1905-06-27 — Page 5

S. C. FARNHAM, BOYD & CO:

ANNUAL MEETING.

THE CHAIRMAN'S

PEECH

MANAGEMENT CRITICIZED,

THE HONGKONG TELEGRAPH, TUESDAY, JUNE

27, 1905.

COMMERCIAL-

TO-DAY'S: EXCHANGE, Salling

The long looked for and eagerly anticipato. In concluding my remarks on this question, the C. M. S. N. Co, one light draft steamer for Increase to the shipping it would room that rance Bank T.T. yuin

worked it up to its present standard and noth. ENCOURAGING OUTLOOK, that the tonnage of the vessels entering Shang"? ing can give us more pleasure than the ku w. During the year under review we bave hai has increased by nearly million tons sold the su. Munchen und Elisabeth Nicholson | since 1993, and. I think it a fair proposition ledge our Docks are all full and we have plenty and the value of these vessels disappear from that the prosperity of a well-managed Dock of work which enables us to pay you good our account. We have turned out from our Company should be in some sort of ratio to the dividenda

shipbuilding departasent several small steamers - amount of shipping frequenting the port; and and cargo pontoons, one large river steamer for when we find our profits diminishing with an LATTERS VINDICTIVE AND VITUPERATIVE.

Läka service! We bought the Fakung Mare, there is" something seriously wrong with the Annual meeting of "Mesars, Farnham, Bryd & Co took place at Shanghai on Friday afternoon letters are vindictive and full of vin,eration again to her former owners. We have now in A VERY EXPENSIVE MANAGEMENT at 5 o'cinck. There was a very large attendance and are, in fact, cordemnation without a know. hand an ocean going steamer building theil iaf believe. I am correct in stating that There was a strong feeling of animosity against dictated it. (Hear, hear). Now, gentlemen trade. A large number of cargo pontados and Bo,cooper annum; which at the present rate fattanDank T.T. ......... of shareholders, and it was easy to gather that | ledge of incis, and are worthy of the man' who folder of the CM S. N. Co, for the Tientsin the director's salaries amount to about Tis. 'hanghai-Dank T.T..

the chairman and the board of directors,

The notice having been read by the secretary convening the meeting, the chairman, Mr. J. R.

London-Bank T.T...

Do. demand, Do 4 months' night.....

America-Bank T.Täss many-Bank T.T. Do demand

fndin T.T.

Twentyman, rose and spoke throughout with hand and they wish to purchase the whole Another tug-boat for the, Kockien Transporia | should have one managing director or superin;}jo days' sight San Francica & New York '46]*]|

much warmth of feeling. He said-

THE PROPOSED SALE.

cargo boats and, lightship for the Imperial, Maritime Customs. We have also just com-uf exchange is over 10,000 a year. We ought far Bank T.T.......

to be organised on the same lines as other suc-

Buying pleted a powerful mail tender and ing boat for cessful Dock Companies, for instance, the months' sight L/C, The Shanghai. Tug & Lighter Company, and Hongkong and Whampoa Dock Company, Wemonibs' right . - tion and Tow Boat Company, and judging from lendent drawing a good salary, a secretary and mouths' sight do. general appearances, the antlock is by no means the necessary staff, with a foreman at the head will sco by the accounts our finaccial position we should then have a Board of outside direc discouraging. In conclusion, gentlemen, you of each department, dockmasters, etc. And During the five years we have been working tors elected from the agents of the shipping under the title of S. C Faraham, Boyd & Co., companies who give us work, and drawing the Ltd., we have paid you back 85 per cent, of the usual fees. With such an organisation we Capital of the Company. In 1900 for the ten should, without losing efficiency, reduce the expenses of management to about one-half of months we paid you 28 per cent, in sgor, we paid 17 per cent, 1901 we paid.15 per cent, what it is at present, and save say Tis. 40,000

