1903-02-23 — Page 4

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Intimations. -

THE HONGKONG TELEGRAPH, MONDAY,

BIRTH. On the 15th February, at 21, Quinsan Road, Shanghai, the wife of ALFRED EMANTEL, of a daughter.

MARRIAGES,

On the 14th February, at St. Joseph's Church, Shanghai, by the Rev. Father Kennelly, SJ, MARGUERITE BARN RA, younger daughter of F. C. Machado, to CARLOS MIGUEL, younger

A. S. WATSON & CO., son of A. M. da Silvat.

LIMITED.

ESTABLISHED A.Ð. 18μ.

WINE & SPIRIT MERCHANTS

WHISKY.

WATSON'S Celebrated

E BLEND

VERY OLD LIQUEUR

CHAMPAGNE.

On the 9th January, at the Parish Church, St. jm-at-ackney, by the Rev. E. J. Newill, HA, THOMAS JAMES SMUTBnks, of Shanghai, to ADA, youngest daughter of the late William Henry Brotherton, M.R C.S. Lund, L. C.P, etc On the 18th of February, at St. John's Church, Hankow, by the Rt. Rev. J. A. Ingle, MA. Bishop of Hankow and the Rev. A. M. Sherman, BA, Chaplain of the Poit, HAROLD CYR SPECLR, youngest son of the late Thomas- Charles Bell, of Rastbourne, to EDITH MARY, youngest daughter of the late Rev. John Mortimer Stephens, of Bristo'.

DEATIL

Un the 17th February, at the Nursing Home, Shanghai, ROBERT HAMILTOM MOOREHEAD, elder son of Theodore Moorehead, Foochow aged 24 years.

Suncu WHISKY. Che Hongkong (elegraph

JULES MUMM & CO.

As supplied to Royal and Impurial Houses of Europe..

BRANDY.

+

Pure COGNAC of the finest quality.

SHERRY, PORT, CLARET.

Choice Wines of superior quality, specially selected.

BURGUNDY.

Sparkling and Still.

HONGKONG, MONDAY, FEBRUARY 23, 1933,

THE DOCK COMPANY.

A six-wheel Follett Numbering Machine" is just what you need. Call and see them at LaMunyon's-Advt.-

A SUBSCRIPTION list is being circulated to raise a fund to provide too gold Buddhas for the Empress Lowager's 70th birthday; and yet there is no gold pay the indemnity

In view of the article from our Tientsin cor-

respondent regarding the mystery at Peking Pala e, which we published on Friday, a state ment from the Newchwang correspondent of the M. C. D. News to be effect that the Russians are said to have ree vel tele raphic news from Peking that the empress Dowager is dead will be read with additional interest,

ON Sunday or ing, last in the Union Church the Pastor (Rev. C. H. Hickling made an important announcement to the members assembled for the Communion Service. The Sunday School opened in Kowloon last October living proved success ful, and in view of the increasing papu- lation, the Se-sion had determined to com- mence Sunday Services in Kowloon forthwith. For Numbering your Checks and Pubs, Card Systems, Tickets, Druggists Prescriptions, Labels, Drafts, Orders, Receipts, Letters and all documents and articles that require Correct and Legible numbering use the Follett Numbering Maching." C. E. Leàlunyon, 31 Des Van Road, Sole Agent.-Aduk

HÙNG KONG IND WHIPO

DUCK COMPANY.

A BREEZY MEETING.

As the conclusions arrived at by our Landon contemporary, the London & China The ordinary yearly meeting of shareholders Express, over the decision in connection in the Hongkong and Whampoa Duck Co. Lid, was held at the offices of the Company, with the new Dock scheme so exactly coin.

