1902-08-18 — Page 5

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THE HONGKONG TELEGRAPH, MONDAY, AUGUST 18, 1902.

peal to our Board to look up to the magnificent position which our unrivalled Bank-our very own the Hongkong and Shanghai Bank-has created for itself in the unshaken solidity it is in to-day by a course of action admitting of no wavering principles. True that its earliest history furnishes example not

it is not wise to twist too far, and that is the

(Reuters.)

Cricket. The Fifth Test Match.

why with a net prefit of 8906,558 the fattest six TELEGRAMS. months of 1901, they have written down only $185,370 out of the profit, equal to nearly zo per cent, while in the leanest half-year they have written down 58.75 per cent out of the net profit. (Applause). The Chairman seems only to have put a threat before the shareholders- that if you persist the Directors will think it a slur and a loss of confidence.

ATO

The Chairman:-The question for con- sideration is the amount of money we justified in borrowing for dividend purposes.

Mr. Slade:-Mr. Chairman, I have not proposition we are up against to-day. Thirdly, looked up the figures before coming here, but Your Directors fully realize their responsi- | I heard both Mr. Michael's and your speech, certainly appears to me that the bility in the management of this magnificent and it property of ours, and, in laying our report Directors in this particular instance are entirely and recommendations before you, you can rest | right. We have not the money, and have to assured of having received the combined borrow it to pay the dividend, and, as the Chair. deliberations of a body of practical business † op said there is a certain limit-well, I won't say

You cannot eat your cake and have it. to the borrowing capacity, at any rate the advis Neither is it wise to milk your cow too dry, and, | ability of borrowing, and I think before paying in the hope of convincing you of the unreason. the dividend the amount which it is proposed to borrow-$360,000- seems to me to be ample. ableness of this demand for more dividend, I would point out that in the last seven years nutt I do not think under the circumstances the of a net profit in working of about $7,000,000 shareholders are quite justified in asking for

an extra dollar-at any rate, this half-year. you have received

men.

deserves, I do not propose, therefore, in entertaxed with this misnomer in order to ward off us to vote away as we liked, but the question we into any discussion, of this beyond venturing any "just representation on the part of share are voting on is how much money we can afford to remark that times and circumstances have holders, I must admit that members of theto appropriate to ourselves after having to changed a good deal, and with this per- Directorate of local companies themselves fall borrow it, and that question has been fully and haps the opinions of many shareholders have within the pale of their condemnation and carefully considered by your Directors, who did done likewise, and judging from what one stand before the public as self-condemned in not and do not now feel justified as business bears the project is of a highly debatable scrips bearing their own names, passing from men, in asking the Bank for a larger loan for nature now. I feel sure thing shareholders will hand to hand in the colony. (Applause). The dividend purposes, than $300,000,-against a give the closest consideration to whatever circumscribed limits of our business circle dis-net earning of $373,460,86. It is only natural statements the Board may place before us close many unpleasant facts which escape ob- to credit well managed Banks and monetary concerning this matter. I cannot close myservation in large cities. Gentlemen, ap. concerns with having a tail, resembling very remarks without touching on the reference you

much that appendage of the British Lion, which have made to the very sud circumstances sur- rounding the death of our late Chief Manager, Mr. Gillies. I feel sure that all shareholders as well as his many friends out here must deeply regret his end and the suddenness of it. Mr. J. R. Michael said :-I rise to propose an amendment to the motion for the adoption to be copied; but its later-day manage- of the report and accounts as printed just put ment has been such as to make it capable of to the meeting by the Chairman. My amend weathering all financial crises and no matter ment is to the effect that the amount proposed what their effects on the balance sheet its to be written off the value of the flock estab- ability to pay uniformt, steady, dividends and lishments, &c., viz, $219, 437.76 be reduced to bonuses has never been imperilled. As owners $169,437.76 and that the difference of $5,000 of a business who pay for its proper conduct be appropriate for an addition to the Bonus sharehold rs expect to be considered and to be at the rate of $1 per share. In formally mov-taken in the confidence of the Directorale. In ing the amendment 1 beg leave to make a few Hongkong, they are often too lightlyconsidered, remarks: Half-year after half-year we have and a desire to elicit information or to throw met to listen to the accounts of good steward-

