1891-07-18 — Page 2

Intimations. DAKIN BROS. OF CHINA,

THE HONGKONG TELEGRAPH, SATURDAY, JULY 18, 1891.

MESSRs. Dodwell, Carfill & Co., agents for the Canadian-Pacific Line, inform us that the steamer Emre of China left Liverpool on the 13th inst.” and is duo here on the 28th prox. ST. PETER'S SKAMEN'S CHURCH-The Mission steam-launch Day Spring will call alongside HEMISTS AND AERATED WATER vessels hoisting code pennant C between 9 and CH

10.30 a.m. on Sunday to convey men ashore to the 11 o'clock service, returning about 12.30.

LIMIT E D. DISPENSING CHEMISTS, &C.

MANUFACTURERS.

A REFRESHING WHOLESOME DRINK. Ar & Regular Convocation of United Chapter,

DAKIN'S

LEMON SQUASH. VERITABLE LEMON SQUASH " AERATED, COOLING, THIRST.. QUENCHING.

PER DOZEN 50 CENTS.

(Telephone No. 60.)

Nos. 22 & 24, QUEEN'S ROAD CENTRAL.

Hongkong, 4th May, 1891.

BY APPOINTMENT.

[37

WINES AND SPIRITS... A. S. WATSON & CO., LD.

,

ESTABLISHED A.D. 1841, MANUFACTURERS OF AERATED WATERS.

Our New Factory has been recently refitted with automate Steam Machinery of the . -latest-and-most-approved-kind,-and............

we are well able to compete in quality with the best English Makers,'

The purest ingredients only are used, and the utmost care and cleanlinesz art exercised in the manufacture throughout. LARGE BOMBAY

"SODAS."-

We continue to supply large bottles as

heretofore, free of Extra Charge, to those of our Customers who prefer to have them to the ordinary sixe.

COAST PORT ORDERS, whenever practicable, are despatched by first steamer leaving after receipt of order.

FOR COAST PORTS, Waters are packed and placed on board ship at Hongkong prices, and the full amount allowed for Packages and Empties when received in good order.

Counterfoll Order Books supplied on applica

too.

Our Registered Telegraphic Address is, DISPENSARY, HONGKONG, And all signed messages addressed thus will receive prompt attention.

The following is a List of Waters always

Kept ready in Stock!-

PURE AERATED WATERS

SODA WATER

LEMONADE

POTASH WATER

SELTZER WATER

SARSAPARILLA WATER

LITHIA WATER

TONIC WATER ·

GINGER ALE

GINGERADE,

No Credit given for bottles that look diety, or greasy, or that appear to have been used for any other purpose than that of Containing Aerated Water, as such bottles are never used again by us,

A. 5. WATSON & Co., LIMITED, Hongkong, China, and Manila.

BIRTH.

On the 15th June, at Summerland, Teignmouth, the wife of WALTER C. HILLIER, British Consul- General, Soul, Korea, of a daughter,

he

Hongkong Celeguapl

HONGKONG, Saturday, July 18, 1891.

TELEGRAMS.

THE SILVER QUESTION.

LONDON, July 10th.

In later written by Senator Sherman it is stated that the only possible way to advance the market value of silver to the legal ratio to gold is by acting in concert with other commercial nations; the demand for free coluage of allver he ways is unreasonable.

[Mr. Sherman, a member of the United States

Senate, has always opposed free coinage of Silver, declaring that I gave bullion owners all the advantages, and would either demonetise gold or force it to a premium.]

THE "TIMES" ON THE DISSOLUTION

* OF PARLIAMENT.

July 16th,

The The pubilahes a paragraph stating a dissolution of Parliament will probably take place next year, and that Sir William Harcourt will become leader when Mr. Gladstone retires.

J

LOCAL AND GENERAL.

SWATOW has been declared an infected port by the Hongkong Government.