Queen's Buildings, at noon today, when theic cide with those of our own, so often expressed were present Mr. D. E. Brown ( Laurman), Mr. N. A. Siebs, Hon, C. W. Dickson, Mr. C. in these colums at the time, we have plea

Michelau, Mr. E. Goetz, Sir Paul Chater, C.M.G., sure in reproducing the article, word for word, M. J. H. Lewis, (irectors), Mr. W. L. Dixon, as it is printed in that excellently edited (Chief Man ger), Mr. G. A. Caldwell (Acting Secretary, Blessrs. A. V. Apcar, A. K. E. Arculli journal. The following editorial comment

H. F. Carmichael, Chan Shek Ku, J. A. Chinoy, appears is the issue of the 23rd ultimo.-- Chow Hing Ki, Chow Siu K, Chui Siu Nam, W. E. Clarke, C. S. Coy, W. A. C. Cruickshank, We hole by recent Hongkong papers to

W. Danby, W. H. T. Davis, Alben Denison, band that the shareholders of the Hongkong

H. M. S. 1. Esmail, R. M. Ezekiel, Ezra, and Whampoa Dock Company have en

Fok Yiu Shek, Fong Tsz hit, J. A. Frederic-s, phatically rejected the dock extension scheme

C. W. Georg, E. Georg, A. K. Gubbay, David put forward by the directors. We do not propose

Haskell, Hat Chuck Tin, E. A. Hewell, E. H. to enter into the merits of the case, but we

Hinds, Ho Fook, Ho Kom Tong, Ho Shai should imagine from the tone of the meeting

Wing, Henry Humphreys, W. M. Humphreys, that the directors were hopelessly out of touch with the feelings of the shareholders, whose

E. S. Jos.ph, Kwok Pui Chee, Lam Kin Fán, action virtually constituted, a vote of want of. J. Leiria, Leung Kam Hung, Leung Tit Shan, Cheong Pang, Li Oi Ting, Li Sui confidence in those directors who put forward

Sang, Li Yik un, Ling Chu Sus, Le Cheong AUSTRALIAN CLARETS AND the proposal is rather surprising that in a

company like the Hongkong and Whampoa 1p. Lu Cheung Shu, I. Madar, G. H. Med HOCKS,

huist, J. R. tichael, M. H. Michael, S. H. Dock Company such a situation should have

Michael, S. J. Michael, R. Mitchell, A. G. been created between the directors and share-

Morns, E. J. Moses, W. Parlane, Pong A Ching, holders, and the logical outcome would seem to

Pun Chee Ting, C. W. Richards, A. Ritcine, be the resignation of the Board, at least as to

Capt. T. Rowan, E. W. Rutter, E. A. Shewin, some of its members, who, in the face of the

C. II. Thompson, R. Unsworth, Wong Liu Tai, evident opposition of the bulk of the share-

Wang Man Hon, Wang Tso, Wong Tin, holders, persevered with a scheme which te business sense of the community condemned. Young Chit Sam and Yiu Ka. The only other thing that strikes us is that in this matter of the dock extension the Govern- ment of the colony has somewhat over-reached itself. We agree with the view taken locally that had the Government been content, when the idea of making another dock at Hunghom larger than the Admiralty Dock was first A. S. WATSON & Co., brought forward, to charge a nominal price for the land, or rather water, required, without LIMITED),

burdensome conditions, which it had no right to insist upon, it would have effected the sale and been receiving the Crown rent for this large area, with further revenue in prospect in the shape of rates when buildings' had been erected. The opinion seems to be that there is now no chance of any person or body apply. ing for the area in question, as it would he suitable only for a dock, and if the Hongkong and Whampoa Dock Company will not take it for the pargicse no one else is likely to do so.

LOCAL AND GENERAL.

ÆRATED WATERS.

CIGARS, CIGARETTES,

CONFECTIONERY,

&c.,

&C.,

&c.

The Hongkong Dispensary.

TELEPHONE NO. 146.

CABLE AUDRESS: "ACHEE," HONGKONG. A B. C. CODE, 4TH EDITION.

ESTABLISHED 1859.

A CHEE & CO.,

利 廣

祥

17A, QUEEN'S ROAD.___

FURNITURE

DEALERS.

DRAWING-ROOM,

DINING-ROOM,

and BED-ROOM

FURNITURE.

