1915-06-05 — Page 3

COMPANY MEETINGS

SHANGHAI PAPER MILL, LTD. The first annual general meeting of shareholders of the Shanghai Paper Mill, -Ltd., was held last week at the offices of the general managerų, Messrs. Anderson, Meyer and Co., Count £. Jezierski pre siding. He was supported by Messrs. B. Jastrembski, and E. T. Bryne (directors) and Mr. A. Evoleigh (sceretary).........

The Chairmen addressed the meeting as follows:-

THE HONGKONG DAILY PRESS, SATURDAY, JUNE 5, 1915.

Messrs. Vernon & Smyth in their. weekly share report, dnted 4th June,

FIRMS IN CHINA.

They, perhaps, could have issued the HONGKONG SHARE MARKET. TRADING WITH ENEMY shares at 80, but to those who had applied only for the number to which they were entitled according to the terms of the notice sent out, it was considered fair to such applicants not to give more to those tion, in the absence of an intimation to who applied Inu more then that propor-state all shareholders, that applications for additional-shares would be entertained.

The Chairman then read a summary of work for the year ended March, 1915, compiled by the engineer, giving statistics under the following headings: Operating statistics; underground work; aerial work, and the Yangtszepoo repair shops.

The following resolutions were car- -ried: ---

That the report and account, he passed as presented, and that the appropriation recommended by ile Board, or adopted. Proposed by the Chairman, seconded by Mr. C. Holliday,

That Mr. C. Bain bo alected, a director of the Company Proposed by Mr. Jas. H. Osborne, specuded by Mr. W Kay.

"That Dr. N. Macleod and Mr. C. Holliday be re-elected directors of the Company. Proposed by Mr. Cubitt, seconded by Mr. Osborne,

MARINE ÎNSURANCES.-Unions are slight That MesSTS. 12,000,00

Lowe, Biogham &ly easier at a sling quotation of 88571, Matthews be re-elected auditors of the hut at $865 shares can be placed. Cantous 2,093,12 Company. Proposed by Mr.

Cubitt, have improved to $370 with small sales, 5,000.00 seconded by Mr. Osborne.

and North Chinus and Yangtszes continue 3,824.02

-in-request at last rates,

A SHANGHAI AGENT'S PROTEST. Our last xiport, was issued on the 28th | At the meeting of the Bradford Chain- ultimo. During this interval the demand by on March 30th, u letter was read from For local investment securities has con- an agent in Shanghai to his principals tinued strong, and further advances have in this exaatry referring to the competi

en established. In the speculative extent owing to settlement influences, but firms in Shanghai, particularly in Man group the market has weakened to some tion bing experienced now from German at the close shows signs of recovery chest and Bedford goods. It stated: some instances. London stacks main

"It is no cxaggeration to say that a big more or less as last quoted, but with a tendency to improve if anything. Planta-ajority of the orders placed during the tion Rubber is quoted at 2/4, per lb. and the meaths have been done by Tin at £164 10 Bar Silver closest 285-16 Sterling 1.7. ht 1/08-16, hai T.1. at 78 and Singapore T.T. at The Bank's buying rate for 3d/s. bill Shanghai is unchanged at 791.

BANKS.-Hongkong and Shanghais have been booked in small lots at the improved quotation of 600 and $803, and clog in further request at the latter rate,

Gentlemen: As the reports and accounts for the year at February to 31st December, 1914, have been in your hands for some days, I will ask you to follow the usual practice and to take them. ne read. This is the first govèral meet- ing of the recognized Company, and you will see from the accounts that for the eleven months covered by it there has bren a loss of Tls. 37,478.72. This loss may be divided under the following beadings:-

On account of compulsory stopi page for a whole month of of September and half of October at TL. 8,000 Amount written off for three

acceptances

Drop in exchange about Liquidating expenses

Tl

Total Tis 22,020.14

The balance of the loss, about Tls. 14,567.00, may be accounted for by the disorganized and panickly state of the market immediately after the paper commencement of the war, and the clearing out of a lot of inferior qualities of paper at cheap prices. Although the

THE RISING VALUE OF SHIPPING.

The rising value of shipping tonnage has now been officially recognized by: the Government, and in a practient fashion. Under the State scheme of insurance, inaugurated on the outbreak of war, the amount which shipowners could insure through the mutual clubs was strictly limited. The amount was limited to the original cost of the ship, less an allowance for depreciation at the rate of 4 per cent for every year of age.

FILE INSURANCER.--Chinas, after sales at $131, have improved to a buying rate of $132. Hongkongs have advanced to 8390 buyers with no shares in sight under $400, and no business to report.

