1902-08-19 — Page 3

HONGKONG AND WHAMPOA

DOCK CO., LD

HALE-TRAFLY: MEETING

THE HONGKONG DAHT PRESS TUESDAY, AUGUST 19′′, 1912

"the Government gave us only up to the hath holders, notwitlistskding, the fact that a Lion, which it is not with chapagainst to-day, (3)

in

Einit, AR. Ezékfél, E. Geor". B. Gubbay we have a doubt, but we must not lat affect of infusleg a want of confidence is not memorable, káévost to shareh·lders-receiving.

P. C. Potts, T. H. Roid, J. C. dat Hemedion,

sama,

PUG EASTMAN'S

KODAKS. FILMS.

AND ACCESSORIES

DEVELOPING and PRINTING UNDERTAKEN

GOOD WORK. PROMPT RETURN.

WE HAVE AN ESTABLISHMENT SOLELY DEVOTED TO EXECUTING- WORK FOR AMATEURS, AND WE HAVE LARGER AND BETTER FACILITIES pied FOR DEVELOPING AND PRINTING THAN ANY HOUSE IN THE COLONY. perhaps

best for the interests of all concerned (ACHEE & CO.,

¦¦ intended to discuss the question' after the close; the uniform dividend and bonus of a and 4 par fjand monetary cosparnia with having a tail, rosen- of the provent meeting, the reason being that cent, respectively, wers distribpted to the share. | bling very much that appendage of the Dellish too far, and that proxime to decide on the scceptance or otherwise time a variation of 56 par zout, took place in is the proposition we are up of their offer, but as some shareholders wished our nat earnings, eis,, between 30th June, 1908. Your directors fully realise their responsibility. holders in the above Company was held yoster deference in their laws, and since that time $500,073 not profit of six months. ending ations before you, you can rest assured of having The ordinary balf-yearly meeting of share for longer notice, we altered an intention in and 31st December, 1997; the figures are in the management of this magnificent property nding of ours, and in laying our report and recommend. day at the offers, Queen Buildings, Mr. Dthe Government have in response to a request 130th June, 1898 and $268,436 net profit E. Brown (chairman) provided car's large from us been good enough to extend the time of air months ending 31st December, 1897, received the combined deliberations of a body attendance, among whom were Messrs. V. A. for a further period of three months Looking Times out of unmber hare te been told of practical business men You cannot onl Siebs, J. B. Vau Baren, Hou. O. W. Dickson, at the accounts I see nothing hai, the usual that the value of our premises, our stock your cake and hare it. Neither is it wise to Masers. G. H. Medhurst, EGoela, A. Haupt, items, which speak for themselves, though of materials on hand, and the rest of it milk, your cow too dry, and, in the hope of J. B. Lewis, Hon. F. Shewan (director), WI may remark that your indebtedness to have been written down to a Bruce which at convincing you of the unreasonableness

of this B. Dixon (eblar maneger), and G. Caldandry, creditors, which was 9833,892 last their book-value should afford as a sense of demand for more dividend. I would point sat well (acting Boocotary), J. andersen. A December, has increased to $1,089,859 on 3th perfect security. Yet the proposition before us that in the last seven years out of a net profit P8;">Anton; and your ad Arnold, June, with another 2906,100, to be added when does not seem to confirm us in tunt ancurity; 30 ・Working of about 87,00,000 you have

R. Becker, H. F

G. de Champeaux, K. A. Chinoy, Cho Hing Ki, W. teraso, so long as fold, not wat opibus we might have been for all we know living received about 84000,000 in dividends and to increase sa long as we do not put by oat of uncorroiously in a state of falso security after Dino-tenths of a million dollars in sorip bonus Clarke, WA

