;
THE HONGKONG TELEGRAPH, SATURDAY, JUNE 3, 1905.
THE PIŁAK TRAMWAA'S. The Chairman :-We certainly had, the MEETING OF THE HIGH LEVEL TRAMWAYS | Moir :-'n behalf of the old company?
refusal of the purchase.
The Chairman:-Yes, un behalf of the old company.
MoirThen why sell the confession
CO., LTD.
again?
in cash..
*
+
Mr. Moir-But this $30,000 what about that?
::
to the meeting to move on amendment, if you wish and now I should be glad to answer any question which any other abareholder might Mr. Drawn-Might I speak again for a min- wish to put.
ment, please?
OPIUM QUOTATIONS. Today's quotations are as follows.
Per nicul
Malwa New
11
H
Old Older
... 1,140.
© 1,480
H
Oldest
.@ 1,340
Per
sinuman.Ĝi 1,080
The Chairman-Yes, you may speak again. ..Mr. Brown-1 omitted to state and bring out a point in connection with the sale of the pro- it is to-day, let me, draw your attention to the persy for $250,000. In the position in which fact that in selling this company you are selling to New the future monopoly of the High Level Tram Government or the people of Hoogkong look- ways business. I don't think that either he ing to the tramway service will be more. pleased than we shareholders, who seem to be forced into a anle of their shares at little over half their value.
marks of you Mr. Brown, I really dont think The Chairman-Well, after all these re after what I have previously said that there is hardly any necessity to go into it again, I have practically answered your questions. enough to pay a dividend on such a large Mr. Arnold-Do you think there is traffic capital?
margi New Persian (Parit
To-day's Advertisements.
THEATRE
'CITY
ROYAL,
HALL.
THE DALLAS-BANDMANN OPERA CO.
express myself as quite of his opinion that the general managers and the consulting com mittee had no authority and did wrong in committing the company to the Government for the purchase of the concession, that they granted to dir. Findlay Smith whhout hy authority whatsoever. And before the resolution The Chairman-It would necessite an in. • passed I would like to make a few Ÿemarks crenss of capital, which practically amounts toWe are here today to discuss the advisability, the same thing. We thought that the share of passing certain resolutions leading up to the holders,, being a very few in number, would dissolution of the company, followed by the not care to put up such a large sum as sale of same to a new company, following $500 000 in cash.
that, we are told that the object of the meeting Me. Mair:-But why put up $500,000 in is for the purpose of sanctioning a re-construc- cash? You have quite sufficient money in the tion of the company to acquire and construct a reserve fund to go on with, and are not likely new tramway to the leak that wou'd other to require the que of it for the next six months.wise be constructed by an opposition company The Chairman: We have got about $50,000, fatal to the continued profitable existence of this company. I am not here to-day to arbitrarily obstruct the business for which the meeting was called, but to learn whether any better reasons than those already given are forthcoming to justify a dissolution of the com- The Chairman-Yes. We have gone fully pany for the purpose set forth: viz: the sale into that matter. I may mention that filleen of same as a going concern to a new company years ago our traffic receipts amounted to at the price of $200 per share-or say, $150,000 $17,000 a year. Last year they amounted to I am not opposed to a dissolution if the why, fifteen years hence, the joint lines, nearly $roo,coo, and there is no reason price offered for the purchase of our under- working in harmony under one manage- taking was reasonably near its value, but I am
mment, they should not total $500,000 a year. opposed to the sale of our property at the ridi-They might accuse him of being a little san culously low figure mentioned-practically half around and believed that all those people in guine, he continued, but he had been looking its value. The last balance sheet shows the the Colony who had been successful, althou written down assets of the company at the end they might differ on many points, had a common of 1901 as. $243,9 917-virtually the ptice ve
faith in the future of Hongkong. He believ are asked and advised to accept, in seli arded in it himself, and trusted that those who LAST NIGHT OF THE SEASON, hand over our valuable and handsome dividend kindly of the people who had secured for thei
were living at some later date would think
carning, golag concern-earning as it has what may be then the most profitable tramway been for some years, net profits, after paying
in t'e world. charges and, all running expenses, &c., of be. tween $40,000 and $50,000 per annum on a capital of only $125,000, about 40% per annum, and we are asked and advised (or rather ill advised) to give it away for $150,000-only double the capital of the company, while, en- joying as we do a monopoly which is growing in value every year. There are a number of other nice little monopolies in the Colony the shares of which are quoted at 2, 3, and 4 times
Mr. Jupp: Of course, you cannot go and put you hand on it and take it; it is in the
reserve fund).
