been in the case of an out and out sale, Had there been such a sale in contempla- tlon, it was for them to go into the open market, advertise, find out who would pay the highest price and then conclude the sale; but here nothing of the sort was done, and a fixed price of $200 per share was fixed. The liquida- tor gaver attempted to sell; they made no offer of the undertaking, in the open market. He would submit that the effect that the arguments of his learned friends for the de- fendants would be to remove the protection of the minority and give a majority the power to settle the price as they liked. Counsel then read extracts from the speech delivered by the Chairman at the second meeting, and publish- ed at the time in the local Press.
The Court was here adjourned until to
morrow.
"IT MUST BE CLEAR TO ANYBODY NOT BEHIND THE SCENES."
14th insti
In Original Jurisdiction this morning, be fore His Honour Sir Francis Piggott, Chief Justice, the case of D. E. Brown ef al against the Hongkong High-Level Tranwways Co., Ld., and Messrs. J. D. Humphreys and Son, was continued.
The Hon. Mr. H. E. Pollock, K.C., instructed by Mr. John Hastings, appeared for the plain. tiffs, and. Mr. E. H. Sharp, h.C., and Mr. M. W. Slade, instructed by Mr. J. H. Harston, of Messrs. Ewens, Harston and Harding, appear ed for the defendants.
I
THE HONGKONG TELEGRAPH SATURDAY, MARCH 17, 1906.
cause by these resolutions, which purported to give authority to the liquidators to sell the pro- perty to a new company; the power was un- limited, but it was against the statute, which provides that no malo, shall take place without the consent of the Governor in Council, but that consent was never oblained therefore all the proceedings, the whole negotiations for sale, were mitra wires. According to the contention of the defendants, if judument were given in their favour, the old company would be wound up. This would create an impossible position; for the company could only go on in liquidation, it could not transfer the rights to a new company, as the Governor in Council withheld the necessary conrent. Assuming that the Bill for the new company passed a third reading, the carrying out of the terms would be a fraud on the old company.
His Honour: Is there anything said in the chairman's speech about the consent of the Governor in Council?
Mr. Pollock: 1 cannot find any reference, no doubt the thing was rushed through in o loose manner.
Mr. Sharp: It is referred to in the corres pondence.
Mr. Pollock, continuing, said that the whole idea was that no opposition would prevent the Bill from becoming law, and the scheme was to run the two undertak ings under one company, the shareholders in the old company being expected to either sell their shares at $200 each, or take their equivalent in shares of the new company. His point was that they wanted an absolute injunction to stop the whole thing, not only an injunction pending the consent of the Governor in Council. They went past the consent-they wanted to put a stop to the whole scheme. The notice was illegal and the resolutions be ing carried out under that notice made them ultra vires. If an injunction is grasted that
will mean that everybody's shares will revert to them, and there will be no question of arbitra-
tion to argue about. ·
His Honour: But if the consent of the Governor is obtained then the question of arbitration must come up for argument?
Mr. Pollock: But even then that would not make the resolutions otherwise than- ultra vires, as that consent must be obtained prior to the passing of such resolutions. Sup pose the consent of the Governor in Council was absolutely refused, what would the position?
1
THE CHINA AND MANTLA SREAMSHIP CO., LB.
DE. Brown, H. P. Whitsand Dr.'], W. Noble | were re-elected to the consulting committes.
· Mr. H. P; White proposed that Messrs. T. Arnold and W. H. Potts be re-elected auditors. Mr. D. R. Brown seconded-Agreed.
