of revising the scale of fures, in xtch Local Board, to whom aur thanks are rire le degnier: Lang is only a years of Chinese, he enjoyed none of the social alse du 'now move That the re age, and very tough. Early in life he antages" displayed in cosmopolitan a way ns. to offset this loss in some ex tent, but it was hot, until the last week port of the directors and statement of learned from classical examples, ancient society by the highly polished exotics. of January this year that it was prae account for the year ended December and modern, the virtue of a period of from Yale and Harvard who could wraz ticable to carry this intention into effect, 31st. 1923, be, and they are hereby, re-retirement preliminary to a new and bet a top-bat or a perek's feather with The result was immediately apparent,ceived and adopted, and that a final ter jump; also, since the tragi fatture equal readiness. and although, as might he expreted, we dividend of 8 per cent., Jess income tax, and death of his great patron, Yuan with him, more than with any other careis somewhat fewer passengers, we making 20 per cent. for the year, be Shih-kai, it has been brought home to him Minister, I think, one received an im
and to many other Chinese dignitaries mediate and mistakable impression of obtained a higher average per passenger and it is hereby declared."
that whift, for the moment, the sword the dignified aloofness, the classical 'atti- and a very appreciate increase in effec
may be mightier than the pen, in the ftude of the Superior' Man, which a cul- tive receipts, which is reflected in an im-
long ran the purse is stronger than either tured Oriental find always seems to provement in the ppurating profit for
bring to bear pon pulitics, and even Leach month since the change took place.
must prevail,
pon nanes It is not so much what he
Mr. J. S. Hisses woonded the tion, which was carried juuniswusly.
SIR ALFRED DENT'S RETUREMENT,
a
Yet in conversation
Mr. HASKELL The next resolution is The lung drawn-out negotiations with to elect a new director. It is with great It is generally understand that Mr. says as the record of his career and bis the Municipal Council for a cession regret that i fod myself able on the Bang's journey to England and the Cphilosophy of life in general which give to extend the electric system under rail-cension of Sir Alfred Dent's retirement tinent was fodertaken for the purpose.of lese traction, have only recently reaches from the board in the ordinary course visiting the Wembley Exhibition and me--especially in drawing-rooms and finality. The matter has been referred of rosation, to move his re-election. Sir thereafter of studying various Earopent places where they sing vaguely un-
comfortable feeling tint all the achievi to in the report of the directors year Alfred was one of the prime movers inimiustries and, financial conditions, with ments of our material Givilisation pro- after year, in the belief that the compile the enterprise for which this company a view to the application, when occasion coke no real admiration and little desire tion of the concession would not long bestandey and had a larger share than most offers, of new methods and possibly new of emulation in mind that has been delayed. but was not until the 17th of us in the negotiations which preceded financial Resources to the economic deve nurtured on the sons of the sages A inst that it was signed.
the formation of the company. From the 'lopment of China. - In pursuance of the though he brings to bear upon business The developine to be undertaken is very beginning he devoted iniuute care tutter object he has recently visited the of great importance, inasmuch as it pro- and attention to the varinus agreements Midlands and the Clyde, and now fares und fand a remarkably shrewd mind vides for the opening, during the next which form the substratum of the under forth to study pust-war econoruice in Linng's personality always utrikes one ne
und any uncanny memory for details three fears of about fifteen miles of new taking, and in particular to the works oon-France and Germany. Nevertheless, one essentials that of the classical Chinesas traffic routes which have been selected tract and the various matters which have is justifical. I think, in doubting whether scholar in many ways it resembles that in such a way that they will be co-ordinate to be dealt with in the early das of an im he really hopes to and anything in this of his one-time patron, the famous Viceroy ed with the tramway system, and our portant business. His knowledge. not route mileage will thereby he nearly only of financial and commercial matters Voyage of discoveries which could succcra Chang Chih-tung. Not for "nothing dick.
fully be mplied to the improvement of the last of the Manchus confer upon this doubled. By a rearrangement of over in this country, hat also of local condi- China's finances or industries, so long as distinguished Hanlin the Funcord's Fea head wires, it will be possible to run tions in Shanghai, is of great value. He his country remains, as at present, a trams and trolleybuscs over the same has always kept closely in touch with the helpless prey to the predatory activities ther and the privilege of riding withie
the Forbidden City routes, which will permit of the neces-affairs of the company, which under his of warring Tuchans. For this reason
AMERRY TWINKLE sary frequency of service in the denser direction has continued to increase in im
venture to think that this journey-his traffic areas, Arrangements for the portance and prosperity from the perin rat visit to Europe is probably part of Having by good fortune the opportunity equipment of the extensions are well for warn the foundation of the great traffic the reciter pour meux, waster policy, a of a conversation with Mr. Liang at one we have already ordered business which exists to-ily were being pleasant and instructive way of marking of the semi-official dinners recently given word, and
laid down to the present time, when we time. At all events, it is one which will in his hongar, endeavoured to obtain sample chassis for the new cars.
