THE HONGKONG LAND INVEST-1 MENT AGENCY CO., LTD..
THE HONGKONG DAILY PRESS, FRIDAY, FEBRUARY 2nd, 1906/
Mr. POLLOCK-Was that a property partially undor the sea?
The CHAIRMAN-Not at that time. Mr. POLLOCK-Was that male effected solely by the managing directors of this company to the managing directors of the Land Roclams tion Co.
the Land Company did. Sharobolders in the Land Investment Company naturally asked the question, why did they not do that business. If they had no loose money at the moment they could bare easily borrowed it. Or if not, and it was advisable to increase the capital it
or rights of reclamation to the Reclamation Co., and your answer only referred to Marino Lot 49. From what you say now I gather that you disposed of our rights to the Proys East Reclamation, Is that so?
The CHAIRMAN-I have no personal know.ppared 16 him that it would have been ais raceting of this company, but it is not BO,
logo, ne I was not a managing director at time, but I am informed that the board this company douided to sell.
that of
The seventeenth ordinary meeting of share Lolders in this company was held at the com- pany's offices, Victoria Buildings, at noon yesterday. Hon. Mr. C. W. Dicksou presided, and there were wise present Sir Paul Chatoz, Bisers. H. P. White, N. A. Siebs, A. Haupt and E. Shellim (director), A. Shelton Hooper
Mr. POLLOCK-Wall, the managing directors (ecretary), Hon. Mr. Gorshom Stuart, Hon of the other Company must have made up their Mr. H. E. Pollock. K.C., Meyers. J. Orange, minds that it was a good thing to buy, other J. R. Micmasi, G. Murray Bain, H. Freywissd be mattor wouldn't have gone thrangh, Smith, A. Apont, F. E. Goorg, S. Hancock,
The CHAMAS That vers a reasonable T F. Hough, C. W. May, G. B. Enyor, W. JI.
conclusion. Wickham and Ho Fork."
your
and
The SECRETARY read the ratico convening the meeting,
the ChaTuman, in proposing the adoption of the report and seconuts, said Gentlemen, I propose with your permission to dispense with the formality of reading the report-and-aceouts which have now been in
hand
for several days. There were in 1905 o acquisitions of now properties, the attention of the Board being deroter to the further development of the airmandy hell, and toward this purpose a considerablo su ins been expeled, as you will observa from the increased amount upparing as invested in property. The blocks new Royal Build- inge have been completed during the your The first-medyiskling revenue from September, and other two from October, but in the last there still a few vacancies to be filled. When this is done and alterations to one other European building completed, our rent roll should be increased by about $45,000 yearly. It is a matter of regral to your Directors that notwithstording every endeavour it has not been possible to ist many of your Chinese moperties, vacancies representing about $75,000 rental, und in connection with thin
Mr. POLLOCK-How is tho ilem, $100,526, which appears in the accounts as a profit on property suit va investments, made up?
|
The CHAIRMAN-That idea was suggested at
Mr. POLLOCK-Haya we sold or agreed to sell the Fraya East reclamation?
LONG. HING & CO. IMPORTERS OF HIGH CLASS CAMER AS, NO. 17, QUEEN'S ROAD.
N. & G. SPECIAL B. Į PLATE CAMBRA, Fitted with ZEISS" PROTAR",
Lars, Yellow Berean, and Leather Cavo N. & G. "NYDIA" POCKET CAMERA, 1 PLATE, Fitted with ROSS
Homocentric Legs and Leather Case
8300.00
135.00
The CHAIRMAN-I have already said No,
No
ROSS FOCAL PLANE CAMERA PLATE, with 3 Dark Slides and
Leather Case No, JA, FOLDING POCKET KODAK, with B. & L. PLASTIGMAT Lens 150,00
140,00
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4.
CARTRIDGE
3. FOLDING POCKET
140.00 185.00 135.00
120,00
[35
· Mr. PULLOCK---It was intended or contem.
plated to sell?
SIE PAUL CHATER---Certainly not. It was Rover dreams of.
Mr. Follock-What is the object of the Clairman's statement!
The CHAIRMAN-I am sorry I monot make it any clearer.
MY, POLLOCK—1t is not my fault. You hare got the information, I am a shareholder and ask for it.
