C. 0.
10942
HONGKONG, CANTON, AND MACAO STEAMBOAT CO.,
LIMITED.
233
ANNUAL MEETING.
The annual meeting of the Hongkong, Canton and Macao Steamboat Company, Ltd., was held on the 6th inst. at the Company's offices, Wyndham Street, at noon. Hon. C. W. Dickson presided, and there were also present: Messrs. N. A. Siebs, E. Goetz, H. E. Tomkins, A. Haupt, E. R. Fuhrmann, C. A. Tomes, F. A. Gomes, H. Schubart (Directors), Thos. Arnold (Secretary), J. R. Michael, J. Arnold, B. C. Wilcox, J. W. Noble, Captain W. A. Clarke, E. J. Moses, W. G. Winterbarn, G. T. Veitch, T. S. Forrest, and J. Barton.
The SECRETARY having read the notice convening the meeting,
The CHAIRMAN said-Gentlemen, I propose that as usual the report and accounts be taken as read. Your directors regret to have to come before you with so much poorer results than they have been in the habit of presenting to you of late years. The cause of this heavy falling off in our profits is already well known to you. Constantly increasing opposition on all the lines of our trade has obliged us to cut rates in many directions to an unremunerative point, and a new feature of the trade with which we now have to contend is the competition of subsidised and bounty-fed foreign steamers. Fortunately, our equalisation fund set aside for the purpose enables us, for a time at least, to maintain our usual dividend. The principle of imposing disabilities on foreign shipping, corresponding to the support they receive from their Government in the shape of subsidies, is in accord with the policy now being so ably advocated by Mr. Joseph Chamberlain, and we can only hope the day is not far distant when that principle will be applied in this Colony where British trade is struggling against such unfair competition (hear, hear.).
Our new steamer Hinshan has been running for some months and has proved herself to be well suited to the trade. The triple daily service to and from Canton has not yet been so successful from a financial point of view as we could wish, but our experience in the past has been that it generally takes a year or two for an extra steamer to make a trade for herself, and we confidently anticipate that, as time goes on, the outlay on this fine vessel will be justified by an increased volume of business. The new steamer for the West River trade has been launched, and it is expected will be ready for service in two or three months. In addition to this boat, the Company has on joint account with the Indo-China Steam Navigation Company and the China Navigation Company acquired a steam-lighter specially designed for the West River trade, which was imported in pieces and is now being put together in the Colony. It is in contemplation to resume the direct trade between this Colony and the West River as soon as these two craft are completed.
The accounts cover the usual items of receipts and expenditure. You will observe that the interest earned on investments is some $8,000 less than it was the previous half-year; this is partially owing to the withdrawal of funds from investment for building purposes, but principally to the larger amount received for annual as well as half-yearly dividends on shares during the first six months of the year, the usual practice of carrying a portion of these over to the second half-year having been inadvertently departed from. I think the other items explain themselves sufficiently, and unless further information be desired I will propose the adoption of the report and accounts as presented.
There were no questions.
Mr. B. C. WILCOX-I cannot on this occasion repeat the somewhat stereotyped phrase that I have much pleasure in seconding the adoption of the report and statement of accounts; I do so as a duty, with regrets that circumstances have been so adverse and results so meagre, comparatively speaking. The remarks made by the Chairman as to the new subsidised competition we have now to meet will, I am sure, be endorsed, not only by the shareholders in this company, but by all those interested in Colonial shipping.
This Company is accustomed to competition-has accepted it as a matter of course. The river was open to all, and the competition
The CHAIRMAN proposed the adoption of the report and accounts.
+
C. 0.
10942
HONGKONG, CANTON, AND MACAO STEAMBOAT CO.,
LIMITED.
233
ANNUAL MEETING.
The annual mee ing of the Hongkong. Canton and Macau Steamboat Company, L., was held on the 6th inst. at the Company's offices, Wyndham Street, at noon. Hon. C. W. Dickson presided, and there were also present: Messrs. N. A. Siebs, E. Goetz, H. E. Tomkins, A. Haupt, E. R. Fuhrmann, C. A. Tomes, F. A. Gomes, H. Schubart (Directors), Thos. Arnold (Secretary), J. R. Michael, J. Arnold, B. C. Wilcox, J. W. Noble, Captain W. A. Clarke, E. J. Moses, W. G. Winterbarn, G. T. Veitch; T. S. Forrest, and J. Barton.
we confidently anticipate that, as time goes on, the outlay on this fine vessel will be justified by an increased volume of business. The now steamer for the West River trade has been launched, and, it is expected, will be ready for service in two or three months. In addition to this boat, the Company has on joint account with the Indo-China Steam Navigation Company and the China Navigation Company acquired a steam-lighter specially designed for the West River trade, which was imported in pieces and is now being put together in the Colony. It is in contemplation to resume the direct trade
The SECRETARY having read the notice con-between this Colony and the West River as soon vening the meeting,
as these two craft aro completed. The accounts cover the usual items of receipts and expendi- ture. You will observe that the interest earn- ed on investments is some $8,000 less than it was the previous half-year; this is partially owing to the withdrawal of funds from invest ment for building purposes, but principally, to the larger amount received for annual as well as half yearly dividends on shares during the first six months of the year, the usual practice of carrying a portion of these over to the second half-year having been inadvertently departed from. I think the other items explain them- selves sufficiently, and unless further informa- tion be desired I will propose the adoption of the report and accounts as presented.
There were no questions.
The CHAIRMAN said-Gentlemen, I propose that as usual the report and accounts be taken as read. Your directors regret to have to come before you with so much poorer results than they have been in the habit of presenting to you of late years. The cause of this heavy falling off in our profits is already well known to you. Constantly increasing opposition on all the lines of our trade has obliged us to cut rates in many directions to an unremunerative point, and a new feature of the trade with which we now have to contend is the competition of subsidised and bounty fed foroigu steamers. Fortunately, our equalisation fund set aside for the purpose enables us, for a time at least, to maintain our usual dividend. The principle of imposing disabilities on foreign shipping, cor- responding to the support they receive from their Government in the shape of subsidies, in in Mr R. O. WILCOX-I cannot on this occa- accord with the policy now being so ably sion repeat the somewhat stereotyped phrase advocated by Mr. Joseph Chamberlain, and wo that I have much pleasure in seconding can only hope the day is not far distant when the adoption of the report and statement of that principle will be applied in this Colony accounts; I do so as a duty, with regrets that where British trade is struggling against such circumstances have been so adverse and results unfair competition (hear, hear.) Our new so meagre, comparatively speaking. The re- steamer Hinshan has been running for some marks made by the Chairman as to the new months and has proved herself to be well subsidised competition we have now to meet will, suited to the trade. The triple daily service I am sure, be endorsed, not only by the share- to and from Canton has not yet been so success- holders in this company, bat by all ful from a financial point of view as we could those interested in Colonial shipping. wish, but our experience in the past has been, This Company is accustomed to competi- that it generally takes a year or two for an tion-has accepted it as a matter of course. extra steamer to make a trade for herself, and The river was open to all, and the competition
The CHAIRMAN proposed the adoption of the report and accounts.
No comments yet.
Private notes are available after approval.