out a suggestion is not infrequently mis- ship of our vast and important establishments

construed into an antagonism against the with their great resources. On those occasions we have been neither stinted with our praise of the Directorate and management nor parsimonious withs our bonuses. Just as reward is fiberally given for the suc cessful conduct of our business so also must criticism -fair and impartial criticism-be ex pected when good cause is found for grievance on the part of the shareholders. (Applauss.) A one amongst a large number of shareholders I desire to ventilate our grievance, and I take this public occasion to make it heard. The pase half-year has been anything but a pro- sperous one for the company with the inevit able result that there has been an abnormal shrinkage in the net profits of our business. When good judgment and foresight cannot be - taken to task for small profits we must accept in an equable spirit the ups and downs

from which human affairs are never free. But when profits, once earned, cku be distributed without impairing the efficiency of the Company's working and its future we naturally feel it a bard. prospects, ship to see the profits proposed to be divided in a manner by which only posterity will gain at the cost of our own immediate loss. In the accounts before us the Directors propose the enormous sum of $219.437.76, nt 58% in ..proportion to the profits, which is out of all

directorate. This is destructive of the true

interest and prosperity of any concern. Now, gentlemen, the confidence in our Dock as a stable concern is shaken. It is ou unplea- sant truth to admit. There is no getting out of that fact. We cannot be blind to it. Let us rise up to the situation and make an honest confession that an error of judgment has evoked unlooked for criticism unt altogether anmerited. Before I resume my seat I will make no apology for reiterating an opinion to which I would appeal to the Directorate to give their earnest consideration. Having regard to the fact that our establishments, our workshops, and our plant are represented in our books at figures for which they could never be replaced and are variously valued at six or seven times the book value, the time has now arrived when, in my opinion, a system'ic method of writing down should be adopted once for all. When once adapted let that system be put in practice as a hard and fast rule admitting of no depart- ure. It is not for me to say what the exact

percentage of our profits should be taken as the "golden mean" for adoption; but that one such can be found I don't for a mo ment doubt. I ask for no vote in favour of my amendment. It should appeal to you on its own merits. I therefore move that-"The amount proposed to be written off the value of

about $4,000,000

in

bonus when our capital was increased early dividends and 9/10 of a thillion dollars in scrip

last year to that extent Because last year was a memorable harvest in

Shareholders,

receiving as they did $77, in dividende and 375 in scrip bonus, totalling $147 for every $175 share they held, and bringing about as i did unwarranted over-specula.

disastrous tion with

reculte perhaps to many, it should not be expected that, and I can assure you in does not influence your Directors in their deliberations as to what is best for the interests of all concerned. Fourthly Then again, with the above facts before you, it must not be forgotten that, in the same period, while about $2,400,000 have been spent out of earn

ings in additions, extensions and the necessary

substitution of new and randen for old and obsolete machinery, only about $1,375,000 have been written off the value of your property, and when you consider the enormously enhanced value of our works, as they stand in day, with out shareholders having been called upon to

directly contribute dollar, i think you can give your Directors and Management in the past the credit of enabling you

te kock that old argument on the brad that it is more blessed to give than to receive and demon strate their earnestness by ronormire and acquiesring in their recommendations Now, if after the foregoing information. is the result of careful consideration based the best an business principles, and for interests of the Dock and all Concer

which

proportion to the total profit, to be written off he Duck establishments, &c., viz, $219.437.76ed, if you are now going to incier on my the meeting, he reduced to $169,437.76 and that the differen- putting your amendment to

and It is carried by a stew of hands, ce of $50,000 be appropriated for an addition to the dividend at the rate of $1 per share."

it can only be regarded as an unjustifiable vote of want of confidence in your Directors (no, (Applause.)

no), most, if not all of whom, are the largest and most consistent supporters of the Dock Com pany, and it would, so far as this meeting is concerned, be so regarded by them. What would then follow--a demand would no doubt be made for a pall, which under the articles of association I would be compelled to call for, if

the value of our property, plant, &c., out of a total net profit of $373,460.68. It is not apparent to as shareholders what rule applies with the Directors in the matter of this apportionment of profits. On the face of it

Mr. A Ross-Gentlemen, I rise to second and in the absence of satisfactory explanation, the amendment. I should have preferred sitting the standard must be sought for in

down with uplifted hands assenting to the something else than sound business judg-passing of the accounts to standing with uplifted ment. Now, it is generally admitted that voice opposing the passage. I think at the the flood tide of the Dock Company's pros-present juncture that the Directors have hardly perity, so far, was attained in the year 1951 treated the shareholders fairly (applause), to

the amendment will not withdraw their pro remarks, and the proposer and seconder of posal, I will put the amendment to the meeting.