14th inst. The twenty-third ordinary général meeting
The Chairman-That is all the business," of shareholders in the China and Manila Steamship Company was held at the Com-ntlemen. I thank you for your attendance. Dividend warrants can be had on application. Pany's office, St. George's Buildings, to-day. in the forenoon. There were present:-The Hon. Mr. R. Showan (chairman), Messrs. D. E. Brown, N. A. Siebs, H. P. White, A V. Apcar, directors; G. Moffatt, secretary; J. R. Michael, G. Somervilla, J. Young and Capt. Tillett
The notice convening the meeting having been.read,
On taking his seat His Honour said there was one point he wanted to refer to and that was that, in the case of A. Tee against Bishop it was held that the resolution of re-construc- tion falling through, the other resolutions would be carried with it, and fall through. Mr. Sharp said that the effect of the injunction. was that the resolutions remained in force, but they must do be acted upon; they must stand paralysed until that injunction was removed and the resolutions affirmed valid. Mr. Pollock said that nobody intended that the. company should be wound up, fer se; it was only sought to wind it up for the purpose of to-construction. The definition of "re-con- struction" was where a company resolves to wind itself up, to construct a new company with the old staroholders remaining to carry on the business of the old company by the new company, the old company ceasing to exist in point of law. The compulsory sale of shares was not a re-construction. His learned friend's arguments amounted to this that the rights of the minority of the share- holders could be over-ridden by a majority under sections 201 and 202 of the Ordinance. Counsel said his learned friend, Mr. Slade, had cited two cases yesterday, but as against them. Mr. Pollack: No, my Lord, certainly not it would not be accurate to say that such a
how could it? In case of the consent of the
Mr. Michael: There is another question. salens contemplated was made invalid with-
Governor in Council being given, it will have out the operation of section 161. The general
a most important bearing on the question of Since we have written down the value to half managers, or the persons mentioned in the ar-
arbitration, as it will necessitate the submissione cost, is it necessary that we should write ticles, as having the powers of selling, had
to arbitration of the price to be paid to the down in accordance with the articles of associn- powers which were not solely those of the liquidissentients for their shares. All that the Gov- tion, even now? We have written down 50% dators. He submitted that the defendants can. aot succeed under these circumstances. It had been argued that there was no power to sell.
Mr. Sharp: No, we did not say in effect that there was no power--
Mr. Pollock, continuing, said that what was done by the manager under the memo randum of association, was authorised by the articles Under an arrangement which would give the shareholders the option of acquiring shares in the new company, they could only act under section 201. Counsel quoted certain authorities in support of his ar gument. Gaming to the question of notice the view taken was that fall information must be given, and not omil what anybody with ordin ary intelligence, might ascertain for themselves. It must be made clear to anybody not behind the scenes, and only so could it be a sufficient notice. There have been
various incon- sistencias argued as regards section 201, and his learned friend, Mr. Sharp, had argued that section 201 did not apply; but we would show that section zor did apply.
Mr. Pollock then read extracts of the letters passed between the solicitors for both sides preliminary to those proceedings.
Mr. Sharp said that the letter of Messrs. Ewens, Harston and Harding, of the 6th Sep tember, offering arbitration, did not admit the right of the plaintiff to arbitration, but offered
it there as a grace.
an offer.
"1
Mr. Pollock said it could scarcely be called Mr. Sharp said the phrasing of the letter was somewhat conflicting, but what it was intended to convey was an offer of arbitration as a grace, while denying the right to it.
Mr. Pollock said that the letter was scarcely Mr. Sharp said that he did not think that would effect the case.
an offer.
Mr. Pollock, continuing, referred to further correspondence, between Wilkinson nad Grist to Ewens, Harston and Harding. As regarded the letter of 29th October, 1905, it was pertinent to ask what position article 109 of the articles of association held towards this case, and he would submit that that article had nothing to do with a case of this kind. It was a clause drafted with reference to the company a5 a going concern, and had no referènce to any questions of the rights of the dissentients, or of the liquidators. The notice sent out contem. plated one of two things either for the share
holder to take $200 for his share, or take the
equivalent in shares in the new company. How could a shareholder decide for himself on such premises whether he could accept the $200 or take, in the alternative, the shares in the new company, when it was but a now company, and they knew nothing about the cost of construction, the length of time for such construction, the time when the new com- start operations; but pany was likely to Bond of this information was given them, and so Mr. Brown and the other dissentients took up a third position and disseated from either of the two alternatives offered, as well as to the whole scheme. Countel submitted that the notice was entirely insufficient, and co information was offered. Neither Mr. Brown nor any other business man, for, that matter, who went into the question could have taken any other course,
Ilis Hongur: What would it be?
