1908-05-15 — Page 12

171

THE HONGKONG TELEGRAPH FRIDAY

The China Association.closed, for were it not to remsia opon, it would CHARTERED BANK OF INDIA,"

ANNUAL MEETING,

THE OPIUM QUESTION.

The annual meeting of the China Association was bold at the offices of the Pland O. Steam Navigation Company, Leadenhall-street, E.C., on 14th ult. Mr. J. H. Scòu (Chairman of the Committee) presided, and among those present. were the following gentlemen-Sir Charles Dudgeon, Sir Walter Hillier, x.c.M., Messrs. Byron Brenan, C.M.D., R. Chatterton Wilcox, C. V. Creagh, C.M.G., Hinton D. Stewart, W. Harwood, Gau. B. Dodwell, Herbert Dant, R. H. Hill, D. Warres dmilb, Thomas Brown, G. W. Swire, H. W. Robertson, Joseph Welch, A. Zimmern, R. S. Gundry, C., J. R. Michael, E. T. Bond, I. H. Perty, Horace G. Harwood, A. B. Tomkins, T. H. Whitehead, Gershom Stewart, T. P. Cochrane, Kenneth R. Campbell, D.3.0, and C. Grenville Alabaster (secretary),

The Chairman, it submitting the report and accoubts for the past year, said “be did not think it was necessary to say much, because those members who had taken the trouble to road the report must have recognised that a very full account had been given of the import ant work that has occupied the committee dar ∙ing the past year... For the greater part of the 'report they were again very largely indebted to their President, Mr. Gundry. Before formally proposing the adoption of the report, he thought it desirable to touch on a few of the more im portant subjects mentioned in it. He would fike all the members.to pay attention to what was said regarding Chinese students and the

*

SCHOOL OF CHINESE.

damo British prestige in this important city- prestige which murt, at all costs, be maintained in post offices as in every other casa. It is m matier for congratulation that, after negotia cions extending over a year, the British. ciation of Japan had fallen into line with the China Association. The parent association welcomed this branch, for, in adopting them, they knew that they would have pa active body. in Japan who would goard their interests in that pan of the world.

“AUSTRALIA, AND CHINA,

ANNUAL MEETINQ.AS

The 54th ordinary general meeting was held Montagu O. Tarner presiding.. on 15th ult at the Cappon street Hotel, Sir,

The Chairman, at the ou'sey of his remarks, expressed great regret at the death of Mr. Jasper Young, who was for several years ẩ director of the bank, to which he rendered great. PIRACY ON THE WEST RIVER;

service. They bad been fortunate in securing which, during the time that our river goo as his successor Mr. Thomas Cuthbertson, bonts controlled the river ceased to exist senior partner in the firm of Edward Boustead had been recently springing up again The and Company, and they could not have made a Chinese bad promised to set up a service of better selection: Since their last meeting their own to properly police the West River great change had occurred to the conditions of and it is to be hoped that steamer trade op their de and commerce throughout the world. A Wem River will be rendered as safe as that period of abnormal activity and general pros on the Yangiste.

perity had been succeeded by a state of inaction and

for

Turning to the accounts, he said they would pole that they began the year with a debit. balance of some 49 in working account. They now showed only a debit of some 15, notwith anding that they had spent last your on social affairs, roughly. 150, money which he was sure they would all agree was well spent, it was to be.desired that the Association should maintain the social part of their work. They must feel perfectly satisfied witli the financial part of the Association, for while their investments amounted to over 42,1ca-they had practically no liabilities. It was a natier for regret that their subscriptions towards office expanse showed a reduction of 54 on the amount collected in 1926. Some of the firms who had very generously subscribed in the past had seen it to stop their contributions-a matter which he personally felt somewhat, because be rought that the works the Axenciation had done for the irade merited greater confidence and Soma 10 or 12 years ago a few members of the greater consideration. However, he believed Association, recognising the desirability of hay.there was sufficient life in the trade of China ing a school where young men who were intent and sufficicot patriotism among, the member on sacking their fortunes in the Far Fait could

to make him think that if money was required to carry on the Association there would be very receive instruction in the Chinese language, entered into an arrangement with the London,

little difficulty in finding it. (Cheers.) University. The Association guaranteed £500

Byron Branan, C.MG., seconded. the a year for five years towards the expenses of motion, which was unanimously adopted, the school, that sum being generously sub-

Replying to Mr. Thomas Brown, the Chair scribed by several firms and members belong. mag said a report of that day's proceedings ing to the Association." The school proved a would be published in the annual report next success from its commencement, and had done year. He regretted that it was due to an over- great good, first under Mr. George Brown and sight that an account of last year's meeting was afterwards under Sir Walter Hillier, who had an: given in the present report, succeeded to the Chair at King's College, Lon don University, which was lately vacated by Sir R. K. Douglas. The position desiderated for the school by its" founders had thús been attained. It was considered desirable that they should endow that Chair, Mr. Gundry had taken a great deal of trouble in working up the school and the endowment scheme, and it was hoped that members, would put up sufficient capital to provide the £300 required to suitably endow the Chair.