INTIMATIONS

LANE

CRAWFORD&Co.

10

B

ford and Manchester. A inceting of all German firm buying direct from Brad- T the prominent Gertaan firmis was held in the German Club a few weeks ago, and it was resolved by the Germans present that they would do all in their power to hinder and damage British trad and British merchants. I am led to under stand that it has been decided by our Government that manufacturers and shippers In Great Britain can sell to German overseas housa in neutral coun. tries goods not contraband of war on the assumption "that such trade mens work for the mills and the employment of British Inbaur, · The German Government, the other hand, have officially stated that Germans must not and cannot trad in any shaps or form with their enemies, This manas that the Germans can repudiate any contracts of whatever nature. An informal meeting of several SHIPPING. -- Douglases after further resident representatives of Manchester sales at 61, have declined under settle and British firms was held a few nights meat influeness to a selling quotation of

age with a view. Lo resolving that they done, ut this rate, and more shares could nes. The meeting had no success, as it 848 but at the close business has been would all refuse to accept German bust probably be placed. Hongkong, Canton was apparent that most of the men were and Macacs continue quiet but steady at trying to square outstanding accounts $23. There are sellors of Indos, at 803 with the Germans, and it is felt that most and Star Ferries at $37. China and of their business principa's were con Manilns have been hooked at. 84.90, $4.80tinuing to take urders. I fear, and this and 84.75, and more shares are wanted at is shared by most Britishers here, that in the latter quotatio..

view of the rezolution made by the Girmans, their only desire in booking goods for forward shipments is to repudiate the purchase of them when they arrive, throwing the goods on the shippers, and consequently on the market here, which will be demoralized if big lots of staffs have to be sold at best prices.

STATE RECOGNITION,

Shipowners are Bow being allowed, prices showed a heavy loss on these der the Government schenge, to insure qualities we thought it much better to through the war risk club, an additional realize on them as they were mostly very 20 per cent on the value of their vessels. PHOT qualities of paper which had

This official recognition of the increas. We began accumulated for some years, selling these inferior qualities shortlying value of abipping tonnage and also after the organization and most or them the acceptance by the clubs of freights

as an ingarable interest is discussed were gold before the war broke out. The stoppage in September and part of day in the City Notes of the Times as October, 1914, was due to the war disfollows:-

Ons. Shells, after further sales at 93/- have been booked locally at Bife and appointing us on some wire cloths for the machine. The order was placed during

more shares are obtainable. In London May, 1814, and the goods were to have

there are buyers at 95/, Ural Caspinas been shipped in July. The amount written off for three acceptances refers to wood

are unchanged at 43/- and without local pulp which we have bought and is now

business In Langkats business is report detained at different neutral puris We

ed al Tls 41 and T's 413, closing with will, of course, eventually receive the

buyers in Shanghai at Tla 48, ma pulp but as there will be extra expenses

MINING-Raubs are quiet at 83:70, but and interest to pay on the drafts, we have

could probably be plac'd at slightly Thus, if a ship under this quotation. Kailans are o thought it best to provide for the same now by writing off 25 per cent of the 10 years ago cost £20,000 to build an offer at 331- and Tronchs at 32/6, but vaine The will machinery and plant owner could insure her for that sum less without business to report.

40 per cent., or £8,000-6, a value of are in good condition and there have been several additions and aterations, £12,000. bringing the mill more up to date. We has throughout been recognized by owners have a very strong competition in a local as entailing. frequently, quite inadequate well as inthe imported papers, protection, especially in the case of peeu- mill 19 but sine: the beginning of this year the larly valuable ships, such as oil tank

șteniners and vessels fitted with refrigerat position is much better, and as certain quities of papers are not imported from ing machinery for the carriage of meat abroad at present, and we can make them Owners, therefore, have placed additional profitably, we are now having verse the Government scheme. sales of these qualities. Since the Shipping, through various well-known beginning of this year we have put causes, has greatly appreciated since the through economies at the mill and have outbreak of war, and the discrepancy be been able to raise our selling prices and tween the real value and the value allowed anticipate a much better report next year. for insurance has become more marked, so the mill is showing a profit.