Mr. Pollock: It is impossible to say would be an impossible position.
it
His Honour: Then you don't think the con- sent of the Governor in Council would, remove the ultra wisest
ernment have said far is that they are not prepared to consent to Mr. Findlay Smith's scheme as it stands. But the question of arbi- uration cannot be gone into until it be knowg whether the consent of the Governor in Coun- cil is to be obtained, nor until the shape the Bill will ultimately take, is known. If the new company only work the line up to the Queen's Gardens, the present line will remain as profitable as ever-but it is not within reason that the promoters would take the line up to the Peak and have a terminus side by side with the old one. It would be absurd for the company to wind up the com pany
until the consent of the Governor is
obtained, when it may not be obtained. The advantage of the Colony to assent to the new scheme. The Governor may consider that it 15 undesirable that any combine or company should run two such concerns. He might think that competition should be encouraged. If the other line is not taken up to the Peak, alongside the other, the present line, as Mr. Brown put it, should remain as profitable as ever and as flourishing and that the shares would be worth $325. Mr. Pollock submitted that the only order his Lordship could make was an injunction against the delendants as prayed, declaring the resolutions null and void as being stra vires,
Governor has to consider whether it is the
Mr. Michael: I should like to know if we have made any savings in insurance premiums since we have written down the value of the sleamers.
The Chairman: Oli, yes, yes! Mr. Michael: How much?
I
TROUBLESOME SEAMEN,
13th inst
At the Police Court this morning, the master of the s.a. Oro proceeded against twelve of his native claw for refusing duty on board ship on the 10th instant.
The defendants said they were willing to work, but wanted some money.
His Worship: What are they aboard? Capt. Brain: Firemen, your Worship. They refused work since the gth, and I had to engage substitutes. What they want is to be paid off, but their time has not expired yet.
His Worship: I think the best thing to do would be to pay them off.
Insp. Langley: They should be punished, your Worship, or else there will only be a repetition.
His Worship: Yes. There is one inan missing.
Captain Brain: He desertad... One of the crew: His mother is dead and he went to the country.
Evidence was heard to the effect that when an order was given them on the 9th instant they refused to carry it out, but said they wanted to be paid off.
His Worship: Seven days' hard labour each.
A TRIPLE EXECUTION.
TAIPO MURDERERS HANGED.
INQUEST AT MAGISTRACY.
14th inst.
The three coolies who were convicted at the Criminal Sessions some weeks ago and sen lenced to death for the murder of Chau Beng Chan, lore of the Opium Farm, suffered the extreme penalty of the law in the Victorin Gaol, early this moming.
Dr. W. G. Moore said he was present at the execution of the three men. In each case. death was instantaneous. The bodies were examined later and found that in all three cases death was due to the dislocation of the neck.
The jury brought in'a verdict of "death by hanging in due course of the law."
|
HUNGKONG VOLUNTEER Rb- SERPE ASSUCIATION..
ANNUAL MEETING),
14th inst. There was a large attendance at the City Hall last evening on the occasion of the first annual meeting of the longkong Volunteer Reserve Ass Cuation. H.E. the Governor was amongst those present, Sir Henry Berkeley presiding at the meeting.
10
79
ARRIVAL OF H.M.S. “KING ALFRED,"
VICE-ADMIRAL SIR A, W, MOORE ABOARD.
14th inst.. H.M.S. King Alfred, Captain C. Thursby, arrived here this morning from Portsmouth which was left on Jan. 31."
^reight o'clock this moming the customary salutes for the new Admiral were fired, Sir Arthur W. Moore's flagship returning the compliment.
H.M.S. King Alfred was laid down at Barrow on Aug. 11, 1899, and was completed on Sept 10, igor. She is of steel and twin screws, four funnels and two military masts, Her displacement is 14,100 tons, horse-power 30,300, and she steams twenty-three knots. Her coal capacity is 1,150-2,000 tont, this give ing her a steaming radius of 2,300 miles at full speed, and double this at 19 knots. She has two sets of triple expansion engines on the Yarrow-Schlick-Tweedy system and has forty. three Belleville boilers. The offensive arma- ment comprises forty-four guns and two sub merged torpeda tubes. The King Alfred is sister-ship to the Leviathan, Drake, and Good Hope.
BREACH OF hanbour kuLES.
12th inst.
