1888-09-14 — Page 2

Iniinations.

A. S. WATSON & CO., LTD.

FLOWER

OUR NEW SEASON'S

AND VEGETABLE SEEDS

ARE NOW READY.

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"

of 20 of 45 Single Packets at list prices.

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In Packets of six or more named varieties, viz:-

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CLOVE PINKS-PANSIES-PHLOX- HOLLYWO KA -PORTUĻACA, VERJIENA and PETUNIA.

-

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Prices Catalogue on application. vinu WOSONG DISPENSARY,

*

THE HONGKONG TELEGRAPH, FRIDAY, SEPTEMBER 14, 1888.

LOCAL AND GENERAL.

AT the Police Court to-day Mr. Sercombe-Smith dealt with thirty Chinese of the mendigant class OWING to pressure on our space we are unable for trespassing on Crown Lands within the to publish the decision in the Estrella caso, borders of the Colony.. Ten were at Shek-shan, delivered by the Acting Chief Justice to-day. It British Kowloon; nine on Ap-ll-chau Island, and was in favour of the plaintiff,

eleven at Sháu-ki-wan. The defendants, who had been summoned at the instance of the police, TOMORROW being the "Day of Atonement" all

were ordered to proceed to the Treasury, take the Jewish offices in the colony will be closed

out their licenses, and show them to the powers for the transaction of b siness. *

that be in Wyndham Street.

We are Informed that the land of the North- amptonshire Regiment will not play in the Public Gaidens.on the evening of Sunday next. The British steamer Clonmarven which arrived at Singapore the other day, has a cargo of some $3.40 cases of Russian petroleum on board from Batoum for Shanghai..

We hear that the applications already received for shares in the lately formed Steam Launch Company amount to over twice the number

available. The list closes 10-morrow.

WE are requested by, the Agent of the O, and O. Steamship Company to state that owing to a continuance of bad weather in Yokohama, the departure of the steamer Arabic was further postponed. She left for this port yesterday at

Belegezak bom

PRIDAY SEPTEMBER 24, 1978.

Tue sfilied oracle of our evening contem-

por try has raised this battlesery against the lately imposed. Verandah Tax, which

piny hun engarded as a very reliable indica. tion that the objections to that more or less objectionable measure will soon become „a' thông, of the past. · "The liading sentence' in which the announcement is made in last nicho's China Mail. W en compared with that immediately following, affords a henatifal specimen of that iron Ingic which is so characteristic of this particular -qrmament to lo-† journalism. The subject 1 is ushered in with this flourish of trumpets:

As we anticipated. (this is Sybilline language with a vengeance) the very strong feeling of indignation that has been evoked by the action of the Executive in regard to the Verandah Tax is likely to 5 take a prámical form." And now follows the "Tam O'Shanter:"~"The best form of public protest against the arbitrary proceeding of the Governor in this matter. is perhaps a public meeting of all classes of the community," In other words, an accomplished event is first forcibly asserted with the full confidence of one who knows , and in the same breath a suggestion is made as to the manner of bringing about an already accomplished fact. 'Self assertion goes a long way in many walks of life, and so does check; but when we are told by a newspaper writer that indignation against the head of the Executive is universal throughout all classes of residents, and that the best thing they could do would be to form a mass meeting and raise a unanimous protest

* .

:

TO-DAY after a long preliminary examination hiffure Mr. Wodehouse, the defendants in the alleged arson at No. 86 Hollywood Road, were fully committed for trial. The shop was destroyed hy fire on the early morning of the 19th August fast, and the case has been proceeding in the ralice Court ever since. Mr. Sinkes prosecuting on behalf of the Straits Fire Insurance Company Lård Mr. Wotton defefending the accused.

The Fifty-eighth Regiment will hold Aquatic Sports, including swimming races, diving for. objects, etc, at the Bath-house to-morrow heroby kind permission of the Com: mitter of the Victoria Recreation Club. There are eleven events on the card, and a capital fernan's spirt should be provided. There will be a race (handicap) round the Red Bey and back, which is open to mem- es of the V. R. C.. and which will doubt- less produce a keen, competition. The Regi- mental Confmitice consists of Colonel Anderson, Majors Ellis and Claytor, Capt. Collinson and ut. Metcalfe, and the Sub-Committee of lor-Seigts Phillips and Everett, and Corporals Foster and Gomm. The sports will commence

114 o'clock.

