1905-06-30 — Page 5

14.

TELEGRAMS.

THE HONGKONG TELEGRAPH, FRIDAY, JUNE 30, 1905.

[SEC, FARNHAM, BOYD & CO, LU. | lion was more than doubla what it stands at in for other Minister, to prevent the Government

THE ANNUAL MEETING.

INTERESTING DISCUSSION,

[Concluded from Tuesday,]

Prince Ariaugawa in England. LONDON, 28 June.

In the report of the interesting meeting of At Buckingham Palace, the King conduct shareholders in S. C. Faraham, Boyd & Co., ed the Princess Arisugawa to dinner and 1.d., held at Shanghai on Friday last repro. Prince Arisugawa conducted the Queen,duced in these columas on Tuesday, we gave but a brief summary of Mr. Twentyman's reply No speeches were made. The guests into Mr. F, E. Taylor's strong criticisms on the cluded the Duke and Duchess of Connaught, the Company, with special reference to the managing director's conduct of the business of Lord Lansdowne, Lord Rosebery, Earl negotiations for a so-called proposed rate of Spencer, Mr. Balfour, Viscount Hayashi the Company's business to a London syndi and the Secretary of the Legation. A con-

cate. To-day we received a copy of the foll report of the proceedings of that most interest cert followed the dinner...

ing meeting and in continuation of the report given on Tuesday, now print the following ex. tract for which we are indebted to the columns of the N. C. D. News zam

The Duke of Connaught yesterday con ferred the Grand Cross of the Order of the Bath on Prince Arisugawa.

MR, TWENTYMAN'S REPLY TO MR. TAYLOR,

The Chairman-In reply to Mr. Taylor I have first of all to say that the reduction of capital way never put to the shareholders. 'It only suggested that circulars should be sent was never bio ight before the meeting. It was |

France and Germany. Prince von Radolia has presented Ger many's reply to the French note. It is under stood that the reply insists on the necessity for a Congress; it considers the previous disaut to that effect, cussion on the scope of the Congress unneces sary; but the general tenour is so amicable that it appears to facilitate the purely formal concessions to which, Germany appears to attach valic, and makes it difficult for France to refuse the Conference, especially as her exceptional position on the Morocco frontier is fully acknowledged.

The prohibition to transmit arms, which has already placed the Sultan's force at Ujda in a critical position, has been withdrawn.

Later.

The Times, in an article welcoming Prince Arisugaws, says that no news could be more welcome to the British than an extension of the alliance. Prince Arisugawa has au- thorized a statement that he is greatly enjoying his visit and that he is highly gratified with the welcome extended to him on all sides. In the afternoon, the Prince visited the Admiralty and in the evening was present at a party given at the Legation by Viscount Hayashi.

France and Morocco There is a general feeling that the sting has been taken out of the Moorish question by the conciliatory tone of Germany, who pointing out that as it was Morocco and not Germany who proposed a Conference, the latter could not limit the discussion, and who displays a disposition to utilise the Moroccan dummy later for the purpose of meeting the views of France.

(N. C. 1. News.)

News from the Front

Tokio, 24h the. Aress dispatch from the Yehħadig re- gion I ports that the Japanese drove out three thousand Russian infantry and cavalry and Ihres guns, and accupied Nanshanchéngise, north of Wankoutsekoú.

Two Japanese were killed, and fourteen

wounded.

The Russians left forty dead on the field, and their casualries are supposed to be over three hundred,

Later.

It is officially announced that the detachment detailed to drive the Russian force which has been making its way añuth since the 20th Inst., near Nanshanikëngise, occupied the north-western height of Nanshanchéngtse in the afternoon of the and, and attacked from the north-west. The Russians were thrown into contusion, and part of them retreated, but those on the western height 'marle a continuous stubborn resistance. The Japanese carried this western height with a fu inus charge at 6. 10pm, and were subsequently hotly en, aged on the northern height:

A part of the Japanese turned to the north east of Tapingtientse, about two miles north west of Pansanchéngtse, in order to cut off the retreat of the disorderly Russian infently and cavalry, who hoisted the Red Cross in the hope of escaping the firing; but they were routed to the onbward, thanks to a furious fire.