No. 1344, held yesterday evening. M.E. Comp. W. Goulbourn was presented with a handsome Past 1st Principal's Jewel, and Comp. J. R. Grimble with a Past Principal Sojourner's Jewel, CROSS-IXAMINATION will sometimes elicit facts as well as waste time. At a court of loquiry into the loss of the Craigburn which was recently heldin Melbourne, a witness was asked "Where was the vessel when she struck?" and the Answer came short, sharp, and decisive-"On

the rocks,"

Lour. Brownrigg, Iate of H.M.S. Plover, worth £3 to the Admiralty at least those are the latest quotations, the starting price being a sovereign. Mr. Brownrigg has wanted his dia charge for some time, and, with the example of Mr. Hearson before him, he took unto himself wings the other day. He is now an absentee by-and-bye he will be a deserter, and ultimately

we suppose, he will die,'

DR. DOBIRCK reports to-day that directions to hoist the red drum were issued at 6.30 p.m. yesterday At. 6.40 pm, the notice was sent out. "Typhoon

Formoss." near south At 3 a.m. to-day directions to holst two lanterns horizontally. At 4-35 am. to helet the black drum. At 10.rom the notice "Typhoon in Formosa Channel." The typhoon sppears to be moving northwards.

a

pared you for considerable reductions in the value of our arets, but it will not have prepared rocker to gespecially in is the value of timber stocks, more especially in Borneo, and this loss In the Bornea stock has given your directors grave anxiety. This watter has also attracted the attention of the auditors, who although they have certified the accounts have done so on the understanding that the Board would lay before the meeting the information supplied them on the subject. We were quite unprepared for such a difference, and here think it is desirable to explain the matter as fully as we can. The Committee in November stated that the actual value of the stock in Borneo was small, and were of opinion that it would have to be largely written down, and on consultation with Mr. Abrahamson they recommended that It should stand at $15,000. The Board, following out the wishes of the Committee Instructed Mr. Abra- hamson to furnish them with a detailed stock list made up by actually measuring the timber then in stock; and also specially directed that these stock lists should be countersigned by Mr.

Abrahamson

amounts of sundry debtors and sundry creditors have been materially reduced since the last accounts, when they figured as-Creditors $139,178.39, Debtors $72,585.00; on 31st Dec. Creditors $53459.42 Debtors $31,375 39 and during the past half year further reductions have been made. Agency-The present Agents, Messrs. Gibb, Livingston & Co. have resigned, but are carrying on the work of the Company anilrew Agents have been appointed. We had hoped to have made other arrangements but have not yet been able to do so. With regard to this matter and other points affecting the Company we should be much obliged if shareholders would make it convenient private meeting to be held at the close to attend a of this. Mr. Wheeler was invited to join the Board after the list meeting. The Directors have thought it necessary to 1y before the Shareholders the facts relating to Mr. Abrabom son's absence, and will be glad to have an expression of their opinion as to the course to be adopted towards him.

a

Mr. Wicking wished to make a few remarks about the Sandakan accounts. He was himself an the Committee of Inquiry and bad made memoranda at the time to which he might now refer. Mr. Abrahamson was invited to attend meeting of the committee. A memorandum of stock on June 30 informed them that the timber in stock at that date and that there was no necessity to reduce was worth $55,000, the valuation. Now at this meeting Mr. Abra- bamson strongly recommended the value to be written down a further $25,000. The com- mittee expressed great astonishment at this, and now there wis to be another $25,000 written off. In fact, the truth was, as he had said before of Mr. Abrahamson; no reliance whatever could be placed upon him. He had been from first to last utterly untruthful and unreliable. He could not possibly have been ignorant of the fact that the timber was not worth $55,000, for now an impartial inquiry had shown that it was only worth $4,000, Mr. Abrahamson had sent in an explanation, but be (Mz. Wicking) would not take the man's word on oath, such was his utter disregard of truth. The matter should be put in independent 'hands and thoroughly sifted to the bottom. Was Mr. Abrahamson in charge of the cash also ?

deficiency and how it arose; the other my con time, the last one and a half years, so that I did duct as manager in Borneo, in reporting timber not know what stock there ought to have been in stock that apparently never was in stock or in there, the first year of my time with the o permitting it to be lost to the Company if it ever was in their possession. In the first place per- tobacco lands and other odd jobs such as Saw

pany was spent almost wholly in starting mit me to point out that the recent stock taking mill, Gimanton Caves, &c., &c, and during this was with a view to a revaluation of the Company's time I had scarce anything to do with the property, and therefore timber actually cut and Timber work. As soon as I found out there had on the ground but so deteriorated in value ay not to be saleable has not been included. For and found the Chinaman had not only measured. been anything wrong here I made enquiries: example, it appears from the turn that there le bililan but had gone aut of his way to measure 17,168 rabic feet. The iron-wood is in fact on no iron wood at all where there ought to be some old rotten. Sengah including it as hillian. the ground, and was properly returned in the tion from him and at once wrote and informed This I taxed him with but could get no expinna-

