1889-08-24 — Page 2

Intimations.

DAKIN'S

UNRIVALLED OLD

SCOTCH WHISKY,

THE HONGKONG TELEGRAPH, SATURDAY, AUGUST 24, 1889.

THE Rev. G. H. Bondfield, minister of the Union Church, will conduct the service at the Peak Church to-morrow af ernoon.

WR are informed by the agents (Messrs. Jardine, Matheson & Co.) that the Glenliner Gleneyle, from London, left Singapore for Hongkong this morning.

WE publish in another column the Singapore Straits Timer special repart of the trial, con. viction, and sentence in Sarawak of a number of Chinese alleged to have been ringleaders or members of the Sam Tian Chinese Secret Society, It appears in us that these proceerlings are of sufficiently serious character to demand a thorough investigation on the part of the Chinese

Government.

of the shares. In the middle of July the shares were quoted at as high as 195 per cent, premium, but immediately after the knowledge of the reported defalcations of M. Morel had got wind, they gradually fell to as low as $168 per cent. premium. This is a matter of considerable public Importance, and it is a matter which, I think, should have been fareseen and provided 'for, and whatever those assembled here to-day may think, I hold a strong opinion that to a very considerable exient the Court of Directors are

A BLEND OF THE FINEST WHISKIES The China Mail last night, says that the local FOR two months, the fire bell has been this hea

that Scotland can produce, Thoroughly Matured.

Per Bottle $1.

SOLD ONLY DY

Per Dozen $10.

DAKIN BROS. OF CHINA

LIMITE D,..

CHEMISTS, and

AERATED WATER

MANUFACTURERS,

HONGKONG.

(Telephone No. 60.)

Hongkong, 23rd July, 1889.

[11

Chinese papers are a disgrace to the colony, The Wah Ta Vat Po, we may mention, is owned by the proprietor and is published at the head-quarters of that critical journal.

- ۴۲

unheard, a phenomenon which can only be attributed to the fact that the 'rial of a Chinese shopkeeper, for arson, nending. Hardly has his case been dismissed, at the Sessions, before another well-insured shop is in flamer. The hall yearly meeting of the shareholders of | About 3 o'clock this morning was the time the Hongkong and Whampoa Dock Co., on chosen. The place was 9 Hollywood Rond, a Monday, will be held in the Chamber of Com-shanty used only for storing old furniture in, but merce rooms at the City Hall, and not at the with a $700 risk on it, taken by Melchers & Co. offices of the Company, as previously announced. The Brigade turned out, and worked hard, but the destruction was complete. The origin of the fire is, of course, unknown.

TO-MORROW morning between 9 and 10.30 o'clock, the steam-laurich. carrying the Bethel flag will call alongside any vessel hoisting code pennant C, to convey men ashore to 11 am. service at St. Peter's Seamen's Church, returning about 12.30:

AN inquest was held this morning by Mr Wodehouse, on the sub-contractor who was killed on Thursday afternoon. It appeared that the deceased was superintending the lifting of a pile-driver near the submarine pier, and that he only provided a thin old rope to meet a THE magistrate of Pun-yü, a district of Canton,strain of ahout a ton and a hall. This was has inaugurated the system pursued by the gaol pointed out to him, but he said it would do, A. S. WATSON & CO., LD. Hongkong. Prisoners undergoing and put his shoulder under the pile-driver light sentences are taught different trades

to help to lift, and so ease the strain. The rope in an improvised adjunct to the Pun-vü district broke, and he was dead the next instant. A prison, so that as the proclamation goes, finding of "accidental death was recorded. "the prisoners on being released at the end of The verdict was fele de se in the case of their term, may have the opportunity of turning the Chinaman who banged himself in Gaol over a new leaf by plying some sort of handi- yesterday. A lot he cares what the finding was. craft which they had learnt in prison, instead of returning to their old habits of thieving. etc," We believe the magistrate intends also to establish a fund to furnish these reclaimed THE HONGKONG AND SHANGHAI convicts with money to start a new life when

ESTABLISHED A.D. 1841.