C. Cruickshank, H. M. 8. JL.

earnings every six mouths at least as much as all. This inconsistency of action in proposing when our capital was increased early feat year

on capital in the interval. Our

to write off variable amounts whiot be the to that extent. Because last year was C. B. Gubbay, David Haskell John Hastings,

oredit le . H. Hinds Ho Fook. Ho Kom Tong, W. M. that fact tempt ns to stretch it too far till we business like asid appeals to men of comments they dild, 872 in dividends and $75 in scrip Humphreys, M. A. Joseph 8. A. Joseph, Lam Rin Fan, suddenly call on you for more capital. My Shareholders stiffer in smalles dividends by this held, and bringing about as it did unwarranted Hart Backph, get quite out of our depth, and be forced to sense as worthy of strong condemnation. banns, totulling 314% for every $125 share they J. J. Lairis. Lino Two: Sas, Le Cheung dhiu, speech is possibly longer than usual, but my questionable method in the adjustment of our over-speculation, with disastrous remalte Lo Ping Shek 1. Mudar Mayer 1: desire is to place our position clearly and fully ascounts. Throughout the East the Hongkong to many, it should not be expected that it will, R. Michael, M. Michael M. H. Michael, 8. H. before you. Before mapying the adoption of the Dooks have been regarded as by far the and I can assure you it does not, influence your WMichael, B. Mitchell, G.W. C. Fomberton, report and accounts I will be glad to answer, so soundest and the most stable concern wherein directors in their deliberations as to what is far as I am able, any questions concerning capital might be safely invested. One of the Richards, Alexander Bow, Charles H. Ross,

ZeReps advanced for the sub-division of our Then again, with the above facts bature you, Capt. T. Rowan, Hon. U. S. Sharp A. Sharp,

There were no questious, and the CHAIRMAN shares, I well remember, was to enable small must not be forgotten that, in the same period, A. H. Skelton, H. A. W. Slade, Utle Strack moved the adoption of the report and accounts people to invest Their savings in our gilt while about $2,410,000 have been spakt out of uyer, R. Unsworth WH Wokhaw, WG Hon. C. S. SHAKP said-I beg to second edged sacarities. Dividends and bonuses were earnings in additions, extensions, and the Winterburn, Witkowski, Wong Chuck Yan

the resolution you have just proposed for the declared which investors, tenstous, and all necessary substitution of new and modern for Rudd Wour Kisan tái

The police calling the meeting having been adoption of the report and accounts. I feel like had relied upon as likely to have been old and obsolete machinery, only

sure that all present hava considered with maintained. Yet we are confronted with $1,325,000 have been written off the value of tions you have given regarding them. Weupan those who have proclaimed to the world enormously enhaused value of our works s attention the exhaustive remarks sad explanus state of affairs reflecting not very creditably Jour property and, when you consider the seem to have fallen upon lean times, and no that Dock shares could command an interest they stand to day, without shareholders having doubt as we have in a measure been spoilt of that extraneous influences would not savere lat, I think you can give your directors and been called upon to directly contribute a dola affect At one fell stroke we see our dividends half-years workings the present comes as

a morious blow to those who might have you to knock that old argument on the head depended upon the stability and the power of that it is more blessed to give than to receive" our Company to keep up a rotura when and dem ustrate their earnestness of purpose once declared and paid. It is not the clamour by confirming and acquioscing

in their revoM+ of of speculators I give atterance to; I have mendations. If, after the foregoing information, sellers of

sympathy with such.

But if buyers and you insist on my putting your amendment shares are fazed with this to the meeting and it is carried by a show sp misnomer in order to ward off any just of hands, it can only be regarded as an representation

the part of share. unjustifiable vote of want of confidence in your holders, I must admit that members of the directors, most, if not all, of whom are the directorate of local companies themselves largest and most consistent supporters of the fall within the pale of their condemnation in meeting is concerned, be so ragarded by them. Dock Company, and it would, so for as this stand before the public as self-condemned in serips being their own names passing from

