1911-05-15 — Page 7

CONSTITUTION OF THE LONDON STOCK EXCHANGE.

A Meaber Correspondent of the Times wrote last month a

The London Stock Exchange, whose proprie tore hold their annual meeting yesterday, is not only the largest and freest stook market in the world, but it is unique. It is unlike every other both in its constitution and its methods. Its history, Its habitation, its business are all more or lasa mysterios to the mu

"multitude. Like its stately neighbour, the Bank of England, it has grown up on lines of its own, from which it will he slow to depart.

Not a little of 18th century life still lingers around it. aureat, political, economic, and commercial, it paste the even tenor of its way. It is one of the few British institutions which improve with azo, but it contrives at the same time to retain mach of the old-world mystery of its youth.

THE UNWONTED CALL ON THE SHABES.

from the Managers on a long lense, or, better still, to purchase it outright and pay for it by terminable annuities. The Committes would, on the other hand, noquire all the present and future income from entry money, annual sub- soriptions, and office rout. Such an arrouge:"| mant would not only tarmlasts a very anoma. lons situation, but it would put the London Stock Exchange ou much the same footing as those of New York, Paris, Berlin, and other financial capitals.

THE HONGKONG DAILY PRESS, MONDAY, MAY 15TH, 1911

WEATHER REPORT.

Om the 14th at 11.55 a.m.-The depression lying over Hokkaido yesterday has moved away over the Pacific and the barometer has risen considembly La E, Japan,

As depression, which developed over the Eastern Bes, lies off S.W: Japan, and an aros of low pressure is situated over S. Chins,

Pressure is relatively high over N. Chins mad

Even the provincial Ex-SE. Japan." changes are ass rale owned by their members, and some of them have handsome and com-

While

modion buildings. However liberal and von generens the Managers may be, they have always to keep their shareholders in view and to think of dividends, Amid universal

On the other hand, were the subscriptions to be applied entirely to the general well-being they would the be paid all the more cheerfully. At present whole income of the Stock Exchange is apent on the maintenance of the buildings, salaries, wares, and dividends. There is no surplus for the educational and recreative adjuncts” which such an insiitation ought to posses the managers are larying their £1,000 a day the Stock Exchange Committan, which alone repre sents the general body of members and is solely responsibio for their conduct, is in the unhappy position of being panniloan. Looked at from snother point of view, it is something of which the London Stock Exchange may be prond that a penniless Committee, without even pens or paper of its own, should for more than a contars bare governed with conspicuons suos the mest important fiusacial body in the world,

DISENDOWMENT IN PORTUGAL.

CHURCH WEALTH taken BT, DEPUBLIC.

One of its historical peculiarities has just been brought before the public by the issue of the annual report of that ancient body known as the Maungers. The raport which wa presented to the meeting yesterday contained two unexpected annoncements one of a divi dend making 100 per cent. for the proprietors, call of £1 per share. The sed the other first

was highly gratifying, but the other was somewhat of a puzzle to the proprietors, as enlis are quite a now experience for then. The explanation givoa in the report as to the Bones boing required to strengthen the financiel position and for the purpose of extensions la scarcely sa infring to the proprietors. Many of them did their host to obtain private enlightenment from the Managers previous to yest-day's meeting. Int with scaut seedces. As a las bange this hoped that the chairman would vouchsafe some explanation, but he hardly alluded to the subject, except to indicate that they property had improved in value by more than £800,000 during the 30 years which have elapsed since there was a call. Thas another curious episode has been added to the history ons of the strangest securities. The shares are freely dealt in, and for a beary stock they are Ikvely in their movements. Within the past eight or ten years they have besu as high as 250, although only £33 joid, and as low as 170.ties will not be allowed to intervene in education, When the recent anoncements of 100 per but may organise religious instraction cent. was made they rallied from 170 to 200, and the dividend has sent them up to 213-their latest quotation, "

of

The Bill aboliraing the Roman Catholia Church an the State religion of Portugal was published last month. It shotinhas all taxes paid by the people for the maintenance of the parish priests. Legacies for Church services are for- biddon.

clerical soristies or brotherhoods, and one-third All roligious ceremonies must be paid for by

of their presont receipts is to be applied to public charities and relief funds. These spain.