'N drawing attention to our special prepara- tions, we beg to state that we continue to import Drugs, Chemicals, and Goods of every kind of the heat description only. No other quality is kept in Stock. Our long experience and intimate acquaintance with the Trade and the best sources of supply enables us to purchase direct from the Producers on the very best terms, and thus gives us an advantage which enables us to offer nur Constituents the benefit of a considerable reduction in the price of all Specialitics of our own Manufacture or putting up, as compared with similar articles sold else where.

WATSON'S

CHOLERA AND DIARRHEA REMEDIES.

CHOLERA MIXTURE.

As prescribed and recommended by Dr. AYRES, Colonial Surgeon, when President of the Hongkong Sanitary or vomiting and purging

Roard.

attended with violent pain. Prepared only hy

A: S. WATSON & Co., Lid, THE HONGKONG DISPENSARY, Hongkong, China and Manila. In Battles, $1 and $1.50 each. ASTRINGENT ANTACID-DIARRHEA As recommended by the London Board of Health for usciu nil cases of Diarrhoea, Cholera,

MIXTURE.

Prepared only by

A. S. WATSON & Co., Ltd., THE HONGKONG DISPENSĀRV, Hongkong, China and Manila. In Bottles, $ and $1.50 each. WATSON'S ASIATIC:CORDIAL.

DOSE-For Diarrhea, Colic, and Dysentery,

I tea-spoonful every 2 or 3 hours. For Cholera,

released.

THE Batavia Handelsblad states "that the Sultan of Sambag has granted to Mr. E. L. Gordon a'concession for the Western Borneo Gold Fields. Mr. Gordon has taken a good deal of trouble in finding there lands really abounding with gold. Now that he has secured everything required to turn the concession to account, he will go to England, where the necessary measures. have been taken to start a

company commanding sufficient capital for working these im-ortant mines."--This is the rict in which our late visitor, Mr. W. McGregor Smith, is the proud possenser of numerous concessions where are is plentiful and assays as high as 75 oz. af gold to the ton are as thick as goseberries, and where diamonds as bir as walnuts can be picked up in all directions. Western Borneo, as everybody does not know, belongs to Holland, and we are coolly asked to believe that the Dutch have handed over to foreigners,, men without either money or influence worth mentioning, vast territories, literally teeming with mineral weath. The Dutch are reputed to be adventurous, enterprising, and admirable colonists in every way, and if all these gold and diamond mines were rich, and as easily worked as represented, is it not reasonable to suppose that the Govern ment of the Hagite would have given the pre ference to theirown subjects? Baron Munchausen was a fool in the art of lying, when compared with some of these latest specimens of company *promoters,

|

BANKING COMPANY.

|

paid for, if it is not to direct the management of the Bank? This is not the first loss of the same character the Bank has 'sustained by a great many commencing at Yokohama only a few years ago, we all know what the Bank last there the Benjamin scandal in Shanghat is only a matter of yesterday, and then there were some two millions of dollars lost in Manila, about a quarter of a million lost in Batavia, and other similar losses by fraud, which have been current talk for years past. Surely, gentlemen, these losses reflect on the character of the management of the Bank? It seems to me that the Court of Directors rely more on their numbers-and they certainly present a formidable array-than on any ability, special aptitude, or business capacity they have displayed in directing the Bank's alFairs. There is no other Banke on the face of God's earth, the shareholders of which would have telerated such mismanagement, Supposing a bank in London, or Manchester, or Glasgow, or Edinburgh had suffered such losses do you think the shareholders would have stood by and dumbly accepted the lame explana tion we have just listened to? No, exactly, And although I will not assert what is opinion of those shareholders present, I know that the

I shall at least have outside public opinion with me when I say, and reiterate as strongly as I can, that this last heavy loss is directly attribulable to

the neglect of the Court of Directors in not

Mr. Fraser-Smith-Can you quote an instance tion of the shareholders, propose to deal with an of any Bank, in the past quarter of a century, | follows :—, that has had a succession of losses like those: To pay a Dividend of 4 per cent. for sustained by the Hongkong and Shanghai the 6months.mi

$12,000.00 write off Extraordinary Expenses 4.449-21 Bank, and which might have been prevented. by ordinary care ? If you can, I shall be happy write off, Hotel Propeny, Marine to make any reasonable withdrawal of the Lot No. 5, and. Remaining Portion remarks I have made on that point,

of Lot No. 3..................

