1909-02-27 — Page 11

HONGKONG AND SHANGHAI BANKING CORPORATION,

HALF-YEARLY MEETING,

THE HONGKONG TELEGRAPH SATURDAY FEBRUARY 27 1909.

second the Report and Accounts which have WENT OFF DAY RACES, AND Mr. C H Roin Ben Alder, zost igibg(May) a just been prahanted for your acceptance. Bu

The Chairman's reference to the loss we have'. STEWARDS—Hii Excellency Sir F. J. D. rostained through the much to be regretted | Lugari, KCM,G, CB, Dào; His Excellency death of Sir Ewen Cameron, and the acknow- ledgment of the valuable and practically life long service which he rendered to the Bank, holders present and absent. (Applause.) will I feel sure be appreciated by all share

The Accounts presented, Genilemer, do not seem to me to require any comment,they appaer satisfactory-eminently so, and I think we are to be congratulated on the very excellent results of the past half year's working which que Directors have to day presented.

If this be the result of a half-year of dull and restricted trade, what indeed may be expected when the tide of prosperity again flows in the Far East 1 (Applaus.)

The ordinary half yearly meeting of the share holders in the Hongkong and Shanghai Banking Corporation was held at the City Hall, at 0000, last Saturday, for the purpose of receiving the report of the Court of Directors, together wills a statement of accounts to 31st December, Spo8. Mr. E. Shellim, chairman of directors, presided

There were also present on MW. J. Gresson (deputy chairman), Masars E. G. Barrett, G. Friesland, C. S. Gubbay Helms, C. R. Lenzmann, R. Shewan, H. Slabs, Hon. Mr. H. A W. Slado, H. E. Tomkins (directors), J. R. M. Smith (chief manager) 1. Gox-Edwards, Be Fook, Ho Kom Tong, Lo A brief reference was made by the Chairman Cheung Shlu, A. Findlay Smith, G. del Castillo, to changes which have taken place la Peking J. M. E. Machado, Elli Kadoorie, J. O. Peter during the past few months, changes which, 1. A. Jupp, J, W. G. Bonnar, W. E. Clarke, W. Hulton Potts, Dr. J. W. Noble, W. H. Wick. As the Chairman remarked, are of great moment. The disappearance of that commanding per- ham, G. Murray Baiu, T. F. Hough, C. H, Ross, tonality, the great Empress-Dowager, from the J. Barton, A. F. Warrack, T. Skinner, W. Dunautocratic position which she had beld for suck bar, F. Maitland, E. H. Hinde, Murray Stewart, a long period, the death of the Emperor H. N. Mody, Caps, C. V. Lloyd, E. F. Mackay Kwang-Hsu, and the accession to the throne of R. R. Hyad, Lau Pun Chini, C.. Pemberton, E. D. Haskell, Wong Laung Him, H. C. Joass. an Infant, are.events, indeed, which for good or myrt affect the Empire with which our Dr. J. H. Sanders, W. Taylor, D. Tahdaw, Hinterests are as closely connected. M. H. Nemarce, F. H. Thomas, andə F. G. Hoppily, the peace of the land has not been Carroll

disturbed, and the changes consequent on the commencement of this now reign, appear to be taking place in a quiet, orderly and common.

The Chief Mannger read the police convening

the meeting...

sense manner."},

The Chairman, having read the report, raid Gentlemen-Before proceeding to discuss the

The Regent, Prince Chun, who will hold the Report and Accounts I have to refer with deep Helm of State for many years to come, has the regret to the great loss sustained by the Bank inestimable advantage, which I believe no through the death of Sir Ewan Cameron, The other Chinese Ruler of modern times have ever high tribute paid to his services by the Chairman possessed, of having travelled beyond the in 1935, when prolonged illness led to his en limit of the Empire and visited Foreign Coun- forced retirement from active duty, will not be

tries. It may be presumed therefore that his forgotten, Although in falling bealth, he con-

borizon is not altogether limited to within the tinued up to the day of bis death to take the walls of the Forbidden City and the Summer keenest interest to all that concerned the Bank Palace, and I cannot help thinking that this and as a member of the London Consulting knowledge of the outside world must be of Committee was ever ready to give to the

great value to the country which he rules, 1 management ibe benefit of his ripe judgment trust therefore that the Empire in which all of and varied experianca. of men and säläiri By us kave such great and important interest may his death the Hongkong & Shanghai Bank be catering upon a new and prolonged period loses a wise and able, counsellor and one whose pame will always occupy a prominent of prosperity, and that slow but sure progress may be made with the many reforms which are place,in' its history. I have also to express on my own behalf and on that of my colleaguas urgently needed. (Applause.) on the Board our sorrow at the untimely death Gentlemen, results such as have to-day beed of Mr. O. G. R. Brodersen. Mr. Broderten Presented for your acceptance and approval, can only be brought about by hard work and had been a Director for a short period only but good judgment. Our thanks are therefore sure long enough to prove himself a valuable memly due to the Chief Manager and the Staff who have achieved for us these splendid earning),~- (Applause)-and I feel sure that you will all most cordially approve of the bonus to the Staff which has been voted by the Directors.

ber of the Board and to earn our esteem.