Der Macao correspondent informs us to-day of the death of Dean A. da Silva, which occurred early this morning. A procession, like so many of those religious pageants which frequently parade the streets of the Holy City, without erer converting one single native, will take place to-morrow in thanksgiving for the cessa- tion of the cholera epidemic. Governor da Costa yesterday gave a farewell dinner to his fitus Achates, Senhor Costa Duarte, the Colonial Secretary, who, having obtained a | medical certificate from the Macao Board of Health, notwithstanding his apparently robust Health, will shortly proceed to Lisbon via Aretica. Twenty-two guests were invited to the feed, and a good deal of balderdash was' indulged in, in the shape of toasts, etc.

disappears from the balance sheet. Under the conditions of Dock work the amount can only be, either a cumshaw, to give it no harder name, or a refund upon work overcharged. In either case. it is alike discreditable to the payer and to the receiver; it is either money filched from the fair earnings of the Company or else a surcharge on the shipowners, refunded into the pockets of the shipowners' agents and servants." This presen tation of the matter exacted the attention of the Directors with the result that the bonus, bas been made smaller than as small, as possible. But should it not be removed from the Articles of Association.?

It is difficult to hit the point, Mr. Editor, where one has written, enough, especially upon such a fruitful theme, and, rather than risk the charge of having written too much, I will close the ventilator, trusting that what I have written will draw the alten ion of the proprietary to the present state of two establishments which all ' interested in would be proud to hear called "that great Bank," and "that great Dock, and trusting that the view which I take al evils, the accumulation of years, may prove exagge rated. But for decency's sake let us have no more dust and red-herring speeches, which are alike dishonorable to the Directorate, insulting to the proprietary, and antagonistic to the interests of the establishments. The supposed necessity for which, calls forth our hearty com- imiseration with the speaker. Hoping that ht the next meeting he may have unction to take the chair with truth upon his right hand, and bonour upon his left.

precautionary measure to meet an imminently longofapital involved we find that it is only possible contingency, with a remote possibility 2.8 bent, and here I take it is the test of of its, all or part, not being wanted. Whereas the feasibility of the Directors' proposed new it seems that the "reluctant decision was all departure, viz., to improve the position of the hash; the Directors had no option but to dump Company by steadily writing down its over the lakh into that morass into which so many drafts." Writing, down, beautiful word, or of the Corporations' dollars have disappeared. rather two words, Here! bring a pen, but All that was said on this head might have been stop, Sir, it's solid Mexicans that are wanted, or out into a very short sentence, such as, Gentle Japanese yens will do, but where are they to inén, we've lost ypu, aucher lakh of dollars." come from? When the Chairman was uttering That this would have been the truth, the whole that fudge, did be suppose that a stroke of the truth, and nothing but the truth, may be sedn pen was all that was needed? With the from a glance at the present report; the lakh „tevenne accounts for the last two half-years in "THE mystery of the (Hongkong) hansom cab" now placed to Reserve is taken from the 2-10tha his hands, could he see the way to lessen by a had a very narrow escape this afternoon of being per cent increase on net profits for the last six single dollar the Company's credit? Rather was transformed into a real tragedy, When Mr. D.

inonths; the report does not make any pretence tt not a fact that with a mi.crable working that a cent has been brought over from the balance of $1,901.32 the Company bad to com Gillies, the popular Secretary of the Deck Com previous six months, other than the "balance of mence the new six current months by overdrawing pany, was being driven in the hansom from his profits." The Contingency fund never gives for current working expenses ? If in the current residence at Rose Villas to the office, the horseback, but is always crying, "give, give," like six months, that Providence which watches "the grave, and, a harzen wonib". Proverbs:| over these sub-lunatic affairs preservés us shied at some obstruction in the roadway opposite tape this is not too torril. The applause on from a still further fall in gross earnings, "Beauregard," and started off at a sharp gallop. the occasion was therefore fraudulently procured will there be a single spare dollar for the His heels coming in contact with some part of by a most disingenuous statement.

Directors to commençe their writing down the vehicle the animal became thoroughly.

