1888-05-25 — Page 2

Mr. Candler said he hoped he was not ou of order in making a few remarks ns to the report and accounts. He considered the report a very meagre and scanty piece of information to be laid before the shareholders. It was the duty of the Directors to give them full and detailed inform ation as to the wareng of the lane and the states of the Company. What hard they in that report? A few items of account, the usual routine of directors' reports, and nothing else. He had heard a great deal from outside sources about the Company; it was said that they were only' working tin instead. of gold. He wou'd like some information from the Board-let them corroborate the rumours if true, or deny them is

false,

¿

Mr. McCulloch fully concurred in the question, and supported Mr., Candler's request for fuller information than appeared in the report.

Mr. Candler added that he knew as a matter of fact that there were shareholders in London' who had nothing whatever to guide them as to what was going on at the mine. It was the dily of the Directors to give them the fullest details they possessed.

The Chairman replied that Mr. Candler had at first asked for rather indefinite information, which could not well be given even on the spot. Mr Recher had only been at the mine a couple of months altogether, and they knew that a man could a very little in that time, especially in the jungle. Otherwise he had no objection to the shareholders secing Mr. Becher's reports in the most public manner.

Mr. Wotton added that until Mr. Candler had asked and been refused, he could not complain of not getting information.

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THE HONGKONG TELEGRAPH, FRIDAY, MAY 25, 19′ 8.

The report and balance sheet were then passed unanimously.

Mr. Talua moved the confirmation of Mir Worten as a slirector.

Mr. Apear seconded, and it was agreed to. Mr. Bari, moyed the appointinent of Mr. G. $. Coxon and M. F. Hender on as auglitis for the ensuing year,

Mr. Holmes seconded, and it was passed. Mr. Caudler moved a hearty vote of thanks to the Chayyamn, and expressed a hope that the trouble he had given that gentlenian would be taken in the spirit in which it was intended, that was for the general interest of the shareholders. Mr. McCulloch seconded, and the vote hwing been accorded, the proceedings terminated.

OUR MACAO LETTER.

from the land and one day's gratuitous labour in the open week of seven days, or from 6s, to 16. per head of the population. The natives of India also pay a heavy land tax and on the gross revenue from 54, 10 128. per head. The natives of Fiji are assessed-nearly 450 per head in direct taxation, in produc.; and, fr-cluding a tretry import duty on an goods way over 63

er head. The natives of Ceylon pay 8s per

Co-day's Advertisements.

drawn from the returns and the nature of the sued to shareholders he was afraid that, We have five practically new steamers-magni- tour in the East, and no doubt they are doing - nuriferus quartz. The total quantity of quartz considering the number of gives there were. inficent boats, fit for any trade in the world, and good work for the company there. We are all kept in the most efficient working order out fortunate to day, however, in having so able a crushed is about Batons, the rock being obtained, the world, there would only be a slight chance of as most elaily got, from the rubbishheaps of the getting additional capital invested. It would the current expenses-and those versels, as deputy in the chair as Mr. Maitland, who, I am. Chinese mine on which the tramway runs from working on different lines to any other you will see, stand, in our books at £244,211, sure, has given a very full and distinct and certainly to us as a company they are worth Account of the presen! position of the com. the back of the mill, and from the tunnel of the company.

"Me Lyall then movel that the report be that amount, considering the dividends that pany, and of the steady progress it has cross-lode at the end of the samway mostly

Adopted.

have been paid and the amount, weiten öll for nade since its inception. Tre has told you or friable white quartz, with some sulphurets of

Mr. Vernon seconded.

depreciation, coupled with the fact that they gre the dividends which we have paid from 1884 iron and arsenic and oxide of iron. The gold

Mr. Candler interrupted to propose that when all new steamers. Then we have uncalled'capital to 1887. The figures seem to ludicate a remarksad, sind in addition 6 day's gratuitous labour a obtained from amalgam of plates amounts to 20%.,

year towards the upkeep of roads. The latter is the ridiculously small proportion of det or 12ver anything important was known a meeting to the amount of £50,000, and on the credit side shly steady progress. I have not only the of this account, cash'in hand £6,000, and ciali dev'dende that have been paid, but the sets! fcharebiditets should be called,

now commuted by a money payment, and yields grains per ton. Barker sand roughly estimate?!