Turbing now to the Accounts, you will see that the result of the half year's working in cluding $2,005,774.81.carried over from the pre vious six months leaves the sum of 55,629,135.55(Applause). available for distribution and Ibope' you will approve of

a dividend of £2 per share,...,, a bonus.of 5/- per share,

Se lacs added to Silver Reserve Fund, and about $10 lacs carried forward

As recommended by your. Ditectors. Despite ll we have heard about dull and restricted trade the Bank has had a good hálf-year and it is a great pleasure to the Board to be in a position. to recommend bonus of 5/- per share in addi- tion to the usual. dividend. 1'ceed hardly way that these results testify to the manner in which the Staff from the Chief, Manager downwards continus to work.in the latetests of the Bank and I am sure that you will approve the action

- bonus of 10 % on anlaties.

|

Gentlemen, I have very great piexture in seconding the adoption of the Report and Accounts as presented to you to-day (Load applause.)

Mr. A. Fladlay Smith proposed that the election of Mr. H. A. Siebs as a Director: be cobfirmed and that Ma. R. Shewap, Mr. E. Shellim and the Honourable Mr. H.-W. Slada berpelected Directors.

Mr. John A. Jupp seconded and the motion was agreed to.

On the motion of Mr, R. F. Mackay, second- ed by Me G. Murray hain, Mr. W. Hutton Pauls and Ms. }, W. C. Boubar were re-elected Auditors.

||

*7lb allowance.. 94 1lb overweight. alb overweight. Vico-Admiral ike Hoa. Sir H. Lambton, K.G.D.,

5lb allowance K.C.V.O. A.D.C. Hi Excellency Maj Gent. R. Lyemun lod from the start. Past the stand, G. Broadwood, C... Commodore 11. Lyon, the order wait Shaun Aboo, Lyeman and The Hon Mr. F. H. May, C.MO. The third posities. The same order was maintain R.M. The Bon. Bir Paul Chater, K., C.M., White Knight in a bunch, Shaun Aboo maintains nd his lead from Lycminn, with Pip following in Mr. W. J. Gresson; Messi, F. B. Descon, Gi Friesland, A. Jupp, J. C. Peter, C. H. Ross

ed approaching the incline, Past the Rock, and H. P. White, pe

Shaun Abso led from Moore's mount by several STEWARDS IN CHARGE OF THE SCALE:gths with Pip third Lyemun got into first Messrs. F. 3. Deacon and G. Friesland.

place at the village bend. A magnificent HANDICAPPER Maj. Gen. Broadwood and race home followed, Lyamun relinquishing his Mr. J. A. Jupp.

premier position. Tamar was first, Shaub Aboo second and Lyemun a good third. Siz Paul Chater JUDGE:The Hon. Siz. Chater, K

Time: 2.104/5 Winner! $12.00.

́ÁSSISTANT JUDGT-Mr. C. H. Ros STARTER:-The Hon. Mr. F. H. May, C.M.Q.-|· SECOND STARTER-Mr. H. J. Gedge. “

· TIME KEERER !—Mr. T. 5. Forest. HON, TREASURER :—Mr. J. F. Cox-Edwards. CLERK OF THE COURSE-Mr. T. F. Hough.

20th inst.

Cash Sweeps: 1st $1,93419; and 3552.60. 3rd S37690.

(Scarlett) 3

THE HONGKONG FIRE INSUR- ANOE COMPANY LIMITED",

$330,232,90

1908 Account-The balance at credit of this account is $348,711.93,

76

SHIPPING SUBSIDIES IN JAPAN

"THE PROPOSED AMENDMENT,

The introduction in the Diet by the Govern-

The following is the report for presentation to the shareholders at the fortieth ordinary ment of Bills to revise the laws for the encour meeting, to be baid at the offices of the General agement of navigation and shipbuilding, bas

Committee have pleasure in submitting to the ad for in the law for the encouragement of Managers, on Tuesday, the 9th March, 1909, svoked a great deal of comment from the verd a 13:30 o'clock pacular Press At present, remarks the Toky's The General Managers and Consulting, in addition to the liberal terms provid Shareholders the Fortieth Annual Report of navigation, the Government is according special bounties to the European, American, and soma the Company..

