1906-07-28 — Page 11

SATURDAY'S GYMKHANA.

A.KECORD MEETING.

23rd inst Although the attendance at the fourth mest ing, of the Hongkong Gymkhana Club, which was held at Happy Valley on Saturday last, was not what one would call good, yet the very exciting finishes in each race, and especially the large dividends paid at the pari-mutuel stand, which were the best paid out for some lime, made up for the small attendance. The weather, though very hot, did not appear to have made any difference with the sports. The jockeys took to different means for protecting themselves from the sun; the members' stand was " rooled," while the majority of others bad either to remain in the shade under the grand. stand and view the races from there, or saunier out and be baked. A few seconds before the starting of the first race His Exellency the Governor, Sir Matthew Nathan, arrived and was met by Messrs. C. H. Rois, H.P. White and J. A: Jupp, who conducted him to his stand, The band of the West Kent Regiment, under the charge of Bandmaster T. McKelvey, was again in attendance, rendering appropriate music and keeping matters cheerful.

The first race of the day was the closest event seen at a gymkhana meeting for some time, and it was in this that Mr. G. W. Gegg showed ad mirable riding on Highland Gillie. Before the ponies went out the backing was mostly on Pathan (enst. Hlb.) who was favourite, Metry mile next, on account of the small weight (9st. rolb.), and those who were in the know touched From Highland Gillie, who stood at 10st. 11lb the star! Gegg, was seen to be holding back his mount hard and in consequence purposely inst a good place in the field. He was trailing up to Black Rock, Pathan still keeping the lead. From the Black Rock and on, Highland Gilbe was given his head, after swerving to the nut side, and then Mac's pany rattled its legs. At the village Gegy polled in a bit for the turn and entering the straight-in third place he gave the pony "rope.". A few yards from the post Pathan and the Gillie were neck and neck. Then Gegg began to work earnestly, pushing the Gillie along in good style, and won by a neck from Pathan.

A large field contested for the second race, and it was said by all present to be no race at all. The starter's dag did not fall, vo hell was yog, but the ponies came home, nevertheless, Moronining this race on J. J.

People were asking what is becoming at the Challenge Cup race of late. "A race of this kind usually fetches a large fiak! but on Saturday only two ponies contested and Master won again on Blue Nile, making points. It was whispered on the course that there was a bet in view and one pessimist, who became sarcastic, remarked that people came to see racing not bets being settled. However, the question of the bet lacks confirmatiou.

Following are the descriptions of the differ

ent events

1-4 PM-ONE MILÉ and a QUARTER FLAT RACE. HANDICAP-For all China ponies. Non-winning Jockeys allowed 5, Entrance. fee $5 rst prize: A Cup presented by Mr.

H. E. R. Hunter; and prize $25., (Entrance fees to go to winner.)

> Mr. D. Macdonald's Highland Gillie, rust,

lb, (Gegg).......

Mr. W. G. Clarke's Pathan, rost, EID,*

(Clarke) ........

Mr. H. F. Hickman's Rosconimon, tost.

jib., (Dupree)

Father O'Flynn's Merrymite, 9st, roth,†

(Gresson)

Mr. G. K, Hali-Brotton's Preston, rist. alb.

infulton......

Han. Mr. W. J. Gresson's Mamodeen, röst.

tb., (Gresson) .....

*sib'allowance.

U

Q

A very fair start, Pathan taking the rail posi tion from the start. The field spread as soon as the village was reached, Highland Gillie being Inst. The side aider was maintained for some distance on, and passing the judge's hox the order was 'athan, Preston, Roscommon (trying hard for second place), Merrymite, Mampdeen and Highland Gillie (going easy). At the football stand l'resten challenged for first place, Highland Gillie last, but one ing Black Rock, Roscominon inrged into third pince, with Highland Gillie. On the home run the three were hunched, with Pathan still leading. A most exciting finish resulted in Highland Gillie being pushed home by a nose from Pathan and Roscommon a neck farther back.

Leav.

Time: 2 min. 45 2/5 sec. Pari-mutuel $zz.60. 2-4.30. P.M.-WELTAK RACE. 3 FURLONGS: -For all China ponies which have not been entered for any of the regular racing events this Gymkhana season. Catch weights over 13 stone. Riders in the regular racing events to be barred. Entrance fee $5. 1st prize: A Cup presented by Hon. Mr. W.J. Gressop 2nd prize: $25.

