1905-06-30 — Page 12

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a year.

expenses of management to about one-half of what it is at present, and save say 'Tis 40,000

THE "PEMBROKESHIRE" CASE. In criticising the management I feel I am on delicate ground, as I have no desire to damage your property and my own, and I must resist the templation to go into detail. It is common knowledea that business has been driven away and work which should have been secured for

our Company has been taken elsewhere. 1

THE HONGKONG TELEGRAPH SATURDAY, JULY 1 1905.

to extend the discussion further, as I think 1 | sent Company Tis 20 in cash and will pay to | plause) With regard to the sa a'af plant, we have said all that is necessary. I can quite the registered holders a fully paid-up, share in 'have all the time been selling it and we try to understand Mr. Taylor having a bitter feeling the New Company of the nominal value of Tiu get the best prices possible. As to the in if he has lost money, if he has, all I can say 82. The capital of the New Company will be crease of our machinery, we are only working is that I am sorry for him, and, for anyone else: Tls. 4,416,000, divided into 55,550 shares of Flant about a third of our capacity. I think I am | who has done so still repeat and maintain to each The sum f Tis,,to,000 will be re right in saying that Mr. Welsh remarks about that the company is in a satisfactory way. Wequired for the cash payment to shareholders the improvement of our machinery were due have nothing to complain about. We have a and arrangements have been made with our to our having had to send home some work recently. If we had the machine for doing 200d credit balance at the bank, and the Bankers for providing the amount. accounts for the year are before you. I am This sum of The 1,101,000 will be subject | this work we should probably only use it once quite prepared to give you any explanations to interest at the rate of 7 per cent per annuini in five years, and is the meantime would have so assuming, the returns are equal to Exper to pay for it and also for a man to clean it.” If cent per annum of the capital of the Company, we need it we can get more machinery, but this reconstruction will mean a saving of 5 per don't see that we want any more than we have. cent and, if the returns niliw large dividends to Mr. Weir's ideas are rather opposite to Mr. be paid, the saving will be correspo tingly in Taylor's ideas. Mr. Taylor; fired shot at us creased Further, in we succeed in selling a || Mr. Weir supported us, and without, being portion of the Company's properly, the amount egotistical I think we can say that we have

done our best for the companý, je tereived will be applied in reducing the over draft. This reduction of capital will have an affect on the earning power of the Company, which will remain the same.

with regard to the accounts, p

need only refer to the case of the Pembrokeshire

Mr Taylor-With regard to the shipping, as an instance of what I mean. Ex uno disce

what I told you is qprite true, The entries as wars. I wish also to mention the case of the this Part-I have looked up the statistics since Munchen. The purchase of this vessel ni al

1901-have incrented by nearly 1,000,000 100# | low figure was reasonably expected to yield us

The Chairman-That may be, so, but the hand oma profit, whereas the abort-sighted"

Dack and Wharf Company have no got the policy of our directors has involved us in a loss which is estimated at no less than 14k all the same. Cerininly it did not come 100,000, that is including the expenses of the here. Perhaps some of the ships only got as vessel while on our hands. The mention ofar as Woosung.J these two cases is sufficient for my purpose,

MR. TWENTYMAN LEADS SHANGHAI BY THE NOSE.

There is another paint to which I desire to call your serious attention. Mr. Twentyman has fed Shanghal by the nese for some years, but he has not shown the same talent for lead. ing in connection with the employes of the Company, for it is well known that a regrettable want of harmony exisis. To strengthen his position on the Board he has appointed Messrs. Groundwater, Cranston and von Rucker-all

The resolutions were then put in the meet- ing, but not being carried by three-quarters of the sbareholdere prosent, were declared last, The meeting shes terminated, NA

SHIPPING JEL

Rickmere have sold their stoar Rickmers to the Hamburg, Amarica, vessel has been renamed the 21NTES left for the Far East.