1907. Account-This account shows a profit other lines. The liberal masaar-in-walch Japan of 5330,232.90 which sum, subject to the ap has bien subsidising her shipping bar resulted proval of the shareholders, it is proposed to in a great increase in the tunangs of vessels "deal with as follows, viz, RS)

qualified for protection. The increasing Dividend of $37 por Sharo...$216,000.00 |úrain "on the Treasury" for the purpose, of Addition to Reserve Fund.............. 114,232.00-3. | shipping subsidies has alarmed that Govern- ment as well as the people, and has ing duced ; the "nuthorities: to amend the laws for encouraging navigation and shipbuilding, Tae proposed Navigation Law, which is dow awaiting treatment in the Diet, is intended to replace the two diveno systems-ordinary and special subaldies-under which Japavese ship ping-is now subsidised. There isu no doubt fast the amendment aims at ceforcing mote rigorous. conditions than at present on vessels qualitying for protection, but the Government proposes to retain the operation of the present

those which are now being built with the law until September 1914, at regarde vessels. which are at present enjoying subsidies and object of obtaining the subsidy under the same law. According to the existing Lary tangemente a vessel of 1,000 tons or more, having a speed of to knots, is qualified for pro tection, but in the proposed law the minimum qualification will be 3,000 tons and 12 knots, Again the standard rate of subsidy given a present in 25 sean parton for every 1,000 Banti cal miles navigated, which is to be gradually. increase according to the fùcrease of tonnage vessel and the greater speed that may be developed. The amendment, however, üzes the maximum subsidy at so seu par tos per 1,000 miles, and leaves the exact amount to be granted to the authorities concerned The décision of the Ministèr of Communications as to the grant of shipping subsidies will," how... ever, ba suject to the approval of the Diet

of Association, the Hon. Sir Paul Chater In accordance with Section 13 of the Articles c..o, Mars, White, Maitland and Gubbay retire but being eligible offer themselves, for

·ra-election..

AUDITORS.

* Pari-mutuel : 1st $5.801 and $15.50; 3rd $6,00, S—THE “ROBE® CUP.--Presented. For all China ponies that havo run at this meeting

ME MORTGAGES and not won a race. Weight for inches as

From the reports, and valústions made by per scale. Griffins allowed 5 lbs. Subscrip the Company's Surveyors, the General Man In gloomy weather, the concluding events tion-griffins allowed 7 lb." Óff-day winners in a most successful meeting ware witnessed barred. Entrance $10 to go to second pony.agers and Consulting Committee are satisfied

Beven furlonguy

that the properties bald by the Company form by the same large number of spectators as co

(Schnor) ample security for the advances made. previous days. At first it was generally thought | Mr.Olympia's Poseidon, rost 12lb (Schnorr), 1 that King Sol was going to favour thojn below | Mr. Bralian's Kingston, Erst rib...(Button)-^1

CONSULTING COMMITTEE.. with his beaming face, but later on it was evident Major Eaton's Game Chick, tost bcarlett) that this was not to be and during the afternoon It began to drizzle. The turf war is excel: Mr. John Peal's Cattistock, son tolb: ............ tent condition, the green sward with its pleasant t

| -(Greston)-o surroundings being a source of pleasure to Mr. Dryasdust's Earthquako, 11st gib...! the eye, as is invariably the case on the

(Dupree) occasion of this important social function Licut, Lecson's Sondan, irst tib....(Locson) e of the year. The many charming costumes: of the ladies were once again in evide ence and leat additional colour to the|is paddock. The excellent Band of The Buffs was again in attendance and dis coomed pleasant selections of music which contributed not little, to the general pleasure. The same keen interest was mani- feated to the racing as on the first three days and the betting booths were not facking in † patronage. The afternoon was not free from surprises, but the various events were marked by an absence of any sensational finish. Dis appointment was experienced in the fact that in the second and third races, only two jockeys. were weighed out,, .....

#1-144

3

of

• (Scarlett) o Mr. Chichester's fack Straw, lost izlb*.......

(Chichester), a

sib allowance. An The last race of the.day produced a surprise- Poseidon's win,, Kingston was second, and Game Chick third.

Time: 1.51.4/5 Winner: $97.10

Cash Sweepsi rat $1,179,805 and 5621.80; 3rd $311.40

Pari-mutuel. 1st $21.00; 2nd $9.50; 3rd $21.00.

The accounts have been audited by Messrs W. Hutton Potts and H. Percy Smith, F.C.A.

JARDINE MATHESON & CO., LD, General Manager, Hongkong Fire Insurance Company, Limited.

BALANCE SHEET, 31ST DECEMBER, 1908, Liabilities. Dr Capital 8,000 shares of $250 each $2,000,000.00 of which $50 per share has been paid up...5 LAQU KUNG MOW COTTON CO. Uacollected dividend..........

