1890-01-29 — Page 2

THE HONGKONG TELEGRAPH, WEDNESDAY, JANUARY 29, 1890.

HONGKONG LAND INVESTMENT down for that purpose. As regaided the issue

AND AGENCY COMPANY,

Ani sum

LIMITED:

Mr. McCulloch-You can have no objection to any what the expenses are. The accounts do

'not show that

The Chairman-Perhaps I should have men- tioned that these are purely details, which can be learnt with the utmost ease from the managing directors, or the Secretary,

be also doing so, and if their clients bought repeating this, a good many others would Land shares at $150 I daresay they thought they were buying a good thing. Now if they confined themselves to cash transactions there might not be much harm, but there were a very large number of sales "on time." I do not know who sold, but I am told it was Mr. Mudy. The can. nection between Mr. Mody and Mr. Chater may not be very apparent to everyone here, but to an old resident like myself the names are synony. mous. What Chaler does Mody seconds, and what Mody doet, Chater is interested in. When I look at this report I cannot think that Mr. Mody was acting entirely in the dark, and the connection between Messrs. Chater and. Mody is on other lips besides mine. You will remember the notice that was posted up on a prominent building here, to the effect - Oh Chater, why are Lands still going down? Is Mody still bearing?"-and the connection of Mr Chater with-

and a bonus of 1 per cent. or $16,000, be paid to Shareholders, and that $2,500 be written off the value of the Iren Lighter Sun Las, leaving a balance of $29,440,93 to be carried forward to rew account.

The Gross Receipts on account of 'steamers' traffic for the half-year onder terlew aro in excess of those for the corresponding six months of 1888, but a slight diminution on the net earnings has been caused by the continued high price of coal. During the half-year the Powan and Kung chow have undergone the usual annual Gover ment Survey and overhaul, and the Fatıkan has been docked for inspection. The amount expended for repairs bas, been comparatively small, but as stated in the last report, consider- able outlay upon the Honam will be necessary when next she docks. Duplicate Electric machines at a cost of about 300 each have been ordered for the Fatshan and Powan, and a new main deck for the latter vessel has been contracted for with the Dock Company at $12,200.

The completion of the Company's new steamer Heungshan, now building at Leith, has been delayed by a succession of strikes in the ship- building trade, but she is now being pushed on as rapidly as possible, and may be expected here daring the spring.

The increase of Capital referred to in the last report has all been subscribed, and the premium on the new shares, amounting to $600,000, has, in accordance with the resolution to that effect, been passed to the credit of Depreciation and Insurance Fund, which now stands at $850,000. The Company's surplus funds, as will be seen by the Statement of Account harewith, have been

steamers, which had the effect of bringing about a material reduction in the rate of premium at which underwriters were willing to accept the advisable to again insure the flect against all action, it is trusted, will meet with the approval rise to the extent of 50 per cent of cost, which A. O'D. of the Shareholders.

The retiring Auditors, Messrs. Gourdin and F. Henderson, ofer themselves for

P. RYRIL, re-election.

Chairman.

Hongkong, 23rd January, 19go. Dec. 31, 1889.

ASSETS.

Value of Steamers and 5-8ths of

Fatthan iaconus$ 844,009.00 20,000,00 Value of Wharves .....................

750.00

June, 1889.

E.&O.E. Hongkong, 23rd January, 1899.

1

5,000.00

$50,000.00

T. ARNOLD, Secretary, We have compared the s bave Statement with the Books, Vouchers, and Securities of the Com- pany, and certify the same to be correct.

A. O'D. GOURDIN;

Auditors.

F HENDERSON,

AMOY RACES, 1890.

(FROM OUR CORRESPONDENT.) Stewards:==T. M. Boyd, Esq.; J. F" Broadbent, Esq.; R. H. Bruce, Esq.; R... Forrest, Esq. John Graham, Esq.; 1. F. Hughes, Esq; H. McDougall, Esq; Aug. Fichl, Esq.

Judge.T.F. Hughes, Esq. Starter.-R. H. Brace, Esq. Hon. Sec. and Treasurer:-FB. Marshall, Esq. Clerk of the Course:--John Graham, Esq.

FIRST DAY-MONDAY, 6TH JANUARY. Our annual sacing festival commenced this afternoon under the most favorable auspices, The weather was lovely, the attendance of spectators both in the Grand Stand and outside was quite up to the average--including a good sprinkling of the fair sex the race-course, WAI In very good order, and the racing proved in every way first class. During the day, a number of the high Chinese officials visited the Stand sad were received with the usual courtesies by the

Foochow Cur, presented, value $ioo, for all China Ponies, weights as per scale, entrance $5. One mile and three quarters. Mr. Bruce's br, Cheng Li Mà, 11st. ilb....

Mr. Marzbali Mr. Uncle's bik Magpie, rost.1alb......... Mr. Hutchings Mr. Deyasdust's ch. Fanton, 11st, 11b, «as

Mr. Firth -3 Mr. Hope's br. Bedouin, tost. glb....Mr. Boyd ö Mr. John Gilpin's, gr. Mainstay,- 110t, glb......

scale, to be ridden by residents of Amoy, Foochow or Formosa, riders who haya nayer, had winning mount to be allowed gibs., entrance $5.. Seven Furlongs.

