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TRADE ON THE YANGTSZE.
INDO-CHINA STEAM NAVI- GATION CO., LTD.
AN INFORMATIVE REPORT.
TRADE RESULTS GOOD DESPITE CONDITIONS.
The Chairman, Mr. B. D. F. Beith, read a most interesting re- port at the forty-seventh annual general meeting of the Indo-China Steam Navigation Co., Ltd., held yesterday at the offices of the General Managers, Messrs, Jardine, Matheson & Co., Ltd. The trading conditions on the Yangtste during the past year were described and a bigh compliment paid to the loyalty and efficiency of the floating staff during this trying period.
The fancial results of the year's werkings are very good compared with those of the previous year, and a balance of £742,13.6 is to be carried forward to 1929. The position does not, however," in the opinion of the directors, warrant the paying of a dividend.
The Chairman (Mr. B. D. F. Beith) spoke as follows:-
You will no doubt have perused the accounts submitted, with in- terest, showing as they do a very marked improvement on those of the previous year when, the loss on working steamers amounted to £28.752 175. 6d. as compared with a profit during the period under review of £2,400 189. Id.
Trade On Yangtze, The report in your hands briefly outlines the reason for the greatly improved showing in working ac- count, this being largely attribut- able to the extraordinary conditions prevailing on the Yangtsze; in which trade, as in 1920, the services
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for a period, greatly disorganized through the demands on tonnage by military factions, same being used as transports and for other require- ments connected with the Civil War centred round the Yangtze Valley from January onwards.
"The
THE HONG KONG DAILY PRESS, THURSDAY, JUNE 21st, 1928.
is somewhat cogently summed up by a writer of a recent article in the Press, in which he says:-
"While abipping conditions be tween here and Hankow are virtually normal again, the posi- tion still obtaining in the ter, ritory of the Upper Yangtze can ecly be described as appalling The area between Ichang and Wanhaien is infested with pirates and bandits, and the system, if it can be called a system, of taxa- tion evolved by the authorities in charge of the numerous ports is iniquitous. Indeed, it would appear that these authorities spend most of their time invent ing new and irregular taxes." Prospects Doubtful On Upper
Yangtase.
"Lai Sang" Broken Up. As mentioned in the report, the Zai Sang, a useful unit of the feet for some 27 years, was last February disposed of for breaking up pure poses, at a figure showing a satis factory profit on her book value. She is being temporarily replaced on the line by the Fuca Sang and Sui Sang.
30
Pirates.
It is satisfactory to report that serious casualty has occurred, during the year, although from the report you will have learned that both the Hop Sang and Tatshing were subjected to piratical attack whilst in Southern Chinese waters. being forcibly taken to the notorious pirate stronghold-Bias Bay. In the case of the vessels in question, the Company only suffer. Owing to the strong anti-foreigned to a very minor extent and there feeling in existence on the Upper were fortunately no casualties of Yaugtsza as far up as Wanhaien, any sort to passengers or crew. the Company's prospects in this Unfortunately, however, steamers area are decidedly obscure and a continual source of anxiety to your the year did not come off so lightly of other Companies pirated during Directors and General Managers, and I can only hope that the some but it is the policy of the Company what vague reports to the effect that to endeavour to continue its efforts the Chinese authorities are engaged in renewing old and friendly 'con- nections and in no way to appear with, and eradicating, this really in taking active measures in coping antagonistic to their susceptibilities unnecessary evil in the vicinity of and difficulties.
Dias Bay and elsewhere, are sub- stantially correct.
Fraise For Floating Staff. You will have gathered, therefore, Gentlemen, that while the manage- carrying trade has been fraught ment of the River portion of the with considerable difficulties, the financial result nevertheless shows
satisfactory return for reasons already mentioned, and I take this opportunity of thanking the mem bers of the floating staff for their good services during a state of affairs involving very considerable personal risk. In the annual report. the Shanghai General Managers, who were in close touch with the situation, say
Special mention must be made of the praiseworthy manner in which the Company's floating staff. serving on the Yangtze steamers carried out their duties under exceptionally trying conditions during the first half of the year. Our vessels scarcely performed a trip during that" period without being fired upon by both machine gun and rifle fire and the personal risk involved was by no means slight. Our thanks are due in the first place to H.M. Navy for their very valuable assistance and protection afforded in providing gunboats and convoys, and in no Blight measure to the marked devotion which was cheerfully and willingly shown by all ranks in the Company's service during the anxious time under review, and which enabled the Company to operate its vessels and render valuable help to both the Chinese and foreign population of the Yangisze Valley at a time of great emergency."
serious developments at Treaty Ports and their resultant effect, politically and commercially, have been so fully detailed in the public press, both locally and at Home, that I think you will agree that further reference is unneces sary to international negotiations which are now almost historical, but which at the time were follow. ed, by all who had foreign prestige in China at heart, with feelings of grave anxiety. In addressing you last year my predecessor referred A. B. MOULDER & CO. the Yangtze, but in view of the im- would add that the Company is briefly to what was transpiring on
which views I heartily endorse, and portant bearing it has had on the also mindful of the valuable work year's results it is perhaps desir-performed by those in charge of able that I should further comment
hulks and in shore appointments. on what subsequently developed "in that field of operation.