The important matter jelating to the..

IMPERIAL MARITIME CUSTOMS had received the careful consideration of the committes during the year. He did not con. sider it was either desirable or necessary to ga deeply into this matter, but he would confine himself to expressing the hope that the succes sor to Sir Robert Hart would always maintain. the prestige of the service. It is satisfactory to note that the important railway schemes in North China, which bave been hung up for so long, are likely to be at work before many year pass, as the final contracts have been signed while work on other lines is being rapidly pushed on. The more railways there are in Ching the better for trade; the more we gel produce down to the ports the more will export trade increase, and, in his opinion, it does not

malar which nation builds milways so long as they are built. Manchuria and the position in which we now are there was, he said, a some what thorny question. They all knew that some time ago there was considerable differentiation in railway sales to all parts of Manchuria in favour of Dalny or Dairen, as against New. -chwang-That-point bad-been adjusted, but he

GENERAL STAGNATION,

В

M

15 1908

highly of the sif, expireasing the hope that as the bank proceeded in its prosperous path, the boubs of the staff would be increased likewise, Mr.. Henry seconded the resolution, which was adopted songs

if it was possible on a future, occasion to give

The Chairman briefly

briefly replied, and said the staff an increased bonus, the directors would have the greatest pleasure to doing so.

DIRECTORS ANEUAL REPORT TO THE” –

SHAREHOLDERS,

ANGE THE FIRET DAY,

favoured with an ideal day, such as yesterday It is a long time since Shanghat has been was for the opening of the Spring Races, say the N. C. D. News of the 5th inst. 11 any fault was to be found with the weather it was that it proved almost too warm; but after the

and cold of the last week the chango was, pre-eminently welcome, and the majority of The following, signed by Mr. Caleb Lewis those present were content enough to avail and Mr. T. H. Whitehead, joint managers, is themselves, to the utmost of the sun's strong the annual report of the Director of the Charzays. Under such lavourable conditions it was tored Bank of India, Australia and Chios, which only natural that the Club soclosure should was submitted to the fifty-fourth ordinary gen present a brilliant scene, and certainly it oral meeting of the shareholders on April 15- appeared at its best. At no time was the The Directors have now to submit to the attendance very great; but both the lawn shareholders the balance sheet end profits and and the stands were sufficiently filled to foss account of the Bask for the year anded lend the necessary animation to the day's December 31 last.

These show a net profit, after providing for proceedings, The dresses were in complete sympathy with the weather, bright, and attrac bad and doubtful debts of 361,551 148. 9dive; and possessing in many instances that The causes of this momentous change were

inclusive of 493,369 8x. od. brought forward partly natural and partly exceptional. The

dagtes of novelty which saves Shanghai from from the previous year. The interim dividend being ranked among the "out-of-the-worlds." natural cause were such as over-production and at the rate of thirteen per cent per annum. an overwhelming keenness on the part of mer

The annual exodus homewards robs the chants to pour goods into markets already paid in October list on the old shares, absorbed Spring Meeting of many familiar faces; but sufficiently stocked, and the result was that in, ro's farther sum of £18,000 has compensation in the matter of numerical atten- appropriated to pay a bonus of ten per duce is usually faithcoming by the presence most markets of the East and the Far East

cent on the salaries of the staff. The amouet there was a considerable lock-up of merchan.

of visitors from the outports. This year in add- now available is, therefore, £291,551 145. 94. tion to the guests from the Hongkong and dive. For exceptional causes they might look

out of which £17,05 41 78, has been appro- Tientsin Race Clubs there were present Vice 10 Fudia, which, in addition to the prevalence priated in payment of interest on the new Admiral the Hon. Sir Hedworth Lambton,, of the plague, was suffering from a somewhat capital to December 31, 1907, and the Directors.CV,O, C., and many officers of His severe visitation of famine. He was glad to see from that morning's report that the pro-

propose to pay a final dividend on the old Majesty's ships now id port, which include the fallen in same districts, and the number to add 450,000 to the Reserve Fund, which day's wind and Sunday's warm sun had made

shares at the rate of fifteen per cent per ansom, Bedford, Fiora, Alacrity and Cadmus spects were somewhat brighter, rain having making fourteen per cent for the whole year; The track was in splendid condition; Satur Lou relief having diminished to smat

extent. But as the result of this famine they will then stand at £1,525,000; to add £10,000 the top layer hard and dey and a somewhat to the Officers' Superannuation Fund; to write nnip sab-stratum lent a spring which was all had decreased and decreasing exports of wheat

off Premises Account £15,000; and to. and seeds and a diminution in the off take of forward the balance of £129,483 104, 2do carry favour of good times. There was a slight northerly breeze, but not of sufficient force to gonds, especially piece goods, from the large