Mr. Moir-But that is quite sufficient to keep you going for a very long time. It will take some six months before the survey of this line is passed.
The Chairman:-You pay this amount out to start with. This $3 to you speak of would have to be paid out to Mr. Findlay Smith' to start with or, at least, practically all of it. As soon as we buy the concession we are compelled by the government to start work at once.
Mr. Moir:-But you don't buy it; the new company.buys it,
The Chairman-That is the best way out of the difficulty. The old shareholders, i am quite sure, will not provide the whole of the $500,001 that will be necessary.
Mr. Moir: question about that, it will it be required all at once..
OPPOSITION TO AMALGAMATION. Shareholders in the Hongkong High evel Tramways Ca, Lid held an extraordinary | general meeting at Alexandra Buildings at noon today for the purpose of consider ing the desirability of the dissolution of the cancern and a algamating with a new com pany to be named the 'cak Tramways Com- pany, limited. Mr. Henry Humphreys pre- sided, and there were also present: Hon. Mr. C. W. Dickson, Messrs, C. Ewens, (Consulting Committee) JA. Jupp, G. Potts, W. Wilson, G. Murray Rain, BP. White, P. C. Potts, C. Bryer, J. Wilkie, Ho Fook, D. E. Clarke, A Mair, A. Cameron, Lau Chn Pak D. E. Brown, 1. E. Joseph, J. L. Colter, T F. Hough, T. Mr. Mair And you reserve fund? Ainold, J. C. Peter, E. i wdler, J. M. Wong,
The Chairman:-That is in the line, and W. Cruickshank, Capt. F. Goddard, J. John-is represented by stations, not all kinds of sion,-P. S. Jameson, Son Tak-Fan, A. Morfey, things. E. A. Ram, H. J. Sedge and others.
The Chairman said:-Gentlemen, we have called you together to day in pursuance at the notice which has just been read, to consider, and if bought fis, pass resolutions for the wind- ing up of this company and its reconstruction ander the name of the Peak Tramways Comp ny, Limited. The events which have led up in the present proceedings are probably 'feals in your minds, but it may not be emiss if I recall them in your memories. In bepteniber last year a Bill came. before the Legislative Council entitled, "An Dalmore for authorizing the construction of a Traway within the Colony of Hong- kong Upon inqiny, we found that the new tramway was to have its lower ter. niisus at the bottom of flattery Path 'virtually in the Queen's Road--and its upper or Peak terminus at Victoria Cap, practically alongsite nur own, with intermediate stations tapping by populous thoroughfares known as Caine Road, Rahisson Road and Conduit Road. It was evident that the construction of such a line would he tantamount to cancelling our concession. We, therefore, petitioned the Government against the proposed bill. At the same time we intrated the Government that we did a ot oppose the new line as far as Con. dait Read, and that we but no desire to put abstacles in the way, of an undertaking calculated to prove a benefitio the Colony, and that if the new tramway's upper terminus at the Peak were placed at a reasonable distance from our own sous to open up a new Peak district we would withdraw our Deposition altogether. We suggested as an alternative terminus for the new line a point rear Gond man's Gap. The Government replied that our proposals were considered impracticable, and it shortly afterwards became clear to your
Mr. Moir:And to divert your old fine. general managers that no opposition would The Chairman-That is a matter for the prevent the B II becoming taw. They accord. | future. ingly decided that the best thing to be done was to secure if possible the concession for the new lire At a meeting of the consulung com mittet hel hat the office of the company at 3.30 pm, nn the 13th March last, the commiteer who between then represented three-quarters of the entire capital of the company, resolved "That the general managers be empowered to enter into any arrangement for the sale of the undertaking of the company for not less than $200 per shave to be paid at share-terested in the projected opposit on tramway. boldets option either in cash or shares of Mr. Moir-Bot ibat is not the point. I am new empany or in the alternative to pur-entitled to have my say if I have only half a chase the concession for the projected new
Share. tramway." may-mention $200 per share was taken as a basis because it was then the last price at which shares but changed hands. The total cost of obtaining the cupeession Mr. Moir: At the meeting of the general which will be borne by the new company, ilunagers and the consulting committee it was the amalgamation is effected will amount to ilecided to accept $200 share $15,000 of which sum $25,001 will go to Mr Findlay Son h. The capital of the new com pany, if the resolutions are passed, will be
The Chairman: The whole thing is a re construction,
Mr. Mair-1 don't like the idea of a small shareholder being ignored in these matters. If you had taken all the shareholders into your confidence in this matter things would have gone much smoother. I don't come here to take any objection; but if you had aien u into the confidence of the general managers things would have gone mare smoothly.
