1924-02-07 — Page 4

For Winter Wear

Shirts

THE HONGKONG DAILY PRESS, THURSDAY, FEBRUARY 718, 1924.

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THE PROSPERITY OF SHANGHAI

WAYFOONG'S BUILDING" AND ITS

GREAT ENTERPRISE..

In its issue of December 13the Fairplay

ways

fa days such as these, when ill-feeling in Europe still runs high and British prestige is, perhaps, not all it might be, a good tonic for the national spirits is being dispensed in the Far East," where the British banks, by their splendid work, have done much, not only to maintain that prestige, but to enhance it. Nowhere enn this better be lustrated than in Shanghai, by the progress that this international, but still doniinantly British settlement has made under their influence during the past three or four years." "Anyone familiar with the place as it was in 1919, what time peace, and its attendant chhos was being introduced to

SHANGHAI CARGO THIEF SENTENCED.

THREE YEARS FOR OPENING GODOWN DOOR.

Three years imprisonment was passed by Mr. Whitmore and Magistrate Li as the Mixed Court at Shanghai last week on a carpenter for, being concerned with half a dozen other men, already convict ed, in breaking into a warehouse at Holt's wharf and stealing a quantity of serge.

Mr. C. Manel Recce (prosecuting) stated that accused was charged with being in association with prisoners whoni the Court bad already dealt with. A statement was made by Li Tang Nyeu, already convicted, against the neeawd, this showing that accused had provided the key by use of which the men nonged | to get into the godown

One of the men already convicted stated for the prosecution that he was a gory Europe, would return in this pre-invited by accused, whom he knew, to sent year of grace to find his recollections out to play. He complied and accus ed led him to the godown where the theft of the city so much scrap. He would look took place. in rait for the Customs clock tower, whose office it was formerly, by virtue of superior inches, to welcome the traveller up the River Whangpoo from the draugh- ty port of Woosung. The tower is there all right, but it has lost all its pristine individually beside a passive, domed silhouette, that has reared itself up king of a new landscape, out of which other lesser silhouettes, courtiers' of the new dynasty, hok candies of lesser. tude to the present, Lord of the Bus the Hongkong and Shanghai Bank build- ing.

Acensett, in A very rambling state.. ment, said that he knew the last witness who had given evidence against him, but This wit the statement was not true. they had tot met for a long time and ness was an enemy of his and had, a grudge against him.

The Magistrate: Are you telling the trath! If you are not, and do not admis the statement, other witnesses will be brought forward and if they testify! against you as this witness has done, | you will be heavily punished.

Accused: I tell you the men are my

eremies

Three more witnesses were called and

they corroborated the previous witness's statements, saying that accused led them

the place and opened the godown. doors; and he had taken part of the serge himself.

Accused: Yes, Sir, I admit that I was concerned in the affair, but please do not be harsh with me.

The Magistrate: Oh, ng, certainly not. Only three years.

In connection with the cas arising from thefts on board the P. & C. str. Kashgar, another remand was ordered until after the Chinese New Year holi- days

The approaching completion of this magnificent edifice, and the consequent acquisition by Shanghai of a bunch of feathers in its architectual cap, worthy of a Redskin chief, marks the culminating point-at any rate, for the time being-ia a record of progress probably without equal in the history of hanking. Found ed in 1868, 14 years after the pioneer Mercantile Bank of Indis, and some 10 years after the Chartered Bank of 1, A. and C. (speaking of the Far East, of course) the position now held by "Way Foong, as the Chinese call it, meaning Prosperity and Credit, of being the, fore- most banking institution in the Orient, is due to two circumstances, which ex- plain, without in any way discrediting, the more leisurely rate of progress of its seniors. The first of these is its essen- tially Far Eastern origin, and the con- BOMBAY STRIKE AND THE YARN trol of its policy by Far Eastern business men, the second is the genius, of those mer, who, aided by the Arst have guided that policy with a sureness of touch only. possible to the ran on the spot. Neither sys the Chartered nor the Mercantile Bank enjoy that advantage, and their advance has heen, therefore, more cautious, but apart from that, as regarder the esteem and confidence they inspire, there is nothing to choose between them, and the increasing prosperity of Shanghai and the Far East is the result.

WAYFDONG'S FAITH IN CHINA'S FUTURE. Nothing could better illustrate the fear- less and farseeing policy of the directors of "Way Foong," and their faith in China's future, than a recoilection of the financial and industrial chaos which has attended the three years' growth of the new building-colossally expensive growth at that. It cannot be urged that the war in the West left the East untouched. Financially and commercially, as a review of the state of trade generally during the past few years will show, the East has by no means escaped the blight; morally, perhaps. the effect has been vague, the semi-finished state of Shanghai's war

memorial, the fund that is not yet ball raised, show that the pocket of the Far East has suffered infinitely more severely than its beart. But eves without this. one would imagine that the unwholesome state of China's icternal economy, the fighting, the corruption, the banditry, and all the other devils that have long possessed this masquerade of a republic, would have had a stunting effect on the growing plumage of our Oofbird.

