1913-08-30 — Page 7

ather Fulmert to

The theme Neschany of the Lad

INAPIER

JOHNSTONE'S

SOUARE BOTTLE

WHISKY.

UNVARIED FOR OVER 150 YEARS.

#

THE SAME TO-DAY AS IN 1745.

BEWARE OF IMITATIONS.

SOLE AGENTS IN HONGKONG LANE CRAWFORD & CO.,

nul from ALL WIND MERCHANTS.

DALLI

A noted prune prancisve-de-ballet.

Who's flaunces were very fal·lally

Was found-lemneš dauzingu

For tear Inhancing

Thecharms of her frocks miška DALLI. The best Box Iron for household use.

Qi el Storeoper, ticket by ma

The appars Co., Ltd.

Des Voeux Boat & Gemeni mend Corteaİ,

Huskong. Also sa Credɑa,

Brunes & worthiess inacc£?*==

The Dalli

Gibbs's Shaving Joan

SUPERFATTED COLD-CREAM

no WASTE

When La

the def + bolder, the Feasta con feuse! by posting it up five fe

PRODUCES A FINE CREAMY LATHER DOES NOT ORY ON THE FACE.

MADE IN -

NARTIN'S

ENGLAND.

PIOL &STEEL ESCORT PILLS

Aranch cose sua fermitalarias.

Thoukade of i

(always keep a box of Martin'sikia la the resentist on the mi Se say irregularity of the System tomaly dore may be dated wh

se ham egaltend them, bocca skaljence. Alchem his sad Moren woll Likes shens heats the World, or post droege 31219, Obecnies, tout kadaptoar Rag.

MARTIN'S PIOL STEEL SALA PILLS

[74

1022-1

BRITISH NORTH BORNEO COMPANY.

THE HONGKONG DAILY PRESS, SATURDAY, AUGUST 30TH, 1913.

The following extracts are made from a very lengthy address delivered by the Rt. Hon. Sir West Ridgeway, Chairman of the Court of Directors, at the 01st half- yearly meeting of shareholders in London on the 15th ult, :-

-The CHAIRMAN said:Ladies and

Gentlemon,-As the report and accounti have been in your hands for some time, I assume that we may, as usual, tako thema as read. I think I am justified in saying that the balance-sheet as presented to you is highly satisfactory. The receipts of the year exceeded the expenditure by £81,883 25. 3d.. and the total revenue of the State in 1012 oxoccded that of 1311 by £16,907 13s. 11d. I told you this time last year that for the preceding three or four years the average annual increase in the revenue of the State had been about £12,000, and that the Court felt confident that the revenue of 1912 would exceed that of 1911. by at least as much. Instead of £12,000 the increase is £16,000, and this act alone justifies us in regard ing the position as satisfactory. The principal items in this increase are under the heads of Customs, Excise and Rail- way; indeed, with one or two exceptions there is an increase under all items of revenue.

The increases of £4,380 under the heading of Customs and of £8,580 under the heading of Excise are parti cularly gratifying. They are conclusive evidence of the improved prosperity of the people. Another very satisfactory point is the increase in the railway receipts. Tho increase from that source in 1011 over 1910 was £3,700, and, as you now see, the increase in 1919 over 1811 was £3,900, that is to say, a total increase in two years of £7,600, or 57 per cent.

