1910-04-29 — Page 11

FUTURE OF RUBBER.

"ICONOMIST” analyses RECENT,

·PROSPECTUSES.

́ ́SEES NO REASONS TO FEAR EXCESSIVE

PRODUCTION,

The Economist has taken ninety-four pros pectuses published during the last two years and has examined their estimate of future pro duction and compiled aggregates for the next seven years. The results, as it says," are very rough indeed as estimates in prospectuses. are not very raliable and many companies do pot pin themselves; down to defibile Sgures." The table however is as follows..

Estimated PRODUCTION, 1910-191

No. of Trees

1912.

L

vegentig

7.302,470 Lbs.

Lbt.

7,614,616

2,256,432 7,321,932 1,635.456 - 3,318,192 1,666,774

1,086,724 -

165,0cc 1,020,500.

1050'1

פיככם

719cco

TEDOCO

ODGES'

100.co

**

0000000

tbox's

TORE'S

1,320,000 1,530.CO

250,000 150,coc

1,383,79,383,750 1.385.750 1,333.750 *,382,750

70,00x

10.753,220 2,158,834 4,845,101 8,204,435 12,031,204 16,360,689) 19,021,3:8 20,617,714-

7.303-9

491.71

1555-245

11891'2 13596"

Igrz

Lbs.

Lbs. 877.714 1,878.529

136.29032035

1.027.451

83,3851

3,245,409

-512,74€). 660,62

4,885,713:

1,176,570 Lbs.

6.756,516

1,667,121

926,749

1,680,191;

1,259,818-

£9.420i

604,45

3121

Legica

316,180

72.000

359,50

Born India

295,141

33. Ex:

135,10

268,500

409,400 *695.scci 1,536,734

TACKS

-128,700

471,5cc

German East Africa

1,035.LEC

Brz 211

270,75%

&

100,000

475,000 $12.50€

3.500

Philippine Island

Or in toas

总

756,$75 Federated Malay States 317,295 Sematra

Straits Settlements

000'009

British East

Total:

market not goING TO HE SWÀMPED,

It should be explained, The Economist adds, that many of the companies do not carry their estimates as far as 1913 and 1916, and that where the figures for these years are not givCD, we have taken the maximum of previous years as the probible output. The totals as they stand certainly do not suggest that the world's marker is going to be swamped with

THE HONGKONG TELEGRAPH FRIDAY APRIL 20 1010

the generalsoundness of American trade-apin- lons naturally differ; but there can, wathink, ba little derht that traders were speculating, 100 freely last auume, that much of the raw material.rw being imported is bought with bortowed money, and that at the present mo. ment a big strike or a disturbance in the money market would catch American manufacturers in avery awkward position. We would advise Tabber specalators to keep their eye on the United Sta 01, remembering the sharp factus tions of American trade, and that a fali in demand is just as dangerous as an increase in supply.

4

OPIUM.

·TRANSFORMATION IN SZECHUAN,

A Szechuan correspondent writes in the

-N: C:-D. News of 19th ins, 22,

I have now travelled some poo miles through territory which even as late as last year was covered with poppy. This year not a single plant can be soco anywhere either contiguous to the so-called great roads or off them.

I have made the most rigid inquiries from all sorts and conditions of men and received invariably the same replies. I have questioned Protestant and Roman Catholic misionarica of all nationalities, native Christians, Cainese residents all along the road, and any oumber of promiscuous travellers as well as officials.

I thought in an instance that I bad dis covered a place where opium was bolog grown, for upon putting the usual question to a lady missionary in the farthest west of *zechuan she replied that less was grown tha formerly.

I said that some must then be grown, and Asked whether she could indicate. She replied in the course of various questiont' and ausworn that she had not seen,auy herself, that she did not know any Chinese who had seen any, but supposed loss was being grown because she had not seen any. I was referred by this lady to a native marchant who travelled mach to the district and who had very extensive' business cobacctions and knew all about the question, I promptly repaired to his place of business pad was informed is the most categorical fashion that not a single stalk was growing anywhere. In one place the local official in an infurinal and friendly chat volunteered the news that he had the proclamation, that this unfortunate had been taught to obey by being fised heavily,

CHARTERED BANK OF INDIA, "ÄUSTRÁLIA AND CHINA,

ANNUAL MEETING.

16th inst.