· Mr. 'Jehu's gr. Entre Nous, lost, ralb.......................

Mr. Boyd t Mr. John Gilpin's bay Mainbrace, rist. 17ĺb,

(incl. 6ib. ex.) Mr. Wilson 2 Mr. Uncle's gr. Chanticleer, 11st. 11lbinan

(incl, ylb, ex.) Mr. Firth 3 Chanticleer was a hot favorite. Entre Nous Mr. Wilson awaited on the other pair until passing the wall, and then came away away by himself and won easily by five lengths; a grand finish for second place ended in favor of Mainbrace by a neck. Time 1.59.

Another easy for victory Cheng Li Ms, Mr. Bruce's piny making the whole of the running and winning by two lengths from Magpie, with Fantan a good third, Time 4.114. RACING STAKES, of $10 each, for all China Pontes,

Foochow and Amoy Subscription Griffins of this and last season allowed's the weights as per scale. Ond mile and a half. Mr. Bruce's gr, Blue Ruin, 11st. 4lb...................

Mr. Marshall ́a Mr. Hope's ch. Fererunner, 11st. 4b,Mr. Boyd, a in front and held a clear lead until three furlongs Forerunner favorite. The chesnut jumped off

from home, where he was beaten, and Blue Ruin came right away and cantered in lengths ahead. Time 3min. a7sec. COAST CUP, presented value $..., for Amoy Subscription Griffics of this season, weights as per scale, winner of Trial Stakes or of Chansze Cup 7 lbs, extra, to be ridden by residents of Amoy, Foochow and Formosa, entrance $5, One mile.

The Count's sic Cocktail, rost, 12lb. Mr. Firth :

Mr. Wilson 2 Mr. John Gilpin's, bay Mainbrace, 11st, 4lb.

•

Kenway a

1

SECOND DAY.--TURSDAY, 7TH JANUARY, Beautiful weather again favored proceedings,

AMOY STAXES, of $to each, a forced entry for all Ponies entered at this meeting, first pony to receive 70 per cent, second pony ao per cent., third pony to per cent., weights as per scale, One mile and a quarter. Mr. Bruce's gr. Blue Ruin, 1st. 4lb............

Mr. Marshall i Mr. Uncle's br. Rustic, 1191. b. Mr. Firth 3 Mr. Hope's ch. Forerunner, 11st. 4lb.Mr. Boyd a

--Forerunner led for the first" half "mile "when he was joined by Blue Ruin, and this pair raced start. At the wall Forerunner, hung out signals Away together, Rustic being outpaced" from the

of distress, leaving the old grey to come, along by himself ando score an easy three lengths victory; samo distance between second and third, Time 24

THIRD DAY WEDNESDAY, ŠTH JANUARY. The meeting was concluded to-day most satisfactorily. We had fine weather, a pleasant company giant really good sport; Blue Ruin won both the „Formosa Cup and Champions almost without an effort, and he ought to win some races at HongFong, at he is a game pony that

heat between Silvery Dawn and Gamecock, and the owners agreed to divide. Miss Ive presented

suitably acknowledged by both the successful jockeys. Cobweb landed both the Leger and Lottery Cups, and la ́a very game, staying pony, if perhaps not quite first class. Mainstay won task for Stug. Mr. Marshall was the most and the Nil Desperandam proved a very easy

successful!rider at the meeting, winning no fewer left nothing to be desired, and much credit is than ten races,The whole of the arrangements due to the Stewards Details of the day's racing are as follows m

FORMOSA CUP, presented, valus Sum; for all

China Pontes; weights sa per scale; winners. „of any Race at this meeting 7lbs. extra, oftwo

Mr. Bruce' gr. Blue Ruin, 12st. (incl. rolb

or more races 10 lbs, extra; entrance $5. One Mile.

Mr. Dryasdust's, ch. Fantan, 11st, 1lb

Mr. Hope's, ch. Forerunner, 118t. 11lb. (incl.

of a more detailed statement of accounts, be hardly supposed that the general body of shareholders wished for it. (Henr, hear).

Mr. McCulloch-I would ask, then, fin future, The first ordinary meeting of the share- holders of this Company was held at noon to-day whenever it is possible to give details, you wili (ard inst.), in the City Hall. The Hon. J. J. do so?