All religious services mast take place between sunrise and anuset under supervision of a State official. All edifogs the property of the Church, farnished or unfurnished, are taken by the

churches, and for religious services will

Five seminarios for the priests are permitted. Pensions will be given to Portuguese priests who now hold offles in cathedrals or parish church. These peasions on death may pass parents, widows, and children. The professors and employés of the seminaries and the books used will be chosen by the Stato. Papal balls and bishops' pastorals cannot be published with out the Government's permission.

FOR MEMBERS ONLY These rapid Quotations are rendered all the

State, but, pe to use the cathedrals; more remarkable by the fact that Stock Ex-be granted gratuitously to the brotherhoods whe clnago shares are fenced round with restrictions pay for the services. Only Portuguero eloxgy peculiar to themselves. They can be hold only who have taken orders in Portugal will be by members of the Stock Exchange, but un- allowed to conduct such services fortunately tho converse is not true that every member holds them. So far from that being the ouse, they are the distinctive privilege of comparatively small body. In the old days the proprietors of the Stock Exchange building were quite distinct from the members, and oven outsiders could hold shares. Members were permitted to retain their shares aftor they resigned, and even in case of death they were allowed to remain in the family. now they have to be transforred within pertain time to actual members. Some outside holdings are said to survive among very ancient proprietors. They are be- ing, however, rapidly brought within the new rules. As a set-off to the restriction on out aiders there is another rule of

comparativs re sent date which requires every new member of the House to become a shareholder. Whoever comes in as a member from outside has to acquire three shares, but in the case of those who have

e qualified as clerks one share is suff eiont. This new rulo caused a temporary boom in the shares and put them up to the record of 250 above mentioned. But the dull pries

But

Limes which followed sout them down again.

It will be gathered from all this that the

Stock Exchange is a dual institution. The

LATEST STEAMER MOVEMENTS.

The C.P.R. Co.'s str. Monteagla, which left here on the 18th vit,, arrived at Vancouver on the 11th inst.

The Bank Live sir. Strathardie arrived at Vancouver, B.C., on the 13th instant.

proprietors and the members are still to a large MITSUBISHI GOSHI KWAISBA

extent separate bodies. Though under the now

rule the number of proprietor members is in-

creasing and the number of non-proprietor

~(MITSU BISHI CO.)

Modemie 8. and 8.W. winds may be expected over the N. part of the China Bea.

Hongkong rainfall for the 24 hours ending at 10a.m. to-day, 0.18 insbes,

JAVA-CHINA-JAPAN LIJN

STELMER

REGULAR FORTNIGHTLY SERVICE BETWEEN.

JAVA, CHINA AND JAPAN,

(ÖN ÖN ARCIT.

First half of --Muy

May

EXPECTED

FROM

WILL LEAVE FOR

TJIBODAS...

TJIMAHI

JAPAN

JAVA

JAPAN

JAYA

SHANGHAI

JAVA

JAVA

ABOUT

First half of May First half of

JAVA

Segond half of

JAVA

May

Second half of]

JAVA

May Second half of

Second half of May

May First half of June First half of June Second half of June

JAPAN

JAVA

SHANGHAI

JAPAN

The forecast for the 24 hours ending at noon JIPANAS.. to-day in as follows

TJIKINI. Hongkong & Neighbourhoo)..) Formosa Channel

Variable winds, (moderate. TJILIWONG South cost of Chius between game as No. 1. South coast of Chins between me as No. 1.

Hongkong and Lamooks, 1

TJITAREM

TJILATJAP.

Hongkong and Hainan

8.W. winds moderate or fresh; squally

thunder showers.

BARCLAY,

PERKINS'

FAMOUS

LONDON STOUT.

