1905-06-10 — Page 11

THE PEAK TRAMWAYS,

ERETING OF THE HIGH LEVEL TRAMWAYS CO., LTD,

OPPOSITION TO AMALGAMATION,

have to

THE HONGKONG TELEGRAPH, SATURDAY, JUNE

The Chairman :-You pay this, amount out to start with. This $39,000 you speak of would be paid nut to Mr. Findlay Smith to start with or, at least, practically aff | of st., Ás 1000 03 we buy the concession wo 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 *500,003,that will be necessary.

Mr. Moir question about that. It will not be required all at once.

The Chairman The whole thing is a re- construction,

of

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amount;

10, 1905.

The Chairman-We think so. That is our I 'year after year, And unless the Chinese populat opinion,

tion increases in the sainë matjo in the future as Mr. Mair-You have no doubt of the cost of in the past, it can almost be said that the future, constructing the new line suppose? This development and progress of Hongkong must $750,000 is taken as an approximate the assuredly be arrested. The bar against the

Chinese to realde at the Peak acts as a se riots factor against any very large increase 'in the traffic which the new line hopes, to create, Bakhlad it is safe to assert that the estimate of an angrease by something like 500 per cent, over the present traffic as the result of the inaugura. tion of the new line is too optimistic a view to be realised even in the most remote future. The district which the new line will tap is, as

The Chairman-We have had no detailed survey. It will amount to over four times the cost of the present line.

Mr. Moir---From what I see we have to tencil through the gardens?

The Chairman-Yes, there will be a small lunaell, sha

#After further discussion,

The Chairman proposed, "That it is desir- able that the Company may be dissolved and that it be wound up voluntarily.

Mr. George Patin seconded. Carried. Mr. Brown-Will you please note my rest against that being put into effect?

Mr. Murray Bain proposed, "That the Geneval Managers be and they are hereby appointed liquidators."

Mr. Ho Fook seconded. Carried.

¦

sión

'CABLE LAYING IN THE

PHILIPPINES.

The Dumaguete-Misamis ́ cable, which has been giving so much trouble of Jate, and which vent out of service on the 13th ult, was laid by the signal corps in 1901-190s, under the par

ant direction of Colonel James Allen, chief" signal officer of the division, assisted by Honry Vinter, cable engineer, and F. A. Hamilton, cable electrician, pote

The cable ship used for the purpose was. the Burnside, formerly a Spanish merchant

panish porte till April 1898 ‚when, a few days alter the declaration of war between the United Jater and Spain, she was taken as a prize of war by the Yufe, on her way to Habana with supplies. She was put into the transport sör- vice, and in July, 1900, was overhauled and refitted as a cable ship at Morse Iron Works, Brooklyn,

nto the confidence of the general managers ittee, have. for consulting com consent to the registration of a new company line will tap a very promising district, but that be 15th, and on the afternoon of the same day

hings would have gone mora smoothly.

The Chairman We did take them into our confidence as soon as we could.

Mr. Moir :- Is it a fact you are pledged 10 The government for this scheme?

The Chairman-We are pledged to buy the Concession.

Mr. Moir:And to divert your old line. The Chairman:-That is 'n matter for the i stare.

Mr. Jupp-Yes

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Mr. Moir:—But that is quite sufficient: toral managers that the opposition of a line that ! keep you going for a very long time. It will will take about three years to build and get take some six months before the survey of this into running order is, to use their own: term, line is passed.

going to be fatal to the existence of this com

any as a dividend paying concem. Let me here, however, quote from the general mana ger's speech at the last ordinary general meeti ing, showing what their views were on the subject at that time when the opposition was referred to. He spoke of the reduction of dis vidend and the placing of an unusually large sum to reserve fund and went on to say; "If this policy be pursued for another two year (about the earliest period in which any oprostion line could be opened for traffic)

| the chairman on Saturday put it, "a very popu-ship, plying between the West Indies and this Company will have a reserve fund of

laus one," but the fact should not be lost sight about $105,000, and with its small capital, and

of that the population inhabiting that district a reserva almost equal to its capital, will be

below the level of Condult Road, is one whose in a very sound position, and strong enough to

pro-means--no matter how great the r wish might be meet almost any contingency that may arise."