'At the instance of John Gran”, police-ser- geant, Chung Kwong Tang, master of the Kam Sing Wa junk, was charged at the l'olice Court this morning, for giving false particulars when applying for a port clearance at Sham. shui-po on the night of the 19th instant; (2) keeping on board his junk twenty-two bags of gunpowder without the permission of H.E. the Governor (3) failing, while having on board his junte dangerous goods, to hoist a red flag at the mast head of his junk, and (4) failing to anchor in the "dangerous goods" anchorage while having dangerous goods on board. The defendant denied the chargès, and evidence was heard to the effect that accused informed the Sham-shui-po authorities, when applying for a earance, that he had a cargo of coal on board, His juok was searched on arrival there, and the dangerous goods found hidden in the fore part of his junk, Mr. C. A. D. Melbourne found the defendant guilty, and Gued him 510 on the first charge, Stoo on the second, $io on the third, and on the fourth a further fine of $10, making a total of $130.
On board the King Alfrēd there is Vice- Admiral Sir A. W. Monre, K.C.I. The King Alfred brought out crews for some of the river. The Chairman, having expressed his pleasure gunboats at present in reserve at Hongkong at the presence of Sir Matthew Nathan, gave and which are to be re-commissioned shortly. a brlet history of the formation of the As-The gunboats to be re-commissioned are the Bramble and Britomart and the surveying The Chairman said :-Gentlemen-With
sociation. He was glad to say there were
vesicl Waterwitch. your permission we will take the report
now over 220 members and this number would and accounts, which were issued on 28th
increase as time goes on. What was more February, as read. The result is slightly
satisfactory than membership was that the better than that of last year, the working
institution can te regarded as a valuable addi-| account shewing a balance of $102,057.95
tion to the defence forces of the country. In order to become that it was necessity that it as against $95,146,62 for 1904. After making Allowance for depreciation and putting $1,000
should be effective ia shooting, the all-deter to reserve fund, as required by the articles of
nining factor in any coniert in which the association, it is proposed to pay a dividend
country, might be engaged. He thought their of 6, absorbing $39,000, and carry forward
numbers would be, greater, much greater, but for what he believed a necessary safeguard in 50,563.45. The year under review was a very uneventful one for us; cargo was scarce, and.
the way of age limit. The age of a member abhough sugar from Manila was offering rather
must be 35, unless he could certify that he had more freely, the rates of freight offered for
served such a lime in the regular forces of the it were quite unremunerative. Everything
King as would justify His Excellency in re- that could be done has been done to keep
garding him as a trained man. A great many down expenses, but passenger steamers
had said they would join but for the limitation of this class must be kept up to a cor
mentioned, still he was inclined to think it tain standard, and we therefore doubt if
would be wiser to keep the age limit at 15, be- more can now be done in the direction of
cause every man who had not passed the economy. You will notice that we have reduced
volunteers and was below 35 owed it as a duly the debt to our bankers from $276,000 to
his country if he could spare the time to join them. But their members need not stay $195,0co, and that we made a saving in interest of about $10,000. This was partly effected by
as they were because of this age limit; to his the sale of 1,725 shares, at Szo, which with
awn knowledge there were still several men about 35 who might still join. He believed FAILING TO REPORT "DANGEROUS GOODS." $8,625, formerly at credit of forfeited shares, raised the capital to the round, sum of
one thing that kept them away was being un- able to slot. Those were the very men they mark about the balance sheet, but I may
wanted; in order to teach them, and be could $650,000. There is nothing special to re- say for your satisfaction that the amounts
tell any man who read in the papers what he said, that without exaggeration they could standing against sundry debtors and outstand ing freights have since almost all been collected.
teach him to shoot. The returns made up As regards the present year, I fear our prospects
by Mr. Davis showed astonishing results made are not very rosy: for I am sorry to say that so
by men who find never fired a rifle, so there was no reason for keeping out because man far we have not begun well, our earnings for January and February being rather less than
could not shoot. Every man should be able to To the afternoon, Mr. F. A, Hazelagd, presid hold a weapon in defence of his hearth and for the same months last year. Before moving the adoption of the report and accounts 1 willing as Coroner, held an inquest touching their home, and should seize this opportunity and be pleased to answer any questions.
death. The following was the jury empanel-tearn (applause). Filty per cent. of the present led-Messrs. J. C Steen. (foreman), E. G. members of the Association could to shoot Barrett, and L. M. J. Alvares.
