1905-04-08 — Page 3

HONGKONG SHIPPING,

PROSPECTS FOR THE YEAR.

A SHIPBROK R'S OPINION.

4th inst

The latest statement of charters effected with vessels trading on the China coast, issued by Mr. E. C. Ray, shipbroker, Hongkong, affords some idea of what may be expected during the year in the shipping trade. In conversation with a representative of the Hongkong Tele graph, Mr. Ray referred in the rate obtained for rice freight from Saigon to Hongkong. The Tanglin had obtained 13 cents per picul, which is lower than the general figure.

THE RICH TRADE.

THE HONGKONG TELEGRAPH SATURDAY, APRIL 8, 1905,

CHING MING FESTIVAL.

OPENING DAY LA HONGKONG,

'A GLIMPSE OF THE CHINESE RITUAL

:L

Sib inst,

The Ching Ming Festival-when all good Chinese are prostrating themselves in worship of their ancestors-began today, and there are few people in Hongkong who have not renlis ed it. For days past the Chinese servants have ere houses, the entire household has been at been making ready for the Festival, In Chin work preparing to participate in the national religion of China. In European honses, the servants have been mysteriously disappearing to, Canton and Swatow-all having the same object in view-ancestral worship.

"The reason is," said Mr. Kay, “that all the

In Things Chinese, Mr., J. Dyer Ball says rice in Saigon has been bought up, mainly for that "Ancestral worship is filial piety gone the Japanese, and every one of the mills in

mad." In the course of an article on the sub. Saigon is going night and day to meet the de:ject he states; This religion is the only mand. A considerable quantity ofthe rice will one that is entitled to the name of the go to the Philippines. The. rice that goes to National Religion of China, as the dead Japan is not for immediate' use; it is kept and are the objects of worship of poor and rich, stored, no doubt for war purposes. The lapan young and old, throughout the length and ese have been doing that since the war began. breadth of this immense empire." The whole In Hongkong there has been a fair demand for den is that the spirits of the dead stond in need rice which it is intended to dispose of in Japan; propitiation, comforts and necessaries to but that rice has come from Bangkok, Saigon

which they were accustomed in this life, and and Haiphong The export trade in rice be-

money with which to charm the heart gins carly in March, and in a week or two it

of the monarch of the nether regions The will not be of much account; prices are low noney, houses, boats, clothes, etc, which are and there is very little going on. With regard carried to the burial-place of the departed en to the Philippines, I have been fixing prices at

cestor are all spurious, and they are sent along 36 to 30 cents per plcul, that is a paying price; the other world by being burrit-a wireless but it will go off again in a couple of weeks,elegraphic invention which has been lost sight Two big steamers to cany (0,000 piculs have f by western nations. The food, however, is been chartered at 3o cents per pical, but that is decidedly real. There is no question about nothing exceptional-indeed, it is not quite the fine fat quarters of the roast sucking pig; good enou, h for this market."

or the succulency of the sugar cane; or the

which all a'orn the tables, spread before the burial-place. The ancestors admittedly get a whiff of the odour from all these delicacies, but being satisfied with immaterial airy flavours, the worshippers consume the more material desh and bones, so that everybody is happy.

· NEWCHWANG TRADE,

.

in which the remains are interred. In other words, if a family has an unlucky year, it would not be considered strange to attribute the mis- fortunes to the ground where the spirit lay, and in that case the bones would be exhumed and removed to a lucky spot with good fingskul,

It all seems very grotesque and bizarre to the stranger this Ching Ming Festival, but it is invested with the most solemn significance for the devout Chinaman.

SHANGHAI AND HONGKEW WHARF CO., LD.

ANNUAL MEETING.

Questions were asked on the subject of the juicy sharks' fins; or the first quality rice approval and advice of the board of directors, the past year, but had not yet been paid

Newchwang trade. Mr. Ray said that he did not lonkt forward to very bright prospects from that quarter.

"This year a lot of steamers have gone up to Newchwang with proda e he said; "but these boats are finding it very difficult to get any cargo back and you carinot make a quotation from Newchwang. I ast year the market opened from ewchwang to Caston at something like 45 cents per picul I immediately rose to 60 cents. This year, however, bonts have been chartered from Newchwang to Swatow-and the same price applies to Hongkong at 23 cents. But you cannot get 20 cents to-day."

LAST YEAR'S CONDITIONS.

