THE CHINESE ENGINEERING- AND MINING CO., LIMITED.
The affairs of this Company, whose creation as an international joint-stock industrial com- pany under English laws we hailed so warmly at the time, are, of such acute interest to a
large section of the public in China, that our renders will, we are sure, be glad to have a précis of the series of able articles on the subject of the Intely issued report and accounts. wich we reprint this morning, in recent issues of the Prking and Tientsin Times. Special attention is drawn to the auditors' certificate and report. The report and accounts, says our contemporary," will, we imagine, be received in a severely chastened spirit by the large and important section of the archoklers resident in China, both as regards the amount of information accorded in them, and the amount of the profit realised."
seen
Our contemporary refers, of course, to the recent meeting in Shanghai, and mentions the wide-spread opinion that there is much, in the history of the flotation of this company which needs explanation... We have even statements that an enormous pro- portion of the 1,009,000 capital b ́s been Issued without the company receiving adequate consideration for such issue, in other words, that the burden of an enormous capital has been put upon the company without the latter getting anything in return " There is a deepening impression it adds, that the time je at hand for 'ronger measures to be taken to put the affairs of the new corporation on a -more equitable basis.
The Profit and Loss Account shows a gross profit of £114.422, but against this only the London and Brussels expenses are shown; Why are the very heavy expenses in China ignored? Evidently, gross is a mistake for net profit. "Considering the many hints of bad
• admivistration in China (administration, by the by, for which neither the late nor the pre- sent General Manager is in any way responsi ble), it is truly disappointing to note the utter absence of information as to the management out here and its cost. Strange to say, neither report nor accounts give the quantity of coal mined during the year."
The gross profit. ns bas been said, is put at £114,422, though the P. & 7. Timer says that "it is a matter fairly familiarto "the man in the street' that a profit approximating to £150,000 was shown as the resuk of the China account" Now at the London meeting of July 16th, 1901, the Chairman said that the profit for the first month was 17,700 ; and for the third month £19,600. "Taking the two months from the 19th of March to the 19th of May as a criterion,” said the Chairman. "the profits amoent to about £220,000 per annum. We are informed by cable that the production of the mines is now about 1,200 tons per day, and that it is steadily increasing. Looking at all the cir cumstances it would appear to be safe salsa the present profits of the company in China at the rate of about £20,000 a month." No ex- planation is given in the report of the sad divergency between estimate and realisation. "There seems to us," says our contemporary, "but one of two alternatives either these figures are wrong, or the rate of profit fell off markedly after May, 1901. If the latter be the case, surely so vital a matter called for remark in the report." Another complaint is then made that no particulars of flotation are given: "accounts are double- edged, they can elucidate and they can' obfuscate; it is our personal confession that these wholly obfuscate."
Соттам
& CO. FOR SIN HATS
SINGER
SEWING
THE HONGKONG. TELEGRAPH, TUESDAY, NOVEMBER 18, 1902.
Next our contemporary comes to the balance sheet. Capital is stated, he says, at 1,000,000, authorised and issued. Of this £375,000 was given to the old shareholders. The preposterous up the £500,000,debenture issue; that is, each bonus of £250,000 was given to those who took
man who took debentures to the amount of
Line had so given him in shares. This has never been properly explained; however, we have thus £615,000 of the capital accounted: for. Our contemporary says:
NOT PEACE, BUT A SWORD.":
(From the L. & C. Express),
We silk and lea to Europe zent When first we did with China, trade,
Fair fortunes were so easily made,
And Chinese Hongs were well content. Then East and West did, well agree
To keep the bonds of amity.
There still remains the very large sum of £375,000 of the capital, which must stand for money or its equivalent, and it is here that the accounts as presented wholly fail, and leave all the shareholders, whose views we are trying to express, complete befogged. On the same side of the account there is the debenture issue of £472,562, which must of necessity be cash. From this the liabilities of the old Company have presumably been paid (see Chairman's speech on 18th July, 1901,) and a balance re- mains available for working capital. But the chief item on the other side of the 'RC- counts which should make all these matters clear, is véritable hotchpotch, (without those details which alone could give it value as an actuarial statement), amounting to £1,114,585. | This is confusion carried to a fine art; but we shall be greatly surprised if the China share. Quite useless then, we all agree, holders are content with it.