What would then follow? A degund would no hand to hand in the Colony. The circumscribed doubt is made for a poll, which ander the pleasant facts, which escape observation in large call for, if requested by five shareholders pro limits of our business circl disclose many un-

articles of association I would be compelled to

cities. Gentlemen, I appeal to our board to sent. If a p

a poll were decided on the Chairman look up to the magnificent position which our is empowered to fir and announce the date and nnrivalled for to pered trade severely, owing to the very string

read,

The CHAIRMAN add Gentlenes, Before commencing the regular business of the meeting, you will all feel agro, wish to join with the Board and employees in ricording an #ITTENSİON

the

about

of deep regret which we all feel the recent years by a succession of over-improving horns cat down by as much as 33 per cent, | management in the past the oreuit of enabling

unexpected desik daring the period under review an unpleasant reminder that there are "dows of our late chief manager, Mr. David Gillies, will us upe in basices. I do not sec, so long and so closely identified with s. The however, why the present little set-back should report, and accounts haring, been printed and in

cense any warm, as business has admittedly your hands for some time, I will with your bean in very Black state all round for some permission take them en read. Your directors time past, and this Company cannot expect le much regret that the figures they have to Jay be exempt from the reaalis of this; but we before you show such falling on in the should not therefore net profit for the first six months of the year, good times have gone, to return no more. I imagine that the being only $373.180.86 4 agaist 2645,049.87 am glad to see that the Board proposes a for the previous half year and 8006,358, for the conservative policy in regard to the distribution corresponding period of last year, Adding the of profits. I bave head some reports of large amount of $420,119.59 brought forward clamours for a larger dividend, but I cannot from last account, the amount available for think that much can have come from any share appropriation after deducting directors and holders having the permanent-interests auditors Lees in 3781,625, and the Board Company is hear, and I for one of the recommends this amount to be distributed Board will continuo to set its face rigidly as follows:-That a dividend of 19 capt.

against any attempts or tendency to unduly nail * bquas of 25k

far the ball."milk the Company in that way, especially a

to alisco- be year, absorbing dinara CAMERO

off the long as the Company's indebtedness amounts to any considerable sam. I see our old friend

no

and

не

PHOTOGRAPHIC GOODS -STORE. 17A, QUEEN'S. ROAD CENTRAL.

FEW DOORS EAST OF HONGKONG HOTEL.

Hongkong, 6th May, 1902.

THE PORT OF NEWOHWANG,

In a report issued by the British Foreign Offee, Mr. Consal Hosie given a seronut of the Manchurian port of Newchwang daring the year 1901. After noting that the trade of Newchwang for the year attained dimensions only £1,002,858 short of that of the record year, 1999 £7,213,043, Mr. Hosie points out that it wes largely inflated by an overflow from the trade of 1500, which was completely congested by the disturbances in Manchuris and the general disiccation of commerce and finance

from them.

The returns of 1001 however, have been still greater than they are had not the disbandment of the native soldiers by the Rastian military authorities in who speedily terrorised the entire country as 1900 let loose great numbers of armed men, brigands and blackmailers. The discovery of bubonic plagas in the port in August also use

value of Kowloon Dock, $40,670.92 from the the Admiralty Loan shows up this time in au the anshake, dank-has created for itself in directors decline to submit to a vote of that eat measures taken by the Russian administra

sort, from the shareholders only represented here to-day, the Chairman might feel disposed, as that is the object of a poll, to give all share hoklers of the Company at home and through- opinions on the subject after a perusal of the minutes of to-day's proceedings, which would be mailed them, and which, as it would take three months to hear from them all, would simply delay the passing of the report and accounts that much longer.

reply just now you said we were not dealing Mr. E. 8. Four-Mr. Chairwan, In your with cash in our hands, but would have to borrow this money. Have we ever paid a

dividend with cash in band?

The CHAUMAN-Well, I would like to look that up.

Mr. JOBEPH--I toow it is not so.

We have never had cash dividends.

The CHAIRMAN-But, however, that does not alter the facts of the case.

r. Josera-This is not the first occasion we have not had money in hand.

tion to prevent the spread of the disease.