ELECTRO-PLATED,

GLASS, and

CHINA WARES.-- PASTEUR'S MICROBE-PROOF

FILTERS, ROCHESTER LAMPS,

WHITE TURKISH TOWELS.

COUNTERPANES.

COOKING RANGES,

KITCHEN UTENSILS, and

HOUSEHOLD REQUISITES.

A MAUSOLEUM is to be bail: for the Emperor of China, and it may be required at any mo- ment."

EXCITING sports, including boat races etc., have been held to-day on board the U.S.5. Monterey.

You can get a Numbering Machine from LeMunyan's that will number from 1 to 1,000,000-Advt.

THE birthday of George Washington being celebrated to-day, warships in harbour fired a | salute at noon of 21 guns.

THE latest word in London when parting from a friend is; "Well, good-bye, be honest but I shall see you again before then."

THE Mikado is going to Kobe early next month to hold a naval review and to be pre- sent at the opening of the Osaka Exbibition. MR. Charles R. Scott kindly informs us that the International Banking Corporation has opened branches in Bombay and the City of Mexico. MR. T. R. Wynne, General Manager of the Chinese Engineering and Mining Co., Ld., has been appointed a Companion of the Indian Empire among the Durbar honours,

·

It will save you time to get a Numbering Machine from LeMunyon. They are some. thing grand and are guaranteed in every respect. They can be had at LeMunyon's, 31 Des Voeux Road, Hongkong -Advt.

According to the Jik Jik, some of the gold

Dowager to her foreign friends have been found to be only gold-plated, though the stones are real.

PHOTOGRAPHIC bracelets lately presented by the Empress

DEPARTMENT. DEVELOPING and PRINTING

UNDERTAKEN for AMATEURS.

GOOD WORK.

PROMPT RETURN. Hongkong, 8th July, 1902.

FEBRUARY

whole of our plant is electrically driver, the same amount of work as now produced can be done on less than half the present waler and coal consumption for driving the machinery throughout the yard. Subsidiary economies will also follow by the grouping of machines under various motors, &c. I is, consequently, your Directors' inten- tion to proceed with the electric-drive for the

23, 1903.

The Chairman ---It is part of the report and accounts as brought before, the shareholders for their approval,

Michael-It has to go with the report and accounts then?

The Chairman I shall be glad to have your views. If there is no objectin it might be em. rodied in the passing of the report and accounts. Mr. Michael:-There is a cling that it will

an accounts will not be passed also? not be passed. Will that mean that t'e report The Chairman -Oh, no, no. We will treat that separately,

Mr. Michael:-Just so,

|

equired into and explained, and we hope the | Directors will take this task in hand-seriously as soon as possible. There is one maiter upon while the shareholders will be glad to receive some information. refer to the case. of the farfe the It seems that through carelessness on the part of somebody in tha employ of the Ick Co, we weralet in for a large loss . Can the Directors enlighten'us 'at'

to the amount of our loss? And who is the

person to blame?. With regard to the proposat for a Provident Fund, in the face of such mismanagement as we think must' exist, it cannot commend itself for acceptance. The Mr. J. A. Fredericks:--Mr. Chairman, I find European taff is well paid: Some think that, in your Revenue account $16,389.74 for legal one of them at least, is far tou » eli paid.” They expenses and contingent liability. In your

are an intelligent body of men, well able to report for the first six months of 1901 legal look after themselves, and know exactly what to expenses are put down as $649.50; can you tell spend and what to save, and if they do not, it is as what extraordinary occurrence has taken Got our fault. There is no need of making this place in connection with the Dock Company grandmotherly provision for them; and the during the last six months of the year to justify present occasion is certainly met the right one the extraordinary expenditure of about for considering it. Kather let us as in the past $16,000 more than In the first half | pay a bonus to the staff when we have a Lood of 1902, and will you also kindly half year. It is folly to bind ourselves and our inform us as to what the contingent liability successors tothis extra outlay: One suggestion represents? Another question is in connection I like to make to the Directors, seeing that we with the steamer,Kinskan. There is a rumour are paying a great portion of our expenses in current to the effect that the Company has not gold, it seems to me very desirable that our made any money on the building of that charges and lenders should be placed on a steamer. Is that so, or n t7

similar basis. Though rather late in the day, it will protect us from Insses through a drop in exchange between the time of presentation of our bills and that of payment, and it will for her: enable shipowners to make a more ready con parison of the cost of the work done here with that of work done in Japan and at home. I strongly urge this upon the consideration of our Directors.