The Russian strength was about three thou sand men with several guns. They left over fifty dead on the field, and their casualties are supposed to be over three Fundred

Two Japanese were killed, and seventeen

officers and men wounded.

The Japanese Advance in North-east Korea..

Tokio, 25 June. It is learnt that the Japanese vanguard in twenty-five miles beyond Kuongsong,

The Battle of Tsushima,

Tokin, 25th June. The dis atches sent to the Taar by Admirals Rozhdestvensky and ibogatoff have been published.

|

The former states that the Aniuz Sowvaroff | was put-ranged at 2.32 pm. on the 27th oli and at 3.30 pm. Admiral Rozlidiastvensky, with a part of his staff, in as unconscious con dition, was remlived to the destroyer Guint, and on the next day to the destroyer Bedovi. Referned that Admiral Nibogatoff was at *Sascho on the 31st of May.

3

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

The Chairman-The whole of Mr. Taylor's ap ech was practically levelled aga nat me all through.

Mr. Taylor-It was,

|

|

the books to-day. We are therefore perfectly competing with a mercantile business. Until safe on that score, and so are the auditors, wa succeed in 'so doing, we have something The machinery was valued by Messin, Wilson' staring us in the face that will in a few years and Weill, the property and buildings, by time seriously compete with us, and probably Mein. "Scott and Carter, and Mr. Dowdall. " | inke something out of our dividends.

TI The entire property was valued at

A V 9'S HONGKONG DOCKS. 11,000,000, The valuation was therefore: more than twice our capital, (Applause.) Korm

The resolution appointing the auditors was then carried and the business of the meeting came to an end.

REDUCTION OF CAPITAL."

a

To-day's Advertisements.

HONGKONG HOTELA

- MENU,

SATURDAY, JULY 1ST, 1905, DINNER.

HORS D'OEUVRES. Canaper'a la Windsor..

SOUP. Mock Turtle Soup."

FISH.

There is another thing I would remind you of, and that is that Butterfield and Swire hava very no dock in Hongkong nearing com- pletion. It will be quite capable of taking any steamer of the China Navigation Co. if they like, and it is therefore very unlikely that the shareholders will send their ships to be docked elsewhere. How are we going to ge! ta per cent in there days of competition? It means that in a short time we shall possibly have less work, with less money to do it. It would therefore be much better forus to return the capital out of the reserve fund and not have any debt. If it was necessary to borrow this money for improvement of the company's plant Rabbit a la Française. to enable uo compete with rivals in China and Japan, we should then be able to do it. It it was borrowed money to improve and streng- then the business we should all vote in favour of it. But I think it is a very serious matter, and

A SUICIDAL POLICY

The secretary then redd, the notice conven- ing the extraordinary general meeting.

The Chairman-Before going on with my speach, I would like to say that the directors do not wish to force this scheme on you. You have the matter in your own hands, I say shareholder wishes, he can have debentures for Tis:10. We bave the power to give them, and as money comes in thai we have outstanding if will be applied this purpose. With regard to the sale of the Did Dock, this is the principle of the whole thing. A few years ago I thought it would be vandalism to sell such productive property. An unfortunate clause in the Articles of Association prevents our disposing of this that we can sell if we have a good offer, and if the company voles for borrowing money property, and I want that clausu taken out so

not lose the chance by the delay of calling when we have competition and we do not know meeting to sanction the scheme Gentlemen, where it will end. We cannot amalgamate you have had the notice convening this extra-with Butterfield and Swire, and we cannot pur ordinary meeling in your hands for some time, chase their dock. The next thing is the re and the principal object the directors hava in construction of the company. For one thing view is, to try and satisfy those of you who this shareholders are asked to give the direc consider a reduction of capital would be bene tort power to sell their property without refer. The Chairman-My thoulders, however, are ficial. In my speech this afternoon, I endea este to the shareholders. They will be able broad enough to stand bis vituperation and voured to make it plain to you how the capital to sell any:bing, and to do just as they like. I comment I can assure you it runs off my back assumed the present proportions and it must be was only going to say that we have experien- like water off a duck's because I feel that I patent to you, the Directors had the best pos-ced directors here who have borne the heat have had the best interests of the Company at sible intentions in putting the shareholders of and the burden of the day. But a man cannot heart. I defy him to show one instance of my each company on an equal financial basis. It work for ever, and others may come along who not having acted for the best interests of the it not the first time, gentlemen, we have do not know the state of afairs as well as the Compony. It is true that the Articles of Associa· | essayed to do this in order to satisfy cenain