The Chairman-If there are no further

The amendment was then put to the ment ing and carried by a show of hands.

The Chairman · The amendment is carried, gentlemen.

Hon. Sharp: I desire a poll, Mr Chairman The Chairman:- If there are five share- holders present who demand a poll- - who wish it so as to give the absent shareholders an op portunity of expressing their views on the question ↑ will call one on the show of five hands.

Five hands having been raised the Chairman said M, Sharp. I acquiesce and will call a poll, and it will be declared in, say, three months from to-day so a tr give absent share holders as opportunity of expressing thei celves

Mr. S. A. Joseph –– Why should it be three months?

The Chairman: As I said, in give absent shareholders an opportunity of expressing their views. This meeting now stande adjourned three months from to-day.

Mr. Sladu:-May I ask another question? ¡low too will the circular be sent out ?

The Chairman.-At once. The minutes of this meeting will be printed and ripulated and a copy sent to every shareholder.

Mr. Slade was understand to remark that he referred to the meeting respecting the pra posed new dock.

The Chairman We are going into that im mediately and at the earliest possible moment.

Mr. Slade Unless the circular comes out soon they, absent shareholders, will not have an opportunity of saying one way or the other.

Mr. Arnold Mr. Chairman, cannot your give us, say, 56 on account (laughter) 7

The meeting them terminated.

CRIMINAL SESSIONS.

OPENED THIS MORNING,

A small calendar was brought before His this month's Criminal Sessions, opened at the Lordship Chief Justice W. M. Goodman at Supreme Court this morning.

when the handsome profit of $906,558 66 was | suddenly cui down the dividend they proposed requested by 5 shareholders present. If a poll the dock, and he bad to answer three charges

netted for the first half-year. Then the

10 give us. I have never been a clamourer for

large dividends, but I believe in a fair and impartial administration of the affairs of a com- pany, and I don't think the present statement

was decided on, the Chairman is empowered

to fix and announce the date and hour for same to be taken, and, as your Directors decline to submit to a vote of that sort, from the share-

1.ARCENY AND ROBBERY. Li Tsang was the first culprit to be led into robbery with violence, larceny in a dwelling house with menace, and receiving stolen pro- The prisoner pleaded not guilty on the first and second counts, and guiky to the one of

perty.

amount agreed to for writing down was only -$185,370.71, or 20.45. For the first half of the current year the ebb tide has set in and our profits have been reduced to $373,460.68, yet the amount we are seriously asked to consent for writing down is $219,437.76, or 58.75, What business or logical argument can be adduced in explanation of so great an arithmetical disparty carn for themselves a good name in the minds unity of expressing their opinions on the subject and Alexander Moir.

*

53

of 6

ff

of accounts shows this. I therefore second the amendment, and hope that the Directors will unanimously "shell out" the extra money and

of the shareholders.

The Chairman -Gentlemen, before put

ting the amendment to the meeting, I

would like to make a few remarks which

holders only represented here to-day, the Chair-ceiving stolen property. man night feel disposes as that is the object of a poll to give all shareholders of the Company at home and throughout the Easi an opport

after a perusal of the minutes of to-day's

as you all know, it would take three months to proceedings which would be mailed them and, hear from them and, would simply delay the passing of the Report and Accounts that much longer. I hope, gentlemen, that under the circumstances and

with the sound

23

WC

fc-

1 сап tell you our Bankers concur they also do in the dividend that commend, and while I do not say that the Bank would not lend the Hongkong anul Whampoa Dock Company any more money, I do not think that any Board of business men

would be willing to stake their reputation by giving that tail 100 big a twist in asking for more money for dividends-1 hope, gentlemen, that under the circumstances the amendment

for the good name of the concern, I should like to see not only the amendment withdrawn, but the accounts passed unanimously.