It is with deep regret that the Directors have affect the finishing quarters, but throughout the seaports and the central trading depots in

to announce the death of their estemeed afternoon surprises, were frequent, and the Pari- and set booter exceptional cause which colleague, Mr. Jasper Young, dition of trade had been had brought about the present depressed con

mutuel dividends were unusually läsge.

THE AMERICAN FINANCIAL CRISIS, and America had been unable to take her unbat supplies of foreign goods, especially from the Far East. Japan, for instance, had suffered in regard to her ailk crop, which a year ago was estimated to be worth, as export value,, £11,000,000, but owing to one of her chief markets, America, being closed, the value of The Chairman then moved en bloc the elec- this crop had fallen some 25 to 30 per cent, tion of the following to serve on the general This; in some degree, accounted for the fact Committee:-ight Hon. Sir Cecil C. Smith, that the balance of trade was at the present PC.. .§.QM.0, Sir E. A. Sassoon, Bark, M.P., moment against Japan, In North China the Sir Thomas fackson, Bari, Sir T. Sutherland, exports of hides, skins, furs, and wool had suf GCM., Sir Alfred Dent, K.C.M.O., Sir Ewen | fered for the same reason. In the Straits also Cameron, K.C.M.G,, Sir Walter Hillier, K.C.M.Othere bad, been a falling off in the exports of "CIL, Sir Charles, Disdgeon, Mr. John C. Bois, | tin, and in India they found very considerable

Mr. Byron Brenan, CM.G., Mr. A.-R. Burkill; Mr. F. Cornes, Mr. Herbert Dent, Mr. G. B. Dodwell, Mr. R. S. Gundry, cn, Mr Wm. Harwood, Mr. R. H. Hill, Mr. G. Jamieson, C.N.G. Mr. H. H. Joseph, Mr. W. Keswick, M.P.. Mr. D. C. Rutherford, Mr. J. H. Scott, Mr. Gershom Stewart, Mr. B. D. Stewart, Mr. W. M. Strachan, Mr. W. C. Ward, Mr. Joseph Wrich. Mr. T H. Whitehead, Mr. R. C Wilcox, and Mr. A. Zimmern.

Mr. Byron Brenan, C.M.G., seconded, and the motion was unanimously agreed to..

Mr. Gundry said he had the pleasing duty of proposing the election of officers of the Associa- tion for the ensuing year. He felt sure that he them to place. Mr. : H. Scott in the office of should have their cordial sympathy in asking president. Mr. Scall had been well and popu Tirly known in former days in Shanghai, and Hongkong, and every can knew him bere. It would be paradoxical, in fact, to employ words where no words were needed in commendation. We should still have the advantage when he had shown in his position as Chairman of Com- was President of the cool, good sense which he mittee; and he (Mr. Gondry) was fortunate in being able to nominate for the chairmanship one whose previous career was a guarantee of capacity and efficiency in what was really the chief executive-post of the Association. Sir did not think that equality of trading for British.-Charles Dudgeon had happily, leisure to give (he was not interested in others) versus japanese to the detail working of the office, the attention at present existed in Manchuria. Whatever and supervision which were much needed, but the Japanese may any he fell bound to stile which the busy head of a great firm: could not that, in his opinion, their nationals do get a possibly afford. (Applause) He bad pleasure preference He thought if British tradara con.

in proposing that Mr. J. H. Scolt be elected stantly watched every move

the bourd the president, Sir Charles Dudgeon chairman, and would get a good share the trade in thas Mr. Geo. Jamieson vice-chairman of committee part of the world. But they must not pursue and Mr. R. C. Wilcox as hon, treasurer for the the methods which have been followed in the ensuing year. past. It was of no use sitting on their seats in :Shanghai and expecting the trade to come to

them.