on deposit £10,000, which makes £16,000, er aligures of the net earnings. The net profit for a revenue of £83,000 a year. It is unnecessary to The Chairatas said that be baw no objectiun at about eight tons were collected, which assay

total credit of £310,000 Against this we have our nine months of the year 18 4 was £7,700; for vite any other examples, but we say without fear. so that to dwt. of gold (bullion) per ton,, representing

of contradiction that there is no country in the a saving of only to per cent. of the original ore,

liabilities: its payable and sundry creditors 1586, when we had three steamers, but only one

168,000, which leaves us with a surplus of voyage, made, the set profit was £12,60 for world, possessing any semblance of a Govern in the shape of but slightly enriched material,

Z202,000. This is, think, an extremely good 1886 with four steamers Junning, amountd to ment, wherethe people are so lightly taxed as the hardly to be termed concentrates. The tailings

position, a position which is, perhaps, better illus £10.700; and, last year, we hadsa net profit af natives of British North Hornet,” Last year some appear by assay to be considerably poorer than the

trated by the very favourable terms.ng, which we 2a6o. During that périod Libjok the general 150,000 people contributed about $8,000 to the original quartz, but it must be remembered that

cap finance this amount, and as long as we can do expenses of the company have been kept within revende, or, say, six cents a head on the population, the sampling of this and of the screen pulp was

which sun was all paid away on salaries to not systematic, the trial being made pure for

this and we see every prospect of being able to exceedingly moderate limits in 1884 they do even better in the future-we shall not want unted to 1 per cent. of the Bed-up capital; [uative Chiefs and Collectors, so that, as yet, the the purpose of testing the working of the stamps than the ore. It must be taken into considera-

any more capital, unless it is decided to increase. in 188e was an increase, naturally, because stive inhabitants practically contribute nothing..

inwards the revenue. When it is considered tion that the amalgam copper plates are in bad

the number of steamers. I referred more fally seamers had then commenced to sun, and the

that they form nine-tenths of the inhabitants of condition from neglect, and, have not had time

to our financial position because a very influential expenses amounted to 4 per cent.; in 1886 to 5

the colony, and that it is in their interest that to get into prorking order. The evident, conclu.

shipping paper hasriticised our accounts, and per cent. upon the called-up capital, and in 1887

such a large police force and expensive adminia- sion from these results are, firstly, that such ppor

They seem in same curious way to have sign they went down to 4 per cent.; thus, while able derstood them. (fear, hear.) I would she to to, show an increase in the net, earnings, we ration has to be kept up, it is only reasonable surface quartz is quite unfit for milling; secondly,

have diminished the expenses, and I hope put before you our position. These accounts

that they should bear a fair share of the expense that the gold contained even in the richer ore of the same quality of quartz is not to be extracted.

are dated December 31st, and this is April 16th a continuation will traile in that direction.incurred for their benefit. It is not a question of and, therefore, we have ather more than One naturally, locks around to see how this money but the best method to stap inter-tribal by simple plate amalgams; and thirdly, that such rough methods as blanke! tables are not adapted

three months working which does not appear, steny progress has been attained; and, wars, and to replace head-taking by the intro- in this connection 1 am reminded of a for the concentration of the auriferous sulphurets.

and I am glad to be able to tell you that the

duction of habits of thrift and industry amongst results for the three months are very satis-speech which the Chancellor of the Exchequer the people, In qualification of the last statement I must admit that our blanket, tables are not by any

factory. We have three completed voyages since delivered not long ago to a Manchester auli- MACAO, May 25th, 1888,

December 31st, all showing very fair profits Fence, in which he spoke of the three essentials means perfect, either in proportion or grade, and

The twenty two Chinese criminals who were

indeed, and four of our five steamers have left for success in business. „These requisites were that the mill hands have not yet learnt how to bandle the blankets and their charges of apprehended by our Police a month since and Liverpool for the East with extremely good character, credit, and confidence. Now, Mr. were charged with piracy, robbery and murder freights-(hear, hear) and our position now. Chairman and gentlemen, I think this company concentrates. The trial simply of the richer quartz and shale lode stuff from the bottom of committed in Clunese teritory, were sendited

-was-at-the-same-date-last-year-when-wwe-had-For-this-high-character-we-me-in-the-first- the Chinese mine was treated by pan amalgasesterday loth Canton Govenment At 3.p.m. on April 16, is yesy considerably belier than it enjoys a high character, and I think sightly so.