The 56th ordinary general meeting of the shareholders of this company.was held on 30th alt, on the bank premises at 32, Bishopsgate street Within, under the presidency of Sir Montagu Cornish Turner, the chairman. The manager (Mr. T. H. Whitehead) having read the notice calling the meeting,

The Chairman said:-Goottemen,-1 pre- sume that you will take the report as read, and before move its adoption I will say a few worda, as usual, As our last annual meeting I expressed the opinion that we might fairly anticipate a gradual but general revival in trade, the good effects of which would be sees in the autuma..I regret to say that in regard to business outward from West to East-that is to say, in regard to our business with the Straits, Chios, and Japan-my anticipation have not been fulfilled. On the contrary, we have during the past year experienced a period of dull, if not stagnant trade, so far as China, Japan, and the Srits are concerned., Tuis daturally has prevented" our utilising to the full advantage the resources at our disposal, and, we havO therefore boes usable to maintain the bigb standard of earnings which we had reached in the prosperous years ending with 1907.

THE BALANCE SHEET.

to recent

balance-sheete

Reference as compared with the statement laid on the considerable and table to-day, will show appreciable decrease under the heading of loans, advances, and bills discounted, nearly the whole of, this is in connection with our trade in the Far East. As regards China, the value. of manufactured goods exported from Great Britain in 1907 amounted to 12 millions sterling; in 1908 these values fell to gà millions sterling, and in 1959 there was a further decline to the extent of three-quarters of a million sterling, do that in the two years the value of exports from Great Britain to China, excluding Hongkong, decreased by no less than three-and-a-balt, milhoes sterling. So also in the case of Japan, the shipments from Great Britain in 1968 and 1909 were no less Below the shipments in 1907. These figures, speak for themselves, and, I think, are amply suflicient to account for the decreased earning power of this bank and other kindred institu- tions doing businers, in the. Far East. I am China glad to say that markels both in and Japan are in a healthier and somewhat more normal condition, and, in the ordinary course of events, I think we may look for better times; bat it" must be 'remam. bered that the present high price of cotton is an adverse factor to the extension of Lunca shire rado with the East until pilces adjust themselves or until the price of the raw material comes down to a normal level.

10aff has worked better than ours. I am bere (ävery day for most part of the day and am thoroughly in touch with the staffs at home and with a good many of the staff abroad, and I. may say that they thoroughly deserve your thanks. Next year I hope they will be able to thank you for a bonus. (Cheers.) The mosting then terminated.

AFFORESTÄTion in chiNA.

DEPLETED TIMBER TRAGIS-

(Special to the "Hongkong Talegraph,"

"BATU CAVES ROBBER.

· QUARTERLY DIVIDEND OF 20 PER CENT,,

ANTICIPATED

FIFTH ANNUAL MEETIKO.

136

tory. Since then we have had regular re- ports from our visiting agent (Mz. Quartfoy), and they havn borne out what I myself saw, that we possess one of the Guest estates in Selangor, There are no young clearings that I know, of in Selangor that have better appeamace The Financier, of March 24, has the follow-than Batu Caves. When I saw them they ware ing report:-

in excellent condition, and the few portion The_fb_annual general meeting of the which were giving troubleas regards waedaba Balu Caver Rubber Compay, Limited, was now been brought up to that standard of:pam... beld at the office of the company, 10, Lime faction which Mr. Fox, our, manager, his set Street, E. C. yesterday. Mr. John McEwan, before him. In addition to having a very fas chairman of the company, presided,

estate, we have another very important factor we have a very efficient manager-and the combination is one which promises well for the ́ company, (Applause)..