The quattion of the

'CONSERVANCY OF THE HUANGPU was dealt with pretty exhaustively in the report It was not only a matter of supreme import- ance to the various shipping companies, it was also vital to the development, if not the life, of Shanghai. If the tiver was not kept open Shang, hai as a great trading centre would cease to ex- ist, and he thought that the scheme should be carried out in its entirety. The greatest diffi culty and uncertainty ahead of riparian owners was the treatment they werez to' receivò from the Conservancy in the matter of the price to be paid for new land acquired through the bunding, which would have to be of a very costly description owing to the depth of water, and to provide for the weight of spil to be re fained, and had to be carried out at the cost of the frontage owner." If this new land had to be paid for at an assessment based on the value of the present froûtáger, an unbearable bujdes would be thrown on the riparing owners. Io his opinion the only reasonable way of assess- ing the sams to be paid would be by treating them on the existing shenko system, which was thoroughly satisfactory to the Chinese authori 'ties.

THE OPIUM QUESTION.

was, be sati, a very important one to some of the members. He would draw their tion to the fact that, owing to the efforts of the Association, the attempt made by the Viceroy of Nanking to create a monopoly for sale of the drug had been frustrated. But that the attempt should have been made was not without significance.. With regard to the ques tion of trade-marks, he remarked that it was' perfectly monstrous that a nation such as Japan

ap

Mr. Joseph Welch seconded the proposition, which was carried with acclamation.

reduced exports of hides, skips, and, to some extent, manufactured jute goods. Hers, in Eeg- land, as an effect of the American crisis, we suffered from an abnormally high Bank rate in the winter months of last year. That, of course, was unavoidable, inevitable, and necessary, but, at the same time, it did affect adversely our trade in this country, and, for the reasons. te had already given, it was not surprising to note that in, the first quarter of this year there had been a decrease in our trade returns, both in regard to exports and imports. It would be, indeed, remarkable if, under the circumstances, it were otherwise; and in his opinion, the de crease of our trade had nothing on earth to do this falling off in trade there had been. with nur present fiscal system. Along with

A NATURAL DEPRECIATION

·

in the values of commodities all round. He comparison were June 30, 1907, and Dec. 36of would mention a few, and the dates he took for the same year. During that period, copper (standard) fell 37 per cent. in value, tin 35 per cont, American cotton 144 per cent., silk 25 jate 17 per cent, rubber 25 per cent, and per cent wool. 15 per cent, hemp 19 per cent., shellac 42 per cent. Added to this, there had been a heavy fall in the value of silver, about 35 per cent, in the closing three months of last preciably, to the difficulties of business in the year, and this, of course, bad added very op Far East, especially in countries such as China, which still worked on a silver basis, With contend with-involving considerable anxiety these adverse, conditions which they had to to those engaged in banking and other com mercial-business-it behoved them all-10-act- discreetly, cautiously, carefully, and circum- spectly, and the directors had acted on these would, no doubt, expect him to say a few words principles in drawing up their repolt. They

hopagate-street, including the area of

L

1.

Sir Alfred Dent, K.G.M.G., and Mr. Thomas Cuthbertson, the Directors who now retire by rotation, present themselves for re-election.

The Auditors, Mn" Maurice Nelson Girdle stone and Mr. Magnus, Mowat, again tender their services.

in

“be dus to fast tricki 2-not (UN

'ponles at the end of Shangba} summers, A

Notwithstandings the supposed shortage of ready money, ibpport was abundant in all, the betting booths and there is every prospect of drawer of the Champions. A conservative record sum being at the disposal of the lacky vein was shown by Dame Forture yesterde for several dames appeared more than on the lottery records.

minden

THIRD DAY.

The M. G. D. News, of 7th lost, says -- The events of the last three days may ba summad, up in the words: a record meeting Idol weather, a fast track and ponies in good condi tion, notwithstanding the dismal rainy season of preparation, all contributed to make this Spring Meeting unique?" The fact that recorda. were beaten fire timer la la Itrolf : ramark-

grounds were again by empty, but iimad- able. Dating the forenoon of yesterday the diately after tiffin crowds streamed into the enclosure until the attendance became pro bably a record one, too. The lawn was very attractive and well patronized. Dozens of ex- tremely beautiful costumes of prevailing soft tints could be seen amid the throng of pre- monaders and upon the grand stands which had

special attractions during the afternoon's clear warmth

puniers easy and heavy support in the dar

Again the fast, even track made the task of

fuel and winners' booths was the result, Patrons of the former, however, had legitimate cause for dissatisfaction concerning accommop-- dation; and it is to be hoped that the RacO

fog. Although the track was fast it was very dusty Club will be able to arrange more commodious quarters for that popular resort by next meet,, and unpleasant for the tiders; to the spectators there was nothing lacking. A feature of the meeting has been the large number of blue. jackets present, men from all the warships in.