The following jury were called upon:-- Messrs. Jacobusvan Houten, Augusto Aure. liano Gutierrez, Hugh Arthur, Nowroji Franji Mithaiwalla, Eenjamin Clarke, Aboo Ahmed The Attorney General Sir H. Spencer Berkeley) prosecuted, and the

morning of the 25 June the prisoner, with

It appeared from evidence that on prisoner was not defended.

other robbers entered the basement of a shop, temperarily in charge of an old man. Some of them seized the old gentleman and pulled him by the queue while others stole quantity of jewellery and $2,912

the

а

The prisoner being found guilty was sen tenced to five years hard labour. His share of loot appears to have been $350.40.

A TRIPLE ALLIANCE.

Lo Cheung, Leung Fat and Sit Fuk Tai were next brought forward to answer an accusation for cowardly attacking a woman with

intent to rob her. They were tried by the same jury.

England Wins.

·London, August 15th. The fifth test match between England and the Australians which was commenced at Kennington Oval, on the rith instant, bas resulted in a win for England by one wicket.

The St. Leger. Ard Patrick has been scratched for the St Leger

('owes

LATER.

The King's Health. His Majesty the King has returned to

He is looking remarkably well.

The Disturbances in France. The resistance to the expulsion of nurs in M. Combes at a meet- Brittany continues ing of the Cabinet declared that the resist. ance is not due to ratholic motives, but to a violent royalist movement,

The Governorship of the Isle of Man. The Right Honourable Lord Raglan has been appointed Governor of the Isle of Man

Cholera at Cairo.

Three British soldiers have been stricken with cholera at Caim, two of whom have died.

Women's Franchise in Now South Wales.

Both Houses of the legislature at Sydney have passed the Woraen's Franchise Bill Gr New South Wales.

Mr. Austen Chamberlain. Mr. Austen Chamberlain, the recently ap pointed Postmaster General, has been elected unopposed for Worcester

"

American Lawn Tennis.

won the The brothers Doherty have jonhim chantpionship in the American Lawn Tennis Championship competitions

New Cruisers for Japan.

A Clydebank firm has received an order Florild two large cruisers for Japan

The Transfer of Tientsin.

Losos, August 16th Tientsin has been formally transferred to the Chinese by the representatives of the allied Powers.

A Gift from the King. His Majesty King Edward has presented a golden crucifix to Westminster Abbey.

Arrival of Boer Generals. The Boer generals Botha, Dewet, and Delarey have arrived at Southampton where they were enthusiastically cheered.

The Review of the Fleet. The Coronation review of the fleet took place to-day at Spithead in glorious weather. One hundred and eight British warships were assembled, commanded by six admirals. The sight was superb, and intensely impressive.

Deficient Rainfall in India. The rainfall is deficient throughout the greater part of India, both monsoons being considerably below the average. Prospects are becoming very gloomy.

THE WEATHER.

In his daily report issued this afternoon, Mr.

F. G. Figg states:-

On the 18th at 11 40 a.m. Pressure is giving way again in Luzon, barometric changes being unimportant elsewhere. Pressure remains higli over E. Japan. Gradients are slight with light to moderate E. and variable winds along the China coast. Forecast E. winds, light;

lair.

FESTIVAL OF THE SPIRITS.

CELEBRATED IN HONGKONG.

Yesterday was the Chinese festival of Chung Yuan Chuh and for the most part the native community, in deference 10 the Spirits, refrained from work and indulged in spirits of a material nature.

SHIPPING AND MAIL N

·MAILS DUR........... German (Prinses Irene) to-morrow. Canadian (Empress of India) jo-monow. American (Nippon Maru) zíst inst. Tacoma (Tartar) 30th inst.

The N. P. S. Co.'s steamer. Pleiades from

Tacoma for Hongkong via Vladivostock and Port Arthur on the sith inst.

The D. & Co.'s Steamer Lowther Cartis from New York and Straits left Manila, yesterday the 17th inst, and is expected to arrive here on Wednesday the 20th inst.