The Chairman: I did not hear that last question,

Mr. Fredericks-Did the Company make any moocy on the Rinshan or not? And I find that in the report for the first half-year there is no bonus for contributing shareholders. Can you tel me whether the thing is justified by the earning of the Company ?

The Chairman-Are there any other ques-"|

After a pati 0,

The Chairman said:-There being nother questions I will explain the first item concern- ing which a question has been aske, he con ingent liability irclutes an account from Me srs, Houston and Kidd, civil engineers, for work done since the year 1900. They were first empfoved-called in during the days of our former Chief Manager, and as there appears to have been a considerable amount of work done prior to the time that most of the present members of the Board had any deal ings with, and as the account rendered was not rendered in such a condition as warranted your present Board in approv ng same the matter has been held in abeyance for settle. ment during the present period, and will, no doubt receive the earnest consideration of your Directors. With regard to the prifit on the Kinskas, I think that your able Chief Manager and staff are not likely to take a contract unless there is going to be a profit. Concerning the amount of $20,000 to contributing shareholders, this is spread over the whole year. Nothing was voted during the first half, but at the end of the second half you voted $20,000 to extend over the whole year, and I mentioned that during the second half of the year contributing shareholders, at least shareholders contributed over 20 per cent, of the gross carnings, and find that was also the case during the first half of the year

Mr. Fredericks:-Will you kindly give me a more definite answer as to whether the manager and staff have made a profi ? Your answer has beeti rather vague and indefinite.

1

The Chairman-Mr. Michael and gentle men. The remarks that you have made, "Pres which do not deal direetly with the question we are now considering, viz, the Provident Fund to the European staff, will no doubt receive the attesion of the Directors in the future. I think I may say though that, in a good many of the items-some of the items mentioned-what you fear and what you state, are not correct. The matter of placing our charges on a sterling basis is a matter that f mentioned in my speech; that it had been for some time and will continue to receive the serious consideration of your Directors, and as we are all shareholders too, I think your Directors will give the matter that serious consideration as will result, to the best interests of the Company. 1 may say that some of the contracts taken have been made outside the Colony, and have been made in sterling. For instance, the two large- steam lighters under construction, which I mentioned in my speech, were contracted fr in sterling. With regard to the unfortunate accident to the farie Jebsen as the result of a typhoon, I don't know that any of us here are responsible for the typhoon or possibly the ability or the opportunity being given us,-to, have avoided the damage which occurred to that vessel. The rest was, that was a loss- to the Company-a small loss-it was under $5,000, notwithstanding the fact that the ship, a valuable one, had to be kept in repair for so much longer as a result of the accident. Now, with regard to the Provident Fund You made a statement that it was going to prove more birdensome to the Company Than continuing as we have in the past. On looking back, I see wa began paying our staff bonuses in the year 1895-that was the first year in which we paid them bonuses. We paid them a bonus that year of $20,000, and that amounted to 15% on their salaries. In 1896, the next year, we paid them $20,500, and that amounted to $15% on their salaries. In 1897, we did not feel we could pay any bonus. In 1898 we paid a bonus of $10,500, and that amounted to 15% on their salaries. In 1899 we paid them a bonus of 12% on their salaries, in 1900 11% on their salaries, and in 1901 10% on their salaries. Your Directors after considering the matter very carefully-not settling it at one meeting, but our deliberations extended over three Of four months-decided it would be more satisfactory to all concerned, if it was satisfactory to the employres, that they assist in the formation of a Provident Fund that would enable us to render some assistance, and be ourselves possibly in no worse position that before ; but in a better position inasinuch as there would be no excuse then for employees on terminating their services with the Company in any circums tances coming to us for pecuniary assistance as has been the case in the past. It is with all those points in view that the Directors selected this as the best way out of the difficulty But it is for you here to-day, gentlemen, to decide, and if there is any one else that would like to make a few remarks on the subject before I put the motion to the meeting, I will be very glad to hear him.