* 3.390.33 write off for Steam Launch - männ 1,000.00 n carry forward to new account...... 3,858.46

$24.699.32

41

The Chairman made some further references to all business concerns having to sustain losses, which were only partially audible to the challenging any member of the Court of Directors to quote a single instance where a Bank had suffered such a succession of robberies...

The Chairman-in reference to the way in which the accounts are kept, I can only say that if the shareholders wish to have them kept in any other way, let them say so. They have never said to-they have accepted them, and considered them quite su cient. If they want the accounts kept differently, let them come and say so.

Mr. Fraser-Smith-Pardon me, I did not say keeping the accounts. The accounts are, 1 pre- sume, kept in perfect order; but what I referred to was this summary in the Report.

The Chaingan-Well, if the shareholders want it differently, let them say so.

Mr. Fraser-Smith-Well, I say so, now, The Chairman-Then, get some-one to sup- port you.

Mr. Fraser-Smith-I don't want any support. The Chairman-Oh yes, you do.

ד"

Mr. Fraser-Smith—I say this is an imperfect summary of the accounts of the Bank, and as a shareholder I am entitled to express that opinion, and althoughthere may not be another shareholder I am sight, I am certain that nine out of every in this room who cares to stand up and say that

ten present who know anything about accounts will privately endorse all I have said.

DIRECTORS. Mr. Dodwell has resigned, and the Directors deeply regret the recent death of Mr. Antonio dos Remedios, which causes another, vacancy on the Board. Messrs. David McCulloch and E. Jones Hughes retire by rotation, but are eligible

་

for re-election,

AUDIT,

The accounts have been audited by Messrs. J. H. Cox and Fullarton Henderson..

D. MCCULLOCH,

CHAIRMAN.

BALANCE SHEET, 30TH JUNE, 1889. ". Assets.

Hotel Property on Marine Lot No. Si

and on the Remaining Portion of Marine Lat. No. 3 as per last Re port..........¶¶¶ ..........................................$318,390.33

Furniture Account, as por

last Report...$ 10,846.58 Since added...................、 487.84

Remaining Portion of Marine Lot No. 7, as per last Report.............. 275.685,36

Since added..

24.237.30 Cash......

34,334-43

299/22.66 1,152.36

Share Account, Balance of Shares in

Public Companic boomary-13:779.19 Security Account, Hongkong and Shanghai Banking Corporation-

·For Value of 200 Debentures No. 601/800 $500 each lodged with the Bank as security for over- drafts.*********

Sundry Debtors

..... 100,000.00

12,205.34 Stock of Wines and Provisions 17,247.26 Licences attaching to 2nd half-year

1889....................

Fire Insurance to and half-year 1879 Steam Launch Contingency Account, claims paid to Customers and Furniture destroyed as per last Report ...$4,149 75

Less Property since ro-

covered.....

365.67 306.24 4,000.00

If5.00

3.944,75.

New Furniture, for New

Wing, as per last Repert..$8,782.89 Since added............ 8,210 24

Extraordinary

Expenses,

counter claim and taxed costs re Barmaida.........$2,510.45

Legal Expenses re

Barmaids............. 1,061.16 Balance of expense in

connection with 800.* Debentures

Liabilities.

877.92

16,993.13

4-449-53 $824,092.88

Paid-up Capital on 3,000 Shares......$300,000.00 Hongkong Hotel Co., Limited, Boo (6 per cent.) Debentures of $500 each.....

***** 400,000.00

1, 2, or 3 tea-spoonfuls every hour, or in urgent R. I THURSTON, in the North American extent of, 1,290,000 frs. without permission satisfaction has been expressed as to the results We have, trust our agents to a great extent-it is Sundry Creditors +19134/?~1442?E??.99,181.56

eases oftener.

In Bottles-ça cents' and $1 each.

WATSON'S

CHLORODYNE.'

Dosk:-Ten to twenty drops in brandy and

water.

In Bottles-50 cents $1 and $1.50 each, WATSON'S

ASTRINGENT PILLS, FOR DIAREHA, DYSENTERY, &c. Dose:-One pill after each liquid Motion. In Bottles 74 cents and $1.50 each.

