1919-10-17 — Page 7

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HONGKONG, FRIDAY, CTOBER 17. 1919.

COMPANY MEE ING.

INDO CHINA STEAM NAVIGA. TION CO., LTU...

HINDU RELIGIOUS

BIOTER

EIGHT SINTE. CED TO DEASE; 138 TOT NETOWA @TION.

After a long trial, judgment was delivered in the Karpur riot case in which 172 persons were charged in connection with serious riots in the village Katarpur (United Prom vinces). The riots arose from the Hindus objecting to the Mohamme dans sacrificing cows on the occasion

augmenting' the 'feet by the Pulling of "neward up-to-date steamers. It must be remembered that many of litur vessels" are be coming old and unsuitable for the modern requirements of trade The thirty-eighth ordinary generatia these waters and there is also the sheeting of the Indo-China Steam, feed of providing for the future ex- Navigation Co., Ltd, was held at noon pansion of trade in China: Prices of today at the offices of Messrs Jardine, labour and material however, as you Matheson & Co., Ltd. Mr. D. G. Mare well aware, have advanced on Bernard presided and there were ormously in all directions during the also present Sir Paul Chater, C.M.Glast few years and it cannot be ex Stry: Robert Ho Tang Meras pected, that we can acquire new Jan W. C. Bonnar, G. W. Bartop, tonnage on anything like the same of the Bakrid festival in 1918, and (Directors). W.EL. Shenton (Solicitor low level as we have done in the past practically the whole village was. to the Company), G. P. Lammert.

Your Directors are confining their burned down 30 Mohammedans R. M. Austin, W. Logan, Lo Man Hin, attention af present to meeting such being killed. Eight of the accused Chan Ming. Li Yun Kun, R. E requirements as call for immediate Hindus were sentenced to death, 135 Macdougall, P. T. Tod, S. E. da Luz, attention only) Several new steamers others to transportation for life, and S. E. Grimstone, A. M. da Silva. will probably be contracted' for in the remainder acquitted. The ac LE Remedio's A. B. Stewart the near future, but a more cused included the leading men of RJ: Patterson, B. Basto, P. M. da į extensive development of ourbuilding the place.", Silva, F. Singth, Lo Cheung-shlu, Hol programme will, I am afraid, have Shai-kit, Li Yew-man, Ho Ying, Ho to be deferred until the labour diff Labang, Fung Hun, N. McIntyre, cultes are in a more settled condition N. L. Railton, G. K. Chatham, W. and the price of building reaches a Rumjahn H. Ruttonjec, M. K. Lo, more reasonable level. M. W. Lo, A. Piercy, N. Croucher and E. F. Ancott (Secretary).

-The Chairman said:-Gentlemen, the report and statement of accounts have been in your hands for some days and with your approval I will ma customary, take them as read.

Shortly after our annual meeting held on 1st November last, the wel .come news of the signing of the

armistice was received, and hopes. 'I should like to mention a matter were entertained that our ships, a which arose in connection with the large number of which were final dividend for the year 1917 running in distant waters entirely which was declared on 1st November On Government account, would 1918. The dividend was paid to Englishmen can look back with be returned to 119. to shareholders on the Hongkong pride. The reatment of the coa- resume running in their normal register at exchange 2/7 5/16 sci-ntious objecters is not one of trades. I am glad to say these which was the average rate for them. It is a rel that this sorry anticipations were, to a great extent the year. The higher exchange bus ness is at an end. realised, and as soon as hostilities value of the dollar, however, that

Turning to the report and state- ment of accounts you will observe that we have opened a new account called To Building Reserve Accoun this account we are crediting the profit on the book values of steapers sold or lost with a view to utilising these amounts to write down the value of new steamers to a more reasonable figüre

ceased, the Government began re was ruling at the time the dividend

THE CU SCIENTIOUS OBJECTORS.