The Chairman-Ithink I shall be interpreting Keswick presided and there were present-- Han, P. Chater. Messrs. D. R. Sassoon, the feelings of my co-directors when I say that 1. S. Moses, S. . Mirhrelsen, G. E. Noble, it is their desire. to kive full information Lee Sing and Poon Pong (directors), J. Sto the shareholders regarding the Company's Laor ik, C. D. Bottomley, H. Hoppius. T. eperations which may be rightly and properly 1. Roar, P. Jordan. E. C. Ray, W. H. Ray, put in the Company's accounts. The accounts B. N. Mody, S. 1. Danby. R. Fraser-Smith, are not the report-they are merely figures, and D. McCulloch, J. Watson, W. Legge, J. H. Cox, to make a statement therein of the matters into G. T. Velich. T. Arnold R. Lyall, C. W, Dickson, which our operations have extended-in the C. W. Richards, C, S. Taylor, McCallum. R. buying of property, mortgages, etc-would be T. S. Wright, W. H, Gaskell, W. Watton, C. A. very unusual, and, I am afraid, very cumbrous.

as Toms, J. Manuk, G C. Anderson. R. Talbot, A. We will, however, furnish as full details McConachie, F. A, Ozorie, H. Z. Just, J. A. possible. Messly. Garielle; Judah, Turner. Cross, Palmer, E. George, E. Gearg, A. Lind, W. H. Gaskell, Mi da Roza, etc., and Mr. S. Hosper (secretary).

The Chairman said :-I do not propose to read the report for the eight months to 31 December last, as it has bees in your hands for some time, but I am very desirous of taking

Mr. C. S. Taylor-Before passing these adyaninge of the opportunity which now presents

self to me of amplifying the report as much as accounts I should like to asie a question. It possible, and of affording the fullest information is with reference to Mr. Chater's position as in my power in reference to the Accounts managing director-1 should like to ask what As a matter of fact the report presents to you connection he had with the inflation and the only the very harest, outline of the results depreciation in valoeof the stock of this Company, of the Company's operations, and I feel it From what I myself knows broker came to if they come to tell you everything with me one day and said that Mr. Chater had regard to the concern, in which you are to told him that this Company was his pet deeply interested, which you may wish to know, scheme that he had abandoned his other

order Boyd 3 and which you are so fully entitled to expect. need not remind you that the Company has only to it, and he was going to make it one of the list of these Mortgages has been submitted I Consula, Cup, for which five competitors came to Mr. Bruce's ro. Blue Jacket, rost. alb.........

to Men Bird and Palmer, Architects and the starting post, and as half a mile was thought

and Mr. Marabmilló been working for eight months, and that makes biggest things in Hongkong. Now we have one it all the easier for me to, til you the precise or two big things in Hongkong-Mr. Noble har Surveyors, who certify that they consider the scarcely far enough for old Blue Ruin -last year's

Blue Jacket showed the way for half a mile winner of this event, by the way-Forerunner was and then dropped out of the race, leaving Cock- nature of its operations. During that period a "baby" at nurse (the H. K. and 3. Bank) securities good cover for the amounts loaned, your Directors have used every endeavour 'to which we do not expect will pay less than so│· Acting upon the expression of opinion of a | a decided favoritė. As it proved, the "talent" tail and Mainbraca to race home locked together. 1 „aya welathe Ladies' Purso ended in a dead. invest as much as possible of the funds on per cent, next year, and Mr. Keswick has a majority of Shareholders at ́ ́the last half-yearly | were quite right in their opinion, as the chesnut, } a slazbing finish ending in the skewbald's favor mortgage, and until the close of the year prodigy in the Hongkong Insurance Company; Meeting, your Directors cancelled the then in Mr. Boyd's hands, after a few strides took the by the shortest of heads: Sing was a poor third: the puts with B'few graceful words, which were our advances so made had reached the import which people tolerate so long as it pays 40 per cxisting Policier of Insurance on the Company's lead from Blue Rujn and, keeping in front all the Time 2,30). TRÂN CH

of $1,101,600. These advances cent. When these statements came from Mr. have in every instance been made on first Chater that he was going to make this the class security which shows at ample mar biggest Company in Hongkong we expected gin, and the rates of interest obtained are better results than a beggarly 7 per cent. ritka. Under these circumstances, it was deemed indifferent third. The time was rather slow and the racing was excellent throughout. "Blue the Consolation after a close raca with Magpie, fully up to and in some instances exceed those It seems to me that if one broker was period before us. I think the shareholders will which have been generally current during the generally agree with me that in the time we could not have expected to advance more than we have done, as so much depends upon the financial, commercial, and general prosperity of the Colony, We may not, indeed, be always able to do as well, and it is important to avoid giving any unduly encouraring promises which may not be realized. 1 think it a fitting place here to remark that it is not at present apparent how the large funds at our disposal are all to be remuneratively employed, unless we extend the powers of the Company as to its sphere of operations, but that is a subject which your Directors will take occasion to bring before you nt noother time, if there is a fair prospect of our obtaining the powers i allude to. Now, gentlemen, I have in the remarks I have made, been alluding only to the money's we have advanced on nortgage, and there remains the equally important section of our business to be reported the on to you as fully as I can, and that is purchase of property. You will note from the accounts that we have bought property during eight months to the value of $805,781.58, and I think I may assure you of the fair promise these giving us a good profit on purchases