TRADE RETURNS: RUBBER EXPORTS, With regard to the general trade of the country, you will observe that whereas in 1011 the total volume amounted to £1,101,000, it had grown in 1012 to of £1,209,000, showing an increase £180,000. Of the exports, estate rubber again heads the list of increases, 411,000lb., valued at £102,570, having been shipped as compared with 140,000lb, valued at £41,036 in 1911. The area now under rubber is 25,607 acres, compared with 22,610 acres at this time last year. As you are all doubtless aware, the price of rubber has fallen considerably during the last few months, but those who are best qualified to judge are, I understand, of opinion that it will be on the upward grade again before long, and that at any rate it is not likely to remain much, if anything, below 3. per lb. We have to remember that there is an increasing demand all over the world, and, moreover, that low prices tend to greater consuip tion. The holders of Borneo rubber shares may congratulate themselves that their produce is of the best quality and realizes the highest prices obtainable in the market, la no single instance is there. any ver-capitalization. You will be interested to he the impartial evidence of a disinterested expert on this subject, who visited Borneo on his way from Singapore to Java during the spring. He wrote to me commenting on the admirable condition in which he found nine or ten estates which he visited and carefully inspected, and with regard to one of the principal of those estates he says:-"I nude a valuation of it on a five years production basis, taking 1914 as the first producing year and the profit to be expected at is. per lb. all through, and mudy the total £71,254 8. without regard to the balance of unplanted land and buildings." And generally as regards rubber planting in Borneo he wrote "I had no iden Borneo could produce such admirable growth and such clean work. The future of all (the rubber com panies) should be certain provided sufficient capital to bring to maturity is forthcoming, and the only pity is that it is all so young; but time will alter that," This morning a sample from the Membakut Estate was pronounced by 12 broker to be as good as any he had seen.

OUARANTEED RUBBER DIVIDENDS.

831-2

Lutetian

Cream

we makes brown footwear look and wear its very best Latetian Cream gives a gloss like varnish; yet: keeps the leather so supple, and in such fine. condition, that cracking is practically unknown. DARK AND LIGHT Dark for the deeper shades Light for the ordinary tar Som proler & Posie BBCIOXIAN PASTIS for the-Black or Browe. Of all Doctmetris; elc.

Manbied E, DROWN & SON, STT Giske 2

1508-7

WM. POWELL MOUTRIE'S

LTD.

COMBINED WITH

BRUSH

TELEPHONE 346.

CONTINUOUS

SUCTION

SWEEPERS

SUCKS

UP

DIRT AND DUST,

VACUUM

LIGHT

SHIPLE

TO

WORK.

STRONG

EXCEPTIONALLY LOW PRICED.

property account as the result of revalua tion. The wisdom of declaring a dividend when we have not carned during the year sufficient to pay it has been called in question, but I must repeat what I said to you in July, 1912. I then explained to you that in 1909 and 1910 owing to the boom we had secured large sums from the sale of land, and we might have declared a dividend much larger than 5 per cent, during those years, but bear- ingiu mind the possibility of n falling off in land sales in future years, we decided to pay only a 5 per cent, dividend and to transfer the balance to reserve, so that after providing for depreciation we might have a dividend equalization fund on which we could draw in following years if necessity arose. In short, instead of distributing the whole £180,000 derived from land sales in 1909 and 1010 as divi dends, we created a reserve and dividend equalization fund. We think it quite safe to maintain the dividend at the pre sent rate, especially as we are not obliged to have recourse to the reserve fand. The revenue of 1919 has exceeded that of 1911 by £16,000, and we anticipate tant in the near future, possibly in the next two years, the increase of revenue may enable us to meet not only the dividend of D per cent., but the interest on the Deben tares, out of our surplus revenue. This bring the case, we are justified in the meantime in continuing the dividend of 5 per cent, even though we have not entirely earned it during the year under review.

THE PORT OF "GOVERNOR

extension of railways, and here I must pay a tribute to the excellent bridle paths that is to say, country roads, of which we have now over 300 miles and for which we are indebted to our district officere, I was astonished at the excellence of their work. The widths of these paths vary from 6ft to 12ft., and the gradients are as a rule easy, being rarely steeper than I in 12. Great are the difficulties that

have been encountered swamps have had to be crossed and steep hills, sometimes precipitons, and masses of rock have had to be climbed, the path at one place rising to a height of some 4,000ft, where it crosses a spur of Mount Kinabalu and passes from the West Coast to the interior district. Nearly all the work connected with these bridle paths has been done hy this natives of the country, the survey and alignment being carried out by native overseers under the direction of our district officers. In many cases, especially in the more outlying districts where the officers are not su tied down by office work, they have dispensed with nutive overwers and have themselves undertaken the necessary surveying and aligning.

WIRELESS STATIONS.

|

PIANOS!