The notice convening the meeting and the auditors' report having been read,

The chairman said: Allow "me, first of all, to express the regret of the directoys—a regrat that I am certain the shareholders generally From a recent issue of the Manchurian share-ibat Mr. B. K Rutherford should have Daily News it is with satisfaction one learns found it necessary to resigo his position, on the that steps are being taken by the Government board. The shareholders are deeply indebted of Kwantung Province for a rejuvenation of to him for the great care and ossidolly with their depleted forests. From Japan 3,000,000 which from the formation of the company, and saplings of the pine tree, and 200,000 of the for five years thereafter, he attended to its in- crab oak are to be procured. Like China, terests. His capable and experienced direction Japan has been very prodigal for generations, during those preliminary years of work helped nay, centuries past, in the destruction of her grantly in bringing the business to its present forests for the purposes of supplying domestic satisfactory and faurishing condition. In fuel. Even grass-cutting is permitted in-be previous years there has ant baeng much. in carried out on far too large a scale to the accounts 10 cili for explanation of re- allow proper and adequate rainfall 'condi- mark, and the matter which doubtless will lians to prevail in the Empire. In this prove of greatest interest to you is the rate instance, the siplings in question are destined. of dividend. Perhaps you may be inclined to for the neighbourhood of Dairen and Port consider that, instead of having to large a Arthur. It li understood that the object of the carry-over as 1.500 179, 6d, wo might bare incrasted the dividend by 5 per test, but I planting is not to giva beauty or pleasure but to restoreconditions that have long ago disappear would paint out that nor balance atteet shows cd, and it is intended to extend the process of an expenditure on capital account of rather more than the par value of the sbutes issued, reattorestation throughout the Leased Terri tory. This is a small-scale example of what so that we have at present no working capital. China ought to bedding on a vast scale through-The matter of carry forward is, however, of out her, territories: Afforestation is scriously little moment, as we hope to distribute shortly an interim dividend from the working of 1910, considered in Japan, and it is quite time that. the Chinese Government work up to the im- The directors propose to pay quarterly divid

eads on June 30, September 30 and December portance of boing in earnest in this matter.

34, and estimated yield of rubber taken at the prices that, may be expected, will probably justify them in making each of these three aterim dividends at the rate of 20 per cent. After payment of the dividend to be sanctioned to-day all the shares will be on an equal basis, and receive a uniform distribuctoo.

IN HONGKONG,

THE ACCOUNTS

Mr. Robert Hart said they had all listened to the lateresting statements made by the chair- man and Mr. Christia. He could firmly confirm what the chairmen had said as to what they owed to the zealous work of their manager and his assistants, and they were also much is debted to the board of director.

Mr. A. Melvin (a shareholder) said he want to Batu Caves, last December, and had very pleasant time there. He saw the estate thoroughly, and could quite confirm what they had heard Mr. Christie say, and also what had been reported by the chairman. They had a very fine prapeity indeed. He had barn to Java, Sumatra, the Federaled Malay States and Travancore, so that he knew what rubber astates should look like. He was especially impressed ̈ with the easy access to the estate.

A shareholder asked if he anticipated any trouble with regard to labour,

The chairman read extracts from two recent reports, saying that, the labour was sufficient and that there were about goo coolien murering.

The resolution was carried unanimously.

་

On the motion of the Chairman, seconded by Mr. Robart Williamson, Mr. T, N. Christle was re-elected a director.

Mr. Melvin moved the re-election of Messrs. W. A. Browon and Oo, as auditors,

1.

Mr. Robert Hoar, in secodding the resolu tion, congratulated the board on the excellent report they had been able to make. With ra- gard to the question of labour, he bad bean told that the estate was rather favourably situated, because opon it were certain caves which were held-in veneration-by-the-natives,~~~ and for that reason the estate would 'always be popolar with native labour, That was certainly a matter for congratulation. From what be

discovered onɑ mas, who ventured to disobey than three and three-quarter millions pterit Dolorious for their barresness and sterility but think that our cost of production is rather bigb, had heard from other Selangor planters, he

bambooed saad by having bis crap torn up by the rosts and destroyed.

I found upon talking to the farmers a very wholesome fear of consequences, if they dared to disobey, The almost universal reply was, "We do not dare to grow any opium."

As a result of this absolute probibition a few consequences are immediately apparent

Land has depreciated 15 per cent, in value.

2. The price of opium has advanced as much as 800 per cent, over last year.

3. The poppy acreage being devote to cereals, foodstuffs are plentiful and cheap.

4. A traveller 10 countless villages sad towns ses no sign of opium smoking, one has to hunt diligently, to find a place where opium can be procured or smoked,

vessels being used for cooking purposes.