we can still self, but where would the investor be? We had a wire stating anniber offer had been mailed to us. This has now come to business nutright, at a price which we consider ridiculous, and have offered to send out an eminent partner in a shipbuilding firm to go As the accounts have been in your hands for over the valuations and complete the negotis is a good one, t some time, it will be unnecessary to read them tion here. The directors have come to the conclusion, by the powera vested in them, they now. Before entering into any detail concern-will not accept the offer which is considerably ing the year's working, it will be necessary to less than the present market quotation unless occupy your time with some explanation 10- the shareholders especially desire it and even then we would vote against it. I can only re garding the proposed sale of this business to a London syrdicate. A meeting of the share peal it is better to be sorry now than to regret

it alter. holders was called on September 26th, 1904, and it was decided I should proceed to London ⚫to meet the gentlemen who formed the syndi

cate. A resolution, was passed giving me power to accept 12.100 in cash and sixteen fully paid up shares of tech, equivalent to 18.10.0, provided the conditions were such that we could accept them. I arrived in London about 6.30 p.m. on November 10th and early the next -morning met one of the gentlemen at his office, Negotiations were at once opened out and as

1903 we paid '72 per cent, 1904 to 1905 13 par

a year

THE "PEMBROKESHIRE" CASE.

'When flest hare I felt very sanguine `about cent., or 8 per cent. in all a record town criticising the management I feel I am on putting the business through on a satisfactory Companies can equal, if any

can only say I feel very disapf anyone has any question to ask, shall baxis and

ability."*"(Applause.). painted I was unable to do so on lines which endeavour to answer them to the best of my would have been scceptable to you,

THE HONGKONG TELEGRAFII " With regard to the article which appeared in the Hongkong Telegraph and was alterwards copied by the China Guzelle of May 5th, I may say, gentlemen, I do not object to fair, honest criticism, but the article in question is vindictive, untruthful, and will go further and say libellous.

•

a

some of the parles were not in London they

THE INCEPTION OF THE COMPANY.. were corresponded with and much difficulty

We have reached a point now wherein it is was experienced in trying to arrive at a iniperative we should go back to the inception basis which would be acceptable to you. 1 of this Company. S. C. Famham & Co. wat tried to obtain better terms than were placed registered in Hongkong as a limited company in 183 with a capital of Taeis 750,000 and before you, and you may be sure they tried to before we became a limited company we had avoid giving more. After I had consulted with system of writing so much off our machinery Mr. Prentice, much delay was experienced and every year; moreover, our boilers, engines and we decided to give them the refusalas request heavy machines were bought at a time when ed up till january 31st, 1905, meanwhile mat-the tael was about 5 and the whole was handed over to the new company at the ters were being discured almost daily. Alles low price it stood at in our books, There the time had expired we were then requested was no good-will or outside expenses charged to meet certain gentlemen at Bursels. We against the new company. We afterwards went to Brussels and succeeded in getting bet-sued shares representing Taels 30,000 mak ter terms of which you have since been ad-ing the capital Tuels 800,000. Messrs. Boyd & Co. became a limited company-some short vised, equivalent to £32 per share and with time before us, I believe on similiar conditions, altered conditions of which you have had patti-I have therefore no hesitation in telling you, culars. The terms wanted by the syndicate you get land, property and machinary at con ́required consideration, we therefore returned siderably below its value. I am sorry 10 take up so much of your time, gentlemen, but recent 10 Lo dos hoping we would be able to arrive events in my opinion call for this information. at'a definite conclusion with them. After con-

siderable discussion, withcut being able to ar rive at a settlement, Mr. Prentice and myself decided it would not be conducive to your in -terests to remain any longer, and with the hope that our departure might induce our friends to be more liberal in their ideas, we decided to leave feeling sure that the business was still open to us on the lines placed before us, should you desire to accept. It seemed to us the Gral ☛ offers left very little roant, if any, for return on the original shares as the profits would have been swallowed up by the debentures,

You empowered us to accept the offer before I left Shanghai and i clearly stated in my speech the nominal capital of the Company would be £20,000 and the rest would be made up by debentures. We could have nccepted this offer and this would have

THE NEXT PHASE

in our career was, we bought out the Shang hai Shipbuilding, Engineering and Dock Co, when their shares were quoted at about Taels 72 and we issued shares to thein at Taels too. I think I am right in saying the shareholders of both companies had every reason to con- gratulate themselves on the transaction.