IN HONGKONG.

YOKOHAMA SPELTE BANK.

Following is the fiftieth report of the Bank held on the roth ult presented to the Shareholders at the meeting

the annexed statement of the liabilities and Gentlemen,--The directors submit to you

assets of the Bank, and profit and loss account for the half-year, ending December 31st, 1904. The gross profits of the Bank for the past half-year, including yen 517,coo brought for ward from last accounts, amount to yen 7.915.988, of which yen 6,006,065, have been deducted for current expenses, interests, &c., leaving a balance of you 1,909,922.

Y

18,003,000 9.5300

232,75

152.448 500,000

acceptances, and other sums due by the Bank 133,193,773 Dividends unclaimed................. 5.365 Amount brought forward from last

account insemne

Cash Account :-

527,000

Yen 234,056,463

remarks, which the directors of the Company The chairman thanked Mr Hogg for bis would bear in mind. The reason for Tls. 14,000 being put to the repairs' account for the next year was that that sum be available to meet the expenditure on the Tungkadoo property, which had been rendered necessary during for. He did not think that it would come they thought it wise to make that pro-Net profit for the past half-year...... 1,382,921 to such a large amount as that, but vision. With regard to the revaluation of the property that was a question on which he must differ, because, while fully appreciating that Mr. Hogg had very good reasons, he did not ses personally, and he thought the remainder of the directors were with him, that it mattered. if it would bring in more money to the Com- pany it would be different, but although it was beyond doubt that the property had increased in value the revaluation of it would not bring in any further return "he directors and general managers had to so manage the wharf- as to get in the biggest dividends possible, and the dividends. it might affect the shares to a the revaluation of the property would not affect certain number of people who were not well- acquainted with what they were dealing. However, if the shareholders wished to have the property revalved there was nothing to be dose but to follow their instructions.

the various officers elected.

The report and accounts were adopted, and

STRAITS CURRENCY

CONVERSION.

In handy. At Bankers....

Assets.

Y .6,492,514 --9.454,281

Y

单曲r

15,946.796❘ 21,162,396

investments in public securities Bills discounted, loans, advances, &c. 35,477.649 Bills receivable and other sums due

to the Hank... Bullion and foreign money...... Bank's premises, properties, fumi-

ture, &e......«ssi razz

139,258,708 390,511 1,820,401

Yen 234,056,463

PROFIT AND LOSS ACCOUNT.

To Current expenses, interests, &c, 6,006,066

Reserve fund

.. Reserve for silver fund. „Dividend-

yen boco per share for 120,000 old shares-yen 720,000,000; and

Y

200,000 rooooo

Mr. E. J. Hogg said he thought they must all have been very pleased to hear the Chair, man's remarks on the condition of the Tung' kidoo Wharf. They showed that very 'carsful attention had been paid to it in the past year, and how the foresight which was being shown now was likely to bear fruit. The explanation of the reports about this property showed that the rumolts had been unfounded and that the properly was now in good condition. When ald custom had once been got over, this portion of their business would probably be a very pro fitable one. There was one matter he wished to draw attention to with regard to the account, and that was that it seemed to him a very The annual meeting of the above Company repair accounts dow.. on this year's accounts.

Inconvenient thing to put the next year's The Directors now propose that yen 200,000 was held at the offices of Messrs. Jardine, It led to cross entries and did not really 9,720,000, and that yen 100,000 be placed to be added to the reserve fund, raising it to yen Matheson & Co., Shanghai, on Wednesday do anyone any good, if each year stood afternoon, Mr. H. Keswick in the chair.

the silver funds. From the remainder the on its merits it would be much more satisfac The Chairman said that the report and actory. He also took the opportunity of suggest

directors recommend a dividend at the rate of counts having been in the shareholders' hands Ing, as he had done in former years, that

twelve per cent, per annum, which will absorb for some time would, with their permission, be the shareholders should be shown the value

yen 720,000 on aid shares and yen 30,000 on taken as read. He hoped they would find of their property. From year to year the prin

new shares, making a total of yen 1,080,000, them satisfactory. The balance at the credit ciple had been acknowledged in the chair and forward to the credit of next account.

