1905-06-05 — Page 3

HONGKONG HIGH LEVEL THAMWAY "to, Lu.

An Extraordinary General Mooling of this Company ww uld at the registered office of the Company, Alexandra Buildings, on Juas 3rd., for the purpose of ensidering the follow ing Resolutions, viz:---

cash? You have quite sufficient money in the reserve fund to indulge in any expense for six

mouths.

The CHAIRMAN-We have got about $30,000 in cash.

Mr. Mois-And your reserve fund? The CHAIRMAN That is in the line, and is represented by stations, and all kits of things.

THE HONGKONG DAILY PRESS, MONDAY, JUNE 5TH, 1905,

Mr. ARNOLD.-That does not seem like oponing up a new district.

The CHAIRMAN--All railways in England have their terminus in some part of London. It does not follow because they have their terminus in the same place that they will not open up a new district. As a matter of fact, it often happens at the present moment that the Company are unable to meet the traffic by certain trama, especially by basiness trams in the morning and evening. We have hud complaints from the public, the Government and the military authorities, and had arrived at point where something had to be done when Mr. ARNOLD-You have satisfied sqursolf that thers will be a fair return on the capital ?**

The CHAINMAN-That is our opinion. Mr. Mork-You have in doubt of the cost of constructing the new line, I suppose? This an approximate of the $250,000 is taken amount?

6. That the liquidators be and they are forebyke some six months before the survey of this at the last ordinary manager's speech it was worked out for us.

|

The CHIRMAN-You

willing to sell out at onls, double their par value-I think not. Our way shares have beau quoted na high as $325 and over before now, in fact until very recently, and justifiably so, and there is no reason that I can see, based on the admirable position the company is in-or its dividend oarning power-why the shares aro not to-day cheap at 5300 sæl over. I do not agree with the general Mr. More-But this $30,000, what about mauagers that the opposition of line that will take about three years to build and get into (1). That it is desirable that the Company that? may be dissolved and that it be wound up Mr. Jur-That is invested in the Company. running order is, to use their own term, going to be fatal to the uristgueo of this company-as voluntarily. (2). That the General Managers You cannot put your band out and take it. be and they are hereby appointed liquidafore. Mr. Moin-Bat that is quite sufficient tos dividend paying concern. Let me bere, how

It will keep you going for a very long time.

aver, quote from the

`remeral meeting, showing || authorised to consent to tho registration

what their views were on the subject at that of a New Company to s named the line is passol.

this mecat out time when the apposition was referred to. Ho "Peak Tramwaye Company, Limites" with a Memorandum and Articles of Association to slurs with This $30.) you speak of would poke of the reduction of dividest and the plac- ing of an unusually large suma to reserve fund which have been prepared with the approval of have to be paid out to Mr. Findlay Smith to the Consulting Committee of the Company start with or, at least, practically all of it. An end went on to say. If this polley be pursued (4) That the Liquidators be empowered to sell soon as we buy the concession we are compelled for another two yours (about the earliest period in which any opposition line could be opened to the Peak Tramways Company. Litnited," by the government to start work at oney,

for traffic) this Company will have a reserva the murdertaking of this Company at the price Mr. Moi-Yox, but you don't buy it; the

fund of about $100,000, and with its small capital, of $20 per share either in cash or shares of the company buys it.

The CHAIRMAN-That is the best way out nil a reserve almost equal to its capital, will be Feak Tramways Company, Limited," at the option of Shureholders of this Company and to of the difficulty. The old shar-bo'ders, I am in a very send position, and strong enough to

sure will pot provide the whole of the

meet almost any contingency that But why is there such a change in Bris

opinion There were present: Mr. Henry Humphreys M. Moin-I question about that. It will of the general managers? In the circular isaned the other day it sage, the general (Chairman) and Bon. Mr. G. W. Diekrou, Mr. i, aut be required all at once. Ewons (Consulting Committee), Mesra, J. A. The CHAIRMAN--The whole thing is a romanagers consider such opposition would be fatal to the continged existence of this company as a Jupp G. Potts, W. Wilson, G. Murray Buitr,1.7'. construction in any case,

