They see no reason to doubt that the Dock Company, during the next four years, should do better than during the past four, as the next four will have the advantage of the earning power of the new dock, one of the largest and finest in the world, and which should attract vessels from all parts of the Erst and render it practicable for our own and other Governments to send larger vessels to this Station. As a matter of fact this Dock has been, fully occupied ever since its completion.
If it be conceded that with this great increase in the Dock Company's earning power (and the commencement of a ern of business prosperity all over the world), the net earnings of the Company during the ensuing four years should equal, if not exceed, those of the past four years, it will show that the shareholders have some solid foundation for their confidence in recom- mending this course, if we take for the last four years the net earnings of the lock Company, plus interest and minùs bonus paid to contri buting shareholders, and see what the net remainder would yield by way of dividend the proposed
Less pads.
Contributing Shareholders.
746,076.36
increased
Le-Str
capital."
205,623 83
151,503-75
16201611
on
100.00
119,575.18
81,195.25
83,600.00 | 1,076,15451
00'000's
Half-Year ending Net Earnings Interest.
Total.
144,359.00
16,817.35
161,076.36
15,000.00
139.055.58 | 17,133-69
156,185.27
15,000.00
June 30th, 1886... 212,340.19 | 11,283.69
213,673.88.
18,000.0)
June 30th, 1887... Dec. 31st, 1856...* 162,708.85
166,503.75
15,000.00
Dec. 31st, 1887...
¡June 30th, 1888...
91,401.32
*79,013-50
27.706.59
32,561 68 119,555.41 | 20,831.50
140,386.91
$2,000,00
137,886 91
7,000.00
112,107.91
111,575.18
Dec.
3132, 1888.
06164€
Say equal to an average yearly dividend
1165,068.94 |
46 355-71 34.939-54
81,195-25
1,159 75451
$994,685.57
of 114
per cent, exclusive of the net earnings of the New Dock.
|
THE HONGKONG TELEGRAPH, SATURDAY, AUGUST 24, 1889.....
FROM. MH, JNO, D. BUMPHREYS TO THE SECRETARY, HONGKONG AND WHAMIPGA
I trust that with the misconceptions removed, ind this further light thrown on the matter, the Directors will readily see their way to tail in with the views and wishes of the Shareholders who for the most part, are agreed upon the policy advocated in this and my previous letter, and w:0 so far from being convinced by the argu- ofments adduced in your letter now under reply, stut consider that their wishes are reasonable and in the true interests of the Dock Company, whose interests are identical with their own and with those of the Directors.
DOCK COMPANY, LIMITED.
Hongkong, &h July, 1889. DAVID GILLIES, Esq., Secretary, Horgkrg and
Whampoa Dock Company, Limited, DEAR SIRI in receipt of your letter the 24th ultimo in reply to mine of the 20th May and am sorry to find that the Directors are not As yet convinced of the advisability of increasing the nominal capital of the Company to cover the increase in its working capital, as suggested by me, but I hope that my present letter will putt the views of the abarchokters more forcibly before the Directors, and suceed in obtaining their cordial co-operate with the great majority of the shareholders in phong the Company in a sound position financially, which they do not consider it to be in at present.
seen
a false position based on an artificial, or arbitrary valuation for the purpose of getting
ought therefore to be shown to exist.
4
I
FROM
am, Dear Sir,
Yours truly,
JNO. D. HUMPHREYS.
THE SECRETARY. HONGKONG AND WHAMPDA DOCK COMPANY, LIMITED, TO MR. JNO. D., HUMPHREYS. Hongkong and Whimpan Dack Co., Ltd,
Hongkong, 26th July, 1889:
No. D. HUMPHRYs, Esq.
DEAR SIR, I have to acknowledge receipt of vriur letter dated the 8th instant which was duly pliced before my Dire, tors at the Board Meetings held on the 15th instant, and to-day.
and would be detrimental to the best interests of the Company.
I am, Dear Sir,
Yours faithfully,
Pre
for this propose, and consisting of four Rúropean, some water rights claimed by two villages. There have been several lives fost in the van- our Milay, and our Chinese moms.is,
detta already, and the natives of those places enquny was commenced on the 5th instan, onak finished on the gth, on which day, the views of who are working in Amoy, are leaving their the members were communicated to Elis High-employment and going home to assist their ness the Kajih.