when they joined, but were now quite useful shots: some of them made frequently at the butts 30 out of 35 possible, after twelve months' training (applause), After thanking H.E. the Governor, the General, the Com modore and others for the assistance and encouragement which the Association had received at their bands since it started, and the donors of the different cups which, were shot for, including Mr. G. Murray Bain, he said that "cup shooting is a very well, and an excellent thing by way of encouragement, but this Association is not a sporting associa tion; it is a serious one an association formed for the purpose of taking part in the defence of the country, not for the firing off of bullets at targets for the purpose of winning cups. It is to train the manhood of this Colony to shoot with a rifle in order that should the time un happily ever come-the Association would be able to take its place in conjunction with the allied forces of the Crown. It is impossible to exaggerate the use of the rifle in defence of the Empire. Conscription would be absolutely up necessary if every boy and man know how to use a rifle, and could and would on occasion do go. What is wanted in this Empire of ours is for us to attain that superiority with the rifle which our forefathers attained with the bow. It was the archers of England, the famous archers, who at Agincourt and elewhere brought our arms victory, and it is the rifles that will do so 10-day. We give up too much of our time as boys and men at football. I speak not now in words of boast that there are books which might be examined which show that in my day have helped to victories in football. But it can be carried too far, and much of the time occupied by schools and men could be better employed in perfecting themselves in shooting with the rifle. I believe it true that the Duke of Wellington said that Waterloo was won on the playing fields of Eton; and-su-will- the Waterloo of the future be won on the rifle range of the public schools at Eton. I shall conclude my remarks to you by offering coo- gratulations on the position of the Association tn-day. I think I may say without meditation that our position is assured financial y and as to members, and I don't think we need apprehend any loss, but look forward to an increase; may also congratulate the com- munity on the large and valuable addition to the defence forces of this Colony. Before resuming my seat, desire to express my personal regret and the regret of the Associa
very considerable sum.
The Chairman: I cannot say at present. A
of the value.
in the market.
3
Mr. Michael: Quite so, but the boats cost a million and a ball.
The Chairman: The value of a steamer is a matter of opinion, Mr. Michael, and you must leave that to us.
Mr. Michael: So you think it is necessary? The Chairman: Undoubtedly, The Chairman proposed the adoption of the report and accounts.
Mr. D. E. Brown seconded.--Carried. Mr. J. R. Michael proposed, and it was seconded by Capt. Tillett, that Messrs, N. A. Sichs, D. E. Brown, H. P. White, and A. V. Apear be re-elected un the consulting com- mitter,-Agreed.
Argold and W. H. Potts be re-elected auditors. Mr. H. F. White proposed that Messrs. T. Mr. N. A. Siebs seconded. Carried,
IN
PHILIPPINE COMPANY,
LIMITED.
and are second-hand boats and would not per presented at the third ordinary general meet. The Chairman: They are still depreciating, The report of the board of directors to be laps bring the amount they stand at at presenting of shareholders, to be held at the office of the company, at Manila to-morrow, is as follows:
To the shareholders of the Phillipine Comprey, Limited.
Gertlemen:-The local agents now beg to submit their reprit of the Company's business for the year 1905. You will be pleased to see that accounts are considerably beiter than those presented at our last meeting and the heavy tebit balance,then carried forward has been mech reduced. Salaries and charges in Manila are lower in proportion by some $2,000 and the present year will show another heavy reduction. Your late manager, Mr. Wright, having-re- tired from the Company, we have agreed to accept less than half the amount provided by and this will effect a further saving of some articles of association for the general managers $6,000. Outside Manila, there are no manage ment or agency charges whatever nor have been since the incorporation of the companies. Due to clearance of old stocks of tobacco etc., we wish to point out a saving under interest afe of some $7,000. Early in the year under review we purchased new cigaretta machinery with the result that this branch of your business has very largely increased and we may mention that January sales showed a record for this The twenty-second ordinary annual meeting department. We hope this year will show a now run by electric power and it is not only a of shareholders in the Hongkong Rope Manufurther steady increase. The machines are saving in expense but is an improvement in many ways. The Giralda has been leased for all the time under review. We had some trouble with our lessees of the carriage factory and being unable to re-let the premises, came to an arrangement with the owners by which they took the buildings at a valuation and can- celled remainder of our lease. This account will now disappear from our books. We look forward 'with confidence to the present year and trust when we next meet to show you a satis factory report.
The Chairman: That is all the business, gentlemen. Much obliged for your attendance. Dividend warrants can be had on application,
7
THE HONGKONG*Rope Manu- FACTURING CO., LTD.