Afford of our investments. None of the properties have been resold, or heen offered for anle; most of them are in course of being developed, and will eventually yield a good return on our outlay. Upon these no profits have been been taken into the accounts. The details of these purchases I do not propose to submit to you unless any shareholder requests me to do so, when, as have the particulars here, I will readily comply I think, however, that unless any gentleman has particular reasons for wishing them. published, it would be just as well to ask for them from the Secretary later. It does not occur to me that I can usefully say anything more in the way of amplifying the report, and I will now turn to the accounts. Like the report, the accounts only fumish the general result of our operations, and give no details such as a working account might supply, and which I desire now to give

Mr. Chater-And now, gentlemen, in reply to give you in as adequate a manner as possible, in the first place I may say that we could not, from the first question put by Mr. Taylor, I have to the nature of our business, fumish, except in inform you that I am interested in Mr. Mody cumbraus Way in the accounts, just the informs that every transaction be does I have a hall tion I now propose to give. Our business interest in-but he is at liberty to do what he consists practically of the two branches I have..pleases, he never consults me as to what be before alluded to in this address, viz. the advant does, and he may buy, sell, or do what he ing of money on mortgage and the purchasing likes in our joint interest. But at the same time of property, and a list of these cannot well, or 1 do not usefully, be included in our accounts. overlook our commission business on estates under the Company's management, but as it does not involve the outlay of money I do not require to specially notice it here. Well, to come to the details of the accounts, we are first interested to see what the net profits are, and although they are, perhaps, nothing very remarkable, they are,

as good in the time, and we could expect believe you will readily admit that a good deal of activity has been displayed to invest judi cicusly as much as we have done, and to realige by interest on mortgage and money on deposit, and rents and some commission, the sum of $128,967.71, which equals 7 per cent, per annum on the capital. Perhaps the least encouraging feature in the accounts is the large sum of unemployed money w have in hand, but we have not bad time yet to dispose of so much, and, as I have already said, your Directors hope to be able at an early date to ask your sanction to a wider field of enterprize in order that we may more easily and inore advantageously utile their funds. The shareholders will naturally with to have some idea of the charges attaching to the business, as these are not indicated on the debit side of the Profit and Loss account. Well, including salaries, rent, preliminary expenici stationery and petty charges they amount to $12,447,81, which I hope you will consider mode.

way, landed easily by two leagths, with Magpie a black pony that ran unsuccessfully in Hong- kang la Mr. Buxey's colours two years ago--an 641 seconds. Chanticleer was most fancied and Mr. Hutchings had no difficulty in scoring Stakes, beating Forerunner in a band canter in amongst five competitors for the Trial Stakes, in proved himself a good pony in the Amoy a very esy victory fram Mainbrace, the latter 249--not a bad performance over such a finishing just in front of Cobweb. Another field the Challenge Cup was a bit of a surprise, as it circumscribed course. The victory of Rustic In of five sported silk in the Chansze Cup, and a popular victory was recorded for Mr. Bruce's was thought Mr. Hope's pony held the issue well-known black and yellow jacket, Mr. safe; however, it was a capital finish, and Mr. Mrabail, who has greatly improved in bis riding Firth rode the winner very well, Fantan taking Che g Li Ma to the front as soon as improved on his yesterday's form and beat the flag fell, and winning in, a canter from Cobweb after a very exciting tassle in the Visitors' Fantan and Gamecock. Five competitors were Cup, and a popular victory was scored for still the order of the day when the numbers Plate by a short head from Cheng Li Ma, the Formosa when Cocktail landed the Exchange went up for the Haekwan Cup, and latter having already won the Maz-Chin Cup). Mr. Marshall # was not very easy to pick out a decided Chanticleer was made favorite for the Forester favorite, although Silvery Dawn had probably 15,000.00 most admirers. Lohengrin broke down after Cup, but was never in the hunt, Entre Nous

7,573.63 going half a mile leaving Chanticleer in comingbones Conferences, Deal 3,031.60 front, and it looked any odds on the winner COMPRADORES CUP, presented, value $....... for Amoy Subscription Griffins of this season, 150.00 of the Trial Stakes until fifty yards from the

weights as per scale, winner of Trial Stakes, winning post, where he was well ahead, but then 2,847.99

Chasaze Cup or Coast Cup 7lbs., if of two or Cobweb came with a rush and, finishing with

more, solbs, extra, preylods non-starters 7lbs. extmordinary gameness, got up on the post and 108,510,00

extra, entrance $5. Three quarters of a mile. secured the verdict by a short head. For the 41,100.00 fifth time in succession the magic number of Mr. John Gilpius, bay Mainberer, 1118, 4lban

five represented the runners, the event being the Foochow Cup, and after Cheng Li Ma's pre- vious success he was considered a "moral," So it proved, as the Foochow pony kept in front from start to finish, and won in a canter by two lengths. The Racing Stakes proved a match between Forerunner and Blue Ruin, the farmer having the call in the betting; but it was all the other way in the race, as the grey came right away after passing the half-mile post and won pulling double. The time for this race (3 min. 27 seca), considering the winner was not pressed at the last, must be considered pretty good for the Amoy course. Four ponics came to the post for the Coast Cup, a fine finish- $2,682,167.98 between Cocktail and Mainbrace resulting in

AS

rate.