When Mandarins in old Canton
Our opium cast the tide below, We felt our-rights were trampled on,
Our prestige had received a blow. Then East and West did not agres
To keep the bonds of amity.
When Chang-Mao-Tseh to Shanghai came
With pious texts, yet sword in hand, Their progress marked by fire'and flame,
In this item of £1,114.785 are lumped toget her the company's collieries, lands, tant, mining-rights, and other assetspetc., etc. There'; is no mention of the company's fleet.. The auditors wash their hands of this by the plea that they could not examine vouchers, titles, or certificates in China. The Peking and Tient
sin Times continues
As soon as it is shown what was the cash in hand on taking over the old company,, and «hat fiabilities, less collection, of the old company have been discharged. shareholders will be able to see how much of the £1,000,000 capital represents cash, but not before. It is perfectly well known thit the Engineering and Mining Company was taken over as a going concern: in such a case, capital account should have been the simplest thing in the world, and should not have offered difficulties tå the share- holder. The usual course is so plain that one is at a loss to see why it was not followed. On the Liability side should appear the capital of the company on the Asset side should be showe the cash in hand and the inventory on taking over, less or plus the difference between the amounts owing to and owed- by the company. The difference between the two sides of the account should then be put to Good will" or value of the Concession. All these particulars should be shown in the first statement of accounts. The thing can be and ought to be lucidity itself, whereas the state- ment made in these accounts is all but useless to the thakulue[57]
Here we have a company which was started under the fairest auspices, whose creation was hailed by all foreigners in. China, whether pecuniarily, as too many of them are, or not, and which was expected to be an example which would point the way to many successors all over China. If unforeseen circumstances
had been shown to have hindered it satisfying at, once the hopes of its promoters, nothing. would have been said; but to disappoint these bopes and give most unsatisfactory, reasons or no reasons at all for the disappointment is A course which the shareholders in China at least cannot be expected to endure without expostulationN, C. D. News,
MACHINES
IF YOU BUY A
SINGER
"OTTAM & CO, FOR GENT'S RATH-
ING GEAR
|
While murder stalked across the land, How dreamed they that we could agree To keep the bonds of amity?
When Parkes, Loch. Bowlby and the rest,
Through fraud and lies were prisoners ta'en, How well the first came through the test !
How honoured we the valiant slain i
To keep the bands of amity. When, later on, in King-Sz't far,
The treacherous-slave her guests' betrayed, Then Westerns joined her plans to mar,
Nor were by gun nor mine dismayed, However could they then agree To keep the bonds of amity?
The years have passed, and yet again
The talkee-talker time comes round We dwell on tariffs-kin's bane,
Our footing on Celestial ground. Still harder, as we all agree, To keep the bonds of amity,
How will it end? Ahl who can tell? We toil and strive, yet strive in vain; Yield China inch, she takes an cll,
Fights for her taxes might and main, Weakens, by many a specious plea,
Our ancient bonds of amity.
Not easy, in this year of grace,
For Britain's song to hold thier own, So many runners join the race,
So many reap who ne'er have sowг. Some willing, we may one day see,
To break the bonds of amity.
SHANGHAI
* Long-haired rebels. Peking.
Intimations.
CAND APPEAL,
THE SUPERIORESS of the ITALIAN
CONVENT, CAINE ROAD, bir mast respectfully to APPEAL to the Residents of Hongkong and the Coast Ports, for their kind patronage and support, and desires to state that she will be pleased to receive orders for all kinds of NEEDLE WORK.
Gentlemen's Shirts made to order, and Cuffs and Collars renewed on old ones.
Ladies and Children's Under-clothing Co1- dren's, Dresses, and all kinds of Embroidery, Materials can be supplied, if required.
The Superioress will also be most grateful for any PAPER, or old ENVELOPES to be made into Books for the Children of the Poor Schools, who are taught by the Sisters.
