1902-08-18 — Page 5

Page

MONDAY, AUGUST 18, 1902.

HONGKONG AND WHAMPOA DOCK CO., LTD.

Demand for Larger Dividend Carried,

The ordinary half yearly celing of the shareholders of the Hongkong and Wham- pom Dock Company, ited, was bald day. Mr D. F. Browns (Clairman) prasided, and the others premont were Mess N. A. Sists, J. S. Van Buren, Hon. W Dickson, G. i. Melhurst, K. Gort A,

Haupt. J. 1. Cowls, Hon. R. Shewan (Director), W. B. Dixen (Chief Mangor),

I.

Our nov 19-ton

working by giving special attention to the Shipbuilding as distinct from the Repairs 3. A. Caldwell (Acting Sexelary), J. C. | Department, and this year marks a now Anderson, A. S. Ant. A. F... Arculli. departure in the annals of the Dock Com-I T. Amol, t. Becker,

F. Carpany by our having ssured thus Contract to michael, &. de Champeaux, K. A. Chinoy, build and engine entirely out here, a first Chow Fing Ki, W. E Clarke,

class, full-powereil pusongor boat for the W. D. Cruickshank, H. M. . H. Canton River again tenders from the

· Bamuil, A. It. Ezekid, B. Georg, A. R. best buildora at haamo. Gablay, 8. Gublay, D. Hasko, J. Steam Hammer, after having been

Binde Ho Hastings, 6. H.

Kum completest and succesfully put to work, Tong, Ian Burel, J. F. C. Jobson, as, unfortunately, he detooged by E. S. Joseph, M. A. Joseph. S. A. a heavy landslip, from the hitl beking the Joseph, ham Min Fan, J. J. Jeizin, forge. Steps, however, are being taken to Liao Tse Sun. So Cheung Shin, Lo Ping hasten the necessary repairs and to pro- Shek, I. P. Madur, IL. A. Meyer, J. Rvout a recurronce, which will take several Michael, M. Michael, M. H. Michael, 8 11. Michael, jt. Mitchell, G. W. C. Pomber ton, P. C. Putta, T. II. Reid, S. C. tios Remedios C, W. Richards, A. Eloss, Capt.

for the successful conleet of

THE CHINA MAIL.

I

directorate to give their carnest considora- all, would simply delay the passing of the To-day's Advertisements

J

minde

THE

5

ROBINSON PIANO

CO., LTD.

HONGKONG, SHANGHAI AND SINGAPORE,

TT hereby notified that the WATER SUPPLY to the HILL DISTRICT, with the exception of Barker Read and Magazine Gap, will i CUT OFF between the hour of 10 A. and 3 r., on WEDNESDAY, the 20th Instans. to admit weather be unfavourable for perforraing Pianos by all the beadiny Luraden and of alterations to the main. Should the the necesary work on that "date, the

Continental Manufacturers. cutting-off will be postponed until the first suitable Day......

W. CHATHAM,

Faster skullerity. Hongkong, August 10, 1902.

HONGKONG AND SHANGHAI

BANKING CORPORATION,

4

1024 HAAKE

year ending Borb Juno last at the rate

per Shure of $125 in Payable on and after

Warrants.

1697

CANTON DISTRICT.

LOCAL NOTICE TO MARINERS,

N», 62.

unduly optimistic, I think I may say | pheo before us concering this maltor. that there" are some signs that China is on-cannot close my reintre without touching ties Having ropard to the fact that our Report and Actunts that rauch longer.

en the reference you have made to the very establishments, our workshops, and our ME. S. Jomph-In your reply just deavouring to wake up and throw off her and circumstances surrounding the death plant are represented in our books at tow, you said vo were not dealing with lothargy aut indiferenco 13 Western of our tato Chief Mangor, Mr Gilles. I figates for which they could tower be re-cash, but that we would have to borrow methods and ideas, and, if the day ever for sure that all shareholders, as well as placed and are variously valued at six or this raonpy. Here we oror in the history comes when she will succeed in doing this, get his end, and the suddennen of it.