Kracofal set and sound policy to havo floated the new company on su infant to the Land Investment Company, by offering pro rata to the shareholders 5,000 shares st, say Bahistiotly, It appeared to him it would be a sounder course if a system of associated and affiliated companies over which they had control were inaugurated than invest in Tri outside company over
which they wold have no control. Some on the rival board mig) might be friendly to them, but the para- mount consideration at their mectings was their own Company's interests, Sharehold era would bayo appreciated such considera- tion, and the most valuable asset in any Mr. POLLOCK-I should like a definite, speci-company's seconuts-mutual conti lonce and
good-will-between musger and managed Tho CHAIRMAN--I will again road you what would have been increment. He trusted that POLLOCK-You referred to tho Praya
they would not have dealings, as with the reclamation. "MY. POLLOCK-I don't understand what yon unexplainable proforenzo which parents hare
Tho CHAIRMAN-That is not an. moan when you state profits of sale of property for their younger offspring it might be, if the law of the enormous outlay that the idea of sul to be completed."
interests of little Jacob of Taimchatsoi com-forming this Reclamation Co. orginated, in The CHAIRMAN I mean that the property in poled with those of their dilapidated old Esan order to relieve the Land Investment Co sold, but the salo is not complated.
of the Queen's Road, they would not get the an expenditure which would entail a very Mr. POLLOCK-Do you mean to say we have better of the bargain. If those directors inconvenient lock-up of capital. pet got this amount in hand?
thank God! There were some who did eaterstand your explanation at all.
The CHAIRMAN-T have already answered that question in roy speech.
-ke answer now,
I said.
The CHAIRMAN—That is xo. Mr. PULLOOR-How much is it?* The CHAIRMAN-850,526.
Mr. POLLOCK-And that is put down as pro- fit when we have not received it yet?
Mr. CHAIRMAN-It is a profit, and it is quite reasonable faut proper thing to assess one's assets at tho pries at which they have stready been sold.
A
JUST LANDED $
The CHAIRMAN-I am sorry if you are GUICHARD POTHERET & FILS. unable to grasp-it-
M
had
It was in
Mr. POLLOCK-I must confess I don't
Sir PAUL CRATER suid the now project of the 1a -etamation Company at Tsim
batsoi ould not have been kept waiting, spl it the Laund Reclamation Co. not been formed, it would probably
Nicht waiting for 1.Wo
Yeary have
per coat, longer. The dividends paid were 12 although the presost i was only Hoven on count of sous properties not being developed,
returns. The Land Investment. Co, did not feel justified in taking the very large intaresh in the Land Reclamation Co. they were offered, and the Board decided to take only $290,400 in it. That was what the Chairisan mount to say about the reclamation
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regrettable experience I can only repeat the man in this room whin know the ordinary them. Shareholders accepted that position in i They were wow, and would go on, paying property, and they would have to refuse
ນ
to both companies argued in Elisir interests, some protection was afforded thom; but the know. ledge and influence of their managing directors was lost and in fact might be used against them, Anyone buying shares in the company was in the position of a man boying a property with flaw in the title; his knew that the full fruit of his money would, in certain cases nat bu ra- turned to him, as after a certain print the Mr. POLLOCK Thore are plenty of gentie managing directors divided the profits with principles of bukkroping, and I will leave the hope that the special knowledge and ex- them to discuss that question. The next imperionco of the managing directors would be directers' foen. 829,329:20. I should like to inquire about is rauaging assured to them. He was aware that the How is that itom Chairman was not a director of other company is up?
when the Reclamation Company started, but The CHAIRMAN--It is made up in accordance being in the absir ba necpted the risk et with articis 95 of the Articles of Association of being heckled by discontented shareholders. the Company.
To mount accorded to the managing direo. fors, $29,000 with a dividend seemed out of all proportion to services rendered, and it cenrred to him ask, Did the company belong to the managing directors, with the shareholders ssd and forgotten children looking with hungry eyes for any crumbs which might fall from their masters' table? or. Did the company belong to the shareholders with the managing directors as fluir Eighly remunerated offers? He would ask them for a ruling o that point. If the latter were the case, it sued ced at $15,000 should be paid to two directors and somewhere about $1,000 ach to others the and wimained staunch to the company then ont. It was better, he was as the Chairma
Mr. POLLICK-Have you taken it on a Oj or a five per cent, besis?