Such a valuation for insuranc

|

The British Arms also feel that if the merchants in England had not sold to the Germans they would have received

the orders in any case through British fires. If the Chinese found that they could not place it with Girman firms the business would undoubtedly have gone REFINERIES. China Sugars, after exten-through British channels. Many of us sive sales at $100 and $110, have improved know for a positive fact that German to 113 with sales for cash and equivalent arms have taken orders for pice goods at rates on time up to December, for which cut prices. with the result that British date $121 has been paid. Luzons have firms have had to cut their wn usual pro- declined to 827) with buyers offering $25 fit down by half, or pass the business without result for the present.

altogether. This has been my personal Docks, WHARVES AND GODOWNS.-Hongxperience. I know the names of some koug and Whampoa Docks have been of the Manchester and Bradford ship- booked at 2624 and close in request at pers who have sold to Gian fire, but Kowloon Wharves are quiet with think it is advisable for you to find them small sales and sellers at $70. In the out for yourselves. I enclose a copy of North Shanghai Docks are quoted at a letter which has been addressed to our ting an additional 20 per emt. to be at Tls. 80 and New Engineerings at Tls. 8, and oldestablished firms. I understand No questions were asked and the follow placed on the amounts which ing resolutions were put to the meeting reinsured by the mutual clubs my ball nominal,

LANDS, HOTELS AND BUILDINGS.-Hong State. Taking es an illustration the and earried unanimously:

That the report and acounts, as pre-example already given, 20 per cent, on kong Lands are firuier with buyers at

the £12,000 amounts to £2,400, so that in $108. Kowloon Lands are wanted at $40 influence you may have, to put a stop to sented, be passed.-Proposed hy

Points at $71, but again there chairman, and seconded by Mr. Jastrz ibski,

accepted for insurater under the Governs no business to report Humphreys meat scheme for £12,000 my henceforth Estats have been booked at. $6.00, and be covered for £14,400. The 24 per cent.at. this more shares could probably be increase applies, of course, to all valua obtained. Central Estates are quiet at 8100, and Hongkong Hotels firm at $114 buyers.

0

D

E

P

(ESTABLOVED 1850),

(TELEPHONE 1741)

HIGH-CLASS BRIAR PIPES

FROM

LOEWE,

MASTA"

B. B. B.

PRESENTATION CASES.

CIGAR AND CIGARETTE HOLDERS TOBACCO POUCHES.

DUTCH AND MANILA CIGARS. SMOKING MIXTURES AND

PLUG TOBACCOS.

EGYPTIAN AND VIRGINIAN CIGARETTES. TAIL WELL-KNOWN AND FOI UYAR BRANDS KETT IN STOCK,

LANE, CRAWFORD & CO.

PRINTING & BINDING

OF EVERY DESCRIPTION EXECUTED AT THE OFFICES OF THE

As it matter of faut at the prezent time that the Board of Trade is now permit. Tis. 613, Shanghai and Hongkow Wharves Consul bere, and signed by the lending HONGKONG DAILY PRESS,”

B.

That Me. Jastrzembski he re-elected a director Proposed by Mr. E. A. Measur, seconded by Mr. E. T. Bryne,"

TREIGHTS AS AN INSURABLE INTEREST,

That Messrs. G. H. and N. Thomsontions. be re-elected auditors-Proposed by Mr. K. Hara, seconded by Mr. E. A. Measur.

SHANGHAI MUNICIPAL TELEPHONE CO.

Dr. N. Macleod presided at the sixteenth annual ordinary meeting of shareholders in the Shanghai Municipal Telephone Co., was at the Pelephetic Building last week. He was supported by Messrs, E. C. Pearce, A Hide and C. M.. Bain (directors) and the acting Secretary, Mr. P. H. Cole. The atten- dance represented 2,084 shares.

the

Another development is now being put COTTON MILLS-Evos, after advancing into practice by the war risk clubs, but to Tis. 163 cash, declined to selling without Government collaboration. The

quotation of Tls, 158, but are firmer again clubs are recognizing freights" 28 27 insurable interest. Although freights are with buyers in the North at Tls. 161. now very high, only a varying proportion limited extent at $7 after sales, and

Hongkong Cottons can be placed to of them represents profit. Before owner actually earns his freight for the Shanghai Cottons at Tis. 98. Interna carriage of, say wheat from Argentinationals are more or less nominal at to this country he has to make a heavy 18, 20, K 18, 192, and Soy Cases af outlay on wages, coal, stores, etc., in fael Mows at Tis. 80, and at he has to pay for the working of his ship. Thx 13.