The finding of the Court was as follows:- 1. That there is in existence in Sarawak an neive branch of the Ghee Hin or Sam Tian Chinese Secret Society.
That 5 of the prisoners (¿ła Chin Chong, Cheng Yu Sam, Chong Chin alias Chong Kee Sain, Tek Choon, Lew Ah Sec, and Teng Chỏng Liang) are the leaching men of this society.
non-members."
4. That 7 of prisoners (Bong Kiong Jer Song, Chang Boo Kwee, and Gwen Toat) ate merely members, and, as far as is known, there is nothing further against them.
clansmen.
The owner of the steapiers' Smith and Cars must be making their fortunes !' nut of the earnings of these vessels. The Smith came in here a few days ago with a cargo of coal frorn Keelung, and took over a week to discharge it, | here, for which they obtained the magnificent sum of $300 as freight, and now I hear that she | is chartered at $2000 for the round trip. Amoy, Tamsui, Keelung, Newchwang, Cheloo and from Tamsui back to Amoy. This sum will be just › enough to pay about half of the coal con sumption.
Scorr's Emulsion of Pure Cod Liver Oil with Hypophosphites is the most valuable remedy for Consumption, “Scrofula; General Debility, Wasting Diseases of Children, Chronic Coughs, it is very palatable; it is very fattening and, strengthening, it will case at once the most violent cough and will give both comfort and strength to the suffer. 1 possesses the com bined virtues of these popular remedies in their. fullest form. Any Chemist can supply it-A. S.
and China-elve.
To-day's Advertisements.
Wan of his danger, and he at once took steps to effect his escape. When the detectives knocked at the door of the $6,000 per annum lawyer's clerk, he was non est. Yu Sui Wan had fled over the house tops, or to speak more accurately, through his back kitchen into his next door neighbour's dwelling house. The searching of another man's house required another warrant, and much tire therefore was lost in getting the necessary authority to overhaul the house of the forger's former office colleague, who lives near by, and who, it was surmised, might not be ignorant of the whereabouts of the much desired culprit. It is needless to state that Yu Sai Wan was absent from that house when it was visited by the minions of the law. 3. That it of the prisoners (Lye Chun, Qon But it was morally certain that Ya. Su Wan Kee Siong, Quan Chi Peng, Bong Seng, Yong Seng, Chow h. Huey, Chin Tuat, Quan Chiang, was seen to enter Shelley Street and no one w him leave, so it was a logical deduction that, Ah Mau, Chok Jee, and Ab "Nyat) are active unless possessed of wings or capable al vanish-agents of the society, carrying out the orders of ing in thin air, his corporate body was still in the leaders, heating, frightening, ar mordering I cannot for a moment agree with your con-
the Incality. He was observed entering his own rention that the policy of writing down assets a
residence, and that was the last the police saw occasion offers is either sound, wise, or safe, if
of hun, ne probably ever will see. In the me in-Quan Yong Fu, Kong Po, Cha Lee Nee, Hio Aland Bronchitis that has ever been produced. the assets be, as I shall be prepared to show later,
while the street was guarded by a dozen or so of worth much more money than the amount at
Chinese detectives, not secretly, as would have which they stand in the Company's books. I
heen done in France or elsewhere in Europe, but the assets are worth the money or more, and you
planted roand the place in flaunting bravado wish to set aside a portion of the earnings in n
and in the terror of everybody but those more time of prosperity as a Reserve Fund, or for the
lo reply I am instructed to inform you that the immediately concerned in the business. equalization of dividends, it should be so stated that the true position of the Company may be Directors, having carefully weighed and con-Yu Sui Wan was indeed in Shelley Street sidered all the points you urge in favour of the Statement of Accounts, and not increasing the capital, are still of opinion from during the whole of the search after him, ami There were jeseni, accommodated with seats on Watson & Co. (Limited), agents in Hongkong
their experience of the working of the business recognised that if he wanted to make himself scarce he must do so quickly. At last a saviour rid of income earned and, accrued, and which that such increasing of capital is unnecessary, appeared on the scene, a person fair to sec, with the light of Europe glancing in one optic and that of Asia shedding its peaceful lustre from the other. A "negociation" is said to have ensued between some of the besieges and the