to take advantage of the cars-are limited, and But why is there such a change in the opinion

is doubtful whether they could afford a daily of the general managers? In the circular

outlay of 20, 30 or to cents-which it may be issued the other day it says, "the general

assumed will be the fares fixed by the new managers consider such opposition would

tramway, in order that it may be brought into She arrived in Manila December 6,1900, and be fatal to the continued existence Mr. Amald proposed. "That the liquida-harmony with those on the existing line. We sailed on the 23rd of the same month for the this company as alyidend paying con tors be and they are hereby authorised to have been all along of opinion that the new south. She arrived in Dumaguete, Negras, on cern, and they,

six months been to be named the "Peak Tramways Com the traffic created will be anything like that picked out the landing for the cable which was strenuously opposing the naw, scheme; and on pany, Limited" with a memorandum and enjoyed by the parent company-which secures to be laid. The necessary trench was dag and finding that they would be unable to prevent articles of association which have been pre- the patronage of the military to a large extent, the shore end of the cable burled therein. The the Ordinance authorising the scheme from pared with the approval of the consulting and of the European population-already reship then paid out the remainder of the cable, being passed they made arrangements with a committee of the company."

siding at the Peak—is extremely doubtful. The heading for Oriquera, Mindanao. Heavy surf view to the amalgamation of the concems."Mr. Lau Chu Pak seconded. Carried. catchment area for the 'Pokfulam reservolt is prevented a landing there so the following day Why have the general managers changed in six

proscribed ground, within certain limits of which the ship handed for Misamis, where she arrived inonths when they knew as much about the forth

no building can be erected, and it is thus clearly on the morning of the 29th. A party was sent coming opposition in December as they do now?

to be seen that the residential sites likely to ashore in the afternoon, and the site for the It will take very strenuous, determined and

become available in the future at the Peak cable hut was chosen in the old fort. Captain. long continued competition to pull the net

must be exceedingly limited.

Squire then took charge of the party which weat profits of our company down to even 10 %, and

to lay the cable up the Panguil bay. This party 10 % ought to satisfy any reasonable investor, |

had inuch difficulty in performing their work - so that the contemplated opposition does not, to

owing to adverre winds and tides. my mind. Justify a dissolution of this company, Turning to the question of the new company into which we are offered the privilege of tak ing shares by transferring our interests in this to that of the new company, that proposi tion does not, either, strike me as beneficial or inviting. I understand the new company is to be capitalized at $750,000, and we are told by the Press, that the profila already accruing from the present tramway, are ample to assure a steady dividend of at least 6% on the whole of the capital of the company now in forma- tion." How does 6% in the new company strike you gentlemen as against about 20% which our present company is earning, and, in any event, and dealing simply with the perind in the im mediale future-wisy should the present com pany, with its capital only of $125,000 be bur. | dened, during the three years the new line is under construction, with earning dividends on $750,000-the capital of the new company. Opposition even when it does come will never in my mind be able to bring our dividends in the present Company down to a 6% basis, which is all we can lonk for with any degree of cer tainly in the new company. And I hope that a majority of shareholders here to-day will vote against thi. sacrific sale of our property, which an effort seemingly being made to

3rd inst Shareholders in the Hongkong High Level Tramways Co., Ltd. held an extraordinary keneral meating at Alexandra, Buildings at noon b-day for the purpose of consider ing the desirability of the dissolution of the concertand an algamating with a new com pany, ti be named the leak Tramways Com pany, Imited. Mr. Heary Humphreys pre- sided, ad there were also present: Hon. Mr. C. W. lickson, Messrs. C. Ewens, (Consulting Comintea). A. Jupp, G. Potts, W. Wilson, G. Muay Bain, H. P. White, P. C. Potts, C. Bryer, Wilkie, Ho Fook, D. E. Clarke, A

Mr. Mair I don't like the idea of a smalt Moir, Cameron, Lau Cha Pak. D. E. Brown, shareholder being ignored in these matters. If J. E oseph, J. L. Colter, T. F. Hough, T.

you had taken all the shareholders into your Arnold J. C. Peter, E. Bowdler, J. M. Wongs confidence in this matter things would have W. Cickshank, Capt. F. Goddard, J. John-one much smoother, I don't come here in stan, S. Jameson, Son Tak Fas, A. Morley, Lake any objection; but if you had taken us E. A. am. It.. Gedge and others.