Port being seen on the ground.

Mr. A. W. Burk!l!'s riding in the Great Northern Plate was principally accountable for Mr. Thomas Cuibbertson, of Messrs. Edward

The feature of the day's racing was the suc- Ravenshoe's win and that rider was responsible Boustead and Co., London, has been elected a cess altained by Mr. Baverly: His pony Brock-for three out of the first four victories, Mr. Director, and the shareholders are now re-ton, who scored a handsome victory in the Vida, was also very successful during the quested to confirm his election,

Autump Champions, was favourite for the Cris day by annexing the Champions and the terion sinkes, baving a slight call is the market Consolation Cup. Sokol's decisive victory over Seafoam, and justified the confidence of in the Rubicon Plate won him considerable. of Kirkwood, in 3 mins, 24/5 secs, which is Champions was a disappointment Spree's his supporters by getting home a length ahead support for the big event, but his run in the only one-tenth of a second more than the re performance of reducing the record for seven cod time for the distance. In the following furlongs in the Manchu Stakes was the race-the Griffin's Plate-the same owner most unlooked; for event of the day and his started Worcester, who romped home an easy lead of six lengths showed that he was much. winter by a length from Sokol, in the record. superior to his company, RESTA time of 1 min. 29 als mecs-two-fifths of a second better than the previous record. Al- though the winner was practically unbacked, the victory was very popular and tent compensated Mr. Beverly for the loss of Gloucester, who when highly esteemed as a galloping and had to be destroyed a couple of probable Darby, winger fractured his leg in

FORMOSA NOTES.

THE SUGAR TRADE.

weeks ago.

some, ex

-

The expectancy attaching to the Championna was evident all day. The chances of Brockton and Moriak with Manchu King, Sokel and [From an Occasional Correspondent.]

Worcester well upon in public favour, were the chief objects of discussion. Breckton, who had Talpeh, roth May,

run second co three previous occasions, appears The total export of sugar from Takan during

waiting for some little time for Brockton and ed to be the most popular. The fiald wan kapt April last was 22,289,700 kin equal to Yen 3,179,- 838 and destinations were as follows:-

cheers were heard as he appeared. Particulars Destination Quantities

In the Cathay Cup a splendid. Anish was

of the race are given below, but it may be Value

witnessed between Manchu King and Moriak, added that the race was one of the most Yokohama 14,319,800 Kin Yen 1,347,474 both of which are strongly fancied for Cham-interesting and well-ridden ever seen on the.. Kobe

4,463,900 1

455,567 pionship honours, The ponies raced acck-and-course. Brockton ran gamely and there is no Nagasaki

140,000 11 Moji

15,050 neck down the Home Straight, but' Manchu doubt that he was as fit and well yesterday as 1,074,800. Shimonoseki

193,333, King responded better to the final call and he ever was, and that the three next ponies to 961,400 i

B9,139 passed the post half-a-length ahead of the dust the winner were ahead Tokyo

of record...time. 258,100 Osaka

26,210 champions' winner in the record time of 3 mine. Gemlai's performance was surprising to samo. 111,700

9,056 94/9 secs, which is well ahead of the previous extent, but he is a good pony and his owner This exceeds the March export from Takio record of 3 min. 11 7/5 seco, over this distance, may yet wip a Champloos with him. by 10,811,400 kio, and comparing with the total inade by Brockton in the Shanghai Derby of export during the last year, the increase 926, amounts to 6,1 10,000 kịp equal to Yeu 768,814, Another splendid finish was witnessed in the DANISH KAST-ASIATIC COMPANY. cess of every previous month. The total export and neck race down the Home stretch in which and the above figures for April last are in ex- race for the Kiangsu Cup, where after a neck-

November last, is to far 50,283,000 kin at the seemed locked together, the first-named got of the present sugar season, commencing from Lohemian Chief, Heathfield and Sagittarius value of Yen 4,818,232. If we ieclude the home by a bead, and: Heathfield and Sagitta quantity exported from Anping during this rius finished so closely together that the judges season, amounting to 15,104,500 i* equal ware unable to separate them. figure to Yen 1,227,722, wehall obtain the In the Eclipse Stakes, the unusual spectacle 6c65.954

of 65,487,500 Aik oquai, to. Yen was witnessed of two ponies-both outsiders-- There was at an export of belonging to the same owner in the van for the samt 4,000,000 kin from Keelung, and, there last three-quarters of a mile with only a short fore, the total export from the Island, during head separating them, and only separated just Including a shipment by ss. Brime Maruo Bucephalus, who beat Mr. Macgregor's se this season up-to-April-last-is-69,500.co-in on the post by a splendid effort of Mr. Schnorr from Taka on the 30th April, amounting cond string, Frosty Mord, by a length and. to 4,445,600 kin and another shipment of failed by a neck to catch the judge's eye first. and Anping, and some quantily shipped from 1,291,900 in by 5.5. Taikoku fare from Takno

Keelung recently, the actual total export of sugar-from-the Island, during this season so far, is about 75,337.500 kin or 750,000 bags.