Hanokong, Panch Anvil, 1802,
THE WORD OF HONOUR. The men who do as they say the things that prove to be what they were said to be, how cheering it is to come upon them. We all hate to be deceived; especially when the deception is intentional, But all men are not lips, even if David did say to in his haste. If they were society would be impossible. Everybody knows that business is based on credit, on faith. Millions are bought and sold daily on nothing more solid than the pledged promises of men,not written, merely verbal. The Stock Exchanges are often called nests of gamblers, yet nowhere is a promise held-in greater honour. Therefore when we say that the tried and effective remedy called
WAMPOLE'S PREPARATION never deceives any who resort to it in hope of benefit and cure, we may expect to be believed. For this assurance is given on what it has done in the past in countless cases, on. its record. It is only recommended to ac- complish what it was made to accomplish. Its action in Chlorosis, Anemia, Scrofula, General Debility, Throat and Lung Troubles, Blood Impurities, etc. is convincing. It is palatable as, honey and contains the nutritive and curative properties of Pure Cod Liver Oil, extracted by us from fresh cod livers, combined with the Compound Syrup of Hypophosphites and the Extracts of Malį and Wild Cherry. Dr. Austin D. Irvine, of Canada, says: "I have used it in cases where cod liver oil was indicated but could not be taken by the patient, and the results following were very gratifying." It is effective from the first dose and agrees with the most sensitive and nervous stomachs. Ogs bottle proves its intrinsic value. It cannot deceive or disappoint you, and comes to the fes ue of those who have received no benefit from any
other treatment. It stands for the medical triumphs of the age. "Watch carefully against imitations." Sold by chemists here and every- where and A. S. Watson & Co., Limited.
4
THE WORD OF HONOUR.
I he men who do as they say; the things that prove to be what they were said to be, how cheering it is to come upon them. We all hate to be deceived; especially when the decep- tion is intentional. But all men are not liars, even if David did say so in his haste. If they were society would be impossibile. Everybody knows that business is based on credit, on faith Millions are bought daily on nothing more solid than the pledged promises of men, ---not written, merely verbal. The Stock Ex- changes are often called nests of gamblers, yet nowhere is a promise held in greater honour. Therefore when we say that the tried and effective modern remedy called "Wampale's Preparation" never deceives any who resort to it in hope of benent and cure, we may expect to be believed. For this assurance is given on cases, ont recuf, the past in countless mended to accomplish what it was made to accomplish. Its action in Chlorosis, Aṇemin, 1.a Grippe, General Debility, Throat and Lung Troubles, Blood Impurities, etc. is convincing. Its palatable as honey and contains the nutri- live and curative properties of Pure Cod Liver Oil, extracted by us from fresh cod livers, combined with the Compound - Syrup of Hypophosphites and the Extracts of Malt and Wild Cherry. Dr. Austin D. Irvine, of Canada, says: “I have used it in cases where cod liver oil was indicated but could not be taken by the patient, and the results following were very gratifying." It is effective from sensitive and neryqus stomachs. It cannot deceive or dis- who have received no benefit from any other appoint you, and comes to the rescue of those
treatment. It stands for the medical triumphs of the age. Sold by all chemists here.
MEMORY POINTS ABOUT
SINGER
SIMPLE.
SEWING
STRONG.
MACHINES.
SILENT.
SOLD ON INSTALMENTS' AND FOR CASH.
WE make but one grade of product, admitted to be the best; hence attempts at imitation,
NIPPON
Mails. YUSEN KAISHA.
(THE JAPAN MAIL STEAMSHIP COMPANY.)
PROJECTED SAILINGS FROM HONGKONG-SUBJECT TO ALTERATION,
... STEAMERS. KAWACHI MARU
YAMAGUCHI MARU..
J. S. Thompson....
5. Yoshizaw. KASUGa Marú,
H. Fraser KUMANO MARU
E. W. Haswell WAKASA MARU.......
J. W. Mcmillan........
IYO MARU
S. J. G. Pursou5......... HIROSHIMA MARU
T. Murai ....... BINGO MARU....
T. Davies.
KAGOSHIMA MARU
DESTINATIONS.
KOBE and YOKOHAMA
SAILING DATES.
FRIDAY, 21st" "Nov","
Daylight.
BOMBAY, VIA SINGAPORE and 2 FRIDAY, 21st Nov,
COLOMBO
Noon
SYDNEY and MELBOURNE, VIA THURSDAY, 27th Nov, at
MANILA, THURSDAY ISLAND,
TOWN VILLE and BRISBANE
4P.M.