TheChairman said-Gentlemen, we have calledou logether to day in pursuance of the noticewhich has just been read, to consider, and thought fir, pass resolutions for the wind- ing of this company and its reconstruction unde the name of the Peak Tramways Comny, Limited. The events which have led p to the present - proceedings aro probly fresh is your minds, bat it may note amiss if i recall them to your merties. In September last year a Bill came beft the Legislative Council entitled, "An Ordince for authorizing the construction of Tramway within the Colony of Hong ko Upon inquiry, we found that the ne traniway was to have is lower ter mjs at the botton of Battery Pathfurths of the capital. vially in the Queen's Roid-and its upper orak terminus Victoria Gap, practically akside our own, with intermediate stations Long be papulous thoroughfares known as ge Road, Robinson Road and Conduit Fd. It was evident that the construction of nline would be tantamount to cancelling (concession. We, therefore, petitioned the Pernment against the proposed bill. At the Ja time we formed the Government that did not appose the new line as far as Con- Road, and that we had no desite to put Hacles in the way of an undertaking culated to prove a benefit to the Colony, and at if the new tramway's upper terminus at Peak were placed at a reasonable distance un our own so as to open up a new l'eak 'strict we woull withdraw cus opposition

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together. We suggested as an alternative sminus for the new line a point near Good. san's Gap. The fiovernment replied that our roposals were considered impracticable, and shortly afterwards became clear to your tencial managers that on opposes would revent the Bill becoming law. They accord ingly decided that the best thing to be done was to secure if possible the concession for the new line At a meeting of the consulung com. mittee hielt at the office of the company at 3.30 p., on the 13th March last, the commitee, who between them represented thore-quarters | of the entire capit si, of the company, resolved "That the general manngers be en pass vied to enter into any arrangement fur the sde of the undertaking of the company for at less than $20 per share to be paid at ahure holders' uption either in cash or shares of now company as in the alternative to par chase the concession for the projected new tramway." may mention $100 per share was taken as a basis because it was then the lasi price at which shares had changed hands The total cost of obtaining the concession which will be borne by the new company, if the amalgamation is effected will amount to $35,000 of which sum $15,000 will go to Mi Findlay Sinth. The capital of the new com pany, if the resolutions are pasted, will be $750,000 divided into 75,000 shares of So each of which 35,000 shares have in be reserved for shareholders.in this company should they de aire to accept scrip in the new company for their present holdings leaving 50,003 shares of Sto each to be offered in the public, In considering applications for these 50,000 shares in the new company, however, preference will be given to applications from shareholders in the old company. We feel sure that in your own interests the scheme we have outlined is the beat that could be devised and we must impress upon you shut the arrangement, though legally it has to be carried in's effect by a safe, is not actually a sale inasmuch as the present shareholders can retain their interest in the company by tak ng up their proportion of the new issue and thus be placed in the same po sition in the new company as in the old.. We therefore look to see a unanimous vote in favour of the resolutions. Before putting the resolutions to the vole, all be pleased to answer any questions to the best of iny ability, Mr. Arnold Are the shares that are to be applied to the old original holders in exchange for the new shares to be fully paid up shares?

The Chairman :--Yrs.

Mr. Moir:Why were mad the old share holders notified of this before the meeting of the 13th March. I have bien on the register of the company for many years, and I knew nothing about this.

The Chairman:-The meeting of the 13th Match to which you refer was a meeting of the consulting committee

Mr. MoirThen shareholders have nothing to any in the matter at all?

The Chairman-No, not abou! meetings of the consulting committee.

Mr. Moir-Wouldn't it have heen much wiser to have notified 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 negotiation's were in progress. We did not know at the time whether the inatier 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. Mair:-Au representing the old com pany have you purchased Mr. Findlay Smith's "concession).

The Chairman: We certainly had the refusal of the purchase.

Mr. Mair:And before going into all these things it was not thought necessary to consult

the shareholders?

The Chairman-Yes, but you forget that the consulting committee represents three

Mr. Jupp :-And at that time Mr. Moir presented one share..

The Chairman And was, moreover, in terested in the projected opposition tramway.

Mr. Moir :-Bot that is not the point. 1 am ntiled to have my my if I have only balf a share.

The Chairman:-Oh yes, you are entitled, to your opinion; but I hope it is only an isolated opinion:

M. Moir: At the meeting of the general managers and the consulting committee is was decided to accepi £200 a shore.

The Chairman g—Yes.