...(Owner)

|

Mr. Moxon's). J............................ Mr. Hyne's Sirocco......(Henchman) - 2 Mr. Logan's Paisley's Pride ......... (Logan) Mr. Reinbeck's Sarunia...... (Tiefenbacher) o Mr. M. W. Slade's Atlas....... (Owner) 0 Capt. Smith's Shimeosite........ (Owner) o Mr. Hughes' Rabbit............. (Owner) o Mr. Macdonald's Highland Whiskey (Doran) o Hon. Mr. W. J. Grésson's K.O.S.B.......... •

(H: W. Slade

o

A beld of nine entered the field and canter- ed to the three furlongs post. A rupaway "start" was seen, although the starter's flag never dropped, nor was the starting well rung. la consequence of that it was thought by the, lookers on that it was a false start, but when made no attempt to pull up and the jockeys wyn back to sintting post, spectators wonder

cwhat was going to happen, thinking per- has that the panies had bolted and the jockeys we unable to hold them back. Coming round the bd, Hughes, the rider of Rabbit, rolled off Sadle, and sustained some damage to his face, by his pony-thinking perhaps he could de bette minus à rider-kept going and came in third face, but was not counted. It could. not be called a race, for several pquies did not start, andreeing that the others were not com- ing back, ey were ridden home.

Isividend $64.80.

THE HONGKONG TELEGRAPH

Mr. G. K. Hall-Brutton's Kingston, 11st,

alb. (Owner)................

2

Only two ponies entered for this event, Blus -Nila-being-considered iba "sure__bing ... was heavily backed, while thiose who wanted a huge dividend put on Kingston. Blue Nile was on the rails when the starter's flag fell and both posies kept together until near the village. Then Blue Nile came away in the straight, but was not allowed to go far by Kingston. Blue Nile won the race, with the other very close, behind.

Time: 2min, 08 2/5 sec. Pari-mutual: 50.20.

+

4.-5.30 p.m.-LADIES' NOMINATION. AFTER. NOON TEA STAKES-A number of small ten tables to be arranged on the 'course, and Ladies to be seated at their tables. Gentle men to lined up some distance away dis. mounted. On the word "go" they are lo gallop to their nominators who will give them tea. The gentlemen must drink cup of tea and eat a small biscuit, then return to starting point. An umpire will be at each table to see that the conditions are carried out, and points will be deducted for ungeem. ly haste, etc. First at winning post with least number of points deducted to win. and 2nd Prizes presented by the Club. Entrance fee $3,

Mr. Dupree, nominated by (Miss Bratton), Cap Smith by (Miss Aitken)................ Mr. H. W. Slade by (Mrs. Philips),

Est

** 55

3.

Q

Mr. M. W. Slade by (Mrs. Ram) .......... Mr. G. C. Moxan by (Miss Vernon)......... Mr. J. E. Gresson by (Miss Barkeley)...... 5-6 p.m.-THREE QUARTERS OF A MILE RACA, HANDICAP-For all China ponies. You-winning jockeys allowed 5 lb. · En. trance Tee $3. 1st prize: A Cup presented by Mr. P. White; and prize: $25, (En- trance fee to go to winner.)

Mr. W. G. Clarke's Lashmere, sost, Falb,

(Dupree)

Mr. Ottery's Red Herring, fost. 7th.

(Master)

Mr. W. G. Clarke's Pahan, Fost, tilb

(Owner)

Father O'rlynn's Merrymite, lost. alb.

(Gresson)......

Mr. F. H. Hickman's Roscommon, rest, Gib.

(Wilkin)

seat out

Z

3

kot

Mr. A. C. Hyne's Ingot, 1st, tolls. (Diutten) Aller three false starts the bundl away to a good start, and Pathan who was to make the pace for Lashmere, took the lead, the others in a group behind. Tuning into the straight on the home run, Pathan fell back, giving place to Lashmere, who kept the lead until the Judge's box was passed, Red Herring oasting Pathan from second place. coming in a good second, and Pathan not a bad third.

Tiuke: min. 3; 2/5 sec. *Pari-mutuel $17.70. 6.-6.30 p.m.

HURDLE RACK-For China ponies. Distance about one mile and a quarter. Catch weights 10 st. 8 lb. Winner of hurdle race at first, second and third vymkhanas to carry' 5 lb, extra Entrance fer $5. 1st prize: A Cup presented by Mr. F. B. Deacon 2nd prize: $25. (Entrance fees to go to winner.)

Mr. G. K. Hall-Bruiton's Preston, tost.

13lb. (Owner) .............

..........

Hon Mr. W. J. Gressan's Glenbarn, 105.

13lb. (Dupree)..... Commander H. D. Walkin's (R. N.) Link

man, jost. 8th. (Owner). Hon. Mr. W. J. Gresson's Eager, Jost, 816.,

2

VOLUNTEER AL FRESCO

CONCERT.