with as little delay as possible, now that a in works, and the yar and dock lighting, saisfactory site has been selected for the new pwer station, some of the materials for which, viz, for two new boilers, are now here, and we expect to have the engine and dynamo plant clivered complete by the time that the boiler plant is laid down. Regan ing the land-sup in July last at the back of our new Forge building, inentioned in our last nport, when several thousand tons of earth and boulders came down and overwhelmed our dew large steam hammer, lan glad to inform you that the whole of that enormous obstruc- tion has been removed, the hill behind cult down and made safe for the future, the hammer sel up and in working onler again. Reverting again to the amounts proposed to be written off your various properties, the distribution suggested will leave same standing in our books as follows:-the Kowloon Docks at $83,420 54. the Cosmopolitan Dock at 500 797.70, and the Floating Plaft at $429,006, as against $1,788,500, $300,000 and $107,500 respectively, at the close of the first half of the year. The large increase to our floating plant is attributable to the additions of the new tug Robert Cooks and the dredger Canton River, which latter vessel we have every reason 10 believe will prove a valuable asset, as she has, after having been thoroughly repaired, been imporarily chantered to Messrs. Butterfieldtions, gentlemen? and Swire, and is at present at work at their new dock entrance and has recently demonstr. stel her capability of dredging over 2,000 tons per day of 2 hours. The tug Ribert Cole is now in daily use, and although twice as powerful, 15 as easily handled as the Fame everting to the item of material en hand which stands at fully $25,000 more than the previous

six months, would state that this includes the material amounting to about $225,000 imported for and already worsed into the Canton River steamer Kinthan, so that, when this item is deducted, the material on hand will stand at a much decreased figure. lasur.nces have been completely as justed and extended somewhat so as to cover the mure destructible articles of our stores and some extension of cur fire service has been made in is account at our Kowloon Dockyard. During the period under review we have had to face one or two items which bad an adverse bearing on our profits, At the end of July we were confronted with a strike of carpenters, who demanded an increase of 30% in wages as a condition of their returning to work, This Company, in conjunction with other employers of such labour in the Colony, resisted the demand and, upon representations made to the Government, the ring-leaders of the guilds who instituted the movement and had been intimidating the men were deported from the Colugy-the result being that, after some weeks' absence, the men returned to The Chairman:-Gentlemen, the report and work. The unite employers cancerned, there- statement of accounts having been in your upon, as an incentive to good behaviour, volna hands for some time, I will, with your permis tarily promised an increase of 10% from the sion, take them as read. The net profit for the 1st of February, 1903, the beginning of the The Chairman - must rule you a little bit last hall-year of 1932 is $353,614-49adding to China New Year. There have been also during out of order there. In asking the Directors to this the amount of 5103,392.69 brought forward the past half-year increases in the cost of paints, say in public meeting whether the Company have ever undertaken work on which a loss from the previous account, the amount aval-timber, &c, which affected our receipts. In able for appropriation, after deducting Directors the case, however, of all contracts for material resulted-there are certain items of business with every concern which should not be made and Auditors' fees, is $0.6,256.84, which your ordered from home, exchange was recured at Directors reci mmend to be distributed as the rates upon which our tenders were based, follows:-That a dividend for the half-year of and you may rest assured that this highly im

public (hear, hear)-and I think the majority of the shareholders present will agree with me 0% and a bonus of 3%-say 56, per share portant factor of exchange will continue to that there are certain items, especially (making $13, or 26%, for the year absurbing exercise the attention of your Directors. The surrou ded as we are with such a 6eld $300,000, be paid to shareholders, and a bonus Canton River steamer Ainshan, mentioned of competition, that the inner workings of of $20,000 to contributing si areholders (who

in our last report as under construction for the

our concern, for our benefit, should be kept I may mention have contributed over 70% Hongkong, Canton and Macao Steamboat to ourselves. When I say ourselves, I mean of the gross camings); that $100,000 be Compan, was, as you are aware, successfully you, gentlemen, and there is no reason why written off the value of the Company's launched on January 10th last, since which an individual shareholder cannot come to the properties, distributed as follows-175,000 time her engines and boilers have been office at any time and get information, that he from the Kowloon works, $15,000 from placed on Loard and the work on her would personally like for his own information, the Cosmopolitan works, and $10,000 from rapidly approaching completion.