and agent of the besieged,
ill-natured tumour has it that the golden key that opens all doors but those of heaven and-Hades, Wasured, supposed on this occasion to be valued nt four thousand good and lawful dollars current in the colony of Hongkong. And at midnight's witching hour when peaceful, slumber locked the sleepy eyes of all human nature, even the share-brokers, Yu Sui Wan, with shaved mustache,at sad, the Chinese call it an attired in the garb of a Hakka coolie. with a bamboo pole in his band, barefented, and a blue cotton cloth bound round his cranium, marched out of the doors of a house which, queerly ugh, belonged neither to himself nor to his detectives.guarding the different outlets and ondam colleague of the lawyer's office. The approaches of Shelley Street kept company with slumbering Hongkong, hunity, and no eyes except these of the few anxious watchers that peered out of the slightly closed blinds of the neighboring house looked on as a Hakka coolie stole forth and vanished into the darkness of midnight. Making his way safely a lump in his heart and starting at every sound, through the cordon of Police, the fugitive, with swiftly made his way to the Praya, and, hailing a native junk waiting in readings to receive him, sailed with noiseless speed over the dark hosom of Hongkong waters. Passing the harbor limits, and approaching Kowloon city, Yu Sai Wan gazer long and carnestly at the fading, twinkling lights of the shipping, and heaving a deep sigh "he put his thumb unto his nose and spread his fingers out." This, we take it, is a sort of complimentary farewell the Chinese have of doing whenever, after having "gulled " a foreigner, they leave without the customary Pp c. cards people are wont to send when starting on a "tour."
I cannot quite understand whom you mean by "old shareholders," to whom you think it would be unjust to adopt this view. Ifstill shareholders they are unaffected by past writing down and will share in any benefit with present new share- holders. But if you allude to those who sold out during the height of the Company's prosperity, or were forced to do so during the bad time which followed (through no fund having heen created for the equalization of dividends) and they no longer hold shares in the emping, they have nothing whatever to do with it and cannot receive consideration at your hands.
In taking the average et earnings of the Company for the last two years, in quelcfence to my average for four, you show that on this basis (which I presume you think a fire one than my four years' average) that the Company could only show a dividend of 47 per cent, far each half-year on the proposed increased nominal capital of $2,343 750 as suggested by me, and only then, without making any provision for depreciation or honus in contributing share holders. Depreciation of Plant and Machinery
must be allowed for of course, and for the sake of argument. I accept your per centage, which is equal to 9 4 per cent, dividend for the year, less re wear and tear and bonus to contributing shares holders, about 1 per cent, equal to say 84 yearly dividend, against my, is per cent, yearly dividend, and I will now ask you if you will kindly inform me whether it was upon this prospect that you proposed, on behalf of the Directors, to accept my suggestion of increasing
the nominal capital if we would agree to
If the Directors will take this matter in band they will receive the hearty support and thanks of the whole of the shareholders with scarcely take the new issue at 30 per cent. premium an exception.
I am, Dear Sir,
Yours faithfully,
JNO. D. HUMPHRIYS.
FROM THE SECRETARY, Hongkong and WHAMPOA POCK COMPANY, LIMITED, TO MR. JNO. D. HUMPHREYS.
Hongkong and Whampoa Dock
Company, Limited. Hongkong, 24th June, 1889 JNO, D. HUMPHREYS, Esq.
DEAR SIR,-Your letter dated the 20th ultimo was laid before my Directors, and the various arguments therein brought forward in support of the proposal to increase the capital of the Company by a further issue of new shares, received their earnest consideration, and were fully discussed at several Board meetings.
In reply, I am instructed to inform you that, after looking at the matter very carefully in every direction, and always keeping in view the best and permanent interests of the Company, the Directors do not entertain the course of action as set forward in your letter with any favour for they are strongly of opinion, that the policy of writing down as occasion, offered, hitherto pursued by them, is the safest and wisest to follow.