Mr. Moir And at the time I knew nothing about that, about a month afterwards i bought

ome shares at an advanced rate

The Chairman :- I should have thought that any one in Pingkong knew anything about the matter it wond have been you. You were on the other side, and I suppose must have known what was going on.

Mr. Moir-1 bought the shates feeling satis hed they were honestly worth me e than $300, especially when I knew that we had amulga inated,

The Chairman:~The position in this: we are bound to buy the new concession. If we buy it and do not do the, work the concession will lapse, and the Government will be able to sull it to someone else. It matters very little to my mind whether the concession is bough by the new Peak Tramways Co. Ltd., or by the eld company. But o cextaily thought it would be far better to have a new company, for the reason that the old shareholders would no came forward with the inoney in all probability, and it would be better to have the public inter- ested in a company which is entirely a. Hong kang one, and composed entirely of Hongkong capital.

Mr. Moir-Yes, qui e agree it is to the ad vaninge of shareholdeis to have one company: | but I do not think it is to the advantage of the public. At the annual meeting in December last yout sinted that by the time the new line was reconstructed the old company would have are serve almost equal to its capital and would he in a position to face any opposition.

The Chairman-1 thick I said we should have to reduce uur dividend to muetuny opposi- tion, Auhuttime we did not know there was any 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 Peak.

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force us info.

The Chairman--I take it that Mr. Brown's

principal exception is to the price at which the old company is being sold to the new--that it tosiy at Saro & share?

strongly and very farcibly about the directors Mr. Brown-'n, the first place. I object very

in committing-

11e ChairmaThat has been replied to. Mr. Brown--And now I say my contention is that the company should not be sold at that price unless it is for the purpose of improving the position of the Conipany or making an advantageous sale, otherwise there is no re cessity for this amalgamation.

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Mr. H. P. White proposed, "That the liquida to be empowered to sell to the "Peak Tram ways Company, Limited the undertaking of this Company at the price of $100 per share either in cash or shares of the " Peak Tram ways Company Limited" at the option of shareholders of this company and to enter into all necessary agreements to that effect."

Mr. J. A. Tarrat seconded. Carried. Mr. Brown-Might I ask you also to note my protest against resolutions 2, 3 and 4 ?

Mr. Mair Vight 1 ask one question, if am in order. It is to ask if this Company is being voluntarily wound up. How is that to be done if we are not unanimous?

Mr. Ewens-The special resolution has been passed by a three-fourths magority.

Mr. Brown-Where do you get the three.

(Since our representative saw Mr. Brown we ave received from him a letter which appears in another column. Ed.--[IK,7]

By January 2, nine miles of the cable had been laid up the bay connecting with a land

THE HONGKONG OBSERVATORY. be across the isthmus of Mindanao. The

REPORT FOR 1904.

cable from Dumaguete, Negros, to Misamis, covers u stretch of about 115 miles. A land side of the isthmus where Capiain Squire's ne was laid to connect with the northern party had laid their Panguil by cable end.

fourths majority? In the Articles of Associa forecasts with the weather subsequently expenies, bringing the Sultan's capital into com tion?

Mr. Ewens-That is the law.

In his report on the longkong bservatory for the year 1994. 1r. W. Dubeck furnishes any items of interest concerning the working of this important insilitition at Kowloon.

Dealing with the comparison of weather

rlenred, he states that the result was, success 45 per cent.. partial success 43.pe cent., par Mr. Brown-Don't the Articles of Associatial fa lure 1 per cent, and failure o per cent. tion conte in then?

Following the method used in meteorological oflices and taking the sum of total and partial success as a measure of success, and the sum of total and partial failure as a measure of failure, it follows that 88 per cent, of the wea- ther forecasts were successful in 1904.

Mr. Ewens-It is the law of the Colony. Mr. Brown-Are we complying with the Articles of Association at this meeting?

The Chairman-The meeting is at an end, Mr. Brown; and we have passed the resolu ions we came here to pass

Mr. Brown-I asked a question anyhow, Mr. Chairman, and you have given me no reply.

No reply was given, and the meeting ended. Those who voted against the resolutions were-Messrs. Moir, Wilkie, Wilson, Cameron, Goddard, Brown and Ram

MINORITY SHAREHOLDERS IN ACTIVE OPPOSITION.