This

SHANGHAI MARKET

REPORT.

POSITION.

The V-U. Daily News of the end inst.

This week practically all departments of the local market have been inactive as far as actual business is concerned, attention being, devoted, to the annual the New settlement consequent upon Year This soems to be proceeding smoothly, but naturally while dealers and merchants are solely occupied with Snance Do fresh business is being con- sidered.

The yarn market closes stronger, and developments in local prices are anti- the cipated following the strike in Bombay mills.

י

Interest is being shown in experts by consuming countries, but in several cases local values are too high to, permit of firms operating.

BANGKOK SHIPPING.

TWO NEW SHIPS BUILDING.

The Siam Stem Navigation Co., Ltd.,

is replacing the rat with a new steamer. The new rat will be larger, but of similar design and will employ im- provements..in present day ship building. She will be driven by steam and is ox- pected to be ready towards the end of the year

The Company, have also decided on balding another vessel of the size of the Suddhadib. This ship will be fitted, with motors of the latest design_produced by Mesars. Burmeister and Wain, of the pe employed in a large motor versels

of the East Asiatic Co., Ltd. This vessel,

at the Nakskov Shipbuilding Yard, which is under the control of the East Asiatic Co., Ltd.-Bangkok Times, i

now

THE HONGKONG AND SHANGHAT HOTELS, LIMITED.

has not been the case; on the contrary, at a tirac when the foundations of things seemed to be crumbling, the Hongkong Bank rose serenely skyward, a monu it is also hoped, with be completed to nent to the business acumen of its guidwards the end of the present rear, and ing spirits, and of the power of its own will be a great acquisition to the feet. hrawny back to carry the majority of the of the Siam Navigation Co., Ltd. The great business bongs here through a de contruction of these vessels is part of pression which they could never have the building programme decided upon by weathered alone.

the Company, a programme which will Nowadays the belping hand is not quite lead to the replacement of the old boats so badly needed, and the time is surely by more modern 7165els, coming when the development of China's Both of these ships have been laid down trading possibilities in going to justify to the hilt the broad-minded policy that has made the Hongkong and Shanghai Bank, ably seconded by the Mercantile, the Chartered, and the P. and O., such a tower of strangth in a dark hour. From the beginning, the brains of "Way Foong"

As many of the relatives of those have recognized that the welfare of China buried in the Yokohama cemetery are is, and always will be, closely bound up

resident in China.

the Japan with their own interests, and China in Chroniche invites the attention of the the end will find herself willy-willy, reap newspapers published in China to a ing the bencat of an influence that has letter it publishes from Mr. J. heen consistently exerted for her good. Mollison, the Crirman of the Toxobama A process of improvement

Mr. Mollison says hat is not of Cemetery Committee. their own originating is not going to ap- it would greatly assist the Yokohama peal, to the Chinese straight away, and Cemetery Committee in planning the A great deal of patient work, has yet to restoration of the cemetery if the relatives be done before the bogey of infringe of those buried there, or the representa ment of China's Sovereign Rights is tives of such relatives, would take in hand properly laid. But there can be no doubt at ore the renovation of the individual that the good name of "Way Foong is graves they represent: or if this is not Carrying daily more weight with the convenient, request the Committee in Oriental mind, and, though the student writing to undertake the work, giving class may denouore the bank's sterling their assurance that the cost of same will work an that of a bloodsucking octopus be paid by them to the Committee when that is gripping their land, yet it is bet-completed. The address of Mr. Mollison ter that the vast untapped resources of in Ippon Matau. Zaimokuza, Kamakura. that land should be sucked, even by an In this connection it will interest the octopus, than that they should never be public generally and the Yokohama com ancked at all. The present prosperity of manity, in particular to note that the Shanghai is sufficient proof of the good Cemetery Committee now consists of that will accrue, not only to China, but Messrs. 3.P. Mollison (Chairman), L. to the rest of the world as well, when she Pollard, I. Bickart, E. P. Stroud, A. J. finally allows the bandage to be taken Dewette, E. W. Frazer, H. Carew, off her eyes

C. T. Mayes and Dr. Worden.

"

P

(1)

TOTICE IS HEREBY GIVEN that An EXTRAORDINARY GENERAL N MEETING of HONGKONG and SHANGHAI HOTELS, LTD., will be full at THE HONGKONG HOTEL, Victoria, in the Colour of Hongkong, on WEDNES DAY, the 18TH DAY of FEBRUARY, 1924, at 2.30 'O'CLOCK in the AFTERNOON, when the subjuiaed Resolutions will be proposed us Extraordinary Resolutions:-

That the authorial Capital of the Company (which is now $5,000,000 consisting of 300,000 Shares of the nominal value of $10 each whereof 375,000 loave been issued) be increased from $5,000,000 consisting as afore. said to $10,000,000 (consisting of 1,000,000 Shares of the nominal value of $10 each) by the creation of 800,000 additional Shapes of the nominal vaine of $10 each risking (subject as hereinafter mentioned) as from date of allotment for dividend and in all other respects pari panu with the Shares constituting the Company's present issued capital."