14th inst.
offices, St. George's Building, this forenoon, Among those present were:-Hon. Mr. R. Shewan (in the chair), Messrs. D. E. Brown, White, Fung Wa Chun, J. R. Michael, and i Hancock (secretary).
The Secretary read the notice convening the meeting.
Mr. Pollock having coinpleted his ad- dress, Mr. Sharp said that his Lordship had asked a question yesterday which hefacturing Company was held in the Company's Was then unable to answer, but he was able to answer now. The number of share holders présent at the first meeting was 5, holding the 1,250 shares. Then, as regards the meaning to be placed no bis use of the ward "re-construction" he would put it this way, that here was a scheme far. the selling of the old company, to be can by a new com- pany, at the price of $250,000, or $250 per shaic, the interests of the old to be merged in the new company, or an amalgamation of the two companies.
Mr. Pollock said it was rather late to bring up these points.
Mr. Sharp said that his Lordship had asked him the question yesterday when he was un- able to go into it and that is why he brought it up now, but of course his learned friend was entitled to make his comments. As regards the number of shareholders present at the meeting mentioned the statement had not been certified but it would easily be proved, the register of shareholders was kept in the office and was open to the public. The Court adjourned sine die
DAMAGING PROPERTY.
TROUBLE HETWEEN TWO WOMEN.
12th inst, At the Magistracy this afternoon, before Mr. C. A. D. Melbourne, Miss J. A. Watkens, dressmaker, residing at No. 27 Des Vaux Road summoned Miss Charlotte Neilson, a barmaid, residing on the second floor of the same building, for maliciously damaging cer tain property on the 9th instant. The delen- dant pleaded not guilty.
Mr. E. J. Grist, of Messrs. Wilkinson and Grist, appeared for the complainant, and Mr. G. Hall Brutton, of Messrs. Brutton, Hett and Goldring, defended.
His Worship: Is there any chance of set.
this case out of Court?
tinuing nuisance.
His Honour intimated that he need not kear Counsel on the question of injunction. Mr. Pollock then turned to the question of rights of managers. The plaintiff attling tended at the meeting and voled against. Mr. Grist: I don't think so. It is con the resolution, and dissented from the scheme; be and the other dissentients found
Mr. Brutton-This was no continuing nuis they could not come to terms-they would not
ance. When the complainant met my client hear of $200 per share-they wanted $350. But on the staircase she said nothing about any that notwithstanding, all sorts of plans and ardamage being done. My client if she had bees rangements were hustled through and plaintiff told of the damage would have compensated and the other dissentients gave format notice of the complainant." their intention to contest the validity of the The complainant said that on the date in proceedings, and the reply they got was that question she had just returned bome to find nothing could be done as the new company her place covered with dirty water, which had bad been practically told to "shut up." Here leaked from the top floor. Witness stated that there was no prior agreement entered into with this happened on many occasions, and soma the new company. If their authority thore times twice a day. On Wednesday witness in- for was defective the resolutions must go. If formed defendant that she had taken out a a man acting as another's agent does anything summons. Witness never informed defendant illegal that is without the authority of his of the water leaking down. After witness had principal, what he does cannot be upheld-it told defendant of the summony, the latter raust go. That applies here, for plaintiff had want away and latermore water came dripping protested against the course of the action down, adopted by the promoters, and his protest had His Worship discharged the defendant on been disregarded, and it was certain that the the first charge, and as regards the second, action of the liquidators was slira wirer, be- ] of disorderly Behaviour, she was cautioned.
The Chairman said-Gentlemen-As usual, we will, if you have no objection, take the report and accounts, which were issued on the 28th February, as read. We have a very lean year to chronicle. Busi ness in rope throughout 1909 was bad, and with nothing special in our favour. We had a great many disturbing factors to contend against. i is true the total turn-over was little short of that of the previous year, but the average price obtained for rope was lower, while the cost of hemp was as high as ever. Owing general depression in shipping and also to the reduction of the fleet on this station, our local
the
tion that it is to lose the services of Mr. Trenchard Davis. It is no figure of speech I make use of when I say that Mr. Davis, from Directors-Your directors retire and Messis.its formation has been the heart and sou! R. Toovey and R. E. Humphreys offer them. of the Hongkong Volunteer Reserve Associa tion (prolonged cheering). I formally mov selves for re-election. Mr. Sloan not wishing
the adoption of the repart and accounts." to serve another term, we propose Mr. E. E.