his many friends out here; must deeply re- seven times the book value, the time has of the Company paid a dividend with cash

now arrived when, in my opinion, a syn-in hand? such an industry ne ours trili be the first to (Applause).

retic method of writing down should g The Chairman-I should have to took reap the benefit of the demand fureteamers Mr. R. Michael, whose speech was fre-adopted once for all. When we adopted that up. and machine of all kinds, which we are

quent applauded, sald :---I rise to propose

lot that system he put in praction MrE. S. Josoph-- Well, I know it is an year by year becoming letter equipped for tin of the report and accounts as printed amendment to the motion for this adop

as a hard and fast ralo ndinitting of no The ChairaalHowever, that doesn't departure. Te is me for me to say what alter the facts the cuno, Nover was supplying. Your Chint Manager has, I am just put to the meeting by the Chairman. Lhe exact precontage of our profits should hor such a large bank halance. I night glad to report, given practical ofset to aby nie to ten sent that the tion; but that on: ench can be found 181,300,000 in Ledig gearor a million and a be takon as the idea for adopay that the debt balance instead of being amount proposed to be written off the value very desirable change in the oude of our

of the Dock establiskowats, viz, $219,437.76 don't for recent dumbr. 1 ask for no half. At least it will be who we borrow be reduced to $169,487.70 and that the vote in favour of my amundo, it should his $300,000.

I there. addition to the Bonus at the mto of 81 per difference of 850,000 be appropriated for appeal to you on its own merita.

Mr Michael-Being the proposer of the fure movo thatTho amount proposed to imenimont, and, having been asked to share. In formally paving the annulment written off the value of the Dack withdraw it, I would be the first to do so, beg leave to make a few runarics, Half establishments, &c, viz, 9219,437.70 be re-bat the reasons given by the Chairman ar the accounts of good stewardship of tion to the diviland at the rue of $1 per of this $300,000 ry carefully, but he for year after half-year we have not to listen duced to $10,137.7 and that the different strong enough to warrant to in doing ce of 839,00) ba appropriated for an addi- £0. He mid they considered the borrowing our vast and important establishments with

| gets that $420,000 have been carried for shote" (Applausg), On those cen- their great arces.

Ar A. Ross-1 rise to wond theward for adjustment of dividends, nud that sians we have been neither stinted with

that the the Directorate and amendment. I should have preferred to Our praise of

appropriation unangement or passin.onious with ur remain sitting down with uplifted hands macputs to $72,000-(The Clairman-THE DIVIDEND dedared for the hair-

to the passing of the ac-lo.).-He has ir sachtled our beauses. Just as reward is liberally given asenting

mounts to standing up with uplifted with any tangible reasons satisfying u of ONE PorND, AND TEN SOLLANO Sterting ibes, als must criticism -fair and impartial voice opposing the pressing of them, but why the Company which made $500,000 MUNDAY, the 18th August, currunt, at I think that, ist the present juncture ret profite should have writtene $18,000 the Oles f the Corporation, where icon--be expected when good cause

the out of profits, nearly 20 per cent, and Lit found for grievance on the part of the Directors have hardly traded number of shareholdess I desire to yor- the shareholders. As one ammuggst, a large slutabrders fairly to auddenly cut down in the leanest year we have had.Coatin Shareholders u rjuested to apply for the dividends they propose to give us. ng Me Michael procceded to deal with

By Order of the Court of Directora tire fur grievance, and I take this public are never beca a clamourer for large figures and per-clages at arato and in such The past dividonde, but I believe in a fir anti-indible tones that it was impossible to

1. R. M. SMITH, occasion to make it heard. bult-year has been anything but pras. partial administration of the airs of the follow him, and concluded by mying--I put

Chief Manager, perous one for the cany, with the Company, and I don't think de present it down in my speech in very plain words.

statement of accounts shows this. I there is a matter of Egures.