The

Leading Brand

Second half of

May

First half of

June

First half of

Гицо Booond half of Jona

The Steamers are all fitted throughout with Electric Light and have accommodation for

a limited number of Baloon Passengers, and will take Cargo to all Netherlands-Indian Porta

on through Bills of Lading.

For Particulars of Freight and Passage, apply to the

York Buildings, 1st Floor.

Hongkong, 1st May, 1911.

JAVA-CHINA-JAPAN LIJN.

Telephone No. 375...

(17

THE BANK LINE,

LIMITED.

PROPOSED SAILINGS FROM HONGKONG FOR

VANCOUVER. B.C.. SEATTLE &

PORTLAND (0r)

VIA

SHANGHAI * AND JAPANESE

Steamers

Toas

PORTS.

To sit on or About

VISITORS AT HOTELS.

HONGKONG HOTEL

Mr H. Adam Mr. J. 1. Andrew

Ars E. M. & Apar

and Avah Mr. P. Bird MrH. K. A. Boddington Mr 8. M. Browa Mr C. E. Brown Mr. Cambefort

Mr D.E. Clark Alr. W. E. Clarks Mr. H. L. Condon Mr & Mrs M. Cattrona

Col. O. H. Camming Mrs. Dalgnish Mr N. K. Davidson Mr W. C. Drew Mr E. I. W. Ea255 Mr W.- Edgar Mr. and dira. I.

Ehrenfel

Mr T. J. Eldridge Mr F. Esrom

Mr H. M. Finding'

Mr. H.

Mr.

.G.

Fisher

Mr & Mrs W. D. Kraft

Mr G. M, Laok

Mr. G. T. Lloyd Mr S. Lawrie Col, and Mya H. D. Mao Intyre Mr G. senini

Mr B. Markhama Dr. O. Marriott

M-J. Moreeki

Mr & Mrs J. J. Millar

Mr E. V. Mitchelmore Miss A. H. Morse Mr & Mrs A. B. Houlder Mr W. North

Mr P. H. Nye, Mr. V. d'Oettingel Mr J. C. Ogden Mr. J. B. Ploton C. Mr L, E. Pinkbac

Mr A Porter

Mir J. Forrester Derman Fuller

V. Goulbourn Caph, T. P. Hail Mr J. O. Hamilton Mr B. A. Harnett Hon.&M, E. A. Howett Dr. Spencer Hough Mr-R Innoa Mr R. M. Joseph Mr L, Jndall Mr. P. u. Klimanek

Mr. P. C. Polta Mir. E. H. Hay

Air J. Bobinson

Mr. H. H. Solomon

Dr.& re AD. Spalding Sir. J. Spittlas

W, Square

MIRA

Lt. & ira. C. E. Stainer Mr W. F, Stratton

Mr J. W. Taylor Mr. Taylor Mr G. A. Tisdale Capt. W. Tutt Mr H, Walton Mr G. Walre Mr E. Wellan

GRAND HOTEL

Mrs Andrena & children Mr J. & ily

Mr. E. W. Bauckham

Dr. Bandevia

Miss, Cohen

Miss P. Cohen

Mr. & Mrs. A. B. Crew

Ar Volay Dupay

Dr. K. Endlich

Mr E. J. Mooney

.. Mr P. W. L. Nannings

Mr C, E. Nicholas.

Mr. K. Offer

Me I. Parkhill

Mr A Petersen

Mr Ph. Pysh-on

Mr & Mrd. 7. Bomires

Dr. Rozage

Consul and Mrs H. C. Mr L Schmitto

rein

Mr A. C. Hondyk

Captain

ly

in

KUMERIC

LUCERIC...

6,2*2

6,400

G. B. McG.....

J. Mathie

30th May.

Mr H. R. Lookзchor

Mr '2'. Hood

30th June,

ENGLAND.

*Not Calling at Shangbai

The

best that can

bo obtained.

SOLD

EVERYWHERE.