a detachment of Police, with fixed bayonets, the pleasure of meeting you here. (Applause.) instance, very much indebted to our mag VICTORIA. giving conclusive results. Ten cwt. of this was

and commanded by an Ensign, conveyed the Certainly one can readily understand that we director, Mr. John Poter-i gentleman whose hand crushed, and ground in the par, amalga prisoners as far as the Baira wharf, where they have no conception what the rates of freight are business ability, 221, and influence in the ship. mated for many hours with a plentiful addition

were shipped in, n' stonem launch and taken on of mercury. A copicus formation of amalgani

board a Chiese gunhoat which left immediately going to be in the future, and you will all know ping trade cannot far one moment he doubted; that we have had considerable difficulties in Land if further evidence were wanted as to the took place, which proved to be of arsenic,

fi Chuíon, being followed by another gumboat. It to give, the Company, some sort of an idea yielding but lile gold. The samne sample, op is supposed that the wholegang will be summarile managing this line during the past year. Toposition and character, of this company it went named Lodge will be held in FREEMA-

hand washing. yielded a result equal to 7 dwieal with by the Canton-authorities, and that in the China trade thought it to trace the rates ontwriters. In 1884; when our first

begin with, one of the leading shipping companies be found in the high reputation it has amongat per ton of very coarse gold, and a further quantity are suffering the Zin chi torture, every man of freight homewards from the East to 203. per of concentrates, assaying very rich, presenting will lose his fead

steamers commenced running, we were called ton, as soon as they heard that one of nie steamers upen to pay £7'7 per cent, on our boats in about 7 dwt, total yield 14 dwt per ton, the At five o'clock on the same day the Police' assay being 2 oz. Whilst therefore, this are is opreted eight more robbers in a brothel, and

was coming in, and--immediately fun the 1884 the safe, was riduced to LG-10s, and in steamer left they put the rate up again. This 18-6 partly to 40 and partly 70-£$ 55, and in undoubtedly rich and valuable, there is no confound in their possession revolvers and other

is a system most unsatisfactory to merchants 1997 to 25 53. I am glad to tell you the in clusion possible but that it is highly refractory

arty As these prisoners are supposed to belang

In addition to this the same company, also to this year the prefnium which we are paying and will need most careful and scientific treat.

to the previous gang, it is probable that they a certain extent boycotted this ime by refusing is fedusel to 24 105). This is satisfactory, and men. The quartz sample in assay No. 3 is of

will to be rendited to the Chinese authorities, a superior quality, and the evidence of such ore

speaks well for the character of the company to give the ordinary rebate or bonus to the Opinions vary in this Calony as to the advis merchants shipping by our line. This oction Mr. Goschen's second coscopial was credit in ray-streaks through the lode, is alone a most

ability of the Portuguese Guvcrument extraditing promising indication, warranting deep explo Chinese prisoners. Sonic thank that as capital sirlerably, and compelled us very reluctantly the City of London. Instead of calling up farther on the part of this company forced our hand-can- | fahluk this compary enj is very good credit in ation. A small chance-sample gave a good show,

passhappent has been abolished in Portugal an washing, of free gold, and I am now prepad va depandencies, the Colonial Government number of outside steners. But this we had to shareholders to make other arrangements, 15 to bring into the China trade, a considerabit capital wartwe thought in the interest of the other samples from the same vein. Reminde

should refain from h_nding over native culprits da to oblige our shippers, aut, in fact, to give nther words, we hay taken advantage of the you that we are at present but in the first hall

for decapitation in Canton. But as we have them as opportunity of shipping by us. If they low rate of noney in London, and bills we have of our mising operations, and cautioning you to

could not get a rehate when they shipped in the had to offer are eagaly sought after by discoun! pay more attention to deductions than the vague signed a Treaty when in the cxtradition clause Conclusions which the figures of my assay may

is patent, cela va sans dire that we must

other lines we had to provide, tonnage for them houses. With regard to the nitter of confidence adijete to om obligation.

so that they should have no difficulty in that which Mr. Goschen laid great stress upon, I feel suggest, and promising, you more samples by an early mail, I am, yours, &c.”

respect, and I am told that out action in this that we, as a board, see every confulence in the matter has worked very satisfactorily indeed. constitution and adquinistration of the company's CIVA SHIPPERS MUTUAL STEAM | We have been enabled to run this large line affairs, and we also feel that we have full

NAVIGATION COMPANY,

confidence in you as shareholders, and in the support of our friends, Indeed, without any degree of boasting" | might, say "thự with thi co-operation of the shareholders we have every confile, ce in ourselves that we shil ga on steadily in the future ns in the past, building up this enterprise baghupent the mutual principle. | into a great and powerful carrier of merchandise to and from the Etsi, which has ever been thic aim of this company fo its first inception. I bave great pleasure in seconding the adoption of the aeport and accounts.