Hongkong, August 16, 2002. inevitable result that there has been an

fore arcond the amendment, and lips that Abnormal skrinkage is the net profits of

The Chairman The question for con. the Directors will as their way ned unani-sideration is the amount of money wo are our business. When good judgment and farsight cannot be taken to task for small maly agree to shell out. (Applauso). justified in borrowing for dividend purposes.

The Chudrmon--Before Fciz

Mr II. A. W. Shade:-Mr Chitinin, 1 prolits, we must neceptin an equablo spirit

the untradinent which we out looked at the figures Infora I came the ups and downs from which human the meeting

meat. eome first I here, but I heard Mr Michel's spank, and I affairs are over free. But when pufte.freesaity

make A Eus 000 earned, can be distributed without would like to

remarks hard your speech, and it certainly approuts |

to me that the Directors in this instuiroaro impairing the efficiency of the Company's caplanation winch might end to its

being withdrawn-at least, I hope so. Rentirely right. We had mossy two we worke and its future prospects, we mural y feel it a Lardship to see the profit pro

fereum has been muda by Mr Michael to har to borrow money to pay this posed to be divided in a manner by which the autous mistake and by the Board in dividend, and, as the Chairman said, there to Mariners No. 61, a curaful surch his certain imit well. I should been made in the vicinity and no trace zi only pusterity will gain at the cost of our appropriation of profits, and, while he is a

the wreck mn be found. to our borrowing capacity. Huy own immodiste loss. In the accounts lielays stress on the fact that 40 per cent of nat famus, the Directors propere the commute the profits were written off, he has not said be to the adviability of borrowing

I. A. BYWORTH, 1 think the amount borrowed!

Bangun MaSTER. sum of $219,437.78, or 68% in proportions anything as to the fact that overal per cent and

$300,000 serius to be enough for dividend | tothe total profit, to be written off the raine ing paid away in dividends. The policy purposes. I don't think that under the to the profits, which is cat of all projections of the net earnings for the six months is by- of one property, plait, se.. 4k a total of the institution, the Hongkong Bark, circumstances the shareholder are quite net profit of $78,160.08 It is not appris the policy be prefera. What your Board justified in asking for an extm doliny, at

ary rate for this hilf-year (Applouse). with the Directors in the matter of this policy. There are a number of reasons ent to us shareholders what rule applies is endeavouring to do is to follow a similar

The Chairman-I will nog put tho) apportionment of profits. On the face of it why larger appropriation to shareholders amendment to the meeting aal in the absence of satisfactory explana than $500,000 out of a net earnings of

a most liberal appropriation, and, Romething else than sound business judg

out. Now it is generally canaitted that previously pointed out in my speech, the the food tide of the Dok Company's praa- largest under the sinstances over paid

history of

Company. pority, so far, was attained in the year 191 in whan the handsome profs of Soun,sts. The curnings this year are 8370,060 some Thon vils was netted for the first balf year.

In 1895f an zu book for soven yeare-for the first sis mamas, ar$402,713, the amount agreed to for writing down was only $185,570.71 4 20.45%. For the first the idend was 3 on the present substating their views. half of the current year the cub tide has sut divided basis; in the next six months, on $549,000, is was 33, and in the next In md our profits have been reduced to

six mathe, on $443,000, it was 31; the next 8373,400.66, yet the amount seriously asked to ecusent for writing down six months, in 1892, on $325, 10, 37, is 213,437.76, or 58.75%. What business the scoond aix month of 1897, on $268,090, it was still 3; in the ärst six months of or logical argument can be adduced in ex- Planation of Nu great at arithactical dis 1898, 600,000 roughly, it was ; the parity it is not within our comprehension second six months, it nearly $400,000, 5 to discover. I would like to refresh your again; in the first six months of 1999,