The balance, yen 529,922, will be carried of profit and loss account was Tis. 190,255 and he thought that perhaps the time had now come when it was noted that the large overdraft at when the Board would see fit to carry it out. the Hongkong and Shangbai bank and the The property had greatly increased in value

NAGATANE SOMA, chairman, to as from the general managers were practi- during the past few years. The reasons given ted

The accounts are as follows, decimals omit cally wiped off and in future the heavy charge before, that it was just as well to leave the pro for interest would not be incurred as it had been

HALANCE SHEET. perty in the accounts at the old value, were not in the past, it would, he hoped, be recognised clear. He therefore suggested that it should

Liabilities. that the company was now in a sound financial position with a good earning power. Further like to congratulate the Beard on the prosper-Reserve fund.....................

be put down at its proper value. He would Capital paid up..... large sums would have to be sent in securing bus conditions of the wharves,

Reserve for doubtful debts....... adequate accommodation for their ever-increan ing business, and although they had at the

Reserve for depreciation of Bank's credit of the Building reserve account Tis.

premises, properties, i

furniture, etc. Reserve for silver fund................................................ 487,210, still that and even perhaps larger sums

12eposits (current, fixed, etc).......... 70,545,247 might be required in rendering their property fully up to date in every particular. It was the

Bills payable, bills re-discounted, intention of the general managers, with the

and, he hoped, with the shareholders' approval, to gradually continue work which would ren der their property fully remunerative. Various sums would be spent in putting up godowns, etc., to give vessels every facility for the landing and handling of cargo, so that in the course of a very short time The Ching Ming Festival begins 165 days their wharves would be second to none from the Chinese Christmas, if the term can be and thereby bring in a still more, EU- adequately applied, and extend over a month, hanced revenue. The Tungkadoo property so that a person who has ancestors buried in had for a long time lain idle. Cer- different places has plenty of time to go from tain sums had been spent in making wharf one to the other and perform bis devations. accommodation there. During the year under But perhaps the best way to show the proce-review special pains had been taken to arrange dure of those now engaged in ancestral wor for their Chinese constituents becoming ac- ship is to give a description of the day's life of quainted with that property, and the stomge In this connection it should be baine in

a Chinamano Hongkong. Caroline Hill has facilities and wharf. They had obtained such mind that the conditions prevailing at Newbeen set apart as a Chinese burial ground, and a quantity of raw collon that the godowns chwang in April last year were vasily different that is the rendezvous of all whose ancestors 11 ere were full continuously during the from what they are to-day. Then Newchwang have died and have been buried in rongkong, coton season. The work was not temunera was in the possession of the Russian troops In a Chinese hou ehold in Hongkong, every live heyond paying interest on the outlay be. the sea in the vicinity of Newchwang was thing was in readiness the dawning of Ching cause this property was such a long way off heavily mined floating and submarine dan Ming to-day. The pig had been toasted, the and people had not been accustomed to going gers everywhere abounded, and in taking delicacies and viands for which the deputed there; as they knew it was very difficult to cargoes for that port shipowner had to con had expressed favour in his sublunary life were

overcome "ola" custom. They had managed sider the possibilities of destruction before laid out in plates on tables, and gam. there to overcome it to a certain extent and had now Newchwang was reached, and the probability

was nothing left to do but procee to the crine- got a considerable amount of business at Tung- of capture by the investing Japanese squktory. The coolics accordingly shouldered all kadoo. A very regrettable incident occurred drons. In addition to that, there was an ex- this display of refreshments and wandered off shortly after the initiation of their business ceeding scarcity of tonnage, so that the reason

to Caroline Will. One wonders if their mouths there. A portion of their wharf was under. for the high rates prevailing is obviour. Even watered at the thought of the good things which mined by the vagaries of the tide which ran up At the annual meeting of the Singapore now, it may be taken that a mate of to cents they were escuning to the burial-ground, and and down theic with tremendous force. The Chamber of Commerce held on the 27th ult., per pical is quite 25 per cent

above the aver if they had any fear that the spirits would appear first indication of any trouble was the setting the Hon. Mr W. H. helford presiding, the age price ruling before the outbreak of

in bodily shape and grab the plethora of chaw, out of the top of the wharf. Immediate steps Chairman aid-Gentlemen, I am sure this hostilities

Whether they did or noi, thấy mas certainly were taken to semedy this-inclination outwards, meeting will concur is the retiring Committee's would carry the eatables to the cemetery, for It was intendel to brace the staging up with appreciation of the services rendered by their every Chinaman has a heart a ove the terrestini very strong braces, running right away back late chairman, Mr. Frizell. I regret very much na Ching Ming day.