The Chaliman We did take them into our confidence as soon as we could.
Mr. Moir: Is it a fact you are pledged to the government for this chame?
Mr. Jupp-Yes.
Mr. Moir:And before going into all these things it was not thought necessary to consult all the shareholders?
i
Mr. Arnold thought that no site for building was now available in the districts through which the fine would pass...
1 he Chairman reminded him that it would go through a very populus district.
would be at the same point as the present one.
The Chairman—That is to. Mr. Arnold thought that did not look like opening up a new district.
Mr. Arnold said that the terminus of the line
LAST THREE NIGHTS. TO-NIGHTI
TO-NIGHT! (SATURDAY). 3rd lune. "THREE LITTLE MAIDS."
On MONDAY, 5th June,
THE ORCHID."
TUESDAY, 6h June,
LAST NIGHT OF THE SEASON, LE GIRL FROM KAY'S " Further particulars will be daly announced.
PRICES AS USUAL..
above their par value for the reson that they tricis, as a matter of fact, already at the pre- PROGRAM held at the
The Chairman observed that the railways at home frequently had their termințin proximity to each other, but they p-no i up different dis
sent moment it often happened that the present aint trams, especially the business trams in the company were unable to meet the traffic by cer- morning and in the evening. They had com- plaints for the public, from the Government, and from the military authorities, and there was something ought in be done in this matter. no doubt that they had arrived at a stage when
Mr. Arnold-You have satisfied yourself that there will be a fair return on the capital?
The Chairman-We think so. That is our opinion.
Mr. Moir-You have no doubt of the cost of constructing the new line I suppose? This $750x Do is taken as an approximate, the
amount,
Mr. Mair-From what I see we have to tunnel through the gardens?
The Chaman-Yes; there will be a small tunnell.
Alter further discussion,
he Chairman proposed, That it is desir- that it he wound up voluntarily.
are earning good dividends on their market or advised-be willing to sell out at only price 1 wonder if they would-even if asked double their par value-1 think not. Our tramway shares have been quoted as high a $345 and over before now, in fact until very re that I can see, based on the admirable position cently, and justifiably so; and there is no reason the company is in-or its dividend earning power-why the shares are not to day cheap at $co and over. I do not agree with the gene. ral managers that the opposition of a line that will take about three years to build and get into running order is, to use their own term, going to be fatal to the existence of this com- The Chairman-We are pledged to buy the pany as a dividend paying concern. Let me concession.