The Chairman acknowledged that the Bank operation ? As I have before said it is probable frightened and inying back his cars, took com-

has been paying too much interest on the that there will be some more writing up first. plete charge, galloping eastward at full speed, borrowed capital, and the interest on certain And if any part of the item of assets "Sundry No driver, however strongs and experienced,

fixed deposits has been reduced from 5 to 4 per Debtors" should resolve itself into smoke, the can control a frightened runaway horse, and

ccat; but why on sterling deposits only? Why commencement of writing down would have to not on silver? What proportion do the sterlingbe deferred to a period that will be scarcely although Mr. Gillies' Jehu is anything but a novice with the ribbons, he was perfectly help Directors intend to go to a dear market when thousand dollars were written off the value of deposits bear to the silver? How long do thể measurable by the memory of man. Twenty less, and for time matters looked serious. However, as tuck would have it, the runaway

they can get as much and more than they want the New Dock last half year, and thirty thousand found his Waterloo in the scaffolding of a new

in a cheaper one?

again this half. Was the New Dock worth the bullding that is being erected in Caine Road,

amount at which it figured in the astels in near No. 9 Police Station, and strange to relate,

December last? Has the New Dock deterio neither horse nor hansom sustained any material

rated any? If the answers to these questions damage,, The occupants escaped unhurt,

are "yes," and "no," then why was it necessary to AMONG the Lisbon papers which reached this

write off $50,000? Is it a mere financial trick Might not that sum have been written off the colony and Macao by the last mail, are the

from the interest item? It seems to me that. Sundry Creditors," and a certain amount saved Secsifo and the formal das Colonias; the

this would have been the way, and the only former publishes a translation of an attic

visible way, for the Directorate to have initiated which appeared. a few months ago in the

their somewhat late reversal of policy to the [We have read our correspondent's remarks and columns of this paper dealing with the ther much discussed topic of the Portuguese-Chinese Treaty; the latter contains a long correspon- dence from Macao on several subjects connected with that fast decaying dependency of Portugal, also a reproduction of several paragraphs which have occasionally appeared in our columnsk ef dollars 7 having reference to the corruption and partiality which characterise Macao journalism in general and the Independente in particular. When we published our convictions as to the true origin and probable effects of the Inte Portuguese Treaty with China, the Macao press, represented by two organs of the long-eared fraternity-the Independente and Correio-emptied the vials of their indignation on our head, and were untiring in heaping harmless abuse on us. No better lesson has been administered to them than by the Lisbon Secude faithfully translating our article and placing it within reach of the Portuguese public. Our various animadversions on the Macao administration have also been roughly handled by our Macao contemporaries. The Lisbon Jarnal das Colonies now publishes over three columns of correspondence and an editorial in support of our assertions, and to the utter confusion of our Macao opponents. It is to be hoped the time will come when our rabid contemporaries of the neighbouring colony will open their eyes and see how foolish they have made themselves appear before their readers. and the world.

CORRESPONDENCE.

[We do not necessarily endorse the opioious expressed by

Correspondents in this column.) ·

THE HONGKONG AND SHANGHAI BANK

AND THE DOCK COMPANY.

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Ir is highly probable that the Gap Rock light- house will be constructed of bricks, at a point

To su EDITOн or the "Honakong ThuatirATH." very close to the top of the rock which is so feat

SIR-A Limited Liability chairman's prattle seems to be as sacred to the Hongkong com- above the water line. As the light will only be somewhere about 150 feet above the sea the munity as a parson's sermon. I hold that structure itself should be very far from lofty and criticism is good both for the sermon and the against the Governor, we cannot but con-

prattle, and therefore ask you to allow me," will possibly include rooms for attendants, con- sider both the insinuation and the suggestionstructed on a somewhat broad and roomy base

through the columns of your journal, to intrude upon the public a few remarks on the speeches far too bare-faced to be quietly regarded The method for making a fog signal has not

made by the Chairman, at the late half yearly been published as yet, but it will most likely be meetings of two of our public companies. Many as a mere feat of journalistic speculation.a gun of something less than eighty tons weight. believe in the policy of letting things be, keeping The public of Hongkong will never be a few months ago when it was expected that things dark, hushing things up; but I am well driven to ridiculous beliefs and extremes house, Sr. D. M. Henderson, engineer-in-chief through your daily paper, that you favour the the Chinese Government would build the light-aware, by many years acquaintance with you by soi-disant oracles of the China Mari to the Imperial Maritime. Customs, received most thorough ventilation of all and every stamp. They have far more serious tenders from the Hongkong and Whampoa Dock question of public interest, and if on a late Co. for the erection of an iron structure which, responsibilities on their shoulders than bandsonic and enduring like that of Asherafi in