it was in $83,000, memories about

procedure to Decezabor, 1897, during which period $459, and it was again 6 in the first former years say from 31st December, 1895, send half year of 1899 w earned the uniform dividend and bonuses of 9 and six months of 1950, tn 8099.00, it was

in the second half of 1900, on $31.000, 7, whilst last year you know what the divi denile were, 1 will refer to these in the further retaarlos I am about to

ht in

cach not

weeks to complete. As regards the pro- posed now Dock, which has been so often referred to by my various predecessors at successive meetings ever since Japan's T. Rowan. Hon. G. S, Sharp, A. docking ctpabilities ware brought bone to Skeltou, H. A. W. Stule, O: Struckmayer,us by our inability to moure the docking of R. Unsworth, W. B. Wickham, W. G. † H.31.5. Feterious in the year 1898. you Wintexburn. P. Witkowski, Wong Chuck will have learned from the Report that the Yau, Wong Ki Sam and uthers.

negotiations with the Government for a site The Chairman maid-Gentlemen--Be- for the Dock, which have boun ghing on for Fore commowing the regular business of more than 3 years, lave now reached a the Meeting, you will all fuel sure, wish to point where we can submit to you definite join with the Board and employés in record-ternis for the acquisition of the tal, and ing an expression of deep regret which we this will be done at a subsequent special all feel at the unexpected death, during the meeting to be held in the latter part of period under review, of our late Chief October mixt, and prior to which a general Manager, Mr David Gillies, so long and so outline of the scheme and our proposals closely identified with us. The Report will be chelated among Shareholders in and Account having been printed and in | amplo time for their consideration. It was, your hands for some time. I will with as you know, intended to discuss the question, the standard must be sought for in 1.6 should not be rude. (1) It is your permission take them as rend. Your tim after the close of the present wees Directors much regret that the figures they ing, the reason being that the Gor. have to lay before you show such a fulling ernment Tave

valy

tri UI, off in the net profit for the first six months 15th

Lu decide

proximu

US

the

01

the

is the largest ever paid in the history before you. Before moving the adoptive

anora

**

tho

17

-་

We are

have

n

(2)

the

the

The amendmen was then put to the

W mentioned in Local Notica

[IT]] reference to the SUNKEN

Approved,

F. A. MORGAN,

COMMISSIONki or Cusrolls. Custom House,

Canton, 18th August, 1902.

1603

PIANOS.

These are Gral-class instruinents, and.

at the price, they cannot beaten.

WERNER

PIANOS.

These instruments are noted for the excellent quality of tone, touch and general workmanship, and intending purchasers should in- speet these pinuos before buying

sewher.

BECHSTEIN

PIANOS.

is unnecessary to say anything aboun these instruments, as the name is quite sutlicient.

PIANOS

or our

meeting, and carried by majority of 2 vates DOUGLAS STEAMSHIP COMPANY, OWN MANUFACTURE,

765

to 20.

the

ranks. band

Hon. C. S. Sharp-I desire, Mr Chair- mur. thas a poll should be takon.

The Chairman-If there are live shàro- chbas prosent who will demand a poll, I shall be very happy to call a poll to give outside shareholders an opportunity of

Mr Sharp and averal others, exceeding the necessary number, held up their hands in favour of a poll being called.

The Chairman-Mr Sharp. I will call a pell of the shareholders, and the result will be intimal at a meeting to be called three months from to day.

Mr S. A. Josephusked what was the need

poll.

The Chairman-To give abseulsharehold ersan opports:uity of expressing their views; that is the only object for calling it. The eeting stands adparned for three months from to-day, at the same hour.

LIMITED.

FOR SWATOW, AMOY AND FOOCIOW.

NIK

HAITAN, Captain Roach, will be despatched for the above Parts, on TUESDAY, the 13th August, at Noon.