PIANOS!!

ON HIRE

AT $10 PER MONTH.

TUNING

AND REGULAR ATTENTION

INCLUSIVE.

S. MOUTRIE & CO., LTD.

[640.3

EXPLOITATION. FOR OIL.

|

There is a large demand for catile in the Philippines and Singapore, “aud in North Borneo itself there would be a good sale for cattle for estate purposes, and good horses and ponies are also largely in demand amongst the European residents of our territory,

The Court attzth much importnace to this undertaking, which will mark a further advance in the development of on! and which, if properly territory, managed, should prove a financial success.

timber suitable for railway sleepers Our object is mainly to establish a trade in sleepers with China, and as a preliminary step we caused samples of the woods as present used for sleepers on our railway to be sent to the Chinese railway authorities. I am glad to say that these samples were reported upon very favour- ably during our visit to China. When we know what our resources are in this particular line we shall hope to establish a large trade. China, as you know, offers an extensive field for railway sleepers.

CHINESE 1MMIGRATION. After leaving North Borneo Sir Alfred We have accordingly decided to appoint one or more thoroughly expert forest Turner and I proceeded to Peking, where for the officers. They will be charged with the negotiations for a scheme duty of making an exhaustive report on immigration of Northern Chiness took our forests. I look forward with con-place, I will not trouble you with a fidence to the result of this step.

detailed account of the negotiations, but will merely observe that, with the kind You will no doubt rreollect that in assistance of Sir Jum Jordan, the British furma! agreement WOR December last, I stated that the British Minister, Borneo Petroleum Syndicate had effected eventually reached on all the main points. These have been submitted in an arrangement with the Dutch Colonial at issue. Petroleum Company to expend a large writing to the Chinese Foreign Offee, who sum of money in undertaking an energetic have formally signified their approval. The Dutch details before the agreement is put into British North Borneo. exploitation of the petroleum resources of We row only avait the settlement of Colonial Petroleum Company have located final form. This work I have left in the two wells in the Klias Peninsula, and capabis hands of Messrs. Sheppard and Complete arrangements: sary for sinking purposes, which should. Forbes & Co. have now commenced. The Company's have bem made for the conveyance to they have on the spot all the plant nieces Southcott, of the firm of Messrs. Willingt

the Bequati district and reports that immediately on the signature of the are very agreement. They will be accompanied by geologist, Dr. Niethammer, has examined Borneo of from 200 to 250 families: gological conditions there similar to those at Klias. It is their high Chinese official whose business it intention to locate the site of at least one will be to repori tu his Government on We may hope that well and to make immediate arrangements the whole subjec.

near Northern Chinese settlers will be on their for the necessary plant. Dr. Niethammer within a short time the first Company of will then examine the territory

Dr. Reinhard, with thres way to Bornes. Jesselton.

This, gentlemen, is a brief history-for assistant geologists, is prospecting on the East Coast at Lahad Datu and close up have tried not to weary you with details Now, to the Dutch boundary. No definite results have yet been cbtained, as the of the event of the year. work his het n greatly handicapped by perhaps, you will bear with me while 1 few remarks regarding the As regards the island of make a had weather.. Sebattik, I mentioned to you that the prospects of the territory which British Borneo Petroleum Syndicate had administer on your behalf. They seem to arranged with the Royal Dutch Petroleum me excellent. The revenue is increasing Company for the exploitation of the by leaps and bounds without a check, and British portion of that island. The latest the prospects of the territory, judged by news is that no definite oil indicativus this and other tests, such as the increased have been found, but it is reported that trade and excise returns, are rapidly good anticlinal formations exist. I shall improving. The revenue for the last ten hope to be able to report good progress years, Exclusive of land sales, has been in this important matter of petroleum as follows:-1903, £31667; 1904, £97,940; when we meet again in December.