6th insi.

Telegraphic connection with Victoria was interrupted pa 21 days, and of course, also during thunderstorms.

This gave Zamboanga cable communication with the outer world. From this point a cable was laid to jolo a distance of about a hundred

munication with Manila. cessfully in imperfectly charted sens, where All this cable lying was carried out suc. great irregularities of the ocean holtom exist, the greatest depth reached was off the southern reast of Milanan, where the cable lies in nearly 1,000 fathoms, or one and an eighth miles, in depth. This, added to the difficulties of strong and irregular currents, and naviga. he achievement of the signal corps in the laying tion in the vicinity of unlighted coasts, makes

of these cables, worthy of note.

tenance.

During the year, in addition to meteorological register kept at about 40 stations on shore,

The signal corps in the Philippines consists 11,716 ship logs were copied on board or for

of 9 officers and 333 enlisted man, and operates and naimains tog miles of land wires and warded by the captains. The total number of

1,473 miles of cables, in addition to bandling vessels, whose log-books were made use of was 259 and the total number of days observations ages which pass over 2,age miles of branch (counting separately those made on board dif- turned over to the civil government for main. lines and 142 miles of cable which have been fernt ships on the Banic day) was 1,707. As the result of the meeting on Saturday of

Professor Hecker of the International Geo- the Hongkong High-Level Tramway Co.,delic Institute, Postdam, visited the Observatory Ltd, at which it was decided to wind up the for the purpose of making an accurate determ known as the Peak Tramways Co., Ltd., a Company and to form a new concern to hetion of the constant of gravity, remaining

from,ovember 9th to November 25th. good deal of dies disfact on still prevails among successfully 293 times during the year.

The time-hall failed twice, and was dropped those who constituted the minority. The vigorous prodest made by Mr. 13. F. Brown and, other against the proposed scheme is likely, we understand, to culminate in an action before the Supreme Court, should Counsel's opinion prove favourable to the adoption of such a The movement in support of this procedure has not yet assumed definite sbaze but the matter was di cussed by several mem- bers of the minority, yesterday, and the pro The Chairman in addition you are practi-bability is that a reference will be made to cally selling the company to yourself, if Counsel as to the chances of success should you like. What does it matter then, to you if the recalcitrans" proceed father with their protest, and attempt to quash, the decision of you sell it at $205,000 or $500,000?

Mr. Brown-If I may speak again, there is the majority at Saturday's meeting There can another point I overlooked. Have I your per be no doubt that the shareholders who were in mission to speak again?

the minority feel very strongly on the subject The statement made by the chairman at the meeting that the shareholders were "practically selling the company to themselves" does not appeal to them in any way. On the contrary, they maintain that by consenting to the deci sion of the majority they are really giving up two-thirds of the value of their shares.

The Chairman You have the option, of tak ing a scrip in the new company,

Mr, Hrown- I know that

The Chairman-You got 12 per cent. for these three years and if this opposition line came off, as it would no doubt come off, if we had not bought the concession you would not have got the concession; you might not have Mr. Muir :-Can the old company. be disgot anything at all. If you disapprove of what posed of without the shareholders being we have done we are very sorry, and it is open to the meeting 10 move an amendment, if you wish and now I should be glad to answer any questing which any other shareholder might wish to put.

Unanimous ?

The Chairman Three-fourths of the ma jority of the shareholders is sufficient,

Afr. Moir-Yes, but it has to go before the Court-

The Chairman :—No, Huis not necessary, Mr. Moir :--It is not necessary? The Chairman ---No.

Mr. D. E. Brown-Mr, hajman, and gem denen, following what Mr. Moir has said express myself as quite of his opinion that the general managers and the consulting com inittee had no authority and did wrong in committing the company to the Government for the purchase of the concession that they granted to Mr. Findlay Smith without any Buthority whatsoever. And before the resolution is passed I would like to make a few remarks. We are here to-day to discuss the advisability of passing certain resolutions leading up to the dissolution of the company, fellowed by the sale of same to a new company. Following that, we are told that the object of the meeting

Mr. Brown-Might i speak again for a mo- ment, please?