remove it, It has deteriorated so as to original stock list, but for want of the power to Mr. Abrahamson of it as he was then in Hong- worth moving and to be unsaleable. It is there no deficiency in the mill or Copuan stock, the now not kong. I see. Mr. Abrahamson states there is fore now entirely omitted. The same explan mill I have nothing to do with but Cepeaa ation applies to many other items, not of course stock shows only 113 logs this time (Decem to thefall extent, but to some extent. "Mr. Allard ber) as against 479 in June 1898, unsaleable should have been directed to have returned the logs not having been included in last measure whole of the wood in stock, and thendistinguished ment. As tending to prove that information was between what was of value and what was not. So not held back by me into quality of billian far therefore as regard a considerable portion of stock, on August and last I received an order the wood now apparently missing it was originally for roo legs of billan for Hongkong Dock Co. properly returned by me as in stock. Tam hond 20 by 18 by 25.50, and knowing I could not get great deal of timber hast different times to cut it I wrote and told Mr. Abrahamson 30 to admit however that it is naw plain to me that a all this out of our stock and doubtful even where appeared in the stock lists which bad noor spoke to him about it, I cannot at this length existence. I can only say that all the timber of time recollect which. He writes and tells me by me to the Directors as being in stock was entered by me in the stock lists and returned must get it, and if I could not get it enough in so entered in accordance with vouchers and No. 177 belonging to a Chinaman and signed by our own land enclosed permission to cut on grant certificates sent in to me in due course by the owner Kho Hein, which I could use if Mr. Allard (in charge for the last 21 years of the necessary. One would naturally ask with all our timber business and forest work of the Company). stock represented in June last, why could not or by other subordinates of the Company in that this be supplied?-because I was to ship nothing branch, There is no deficiency in the stock but sound wood, and that we had not got at the mills or at Copuan where it was sufficient of this size and length. Iron wood capable of being verified by me. The timber deficient, is timber reported to me to have been and, so not entered on Dec. stock, Sengah was considered as unsaleable some months ago, yielded and out in the forests by the gangs-of-Kraen, &c. in June last, I was not fostructed to coolles employed and paid by us and lying wait take any measurement of this stock. It wa ing for removal to the mills or to the shipping compiled in the office, and value set upon it by wharves. These forests coves over 5,000 acres, Mr. Abrahamson. In receiving my instructions it was a simple impossibility for me or for any Abrahamson to measure the whole of billian all at considerable distance from Sandakan, and to take stock for. Jane I was ordered by Mr... one in my position to check or verify the work stocks in jungle and I sent in same to office. I of the coolie gangs, I was always shorthanded had no instructions to discriminate between good in the office, I had the whole agency and general and had logs knowing that Mr. Abrahamson business of the Company to supervise and carry was well aware of the inferior quality and that on in Sandakan. I was frequently absent from the major portion was lying far away in the jungle Borneo bere or in Singapore, on the Company's fally expected that he would make dae allowance dakan I had the estates in the Kinbatangan months afterwards I found he and pat the whole business under your orders. When in San for it in his valuation, and it was not fill some to visit periodically. I never was in robust valuation at 30 cents p.cf at which I was health. I had to leave the jungle work to extremely astonished, and had toy opinion been and to accept their returns as true. For all the out that it was greatly overrated. I have never Mr. Allard or Mr. Zechariah or to the measurers, asked at the time I should certainly have pointed timber entered in my books I have vouchers been asked to give any valuation for ary stocks signed by Mr. Allard or Mr. Zacharlab or Mr. of any sort. Chiu Qui, the measurer at Suaniamba, all believed to be most trustworthy men. It is clear now that returns bave been made of timber as cut that never was cut. It could not have been stoles, and Mr. Allard and myself have been deceived by the Chinere gangers and measurers It was absolutely impossible for me to have checked or detected it. Mr. Allard, I have DO doubt, will explain if called on, how he was deceived. It was I assure you a great surprise to me, gentlemen, as to you, to find out the existence of this enormous deficiency, and I can only explain it as the result of a deliberate fraud on the Company by the Chinese and natives, whom ness of the forests, the dense undergrowth, the It was obliged to trust to do its work. The vast entire absence of roads and means of communica tions rendered it most difficult to check them, 1 could not possibly and could not be expected to. do it. It is as much a matter of regret to me as to you. I am as largely interested in the Com pany if not more largely than any other individus shareholder, and there frauds have not been committed with my knowledge or connivance explanation I am ready to tell you all that 1 If there be any other point on which you need