It is ex-

and not for publication in the Press, or to the Floating Plant, absorbing invall $410,000, leav-pected that she will take her trial trips detriment of the Company outside. ing to be carried forward to new account

next month in time for her due date of 5:96,256.84, or $62,135.85 less than the previous delivery, when the fourth and fast instal. meat on her contract price will become due; half-year. This division of profits your Direc tors trust will commend itself to shareholders.

the first three instalments having already Some may question the advisability of continu been paid, demonstrates that the work done on ing to write off large sums every six mouths, her up to the present is satisfactory to her but your Directors feel that provision should

future owners. About the only other item I he made, when possible, from the earnings, to

can think of that requires mention is the pro- cover expenditure entailed by our general im

posed inauguration of a Provident Fund for the provement scheme. Uur already large over- benefit of the Company's European staff. It draft at the Bink should not be lost sight of has, as you are awa e, been our custom in past for the fluctuations our business is subject to years, when results were favourable, to vule a our liability to heavy loss from typhoons, and bonus to the European staff which, we find, the contingency of keen competition in the

has averaged 13 per cent of their salaries, but future. Although there has been a falling off as this system has not worked to the satisfac in the docking and painting of British and tion of the Directors, inasmuch as it has not, Foreign warships during the period under in the past, prevented the Company being called review of about 25% in the former and 2% in upon in several cases to render pecuniary the latter, and an almost total absence of any assistance to employees terminating their con very extensive repairs which necessitated ships nection with the Company, they concluded accupying the docks for long periods, there that some arrangement such as outlined in the has been a corresponding increase in the ordinary docking and repairs to merchant report would be more advantageous to all concerned, and the proposal is now sub- ships. Owing to the smaller sum carried for mitted for your confirmation or otherwise ward the amount available for appropriation is

Before clasing, you will all feel glad, I am $166,573.6 less than the preceding six sure, to bear that our returns for the months of months, but revenue shows a falling off of only januar, and February are encouraging. Our between $9,000 and $ 0,000 and it is this fact, establishments are all full work and we have in conjunction with the prospects for the first every reason to look forward with some degree half of this year, that has influenced your of confidence to the results of the current half- Directors in recommending an appropriation to year, and I may say that the demand on us for shareholders of $6 per share. The expendi- dock accommodation has been such that we ture on additions and improvements has been could not meet it, owing principally to our No. heavy, amounting to $356,224.74, including Dock being occupied by the American $231,500 on floating plant, and your Directors Transport Sherman undergoing extensive trust that the small sum of $100,00 written off repairs below water. This vessel is likely to the Company's properties will not be considered remain in dock some weeks longer whereby out of proportion, bearing in mind that is the periodical docking of several large ships of their aim to provide out of earnings, the cost our regular customers cannot unfortunately be of carrying out the general scheme of improve undertaken. In this connection it will interest ments now well under way--and which will you to know that during the first half of 1902 Mr. Michael:-Mr. Chairman, now that the not be completed for another couple of years. the No. 1 Dock was unoccupied only on the report and accounts have been passed, I would in connection with the expenditure on 1m average 6.83 days per month, and during the six tike to make a few remarks. We hays very care provements, &c, you will note that, in months under review, only an average of 5.83 fully considered the report and accounts sub addition to what has been done, and mentioned days per month, including Sundays and time mitied to us, and there is no gainsaying the fact, in previous epons, thee powerful electrically used in pumping down the dock for laying special that they are very disappointing; they are the driven cranes-one for each of the embayments blacks for some ships. The America Maru, by worst we have had for several years. Even of our new engine works have been added lightening, managed to get her painting done in 1898 when our capital was nearly a million during the last six months and at work for at Aberdeen, where, however, as you know, dollars less than it is now, we had better some tinie, greatly facilitating the erection and heavy repairs cannot be executed; and the returns. Our profits were $1,013,000 and transporting of the machinery for the Canton Cosmopolitan Dock, as you also know, is 100 5891,000 respectively, against the $737,000, River Steamer Kizskan nader construction, narrow and too shallow for that size ships. To which the accounts of 1901 show us to and also facilitating other work. The cranes improve matters, however, and to relieve the day with exchange 30% lower than in those are the largest item in the Improvement pressure, your Directors have authorized the years. Bearing in mind that meanwhile Account; the completion of the engine works widening of the entrance to the Inner Cosme-