Company's Steamship

For Freight or Passage, apply to

DOUGLAS LAPRAIK & Co., General Managers,

1096 Hongkong, August 18, 1902,

FOR SINGAPORE, SAMARANG AND

SOURABAYA.

UK Stomship

BABELSBERG,

Mr Slade ---How soon will the circalar hepsia ReEKMANN, will leave here at

Noon on SATURDAY, the 23rd Eust. fat ut?

EAST ASIATIC TRADING Co., Leu. Hongkong, August 18, 1962. 1701

The Chainman-At once. The minutes of this meeting will bo printed and circulat-

and a copy sort to every shareholder. In answer to further question by dr

tenants S.-J. 2. Sayer, W. A rostrong mul -J. W. 7., Oliver.

PROMPT ACTION

STEARNS' COUGH (URE

THE CHINA AND MANILA STEAM-

SHIP COMPANY, LIMITED.

FOR MANILA.

RUBI,

Captain R. W. ALMOND, will be despatch- ed for the above Port on TUESDAY, the 26th Inst., and plan.

Highest Class Passenger Steamers. High powered, novest and most up to date on ibe ruu. All Accommodation aidships. Electric Light and all other modern in-

A Surgeon is carried. provercente

For Freight or I'assage, apply to

SHEWAN, TOMES & Co

General Managers, Hongkong, August 18, 1901.

BEN LINE OF STEAMERS.

1704

in dealing with what may be only a slight FOR GENOA, LONDON & ANTWERP. ength will often wert some more serious:

YIA SUEZ UNAL. THE Sternship

BENYORLICH, to just the thing far this, ne it is always luvana or about THURSDAY, the Captain R. W. Trouses, will bo despatch- spoody and effecting Wholesale from A. S. 29th Augud, Mason & Co. Ltd, Houskeng,

For Freight ur Passage, apply to

GIEB, LIVINGSTON & C).,

Agents.

of the year, being only $73, 1050, as acceptance or otherwise of their offer against 8045,040.87 for the previous half-but as some Shareholders wished for longer year and $399.58,66 for the corresponding notice, we altered our intention in defer. period of last year. Adding the large ence to their views, and since that time amount of 8429,114.59 brought forward the Govenment have, in response to a from last account, the amount available for request from us. tavan good enough to appropriation, after duluating Direct extend the time for a further period of and Auditors' fees, is 8782,810,45, and the | three months. Looking at the accounts, 1 Roard recommends this amount to be see nothing but the usual items which distributed is follows :—That a dividend of speak for themselves, though I may mark 10% and a bonus of 2% for the half-year, that your indehtedness to Sundry Credi- absorbing £300.000, be paid to Shara- tera, which was $633,892 Inst December,43 respectively were distributed to the shareholdera.. Notwithstanding the fact holders, that $165,0014.87 b written off the has increased to $1,031,859 on 30th July, that at one time a variation of 50% took value of Kowloon Dock, $40,076.93 in with another $300,000 to be addol when ple in our not earnings, viz., between 30 the Cosmopolitan Duck, and £10,700.99 present dividend is paid, and will continuous, 1898, and 31st December, 1897. |

The igures aro :--

we are dealing with, which it would be from floating plazt, absorbing Shin, 437.70, to increase as long as we do not put by out $60,073net profitofonths. ending 34.61896 ked, but the question we are voting on is Slade, which was not heard at the reporters

quito esupetent for as to vote away as we loaring to be tried award $263,392,09, of earnings every six montius, at least as

$268,435.. of G

33.12.1897

how much money we can affont to ap tyle but which had reference to the in or about $100,0 less than we brought for- much as we have spent on Capital in the

Times out of quinber have we been told proptiste tu qursches after having to femation regarding the new Tck selauze, want from het year, and wo trust this interval. Our credit is good, no doult, but that the value of our premises, our stock of borrow it, and that question has con fully the Chairman sand-We were only wait- it have and camfully considered by your Directors.ing until we wew over the half-yearly division of profits will be acceptable to we must not let that fact teropt as tonterials on hand, and the rest

been written down to a figure which their who did not and do not now feet justified meting. We are going into that questionTHE Company's Steamship Stareholdem insaneb as, while it may stretch it too far, till we get quite out of book valus should afford es a some of per- husiness men in asking the Bank at the earliest possible aument.

