242
COTTON MILL { EWO ) ( 1 )
In August 1897, considerable excitement in business circles was caused by the announcement that a cotton mill was to be established in Hongkong. In the Weekly Share List, Mr. Erich Georg wrote: " A local company has been formed for the erection of a Cotton Spinning Factory in this Colony, under the auspices of Messrs. Jardine, Matheson and Co., as general managers. The shares have all been underwritten, but I hear that a portion is likely to be offered to the general public. The site of the factory will be at East Point, near the Sugar Refinery, where a sufficient water supply is obtainable. "
The prospectus of the new Company was published on August 16 and the shares list was closed on August 18. The new company started with a capital of $1,200,000 divided into 12,000 shares of $100 each. At first only 9,000 shares were allotted, 6,000 being taken up by the promoters and 3,000 offered for public subscription. On the public issue of 3,000 shares, $10 was to be paid on application, $10 on allotment and $20 on three subsequent calls.
The provisional consulting committee comprised the Hon. Mr. J. J. Bell-Irving (senior representative for the general managers), the Hon. Mr. C. P. Chater, Messrs. R. M. Gray (Reiss and Co.), St. C. Michaelsen (Melchers and Co.), and Lee Sing (Hongkong Land Investment and Agency Co.).
The prospectus pointed out that the venture had little chance of failure, for a similar enterprise in Shanghai had proved most successful. Shanghai yarn was in eager request among native buyers and commanded prices 3 per cent higher than those offered for the best Indian Spinnings.
Japanese mills, stated the prospectus, were doing an excellent business, and all were paying high dividends.
The Cotton Spinning Factory at East Point (mentioned yesterday) was opened in 1899 and was operated until late in 1910 or early in 1911, when it was closed down.
As a business proposition, it was a failure, the lack of skilled labour proving the greatest obstacle to its successful operation.
The building was subsequently purchased by the French Sisters and the French Sisters Hospital now stands on the site of the old mill. The machinery was sold to Ewo and shipped to Shanghai in 1913.
242
COTTON MILL { EWO ) ( 1 )
In August 1897, considerable excitement in business circles was caused by the announcement that a cotton mill was to be established in Hongkong. In the Weekly Share List, Mr. Erich Georg wrote: " A ̈ local company has been formed for the erection of a Cottom Spinning Factory in this Colony, under the auspices of Messrs. Jardine, Mathe- son and Co., as general managers. The shares have all been underwritten, but I hear that a portion is likely to be offered to the general public. The site of the factory will be at East Point, near the Sugar Refinery, where a suffi, cient water supply is obtainable. "
The prospectus of the new Company was published on August 16 and the shares list was closed on August 18/ The new company started with a capital of $1,200,000 divided into 12,000 shares of $100 each. At first only 9,000 shares wereallotted t,00 being taken up by the promoters and 3,000 · offered for public subscription. On the public issue of 3,00 shares, $10 was to be paid on application, 310 on allotment and $20 on three subsequent calls.
The provisional consulting committee comprised the Hon. Mr. J. J. Bell-Irving (senior representative for the general managers) the Hon. Mr. C. P. Chater, Messrs. R, M. Gray (Reiss and Co., } St. C. Michaelsen ́( Melchers and
and Lee Sing ( Hongkong Land Investment and Agency
Co.. Co.:
+
The prospectus pointed out that the venture had little chance of failure, fora similar enterprise in Shanghai had proved most successful. Shanghai yarn was in eager request among native buyers and commanded prices 3 per cent higher than those offered for the best Indian Spinnings.
Japanese mills, stated the prospectus, were doing an excellent business, and all were paying high dividends.
The Cotton Spinning Factory at East Point (mentioned yesterday ) was opened in 1899 and was operated until late in 1910 or early in 1991, when it was closed down.
As a business proposition, it was a failure, the lack of skilled labour proving the greatest obstacle to lus successful operation.
The building was subsequently purchased by the French Sisters and the French Sisters Hospital now stands on the site of the old mill. The machinery was sold to Ewos and shipped to Shanghai in 1913.
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