The Russian occupation of the port, insolving the taking over of the native Customs and lekin offices, made it possible to arrive at some

$84

TO BE PUBLISHED ABOUT WEDNESDAY, 20TH AUGUST. THE TERRITORY OF WEIHAIWEI:

A DESCRIPTIVE GUIDE AND HAND- BOOK TO THE TERRITORY OF WEIHATW8I, WITH MAPS AND ILLUSTRATIONS, &e,

:

ET

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Among other features of interest the book will contain the Text of the Contention, Climatic Statistics, n Chino apaness storical sketch of the carver of the 1st Chinese Regiment. wei, and specially contributed survey of the Orders should be placed with the publishers.

81.00

Price

KELLY & WALSH, LD, Shanghai, Hongkong, Singapors and Yokohama.

Shanghai. 11th August, 1902

[2:07

LIEBER'S STANDARD CODE ENGLISH EDITION. FRENCH EDITION.

PRICE

U.S. $10.00

SELECTED CODE WORDS.

CIAL VOCABULARY,"

cars having been taken to omit auch BANGEBOTS ciphers as “Cheap,” “Charge," " Collect,” “ Bimonthly," Eleventh," "Eighteenth, "Cargo," &s, which are found in other Codes.

-The value of the junk trade in 1901 was 16,263,229 Haikwan taels. The vet total value of the trade by steamer and junk was 58,501,513 taela. The net total value of the imports suit exportsHE Ciphers are selected from the "OFFI-

the gradual disappearance of British cotton coming under the Chiness Imperial Maritime Customs was 42,262,209 tuela. Mr. Husie notes goods, such as drills, jeans, sheetings, from the Manchurian market, and the rapid increans of imported American manufactures, while the trade

in British gray shirtings is now contested, though not at present to any larga extent, by ludis and Japan. Among the native products, tung-ku, near the mouth of the Yalu river. silk is described as a very rising industry. Ta forming a great silk centre with regular steamer communication with Chefoo.

solidity it is in to-day by course Co-mopolitan Dock and $18,755.99 from unpleasant light, the dollar amount being of action admitting of no wavering principles floating plant, absorbing $519, 137,76, leaving to about the same as it was quite a time ago. True, its earliest history furnishes example be cassied forward $268,39260 or about although the sterling amount has been consi. $180,060 lees then we brought forward i derably reduced. I recollect quite a number of not to be copied; but its latter-day manage the East at opportunity of expressing their aproximato estimate of the value and volume of i from last year, and westrust this division of

ment has been suck us to make it capable of profits will be noooptable to skurvbeiders, are advocating at one of these meetings weathering all fiancial crises, and no tastter

native shipping trads of Newchwang thedesirability romitting the whole smennt of

what their effects on the balance sheet its ability Taasmuch ns, while it may possibly be a surprise the Loan to England since the Admiralty would to pay uniform steady dividend and bonuses has to many, it is nevertheless trae, that, in com not apparently accept repayment of the whole uerer been imperille. As owners of a business, parison to the pet praits for any six months amount at one time, and this course, with the whe pay for its proper conduct, shareholders working, the present appropriation to share oxchange prevailing, would, I think, have saved expect to be considered and to be taken in the bolders is the largest ever puff in the blatory the Company a good deni lad it been adopted, confidence of the directorate. In Hongkong, of the Company. The amount willen off will even taking into account the low rate of are often too lightly considered, and a leave the Kowloon Docks standing in our books interest the money would bare been earning on the

desire to elicit information or throw ont a nt $1,750,000, of $50,000 more than on the lat fixed deposit. But other counsels prevailed. suggestion is not infrequently misconstrued into July last, the Cosmopolitan Dock at 3300,000. You have referred to the matter of the proposed the same as on that date, and our Boating plant, new Dock, and I think the Board has taken s