MISCELLANEOUS. Hongkong Electrics All the expenses he has to incur have bee rising steadily, and the owner, in orderhave been booked at 8301, Cements at to avoid the risk of their having herness, Union Waterboats at 8103, and The notice convening the meeting made in vain, Las sought to insure against

Hongkong Trams at 85.16. Ropes after the risk of an accident. Both nuder- luving been read, the Chairman said: Attention being directed to the working writers at Lloyd's and the insurance com sales at $261 close easier with sellers at account, and omitting cents when companies have been freely granting thess 8261, buyers now offering 826. The are war insurances on freights and will cou- buyers of China Borneos at 893, China paring this with the preceding year's figures, it is to be noted that the tots! tinue to do so. The clubs, in now accept Providents at 88 Dairy Farms at 831, are charging a Union Waterboats at B16. Watais at working expenditure is Tls. 16,082. ing the insurances Taking the items of this account from the uniform rate of 158. per cent. for the 861 ex dividend and Torangies at 10/-. bottom upwards the inercase will be seen single voyage, or 30s. for a three months Cements are obtainable at 86.95, Steam to be made up as follows: The last three policy, these being identical with the rales Laundries at 933 and Powells at 88. items, medical attendance, fire Insurance charged for ordinary hull insurances. But it does not follow that when veasels and faxes are substantially the same

Rent is Ts are not calling at these islands even more average of the two

years, 202, advertising and stationery, Tls, 3 favourable quotations may not be obtain- leas in this account than in the last one.able in the open market. All the other items are above those of the preceding year: heating, etc., by Th 1,395, materials for repairs, maintenance, etc.. by Tls. 2,151, native wages by Tls. 5,342 and foreign pay by Tls, 7,527. The bulk of the increase in poy items is due tu additions to the staff. The increase of expenditure is more than balanced by the increase of receipts on the other side of the account, with those of the year before

by Tls, 54,634 etabling us to enrry-ovi

GLENSHIEL RUBBER

ESTATES.

The report of the Glenshiel Rubber Estates Company, Limited, states that the

total crop harvested in 1014 amounted to

SCHOOL FOR ORIENTAL STUDIES,

it has been forwarded to the Minister in ABICH ARE REILETE WIN ALL THE LATEST AND MOST UP-TO-DATE Peking for transmission by cable to the

APPLIANCES FOR THE FROMPT, PRODUCT CIT OF Mr object in writing Foreign Offic.. this letter is to ask you to use whatever

HIGH-CLASS WORK.

judicial to British interests in China, and not calculated to preserve our dignity with the Chiness. I am not the only one who has written to his connection in England Many others have done the san, and wall hope that some rèpresen-" tation will be made to effectuzily stop a mest pernicious and dangerous procedure on the part of certain shippers. On the other hand, we kunw of many firms in entertain business from German houses. England who have absolutely refused to I feel sure that you would act in the same manner and would not countenance any

ILLUSTRATED CATALOGUES.

PRICE LISTS.

CIRCULARS,

BALL AND CONCERT PROGRAMMES.

INVITATION CARDS.

VISITING CARDS.

AND

The letter in the Consul, referred to is COMMERCIAL STATIONERY

by

the correspondent, was also read, and the Chamber referred the matter to the For- eign and Colonial Trada Committee

AYER EDNING RUBBER,

The report of the Ayer Kuning (F.M.S.) Rubber Company, Limited, states that the year's working of the portion of the com- pany's property which was in bearing during 1914 resulted in a profit of £4,834, which, with the sun brought forward, After writ £1,730, amounts to £6,572. ing off the preliminary expenses, £1,424, there remains a balance of £5,148, out of which the directors recommend allocating The School for Oriental Studies will to the reduction of the expenditure on the probably receive its charter towards the maintenance and development of the pro- end of the summer, and the London perly the sum of £5,000, leaving a balance County Conncil Education Committee is to be carried forward of £148. The

output. rcommended to make a grant of £300 of dry rubber, for the year amounted to Iba, against the managers' In a letter to the Education Committee 225,107

The average the Oriental Studies Committee state that estimates of 265,371 lbs. while it is true that a number of men who gross sale prico per b. was es: 1.71d.; less would in normal circumstances attend the freight, insurance, trade allowances. disbursements, sale and wharf charges per ib..

chcel are now at the front, the trade with

OF EVERY DESCRIPTION

EXECUTED WITH NEATNESS, ACCURACY AND DESPATCH UNDER EXPERIENCED EUROPEAN SUPERVISION, AT BEAEONABLE PRICES.

BOOK-BINDING

IN ALL ITS BRANCHES.-

MACHINE-RULING, GOLD-LETTERING, MARBLING, Erc. EXECUTED ON THE PREMISES AT THE SHORTEST NOTICE. LAW WORK A SPECIALITY.

LEDGERS AND ACCOUNT BOOKS.

AT PRICES WHICH COMPARE FAVOURABLY WITH THOSE OF ANY OTHER ESTABLISHMENT IN THE FAR EAST.

