1912-12-10 — Page 5

Page

diler Farmer&&

if the East

The Wine Merchany of the

INAPIER

JOHNSTONE'S

#I SQUARE BOTTLE

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THE SAME TO-DAY AS IN 1745.

BEWARE OF IMITATIONS.

SOLE AGENTS IN HONGKONG 1

LANE, CRAWFORD & CO.,

and from Att WINE MERCHANTS.

FREE COUPON Entitling Anyone with RHEUMATISM

to receive prepaid our celebrated Treatise, The eauto and enre of Rheumatism," illustrated in colours,

Name.......

Address

Only one beak to one address,

337 A

If you are Rheumatism; eat out the shove Coupon and send it to us with your name and address plainly written on the blank lines. Return post will bring you our co ebrated hock, "The cane and ones of Thermotim," explaining the wonderful treat mont which is curing many thousands of Rhea. mati sufferes. This treatment we call Magio Foot Drafie, and they are curing very bad cases of every kind, no matter how severe. They are curing cases of 30 and 40 years' suffer. ing after doctors and baths and medicines had failed Fond

the

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MAGIC

standing our treatment you will not hesitate to accept the offer we thall make you. Our faith is so strong that our treatment will cars you that we want you to write inmediately for collet, an cut the above ocupon and send it to the Magio Foot Draft Co, Chinn Agency, P. O. Per 384. Hongkong, China. Bend no morer, no stamps, just the coupon and we will send our Booklet by return of pinat.

(1341

TRY

Beecham's Pills, they are just the thing as a family medicine. Nothing to be compared with them has yei-been-par-before the-- public. For over half a century this. medicine has been an easy First Favourite in countless households and the name and fame of Beecham's Pills have spread all over the world. The reason for the enormous popularity of this remedy is not far to seek, Experience has shown ther there is nothing better for derangements of the stomach and digestive organs generally. Taken in accordance with directions,

BEECHAM'S

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PILLS

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THE P.& 6. 8. N. CO.

THE HONGKONG DAILY PRESS, TU ISDAY, DECEMBER 10ra 191*

THE RISE IN DEFERRED STOCK.

The seventy-second ordinary general meeting of the Peninsular and Oriental Steam Navigation Company is to be held on December 10th. At this meeting the directors, after providing for the usual dividend at the rate of 5 per cent. por annum on the preferred stock, will recum mend a dividend on the deferred stock of 6 per cent. for the six months, together with a bonus at the rate of 5 per cent, making, with the interim dividend of 3 per cent, paid in May a total distribution on the deferred stock of 15 per cent, for the year. For the provious twelve years the bonus was only 3 per cent, thus making a total distribution of 12 per cent, for the year.

The Times, in the course of a special article on the speculative movements of P. and O. deferred stock, observes:--

To account for the rise in the stock last spring, and the more recent recovery after the fall caused by the outbreak of hostilities in the Near East, a number of. rumours have from time to time been circulated, One was that the company was negotiating for an amalgamation or a close working arrangement with com- peting enterprises, and the Royal Mail Company was spotted" by the Stock Exchango quidnunes as the "other party” to the arrangement-the terms of which were to be such as would greatly enhance the value of P. and O. Deferred. The well-known policy of large expansion to which the Royal Mail has latterly given effect perhaps lont some faint colour to this particular story until May 1, when the P. and O. directors, in making a further issue of their authorized capital, used the occasion categorically to deny that the money was wanted for any other purpose than the requirements of their own business and the future work- ing and improvement of their mail, passenger and cargo services." Arrange- ments or amalgamations with any other company were not in contemplation, it was added, nor had any overtures of the kind been made. That was definits and. conclusive,

