1902-03-24 — Page 4

Mails,

THE HONGKONG TELEGRAPH, MONDAY, MARCH 24, 1902.

U.S. MAIL LINES.

PACIFIC MAIL S.S. CO., OCCIDENTAL & ORIENTAL $.8. CO., TOYO KISEN KAISHA.

TAKING CARGO AND PASSENGERS TO JAPAN, THE UNITED STATES, MEXI00, CENTRAL AND SOUTH AMERICA AND EUROPE;

"DORIC "

"NIPPON MARU”.

"PERU"

" COPTIC "

PROPOSED SAÏLINGS FROM HONGKONG.

.TUESDAY, 25th March, at Noon. .THURSDAY, 3rd April, at Noon. FRIDAY, 11th April, at Noon. „SATURDAY, 19th April, at Noon.. ..... TUESDAY, 29th April, at Noon.

TUESDAY, 6th May, at Noon.. THE O. & Q. Company's Steamship " DORIC," will be despatched for SAN FRAN- THE A wiE, Iched for FOR And HONOLULU, TO-MORROW, the 25th instant, at Noon, taking Freight for Japan, the United States, and Europe. Passengers are allowed to break their journey at any point

"AMERICA MARU”

"CITY OF PEKING ".

an route.

**

Through Passage Tickets granted to England, France and Germany by all trans-Atlantic lines of Steamers, and to the principal cities of the United States or Canada.

Passengers holding through ORDERS TO EUROPE have the choice of the Overland Rail Routes from San Francisco, including the SOUTHERN PACIFIC, CENTRAL PACIFIC, UNION PACIFIC, DENVER and RIO GRANDE, and NORTHERN PACIFIC RAIL- WAY; also the CANADIAN PACIFIC RAILWAY on payment of £4 in addition to the regular tarif rate. -

Passengers holding Orders for OVERLAND CITIES in the United States have between SAN FRANCISCO and CHICAGO, the option of the SOUTHERN PACIFIC, CENTRAL PACIFIC, UNION PACIFIC, DENVER and RIO GRANDE, and other direct connecting

direct lines. Railways, and from Citrago ju destination the choice

Special rates First-class only) to European' Points, are granted to Missionaries, Mexibers

Japan.

CHINA AND MANILA STEAMSHIP' COMPANY.

IMPORTANT MEETING.

MANY QUESTIONS ASKED.

There was a very large attendance of share. holders at the nineteenth ordinary general meeting of the China and Manila Steamship Company held at noon last Saturday at the offices of the General Managers, 14 Des Voeux Road. Mr. R. Shewan presided, and others present included Messrs. N. A. Siebs, H. P. White, D. E. Brown, and G. H. Medhurst (Directors), Dr. Noble, Messrs. D. Gillies, G. K. H. Bratton, G. L. Tomlin. G. T. Velich, C. Palmer, A. Babington, T. Arnold, S. A. Joseph, E. S. Joseph, A. G. Gordon, P. C. Potts, S. J. Michael, J. R. Michael, S. S. Ben- jamin, C. Klinck,, H. Humphreys, C. Ewens, A. C. S. Manners, J. S. Parry, A. G. 1. Somer ville, J. McMurtrie Ho Fook, Fung Wa Chun, Siu Un, and many others.

The notice convening the meeting was first read.

suggestion has been made that we should pay n dividend in scrip if we cannot pay one in cash. That might have been done, if all the shareholders had subscribed for their proportion of the new shares, by declaring a dividend and receiving it in payment of calls, but under present circumstances it is

The only people who do make money are the General Managers. They get thele s per cent. on all outward passage money and freight from Hongkong and on all other revenue procured. by them, also a commission of 21 per cent., o all disbursements made at Hongkong, and also a cominission of 1 per cent, on the amount received by the Company on the building, purchase, or sale by the Company of any steamer or vessel. What do the shareholders get? Nothing 1 (Applause).

was $300,000 5 per cent, al per cent, and 1 per cont. mentioned in clause ro of Articles, might be a very fair and good remuneration for the General Managers but now, when you have on got the capital of the Company increased five

fold, there is a feeling that some reduction should be made, or that the Articles of Assocía- tion should be altered in some way so that the General Managers should not get their 5 par cent.. zł per cent, and I per cent, on the whole Business of the Company. Therefore, it is for the shareholders to show by their vote whether they are satisfied with the management and whether there ought not to be some alteration made in regard to their remuneration. Another point mentioned by some is the depreciation of $99,000. Does that sum include any depre ciation on these two steamers and if so how much? --I submit that by the Articles of As- sociation

per Mr. Veitch --Excuse me, Mr. Brutton, the Rubi was not here then,

Mr. Brution-I have had some questions put into my hands which à certain body of the shareholders would like to have answered, and I propose afterwards to make a fow remarks with reference to the reduction of the working expenses. Would you prefer me to read all these questions first; and then you give your answers afterwards?