A satisfactory feature of the railles are paying steady dividends at the rate relieve him of the disadvantage, under concession is that our capital expendi of 20 per cent. per annura, undertaking which he has certainly laboured in the one expression of bis views as to the probable outcome of the grit, silent ture under that it will be in respect of a large extension of our systems and tak
past, when discussing foreign airs at struggle for supremacy now being waged our own property. We shall have ging over the direction of a similar con thing to pay for the reconstruction of cern in Singapore. I am are that all Peking of being compelled to admit that between the forces and factions of Chang he had never studied them in the so-lin, We Pel fu, Tuan Chijui, ete the roads, which is undertaken by the thy colleagues will bear me but when I disadvantage frequently rubbed in by the But even in partibus he was not to be Council, and is already well advanced. any that we have. fur the last 18 years irreverent. Intellectuals of Westernised begutted. The merry twinkle which bad Br ጊዚያ of reconping the Council for its valued our association with Sir Alfred in capital outlay and the cost of maintain this company, that he has always been Young China. His journey will not have enlivened his eye us of old, while we ing the roads, we are to pay two cents
2. courteous and considerates chairman, heen wasted if these young gentlemen can talked of innocent subjects, such as the no longer bold forth shout London, Paris, effect of Europene clothing on the men- for every car mile run by the trolley and that it is with real regret that we "buses, in addition to the 3 per ceni.
lose the bencût of his services after to and Berlin, front heights of superior kaowrality of Chinese dignitaries was sud- day. I am glad to say that in Mr. ledge.
tenly eclipsed, and replaced by a wary royalty on gross receipts. It note
· (Continued on next column.}
fixity, headlike und akin to that of a worthy that whereas the undertaking a Hawking you will have a man eminently
busking saurian or other bird upon it now stands has cost well over half fitted to succred to the vérant director-
the nest. On the subject of a Federal a million sterling, the route mileage will ship. He bas atel as secretary since
Constitution, or the possible unification be uearly doubled by the expenditure of the formation of the company, and in his
F. G. SALE We should not part of China by sengonit means-pale about half that cum Minor extensions conduct of its affairs has brought to bear' of the tramway, system, mainly in the much ability, sound judgment and enter without expressing a very hearty vote of theories, which have more to do with form of doubling of track, are being prise, which contributed not a little to faks. to Sir Alfred Dent for his long the realities of Chiresc life than the taken in hand concurrently with develop the prosperity of the company, to which nient services to the company, dowers that foot in the spring-he was ment under Fäïlless traction, an
he has devoted hiigelf wholeheartedly. No words of mine are needed after all,
NEW CAPITAL ISSUE-
บ
of 100.000 now? shares, the creation
We have been fortunate in having the that Mr. Haskell has raid of Sir Alfred ready to express views aliich soundc services of a man of his capacity and ripe Dent's services. As a new shareholder uncommonly like a rehash of the pious In order to provide for the important knowledge during all these years and I comparatively new, having only held platitudes of Professor Dewey or the extensions now in contemplation; fur- am sure that in electing him your action my shares for three years I have learn rhetorics of Bertrand Russel. But coo. therapy will be required, and will continue to give us of his best in his ed to value the investment as one which erning the aetivities and ambitions of it is proposed to make an issue now position of greater responsibility. I intend to be a permanent one for my the men in whose hands lie the immedi M PORTHAM conded the resolution, self and the members of my family. Iate destinies of the country he was mas terfully silent. So we changed the coo this company of which you will be naked to sanction and it was onanimously approved.
think more of my shares at this meeting. The price of issue Mr. Janile Franequi was re-elected than of any other industrial investment Fersation, and talked of his impressions of the new shares is to be £2 per share, director of the i
With these few and experiences in England. I gathered company."
that I happen to have and, shareholders will be entitled to take Mr. HABRELL proposed. That the inadequate words I beg to propose that He had been greatly struck by the them up in the ratio of oue new share capital of the company he increased to vote of thanks to Sir Alfred Dent, fact that Great Britain pays her debta (neglecting fractions) for every four £500.000 by the creation of 100,000 new Mr. HALLAH 20conded the resolution, shares now held, Conditional allotment shares of £1 each, to be numbered 400,001 letters with a form of renunciation at- to 500,000 inclusive."... tached will be issued to all shareholders Mr MARSHALL seconded the resolution, on the register and the allotment will which was carried unanimously, become desnitive on accentuace by the The CHAIEMAN That concludes the | shareholder, "or his nominee, with pay business of the meeting.
ment in fall. The new shares will not 】 (Continued at foot of next column)
to America while not pressing her owis claims against other debtor nations; he' which was unanimously accorded, medi
The CHAIRMAN: I beg to thank you, was also much impressed by the Jarge.. Mr Sale, for what you hate said about number, Ability, and influence of our me, and you gentleman for having passed prominent financiers. He was now look- the resolution unanimously. That coming forward to meeting those of France? cludes the basiness, and 1 thank you for and Germany. At this point the twinkle your altendance.
in bis eye was unmistakable.