Reserve fund

ANNUAL MEETING.

The fifteenth annual general meeting of the Laou Kung Maw Colton Spinning and Weav ing Co., Ltd., was held on 11th inst. at Shang. bai, in the office of Messrs. llbart and Co., the general managers, Mr. F. Anderson occupied the chair and those present, representing a tota! of 5,135 shares, were Messia. J. M. Young and C. Michelat, (Directors) H. Foor, A. Murphine C, Selby Moore, H. Spent, Jacob Spunt, A. E. Charkon and Fing Ur

1. THE "LUCKY" CUP.-Valdo $ago. Pre sented. For all subscription griffins that baye hun at this meeting, and not won a Race Weight for inches as per scale. Unplaced runners allowed. ib. Entrance Sta to go to second pony. Half a mild, Mr. Humphreys Sir Joseph 1111 lb Capt. Barker's Shaun Abod, 10st 131*.

(Duprep) 1

Mr. John Peel's Dunkerry, 1st 4lb (Gresson)

(Heathcota) 2 The Chairman said:-The Report and Accquets have now been in your hands for some time and with your permission we Mr. Olympia's Hipfomedon, rost vib

(Schuorro shail "follow_the_usual custom and take Mr. Olympia's Heracles, rost 131b (Jordan) them as read. The past year may be divi ded into two parts as regards colton Admiral Lambton's Horatio, toss 4lb

"(Mackie) ospinorug-theˆ first part up to about the Mr.S.V's Chicory, lost lolb".....(Oliver) o middle of September throughout, which we Mr. Scarlett's White Knight, jost 7ib*

wern spinning the raw material of the 1997 crop and from then up to the end of the year when we spun entirely the new season's cotton. The first part was not a very remunerative time from a spinner's point of view as we were uni able to establish any material advance for yau whilet we had a continually hardening cotton matket to deal with, but towards the end of the | year, coltón declined and we were able to get belter prices for our yarn thus making the eventus autum of the year better than we Cant., G. V.Lloyd-As almost, if not quite Comparing the statement of Asses and the oldest constituent of the Bank to the Eust,

had expected up to the late autumn, At the Liabilities with that of six months ago you will it seems nut inappropriate that it should full to

present time the indications are again in favour bolice an all-round increase in the figures my lot to say a few words today ja recog.

of high prices for collon towards the close of the season. Chinese report that the crap,will Chinese New Year fall on January the aand, nition of the splendid services of our Board of and ti neár approach, when money is always Director; what those are, you have already.

prove to be short of last year; more mills are In special demand, accounts for the increase of seen in the Report which is now in your hands,

working day and night, which of course means some $15 lacs in Tha. Note: Circulation. De and co, Bulogy of mine would add to their

increased consumption; the export to Japan to posits show the large increase of about $43 ; worth, although no daubi you will realize that.

date is about 300,000 picula short of the car. The large field of sixteen started in this race.responding period last year, and Chinese in. millions. Of this increase Gold deposits ac-more effectively when the Dividend Warrants Highland Laddie led by several lengths. The the country are so well off that they are in no count for nearly $33 millions and although the are handed round. Eet times he ever so good, others were more or less in a bunch. At fire hurry to bring forward supplica. Soms. milis, lower rate of exchange on the 31 December good direction is as assential in the prosperous village bend Highland Laddies still led. In anticipating a shortags towards the end of the Inst. Is responsible for a greater amount ex days, as in the days of adversity, and I think, the home straight, Highland Laddie was overseason, have contracted for moderate quantities pressed in dollars still to sterling the increase we can congratulate ourselves on bayi se hauled by Sir Joseph, Shaun Aboo and Dun. of Indian cotton, but spinners in China are £2,400,000, which being mainly due to the cured that in our Board, and I have much kerry, and a splendid race bome followed, Sir severely handicappad by having to pay import proceeds of recently issued public loans, that, piensure in asking you to join me in a yote of bave not yet been drawn from our London' thanks to the miss who have so puccessfully Joseph being first, Shaun Abon getting second daty on this raw material, in addition to ex Office, can only be considered as temporary and triumphantly piloted the ship of the Danf

place

of your Directors in voting, as a mark of ip preciation

|

The Chairman: That is all the busies, gerileme ratams will be ready on Monday, Dividend

Mesars, Hynd and Hynes' Bags Dus, rost

1016(Morris) o Mr Christiani's Loschkengaul, rest tolb**.. (Patterson) Mr. Stode's Butcher, tost zilb...(Hicknian) Mi-Humphreys Resignation, 11ft lb.

j''o

Q

ME Macdonald's Highland Laddie, test (Vida) MY Elbee's Regut, post 3lb...Roberts) Mr Ottery's Turridge, zost 8ib*1(May) o

ib allowance, tib averweight.. tib overweight,

Accounts payable ...................... Working account, 1997--- *Net profit.oria working account, 1998-

Amount brought forward from

below

Asacts. Gr.