23rd inst.

SATURDAY,

JULY 28

S. C. FARNHAM, BOYD & CO., LD. IN LIQ,

THE FINAL MEETING.

Blessed with fine cool weather, on Saturday night, the first of the series of Promenade Con The sixth annual general meeting of the care to be given this season, under the dishareholders in 8. C. Faraham, Boyd & Co., rection of Mr. G. Grimble, was held in the Ld, in liquidation,) was held at Shanghai on The 17th inst. There was a large attendance, Mr. presence of a very large audience. grounds had taken on their usual gain attire of John Prentice being in the chair. Chinese lanterns, the stage in the matshed, The Chairman asked the secretary to read erected under the supervision of Bergeant the police convening the meeting.

Mr. Osborne having read the notice, Major Higby, being draped with busting and

The Chairman said this was a meeting cali. flanked with huge palms and pots of ever

ed by the liquidators of 8. C. Farnham, Boyd greens; the whole mise en schee looking very Cool

& Co., Ld. There were only two liquidators and pleasing. The not to long pro-

present.. Mr. Gresson resigned on leaving for gramme was opened by the West Kents Band, under Bandmaster McKelvie, which played Hongkong and Sir Charles Dudgeon was away. Die Zaubenflote splendidly, winning equal lau- The Chairman, whose speech was practically rels with their excellent and spirited rendering inaudible, was understood to say that the of selections from Little Mickus, Lohen- liquidators had pleasure in submitting their re grin," and the Triumphal March" Entry of the port-pleasure in one way but not in another. Gladiators," with which they closed the pro- They regretted very much that the report for gramme. The first solo was delivered by Guo- the past year was bad, but called. attention ner Frank Austen, who chose "I would I were to the fact that in all business such as theirs 4 King," and sang it in his usual studied man-

they must take the bad business with the good. Those engaged in shipbuliding businesses ner, and. was followed by Mr. P. W. Gold- ring, with "I came not this trip I hold," ("Rose could not depend on a regular and unifarm of Persia") and right well did he interpret amount of business-they had depend each this rollicking song, fully deserving the encore year on the amount of work they had to which he was forced to respond to. Messis. do during that period: He called attention, F. Cher and H. Moorhouse then amused the to the trade they had done during the past audience with the "Twin duet" from the five years and the amount they had paid, "French Maid," Mrs - F. Maitland following

to shareholders in dividends. The past five with Pelissier's "Awake," delightfully

rendered,

years did not show a had record for a ship and eliciting an encore to which she responded building company. All they had to do at this with "The Rose of the River, later on giving meeting was to present the liquidators' report. the audience the further treat of hearing her in As they would see by the accounts, after allow. "The night has a thousand eyes," which she ing for an interim dividend of four per cent, on kindly sang to Gil the hiatus caused by the

55 200 shares paid January last, and absorbing regrettable, but unavoidable, absence of Mrs.

11. 220,803, there remained for distribution the sum of Tis. 234.797.98. The liquidators re- EJ Badeley Mr. F. A. Thomas rendered

My Queen" very well and with great care, commended dealing with this amount as bat a more modern selection. might have been follows:-Payment of a final dividend of Tis. 4 a happier choice. Nicholls' "Devotion" was per share, Tls. 220,300, and the carrying forward well sang by S. Moutrie, and then Mr. G. W. to new account of Tls. 3,997.98. Before asking C. Burnet, with a parody of " Mary of Argyle." the shareholders to pass the report he would brought the solos to an end, the Band conclud-like to say a few words about the accounts. ing the concert with "God save the King," and The Chairman proceeded to refer to the assets so ended a very delightful evening upon the from the Old Dock, saying that they were mere success of which Mr. Grimble is to be heartily than last year, and quoted figures, with regard Congratulated.

to the International Dock, and other under lakinys. Before putting the resolution to accept the report and accounts he expressed willing. ness to answer any questions.

RICE PROSPECTS IN SOUTH! CHINA.

PROGRESS OF SANNING RAILWAY SCHENK

{From a Correspondent.]

