CO129-312 - Acting Governor Major Gen Sir Gascoigne Governor Sir Blake - 1902 [7-9] — Page 239

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Enclosure No., to despatch No. 37% of the

20th August, 1902.

3466-237

Extract from the "HongKong Daily Press" of the 18th August, 1902.

d thought the proposal to build a eck at ghom by the Hongkong Whampoa

Dock Company, Limited, deference to the expressed wish of number of shareholders, been prac- alandoned. The appearance of the recently calling an extraordinary ing of shareholders, immediately after fyearly meeting, "for the purpose nsidering, and, if thought fit, of eting, an offer from the Government, grant to the Company a crown lease Fertain piece of land adjoining the pany's premises at Hunghom, for the struction of a proposed new dock ou in terms," since withdrawn, proves at any rate the scheme has not been

The Board ely abandoned. tars has for a long time past been basting for this land, and it is quite ale that they do not even intend to mend its acceptance; they may only to lay the Government proposals the shareholders. At one time, as know, both the Board and the share s were in real earnest in seeking this asion to their premises, and in equally Fearest in desiring a large new dock the biggest ships afloat or likely to built could be ducked. Times have

of

ed, however, and circumstances have d since it was first proposed to add The already extensive docking accommo- of the great local dock company. there was formerly unanimity of

n on this question, there is now divi-

E, and the groat. mass of the shareholders

This is

somewhat less than the previous year, but business has not been good nor profits so large. The Dock Company already possess the following docking facilities:- At Huughom-

Length

No. 1 (Admiralty) Dock... 576 No. 2 No. 3

371

261

86 74. 49

Patent-Slip, No. I

240

60

2

230

60

406

85

430 393

24 64

But it useless Jexpect a continuance of the monopoly hitherio enjoyed. That will soon be a thing of the past, and rates will no doubt have to come!

down to some extent. Indeed, there have)

Breadth latterly been signs that the maximum profits

had already been reached and that ship-1 owners were disinclined to pay the high rates demanded. The bonanza days of thef Dock Company are in fact already over, and, it will have to rely, in the future, on executing more work at smaller profits aud to exercise, probably, a keener economy both in labour and material. There has been an all-round increase in the rates of) both skilled and unskilled labour, and when there is a further competition for this labour it is probable that, unless the dock'

At Taikoktrui

Cosmopolitan Dock... At Aberdeen---

Hope Dock Lamont Dock All the docks are supplied with every appliance-especially at Hunghom-for the work of docking and repairing vessels, and the machinery has been again and again brought up to date, while large stocks of

be considerable difficulties to be faced in material are always kept in hand. This companies work in conjunction, there will fact explains why the Dock Company always this direction. The yearly recrudescence of has a large overdraft at the Bank, against the plague and the more frequent outbreaks indents constantly arriving. The large of cholera, rendering necessary expensive been docked in the Admiralty Dock, and cruisers Powerful and Terrible have both

sanitary precautions, constitute another

this dock gives sufficient accommodation important factor in the future working of this great industrial concern, to provide for the largest merchant vessel that has

against which the Board of Directors ever visited the port or that is likely to run should concentrate all their energies and

Even the new boats for

for foresight. The Company has now in these waters. the Toyo Kisen Kaisha now in course of;

years been swimming in smooth Water, but construction will not exceed 12,000 tons, or there are rocks ahead against which it 560 feet in length by 63 feet beam, for would be folly to collide. The opportunity which the Admiralty Dock furnishes ample to build the desired big new dock has come margin. It is true that it is desirable to be and gone, and it now only remains to make thoroughly up to date, but if this can only the best of what is assuredly a fine property be accomplished at such an enormous with excellent prospects if conducted on addition to the capital of the Company as the lives of commoNSEUSE.

to render the provision of such facilities a

some of the directors, we understand,luxury that can never be made to pay as

now entirely opposed to the project. an investment, the wisdom of incurring

such responsibility anay well be doubted.

jis seldom indeed that we feel called upon

jake a hand in matters which concern At the moment, the Hongkong and ible companies, inasmuch as we entertain Whampoa Dock Company, Limited, oc- #belief that, as a rule, the shareholders cupies, relatively to any competitor, a or ought to be competent to look after practically impregnable position. Its Bir own interests, while the community facilities are so great in proportion to its rally can look on with unconcern if a capital that it can afford to accept work at sake is about to be made or a disastrous prices that would be starvation to a com- mpetition invited or averted. But in peting company which was working on a stase, where so many absent investors capital equal to the possession of the plant interested, where a vast sum of money! and properties this Company enjoys. proposed to be spent-a sum at least! Should the local Company, however, be so able the capital of Company--it seems to ill advised as to decide upon a fighting hat a calm and dispassionate review of policy and to endeavour, by the provision of whole subject may prove useful and further docking accommodation, to starve Fp the shareholders to come to a sensible out the opposition, it will assuredly embark ision on a matter of real moment to the upon a ruinous course. The opposition has lony, inasmuch as the stock is widely already commenced operations, and is pro- and its permanent depreciation cannotviding both docks and slips which will- to have a very adverse influence on the more especially in view of the new dock in rket generally.

the Royal Naval Dockyard in course of construction-provide for all the increase in docking business in this Colony likely to take place for the next two decades at least. Let the Hongkong and Whampoa Dock Company be prepared to work in harmony with the new establishment at Quarry Bay and there will probably be employment enough for both, as a large proportion of the Blue Funnel fleet will doubtless be docked here instead of at Liverpool and Shangbai.

First of all, then, let us consider what is present position of the Dock Company its capabilities in the way of docking executing work. It has a subscribed pital of two and a half million dollars in thousand shares of fifty dollars each, at the end of 1901, after payment of Pidend and bonus of 18 per cent., carried 20119 forward to working account. It how proposed to pay a dividend of 12 per

and carry $290,000 forward.'

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