The second of two cargo-receiving which Messrs. S. C. Farnham, Boyd did Ld., have just completed for the kym River, to the order of Messrs. Butterfiel Swire, has been launched from the Ro Shipbuilding Works.

fi

The Lord Treasurer of Soochow has sulted with the Shanghai Thor with a of dredging the Whampoa River, and has mised to raise a food for this chterprise, addition to this fund, he will take front governmental mint a sum of 65oco taelic

the bedpost, and warned them not to say any.. thing About five minutes after the robbers left the yakir came to the room and untied complainant who then untied his wife. Can far hs complainant could estimate about 17 or 18 men took part in this robbery. He did not know who carried away the things. He was quite certain about the identity of the defend." ants because they both had torches and could he The river str. Tafoo Maru (fotmėj}) plainly seen. After the robbery the next time Takung, ¿faru) which has been recoultry he saw the defendants was after they had been by Messm. S. C. Farnham, oyd and arrested; when he picked them ost from | Ld., for the owachs-the Osaka Shosen among a number of others Inside the gaothas had a most successful trial trip, fo Complainant reported tha occurrence to the water quingen elders of the village next day..." He flisi came to Hongkong in connection with the cans on the 18th of March last at the request of the elders who informed him that two of the robbers had been arreste te

Ananda One of the witnesses who was on patrol in the village that night saw the men and flashed his kintern on them with the result that he was A DANGEROUS METHOD.

able to identify the prisoners. Two other Mr. Thos. Weir-Licfore putting this resolu-

...** THE OLD EMPLOYEES.

watchmen were with him at the time and all tion I arise, as one of the original shareholders, The following letter appears in the North Ihren were threatened by the ralibers who sub sequently took away their "arms and lanterns and though a very small one, one who has been China Daily News, of 16th inst

Si-Ingul to the reference made by and told them that if they made a brise they interested in the company a very long time, posibly longer than any present. I have the fr. J. R. Twentyman at Farnham Boyd's meel would be killed.EN beat interests of the company at heart. Asing on the 23d inst, is reply to Mr. F. F.

The case was adjourned in order that evid-The Mitsubishi Dackyard has been ins

rd by the N. V. K. to construct a steamer Taylor's remarks,

enre of whether the prisoners were The resolution was carried, the majority of have already mentioned to the chai mas

and other directors, caùnot help thinki Mr. Twentyman gave as the reason for Mr, subjects or not might be obtained Chinese 6750 tons, which will take the place only the shareholders present abstaining from voting ing that shareholders should think very Mr. Rassthorne and myself leaving his firm

goth ult. flachi Alaru, which was sunk by the Ru

sinna last year. The Toyo Kisan Kafsha hi It was then proposed by Mr. J. Yo carefully before passing the resolution. In

The csa in which the extradition of two ordered two siennery, each of that we had asked for more than his company Chinamen was sought by the Chinese authori- from the same dockyard, recorded by ME. WA. G. Plalt, thar, Mr. S.'

the first place the idea is, I understand, that { cared to pay.”... h

This is absolutely false so far as Mr. Raws ties for being implicated and taking part in an The methad taken for reducing, the capital at

most dangerous allempt to increase our salaries, the first and circumstances recorded in these columns in ane. If the directors had come forward and only intimation S. C.F. J. & Co got from us our last issue, was resumed before Mr. FRA said "We have a reserve fund of Tis: 1,000,000 was our resignation.) am, cic, Hazeland, this afternoon when Inspector and we wish to reduce the capital and pay it

R. II. MAUCH IN.

Ghild testified to the identification of the off by certain instalments from the reserve The Klangnan Dock and Engineering Works, defendants CEL

een Fursthouse briefly, referred in the zath June. fund,” then I am sure every shareholder would have been delighted. If three or four years

summing up of the Chief Justice in the case ago such aħ idea as borrowing money had been

recorded two days ngo, especially as regards thought of it would have been a very light

the fact that the men, whose extradition was maller. Unfortunately we are not in the posi-

Bought, had produced, no evidence as to lion that we were three, two, or even one year

their nationality. ago. For a company to saddle itself with dehi

The Chairman then proposed the following resolution, which was seconded by Mr. Pren tice: That the report and accounts of the Company made up to the 30th of April last, as printed and circulated, be adopted and ap- praved and that the directors be authorised to pay a final divident, at the rate of Tia 8 per share to shareholders on the register at this

dale.

Farabam men and all peppets who dance Groundwater be re-elected a director. Most the company may be able to redu e its capilarne and myself are concerned, We made no armed robbery in Chinese territory, under

when Mr. Twentyman pulls the strings. As to the men from Boyd's Messrs Johnston and Hay retired from the Board in disgust, while Messrs. Mauchan, Rawsthrone. Dennelly and Wimble--all Boyd's men and all good men- have found it better to leave. Mr. lilechynden, a most valuable man, was lost to us lang ago. And the worst feature is that these good men have left with such feelings that they have mostly joined rival concerns.