Yet the proposition he for larger loan for dividend put. possibly be a surprise to many, yet it is our depth, and be forced to suddenly call for security.

Mr T. Arnold-Cannot the Directors not seam to confirm poses than $300,00 against "at give us 280 on account (Laughter).

ak anvertheless true, that, in comparison with you for more capital. My sprach is, fore, us dous

us in that security; we might

carnings of $373, 160.86. It is only nature] The meeting then dispersed. the net profit for any six montles' wefac, possibly, tager than usual, but my desire bean for all we know long unconsciously to credit Banks and monetary concerns the present appropriation to Shareholders is to place our position clearly and fully in a state of false security after all. This with having a tail asembling very much Hongkong Volunteers.

inconsistency of action proposing to write off variable auzourts which has the it is not wise to twist too far, and that is

that appendage of British 1m, which

ho Hongkong Volunteer Corps has of the Company. The amount written of the Report and Accents I will be gluestock of infusing a want of confidence is the proposition we are up agnirs today.been reorgmised as Battery of Volunteer off will leave the Kowloon Docks stand-to answer, so far as I am able, any quba- uot business like and appears to men of (3) Tour Directors fully renze their Garrison Artillery, with Major A. Cimp-

common sense 49 worthy of strong eandem responsibility in the management of this ing in our books at $1,750,000 or $58,000tions concoming same. (Applause.)

Man as Conando, Luc olleen being nation. Shareholders safer in small divide magnificent propery of ours, and, in laying than on the 1st July last year: 1 There were no questions, and the Chair.ends by this questions method in the our Report and recommendations before Captains . rdisk and D. Mastorald,

Throughout you. you can rest assured of having received the Cosmopolitan Dock at $300,000, the man moved the adoption of the Report and adjustment of our accounts

the East the Hongkong Decks have been the combined deliberation of a body of samo as on lust date and car lost-Accounts as presented.

regarded as by far the soundest and the practical business men. You not eat Hon. C. 5. Sharp mid-1 heg to seemed ing plant, adding the Dredger Geston)

most stable concere wherin capital might your cake and hare it. Neither is it River, one new Steam Lighter and one

the resolution you have just proposed for be safely, invented. One of the reasons wise, as Mr Sharp said, to milk your advanced for the subdivision of our Company too dry, and, in the hope Launch, at 5,000 as against S68,30 at the adoption of the report and awwants.

shares, well remember, was to enable of convincing you of the unreasonhlouéss

Barss The duiness of busi. I feel sure that all present have comidered small people to invest their savings in our of thisdemod for more dividend, I would the end of last year.

with attestion the extensive rocks and gilt-edged security. Dividends and bon-point out that in the hat seven years, out noss in all departments was unusually explanations you have given regarding as were declared which investors, trastees of Auet proč in working of about marked during the six months muder to-them. We soon to have fallen upan lenn | and all alike had relied upon as likely to | 87,000,000, you have received about view, but it was not altogether unexported, times, and no doubt as we have ina mea have been maintained. Yet we are con- $1,000,000 in dividends and out nine- sure been spoilt of recent years by a fronted with a state of affairs reflecting not tenths of a million dollars in selp bonus as my prefccessor at our meeting on succession of ever-improving half-ycars very cruditably upon those who have pro- when our capital WAS increasel February 24th last pointed out to youthut workings the prosent comes as cathor on clained to the world that Dock shares early last year to that extent. Because the enormous increase of work brought to will as aps in business. I do influences would not severely affnet. At one holders, receiving. 5 they did, $27 in di unpleasant reminder that there are 'downs' | could demand intores tant extraneous last year was a montrable harvest to share- us by the Spanish-American War and the not see, however, why the present little fell stroke wa see our dividend and bonus vidends and 870 in Scrip Romus, totall disturbances in the North of Chinu had sot back should cause any alarm, a basi