400,000.00 1,323.941.56 .12,593.05 47,409.94

-330,232.90

368,71 Lag

$2,482,948.68

Cash, on Current Account with

Hongkong & Shanghai Bank-5137,319-46

• Ing. Corporation', '.................................... Fixed Deposits,- Cash in bands of General Managers,

Hongkong & Shai

Banking Corp'o...$50,000:00 Charid. Dk. of India.

Aust: & China,.... 50,000.00 Marcantile Bank of

India, Limited,... 25,000,00

Mortgages,

In Hongkong,...$1,139, €49.99 1 Shangbal

744,673.89 Japanese Government Deposit, Consolidation bonds...59,377.5K Imperial bands 45.376.28 Wat bagds............om 17.79462. Chinese Imperial Gov *erament Loan, 1836, 11,207.74

Shanghai Land lovest

ment Co., Lid... Debentures

27:586.20

Shanghai Club Deben-

tures ***** 16,666.67 Hongkong Hotel Co.,

La., Debentures - $2,000,00

Accounts receivable

680.12

1,834,223.88

82,448.41

ia

Apart from the merits or demerits of the proposed law for shipping subsidies, for which there seems to exist some ground for dis cussion, it is necessary to consider, continues ino „dashi, whether japan is justified in adopting a measure which aims at liberally subsidising her shipping. At a recent meeting of the Bad- get Committee, Mr. Uchida, a Government" delegate, pointed out that England is an "Quelly sponding Y11,770,000 in shipping

subsidios,

4,830,000, Germany Y4,870,000, Austris America Y8,730,000, France. Y8,000,000, and Japan Y13,000,000. The figures above quoted show that França spends the largest amount of money, on her

HippipE

while Germany's disbursement is the': antallest. Despite this fact Germany's marl time trade has bean making great stride p while that of France is making but tardy pro: gress. The motive that induced oven England & country where free competition in trade in the guiding principle-to spend so much on the protection of her shipping, may in a large measure be found in the competition of Ger man shipping. In fact, the remarkable pros gress of the maritime trade of Germany has surprised the world, and shipping people isother countries are afraid of its competition. The shipping industry of France, on the other hand, Siz la an unenviable condition. ·Japan's tonnage, for instance, has reached over ons million tons, though that of France does not exceed 790,000.0 These examples will be sufficient to show that. the development of a country's shipping hardly depends upon the amount of subsidy

by the Government to the industry, PA

It should once again be pointed out that the money paid by the British Government to shipping companies is in no tebe a bounty? for the encr ragement of shipbuilding or the shipping trade. By far the greater part le 115,816 20imply payment for the the carriage of mails]

127.460.61-

$2,483,948,65 Japon Chronicler

WORKING-ACCOUNT, 1907,

"In the increase of Ska millions in the Silver de- through the troubled financial waters of the last And Bunkerry third. Regret, finished | cise.duty when it is spun into yarn. "We hear Remuneration to Consulting Com-'

pozita may be seen a reflection of restricted trade, as a great proportion of such inciekuo no doubt represents accumulation of capital "waif- [lng_for_a-trade' revival. . - You will readily un- derstand that sume difficulty was experienced In finding remunerative employment during the half year for this large increase in the amount of money entrusted to the Bank's keeping," Bills Payable show an increase of Sjo lacs." On the other side, the amount of dollars depo. sited with the Hongkong Government is raised | from $10,000,000 to $13,000,000. Cath, and Bullion in hand and in transit, are higher by about $48 lacs. Bills Discounted, Loans and Credits baya increased by $10 millions 300 Bills Receivable by $zy millions. Console, Colonial and Other Securities show an increase of 548 lące, due to temporary investments on account of the increased resources already re- ferred to.

past year. (Applause)

The Chairman-On behalf of the Directors 1 thank you for your vote of thanks.

This concluded the busionss of the meeting.

THE CHINA SOCIETY.