L

It is satisfactory to learn from the Home Serretary's reply to Mr. Acland that all the conscientious abiertors have now been released. The punishment ely inflicted upon most of semen could not be reconciled with t Act of Partia- d their chins. ment which re Their

and incessant punishment ranma mere stupid pemerútion. The mention after the Armistice was indefensible on. any views of their ansition. There are many things in the war to which

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leasing our steamers as rapidly as was paid would have resulted in pay- I think, gentlemen. I have now circumstances permitted. This was ing to shareholders on the Hongkong dealt with the more importan followed by an announcement that register in silver a larger sterling events of the year under review, and The National Control Scheme, or equivalent than those on the London T have much pleasure in propes as it is better known, the "Liner Re-register. To adjust this the lattering the following resolution quisitions Scheme," would, in the case were given an equal sterling amount That the report and statement of of this Company, terminate on the and the difference was charged to

first occasion after midnight on 13th exchange fluctuation account, which accounts so presented, including the payment of a final dividend of 3 March 1919 on which cargo was discourse I trust will have your shillings (3) on the preferred and charged at a terminal port; from approval.** such time therefore all freights, In order to put the shareholders £2-100 on the deferred shares be adopted, that the sum of £10.048-83 which had hitherto been credited to on the London and Hongkong regis be carried forward to next year's the Government, have reverted to the tere as nearly as possible on an equal account and that the dividend, on footing, it is now proposed that the shares on the Hongkong register be Company: yg pan

dividend should be paid at the rate paid at Exchange 4/2, 3d." current on the day the accounts and As soon as this resolution bas dividend are approved by the direcbeen seconded I shall be pleased to tors.

Sir Paul Chater-I beg to second, the resolution proposed by the Chair-

mân

My predecessor at last year's meeting brought to your notice that the Company's steamers running on fiat" requisition in more distant waters and which were not under our As called for under our trust reply to the best of my ability to any questions which the shareholders Immediate supervision, had been sub- deed £18,650, first mortgage may desire to ask. jected to meet excessive wear and tear, debentures have been redeemed.

Shareholders and warned you that heavy repairs

will doubtless. would be necessary when they were observe with satisfaction the largely released from Government control. increased amounts shown in the Thure vessels, as soon as balance sheet against "Investments" they returned to the China which now total £1,541,654-18-10. Coast, were thoroughly overhauled An addition of £732,133.15:10 has and re-conditioned, the work ex- been added to this account during tending over a considerable period, the year under review, and you will and involving very heavy expendi, I am sure approve of the steps taken ture, due in a large measure by your Directors to avail of the high having any remarks to make I will put the resolution to the meeting. to the increased cost of labour rate of exchange by converting Those in favour will please hold up. and material. Your Directors, how our silver revenue as it became their hands. Against? ever, have followed the policy available and investing as much of None. Carried unanimously. The next adopted by almost all other British our surplus money as possible in business gentlemen is the confirms- shipping companies in this connec- Government War Securities yielding tion of the appointments of Directors.

satisfactory rates of interest,

contributed

The Chairman The resolution which you have just heard read has been proposed by myself and seconded by Sir Paul Chater. It is now before the meeting for discussion.

The Chairman:No shareholder

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tion and I can with confidence assure

Mr. Lo Cheung Shui-I beg to pro you that such thorough repairs and Numerous applications have again renewals have been effected to the been received from various marine Pose the confirmation of the appoint- fleet generally this year, that the charitable institutions and the Comment of Messrs. G. W. Barton and JW. C. Bonnar as directors from during 1918 steamers, despite their severe hand-pany

2nd May, 1919, and 10th July 1919, ling, are now in very satisfac amounts commensurate with the

repectively. Mr. U. Rumjahn tory condition. I should perhaps needs of each call, and also donated a beg to second that. mention that whilst a portion further $10,000,-to local War of the expense of this re-con-Charities. Such payments I trust ditioning is being re-covered from have your approval.