present directors do. We can't tell what other tion give us great power, but, in all instances, shareholders, and we are of opinion that by the people will do. They will inherit this power. the shareholders must admit, everything has reduction you will eventually put yourselves in a (Applause.) In the next place I understand been brought befor them to carry themselves, position to obtain better dividends, provided the this is with a view to selling, the Old Dock pro and we have never used that power. What business goes on increasing. The principal perty, I am quite sure ibat when a suitable correct, there is no question about it. It point to be borne in mind is, you have a large offer for the sale of the Old Dock is made, if a is true that I went home on the company's amount of valuable land which I am free to meeting of shareholders is called they will all business, at my own expe: se. Up to the pre-admit is unproductive capital at the moment, sent moment neither I nor Mr. Prentice have and it was necessary to call this meeting to get

come along and vote in favour of it. there is no necessity to pass a resolution until charged the company one cash, but for your your consent, and to give the directors power to the time comes. I should like to move an information I may tell you now that I shall sell the Old Dock and unused land, and return amendment. We have not done anything wrong. According certainly do so. The thing needs no comment. you any monies, the result of such sale. 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 part. That may be so, but ever since the companies have been amalgamated we have been, so to speak, plunged in war. Take the wharf during the a ship lying alongside. Years ago, the China past year. Sometimes for weeks there was not and Japan war had the same effect. 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 uie a vulgarism, I am not speaking through my hat. I know what

am talking about. Mr. Johnston left while I was away,

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

The Chairman-You left in a 6t of temper. A Shareholder-Rats!

way

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

Mr. F. E. TaylorNo'shatchelder ought to be intimidated. (Applause)

The Chairman-I am not intimidating. Mr. Jobrsion knows to what I allude. With regard is Mr. Taylor's assertion that we have lost work that we might have had. If we send in an estimate at practically cost price, surely it is better to lose the work than to lose money. know money was lost on the particular ship alluded to. With regard to Stock Exchange gambling, it isn thing we do not want in 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 a dictator. Why? I have always consulted the shareholders. We had power to go to London and sell the company, and bring it before the shareholders afterwards, "but as it was such a nge undertaking we consulted the share holders fitet. Owing to the negotiations fall ing through we are in no worse p sition than we were befnie. I do not think it is necessary in extend the dis ussion further, as I think have said all that is necessary. I can quite understand Mr. Taylor having a bitter feeling if he has lost money. If he has, all I can say is that I am sorry for him, and, for anyone else that the company is in a satisfactory way. We who has done so. I still repeat and maintain have nothing to complain about. We have a good credit balance at the bank, and the Accounts for the year are hefure you. · I am quite prepared to give you any explanations with regard to the accounts.

Mr Taylor-With regard to the shipping, what I told you is quite true. The entries at this Part-I have looked up the statistics since 1901-have increased by nearly 1,000,000 100% The Chairman That may be so, but the Dock and Wharf Company have not got the work all the same. Certainly it did not come here. Perhaps some of the ships only got as far as Woosung.

Admiral Rozhdiestvensky, was also allowed | date. to wire on the 17th insi, His words were

NO DIFFERENCE IN MARKET VALUE OF -

SHIRES. By returning you now Taels 20 per share, we do not think it will ultimately make any ap- eciable difference in the market value of the shares. When the mortgages, etc, we have, are pail off, the amount could be applied for the reduction of the loan we propose to obtain to enable us to return you the Tacis zo. The returned to you, without considering any ad- reserve fund very nearly represents the amount vantage which may be had by the sale of the land. About two years since, 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, I refer you to our reserve fund, which stands at a million taels, and a good deal of this could have been applied in this way, and as the Debentures were bought would have been cancelled and would have disappeared from our books; this would have enabled us to pay you larger dividends from the amount saved by the purchase of the de- bentures. We are met here with, I hope, one desire, and that is to promote the welfare of this Company. If the majority are in favour of n reduction of capital then I trust those of the minority will accept the decision gracefully; if on the other hand it is decided on reduction shall take place, then there who are in favour of a reduction must bow to the inevitable." We are desirous of doing all we can in meet your views, and.I will now put the resolu ion to the meeting.