Noon,
NAGASAKI, KOBE and YOKO-) FRIDAY, 28th Nov, at
•HAMA
MARSEILLES, LONDON & ANT WERP, VIA SINGAPORE. PENANG, COLOMBO and PORT SAID.......... (VICTORIA,B.C., and SEATTLE, U.S.A., VIA SHANGHAI, MOJI, KOBE and YOKOHAMA 'moo KOBE and YOKOHAMA
KOBE and YOKOHAMA,“,
COLOMBO
SATURDAY, 29th Nov., at,
Daylight. TUESDAY
4 PM.
and Dec..
TUESDAY, 2nd Dec
Neon,
FRIDAY, 5th Dec., at
Daylight.:
Noon.
BOMBAY, VIA SINGAPORE and FRIDAY, 5th Dec,
K. Kori *Through Passenger Tickets issued for the Principal Cities in the United States, Canada- and Eure in connection with the GREAT NORTHERN RAILWAY and Atlantic Steamers, Round-the-World Tickets also izsued. Between Moji and Kobe, 1st and 2nd Class Through Passengers' have the Option of Travelling by the Sanya Railway,
For further information as to Freight, l'assage. Sailings, &c, apply at the Company's nesl Branch. Office in Prince's.Building, Floor, Chater Road.
Hongkong 18th November, 1902 NORTHERN PACIFIC STEAMSHIP! COMPANY.
A. 8. MIHARA, Manager
To be Let.
TO:LET.
BOSTON STEAMSHIP COMPANY. SHOUSES in LEIGHTON HILL ROAD,
BOSTON TOW-BOAT COMPANY.
PROPOSED SAILINGS FROM HONGKONG, SHANGHAI, INLAND SEA OF JAPAN,
VIA
KOBE AND YOKOHAMA, FOR VICTORIA, B.C., AND TACOMA, IN CONNECTION WITH NORTHERN PACIFIC RAILWAY COMPANY.
Steamers.
Glenogle Tacoma Victoria Tremont
Captains. Tons. igos-03
6
G. B. Warner. 3,750 Dec. A. Dixon ...... 2,811 Dec. 13 9,606 Dec. 17 J. Panton
3,502 Jan.
3
accommodation.
Steamers marked (*) have an passenger
the very cheap rates offered by this line to the The attention of passengers is directed Pacific Coat and to the Interior and Eastern Clues of the United States and to Europe.
ment Services.
Coast Points and to the Principal Cities in the Through Bills of Lading issued to Pacific United States and Canada.
For further Information as to Freight or Passage, apply to
Don ill, & CƠ, LIMITE),
General Agents. Hongkong, 11th November, 1902. (87.41
ORIENTAL
INSULAR 2
STC+
THE PENINSULAR AND ORIENTAL STEAM NAVIGATION COMPANY,
STEAM FOR
STRAITS, CEYLON, AUSTRALIA, INDIA, ALEN, EGYPT, MEDITERRANEAN PORTS, PLYMOUTH AND
LONDON.
i
EVERAL NEWLY BUILT.EUROPEAN Apply to
THE HONGKONG & KOWLOON LAND & LOAN CO., LD. No. 8, Queen's Road West,
Hongkong, 20th October, ronz
"WE
TO LET.
T11040
JESTLEY." UPPER RICHMOND ROAD,
Apply to
LAU CHU-PAK, C/o A. S. WATSON & CO., LTD. Hongkong, 15th October, 1903. [10854
TO LET.
MEIRION No. 2, the Peak, 5-Room House near the Flagstaff; from rgth October, 1903,
Apply to
E. JONES HUGHES. Hongkong, 7th October, 1991. •[xxzd
TO LET.
HOUSES in CLIFTON GARDENS, COM
ROAD.
ROUSHINETON.
Polo Ground.
"THE RETREAT"-MT. KELLETT. No. 2, RIPON TERRACK, Apply to
THE HONGKONG LAND INVEST MENT & AGENCY CO., LD. Hongkong, 17th September 02,
Insurance.
NORTH GERMAN FIRE INSURANCE COMPANY OF HAMBURG,
THE Undersigned AGENTS of the abotë Company are prepared to accept Fire, Class FOREIGN, and CHINESE RISKS it. CURRENT RATES.."