As a meeting of the China Society, held on Jane 14th at the Caxton Hall, Sir John McLeavy Brown, C. M. G., formerly Chief Commissioner Korean Customs, gave a lec ture on "Early Reminiscences of China." The lecturer, who arrived in China in 1861, the year of the coup d'cat which placed the late Empress-Dowager in power as Regent, referred to the difficulties then involved by

'change of julere as finding a parallel is recent events. Yuan Shib-kai," who had, sod- denly been got rid of, was more trusted and In China the period. under review has been more representative of progress than any one of great moment. The almost simultaneous other Chinese official, and it would be a great deaths of the Emperor and the Empress Dows-pity if he were kept permanently out of office. ger whose influence over the destinies of China He did not think, however, that she change Kas made itself felt for a long period of years, meant that: (here was any anti-foreign move- and the accession of an infant to the throne with his father as Prince Regent, are events

ment; it was merely a question of per spaal Jealousy, When he arrived in China,

shortly after the coup delat, the people, were

which have occurred, fortunately, without the peace of the land being disturbed. Lat us bape quite unmoved and friendly, and during, all that under the new regime many of the mare the time that he was in the country be never urgently needed reforms will be inaugurated met with any difficulty or unpleasantness And carried into effect and the fresh develop.: from anybody. He thought it largely depend. ments of the Empira's vast potential resources ed upon oneself whether one was well treated may give a new impetos to the national proser net is going into the interior. fter his perity and increasingly promote the well-being of the people.

Favourable crops in India have stimulated exports and the recuperative power of the country is again manifesting itself. After period of anxiety, das to curtailed application for allotment, it is satisfactory to note an in- crossing demand in London for remittances to India by Council bills, and further evidence of returning prosperity is to be found in the coa: tlaned demand for Bar Silver. The continu" ance of the Indian, demand displaying as it does a remarkable capacity for absorbing Sil. ments has been at once the chief feature and the principal support of the Silver market: not however without encouraging new speculative tendencies which result in keeping the market „In a highly sunsitive state rendering it lmble la frequent fluctuations and producing an unset tling effect upon the China trade.

residence in China be devoted 15 years to the financial administration of Korea, and when be left he was able to hand over £4,000,000, which he had saved. He would not allow them to use it, because there was no good use for it, but he was afreld it had goon since. He impressed on the Koreans the examples of Denmark, Holland, and Switzerland, which were email States but powerful because they did not get into debt, end kept their contracts, but his words were upt listened to very attGD- tively. The changes be witnessed in Korea were even greater than all he had seen in graphs, and newspapers. He could. Dot But regret that it had lost its independence, bat now the sooner Korea became a pari of Japan the better for the Koreans, who were kept in a position of too great dependency."' Admiral the Hon. Sir. E. R. Fremantle, who presided, la moving vote of thanks, also related some of his early experiences on the China station,

Time: 1:03

Winner: $77,053

1st 4lb..........(Vida) This was a tame race, only two ponies facing the starter. The two kept well together till the loclins was reached.. Rounding the village, Garth took the fead at the bead and get home an easy winder.

a great deal about projected reform in China, but whilst in many cases it is difficult to introduce reform, we have bere à case in Cash Sweeps: 1st $683.55 Fabd Srog130) which it could be brought about by a stroke of 3rd 595.

the. pen; perhaps as foreign importers it is to Pari-mutuel :: fat $9.70) "2nd $132,00; 3rd our advantage that China should remain the $12.26.

only country in the world whose tariff is bostile 3.~THE “LITTLE Gem". Cup.-Presented. to Industrial development, and in 'favour of For all griffion that have run at this meeting foreign competitors, but as residents interested. and not won a Race, Weight far.inches as ip the development of Shanghai we can por scale. Subscription griffins that have only regret this short-sighted policy. As for fun at this meeting and been placed second this year we have begun well, have mold allowed 3 lb., those that have been placed out production-up to the end of April, and third allowed s It. Unplaced subscription | have fully covered ourselves as regards cot- griffies allowed to lb. Off-day winner bar ton. The old trouble of adulteration by red. Entrance $10 to go to second pony. moisture continue to flourish unchecked and all From the two-mile post once round and in. appeals to the native apthorities to suppress Mr. John Peela Garth, 1st 4th...(Gresson) xit are in vain; Turning to accounts there is one Mess, Findlay and Moir's Strathdallas

item which requires some explanation; when the mill was started we built Chinese bouses near the mill for our work people, but experi- ence has shown that the bulk of them prefer to live in their own houses, notwithstanding that in many cases they are at a considerable di- stance from, the mill. Our · boules" were seldom all, let, and the tenants were, not our work people, in the majority of cases. Last spring we found that a considérable ex- penditure on repain was necessary, and rather than continue to have capital, which could be 3-THE VISITORS CUP-Value Saço, Pre-better employed in our business, locked up in

property, we sold the houses for Tla, 20,000- at this meeting and not won a.Race, Weight low price perhaps, bat better was not forthcom for inches as per scale. Unplaced ponies and bend fide griffins on date of entry allowed. As the property stond in our books at Th. 30,000 there is a balance of Tis, 10,000 to lb. Subscription griffins of this season be written off out of working account. With allowed tolb. Allowances not accumulative the appropriation recommended to be written to second pony. One mile and a quarter. Off-day winpers barred. Entrance Sto to go off in the Report both Buildings and Machinery are fully depreciated out of earnings, leaving us Mr. Dryasdual's Coxcomb, 10st 1216(Dupres) I sufficient to pay a dividend of TIL 4.00 per Hon. Mr. F. H. May's Astral, fist 12ib...... share. The total amount written of for depre-