inland so as to take the stain, and it was ho not here to-day in present the annual hoped to save the staging from being lost alto-report to you with a report on the Curency gether. While this work was in progress fur. Conversion Scheme His interesting remarks ther undermining evidently took place, and upon this subject delivered at the half-yearly about 120 fi, uf staging or more into deep water. His concluding paragraph still describes the the staging went out from below, putting meeting in September are printed in the report. There was a godown near, which the general position, The date of fixity is as doubtful and managers had already sold for old material uncertain now as ever. Apparently the future to a Chinese contractor who was to take it of silver after the war causes doubt in the away, the idea being to put up a new godown minds of the Government and prevents them in its place. When the slip occurred and there from determining the ratio they intend to take. was a deep hole left where previously there had The future must always have some doubt and been 18 ft. of water it was thought better to uncertainty and if that is to be the reason for repurchase this godown for a moderate price deferring the determination of the rate it is Tis. 3no and put the materials over the bank intended to establish, the scheme should never in order to check farther interruption from the have been undertaken at all, At present a stream and give a good solid bank. That gave steadiness has been given to our exchanges by A Chinoman who has been born in Hong-rise to various unfounded reports that their artificially restricting the free movement kong will probably have a great grand-faltier, godowns were tembling piecemeal into the of coin. Such a step may be a necessary evil a great grand-mother, a grand-father and grandwater, that the whole of their Tungkadoo pro-

of a well defined plan and we may readily sub- mother, and, it may be, a father and mother, perty was being washed away, and other wildmit to it as part of a Conversion Scheme that besides wives and con lines to whom he reports, These reports were entirely unfound. is to bring about the fixity we want in our ex- must sacrifice. Provided they are all buried ed and must have been started by persons changes with gold countries, but when our in the same cemetery his duti might presum whose aim could only have been mischievous. position of isolation becomes unduly prolonged ably be compted in a few hours; otherwise Since tie wash out had occurred the best ex- with no prospect of the next step being taken, he might be occupied days in fulfilling the pest advice obtainable had been taken. The ex- then the maiter becomes a serious danger to rites of his religion. It is for this reason, pre- perts sugested the building of groins. This our trade. So far the steps recommended by sunab'y, that the Cling Ming Festival ex. was taken in hand at once. They were now Sir David Barbour's Commission have been tends over a month,

completed and were working very successfully, taken without much dislocation of trade and so much so that at the particular place where we have now reached that point when it will the wash out occurred the bottom was silting become necessary to take further steps to con. up rapidly. Instead of a hole of 40 ft. of water tract the currency. A recent order prohibiting it was shal'owing off and there was now only the export of Straits dollars to China indicates a depth of about 38 ft. while the process was same indecision on the part of Government in sull going on. They had had considerable proceeding with the scheme. The import of anxiety as to the action of the stream on the

British and Mexican dollars is not yet allowed remainder of the property, and it was being except under guarantee of re-export So it is The most noteworthy fact about the cere watched carefully, and full records kept of difficult to see in what way the Colony is to monies, however, is the intense devotion of the snundings. He was glad to state that so far finance its outside trade. What measure of Chinese to the worship of their ancestors and these steps taken on the advice of old hands value and what medium of exchange are we to their relatives. An apparently foolish and had been enthely successful, and personally, have with the guide world? hard-hearted coalie, who e concubine left | he was confident that there would be no Parbour's Commission contemplated the free this world thirty years ago, might have more trouble. It was a mistake to prophesy, movement of British dollars. In the concled been seen at Caroline Hill burial-ground | but that was his honest opinion. To te ing paragraphs of the Comm ssion's Report, to-day weeping his heart out over the place the godown taken down they had pp. 63-64, they said:- few bones that reinained of his erstwhile put in hand a new gedown of equal size spouse. The Chinese nation is commonly sup- which would give good accommodation. With posed to be devoid of emotion; they are pic regard to the property lying below Tungkadoo tured as bland, expressionless, and callous. steps were being taken to connect the staging See them, then,.at the burial-ground. See with the shore by gangways and the ground the women crying bitterly for ancestors they was being fenced and levelled, giving them never saw, the men prostrate for wives they storage accommodation for coal and other perhaps ignored. It is a curious spectacle, and merchandise which did not require to be under quite beyond the average westerner Even cover. This scheme, he thought, would bring when they are least emotional, it would appear in considerable revenue. With regard to the that they are hiding aching hearts, and wen Hongkew wharves there were a number of old at the burial round they may be charting godowns and sheds covering space which about something entirely reign to the wor could be better utilised, and they therefore ship they are in the deepest grief. A spasm of proposed to build two, three, or four storeyed emotion apparently overwhelms them--and godawas as might be later decided, in order it is not brought on by a course of asceticism or to make the very best use of the space. He wrought-up nerves. It is there, and that is could not say whether two, three, or four about all that can be said of it.