3

Kirghiz was well supported, after his good In the final race of the day, for Sub-Griffins,

display ju the opening race, but the second, Tweedledee, received little support and bis fortunate backers obtained $81.30 for a $5 investment.

In the Jockey Cup, Mr. Adler, on The Successor, scored a very popular victory; bis over a minute more than the record.

The gross carnings" of the 'Destania:lsko amounted to 9,173,113 kroner, against 9,9:9,445 Kompagni, of Copenhagen, in the year 1957 kroner in 1906; the dividends from shares in other Companies totalled up to 347,328 kroner, and-43046 kroner were brought forward from the previous year's surplus. The write-off is 624,603 krener, and the dividend is 8 per.cant, against 11 per cent, for 1966 and 8 per cent for each of the two preceding years. After remarking upon the difficulties which all- owners had to contend with last year in the way of higher cost of materials and the general increase of expenses, tho directors state that in the course of the year. East Asiatic Company with reference to the a convention was concluded with the Swedish

East Asiatic traffic, and it is also mentioned

The President (Mr. J. II.-Scott), in thanking with regard to the new freshold right in Bi only importers of flour from Hongkong at time for the distance was 2 min. 3 3/5 sec., just had to reckon with the competition of that now

CROSBY HALL

the members for his election, said in accepting the office he would follow the lines of distin guished men who were well known in China, which had been acquired for, the, purpose of tome of whom had done good work as govern providing the bank with the accommodation ass, and he would do his best to fill the position absolutely and urgently needed by its greatly as it should be. Charles Dudgeon had accepted the past of for many years used for business purposes, was He was very pleased that Sir increasing business. The sile, which had bein chairman, for much of the success of the As practically in the market for some time before had, while chairman of the Shanghai Branch, purchase; but immediately after the sale be sociation was due to the manner in which he May last, the date of the company's contract always pressed forward British fights. Sircame known, a public discussion arose as to the Charles was imbued with love for China and preservation of the ball. The Corporatina and its trade, and that was the kind of man they the London County Council did not see their wanted. As regards himself, Mr. Scott said if way to effect, the necessary, arrangements, it had not been that Mr. Gundry was at his Appeals were made again but in the end the back, the work of the Association would not

Government in January last declined to inter it was one thing to be a chairman, but quite deputation on the subject to Mr. Lewis Har. have been done in such a thorough manner. lee. Both the Lord Mayor, who introduced a Another to do the spade work.

court, apd Mr. Barcourt himself expressed their sense of the great consideration with which the bank had acted. Indeed, the bank did not give directions for the removal of the hall until it had been decided that nothing could be done to acquire and maintain it upon the site. Ar rangements were now being made to hand it ever to a recognised public body for re-erecting elsewhere. He concluded by moving the adoption of the report.

FLOUR FROM HONGKONG / The Mitsui Bustan Kaisha seem to be the present. Formerly several native merchants were engaged in this import trade, but their business is now mostly absorbed by M.BK. There was an import of 6,500 bags from Hong. kang on 2nd instant, of which over 3,050 baga were consigned to M.B.K.

IMPORT OF SILVER COINS, The import of silver coins into Formosa from Hongkong, Amoy, etci, in steadily increas ing. There was a further influx of Yea 314.000 persa. Joshin Mars which arrived at Tamaui on the 6th inst. The total value of imports from January to April last, was Yen 1,7 14,983 and.the coins imported were as follows:-

Coins.

*Silver Yen" (not chopped).. "Silver Yen" (chopped)...... | Foreign silver coins

Silver bullion ........... Subsidiary coins.......

Market value.

Yen

975,83'1 9,13 nanniú 700327 14,388 91.356

Total..........1794,983

It is quite surprising to note that "Silver Yen" and foreign silver coins amounting to over Yea 980,000 and 700,900 respectively, are now in circulation in the Island la form of

currency,

..