an antagonism against the directorate. This is destructive of the true interest and prosperity. niding the dredger Canton River, one new steam wise course in postponing to a future meeting of any concern. lighter and one launch, at $205,000, as against the consideration of this important project, so adence in our Douk as a stable concura Now, gentlemen, the cou $68,300 at the end of last year. The dulces of as to allow the matter to have the full attention asko. It is an unpleasant truth to Inusiness in all departments was usually and consideration it deserves. I do not propose, admit. There is no getting out of that worked during the six months under review, therefore, to enter into any discussion of this fset. We cannot be blind to it. Let us but it was not altogether unexpected, as my beyond venturing to remark that times and cir-rise up to the situation and make an honest predecessor at our resting on February 24th cumstances have changed a good deal, and with confession that an error of judgment inst printed out to you at the enormous in this perhaps the opinions of many shareholders evoked maloaked for criticisms not altogether crease of work brought to us by the Spanish have done likewise, and, judging from what one unmerited. Before I reganie my sest, I will American War and the disturbances in the has heard, the project is of a highly debatable North of Chins had pagdiaway, and that we nature, now. I feel sure that shareholders make no apology for reiterating opinion to should have to look to an improvenient in the

to their earuest consideration. Having regard to trvale of the Far East generally, to make up for whatever titements the Board may place the fact that our establishments, car workshops. the load. This development of business out before us concerning this matter. I can- and our plant are represented in our books) here has not, ss you all know, so far shown not close my remarks without touching on figures for which they could never be replaced, itself, in fact, trade in unusually depressed just the referencs you have made to the very and are variously valued at six or seven times now, and we suffer like other people from the sad circumstances surrounding the death the book valte; the time has now arrived relapse, and the general "sence of life and lack of our late chief manager. Mr. Gillies: et demand in business. The zuvy fall that feel sure that all shareholders, woll as his when, in my opinion, a systematic method took plses in the valms of the dollar early in the many friends out here, must deeply regret his of writing down should be adopted once

for all. When onco

that year bad also ERBOVÝZNAMENÍK Barriuga, sa Bend, and the suddene of it. (Applause)

adopted, lot it is imposable for us to

system be put in praction as a hard and Mr. J. B. MICHAELI rise to propose an our charged to the increased dollar cost of all amendment to the motion for the adoption of fast rale, admitting of no departure. It is not for me to say what the exact percentage of material ordered from homeIt is true that the report and accounts as printed just put to a low archa o intressen the Hollar value of the meeting by the Chairman. My amendment m

our profits should be taken as the "goldeu your fixed machinery and tools, but this only is to the effect that the amount proposed

for adoption; bat that one such can means that you cannot replace such machinery writtin off the value of the Dock establishment, be found, I don't for moment

doubt. I nak for no vote in favour of my amendment. for the same number of dollers and does not &o, vis. 8219, 37.76, be reduced to $169,437.76 it should appest to you on its own merits. I affect your secounts in any way. But in spite and that the difference of $50,000 he appropri therefore move that the amount proposed to be

will give the closest consideration which I would appeal to the directorate to give

adjust and

to

I

be

at

The CHAIRMAN—But I might say that never before was there such a balazes in hand. The bisnes instead of being $1,300,000 in 10-day nearer a millión and a half at least, it will be when we borrow this $300,000.

air. J. E. MICHALI-Having made the amendment and having been asked to withdraw

it I would do so, but I cannot see that the reasons given by the Chairman are strong enough to indage me to withdraw my amond. ment. He sald the directors have considered very carefully the payment of te dividend of $300,000 out of the 8373,000, but he forgets that $420,000 have been carried over for the admitment of dividends The CHAIRMANND.

Corne

CONTENTS.

The Code contains 800 pages of 75,000 siphers: 65,000 have sentences, and 10,000 are blank, enabling the addition of private phras under their proper headings.

DIRECTORY OF USERS. months, contains a revised list of those using LIEBER'S MANUAL, published every thrae

BEST EXTANT.