(May) z ciation out of earnings, with this year's appro above event, two ponies again going round the 50% of our capital. If any shareholders have Another poor exbibition was displayed in the priations amounts to Tis,380,000 or very nearly course. Coxcomb, whow as splendidly ridden, any questions to ask I shall be glad to answer led at the start. Passing the spectators' stand them to the best of my ability.. for the first time, Coxcomb led by two lengiba. No-questions were asked, and on the motion At the home straight, Dupree started using the of the Chairman seconded by, Mr! Astral.

Time: 2,3 4/4. Winner: $8,10,

as Sweeps: 21 51,532,25; and $j10.75,

· Pari-mutuel; 181 $7,70.

sealed: For all China poules that have run

Losses and Claims, $121,730.30 Charges........................ 39.379.91

mittee and Auditors, privin 5.500.00 Commission, gumana sinna Balance as above,...

Net Premis received,, less Returns

and Reinantances, Interest, .................. Transfer Fens,in Exchange, ..........................

WORKING ACCOUNT, Losses and claims. ......

·Charges Sauszemeēnor

Commissions.uggons Exchange ................................ Balance as above..

подпольш

48,997.71 330,232.90 $547,740.82

ANGLO-JAPANESE ALLIANCE,

ANNIVERSARY CELEBRATIONS,':

Tokio, Feb. 132. A banquet: was given yesterday, evering to commemorate, the seventh andiyursary of the ADDouncement of the Anglo-Japanese Alliance, Count Komura, Minister of Foreign Affaim, said that he was confident that the Alliance $385,456,78 would continue to grow lo strength and to con-

duce to the mutual interests of the two coun•: 150,851.54

102.00 tries. 5,330.50

Sir Claude Macdonald, the British Ambas- sador, said that it was most gratifying to find $547,740.82 that the Powers recognized the alliance as at

effective pledge of peace and that the three Great Powers were concluding similar agros. |ments with Japan on the basis of the Anglo;

Japanese Alliance.--N, C, D, Noos

1908.

Net premis received, less returns

and reinsuranceð átom Interest......

Transfer fees.

81,237.90 34,635.19

49,300.20

3,871-51

ASSAULT ON A CHINESE OFFICER.

... 568,712.23

*$$36,762.03

CURIOUS STORY FROM, OSAKA.

374,694.03 Three Chinese studeat officers joined the *361,979.00 | 4th Cavalry Regiment, Osaka, towards the end 89.00 of last year for a course of trålning. Since tha

"middle of last month, one of them, Mr.Yuanis Hon-turo, bas several timer absented himself from drill. On the 21st ultimo the Commander of the company to which he was attached re- primanded. Mr. Yuan for his conduct, and'' pointed out the inviolability of military dis cipline: The Chinese officer protested against

$136,762.03 JARDINE, MATHESON & CO, LD,,·

General Managers,

We have examined the books, youchers and securities of the Company, and certify that the above statements are in accordance therewith

W. HUTTON POTTE,

{ Auditors. H. PERCY SMITH, TCA, S Hongkong, 19th February, 1909,

ITALY'S SORRUIK

CHINA'S SYMPATHIES.

the reprimand, and continued tó ábreal him. self as before. Thereupon, it is asserted, the commander assaulted the delinquest officer, as a result of which the latter proceeded to Tokyo, where be appealed to the Chinese Minister. A few days ago the Chinese Minister, tele......... graphed to General Tsuchiya, Commaider of the Oaks Army Division, expressing his re- grot that the Chinese officer bad deserted the barracks for so-trifling a matter, and asked for,, advice as to the course he should take. "Gene-

ver. independently of Government require. | China, and the country hed its rallways; tels” whip on his mount and word as he liked from report and accounts were adopted ang the lef Fund, and have been remitted to the Italian | requesting that the officer be dismissed from

47

Although I cannot say that trade in the Far East during the past six months has been alto- `gether satisfactory, yet the hopeful view of the prospects taken at our last meeling bas, I think, the regulations for the prohibition of mer been justified. A healthier tone is noticeable, phia traffic, proposed by the Inspector-Gentral

Time: 3.40/2. Winner: $640,

Cash Sweeps: 1st $1,637,501 and $562,50, Pari-mulunly 1st $6.50.

A resolution proposed by Mr. Young and seconded by Mr. Michelau, declaring adividend of Tis. 4 per share, was also passado

The third motion, proposed by Mr. Selby Moore and seconded by Mr. Murphine to the effect that Mr. J. M. Young be re-appointed a Director was carried,

4-THE BARRY" Cup. Presented. For

subscription griffins of this season that have | ron at this meeting and not won' a race.