SIEMSSEN & Co. Hongkong, 8th May, 180c.
For Sale,
FOR SALE.
Through Bills of Lading issued for BATAVYONE BROADWOOD PIANO.
PERSIAN GULF, CONTIMENTAT, AMERI-
CAN and SOUTH AFRICAN PORTS.)
THE Steamship
"MASSILIÀ,"
Captain G W. Cockman, R.N.R., carrying His Majesty's Mails, will be despatched from this fo BOMBAY, on SATURDAY, the aznd instant at Noon, taking. Passengers and Cargo for t'es above Ports.
-Steamal
Silk and Valuables, all Cargo for. France, and Tea for London (under arrangement) w.li be transhipped at Colombo into proceeding direct to Marcailles and London; other Cargo for London, &c., will be conveys i vid Bombay with Transhipment.
Parcels will be received at this Office until
SPEEDY.. the day before sailing. The Contents aude
Value of all Packages are required.
Shippers are panicularly requested to note
WE deal directly with the people, through our own employees all over the world, selling 1,000,000 Machines
annually.
YOU get an up-to-datë Machine, built ón honour, to wear a life-time. YOU get it for the Lowest Price at which such a machine can be furnished. YOU will receive careful instruction from a competent teacher' at your home. YOU can obtain necessary accessories direct from the Company's offices,
Apply at
Hongkong, 7th August, 1902.
ROOM No. 146,
Hongkong Hotel, (8363
A
Masonic.
EOTHEN MARK LODGE,
No. 264.
REGULAR MEETING of the above LODGE will be held at the FREEMASONS HALL, Zetland Street, TO-MORROW, the 19th instant,at 5 for 5.30PM. precisoly. Visiting Brethren are cordially invited to attend..
the terms and conditions of the Company's. Hongkong, izth November, 100.[1206d Bills of Lading,
For further Particulus, apply 10,
E. A. HEWETT',
Superintendent. Hongkong, itth November, 1902,
F. BLACKHEAD & CO., SHIP-CHANDLERS, SAILMAKERS, COAL AND PROVISION MER- CHANTS, NAVAL CONTRACTORS AND GENERAL COMMISSION AGENTS,
YOU will get prompt attention in any part of the world; our offices are everywhere, and we give careful attention to all customers, no
inatter where their machines may have been purchased. YOU will be dealing with the leading sewing machine manufacturers in the world, having an unequalled experience and an unrivalled HCOMPOSITION RED HAND
"reputation to maintain the strongest guarantee of excellence and fair dealing,
THE SINGER MANUFACTURING COMPANY,
0792
GENERAL OFFICE FOR CHINA:
18, BANK BUILDINGS, CORNER QUEEN'S ROAD AND WYNDHAM STREET, HONGKONG. BRANCHES IN EVERY CITY IN THE WORLD AND AGENTS IN EVERY TOWN. RETAIL OFFICES: 3A, WYNDHAM STREET HONGKONG.
64 ELGIN ROAD, KOWLOON,
PRAYA CENTRAL HONGKONG, SOAP MANUFACTURERS. SOLE AGENTS FOR
RAHTJEN'S GENUINE
BRAND, HARTMANN'S GREY PAINT DAIMLER'S PATENT MOTOR
LAUNCHES,..
&c.,
&c.
Sole Agents for FERGUSON'S SPECIAL-CREAM
and
P. & O. SPECIAL LIQUER SCOTCH
WHISKY," &
EVERY KIND OF SHIP'S STORES AND REQUISITES:
LALWAYS IN STOCK
REASONABLE PRICES.
B: Hongkong, 14th May, 1805, bu
KANANGA
DE JAPAN
(AROISTUREDĮ. RIGAUD and
Sananga Water
PARIO:
Toilet Water thaiderstheski mosquito bites an imparts a dulicat
gauce and feeling of comfort and
Now Sensatione In Perfumery RIGAUD'S KANANGA EXTRACTS RĪGALD'S WRITE HOSE A RIGAUD'S MELATI EXTRACT RIGAUD'S IXONA D'AFRIQUE EXTRA RIGAUDS LILUVALLEY
RIGAUD YLANGYLAN RIGAUD'S BANTAM EX RGAUD'S JASMINE