Mr. Monk-I don't like the idea of a small dividend paying concorn and they, with the White, 1 . Fotts, C. Brger, J. Wilkie, Bo Fook, D. E. Clarke, A. Moir, A., Cameron, Laushareholder being ignored. I don't come here consulting committee, have for the past six Cha Pak. D. E. Brown, J, E. Joseph, d. L. to take any objection: but if you had taken the mouths been strowaonsly opposing the now Catter, T. F. Hough, T. Arnold, J. C. Petor, abareholders more into the confidences of the Robome; and or finding that they would be urable to provent the Ordinanes authorising the E Bowdler, J. M. Wong, W. Cruickshank, general managers things would bave gone mors

schame from being passed they made arrange Capt. F. Godard, J. Johnston. P. S. Jameson, subotuly.

monte with a view to the amalgamation of the Son Tuk Faa. A. Morley, E. A. Ram, H. J.

concerns." Why have the general ganangers Gedge and others.

changed in six months when they know as much about the forthcoming opposition in December as they do now? It will tako very strenuous, determined and long continued competition to pall the net profits of our company down to even 10 per cent,, and 10 per cent, ought to any reasonable investor, so that the satisfy contemplated opposition does not, to my mind, Turu- Mr. MoR--Ami bofore, going into all these justify a dilution of this company. things you never thought it derosaurs to consulting to the question of the new company in which we are offered the privilege of taking us?

"The CHAIRMAN Yes, but you forget that shares by transferring our interests in this the unsalting committee represents three-to the new company, that proposition does not fourths of the capital and yta represented one other, strike ne us beneficial or invitiog. I

enter into all necessary agreements to thut that will be necessary.

etfeet.

T CHAIRMEN-Gentlemen, we have called you together to-day, in parshance of the notice which has just been read, to consider, and if thought fit, paws reselutions for the winding up of this Company and its reconstruction under the name of the Peak Tramways Company, Limited

The events which lave led up to the presat proceedings are probably fresh in your minis but it may not be tissit I recall them to your memorise. In September last your a Bill came before the Legislative Conseil, entitled, "A

CHAIRMAN-We did take them into

our confidence as soon as we exuld.

Mr. Mois-Is it a fact you are pledged to the government for this scheme?

The CHAIRMAN-Wonra pledged to buy the concession.

Mr. Mora And to divert your old me. The CHAIRMAN--That is a matter for the future.

Mr. Jurr-Yes,

The CHAIRSAN-We have had un detailed survey or estimates. It will amount to over four times the cost of the prosunt line.

PHOTO SUPPLIES.

LONG. HING & CO..

No. 17, QUEEN'S ROAD,

Hongkong, Sth June, 1908. four millions, of woel over five millioua, of on and three-quarter millions, of beins a ather two and three-quarter millions, of rice million and a quarter, of sugar over two millions, Mr. Moin-From what I see we have to and of kerosene six ond three-quarters of millions of gen. Unenumerated Imports in 1904 showed tunul through the gardens?

an incremas of 301 million yen over those of 19 4, The CHAIRMAN-Tos, there will be a small

The value of the deliveries of the principal taanal.

Resolution No. I was proposed by the CHAI was about the same as that of the pracious year, articles of Import in Yokohama during 19901 MAN.seconded by Mr. G. H. Forry, and carried.bat the value of the principal articles of Export. Six votes were recorded against it.

dering the same period exceeded that of 19 by over twenty-two million yea.

Raw colton--The import of this article hus not bon adversely affected by the war, us the following figures show, viz.:

Mr. BROWN-Mr. Chairman, please note my protest against the resolution being put into vilect.

Three shareholders voted against Resolution No. 2, which was proposed by Mr. G. M. BAIN, secondled by Mr. o Foox, and carried.

BI

T. ARNOLD proposed and Mr. LAU CHU Pas seconded, the adoption of the third reaolu tion. The proposition was carried, there being four votes against it.