THE RESOLUTIONS. Rücker seconded, the following resplations:

The Chairman the proposed, and Mr. von

pany so as to coable it at any time to dispose To modify the constitation of the Com- of its surplus assets, including the Old I ock, to the best advantage.

Bot

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

Mr. Weir-1 hope all the shareholders un. derstand the serious nature of what we are asked to do. I hope they will vote against these resolutons.

The Chainman-You can vote against them. This clause is pecily clear-seven days! notice of an aneudinent must be givan. That does not preclude your recording your vote wish to take any advantage. against the resolutions. The directors do not

applied to motions. What I was going to pro- Mr. Weir understood the clause only pose was an amendment that the Company be aut reconstructed and that this money be not borrowed.

Mr. Patt-That is a negative then.

COMPETITION DISCOUNTED.

1

Smoked Fish and Butler Sauce,

ENTREES.

Stewed Steak a l'Anglaise.

Sweetb ead Pattles.

CURRY Kabob Curry.

Roast Turkey and Sausage.

JOINTS, &C. Roast Australian Lamb and Mint Sauce.

Boiled Bacon and Cabbage. Cold Veal and Ham Pie and Cucumber

and Onion Salad.,

SWEETS.

Tapioca and Apple Pudding. Coffee Ice Cream Bad Genoa Cake. Apricol Tarr. Tipsy Cake.

DESSERT,

Coffee.

Fruits.

IN THE SUPREME COURT OF HONGKONG.

ORIGINAL JURISDICTION,-

Action No. 95 of 1905.

[703

By order of the Supreme Court of Hongkong TO BE SOLD BY PUBLIC AUCTION,

,'

and with the approbation ul AKATHOON

SETH, Esquire, Registrar of the Supreme

Court, of Hongkong, pursuant to the order for sale made in the above action and dated the 14th day of April, 1903. ·

THE VERY VALUABLE LEASEHOLD AND RECLAMATION PROPERTY, situate at Victoria, in the Colony of Hongkong,

ON

MONDAY,

the 17th day of July, 1905, at 3 o'clock P.M., al Messrs. Hugbes and Hough's bales Rooms, Des Vœux Road Central, IN ONE LOT, BEING ALL that right of Equity of Redemption of

A and in SECTIONS A and B of MARINE thereto. Together with the Messuages or Tenc Lot No. 236 and THE RECLAMATIONS

ig;, WING LOK STREET, and Nos. 36, 37, 38 ment thereon, known as Nos. 188, 190 191 and

and 19, CONNAUGHT ROAD WEST, Hongkong, The Property is more particularly delineated on a sale plan thereof which can be inspected at the Offices of Messrs. joitNSON, STOKES. and MASTER, Solicitors for the Vendor,

held from the Crown for the residue of a term Sections A and B of Marine Lot No.236 are of 999 years from the 25th day of June, 1870, granted by a Crown Lease dated the 7th February, 1879..

is 7,124 square fest.

The area of the whole of the said Property

The Chairman--With regard to the reduction of capital, I have explained that if you don't want it you can vete against it. Mr. Weir takes it very serious'y to heart. When talking about the sale of land he forgot that we have land to sell, inore land than we want. We consider the Old Dock a very valuable piece of property. In Shanghai we have been facing competition for a long time. I am afraid Muf Marine Lot No. 336 are held upon and under The Praya Reclamation to Sections A and B. Weir is one of Job's comforters. I do not the terms and stipulations of the usual Recla think the Amenal Dock will affect us. We mation Agreement. | have tried to stir up the officials about it They have taken away some of our men by offering double, the pay they were receiving from ul. They have not, however, made a very brilliant start. One ship they have docked has turned over. We shall, however, watch them, think Butterfield and Swire's dock is more a menace to the Hongkong and Whampoa Dock Co. Mr. Hongkong. | Taylor talked about a certain ship going to We let her go because we don't suffer very much from Hongkong-or could not repair her at her price. We

Japan, in fact the Japanese give us "work," though not very much. It is scarcely fair to chase a wolf before it comes along, I don't care a hang about the reduction of capital, except in the interests of the company.