The Canadian Pacific Railway Co's R.M.S. Empress of India arrived at Shanghai at 11: p.m., on Friday the 15th inst, and left again at 7 p.m., on Saturday for Hongkong where she is due to arrive at & am, on Tuesday, the 19th

inst,

Co-day's Advertisements.

NOTICE T

T is hereby notified, that the WATER

the exception of BARKER ROAD and MAGAZINE GAP, will be cut off between the bours of 10 AM and 3 P.M. on WEDNESDAY, the 20th instant, to admit of alterations to the main. Should the weather be unfavourable for performing the necessary work on that date, the cutting-off will be postponed until the first suitable day.

I SUPPLY to data DISTRICT, with

W. CHATHAM,

Water Authority. Hongkong, 16th August, 1902,

CANTON DISTRICT.

LOCAL NOTICE TO MARINERS, No. 62.

WIT

7ITH reference to the sunken Junk men- tioned in Local Notice to Mariners No. 6, a careful search has been made in the vicinity and no trace of the wreck can be found.

L. A. BYWORTH,

Harbour Master.

Approved,

F. A. MORGAN,

Custom House,

Commissioner of Customs.

Canton, 16th August, 1002

H

TO LET.

18618

́OUSES in CLIFTON GARDENS, CON-

DUIT ROAD.

GODOWNS at OLUE BUILDINGS.

HOUSES at Causeway Bay, facing the

Polo Ground.

No. 11, MACDONNELL ROAD. "THE RETREAT"-MT. KELLETT. GODOWNS at BOWRINGTON, (PRAYA-

EAST).

Apply to

THE HONGKONG LAND INVEST-

MENT & AGENCY CO., LD. Hoogkong, 18th August, 1902,

T2090

DOUGLAS STEAMSHIP COMPANY, LIMITED:

FOR SWATOW, AMOY AND.FOOCHOW.

THE Company's Steamship

"HAITAN," Captain Roach, will be despatched for the above Purts, TO-MORROW, the 19th instant, at Noon.

For Freight or Passage apply to

DOUGLAS LAPRAIK & CO., General Managers. Hongkong, 15th August, 1902. 1860d

SHEWAN, TOMES & CO'S NEW YORK LINE.

FOR NEW YORK via SUEZ CANALİ

THE Steamship

"ASAMA," Captain F. F. Bement, will be despatched for the above Port, TO-MORROW, the 19th instant. To be followed by the Steamship " AFTON," on or about the 15th September. For Freight, apply to

SHEWAN, TOMES & Co... Agents. Hongkong, 18th August, 19oz. (686d

FOR SINGAPORE, SAMARANG AND.

HE Steamship

T

on

SOURABAYA,

"BABELSBEKG,"

Captain Reeckmann, willbe despatched as above

SATURDAY, the 23rd instant, at Noon For Freight of Passage, apply to

EAST ASIATIC TRADING CO. Hongkong, 18th August, 1902 (863d THE CHINA AND. MANILA STEAM-

·SHIP COMPANY, LIMITED..

FOR MANILA.

THE Company's Steamship

"RUBI," Captain R. W. Almond, will be despatched for the above Port on TUESDAY, the 26th instant,

it is not within our comprehension to discover. (Applause.) I would like to refresh your memories about the procedure of former years, say, from 31st December, 1895, to 31st Dec, '97, daring may possibly have the effect of causing it which period the uniform dividend and to be withdrawn at least I hope 50. bonus of 8 and 4%, respectively, were dis-

Reference has been made by Mr. Michael tributed to the shareholders, notwithstanding concerning the mistake of the Board in the ap-business reasons before you, and in which the fact that at one time a variation of 50%propriation of profits, and while he laid stress took place in our net earnings, viz, between on the fact that some 60 per cent of the 30th june, '96, and 31st December, 97. The profits were written off, he has not said any figures are:-

thing as to the fact that over 80 per cent. $569,073 net profit of 6 months ending 30.6.1896 of the net earnings for the six months is 5z68,435