Mr. Chater remarked that so far as he knew, the Company had never received any definite information from any one of their managers except one. It was not a report, but a private communication that Mr. Becher had sent to the Chairman for the private information of the Directors. Mr. Becher had worked very hard cluring the short that he had been at the mint

of the value of the property. The mill had not worked satisfactorily, and had come to grief, so that it needed setting up again. The ure that bad been crushed was being assayed, Fail, the assay was only approximate, as the laboratory was not yet put up, and there were no means of bringing the assay to a fine point. As far as he (the apenker) was concerned he should be very glad, if the Chairman- did not raid, that the letter from Mr. Hecher be rend, so that the ahareholders might know what information the Board possessed.

The Secretary then read the communication, which was as follows:-

to run.

Mr. Candler criticised one or two details,

ments that had been read he did not believe that the shareholders would have heal anything? about them.

1

The Chairman, assured the meeting that the last letter was originally printed along with the report, but withdrawn and a notice written that the details could be brained privately.

Mr. W. Legge asked whether the Company intended to rely on the production of tin or of reld? Tin was up to a slut time ago but it was down to go now.

Mr. Candler wished to draw attention to a peculiar feature of the report. Here they had their manager, paying a flying visit of a few -hours to the tin lodes, and yet a whole paragraph was devoted to the tin prospects in the report, whilst the gold, to mine for which the Company was originally started, was hardly referred to. He also again complained of the improper reticence of the Board.

¦

(LIMITED),

The sixth annual ordinary general meeting of the wareholders of the aliove company was bell at the Cannon,Street Hotel. London, on the 16th April, for the purpose of receiving the directors report and accounts for the year 1897, and the transaction of other business. Mr. J. A. Maitland, In the absence of the chairman, presided. There was a large attendance of shareholders.

The Secretary. (Mr. J. C. Averillo) having read the circular convening the meeting,

The Chairman said: That, gentlemen, is simply the formal announcement of the meeting M:. Albert Deacon, is away in the East, and that is the reason I have the honour of occupying the chair on this occasion. I may at the same time remark that Mr. Strachan, another of our both of these gentlemen, though not directly representing the company in an official capacity, are doing very good service in our interest, and I am quite sure you will he glad to hear that they are. Hear, hear.) You have all had the and I have no doubt you thoroughly understand

You wil all know that our esteeme:i chairman,

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really, a ten day line, as we have had a steamer leaving Liverpool every ten days-without any cost to the shareholders in the 'Mutual Line and the steamers have left up to date always fidi, and have always obtained current rates of freight. (Heat, bear), I can see no reason why this special order of things should not continue, as it certainly tends to establish the Mutual as a very important factor in, the China carrying trade. You will all know that there has been a great case on in the Courts with regard to the Conference in the China line. The Judge has not yet given his decision, and certainly we cannot "gyssibly tell what it is to be. You will know that our company has been in a way in the Conference noweftirely in it, but of it-and. I think you outsiders should be allowed to step in and secure will agree with me that it is unfair that rank the cream of the carrying trade to the detriment of the regular lines. This is a great question, however, on which I need not more fully enter, as you all have your own opinions on the subject, identified with the Conference I might allude to it in passing. (Hear.) When this company was established it was understood in fact, it was stated in the prospectus-that we should have being the terminus for our steamers; but only our own special agent in Shanghai; that port,

matter, and appointed an eminent firm-Messrs.

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The motion was carried nemi, con.

two

The Chairman then proposed: "That a dividend at the rate of 191. Gd. per share, being 7 per cent. on the called up capital, be payahle.

Mr. 13. free of income-tax, on and after April 27th, 1888.” Stewart'seconded the motion, which

was carried unanimously.