not practicable. It comes to this that we must wait another year for a dividend, that is all. Some shareholders appear to think that because we have a debt of 7 incs we must give up the thought of dividends for years to come, but I'da not follow their reasoning; we have or shall have. I think, at least 3 lacs from the new capital, which will leave á debt of 4 lacs on properly worth over 2 millions which is merely nothing for the Company to carry. If it is then many companies must be in a bad way though they are paying their interest and good dividends as well with, much larger debts than ours. Now, gentlemen, I will propose that the report and "accounts as presented be adopted and passed. I will call on'some one to second it and then before 1 put the motion to the meet-out certain of the questions I have now got

and I think it might shorten time.

The Chairman-I think it would shorten time if I answered you an the whole.

The Chairman then raid-Geotlemen, asing I will give you "all an opportunity of usual we will, with your permission, take the re-expressing your opinions and asking any ports and accounts, copies of which have been questions. in your hands for some days past, as read. The profits for the year show a falling off, as cargo was rather scarce for a few months, but I am glad to say that this did not last long, Since then the traffic between this place and the Philippines has increased, we have at last begun to get some return cargo from Manila, the coolie trade has revived again, and the saloon passenger trade continues to grow and justifies us in every respect in the step we took in building boats of the size and class of the Zafre und Rubí. In proof of this I may tell you that we have already had to increase the saloon accommodation of these boats since they came out here. Under all the circumstances and bearing in mind that we had the benefit of running one of the new boats for only one month I think a net profit of $115,000 after

Mr. Gillies:-Mr. Chairman and gentlemen, before seconding the adoption of the report I desire to say a few words with regard to the two new steamers that have just been added to the ficet. I think you will all admit, gentle- men, that it is folly to run a line of passenger steamers that are not adapted to it. Such was the position the Company found itself to be two years ago, before the new, steamers were ordered. The old steamers were very much too small and lacked passenger accommodation for the increasing requirements of the Manila trade, and it was thought advisable to get two new vessels, quite up to date, and giving the passenger accommodation that was necessary for the line between 'this and Manila. The Chairman has very clearly stated to you that the trade between Hongkong and Manila has

The Chairman--Read them all first.

Mr. Brutton-I think it would be better if you answered the questions one after the other, because your answers might enable me to cut

Mr. Brution-1 do not know what the share-

holders think about that, but I think if the questions were answered it would be the

means

The Chairman-Mr. Brutton, I am Chair- man, and I have the right to conduct the meeting in the way I think best.

Mr. Brutton-Before I do so I will make a'

few remarks with regard to the Company in general. I think a number of shareholders here have listened with a great deal of pleasure to the remarks made by Mr. Veitch with reference to this report, and it occurs to me that if the shareholders pass and adopt, the resolution then they state they are fully satisfied with the general management of this company Now before the resolution is put it occurs to me that it would be well to more or less

Mr. Bratton Yes, I am coming to that. wanted to know whather that 5% included de-

preciation on either or both of these two new steamers. The wording of that Clause is that the 5% can only be deducted on the working of the steamers for the previous year.

The Chairman-Nothing of the kind, Mr. Brutton. Read the clause.

Mr. Brutton1 am open to correction. I think that construction can be very fairly put, on the meaning of it. I submit that it means

depreciation on the steamers which have been

working and earning profits for the Company (applause), and therefore the shareholders would like to know what portion, if any, of that $99,000 was written off for depreciation on these two new steamers. There is one other point, and that is whether it is considered necessary. in the interest of the Company that this Com- Pay, with a small fleet, should have the ser- vices of a marine superintendent. I think I am. right in saying that other steamship companies the Douglas Steamship Company with a fleet of six steamers have no superintendent, and

of the Nava, Military, Diplomatic and Consular Services, and European Civil Service Officials ample allowance has been made for depre- increased very much and, gentlemen, if you frecapitulate what Mr. Veitch has said, and it seems to me that as the earnings of the located in Asia, and to European Officials in the Service of the Governments of China and ciation, cannot be considered unsatisfactory, wish to retain that interest in the trade that you would certainly be far better for the share. Company with increased capital are so small-

TO UNITED STATES and CANADIAN POINTS, Special rates (first class only) are confined and will apply only to Missaries, Members of the Naval and Military Services, and to Consular and Diplomatic Officials of the Governments of China and Japan.