Property is $127.40.

The Crown Rent in respect of the whole

Intimations.

ROBINSON PIANO

COMPANY, LD.

THE PUBLIC MAY RELY

· IMPLICITLY ON GETTING

FROM US

PIANOS

OF THE

HIGHEST CLASS

EMBODYING THE VERY DEST

MUSICAL AND WEARING

QUALITIES,

AT

MODERATE PRICES.

OUR CLIENTS HAVE THE

ADVANTAGE OF OUR

30 YEARS' EXPERIENCE AS

EXPERTS,

DEVOTED

EXCLUSIVELY

TO THE PIANO TRADE.

WE ARE BY FAR. THE

LARGEST IMPORTERS

AND

MANUFACTURERS

IN CHINA, AND STOCK THE

GREATEST VARIETY

OF MAKES.

Hongkong, Bth June, conc-

CAFE WEISMANN.

(520

our new

TIFFIN ROOMS,

sale, apply to-

For further particulars and conditions of THE Public are invited to pay a vill to Messrs. JOHNSON, STOKES AND MASTER, Solicitors for the Plaintiffs in the above Action who have the conduct of the said sale,

or to

Messrs. EWENS AND HARSTON, Solicitors for the Defendant, LI TSUNG PAK, in the said Action,

or to'>

Messrs. HUGHES AND HOUGH, Government Auctioneers. Hongkong, 29th junė, 1905.

CLEARANCE SALE.

The only place of its kind in Hongkong,

A VERITABLE FAIRY LAND.

REAL GERMAN FASS BEER ON DRAUGHT.

fer

Entrance-

No. 1A, WYNDHAM STREET, Hongkong, 22nd April, 1905,

[46

IN ORDER TO MAKE ROOM FOR NEW GOODS.

MADAME JAY'S,

No. 4. Des Vœux Road, will begin

-To return to the Shareholders, in cash, the sum of Tis zo for every share in the exist ing Company, which will be done in the follow. Ing manner; that is say a New Company will will saddle us with Tis. 70,00 per annum. be formed which will take over the undertaking If we cannot make that and a dividend besides, of the Old, and, as consideration, will pay to

the sooner we shut up shop the better. (Ap- the registered hol ler of every share in the pre-plause) With regard to the sale of plant, we sent Company Tia, zo in cash and will pay to have all the time been selling it, and we try to the registered holders a fully paid-up share in get the best prices possible. As to the ine the New Company of the nominal value of Tls.crease of our machinery, we are only working 8. The capital of the New ompany will be at about a third of our capacity. I think I am Tls. 4.416,02, d vided into 55,200 shares of Tls. right in saying that Mr. Weir's remarks about 80 each The sum of Tls. 1,104,000 will be re- the improvement of our machin ry were due and arrangements have been made with our recently. If we had the machine for doing quired for the cash payment to shareholders to our having had to send home some work A CLEARANCE SALE, Banka:s for p aviding the amount.

this work we should probably only use it once 3-This sum of Tls 1,101,000 will be subject in five years, and in the meantime would have to interest at the rate of 7 per cent per annum,

to pay for it and also for a man to clean it. If so assuming the returns are equal to 12 per we need it we can get more machinery, but I this construction will mean a saving of Taylor's ideas. Mr. Taylor fired shot at us. ceat per annum of the capital of the Company, don't see that we want any more than we have. Mr. Weir's ideas are rather opposite to Mr. cent and, if the returns allow large dividends to be paid, the saving will be correspo dingly in Mr. Weir supported us, and without being No. 4. Des Voeux Road, the following Goods creased. Further, if we succeed in selling

egotistical think we can say that we have partion of the Company's properly, the amount done our best for the company. received will be applied in reducing the over- draft. This reduction of capital will have un ect on the earning power of the Company,

which will remain the same.