statement made to you from this chair at the last nummel moiting that it is difficul to reconcile such a state of affairs with the complaint of overcrowling in more central districts. Towards development expenditure mours invested on mortgage has been called to the extrut of $3,500, reducing
ad our in the Lovers from that HOR debtedness
likewise been increwed for the same purpose eutling the pymast
PHS CHAIRMAN-On a ‡i per cent. of further interest. The guts of S324
Mr. Pouto-Now, sit, de I understand appearing at odit represents the profit on a suit of property still to be completed and to consider this mount a not profit ou which the musaging diresters are entitled to an increase in the book value of the Company this percentage, although the company has not holding in shares of the Hongkong Lotally get the menoy in
band? Recionuation Co., Ltd,, which, I angy incidentally The CHAIRMAN By idea of net profits is mention, hava, Lion recently dealt in at over
as shown by thi acconuts before you, 50 por cost, above what they now stand at in your books. A slight increase in charges is angru Chun conterbaland by a reduction in th san expanded on repairs, while the extra asut paid away for fire insurance
Mr. POLLOCK bat is no answer to my question: Is the sum of 2500 included in the managing diretors a count of net profits?
The CHATIMAN—YOS.
Mr. POLLOCK-I don't understand. If it
was considered by the managing directors, as directors for this company, advisable for the Company to booms the holder of a $200,000 share in the Feclamation Company, why didn't. they take all the atmares. Why was not the extra business offered to shareholders?
Sir PAUL CHATER With the individual shareladors we have nothing to do. I aus taking about the Company. The Land lavest.it meat da. have taken absolutely whatever they
wanted of the whole capital, but from reasons given you they thought it advisable not to put too much money in one concern.
Imagine $1,200,000 not earning anything at all, would you have got a dividend? Certainly not Therefore, when the matter was placed before
the ofer.
[30
On the motion being pat there were two for THE ROBINSON
and one ag-inst it; the romainder of the shores) bolders did not vote.
Hon. Mr. STEWART said the resolution could be placed au record as a protre!,
PIANO CO., LD.
THE
APOLLO
Mr. POLLOCK moved That the shareholders of this Company do protest against any of their directors and officers serving in a land Coney wirich competes in business with this PIANO PLAYER
in any respect whatever."
Hon. Mr. STEWART scccnded.
The CHAIRMAx-It is my duty to point cut 1o you that if this resolution is adopte
will very seriously effect your commission act.
Hon. Mr. BTEWART-We'll risk flate Mr. PuLock-I think our commitsbu
out is very small.
The motion was lost, there being three for
twelve gained. M Surth moved, and Mr. QuANGE seconded, re-appointed directors. The motion was carried, Mr. SAYER goved that Mesra, T. Arnold and C. W. May be re-zketed auditors.
is explained by the cabament valls of properties.net pretts $37,580.70, which is surely not net would agree, that if there was dia ontent it the board of the Company, the board docilet that Messrs. N. A. Hiebs aul H. P. White be
Finally, gentlemen, your Directors are sanguine of being able, even though no sales of property be freted, to show in future years results which will admit of the payment of at least a equal dividență to that they propoes for 1909, siz 7 per cent. There are on ollur points whien verur to me to refer le, but any questions you may desire to put biritas po tim slate ments now before the mentir I shall be glad to answer to the best of my ability.
M. POLLOCK-Mr. Chairman, I rise to put some questions which I think, ought to be t
down to?
Mr. ToLLOCK You have just admitted at the managing directors thought it advisable for us to invest $200,000 in The Land Brclamation Co, und hat wo were original shareholders, Therefore, I am entitled to know.
Mr. PuLOCK I see you have included in
profite
dividend.
Hon. Mr. GERSHOM STEWART said he was
The CHAIRMAN-I think it would be more in order if I at first proposed the adoption of the report
and
acenguts. I have asenriained meanwhile that the property in question was bught at auction by Mr. Oringe as agunt for the Reclamation Co, Mr. Shelton Hooper being at hom at the time.
M MICHAEL-I have a question to nak. Mr. Pollock asked about the writing up of the $200,000 worth of shares in the clamation Co. Ese you love written up from $75 to $1(x).
“TŴos CH VORMan-That is 'sts.
Mr. MICHABL-How did you arrivs at that prica? You remarked in your speech that they had gone up 6) per cent, beyond book value.
