purchased £25,000 Australian and Now Zealand Stooks which have been pl.cod in the books 'at: £24,000). The most viz. $24,350, 2.0, at_1/11.3/18= $252,005.87, was met out of the half year's profje (Applause). 1 think you will agree that it is a wise procedure to have invest- monta written down to a figure inside market prices at the time of closing our books.
THE HONGKONG TELEGRAP”, SATURDAY, FEBRUARY 14, 914,
SPECIAL CABLES.
PREMIER'S Resignation accepted.
FOREIGN MINISTER SECURES ACTING APPOINTMENT.
Peking, Received Feb. 13.
A Presidential Mandate accepts the resignation of Me. Baiting Hai-ling from the Premiership.
Mr. Sun Fuq chi has been appointed acting Premior, and in addition will fill the post of Minister of Foreign Affairs.
Mr T. F. Hough seconded and said:
The recent sharp recovery in the price of first class stooks, auob as our investments are com- posed of, makes us hopeful that he bottom prices have at last been touched. At any rate, con sidering our present book values, any further adjustments which
-ado, however, is the chaotic state any questions you may wish to may be necessary, should be on a of Provincial note issues, to which ask. There heing no questions. small scale and not prove a heavy I am referring later. Kwangtang I purpose the adoption of the re- tax on profits. (Applause),
Bank Premises Account, which appears to be suffering in a much port and statement of accounts we recommend writing down by Province in this respect; the
greater degree than any other presented. $300,000, stands at $68 lakhs.teady decline in the value of the increase during the half year provincial notes in Canton, (the being more than was anticipated present quotation being about when I addressed you in August 60 per cent of their face value) last, owing to the cost of the Tonis naturally baving a very de don Promises exceading the pressing effect on trade in South amount cetim te. We moved into Chips, and until the finances of the new building in London in the Provinco are put on a sound October and the offices have pro basis, the business outlok locally ved most satisfactory in every will continue to be somewhat way. The building is on the
gloomy. bank may well be proud of and the architect and builders, are to be congratulated on the efficient and expeditious inanner in which the work was executed,
Gonoral conditions ia China during the six months under re view may be said have shown a marked improvement." An at We have recently arranged for tempted rebellion in the Yangtze region luat Autumn necessitated the purchase of the building in the assertion of its authority by which we occupy offices in Cal- the Central Government and the cutta, as well as the adjoining lot, firmness with which the outbreak thus providing for our require was quelled, has gone far to ments there for many years to restore that confidence in the cume. The price is about Rs. 8)
country which is a necessary lakhs, and nawe shall have to build condition of prosperous trade. on the extra lot, the total outlayThe result has been seen in will be a considerable ore, hut the largely increased receipts well justified in the opinion of of the Maritime Customs during roar directore. The bank has now the latter months of the year, secured premises in nearly all the the collection for 1913, in fact, places where it is desirable to exceeding all previous records, have its own property, so, as far as and the Customs administration can be seen at present, there is no has performed the unprecedented heavy expenditure aboat, except feat of paying the entire service, for purposes of rebuilding which
not only of the ordinary foreiga may be necessary in the near debt secured upon its revenues, fulare in oro'or two porta. but also of the Boxer Indemnity, an obligation which in previous contributions from the salt and years has had to be largely met by
I shall not refer farther to the of marked importance calling for
Balance Sheet as there ura no i'eme
other taxes.
comment. I would mention thé your Directors are well satisfied
With regard to the Salt Rev- with the loyal and able manner enue, its receipts under the new in which the Staff have worked, administration have exceeded the and I think you will beurtily most sanguine expectations, al- endorse our notion in voting them a bonus of 10 per cent. Ou their salaries for the past year. (Applause)
though the reforms introduced under the able guidance of Sir Richard Dane can only be said to have become effective during the I am pleased to say that all of last few months of 1913. Given our Offices have done well and, a continuance of present condi- with the orception of Bangkok, tions, it is anticipated that the have been free from losses. The collection of the current year will losa at Bangkok was due to trouble amongst some of the rice millers whose Bille on Hongkong nad Singapore have been die honoured and aleo to the dia henasty of our own and other Banka compradores at that place. The amount involved, is in the neighbourhood of $0 lakhs, and although we hope to recover per of this, full provision has been
made in the meantime,
Speaking generally, conditions luring the latter half of the past year, like the first six months, were favourable for banking business. Trade continued active
Mr. Chairman-It gives me very much pleasure indeed to rise and second the proposition just pat by you, that the report and Statement of Accounts as present. ad be adopted. Gentlemen, the Chairman has told as that it i gratifying to the Court of Direc tore to again mest shareholders with records of such a pris factory result as that of the working for the last half year; the figures ore detailed, in the accounts under their several head- inge and for my part I fully ap prepiate his lacid explanation of the various appropriations recom-. mended, notably one which ap peale to me as worthy of special mention viz, the continuation by the Directors of their policy of caution in such material streng thening of our Reserve Fapd (Applause).