5. I saw in many cases the opium cooking

CHANGES ON THE BOARD AND IN THE

MANAGEMENT♪ ̧ Gentlemen, during the past twelve months we have had considerable changes in the Court of Directors and in the management of this bank. Much to our regret, Mr. Henry Neville Gladstone found that, owing to pressure ol

when the island was taken over by the British Government, our local authorities realsed as one of the first necessities of the new domain that tree and shrubbery planting must at once be carried out. Not only was the object entertained from an aesthetic point of view, although at that time the Peak sides were it was then already a recognised fact among agricultural and meteorological experts that any country destitute of forests of great trees the rainfall would always be infrequent and issuth- cient to keep the local reservoirs well supplied with the all-needful liquid, especially when the draining area was so limited as on a little and as Hongkong. It therefore redounded to the credit of the capabilities of the early administrators of the Colony that they had the forethought to begin the hill-side planting that we sen in such grand cultivation to-day. Not so very far back, there was a distinct agitation in the Straits Settlements against the further felling of the great giants of fue jungle in order to make way for the plantation of pineapples, for, as is well-kauwa ́among scientist is the high, growths that attract rainfall, and not scrub plants such as that which bears the luscious pine-apple.

SINGAPORE ISLAND "

To take up the accounts in-detail, you may

but the directors have followed the sama can-

manager.

CORRESPONDENCE,,

We do not necessarily endorse the epialons expressed

by Correspondente in this column.) NO PLAGUE AT AMOY,

I presume this transformation is one of the business, he was unable to contique a director enjoys a bigger catchment area for water supply 8, and we have now no bills ranning. The Kalangsu Municipal Council to inform you

most wonderful ever seen. At the word of the Governor General some seventy, miillions of people tremble and obey, and not one dares disobey an, order which has at once reduced the income of half the population, "I venture

Malay rubber in the next two or three years year in no other cautatry of the world; Only

The total tar 1911 is 4,425,000 lbs., or 2,100 toos, so that if we make full allowances for the increase and production of existing companies, wa may estimate roughly that the

about 6 per cent, of the rubber output in 1909, and are likely to produce to or 11 per cent, 10 1911. Considering the number of Malayan companies floated in the last eighteen months that is not a big 'change, and if demand con- tidues at its pasmal strength there should not be much difficulty in absorbing the new rubber at quite high prices.

to think such a change could be effected in one

io absolutely autocratic China would this be passible.

The

The Chinese Government ja apposing Dire eigners' requests for improvements and cou Malayan output will not be more than 4000 cessions has again and again based its refusal, or 5,000 tons larger in 19u than, it was in 1909. The 1909 figura was 4,000 tons out of

on the opposition of the people. This concrete a total world's production of about 7,000. Ia

example shows that the officials are only fool. other words, the Malay plantations supplieding foreigners--apparently a very easy thing

to do-by such frivolous,objections.

Talking in Cheogio, the capital of the Pro vince, with a Total on various subjects i referred to a promingo mining case, Teotai said that really the people objected and consequently the Concession had to be revoked, When be bad finished speak- ing I said, "But the people also objected to being prohibited from growing optum," He smiled, I emphasized the fict that the officials would now have to send some other plausible excuse with which to put off foreigners said that it used to be a fengshui, the Taviai immediately replied, "Oh, we don't care for toogstu1, and if ever the idols get in the way we pitch them out into the road or Fivar,"

DINAND AND SUPPLY.

On this side, then, the market seen to be fairly secure for at least two years more; but production is not the only thing or the most important thing to be considered. We want to kapw not merely how much is coming oa to the market, but how much is likely to be. needed by rubber consumers. The now uses that are being discovered for raw rubber When foreigners, and foreign officials and the quantities now being absorbed in old especially, really understand the Chinese better industrias, such as tyre and shoe manufacthey will not give hand tthe frivolous excuses sures, were the subject of au erticle published which have so far satisfied them, or suffer a by us a few weeks ago, in which we described device which is being a satisfactorily exploited the various, trades that are now taking more even now by the Chicase to their disputes. and more of the world's supply. But it is When the Chinese G verument wants to pot éxtremely difficult to say exactly how much its foot down with its own people, it can do so of the raw material is used by different ladus.

and is abundantly able to keep it dowo, tries, and it not easy to discover even the average quantity that goes to a single motor tyre. The figures are not to be bad, and so the problem of demand remains unsolved; but one point (apt to be forgolton by specu lators in rubber sbares) is perfectly clear and The United States Chargé d'Aff tires at Pek- demonstrable by statistics-and that is the ing has furnished to his Government the follow. enormous importance of the United. States asing informaatios concerving the letting of cop- a purchaser of the raw material. The growing tracts and the supplying of materials to con use of rubber shoes and the increase of the tractors for the Chinese Gaverament, which, he motor industry in America have led in the last says, applies fully to building construction in few years, and particularly in the last twelve Noth China and, in great degres, throughout,

"The following figures state the estimated output of the past three years, the total American impons, and the ratio of those imports to the supply:—

World's Americas America's

CRINESA GOVERNMENT

LONTRACTS.

the Chinees Empire:-

of this bank; and subsequently we los: by death our very valued coliesgue and dear old friend Mr. Emile Levila, who passed away after a very brief illness. I may also mention that we have lost a very good old friend and valued adviser by the death of Mi. Joseph Addison, the senior partner in the firm of Messrs. Liok later and Company.