THE BES PAVING CONCERN.

I know very well that Mr. Twentyman will say that the diminution'in ner profits is due to 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 wark and the Company should be the best paying concern in Shanghai

HUGE GAMBLING MACHINE. ·

present abstained from voting on this also, but it was nevertheless en ried.

It was then proposed by Mr. W, S, Jackson, present time is, I think, seconded by od r. 1. Your bere G. D. Scott, and Mr. J. D. Thorburn re- elected auditors for the present year.

Mc. Buifer-I notice that in the assets are comprised pumps, and sundry other things, such as shears, etc. How can the auditors get the value of these miscellanerus things." I don't think it is fair to compel them to make a statement that these things are worth so much. The stock is put down as according to state. ment to the books, and I can only judge frein this that the shears, paints, Fir, have ben put down at cost price. I should like to ask if anything is allowed for depreciation,

·HARBOUR FATALITY,

THE INQUIRY.

10

Sun Kin Kwong, examined by, Mr. Hurste 27th ult. seems a very serious matter, because we are time when we must face complications.

house, said he was an interpreter at the Central Befire Mr F. A. Hazrland, sitting as cora-Palice Station. He was present when the first, responsible r this deb. We have to pay in-ner, this afternoon, an inquiry was held into defendant was charged on the 25th of March, terest on it, whe her we make it or not. Ac the circumstances touching the death of one 1905 After explaining the charge to him, the cording to this statement 'fls. 1,104,000 will be | Lani Kwai, who was drowned in the harbour defendant made a statement, which witness subject to interest at 7 per ceat per annum. on the Trth, inst, as the result of a collision be- took down" and defendant, signed "In that Assuming the return to be 12 per cent, there tween two launches,

statement defendant said he had nothing to do with the 'occurrence, · The second will be 5 per cent over, and if it is more, more.

defendant was also charged, he also making a statement which he subsequently signed The second defendant said he took no part in the robbery as he came to Hongkong th year, befte lastele pent

The case was again remanded for a week.

A COMPETITOи.

PROPERTY DOUBLE ITS' BOOK V LUE, The Chairman-When we amalgamated, the shareholders in one instance got one share for I say that it is deplorable that Shanghai's one, in another two for use, and in another three for one. That raised the capital to Tis. biggest industry and the most important British

$520,000. Th's has already been explained interest on the Yangtze, should be used as a

But we cannot shut our eyes to the fact that 1 you. The property on the a her side had to huge machine for Stock Exchange gambling, balance that amount, so was raised up accord-in a very shat time there will a fine dock in when it ought to be a gill-edged security yieldingly i don't think anything was put down Shaghai which will undoubtedly prove soine: ing regular returns to grauine investors.

on shears, but only on land and machinery, to thing of a competitor to this company. We Since the amalgamation the shares have ranged, make the books balance. For your informa- know that already the Arsenal has made ar with violent fluctuations, between Tls. 315 and

tion may tell you that we had the property rangements to da outside work, and while we Tls. 117. We know how these ductuatious have

valued to keep usight, and I think the valua don't like it, we can't help it unless the been brought about. They have borne little or

tion was me than double what it stands at in directors are ab'e through the British Minister no relation to the actual profits of the Com- pany and have become a source of profound sale on that sere, and so

the books today. We are therefore perfectly or other Minister, to prevent the Government are the and tors, competing with a mercantile business, Until regret to those who have at heart the prosperity The machinery was valued by Messrs. Wilson we succeed in so doing, we have something and good name of Shanghai, and they ought and Weill, the property and buildings by stating us in the face that will in a few years to cease. They have done much barm already, Messts. Scott and Carter, and Mr. Dowdall. time seriously compete with us, and probably The entire property was valued at 11.

take something out of our dividends. . $1,000,00. The valuation was therefore more than twice our capitnt. (Applause.)

MR. TWENTYMAN DICTATOR.

The resulation appointing the auditors was then carried and the business of the meeting

came to an end.

REDUCTION OF CAPITAL.