}

|

TEA SHAREHOLDEN'S CRITICISM,~-

Mr. Taylor rose, and said Mr. Chairman and gentlemen. The directors, la presenting their report, trust that it will prove satisfactory to shareholders. Since we are to receive TI. i more as dividend and as Tis, 100,000 are to be carried to the Reserve Fund instead of 3000, I think we may tell the directors that the report Is to that extent less unsatisfactory than that of last year. But I imagine that this is as far as we can go in response to the directors' pleas for an expression of satisfaction. I purpose with the permission of the meeting to show that we have no reason to be satisfied with the progress of our business or generally with the conduct of the Company's affairs of the manag.. ing directors. In order to do this I must first call attention to the reports presented at previ ou meetings. I have taken the trouble to look up the reports of the meetings during the last four years, and Mr. Twentyman's speeches, when considered with results, are rather curious reading.

"

At the meeting held on the 5th July, 1931, the net profite for only ten months of working since the amalgamation were given as T. 287313.74. After allowing for an interim dividend of T. 7 on 31,700 shares, a final dividend of T. af was paid on 48,500 shares. These figures make one's mouth water. Mr. Twentyniad told the shareholders that "condi tions were specially bright and orders were coming in daily. But he said that we required a larger capital and that 6,900 new shares would be issued at a premium of T. sag. How far the handsome dividend paid was justified by actual profits and to what extent it was due to a desire to secure acceptance of the scheme to increase the capital, I must leave to qualified experts to decide.

delicate ground, as I have no desire to damage the temptation to go into detail. It is common your property and my own, and I must resist knowleden that business has been driven away, and work which should have been secured for our Company has been taken elsewhere, need only refer to the case of the Pembrokeshire as an instance of what I mean. Ex uno disce omnes, I wish alio to mention the case of the Munchen. The purchase of this vessel at a low figure was reasonably expected to yield us a handsome profit, whereas the short-sighted policy of our directors has involved us in a loss which is estimated at no less than TIs, 100,000, that is including the expenses of the vessel while on our hands. The mention of these two cases is sufficient for my purpose.

MR. TWENTYMAN LEADS SHANGHAI BY

THE NOSE.

to

There is another point to which I desire call your serious attention. Mr. Twentyman has led Shanghai by the nose for some years, but he has not shown the same talent for lend- ing in connection with the employes of the Company, for it is well known that a regrettable wani of harmony exists. To strengthen his position on the Board he has appointed Messrs. Groundwater, Cranston and von Rucker-all Farnham men and all puppets who dance when Mr. Twentyman pulls the strings. As to the men from Buyd's Messrs Johnston and Hay retired from the Board in disgust, while Messrs. Mauchan, Rawsthrone, Donnelly and Wimble-all Boyd's men and all good men- have found it better to leave. Mr. Blechynden,

most valuable man, was lost to us long ago. And the worst feature is that these good men. have left with such feelings that they have mostly joined rival concerns.

THE BEST PAYING CONCERN.

say that the diminution in our profits is due to I know very well that Mr. Twentyman will competition, but I assert that that competition. has been invited, and 1 further assert that in spite of it, with good management and reason- able charges, we should have plenty of work and the Company should be the best paying concern in Shanghai,

HUGE GAMBling MachinE.

401

30 days' sight Sydney and Melbourne/ 4 months' sight Francs

months' sight months sight Germany...

11

Bar Silver Bank of Png and me ......

Sovereign

Intimations.

ROBINSON PIANO

COMPANY, LD..

THE PUBLIC MAY RELY

IMPLICITLY ON GETTING

·FROM US

PIANOS

OF THE

......2.38*

7.40

..26 15/16

.....10.69

HIGHEST CLASS:

EMBODYING THE VERY BEST

Per picul .. 1,140 1,180

OPIUM QUOTATIONS, To-day's qu nations are as follows

Malwa Now..