Occasion I seemed to be not fully alive to your irresponsible scribblers of this common, or the Gull of Suez, could be constructed at about

untiring zeal in hunting down humbug and imposture, in whatever places they may be garden order can possibly conceive. If one third the expense of either a brick or stone found, high or low, there was no intention on a Government measure is enacted in direct

my pant of curtailing in the least the meed of cknowledgment due to you, in a labour which antagonism to their interests, the public

carries with it so poor a guerdon of thanks. have other means of opposing it than by at

fiut even now whilst touching lightly upon the subject, I feel crippled by the knowledge that your well known modesty would deprecate a full expression of that praise, due to labours which can only be adequately rewarded with a barp, and a Dock Directors cease from muddling, and Bank seat on a damp cloud, in those blest regions where Shares are at rest,

building.

The suggested method of enlarging, or inflating, the Reserve seems to me to be a bit of spurious financing. The result of the proposed operation will be over i lakh of dollars, on paper. A good negociable asset, doubt, but so much gas to add to a Reserve which is supposed to be solid | value of the Indian sterling loan than in a good metal. Granted there is more stability in the leal of stock with which we have had the misfortune to become acquainted; but until the stock is realized, the increased value is merely

a

matter of figures. Suppose'u lakh credited to the Reserve fund by revaluation of the Indian investment, and further suppose that Abdul Mirklejee, or some other potentate just over, the haider, should take to kicking up Arumpus, with the strongly marked impress of the hear's paw in the matter! Market prices would go back possibly to 86, and where then would be the

There would be, I suppose, considerable objec tion to the Contingency fund, and various other matters which I could mention, being'priated for the benefit of the shareholders, to enable them to form a better idea of the position of the Bank than it is possible for them to do from the report and Chairman's speech; the latter appears to ine to be made up of dust and red herrings.

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was it not something like a studied insult shareholders for the Chaiman to tell them, as he did in February last, that it has been the general policy of the directors to pursue the course recommended by Captain Talbot, viz.: Not to pay extravagant dividends." Since when they when in 1886 they paid 16 per cent, making have the Directors pursued this policy? Did

little or no provision for a debt of something like $800,000? Did they, when in 1887, they paid 133 per cent, with a still increasing debt? Have they in the current year in paying at the rate of 6 per cent. per annum, with a debt increased to $1,125,000 and totally unprovided for ? I leave it for the Chairman to reconcile his specious statement with the facts I have quoted, which show it has been the policy of the Directors Dust for the eyes, and a red herring across the to pour into their own pockets, and collaterally trail, are the characteristics of these speeches as and to a smaller extent into the pockels of the also of those at the meetings of Dock share-other shareholder, who were, to say the truth,, holders, on which I will with your permission also make a few remarks. Last half year we were told, after the announcement of diminishing earnings, the result" cannot be considered so very unsatis factory" this half it is still further diminution of earnings, with regrets, and "cannot be looked upon as very unsatisfactory," The result referred to is the 3 per cent div. A little dust, just enough to set the hearers blinking. I cannot agree with either formula, as it, secins to me that the position of the Dock Company is unsatis factory in the extreme.

nothing loth to take every available duilar, leaving those who might come after to deal with enormous liability through a depleted treasury."

an

Is six per cent, per annum an excessive

dividend? Under circumstances it is, and if under one circumstance more than another, it is when the dividend is paid out of borrowed capital, as in this case. If the forty-nine thousand odd dollars paid for new tools and reconstruction had been paid out of net receipts, as it ought to have been, it would have more than swallowed up the sum set apart for divid- ends; and it was only by adding their cost to the already heavy credit, that the Directorate was able to throw a sop to the proprietary and stay for a time the gathering storm.