The CHAIRMAN-If you menu that the shares may very reasonably be written up to a higher igure, I aéreo with you. But the directors decided that. Stop was a safe and reasonable figura to put them at, leaving a further margin for a future miny day.
!
Sir PAUL CHATED—That is 10-day, yes.. Not four years ago. I pointed out to you ikat if it was not a good thing the directors would not have taken it.
Mr. Fot100k-Why didn't we got it all then? Sir PAUL CHATER-Because of the reasons. Ilve stated.
Mr. Purlocu-I don't understand them
TSOD
Mr. MICHAEL-T think I exo gather at what Mr. Pollock is driving. He considers that lie directers should bnro eubmitted their scheme anent the redmation shares to shareholders, and asked whether they wanted it or not.
Mr. POLLOCK. Michael has oxacily I did't know I was expressed what I meant.
so obscure.
If on
Sir PA. CHATER-Wezzy pot here to look after individual shareholers of the company, The company is inoked after by the Board of Directors and they took their choice. that acersion I had come round and asked some of you to take an interest in the concrru, I venture to say not one of you would have taken it
Bou. Mr. STEWART-That is prophecy; you don't know.
Sir PAUL CHATER-I Will go further, Some one else did take an interest to the extent of 350,000, and after he sold it increased from time to time until it reached $220,000 above the up- set. He was so sick that he sold his shares back at por,
should be openly ventilated than secretly whisely to have an interest to the extent of The CHAIRMAN-You are perfectly correct. pered. By that course remedies might be $200), It is not net profit, and commission has not been suggested and perhaps a care offrotel. He Mr. Potock-Your explanation seems to reckoned on that
off rod these remarks in the hope that misgi explanation at all. From the chairman's spouch Mr. POLLACK-I don't son how the sum of ing might be removed and the future outlock we understood we could selt our property at say can be possibly arrived at ea-a-basis improved. If the present puling of foating 819,526 ?.......... of 3 per cent. It is obvious that this system new land companies un ringing them with of put to the managing directors is very officials at that company was to pass unchal detrimental to the ordinary body of shareholders, lenged, it might be continued ind-uitaly to
their injury Divided allegianco and half when we received P2 instead of seven por cont hearted servies could had only to disappoint. If you refer to the figures of previous years s for the year 1905, you will see that the ment. By single-minded and devoted garsine in the interests of the general body of slare mannging motors 8 were less, being alone could the company become great, and ho holders of the Company. The first is-Is it a-8703. for 1901 and $25,915.74 for it protested against their offers and digelo's fact that this Computey was che of the Therefore, of thres yours, the managing direserving rival land comparios as un injustice to original shareholders in the Hongkong Loud ters have tat on maest in respect of the year 1995, the shareholders of the company. Relaustion Co, H
in which
i year the slaveholders only receivo a The HAIMAN It is a set.
seven por cout, as against a twelve por ceut, Me. Pollock-To what extent? TE CHAIRMAX-To Land far shment Co. Bas held shares to the value of $200,000 in the indued to speak on the position of the Company Reclamation Co, which represent 60 per cent.
Mr. POLLOCK-Is it a fact that relaimed by the report for two rescue. The property was sucked deya to Mr. Shelton certain property in Waneta was the cause of first because the Company's mangonent of Hoagier, the paid S-eratury of this Company, protest in the public press, which had the result at public auction? If so, by whom was le
of special logislation being passe to put the employed to purninuse that property?
The thought that when the ¦ The CHAIRMAN-My answer to the feat matter in order. question is No; the land was not knocked press and the polies of their own initiative and with outier justifioction falt enllod upou to teach down to the Secretory of the Company.
Mr. Pold. Then, who was it knocked the Crepans how to manage any of its proper
ties-it was-tires-for-tu-ardinney chardholder to stir himself and say something. He trusted that The HAIRMAN - I don't know that I can'
no on would ever again be able to print the answer that question. This is the Land Invest-finger of son at the Compong as the proprietor ment. Company's mening.