I think I have nothing further of interest to mention to you, gentlemen, and I hope in my remarks I have omitted nothing to which have been expected to allude-if I have I shall be glad to make good the omission. I should, before resuming my seat, say that the Company has begun the year well, that all its operations, all its business, are good and sound, and that with steady, prudent management, we have every reason to expect a satisfactory future. In fact, may tell that at the present moment we have only about $1,200,000 uninvested, and if the expectations of the Directors are realized this sum will probably be very considerably reduced. Before proposing the adoption of the report and the accounts I shall be glad to reply to questions any shareholders may wish to address to me." Mr. McCulloch -Seeing that on this occasion you have lasued no working accounts there are no details at all given in this report-might I ask If you have any objection to sending out a far ther account, giving some details to the shart. holders? There are a great many things you do not tell us, relating to the property and working

expenses.

The Chairman regretted if he had failed to clearly convey that information in his address, but, as he had stated, it would be very difficult indeed to convey to the shareholders, except laa very cumbrous form, any particulars as to the property. The Secretary would give any details After the meeting, having brought the books

The Chairman-I think that this meeting will agree with me that anything of a personal nature, such as these remarks, is out of place ("Hear, hear.")

"Cargo-boat **** Iron Lighter Sun Lu...... Coal and Stores "Spare Gear

Furniture 9451172014 Shares in Public Companies Remittance on account of New Str.

Hrungskan........................ Chinese Bonds, (at par) Hongkong Hotel 6 percent, Mortgage

4234 23

Debentures presente Loans on Mortgage. Mr. Taylor-It is more to the credit of this Fixed Deposits with Hongkong and Shanghai Banking Corporation Company that Mr. Chater should have an opportunity of repudiating the connection of his Fixed Deposits with Chartered Bank

of India, Australia & China. name with Mr. Mady's. That is the object of my remarks-1 do not make them in any spirit Fixed Deposits with New Oriental of animosity to him-"Hear bear "-nor on Bank Corporation, Limited...... my own account, for I have not been one of Cash with Hongkong and Shanghai Banking Corporation, on Cur- those "left" in Land shares; I merely ask that

rent Account .............. Mr. Chater should repudiate what has been the subject of common gossip, that he had any know-Interest Recrued to date ledge and interest in the forward sales of this Sundry Debtors..... stock, ("Hear hear.")

The Chairman-With regard to the remarks just made, it couldnot be expected of anyone in the chair that they should be passed over entirely without reply, or that he should fail to dissent to the allusions made to a colleague on the Board. I feel it my duty to any that I still believe that any such comments as were made by Mr. Taylor were personal and beyond the business of the meeting (Applause).

Dec. 31, 1889. LIABILITIES Amount of Capital, 80,000 Shares of

703,000 00 925,500 00

85,0:0.00

100,000.co

50,000.00

254,940.73 10621.69 9242.35

$20 each, fully paid-up...$1,600,000,00 at Credit of Depreciation

and Insurance Fund... 850,000.00 at Credit of Equalization of Dividend Fund......... Sundry Creditors........................ Amount at Credit of Profit and Loss

Account ........

PROFIT AND LOSI ACCOUNT.

Dr.

Dec. 31, 1889.

Amount paid for Extraordinary.

買

for the information of the gentleman who has chosen to speak about my interest in others-1 To am the registered holder of 2500 shares allotted to me, that have never seen the light, or been in the hands of a broker. They are still there to-day, and I own them at the present time. (Applause) That is the largest number that can possibly be held, therefore I could not take any more, but I hold more in the name of my clerk, which never saw light, either, If Mr. Mody chooses to sell shares in his own name no one can stop him, but getting any knowledge of what the Com pany is doing from me, it is perfectly absurd. There is nothing done by the Company which is not known to the directors, or which any share. holder could not learn, on inquiry at the office. Therefore Ms. Mody, whatever he does in this as in every other stock which he buys and sells, he does in our Joint interest, and I am not ashamed to sayit. He certainly gets no knowledge or inform ation from me with regard to the working of this or any other Company (Applause).

AF

Mr. Taylor Lave listened to Mr Chator's remarks with a good deal of pleasure, and I have no doubt they will carry their due weight with every shareholder, ("Hear, hear.")

The Chairman then proposed the adoption of the report.

Mr.. D. Lapralk seconded, and was passed, Mr. Morris proposed the confirmation of the appointment of Messrs. Lea Sing and Poon Pong

as directors.

Mr. Veitch seconded. Panned.

Mr. Brodie moved, and Mr. Juden seconded, the confirmation of Mr. D. R. Saucon's appoint ment as director.. Conârmed.

Mr. Hoppius moved, and Mr. W. Hi Ray seconded, the re-election of Messrs. J. S. Moses and G. E. Noble us directors. Agreed to.

Mr. Tomes moved, and Mr. McConachie seconded, the te-election of Messrs. F. Hender son and A. W. Maitland as auditors.