Inelcome the dividend declared and the bonus we are to receive and bazarding an opinion born of the appreciative expression on your faces I gather it is noun the less acceptable to you.
DAIRY FARM NEWS.
FISH.
RECEIVED BY THE
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SELECTED KIPPERS
HADDOCKS
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PER PAIR
16, DES VŒUX ROAD.
WM. POWELL, LTD E
THE LATEST
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OF
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1:-
TELEPHONE · 346.
Special Display
OF
SMART DRESS MATERIALS
FOR
RACE WEEK.
(SEE OUR WINDOWS)
RAGING SEASON 1914
BORDERED
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STOPWATCHES and BINOCULARS
THE VERY" BEST MAKERS ARE ALWAYS STOUKKD
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ALL WATCHES SOLD BY US ARE FULLY GUARANTEED. Jewellery WATCHMAKERS & J. ULLMANN & GO. Cixer or Flawes
THE
STREET,
With regard to the Reservo and Investments, the Bank Fremises Accounts snd the arrangements for the purchase of 10 Calcutta Bank Property. I en only express satisfaction and the business, gentlemen. I think projected houses on the site abov The Chairman:That is all Lot No. 18. The section of the ask you to join for the able dividend warrents will be ready ed the contractor who signed the tender my thanke-in which I you for your attendaers, The May Road has not been commenc pianaand opptract having failed
KRUSE AND CO. ANDERSON_MUSIC_CO., LTD.
manner these matters bave been dealt with at the different tires when the necessity for dauling with them has arisen.
our Uhairman that conditions in I am very glad to hear from China have during the period under review shown improve ment, as a result I look forwaril to renowed commercial activity which will be most, welcome to as all.
that.
on Monday.
Humphreys Estate and
Finance Co, Ltd.
to proceed with his contract after doing some work of little or n value.Furthertendera were obtain- ed but none low enough to makı, of the above Company was held ness proposition. Your director The ordinary general meeting the erection of the house a busi at the Hongkong Hotel this moi- now. contemplate erecting date on
resided, and there were also aing. Mr. Beny Humphreys; the site instead of houses. present-Dr. J. W. Noble,
(direotora), F. Maitland, D. E. C. Januar and W. L. Patrendeu Messrs. J. Scott Hareton, J. W.
Clarke, H. Peroy Smith, W. Stapleton, U. Bunje, C.B. Buyere and A. V. Apcar (shareholders and G. Rapp (aecretary);
convening the meeting.
The Secretary read the notice
·
(Formerly Mosara LANE, ORAWFORD' & Go's. Plano Dent)
PIANOS
OF
QUALITY. SPECIALLY CONSTRUCT-
ED.
BROADWOOD, | U
STEINWEC,
UNSUR-
PASSED
COLLARD, ALLISON, DORNER, ETC.
FOR TONE.
TOUCH
AND
FINISH.
Latest Improved Models
ON VIEW
(Continued on Page 106, DES VOEUX ROAD, CENTRAL, TEL. 1322.
Co-vap's Albecttsements
..
GABAAR.
QUEEN'S COLLEGE.
Term begins at 9 a.m. on Thurs- day, 19th February. New boys will be examined for entry and classification on Tues- 18th February, from 9 am, each day and Wednesday, the 17th and day, in the Hall,
T. K. DEALY,
Head Master.
yield, on a conservative estimate, upon by our Chairman to which There is one other point touched a large surplus, which will be I feet that I must refer, the available as security for the matter of the Bonus voted by further borrowing which China the Directors to the Staff, Gentle must yet undertake in order to men, they look after our interests carry to its completion ber prog well and I beartily applaud the ramme of reform. The reorganised action of the Directors which can Salt Gabelle bids fair, in fact, to not but inspire further endeavour ival the Maritime Customs as a to the continued success of our men,The report and statement. The Chairman esi--Gentle- great national reset, and illust-great institation. (Applause). rates, as does that administration, With these remarke I'escand having been in your hande since of ace units. sud auditors' report the advantages which will accrue the adoption of the report and 5th instant I propose with your to China by the employment of accounts.. foreigners of high character and
permission to take them as read, Di. Nable: Mr Chairman, I administrative experience, in the have much pleasure in proposing is $5,001.93 less than 1912 but The net profit for 1913 is great task which los before her. that the appointment of Mr. Gatzking into account that 1012 had Foremost among the problem and Mr. Landgraf to the board of the benefit of $22,136.72 of not- and money in strong demand at with which China has to deal directors be confirmed and also recurrent profits and 1913 only remunerative rates in all gold are those of Currency Reform that the Hon. Mr. E. Shellim, Mr. $13,507.04 of similar profits, countries, We have had no idle and the conversion and re- W. L. Pattenden, and Mr. S. 1913 is in a sense an improve funds in countries working on, a habilitation of the
WANTED. beteroge Dodwell be re-elected us directement on 1912 to the extent of gold or fixed exchange basis, as
118048 note circulation with. surplus money could be transfer which the provinces have been
Mr. Griffiu; beg to send
$3,827,76,
WANTED LESSONS in Ger- red to the most attractive markets floded, the steady depreciation
man. Replies to Box M. Ront account shows 3 net Stating Terms and Address, The Chairman:-It has lern without any undue exchange risk. of which, unsupported as it is by proposed by Dr. Noble and would have Lean larger still but increase of 12,852,84 which In Chias, however, the case has
AT THE PEAK. bean different, as the large y reserve, presents a danger of seconded by Mr. Griffin that the for the Military, giving up thre daily increasing gravity to the appointment of Mr. E Quetz and accumulation of silver funde ould country. Enhanced prices, con and Mr. Q. Landgraf be comfirm- shops and eight houses. Some
'BE SOLD- A well built) 4 not be utilised and had to remain tracted credit and widespreaded and that the Hon. Mr. E of these are sull uolet.