Return Pussage-Reduction will be made to passengers who do not hold return tickets, making the return journey between ports in the Orient and Honolulu or beyond, within twelve Through Hills of Lading issued for insportation to Yokohama' and other Japan Pons, to San Franscisco, to Attic and Inland Cities of the United States, via Overland Railway, to Havana, Trinidad, and Fremerari, and to poets in Mexico, Ceatral and South America, by the Companies' and connecting Steamers.

months.

Freight will be received on board until 4. the day previous to sailing, Parcel Packages will be received at the biffice untik 5 PM same day; all Parcel Packages should be marked to address in full; value mesone is required.

Consular Invoices to a poly tach stuport of Cargo ne parcel (valued at $100. Gold or over) destined to Prints, begoad San Franciscu, m the fated States, should be sent to the Companies' Office addressed to the Causer on Customs at San Francisco,

Merchant's Invoice will be sufficient ion, cargo ar parcet (tach shipment) when the value is less than $rou. U.S. Gall

It is a great disappointment to us that we can. not pay a dividend out of these earnings, but a glance at the accounts will show that this is impossible as we have no funds in hand available for such a purpose. To complete the purchase of the news boats we have had to borrow £50,000 from London, giving a mort gage on the vessels themselves as security, and this loan has been written down in the present accounts to an exchange of 1/9 which explains the item of $49,000 odd against "ex change adjustment a/c." To provide for the repayment of this loan we issued additional capital to the extent of $500,000 but notwith- standing the encouragement to make this is mises of support that were made to us, I am

have held in former years you must be prepared to put steamers upon the line that will encour- age passengers to travel by them. The old steamers did not give that accommodation to passengers and they were inclined to go else where, where their comfort was more attended to. With these few remarks, gentlemen, I beg to second the adoption of the report.

For further Information as in Bossage and Freight, apply in the Agency of the Com-sue that we received at the time, and the pro-holders--non-resident in the Colony-may be panies, Queen's Building

1902

1

Hongkong, 8th March, roz.

J. S. VAN BUREN, .Agent.

[1

CANADIAN PACIFIC RAILWAY COY.'S. ROYAL MAIL STEAMSHIP LINE.

SAFETY

SPEED.

PUNCTUALITY,

THE FAST ROUTE BETWEEN CHINA, JAPAN AND EUROPE, VIA CANADA AND THE UNITED STATES. (CALLING AT SHANGHAI, NAGASAKI, KOBE, YOKOHAMA & VICTORIA, B.C.)

Twin Screw Steamships-6,000, Tons-10,000 Horse Power-Speed 19

Knots.

PROPOSED SAILINGS FROM HONGKONG, EMPRESS OF CHINA...Comdr. R. Archibald, R.N.R.... WEDNESDAY, 2nd April R.M.S. TARTAR. Coradr. E. Beetham, R.N.R. WEDNESDAY, 16th April. EMPRESS OF INDIA ...Comdr. O. P. Marshall, R.N.R...WEDNESDAY, 23rd April. EMPRESS OF JAPAN..Comidi, H. Pybus, R.N.R... WEDNESDAY, 14th May. R.M.S. ATHENIAN

.WEDNESDAY, aist May, Comdr. H.Mowatt

1902

that some attempt should be made by the management to cut down all possible expenses so that there should be some return for the shareholders (applause). It seems to me that you have got your cake in the shape of those two ships, but you get precious little chance of getting a bite out of them (laughter). The capital has not been subscribed for and until it is subscribed for, it seems that all the earn- ings have got to be taken up for the next few year in the payment of these ships. Therefore, you have got you cåke, you can look at it but you cannot get anything out of it. In the first place, I move that the Report and Accounts,

The Chairman-You have simply to vote, submitted to the meeting, be not passed. against my proposition. You can't make that

motion.

Mr. Brutton-i move that the resolution be, not carried.