EXTRACT OF LETTER FROM E. E.' ABRAHAMSON

The Chairman-No, the cash is all right. Mr. Wicking contlaved, saying that he for a week, so as to give the shareholders a thought this meeting should be adjourned chance to consider the advisability of winding up the concern. Mr. Abrahamson went away to England on speaker's opinion that was merely an excuse; plea of ill health, but in the the fact was that he was afraid to stay, as he ought to have done, for this meeting. He ran away simply to avoid what he thought would be an investigation resulting in an expose of his con- duct. He hoped no salary would be paid to him. The Chairman sald that the salary would certainly not be paid without a contest. When the directors heard of this grave difference in the wood stock, they, at once wrote to him and suspended him, requesting Mr. Danby to take charge. Although Mr. Abrahamson was not definitely dismissed, most probably he would consider himselfdismissed.

Allard, whom Mr. Abrahamson had put ja special charge of the timber department. This has taken considerable time. On the 4th May we received return showing the value on 31st December of the wood. In Bornes to be $4.368.18. Upon this your Directors wrote by return mall directing Mr. Abrahamson to hand over charge of the Company's business to Mr. Darby and to come to Hongkong at once, to give explanations with regard to this matter to the Board, and the shareholders in meeting. The actual amount we were prepared to write off according to the committee's suggestion was. $37,000; the amount we have bad to write off is $51.550.87, or an unexpected depreciation of The explanations given by Mr. $34,550. and Mr. Allard are laid on the table for your perusal, but they are I regret to say extremely unratisfactory. Mr. Abrahamson's explanation may be summed LILY Langtry's star has lost its lustre and up thus: the wood had depreciated enormously, "Joss" le not kind to her any more. Latest owing to the length of time it had lain in advices tell how her stage husband's moustache the jungle, and no wood of an unmerchantable dropped off in the middle of a pathetic scene, quality has been taken into account. A great deal of wood that had been reported to him as shortly after which the drop-curtain refused to descend; wallst the, Lily was stuck in the act of "cut" and for which the labour bill had been registering a solemn vow with the forefinger of paid, bad never existed, and until this occasion her left hand pointing to Heaven. After waiting the Company's stock had never been properly checked. It is most unsatisfactory that MG bit, she took down her arm and walked off." biVING to an explosion near the Daily Presa account to you of his view of the matter, and Abrahamson should not be here to-day to give office yesterday afternoon (supposed to be the to carry out the expressed wish of the Board to nefarious deed of "Brownle") the compositor be present at this meeting to answer questions. who writes the Serial Novel has been laid up, Mr. Abrahamson was specially directed verbally and the sald S. N. did not appear in this morning's and by letter to remain here for this purpose, but issue to gladden the beart of the British public on the plea of ill health, supported by raedical The police have gotta clue. By the way, speaking certificates, he declined, and left the Colony by of novels we bave arranged with several intellec- the mall of 17th June for England. We considered tual giants on our staff for the publication of this matter of Borneo stocks so grave that we collaborated serial which they assure us will looked on Mr. Abrahamson's presence here to-day knock Mrs. Hungerford and a few of those people as anabsolute necessity, he as managerin Borneo endways. The opening chapler will appear in being the only person who could afford about a week, If they can evolve a plot in that us an adequate explanation, and we have time, and it will run until the collaborateurs placed on record our unqualified disapproval of throw up the sponge. We shall, at the same the course he has seen fit to take in leaving the time, offer a prize of a cloisonné bath tub to any Colony for Europe without the sanction of the reader who can give a coherent account of what Board. It will be observed from the accounts the novel is about, after It has run for eleven that the item of goodwill has been written off wecks. Our motto is "Enterprise." -

altogether as recommended by the Committee, and against this amount fully pald up shares to the value of $55,166.54 have been either given up or promised, although they do not appear in the present accounts. We are endeavouring to oblain the surrender of the others and they will be accounted for in the 1891 accounts. With regard to the other items in the depre The Chairman said that the Board had not ciation account we have written down the been content with the statement that $35,000 various assets to a figure which we think they must be written off, and wished to bave an were fairly worth on 31st December. With tropection and valuation of each log by Mr. regard to the general working of the Com-Allard and himself, upon which Mr. Abraham- pany I regret to say that it has not been at all ton's report was received. satisfactory, and money has been lost on nearly every item. Of course these losses on wood &c. "we in a measure expected when we last met in November, and now that the values have so largely been written down it, we hope, possible to work the timber at a profit. But the working from June to December of launches, Sandakan &c.