Mr. D. McLean moved That the retiring directors, Mr. David Reid and J. A Maitland, be and are hereby, re-elected directors of the

"I feel sure, as a cautious geologist may venture to be, that the gold mines of Pahang bare a great and brilliant future in store, and though my comparisons of Punjom, with other districts are only drawn from well-confirmed reports and the evidences of specimens of those others, I consider it safe to expect a general verdict that Punjom stands but second, if not first-of-the-known-resources-of-rich-gold-adding that if he bad unt asked for the ducu bearing quartz. It is not a case of a little surface blow, like Bau, but, of large masses of solid rock, permeated with auriferous veins. Neither is it a case of plain,säiling into uniform and rocky lodes, yielding steady percentages of free gold. It is going to Lake clever metallurgists to treat Patang gold successfully, and skilful mining to get it, because the deposits are large and irregular, and the metal is much combined with base sulphurets-bul -repeat it ought to pay handsomely. We at Punjom shall not attempt complicated treatment at présent, but make the richest possible endeavour to concentrates to export for sale. We have a big hole to commence work in as soon as labour is organised and the stamps are ready Int three months more to get my til crushing and stamping finished, and fien we can talk business. Now as to the bronder value of Punjom-I am sure that several reefs ile in other parts of the area. I have not had time to look at these reefs, so that even if crushings | the Board or only as an irregularity ? . Hardly directors, is also in the East-in. Japan-and but I thought as we had been in some measure. company." gave unfavourable results for some time, yet any average miner would still have confidence to go on prospecting for better pay rock. I shall want, roughly, $10,000 to finish my 3 months' assays, but sincerely trust produce an asset in the shape of bullion and concentrates by that time. Then, though we may run a little mill to pay a small way, it will take more money in order to put proper machinery into motion for big work -perhaps $100,000 So much for my views as to the mine at present. My next month's work on the spot will give me firmer data to work on, and benefit of them."

you shall have the be it seemed they had got hold of a property which might turn out to be valuable, and there should be a full understanding between the shareholders and the Board as to how it should be dealt with As the Chairman had said, the opinions i the report were only approximate, and only a certain value should be placed upon them ; but whatever they were,, they ought to have been placed before the shareholders. There were shareholders in the Treaty Ports and in London who were anxious to know if the mine could be placed on a proper footing, and it was desirable that the Directors should jet them, know, the opinions or desires of the manager. It was done at all other mines, as the mining journals showed: The Chairman explained that the reports and fletalls had been open to inspection for a fort,

night.

in

Mr. Candler protested that no one was aware of that fact. They all knew that the directors' report created a very unfavorable opinion antongst the shareholders-there was no earthly use in sending such a report out. Besides, it put

the shareholders to a great inconvenience,

Mr. Chater repudiated the inference that the report was published after Mr. Becher's com- munication had been received. No opinion was received frans the manager until-long after the "Was dated the 11th report was published, May, and had to come from Singapore; that was the only report the directors bad received from Mir. Becher expressing any opinion about the

Mr. Wotton asked, with some heat, if Mr Candler meant to bring that as a charge against a single shareholder had asked to see the documents he referred to, although they were at liberty to do so. Mr. Candler kept speaking about his investments" in the Companywell, he might be going to invest, but at present the mine was rather a speculation.

4

Mr. Candler disclaimed any intention of makine ! report and accounts in your hands for some days, having two steamers then, we delayed the

a charge against the Board.

Mr. Wotton continued that the shareholders had to why the details were received an answer not brought before them. The directors at first Intended to announce in the report that any

information required by shareholders could be obtained at the office, but at the last moment that announcement was withdrawn. He did not think Mr. Candler had anything to come plain about he had asked for information he could have got before. If he wanted he could have ali letters and assays to read to his heart's

content.

Mr. Candler retorted that it was not the duty of the shareholders to apply for information; it was the place of the directors to supply it.

Mr. Watson said there was no information to sed to the shareholders.

Mr. Candler replied that there was. Mr, Watton :--Not until there is some sort of a report on which, the directors can rely with some amount of confidence. There is no information yet on which we can rely with certainty

Mr. Candler said that with other inines the rule was to lay weekly reposts before the share, holders.

Mr. Legge pressed for an answer to his question as to whether the Company was goleg to work gold or sin.

......

The Chairman: We shall work both. We have had very uphill work we have had people whom we have found very unreliable beep anfortunate in that respect, for we have at least during the lagi eighteen months we have

sildom seen their faces.

Mr. Robert Anderson seconded the proposition, which was also agreed to..

Mr. W. Anderson proposed, and Mr. Melhuish seconded "That Messrs. Baker and Rudderforth the company for the ensuing year." and Mr. Jamieson Elles be elected as auditors to

The motion was carried unanimously. The Chairman then said. That concludes the

No, 1026,

LODGE,

REGULAR MEETING' of the above

vons' Ham, Zetland Street, THIS EVENING, he 25th instant, al 8.30 for 9 o'clock precisely.