The Chairman-You cannot move a resolu

tion or amendment, you simply vote against my proposition, You, & lawyer, ought to know

that

Mr. Brutton then put his questions as fol lowsWhen did you first contemplate pur chasing these two steamers ?. On 14th April, 1900, when the capital of the Company was increased to $1,000,000, did you then know what the cost of these steamers was to be. On the 14th of April, 1900, if they knew that, the increase of capital was not sufficient to pay for the two camers, was it not the duty of the general inform the shareholders that that increase would not be sufficient and that they intended to ask for a further Increase? What was the purchase cost of the Diamante. As the Zafire and Rubi were to cost so much more have been informed of the fact before the

managers to

steamers were ordered ? The Diamanta cost

something like four lakhs and the two new

steamers over

Aven

lakhs.

holders if I knew what the answers of the General Managers were going to be. The first point is whether the General Managers were justified, looking at the receipts and ac counts for 1899-1900, in asking the shareholders to adopt, as has been adopted, the large in. crease in the capital of the Company. Now, Mr. Veitch has clearly pointed out the exact Mr. Veitch-Gentlemen, before the Chair position of the Company in 1899-1900 seen that in 1899 with a man formally proposes the adoption of the We have

of $300,000 the net profits report and accounts, with your permission, I capital should like to make a few remarks. In the amounted to $96,000 odd, and the shareholders first place, I would suggest the advisability in were then paid a dividend of 10 per cent. la the future of issuing the Report at least a clear 1900, with practically a similar capital-I think fortnight before the meeting, so that share. I am right in saying that, because, the extra capital not being subscribed until the end of enabled, if they think fit, to comment thereon, 1903 he understood was not used the net sorry to say that when it came to the point a Now, as regards the Accounts, although we profits amounted to $143,000. That was great many shareholders were found wanting must do, the general managers the justice to practically 30 per cent, on the capital, In foort, and foolishly, as I think, instead of protecting assume that they have done the best possible in

on a capital of $1,000,000, the profit amounted their property have preferred to abandon their opinion in the interests of the Company, to $115,000 odd, which is practically ir per cent, on the increased capital: : Now, the question is their interests and sell out at panic prices, it would be difficult, I imagine, to find a better 1 am glad, however to say that not all have exemplification of the mischief arising from Did these earnings for 1899:1900, warrant acted in this manner; so far over 50 per cent not leaving well alone than the present condi. the General Managers going to the expense of of the new capital has heen taken up and tion of the Company. We started the year Igor ondering these two new steamers ? I presume I when the weaker vessels have all retired the in a splended position. During the year, the

am right in saying-as I have bad no answers: result will be that the shares will be in grose earnings of the steamers Perla, Esmeralda, to my questions that when this increase of stronger and better hands. understand that and Diamante were $196,200.71, less the profits capital was asked for on 14th April, 1900, the

General Managers contemplated that this in the opposition, that has recently come on the attaching to the voyages of the new steamer, line has been the cause of frightening share. Zafiro, made in December-she commenced creased capital would be sufficient to pay for holders into thinking that the outlook for this running on 30th November. This amount of the two steamers, or, at any rate, if not sufficient Company is very black. I cannot say that 1 $196,902.71 is made up as follows, namely: to pay for them, the earnings, after allowing take that view, the trade with the Philippines Amount written off for depreciation, 596,123.30, for a dividend of say 10 per cent would is growing very largely and although more Exchange Adjustment Account, $49,689.45, be sufficient, in time, to pay for them. I say this because on the 23rd March, ships come on against us I think that is equal. Balance of Profit and Loss $115,594.57-3 tota! ly compensated for by the increased, volume of of $264.747-97. Deduct the balance brought 1901, the Chairman in his speech said I cargo going forward. We are in conjunction forward of $67,845.26, this leaves the total earn. have been asked by several shareholders why with the other two lines and are watching the ings at the amount stated, namely $196,902,71. we don't declare a farger dividend, and the situation very carefully and I can assure you Nothing in the accounts is shown as to the answer I gave them was "You can't eat your than the Diamanie; should not shareholders. gentlemen, that we will not waste money need. cost of management, which I venture to think cake and still have it. Therefore, it is pro lessly. It is not desirable at a public meeting should in future accounts be given. Then, as posed to pay a dividend of five per cent and to use the balance—I think I'am right-in put- to enter into the details of what we are doing, regarda depreciation, last year ten per cent, on but I may assure you that the interests of the the value of the Company's fleet was written Company will be very carefully guarded. We off; this year a very much larger sum, $95, 123.30 on this Ceas: and their popularity a passenger this applies to the three older steamers and have two of the finest boats that have ever been is set aside. I shall be glad to hear how much