Mr. Fenwick:-I think we have been swind- disappointing seeing that the Borneo people fed. in plain English. assured us they were all doing well From In the couse of further remarks the Chairman what the present Manager writes us it would said the Sandakan was now on ber regular run, seem that the saw-mill is thoroughly well built but on arrival in Singapore would be put up for and that if kept at full work on ordinary wood it sale. The Normanhurst was still on charter, should earn about 8 per cent. The expenses of but just now was in dock. The Tarapaca running the business for the half year under was engaged taking wood to Hongay. review have been rather less than before, but the full effect of various economies can not show until the 189t accounts are closed. It is difficult to judge from these accounts how the Company is working now, for it was not until this year that we have heen able to get the various accounts properly adjusted. Mr. Powell has got the accounts well in hand, and we shall I trust be able to present you with much clearer accounts each succeeding half year but our object in having a half yearly account made up has been to get at the position as nearly and as 1005 as we could. In accordance with the Committee's recommendation a call of $5 per share has been made which has yielded, say $23,000, $6300 being still due. The 1260 shares on which the call has not been paid, the Board proposes to cancel at once. That this call has not been fully met is very regrettable as we are at the present time without funds and it will be necessary for some plan to be arrived

A LITTLE peach in the orchard grew, A little peach of emerald hue; Warmed by the sun, and wet by the dew.

It grew. One day, walking the orchard through, That little peach dawned on the view. Of Johnny Jones and his sister Sue-

Those two. Up at the peach a clab they threw; Down from the limb on which it grew, Fell the little peach of emerald hue

Too true 1 John topic a bite, and Sue took a chew, And then the trouble began to brew Trouble the doctor couldn't subdue---

Paregoric too.

Under the turf where the daisies grew, They planted John and his sister Sue; And their little souls to the angels flow-

Boo-hoo.

But what of the peach of emerald hue, Warmed by the sun, and wet by the dew? Ab, well fits mission on earth is through-

Adieu!

HIS FXCELLENCY Sir Cecil C. Smith has been visiting Sungel Ujong and Jelebu. The latter place was reached on the 8th Inst., and a gorgeous reception accorded. The Jelebu Com. pany presented H. E. with a casket of solid metal made from the mineral from the company's work ing a few miles out of the town; a Malay read at address; the Captain China presented H. E with a buffalo, and two other Chinamen came to the front and also brought their presentations in the shape of a sheep and two geese respectively. The street was magnificently decorated, a number of placards belog hung out, some of which were to the following effect :-

THE QUESTION OF THE DAY. What Price Jelebu Shares-? Buy-Buy-Buy,

are very

Mr. WickingBut should he not be prose cuted for giving false reporta?

The Chairman He gives in his explanation what might be sufficient reasons,

Mr. Wicking But why were they not given before, instead of saying there was $30,000 worth of wood in stock?

Mr. Fenwick thought the Sandakan manager (Mr. Abrahamson) should be held responsible for the difference in the valuation of stock.

Mr. Wicking thought Mr. Abrahamson should be prosecuted criminally, using the balance of money in the company's possession for that purpose.

Mr. Fenwick proposed to wind up the company

At once.

i

Mr. Wicking bad much pleasure in seconding. The Chairman pointed out that unfortunately this meeting was not empowered to pass a special resolution for winding up the company; but if the shareholders expressed a feeling in favour of it the directors would call a meeting for that purpose. This meeting was only to consider the report and accounts.

Mr. Wicking asked how the accounts could be passed in this state, when the manager was running away to avoid investigation, He had not been forced away by illness, for he was over a month running about up and down the steps of his lawyer's office, and did not seem at all like a sick man. He should only have been allowed to go away' under a very heavy guarantee.

koow,

TO THE DIRECTORS OF THE CHINA BORNEO CO. ED. In reply to your queries I beg to inform you that I received each month from the European member of the timber staff returns in writing showing the quantity of the timber cut during the month by the gangs. The timber staff were supposed to be constantly on the move from stallen to station and to Inspect from day to day and verify the work done. I believed that they did this and trusted their return. At the end of each six months a stock Hat was made up show- ing timber on band quantity sold or shipped during this period. This gave the stock on band at the end of each six months, There returns slon to question the accuracy of stock list, that you had. It was only recently I had any occa is since my last visit to Hongkong. On my return I set to work to have the timber checked and valued. The correct valuation of it by rejection object. To my astonishment I discovered the of decayed and inferior timber was my principal very serious deficiency in quantity, May I beg that these letters be read to the shareholders at the meeting.