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At Hankow,
On the outbreak of trouble ia the vicinity of Hankow during January, 1997, the steamers of our Yangtze fleet played an important part in the evacuation of foreign refugees from riverine ports to Shanghai, and in order to better co-ordinate the Naval activities with commer- cial shipping interests, a number of British river steamers, as men- tioned last year, were taken over for a short period by the Admiralty at agreed rates of hire, these being operated much in the same way as shipping control tonnage during the war. Six of our vessels were re- quisitioned under the conditions mentioned, while the balance of the feet was laid.up at Shanghai with the exception of the Upper River steamer Kiaun, also taken over by. the Admiralty on January 25th as a. mobila dépôt ship," but on full requisition terms... She is still in their hands.
China waters is exceedingly com
The whole question of piracy in plicated, but as has often been said, a determined effort on the part of would solve the outstanding dif our Chinese friends at Canton ficulty of the problem.
A Veritable Vortex.
I have no doubt, Gentlemen, that' as regards the future you fully re- cognize the futility of expressing any views, as the prosperity or otherwise of this Company, in com- mon with many others, is governed to a' very great extent by the march of events in China. During the past few years we have gone through a veritable vortex of political change each having its particular effect. upen commercint trading centres throughout China, Whether the sensational developments of the last few months in the North way be regarded as the forerunner of a more settled and contented coun try we have yet to learn, so that my remarks as regards our pros pects for this year must be limited to an expression of hope for the early return of normal commercial prosperity.
Appreciation Of Loyal Support.
should like, in addition to what Before dealing with the accounts,
the staff on the Yangtze, to record has already been said regarding the Company's appreciation of the ployees generally, both afloat and good work performed by its em
on shore. It has been д bristling with complex situations and we a General Managers, speaking for all ports whore, we are established, also much appreciate the loyal support afforded as.
Balance Of £712 Carried Forward.
year
counts it will be seen that after Turning to the statement of ac- providing for depreciation, all New System Of Insurance. liabilities, outgoings, and after Last year at the annual general transferring £47,000 from contin meeting you were given the assur- geney account to revenue account anco that the most rigid economy there remains a balarce of £742.138. consistent with efficiency of the 6d. which it is proposed to carry Rect would be practiced, and this I forward to next year. We have can conscientiously say has been also transferred £10,000 from con- carried out. Amongst other things, tingency account to special repaira we are at present investigating a and renewals account, to mcet new system of insurance for cover-extraordinary expenditure in ing the fleet next year by which it is hoped a considerable cash saving may be effected, the scheme at the moment, however, is merely in its preliminary stages.
..
Board of Trade Requirements. Unfortunately, come of our
com-
nection with special work over and above that called for by customary overhauls including the conversion of certain vessels from oil to conl.
I trust the transfers mentioned have your approval.
The other items of our accounts call for no special comment but it will be seen that contingency ac count is, of course, reduced the equivalent of the transfers just "re- ferred to...
No Dividend.
Your Directors regret that in the Company, that they are, unable to present Enancial position of the recommend the payment of a divid ond.
ing resolution
I now beg to propose the follow-
That the report and state- ment of accounts as presented be adopted including the transfer of £47,000 and £10,000 from contin- gency account to revenue account and special repairs and renewals. account respectively, and that the sum of $749 138. 8d. be carried forward to next year."
steamers are of advanced age, so that the cost of repairs and re- newals become an increasing factor, In this connection I would venture to touch upon what is considered A somewhat important matter to
The amount of freight outstand- British shipping. While not wishing at the end of the year has all ing in any way to shirk our ob been collected.. ligations in complying with Board of Trade requirements in respect of aurveys, it might be opportune to suggest in the interests of a vers depressed trade, that those in authority be as moderate as possible in their demands. My justification for such remark being that vessels under flags of many countries are keen competitors in Far Eastern trades and that while thosn under the British Ensign are compelled by law (in order to obtain neces sary certificates to enter and clear from British ports) to comply with the high standard of up-keep set by the Board of Trade, vessels of other nations, many of which are undeniably far below Board of The foregoing remarks deal en-
Trade standard as regards condi- tirely with the Yangtaze situation tion and sea-worthiness, enter and which, however, was also naturally clear from this port with impunity affected by the tense situation exist-thus obtaining equal benefits with ing in Shanghai during March, as British tonnage at greatly reduced a result of the Southern Nationalist operating costs forces arriving outside the Settle- ment. A period of anxious uncer- tainty enaued, but notwithstanding the efforts of certain Chinese Labour Unions to incite trouble by enforcing a general strike, including Chinese seamen, this misguided movement, possessing distinctly un- pleasant features, was, by the joint action" of the foreign and Chinese authorities, in quietly ignoring unreasonable and uneconomic de mands or those involving political issues, promptly and ably suppress ed to the undoubted relief of re sidents of all nationality, including Chinese,
Trouble In Shanghal
Southern Traða,
While all attention was being focused on the critical happenings in the North. Southern trade pur- sued the even tenor of its way and there are no outstanding features to record other than those set out in the report.