The proceedings then terminated.

ד'

THE HONGKONG, CANTON AND MACAO STEAM-BOAT COM.

PANI, LIMITED A

Repairs to Steamers

favor of the first-named by a short head. The starting and other arrangements were perfect, and not a single bitch occurred to mar a day's capital sport. Brief details of the racing are appended :- CONSULAR CUP, presented, value $..., for all China Ponies, weights as per scale, entrance 50,000,00 $5. Half a mile. 22,327.06 Mr. Hope's ch. Forerunner, 1st, 4lb. Mr. Boyd -159,940.91 | Mr. Bruce's gr. Blue Ruin, 11st: 416. ........................

Mr. Marshall a - $2,682,167.99 | Mr. Uncle's bl. Magpie, zon. 12lb......

Mr. Hutchings 3 Mr. Dryasdust's gr, Sunrise, cost, ralb........

Mr. Firth o Mr. John Gilpin's gr. St. Ronan, 10st. 12lb....

Mr. Wilson o Blue Ruined for a short distance but was soon collared by Forerunner, and the latter, showing better speed, was never afterwards approached and won easily from last year's winner by two lengths, the same distance separating second and third.. Time 64) sec, 666,33 TRIAL STAKRƐ, of $10 each with $50 added, a ..73-35 forced entry for Amoy Subscription Griffins of 3,250.00 this season, weights as per scale. Three

quarters of a mila, 1- Mr. Uncle's gr. Chanticleer, 11st. 41b.

Mr. Hutchings! Mr. John Gilpin's, bay Mainbrace, 1st. 41b

Mr. Wilson a Mr. Dryasdust's gr. Cobweb, srst, ilb. .....................

Mr. Marshall 3 Mr. Goonhang's gr. Speculator, 10st. Talb.....

Mr. Firth o

Powan..................$ 4,281.49 Kiuklang.

393 69 957.25 1,207.03

Fatihan Klungchow

Legal Expenses, &c., in connec- tion with New Share Irque.... Amount of Bid Debts, wiltten off

* Directors' and Auditors' Fees..... „Balance to be appropriated, viz. $---

Dividend at 7 per cent.

.. $1,600,000,

on $1,600,000 Bonus at 1 per cent, on

$112,000.00

16,000.00

To be written af value. of Iron Lighter Sun. L

2,500.00

Balance to be carried to new Account...

June 30, 1889,

7,039.42

}

Mr. Hope's dun Slug, 10st 91b, Mr. Mr. Boyd o 159,940.92 Chanticleer was favorite, and he never left the result la doubt, leading Mainbrace all the way $170,970,02 || ́and winning easily: Cobweb was good third,

Time" xmín. 41620.

By Amount brought forward from last Account, ponúka

5.481.38 Dec. 31, 1889. By Net Earnings of Steamers...) (111,700.51, By Interest on Investments,... 33,622.73 Mr. Bruce's br. Cheng Li Ma, 11st, ib....... By Transfer Fets,' ...........................idna (7)

|

Mr. Hutchings

Mr. Jehu's gr. Entre Nous, 10st. alb............

Mr. Boyd 2

Mr. August's ch. Figaro, 11st. 1lb........

Mr. Marshall 3 Any odds on Mainbrace, who led from start to finish and cantered in first, a length in front of Entre Nous a bad third. Time 1.40. CHALLENGE CUP, value $ , for all Amoy and Formosa-owned Ponies, to be won two consecutive meetings by a Pony or Ponies the bond fide property of the same owner or owners, half entrance fees to the winner at each meeting, half added to the raine of the Cap until finally won, or until the total value of the Cup reaches $500, after which to the fund, weights as per scale, entrance $10. One

mile.

Mr. Uncle's br. Rustic, 11st 1lb...Mr. Firth Mr. Hope's wh. Silvery Dawn, fost, taib.............. Mr. Dryasdust's ch. Fantan, Irst ¡lb................................

Mr. Boyd a Mr. Wilson 3 Rustic and Silvery Dawn ran abreast for half the distance, when the latter, drew clear, but nearing the straight the lot closed and a splendid race home ensued, Rustic staying the best and winning by a short half-length from the white, with Fantan only beaten a length from the second. Time 2.18). THE MAA-CHIN CUP, presented, value $....., for Amor and Foochow Subscription Griffins of this and last season, winners at this, or at Foochow meeting, December 1889," of one race gibs, extra, of two or more tolba, extra, weights as per scale, untrance $5. One mile and a half.

Mr. Brace's br. Cheng Li Ma, rist. Trib. (incl. v.

1015, Ch.) *****.......................Mr. Marshall 1 Mr. John Gilpin's, gr. Mainstay, fiat. 61b.