Shui Han Hoi Ping, 20th July, The first crop of rice for the presca year is fair, though there are many Chinese who say that it might be better, but on the whole it is aà fair yield and ought to go far to reimburse the Chinese farmers for their arduous toil, because from the time the ice seedlings are planted pail the harvest it means one series of soil and hardship. Watch those men and even women stand in the water up to their knees in trans- planting the seedings, envered aften from head En foot with diri nud filth. It, certainly, is no pleasant task for the women who, as a role, ase not used to such laborious tasks. Then follows the weeding when men get down o their hands and knees and pull up the weeds and lansen the soil with their hands Again the pumping of water into the rice fields from ponds, creeks and river is a laborious task,

ildren foil at their Man, woman, endless chain pumps beneath burning sun.in fair or foul weather. Then comes the

(Jasien) saline apdomenicamas Crossing the sticks brought out a good field. on passing Glenburn next and Linkman (the favourite) last. Glenburn challenged Eager at the foot- ball shed and at Black Rock Glenburn chinese cutting with the sickles in which even Round the village Linkman forged small-fooled women engage.. How often have away,

I seen these same persons of the gentler: sex. ahead into third place, while. Preston took the

hold their backs because of the pain caused by lent and an exculing race home followed. in

30 mach bending down and many a une grows which he won easily, Gleabura being second.

weary over the harvest tub surrounded by a Pari-mutuel : $31.

screen in beating or threshing out the rice. for the old women is reserved the task of dry- ing the rice, and how gladly they sweep the cement doors prepared especially for the dry. ing of rice. Hot from the first furrow macie with the plough until the rice is ready for the kettle it meurs hard manual labour for all. A gand rice crop is fraught with great blessings; it means filled larders, but what has always impressed me most, is the fact that it means lewer highway robberies, less thieving, less parloiting and less piratical exploits, hence am always anxious that the Chinese should have good crops, for it often means safety to

FRACAS ON THE" DEVANHA"

FIGHT ON. HOARD & MAIL STEAMER.

On the 17th inst. we report telegraphically from Shanghai the occurience of a fracas, on board the Devant in the Northern part. From the NC. Daily News of täth inst. we obtain the following further particulars:

‚THE-SANNING RAILROAD.

Just opposite this place, Shui Han one may see

a pumber of matsheds erected where the rail-

A serious fight among the firemen expplayed on board the 1. & O. S. Devanda, now lying in the Lower Reach, took place yesterday. The trouble arose between two sections of the Las-Chinese as well as foreign residents. cars, who resorted to knives to settle their différence. The struggle was prolonged and the European officers on board found it impos- sille to restore order. According to a state-road company has stored some of its railroad ment by Mr. Linap, the chief officer; the police fag was flown from the vessel from 4 p.m. till aller dusk. No assistance was, however, funt coming from the river police and the staff were considerably pressed before help eventually cauie from the municipal police, four of whom weat on board. A message was also sent to H. M. S. Astra, from which a detachment was ready to board the Devanka had its add been needed. The rioters were eventually checked Before any fatal injuries had been sustained, bül several were badly wounded and are under the care of the ship's doctor.

19th July.

TIGER HAUNTS.

I am frequently asked by the Nimrods of Hongkong where they can find a good tiger haunt, but they do ant want to be sent on wild goose chase.. Bless you, masters of the hunting art, I cannot make you to the very spot where you can look right into the glaring eyes of this wild beast. I do not even care to see one unprotected as Lam, but if you were to hear all the tales of pigs and even men and women. carried off by these ferocious beasts, you would know that there are plenty of tigers about 20 miles from this place, or about the same di

material The road-bed has been laid in the distance of one or two miles and for each cubic yard of road laid there is paid St.ro. The workmen employed to do the work are from the region through which the road is being built, hence the people of the district where the road lies are the sale recipients of the benefit received. No labouters from other districts or from other regions in the same district can find employment. in two or three months the new market town o Kung Yik will be built and this will, in all probability, become the chief centre of the rail- road where the workshops will be situated. It The fraces on board the P. & 0. 5. Drunnhais said that the reason the centre is not placed seems ia call for more than passing, comment, at San Cheung Fau is because there is no as it reveals the anomalies of the harbour police mutual agreement between the above-named system. As we stated yesterday, the police market and the adjoining market of Tik Hoi. dag was flying for several hours before any antice was taken of it. The Municipal Police then went on board at the request of an offices of the Deaanka, and, apparently, with the approval of the British Consul. In most of the harbours of the world the harbour police would respond to the police flag, but in Shanghai, where matters are complicated by extraterri, trial jurisdiction, the River Police are not permitted to board any European vessels, even when their services, as on Tuesday, are applied far, the Municipal Police have not the right to board any vessels, even in such narrow waters as the Boochow Creek, jurisdiction on the water, where Chinese boats are concerned, be- tance from where the Sainam was pirated. In ing vested in the River Police. We are thus the Sanning region there is a number of 35 FM-GYMKHANA Club Challenge confronted with the fact that when police assis-tigers, also in the foi Fu and Yeungong CUP-Ditance one mife.-Value to be tance is required on board ship, and the call-regions. Occasionally they come very close declared then cup is purchased. For all flag is hoisted, there is no one who is legally to the sea, and despoil the villagers of China ponis. Catch weights at rost, 6th, entitled to answer the summons. To illustrate their pigs and dogs. In many of these Winners of open race or open griffin race, the gravity of such a state of affairs, let us sup places the people would be glad to tell these , extra. Non-winning subscripuon grifins pose that the affray on the Devanha had mighty hunters where the tigers are to be found allowed 51. Non, winning jockeys allowed suddenly developed into an attack upon the and where they have carried on their last de 5. To be wp by the pony scoring most