Old

Older

10

帽

Oldent

Patna New

Bevares New Percan Stienis

@ 1,230/1,260

1,310

Per chest

...@ 1,012}

1,080

Á 180l010

To-day's Advertisements.

THE HONGKONG ELECTRIC COMPANY, LIMITED.

NOTICE is hereby iven that the SIX.

TEENTH ORDINARY YEARLY MEETING OF THE SHAREHOLDERS will

be

held at the Company's Offices, St. George's Buildings, on SATURDAY, the 15th July, at 12.30 PM., for the purpose of presenting the Report of the Directors, together with a State- ment of Accounts to 30th April, 1905, and electing Directors and Auditors.

The TRANSFER BOOKS of the Company will be CLOSED from the 1st to the 15th July, both days inclusive.

By Order of the Board of Directors,

GIBB, LIVINGSTON & Co., Agents.

[694 Hongkong, 27th June, 1905.

THE MERCANTILE BANK OF INDIA, LIMITED.

NOTICE,

I

have This Day given over charge of this

Branch to Mr. A. K. LINTON.

By Order of the Board of Directors,

EVAN ORMISTON, Manager. Hoogkong, 27th June, 1905.

THE

PUBLIC AUCTION.

[691

Undersigned have received instructions

to sell by

PUBLIC AUCTION,

FOR ACCOUNT OF THE CONCERNED,

on

On the 21st July, 190s, after allowing fortan interim dividend of T. an $5,200 shares, all the new issue baving been eagerly taken up, a final dividend of T. zo only was declared while T. 750,000 were carried to the so-called Reserve Food. Mr. Twentyman stated that large con- tracts were on hand and that "the future ap-

I say that it is deplorable that Shanghai's pears to us very promising," But strangely enough he had already changed his mind biggest industry and the most important British about the capital required and now brought interest on the Yangize, should be used as a forward a scheme for reducing it. Mr. Cecil huga machine for Stock Exchange gambling, Holliday painted out that the Directors had when it ought to be a gilt-edged accurity yield- issued new shares which had cost the share-ing regular returns to genuine investors. holders T. 225 and now wanted them back in

Bince the amalgamation the shares have ranged. exchange for & share of the nominal value of with vinlent fi cluations, between Tls. 315 and T. 75 and a debenture of T. 23. Needless to Tis. Ir. We know how these fluctuations have say this peculiar proposal did not meet with been brougt about. They have borne little or enthusiastic acceptance and was dropped. At no relation to the actual profits of the Com-HOUSEHOLD FURNITURE, this meeting Mr. Holliday, suggested that inde.pany and have become a source of profound pendent directors should be appointed and that regret to those who have at beart the prosperity a more scientific system of audit should be and good name of Shanghai, and they ought adopted-suggestions which naturally did not to cease. They have done much harm already meet with Mr. Twentyman's approval.

We now come to another phase of our ex- istence as a Limited Company. We amal. maled with Messrs. Boyd & Co., Ltd. Their shareholders got two shares for one, less Taels 15 per share. The sequel to this was the share holders of Farnham & Co., Ltd., were en- titled, to a consideration to place them on An equal footing and when I explain to you that the Collier Dock and so much land stood in the Company's books at Taels 110,000, the Tuskadoo Dock at Taels 130,000, the Old Dock at Taels 150,000, and without fear of contradic tion the Docks could not be constructed to-day, gentlenter, at three times the amount, without making any allowance for the land, etc. At a SATISFIED THE SPECULATIVE ELIMINT, meeting, it was therefore decided to give the but what about the investars; how woul they shareholders of Farnham & Co., Ltd., three have fare 17. Eat afraid very badly, · It was