demonstrated. They are favourites with shippers cally a brand new boat, and it seems to me that on account of their larger cargo capacity, as the amount at present provided for depreciation when there is a rush of cargo there is much less danger of any being shut out and causing make such a handsome showing, what was the confusion, and trouble, with broken shipments, object in contracting, especially at a time when In such cases Chinese shippers are very apt to the cast of shipbuilding had perhaps reached combine and take up some cheap cargo boat its highest point of late years, for a couple of that may be offering in the market, a danger steamers of a gross tonnage of tons 3.078, cost that these larger carriers obviate. The two ing up to the 31st December last $1,411,123.30. small boats the Esmeralda and Diamante This item is curiously worded, and causes me have been withdrawn from the Manila line and to think a further amount will have to be added to, this already enormous sum. My impressions are being employed in the rice trade from Sai- gon and Bangkok for which they are well ad- may be wrong, but the Chairman will doubt apted. Both boats stand at a low figure in our less enlighten me. Further, will he kindly books and can be run cheaply and should state. the actual cost per ton of theas new make a good return to the Company, but we

steamers? Taking £70,000 roughly as the are quite prepared to part with either if a

price.pf each, I make out the cost per tan to reasonable price can be obtained. So for how be £27.10 of thereabout, which when I know of ever, although we have had negotiations in one

a steamer here an eleven-knot, boat, not so or two directions we have not succeeded in elaborately fitted up as ours, costing, only, eliciting a firm offer. The statement now laid about 13.18, per ton, you will agree with before you shows that the position of the Com-me is a very high price to pay. It appears to pany is far from an unsound one, that your.. me that these steamers were ordered without to these two new steamers, taking the figures The Chainman-Well, gentlemen, you have property is not overvalued, and that there any clear,ides as to how the necessary funds as mentioned on, the report, nearly $400,000|| put: * great many questions to me, and is no real reason for much misgiving on to meet their cost were to be provided, con- odd, in order to get a dividend of ten per cent. think Very flattering to me if you suppose the part of those shareholders, who are bana sequently our persent patition as a Company is and to pay five per cent depreciation for these carr all these details in my head fide investors and sot merely speculators deplorable in the extreme. We owe our bankers two steamers it was necessary for the Generaltura Mr. Brution does not think anything of Freight.

who have bought for a rise, and take no 5221.096.85. and a loan in London of $5a1.739.12 | Managers, at anyrate, to have some prospect the kind, but I will do the

am placed to answer you”. It'seedis am taking a ten par position Freight and permanent interest in the Company. It has to be met sooner or later. Some further of earning $210,000

me the are only crying over is true that Great Britain's new allies, the infomation, as to the terms and conditions of cent dividend because I submit that on the "Japanese, have come upon the scene and cut this loan should be given. Shareholders, accord- chairman's speech on the 23rd March, 1901, he may | into our business, and if these be the ways of ing to the report, show their distrust by refus. made you believe and you were entitled to were authorised by you

friends and allies we may well pay to be saved ing to subscribe the additional capital asked for, believe that you would get a ten per cent, divi extra capital for the new from our friends, but these things are only tem- which is hardly to be wondered at. The shares dend, and that you would, out of the earnings heard what

allding porary, the whole nature of the. Manila trade of the Company, which, a few weeks ago, stood of the steamers be able to pay off whatever with Hongkong has changed and is changing, at a premium of 20.pec.capt, can now be pur liability there was remaining over and above but, when conditions have adjusted themselves | Chased at a discount of jo per cent. There is the $900,000, Now Mr. Veitch also mention to the new order of things I have every hope no money available to pay a dividend to share the remuneration of the Gener that the Company will emerge from the struggle, holders, although the balance at credit of profit. Now there is a feeling among

of

is excessive. If with our old fleet we could

that time, there was a balance of $600,000, on

THE OF JAPAN, and usually make the voyage YOKOHAMA TO VANCOUVER THE magnificent Twin-screw Steamships of this Line pass through the famous 1NLAND (B,C) in a DAYS, saving THREE DAYS to 4 WEEK in the Trans-Pacific journey, aud and cargo steamers has been most clearly how much to the Zafiro. The latter is practi. / would be sufficient out of the earnings to go make connection at Vancouver with the PALATIAL OVERLAND TRAINS of the CANADIAN PACIFIC RAILWAY which leave daily, and cross the Continent FROM THE PACIFIC TO THE ATLANTIC WITHOUT CHANGE. Close connection is made at Montreal, Quebec, Halifax, New York and Boston with all Trans-Atlantic Linos, which passengers to Great Britain and the Continent are given choice of

Passengers Booked through to all principal points and AROUND THE WORLD. Return tickets to various points at reduced mntes, Good for 4, 6, 9 and 12 months.