Jongkong, 25th May, 1888.

FOR SHANGHAI HE Steamship

THE

1523

"NINGPO): Captain F. Schulz, will be despatched for the above Port, on MONDAY, the 2`th instant, at 4 P.M.

For Freight or Passage, apply to

SIEMSSEN & Co. Hongkong, 25th May, 1888.

1576

TO LET.

HOUSE AT THE PEAK,

IVE ROOMS, GRASS TENNIS COURT,

Furnished or unfurnished. For particulars apply to the Undersigned,

-C.-H; ~GRAGE.

Hongkong, 25th May, 1888.

AUCTION SALE OF HORSES.

[527

is hereby that on 24th of June proximo There will be sold at LAC STREET (before the Pagoda). Satoos, by Public Auction Sale, FIFTY-FIVE HORSES of Arabian breed.

HL. VERLEVE,

- Consul for France. Consulat de France,

(8 . Hongkong, 25th May, 1888:

For Sale.

READY.

NOW

[PUBLISHED BY AUTHORITY.] "THE HONGKONG DIRECTORY AND HONG LIST FOR THE FAR EAST”. FOR 1888.

them. But as it comes within the province of Alfred Dent and Co.-our agents, But now that formal part of this meeting, but we shall be glad HIS Valuable Work, with many NEW

you

which would enable bonuses to be returned

you know, we directors look upon this company quite as a merchant's company, and we expeci your co-operation in everything, because we are perfectly confident that you have it in your powe to make or mar any shipping company in the China trade.. Any remark or suggestion will therefore be listened to with the greatest respect by this board.

No questions being.put,

Mr. W. Paterson said: It seems to me,

ADDITIONS and IMPROVEMENTS,

IS NOW READY.

PRICE THREE DOLLÄRS.

Orders for Copics of THE "HONGKONG DIRECTORY" may be sent to the following Agents HONGKONG...Mr. W. Brewer.

門

...Mesire. F. Blackhead & Co.' ...Messts. Heuermann, Herbst & Co,

Messrs. Kelly & Walsh, Limited.

MACAO........

...Messrs. Lane, Crawford & Co. ...Mess: MacEwen, Frickel & Co, ..............Messrs. A. A. de Mello & Co.. CANTON ...Mr, M. F. da Silva. SWATOW......Messrs. Quelch & Co. Amor and Mr. N. Moalle FORMOSA...}

JAPAN....

PARIS and Messrs. Amédée Prince & Co. LONDON...J

or to

my duty to go through them, I may, in doing so,

we have five steamers, and are building a sixth, | to hear the views of any of those present. As remark at the outset that it is very fortunate that I am able to put such an encouraging report before we thought the time had arrived to carry out the original idea, and appolat a special agent there. you, and to state that steady sodanting sing our We have therefore selected Captain Calland, the gress has been made by company our fast meeting a year ago. (Heat, hear.) Although late Commodore of the Glen Line. He is a this is really our sixth annual meeting, practically

man who thoroughly understands the business, it can only be regarded as our fourth, inasmuch and has had shares steamers bimself in as the fist was merely a statutory meeting, fact, we think he is the most competent and which we were obliged to call, but we then had mest eligible man we could get for the apoint nothing to shaw. At the second we certainly ment. He is now on his way to China-indeed, I suppose by this time he has arüved there. dit publish the accounts, bill we had it for The new steamer we are building we are going gentlemen, that the meeting is well satisited

at all. Two steamers had just left for earnings the East, but, of course, we did not, then know

to call the Onnfa, for, as you are aware, all our with the statement made by the deputy chairman, what the financial resubs would be. Therefore,

steamers are named after ten districts. She is and therefore I think I am only giving expression the same type of vessel as the Kalsow, but her to the general opinion amongst us in stating that for practical purposes sur first meeting may be considered to be that of 1855, when we placed speed will be greater; and altogether we anti-the affairs of the company have been extremely before you the results of our working, and cipate she will prove a magnificent boat, and well managed from first to last. (Hear, hear.)

quite

equal to anything we have in our fleet! I beg to propose that the best thanks of the centre a divisie in 1870 undeclared a dividend Whilst on this head I may say that two of our meeting be tendered to the chairman and the

annum In 1886 we

boats have been overhauled according to Lloyd's board of directors," of 125 per share, or per cent. per annum, and this year we propose to pay a dividend of 192.

regulations, and Lloyd's people stated that the The motion was' seconded, and carried | FOOCHOW Messrs. Hedge & Co. vessels were in perfect order, and that there was unanimously, and the chairman having returned ¦ SHANGHAI 6d. per share, or 7 per cent per nndum, and this. I think, you will agree shows steady pro think I have much more to say to you, but I

not a better class leaving London, I do not thanks on behalf of himself and brother directorE & NORTH-Messrs. Kelly & Walsh, Limited,

the proceedings, terminated.