Fere, however, quote from the general mana-The. Chairman-We have had, no detailed ger's speech at the last ordinary general meet survey, It will amount to over, four times the ing, showing what their views were on the cost of the present line, subject at that time when the opposition was referred to. He spoke of the reduction of di- vidend and the placing of an annually large sum to reserve fund and went on to say, years (about the earliest period in which any "If this policy be pursued for another wo op osition line could be opened for traffic)able that the Company may be dissolved and this Company will have a reserve fund of about $rocco, and with its small capital, and reserve almost equal to its capital, will be in a very sound position, and strong enough to meet almost any contingency that may arise." But why is there such a change in the opinion of the general managers? In the circular isted the other day it says, "the general managers consider such opposition would be fatal to the continued existence of tors be and they are hereby authorised to Mr Arnold proposed, "That the liquida. this company as a dividend paying con. cera, and they, with the consulting como he came the "Peak Tramways Com- consent to the registration of a new company mitted, have for the past six months been pany, Limited with a memorandum and finding that they would be unable to prevent pared with the approval of the consulting strenuously opposing the new scheme; and on articles of association which have been pre- the Ordinance authorising the scheme from being passed they made arrau, ements with a
mmittee of the company," view to the amalgamation of the concerns." Why have the general managers changed in six inonths when they knew as much about the forth coming opposition in December as they do now? profits of our company down to even 10 %, and It will take very strenuous, determined and -long continued competition to pull the net 10% ought to satisfy any reasonable investor, my mind justify a dissolution of this company. so that the contemplated opposition does not, to turning to the question of the new company into hich we are offered the privilege of tab
The Chairman: Yes, hat you forget that the con-ulting committee represents three- fourths of the capital.
Mr. Jupp÷-And at that time. Mr. Moir représented one share.
The Chaiman And was, moreover, in-
The Chairman :-Oh yes, you are entitled, ta your opinion; but I hope it is only an isolated opinion.
The Chairman :—Yes.
about the bout a gunth aherwards thought Sr Moir:-Ant, 1 the time knew nothing
$70.00 divided into 75 roo shares of Stopach immie shares at an advancest rate " of which 25,000 shares have to be reserved for The Charman:- I should have thought that shareholders in this company should they def any sue is Hongbong knew anything about sire to accept scrip in the new company for the nutter it would have been you, You were their present haldings leaving 5100 shares on the other side, and I suppose must haveing shares by transfering our merests in this of Sio euch to be offered to the public. Inknown what was roing on. considering applications for these go.coɔ shares
Me, Mot;-i baugh (the shares feeling natis in the few company, however, preference willfied they were henes ly with more than $100,
Mr. Brosh Will you please note my pro -Mr Geor Pojis seconded. Carried. test against that being put into effect?
Managers he and they are hereby appointed Mr Murray 'all proposed, "Thatthe General liquidators."--
Mr Ho Fook'seconded. · Cartied. -
Mr. Lau Chu Pak seconded. Carried. Mr. H. P. White proposed, "That the liquida. tors be enipowered to sell to the "Peak Tram. ways Company, Limited' the undertaking of this Company at the price of $100 per share
shareholders of this company and to enter into either in cash or shares of the "Peak Tras ways Company, Limited" at the option of all necessary agreements to that effect,"
Intimations.
SPECIAL SALE
AT
ROBINSON'S
OF
PIANOS, PIANOLAS
·MUSIC' ́AND
MUSICAL
INSTRUMENTS
PR: VIOUS TO REMOVAL.
GUARANTEED NEW INSTRUMENTS
BY ANY ENGLISH MAKER”
WILL HE SUFFLIED AT LONDON PRICES. We' supply Superior value to any. thing to be had in the Colony in Tone, Price, and Appearance in First-class German Makes,
tested 30 years. by us.
Motzler
$850 formerly # 475
Pleycl... Collard
425
600
500
700
De Grands
Doors Open at 8.30 P.M. · Commence 9 P.M. Plan at ROBINSON PIANO CO.
F. C. GARTON, Manager.
950
1,400
Do
425
060
Allison
480
650
Hongkong, 3rd June, 1935.
HONGKONG GYMKHANA CLUB.
OF THE SECOND MEETING,
Raghals
575
760
[605
Winkelmann
625
750
Haske Krauss
525
650
585
650
ON
HAPPY VALLEY,.
SATURDAY, 17th June, 1905, (weather permitting).