WATSON'S

ANODYNE LINIMENT. For relieving pain in all cases of Spasms, Colic, Cholera, Diarrhea, Inflammation of the Bowels, &c.

DIRECTIONS FOR USE-Sprinkle some on hot Flannel or Spongio Piline soaked in boiling water and apply over the rest of pain.

In Bottles, 75 Cents and $1.50 each. BERMUDA ARROWROOT. RUSSIAN ISINGLASS, CALVES' FOOT JELLY.

Review, says with regard to what he claims to be the engine of the future-That form of heat engine which most completely reduces these wastes, other things being equal, will constitute the fittest, the surviving, form of heat engine. That which permits the highest ideal efficiency and is least subject to such losses will ultimately outlive all competitors. It is 85 Berted that it will be the gas-engine, not the steam engine, which must be expected to do the work of the world in the end; since, as is thought, it is capable of werking through the widest range of temperature, and offers the most promising outlook for reduction of internal wastes. That it must be one or the other of these

The Chairman said:-Gentlemen, as the report has been circulated for two weeks past, I do not propose reading it unless you desire me te do so. The profits for the half yet under review admit of the usual 30 dividend, equal to 16 of on the capital, an addition of one lac of dollars to the Reserve Fund, and $70,000 carried forward: this in itself is, I think you will admit, satis factory, but we were in great hopes of presenting to you a Profit and Loss Account that would have been the best on record. Our first accounts showed 11 lakhs of dollars profit, but about the middle of last month, the London Manager wired that Mr. Morel, the agent of the Bank in Lyons, had overdrawn his account to the

and without security, meet losses he had in curred on the Bourse. Mr. Jackson recommended that the whole amount should be written off, as he thought there was no chance of recovering anything, and we accordingly amended our accounts, making provision for $330,000, and thereby reducing our profits to $770,000. I need hardly tell you how keenly the Directors feel the loss of so large a sum under such circumstances, Mr. Morel is of course no longer in the employ of the Bank, and Mr. W. de Bovis, late sub-manager here, has left for Lyons to take up the position of agent: The Manila agency has caused as much anxiety of late, but I am pleased to inform you that, after many difficulties and delays, we have at last succeeded in getting the Bank registered there, the certificate of registration being now in our possession. This is a most satisfactory result, as it gives the 'Bank a status in the Philippines which enables it to plead in the courts, I trust that court troubles in that quarter may soon be ended, ar we will now be recognized in Spanish courts and in a position to defend suits that were formerly decided against us without a hearing, on the sole ground of our non-registration, Our legal advisers in Manila confidently assure un that the lands of the Bank that were embargoed early in the year will soon be returned to us. The management in London was taken up by Mr. Jackson on the 1st June, Mr. McLean having wished to retire, and from the well-known energy and ability of our late chief manager, the Directors feel that the interests of the Bank could not be in better hands. Your Directors also take this opportunity of expressing their

and, there being none, moved the adoption of

The Chairman then invited further questions, the Report and Statement of Accounts, and asked someone to second it.

After a lengthy and somewhat embarrassing silence, no shareholder showing any particular anxiety to oblige the Chairman, the Hon. C. P. Chater seconded the proposal, which was carried

Rem. con..

Mr. J. S. Lapraik moved the confirmation of the Hon. J. J. Keswick's election -to the Board, which was seconded by Mr. Georg and duly agreed to.

Unpaid Dividend...... Profit brought forward

from last sccount.....$ 825.50 Profit for the half-year to

goth June, 1889 "benog 23,872.82

213.00

24,698,32

$821,988

PROFIT AND LOSS ACCOUNT.

For the 6 Months to 30th June, 1889. To Taxes.......... ambaaş 208.25 Fire Insurance ...YOLABA+S 306.26 Directors and Auditors ...................................... 3,150.00 1,500.00

H

Salaries

Interest

Balance

The Hon. C. P. Chater proposed that the election to the Court of Mr. T. E. Davies, vice By Nett Earnings of Hotel...........$28952.33 Mr. C. D. Bottomley, be confirmed. Mr. J. D. Humphreys seconded, and it was carried,