·SOLE AGENTS for China?”

DADY BURJOR&C. Wholesale Wine & Spirit Merchants.

47

PRINTING “ Nothing orentes such a good impression is business as the use of First Class Printing. The difference in cost between good and bad printing and material is generally nil *THE HONGKONG. DAILY PRESS " PRINTING WORKS

members decreasing, it will taka a long while to00AL DEPARTMENT. turn ent the Best Printing at Reasonable Price

reach the ideal aimed at of a Stock Exchange

owned entirely and exclusively by ita membors. BOLE PROPRIETORS of TAKASIMA,

The principal purchasers of the shares now are

thenew members, and these even in a good year

OCHI, MUTABE, YOSHINOTANI,

seldom exocad 60 or 70. In a bad year they fall HOJO, KANADA, NAMAZUTA SATO,

much below that. At that rate it will taka a good many years to qualify the 4,000 members, more or less, who at present hold no shares,

SHINNEW and KAMIYAMADA, Collieries.

SOLE AGENTS FOR KISHIDAKE Coals.

HEAD OFFICE-MARUNOVCHI, TOKYO.

BRANCH OFFICES-NAGASAKI, MOJI, KAEATSU, WAKAMATSU, KOBE, OSAKA, SHANGHAI, HONGKONG, HANKOW, Cable addresses for above, " IWASAKI “*

AI, ABC 5th Ed., Western Union

It is not unnatural that the rank and file of the Stock Exchange should consider the quali fying process slow. More heroic measures aro sometimes advocated, as, for instanco, a complete reconstitution of the proprietorial body. In ita present form it is an obvious anachronism --- interesting, but out of date. It is not like any. thing else in the City, or for that matter in-the universe. It is of a joint stock company; neither is it a private company, nor a mere codes, partnery. The nearest analogy to it is

Cor- nish mine worked on the cost book system. The par value of the shares is not fixed, and now capital can be called up as it is wanted. According to the official description, "esch share la bald subject to any number of calls, but no call may exoood £2 per share, nor on more than one call be made during any period of 12 months." As just indicated, the oil that has now been made is the first one for 30 years. The proprietors have therefore some excuse for feel-

shocked.

ing

VALUE AND INCOME OF THE PROPERTY A considerable amount of frosh sopital has been raised during the past 20 years, but it has been in the form of debentaros. Since 1890 the cutstanding debentures have increased from £250,000 to £415,7000, while the share capital of £240.000 had remained the name. This partly explains the 100 per cent, dividends, and they have to be paid on little more than atbird of the total capital, while the two-thirds which has been borrowed gets only 3 por cent. Altogether the Stock Exchange is, as it ought to be, a well-financed property.

It stands in the balance-sheet at rather more than

million sterling (£1.080,628), of which £464,864 is freehold and £615,764 leasehold. Against that the chief liabilities are three per vent. debentures, £413,600; share expital

£240,000; reserve, £200,000; and balance at oredit of income, £344,259-a total of £1,197,857. Compared with colossal figures like these, the £20,000 which the managers now propose, to call up looks insignificant. It is a mere detall beside the current income of £363,965 a year, or £1,000 per day,

MEMBERS v. PROPRIETORS,

The position of members of the Stock Ex- change who are also proprietors is very con fortable indeed. It naturally excites some savy among the 4,000 more or less who are not proprietors. They are tempted at times to ask for a small share of the £240,000 a year which

6

AGENCIES: YOKOHAMA: M. ASADA, Eq. CHINKTANG: Messrs. GEARING & Co. MANILA: Mosars, MACONDRAF & Co. BINGAPORE: Mesara. BoRENO Co., LTD.

For Particulars, apply to

Y. SHIBUYA, Manager,

No. 2, Pedder Street, Hongkong. Hongkong, 12th May, 1911.