*
Own Make
300 to
460
Hopkinson Brinsmead Kirkman
.600
700
400
750
**
$825
14
290
800
150
$550
360
discount.
PROGRAMME.
Collard Grand
Lunau
4 PM-THREE-QUARTER MILE FLAT RACE-For Hongkong Subscript on Griffins Pleyel of noy Season. Weight for inches as per sale. Winners of an open race barred. Winners of an official race to carry 7 lbs. extra; of two or more official races to extra. "Off day" Winners and Winners at First Gymkhana Meeting to carry 3 lbs. Pianolas extra. Unplaced Ponies in an official tace allowed lbs. Jockeys who have won an Do official race in Hongkong or thinn 2 lbs. extra; non-winning jockeys allowed 5 ths. Entrance fee $5. 1st Prize: presented by
2nd Prize: $25.
400 to
285 Planola Rolls 25%
These instruments are GUARANTEED for the Climate.
Hongkong, 16. May, 195€)
-CAFE WEISMANN.
[521
*HE Public are invited to pay a visit, to
`our new
TIFFIN ROOMS.
The only place of its kind in Hongkong,
2—4:31 RM.—TENT PEGGING —Bost of three runs. Paints for pace and style. Open to any class of Pony, Entrance fee $3. 1st Prize: proses ted by....... 2nd Prize: $25, 3-5.P.M-GYMKHANA CLUB CHALLENGE Cup-Distance One Mi'e-Value $4co. For all China Phales. Catch Weights at to st. 6 lbs. Winners of an open race or open Griffin race 5 lbs, extra. Non-winning Subs- cription Griffins allowed s lbs. leckeys T who have won in official race in Hongkong or China 2 lbs. extra. Non-winning jockeys lowed lbs. To be run for 5 times and to be won by the pony scoring most marks in the races for the Cup, counting 4 points for a first; for a second; and 1 for a third, The benefit of marks already scored to pass with the pony on n sale. Any winner of the race to carry lbs. extra for each win in subic- quent starts for the Cup, but in the event of a pany carrying the penilly not winning, 2 ths. to be dedurted next time he starts. Penalties accumulative up 15 lbs. En france fee of $5 to go in the purchase of a memento to the winner of each race, and $15 In second pony out of the Club fonds. At the conclusion of the Season a Cup, value $10, will be presented to the Owner of the pony obtaining the second highest number . of marks,
Mr. JA. Tarrat seconded. Carried.. my protest against resolutious 2, 3 and 4?
Mr. Brown-Might' I, nuk you also to note | 4.-5.30 P. Mi-LabIES' NOMINATION." Des
am in order it is to ak this Company is Mr Mairight I ask one question, if I
be done if we are not unanimaux?
tion does not, either, strike me as beneficial or to that of the new company, that proposing voluntarily wound up. How is that to be capitalized at $750,000, and we are told by ny ting. I understand the new company is to
bo given to applications from shareholders in especially when I knew that we had algae, Pres that "the profits already accruing the old company. We feel sure that in your mated. own interests the scheme we have outlined is
from the pre-ent tramway, are ample to assure The Chairman-The position is this: we ast ady dividend of at least 6% on the whole the best that could he devised and we must are bound to buy the new concession, If we of the capital of the company now in formas impress upon you that the arrangenient, though | buy it and do not do the work the concession to How does 6% in the new company strike legally it has to be carried into effect by a sale, will lapse, and the Co-crement will be able to present company is earning, and, in any event, you gentlemen as against about 10% which our is no actually a salt inasuch as the present sell it to soutienne else. It matters very little and dealing simply with the period in the im share olders ran ithin their interest in the to my mind wheiher the concession is bought mediate future why should the present com company by tak ug úp their proportion of the by the new leak Ta mways Co. Ltd, or by the pany, with its capital only of $125,000 be bur new issue and thus be placed in the same po old company. But we certat ly thought it dered, during the three years the new fine is sition in the new company as in the old. We would be far better to have a new company, for $750,-the capital of the new company. under construction, with earning dividends on theref re jeuk, to see a unanimous vote in the reason that the a'd shareholders would ret Opposition even when it does come will never favour of the resolutions. Before putting the come forward with the money in all probability, my mind be able to bring our dividends in reglutions to the vote, I stall be pleased to and it would be better to have the public inter-
the present Company down to af basis, which answer any questions to the best of my ability, ested in a company which is entirely, a Hong-tainly to the new company. And I hope that
is all we can look for with any degree of ca Mr. Arnold:-Are the chares that are to be kong one, and composed entirely of Hongkong a majority of shareholders here to-dy will vote applied to the old original holders in exchange capital.