The Chairman That is a matter of opinion, Mr. Fraser-Smith.' If anyone wants the having kept proper supervision over their man- accounts presented in a different way, let them agers at every branch of the Bank. I cannot

get up and say so. We have presented the think anything more scandalous than that accounts in the way we have been in the habit The hall-yearly meeting of the shareholders a person like this Monsieur Morel, whose of doing, and as it will be until it is stopped. It in this Company was held at noon to-day, in the character, as I have already said, is that of a has always been received without any comment, City Hall, Mr. W. H. Forbes, (Chairman) pre-confirmed gambler, and who, I believe I am but if the shareholders want them in a different sided, and among those present were theHon. I. justified in saying, had to leave the employ of the way we are quite willing to make them up in J. Keswick. Hon. B. Layton, Messrs. J. S. Moses, Comptoir d'Escompte on that account alone-any way they want. You quite understand Poesnecker, N. A. Siebs, E. A. Solomon, J. St. it is a marvel, I say, that no stricter supervision that! Until they do, I wish to say we C. Michaelsen, W. G. Brodje, J. F. Holliday, was kept over him than appears to have shall report in this way. I do not know T. E. Davies, H. L. Dalrymple, (directors) been done, and that he could be placed in about the other Banks--I only know no regards G. E. Noble (chief manager), Hon, C. P. Chater, a position where he was enabled for his this. It has never been the custom to publish J. S. Lapraik, J. D. Humphreys. J. Thorburn, own purposes to overdraw. his account for the results, or mention the losses, except special R. Fraser-Smith, D. McCulloch, W. H. Ray, C. A. such an immense sum, and without giving losses, which are mentioned to the shareholders. Tomes, G. Stewart, E. B. Jorey, F. Dodwell,- anything in the shape of security. It is, of course, by the Chairman. I do not see the necessity Silas, H. J. Just, C. A. Ozorio, P. Jordan, A G. very pleasant to myself, as I have had something for dealing with them at all-the Chairman's Stokes, E. H. Gore-Booth, A. E. Skeein, W. H. to say on the subject belore, and it must also he speech goes to all the shareholders, and they Young. Fickich, J. P. Wade-Gardner, W. pleasant to the shareholders generally, to learn know exactly what has happened to the Bank, Legge, C. J. Gonsalves, V. A. C. Hawkins, that the Bank's troubles in the Philippines have at Of course Mr. Morel's account looks very bad, K. A Chiroy, Moffat, F. Henderson, Stephens, last come very near to an end. That again, 1 and I should be very glad to give further W. H. Gaskell, L. F. Cumming, G. S. Coxon, think, is a matter on which the Directors cannot explanations, but I do not think, from the S Hancock, C. O. Heuermann, Georg, A. claim very much credit, either for their discretion information we have at present, that it is advis. W. Maitland, Travers, &c.

or the foresight of the General Managers. Our able to say too much. I think we had better legal status in the Philippines should have been wait. We have very few details from London secured years ago, and could have been it had only just happened before the mail left, gained just as easily then as now, There and the accountant from London was getting was never any difficulty in the way. Three up a report on Mr. Morel's affairs, which has on four years ago, at a public meeting of not yet been received. Of the account, of shareholders in this hall, I strongly suggested course, we have not taken any notice; it that steps should be taken in this direction, but is not a matter of very long standing. As nothing was done until we were compelled far back as last December Mr. Morele to move, owing to our manager in Manila being account WAS discredited, and ho was actually put into gaol. Then, and not until then, requested, as far as the Bank was concerned, to did the Court of Directors awaken to the fact that

reduce the overdraft. In fact, he was not allowed it was necessary that something should be done. to have an overdraft without security. As for pre. And so I do not think there is any great amount venting the loss, I do not see how the Directors of credit due to the Court of Directors for their cou'd, for he held our power of attorney, and could policy in the Philippines. No particular dis-draw a very large sum of money in a moment. of the Bank's general working, I think it is unfortunatein this case for they hold our power most gratifying that the caning powers are of attorney, and can draw a large sum of money increasing, and the fact that we might have before it can get to the ears of the Bank st of dollars as the result of six months' working say any more, except that until this thing been able to slow net profit of eleven 1khs London. I don't think it is necessary for me to gives one the idea that the Bank's earning happened the directors were not aware that Mr. powers are almost unlimited, and if the Court Morel's account was overdrawn. of Directors will only take some little personal interest in seeing that the business is properly carried on, and that the managers of the various branches are not allowed to gamble with money which does not belong to them-ibat is to say, by overdrawing from the Bank without, giving good security, or, in fact, security of any sort- when that kind of thing is put a stop to we may look forward to even more satisfactory results than we have had for years past. Another thing I would call attention to before I sit down, and would move it as an amendment if there were a chance of finding even half- a-dozen supporters amongst those present, and that is that in this beggarly report the, most important part-or what should have been the most important pait-has been amitted, There is no official record on the public minutes, that is the Directors' Report, of the loss that has been sustained in Lyons. It is all very well for the Chairman to come and make an unofficial nothing, but the loss should have been stated personal explanation, which in law means here in the Report. Oh! of course, it has never been done before! but all the same it ought never to have been omitted. In a regularly consti- tuted Bank-in London, for instance-a report