The Chairman naturally" felt that something ought to be said about the Fame, which is valued in the assets at $4,000; on which the Directors have spent for re-construction 342,89278; but he did not feel it necessary to say that it had been done on tick. The Company wanted a suitable vessel for salving operations, and now the Directors are hoping for salving operations suitable for the vessel, and the shareholders are hoping that the solving operations will not run on all fours with the ironclads, which don't nm at all. No, I'm dot from the island; sometimes | wish I was,

And now, that sound loans, rising rates, hon- clads, salvages, and big contracts, may wait on both enterprises, let us fervently pray, and for a happy issue cut of all our troubles, the greatest of which at present are Decks, Banks, and prickly-heat.

Yours faithfully,

F. H. E. Honkong, 10th September, 1888.

criticisms with considerable interest, which we are certain will be shared by the general publie as well as by the shareholders of the Hongkong and Shanghai Banláng Corporation and the Dock Company. In a few trifling instances "FH, E." is not altogether accurate in matters of detail, and several of his calcula- tions would appear to be based on mistaken data; however, as a whole the letter is a sound and pungent criticism which certainly ought to attract public-attention and to receive the most careful consideration from those to whom it particularly refers. It is hardly necessary to remind the readers of this paper, although "F.H.E." appears to be oblivious of the fact, that in a series of leading articles published in the Hongkong Telegraph last March-vide the mall supplement of March 28th-most of the points he touches on as regards the Dock Company were thoroughly threshed out, and that the one great and legitimate grievance of shareholders-the extraordinary falling off in the proportion of net profits to gross carnings, notwithstanding the enormous expenditure for so-called labour saving, machinery and appliances--was publicly challenged by a shareholder at the half yearly meeting held on August 29th 1887. The explanation then asked for was not given; it was evided in a childish, not to say idiotic, manner by the then Chairman (Mr. G. D. Boltomicy), and it has ever since been most carefully ignored by the Directorate. However, "F.H.E." letter speaks for itself; our own views regarding the recent reports of the Bank and the Dock Company will be published within the next few days-Ed., Hongkong Telegraph.]

In the February speech we are told "the carning power of the Company is now very large;" that earning power has in the last six months been increased, mostly on crédit, to the tune of $128,573.56, and still the Chairman has to regret diminished earnings, and gives a reason, which nust, I think, appear to most people obviously sufficient-"lew vessels docked and no large

"FIETY DOLLARS ON THE BRIDGE." Contracts" fully account for diminished cath

TO THE EDITOR OF THE "HONGKONo Telegrafu," ings. The very large carning power of the

SIR-Having just arrived from the south, that Company, on which the Chairman laid stress,

is to say, from Appolobunder, in a mail-boat, I' not only is utterly unable to pay for itself, but

hope I am not too late to answer the letter of taxes the receipts for interest to the amount of

"Fifty Dollars" I trust the general interest in $65.123.36 per annum, as per last report.

his last great subject of pay is not yet irre- The February mecting was decoyed into

coverably dead. Your corespondent appears voting two mare Directors; the decoy object was

not only to have chosen an elegant nom "to secure and consolidate support in the shape

de plume, but one also which fairly well of work, which might go elsewhere." Ahem!