Mr. H. P. WIT woved and Mr. TARRANT seconded, the adoption of Resolution No. 4. The metion was carriol, there being four votes against

Mr. Browy-1 would also ask you, Mr. Chairman, to ante my profests against resolu- tious and

Mr. Motk-This Company is to bo valantarily wound up. How can you call it voluntarily if we sro not unanimous,

Nr. EWENG-The resolutions have been

passed by a thres-fourths majority, which is according to law.

Mr. Brown-Where do you get the three tion. P

Tipou enquiry, we found that the Now away share at the time. You were, moreover, interested understand the new company is to be capitulizer fourths majority? In the Articles of Associa

in the projected opposition tram way.

Mr. Mon-But that is not the point. I am putitled to have my say if I have only half

n share.

Mr. MoreAt the meeting of the general managers and the consulting committee on the 13th March it was decided to accept 8200 a skaru

The CHAIRMAN-Yes.

Mr. MOIR-And at the time I knew nothing about that, about a month afterwards I bought some shares at an advanced rata.

The CHAIRMAN-I should have thought that if anyone in Hongkong know anything about the matter it would have been you. You were

at $2500, and are fold by the Pross that

the prots already accruing frota the presnut tramway, are ample to assure a steady dividend of at least 6 per cent on the whols of the capital of the company now in formation." How does per meat. in the new company strike yon gantleman as against about 49 per cent, which our present company is earning, and, in any event, sod dealing simply with the period in the immediate future-why should the present company, with its capital ouly, of $125,000, bo burdened during the three years the new line is under construction, with earning dividenda on $750,000--the capital of the new company, Opposition even when it does coine will never to tay mind be able to bring our dividonde in the present company down to a 6 per cent, basis, which is all we can look for with any degree of

that a majority of shareholders hore to-day will vote against this sacrifice sale of our property, which an effort is soomingly being made to force us into.

Mr. EwENG-That is the law

Mr. BROWN--Ang we ignoring the. Articles of Association at this musling?

Mr. EwEN-We do not ignore the articles. The CHAIRMAN--The meeting is at an end. We have passed the rosehrtions we came here to pass.

JAPAN'S FOREIGN TRA DE FOR 1904.

The report of the Yokohama Foreign Board of Trade for the year 1991 included the follow. ing items:

TRADE

3

| 139

MARK

WINES.

LIGHT

HOCKS AND MOSELLES.

Value of import during 1993. Y.,600,000

1904 .. 77,000,000 LAUBENHEIMER... Yarn. The heavy aunaal decline in the GRAACHER import of Ferns, and the gradually increasing quality of the Japanese product. has for some NIERSTEINER

past, pointed to the fast that the importHOCHHEIMER trade was deemed, and the time has now arrived | LIEBFRAUMILCH when it may be said that it is defauct, auf reference thereto may in future is left out of CALIEORIA RIESLING

the Board's Reports."

Taking the value of this import for two past poricds of four years, the figures show

1900,

1904.

1896.

Yen 11,372,001 7,043.046 343,290 The itaport to Yokobama during 1901 was 3,740 pirals against 7213 pieuls in the previmes your while the deliveries worn 4,001 picuis, aga ust 15,297 pienis in 1905, and thes stock on December 31, 1901, amounted to only

picul.

CHINA AND AMERICA.

The new American Minister to Peking, Mr. Rockbill, made a Statement to the Chineses Gentry regarding the American Treaty and Exclusion Act, which we hers reproduce from the NC Daily News.

Shanghai, China, 22nd May 195. In 1894 the Goverymeute of China and the United States, animated by a strong desire ta amicably sitle, in Д manoor reeipentally beneficial to the interests of the people of both nations, the question of the coming of Chinesa labourers into the United States, which the experience required since the signing of the first treaty between China and Americu eu this concluded a new treaty covering the subject. and for a period of ten years.

on the other side, and I suppose must have certainly in the way company. And I hope extraordinary conditions that came into existence subject, bal shown require important revision,

Ordiness for authorizing the construction of a Tramway within the Colony of Hongkong" was to have its lower terminus at the bottom of Battery Path-virtually in the Queens' Rowl→ and its apper or Feek terminus at Victoria Gap. practically alongside our own, with inter- Thediate stations tapping the populous thorough. The CHAIRMAN-Quito so, you are suitle fures known as Caine Road, Robinson Road and to your opinion; but I hope it is only an isolated Conduit Rond. It was evident that the con.opinion. struction of such a line would be tuplamonst to cancelling our concession. We, therefore, petitioned tho Government against the proposed bill.