1636

● SELF OURE NO FICTION! •-- NO BUFFERER NEED NOW DESPAIR. THE NEW FRENCH REMEDY. THERAPION NO. 1

is a remarkably short time, often a few days only, Cures dischargeathersex superseding injections

THERAPION No.2

Cures Blood poison, bad lega, ulcers, sores, painfo. swelled joint, &c, when mercurial treatment faile

THERAPION NO.3

Cures chronic weakness, lost vigor and vital force.

• Number Therapipy & all self tevalment directions anclosed, ofchemists or post from Tha Le Cisse Medicine Co. Haverstock Ramp- Mead, London, Eng. Tay Now Dragve (Tastelons) Form of Therapiem,easy to take, safe, lasting curo, Trade Marked word "THIŘAPÍON” o Bricks Govt.Stang afixed to every genuinepacket.

X THERAPION X

"OURES TO STAY OURIEN.

127

FOR EUROPE AND AMERICA. INDIA, AUSTRALIA, 80, and for PRIVATE RESIDÈNTH AT THE OUTPORTS A Comprehensive and Complete Kacord of the NEWS OF THE FAH EAST - given in the

is being distributed among the proprietora It HONGKONG.

might, they think, be very fairly applied to the reduction of their annual sbscriptions, especially the higher rates, which are now £31 10s and £42 per sunum, Various suggestions have been made for solving the dilemma. The most feasible of them would be for the Stock Er- change Committee, which represents the whole - body of the members, to take over the property

៥.

W

PRESS

EEKLY

with which is incorporated THE CHINA Overland Trade Report Subscription, paid in advance, $18 per annum. Postage $2 to any part of the World.

VESSELS EXPECTED.

THE AMERICAN MAIL.

The P. M. 9.9. Co. str. Korea from San Francisco sailed from Yokohams on the 6th instant, en route to Hongkong, and is dus to arrive at Hongkong on the 19th inst.

The T.K.K. air. Nipper Maru, with U.8. mails, sailed from San Francisco for Hongkong on the 26th ult., is expected to arrive here on the 23rd inst.

The P. M. 95. Co. str. Siberia sailed from San Francisco on the 3rd inst. for Hongkong, via Honolala, Yokohama, Kobe, Nagasaki and Shanghai, and is due to arrive at Hongkong on the 30th instant.

The P. M. 9.8. Co, str. China esiled from San Francisco ou the 10th inst. for Hongkang, via Honolula, Yokohama, Kobe, Nagasaki.end Shanghai, and is dus to arrive at Hongkong on the 6th prox.

THE. AUSTRALIAN - MAIK The I.G.M. str. Coblens left Sydney on the 6th instant, at midnight, and may be expected here on or about the 29th instant.

THE GERMAN MAIL.

The IG.M. wir. Gueisenau, carrying the German Mails, loft Singapore on the 11th inst., at 8 p.m., and may be expected harą to-morrow st 6 0.

The I.G.M. str. Derflinger, carrying the German Mails with dates from Berlin of the 19tla nit, left Hingapore on the 13th instant, at 9.10.

and

Бо may expected here on or about the 17th inst., at 2 pm.

MERCHANT STEAMERS.

The H.-A. Linie str. Scandia laft Singapore

on the 9th instant p.m., and may be expected here to-day am.

The Apoar str. Gregory Apcar from Shanghai and Kabe left Moji on the 10th instant, and may be expected here to-day.

The Olof Wijk & Costs, Canton left Port Baid on the 19th

ultimo, Bad Is expected here

to-morrow.

The Austrisa Lloyd's str. E. E. Ferdinand left Singapore for this port on the 10th instant p.m., and is dus hore to morrow am.

The str. Glenroy left Bingapore on the lith inst, and in dae here to-morrow.

The I.G.M. str. Neckar Left Colombo on the 7th inst., at 8 p.m., and on or about the 17th in may be expected hore

The I.G.M. str. Print Sigiemand left Zoko- hams on the 11th instant, at noon, and may be exposted hero on or choat the 18th instant,

The Mogal Line str. Pathan left United Kingdom on the 12th March for Hongkong via Straite,

The

"Mogul Line str. Loval left United Kingdom on the 10th ultime for Hongkong, ria the Straits.