appraiser his own value as a lctier-writer, Has this, object been accomplished? in plain The Chairman did not take any credit for the although I think that the two full columns of English have the two new members brought any $800 paid off the Government loan, but acknow- epistolary dish-water which he publishes as n grist, to the mill? Apparently not in quantity ledged the increase of that loan by $1,000, fall whining retort full of Impotent furiosities to my sufficient to cover the lack from other quarters in Exchange, and drew the attention of the communication of May last, would be decidedly. Bringing grist to the mill seems to have been meeting to the fact that the same fall put the dear at the rate of fifty cents a column, for saddled the net profit with another $2000 $ the sole raison d'être of their election, which value of material on band $50,000 above its repetitions. Possibly some hard-pressed Rocky value in the Assets, and by a parity of cause, if Mountain quack-doctor would entertain “bim to year. Any bargce will do, if he can only the Exchange should rise three half pence it write up a new kind of St. Jacob's Oil, or may bring, the barges. I have no intention of would take a powerful glass to find the $50,000, be a Chinaman la want of a "mate" might find reflecting in any way on the members of the The stock of material is called "large" and him worth that much in descanting on the praises Directorate, but it is a trite way of expressing the certainly it is large, out of all proportion to the of a performing bear. But if such assumedly principle on which the last election was made.. necessities of the Company lots-up-to-more-congenial employment could not be found for The shareholders have good ground for sug. than half the amount of the loans. It is pretty him in either sphere of usefulness, it is evident gesting that as seven Directors were sufficient certain that some additions were made to most that his last contribution to the journalistic and a dividend of 16 per cent, paid, that with but the fact that the stock, valued on the 31st would be much better employed teaching a in '86, when the receipts were large, profits good, the particular necessities of the past six months, literature of Hongkong stamps him as one who prospects of very much diminished business five December, 1887, at $672.503.45, was reduced national-school in some terrestrial Hades directors would be quite enough to put the work only $7.790.77 by 6 months working, proves that than standing on the bridge of a steamer even through, saving $4,000 a year to the net profits. the amount of material on hand is not only in temporary charge of her safely. A man who The Chairman casts a ray of hope; but, when excessively large, but is actually as big as a manifestly is so weak in the head, so entirely the shareholders consider that, with the "in-white elephant. Taking the rate of reduction of one-horse in brain power, and an readily excited accomodation, extending from Bombay to Naga nearly 44 years to work it off, and it will cost for four months ago, of one or two arrows of that creasing tonnage," there is also increasing dock the last six months, it will take the Company about nothing worse than the scratch, inflicted

saki, commanding the new lines of steam con- interest, at the present Bank rate, about one outrageous fortune" which simply admonishes The meetings of the Hongkong and Shanghai nection with Hongkong, and also taking into million dollars.

him, in not uncourteous language, that his style Banking Corporation and the Hongkong and consideration the well determined fact that Lie back for a moment, and with closed eyes | is too uncultivated for a respectable newspaper Whampoa Dock Company Intely held, seem to vessels will be taken for decking to where and twirling thumbs, think out the life history of and that his mode of procedure, however good the have been very dull affairs of this 1 judge by position, work, and price suit best, and that that accumulation of brass and iron, old, and object, is exceptional and repellant, is surely not the newspaper reports, other occupations having owners will not put themselves out of the way to kept me away from either meeting; but we miss come to the Hongkong and Whampoa Dock now disposed of in the Company's museum. entrusted with the lives and fortunes of the com new timber, and all the ciceteras of a dock's stores the individual, when danger threatens, to be the (applause) and hear, bear) which so fre Company, they will not feel "every confidence; ' How Manager this was pestered with solicitations monest of Her Majesty's lieges. I have not, I con quently interrupted the Chairman at previous they will rather feel that the Company has a very for orders co-extensive with the magnitude of } fess, taken the frouble to read more than a small balf-yeariles. Is this significant that the hitherto rocky road to travel, and that it will take the best the establishment; how Director that had half of this "ordinary gentleman's," plaintive submissive fuck is no longer inclined to follow of good management to keep the concern upon home interests to push and, oh I just for one bathos, which from end to end of your two columns, the bell-wether through every gap, or applaud its legs.

moment try to realize the palmy unctuousness of appears to make an effort at doing actually nothing Excuse the simile as I've been much in a gentlemen.I A calculation of per centage of net installation of the vast collection: A such fault with Mall Boat" for taking exception to his at every rhetorical fence successfully cleared? Now comes a handful of dust; close your eyes, these blessed somebodies who assisted at the beyond finding the most grievous, and childish pastoral land. The Bank meeting, which was profits upon the working expenses, which is 131 unctuous bliss is only for the few the many have highfaltin and quite untrained mode of proceed- very well attended, with much new blood in it, per cent; but had there been no interest charge the privilege of paying for it. If common sense ing to get a heavy grievance redressed. Such might have given one (hear, hear) to the Chair. the per centage.would have been, not "nearly were allowed a place in the Dock management, morbid sensitiveness is the unerring index to pleasure of fan-fan is entirely in the hands of man, for superficially the report and speech 20 per cent.," but 183 per cent, a difference not about three fourths of the material would be put a very weak character and to a heart eaten the few coolies who figure as informers" for are not so "very unsatisfactory." Attention was