Were a different course to be faken now, and your proposal adopted, it would be manifestly unjust to the old shareholders who bare sub mitted to the large amounts written off in former
years.
Even supposing that the Company's capital were increased to $1.343.750, as suggested by you, and also supposing, for the sake of argument, that the future business of the Company should prove neither better nor worse than that of the last two years, little or no benefit would be derived; for you would find that, when Directors' and Auditors' fees had been deducted, the net earnings would only admit of an average divid. end of 4.7 per cent, for each halt year and that without making any provision for either depre- ciation or bonus to contributing shareholders.
The facilities of the Company have certainly been largely increased of lates, but if the year 1886, in which the profits were abnormally large, be excepted, there has been no such improve mont in business as would justify Increasing the capital by so per cent. The Directors are assured that the present capital is quite large enough for the Company's business, and that an increase, in the event of serious opposition, would place the Company at great disadvantage and prove's heavy burden.
instead of at 25 premium as suggested by me? Because the shares at 25 per cent. premium on this basis would only yield 6 per cent per annum, and if you are right in your calcula- tion, you were manifestly wrong in making acquiescence in our wishes dependent upon our paying so per cent. premium for what you yoursel! endeavour to show to be worth less than we were prepared to pay. Your estimate, however of the future net earnings of the Company, available for dividend on the basis of the last two years, is altogether incompatible with the confident hape expressed by the Directors in the last paragraph of your letter, that they will be able to write down the overdraft to a safe point in two or three years by deductions from profits earned.-8.4 per cent, on a capital of 81,343.750 $195,875, and assuming that a safe limit for an overdraft for a working business of this class is one year's net profits, it would take the entire net earnings of the Company, on your estimate, over two years to realize the expectations of the Directors, leaving dividend at all. for the shareholders in the meantime.
no
D. GILLIES,
Secretary.
FROM MR. JNO. 1). HUMPHREYS TO THE SCRETARY, HONGKONG AND WHAMPOA
DOCR COMPANY, LIMITED.
Hongkong, 2nd August, 1879. DAVID GILLIES Esq. Secretary, Hongkong and
Whampon Dack Company, Limited. DEAR SIR, am in receipt of your letter of the 29th ultimo in reply to mine of the 8th pre-
ceding..
I regret very much to hear of the decision of the Directors, the more so, because when I first took this matter in hand I calculated upon its receiving their approval
I am sull of opinion that I have made put a strong case, in support of the policy have adenated, and I must therefore still endeavour
to obtain its adoption.
I propose in the first instance to print the correspondence, and circulate it amongst the shareholders generally, for their information, and place them in a position to communicate would ask you to be kind enough to inform their wishes to the Board. me if there is any foundation for the rumour that has been current in the colony for some days pas, besed up information said to be given hy some of your Directors to their friends, to the effees that an inercise al capital in some way had been determined upon by the Board,
1 remain. Dear Sir,
Yours faithfully,
ING. 'D. HUMPHREYS.
FROM THE SECRETARY, HONGKONG AND WHAMPA 1 CK COMPANY, LIMITED, TO MR. JND. D. HUMPHREYS. Hongkong and Whampoa Deck Co., Ltd. Hongkong, 3rd August, 1889.
No. D. HUMMIREYS, Esq.
DEAR SIR,-- am in receipt of your letter of the 2nd instant, and in reference to the last paragraph of same, which alone calls for reply, beg to inform you that my letter of the 29th ultime conveyed the views of the Directors as a body, meaning that the inafarity of them were of that opinion, and that, an far as I am aware, there is no fundation wh tiver for the rumour that they have determined to increase the Com- pany's capital in any way.
I remain, Dear Sir,
Yours faithfully,
D. GILLIES,
Secretary.