The str.4lenlogan left London on the 28th ultimo, and is therefore due bars on or about the 18th prox.

The Mogul Livestr, Sikh loft United King dom on the 6th instant for Hongkong vis the

To be followed by other Steamers of the Company at regular intervals. The Steamers of the BANK LINE, LTD., oarry Cargo on through Bills of Lading to all overland Common Points in the United States of America and Canada, sud also for the Chief Ports in Mexico, and Central and South America. Will call at AMOY and KEELUNG if sufficient indacement' offers.

The Steamers of the Line are of the most modern type, have excellent accommodation for storage passengers and a limited accommodation for Cabin Passengers; they are fitted throughout with Electric Light, the, “ Lucario” and 'Orterio” also having Wireless Telegraphy. Spectat Arrangements have boon made for Express Parools to American and Canadian Points.

For Hates of Freight and Passage, apply to-

TELEPHONE No. 780.

THE BANK LINE, LIMITED. KING'S BUILDING, Praya Central.

INDIAN AFRICAN LINE.

HE PAST MODERN STEAMERS OF THIS LINE AFFORD THE THE

QUICKEST FREIGHT TRANSPORT FROM THE ORIENT TO SOUTH

AFRICA.

Cargo carried on through Bills of Lading from HONGKONG to" BEIRA,

CAPE TOWN with transhipment at COLOMBO.

DELAGOA BAY, DURBAN (Natal) EAST LONDON, PORT ELIZABETH, and

FROM HONGKONG :

16th May.

PROPOSED SAILINGS.

FROM COLOMBO:

8.8. ELLERIC ...

12th Jane.

For mates and further information, apply fo-

THE BANK LINE, LIMTIED, (MANAGING AGENTS),

AMERICAN & MANCHURIAN LINE.

REGULAR SERVICE to BOSTON AND NEW YORK, (via SUEZ CANAL).

For Freight and further information, apply to---

Telephone No. 780. Hongkong, 1st May, 1911.

THE BANK LINE, LIMITED,

AGENTS,

AMERICAN & MANCHURIAN LINK.

SWEDISH EAST ASIATIC

CO., LTD.

GOTHENBURG.

[173

PROPOSED SAILINGS FROM HONGKONG (BUBJECT TO ALTERATION).

DESTINATION

STEAMERS

SHANGHAL, YOKOHAMA and KOBECANTON".

DATE OF SAILINGS.

On 16th May.

For Freight and Further Partionlars, apply to

TELEPHONE No. 171. OLOF WIJK & CO., CHINA AGENCIES, AKTIEBOLAG.

YORK BUILDINGS, Toe FLOOR.---

46)

Mr William S. Ivory

315 B. James

Mr Kelly

Dr. F. Kayt

Capt. & Mrs H. W.

Masco

Mr F. Sontsen

Capt. and Ire, A. H.

Steward and child Mr H. F. Stoneham Mr E Taylor Mr H. Waterinerler Mr. & ME. Wilter Mr & Mrs Wingard

KINGSSLJBE PRIVATE HOTL

Comdr, F. Acton, R.N.

Mm F. Acton & sid

Mr. E. Arnde

Mr & Mrs Aurort

Mr. H. Hennett

Ma F. Berington Dr. & Mrs HW. Brown

Mr. Cookor Mr&Mraf.M. Crawford Mr&Mrs.D. E. Donnelly Mr. & Mrs. C.E. Harvey Dr. Hobson

Mr. H. Hogan

Mr. H. Koch

Mr & Mrs G.F. Lammert

and children

Mr. & Mrs. L.D. Mandoli Master Mandell Mr E, F, MoNulty Mr. U. M. Meyer Mr. R. S. Morrison Sir Francis Piggott Mr J, Robertson Mrs. G. Bachse Mina K. Sose Mr. A. L. Shields Mr. B. D.Stewart Mr B . Warbrook Mr. B. Wabb Mr Whyte

Mr. and Mrs. E. A. M

William

Mr. & Mrs. A, C, Logan Mr. J. W. Wilson Mr. J. F. Macgregor

Mr T. Aoki

KING EDWARD HOTEL

Capt. Thos Arthur

Dr Belilios Mr M. P. Boattie Mr & Mrs H. Birkett Miss Brandt

Mr and Mrs H. B.