Europeans on board. Unless the mutiny predations. But if you expect to catch tigers signal were hoisted, when the British warships you must do some tramping away from rivers marks in the ace for the cup, counting 4 in port would send assistance, the vessel would in the mountain fastnesses; you cannot do it points for a first z for a second; and.r for

The benfit of marks already scored still be as much neglected as she was yesterday, by sailing up the river in launches. Make to pass with the bay on a sale. Any winner

It certainly appears that some arrangement friends with the villagers where tigers have of the race to cary 5lb. extra fus each win in should be come to by which the River Police, carried off some human being and they will subsequent starts for the cup, but in the at the very least, should be obliged to report gladly help you to secure your tiger's skin, event of a pany carrying the penalty not

the hoisting of the police flag to some responsi- even if they do not care when you shoot the

beasts, for, remember, the Chinese have winning, all, to deducted next time he ble authority.

verb which says: "Every one wants to see a elarts. Penalties cumulative up to 15.li.

dead tiger, but no one cares to see a living Entrance fee of $5 go in the purchase of a

onc." memento to the winter of each race, and 525

RAMBLER, to second pony out if the Club funds. A the conclusion of the season a cup, value $100, will be presented to the owner of the pany obtaining the second highest cumber of markds...

|

Mr. Hutton-Potis said the stock of material on hand, and unfinished work; less liabilities, was set down as 11s. 1,225.95.35. He believed last year this amount was Tis. 1,500,000 odd, so that there was a difference of Tls. 300,000 nearly. He would like to know whether the stock had been used or written off.

The Chairman replied that the stock was redoved, and the figures quoted now repre sented the actual stock in hand. They had been trying to reduce their stocks all the time, and shareholders would be able to see that was so if they looked back through the old accounts. Mr. Hutton-Pots-I understand ninhing has bren written off: but it has been used?

The Chairman-Nothing has been written off at all.

Mr. Huilon-Pots said he noticed in the ne counts that amongst the assets wereld Duck, property with boilers, pumps, new onings, shear legs, launching ways, castaus. ect, Tis. 691.550; Cosmopolitan Dack pro pery with pump house, pumps, boilers, etc, including ground, Tls. 554.0c0; and Tunkadoo Dick, property will buildings, boilers, pumps, shear legs, etc. Tls. 178,500. He would like to know about all these boilers, pumps, etc. was anything willen off from them?

The Chairman replied that nothing was written off because they were kept in order all the time.

Mr. Burkill-Bow about the machinery, tools, etc., at the five docks and engine works, Tts 1,03097?

The Chairman They are all kept up in the same way, and are not valgeless by any means. I have an independent valuation here,utting the property at a larger figure than we set down. (The Chairman proceeded to read the valuation made of the various decks.)

Mr. Hutton-Potts said there were a number of opposition businemes which had sprang up and were making, money. There was the Kiangnan Arsenal; the Vatican Iron Works were making something like 'ts enty per cent and Mr. Blechynden, they all knew, was making asmall fortune. If the Dock Company was sufficiently pushed and the thing driven through they could drive all this opposition out of the place. He knew the chairman did his very best for the company and worked very hard, but what the shareholders wanted to see was young blond in the place. (Applause) Their business would not come to them all the time; they must use plenty of energy and tout for trade. If these people running in opposition under too. They had money at their backs, cut under them they must retaliate by cutting they did good work, and they must, if neces sary, go five per cent. less in their prices than need be, for a year and go without a dividend; their opponents. Let them lose money, if

the company had plenty of credit, plenty of backing, and would win in the end, (Applause), The Chairman said he could not agree that they did not push their business. They had young men running all over the hathour for work and when they came across these small shops in seventy per cent. of cases they took the business away from them. (Applause) He was not prepared to lose money, hut if they were given a fair field and no favour he was quite sure they would do better than any other firm here. (Applause).