The Chairman-Yes, you may speak again. Mr. Brown, omitted to state and bring out a point in connection with the sain of the pro perty for $150,020, In the position in which it is to-day, let me draw your attention to the fact that in selling this company you are selling the future monopoly of the High Level Tram- ways business. I don't think that either the Government or the people of Hongkong look ing to the tramway service will be more pleased than we shareholders, who seem to be forced into a sale of their shares at little over walf their value.

COUISA

Mr. D. F. Brown, who was the leading ex: the meet- ponent of the views of the minority ing, stated to a representative of the Hongkong Telegraph, there was a possibility that the question whether the minority were bound by the resolutions passed at the meeting might be submitted to Counsel for consideration, So far, however, no active steps have been taken in the matter, but there is plenty of time yet for the minority shareholders to decide whether they will carry their opposition before the Courts.

The point on which Mr. Brown has express. ed himself very firmly is that by agreeing to the decision of the majority they are surrender- ing two-thirds of their profits. In other words, the old company has a capital of $125,000 on which a net profit of $50,0.0 was realised annually. Under the new arrangement it is proposed to have a capital of $750,000. The new fine to the Pek will not be finished for three years. During that period those who were shareholders in the old company will be sharing their dividends' on 2175,000 with those who have come into the new company, and in stead of realising a return on that moderate capital, they will realise only a return on $750,000, which maken a vast deal of difference. It was not at all clear to the minority why they should suffer in this way, nor was it clear to them why they should accept $200 per share when the quotations up to the present time were much higher.

It is argued by Mr. Brown, a representing the "resisters" who are by no means "pas sive"-that the old company could have gone on with its operations for the next five years with the consciousness that they had nothing to fear from the proposed line. As a matter of convinced that the old company

'n that

Turning to the days on which: different me. te rological phenomena were noted we find that on 25 days fog was recorded, on 37 elec tric phenomena, 83 lightning, 42 thunder, hail, 53 dew, to rainbows, 1 lunar halo, lunar carona, and Bolar hale pete for the year was 9, and the minimum 448, while the daily maximuni rainfall for the twelve months was 11.15

The maximum lem-

There are in all, in Philippine waters, 29 submarine cables, connecting the various is- lands of the archipelago with the capital. The longest cable is that sunning from Tucuran to Mindanad; the next longest is the Duma- Zamboanga, both points in the island of

guete Misamis line 115 miles long, following which come the Zansboanga-Jola line of 100 miles; the Palanog-Calbayog fire joining Masbate and Fanay. 74 miles long. The shortest submarine cable lies between Calamba aftos Banos, and is only 4 mi'ns in length. Since their construction much trouble han heen experienced from breaks and leakages in these cables. This trouble has been caused partly from seismic disturbances in the 'ocean depths, two breaks from this cause. having taken place in comparatively deep water. some cases cables were laid in barbours in such avoid, at times, interfering with the cable. In manner that ships anchoring there could not diant mark. These observations have been

other cases poorly armored cables have been made either by M. Hummer or by Dr. Do-ale in very strong tidal currents over a coral berck, and have been already printed in the "Observations made in 1903." All the transits of southern stars have been reduced and a very accurate catalogue of right-ascensions of southern stars has been printed as an ap pendix to "Observations made in 1903." They are so distributed," says the di- rector, "as to to afford a star every minute for determining the time, and the proper motions of these stars have also been deler mined by me, whenever necessary, so that the sume catalogue can be used for years. The

In 1904 live number of transits observed was 11. The axis of the transit instrument was levelled 262 times, and the az math and collima- tion errors, which are less liable to variation, were determined 17 titstes by aid of the meri

right-ascensions of northern stars cannot be determined here with equal accuracy, as the definition and magnifying mower of the diagonal eyepiece is not quite sufficient for that pur pose."

The standard sideral clock by Dent com. tinues to give perfect satisfaction, and has up. dergone no alteration during the year but the platinum points of the contact springs still require crinstant attention and repeated read. justinent. They have been cleaned three times during the year and the adjustment has been altered eight times, but this is done without any interference with the going of the clock. The chronograph and the other clocks are in good condition and have had no alterations effected during the year.

NEW CHINBSA EXCLUSION TREATY.

PURTHER PROTEST.

+bottoin.

This is the case with the cables in and out of Zamboanga and the Jolo line, through- out a considerable part of the distance. The currents in their ebb and flow sweep these wires over the sharp, rocky bottom, and in a few months the insulation is destroyed, and the line rendered useless.