At the same time we informed the Government that wo did not oppose the new fine as far as Conduit Road, and that, we had no desire to put obstacles in the way of an nader taking calculated to prove a benefit to the Colony, and that if:14 now Tramways' upper terminus the Peak were placed at a renouable distance from our own so as to open up a new Peuk district we world withdraw our opposition known what was going on.

Mr. Moin-When I bought the shares altogether. We suggested as sa alternatire terminus for the new line a point near Good-bought them fully thinking they were worth man's Gap. The Governmun replied that our $300, knowing we had amalgamated. proposals were considered impracticalde and it The CHAIRMAN-The position is this: we shortly afterwards became clear to your General are bound to buy the new concession. If we Managers that no opposition would prevent the buy it and do not do the work the concession Bill becoming law. They accordingly decided will luge, and the Government will be able to that the best thing to be lone was to secure, if sell it to someone else. It matters very little, possible, the concation for the new line, Ata to my mind, whether the concession is bought meeting of the cousasting committee hdd at toe by the naw Peak Tramwaye Co., Ltd., or by the office of the Company at 330p.m. on the 13th old company. But we certainly thought if March last, the committee, who stween them re- would be far better to have a new company, for presented threaquarters of theentire capital of the the reason that the old shareholders would not Company, resolved That the General Managers come forward with the money in all probability, bo empowered to enter into any arrangement for and it would be better to have the public the sale of the undertaking of the Company for interested in a company which is entirely a not less than $200 per share to be paid at share- Hongkong one, and composed entirely of holders' eption either in cash or shares of new Hongkong capital. Company or in the alternative to purchase the concession for the projected new tramway." I may mention 2200 per share was taken as a basis because it was then the last price at which shares head changeul hands. The total cost of obtaining the concession, which will be barao by the new Company, if the amalgamation is effected, will amenat to 835.000 of which um 825,000 will go to Mr. Findlay Smith. The Capital new Company, if the resolutions are passed, will be $750,00 divided into 75,030 shares of $10 each, of which 23.000 siuures have to be reserved for shareholders in this Company should they desire to recept seria in the new Company fox their present holdings, leaving 50,00 shares of 810 each to be offered to the Public.. In cons during applications for these 50,000 shares any, however, preference will

be given to

"the

Mr. Mot-Yes, I quite agree with you. It ie to the advantage of shareholders to have one company: but I do not think it is to the advantage of the public. At the annual meeting in December last you stated that by the tins the new line was constructed the old company would have a reserve almost equal to its capital and would be in a position to face any opposition. The CHAIRMAN-I think it was said at that meeting that we should have to reduce our dividend to most any opposition. At that time we did not know there was any possibility of getting this concession and we wore, as a matter of fact, petitioning the Government against the top terminus of the new Peak Tramway being alongside our own.

Mr. MoIn-Can the old company be disposed of without the shareholders being unanimous ?

The CHAIRMAN-A three-fourths majority of the shareholders is sufficient.

Mr. Mot-And then it must go before the Court.

The CHAIRMAN-1 take it that Mr. Brown's principal exception is to the price at which the uld company is being sold to the now-that is to my at 80 & share?

Mr. Brows-In the first place. I object very strongly and very forcibly about the directors in committing

The CHAIRMAN-That has been replied to. Mr. Brown And Low I say my contention is that the company should not be sold at that price valess it is for the purpose of improving the position of blus Company or making an advantageous sale, otherwise there is no necer. sity for this dissolution.

The CHAIRMAN-You have the option of taking sorip in the new company over and above. the shares you will get in exchange for your old scrip.