'That LIEBEE'S CODE is recognised as the best ever offered to the public is shown by the endorsed it in preference to all others: following houses, who have unqualifiedly

HONGKONG AND SHANGHAI BANKING

CORPORATION. CHARTEZED BANK OF INDIA, AUSTRALIA

AND CHINA.

Russo CHINESE BANK. JARDINE, MATHESON & CO. ARNHOLD, KARBERG & Co. CHINESE ENGINEERING Co.

HONGKONG DAILY PRESS".

In foreign shipping, Japanese steamers here the Code. NO OTHER CODE FURNISHES BOCH the Japanese dag, exceeding that under the

rapidly to the front, the tonnage under A LIST British by 6,745 tons in 1994, and 5,431 tons in 1901. The ordinary revono collected by the Imperial Maritime Customs in 1901

085 761,621 taels, but tho lekin tax, also collected by the Imperial Maritime. Customs under the orders of the Russian Pro- visional Government on steam-r-borne imports and exports at the time of payment of dulies, wonated to 203,575 taola. With regard to the port of Dalny, newly created by the Russians. the report observes that, while it is certain to be the termians of a large passenger traffic between Asia and Europe, it is doubtful whether, Mr. MICHAEL--And that that represents a

commercially, it will develop into anything more than a Manchurian port like Nowchwang. total of $782,000 profits. The second thing is,

If it is to prove a success, the line, some 600 that he has not satisfied us with any tangible miles in length, from it to Harbin must be reasons showing why the Company, which has doubled, the railway most be properly ad- made 8900,in profit in a good balf-year, should ministered, and the Chinese merchants be base written off

only 20

off in the leanest half- year they have had. The Chairman seems to

in the Treaty ports of Chins. it a threat before the shareholders that the directors will consider my amendment a star if MOET & CHANDON'S spried, hat I do not think so. I put my point simply in very plain worls.

"DRY IMPERIAL "

•of the falling of daring the past six mouths, Iated for an addition to the bonus at the rate of 31 | weitten of the reian of the Book establish. 1 with 58 per cent written cut, as compared afforded the same facilities in Dalny as they are!

FEROMIPOVAN

the

cset of our own immediate loss." In the accounts

clamourer

The CHALSMAN--The question for considers tion in the amount of money we are justified in borrowing for dividend

purposes. Mr. H. W. SLADY Mr. Chairman, I had

LIEBER CODE CO.,

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Hongkong, 25th November, 1901.

NOW ON SALE.

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an attempt to make the Chinese and Finglish type correspond in the size of body, thereby effecting brast economy of space, achieving a clearness not previously attained, and dispensing with those vast margini and-vacant spaces which have heretofore charac terized Chinese publications.

To illustrate the 'vust-scope of the work, the following facts are submittedfor consideration Chalmers Vocabulary contains alat 16,000 Chinese characters, and Medhurst's English and Chiness Dictionary about 100,000 whilst this work contains more than 30,000 English words. and Upwards of 600,000, Chinese characters, Again, despite all the grammers and other elementary works 1.

sas yet published, the student

am glad to say that prospects do Icek s fit per share. In formally moving the amendments. &c., is $219,437.76, be reduced to better for the second half of the year which will ment I beg leave to make a few remarks. Half-3169,487,76 and that the difference of 850,000 be bring the addition of a new Trans-Pacife. Bet year after half-year we have met to listen to the of large steamers, two of which are over 9,000 socounts of good stewardship of our vast and appropriated for an addition to the bonus at the tons, and whose Eastern terminus will be Hong

rate of $1 per share. kong also the substitutios by one of the present portent establishments with their great

On those ecessions we have been ment. I shonld have preferred the sitting-down

Mr. A. Bots-I rise to second the amend Trans-Pacific, deet of tre 11,000 on steamors neither stinted with our praise of the directorate attitude with the uplifting of hands in favoar fur two smaller ones now running. We spent, and management nor parsimonious with our of the report and soouutits rather than the stand Tecluding 880,000 for our dredger över 8281,