on the market, and, taking the cost as stated in up with native conceit-to that she-feline nature very great perhaps, a mere pinch of dust. But the police, Ifinformers are sufficiently "squared" which in plain figures shews a net profit of and the evasion of an answer to Capt. Talbot's authority of the Chairman's speech, and deduct when the milk is sweet but is yet prepared at drawn to the steady progress and net result, the absence of any allusion to former percentages, the report as correct, on the very doubtful of extremes which grins with horrible pleasantry. the sport is permitted to go on merrily, but 7-10ths per cent, against 5-10ths per cent. for the call for explanation and question, which I quote ing, say, to per cent for palm oll, a sum of a moment's notice to play the #ver

very devil in a should" sportsmen be found close, that is to previous half year; and this increase of 2-10ths at full from the Daily Press of February 23rd 8450,000 should be at the disposal of the Direc ben house when sour cells of natural fat are say not quite close enough to reach with a long has enabled the Directors to put to the Reserve last The first item that seems to call for tors for their new policy of "writing down over offered. Your Bombaste furioso makes mention; bamboo, matters at once assume a serious immense machinery, with its attendant liabilities, three half-years in the proportion of net profits great to pay it away in dividends, but we should and thus wrecking the ship, while tormenting fund $100,0.0f, and when we lose sight of the explanation is the rapid decrease for the last drafts. The temptation, I know, would be of sea officers going mad on a steamer's bridge expression and the police Inspectors are

which has been in operation for 6 months to to total receipts. In June, 1886, the percentage hope and trust that the Directorate has sufficient themselves about their wretched pay; but while informed that another gang have been dis achieve this narrow margin of profit, the divi- was 26.64, but the last report gives only 13.42. grace left, or if not grace, a sufficient something such a sad thought is somewhat suggestive in covered. Yesterday at the termination of a dead, equals 1 per cent. per annum on the In the "Revenue Account" of the present report to do duty for it, to withstand the tempter. If regard to bis own mental condition I would still fan-tan gambling case at the Police Court, the subscribed capital, will appear satisfactory to the 5th Feb. '88) the "cost of labour, material, and such a course were pursued a large lump of ask him if he can, to calmly reflect that the two informers who were awarded $5 each by the majority of Shareholders. Reading the February working expenses? is given as about twenty thous interest would be saved to the Revenue account, scale of pay of ship's officers is regulated by the LONDON, September, 12th,

Magistrate if the fines were paid," got nothing, speech in the light of the present report and sand dollars morethan two years ago although the and the remaining stock might then with truth same natural laws which regulate the value of The St. Leger Stakes of 25 savs. each, for culprit preferred to go to gaol rather than to ante to come to and that is that what was then said sand dollars fars. Is not this anomalous in face of of the stuff can be put upon the market other those of supply and demand for further for the simple resson that the heart-broken speech, I think that there is only one conclusion total receipts are actually nearly thirteen thou be called "very large." Whether a large portion all men's wages and of all human commodities then three year olds; colts gst, fillie's &st, rib up his hard earned shekels. With the "inform about the lakh of dollars was mere foal-pidgin," the large purchases of labour saving machinery wise than as old iron, I leave, an open question, information on this subject I recommend him to the owner of the second to receive 200 Bovsing" business in such a feeble condition if was although it was accepted by the meeting in good Captala Talbot and the rest of the shareholders which possibly the Directors may answer. read Adam Smith Wealth of Nations. and the third 100 sovs. out of the stakes; Old resolved by the trade that "something would earnest and applauded accordingly. What was of the. Company, after the holding of another St. Leger cour & (about one mile, six furlongs, have to be done" and the result is that a wind it that called forth the applause The loss of half-yearly, still wait for an explanation; which ought to have called forth the pplause of the recommending books, beg to draw his earnes One good feature of the management, which might also, I conscientiously believe, while and 133 yards).-193 subs.

fall of 10,000 cark fell into their treasury this $100,000? That would be to suppose that it was a fact tends to dissipate the small claim for con- meeting, is the cutting down of the big squeeze attention to the penny letter-writer," which morning. Inspector Baker raided a house in East meeting of idiots and no one would cast such fidence which may have remained with the known as "bonus to contributing Shareholders would not only teach him a much better style Street last night, and at the trial to-day before Mr, a slur upon the gentlemen who attended. It is Directorate. I will quote Captain Talbot's if it really has been cut down at any rate it than the one he has, but also some of the Sercombe Smith the first and second defendants natural to suppose that they were misled by the figures shewing the percentage of net profits to figured in the February report at $7,000 and unwritten canons by which the multifarious z in the case paid their fines of $50 each the equivocal verbiage of the Chairman, and having receipts; thus-December '85, 20.05 per cent.;.