of any houses used for disorderly and imaveral purposes, and he earnestly hoped that nothing similar to the deplorable business which disgraced Wanchai during the early part of lost
Bred year
orer b praia roferrel to at Any future mesting of the Company. The scout reason he had for up-sking was that | his had received letters from shuteholders at hom asking him how it was flat the dividend had dropped from $12 to $7. They probably looked on the 'ompany is a steady going concory and spent their dividends as they wer received without bothering as to details, Ha was at a loss to give reasous for a fill in the dividend of burly fiù per cart. If they were is a sinking Colony it would be explainable; but they were not. They had suffered from no devastating earthquake or typhoon, and they most, therefore, look within and not to reasons without for suing explanation of this unpleasant phenomenon. Since 1891 there had been at advance in the rateable value of the Colony from 1,619,121 to $10,472,278. Admitting some extension "of aron, it would still appear Mr. Pots CK-What profit is accrued to the Cogany es a sharhelder in the Land out money well invested in 1891 world to
be giving
a very handsam return to-day. Reclamatin Co, from the reclamation effected | The published details as to the Into Mk. by the Inter Company at Tsinelatsol, near Gasville Sharp's eats also went to show Blackbend's Point?
Chat when his etate was duly a-Rossed by com petent and reliable authorities at the time of his doch a few years ago, it was valued at $1,000, and a lawsuit ater proved that the state had increasest in valus more than 10 per cent. Allowing for a safe caluation in the first case, there had been, and was now, a very great angmentation in the estate referral to which did not seem to be shown in the figures they had before them. Another ind resting comparison was the Shanghai Land Company, whose shares stod af 149 per Ezut, premium aga nab a premium of 25 per cont, in the The Land Investment Company.
The UVEMAN-T -cision to fake 820 0 0 wath of shages was arrived at by tie full board of directors."
Mr. Ponnor-] want to know to whom the property was knocked down ?
The CHSTRESTN--I haven't the information on-handl
Mr. Pawock-The information must be known to you, Sir Paul Chaler, or hazecretary. SIR PAUL CHATER-I was not in the Colony at the t..
MR. POLLOCK-Mr. Northcote may be able to tell av?
T50 CHAIRMAN No.
Mr. PULLOOR-I understand Mr. Northcote is secretary to the Land Rocauation Company
THAIFMAN-No. He is kookkapor. He was acting Secretary.
The CHAIRMAN- Only a portion of the re- clamation in question bus been disposed of and the bot to the company is duired in the sbare of the interest, dividend and bonus recently derlarel, aointing to 12 per cent. in all.
Mr. POLLOCK-And wo still hold shares in that company to the amount of $200,00 ?
The CHAIRVAN- Yes, "
Mr. POLICE-And you told us just row that those slaves have deprociute?
The CHAIRMAN-I mentioned by 50 per cent, as they now plund on this books.
Mr. POLLOCK-What is the increase in the saine of our property after making allowane for expenditure, depreciation, ote.
The AIRMAN The face value of the shares is $75 each, but they stund in the books at $10
Mr. FOLLOCK-Ars this managing directers
of this Company also managing directors of the Land Reelumation Co. P Hongkong
The CHAIRMAN--It is a well-known fact that
they are.
Mr. POLLOCK-I only want to know the fiet. Is it su?
The CHAUBMAN-Yer.
Mr. POLICE-Is it true that this courpany las disposed of any property or rights of reclamation to the Hongkong Laul Reclama tion Co.?
The CHAIEMAN--One let has been sold by the Land Investment Co. to the Reclamation Co.
M. POLLOCK-What lot is that?
The CHAIRMAN -Kowloon Marine Lot No. 49.
Mr. POLLOCK—And when did that sale place?
The CHAIRMAN-In 1902.
take
Mr. McHAEL-So that, even when business buss born done at $150, yon pat them down at $100,
The CHAIRMAN-They stood at $150.
Mr. POLLOCK agreed with Mr. Michael that the proper course for the directors would have boon to consult the shareholders, and
|
·
Mr. SMITH seconded, and the motion was carried,
The CHAIRMAN-Dividend warrants will bo ready"to-morrow, gentlemen.
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The eighteenth ordinary meeting of sharo-MAXIMUM or EXCELLENCE holders in this Company was held sterday at the officer, Viatorin Buildings Sir Paul Chater presied.und thanthurs present ware-Hon. Mr.
W. Dioknou, Mr. A. G. Wood, directors; Messrs. F. E. Eli, J. M. Graen, A. Shelton Hooper, P. Muilland, U. W. May, J. P. Michael J.Orange, and 17. Percy Smith.