EXTRACT OF LETTER FROM HAYWARD E

ALLARD TO THE CHAIRMAN OF THE

BOARD OF DIRECTORS,

EXTRACT OF LETTER FROM THE MANAGING DIRECTOR.

Lists up to the 31st December last together with By this mall I beg to band you Timber Stock their valuations. The latter have been put at the lowest possible computation and you will see from the stock hits that all timber about rigorously excluded. The great discrepancy be which there is any doubt as to quality has been tween the present valuation and those submitted previously is thus partly accounted for, but from the papers I am sending you will perceive that, there. This is especially the case with the time. to a great extent, the timber actually is not

The total number of legs including taferior stuff ber lying in, and round the Suanianba River. is 290, in the last stock Ilst the number mea- sured was 650. When stock was taken last that they would be unable to do all the stock automs, the Europeans at Copuan informed me taking in the time allowed, and a Chinaman Ching Quee was recommended as a sulteble man and was employed on this portion of the Work So far as I can make out, this man must have gone into the jungle and spent a couple of days writing out fictitious measurements. He look 2 days to find and measure 650 logs against of days spent by Mr. Allard in finding 297 legs. Another reason for the discrepancy Is that formerly all stocks were compiled from Timber Staff, and I find that some of these are returns sent to the office by the head of the quite unreliable. I would ask you to refer to a statement of stocks sent to our Agents last mail. These give an increase to the Billlas Stock since Stock only amounts to 32,000 cubic feet and Tane last of 23,200 cubic feet whereas that only 2000 cubic feet have been cut since last Jane so that there are 21,000 cubic feat shipment per Tarapaca not included, loss of unaccounted for. In various ways, such as one logs &c. this can be brought down to 14000 cable feet and this balance of the discrepancy I can only account for in the following manner in the jangle and the measurements are cent The timber when felled is theasured by coolles in here as returns. When the timber is sent away from Copuan it is measured again under appear in the same statement, the first as the out European supervision and both measurements turn the second as the actual shipments. The only thing to be inferred is that the coolica hava given wrong measurements owing to their having to do a certain amount of work per diem and to their wishing to make their rejura as favourable as possible. Roughly In answer to your request I beg to teader you speaking, the difference between the Billan my explanation of the deficiency in the Co. stock returns is 30-35 per cent, and between ofber in Borneo. First and foremost comes the un

woods 12-13 per cent. As regards the stock of indiscriminately entered as stock, as for example probably good logs will be found and will of Just'fiable way in which, timber has been oft wood this has been nearly all written off Making the $10 call recommended in the Com-

Chinese or other contractor has been engaged course go to credit of Timber etc. mittee report would seem to afford a means of

to fell thraber on the Co. landa; as soon as his

With refer- providing this, but in the present financial

ence to the stock of good billlan lying in the position of the Colony as well as that of the get offers for its property, if this matter did not measurement it was taken and sent in to the office so that in future all stock, or nearly all, world. contract was finished or he had cut sufficient for a jungle I think this should be brought to Copuan Company, and in face of the tendency of the Interfere too much with that. If this meeting against his account, on receiptof which the timber be at Copuan, Mr. Zachariah has offered to remarks made on this subject at the last would pass a resolution in favour of winding up, so measured was immediately entered a stock pull out all such timbers at 85 per ton, of annual meeting, the Board has thought it better that would meet the case. There would be and I am given to understand at a valuation of sa cuble-feer, which will make the averige not to make this further call until shareholders soms assetshe did not like to pledge himself 30 cents per cubic foot whereas so of this had yet to cost 23 cents. Whilst not wishing in any way bara had farther opportunity of expressing their to figures, but probably there would be about be expended on it in drawlog fromland and taking to minimine my responsibility in the matter and View Your Directors however cannot see their $15 or $17 per share-some thought $20.