Bridger & Son Mr. W. T. Bryant Mr D. Clark

Mr & Mrs F. D. Creath

Capt. W. E bobarit MFC. M. Forroat Miss. M. Gaina

Granad

Mr A.

Me A. Harper air Harrison Mr B. S, Kabel Capt, F. Kofod Mr. John Lennox Miss J. Lepcinms Miss Lopreito

CHILDREN

OF

Mr & Mrs Soo.W. Lewis

and family

Mr Malcolmson Mr C. Mance Mr H. E. M. Martin Mr L. Mauria Mr G. W. MoEwan Mr M. Menior Capt. & Mrs. Merino, Miss Morzie Mr A. P. Nobbs Air, Packer

Mr Pa-oce

Capt. and Mrs. W.

Passmore

Mr 8. B. Kay Mra Robbits

Mr. E. E. Smith Mr. Sasthora Mr. H. Willner Mies M. B. Wilson

FAR

CATHAY

A SOCIAL AND POLITICAL NOVEL OF ABSORBING INTEREST,

By CHAS. J. HALCOMBE (Formerly of the Imperial Chinese Custom Service, Author of "The Mystle Flowery Land," sto.). /*HE VOLUME which consists of 145 Pages, and includes a Skotoh Plan of historical interort showing the disposition of the Forces at the battle of Kweilia, is dedicated to Sir ROBERT HART, G.Q.M.G., and Dr. A BENNIE,

Its description of Chinese Social Customs and Superalitions, combined with the inaight it gives into political conditions in China, makes CHILDREN OF FAR CATHAY".az excellent relame for presentation to friends at Home.

Well bound in Yellow Cloth with Chinese Emblem in Gold,

PRICE

... $3.50

To be obtained from Mesars. KILY & WALES Lro, Messrs. Brawan & Co., or from tle Printers and Publishers, the "HONGKONG DAILY PRESS" Offon.

SHIPBUILDERS, SALVORS AND REPAIRERS, BOILERMAKERS, FORGEMASTERS, BRASS AND IRON FOUNDERS, CONSTRUCTIONAL, ELECTRICAL, AND

MECHANICAL ENGINEERS.

Modern Appliances for quick construction and repair of Ships, Engines,

Boilers,

Railway Bolling Stook,

Bridges, and

all Classes of Engineering, Iron and Wood Work

Electrical Drives, Hydraulic

and Pneumatic

Tools, installed throughout the Works

TAIKOO DOCKYARD & ENGINEERING CO.

50-TON HYDRAULIC TESTING MACHINE

TAIKOO DOCKYARD. HONGKONG.

OF HONGKONG, LIMITED.

GRAVING DOCK

787 x 88 x 34′ 6′′

Pumps empty Dock in 24 hours.

THREE PATENT SLIPWAYS taking vessels

up to 3,000 tons displacement, providing conditions

for painting shipa with most efficient results.

100-TON ELECTRIC CRANE OF QUAY-ELECTRIC OVERHEAD

CRANES THROUGHOUT THE SHOPS RANGING UP TO 100 TONS.

Estimates given for Decking, Repairs to Hall and Machinery, Constructional Work

FOR CHAINS, WIRE ROPES, Bavets

AND METAL SPECIMENS...

Dockyard Manager Mr. J. REID, can be seen between the hours of 11 A.M. and 12 Noon at the Town Office?

MANAGERS AND AGENTS,

TAIROODOCK

BUTTERFIELD & SWIRE,

HONGKONG, CHINA AND JAPAN,