Naval Convey System. From April onwards, all our Yangtsze sailings were conducted under a Naval Convoy system, this being necessary owing to risk of
Canton, with the exception of one interference by various Chinese violent political outbreak in De- Military forces distributed through-cember, seemed to have resigned out the Yangtze Valley, one of the chief dangers being the appareat irresponsible firing on shipping by Chinese forts commanding certain reaches and bends of the river.
Suspended Services,
itself to the task of meeting the over changing conditions of local politics and commerce, as circum- stances heat allowed. While the trading difficulties to be overcome by Chinese merchants throughout the year must have been consider. I
As regards other branches of the able, I think one would not be Yangtze Service, our agency at Changsha, Ichang and Chungking unduly optimistic in saying that had to be abandoned early in the there now seems a somewhat better year, all trade being at a standstill, atmosphere, although the volume of and the conditions prevailing mak general business is still very fur ing evacuation of Foreigners im- below normal... So far as this Com perative. It was not until Septem-Fany is concerned ite activities at Canton are more or less confined ber that, with Naval assistance,
'we were enabled to resume our to the reception into godowns or Changsha service, while during shipments from Yangtsze parte, the following month, acting on the Tsingtao, Chefoo and Tientsin, and recommendation of a British Trade in this respect the flow of import Commission which had investigated cargo and deliveries from godowns conditions existing at Treaty Ports has been satisfactory. on the Middle" and Upper River,
Farther Afield. ·
we despatched, the Kingwo from Our China Coasting Services and Shanghai to Chungking, and from the Borneo Line have shown im- ruch time she continued on her proving results and unless some- usun! run, between Ichang and thing unforeseen occurs the outlook Chungking, with varying results may be regarded as hopeful.
It is quite impossible in the con- The Calcutta Line has operated fines of a speech of this nature to steadily throughout the year, convey adequately the almost incred-although it is to be regretted that ible conditions of shipping trade opposition seems to spring up in which have prevailed, and in a great the most unexpected quarters and measure are still prevailing, on the it is difficult to maintain a remune- Upper and Middle Yangtze, more rative scale of rates, on all sections capecially the former. The position of the route,
1
The Hon. Mr. C, G. S. Mackic seconded the adoption of report and accounts which were carried nanimously, no questions being asked.
OTHER BUSINESS. The appointment of the Hon. Mr. Admittedly the subject is very C. G. S. Mackie as a director of. wide and far-reaching, being cover- the Company in place of Mr. L ed by International Law. I be J. Davies was proposed by Mr. N. lieve, however, that this very im. A. Croucher, seconded by Mr. portant matter has already been dis- cussed both locally and in other quarters and I hope, therefore, that the present unsatisfactory condi tions are exercising attention of the proper authorities.
Ho Leung and confirmed: Sir Robert Ho Tung was re-elected a director on the proposal of Mr. A. Piercy, seconded by Mr. W. B. Cornaby.
Those Present.
Mr. John Fleming and Mr. A. The reason, I might add, that the Ritchie, of Messrs. Lowe, Bingham anomaly has suddenly become more& Matthews, were re-elected audi pronounced is, in the first place, tors for the year 1928 at a remune that the Board of Trade have for ration of $5,000, on the proposal of. some time past been tightering up Mr. A. B. Stewart seconded by Mr. and extending the scope of their A. Murdoch. regulations, thus calling for con- siderably enhanced outlay on the
Those present were: The Hon. part of British shipowners. In the second place, the number of vessels | Mr. B. D. F. Beith (Chairman), the in local waters under Alien Flags Hon. Mr. C. G. S. Mackie, Sir has very much increased, probably Robert Ho Tung and Mr. A. H as one of the results of the boycott White (Directors) and Mr. M. H. Turner (Solicitor). Shareholders were: Messrs. A. B. Stewart, A Murdoch, N. V. A. Croucher, W. B. Cornaby, A. Piercy, N. L. H. Rail- ton, A. M. da Silva, Ho Leung, Ho Tang Ying, Lo Man Hin, Ho Shai Kit, Chan Wing, P. Tod, and R Sutherland.
of 1925,
No New Tonnage. During the year no new tonnage has been acquired, but tugs and lighters have been constructed, only when required to meet our essen feeder craft at. Yangtsze Porta. tial requirements in the way of
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