to Copuan

or other depot for shipment, Timber which I am quite ready to bear, I would request way to carrying on the Company without, some Mr. Wicking proposed, Mr. Perry seconded, felled and squared lying in the jungle ought you and the Roard when considering the matter, available cash in hand, and they wish to make and it was unanimously resolved that the never to have been valued at more than to cents to look at it as impartially as you can. I de not it plain that sach must be furnished them. It meeting be adjourned until next week with a a cubic foot. Again, all timber that has once want to throw any blame on Mr. Allard beyond therefore remains for shareholders to determine view to considering the advisability of winding been measured has been allowed to remain in carelessness and want of method in working; i say what means had beat be taken for this purpose. up the company.

stocke at full value no matter how much it had itwascarelessness on his part to initial as correct I would say that no money is now being expended The Chairman pointed out that a fortnight's deteriorated. On March 3rd last receiving Ching Quee's statement, which you will find in in any works of a permanent or unproductive notice would be required to order to pass instinctions to measure only saleable logs for the old stock book I am forwarding, without taking nature and that what we now requiz is only a resolution for winding up in due form. The revaluation although my books show some 1400 the honble to verify it in any way. And as to comparatively small sum to meet current requires meeting was then adjourned until Thursday next. logs, I have only returned 654 as having any method I need only point to the hopeless way in ments--ay $15,000 or $20,000. The provision of

The following correspondence was circulated rotten or full of holes and of that which is of was taken on at a very fair salary at a time when value, the remaining 8oo being either partially which his returns contradict due another. He this is an absolute necessity. Very good progress has been made this year with sales of timber among the shareholders :---- stocks in Hongkong, and the unsold stock at the

values great portion is lying in the Jungle where our business was increasing, and I placed i "EXTRACT OF LETTER FROM THE AUDITORE. present time is comparatively small. The prices

it will never pay to draw, thus reducing the plicit confidence in him, as f'naturally have to do. With the view of eliciting some explanation everything, and we expect that a very short time ordinary discrepancy, shewn in the accounts we never pay to draw. Comparing the Bilan absences from here and my inability to super realised so far have been very fair considering we desire to draw your attention to an extra took price of the whole to as low as 3 cents in all my subordinates, antil I have reasons to foot in one fastance, and in another it will the contrary. Owing to my frequent and long: more will see the end of these old stocks. There are just audited in the value of tuber held at stock at end of year with that of June goth, fatend personally jungle warki was obliged to movement in our timber market, and we hope 1890 the value of timber so held, according to everything good and bad which were all valued in which owing to restriction of business I have has been, if no improvement, at any rate some Borneo by the Company. On the 30th June there difference of 280 logs, Including take for granted as correct all the returns he sent soon to see some favourable opportunity of detalls furnished by Mr. E. E. Abrahamson, at the full value in fans go and as seen by that recommencing importations of suitable sized was 855,918.38 while on 31st December of the list the larger portion was in the Jungla where been enabled to check timber in moderate quantity, We still belleve a same year the value for some unexplained felled. With regard to this 780 logs we had at attendance, due to the arrival of the mall kind of staff. The stocks at other portals $17,876.65 paid to contractors, and $22.772.51 sud made use of about 20 logs, S. Madang and The Chairman after referring to the small good market will be found here for the proper reason had dwindled to $4.368.18. The expen Copaan some 300 more at that time than in diture between July and December 1890 of December last, Malapult we had slace drawn to-day, xaid-In accordance with the promise being gradually disposed of but progress made at the last annual general moet very slow and it may take some time yet before paid coolfes &c. against an amount credited of Demondang 150, S. Su Su about 70, total 440 Ing of the Company your directors have now to these outstandings can be finally closed up. Our 330,570.64 on account of shipments to Hongkong logs leaving a difference of so to be accounted HonT. H. Whitehend this morning by the The following letter was forwarded to tho lay before you the accuinte of the Comp. They having presented itself of disposing them. The complicate this timber account, and we should regard to this lot I can only say it was measured on COLONIAL SECRETARY'S OFFICE,

tobacco lands are still unsold, no opportunity and deliveries to any mill accm only to further for at Suania, where none had bead drawn. With Governicht - the half year June-December, 1890. regret that it has been impossible to present Board has been able to arrange through bo glad to have the opinion of the Directors on by Chin Qui, a Chinaman engaged in Sandakan these accounts at an earlier date, Mr. Powell, Messrs, T. A Gibb & Co., Lunden, for a this point before finally passing the accounts for that purpose by Mr.Abrahamson, be was SIR-With reference to the question which