Tho notics calling the mering having been rend,
The CHAIRMAN said Gentleman,-I par- posa with your paroission to take the rupert
$375
AND UPWARDS.
VICTOR TALKING
MACHINES.
WITH TAPERING ARMS.
and account as read, Thurnet profits for LATEST OPERAS & SONGS. $44,134.57 for the previous year. This Hongkong, 1st January, 1904.
thro post foar amoual to $45,700.67 as ogainst
incrruse is brought about by the property having been leased from April 1st at an in- creased endal of $1,000 per month. On the other hand, you will observe that the cost of resurs hsitoreased from $2.197.5 to $5,21254
This expenditura has been necessitated by the requirements of the Sanitary Board and the general doing up of the property on the change of tuurcy. We are flas maled to pay a dividend for the year under review of $5. as against 80 20 for the previous year, and in the have no reason to anticipate, the returns for the absence of any abnormal expenditure, which we current year with the increased rental under the new fense should enable us to pay a still better dividend in the future. Before moving the adaption of the report and accounts as pre-
tions aburchakers muy wish to put.
Thero being ne questions, The CHATEM proposed the adoption of the report and accounts.
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Mr. MICHAEL And on that writing up meeting ought to have been called for that sented, I shall ha pleased to answer any quez. AT CO., LD., is prepared to supply
you charge your commission ?
of "CHAIRMAN-Tunt is,
Th
questioned.
courge,
purpose. "As it was, the managing directors took interes. of $2,000 out of $12,500, which appeared to have been, from what he could gather, a cory good investment. He certainly thought the Board was starting What
p
Mr. MICHAELs have got property to the value of about $6,000,060, proportion is value is still antlersloped and unproductive to us?
The CHAIRMAN About half a lakh of dollars.
Mr. MICHAEL-What is the percentage ? The CHAIRMAN You can gare it out for yourself.
Mr. MICHARI-Less than one par-cent. ? The CHAIRMAN Yes.
Mr. BICHAEL-Well, I hare a suggestion make.
rival
The CHAIRSAN-1. must take arcpion to your calling the Land Reclamation a rival company
Mr. Tomack-What do you call it, a competing company? I should very much like to know what you ilefned it as.
The CHAIRMAN You cannot have an interest
inha rival compay.
Mr. POLLOCK-I surely competes with
ours. It does similar business to ore.
The ChanMas-1.propos that the report and neevants as presented be adopted aud
assed,
Mr. BAIN-I have much pleasure in seconding We have bad quite enough that motion. talking as yet, and I make no remaks on the question,
The motion was earried, Mr. J'elleck voting against
Mr. MAITLAND ecended, and the proposition was carried,
On the motion of Mr. PERCY SMITH, soconded
by Mr. MAITLAND, the appointment of Hon. Mr. W. 9. Dickson a director was confirmed
Mr. GRACA proposed, and Mr. E3.1.18 second- od, the re elcetion of Sir Paul Chater and Mr. A. Wod as directors. Carried unaniraously.
Mr. W. C. May and Mr. P. Arnold were re-elected anditors, ou the motion of Mr. SMITH, seconded by Mr. ORANGE.
The CHAIRMA—Dividend warrants, will be
ready to-morrow, gentlemen. Thank you for your attendance.
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The CHAIRMAN-I think we had bolter gei on with the business of the meeting..
Mr. MICHAEL-It might be an important suggestion.
The HATEMAN-I shall be pleased to bear it after the business of the rating.
There is a strong and rapidly growing feeling The CHAIRMAN—I um in accord with vary many of the remarks which have fallen from
that the now Idoyd's telegraph code, which has been coming into us during the past two or my frind, Mr. Gershom Stewart, and in
there months, must be abandoned or profoundly Mr. MICHAEL suggested that the million reply to what he has said, I think it be neeful if I indicated how the Reclamation dollars worth of the Company's properly moifird, says the Times on Dec. 30th. It has should be valued so that shareholders might already been responsibi» for numberless errors. Company cans to be formed. That compeurkow its worth. It might be worth an interest both in the receipt sol in the despatch of people, customs, &o., of the Far East. was formed in April, 1902, four years ago, tho
mes-ages, and it is destroying the basis on which The kindly Press criticisms, both Continental directors of tids company having in view that per cent and it that were re day weTH the contemplated Praya East reclamation, only gtting soran. He suggested that the the publie confidence in the
up. Yesterday the Magazine has evoked is eloquent testimony of British etesmer Runewick was reported to be the sterling merit of the pblication. rating which you will all recall, and in which the Land value of the property should be put on recural tel-grams has been built up of lord's and American, that the production of this
Investment Company by reason of its owner every secoil or third year.