against this sacrific, sale for the new slitres to be fully paid up shares?
our property, which an effort is seemingly being made to The Chairman --Yes.
forco us into..
Mr. Moir:-Yes, I qui e agree it is to the ad- vantage of shareholders to have one company: Mr. Moir:-Why were not the old share but do not think it is to the advantage of the holders notified of this before the meeting of public. At the annual meeting in December 'the 13th March. I hive ben on the register of last you stated that by the time the new line was the company for many years, and I knew reconstructed the old company would have a re nothing about this
serve almost equal to its capital and would be in a position to face any opposition. *
The Chairman The meeting of the 13th March to which you refer was a meeting of the consulting committee.
Mr. Mair: Then shatelialders have nothing to say in the matter at all?
The Chairman-No, not abhut nicelings of the consulting commitice, “
Mr. Moir-Wouldn't it have been much wiser to have nosified the shareholders of the
decision which was arrived at at that meeting? The Chairman-It was quite impossible for us to say anything while the negotiations were in progress. We did not know at the tile whether the matter was going through or not, and as soon as we knew definitely that it was we at once notified the shareholders. In fact, we put a paragraph in the Press at once.
Mr. Moic:-As representing the old com- pany have you purchased Mr. Findlay Smith's concession.)
- The Chairman I think I said, we should. tion. Atthattime we did not know there was any have to reduce our dividend to meet any opposi possibility of getting this concession, and we were as a matter of fact petitioning the Govern- ment against the new Peak Tramway being alongside our own at the Penk.
Mr. Moir-Can the old company he dis posed of without the shareholders being unanimous ?
The Chairman-Three-fourths of the ma. jority of the shareholders is sufficient.
Mr. Moir: -Yes, but it has to go before the Court.
The Chairman No. It is not necessary. Mr. Moir-It is not necessary? The Chairman-No.
Mr. D. E. Brown Mr. Chairman, and gen- flemen, following what Mr. Moir has said
principal exception is to the price at which the The Chairman-1 take it that Mr. Brown'y old company is being sold to the new-that is to say at $100 a share?
Mr. Brown-In the first place, I object very strongly and very forcibly about the directors in committing-
The Chairman-That has been replied to. Mr. Brown-And now I say my contention
the position of the Company or making a is that the company should not be sold at that price unless it is for the purpose of improving advantageous sale, otherwise there is no re cessity for this amalgamation, and
The Chairman-You have the option of tak ing a scrip in the new company,
Mr. Brown know that da The Chairmaa-In addition you are pract
cally selling the company to yourself, if you like. What does it matter then, to you if you sell it at $20,000 or $50,000?
Mr. Brown-If I may speak again, there is mission to speak again? another point l'overlooked. Have I your per
passed by a three-fourths magority.
Mr. Ewens-The special resolution has been
Mr. Brown- here do you get, the three. fourths majority ? In the Articles of Associa linn?
Mr. Fwens-That is the law,
tion come in then?
Mr. Brown-Don't the Anicles of Associa
Mr. Ewens-It is the law of the Colony, Articles of Associ tion at this meeting?
Mr. Brown-Are we complying with the
The Chairman-The alerting is at an end, Mr. Brown; and we have passed the resolu Mr. Brown-I asked a question anyhow, Mr. lions we came here to pass Chairman, and you have given me no reply.
Those who voted against the resolutions No reply was given, and the meeting ended.
Goddard, Brown and Ram were-Messrs Mair, Wilkie, Wilson, Cameron,
COMMERCIAL.