SECOND DAY.

that the Company has established a monthly steamship service from Copenhagen, Middles brough, and Antwerp to the Straits Settle ments and Bangkok, with calls at Java by home coming steamers. At first the Company ralled Java Conference, but was eventually admitted into that combination on friendly terms. This service has greatly increased the second day of the Spring Meeting was also those localities. The Company also maintains The N. C. D. News of 6th inst. says:-The volume of the exportation of products from attended by delightful weather. It was slightly a monthly service to the West Indies fromd hotter in the sun than on Monday, but a soft Copenhagen, and business was very active last cool breeze from the south kept away all traces

year on that route." It is further mentioned of haze during the afternoon and made pro that, in conjunction with the South African menading pleasant and in the pavilions it was Trading Co., the voyages to, South Africa and temperate. Across the course the vista was back to Europe have been extended to India, particularly clear and it scarcely needed the aid Several cutside boats had to be chartered in one's choices. During the forenoon the atten. pany's service to Eastern Alis. The five new of glasses to follow the varying fortunes of order to maintain the regularity of the, Com

dance was oor: this, was due, probably, steamers mentioned in the last report as boi to the necessities of mail day, Hitherto ing under construction were duly delivered last the exigencies of business have not been yea?, and another can besides, for the Malacca in active conflict with our semi-annual coastal service, for which also one more boat. gala; but the uplorensen change in the has been ordered. Good results were achieved date of the Siberian mail's dispatch, at a late by the Bangkok commercial branch," abug- date, was responsible. After tiffis the en- dant supplies of timber from the forests being closure was crowded and during the intervals a special feature, The Malacca coastal ser between races the laws presented very xay,vice worked very satisfactorily and besides pretty and continually changing picture. Many this service the Company has started ca charming costumes were in evidence, although mail, passenger, and cargo line on the east marked as is customary at the Spring Races Siamese Government. Heavy purchases of the varieties of colour and effect were not ID side of the Gulf of Siem, subsidised by the The Band as usual gave inspiriting selections products were effected by the Blogapore cont victories and decimated records the meeting is dis rubber plantations was continued near of music, and with the added zest of popular mercial branch, and the laying down of los becoming one that ought to be memorable.. Tringano, on the Malacca Coast Cocoa The track had lost its under-cashion and plantation of 400 acres was alto laid down. was fast and fiery, Nearly all the races were The trade done by the agencies in North well contested, but no surprise occurred with China and Siberia was satisfactory At Co the exception of Famatina's win in the Derby. iambo the Company participated in the founda Sepsational performances were shown; however, tion of the Continental Trading Company, by lieathfield and Temerare. The former the object of which is to increase the importa lowered the record for the Race Club Cap five and export trades to and from Ceylon and to Thema supplied 31steamers with coal. A Port- and three-tenths seconds by running the two protect shipping interests. The branch, at St. be broken. The question had occupied the. consideration of the managers and of some

that Morisk was out-of-hand, and his lead and comens factory has been erected at Nömes manager in Calcutta, Mr. Preston, was a mem of the directors, at any rate,

made the good judgmentshown by Heathfield's anndby, and work will be commenced there zain, In fact their

rider the more noticeable. Temeraire in the spring. Further, the report states that some ber of the finance committee of the Bengal.

Scurry Stakes cut off a-fifth from the seven for shares in the Tra Kompagni have been taken up; Chamber of Commerce, and he believed that

longs' distance. Of the new, ponies Glester's that the petroleum tanks erected in Copenhagen Mr. Preston had been an active element, in

On the 27th and 18th ultimo, representatives name stood out prominently, and only his barbour for foreign account bave been acquired of the Japan, Yokohama, and Kobo Sugar Re- Left at the post and unable to win through the by the Company and that a contract has been raising the very important question of a Com fining Companies held a conference at Tokyo, rack on the first day Glesier was a disappoint concluded for a long term of yaars for, Ih mission. He himself thought this might have and considered measures relating to the pro ment, but yesterday he gave two performances supply of crude oil from Borneo, to be frank- to come, but whether the present was quite posed restriction of the output. It is agreed that place him among the first four favourites ported in the Company's boats. The amorVO suitable time for appointing a Commission, zed that the Japan Refining Company should do for the Champions to day Morisk's defeat of food amounts to 3,600.000 kroner, and so, possibly spreading doubt as to the agreed that there ware matters to be inquired pany Y70,000 a guarantee of good faith, the duanca separating them at the winning aide Companies amounts to 1,816,67% kroner quite pany V120,000, and the Kobs Refining Com the tib, allowance ought to be responsible for the new account. The capital invested in ogl Further that the output of the Japan Company post. Still, Moriak, was not pushed, and Brock and the book valug of the fizet is 10, The Chairman then put the motion, which should not exceed 200,000 bags, that of the ton's mission, no doubt, was to keep the was carried unanimously. A resolution was Yokohama Company 50,000, bags, and thage Champlona, fald class to this connexing,