1,000

bonuses. Just as reward is liberally given for the ing up attitude opposing their passage. But on improvements and additions during the first successful conduct of our business, no also must I think at the present functure the directors not looked at the figures before I came here. Aix months of this year, and the benet of these criticism-fair and impartial criticism-be have hardly treated the shareholdere fairly at I have heard Mr. Michael's speech and improvements is even now being felt in the expected when good cause is found for grievance (applause) in cutting down the dividend which bare heard your speech, and it certainly appears reduced cost of output and in economy

to me that in this matter the Board are antire- generally. It is dimonit to say what the part of the sharehollers. As one amongst they propose to give us, . I. have never been a

farge number of shareholders I desire to

for large dividends, but I believe in ly right. We have not the money, and we future has in store for us, but without wishing ventilate our grievance, and I take this public the fair and impartial administration of the have to borrow the money to pay this dividend, to be unduly optimistic, I think I may say that occasion to make it heard. The past half-year affairs of the Company, and I do not think the and as the Chairman has said, there is a certain there are some igas that Chius je endeavouring has been anything but a prosperous one for the present accounts show that. Therefore I second limit well, I will not any to the Company's to wake up and throw on her lethargy and Indifferens to We methods and ideas, and Company, with the inevitable zoealt that there the amendment and hape that the directors will

borrowing capacity, but to the advisability of has been an abnormal shrinkage in the net unanimously shell out the extra megic Mexican

borrowing--and the amount to be appropriated it the day over COLBER

Cold when she will succeed in doing this, ach an fuðustry as ours will be the profits of our business. When good judgment { to a degres that will ensure the confidence of the for dividends, $300,040, some to me ample...

And foresight.cannot bo taken to task for amall shareholders. first to say the beans of the demand for profits wo mnat accept in an equeble spirit the

don't

under the olronmatano the think that' stesters and suponine, of all kluda,

which we

The CHAIRMAN--Before putting to the shareholders are quite justified in asking for an

tony rate for this half-

f-year. are year by ya basuming better equipped for aps and downs from which human stairs

meeting the amendment, which naturally must extra dollardividend,st for are never free. But when profits, once

there are no other remarks supplying? Your objet manger has Lam glad earned, on be distributed without impairing at Dossibly have the effect of causing I shall now put the amendment to the meetings

come first, I should like to make few remarks TheCKATEMAN to report, given practical effect to a very desit the eficiency of the Company's work and its it to be withdrawn-at least I hope so. On a show of hands being taken, the able change in the mode of our working by future prospects, we naturally fool it a hardship Heference has been maile by Mr. Michast to amendment was carrieil easily. The result was giving special attention to the shipbuildings to see the profits proposed to be divided in fistinct from

applause, the repair department, and this

Mr. SHARP desire a poll, Mr. Chairman. Your markave new departure in the annals meer by which only posterity will gain at the serious mistake made by the Board in the received with

»ppropriation of prouts, and while he laid stress of the Dock Company by our having secured before us the directors propose the enormous

Tho CHAIRMAN- If there are five share- like 5 un the fact that something

60 the contract to build and engine entirely sum of $219,437.76, or 533 per cent. in propor

cent, of the prodts had been written off, as has holders who desire a poll so us to give abs-nt ost here, first-class fallowered passenger lion to the net roßt, which is out of all per cent of the net earnings for six months fa elves I shall be happy to call a poll

out mid saything ****

as to the fact that over 80 shareholders an opportunity to express them- boat for the Canton Biver against toaders proportion to the total profit, to

written off per

divo shareholders having signified by being SPARKLING REDBURGUNDY of this difficult language absolutely when and from the bent builders at home. Dar the value of our property, plant, &c., out of a few remarks dealing with that excellent in up their hands that they demanded a poll,

being paid in dividends. He has also made a 100 ton steam hammer after having total net profit of 973,400.68 It is not stitution the Hongkong and Shanghai Bank,