shares for our, which they were justly ent tied a question of right and wrong and we did what 10, seeing they were handing over so much value. All this explanation I cinsider nrces. we considered was the best for the Company.sary because of the complaints about our large It would be impossible for me to detail or capital and being over-capitalised. Now, describe all the arguments or read all the gentlemen, who got the money or shares, 'you correspondence on the matter, even if this can place it under any category or heading you please, because it amounts to the same thing, were permissible, it would be necessary to

you the shareholders received the shares. It detain you here the best part of the night. You therefore seems somewhat complex, certain may be sure we did the best we could for you shareholders should complain. Ulcer it not with the knowledge that, by protecting you, appeal to you as being somewhat incongruous the directors as shareholders were also benefit and like blowing hot and cold without any just 100,000 were carried to Reserve. Mr. Twenty- and that the share market will continue to be! ting themselves,

A BREACH OF BUSINESS ETIQUETTE, We can assure you the parties with whom we were dealing were of undoubted financial standing. It has been said we should divulge the names of the gentlemen, but this would not help us or be of any benefit and besides every letter was beaded private" and con- fidential, it would therefore be a breach of business etiquette and, as I have already said, would do no good.

SHAREHOLDERSs' p otest

reason?

THE MODERN TRANSAC IONS,

FRIDAY,

the joth June, 1905, at 2.30 P.M., at their Sales Kooms, No. 8, Des Vœux Road, corner of Ice House Streal, SUNDRY

Comprising:

DOUBLE BRASS-MOUNTED BED- STEAD with WIRE MATTRESS, TEAK- WOOD OVERMANTELS and SIDE. MR. TWENTYMAN DICTATOR.

BOARDS with BEVELLED GLASS, Under the articles of association. Mr. MARBLE-TOP WASHSTANDS, TEAK. Twentyman is practically a dictator with liWOOD WARDROBES, DINNER WAG- power, and the shareholders have in reality GONS, GLASS and CROCKERY WARE, about the concerns of the Company, nothing to say and cannot obtain information CANTON CARVED BLACKWOODWARE,

am PICTURES, &c, &c, &c. convinced that there will be no improvement TERMSAs usual, in the position and reputation of the Company. so agitated that the purchase of shares will remain a speculation rather than an invest- ment, unless we can bring about some healthy change in the Directorate. I think it is time of us are tired of his ways and that he no that Mr. Twentyman should realise that some longer possesses our confidence.

•

MR. TWENTYMAN'S REPLY.

On the 16th July, 1951, it appeared that, in spile of Mr. Twentyman's statement of the pre vious year that there were large contracts on hand and the future was so promising, the profi's had dropped nearly to per cent. The usual interim dividend of T. 7 had been paid but the final dividend was T. 8.only and T. man said, however, that we had been fairly Now, gentlemen, I am going to tell you well employed during the year, that business something which may interest you. About during the first six months of 1903 had been two thirds of the original shareholders in S. C very satisfactory, and that prospects were good their holdings, unless it was to increase them. prafits had fallen again, this time to Farnban, Payd & Co. have never changed But at next meeting on the 19th July, 1974, the you can therefore judge for yourselves whether 760,513 18. The interim dividend had been all the stories you hear are correct or not, only T. 5 and the final dividend was. 1.7, while The Directors have done their duty toward only T. 50,000 were carried to Reserve Mr. you, without fear or favor r from anyone and Twentyman, however, was as optimistic as Mr. Twentyman, in his reply to Mr Taylor, ever. He said that the outlook was by no said that the previous speech seemed to be chief 1 ray we have always had the best interests despite all the canards which have existed, we

means gloomy, as we had orders for riverly directed against himself the chairman) His of this Company at heart. Mr. Prentice and steameis, pontorns, large and small lighters back, however, was fairly broad, and the angry nyscli are the only two seninining old part-He said our position was gradually improving, words had fallen of his shoulders like water ners left in the Company and I ask you, gen- that the business of the Company was better from off the proverbial duck's back Aspersions A letter was received from Wr. Bland and of the basiness to the Company at the tow rate was encouraging.

than it had ever been before and that the future had been cast upon him which ha repudia ed tlemen, is it likely alter handing over our share