every 912 shore they cut down by as much as 33 percent. aigua ing $147 for ress has admittedly been in a very slack blow to those who might have depended fruld and bringing about 34 it did passed away, and that we should have to state all round for some time pait, and upon the stability and the power of our unwarranted overspeculation with dis- look to an improvement in the Trade of the this Company cannct expect

results perhaps to many, to be company to keep up a return. when once Far East generally, to make up for the loss, exempt from the results of this: tot we dedared and paid. It is not the claueur should not be expected that, und I can as- should not therefore imagine that the of speculators 1 give utterance to. I have sure you it does not inEuance your Direc. This deratoparent of business out here has good times have gone to return no Bure. In sprapathy with such. But if buyon and tors in their deliberations, as to what is not, as you all know, so far shewa Helf; am glad to see that the Board proposes selles of shares are tank with this is best for the interests of all concone. (4.) in fact, trade is unusually depressed just conservative policy in regard to the disoner in order to ward off any just re- Then again, with the above facta before you. tribution of profita. Ihave heard some presentation on the part of shareholders, I it must not he forgotten that, in the same now, and woander like other people from reports of clamours in a larger divident, admit that members of the Direc-period, while about $2,400,000 have been the relapse and the general absence of life but Impor think that such cantorite of local companies themselves fall spent out of earnings in additions, exten- have come from any shardboldem having within the pale of their teamation and sions and the neecary sulstitution of new and lack of demand in business. The hea tho pormanent interests of the Company st. stand before the public as self-condemned and wedern for old and obsolete machines, Yow Pano, cash,

Od Patna, cash, vy fall that took place in the value of the heart, and I for one trust the Road, will trips bearing their own mes passing only about $1,325,00 Ime» been written

New Benares, cush, dollar early in the year had also an adress continue to set its fac rigidly against any front hand to hand in the colony. (Ap-off the value of your property, and when

O Bennres, cash. effect on our earning, as it is imposibl sitempts or tendency to unduly milk the plause). The circumscribed firaits of our you consider the chernously enhanced va

New Mulwa, eralit, Company in that way, specially sulong as business circle disclose many unpleasantue of our works, as they staid to day, for us to immediately adjust all our the Company's inuckedness amounts to facts which escape wervation in large without Sheroholdes having heen exiled Allowance, Teela. charges to the increased dollar cost of any considerable sun. I sea our old citas. Gentleman, I appeal to our Board upon to directly contribute a dear, I think Last Year,

friend the Admiralty Leu shows up this to look up to the magnificent position you cu give your firectors and Manage- Allowance Tacks all material ordered from home... It time in an unpleasant light, the delier which our unrivalled Bank-our very own, ment in the past de credit of it tasbling Of Malwa credit, .. is true that a low exclungo increase the amount being about the same as.

it the Hongkong and Shanghai Bank-has you to knock that old argument i thu Allowance, Taria, ...

Persian, Oily, cash, dollar value of your fied teachingry and was quite a time as although the ater-created for steelf in the unshaken solidity head that it is more blessed to give than to tools, but this only caps that you unuting amburit has been considerably it is in today by a bours of notion admitt receive and demonstrate their earnestness allowance, Tacir,

Persian, Paper tid. replace such unchie cry for the spine nomduced. I recollect quite a number of ing of no wavering principles. True that its of purpose by confrwing and acquiescing in