On Monday, the Fath, the Supreme Court was convened by His Highness the Rajab, for the purpose of passing sentence on the prisoners.
and Chinese Towkays of Kuching. The body the beach, a large number of the leading Alalaye of the Court, and the verandahs and approaches. were densely packed with natives. The prisoners occupied three benches in the centre of the Court, and were under a strong guard of Police, whilst the back and sides of the Court were lined by a detachment of the Sarawak Rangers. His lighness the Rajah entered the Court house shortly after 9 a.m., and at once opened the proceedings. He first addressed all present, Riving a short count of the arrest of the prisoners, and the motives which had led to their arrest, the state of the law of this country as regards Chinese Secret Societies, and the impartial method (mixed commission) by which these prisoners had been tried. He gave the past history of Secret Society work in Sarawak,, and expressed his intention, for the good of the country and its population, both Malay and Chinese, of stamping out any such illegal com- bination in his dominions, a combination which, from papers seized, was known to have as its end, when strong enough, the murder of all who did not wear ณ "Pigail" The prisoners were then called up; the decisions of the Court of twelve" as regards their guilt wore then
interpreted to them, and, separately, cacht wis asked if he had anything further to say. The answers were, mostly to the effect that they knew nothing of the matter with which they were charge.
His Highness the Rajah then, pronounced the following sentences:--
FOR SHANGHAI HE Steamship
THE
"PEKING."
Captain G. Heuermann, will be despatched for the above Port, on MONDAY, the 26th inst, at 4P.M.
For Freight or Passage, apply to
SIEMSSEN & Co. Hongkong, 24th August, 1889,
(1057
ľ
HONGKONG AND 'SHANGHAI BANKING CORPORATION.
ending 30th June fast at the rate (£1 to). THE DIVIDEND declared for the half-year
OKE POUND AND TEN SHILLINĠs Sterling për Share of $125 is PAYABLE on and after MONDAY, the 26th instant, at the Offices of the Corporation where Shareholders are requested to apply for Warrants.
By Order of the Court of Directors,
G. E. NOBLE,
Chiel Manager. Hongkong, 24th August, 1889,
11058
WANTED.
. (a). That 6 of the prisoners (names above) having been found to be leaders of the society. should be shot at 8 am, on the next day (13th.)
(6.) That 11, being active members and agents,SHORT HAND REPORTER, who is a should receive six doren strokes with a raitan, have their heads shaved, be imprisoned during His Highness's pleasure, and be branded with the leuters S.S. on the hand, and that on release they should be banished for ever from Sarawak.
(c) That the remaining seven prisoners, being mchibers only, if they would swear in their temples to have no farther dentines with the society, and would give up any documents in be released; if not all or any one should be dealt their possession, relating to the society, should with as the foregoing active agents.
Yu Sui Wan has, we may remark in conclusion, "telephoned" us that he is now in Sun-ning his native city, and that he will manage, the Green Island Cement Company's business from bis country residence by hieans of a telegraph line which he intends to build. A third of the jail. shares of this new Company he volunteers to offer to the Hongkong public in grateful appre- ciation of their love for him, as witnessed by the Iste yearning solicitation for his companionship In the colony.
CORRESPONDENCE.
[We do not necessarily endorse the opinion expressed try Correspondents in this column.]
The prisoners were then marched back to
SENTENCE CARRIED OUT. The sentence of execution was carried out on
OR The Hongbong Telegraph, & CAPABLE
smart paragraphist and reliable proof-reader,
Apply, with full particulara, to
THE EDITOR. The Hongkong Telegraph. Hongkong, 31st July, 1859,
NOTICE.
THE CHINA SUGAR REFINING COMPANY, LIMITED,
N accordance with the Pravi-ions of No. 121 of the Articles of Association the General Agents have this day declared an INTERIM the rath, al 8 a.m., on the usual execution ground. DIVIDEND of to be cens, for the Half Year The firing party consisted of 20 Sarawak Ran-ended 10th June, 1889. on the paid-up Capital rers, and death was certifi d by the Principal of the Company. Medical Officer,
The flogging was carried out nartially by giving ench man, sentenced thereto, 3 dozen within the precincts of the jail on the same day at ri
.m. The remaining 3 dozen and the rest of the sentence will be carried out when the health of the prisoners will allow of it.