The Court of Directors have elected Mr. W. H. N, Guschen, of Messrs. Fruhling and Gos say how much we appreciate Mr. Gosch zo's chen, to a seal on the Board, and I need noi advent to our ranks, in the management of our head office. Mr. Caleb Lewis.reure from his position as senior manager of the bank, after nearly 40 years' connection with this in stitution. By his unfailing courtesy und genial manners. Mr. Lewis had mide Simself popular with all with whom he had been brought inte coctact both inside the bank and withopt, and we must all sieceraly desire that Mr. Lewis may be spared many years to ebjoy the bonourable rest which he has so well earned after a very busy' and energetic to the service of tile eatirely devoted. this bank. (Hear, bear.),

THE DANK PREMISES. It will be noticed that the figures to the balance-sheet under the heading of bank pre- misor and furniture àt the head office and bran. ches show a considerable increase on the amount appearing our previous, statement. The differeaca maioly accounted for by the expenditure in connection with the acquisition of our new, Loadon premisas the full cost of which as well as the cost of acq siring premises at Colombo and Yokohama, and the cost of building new premises at Kwala Lampor and Bangkok, now appears in the accoquis, New office premises in London, Yokohama, Kwala Lampor, and Bangkok were absolutely Decessary for the efficient working of our bu ti atss. I will now conclude by proposing "That the report now presented, together with the balance sheet and profit and loss account, be approved and adopted."

Sir Henry S. Cunningham, K.O.L.E., briefly expressed his pleasure at seconding the

motion.

Mr. H. M. Ross said he thought the share- holders might well congratulate the directors of the bank upon their emerging successfally,

Then does lungsong island, but at the same time it was then suffering from a serious water famine due to a decreased raintall that was attributed to the evil done by the extensive tracts from which the heavy umber, had been removed to be replaced by pine plants,

To Tua Epiron or tite "Hanokonɑ TelegraFUL,"

IR,With reference to the alleged out break of Plague of Amoy, published in the Hongkong papers, I am directed by the that every inquiry has been made concerning this serious statement, and only one death can be traced that of Dr. J. A. O.fi, who contract- " ad the disease from a native patient be was attending. There is no troth in the rumour that twelve Europanns have died from Plague, nor is there may outbreak of this discano either in Amoy or on Kulangsu

bervative policy is in previous years of charge thought very highly of Mr. Fox, the estate ag up to the year's revante a very full proper.

The resolution was cariled unanimously, revenue side we have dust well from coffee remarking that a suggestion had been made as tion of all general astate charges. On the

The chairman took the opportunity of re- and, although our lin, royalties have slightly Increased, they have not yet reached the gura 10 splitting the shares of the company, but it we hope ultimately to obtaio. · The average was the feeling of the board that, in addition to' price for the rubber crop-78 sid-is good, hav-being unadvisable, it was unnecessary to do log in view how much we sold early in the year, this at present. Later sa. it might become before the high level of prices now currect was necessary

A voto of thanks to the chairman terminated. reached. The average of the last invoice sold that it included in the account (February 8) the proceedings. was is lod per ib. and the 7,216 lbs. men- tioned in the report as unsold—roughly speaking, a sixth part of the crop-railised yesterday ros, sd, per lb, oris. 50, more than was estimated, thus leaving an adjustment to ba made of £480, in favour of the new year'ı accounts. In the balance sheet you will sea that our liabilities are small. The bills ply able therein-£1,179 195.—ran off on January total of liabilities at estate-£2,171 175, 10d-is temporarily swollen by a sum of 4953 5%. 4d. far machinery delivered at the end of the year and not paid for till January, 1910, i do not think any of the other items call for remark. I have no doubt you cordially approve of the extension In the older Settlement of Penang the same now in course of being made, and the moderate. objection could hardly be said to apply, for size of it will enable the addition to be com- the best piao-apple lands were found to