As might have been expected, the statement called a halt to the upward movement in the deferred. Not only were the vague optimistic visions of amalga mation proved to be illusory phantoms. of the brain, but there was the concrete fact of the large amount of new 5 per cent. preferred stock, ranking in front of the deferred, to be reckoned with. Un- doubtedly the official contradiction of any scheme wat so positive that other. explanations of the upward movement had to be sought. It was suggested that & powerful syndicate was buying up the stock in order to secure financial control, with the object of initiating changes that would bring the Australion shipping trade into one line. One phase of this Protean rumour said that the buying had its headquarters in Hamburg; another that, the principal rival shipping can. panies were at the back of it. Both agreed that a powerful financial group was at work and prepared to hid up as high as £500 for each £100 of deferred stock. When it was pointed out that the preferred capital had the same voting power as the deferred, and that there was, including the new issue, twice as much of it, it became necessary to show what was to be the syndicate's counter-move. Rumour was equal to the occasión. The syndicate was going to acquire preferred stock as well as deferred, so as to be sure of the voting control in any caso. Then came EL more definite statement that £9,000,000 in cash ad been offered as a basis of negotiation for the joint financial control of the P. & O., and that the directors had refused even to discuss the subject on any terms. As the P. & O. is a chartered company, its transfers are not open, to public inspection; consequently, no one outside Leadenhall-street knows. how much stock has actually changed hands, and as any syndicate buying for control would probably be careful not to show its hand, but would make use of many dummies, even the authorities of thy P. & C. may well have wondered what was going on. At any rate, the "definite offer was a myth, for the directors

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issued another and an even more empha-danger of rate-cutting has been minimized

tic dementi,

The second pause in the buying move- ment was followed by a reaction, and when a few months later the outbreak of war in the Balkans gave every market a severa shaking, there was nothing surpris ing in the fact that P. & 0. stock tumbled with the rest. But the splendid perting city of rumour was not to be denied. When the adverse conditions subsided shipping shares again came to the front, helped by some improved dividends in the case of the Royal Mail, the Paciic, the Union-Castle, and one of two purely cargo lines. This time the amalgamation story was again revived in a modified and more nebulous form, and it was supple mented with a prediction that the P. & 0. would shortly announce an increased dividend or bonus, which has now been justified. The market, as a consequence, took another upward turn, partly through renewed buying by investors.or & syndicate and partly, it may be, through the closing of bear commitments.

if not altogether wiped out. In its way that is quite as important a set as amalgamation, and in the case of a com- pany like the P. & O., with its fino traditions of public service, a good deal more satisfactory. It is fairly plain that the directors see their way to a large- expansion of trade, or they would not capital to rank before the deferred stock. have issued nearly two millions of new A number of new steamships are either iz contemplation or actually in course of constraction, and the tonnage of the company's fleet, now not far short of 500,000 tons, will be considerably increas ed. The shareholders can afford to lo upon the immediate outlook with the equanimity of confidence. The conser vative perhaps rather too conservative- policy of the Board in the past has put the company in a thoroughly sound financial position. The conservatism of the directors, provided it does not become hidebound, is not the least of the company's assets. It is well, however, to hear in mind the probability that the present "glorious summer" Through all this haze of conjecture two

may, some facts seem clear and indisputable. One of discontent," and it is certain that no day or other, be succeeded by a winter is the extraordinary prosperity of the body of men are more disposed to keep shipping industry. For a considerable time past high freight rates have obtained this in view, and even to survey its as a result of active trade conditions. probable effects through a magnifying. The view in shipping circles is that these glass, than the directors of the P. & 0,

PROSPERITY OF SHIPPING TRADE.

high rates will provail at any rate until the end of next year. It was a perfectly fair inference from this that the net sar plus of the P. & O. for 1912 would establish a new high total. Whether it has done so or not we must wait for the report to disclose. It will not be forgotten that the benefit of higher freights may have been offset to some extent by less favour- able factors. The big coal and dock strikes in the earlier part of the year have left their mark, not only in the dislocation of regular sailings but also in considerably higher wages and a beavier coal bill. The recrudescence of industrial trouble in the spring and summer. which temporarily paralysed. trade, must have hit the shipping .com- panies severely.

+

The other point that seems to be outsido the region of mere talk is that friendly arrangements have been made with some. of the chief competing lines whereby the

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Victor

As a precaution against the constant risk of infection, remember that washing with

CALVERT'S

– No. 5 Carbolle Soap

is a healthy habit, for either personal use or household purposes-and it is not expensive.