the business of the Company has increased to a considerable extent, the fact that you could being next, the amount expended on the politan Dock at the lower level at a small out- latter being absorbed in completion of Jay to give greater margin in docking ships not do better now than show us such poor

Mr. Michael Then I understand. We have roofing, plastering and glazing, flooring of having bilge keels such as the Kaga Maru. We resuls implies that there is something rottes basement, laying rails, &c., and also the erec have also, since the 1st January, received in the State of Denmark; there must be mis docked the Marie, Jebsen for a couple of months, employed a number of men and made. tion of an intermediate floor at the upper end orders for two large steam lighters for the margement somewhere, and we think it j of the nest bay for a brass faishing shop, still Norddeutscher LI yd, very similar to those your duty to find out on whose shoulder a furth rinss. That is not good book-keep in progress. Regarding the Hydraulic and built in 1901, and have also three good sized the responsibility rests, and to put an ing The rght thing is to make a profit on Compressed Air installations, the latter es steam- Launches on order. I Trust that my re-

en: 10 this miserable state of affairs, the boat, krep it aside, and then show us the marks cover all the items. in the report on fall we hear is true, the management and the total loss on the accident. new tools, such as caulkers, rivetters and which shareholders may require information til are all at sixes and never. We have a drills, and a number of these are now at work and that the showing my be regarded as satis- well tried staff who, under the capable manage removing rivels from the bottom of the factory. I will, however, before moving the meat of the late Mr Gillies, worked harmonious transport Sherman. It is only by modernizing adoption of the report and accounts, be gladly and contentedly to the great benefit and ad- our works and placing ourselves in a position to answer, as far as I am able, any questions vantage of the company. All this seems to be altered now. We have had several resignations, theely losing in some instances the services of old experienced servants, who were so to speak, mot valuable assets of the company. We shareholderi feel that all these things must SOTTAM & CO; FOR TRE6S'S STRAW

and FELT HATS,

We are informed that the Hongkong Amateur Dramatic Club intend shortly to pay Canton a visit, and produce His Excellency the Gover- nor. With the exception of the absence of one of the leading ladies the cast will be the same. [728d

WHEN the Court returned to Peking, six of the leading curio dealers there were made to suppl PAY VIEW HOTEL objects of art to decorate the Palace to the value of hundreds of thousands of dollars. Lu Chuan-lin beat them down to Tls. 50,000, but the New Year has passed without their receiving

ONE of the Princes has asked the Empress Dowager to allo a burial place for the Emperor so that his mausoleum may be built in readiness. Hers has long been ready and is beautified still more every year, but nothing|pecially has been extended and a quantity of is in readiness for the Emperor, and it may be required at any moment

BEST BRANDS OF WINES AND LIQUORS A SPECIALTY.

DINNERS AND TIFFINS SERVED ON SHORT NOTICE.

OYSTERS, STEAKS, CHOPS, &c. AT ALL HOURS.

Messrs. J. H. DOWNS and J. CHRISTIE

Proprietors.

Hongkong, 8th December, 1902,

a cent.