pleted at a lower cost than previously and will be on the gentle slopes of Singaporeraduce the general average per acre of capital the Crog. But the fact remains that at this rather bag on the precipitous sides of expenditure. The crop for 1910 is, as you will sco, estimated at 80,000 lbs, nail as the returos day the pineapple, industry has practically for January and February were 16,144 lbs. You come to an end, alihough for years it consti- will doubtless consider the estimate a conser tated one of the most important exports of the vative cas. The tapping of 1409 was from Colony. Nearly all the extensive and numer 70,300 trees only, of which folly 11,000 gase eus tloning establishments have closed their 2.90 lbs, each on the average. The tapping by doors; the old stock of canced pipes is plainly Intest advices from the estate was being doce a drog on the market. Had it not been for the upon 33,579 trees, and a large increase will be foresight of the early pioneers of this Colony,made in that pamber during the year, while

TO THE EDITOR Of the Hongkong TELEGRAPH," we might at the present day have been the estimate of tree tappsbla jn 19-1 is 70,000, Sir,It has been well said that reformation of suffering from the low raiofalis that made On the general condition of the property 1

the individual cannot be affected by Act of things so unpleasant for Hongkong, not need only quate the following from Mr. Quartly's. | Parliament. How tran this saying is may woll 50. many year off. fustead, we believe that

latest visiting report of January 28-The be gauged by the recest abolishment of the the comparatively lavith annual downfalls growth all over is very good; in the old rubber opium divans. Opium smoking has been held which have blessed the island of recent times the trees are looking very healthy, and the bark up, by gabṣrostorial authority, as derogatory to ard in grost part due to the beneficent work of renewal is remarkably good; the interplanted advancement, the British community, being

treas made good. growth, and are gradually taken as the acme of what this advancemeat. coming into the tapping stage. Weeding is is should aim at. Some few, if not the majority, thorough order everywhere, and if the present of the aforesaid community are dubious whe good work is maintained, 1910 should see thether the shutting of divans will attain the ob last of the heavy expenditure,

the-

AFFORESTATion departMENT.

When Hoogkong was annexed was practically bare of trees, the only portions able to boast of arborescopi vegetation being Wongcelcbeasy and Little Hongkong. But with the advent of the British the island soon took on a garb of groomery, and now we have the spectacle of both tropical and hardy Euro paan trees clothing the hill sides almost to the summit of the Pask.

of our arboreal adoraments in order that the PUBLIC PURSE

i am to ask you to give this denial as much publicity as possible, as if such a statement ware allowed to go uncontradicted, serious injury might result to the business interests of this part.-I am, bir, Your obedient servant, C. BERKELEY MITCHELL, Secretary.. Kulangiu Municipal Council,

Amoy, Culoa, 21st April, 1910,

COMPULSORÝ REFORMATION,

ject strived at. "Even lo the Legislative Coun- BUILDINGS AND MACHINERY,

cil many dissentients were found, the head of. The Directors have endeavoured, to anti- our military contrares among the number. cipate the provision of everything that might His contention was that the military ware not be wanted in the way of buildings and sant bare for their own advancement por for the reformation of the Chinese They machinery, so as to hava a thorough equip- meat ready in advance of requirements. la came for a special purpose-protection- accordance with the promise made by the and they performed their duties satisfactori- It may

be remembered that a

fer chairman at the last annual meeting, we have ly. It was not just to expect them to con. years agu great public outcry araNA issued to the shareholders a quarterly state. tribule towards an experiment that most on account of the local Government inatlin-

ment showing the position as to crop and rea old China bands declared was a failure ting a policy of tree cutting, which could not lisations, and since the new year commenced from its inception. His argument bore fruit we have the monthly yields telegraphed and and it was put on the statate book that a sol- help appearing to taxpayers as being a truly

seat for publication to the usual newspapers, dier should not pay more for his popular bever- studying form of policy, after so much money had been expended on tree-planting. Nor is by no means becsure the subject is the age, boor, for the purpose of reforming the least important that I have left to the end Chinese Speaking plainly, this means that were the excuses offered by the Government at that time very defensible, and it was never all reference to the estate staff. Mr. Fox the acting general did not consider that the exactly explained away whether or do the had, by the arrangements previously made, proposed measures were beneficial and that he destruction of the taber was done with'a