Local Dealers sell i Makers-F. C, CALVERT & CO,, Manchester, England.

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ON 2ND FLOOR, No. 2, PEDDEL STARKI,

ONE-ROOMED OFFICE.

Apply Property Office,

JARDINE, MATHESON & Co., LTD Fongkong. 23rd May, 1912.

OFFICE TO LET.

$733

ST FLOOR, very central, One Large and

One Small Room, Smail Godów.

C B. A.,

Apply

Cars of" Daily Press" 0. Hongkong, 20th November, 1912, [1330 TO LET.

HOP in ALEXANDRA BUILDINGA.

Apply -

A. B. WATSON & CO., LTD., Alexandra Building Hongkong. 27th November, 1912.

[1354

TO LET

ODOWN, No. 945, Praya East, Wanchci,

from 1st January, 1913.

Apply to-

KWONG SANG HONG, LTD.,

243, Des Youx Road Central.

1390

Hongkong, 6th December, 1912.

TO LET.

OFFICES in King's BUILDING

GODOWN, 102, Prays East. Apply--

THE HONGKONG LAND INVEST

NENT AND AGENCY Co., LTD. Hongkong, 4th December, 1912. [123

TO LET.

ARGE BUESTANTIALLY - BUILI

CLAW, Water

0

East Point.

For further particulars apply Property Offos. JARDINE, MATHESON & CO., LTD Hongkong, 15th August, 1912. 1995

TO LET

BOFFICE in ALESandra Buildings.

131

S

470

802.2

Apply--

A. B. WATSON & Co., LTD Alexandra Buildings Hongkong 16th October, 1913. [1243

TO LET

USCULUM, 136, Barker Road, Furnished

for one year from 1st March, 1913. Apply

LANE, CHAWFORD & Co. Hongkong, 2nd December, 1912. 1369

D

TO LEL

GGESFORD," No. 114, PRAK. Furniek

ed or Unfurnished, from let Jozuary, 1913. 6 ROOMS.

No. 21, SHELLEY STREET.

No. 6, DES VEUX VILLAS, 58, THR PEAE, from 1st March 1913. Promines will be thoroughly repaired, painted and colourwashed,

68, MOUNT KELLE, Partly Furnished, immediate possession to 31st May. 1913,

From 1st February, 1913, MERION, No. 10, PRAE, Furnished or Unfurnished. & ROOMS. For Sale. GLENSHIL," 14 and 125, Barker Boad clove to Team Station.

For Sale. "HARTING and KOGATE " an part of Kowloon Inlaid Lot No. 154. Apply to LINSTEAD & DAVIS,

3rd Floor, Alexandira Buildings. 122 Hongkong, 10th December, 1912.

HONGKONG

METEOROLOGICAL

REGISTER.

Hongkong Observatory, December 9th

Previous On Date On Date

Day 1 at

at

at 2 p.m. 6 s.m,

3 P..

Barometer

30.19 30 28

30.27

Pemperature

69

59

64

Humidity

· 58.

74

60

Wind Direction

Eart

XE

NNE

Force

1

Weather

b

པ་་

Rain

Highest open sir Temperaturson 8th ...70 Lowest copen`air Temperature on 8th-61 HONGKONG TIDE TABLE.

From -14 th 19:16th December, 1912.

Hrou WATER.

Daya

Month

H'kong.

Mend

Time.

k.

m.

Tues.

10 1 53

Ved. }}

Height

LOW WATER-

H'kong.

Mean

Time

Height

T'hurs. 12

ft in. h. m. ·ft, in,

4 4 4 43

0

2 51 a 3-9

.9 23 8 0

0 52 a 42 m 5:25

9 587 9 3 14 4 0 1 43 8 4 m & 6 1 1 10 297 6 31a 4 I Fri. 13 No infer high-m6 43.

11 3 7 2 noc low water Sstur. 14 No infer high-m 7 33 1 6:

14

11 43 6 8 nor low water 15. No infer highn 8 22: 19

nor low-water pn. 16 0 35 6 3 m 9.13 2.1

No infer, high-}· nor low-water