The chairman proposed, and Mr. J. M. Youny seconded:-That the report and accounts of the company made up to the 30th of April last - printed and circulated-be adopted and approved of, and that the liquidators te author. ised to pay a final dividend at the rate of Tis per share.

The resolution was carried arm com. This concluded the business of the meeting,

THE OLD DOCK. We (N. C. D. News) are asked to state that at the meeting of the Shanghai Dock and

Engineering Co., Ld, held on Tuesday, the Chairman in the course of his speech said- with regard to the Old Dock property, and that portion between the International and Cosmopolitan Docks, at the moment I am not in a position to say whether it will be seid, or developed by the Dock Company, hat share holders will be notified of anything of im portance in this connection."

1906.

be felt as Mr. Johnstone' who was a valuable director, would soon return. As regarded the prospects of the company he had no fear. Ho was a large shareholder himself and had pinned his faith to the company. They had some valu- able properly and he believed the company had a good future before it. What they desired was to be left alone to work out their own salvation and he thought the shareholders would come out all right,

The meeting then concluded.

To the Editor of the

214

Let shareholders insist on some real driving. power being supplied and the ship should "go “ full speed ahead." Without this better treat it

as derelict.

Reform must begin at the top. There is nothing for it but to

WAKE UP.

18th July, 1906,

Sin The Dock meeting yesterday, although largely attended, can scarcely be considered a satisfactory one; the majorhy of the sharehold ers had evidently come in the hope that some "NORTH CHINA DAILY NEWS."

explanation of the poor results of the year's Sir, The report and accounts of the above working would be forthcoming, but the Chair. company issued by the Liquidators of S. C. man's speech was disappointing, being princip Farahah Boyd & Co. are diappointing in everyally a repetition of the printed Report, a for direction; the liquidators' report, the accounts platitudes about bad timer and a reference to the dividends paid in the past; surmises are themselves, and the certificate attached thereto are very disappointing.

correct, the latter were not actually earned. The report is disappointing, because one As will be seen from the report of the meet did expect that the gentlemen who were elected ing, the Chairman admitted that nothing had been written off for depreciation from plant and quidators, would have had this courage not to have continued the errors of their predecessors stock since the formation of the Company five by paying dividends the Company had not years before. It was almost an insult to the earned; the Compray this year has barely business men present to ask them to believe earned 25 per cent, yet we find them declaring at boilers, for instance, although kept in final dividend of 4 per cent staking 8 per. order, could be worth year after your the same cent for the year, and to do this they take Tis. iount, to say nothing of the rest of the 30,000 from previous year's profits, a conti- machinery. There was general fealing that nuation of the suicidal policy that has brought it was useless to hockt- the Board, two or the Company into its present deplorable state, three recent changes had been made in its Regarding the accounts, there is very serious composition, and the new men could not be ground for complaint, as it is a well-known fact blamed for the position of affairs; in addi the the propany was, a few years ago, written sion to this, personal friendship prevents up to its full value, and nothing since has acrimonious remarks in Shanghai, and the Re- ever been written off for depreciation, or if it port and Accounts were as usual passed. S..

C. Farnham Boyd & Co. have disappeared, has, it must be so cleverly hidden up that no one can see it. Instead of being depreciated and it is to be hoped the new Company will bai we find the "Old Duck" has increased in value a more successful one, and conducted on proper Tis 21,500. The book entry or entries arriving business priticiples. The old Company's reports at this result would be interesting, the other five little or no information; the assets of 1905 Docks (with the exception of The Inter-were, in most of the items, identical with those nonal" which is also

Tis: 8,500) stand at up

of 1951; everything, including directors' fees, interest, etc, which should, be shown in the - the same valge as last year. When ons con-

Profit and Loss accounts, were smothered up is siders that the various Dock properties consist of nut only land; but buildings, godowns, the Working Accounts, and the Auditors' machine shops, boilers, dwelling houses (both certificates were, to,all intents and purposes, Chinese and Foreign) and other properties of a quite useless, depreciable nature, then the omission of any allowance for depreciation becomes a very serious matter and I would like to hear the explanation of both the liquidators and auxitors on omission of this most important item:

Machinery and tools also show a slight in- greaseon the year, and, if rumour is to be be- heved, mach of this is old and out of date.