Allowance Tank If, after the those ortust history furnishes example not to be their recommendations. ́yearu “ngo ·ądvocating, at one ber of dollars, and does not affect your meetings tho desimability of remitting the copied; but its latter-day management has foregoing Information you inust an my accounts in any way. But, in spite of the whole amount of the Loan to Eng been such as to make it capable of weather putting your amendment to the meeting land Kince the Admiral would not ingl fionncial prises, and no and it is carried by a show of harde, it cats falling off during the past six months, I am apparently accept repayment of the whole mitter what their effects Uu the only be regarded as an unjustifiable vota of

shoot, its ability to glad to say that prospects de look a little arount at one time, and this course, with balance

pay want of confidence in your Diretors, most, the exchange then provalling, would, I uniform, stondy dividends and boutises if not all of whom are the largest and better for the sent half of the year, which think, have saved the Tempany a good deal s terer boen impailles. As owners most consistent supportem of the Deck will bring the addition of a new Trans had it boun adopted, even taking into ac of a busineng. who pay for its pro. Cotojany, and it would 10 far no

count the low rate of interest the money per conduct, shareltollers. expect to be this meeting is concerned, be so Pacific fleet of large stamere, two of which would have been warning on Fixed Deposit. considered and to be taken in the confidence garded by thes

What woufri then sie” eror 2000 tona, and whose Fastern. But ulber counsels pruvailed. You have of the Directorate. In Hongkong, they follow-a domand wouki no doubt be terminus will be Hongkong; also the referred to the matter of the proposed new are often too lightly onskiored, and a de made for a poll, which under the articles of sire to elicit information or to throw out a association I would be compelled to cul substitution in one of the present Trans. Dock, and I think the Board has taken s

trise coumo in postponing to a future meet suggestion is not infrequently misconstrued for, if requested by 5 Shareholders present. Pacific Lines of 196 15.000 ton stemmara for Tog the seasideration of this important pro- tab at antagonist egainst the directorate. If a poll were deaded on, the Chairman is two smaller ones now running. We spent, loot so se to allow the matter to have the This is destructive el the tray interest empowered to fix and anounce the date full attection sad prasidevation deserves. and prosperity of any concern. Now, gen- and hour for same to ho taken, and, as including 800,000 for our Dredger, over I do not propone, therefore, to enter into temen, the confided in our Dock as your Directors decline to submit to a vote $281,000 un improvements and additions any diseassim of this beyond venturing to guble concere it shaka. It is an unpleas of that sort from the Shareholders only during the first six months of this far, and remark that times and curcumstances have an truth to admit. There is no getting out of represented here to-day... the Chairman

fchanged a good desk and with this por that faut We arnot he blind to it. Let us might feel disposed to give all areholders AND the beneft of these inprovencals is oven the opinions of many shareholders rise up to the sitentica and make an bonest of the Company home and throughons. now being felt în thá rútung most of out-have done likewise, and, judging from omfession that nu ornic pijadgment has the East an opportunity of expressing their put and to ecotomy pozerally. Itu difi- what one has heard, the project is of a high evoked unlooked for criticism not altu opinions on the abject after a perusal of debatable nature now. I feel sure that gether unserited. Before I rescue my the minutes of today's proceedings which suất to my shut the future humain more, unachers will give the closest thadara, salt, I will make no syology for reiterating would be mailed them and which, as it Kerstaterokida the Bord may my opinion to which Ironli supel to the would take three months to bear from theox

astrous

THERIOT- 4.31....

Do

BAROMETRE —

Dk. Dr.

Temperature. Hoax, August 19. 1802.

ADI.... IP.M.... 4.

29.76 ... 29.74

99.70 Sa

it

Do.

4

...

... $$ 87

Do.

(Wet bulk)

... 80

Do.

15.

1 P.M. 8

Do

Dir.

81

Da. MaximTATI

*8

Mainten

-night 83

Epium Quotations. Hoseɛaso, August 18, 1902.

J:T

THO

*70*900

1060

2

1020/103)

380/600

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