The following is the report of the Directora to of this sort would have been very quickly sent be presented at the ordinary meeting of share back by the shareholders until some record of boldes, to be held at the Company's hotel, at event of the past six months in the Bank's working, but there was not a single word said about it until the Chairman condescended just now to give us an explanation in half-a-dozen lines. There is yet another matter to which I would draw attention, and that is this Statement of accounts. I do not hesitate to say that no professional accountant would pass that state. ment ; it is a mere skeleton, and not a Statement of Accounts at all. I should like to see this sort thing, tried on with the shareholders of a London bank, say the Chartered Bank the Directors would very quickly have it sent back to know what were the Bank's gross earnings what the expenses, and other important parti- culars. These are the Itams the shareholders want to know, and ought to know, Geutic-

consideration, as I think it would be just Mr. Fraser-Smith ¡-Mr. Chairman and gen as well if the affairs of this Bank were conducted tlemen-1 venture to think that the explanation as publicly as the affairs of other chartered cor- we have just listened to from our worthy Chair-porations of the same class. I presume there is man is scarcely sufficient to satisfy the require nothing kept behind, that the F'ank would lose ments of the shareholders with regard to the anything by telling the truth about such matters buge loss at the branch of our Bank in France as its expenditure and other details of general Mr. Forbes has just told us that unexpectedly, interest. These are the things we are entitled (Salute a red-haired man or bearded woman at the last moment, the Court of Directors to hear about, and without dictating, to the at thirty feet off with, three stones, in thy fist to received telegrams from London stating that the Board, it would be as well if they gave the defend thee in thy n ed). The same sentiment manager of the Bank at Lyons had, without shareholders all the available information at of dislike and distrust is found continually crop giving security, overdrawn his account to the their disposal. I do not think there is any ping up in our own older literature. It did not extent of one million two hundred and ninety necessity for secrecy, we have tried it that way. pass altogether without rebuke. Writers on thousand francs, which had been lost by gambling and it is not very creditable that the Court of vulgar errors occasionally denounced the prey on the bourse. It seems to me, gentlemen, that Directors should_ regularly come and tell us judice, and a Gascon writer and soldier of the very fact of such a thing being possible would that we have lost three or four hundred thousand the seventeenth century, Cyrano de Bergerac, reflect the greatest discredit on the management dollars through the dishonesty of one official, or the author of various humorous and satirical of a bank, or any other commercial institution, the stupidity of another. pieces, boldly praised and. glorified the and I veature to think that it was the business despised color. His work on the States of the Court of Directors to-day to have given and Empires of the Sun) was translated into the shareholders some explanation--some infor- English, and in it he says "A brave head covered mation to have led us to know how it was possible with red hair is nothing else but the sun in the for a notorious speculator like M. Morel, whose midst of his rays, yet many speak ill of it, reputation in China is that of an inveterate because few have the honor to be so,” And | gambler in stocks, should have been able to again, that fixen hair betokens fickleness, and defraud the Bank of this enormous amount. It black obstinacy; but between both, he says, is fall very nice and proper for Mr. Forbes to tell the medium. "Where "wisdom in favor of red- us that the Bank can afford to meet the loss, but bafred men hath lodged virtue so their flesh is there is surely something more required, than much more delicate, their blood more pure, their that! We must remember the great effect that spirits more clarified, and, consequently, their this report has had to this colony, not paly on intellect more accomplished, because of the the shareholders, but on the Hongkong comm: The Chairman-You cannot mention any mixture of the four qualities,"