storyed godowns would be erected as he bad had great difficulty in getting from the architects sufficient data on which to work. It

Mr. Ray stated that a year at this time the rate from Saigon to Hongong was 24 24 and 25 cents per picul, which, he remarked, showed that there was good businese being done. This year prices are lower.

COAL CHARTER.

With regard to the subject of coal charters it was pointed out that, according to the report. $1.40 per ton was paid to the Stanley Dollar from Moji to Hongkong

of

"The Japanese Government have stopped the indiscriminate shipments of coal from Moji to foreign countries," said Mr. Ray "All the better class of cost is being kept in the country. nn doubt for the BEG the Government warships, transports, stc. The Government have not interfered with contracts, however. It cannot be said that $1.40 per ton is a good rate; indeed, on the contrary, it is a low figure. We had it at $1.80 and 53 for a time, but the immense tonnage which has been coming out here all the year has been responsible for a reduction in the rates. These boats are glad to get anything they can find in the way of cargo, and rates are cut down to next to nothing in the north of China there has been a lot of charters going about for small steamers mostly for the Japan- ese account. That has taken the steamers capable of carrying about 25,000 picuts off the market, but there are still plenty of big steamers looking for charters."

HONGKONG PROSPECTS,

The interviewer asked Mr. Pay whether, in his opinion, the prospects of the Hongkong shipping trade for 1905 could be considered favourable.

"Everything depends upon affairs in the North, Mr. Ray replied. "In the event of peace being declared, you will find the place crowded with shipping which have no charters and are willing to take anything that comes along. There are about 120 Norwegian ships alone in the East. At present they are engaged in the Japanese trade, and so long as the war continues they are not likely to enter into com- petition with local boats, but should peace arrive there will be another story in tell; we shall be overwhelmed by the tonnage of these boats, and it is difficult to say what will happen. Bat it is too early yet to forecast the prospects of the year. We can only wait and see how mat. ters turn out."

NEWCHWANG OPEN.

It should be noted that the Liao river has been opened to the trade of all nations by Japan, and that 22 vessels were at Yingkow, the port of Newchwang, on the 29th ult. This action on the part of Japan, indicative that she is pre- pared to keep her promises, has gained the en comiume of all merchants trading on the Lian,

PRESENT CONDITIONS AT PORT ARTHUR.

The Cheloo Daily News states that late Arrivals from Port Arthur report that the whole

AT THE CEMETERY

About an hour after the cooles have gone, when all is ready at the tuinb, the Tables laid dol.rs rolled up in Beat fittle bos dies, and the out as temptingly as possible, the paper ilver juss-sticks ready to be lighted, the Chinese gentleman of the household, accompanied by sons,, his wives and concubines, and his tire list of relatives, marches to the scere of operations. In some parts of China women are not supposed to attend these ceremonies, but here in Hongkong, following Hakka fashion, the women turn out in their numbers, and it is they who do the praying. The men folks light the joss sticks and the candles, and indulge in half an hour's meditation.

One feature of the ancestral worship is the rites due to those who departed this life be tween the Ching Ming Festival of last year and this year's festival It is laid down that

the worship of these spirits must ie offered be fore the corning of the festival this year, but the reason for that rule is hidden in obscurity,

A STRANGE FEATURE.