(Another account from an eye-witness) On Monday, the 12th inst., the Court assembled to hear the Rajah pronounce judgment upon the offenders. Th Court was packed with all classes of humanity, prominent amongst the officials, were the Resident, Mr. Dashon, and Mr. Dobney; there were also many of the heads of Malays and Chinese. The Rafah severely commented upon the secret societies, and stated he would never allow them to have power in their hands, and the sentence upon the six men was that ther
|
Dividend Warrants, pavaklaartha HONGKONG
& SHANGHAI BANKING CORPORATION Go the 15th instant, will be issued to Shareholders an the Register TO-DAY, the 24th August.
The TRANSFER BOOKS of the Company will be CLOSED from the rath, to the 24th- instant, both days inclusive.
JARDINE, MATHESON & Co.,
General Agents. Hongkong, 3rd August, 1989.
A
JEE,
For Sale.
NOW READY!
"THE CORNER' IN ROPES,”
F981
FULL REPORT in Pamphlet form of the
sensational trial, POTTS v. RUSTOM-
together with the history of the "Corner," and other interesting particulars.
To be obtained at Maurs, KELLY & WALSH, LD.; Messrs. Lang, Crawford & Col; Mr. W. BREWER'S ;`the HALL & HOLTZ. CO-OPERA TIVE Co., Ld and direct from the Office of "THE HONOKong TelegrapH."
PRICE...............IN LÚ .......FIFTY CENTS. Hongkong, 16th July, 1889.
PRICE.....
THE LAW
*
FIFTY CENTS. OF STORM in the EASTERN
by
SEAS
Your contention that the nominal capital of
TO THE EDITOR OF THE "Hongkono Telrgraph.", the Company is large enough for its business.
S12-Referring to the canard in circulation when the working capital actually exceeds it by
yesterday that the steamer Powan had taken about a million dollers, will not hold water for a
fire whilst on her passage from Hongkong to moment, and I cannot accept your conclusion
Canton the previous evening, the China Mail that the Company, owing nearly a million dollars
YU SUI WAN'S ESCAPE.. of last night suggests that the false rumour to its Bankers and Secretary, is in stranger
originated with someone "wishing to run down p sition to meet a serious opposition than it It
The rather remarkable, not to say incompre-
the Steamboat Co.'s shares, of anxious to owed no money except to its shareholders. On the contrary, I believe that the present indebted-hensible, escape from the colony of Yu Sui Wan, influence the decision about insurance." I ask ness of the Company is the only aspect in its after a warrant for his arrest had been applied you if anything could be more ridiculous than affairs which invites opposition. Free from debt, for by and granted to the Crown Solicitor, has such a suggestion? The truth or talsehood of and with a capital of $2,341,750 of its own
been the subject of so much discussion that, as such a report, considering that a telegraph line no information of a reliable character could he runs direct along the banks of the Pearl River, money, represented by assets worth considerably
from here to Canton, and that numerous vessels
should be shot. At half past 6 o'clock the follow. more than their book value, and a Reserve Fund obtained from the police, we thought it advisable
are daily passing between the two ports, could ing morning, the condemned men, accompanied of $191.312, serious opposition would be out of to make special investigations on our own
not possibly remain in doubt for many hours, by Major Day, the Doctor and twenty-two the question, because it could not, hope to suc- account. The ubiquitous reporter was accord ceed, or give a return upon its capital, working ingly detailed to play the role of amateur detec and Hongkong share traffickers are not so soldiers, were marched from the gaol and placed
foolish as to either "bear" or "bull" shares
on board the river launch Young Harry. The against an old established business possessing tive and to lose no opportunity of arriving at a
on the strength of mere idle and unsupported little vessel was quickly under way, and pro- antisfactory elucidation of a mystery that was every facility, and which could, if needs must work for its current expenses and without profit, reported to have puzzled even the cutest profes- rumour. But how it could possibly influence ceeding down the stream, stopped at about the the decision about insurance, 1, and many junction of the two rivers. The condemned men You are mistaken in imputing to me a desire sionals at the ventral, and here in his report: to place a heavy burden upon the Company by It will be remembered that when the Actingthers, would like the oracle of the evening were then blind-folded and pinioned, and at "tag" to explain. On that question a decision the word, the rifies cracked, and they were Almost immediately afterwards, increasing its capital. Thit heavy burden exists Chief Justice announced his intention of impound-