10 relieva Mr, Qaartly, on Seafield estate, would do all in his power to prevent those, no. der his command, from supporting such a pro- mercenary and in view and to assist in the while the latter had eight manibs furlopu b,

posal. The law that liquor should bear the replenishment of the depleted Colonial coffers and in his absence. Mr. Cumming, ander This was the allegation made at that period by his supervisions, carried on the manage- burden was passed. After continuous drill and mouths, to an extraordinary expansion; and

if with somewhat diminished profits, from the

certain cooficial members of the Legislative ment most efficiently. Mr. Fox is again barrack room inspection human nature natur a.comparison of american imports with the The Chinese Government have no rules, troublous times of the last two years, depicted Council who, while pot objecting to such in charge, but, as he has now been in the ally requires the slightest searation of stimula- world's production, give some rather striking || printed or otherwise, for letting contracts, by the Chairman.

will improve aEast for over four years, he leaves in May tion and so repairs to the castoon for liquid results.

or for buying materials, The man on the

The Chairman then put the motion to the judicious tree-cutting as AMERICA'S IMPORTS.‚"

spot with the lowest price and quickest meeting, and it was carried unanimously. Con- plantation, deplored the indiscriminate thinning for sight months furlough, when Mr. Com refreshment. Here the poor anderling ands ming will again be in temporary charge. I himself on the boros of a dilemma. Höwants delivery get the work. Ninety per cent, of all tinning, he proposed that a dividend at the

am sure you will agres that our best thanks ■ drink, wants it badly, but ifhe partakes of his the building dose in Chips is done by Chloese rats of 15 per cent, per aopom, free of income.

are due to Mr. Fox, Mr, Comming and their usual, he is performing as action that is con contractors. When foreign material is specified, tax, for the half-year ended Dec 31 last, be

two assistants, and that it will be withrary to the dicļam of kis G.0.0, because he such as beating planis, plumbing, electric

now declared payable on and after the 6th should be thus filed. Let us be thankful that light plasts, light fixtures, constructional steel, prax. The mutios was carried ananimously, the Government have now abandoned their your hearty goodwill that the directors have has to pay three cents exita to enable the wasteful policy and that the important assol

agreed to pay the assistants à banus on their Government to reform the Chinese. The etc, leaders for these materials, either de- Resolations were afterwards passed electing represented by our woods is allowed to romain Торт Tons.

being the same rate as the shareholders' surance that the aforesaid, thren cents will are invited from the many foreign firms and re-electing the Right Hon. Lord George has traversed the wilds of the New Territory dividend. Our staff have worked well and 1907.................... 89,000 30,600

be eventually repaid to him. The soldier in Tiensis or Shanghai. These firms hold Hamilton, G.C.S.I., to his sent at the board, 1900 65,000 34,000

agencies for the materials required, and alt The Chairman then mared That the cannot but have been struck by the barren been loyal to the company, and they de drinks bis pint contented that he in doing his of its bills and even of its rivar. sides so far as serve to receive from us every possible en daty, by supporting the many benafta he re- 1909 ................... 69,000 44,900 61

arrangements are made with them. Neither income tax on the fans of the directors and regards the growth of treas. Yet the writer couragement. I shall be most pleased to spawer calves through grants from the Cacteon funds, ste United States have tly enough how much the foreign engineer nor the native contractor auditors be paid by the bank, and that this has been informed by more than one villaga soy questions regarding details in the report and still sot infringing the susceptibilities of

States have to do with the recent dents directly with the home houses, as it saves authority be retrospective. rite in prices, sad we may remark that in much trouble to deal with large houses well Mr. Ross seconded the resolution, and it patriarch that within his own memory, the and accounts, or about any matter connected his commanding officar. The dilemma has January and February of this year exports established in Chins. The prices of the latter was carried ananimously.

country was well-wooded and fruitful of tall with the company's affairs. I now move:bean overcome; the soldier gets his pin on Iron Eagland to America amounted to 80,000 include freight, duties, etc., and, where

That the report of the directors and the supports all that makes the soldiers' life" worth cwin against $3,000 ct. in the corresponding necessary, quotationS STO

On the motion of Mr. Ross, seconded by vegetation. Nowadays, the only exception to

the ralo thai anh cặn mort in many statement of accounts for the year 1909 the livlog; but have the Authorities who made KIVAD including Mr. Smart, a resolution was passed increasing day's march is a solitary old ginat of the ba and hereby are received and adopted, the promise to repay the extra these cants months of 1900, and 44,000 cwrs, in 1998. So landing the goods where wanted, and put the fees of the auditors from £300 10 450 per forsst primeval which has kept his branches and that a figal dividend at the rate of 40 per kept their word? la some cases Yes, 53.co the demand is increasing.