we were told on the 27th of that month, that the business of this world is conducted, and by third and fourth defendants paid $15, and the still some faith in him, they took his speech at June 86, 26.64 per cent.: December 86, 19.04 bonus had been made as small as possible which the gentlemen he speaks of can differ remaining three got away by cach leaving fifty its face valuation, Condensing the verbiage,

per cent.; June '87, 14.23 per cent.; December In the last Report the bonus ligures at $1,000,- with each other, and go on differing, without the cents behind. So that the informers in this case the meeting appears to have been told that the 87, 13.43 per cent; June 88, 13.03 per cent, and we are told that it has been reduced to the refreshing personalties which come so readily came in for no less than 5,000 cash each. We Directors had in-hand a lakh of dollars, which and would ask for an explanation of this great smallest possible amount, that is, that it has his per Personalities as actuar hear they intend to give a big dinner this evening they had proposed to add to the Reserve fund, falling off in net profits, notwithstanding the been made smaller than a small as possible index of cake brain and still weaker In honour of the occasion, and then propose but at the last moment they decided that it amount of labour saving machinery which has credit this to the Chairman: Limited Liability argume retiring from business with their ample fortunes. would be prudent to place it to the Contingency been accumulated in the Company's workshops, in a letter to the Daily yaPrest, zand February They are afraid that one of these days they may fand, and, "They, therefore, very reluctantly upon a great portion of which interest has been, wrote of it: Boausto contributing Shareholde receive their "blood money" with a bamboo, decided to forego the pleasure." &c., &c., leading and will have to be paid for some time to come. sbould be again burped of, nor let drop, unti or other lethal weapon,"

the listeners to suppose that it was only a ↑ But when we measure the nat profit by the I this undue chargaon the earnings of the Company.

ཨིདཱ ཝཱ ཝཱ

WHAT is steam? The Safety Valve gives the fallowing explanation: When water once begins to boil, it is impossible to raise its temperature once resorting to the objectionable mass.

any higher; all excess of heat is absorbed by meeting. The mass-meeting remedy is the escaping, as so called, latent heat, and à last extreme, à dernier ressort. We have is given out again when it condenses. We not given the proposed measure a sufficient often speak of seeing the steam escaping amount of consideration to be able to from the mouth of a kelle but this is defiadiely proneunce on its merits." If it be incorrect-steam is an invisible vapor, and we can no more see it than we can air. the brand generally objectionable, What we do see are the minute drops of 4a noe1b, dochinately opposed, although water into which the steam condenses on com- ing into the cool air. If we boil water in a glass earn that many other so-called flask, we shall notice that nothing can be seen posures, such for instance in the interior, and by observing the steam General's back-pard escaping from a kettle we shall notice that there wib appeared to raise a storm

is quite a distance between the end of the spout fore them, were ultimately passed and the point where the cloud becomes visible. Fins the standing lawsolthe Colony. This cloud of steam is of exactly the same But whatever may be the objectionable which are formed by the condensation in cool

nature as the clouds which float in the sky, and, fetimes of the Verandah Tax, we repeat, it is not by the rabid vapourings of the China "pper region of aqueous vapor in the 'air. Mail that the measure can be cried down. It has been alleged that the illegal sporting Alia tentanda ma est. And we can assure Governor his Veux that the alleged strong fowling ofindignation that has been ayokor by the action of the Executive" exists only in the inventive but decidedly cloudy brain of the Chiya Mail man.

TELEGRAMS.

(Reuter)

THE ST. LEGER.

Lord Calthorpe's ch. f. Seabreeze, by Isonomy

-St. Marguerite.......

Lard Bradford's bc. Chillington, by Chippen-

dale-Duvernay.

3

Mr, Manton's b. f. Zanzibar, by Sterling-

Lady Paramount,...............@oprosią

(From the Courrier d'Haiphong.) GENERAL BOULANGER.

Paña, September stb.. Nothing is positively known about General Boulanger. Contradictory rumours are afloat concerning bis, Journey to the North of Europe,

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our COST

and

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