The CHAIRMAN said-I have been asked to been completed and successfully put to work apparent to us shareholders what rale applies whose policy he approve, irut when your Board call a poll, and that poll will be taken three months has unfortunately ben hamaged by a heavy with the directors in the matter of this appor endeavouring to follow a similar course he from to day so as to give absent shareholders Indslip from the hill behind the forge Steps, tionmeat of profits. On the face of it and in however, are being taken to hasten the scary the abrence of satisfactory explanation, the condemns it. I have made a few notes and a an opportunity of expressing themselves. We escord was in couple it standard must be sought for in something else few figures in anticipation of something of this take several weeks to complete. As regards the than sound business judgment. Now it is There are a number of reasons why larger.

kind happening, and will now read them to you, three days proposed new dock, which has been so often generally admitted that the food tide of referted to by my various predecessoré, at successive mestinge evet alibs Japan's docking the Dock Company's prosperity, so. fsz, appropriation to shareholders than $300,000 a poll is to give absent menibers me capablities were brought home to ne by our was attained in the year 1901, when the out of a net earnings of $375,160.86 should not of voting. If we wanted to settle it by show handsome profit of $966,558,66 was noted for be made. (1.) It is a most liberal appropriation, of bands at the meeting a show of hands would inability to cure the looking of the first half year. Then the amount agreed to and, as previously pointed out in my span, the do, but the object of poll in to give absent. Victorious in the year 1898, you will have for writing down was only 8185,370,71, or 20.45 largest under the ciroumstances ever paid in the shareholders an opportunity of voting.

Mr. Josyri-Was that dons before a history of the Company. (2.) It is not cash in per tent. in proportion to the net prost. For hand we are dealing with, which it would be The ureting stands adjourned notil free with the Government for ate for the dock, he first half of the current year the ebb tide guite competent for us to vote away months from to-day, at the same hour as this The CHAIRMAN-I am quite right in this which have been going on for m more than throp years, have now reached a port whose has set in and our profla bave been reduced Hired, but the question we are voting on is how $373,460.68; yet the amount we are seriously well bhit toon definite ter naked to consent to for writing down much money we can afford to appropriate to our menting was called for. Dus notice will be given. Mr. BLADE Might. I ask another question? be done is absequent spécial meeting to be of logical argument can be addnesl in explains: quour heroes who and not and do not food The CHAIRSAN-At once. The colonies of

fully and carefully considered How soon will the cironlara be sent out ? held in the latter part of Uctober next tion of so great sa arithmation disparity it is

Huruf to kwhich sudimerontline of not within car comprobabaton todiscover would atified business men in saking the Beak this meeting will be printed and ofreulated and the nobeland, our propools in bo irenko to refresh your memories about the procedime for larger lows for dividend purposes, kiedy copy went to each shareholder

-Me. T. ALKOLD-138'; you giro, sa 26 on $900,000, against a not earnings of $378,468,36, Ample time for of former years, my from Slat Doosmber 1895. It is only natural to credit well managed banks account? Laughter) their consideration: was 14 you – know,

to Slat December, 1897, during which period

The meeting than dispersed.

DOW

learned from the report that the negotiations

for the noquisition of the land.

·lated among

Ba

to

or

PEH DOZEN

from the famous Cellars of

$20.

Mr. A. JOSEPH-Why should it not be Massus. GUICHARD, POTRERET & COther Dictionary hitherto published. kesi

The CHAIRMAN-The only object of calling

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[42

amples to display the various applications equivalents of different words which have one general meaning. Of these examples this work contains more than five times as many as:

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so complete that reference to its pages enables a person who understands English to communicate effectively with natives who under- stand nothing but Chinese. In this respect the work will be found indispensable to all Europeanu residing in China, and to the natives themselves it explains subjects fully with which very few indeed of them are perfectly acquainted. To parties resident in England and interested in China it cannot but be invaluable occasionally.

It comprises upwards of two thousand large

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