31.12.1897 being paid in dividends. He compared the Times out of number have we been told that Company with that excellent institution, the the value of our premises, our stock of materials Hongkong Bank, whose policy he approves, on hand, and the rest of it have been written while when your own Board is endeavouring

at about half past twelve on the night of the To summarise the evidence, it appears that down to a figure which their book value should to follow a similar one he condemns it. I have

30th July a native postitute, living at Hung afford us a sense of perfect security. Yet the made a few notes of 6gures in anticipation of this is only the first six months of the year-and | Rom, was rudely awakened by a loud knock- proposition before us does not seem to something of this kind, and as I cannot remem

ing at her door and on peeping through the

During the day a small paper joss-boat

Highest Class Passenger: Steamers, High confirm us in that security; we might have ber figures I have put them down. There are

asked her to go afloat but the woman refused bars she saw three Chinamen. One of them

was anchored off Praya Central, and those Powered, Newest and most up to date on the been for all we know fiving unconsciously a number of reasons why a larger appropriation

aboard native launches and and told them to get a girl elsewhere. The

sampans un. All Accommodation Amidships. Elec- in a state of false security after all. This to shareholders than $300,000 out of a net.

eldest prisoner then squeezed himself through passing by threw three joss-sticks 'overboard.ric Light and other Modern Improvements. inconsistency of action in proposing to write carning of $373,460.86 should not be made.

A Surgeon is carried.

For Freight or Passage, apply to off variable amounts which has the effect. The first is, that it is a most liberal appropria-eply you said we were not dealing with cash the bars and was followed by the other two. in the morning a junk, escorted by a couple of

One caught the woman by the throat, another ja band, but that we have to borrow this money threw pepper in her eyes, and the third tried gaily decorated launches, went an

SHEWAN, TOMES: & Co, Have we ever in the history of the company to take off the woman's gold bracelets, valued

General Managers. paid a dividend with cash in hand?

Hongkong, 18th August, 1902. $125. The woman however, moved her wrists

[865d The Chairman :—Well, that I should have to while her little servant girl, sleeping in the

"BEN" LINE OF STEAMERS, ook up.

same room cried out, 'save life!"*taking Mr. Joseph Well, I know it is not so. We things, and the rubbers decamped without the loot. After a long hearing, during which have never had a cash dividend.

witnesses were called for both plaintiff and The Chairman:--But that does not alter the defendants the jury found the prisoners guilty. facts of the case.

His Lordship sentenced the first prisoner to two year's with hard labour, and the other two, who are young men and, as is Lordship said, way behave better in future, were let off easy with 18 months.

of infusing a want of confidence is not business-tion, and, as previously pointed out in my ** like and appeals to men of common sanse `as worthy of strong condemnation. (Applause.) Shareholders suffer in smaller dividends by birthis questionable method in the adjustment of

our accounts. Throughout the East the Hong kong Docks have been regarded as by far the

•soundest and the most stable concern wherein - Capital might be safely invested. One of the reasons advanced for the sub-division of our shares, I well remember, was to enable small people to invest their savings in our gilt #edged security. (Applause.) Dividends and bon

uses were declared which investors, trustees and all alike had relied upon as likely to have abeen maintained. Yet we are confronted with

state of affairs reflecting not very creditably

speech, the largest under the circumstances ever paid in the history of the Company. Now I will 'confirmi' this, and go back over seven years. For the first six months of 1895 with a net profit of $402,713 the dividend on the present sub-divisive policy was 7 per cent. The next six months with $569,073 it was 31, and the second six months of 1896, with $143,891, it-amounted to 34. The next six months, in 1897, 5325,345, it admitted of 31 per cent; the second six months of that year it was $168,000 and 3 was paid. The first six months of 1898--1100,000 roughly $498,000, it was 5 per cent, and the second six months, neatly $400,000, 5 per cent. For the first six months of 1899 it was $803,000 and,61 was

upon those who have proclaimed to the world paid, for the second half-year with 5459,000 it that Dock shares could command an interest was 6 and for the first six months of 1900 the that extraneous Influences would nor severely amount, was $598,000, nearly $500,000, while Affect. At one fell stroke we see our dividend 61 was paid. In the second half of the year and bonus cot down by as much as 33 per cent. the net profits were $533,000 with 7 per cent —a serious' blow to those who might have de paid. Of course, last year you know what the pended upon the stability and the power of our dividends were, and 1 referred to them in my company to keepupa return when once declared remarks here. I have read you what the first and paid. It is not the clamour of speculators reasons on the minds of the Board were. The I give utterance to. I have no sympathy with second is that it is not cash on hand we are deal sach. But if buyers and sellers of shares are ing with, which it would be quite competent for