BY 5'S HONGKONG DOCKS. There is another thing I would remind you of, and that is that Butterfield and Swire bave a very fine deck in Hongkong neating com. pletion. It will be quite capable of inking any Steamer of the Cliina Navigation Co. if they The secretary then read the notice conven-like, and it is therefore very unlikely that

the shareholders will send their ships to be daci ed elsewhere. How are we going to get 12 per cent in these days of competition ? "It means thai in a short time we shall posibly have less work, with less money to do it. If would therefore be much better for us to return

Under the articles of association, Mr. Twentyman is practically a dictator with full power, and the shareholders have in reality nothing to say and cannot obtain information about the concems of the Company. I am convinced that there will be no improvement in the position and reputation of the Company, and that the share market will continue to being the extraord nasy general meeting. 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 that Mr. Twentyman should realise that some of us are tired of his ways and that be no longer possesses our confidence.

MR. TWENTYMAN'S REPLY TO

HR. TAVLON.

The Chairman-In reply to Mr. Taylor I have fort of all to say that the reduction of capital was never put to the shareholders. It was never brought before the meeting. It was only suggested that circulars should be sent out to that effect.

Mr. Taylor-You said you thought it advis able, yourself.

The Chairman--The whole of Mr. Taylor's .speech was practically levelled against me all

through.

The Chairman-Before going on with my speech, would like to say that the directors do not wish to force this scheme on you. You have the matter in your own hands. If any shareholder wishes, he can have debentures foi Tis. 20. We have the power to give them, and the capital out of the reserve fund and not have ay money comes in that we have outstanding it any debt. If it was necessary to bonow this will be applied to this purpose With regard | monsy fur lupiurcurve of the company's plant To the sale of the Old Dick, this is the principle | to enable us to compete with rivals in China

assayed to do this in order to satisfy certain shareholders, and we are of opinion that by the reducting you will eventually put yourselves in a position to obtain better dividends, provided the business goes on increasing The principal point to be borne in mind is, you have a large amount of valuable land which I am free to admit is unproductive capital at the moment, and it was necessary to call this meeting to get your consent, and to give the directors power to sell the Old Dock and unused land, and return you any monies, the result of such sale.

A SUICIDAL POLICY

The following jury was empannelled and swarn: J. Wacker (loreman), B. Haelterman, and F. Butcher.

Mr. O, 1). Thomson appeared on behalf of the owners of the Kunsing and Mr. H. W:] Looker, of Mesus, Deacon, Looker and Deacon, for the Hongkong and Whampoa Deck Com piny's launch, No. 5.

Among the witnesses called way H-scaman belonging to the Kumsang, who deposed that on the day in question when he had passed one of the Douglus steamers at her booy they saw the dock launch approaching and inime diately went avern and blew two blasts on the whistle, at the sanie ting starboarding the helm. The Kumrang then struck the dock launch, and after the collision lie saw a woman in the water. He threw if buoy to her and jumped in the water and got the woman aboard In his opinion both lauaches were to blame for the collision-the umsung because she might have gone under the mern of the other, and the dock launch be cause she was "ino close to the steamer." Witness then contradicte I himself and absolved the dock boat from all blame. The Kumsang, could not go under the stern of the dock launch because the boats were too close to each a her the dock launch war only ten yards from the

stramer,

"gs

Other evidence having been given the case was.djourned.

28th ul....

Before We F. A. Hazeland afternoon the inquiry into the death of Ai, who lost her fe in the collision betwech the launches No.5 and Kwman was resumed.

"HOUSEBOYS AGAIN.

נ'

A houseboy in the employ of Carl Heuser, of No. 3, Mosque Terrace, charged his master with assaulting him on the 24th ult., and a eros-summons was in on but by defendant against the by for disobeying lawful orders. the boy said on the day in question he went out for a walk, but feeling unwell returned to the house and went to bed His master re- turned at 12.30 am, after dining qut and called the boy to bring in bis basket. As he was doing this his master said he was lazy and slapped his face. Mr. Blesser said that on the day in question he went out for a bathing picnic, and when he returned home he found there were no towels in his room, and when he called his boy to get some the latter appeared angry and began throwing clothes and thiegi about the room when, he feeling very much annoyed at the boy's "behaviour, slapped bim on the face. Mr. G.. N. Orme, before whom the case was tried, taid that he would dismiss. both summonses. There had been some pro vocation on the boy's behaviour, and he cau- niso warned Mr. Heuser to be careful in deal. tioned him to behave himself in future, and ing with his employees.