Tongly. He had always done his duly to the len others, dated *pril 13th, 1905, which we did, we should lose our interest in its wel- WORTH OF MR. TWENTYMAN'S' STA IFMENTA: shareholders and the Company and he defied received on the 17th and to which Krept ed on fare and prosperity. We will now leave these The price of shares on the fucal market anyons to prove othe wise. It was quite true April 18th, and on the 19th 1 had a bad car lústorical events and deal with the modern made it clear that by this time Mr. Twenty-that the articles of association gave the direc riage accident and was taken to the flospital. Transactions of the Company,

man's statements were accepted at a consider- | tors almost absolute power, but he could state able discount I will leave you to judge the nature of the

But he was equal to the occa- with perfect truth that never once had that reply dated April 20th which did not reach

It has been said that the Old Dock lies ns sa sion. He called an extraordinary meeting for absolute power been used. It had been said of much unproductive capital so far as the Com the 26th September, 1904, at which he stated him that he had journeyed to England on be this office til Saturday, April zest, and it was pany is concerned. I invite any of you share that he had a definite offer for the purchase of balf of the Company at their expense. That considered advisable to withheld it from me till holders to inspect the place during working the Company which be advised shareholders was not true; fut the remark was made in such some time afterwards. The only special com hours, and I think you will agree with me, it is to accept.- 1 was one of the forlorn 15 who a vein, that be assured the shareholders present ment I have to make regarding it is, it is worthy a hive of industry; moreover, if we stopped voted against the sale of the property, although he would send in an account to the Company work, the value of the property would go down, the definite offer appears in some respects at for his full expenses at the earliest possible. of the man who dictated it. The signatories but so long as it is a going concern, it will attractive. We is were made the objects of much moment. "It had also been said that there was of the first letter, dated April 13th, never de-ways commend itself to purchasers. It is true cheap pleasantry, and one festive individual no reason for the business of Farnham, Boyd's finitely asked for a meeting to be called and as we have a lot of surplus fand, in all about suggested we should be asked to stand in decreasing, seeing that the shipping in Shang wo are not in the habit of splitting straws, will miles of deep water river frontage. 1 think corner to be counted; but I fancy by this time hai had considerably increased. He could only say that although the influx of shipping might therefore read you extracts from that letter. - the majority of you will agree with me that if our fellow-shareholders have come to the con-

we acted on the advice of any individual share. clusion that we were not so wrong after all, bave been large-which he doubted-it had not *The only satisfactory course to be adopted holder in regard to the sale of any of the pro- for it seems that the definite offer was very come to the wharves to reference to the fact iles in convening an extraordinary metting of perty or is the management of the business, indefinite indeed, and we bave had the that certain it fluential employees had left-the shareholders at an early date" which is merely we would display a great want of ability and humiliation of hearing that our property has firm, that also he admitted. But the reason was an expression of opinion. There is further a of which most of the shareholders would dis- beea hawked all over the place without finding because they had asked for more money than approve of Gentlemen, this is no time to sell a purchaser. My own reasons for voting the company cared to pay, and that they were passage reading: "In conclusion and supple land. Like many more, we are waiting for against the scheme were, first that I felt cer- offered twice as much salary by other firms than menting the above we would suggest that if you peace and beater lines, and hope for a rush of lain it would not come off; and, second, be- they were receiving from Farnhamn, Boyds concur in the advisað lity of convening a meet- | business to this Port. The value of land may cause I am of opinion that this great business Another complaint registered against him was ing of shareholders, etc, etc," "The next reads: go up, we can then sell. Furthermore, we are should be managed in Shanghai, and I had that the fine, business of the company, bad "We would therefore ask you as managing only working at about one-third our capacity my own ideas as to the motives that prompted ceased to be a good investment and had de

teriorated into nothing more than a stock ex- director to place gil the facts of the present that when a revival of trade takes place, wo

are in a position to cope with it.

change gamble. If this' was so, ha regretted it ; situation unreservedly before a meeting of shareholders for the information, of the