ERN PORTS Shanghai. gress. (Applause) In addition to that you will

Mesare, Kelly & Walsh, Limited,

Yokohama. observe by the accounts to-day that the depre: should like to refer to the principle on which this

· THE RECENT EMEUTE IN working. This principle is quite a new element clation fund stands at £21,450, and to this, as company was started and on which we are

SALOOM...Mons. Linage. wil see stated in the preamble of the report, in the shipping trade, and does not meet with

NORTH BORNEO, "

BANGKOK ...Rev. S. J. Smith. we propose to add 11.964; therefore, in any favour from other shipowners. Although

`SINGAPORE.......Mesars. Sayle & Co., Limited, accumulated £33,000, against depreciation, and additio to paying increasing dividends we have we have not arrived at the stage of perfection

tout 43,003 for Insurance, well na paid to the shippers, we have yet done remarkably disturbance in Mempakol was caused by the

The British North Borneo Herald says As a report has been circulated that the late eff an item of 3,400 for preliminary expenses well, and I am quite positive of this, that our establishment of a Salt Monopoly and an which makes 38,000 we have earned, exclu- principle is the right one, and bad we fallen incregge in the Foll Tax on the part of the requisite capital to work both tin and gold?

Mr. Legge ked if the Company had the

sive of dividends, I think you must consider to better times we should have been able Government, and as it has also been stated tha minc-at least as far as be knew, and he supposed for the tin was already paid out. As to goldegard to the accounts, we will just go through that the last four yexts have been extremely bad dividends to shareholders, we felt it incumbent The Chairman replied that the capital required that satisfactory, (Hear, hear.) Now, with the last tour. You know perfectly well the Company are taxing the natives to pay they say Mr. Becher expected to produce tuition the figures, and if you do not clearly understand for shipping interests everywhere. Previous to

these reports have no found itjon in fact. The. able to join issue with Mr. Chater, but had not it would be at less outlay than 291, to the Lost fee it was 80,918; this year itler ferring to a circular issued lost year by one of have ever been the terror of the Const. Twice

Mr. Candier expressed regret at ant being alter the expenditure of $10,000, He hoped i them, perhaps, I tan enlighten you. You wi! this period it had been exceptionally good.. on us to assert most emphatically that both⋅N O W

es the fist item on the debit side is the capital. cannot, perhaps, illustrate it better than by Padas Murnits are confirmed head-hunters, and letter been sent by Mr. Becher to the Board in He sympathised with Mr. Candler in his 103.958, the incicare being accounted for by a owned about twenty three steamers, which must and Mempakel, on one occasion decapitating all which he stated that says of over & oz and from remarks shout reports. It certainly was the file further call of 3 por share which resulted he have cost three quarter of a million of money; the Chinese Traders at Menumbok, where

be tracing down the old Chinese

the leading shipping lines in this trade which they have destroyed the villages of Manumbok THE LAW OF STORM the mill more than 32 ox.? That should have to have them regularly in other companies. an addition of 3,000. Then there is

Mr. Gillies thought that extracts froin the

of Amount

bills payable." You will see that is and in this circular they say that their success

has been so great that they have written down the graves of the murdered men can still be given the Board any other information.except in bolders-he did not think they could ask for that you will, bseive i sundry creditors," which, addition paid large dividends; therefore you can have they desecrated the European graves - | Mr. Chater. replied that Mr. Becher had not manager's letters could be given to the share. Freduced from £96,000 to £74000, but against these steamers to a mere notninal sum; and incon, It is well-known, that heads have