MR. ARATHUON: SHIH.

HONOURED.

LONG SERVICE MEDAL CONFERRED UPON HIM.

30th ult.

|

At Kobe, on the rath, the "captain of British steamer: Chinen, under charleti Int NYK, prosecuted a Chinaman, named: CH ecki wel, twenty-eight years of age, who employed as cook on that vessel on, h 'chm prepared for the chief engineer,

putting, powdered glass into t

The Fengtien has been launched from Aca Shipbuilding and Engineering Compan Greenock, for the China Navigation Compan he is a steel screw-stemmer of a lengthḥ 287 17,; breath, 40 ft ; depth, 18 ft ; mauila and a carrying capacity of about coo.16 riple-expansion engines will be supplieds the builders. The Fenetlen has been structed in the short time of 15 weeks, t

The fufnical slates that a number of mines carried by the Russian warships whi were sunk in the Battle of the Japan Sea a reported to be coming to the surface, Owl to the currents, the mines from those ver which went down reat the Japanese Coast believed to be floating in the direction of Tushima and Coren Siraits, while those fr -vessels which 'sunk far from the coast are nected to appear near Noto province and Island:

The purchase price of the British stea Garlic is repared to be somewhere $00.000. Her purchasers have not been nounced,

The steamer Afississippi is now in Many bay loading a cargo of 18,000 ba’es of Kenip Boston. She will go home by way of the Ĉi- of Good Hope,

Saveral, unemployed seamen imbibed. freely yesterday with the result that they w fined in sume ranging from 5 1 to $5. One issaulted the police and got three weeks wi out the optien sur Mang

** James Murphy, a scaman on the sailing. Pravuniors, was charged before Me Har this morning with disobeying the da luf manda of Harold Scicalfe, second maje board the vessel on the 26;h Inst.) The ring, dit not sprays, but clafuna inananl that he was awfully drunk, though be di having refused to obey neders. As there no prosecutor Mr. Hareland discharged efendant and warned, him to go on board behave himself, or he would got inla tecuble," "The man lest Court promising - of good behaviour in future, NA

THE SSPLEIADES"

Li Lung, Coxswain of launch No. 5, ek amined by Mr. H. W. Looker, said that on leaving the pier he went astern' first, and if the company votes for borrowing money then turned round. When he first saw the

To determine whether the steamers when we have competition and we do not know Kumsang the bows of his launch were parallel where it will end. We cannot analgamate to the starboard light of the ship. It was her

or Insurance company shall stand the sh with Butterfi id and Swire, and we cannot pur- duty to get out of his way. He was ging haf

Feeding $1,500 fur flour stolen by Rui? chase theif dock. The next thing is the re-speed; his full speed was eight to ripe knots.

diers at Port Arthur in February lasti construction of the company, For one thing The Kumrang blew iwo short blasts which he

the purpose of libel proceedings con the sharehulderke asked to give the direc-understand to mean that she wanted to rass

in the Federal Court by the Centennia It is with the greatest leasure that we have, Itors power to sell their propeny without refers witnes's bows. When he heard the two

to announce the fact that His Majesty the reades Inaded four, at: Tacoma for

Company against the seamship Pleiader ence in the shareholders. They will be able blasts from the Auming he altered his King has conferred upon Mr. Arathon Seth, Port Arthur, reaching that puri ois to sell anything, and to do just as they like. I Course to starboard, and the Kumsang Registrar of the Supreme Court of Hongkong 7th, the day that the Russo-Japanese za was only going to say that we have experien came straight on, and collided with his Official Trustee and Registrar of Companies, ced directors here who have borne the heat launch, striking her just forward of the the coveted distinction of the medal for long out. While she was in port trying to and the burden of the day. But a man cannot

part light. An old woman on No. who ad meritorious service under the Government. Consent to be released, the Russiaut work for ever, and others may come along who do not know the state of affairs as well as the into the water. He threw a wooden bench into day to the effect that the long sevice medal bad her cargo at Port Arthur, the Plandek was sitting on the gunwale fell backwards Mr. Seth received notice from the Governor to considerable part of the flour cargo nád