Mr. Foox proposed and M, Selby Moore Weight for inches as per scale. ¿Jockeys who seconded that Mr. G. R. Wingrove be re-elected *have not had more than two winning mounts auditor, and this also met with approval.

The fallan: Minister in Paking kat received telegram from H.E. Tusa Fang, Viceroy at Nanking, informing him that the following ral Tsuchiya replied telling the Minister to lar sums have been contributed by the different struct the officer to return. Subsequently an provinces towards the Italian Earthquake Re answer was received from the Chinese Ministars Consul at Shanghai through the Taotait Man the service, as he refused to retire Ac charis Tis. 5,000, Chibli Sre,ooo, Kwangtung cording to the Army Penal Code, an officer who S10,000, Hapth Tis, 5,000, Fukien T. 3,000, desaris and does not return to daty witdio mix Yunnan Tis. 2,000, Kiangsu Tis. 5,000, Che.

days in liable to be coun-martiafied, - But as, klang Tis. 5,000, Shantung Tis. 4,000, Hunan Tis. 1,000, Kiangal T11. 3,000, Anhol Tis the Chinese officers are placed to the Japanese 4,000, and Kucichow Tis. 2,000 total: Tis, any for training purposes on condition thas thay are exempted from punishment under the 43,000 and $50,000. The Italian Minister bis Army Penal Code, Mr. Yuan cannot be brought conveyed his thanks to the various Viceroys before a court-martial. The commander who and Governors. China's action in this matter committed the assault has been subjected in the It is believed will condece greatly to cement the inhin (confinement at home) for seven days,

the matter being thus settled-Japan Chro

Chrontola

In Hongkong, Shanghai, or Tientela allowed. On the motion of the Chairman seconded by friendship of Chins and Italy.-N. G. D. News,

5 lb. Jockeys who have never had a win-), Mr. Michelap it was resolved to hold the next

Business genèrally is on a soundar basis, stocks of 'Customs, did not provide for the punish tuning, mount allowed. 7 lb.: Off-day winners | ordinary meeting in February or March, 1910, { ̈À FOG syren was installed at Povoretny, Light | THE Prince Regent bas recaived the order of

ment of smugglers, the Waiwupu has fóstruct- ed a nota ba taked to add this provision' when' considering the regulations.

#

of imports:ara gradually being reduced and

barred. Entrance Sidto go to second pony.|BRI crops have been good. Renewed commercial

One mile

THE rapimission by post of opium, morphis, house on the 28th January, 1909. A fog signal activity has sprang up throughout America

Mr. Oltery's Tamar, fost b

..(Vida)::: 1

morphine and cocaios is prohibited by order is a blast of. five seconds duration at intervals the Empress Dowager to complete the work on Emperor Teh Tsung's Maniolsom in, three while in Europe money continuer plentiful and

Capt. B. Barker's Shaun Aboo, sost 8ih.........

of one-and-a-half minutes, and can be heard At year, and to see that the work is apbstantial of the Govamor in Council. distance of three miles at |cheap. --Thus the time seema ripe, for a,rotara It is estimated that a sum of Tli, 1,750,000 leke m (Heathcote):

and well exscated, to prosperity, and the commencement of a new necessary to purchase the Chinese Waterworks Mr. H. Gibbon Moore's Lysmuo. Moores ACCORDING to the verascular papers, the period of expanion in trade. * (Applause.) : Company, and the councillors asked the Taptal Mr. J.S.Bill's Gambler, rest pib*+(Rickman) Chiness Waterworks Company on the Chinese There being: no quemlong, the Chairman to advance The. 800,000, and the, balance will: Hoa. P. G. Scarlett's White Knight, Tost Bund has not been prospering, mad His Hose moved the adoption of the report and accounts, be subscribed by members of the commercia; fa, 7lb*fazZIOLEMİRCİDDİ

(Scarlett) © our Tial Tasfal had a mosting the other day EMC H. Ross, la secondlog said 1. Genting, guildng who, in turn, will try to raise money in "Mr,jakk: Lewis' Bystander, 1rat ril (Dupabo)))) (a) with the Chinese Mooicipal Council to discuss man mit affords me considerable plesaury so? Khazón, from the merchante,

Mt, Whenley's Fip, toit teibinson Morris : o! taking over the concern.

THE Imperial Board of Astronomy has fixed, Tire Japanese officialo opon the 18th lastant for the ceremony of ipi cation work have favented wireless vesting the late Emperor Teh Trung with his instruments, which enable them posthumous title and dus properations are bey: communication over disma lag made for the occasion.

day and 3.000 by 'mighli