„JO-DAY'S EXCHANGE.
Silling.
1 30 5/16
}
London-Bank T.T.
Don
Do
demand
4 months' sight.................................. 1'10 7/16 France Bank TT. .......
2.33. Amosica-Bauk T.T.
Do demand........ fiermany-Bank T.T.
-450* India T.T...
Shanghai-Bank T.T. Japan-Bank T. T., JAY Bank T.T.
Buying ha
•
4 months sight LC......
.1.90
139
..1391 ...711
patch Race," Gentlemen "A" to start lis mounted a half-mile past. On the word- "go" they are to mount and carry a de pach to their respective nominators who will be waiting 50 yards from the winning post. The ladies will then get into rickshaws and be wheeled past the winning post by Gentle. men "B." Only China Ponies allowed. Competitors provide themselves with rick- shaws. Entrance fee 53, 1st and 2nd Prizes presented by the Club.
5-6 P.M.-11urdle Race CH LLEŠUE QUE -Value $150-Distance about One Mile. For all China Ponies. Catch Weights at Lost, rolls, Winner of a Jump rice to curry 5 lbs. extra. Jockeys who have won an off. cial race in Hongkong or China penalized 2 lbs. Non-winning Jockeys allowed 5 lbs. To be run for times and to be won by the pony ac rig the most marks in the races for the Cup, counting 4 puits for a first; 2 for a second; and for a third. The benefit of marks already scored to pass with the puny o a sale. Any winner of the rac to carry 5 lbs. extra for each win in the subsequent starts for the Cup, but in the event of a pony carrying the penalty not winning, 2 lbs. to be deducted next time he starts. Penalties ac cumulative up to 15 lbs. Entrance fee of $5 to go in the purchase of a memento to the winner of each race, and Sig to second pony out of the Club funds. At the conclusion of the Season, a Cup, value $50, will be pre- sented to the Owner of the pony obtaining the second highest number of marks. 6-630 P.MONE MILE AND A QUARTER FLAT KACE. HANDICAP-For all China Ponies. jockeys who have won an official race in Hongkong or China penalized z ibi. Non-winning Jockeys allowed 5lbs, En trance fee 55. 1st Prize: A Cup presented by ... zad Frize: 515.
Entries close to the flonorary Secretary, Hongkong Gymkhana Club, on SATURDAY, the fath June,at the Hongkong Club, at 7 PM,
Entrance fees must accompany Entry, other 1/10 9/15 | wise Entry will not be accepted,
6 months' sight L/C. "..............ning3/10 13/16 || Entries for events Nos. 1, 3, 5 and 6 must
30 days' sight San Francisco & New York 45! state name, colour, and height at pony, also 4 months' sight. ***
461
racing colours.
30 days' sight Sydney and Melbourne 1/10 13/16
11
2.38
Post Entries will be accepted for Events.
The Chairman-You get 12 per cent, for 4 months sight France...37 these three years and if this apposition line 6 montba' sight came off, as it would no doubl come off, if we 4 months sight Germany ..........................1.94). Club. had not bought the concession you would at Bar Silver ......... have got the concession; you might not have
got anything at all. If you disapprove of what Bank of England rate
we have done we are very sorry, and it in open" Sovereign ju
Forms of Entry, may be had on application to the Hon. Secretary or at the Hongkong.
C. G. MACKIE,
Hon, Secretary,
1,10,79
Hongkong, 3rd June, 1935.
(633
A VERITABLE FAIRY LAND,
REAL GERMAN FASS HEER ON DRAUGHT,
Entrance-
No. IA, WYNDHAM STREET. Hongkong, 22nd April, 1905.
THE POPULAR
SCOTCH
IS
"BLACK&WHITE"
JAMES BUCHANAN & CO.
SCOTCH WHISKY DISTILLERS. By Appointment to EM: THE KING
HRH the PRINCE of WALES
[46
Supplied all the LEADING CLUBS and HOTELS, and to be obtained from the principal Bores
[23
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