lically confiscated it Being unables present directors do. We can't tell what other the water to her, and she caught hold of beer conferred upon him, and no doubt theit at Cheloo where it was sold fore people will do. They will inherit this power. A seaman on his launch also threw her official butification will appear is he Gate would bring. Though the complaint (Applause.) In the next place I understand life buoy, but she did not catch it an which is published to-night. The legion of that the amount is due as reimbursemen this is with a view to selling the Old Dock pro-it fell too far off and a man from the friends which air. Seth bas gathered around the loss sustained by fallu e to deliveri perty. I am quite sure that when a suitable Kamsung jumped into the water and picked him daring his long and honourable connec

at Port Arthur according to agreemen offer for the sale of the Old Dock is made, if a her up, and transferred her to witness's launch,tion With the Civil Service of the Colony will claimsed by Manager Waterhouse, of the meeting of shareholders is called they will all and the latter went straight on to Sham-sui-po rejoice at the distinction so wonhily gained by ship company, that the real issue is to come along and vote in favour of it, Brit Cross-examined by Mr. Thomson -If both Mr. Seth, especially when it is remembered there is no necessity to pass a resolution until launches had kept, on their courses thay would f that he is the fint holder, of, the office of mine who must stand the loss of the flout.)

of the whole thing. A few years ago I thought and Japan, we should then be able to do it. If it would be vandalism to sell such produc.ive it was borrowed money to improve and streng property. An unfortunate clause in the Articles then the business we should all vole in favour of Association prevents our disposing of this of it. But I think it is a very serioui' matter,

and property, and i want that clause taken out o that we can sell if we have a good offer, and' not lose the chance by the delay of calling a meeting to sanction the scheme. Genttensen, you have had the notice convening this extra ordinary meeting in your hands for some time, and the principal object the directors have in Mr. Taylor-It was

view is, to try and satisly those of you whe The Chairman-My shoulders, however, are

consider a reduction of capital would be bene- broad enough 10 stan bis vituperation and ficial. In iny speech this afternoon, I enden comment. I can assure you it runs off my back voured to make it plain to you how the capital like water off a duck's because I feel that I assumed the present proportions and it must be have had the best interests of the Company at patent to you, the Directors had the best pos beart. I defy him to show one instance of my sible intentions in putting the shareholders of not having acted for the best interests of the each company on an equal finnocial basis. It Company. It is true that the Articles of Associais at the first time, gentlemen, we have tion give us great power, but, in all instances, the shareholders must admit, everything has been brought before them to carry themselves, and we have never used that power. What 1 say is correct, there is no question about it. It is true that I went bame on the company's business, at my own expense. Up to the pre- sent moment neither I bor Mr. Prentice have charged the company one cash, but for your information I may tell you now that I shall certainly do so. The thing needs no comment. We have not done anything wrong. According to Mr. Taylor's method of speaking, he tries to persuade us that we have done something that is terrible, and we begin to wonder what it is. Mr. Taylor says there has been a huge increase in the shipping, at this port. That may be 10, but ever since the companies have been amalgamated we have been, so to speak, plunged in war. Take the wharf during the past year. Sometimes for weeks there was not a ship lying alongside. Years ago, the China and Japan war had the same effecr. With re- gard to the Directors' salaries, Mr. Taylor has made certain suggestions, and has commented upon people leaving our employ. People leave because they do not get enough, and those who get them give them larger salaries. To use a vulgarism, I am not speaking through my hat. I know what I am talking about. Mr. Johnston left while I was away.

Mr. Jobaston-No, I did not. I told you before you left that I was leaving,

The Chairman-You left in a fit of temper. A Shareholder-Rats!

THE CHAIRMAN'S INTIMIDATION. The Chairman-You had better be careful what you are saying, Mr. Joboston. You know what bold I have over you. You had better be careful.

NO 'DIFFERENCE IN MARKET ‚VALUE OF`,

SHARES.'

the Ime comes. I should like to move an amendirent.

Mr. Twentyman-You should have given seven days notice. (Uproar.)

Mr. Weir-I hope all the shareholders un.. derstand the serious nature of what we are asked to do, I hope they will vote against these resolutions.

'The Chairman-Vau can vote against them. This clause is perfectly clear-ven days' notice of an amendment must be given. That does not preclude your recording your vote against the resolutions. The directors do ant wish to take any advantage.