•

A DANGEROUS METHOD

At Greatly Reduced Prices, from MONDAY, the 3rd July, Hongkong, 30th June, 1903

[704

RECEIVED BY THE "TOURANE,"

The resolutions were then put to the meet-M

ing, but not being carried by three-quarters of the shareholders present, were declared lost.

The meeting then terminated.

THE OLD EMPLOYEES. The following letter appears in the North China Daily News, of 26th inst

Sir-Inegard to the reference made by Mr. J. R. Twentyman at Farnham Boyd's meet ing on the 23rd inst, in reply to Mr. F. E. Taylor's remarks,

Mr. Thos. Weir. Before putting this resniu. tien i arise, as one of the original shareholders, and though a very small chr, one who has been interested in the company a very long time, possibly longer than any present, I have the best interests of the company at heart. As I have already mentioned to the chai man

Me. Twentyman gave as the reason for Mr. ing that shareholders should think very cared to pay." and other directors, cannot help think-Mr. Rawsthorne and myself leaving his firni: that we had asked for more than his company

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 adapted and ap proved and that the directors be authorised to pay a final dividend at the rate of Tis. 8 per 'shate to shareholders on the register at this

"Hearing of the surrender of the Orel, Nicolai the sharehs Iders present abstaining from voting. The resolution was carried, the majority of 1, Semino ur, and Apraxine. I lost my self-pos. It was then proposed by Mr. J. Young, carefully before passing the resolution. In ssion, and consider myse'l only responsible." seconded by Mr. W. A. C. Platt, thar, Mr. S. the first place the idea is, I understand, that This is absolutely false so far as Mr. Raws- The Tsar has not yet replied to the telegrams Groundwater be re-elected a director. Most the company may be able to reduce its capital. thorne and myself are concerned. We made no of Admirals Roshdiestvensky and Nibogatoff present abstained from voting on this also, but The method taken for reducing the capital attempt to increase our salaries, the first and rezarding the disposal of the officers who sur- it was nevertheless carried,

the present time is, I think, a most dangerous only intimation S. C. F. B. & Co. got from us rendered, and have indicated that they prefer

one. If the directors. bad come. forward and

was our resignation. am, etc., to remain prisoners. They will be given quarters pending the Tear's seply.

Ay old Chinaman, living at Inedine. Razaar, was yesterday performing his ablutions in the verandah, and on completion threw the water into the streets, without first looking to see that the course was clear. The dirty wn'er drench ed a young Chinese girl who was passing, and she went and complained to her brother. The latter tliereupon called upon the old man to come outside and settle the matter, which he did after concealing a chopper up his sleeve. Meeting the girl's brother he aimed a blow at hist and nearly severed the little finger of his loft band, and the young man then seized the un chopper and cut his assailant over the hood and on the foot. They were arrested and placed before Mr. G. N. Orme this morning, when the chopper-man, who had a previous conviction on record against him, was did $10 and or dered to pay $7 compensation to the young man for the chopped finger, and also enter into personal bond for 5.00 to be of good behavi- our faritwelve months, The young man was

· discharged, but was ordered to enter into a Braimllar bond.

R. B. MAUCHAN

COMMERCIALI

It was then proposed by Mr, W. S. Jackson, seconded by Mr. W Murray, that Messrs. said "We have a reserve fund of Tis. 1,000,000 The Kiangnan Dock and Engineering Works, G. D. Scott, and Mr. J. D. Thorburn be re- and we wish to reduce the capital and pay it elected auditors for the present year

off by certain instalments from the reserve

24th June Mr. Butler-I notice that in the assets are fund," then I am sure every shareholder would comprised pumps, and sundry other things, | have been delighted. If three or four years such as shears, etc. How can the auditors get | ago such na idea as borrowing money had been the value of these miscellaneous things. I thought of, it would have been a very light" don't think it is fair to compel them to make a matter...::Unfortunately we are not in the posiz statement that these things are worth so much. tion that we were three, two, or even one year The stock is put down as according to state-ago. For a company to saddle itself with debt. ment in the books, and I can only judge from PE a time when we must face complications this that the shears, pumps, etc, have been put seems very serious matter because wa Art down at cost price. I should like to ask if | responsible for this debt. We have to pay in- anything is allowed for depreciation.