A private noter

more. It could be sent round by circular, Mir. Candler contended that the question was er afd that when he was Chairman the figures are 4000, so that inking the two readily understand how much money you, gentle in the English cemetery that Governnieni not what was the opinion of the Directors with Stewart, he proposed, and it was carried and alin etxetly the same, say 108,0 0 If you trade, have been combating on tal principle which has now been meted out to a portion

they were expecting great results from Mr together, our debtedness in this respect is men, who are nearly all merchants in the China being powerless to administer the chastisement respect to the reports from the manager-the

irector: had simply, to place the reports before placed on record, that as soon as ang reports took on the other sile you will oce that the interest. Now the aim of the Mutual principle the tribes by the Company. The Poll Tax bas

came from the mine of any gold being. turand the shareholder, and let them for their own on my assays made shout--beamount of purchase on account of steamers like ohne you, merchant, by bringing a portion not been increased, and no Salt Monopoly has

increased, We have e bought a new v atcartier, the of this money back to you and as the money Candler insisted that all the assays and posted up on a board outside the oficeroyane, which is, without excepijon, one of the been so made in the past, so I am certain it hitshed on the West Coast. The role. it will be made in the future, and to our nutsal reason of the disaffection is the refusal of the the letter accompanying them ought to be maile¦ But that day had not yet come. "As soon as finest in the China, trade. You all know that bebyfit. · (Hear, heat.) Ido not think I needingleaders of the late outbreak have been Muruts to become a law-abiding people. The they thought they were on the cup of setting alie brought home the new teas, and came in a The Chairman replied, that the assays had some returns, Mr. Stunit had to leave and go weeks before any other, sexiner, making a detain you any longer. I will simply put the previously punished and impiisched for murder Leen actually printed in the report, and the Mr. Becher. The shareholders would see that looked upon as the finest steamer In theatement of accounts now presented be received, taken the oath of allegiance and three times away and then there was Mr. Shannon, and now magnificent passage, and she is certainly now formal proposition; That the report and by the Company, one of them having three times season they were withdrawn was because the reason, why those approximate assays were tradis Taking these amounts, you will ace accepice, and entered on the minutes, Becher said they were not definite, and they did not made public was because they might possibly stuc want to put in anything that was not definite, he misleading, and then the directors would be ns they might be blamed for exaggerating or blamed for giving exaggerated reports. It was huisleading the shareholders.

Intended that the Chairman should have all ded

he knew what the rest of the Board did,

been brought before the shareholders,

opinions.

known to the shareholders, we had

munication

The Secretary then soad the following com Herewith I beg to pressat the figures connected with the recent working of your stamp battery, Kimdosuiño"reniarks on the conclusions to

to the port and the private letter in his speech

The Chairman confirmed this statement, Me Candler objected to all the repons being kept from the publice - If they were only

incurred on the formation

the company,i

last year, represented 11,000, while this year

been taken by them in Labuan, and often

broken; the same. With regard to the second

must be prepared, für adverso criticiam, and we,

that although we have increased our capital Mr. David Reid, in rising to second the resolt charge, the Company, from being a Compaus

13,000 we have increased the other side of the tion, sald Mr. Chairman and Gentlemen, I su account 13 000 so that our accounts are, in fact, sure you will all share with me a feeling of dis quite expected them to be charged with suckin year. (Applause)1 do not think there is any manding picsence of the able chairman of this to shareholders. To abow how unjust theat £20,000**, etter than they were this time last appointment that we have not with us the com- the li

life, blood of the people to pay dividend

thing else to refer to in those tiems, but we can company, Mr. Albert Deacon nor have we the charges are, we submit the following facts for the look at the matter in another light. We can | presence of our colleague, Mr. Strachan, But Information of our readers. The natives of Java take our financial position at the present time. Mr. Maltland has told you that they are on a pay, the Government one-fifth of the produce

THE HONGKONG TELEGRAPH "OFFICE,

Pedder's Hill, Hongkong,

16th January, S

PRICE

READY.

FIFTY CENTS.

in the EASTERN SEAS,

by

WW, DOBERCK," GOVERNMENT ASTRONOMER,

MAY BE PROCURE Mesars, Kelly & Walsh, Limited, Hongkong,

Lane, Crawford & Co.

G. Falconer & Co.

CJ. Gaupp&to

F. Blackhead & Co.")

Heuermann, Herbst & Co. More & Seimund. MacEwen, Frickel & Co.

Mr. W. Brower,

The Hongkong Telegraph" Office Mesus. Quelch & Co., Swatow

Moalle, Amo

Mens Hedge & Co., Foothom, Mesars, Kelly & Walsh, Limited, Shanghai Messie My & Walsh, Limited,