(inci, şib, ex.) ....................................................................Mr. Wilson a

* Mr. Firth a

715. CX)co

....Mr. Boyd 3. would salt him, was made favorite, but Blue Forerunner, in the belief that the distance

Rain had nevertheless many supporters. As so as the flag fell Blue Ruin, next the rails, rished off at score, and Mr. Mamball, ranking every post a winning post, had both his opponents well beaten a quarter of a mile from home, winning in a common canter, Fantan, was second and the favorite last. Time 2.151,2;21 LEDGER CUP, presented, value $ for Amoy and Foochow Subscription Griffins of this, and last season; winners of one race at this, or at Foochow meeting, December 1889, of 11 miles. for over 5lbs, extra, of two or more such races, *itolbs, extra; entrance 35. Two Miles.

Mr. Dryandust's gri:Cobweb, 11st, zlb......... Mr. Bruce's br. Cheng Li Ma, 11st. 11lb. (incl. chestra of men and Mr. Firth

fold.) Mr. Marshall a Mr. August's ch, Figaro, 118h rib. Mr. Wilson 3 M. Hope's b Bedouin, tost, glb....Mr. Boyd p

Cheng, who was made favorite, cut out the running with Cobweb in close attendance, the other two in the rear, "and these positions were unchanged until a quarter of a mile from home, where Cobweb challenged the leader and the pair ran home locked together, the judges' ant in favor of the grey bra short heads Figaro was a very had third Time 4-45. LADIES PURSE, presented, for all China Ponies; 'to be ridden by residents of Amey, Foochow ""or"Formosaj,weights as per acale; Jockeyá -"who have never had a winning mount before

this meeting"allowed "glba.;""'entrance 851. InOnce round and a distance.vni pas t A Mr. Hope's wh, Slivery Dawn, 10st, talb......

water band our part amphone Mr. Boyd † Mr. Uncle' gr, Gamecock, rost. talb. Mr. Firth Mr. Uncle'a br. Rustic, 1112 alb, Mr. Marshall 3

Silvery Dawn and Gamecock raced together throughout and finished a dead-heat, with Rustic beaten only half a length. Silvery Dawn pulled up fame Time 122, NANAMETE | LOTTERY CUP, vaïne $......, for Amoy Subscrip- tion Grifits of this season, weights as pet vi scale, winners at this meeting gibs, extra for

each safe won, -

„ entrance $5,” One mile and

Mr. Hope's br: Bedouin, rost, gib...Mr. Boyd 3 Mr. Uncle's gg. Gamecock, rost. alb.-

a quarter. ARA LA ZA BA Mr. Hutchings o | Mr. Dryasdust's gr. Cobweb, 11st: 11lb. (lach. Mr. Dryasdust's gr. Sunrise, 1ost, talb..it

folk

Mr. Marshall Mr Firth o The Count's ok Cocktail, 1782. alb. (incl. 51b Gamecock and Cheng Li Ma kept close in sexy if

Mr. Firth together for the first mille; with Bedouin in close Mr. John Gilpia's, bay: Mainbrace," rist, gib, attendance, then "Cheng" shot ahead and (incl. gibréx.) jne.Mr. Wilson 3 although hunted home desperately by Mainstay, Mr. Uncle's archant deer,-11st," gib. (lapl/f7 won very cleverly at the finish by two lengths: 136, #1)muni Mr. Hutchings a Bedouin was a good third, the others beaten off. Mr. Johger. Entre Nous, ziet. 3lb. (lock) Time 3 min, 371 sec, deia eg ja pran BEKAS DA

Mr. Boyd o VIBITORS' Cup, presented, * value $.... for all Cockfall throw his rider, but was quickly China Ponies, weights as per scale, winners of remosited, and to a good start cut out the work "a race at this meeting of 13 miles or over zibs. In front of Châng deer and Entre Nous, Conwelt extra, if of two or more, such races, tpibs, lying off. ✨ Eust time round Chanticleer 'fell, CHAASZE CUP, presented, value $..., for Amoy

extra, entrance 85. Two miler,

Mia Hatchings being severely shakeny: Nearing the wall: Cobweb was sent to the front, and and Foochow Subscription Griffins of this and Mr. Dryasdust's ch. Fantan, Irst. lb. last season, weights as per scale, entrance $5. Mr, Dryasdust's gr. Cobweb, 111t.

Mr. Marshall ¤ maintained his advantage to the end, winning Country by several length from Cocktail, with Mafa- Mi, Firth a brace a bad third.". Time 3,533 andersons Mr. Marshall 1 Mr. Uncle's bik, Magpie, 19st, 12lb. reprī

CONSOLATION CUP value $100, Second Pony

• 150, for all beaten-Ponies that havO TER AND Mr. Firth

lost, gib... Mr. Boyd on a race at this meeting, weights as per Mr. Uncle's Gamecock, 1012 alb.........

Magple cut out the work,, next the rails, for a Piedizyentrance's 5. One mile Mr. Hutchings 3 mile and three quarters, closely pursued by Mr. John Gilpin'e gr. Malastay, 11st: 1lb......