sugar produced in excess of the limit agreed forgotten as an index of varying form. Soko! RETURN of visitors to the passed declaring a dividend at the rate of 25 the Kebe Company 29,095 bags, while the hawever, last Shanghai Stakes ought not to be hone ended Dec. 31 Fast: Mr Thos Cuthbertson upon should be subject to a Bas of Y on each rap splendidly lo the second and ninth faces and Museum for the was elected and then re-elected a director of bar exceeding the limit. It was also agreed. In the formar, perhaps, he made his ran a little May, 3008 the bank and Sir Alfred Dent,. K.C.M.Og was that uniform means of packing and other late; but he ought to reach victory today. also re-elected to the Board, Damir "marks to distingulah, sugar: for export and for

Mr. Murray moved! a vote of thanks to ths home markete should be adopted. The agrees the records thargy

It laiptarunting to note concersley directors and satt for their inccessful management concerplaglbese arrangements was history of ment of the bank and in doing so spoke very ) signed on the second day of the conferences/established hi Spring meatings. Thit is said to

In reply to Mr. H. N. Ross, who urged the directors to join hands with the Bengal Cham-are ber of Commerce and other Indian banke in appointing a commission to consider the ques- tion of

THE GOLD STANDARD IN INDIA,

The most anticeable importers of these coins

the following

Sir Charles Dudgeon thanked the members for electing him to so. onerous a position, and Mr.. Gundry and Mr. Scott for the most kind terms in which they had referred to his ap Pointment. He might have had some small measure of experience as regards the work of the Association in China, but he did not think that qualified him for the chairmanship of the Central Committee, and he doubted that he would be able to maintain the high standard of efficiency which had been created by the officers in the past. They all received with very great regret the resignation of Mr. Guedry ne president, for he had a unique knowledge of all matters appertaining to the Association, and had devoted many years of ungrudging the chairman said with varying conditions of work to its welfare, He considered Mr.. trade there must be a variation in exchange, Gundry absolutely essential for the carrying but he was confident that the Government of on of the work of the Association, and he trusted his resignation was only nominal, at would never allow the stability of the rupee is JAPANESE SUGAR REFINERS IN miles in 4.66 115. In that race it appeared

India or the Becretary of State's Council any rate he (Sir Charles) would try to make it Mr. Gusdry's advice and counsel were dry's assistance he would then be able to fuffil invaluable, and if he could count on Mr. Gun- the duties of Chairman with some small mea

sure of satisfaction.

A vote of thanks to the Chairman terminated the proceedings.-L. & C. Express,

RETURNS of the average amount of bank- noles in circulation and of specie in reserve in

Taipsh-Watt Kee....... Yen 380,526. Kean Slong.... 311,060. Hap Ht Chan.. 317,834 217,872. 30.200

E

$1

Tan Hui Suat.,

Hck Cheong..

Tainan-Chog Tan

CONFERRACH.

34,892

1

RESTRICTION OF THE OUTPUT,

claimed to be should countenance such iniquity as that marks, which bave beep imitated, that have been used by Japanese for three years, should be allowed to be registered by the pirate; also that the trade marks of British firms which have been in existence for A longer time than japan has been in its pre- sant state should be pirated without prevention by the Japanese Government. The matter was now more or less sub judice, and he therefore would pol further allude to ft Neither judicial Bor currency reform had made any progress in China during the year. ATIENTSIN POST OFFICE,

the respective Bassified by the managers of The continued growth of the Association bad the respective Banks :-

· been marked by the formation in Tientsin of a

Banks

Average Specia.in very active branch, and he efforts to secure the Chattered Bank of Judia,

Amount. Reserve. retention of the British Post Office there have bous strendous The Hongkong Government Australinand China,. $3,698,885 $7,800,000 per cent, per annum, tax free, for the ball your proposed to close the Post Office at the end of Hongkong and Shanghai... the your, but were prevented from doing so on Banking, Corpora, by the Tientale community, coming forward, and paying the loss of some $7,000 that was shown on the year'a working for yeasons of prestige, as well as convenience, it was ordan- Uk, that the Tianlila Post Office should not be

Hongkong, during the manth ended 30th of the rupée was another question. H paalt Y300,000, the Yokohama, Refining Com- Brockton, wax's-gallant performance, although i balance of 418,865 kroner is carried forward to

so z 3100.................................

Nailonal Daak of China,

Limited,

34,893,837 10,000,000

1959,560,

50,000

lato, etc.)

A

Non