We have had a striking object lesson lately "public" but they do not say when, that is misleading to you. You are all businessmen when

I don't want to gay paything which may be of what may happen to a China Company gets into the hands of a London why we suggesteil the yearly meeting, and can judge for yourselves. Still in my hum: syndicate in the case of the Kaiping Colliery: besides it is dificult to understand what the ble opinion Shanghai is still in its infancy and and I may allude gently to a certain shipping general public have to do with our business - Lagain repast may become the London or New Company which is managed in London with dealings. It may be the conviction of the ten York of the East. You have only to look round out very satisfactory results to local share gentlemen who signed that document that the to see the rapid strides Shangbal is making not hollers Body Prentice, bad done their best, and the failure

withstanding War it still raging and when public confidence la the directors of the Deck Peace is declared it should cause as impetes However, the statement about the reputed Co. is shaken, but i hope the result of the to trade and we naturally expect a share of the offer had the effect of booining up the shares meeting will prove their conviction is not good things, paken from less than Tis, 160 to Tin, 195, a result of With regard to competition, it is the sool of course entirely unforseen by Mr Twentyman, GOOD DIVIDENDS.

business; we have faced it before and are facing, and be had a trịp home at the expense of the it continuously, and the result is by no means Company. Gentlemen, we look upon this business as disconcerting, besides our knowledge of the From what I have said it is clear that our Our cremilog and we take the credit of having - business should enable us to hold our own, buslagen kan bega deteriorating. Now | AnA

correct:

SHANGHAI IN ITS INTANCY...

the scheme,

HAN, CHINA COMPANIES WITH LONDON

MANAGEMENT AN

MR. TAYLOR'S SARCASM. V

|

Auctioneers.

1693

HUGHES & HOUGH,

Hongkong, 27th June, 1955.

"SHELL" LINE OF STEAMERS.

NOTICE TO CONSIGNEES,

HE Steamship

THE

"GOLDMOUTH," having arrived, Consignees of Cargo are hereby informed that their Goods are being landed at their risk, into the Godowns of the Hongkong and Kowloon Wharf and Godown Company, Limited, whence delivery may be obtained.

No Claims will be adinitted after the Goods bave left the Godowns, and all Goods remain. ing undelivered after the 3rd July will ba subject to rent,

All broken, chafed, and damaged Goods are to be felt in the Godowns, where they will be examined on MONDAY, the 3rd July, at a P.M. All Claims must reach us before the 5th July, or they will not be recognized.

No Fire Insurance will be effected. Bills of Lading will be countersigned by

ARNHOLD, KARBERG & Co

Agents. Hongkong, 26th June, 1995,

[670

TO LET,

'ODOWN: No. 3, NEW PRAYA, Kennedy

Town, Apply to PSCOVERE

THE HONGKONG land invest.

MENT & AGENCY CO., LD. Hongkong, 17th June, 1907.

[691

THE

DAIRY FARM CO., * LIMITED.

but he could only way that his hands were clean FRESH BUTTER. He denied emphatically that he was a dictator, He had only worked for the benefit of "the shareholders, and had cever taken advantage of

BUTTER:

*****.70 Cents per 1,

the undoubtedly great power the shareholders FINEST AUSTRALIAN CREAMERY had willingly put into his bands. He was sorry the scheme of selling the business had bot come ff but he and his colleague, Mr.

was not due to any fault of theim." He could only assure them that the Company was in a thoroughly satisfactory condition and that there was no cause for fear, rude

There being no farther discussion it was pat

to the meeting that the report and the accounts as printed and read, be adopted., This was carried unanimously.

[To de continued.]

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SCOTCH

"BLACK&WHITE"

JAMES BUCHANAN & GO. SCOTCH WHISKY DISTILLERY. By Appointment, te

EM. THE KING

#and

HRH the PRINCE of WALES

[46

Supplied at all the LEADING CLUBS

HOME-MADE BUTTER 50 Cts. per Fat, and HOTELS, and to be obtained from.

Hongkong, 371b June, 1995.

(be principal Kerne

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