On the motion of Mr. Hewell, seconded by White to take bis place.
Mr. Slade, the following gentlemen were ap Stewart, Hon. Mr. L. A. M. Johnston, and pointed a committee:Hon. Mr. Gershom Messrs. W. T. Davis, J. C. Gow, F. Maitland, A. Mackenzie, W. G. Winterbarn and J. Whittall. Sir Henry Berkeley was re-elected chairman, and Mr. G. H. Wakeman, hon, secretary and
THE PHILIPPINE CO., LTD., Holliday, Wire & Co., Local Agents. Manila, 6th March, 1996.
BALANCE SHEET FOR THE YEAR ENDING 31ST DECEMBER, 1905. Liabilities?
..
sales show a severe falling off, and although we sold more in the North, doubtless on ac• count of war, we had to compete there with adulterated Japanese rope, and to accept very poor prices. Then, too, the high rates of ex- Capital change ruling gave us smaller returns in Loan Hongkong Bank silver from sales made in gold-using conn- Sundry creditors tries. Lastly, the price of coal was, as you all know, uausually high. Naturally, therefore our profits are less, and We recommend, instead of our usual dividend of Sto per share a dividend of $9 per share, which is equal to 18%-2 good dividend still, seeing that depreciation has been well provided for. We propose also putting the nominal sum of $1,000 to the reserve fund, as by the articles | Machinery ....................................... of association we cannot declare a dividend Cash in hand and at bankers....... until we have placed something to reserve. Fire insurance in advance This will leave $5,813.29 to be carried forward: Sundry.debtors................
have only one thing Balance As regards the accounts
to point out, and that is, that no credit has been taken for the dividend amounting to $3,049.00 due from our investment in China Provident shares, as was not paid, fill 1906, and it will therefore appear in this current year's account. I mention this because our not taking credit for this item till it is actually paid causes this year's profit and loss to appear some $3,020 worse than it really is as compared with 1904 when credit was taken for a similar dividend. As to the future, we have begun this year very well, and it is a satisfactory feature that, if our local sales have fallen off, our sales elsewhere have increased but I fear that as long as Manila hemp keeps at its present high level of price and poor level of quality, we cannot expect any marked im. provement on farmer years, especially while shipping continues Bo doll Before I move the adoption of the report I will be glad to answer any questions from shareholders,
No questions being asked,
The Chairman moyed the adoption of the report and accounts. Mr. JR. Michael seconded-Carried unanimously,
On the motion of Mr. T. Arnold, seconded by Mr. Fung Wa Chuo, Maseru, A. J. Raymond,
treasurer.
1
$608,108,11
His Excellency moved a vote of thanks to 95.339.41 the Chairman for presiding at the meeting, and 7,073.43 the Hon. Mr. Gershom Stewart proposed a similar vote to Sir Matthew for his presence $711,120.95 that evening. Both motions were carried with
་་
9.10
194,219.20
acclamation,
The meeting concluded with a vote of thanks to the local Press on the proposition of Mr.
Davis.
ALLEGED ARSON.
tath insi. At the instance of Mr. F. J. Badeley, Captain Superintendent of Police, at the Police Coun this morning, the' master of a shop at No. 147, Wing Lak Street, a salesman, a servant, and a cook, were charged with having on 8th March unlawfully and maliciously set fire to house No. 147, Wing Lok Street, with intent thereby to de- fraud Messrs. Butterfield & Swire, agénis for the London and Lancashire and Royal Exchange Insurance Companies, of $10,000; and Messis. Shewan, Tomes and Company, agents for the North British Mercantile Insurance Company of $6,000. The defendants pleaded, "not guilty," The police asked for a week's remind, and the adjournment was granted.
A DISHONEST-HOUSEBOY.
ཟས་རཐན་མཀ་བརྒྱ་
13th inst. Belore Mr. F. A. Hazeland, at the Magistracy, this morning, Chan Kam, a houseboy, was charged with stealing a diamond from Mr. L M. Alvares, at No. 51. Wyndham Street, on the roth instant, The gem was valued at $1,000
The defendant emphatically denied the charge.