Major-General George W. Davis in his annual reports as commanding officer of the Philippines division, writing on the question of the Philippine cables, says, referring to the wireless system of telegraphy, "When the wireless telegraph system shall have besn established as a practical going concern, the Philippines will afford an ideal field for the use of this method of communication. There is now no inter-island connection more than zoo miles long. When the land lines are

is in use, their maintenance and operation strung on iron poles and the wireless.system should, in privato hands, come well within the receipts, and the service be without cost to the Government, save for usual tolls,"

Now the operators are soldiers, but a com pany that bad regard for the dividends of its

and linemen exclusively for the expensive stockholders would substitute native operators American, in tbla respect but carrying out an invariable practice in the Orient, where all telegraphers and lioemen are natives, savo a very few ovencers and superintendents,"

The signal officer of the department of Mindanao in his report to the division com mander also mentioned wireless telegraphy making the following suggestion in regard to the Zamboanga Isabela cable, which had been out of order for a long time and 'was very unsatisfactory. He says: "I recommend that it he recovered as Loon as possible, and that communication between "Zam- bwanga and the naval station at labels be established by a system of wireless tele graphy."

:

The Chairman-Well, after all these re- marks of you Mr. Brown, I really don't think after what I have previously said that there is hardly any necessity to go into it again. I is for the purpose of sanctioning a re-construe- baye pratically answered your questions, tion of the company to acquite and construct a Mr. Arnold-Do you think there is traffic new tramway to the 1 cak that wou d other enough pay a dividend on such a large wise be constructed by an opposition companyenpitäl} fatal to the continued profitable existence of this company. I am not here today to arbitrarily abstract the business for which the meeting was called, but to learn whether toy beter reasons than those already given are furthcoming to justify a dissolution of the com- pany for the purpose sei fonh: viz; the sale of same as a going concern to a new company at the price of $200 per share-or say, $150,000. I am not opposed to a dissolution if the price offered for the purchase of our under taking was reasonably near its value, but I am opposed to the sale of our property at the ridis culously low figure mentioned-practically half Its value. The last balance sheer shows the written down assets of the company at the end of 1904 as $243,9:9 17-virtually the price we are asked and advised to accept, to sell and hand over our valuable and handsome dividend earning, going concern-caining as it has been for some years, net profits, after paying charges and all running expenses, &c., of bei tween $40,000 and $50,000 per annum on p capital of only $125,000, about 40% per annum, and we are asked and advised (or rather li { advised) to give it away for $250,000-only double itse capital of the company, while, en joying as we do a monopoly which is growing Mr. Moir-But why put up $300,000 in in value every year. There are a number of cash? You have quite sufficient money in the other nice little monopolies in the Colony- the

support from the people of the country and THE N. C. D. News, of and inst, say!-- the reserve fund to go on with, and are not likely shares of which are quoted at 2, 3, and 4 times to require the use of it for the next six months, above their pur value for the reason that they

amid pretty decorations of the Cathedral The Chairman-We have got about $30,000 are earning good dividends on their market tricte. As a matter of fact, already at the pre-

chancel the marriage took place yesterday of Miss Gwynydd Smedley, and Mr. LH price: wonder if they would-even if asked sent moment it often happened that the present

Howell of Messrs. Butterfisid & Bwire, & they Mr. Moir-And your reserve fund? or advised be willing to sell out at only company were unable to meet the traffic by car The Chairman-That is in the lins, and double their par value-I think not. Our tain trams, especially the business trams in the population-ure excluded from residing IN connection with the success of E. Carlos bride was attended by her two younger sin represented by stations, and all kinds of tramway shares have been quoted as high as morning and in the evening. They had com within the reserved area. It cannot be gain and R. Eber, of St. Joseph's Institution, Singa- In charming costumes of pink, and was things.