PROSPECTS,

W

The contract for four wireless stations at a total cost of £16,185 was completed on January 20 last; sites have beets selected and the material for the construc tion of the stations is being shipped. The first station will be finished by October 20 next, and the fourth and last by September, 1914. When the installation is complete all telegraph lines cast of I may mention here that before I left Tenom-across the interior from the East London the Court decided to take advan- to the West Coast-will be dispensed with, tage of an offer made by Sir John and there should be a considerable saving Anderson, that the post of Governor of expraditure. In addition the coal should be offered to Mr. C. W. C. Parr, mines will be brought into direct com also a member of the Colonial Service,munication with Jesselton, Sandakan, and whose reputation as an administrator is Lahad Datu, and, through those stations, no less excellent than that possessed by with the outside world. Jesselton and Mr. Scott Mason. I am glad to tell you Sandakan will thus be equipped long that Mr. Parr accepted the offer, and took before the Imperial stations at Colombo, Singapore, and Hongkong. We offered

1905, £109,942; 1900, £112,765; 1907, up his appointment on April 10 last,

£127,406; 3908, £127,463; 1909, £140,976; having previously met me at Hongkong construct a more powerful station at

1910, £170,767; 1911 £180,249; 1912. on March 22, We thus, had the great Jesselton so as to bring it into easy

£197,242. The expenditure has also advantage of conferring with him during communication with Hongkong four or five days on all the most import Singapore, but his Majesty's Government ant points connected with the territory declined the offer for reasons which it is on the point of completing arrangements largely increased; but if there had been which we had left only a few days before. dificult to conjecture. But even with our for a large cattle-raising concession in the no increased expenditure there would certainly have been no increased revenue, AI must take this opportunity to mention own station we may possibly be able to Hinterland of the West Coast.

that Mr. F. W. Fraser administered the communicate at night under favourable negotiations are now, I hope, en the eye Notwithstanding a liberal and, we believe. government from the date of Mr. Ellis atmospheric conditions with Singapore of satisfactory conclusion. An option has productive expenditure in recent years. departure from Borneo, on June 27, until Our medical service is now being re-been granted for nine months from the sarplus revenue has expanded in a

of grass and in the fertile very satisfactory way. Our policy in respect to guaranteed the arrival of Mr. Scuté Mason on Novem organized and placed, I hope on a February 25th last of taking up to 6,000 dividends to rubber companies adopted ber 1, 1912 and again from the date of thoroughly satisfactory footing, under cres on the recommendation of the late Mr. Mr. Meson's death which occurred on the supervision of. Dr. W. B. Orme, a Kaningen Valley-a district lying a few Cowie has been often questioned, but the December until my arrival on Febradical ufficer of high efficiency and great miles to the north of the interior terminus following facts will, I think, dispel any ary 0 last. During these two periods Mr. experience, whose services have been lent of the railway, for the purpose of raising misgivings. In the case of four of the Fraser discharged his cuerous duties to to us by the Government of the Straits stock, including eattle, horses, buffaloes,

Settlements for a period of three years sheep, goats, and pigs. which companies in

we guaranteed the entire satisfaction of the Court.

for this purpose, .. dividends, the guaranteed period has now erased. One of these companies has repaid the whole of the sum advanced to I mentioned to you in December last them, and not only so, but we understand that my principal reason fox again visit-

·way,

THE DEVELOPMENT PROGRAMME.

and

TOBACCO, COML, AND TIMBER, With regard to tobacco, the cutput for that this year it has earned and will paying the territory was to watch the initia919 was approximately 16,917 bakes, a dividend out of its own profits of attion and progress of the great develop-which shows a considerable increas as least 15 per cent. In the case of the ment scheme for which funds were compared with 1911. About one-half yet other three, we have reason to expect provided by the Debenture issue of last remains to be sold, but I am sorry to say that they will be in a position in the near July more particularly with regard to that the prices so far realized are slightly future to repay a part at any rate of the the question of immigration. This scheme, below those obtained for the 101 erop. amount advanced as guaranteed dividend. which I outlined to you in July last, Fluctuations are, however, inevitable. I The Manchester North Borne Rubber Company have recently advised as that comprises, inter alia, the Jesselton Land shall be able to report more fully in they will not require the guaranteed Reclamation scheme, the improvement of December, and I hope to be able to give Next, with regard to dividend for the half-rear ended June 3 Jesselton Harbour, the lengthening and you a better account of the prospects of