A pawnbroker's representative said that the diamond produced was brought to his shop to be piwned by the defendent at 6 p.m., on the roth instant. The defendant wanted $10 for the gem. Witness, estimated, the diamond to be worth $800. The pawnbroker gave him Sto for the diamond.
diamond. He missed it on Saturday at Lam
The complainant said that he recognited the men's auction room as it was et on a ring
which he was wearing at the time. The com- plainant thought the diamond got onscrewed from the ring and was lost,
The defendant said he picked the gem up in the street.
His Worship said he believed his story, but it was his business as soon as he found it to take it to the nearest police station. Taking it to a pawrshop made it larceny, and defendant would have to go to gaol for two months, with hard labour.
LUNOPEAN STOWAWAYS.
14th inst.
Captain C. Crichton, of the 5.5. Rippingham Grange, appeared at the Magistracy this morning to prosecute Albert Jones, a Canador, and Edmund Shtubb, a native of Brisbane, Australia, for arriving in the Colony on board the said ship on the 11th instant, without the Permission of the master.
Assets. Subscription account I share.........5 Land and buildings......... Goodwill and trademarks. 219.357 79 IT5.901.24 Plant and stock Furniture
....... 17,056.65 CONFLAGRATION AT KOWLOON. Sir. I could not get away from Sydney as the
***** 49,428.46
3,098.27 1,417.36
74,654.98 34.324.90
5711,120.95
PROFIT AND LOSS ACCOUNT. Losses, Balance carried forward at 31st De
cember, 1904 Fire insurance.......... Interest................... Management, salaries and charges
in Manila Exchange.. Carriago factory ..... Bonus and commissions ....... Licenses and taxes.................................................. Lawyers' fees.............................. Advertising Losses on consignments
CEMENT WORKS ABLAZE.
|
The defendants pleaded guilty. His Worship: What did you come up here Гот?
Jones-To join one of the Empress boats, shipping master bad turned away quite,,a number of men. I wanted to get home, en
His Worship: But how do you expect to get home?
Jones: Join one of the Empress boate, and work my way across.
His Worship (tp Captain): When did you discover the men on board?
Captain: The day' after 'we' left Newcastle, so I could not put them ashore,
Shrubb, in reply to a question, said he also wanted to get a ship here and go to America.
His Worship: 55, or one week's hard labour
Jones (leaving the Court); I would like to say something, Sir. We have been worked. pretty hard on board during the voyage here and I think we are entitled to a few pounds.
His Worship: That has nothing to do. with me.
fath insh Fire broke out in the cooperage department of the Green Island Cement Works, Hunghom, at about eight o'clock last evening." When the brigades from the Kowloon Docksand Yau-ma-ti Police Station arrived the flames were'busning furiously and had a good grip on the building, $53,619.69 The fire-float also arrived and materially as
2,579.99 Bisted in extinguishing the blaze. The fire- 5,063.89 fighters worked hard, and at nine o'clock aleach.
though the fire was under control it was steadily 23:575.66 burning. Then sailors from the Callas and 10.47 Barry gave a hand, and an hour or two later the 2,087.20 fames were extinguished. At one o'clock 1,301.50 in the morning. the fire was entirely subdued, $197.72 and the firemen left the scene. The cooper 940-49 age was gutted. The police are at present ad. fog.03 able to give the origin of the fire, but they are 1,109.47 of opinion that the smoking of careless coolies | THE U. S. transport Ingalls arrived in Manila might have been the cause. The damage, harbour on the moming of the 8th inst, and an 593,197,06 | which is covered by insurance, is estimated at | official examination was made on ber condition Profits.
$36,0co. During the blaze thousands of specta, the following day. After a part of her ballast`
had been removed she was easily towed off the Manufacturing and working profis...$57,227.06 tors visited the scene and watched the fire.
According to Messrs. Shewan, Tomes & reef by the tugs Plicatagua and @ Wampaluch, Commissions parauiusrara... 1.524.44 Bad debts recovered.......................................
170.00 Co., the premises were insured for $15,000, assisted somewhat by the food tide which was Balance...PRINT
34.314.00 | which was underwritten by cleren companies, quito high at the time. The damage 10 the Of that amount yo' per cent, has been lost. Ingalls was slight and she came up from Apa $93,197.06 | Nous of the better machiney was damaged.
under her own steam,
mancar
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