Mr. BROWN-I know that.

The CHAIRMAN-You are, therefore, practi- cally selling the company to yourself. What does it matter then, if you sell at $240, or at $500 per share.

The Course of Trade. Notwithstanding the last year, the returns of the foreign trad of Japan for 100 continue to show an increase both in Imports and Exporta. 1904. You Total Exports 310,250,136 280,502,142 Total Exports from

Уна

Yokohama... 170,209,453 126,580,438 Total Imports:.. #71,167,029 317,185,618

Total Imports to You

kolena.

... 106,965,071 110,878,968 -

The total value of the Foreign Trade of Japan in 1964 was Yen 690,417.465 i 1908) Yen 66,637,060 in 1902 Yen 530,034,323, and in 1901 Yea 508.166,189,

The Customs receipts during 1994 exceeded those of the previous year by over four million yen. The figures for the past four years are: in 194, Yen 21,230,242; in 1903, 17,047,800: in 1902, 5,31,072; in 1901, 15,122,616.

Dearly all articles of Export showed an increase during 1904 over the previous year, and among manufactured goods Habutai stands at the top with an advance in export value of tea million yen. Silk handkerchiefs also increased by nearly two million gen,and other articles which increased in the export trade are cotton tissues, mr. BRows-If I may speak again, there is towels, matches, matting, porcelain, Lacquered another point I overlooked. Have I your perware and cigarettus; while this class of goods not enumerated shows an increased export of, mission to speak again?

about three million yon. A song raw mast rials a d partly manufactured goods, the

The CHATEMAN-You will get 12 per cent. for those three years and if this opposition line came off, as it would no doubt come off. if we had not bought the concession; you might not bare got anything at all. If you disapprove of what we have done wo are very sorry, aud it is open

you 10 more an amendment if you to wish, and now I should be glad to answer any question which any other shareholder might wish to put.

.

•betes

over

that

The last article of this treaty stipulated that if six months prior to the date fixed for ite expiration (Dec. 7th 1904) neither of the sign- it tory Powers had declared its desire to see terminata, it should remain in fores for another perind of ten years. During the summer of last year (1904) the Chinese Government informed that of America that it wished the treaty of 1894 to terminate. At the same time it declared its wish to begin negotiating for the conclusion of a new treaty on the subject, and in Angust of last year, that is, say, about seven months ago, it sent to the American Secretary of State through the Chinese Minister at Washington & first draft of a treaty to serve as a preliminary basis for the discussion of the matter.

Do

HOCK

1 dor.

*

Rullies.

Botlem

$13.00

$15.00

14.00

18.00

15,00

17.00

20.00

42.00

24.00 26.00

44,50

7.30

7.50

ا ادامه ای

WHITE WINES.

1.

2 doz.

Ho:ties.

Hottles

$ 8.50

$9.50

**Superienc"

1450

1150

8.50

9.50

GRAVES.

Do SAUTERNE

I

Do

"Superior"... 10.59 HAUT... 14.00 Do HAUT (Hanappler) 27.00 Cb. Yquem, 1994 Vintage... 34.00

H. PRICE & CO.

ر الله 11

1600

12, QUEEN'S ROAD CENTRAL.

40

SPECIAL SALE

AT

ROBINSON'S

OF

PIANOS, PIANOLAS,

MUSIC AND MUSICAL INSTRUMENTS

· PREVIOUS TO REMOVAL.

UARANTEED-NEW-INSTRUMENTS.

BY ANY ENGLISH MAKER WILL BE SUPPLIED AT LONDON PRICES, We supply Superior Value to anything to be had in the Colony in Tone, Prics, and Appearance in First-class German Makce tested 30 years by us.

This draft was carefully considered by the American Government, and in due course a counter-draft was sent to the Chinese Minister at Washington, and was by him forwarded to the Wai Wu Pa for its considération. This American counter draft embodied tas proposals and met the wishes of the Chinese Government with only such changes as were deemed neces. METZLER sary in the interest of both nations and of

PLEYEL greater simplicity in ortoution.