$325 and over before now, in fact until very re-plaints for the public from the Government, said that the Chinese form the mainstay of pare, in carrying off the Queen's Scholarships, away by her brother, Mr. 1. D. Smedley, The Mr Moir-But this Sjo,oco what about cently, and justifiably so; and there is no reason and from the military authorities, and there was the Colony's prosperity, and it is due to the it may be mentioned that this is the second Rev. A. J. Walker officiated and Mr. A13

that f

can see, based on the admirable position no doubt that they had arrived at a stage when Chinese that the wealth of the Colony is secured time this School has carried off these Scholar Ward was at the organ, the service being, cho Mr Jupp Of cours, you cannot go and the company is in-or its dividend earning something ought to be done in this matter. and maintained. It is the dealings with the ships. We understand that Mr. Carlos intenderal There was a largely attended reception pal you hand on it and take it it is in the power why the shares are not to-day cheap at Mr. Arnold You have sailsfied yourself. Chinese that enable our large banks and comatndying law, and Mr. Ebermedicine Straiti allirwards at the house of the bride's brother

mercial institutions to make the profits they do Į TiMIL

In Markham road, Pokorva, fund}"

$100 and over: I do not agree with the gene that there will be a fair return on the capital)

The Chairman-Yes. We have gone fully into that matter. I may mention that fifteen

On Saturday afternoon at 5 o'clock, says the years ago our traffic receipts amounted to $17,000 a year. Last year they amounted to

N. C. D. News 30th ult, over one hundred nearly $100,000, and there is no reason

members of the Hu Haio Hul (Shanghal Educational Association) and representing why, filteen years bence, the joint lines, working in harmony under one manage.

about twenty-four Colleges and schools of ment, they should not to $500,000 a year.

modern learning in this district, met at the They might Recuse him of being ulo san

Association's headquarters in the native city to discuss measures with reference to the stand guins, he continued, but he had been looking

General W. A. Grealy, chief signal officer of around and believed that all those people in

that should be taken by the Association in the Colony who had been successful, although

support of the protest against any unjust the army, in a recent report, also makes men clauses that may be added by the US tion of the possibilities and advantages of the they might differ on many points, had a common faci, be

Government to the new Chinese Exclusion wireless syetem in the Philippines. faith in the future of Hongkong. He believe would be perfectly able at the end of that

Treaty that is to be signed between China and ed in it himself, and trusted that those who time to fight the new concern.

He says: "It was hoped that circumstance were living at some later date would think went, there was the probability that the that Government A number of speeches were would permit the establishment of wireless kindly of the people who had secured for thein new company would come to the share. made and pledges were given that each person stations at suitable points in the Philippines. what may be then the most profitable tramway holders of the old company and offer to should do his best in encourage his friends While the existing conditions are in many in the world

amalgamate. Then would be the time to arrive everywhere to stand firm and suppon any

respects ideal, the constant pressure for every at a proper settlement. Meanwhile the share action those at the head of the movement bolders of the old company would be sharing throughout the country should decide to make available man in other directions made ex. profits to the amount of at least $50,000 a year in the matter. We hear that meetings have perimental fostellations of this kind impractic on a capital of $125,000, instead of on a capital also been held in Soochow and other cities in The signal officer of that division considers of $750,000. The minority at the meeting re-

the same connection, showing a unanimity of

that such installation would in the present presented 271 shares, but it is believed there purpose most unique and never yet beard of in condition of the invention, be expensive dad the history of this ancient Empire. A letter inefficient, in which opinion the chief signal are others who would be on this side should an appeal to the Courts be decided upon.

received frons Peking further states that the officer of the army coincides."—Cablenewa," We may add that by the unconstitutional members of the Chinese Government are ex legislation which made the Peak a close re- ceedingly pleased to receive such voanimons serve for European residents only, our Chiness

· Mr. Mair:—On behalf of the old company? The Chairman-Yes, on behalf of the old company.

Mr. Mair-Then why sell the concession again?

The Chairman -It would necessitate an in- crease of capital, which practically amounts to the same thing. We thought that the share. holders, being a very few in numbar, would not care to put up such a large sum as $500,000 in cash.

In cath.

܂

Mr. Arnold thought that no site for building was new available in the districts through which the line would pass.

"The Chairman reminded him that it would go through a very populus district.

Mr. Arnold said that the terminus of the line would be at the same point as the present one,

The Chairman-That is so. Mr. Arnold thought that did not look like opening up a new district.

able.

The Chairman observed that the railways at home frequently bad their termini in proximity fellow-citizens, no matter what their standing, that it has given the Walwunu heart to make.presence of many friends of both panles and to each other, but they opened up diferset dissocial or financial, no matter what their mode a firm stand in the approaching negotiations and style of living-often equalling and in with Minister Rockhill, who is on his way now several instances surpassing in luxury, comfort to Peking. and conveniences,, the best of the European