ing the decuments in the case of Yu Hot Lin has already been arrived at, supported by a vote no more. now. Its existence commenced to date from the day upon which the Directors, on their own. Creasy Ewens, with a view to further pro- responsibility, decided upon the construction of ecedings being taken against the witness Yu the New Dock: The Working capital has there- Sai Wan for forgery or perjury, or both, the fore been increased. The thing is done. The alleged culprit quietly slipped out of the court and disappeared. There appears to have been only question at issue how is this: Is it as a maiter of sound business, more desirable that the some deliy in obtaining the warrant, and the Company should owe this large increase of mistake wis made of not "shadowing" the capital, to which it has already been irrevocably intended victim as soon as he left the witness committed to its Bankers and Secretary, or to the box. When the fiery and untamed detectives were once fairly on the trail it was confidently people who ought to find it, namely, its own shareholders? There cannot be two opinions expected that they would soon succeed in run ps to the answer. It can make no difference ning to earth the ci devant lawyer's clerk, who to the
whether it ... Bank
advancee this was a fairly well known character in the colony, money to its clients" A shareholders on and whose somewhat remarkable appearance the security of their shares, or to the Com. could scarcely escape observation. This hope was not realised; Yu Sui Wan managed to clude as a whole. I mention this as it was
call up his pursuers, and his escape is one more proof considered that this was a bad time -$865,000.00 | more capital. But as I said before, this question of our defective police system.
does not arise at all; it is only a question of trans- fer from one account to other accounts, on realizable securities in place of overdraft.
After examining your figures I cannot agree with you that my estimate of a million dollars of borrowed capital was in excess, as you say. You yourself give the amount of overdraft and loans as $865,000 (exclusive of Admiralty loane), and this is near enough, as weeply propose that the Company should pay dividend on $781,150 new cpital and put the premium $193.312 to Reserve, free of cost to the Company to strengthen is position. In reduction of working capital, you cannot set off against your indebtedness the outstanding accounts des to the Company, which you put down at $333,000, because, as long as you contiope to do business, you must always have money owing to you in proportion to the business done, and I do not consider the amount you came as an excessive amount for the Com pany to have in outstanding accounts.
Your statement in reference to the New Dock is also somewhat misleading. You say "so far from having been fully accupied during the 18 months since it was opened, only four vessels have been placed in it." I believe the Dock though opened for the Aragan, was not finished even then. It was previously opened (tempo rarily) for the reception of a war vessel, and about 18 months ago it was temporarily opened for the reception of two Chinese cruisers, and then closed
of the shareholders in public meeting assembled the doctor set out on the return journey, as the China Mail writer knows perfectly well in order to witness the flogging of cleven more
or if he does not he should abstain from Chinese, who got three dezen lashes each. The NO w R E A D Y. flaunting his lamentable ignorance before the affair is not finished even yet, seven more are eyes of that portion of the Hongkong public awaiting sentence. These have been given an who read that paper. The Chinese are apt opportunity in the way of escaping the more rumours, and there can be very little doubt that them that they must produce all letters in con- bands at inventing and spreading stupid severo punishment. The Rajah has informed the canard about the Pawan might easily be nection with the society, and report upon the same. If this request be refused, the seven will traced to Chinese sources.
There is a certain class of persons, Sir, in this be treated in a similar manner to the twelve who world so thoroughly unprincipled themselves, were flogged, viz., three dosen lashes, their heads that their invariable theory in judging of the to be shaven, to be retained in durance vile actions of others, is that the world cantales during the Rajah's pleasure, and finally to be nothing but unscrupulous rogues. Far be deported. Several Europeans witnessed the pro- from my latention to indicate that the writer in cels of flogging in the gaol, in fact everything the China Mail is one of that clans, but at the was as public as possible. Straits Times, same time I cannot understand why he should make damaging and totally unfounded imputa- tions against the share-dealing community, who have already quite enough to answer for.