Quotations for the week close as follows:- Hongkong Banks... ...$820 b. £84 10/ National Banks (or tur

Union Insurances Canton Insurances: China Traders

terest on it, whether we make it or not. AC China Fire

Hongkong Fires cording to thit gjatement Tis: 1,104,000 will be.Indo-Ching PROPERTY DOUBLE, ITS BOOK VALUE The Chairman-When we amalgamated, the subject to: interest at 7 per cent per annum, shareholders in one instance got one spare for Assuming the return to be iz per cent, there one, in another two for one, and in another will be 5 per cent over, and if it is more, more, three for one. That raised the capital to Tis. A COMPETITOR. 5.520,coo 7h's has already been explained to you. The property on the other side had to balance that amount, so was raised up accord ingly, I don't think anything was put down on shears, but only on laud and machinery, 10 make the books balance. For your informa tion may tell you that we had the property valued to keep as right, and I think the valua

But we cannot shut our eyes to the fact that in a very short time there will fine dock in Shanghai which will undoubtedly prove some thing of a competitor to this company. We know that already the Arsenal has made ar rangements to do outside work, and while we don't like it, we can't help it unless the directors are able through the British Minister

37 b.

:695

... 3174 d.

75

Jor sa

96

AT

MADAME JAY'S,

from Paris: [ORNING, AFTERNOON, and EVEN. ING GOWNS; exquisite styles and material..

LINEN MORNING GOWNS, ranging in

Prices from $35 to $100. PARIS GOWNS of the latest cul, BEAUTIFUL SUNRAY PLEATED SKIRTS, and BLOUSES, of Mull and Lace, for the WARM SEASON.

PARISIAN SAILOR HATS, trimmed and untrimmed, the latest Stripes and Dots, AFTERNOON GOWNS, made up in Maslin

and Lace, in the LINGERIE STYLES, Hongkong, 30th June, 1995,

1995.

FROM HAMBURG, BREMEN, ROTTER- DAM, ANTWERP, PENANG AND SINGAPORE.

TH

"HE H. A. L. Steamship "ALESIA

ཐཱ ཨི

Caplain Sachs, having arrived from the above ports, Consignees of Cargo are hereby requested to send in their Bills of Lading for countersignature" by, the Undersigned and to take immediate delivery of their goods from alongside

Optional Cargo will be forwarded unless notice to the contrary be given before TO. DAY

Any Cargo impeding her discharge will be landed into the Godowns of the Hongkong and Kowloon Wharf and Gollows Co., Limited, and stored at Consignces' risk and expense.

All Claims must be presented within ten days of the steamer's"arrival"here after which date they cannot be recognised. Da

No Claims will be admitted after the Goods have left the Godowns, and all Goods remaining Mundelivered after the 7th July will be subject to

rent

H., C. & M. Steamboats 37 sa,& si, Douglases

·357. 2140. China Sugars 127 in Finall Luzons de matin (31 Raubai fini Lei mi cunció bustan Docks

do 194 battag Kowloon Wharf car park 951 Farbams ie 140 b. ex div. Hongkong Lands 115. Hongkong Hotels: 1425. Ewo Collons lion m Green Island Cement#... 26|| 2

All broken, chafed and damaged Goods are to be left in the Godowns, where they will be examined on the 7th July, at 3 PM)

T

No Fire Insurance has been effected.

HAMBURG-AMERIKA LINIE Hongkong Office. Hongkong, Soth June, 1995,

Be

蠢

THE POPULAR

SCOTCH

15.

"BLACK&WHITE

JAMES BUCHANAN & CO.

"SCOTCH WHISKY TESTILLERS.

By Appointment to -E. M. THE KING

HIRH the FRINCE of WALES

Supplied at all the LEADING CLUBS and HOTELS, and to be obtained from [yoa the principal Stores,

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