ATTERBURY, the government clerk who left Manila for Hongkong some time agn leaving behind him a debt of seventy-five duliars, has been tried by Judge Liddell of the Municipal Court of Manila. He pleaded not guilty to the charge of eslaf, but was nevertheless sentenced to nine months' confinement in Bilibid Prison. "OTTAM & CO., FOR GENTS BATH-

ING GEAR

to meet the demands made on us at a minimum of cost that we can continue to compete with the opposition concers springing up around us. Our Chief Manager is confident that, when our improvements are completed, and, the

·OTTAM & CO., FOR SUK. HATS.

concerning same,

Mr. J. R. Michael-Mr. Chairman, with reference to the inauguration of a Provident Fund recommended by the Directors do you propose to put it to the vote?.

"OTTAM : &*" CO. FOR" WASHING

BOW TIES

Mr. Fredericks: Does that mean if I come here to inquire into them, that I will have access to your books?

The Chairman :—No, sir. Mr. Fredericks-Will any information he given to me privately?

The fhairman-Yes, if you will undertake not to publish it and the balance of the members of the Board are satisfied that they can safely give you the information without detriment to the Company.

Mr. Fredericks:-It appears to me, Mr. Chairman, that your first reply leads one to infer you made some profit. Is that so?

The Chairman:-The steamer is not com pleted yet. Something may happen; and we might lose a lot of money if anything happens

Mr. Frederecks:-Barring accidents ? The Chairman-Barring accidents, I think we are fairly safe. I think I admitted that.

Mr. Fredericks:-Yes, I merely want to know you did make any profit. That is all,

if

Mr. MichaelJust a few words. Mr. Chair- man. The mere fact that the shareholders are so liberal is to give 13% to the staff is in itself a guarantee that we are always willing to give a handsome bonus in good years, but not with such miserable accounts like these. I would like to have a little more information.. The Chairman-There being no other ques. In 1896 our capital was a million dollars and tions, I beg to move the adoption of the report we made a million and thirteen thousand pro and accounts, and as some shareholders may, but while our capital has increased a like the item of the Provident Fund being di-million dollars our profits are reduced to posed of separately my notion will be for the 5737,200, and exchange has gone down 36%. adopti n of the report and aacounts leaving out While, our profits have gone down so much how can we bind ourselves and our few shareholders' the question of the Provident Fund.

Mr. 11. Humphreys: beg to second the ad. to a fixed bonus. We are always willing to option of the report and accounts. It seems to give bonusesin good years. You stated just now me there is very little that requires any com.that the total loss on the Marie Jebten is 53 coo, Do I understand so, because it li rumoured it ment from me. The proposal to inaugurate a Provident Fund should commend itself to was a very big loa ranging from $15,000 tó shareholders, and I trust the same idea which some $40,0.0. Do I understand that you had prompted the movement will influence the docked the boat and made certain profits and Directors in seeing that no unnece sary extra that this $5,000 is a net loss? Do you say you vagance or unnecessary expenditure is carried have done this work for nothing and that there

is a loss of $5,000 against the shareholders. E on in the Dock itself (applause), 1

should like a clearer answer, because there is a The motion was carried.

rumour that we lost $25,000 to $46,coo, ⠀

•

The Chairman-Referring to'your first ques. tion on the Provident Fund;;:10 18:6 when we' voted that bonus to the staff on a nett profit of over a million dollars for each of the half-years the proportion to shareholders was only 31 dol. fars per share on the present sub-divided basis as against 6 now, and that might have influenced the bonus to the staff. With regard to the fari Jebsen. Of course, when I said there was

not loss to the Company of about $5,000 I did mein to convey that there was a profit. It is a loss to the Company of 54.500.

Air, Michael hat is doing the work for nothing P

The Chairman Our profit was eaten up in the unfortunate typhoon accident.

The Chairman-Well, you know, as I said before it is not advisable always to give the public information concerning the inner work. ing of the concern when there is so much opp sition to cintend with might prove detrimental to the Company, and that is odd- point which to fluenced your Directors in safe guarding the Company

Br. Michael Thank you very much. I smud seeking for information, but this is most unfar

OTTAM & CO, FOR PANAMA HAT