Thanking you in anticipation for the publica- tion of these few remarks,
The extent of the Company's indebtedness, as 'assumed by you, is much in excess of what it really is. Our position to-day is as follows:-
Overdraft at Bank,...$575,000.00 Loan,
$190,000.00
and against this we have
to place
Balanceof Filipina's “
contract 60,000.00
Price of Fame. 50,000.00
Outstanding acet
counts, ***** £30,000.00: Aragon's repairs, .. :90,000.00
-$330,000.00 thus leaving 8535,000.00, but this does not include amount due to Admiralty, which, as you know,
repaid in periodical instalments. With regard to the new Dock, the Directors hope that in the future it will add considerably to the revenue but so far from its having been fully occupied during the 18 months since it was opened, only four vessels have been placed in I. The Directors sequest me to say that they have no desire whatever' to act in any WAY antagonistic to the wishes fof the shareholders, and in adopting the course of writing down until the overdraft has been reduced to a safe point, (which object they have every hope of attaining from two to three years) they consider that the prosperity of the Company will be better served by so doing than by increasing its (expitalityinné dom
I am, Dear Sir Ve
Yours faithfully,
GILLIER
Secretary
After tendering bis adieux to the Chief Justice and the members of the bar, Yu Sui Wan, who evidently appreciated the danger he had placed himself in, went direct to one of the numerous residences occupied by his seven concubines. He selected one in Shelley Street, perhaps reasoning that being so near the police station he would not be suspected of daring to place himself almost in the jaws of grasping justice. While conversing with the partners of his joys, doubtless laying plans for future action in the only too probable event of his being compelled to shake the dust of an ungrateful city off his fet, a force of Hongkong mouchards werp sighted winding their foilsome way up the hilly ascent that leads to Shelley Street, Their march being necessarily stow, they were first espied from a window by a collateral spouse of another notorious member of the Hongkong community, who lives in the adjacent street, and abe, acenting danger abead, ran down stairs and beckoning to one of the members of the pursuing enemy, hsked him the "why" and the "wherefore of his presence in their usually quiet street. The answer was a flourish of warrant and the intimation that the body of Yu Sul Wan the forger, was urgently wanted by his lordship the Acting Chief Justice. By that peculiar witchery the gentler sex pos sesses over muscular, humanity, the "force" was detained in conversation a short while, and in the meantime warning was conveyed to Yo Sul.
I am, Sir,
Your's faithfully,
AN OLD SHAREBROKER, Hongkong, 24th August, 1889. [That a short-seller" in Steamboats might have been the author of the rumour above mentioned lo, jo our opinion, quite within the bounds of probability. But we agree with our co.respondent that such a rumour could not, possibly influence the market status of the Thares.-Ed, H.K. Telegraph),
THE SECRET SOCIETY CASE.
IN SARAWAK,
SHARP SENTENCE AND INMEDIATE EXECUTION. SIX MAN SHOT, AND ELEVEN MEN FLOGGED IMPRISONED, AND BRANDED, (Reported by our own. Correspondens.) The case of the Chinese prisoners, accused of being members of an active Secret Society in Sarwal, was tried by = Special Court appointed.
AMOY.
(FROM OUR CORRESPONDENT)
Amoy, August aznd, 1889, I see that the Nemesis of the law has over- taken Mr. R. C. Hurley, of Hongkong Laundry fame, in the shape of a judgment for over $1,800 In a sult brought by Mesurs, Wecks & Co., of Shanghai. Falling payment of the same; before
the 23rd inst. Mr. Hurley's goods and chattels will be brought under the hammer, to liquidate the debt.
The saying that you must go far afield to learn news of homo, has been exemplified here, according to the tale told by a correspondent of the Daily Press of the 19th fast. Enquiries have been made among the boating population. about the adulterers who were tied together and thrown into the harbour, but no one appears to know anything about it; such a sight would have made a silr even among the apathelle Chinese. The last time that such a punishment was meted out to adulterers was about 14 years age, in a village at the back of Amoy. Sol think the Daily Press correspondent must have faken a wet drop too much, and dreamt of the above occurrence, fancying that it bad Just happened, smjenesten
There is heavy fighting goning on at Ung Wan, a few miles above Tung Wa, regarding
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