As to the certificate, I think one might have expected something fuller from a gentleman (one of the auditors) who can add five letters to his name, The certificate states amongst other things that they have examined imortgage securities. I can find nothing in the balance sheet relating to money Jent on, mortgage, Do they infer that they have examined securi. ties paid off prior to joth April? If so, men- sion of this fact was seedless, the whole gist of the first paragraph consists as to their having satisfied themselves as to the Bank balance. Wanderful! What is the nature of the trade expenses for which they have taken the pilator's certificate? Surely, this is an exita ordinary statement to put in a certificate. It sach trade expenses can be certified to by the zuidators, why not the whole working ac counts? Is not the principle the same? If so, let us save auditors' fees and take liquida tors' certificates.

Did the auditors have all their requirements met? They do not say so.

In conclusion, are the liquidators going to make any inquiry into the methods by which the various amalgamations were effected? Are they going to make any inquiry into the finance that prompted the payment of certain dividends? Notoriously the one that com pleted the annual dividend of 28, per cent, if not, they will fail lamentably in their duties to the shareholders.

I may add, so as to avoid the usual Shanghai change of being either a Bull or a Hear, that I am a small holder in the Company, and I have never speculated in their shares.—I am, etc,

CRITIC

6th July,

To the Editor of the

"North China Daily News." Sir.-In your issue of to-day 1 read, with much interest, the report of the shareholders' meeting of S. C. Farnham Boyd & Co., Ld., in Liquidation. Being rather interested in the working the same firm; I feel it my duty to confule the disparaging remarks of our friend "Posts" regarding the slackness of the staffp whose duty it is to further the Company's in terest. I may say from experience that the firm has always been ran on the most straight forward lines, as far as the staft is concerned, and every nerve of individual members is strained to secure any business in the market, cent of the work estimated for. Those who which is proved, as they secure at least 95 per | are successful in securing the remaining to per cent of the trade are welcome to it and the profit, ifany, gained.

Another point which we might put a shade an is regarding the term "opposition firms." I have a pretty lair idea of the cost of labour and material and what profit is required to make zo per cent and also know that the "opposition firms" mentioned pay from 25 to 40 per cent mare for labour than 5. C. F. I. & Co. do. I they do the work for 25 per cent less how can they still make 20 per cent in the face of these facts? I am sure no shipping firm could tecnocile these figures. Perhaps Mr. Poits can figure it out.

•

It would be impossible 10 have a man with more experience, act and ability than one! wonly Chairman, and I am sure the steady investors in our Company are well aware of that fact. Thanking you for the favour of publishing this,-1 am, etc.,

Bil: July.

LAUDATOR TEMPORIS ACTI

To the Editor of the

"NORTH-CHINA DAILY NEWS." Sik-The Dock accounts have very naturally

and the meeting can only " pile up the agony," produced serious comment in your columns Your correspondent "Critic" is right enough, but he only hits the nail" obliquely.

Where one fact an old institution with every advantage of property, position and (it should be connection, going to the wall while new competitors spring up, alongside of it and prosper, only one conclusion can be drawn by sensible people.

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It has been suggested that the Company's property is too scattered and unmanageable for proper supervision, nod that concentration at one spot would be better, after some of the unproductive land has been disposed of. But the outsider cannot be the proper judge in such matters. One thing is quite certain, thal at the next meeting of the new Company a year heace, shareholders will expect, and I trust insist, that a more business-like statement of the Company's assets sad liabilities be presents ed, and that depreciation ba fully provided for, and shown in the accounts, even at the expense of there being na dividend.

I am, etc,

18th July,

SPERO-MELIORA.

JAPANESH FINANCE.

HOW TO MEET NATIONAL LIABILITIES.

Opinions regarding the future of Japan's finances may be roughly divided into two classes, says the Oriental Economist, optimistic and pessimistic. It is, however, wrong to go to extremes one way or the ather, Nobody, however optimistic, will imagine that the bonds for the debt of 200 million yen Japan has in- curred will be returned without a proportionate repayment; nor will any pessimist, however confirmed in his opinion, suppose that Japan will become bankrupt on account of that debt Level-headed critics, however, will concur in asserting that the course of Jepanese finance is beset with many dangerous rocks through which her statesmen are required to steer clear.

It was a piece of brilliant Gnaocial policy for Japan to draw the war expenditure chiefly trom foreign sources, thereby enabling a costly war to be carried to a successful issue without disturbing to any great extent the economic interests of the country. It must be borne in mind, however, that the pressure from which the people were relieved while the war fasted; will hereafter begin to be felt. The foreight Joan fund raised during the war is now getting short, and the real financial trial of the people is fast approaching,

The remarkable expansion of currency has been one of the effects of the war. In May 1904, the convertible nates in circulation amounted 10 190 million yen,which a year later had in. creased to 270 milions, and at the end of last year had reached the enormous total of 310 millions. Since then, with the restoration of peace, a large amount of paper money has been steadily called in, though the amount of notes at one time reached 70 to 80 million yen over and above the limits prescribed by law, Nevertheless, there is still something like 250 million yen of money in circulation, which greatly exceeds the amount in circulation before the war. It is, however, doubiful whether the specie reserve at present of 140 to 150 millions will be maintained, in the future.