This American counter-draft was in turn COLLARD transmitted by His Excellency Liang Cheng to

Do Grands 950 the Wai Wu Ta, anil some three months later,

Do draft was received by the American Govern- i ment from that of Peking for its consideration | ALLISON nod an expression of its views

RACHALS

This last draft of the Chiness Government is now the basis on which tlie negotiations between WINKELMANN the two Governments are being conducted, and

it is confidently believed that it will euable.HAAKE thom, animated solely as they both are with an KRAUSS

question

$350 formerly $ 475

425

650

500

700

1,400

425 >1

50

130

650

575

1.

750

625

23

750

525

650

585

19

050

1J

300

450

600

700

400

750

325

290

150

400 formerly $550

285

860

raw silk shows the largest incase I port of that is to say, about three months ago, a new of the previous year. In straw plaits and marine products (except fish oil) there was also nu increased export, while the articles under "others" showed an advance of nearly seven million yen. The articles showing a decreased sport were cosh, copper, rice, fish oil te, camphor, waste silk, aut cotton yarus. the cirurustances in which Japan was placed during the past year being accountable for the restricted export of some of these products. Several articles of import showed a considerable increase,

Although it would be improper le disclose at namely, raw cotton, wool, leather, sugar, rice, and kerosene, while there was an advance also the present stage of the negotiations the in the iosport value of most kinds of iron and provisions which, in one form or another, will PLEYEL steel, comotive engines, and steam ves-ols, be included in whatever treaty is male, it may COLLARD GRAND300 The import of several textilos suffered a notable be categorically stated that neither by word nor dertiae, namely, mensseline-de-laine, woollan iml cation has the United States in the draft LUNAU

it has it. submitted sought to impede the

carnest and sincere desire to remove this from the field of discussion by a settlement OWN MAKE equally honourable to both nations, to finally

HOPKINSON... conclude a treaty to the general satisfaction both countries.

BRINSMEAD. KIRKMAN

in the now us from sharuluilers is the old Company. We el sure that in your own interests the scheme we have outlined in the best that could be devised and we must

Mr. Brows-Might I speak again for a mo- The CHAIRMAN-No. It is not necessary. impress upon you that the Arrangement, though

Mr. Bows Mr. Chairman, and gentlo. ment! legally it has to be carried into effect by a safe,

The CЯAISMAN-YE. is not actually a kale inasmuch as the present mon, following what Mr. Moir hus said I

Mr.Brown---I omitted to state and bring out shareholdere au retain their interest in the am quite of bis opinion that the general Company by taking up their proportion of the managers and the consulting committee had no point in connection with the sale of the pro- now lesue and thus be placed in the same posi-authority and did wrong in committing the perty for $250,000. In the position in which tion in the new Company as in the old. We, company to the Goverunicut for the purchase it is co-day, let me draw your attention to the therefore, look to sesa naanituous vote in favour of the concession that they granted to Mr. fact that in selling this company you are selling of the resolutions. Beicre patting the resoln. Findlay Smith without any authority whatso- the fature zacnopoly of the Hige Level Tram- tions to the role, 1 shall be pleased to auswer ever. And before the resolution is passed I ways business for $250,000. I don't think that any questions to the best of my ability. world like to make a faw remarks. We are here seither the Government or the people of Hong.

Mr. ARNOLD-Are the shares to be offered to to-day to discuss the advisability of pissing kong looking to the tramway service will be cloths, shirtings, cotton prints, cotton satcouse to the United States of Chinese labourers PLANOLAS

cortala resolutions leading up to the dissolation more of the company followed by

the

forced into a sale of their shares at litt

Mr. MOIR-Why were not the old shore- | new company. Followin axle of saxo to a being than we shareholders, who are and velvets, and in dry indigo and oilzaka there return

The CHAIRMAX The meeting of the 13th March to which you refer was a meeting of the consulting committee, and it was not necessary to notify shareholders.