Mr. Weir-i understand the clause only appled to motions. What I was going to pro pose was an amendment that the Company te not reconstructed and that this money be not borrowed.

Mr. Putt-That is a negative then.

COMPETITION DISCOUNTED.

By returning you now Taels 20 per share, we do not think it will ultimately make any ap preciable difference in the market value of the shares. When the mortgages, etc., we have, are paid off, the amount could be applied for the reduction of the loan we propose to obtain to enable us to return you the Taels 20. The reserve fund very nearly represents the amount returned to you, without considering any ad. vantage which may be had by the sale of the Land. About two years sin e, it was under consideration to reduce the capital by issuing debentures, and I may tell you had this scheme been adopted the probability is a good many of the debentures would have been redeemed'; as a proof of this, 1 refer you to our reserve fund, which stands at a million facts, and a good deal of this could have been applied in The Chairman-With regard to the reduction this way, and as the Debentures were bought of capital, I have explained that if you don't would have been cancelled and would have want it you can vote against is. Mr. Welt disappeared from our books; this would have takes it very serious y'to heart. When talking enabled us to pay you larger dividends from about the sale of land he forgot that we have the amount saved by the purchase of the de- land to sell, snore land than we want. We bentures. We are met here with, I hope, one consider the Old Dock a very valuable piece desire, and that is to promote the welfare of of property. In Shanghai we have been facing this Company. If the majority are in favour of competition for a long time. I am afraid Mr a reduction of capital, then I trust those of the Weir is one of Job's comforters. I do not ninority will accept the decision gracefully; if think the Arsenal Dock will affect us. We on the other hand it is decided no reduction have tried to stir up the officials about it. They' shall take place, then there who are in favour have taken away some of our men by offering of a reduction must bow to the inevitable. We double the pay they were seceiving from us. are desirous of doing all we can to meet your They have not, however, made a very brilliant views, and I will now put the resolution to the start. One ship they have ducked has turned meeting.

over. We shall, however, watch them. 1 think Butterfield and Swire's dock is more nimenace to the Hongkong and Whampoa Dock Co. Mr. Taylor talked about a certain ship going 10 Hongkong. We let her go because we could ant repair her at her price. We

THE RESOLUTIONS."

nast have cleared each other; they must have collided. From the time he saw the Kumsang to the time of the collision was about one minate and several seconds.

To Mr. Looker: He could not go astern as there was a junk and a launch behind him.

The inquiry continues.

ALLEGED EMBEZZLEMENT

BY MAGISTRACY SHROFF,

Registrar, who has received this mark of by the Russians Royal favour, only three members of the

Civil Service of Hongkong have received The Cunard liner Campania, on it). the medal for long service in the past voyage, had simultaneous wireless telef -Captain Murray - i umsey, Mr. Bruce communication from America and Shepherd and Mr. Ford, and all these gentle mid ocean, This feat had not been

en have retired. Mr. Seth is still actively en-accomplished, gaged in his duties at the Supreme Court, and likely to continue in harness for some time to come, bisera.

Ceptalo, Davison, RNR of the steamer Farter repons that on the 16

Mr. Arithoon Seth, who is a bastis er-at-law. when near Bonham Light he pissed has had a period of 33 years unbroken service with her masts and funnels appar in the Civil Service; He joined the Magistracy way, She was in tow of a lug 29th ult,

fanish flaz.A as Hindustani Interpreter in 1868, but in the Remanded fram last Thursday, the case in following yearresigned the service to take up an which Chan Shan, sloff at the Magistracy, appointment with the 1'. & U. Company. I wo was charged with the mbizzlement of the years later he was back at the Magistracy as sums of $500 and $515, paid to him on behalf 3rd c'erk and from 872 until today he has of Government on the 17th of March and Toth gradually worked his way up to the position May last, respectively, and with falsifying, a which be now holds. He was chief clerk certain book the property of the Government, at the Colonial, Secretary's office and Clerk was again called on before Mr. F. A. fiezeland of Councils in 1881, and was made a this afternoon.... Inspector of Detectives, the case was farther Upon the application of Mr. J. Hanson, Chief

remanded for one week, bail being allowed, as before, in the sum of $1,000.