Fantan and Cobweb; from this point the,,black Mit Wilson was dead beaten and Fantan came away by Aliqalyard cruel Mr. Marshallit $850,000.00 ML. Jehu's gr. Entre Nous, rost. Talb himself, and appeared to be winning in a canter Mfc Uncle's b Megplay cost 13th. Mr. Firth a Mr. Boyd until his stable companion, shot alongside full of furlongs, where his opponent straw alongside and Magpin, on the sanila, held a clear lead for sle Cheng Li Ma, who was favorite, ran away running and only just failed, to got home first by from his field and scored a ridiculously easy a short head, Time 4-47 adres diferend vinaleg exally Time 2.23.4-3 the

at once had the race in band, going on by him. victory. Time 2.18.

EXCHAHOE PLATE, i presented, value: $.4, for Amoy and Foochow Subscription Griffins of this and last season, weights as per scale, winners of one race at this meeting 71bs, extraks of two or more rolbs, extra, entrance $5, ***The Count's sle Cocktall, 17t

165.50

$170,970.02

DEPRECIATION AND DIURANCE; TUND, Dec. 31, 1889. To Balance,

June 30, 1889. By Amount at Craddit July Est.

BY Amount of Prem, on 40,000 New

Shares at $15, ... Aug, grding area

135,030

One mile.

1.

Mr. Dryasdust's ch. Fantan, Trst albining Hope br, Benoni, Mr, Hatchings, 3

gr.

HAIKWAN CUP, presented, value Hk. Tis: 100, for all Ponies first raced as Griffins at Amoy, 600,000.00 || weights as per scale, entrance" $5,1, Onë mia

Mt. Dayasdust's gra

By Amount brought forward from

Profit and Loss n/a for half-year. ending 30th June, 185915,000.00

dan pen

The following is the report of the Board of Directors to the ordinary half-yearly meeting of shareholders, to be held at the office of the Company, on Friday, the 31st January, 1890, at kunder 12 o'clock noon:-

b

13554,000.00

FS EQUALIZATION OF-DIVIDEND FUNE,

The Directors beg to submit to the Share Dec. 31, 18g. 2. Dr. bolders the Report and Statement of Accounts To Balance ** for the half-year ending 31st December fast.

After paying running expenses, niaries, premis of insurance, repairs and all other outgoings, there remains, including $5,481,28 brought for ward from last account, the sum of $159,940. at credit of Profit and Loss Account. From this sam the Directors recommend that dividend for the half-year of 7 per cent, on Capital or $15,000,

Cr

maqu June 30, 1889) By Amount at Credit ....... Angelordsworth

By Amonst brought from Pads and Losa afe for half-year ending sota

Mi; John Gilpinoy gr. Mainstay 118t, 1lb......

CHAMPION STAKES, a forced entry of $10 each forall winners at this meeting except Ni esperandum Stakes, winners of two races 1815 extra, of more than two races 830 exitu," optional entry for non-winners $51. Weights na

Fuanti a quarter., ond mae puree quarters of a mile. ZONA Diper scalatt. One mile and a quarter, qu

KAN MAN Mr. Firth 1

Mr. Uncle's gr. Chanticleer, 1st. 4lb. (incl. ib. ex.) Mr. Firth 1.

Mr. Hutchings a Mr. Bruce's br. Cheng Li M, 1st 11b, Mr. Hope's wh. Silvery Dawn, rost. alb....... More (inch 10lb. ex.) Mr. Marshall 2

Mr. Boyd-3

Mr. John Gilpin's, gr. Mainstay, tzt. 618 Mr. John Gilpin's gr. St. Ronan, 10st. alb...

bach park canopies tik pang (incl gib,ex) Mr. Wilson 3

Mr. Bruce, gr. Blue Rule, 11st. 4lb.............. Inamenom Mr. Marshall y Mr. Hope's ch. Forerunner 1 st. 4lb. Mr. Boyd Mr. John Gülpin's bay Mainbrace, I1st. 4lb....

PANAK SDMr. Wilson'o'1:Cheng Li Ma got best away, but was quiche NRA KREOgden verveeld Mr. Wilson a

Mr. August's gr. Lohengria, 11st. tlb... Joined by Cocktail and the pair raced neck and BRAKES A MIG, Marshall o neck throughout. Entering the straight it looked Lohengrin made running for half a mile, when odds on Cheng, but the weight told in the last he broke down and was at once puiled up. fifty yards and Cocktail won an exciting race by Chanticleer then took the lead and kept it until a short head; "Mainstay was an Indifferent third.

few strides from home, where Cobweb dashed Time 1.411

year up and snatched the race out of the fire, win- FORESTER CUP, presented, half entries added, for ning by a short head in the last stride. Time Amoy Subscription Griffon, of this season, previous winners 7lbs, extra, weights as per

Rhth a warm favorite. Foreninger wide the running with the favorite, pulling hard, ring second dalf a quarter of a mile from home where Mr. Marshall roused up the old grey, who at once took the lead and going clear away won. easily by three lengtha; Mainbrace" "was beaten old Time 249 25

Nit DipERANDUM STAKES, of $5 each with 1850 added, Second Pony Bay, for all beaten Amoy Subscription Griffins of this season thas