be

The Chairman: The confirmation of the appointment of Messrs. G..W. Barton and J. W. C. Bonnar as direc-

the British Government, such portion Your Directors have pleasure in forms but a very small percentage of again recording their appreciation of tors from 2 May 1919 and 10 July the fotal outlay the excellent services rendered by 1919 respectively has been proposed I am pleased to state that all the the floating staff, which I feel sure by Mr. Lo Cheung Shiu and seconded by Mr. U. Rumjahn. Those in Company's vessels have flow been will

endorsed by all returned to us, their overhauls and shareholders. It is gratifying to favour will please signify in the usual Carried un- re-conditioning finally completed, the know that the trying conditions way. Against?....

animously. varions services re-organised and under which many of our employees normal conditions once more reverted afloat had to perform their arduous to.

daties during the war period, are now happily at an end, and I feel you would wish me to take this op portunity of conveying to them an expression of your gratitude for the conscientious manner in which they have one and all carried out their

With regard to the regrettable lose of the s.&. "Kutsang," our claim against the Government has been settled and although not so satis factorily as we had hoped in the first

same

as

The Chairman: The next busi nete, gentlemen, is the re-election of

directors.

Mr. G. P. Lammert--I beg to pro- pose the re-election of Mr. J. W. C. Bognar as a director of the Company. Mr. A., B. Stewart-1 beg to second that...

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instance, the basis of the settle-duties. (Applause) The "Kutsang" The Chairman. The re-election meat arrived at was the

with! that adopted

is the only vessel of the Company of Mr.J. W. C. Bonnar as a director other companies. The sinking of lost through a direct act of war and of the Company has been proposed the Company has to congratulate by Mr. G. P. Lammert and seconded this, vessel, the largest of the itself on escaping more serious loss by Mr. A. B. Stewart. Those in Company's feet, has proved which bas unfortunately been the favour will please signify in the for the Calcutta line, which as your companies. serious loss to our tonnage suitable lot of most other British shipping usual way. Against ?........ Carried

unanimously. chairman: stated last year, is of great

Fortunately the shortage of officers. The Chairman-The next business, importance to this

the,, re-election Company is no longer acute and it has been. gentlemen, Our interests

this trade, however, have been fully protected many of our employees which, owing to propose the re-election of Mr.A.

possible to arrange home leave for auditors."

Mr, F. Smyth-Mr. Chairman beg by utilising extra vessels of smaller-

to war conditions, was long overdue. capacity pending the placing of new In conclusión, gentlemen, I must FL Lowe and Mr. E. AM. Williams and larger steamers on the rut express regret that it has been im as auditors for the year 1919 at a which matter is now under compossible to présent the account remuneration to be fixed by the sideration, stambiu, au pound f

earlier this year, This is entirely directors. S Since 31st December last the due to the protracted nego

Mr. W. Logan-1' have much opportunity has been taken to dispose tiations with the Government as re pleasure in seconding that.

The Chairman-It has been pro- of two of the Company's steamets, gards the terus under which our the as. Mausang and the ear vessels were requisitioned. As you by Mr. W. Logan that Mr. A. R posed by Mr. Smyth and seconded "Sulsang," which, owing to their were Informed by my predecessor, age, and reserat condition, were these negotiations lasted for upwards 200 and ME A M. Wiliams found unsuitable for the requirements of yer and although the final be re-clected auditors Those in to the anal of our business, and they were sold adjustment of government accounts favour please signi

values

at satisfactory prices showing a may possibly result in prafile way. Against?, Carried unanimously. handsome profit on their book delay holding our exte Chairman That all the annual meeting, every effort will be business, gentlemen. thank you attendance. dividend Your Directors, since the cessation? made to make up for lost time with for your of hostiBfles, have been giving very a view to holding it at near the warrants will be exreful attention to the què

tion, to ms usual time as possible, pod wpł

of applica