SUR SON Hongkong, 18th July, 1891.'. the Company's book-keeper, only arrived in further extension of 13 months for payment of EXTRACT OF LETTER FROM E. E. ABRAHAMSON sent over here to me and I took him up to the your put in the Legislative Council yesterday Sandakan in January last, and his whole time balance of purchase money. It is hoped the `TO THE DIRECTORS OF THE CHINA BORNEO. has been taken up in elucidating the acconate results of last season crops now on the way

ground to show him what was wanted. On his asking whether the Government would lay on COMPANY, LIMITED. which he found in considerable confusing. In hour will prova a sufficient encouragement

bringing his statement to me I took it as correct, the table copies of recent correspondence with the making up these accounts we have found it to stimulate some demand for tobacco-lands attention to the terrible deficiency in the mock was some mistake, there being such a wide proposed appointment of Cofnese Consul at In reply to your letter of yth tilto. calling my You wil hy how was it I did not know there Secretary of State for the Colonies regarding the necessary to write off very large amounts. The on the Kinabatangan River. I don't know of timber in Borneo and asking for explanations difference between 650 and 199 logs, but I must | Hongkong, and to the reply of the Officer Adini report of the Committee of Investigation dated that there is much to be said on the other items to be laid before the shareholders there are two tell you that none of these logs were cut and nistering the Government, I am directed by Hia soth November 1890 last will have already pre-1 in the accounts, but would remask that the matters to be explained imone, the fact of the i very litle wezhi done tra ikis, land during my - Excelleady to transmit to you for your inform

Keep clear of Bulls and Bears. You may buy our shares if you can get them,

W. C. AND 8. C. RY.

Passengers provided with Lifebelts, crow at by which we can get some money in hand. bars, and smelling safts.

W. C. AND s. C. RY. West Coast and Straight Curve Railway ;- Running almost daily, fastest on record, 24 wiles in 38 hours.

W. C. AND 5. C.,RY:

More sensational than the Switchback. Capital liver shaker; 3 days waiting room provided free.

Wanted for the Museum, Gaol Birds, Oaf Birds, also the Jelebu Bug.

Boarders badly wanted. Would make good An American critic describes a new play as "Club. Extensive grounds, including well grased three-act derrick, designed to elevate our too park. degenerate stage.

THE F. &.O. S. N. Co.'s steamer Präis left Shanghal at ga.m. to-day, for this port.

THE number of deaths among the European and American residents in 1890, the Coloniai Surgeon reports, was 95, as compared with 93 in 1889. This ralies the percentage from 3.56 in 1889 to 3.12 in 1890,

WE leam by to-day's mail that it has almost been definitely decided that Sir William des Voeux will not return to Hongkong, and that he is to be succeeded by Sir William Robinson, the

present Governor of Trinidad.

“ETHEL, dear, you are looking pals and ill this morning.""Yes. Mamma I went bathing yesterday and got my feet wet."-"Oh, careless. girl and spelled your bathing suit, no doubt Never let that happen again." GEORGE FRANCIS TRAIN is moving still. He writes from Port Said, on the 23rd ulto, that he Expects to get around to New Whatcom inside 55 days. He left there on the 9th May, and had to arrive on the 5th of July to be on time, He says the world is dead-broke, and he is right TER Severn, on the China Station, will be relieved by the Mirsay after the maxmuvies, says the L. 6 C. Expram. She is to go home for certain alterations; her system of ventilation Is anything but what it should be, and her propaliar shafting has been giving some trouble,

TO LET, THE GAOL,

Admittance never refused. Crime is at a Premium.

CHINA BORNEO COMPANY, LIMITED,

An extraordinary general meeting of shato for the purpose of receiving the report of the holders in this company was held at noon to-day directors and statement of account for the last Layion (chairman), A. P Stokes, C. S. Sharp half of 1890. There were present Messrs. Farlane, G. Fenwick, H. Wicking, A. G. Stokes, Wheeler, Joseph, Gomes, Perry, G. S. Coxon, G. M. Bala, and others.

The Chaliman did not think the man had any money to pay as security.

Mr. Fanwick thought that the longer the company went on, the worse they would be, and the greater their liablilties,

The Chairman said the Board was trying to

THE PROPOSED CHINESE AME CONSULATE,