In the light of these facts we may safely say

ting them in position, Valess connections annum, to be divided as they might agree; and

cent. be declared, making, with the interim per mas has been distributed regardless of tha that future Mincing Lane prices must depend a permanent agency for special tine

are made with a wall-established firm, or Mr. G. King afterwards proposed, and Mr. P Agng, maybe because at the root of bis

dividend distributed on July 3, 1939, 50 per tentotaller or frequenter of the canteen, but la largely on two questions-first, is the American goods created, there is little chance of jutro which was unanimously approved-of Mr..

of James Halliday seconded, the re-election-trunk there sisada at ancient Juss-house,

There is no people more improvident is the cent for the year; that the distribution on the the majority of the Army this promised rebate rubber going into consumption? and, second is the activity in American trade likely to last? their own expert engineers & contractor can Browns, F.C.A., as anditore of the bank.

ducing into China As the large firme have Magnus Mowat and Mir, William Adolphus matter of tree-cutting for fuel purposes than new shares be la proportion to the times when is as uncertain of fructifying as the Grook the Chinesa. One would almost suppose the instalments of such were paid up; and that Kalends. The regimestal canisan is a mililary The first question is very difficult to answer, for get fair prices quoted for everything at short Mr. C. E. Malchers then proposed a vote of that they did not possess the greatest coal- the dividend be payable on March 31, 1910, to Institution. From is profits the regimental Ins nobody knows what is really happening on the notice. These firms make it their business to thanks to the directors, the managers, and the fields in the world (as they do), so prone are the shareholders standing on register at the stitute is principally maintained. This in- other side at the Atlastic.

date of this meeting. (Applause.). I will nakatitats maintains the different clubs that be closely in touch with proposed work, both staff, remarking that they had all discharged they to timber destruction, AMERICAN POSITION PRECARIOUS Government and private. The terms of pay. their duties very ably. Although, perhaps, tha In these circumstances, it is pleasing to nola Mr. Christle to second the adoption of the remake soldiering popular bat, still a man go to his commanding officer It is known, of course, that the motor trademont asually offered by the Government are profits of the bank had not been quite so large the progressive action being adopted by the solution. At this time last your he was in the cannot has developed very quickly during the last few one-third, on arrival of shipping documents, as in former years, yet the shareholders had Kwartung Government in importing saplings East, examining the estate, and is able to speak and say that he has drunk SO MEDY for afforestation purposes, for not only will it to you personally of bis kaawledge of it.. pints of beer and so according to Government yours, and the number of cats macofactored one-third on delivary, and one-ibild on accept every reason to be quite satisfied

MR. CHRISTIE'S VISIT,

regulations he is entitled to so much robate. is said to have risen from 60,000 in 1905 to suce. There Government terms were varied

lead to their ninally steriia mountains an old 115,00 in 1909; but' rising commodity prices considerably during the last year, "kowever j

bennig renewed, but in the opinion of experis Mr. Thomas North Christies I have plea if he did the O. Q. could sed" probably would always fostere peculation in America, and it is, in order to help the foreigns firms as moRDY WAI

it will conduce to an equable ralofall and pos. sure in seconding the resolation which has pronounce him an habiinal drunkard and quito possible that large quantities of rubber sta tight and exchange bad, the Govirament paid

sibly provent some of these disastrous floods jum been proposed by the chairman, but I will sentence him to cells-Yours, etc; bolog stored now just as farge stocks of coppar on several occasions one-half on signature of

that periodically dorastate the river courses of not detain you many minutes, since I was MO ZAME

on the setning my news is somewhat ancient -- Hongkong, syth April, 1910, pure Hored in spoj. At to the second question contract and one-half on completion of work,

.Supply. Imports. Proportion.tiverad on the ground or put in place, Mr. William Henry Neville Goschon a director, untouched by the woodsman. Anyone who earnings for 1959 at the rate of 50 per cent. | difficulty is, 'kowavar, overcome by the as-

ま

44

$2

Mr. Halliday seconded the motion, which was carried unanimously.

Ton Chairman: I am glad that this resoly. loa bas bean passed, because I regard it as a vole of thanks to the staff, who this time have ant banu able to participate in a bonus, No ( the cogat