Price
$1.50, that Slanghai was perhaps exceptionally ship of many marine lots in that district,
The CHAIRMAN said Mr Michael'ssaggestion wrecked at Ioniche, this morning under-
learn that the yeasel ashore thero On Sale at "NORTH CHINA HERALD favoured he did not think any one would say would have had a considersblo interest, and the would have the consideration of the board,
The Rape
OFFICE, Shanghai, Hon. Mr. STEW/ET-In the course of this is the British steamer Leven, that the figures of flative prosperity were cecessity that would cecusion for a large capital i bare listened to a remark of Sir sick appears in the new code-busk us Vibe.
MESSES. KELLY & WALSH, fairly represented by 110 per cent. as compared antlay which could vot be prefuctive for many albuter's which has filled me will regret the Leren in raprosented by Riba; an error
Hongkong; to 25 per cent. They hid always hoped that the Lund Investment Company marched handlers. The idea was conceived of forming s
Lew and distinst company which would under. He said he did not consider it his business to in telegraphing the initial letter caused the and all leading Booksellers in the Far East.
trouble, and almost any other error would
Hongkong, 3rd February, 1903, in hand with the Colony both ju prosperity and take that work and thus avoid
lock-up of study the interests of shareholders.
Sir PAUL CHATER-Individual shareholders. have produced the colle word representing some adversity. It was now some time ago since the
The untrustworthiness of this newspapers reported the purchase of a large capital to the Land Lovestment Co. The project Hon. Mr. STEWART-The company is made other vessel.
and it seems to new code-book is fundamental; it arises.out property at Tsimetal soi, by the secretary of then position of the company referred especially up of individual shot of judgment somewhere. the principle on, which it constructed.
has been of this Company. Provided that the Govern
to the extensive programme to which we are to me there is an error mout were desirous of selling the site, it already committed. They deemed it prudent 1 wish to propose that The shareholders of Le cou word consists of four letters--two seared natural enough that the Land Com; to place some limit on such a prospective only that in future any favourable opportunities changes are rung on mis the tenants ind atlay this company desire to record their opiniouoousenants and two vowels, The alphabetical pany should desire to B-care a ubstantial
and decided to take an interest of 3200,405 in interest in placs from which anyone would the new company. Those shared wire applied for reclamation or other daulings in property tivo vowels, and any mistake in telegraphing see that railways might radiate all over China. for and allotted to them, and are still held in in respect of which fresh capital is required one letter rust in most cases rield a code word It
was with feelings of disappointment this way it was considered that shareholders' aght to be offered in the frst instanes which leara no appearance of an error. approaching to dismay that they eventually interests were very appresiably protected, but by the managing directors to shareholders of good code-hook an error in a letter microly exues
shia realised that this purchase was not for them
I am very sorry to gather from the remarks the company ought to be sold to the Hong-diferent and errorcons code word. A good company, and that no property or rights of trouble in de-coding, it does not produce a but for a rival company brought out under the
No. 2, PEDDER STREET (next to the mude that shareholders themselves held o
ande-book is almost inevitably cintasy in appear unspices of the managing director of the Land different opinion.
keng Land éclamation Co."
Mr. POLLOCK seconded the motion.
aneo if it is to be trustworthy; the new Lloyd's General Post Office and opposite to the Side In Fostment Co. Ho sed the word rival com- Mr. POLLOCK-I think in your statement | pany advisedly, for to reclaim meant that it did just made you gave an inaccurate, answer to |
Mr.MICHAEL wished the resolation amended. code-book is very pretty, but everything has entrance to the Hongkong Hotel).
Hongkong, July 5th, 1905; so with the object of obtaining land to sell or
my question just now. I asked if it was true The Hongkong Land Reclaration Company boen sacrificed to prettiness, and the prettines rent, and therefore dealt in the same article as that this company had disposed of any property might at soque time offer them a good price for is fatal to it.
of
DR. NEWELL WILSON,
DENTIST.
In-a
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