(2) "That in the first instance 373,000 Shares be offered at par (in the pmpor tion of one New Share for every one Old Share held by them respectively) to the persons who on the date of the confirmation of this Resolution ay A Special Eesolution are registered in the Company's Share Register as the holders of the 375,000 Old Shares, and so that on acceptance of the offer the nominal amount due in respect of such 873,000 New Shares shall be payable as to the Sum of 35 part thereof on acceptance of such offer and as to the balance thereof on the 30th day of June, 1924 And further that until such time as the said 375,000 New Shares shall be fully paid they shall ris-a-vis the said 875,000 Old Shares, rank for dividend only in proportion to the ratio borne by the amount paid up thereon to the fall nominal value ($10) thereof, and that any of the said $73,000 new Shares which shall not be taken up by the Compaug's Shareholders in manner aforesaid be disposed of in such manner is the Company's Board of Directors shall think fit."

(3) That such offer, be made by Notice specifying the number of Shares to which the member is entitled and limiting a time within which the offer if not accepted by the member on behalf of himself or his nominee will be deemed to be declined and that the Directora be at liberty to fix auch time and in the case of Shareholders whose place of Address is not in Hongkong to extend it to such date or dates as they may think it"

(4) That the balance of 250,000 Shares constituting the Company's Unissue

Capital be issued at each time or times in such manner and for such purposes and upon such terms and conditions in every respect as the Company's Board of Directors may decide."

N

(5)That the Regulations contained in the printed document submitted to the Meeting and for the purpose of identification subscribed by the Chairman thereof be approved and adopted as the Articles of Association of the Com- pany in substitution for and to the exclusion of all the existing Artides thereof."

AND NOTICE IS HEREBY ALSO GIVEN that a further EXTRAOR DINARY GENERAL MEETING of the Company will be held at the same place on THURSDAY, the 28TH DAY of FEBRUARY, 1934, at 2.30 o'clock in the AFTERNOON, for the purpose of receiving a Report of the Proceedings of the Above-mentioned Meeting and of confirming if thought fit sa Special Resolutions the above-mentioned Resolutions.

The TRANSFER BOOKS of the Company will be CLOSED from Thursday. the 21st Pay of February, 1924, to Thursday, the 28th day of February, 1924 (both days inclusive), during which period no transfer of shares cau bo registered.

The suggested new Articles of Association are similar to the old, subject to clerical alterations and to the following alterations of substance, viz;

(1) The deletion from Article 71 of the words "and holding or representing by

proay not less than one-tenth of the issued Capital."

(2) "The alteration of the minimum aum ber ofDirectors to four and of tho *

maximum number to seven,

(a) The alteration of the remuneration of Directors to payment at the rate of Four thousand dollars per aabum and such sums as a General Meeting may determine instead of the fixed sum of Three thousand dollars per annum and such sums as a General Meeting may determine.

(4) The alteration of the quorum of Directors to three instead of two. (5) The addition of Articles ezabling the appointment by the Directors of a Local Board or Advisory Committes in any place at a remuneration to be fixed by the Articles and the appointment by the Directors of Local General Managers, Secretaries or other Assistants, delegates or Attorneys at a remuneration to be fixed by the Directors,

(6) The addition of an Article enabling the Company to have an Official Seal

and Local Registers in places outside the Colony.

·

A copy of the Articles of Association of the Company with the said alterations and amendments incorporated and indicated in red ink or red print can be seen during usual business bours at the Registered Office of the Company, Powell's Build- ing, Des Voeux Road Central, Victoria, in the Colony of Hongkong, and at the Shang- ani Office of the Company in Hongkong Bank Building, Shanghai, in the Republic of China.

Dated the 31st day of January, 1924.

284]

By Order of the Board,

PERCY H. SUCKLING, Secretary.

CLARET.

As a digestive and healthy Wias for Lunch or Dinner there is nothing to equal a good French Claret. Medical opinion is agreed as to it's excellent dietetic properties: We can offer a large range of sound Bordeaux and the following Red and White Vintage Winer

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