AFTER THE CEREMONY. The ceremonies at the burial-ground ended,

†

ww

to

Sir David

There remain two matters on

which

think it expedient to offer some observations, It has been represented us that the trade of the Straits Settelments is accompanied and facilitated by a large import and re-export of silver dollaré, and it is feared that that trade might be injured if either the import of Mexican and British dollars were prohibited, or, if Mexican and British dollars ceased to be the legal currency. As regards this matter we desire to point out the prohibition of the import of Mexican and British dollars would only be a temporary measure and that simultaneously the exchange of the new special Straits dollar for the existing "currency would provide a supply of Mexican and British dollars more than suficient to, meet the wants of trade, while after the completion of the exchange and on the demonetisation of British and Mexican the prohibition of importation would be withdrawn and Mexican and British dollars

as merchandise in any quantities that the

By

yen 3,000 per share 120,000 for

new sharesyen 360,000,000] Balance carried forward to rext

Account

4419 FLOORSE

Ven Balance brought forward 30th

June, 1904 goniños Amount of gross profits for the half-year ending 31st Dec. 1004......

1,080,000

101

CHINA SUGAR REFINING CO., LD.

"MANILA TIMES" ADMIRATION.

HONGKONG AND PHILIPPINE INDUSTRIES

COMPARED.

When one reads of the extraordinary success which has attended the operations of the China Sagas Refining Company of Hongkong during the past yearthe discouragements and setbacks islands appear all the more dismal in comparis that have besel the sagar industry in these son, and one wonders, not without some im patience, why it is that a lemon of ill luck Philippines, whon similar enterprises in foreign stems to dog many of the enterprises of the colonies, only a few hundred miles disant thrive and prosper.

The China Sugar Refining, Company, with a capital of two millions of dollars, Hongkong money, has been able in make a profit of a cool million dollars, or half its capital, during the past year. This in itself is a wonderful piece of news. But what is even more wonder ful, in the Philippines, where a large part of thus far it has not been possible for sugar re- the sugar grows that is refined in Hongkong, fining to be made to pay, and the Malabon refinery, which, by the way, is under the management of a Hongkong firm, bas remained closed four years in succession, simply running up an additional debit for money experided for the care of the machinery. Even though this refinery is being started again it is being done experimentally, and the future is by no means assured.

Why is this difference between the returne of a staple industry hero and in Hongkong? We are in the land where the sugar grown; wa have the advantage of the transportation ques

iun, for the raw material has but to be brought in from the provinces, whereas the sugar that transported from the province where it is pro- is sent in Hongkong to be refined has to be duced, to Manila, Iloilo or Cebu, thance lighter ed over ship's side and carried across the China sea, to be lightered again, ashare to the mills, thus paying not only ocean freight but lighterage both at this end and at Hongkong, and wharfage. Besidus, we are equally near the market, for the Philippines themselves con sume large quantities of sugar, and the refined an ever-increasing demand for it, as cheaply at article can be shipped to China, where there is least, as the raw sugar can be shipped to Hongkong for refining. is there a curse over the islands, by which it is decreed that the or- dinary and legitimate pursuits by which man kind are wont to secure sustenance and win wealth in other tropical countries shall not prosper, or is there some fatal defect in our laws which places our enterprises perpetually at a disadvantage when competing with the in dustries of other countriei? Is it inck of governmental encouragement that keeps the sugar refining business limp and nerveless, or where is the lack of intelligent management? We are bonestly desirous of knowing, and are loth to censure anyone for the unfortunate fact that the Philippines are not enjoying the pro- sperity that every endowment of nature and ad vantage of commercial position gives them the right to expect. What we want is to have the matter taken up and the defect found and ro medied, for beyond the question of a doubt there is a defect somewhere that can be remoy. 7,915,988 ed. It is a matter that reflects no credit upon

and nugars no good for the island that so funds Y. mental a business has not succeeded hera dur. 527,000 ing the American occupation, and as the

matter must be made somebody's busines before it can be handled efficiently, we sug gest that the government take it up and make it the subject of official investigation and report, just as it did the opium question, and the inter-island shipping problem, and that the private mercantile interests which have some natural concern in the matter be called upon to assist, just as they were in solving the local tariff problem. We have an executive depart- ment of commerce and police, and such in- vestigations as this are among natural and most important functions. The thing that will cure the ladron evil quicker than anything else in the world is to get the industries of the the ones that contribute to, not detract from, country-that is, of course, the legitimate ones, the general wealth and happiness of the people, on a sound paying basis. The young mills and cans fields, and other walks of in- inen would be getting good wages in the sugar dustry, and would have no time or inclination to listen to the specious pleas of the ladron recruiting officer. Thus the commercial pro- administration of its police affairs-Manila sperity of the country would simplify the

Times.

$29.922

71388,987

Yen 7,915,988

THE YANGISZE INSURANCE

ASSOCIATION, LID.