ESTIMATES FURNISHED:

brokerage, agents? commission and petty 10A, DES VŒUX ROAD. HONGKONG.

lb. was 2s; the cost of production per

3,326 more than in 1913-4, in which there production free on board Port Swettered by the present crisis. The committee production, transport, sale, etc., all-in DON'T GRIN AND BEAR IT FRENCH LESSONS-

was is. 673d During the year under

to proft and loss account Tls. 8.752 more 218,335 lbs. The average gross price the East is still continuing, and the neces, 171d.; the average net sale price per than was done last year. It is, to be realised for the rubber was equivalent tosity for business houses to find men with a noted in the profit and loss account that 28. 284d. per lb London landed terms. knowledge of Lastern Janguages to pro-1.0.0, was Is. 3.00d; the cost per lb. of we have written off for depreciation all

The crop of rubber for the year 1915 18 mote British interests is in no way lessen The various items appearing there, Ts estimated at 300,000 lbs. The cost of· was an item for copper wire written off ham, including commission to staff and further point out that, apart from the amounting to The. 1,848, so that the total depreciation, was 1s, 3.03d. per lb. After commercial aspect of the question, the depreciation of this year is nearly is adding directors' fees, office expenses in needs of India for fully trained men for 1,177 above the total of the last one.

London, freight, insurance and all sale her administrativs services are not in any On the credit side of the profit and less charges, but excluding war risk insurance way diminished by the war-Daily account the receipts from tenants arr (32d. per lb.), the total cost of produc- Graphic. The 1,697 more than the last year, and it tion amounted to 1s. 6,02d. per. lb. The is to be hoped that this item will, during net profit for the year is £7.458; less the current year, be still further increased directors percentage profit for the from the shop rents in the West Exchange year, £33, to which must be added the building, not yet quite, but soon to b

amount brought forward £895, making ready for occupation. The profit for the together £7,900. An interim dividend of twelve months is Tle. 22,477, mare, thar 5 per cent. has been paid on account of that of the preceding like period. In the the year 1014, absorbing 21,750, leaving a balance available of £6,240. Out of this balance sheet the shares issued during the year, account for an increase of capital of balance the directors propose to transfer to development reserve £1,000, and they Tis. 194,500, which, with Tle. 111.837 premium on these shares, make Tis, recommend the payment of a final divi- 106,657. Exchange is accounted for under dend of 12 per cent. (making 17 per the heading of investments and deposits cent, for the year), £4,375, leaving to be

carried forward £985. among the assets.

RAUB GOLD MINE.

The following were the results of crush ing operations at Baub for the four week ending 22nd May:-M

BUKIT ROMAN. Stone crushed 4,604 tous. Gold obtained 590 oz.. Average per ton 2535 dwts

"BUKIT: MALALELA.-- Stone crushed 4,814 tons. Gold obtained 530 ozs. Average per ton 2.202 dwts

You

review the area in bearing on the Bukit Tossing and turning on a bed of wee, Jelutong division was increased to 828 do you rise with an aching, painful back acres and on the Rasak division tx 642 that unfits you for work or pleasure f acres. The cost of tapping and scrapping Backache is serious. It should not be You should not "grin and for the whole year (including the cost of neglected. tools and cups) was approximately 12.8c. bear it." STOP IT by rubbing in ORIENTAL BALM, the per lb., equal to 3.620. per lb. The short- LITTLE'S age in crop arose, the visiting agent con- great cure for all external aches and siders, through climatic influences, and pains. For many years, in every land, was confined to the output from the Bukit this wonderful remedy has toan the Jelutong division, the output from the people's ready relief from pain. Basak division showing an increase. The should keep it in the house, in the shop. estimated output from the two division in the field, wherever you spead your It is the quickest, fer 1915 is 862,000 the. The arrangement days and nights. which was come to last year with the surest relief and cure for aches, pain, secretarice, and which was referred to at sprains, strains, bruises, neuralgis, the adjourned annual general meeting, rheumatism. has bean renewed as from June 30th next, with this exception that the amount it is agreed to be advanced is zot to exceed £5,000 at any one time.

Bold at Is. 40. per. bottle.

Agents for Hongkong:- Mesara A. S. WATSON & Co., L.

1414-5

G. MOUSSION,

15, MORRISON HILL BOAR

[602

A LING & CO..

19, Queen's Road USNTEAL, URNITURE AND PHOTO GOODS

STORE Photographio Goods of Every Deription

in Stock Developing, Printing and Enlarging. Canton › s'h'en in Veríuns d alos,

FELAPHORN 1215 Ant

Hongkong, 4 h February, 1915,

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