SPECIAL RATES (First class only) granted to Missionaries, Members of the Naval, Military, Diplomatic and Civil Services, and to European Officials in the Service of China and Japan Governments.

The attractive features of the Company's route embrace its PALATIAL STEAMSHIPS, (second to none in the World), the LUXURIANCE OF ITS TRANS-CONTINENTAL TRAINS (the Company having received the highest award for same at recent Chicago World's Exhibition), and the diversity of MAGNIFICENT MOUNTAIN AND LAKE SCENERY through which the Railway passes.

THE DINING CARS and MOUNTAIN HOTELS of this route are owned and operated by the Company, and their appointments and Cuisine are unexcelled.

For further information, Maps, Guide Books, Rates of Passage, &c., apply to

D. E. BROWN, General Agent, Hongkong, 12th March, 1962.

Pedder's Street.

HAMBURG-AMERIKA LINIE

NORDDEUTSCHER LLOYD. ̈ ̈ ̈

OSTASIATISCHER FRACHTDAMPFER DIENST. (Taking Cargo at through Rates to ANTWERP, AMSTERDAM, ROTTERDAM, COPENHAUEN, LISBON, OPORTU, LONDON, LIVERPOOL, GLASGOW, TRIESTE, GENDA, PORTS IN THE LEVANTE BLACK SKA and BALTIC PORTS; NORTH and SOUTH AMERICAN PORTS),

SAILINGS FROM HỒNG KÔNG SUBJECT TO ALŢERATION.

DESTINATIONS,

PROPOSED

STEAMERS. ARMENIA ...***

Sachs KONIGSBERG

Mayer BAMBERG ....

Zurbonsep

ADRIA

GENOA and HAMBURG. (Calling at SINGAPORE), MARSEILLES, HAVRE & HAMBURG (Calling at SINGAPORE and PENANO). HAVRE and HAMBURG. (Calling at SINGAPORE and COLOMBO) HAVRE and HAMBURG. (Cailing at SINGAPORE and PENANG).

HAVRE and HAMBURG. (Calling at SINGAPORE and COLOMBO) HAVRE and HAMBURG. (Calling at SINGAPORE and PENANG), '

NEW YORK :-). via SUEZ CANAL, For further Particulars, apply ta

Knuth SEGOVIA

** Foerck............. SAXONIA

Jaeger ...... ARAGONIA

Forst,

Etongkong, Bat March, Tort

Passengers Freight

SAILING DATES.

25th Mar.

26th Mar

9th April.

23rd April. 7th May. 21st May. Freigh 8th April Freigh

HAMBURG-AMERIKA LINIE,.

HONGKONG OFFICE, RE

“Na, të Queen's Buildinře/

ing it towards payment of the new steamers, That I submit, led the shareholders to believe, and rightly too, that they would have a ten per cent dividend down at anyrate, and that there

towards the cost of the two new steamers, At the increased capital, which could be used towards the payment of these two new steamers in 1901, at the end of the year, the General Managers asked for a further increase of capital. to $900,000. The whole question, therefore, for the shareholders is whether they are going to adopt these accounts as they stand or whether they are going to express by their vote certain dissatisfaction with the menagement of the Company, because if as it is contended, the receipts and earnings of the Company did not warrant the General Managers increasing the capital fivefold as has been done, then certain of the shareholders are of opinion that the General Managers did wrong in doing as they did (applause). It is very easy. I know to be wire after the event, but the question is, was

The Chairman (after a pause)-Go on with your questions, Mr. Brutton. It does not matter I will tell your d

Mr. Brutton (continuing)--What was the total amount of profits to be applied towards the cost of the new steamers? What was the working expenses of the fleet for 1901? Did

sion, and what would be the General Managers that include the General Managers' commis sion commission for rool Depreciation 309,4631 did this sum indicate depreciation of new steamers? If so, how much (applause)?

The Chairman.Are there any other obser vations to be made.

Mr. E. S. Joseph-I want to know how

many firms tendered for the building of the two new boats, and who were they?

The Chairman I think there were about 3o. Mr. E. S. Joseph. And was the lowest tender accepted?

The Chairman-Go on,

Mr. E. S. Joseph And I want to know it necessary, in the interests of the Company, about Mr. Gordon, who was sent to superintend to increase the Capital to this extent? I the building of these two boats whether have already informed you, what dividend you he had a proper engineers certificate before ha were getting on your money, and with regard went home or net

in a beltar and stronger position than ever...Ad and loss.is.sufficient for a to per cent dividend. | holders that when the capital of the

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