strengthening of the wharf and pier, this year's crop, last. You will see from the balance sheet water supply for Jesseltoo and Sandakan, one of our most important industries, the that the total so advanced up to the end the lighting of the coast, the construction coal industry, I mentioned to you in of December was £158,947. All the guaranteed dividend periods will have of roads, the reconstenction of the rail December last that, pending a favourable the installation of wireless opportunity for the ronstruction of the ceased in the year 1916, and by that date there is no doubt that we shall have telegraphy, and last, but not least, the Cowie Harbour Coal Company, we were received an appreciable refund from inauguration of Chinese immigration. All still giving them financial support against several cf the alder companies. None of this programme is now in full progress. our Prior Lien bond. As you will all our rubber companies has a large capital, We expect that one result, will be that readily agree, the anticipated improve and if one of them is already in a position Jesselton will become a favourite port of meat in markets has yet to come, and it to pay 15 per cent. dividend out of its call for vessels en route to Ching and has therefore been necessary to defer the profits, we have every reason to hope that elsewhere, and take the place which was reconstruction of the Company How- Another in- ever, am pleased to be able to inform the rest of them will be able, in due once occupied by Lahuan.

what we have portant work which we are taking in you that for some time past the output From the mines has been steadily course, to repay us

hand is the lighting of the coast, and I advanced.

hope that when we again meet I shall be increasing, and, what is more important, able to assure you that the coasts of North the sales for the past six months have been THE DIVIDEND.

Borneo are no longer avoided by the very satisfactory. When the reconstruc You will see that there is a balance to

tion of the Company is taken in hand, the credit of revenue account of £179,05, passing mariner.

Road-making is being seriously under your interests will be fully safeguarded which is carried forward to the balance taken. This important work includes the under the schirme of reconstruction. With sheet, and out of this the Court recom- construction of the metalled road from regard to timber, the value of the exports mend the payment of a dividend of Jesselton to Tuaran (25 miles), sve during 1912 was £2,130 over the preceding per cent. for 1812. This dividend will be roads in the vicinity of Jesselton and year. The court have decided that the paid without encroaching on the reserve Sandakan, and the commencement from time bas now arrived when an inspection fund of £120,000, which was created both ends of the great trunk road which should be made of the forests of the mainly for the purpose of equalizing. dividends. Moreover, the dividend will is eventually to cross the territory from territory with a view to ascertaining. be paid without taking into account the the East to the West Coast. At presut definitely the amount of the different £80,000 added to the value of lands and we prefer the construction of roads relies of timber, more particularly

CATTLE RAISING. Imentioned last December that we were

IF YOU ARE

The

"OUT of SORTS'

OR

'LIVERISH'

For the last 10

of land sales, has been as follows:--190%. years the surplus revenue, also exclusiv 21,667: 1901, £5,202; 1005, £36,192; 1900 £21,470; 1907, £38,087; 1905, £33,946; 1969, £44.402; 1910, £65,850; 1011, £74,030; 1912 (Continued on Page 6.)

£91,566,

Nothing keeps a man or woman down like indiges fonor liver trouble; nothing braces them up so quickly of so surely as a course of Mother Seigel's Syrup, the digestive aic and stomachic remedy, made of roots, barks and leaves. It tones and engthens the stomach, stimulates the liver and bowels, braces the nerves, purifies the blood, creates appetite, and assists digestion." Thirty drops taken after meals, will make and keep you well and strong.

MOTHER

SEIGEL'S SYRUP

I had begu

At one time indigestion neatly wrecked my alta. to despair of ever being cured when my attention was cited to Mother Seigel's Syrup. Very soon that wonderful remedy set in, righ and for years sin I have been a strong and healthy min. Lattribute that fact to Mother Seiger's Syrup." Mr. J.SEEDHOUSE. Salters Rd.,Walsall Wood, Walsalt, Stuffs, 297 534

Is the tonic you need.

106