To
house in good situation over- more or less idle in Shanghai and discontent, are the inevitable Shellim and Mr. W. & Pattendeo hoavy. This is accounted for by for boarding house. Two-thirds Hepairs appear unusually looking the barbour. Suitable the other financial centres. No results of such a state of things, and Mr. S. H. Dodwell to the fact that we had to pay the purchase money on mortgage. withstanding this unfavourable
and all other measures of reform elected directors. Will those in factor, business on the whole was become futile until this evil is favour hold up their hala balance of the contract for repair-Apply" O. P. Q." c/o Hongkong satisfactory both here and in the
romoved. North. The Canton silk trade
ing our Chinese houses to which Telegraph." Against. Carried" unanimou-ly. Imay add that the two measures The Chairman-The
I made reference at our last meat- experienced a flourishing year and
HONGKONG & SHANGHAI probably merchants generally to which I have referred, namely business, gentlemen, is the elec ug-This item alone with extras and architeot's fees amounted to
BANKING CORPORATION," have done fairly well in South Currouvy Reform and the redemption of auditors: China both as regards imports tion of the paper currency, as well
Mr. Findlay Smith:-Mr. Chair-upwards of $5,000; moreover we and exports, though, with then the question of the repayment man, I beg to propose that Mr. have now a larger number of exception of silk, the turnover reign and many of which J.W.O. Bonnar and Mr. F. Moit houses to repair, and repairing HE DIVIDEND DECLARED for the Half Year ending may not have been on a very foreign loans, are land be roolcoted auditors for the is much work more costly than it
ased to be.
31st December, 1913; at the rate Dow over due, are at the present year large scale.
In the Yangtaze Valley and the sideration of the Chinese GovernI beg to second that.
moment under the serious con-
Insurance Reserve Fand bas of Two Pounds Sterling together Mr. Pumfreit Mr. Chairman,
been increased by $7,588.35 with a Bonus of Five Shillings Northern Provinces crops were
Sterling per share of $125 is pay- The Chairman-It has been which sum represents 82668.35able on and after MONDAY, the not quite so good as those of the mout, in consultation with the previous year but the volume of five Groups, and a scheme is in proposed by Mr. Findlay Smith are riske under written by our 16th. day of February, Current, at business was well maintained, preparation which it is hoped and seconded by Mr. Pumirett solves plus $5,000 transferred to the Offices of the Corporation, will furnish an effective solution that Mr. J. W. C. Bonner and Mr. the credit of this Fund from 1912 where Shareholders are requested The year closed with both im-
of those pressing problems. F. Maitland be re-elected auditors profits,
| to apply for Warrants, port and export trades in a
(Applause). favoutable position and a hope Before moving the adoption of favour bold up their hands, we have on hand at the moment Directors.
for the ensuing year. Those in The only building operations By Order of the ful feeling prevailing as to the the report and nocounts as pre-Those against, Carried an ni are, the erection of four, four immediate prospects in eo I should be pleased to tu usly North A Gorique handicap 10
answer to the best of my ability
:
...
next
storied Chinese houses on K. M.
CLIFFORD
LOOK
WILKINSON'S'
TARDAN
INFERIOR
AT
THE
LABEL
GINGER ALE AN IDEAL
WATERS
SPOIL
DRINKS.
AND
BE
SUR E
DRINK WITH WHISKY.
WILKINSON'S
TIAN SAN
ITS
WILKINSON'S
AS
SOLE AGENTS,
Court of
N. J. STABB,
Chief Manager Tel Mongkong, 14th Feb, 1914. [2140
GINGER
ALE
IMPROVES
THEM.
CANDE PRICE & CO. LTD.
WINE MERCHANTS.
No. 135.
6, Queen's Road Central,
Hongkong,
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