GIRAULT for Best FRENCH BREAD,

and 10 Loaf

GIRAULT for TABLE DELICACIES

by every Malli

Mr. F. S. Joseph-Mr. Chairman, in your

-Mr. Joseph >This is not the first occasion we have not had cash money in our hands,

The Chairman-Never was there such

a large Bank balance. I might say that bank balance instead of being $1,300,000 is to-day nearer $1,500,000. At least it will be when we have borrowed this $300,000.

The Chief Justice advised the plaintiff to either get rid of the gold bangles or put them in a safe place.

THEFT OF A LETTER.

a cere-

monious tour around the harbour firing Crackers and dispensing native music em voyage. At sunset both ashore and afloat

at 4 1.M.

a quantity of jess 'pidgin,' consisting of pretty | FOR GENOA, LONDON AND ANTWERK little paper shoes, clothes and ornaments,

was set alight. When the fires commenced to smoulder, those responsible awarded the evil spirits with a quantity of cash which they threw into the street; but which in many in- stances reached the hands of very material mephistopheles. A Eumpran resident of Wynd- bam Street, seeing smoke and joss flames in the vicinity of his house, rushed down the street in the direction of the Brigade Station, loudly shouting "fire." He was stopped, however, by a cool-headed policeman, who soon set the mind at ease. In most of the thoroughfares the little joss-sticks, and setting fire to the magic natives were busily engaged lighting their paper, so it is very evident that good times are

A postman named Au Chak was accused of

the jury from being called upon in the after- stealing a letter from the Post Office He pleaded guilty to the charge and thus saved He noon. The letter in, question was produced

in Court and it had 20 cents to be collected on coming: it for deficient postage. This evidently was the inducement.

Mr. Michael:-Having proposed the amend. the excuses given by the Chairman are not ment I would be the first to withdraw it, but

strong enough to make me do so. said the Directors have considered very care. fully this dividend of $300,000, out of $373,000, but he forgot that $434,000 had been carried over from last year for the adjustment of dividend..

The Chairman (emphatically)-No, no. Mr. Michael They represented the total plofits for appropriation as $782,830, and we have not been satisfied by any tangible reason GIRAULT: WINES, LIQUEURS,

BEER, and SPIRIT

--

His lordship, told the prisoner that a post- man convicted of stealing a letter in England would be sentenced to five years, but having

salary. (Sto per measam), he would scatence regard to the prisoner's low intellect and poor. him to two years,

This concluded the business..

THE ARMY.

New barracks are under course of erection for the R. G. A, now in camp at Rangoon, The total cost is Rs. 176,511, -

An estimate of Ri. 148,244 för additional Artillery Barracks at Trimulgherry has been sanctioned.

GIRAULT: for the Best assortment of PROVISION and BAKER.

GIRAULT: GENERAL GROCERIES,

CONFECTIONERY,

VĨA SUEZ CANAL

THE Steamship

"BENVORLICH," Captain R. W. Thomson, will be despatched as above on or about THURSDAY," the 28th. instant.

For Freight or Passage, apply to

GIBB, LIVINGSTON & Co.,

2. Agents, Hongkong, 18th August, 19:2,"

[864a OCCIDENTAL AND ORIENTAL STEAM- SHIP, COMPANY,

NOTICE

CONSIGNEES of CARGO per Steamship. CONDORIC

are hereby notified that their Goods are at their risk being discharged into Lighters and/or landed into our Godowns. Nos.1 and z," at Kennedy Town, (Marine Lot 243), and delivery may be bad either from Lighters or from our Godowns upon countersignature of Bills of Lading med

Goods remaining unclaimed after the 24th instant, will be subject to rent.

No Fire Insurance has been effected.

J. 5. VAN BUREN,

Hongkong, 18th August, 1904-

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