ARMED "GANG ROBBERY

THE “TRAVANCORE, JE, James Murphy, a seaman on the salio Travancore, was charged with using and insulting language to the chief mat Thomas Roberts, on board the vessels

gth Defendant said he had often been drink on board before, and might ha

Rating Ordinacce, Superiotendent of Ogium said, as there was a serious case coming Justice of the Pence two years after abusive and never a word was said about wards. He has been Valuer under the anyone. This case was only brought në Revenue and Superintendent of Imports and Monday next against the capinin and they wal Exports, in addition to other duties, Acting to get him put in “chowkey” so as to get Deputy Land Officer, and was seconded for out of the way and prevent him from - service as Secretary to the Board constituted" | evidence on that occasion.—lijs Worship under the Taipingshan esumption Ordinance, 2d defendant to enter into a personal 1884. He first got so idea of the Registrar's for 8:00 to keep the peace for six month duties in 1895 when he became Acting Deputy warned him against appearing Registrar. For a time he was Acting Assistant magistrates again. The case in which Tse Kam Shing, and Registrar General, then in 1898, Acting Regis B Leung Fam Tai were charged with armed trar and finally his appointment as Registrar of robbery at Tsin Hang Kinng, in the Kwong the Supreme Court Registrar of Companies Ning District, prefecture of Kwong Tung, and and Official Administrator and Official Trustee, whose extradition was snught, was called be- was confirmed on May 19th, 1904. He was fore Mr. Hazeland. to-day Inspector Guld call d to the Bar at Lincoln's lan in 1893 watched the case, Mr. H. Hursthouse, of the In all his dealings, Me Seth has proved a Crown Solicitor's office, prosecuting exceedingly genial and able:official, and this videne, similar to that already reported in latest mark of appreciation from the Crows our columns was given, and was to the effect will evoke congratulatipus from every side. 1. have been made to Aikeen

proged considerable intere

IN CHINESE TERRITORY.

291h tale.

Mr. F. E. Taylor-No shareholder ought 19 be intimidated," (Applause)

The Chairman-I am not intimidating. Mi. Johnston knows to what I allude. With regard to Mr. Taylor's assertion that we have lost work that we might have had. If we send in an estimate al practically cost price, surely it is better to lose the work than to lose money.. I know money was lost on the particular ship alluded to." With regard to Stock Exchange gambling, it is a thing we do not want to inter- fere in. (Loud Laughter.) You may laugh. but I will make no further comment on it. My hands are clean, Mr. Taylor said I was dictator. Why I have always consulfed the in the best advantage, Shareholders, in ca shareholders. We had power to go to London | :: 2.—To relpro to the

in cash, though not very much. It is scarcely armed robbers who, by threats; secured THE Straits Timer henn and sell the company, and bring it before the the sum of Tis: 20 for every share in the exist", "fait to chase a wolf before it comes along. 1 582 from a wardrobe, ted brxes of clothing of the Tanjong Pagar Də shareholders afterwards, but as it was such ing Company, which will be done in the follow. don't care a hang about the reductions of valued at 165 from the cogklost, other clothing, to be Trovided with zy huge indertaking, we consulted the share-Jing manner i that is say: a New Company, will capitof, except in the interests of the company, valued at $140 and some property de de fom and night in consequ holders fint. Owing to the negotiations fall he formed which will take over the undertaking. It will saddle us with Tis, 70,cos per annum. ing through wo are in no worse disition than of the Old, and, as consideration, will pay to "If we cannot make that and a dividend besides, we were before, I do not think it is necessary | the registered holdet of every share in the pre- the sooner we shut up shop the better. - (Ap.

The Chairman then proposed, and Mr. von Ricker seconded, the following resolutions

To modify the constitution of the Cam pany so as to enable it at any time to dispose of its surplus assets, including the Old Dock, don't suffer very much from Hongkong or that at midnight on the 26th April of last Japan, in fact the Japanese give us work, year complainant's house was entered by

PRIOT ON A STEAMER, The American steamer Garonss ed by Capain, Robert Lowe, arrival at Colombo from day made a tepon to sho Colomba (Mr. Willim. Mors

fracas which occurred am

on board; and the malter

Rh official | Gʻ Jonne was Chanort hap: hid ilin firm in conve

by day

a wardrobe. At the men were about jo la ve¦ have been made against his life, by a cenain,

the premises the first two robbers who came section of the Dock workmen lo regard to pas Into the room (led complaluant and his wife lo- ment for overtime