nity generally, with regard to the market value 'business that has not bad lössor,

forms of engine or possibly the hot-air engine is generally believed by scientific' men and by engineers to be certain; since it is only these classes of machine which use as working duids those which are at once readily available, of no cost, free from liability to special accident or to produce serious annoyance or injury to life, if liberated, and each, in its way, peculiarly well fitted for the storage and utilization of energy. Steam stores the most heat air or the products of combustion of the gas-engine, which are essentially similar to air and largely composed of the elements of Invalids' necessaries and appliances of all kinds the atmosphere, permit the adoption of a wide

range of temperature steam gives high pres sures, and wastes but little power in driving its own mechanism; air or the gas, through the adoption of a wide range of temperature, gives high efficiency of thermo-dynamic transportz tion, but is loaded in larger proportion by the resistances of its machinery. That which ulti- temperature and to high pressures, and can be, at the same time, made to develop its powers in the smallest and lightest engine, will be the survivor in the competition, the winner in the

kept in stock.

A. S. WATSON & CO. LIMITED, THE HONGKONG DISPENSARY, HONOKONG, CHINA AND MANILA.

NOTICES TO CORRESPONDENTS.

Is

The Chairman then announced that the divi dend warrants would be posted on Monday, and the proceedings terminated.

יי

THE HONGKONG HOTEL CO.,

·LIMITED..

lame al comensaleations relating to Subscriptions, mately can be made to work up at once to high appreciation of Mt. McLean's long and valuable | this loss were put in. That is the most important half-past 3 o'clock p.m., on Thursday, the 29th

Advertisements, &c., be addressed to the "Manager, Hangheni Trigong" and not to the Editor.

Letters on Editorial matcars to be sent to "The Editor and

..

not to lodividual members of the sta

Communications intended for publication must be azzompantad by the same and address of the welters, not necessary for pblication; but as evidence of good faith.

Whilst the column of cha Honghong Telegraph will always he open for their discussion by corpondents of quaine aflecting public interests, it must be distinctly understood in the Edita dos sot is any way hold half peponsible for

opšnima then expressed.

live nevery elegrap

HONGKONG, SATurday, August 24, 1889.

TELEGRAMS..

THE TITHES BILL

LONDON, August 16th, Yielding to the opposition of the Liberal party and a section of the Tories, the Government has agreed to amend the Tithes Bill, making the landlords liable instead of the occupiers.

This involves prolonging the session.

STRIKE IN LONDON.

August 22nd.

A strike has occurred among the labourers in the London warehouses, preventing the drawing of tea samples and the discharge of steamers,

LOCAL AND GENERAL.

YESTERDAY'S typhoon now 'appears to be moving northwards.”.

The Report of the Hongkong Hotel Company, Limited, will be found in another part of this istue.

raco.

of

August, 1889 !—.

In accordance with, Section 53 of the Articles of Association, the Directors have now to submit to you their Hall-yearly Repost for the six months ending 30th June, 1889.

BUSINE$9.

The result of the past half-year is satisfactory, considering that during the whole of the period Wing, which has naturally interfered with work has been carried on in the adjoining New

four years. services to the Bank, extending over twenty, At their invitation Mr. McLean has joined the London Committee, where his great experience will be of the utmost berefit to the Bank. Your Directors feel sure that the shareholders will approve of the presenta tion, they made to Mr. McLean, on his retire THE prejudice against red hair, according to a ment, of a service of plate valued at £1,000. writer in All the Year Round, in both ancient Mr. John Walter assumed charge of the Shang, and widespread, For centuries the popular hai Branch on the 1st May from Mr. Cameron, mind throughout Europe has associated hair of who wished to retire from further service in the this unlucky color with untrustworthiness and Bank, and the magnificent results achieved by deceit. An old Latin "Collection of Proverbs," him during his able management of the Shang by Henry Bebel, published in Germany in 1512, hai Branch merit the highest approbation. We has the following: "Raro breves bumiles vidi are fortunate to still retaining bis services, as he ruffosque fideles (Proud are the short, and will shortly be associated with Mr. Jackson in untrustworthy the red-haired.) The Italians the London management. Before moving the have a milder saying: "Capelli rossi, o turto | adoption of the Report I shall be glad to answer men, I mention there few facts for your future/ verdict was in favour of the Plaintiffs. foca o tutto mosci." (Red hair, either all fire or

any questions. all softness) There is an old French rhyme, dating from the seventeenth century, which

tays!