The report for presentation to the fifteenth ordinary general meeting of shareholders, to be held at Shanghai, on the 11th inst. reads:- The board of directors have now the pleasure and audited statement of accounts and balance to submit to the shareholders the annual report sheet to the 31st December, 1904.

Working account 1901 and farmer years. $138,190 62 against $155,428.17 on 31st Decem- The account shows a credit balance of

The directors recommend the payment of a dividend to shareholders of 20% out of this account and the transfer of 50,000 the formation of a reinsurance fund. The to the credit of reserve fund and $50,000 for

account will then stand as follows - Dividend of 20% ($12 per share) $ 96,000.00 To reserve fund

reinsurance fund Balance carried forward

**

་་་

+47

50 000,00 50,000.00 42,190,00

$238,190.62 Working account 1994-The net premia earned during 1904, after deducting return premia, reinsurance premia, &c., amount to $1,119,534.86 against $859.819.47 during 1903 and the account shows a balance at credit of $6231364 95. As the balance at credit of this account is unusually large and the liability for

expired risks against same is not exceptional ly heavy, the directors recommend the payment of a special dividend to shareholders of 5%-$3 per share, which will absorb $24,000, to be paid out of interest earned during 1904, and to Carry forward the balance which will then amount to $599.364.05.

The dividents will be paid in taels at exch, 73. $15 per share at ex. 73Tis, 1095 per

share,

$50,000 as recommended above, the reserve Reserve fund. After crediting this fund with fund will amount to $750,000.

then comes the time for cutting up the pig, was all a question of the price of a four-storeyed distributing the sugarcane and the rice and all godown compared with a two-storeyed one, and that has leen brought on the tables. A the earnings they might expect to get from them. might continue to be imported and exported glorious feast ensues and the worship of ances- He thought the best way, as far as he could sto tor has finished for a year. The sugar-cane, it at present, would be to build really good four-trade of the Straits Setlements with foreign investments. should be observed, is supposed to be permeated storeyed godowns, and take the example of countries might require: with the best qualities of the spirits, and by their friends the N. Y. K., who had developed eating it the worshippers are made, in the their property at Hongkew in such a wonder words of a Chinese gentleman, "sweet and ful way. He thought that the scheme for happy." At Caroline Hill burial-ground, there godowns of several stories was a proper one, were over 500 worshippers this morning, and

but he would ask the shareholders to leave the doubtless there will be a good many others matter to their directors, while assuring them during the month.

that carnest attention would be given to it, The Pootung godowns were well filled, and carding well. The open spaces were fully occupied by coal, a large portion of it likely to was one other matter he would like to men

MISSING EUROPEAN FOUND.

4th inst. Yesterday afternoon a Japanese woman went to No. 2 Plice Station and reported that her master, "Mister Esmith," was lying very ill and destitue in his house at San Wa Fong, near by, and asked the police to go and see what could be done for him. The inspector in charge immediately despatched a constable, who thortly after returned and reported, upon which the inspector went to the house and discovered that the sick and destitute man was no other than Henry Smith, who, as we announced months ago, was missing. Smith had been em played at the rope works, but resigned after drawing his salary, and quietly disappeared. Though advertised for and sought for by his friends, he was not heard from again. It now. appears that he has been living in this semi- European district ever since, on the proceeds of his last salary and his savings, until all his funds were exhausted. The Japanese woman stated that her master was subject to some sort of it, and as he appeared to be very ill, the inspector sent for an ambulance, and had him removed to the Government Civil Hospital, where he was admitted and detained for treat ment. This disposes of the theory that he had met with foul play for the money he had about him when last seen i

Exchange and investment fluctuation ac count-Owing to the high rate of sterling ex- change and the depreciation in value of the Association's sterling and eastern Investments, on the 31st December last, it has been neces sary to debit this account with $31,903.89, leave ing a balance of $5 890.8 at credit of same.