The

entitled so to de, nor to put burdensome

to the Peak that would otherwise be con- to ARNOLD-Do yon think there is traffic largert on record, being no less, according on Govurament feed solely to simplify and'

Mr.

the original holders to be fully paid up..

was nieora large falling off. The CHAIRMAN-YOS

that, we are told that over half their value.

The CHAIRMAN-All these remarks hate the part of bilion during the year exceeded restrictionsofuny kind in the way of Chinese sub-

by nearly soventy-four million you. import holders notified of this before the meeting of the object of the meeting is for the purpose of

been practically dealt with in the Chairman's The import of rice during 1904 exceeded the the 15th March. I have been on the register of sanctioning a re-construction of the way speech, and I hardly think there is any necessity export by nearly fifty-five million yen in value,

seguire, and construct a new tramway the eupay for many years, and I knew to

go into them again at length.

and the erop harves ed in Japan was the nothing about this.

fatal to structed by

company an opposition the continged profitable existence of this effough to pay n dividend on such a large to the final figures from the Department of Agriculture and commueres, then 51,401,597 company. I am not here today to arbitrarily capital?

The CHAIRMAN—Yes. We have gone fully koku. The average yield being $2,20041830k, ku, obstruct the business for which the meeting was called, but to learn whether any into that matter. I may mention that fifteen the crop of 1904 turns out to be 21.5 per cost years ago our traffic receipts amounted to above the average, and 19.6 pet cent. better better reasons than those already given are forthcoming to justify a dissolution of the com- $27,000 a year. Last year they amounted to than the crop of 1908. pany for the purpose set forth, viz: the sale of nearly $100,000, and who shall say that fifteer sane as a going concern to a new company at yours hence, the joint lines working in the price of $200 per share-or Bay, $250,000. I harmony under os management, should not am net opposed to a dissolution if the pries total $500,000 a year? You may accuse me offered for the purchase of our undertaking was of being little sanguine, but when

mental note reasonably near its value, but I am opposed to look round and take

to

Mr. MoIR-Thea shareholders have nothing

in the matter at all! BAY

The CHAIRMAN-No, not about meetings of Mr. Mor-Wouldn't it have been much wiser to have dolified the shareholders that anch & consideration had been arrived at.

the consulting committee."

Н

As was to be expected from the situation, the export of Japanese yaras declined somewhat, but only a little over two million yen, whi e cotton tires ahowed an increase of a million and a half.

Silk, both raw and manufactured, is account-

These instruments are GUARANTEED for the CLIMATE.

Hongkong, 19th May, 1905.

[1363

QUAN WAH & CO.

GRANITE AND MARBLE MERCHANTS.

EXPORTERS AND CONTRACTORS.

Do jeste, not belonging to the labouring classes, PIANOLA ROLLS 25% discount.. who may wish to visit or reside in the United States for purposes of plesaurs or windy On the contrary, all the suggestions of the Ameri expedite the coming of all persons of these latter classes to our country, for it is the earnest. wish of the residents and people of America to extend to such visitors aft such courtosies and facilities that may enable them to become better acquainted with our land and its inhabitants, our modes of thought, our methods of education and administration. They believe that by such Solo knowledge, better than by all other means our relations with Chios will constantly grow closer and more friendly: no treaty between the two countries which has not for its object the e'osen-. ing and the improving of the relations between them could ever be conceived, let alone dis cussed, at least by the Governments of the United States and China.

The CHAIRMAN-It was quite impossible for us to say anything while the negotiations wore in pregress. We did not know at the time the sale of our property at the ridiculously law of all those people in the Colony who hure ble for a large portion of the total increase whether the matter was going through or not, figure montioned-practically half its value, been successful, although they may, in many Experts, the former being valued at Yon but as soon as we knew delinitely that it was we The last balance sheet shows the written down respects, be as wide apart as the poles, they 88,710,799 in 1904, against 74,4.8,907 in the at once notified the shareholders. In fact, we assets of the company at the end of 1904 as all have one thing in common, amely, a great previous year, while Habutai was exported to put a paragraph in the Press the following day. $243,009.17-virtually the price we are asked faith in the future of Hongkong, I myself, have the valou of Yes 37,5-16,099 and silk handker.