Homme roux et femme barkue

De treats par loln, ia salus, Avecques trola pierres au poing Pour l'en after ten barolga.

The Chairman-Perhaps. Mr. Fraser-Smith will tell us any business that has been conducted without loss, instead of coming here and making any such statements as these! Are not losses su tained in all businesses ? F

Mr. Fraser-Smith-Can you quote me one single instance of a Bank, here or elsewhere, that has had the succession of losses that have been shown in the history of this Bank during the last olie yours Popu

The Chairman-Not in any Bank-in any business the dyn

Mr. Fraser-Smith: Let us keep to Banks,

business..

others commenced an action in the Supreme On the 23rd ultimo the Hon. C. P. Chater and Court against the Company for damages in connection with the Melchers' House, and the

·Bonus and Dividends from · lézal

Offices.

Hongkong, 24th August, 1889. "Audited and found correct,

JAMES HYCOX, Auditors. F. HENDERSON,{"

$29.363.99

311.86

$29,263,99

R. LYALL

Secretary.

THE PROPOSED INCREASE OF THE DOCK COMPANY'S CAPITAL:

The subjoined correspondence on the above. subject, which has been widely circulated throughout the colony, tells its own tales

FROM MR. JNO. D. HUMPHREYS TO THE

A

BECRETARY, HONGKONG WIA HOA. DOCK. COMPANY, LIMITED,

Hongkong, 20th May, 1889.

Dear Sir 1 shall I trust be excused for bring; DAVID GILLIES, Esq., Secretary, Hongkong and

Whampoa Dock Company, Limited.“ ing to the notice of the Directors the very general opinion of the abareholders of the Company as to the desirability of finding some mode of pay: ing off the indebtedness of the Company without the necessity of any more writing down the value of the Company's property (machinery and plast liable to deterioration excepted), as this property The Passenger and Luggage Lifts are in work is, in the opintop of those well able to judge, worth ing order and have been used by the Company more than the money at which I now stands in for some time past in taking up the necessary the Company's books.g Furniture for the Wing. Proud Me

PROPERTY.

The New Wing is practically finished and ready for occupation. The Dining and Billlard rooms have been opened and are in use.

The shareholders, or a great majority of them, The Original Buildings have required no hope that the Directors will give their, best repairs during the past six months and at consideration to the advisability of increasing the present are in good condition. wered Company's 'capital' by÷an'amount' sufficient to Bielchers' House. The Directors, having pay off the loans contracted for the construction decided to pull down this Building, have sold the of the new Dock, (except the Admiralty loans) so materials, and the demolition is proceeding that they would, in future receive in dividends

The Mortgages, amounting to $300,000 on the the whole of the net earnings of the Company Company's property; were duly paid off on the and have the satisfaction of knowing that their 19th April last. To meet the payment the money was invested in one of the soundest interest at the rate of six per cent, per annum in the whole world, we g Company issued $100,000 of 17ebentures, bearing commercial undertakings in the Far East, if not of which $300,000 to date of account were sold to the public, and the remaining $100,000 issued to the Hongkong and Shanghai Banking Corpora tion and held by them as security for the Company's overdrafts

Assuming that the indebtedness of the Com to about $100,000 an increase in the Share pany which it is desirable to pay-off, @amounts capital of 50 per cent. way $781,350, lasued at a bage premisen of 25 per cent, to the shareholders, PRADA PROFIT AND LOSS, UNGE would yield £976,567, which would be sufficient The accounts for the past half year, aller for the purpos deducting Interest, Fire Insurance, Taxes, and all other charges, and making full provising": for bad and doubtful debis, show a profit of $75,873,83, to which has to be added $835:59 which leave a caplial of carried over from last account, making available dividend and a Reserve Fund frse cost to the $44,595.31, which the Directors, with the cane- | Company of $195,315.

The present capital is............ng3,562,500

* The proposed new issueling :781,250

3,750 fo