Sterling exchange has been taken at 2/9 A PROFUSELY illustrated and interesting pro- per tael (the demand rate on 31st December, duction is the second numberof" The Far East, 904) and the relative value between dollars published by the Shanghai Marcary, Lid, and tacle at 73. last has been taken for all the Association's conceived by the Chiness and Korean mine. Investments. The value on 31st December Nanking Road, Shanghai. The frontispiece is a copy of an ancient map of the world is

To allay possible w. Wrightson having resigned their seats on

Directors Mr. D. W, Gilmour and Mr. C. Mr. H. B. Hulbert, who furnishes an explanatory article, point out that the Oriental has allowed apprehension, however, it might be well to the Board owing to their department from himself to drew more heavily upon his imagini. provide when the general import of Mexican Shanghai, Mr. E. B. Skottows was invited to

ation than the Occidental dared to do. Asth and British, dollam is prohibited that such

the middle ages Italy was the geographical dollars might be imported for purposes of rejoin the Board in the place of Mr. Gilmour

centre of the world as known to the Occident, re-export, with the sanction in each case of the and Mr. Robert 1. Fearon was invited to fill so China, the Middle Kingdom" was the centre Straits Government and on such conditions as Mr. Skottowe and Mr. Fearon offer themselves Mr. Wrightson's vacant seat on the Board.

of all things to the denizen, of the Far Ext. that Government might prescribe."

The author of the article supplies an index to this We appear to have drifted somewhat from for election at the meeting of shareholders, and map which enables readers to follow the strange these recommendations and I would suggest the cher directore all rattice from sunciation, document with considerable interest. A beauti the earnest consideration of the matter to the haber directors all retire from office, but, fully illustrated article deals with Chinese cotton members of the Chamber with a view to re-baing eligible, offor themselves for re-election. while F. Boehm has.contributed an account of presenting to Government the danger there resigned the Association's auditorship owing Auditor-Mr. H. Trevor-Guerrier having

was taken up by the retiring Committee, but it is departure from Shanghai, the board of should not be allowed to rest. Similarly, the directors appointed Mr. G. H. Thomson, char redundancy of small coins appears to be altered accountant, to audit the accounts DOW growing evil, considerable quantities baving prevented. Mr. G. H. Thomson offers him- been induced to retum by our higher exchange self for election as auditor, from China and elsewhere, so that the sugges tion of Sir David Barbour's Commission might with some opportuneness be again pressed up. on the Government.

railway line from Port Arthur to Daisy was in complete working order more than a month ago. The Japanese are using their own locomotives and carriages, and the railway gauge has therefore been narrowed along the whole line to fit the Japanese material. To the north-east of the fortress they have been busy lately exploding Russian landmines. All the golden Russian eagles have been removed from the hulls of the sunken warships. More diving material has been received from Dalny, but so far no attempt has been made to raise or repair the Russian ships. Japanese work men are actively clearing up all the old stuff

EXHUMING THE DONKÉ, lying about in the dock-yard. A great quantity The importance which the Chinese place in of old clothing and mattresses has been collect the religion of ancestral worship is best ed from different parts of the town and has evidenced by the reverence with which they been burnt. Outside the town the Japanese treat the bones of the dead. In former days, are now collecting the bodies of the soldiers in tangkong, a society called the 'Tsz had tion, and that was the question of a bouns to in of loss of trade. The maller, you will notice, who fell during the pier e, which they pile the care of those bones which were exhumed the foreign staff. The wharves were full of together in great squires near the village of in order to be sent to the home of the relatives. work, and the staff had worked hard, and he Sulshiye, Kerosene is poured over the ghastly Now the exhumation and care of the bones is thought that they might very well be given a pyses and they are then set on fire. The in charge of the Tung Wa Hospital, who take bonus. He would prefer a resolution to this Chiness now living in Fort Arthur are reported every precaution to ensure that the bones are effect to come from one of the shareholders. to be anxious to get away from the town be handed over to the proper parties, So impor. That was all he had to say, and before propos cause of the constant rumours afloat amongst tant is this question of having the remains ing the adoption of the report and accounts he them to the effect that the Japanese have lost properly cared for, that the spirit of the dead would be very pleased to answer day questions Liaoyang.

le tyen’lupposed to be affected by the ground and give any information in his power,

emain there for a considerable time. There

SINCE declaration of war, the amount of coal on board steamers seized by Japan is 75,000 tons, välife at 500,000 yen.

Journey in the Land of the Rising Sun, and Flustrates hle subject with many fine view, Sinophilus"writes on a visit to the aborigines of China, and his remarks should be of capit net so Hongkong readers inasmuch as be started his journey at Tob-chang, whose district borders included the northernmost portion of 15th of each month, and can. En obtained from 'Kwangtung. The "Far East" is issued on the the publishers at $7.50 per annum, or 75 cents a liglo 'number,