future. The last ten years chiefs te Yen 4,699,592 Lust year. the stepective The strong still oppress the went; but how Mr. Mo-As representing the old company and advised to accept, to sell and hand over faith in the hare you purchased Mr. Findlay Smith's our valuable and handsome dividend earn have witnessed a great metamorphosis, and I figures for 1303 being Habulai Yen 27,410,478 sharp is the constrast between the oppression of ing, going concern earning as it has been a confident the next ten will bring changes and band berchiefs You 2,38,421. The rapid the century ago and that of to-day! Nowadays concession

The CHAIRMAN--We certainly had the re-for some years, not profits, after paying equally as great. I hope that those of you who are advance of Habutai to the large export of the the oppressor is apologetle, in self-excusatory, charges and all racing expenses, &c., of bo here, then, will got think unkindly of those who put your is shown by the fact that in 1890 sts and hastens to repent as a philanthropiat his In the relations of fusal of the purchase.

tween $40,000 and $60,000 por sanum on a have secured for you what may then be one of export value was only You 18,557, which was crimes as a plutocrat. capital of only $125,000, about 40 per cent per the most prosperous tratzways in the world increased in 1838 to Yrn 8.354,400, in 1900 to employer and employee, we had the vad, stop- annu, and we are asked and advised for rather Mr. ARNOLD - There are t limited number Yen 17,436,3-1, and four years later to the fatherly paternalism which made the employer export, namely, Yen 37,546,099. a father to his workoop-much as King Ionis il advised) to give it away for $250,000-only at the Pask, and most of the sites in the dist. its prosent large double the capital of the company, while enjoying through which the line will pres are oncupied, Straw plaits and matches showed an increased XIV. was a father to the French peuple-now as we do a monopoly whieh is growing in valus The CHAIRMAN-You forget. This line is export value in 1904 over the provious year of replaced by a man-to-man, eyes-on-the-level every year. There are a number of other nies to run through a very popalous district. over a million and a quarter pen each, porcelain recognition of the fact that service is mutuel Mr. AENGIDI understand the terminus of arly three-quarters of a million, towels nearly and that the social obligation is not of superior little monopolies in the Colony, the shares of

hare a million, end lacquered ware and to inferior but of brother to brother. Wrongs which are quoted at 2, 3, and 4 times above their both lines is to be at the same point.

The CHAIRMAN--The termings of the new umbrellas each a considerable advance. In par value for the reason that they are earning

line is to be at Victoria Gap the same as the Imports the increase in value last year of raw Food dividends on their market price. I wonder

cotton compared with 1903 amounted to nearly if they would-even if asked or advised-be old one,

Mr. Men-On behalf of the old company The CBATEMAN-Yes, on bolalf of the old company.

Mr. Mon-Thon why sell the concession again?

The CHAIRMAN-It would necessitato au in- erease of capital, which practically amounts to the same thing. We thought that old share holders, being very few in number, would not care to put ap such a large sum as 8500,000 in cash. I don't think they would, either.

Mr. Moix-But why put up $500,000 in

that once strutted as rights are losing their brazen front of impudence; they still rosen the land, but they skulk.

Agents of QUÂN TÀI & CO. Lime Manufacturers. All descriptions of GRANITE AND MARBLE FOR EXPORT. Dealers in GRANITE and MARBLE MONUM ENT

Pricas & Estimates on Application, No. 1, QUEES'S ROAD EAST. Hongkong, 17th January, 1905,

PLATED

[101

A. LING & 00., FURNITURE STORE.

GLASS AND CROCKERY WARD, &o, &c.; and FOOCHOW

LACQUERED WARE. 68, QUEEN'S ROAD CENTRAL. Hongkong, 21st September, 1903,

[222

RUINART PERE & FILS, REIMP,

Established 1719, CHAMPAGNE GROWERS AND SHIPPERS.

Ship only the Finest Quality Extra Dry (Groon Sealy

LAUTS, WEGENÉR & CO.,

Sole Agents.

100

Hongkong, 17th May, 1905