When payments abroad begin to he made out of the Treasury, with, the. exhaustion of the money now kept abroad the necessary fonds must needs be drawn from the apecie reserve, which, it is manifatt will sooner or later dwindle to below roo millions. The diminution of the specie reserve means the reduction of currency, bringing in its train the decline of the purchasing power, a fall in the price of commodities, and general trade depression.

The amount of interest Japan will be called: upon to pay annually to foreign countries will roughly amount to 65 or 70 million yen. When to this is added the disbursements upon war ships, arms and ammunition, and other nati tional expenses, the ictal, from any difference that may occur in trade, will probably amount to Ro or go millions. Hitherto payment of this large amount of money has been made by means of funds raised by foreign loans, but in future it must be settled by an excess of exports over imports. according to the Economist, The excess of import in 1904 amounted to 52 millions, 167 millions in 1905, and for the first six months of this year it had reached 47

patts for this year will amount to 70 or so mil- millions. Most probably the total excess of in lions. Such being the case, the question is how to turn the tide of trade, and obtain an excess of exports to the extent of 70 to do millions? The best plan, says the journal, is to cause a fall in the price of domestic commodities by the reduction of the amount of the specia reserve, and to turn the tide of trade by the difference in the value of Japanese and foreign currency. Suppose, for the sake of argument that 50 million yen.of convertible notes are called in, the price of domestic commodities will experience a fall of 20 per cent, which means so much increase in the price of articles exported. Also a reduction of 20 per cent, will be obtained in the price of Japanese articles against which there is foreign competition. h It was pitiable to hear the Chairman plain- will be seen, therefore, says our contemporary, Lively pleading to be left alone id work out the fall in the price of domestic articles, works. their own salvation"--the nid, old cry of fossi both ways, in the encouragement of exports and The Chairman said this was a statu-lated manngemert-Laissez faire: "Let me the prevention of imports, If this tendency "TO be bound over in the sum of Stoo to come

tory meeting called to conform with the dream again !!" "We won't do anything to once created, is followed up by judicious. up for judgment when called upon, and to be whipped by his guardians at home," was the

longkong Ordinances. There was rothing | day that we can put off till next week-or next management,, it will not be difficult to obtain much to report. Nearly all the directors year-"

an excess of exports to the extent of 80 or even order issued by Mr. F. A. Hozeland, at the

had changed. Mr. Gresson had gone to Horg. It is this sort of spirit that has brought the too millions, In short, concludes the Tokyo- Police Court on Monday, in the case in which Tur Chinese Engineering and Mining Co.'s kong and his place was taken by Mr. A. Korff concern to grief. Shareholders made on effort journal, the Japanese economic world will

pgr Chinese school boy was charged with putting total output of the company's three minos for who had been replaced by Mr. Carl Michelat reform a short time ago, but the "vis longremain in its present condition, but a'xtortur an iran bolt into the groove of the tram lines, the week coding the 7th inst amounted to au, Mr. J. Johnstone's place was taken by Siripertire" of the old brigade" has apparently | will" burst sooner or later, and until the stom Mr. G. C. C. Master's Bice Nile, sost. rtib. at Kennedy Town, yesterday, with the inten. 17,660.31 tons, and the rales during the same Charles Dudgeon, who had now resigned, and emasculated their endeavours and the coach is over no real and healthy progress will begin,

(Owner)..............................................................................tion of dorniling a car,

period 10,15:491.79 tonų,

it had been suggested that the vacancy should I rumbles on in the old rule.

¡-japan Chronicis,

third

pro.

The management must be lamentably at fault, and that is really what has to be tackled, this concers, which possesses such valuable assets in property, is to be vitalised,

The asset of really good, "up-to-date" man- gement must be added, and there is then-and only, then-hope for the future. things must go from bad to worse,

THE SHANGHAI DOCK AND ENGINEERING CO., Ln. The first statutory meeting of the share-if bolders in the Shanghai Deck and Engineering Co., Ld. was held at the Head Office after the conclusion of the meeting of S. C. Farnham, Boyd & Co., Ld. Mr. John Prentice presided, other directors present being Messrs. H. Von Rucker, A. M. Marshall and H. Keswick be side the shareholders named in the above meeting.

Without it