1910-06-04 — Page 12

Intimation.

Powell's

Furnishing

Department

FIRST FLOOR,

Alexandra

Buildings.

CURTAINS

MADRAS MUSLIN

White and Ecru

3

Frilled 2 Sides

52 in. 60 in: and 70 in.

wide

in various patterns.

THE HONGKONG TELEGRAPH SATURDAY JUNE 4 1910

"RUBBER VALUATIONS.

MR. MALCOLM CUUM O'S BABIS ENLARGED,

A SYSTEM WHICH EVERY PLANTER NIGHT'

''; FOLLOW.

In the present position of the rubber business what is a fair basis on which to decide the purchase value of an estate? We have bad occasion to point out the inaccuracies and ambiguities which arise from the absence of any definite systém, each mau going bis own way, sometimas biladiy, and sometimes using "valuer's phrasas (without attaching thereto the correct valuer's menningu, Valuing Sengat Estate, Mr. Malcolma Cumming, then whom there is no more experienced planter or capable business mar in Malaya, wrote as follows-

Valuation.—Valuing on my old basis of valuation :--

(1) Seron years! purchase. (b) Rubber, gross, 34 por lb. ~(3) The cost of production at 13: 6d. per Ib., including all charges.

in the Shit, accond, third and fourth years (s) will rotura nothing in the fifth year bach acre will reture £5 which is equal to 4500 for the 100 acros.

In the firit, ascond and third yours (d) will We noticipate the objection that me HEILIG retum nothing, to the fount year each acres which there is a large acreage of very young will return 610, in the fifth year £10 a total rubber would suffer in the comparison under for the two years of £20 per acre, which is this systems, although its prospects of becoming equal to £2,000 for the 100 acres.

bighly profitable in six, seven, or sight years may be extremely good. To that the reply is obvious. The distant future of the rubber industry is a hidden mystery, bound up with questions of demand and supply which cone of us can answer, and all lovesiments on basis of long-deferred return must be extremely risky. The capitals of each concern, therefore, should be very small-little mors, in fact, than Is absolutely necessary to bring the land into bearing, and there is no room in them for high purchase prices, option boldem' profils, under writing fees and the like. We may forcast the next five years with moderate accuracy, but the most skilled cannot sen farther cannot son ovan na far with positive certainty-Stratte Timer.

Therefore, the valuation of the estate on the basis of five years purchase of the pet profits on output will be:-

100 acres 4 years old £15,500 9,500 A 319

100

100

5.000

100

2

#F

2,000

100 newly planted

500

500

Total valuation £32,500 If, at the commencement of the, term, a part of the rubbar is entering its sixth your the valuation for each aero of that pit will be £50, £án, Las, £joj and £15; a trial for the fire years of £100 par scie.

If a part of the subber is entering its seventh year, or ja of greater.age, the valuation for nech acre of that part will be £75, 207, £45, £30, and £15, a total for the five years of Laas per acie.

RATIO OF VALUE

Consignees

"SHIRE" LINE OF STEAMERS, LIMITED.

NOTICE TO CONSIGNEES,

FROM EUROPË.

THE Company's Steamship

(4) Estimating a yield of 100 lb1. parlaers la fifth year, too lbs., par acre in sixth year, 300 lbs. per acre lo seventh and following years. (5) Valuing the reserve land on these terms And in this position at ¿5 par acre, and making | veftain deductions for vacancies, short growth, etc., on some of the fields, the value of the property works out at £68,732; but in view of authentic forward sales of rubber for the current year, and rumoured forward sales for 1911, itage and nooibe". That is to say, we can dater of Cargo are hereby informed that their Goods mine with reasonable accuracy in what pro- | are being landed and placed at their risk in portions the young and old trees will contri-chokardans and/or outra hasardons Kowloon Wharf and Godown bute to the total of a five years purchase valpa

| seems hardly fair to value on such a low basin Taking then a five years' purchase, or what the production of this estate is likely to be for five | years, we have the following figures →→ First year, 100,000 lbs. rubber

Second year, 200,000 lbs, rubber

At 48. Balan Third year, 250,000 lbs. rubber

at 31. bet

£15,000

Fourth year, 300,000 lbs. "rubber

at 25, met Filch year, 300,000 lbs, rubber

40,000

37,500

30,000

at 16. net

15,000

£147,500

In order that there may be no doubt as to the nature of the five years purchain valuation we may explain that it covers 940 acres, of rubber from 6 years old to "just planted "; 19 acres of hospital reservation; 604 acres of

FLOUNCED MADRAS reserve land which Mr. Cumming would have

BRISE BLINDS. White and Ecru

valued separately at £5 per acro; and in addi tion.there are the following buildings:-Four "sets good permanent Tamil confie 'lines, Two sets good permanent Tamil coolis lives now being built. Two sets Malay lines of twenty rooms each. One hospital and suitable building

24 in, and 36 in. long, and dresses' quarters One permanent Tamil

HARNESS MUSLIN

in

White and Ecru Frilled 2 Sides

in Spot and Fancy

signs.

shop. "One well-built Hindoä temple. One manager's bungalow (semi-permanent) · Ons assistant's, temporary.

|

From the scale at above it becomes goite easy to construct a secondary seale showing. correct ratios of value between rubber of one

tion.

բ.

Thus one acre of newly planted rubbir will come into bearing at the begining of the filib year, and its daipur" of 100 lbs, at nat profit of 1/. par Ib.'will give a return of £5.

An acre of rubber which is aged six years or || more at the time of purchase will, as we have sten, earn in the five years £125. ie., it contri- butes.45 times as much to the total as the newly planted.

The ratios for intermediate ager are shown in the subjoined table, to which is added à column showing the value per' individual tren based on an assumption of tgo trees to the

acro,

Profit Ratio Profit par acra

of per trea Svears. Vilus.' f years,

£ 1.0.0

RATIOS OF VALUE-ACRES And treas,

Age When Biught.

Now 3 months

Bd.

6"

H

1/8

*

16. go

1 year

20. 0.0 4

#78

2

40..0.0 10

6/8

3

95 0.0

19

17/8

4 11

155 0.0

31:

5

#

200, 0,0

40.

2618

This estimate of £147,500 is a true valuation on the five years' purchase basin. It in the nat estimated raveous from the property in a period of five years (yields, and prices being taken as stated in the quotation we bava made). | ages but no indication of the acreage.

It should be noted that Mr. Malcolm Cun.

6 or more 225, 0.0 45 30/

The profit per ties column should only ba used when checking a valuation made by a valuer who gives the number of trees and their

ming's scale is a buying one. Soma time ago we put forward a scale of our own which was designed to test, the investment value of a company on the basis of ŝin total authorised De-year purchase and made ao allowance for

HARNESS MUSLIN

in

White and Ecru unfrilled, 48 in. wide various sizes of Spot and Fancy Patterns.

PLAIN BOOK Muslin Curtains Frilled

all round

3 yards long in White and. Eerü

$4.50 per pair.

in

LACE CURTAINS in great variety White, Ivory and Ecru.

POWELL'S

Alexandra

Buildings

made no allowance for raserve land, because we assumed that within seven years the best reserve land can be plant ed up and brought into boaring. A buying and a capitalisation scale must not be con- founded, because, to a purchase price one- third to ooc-half moro or even a greater amount is generally added to provide working capital, rover expanses of promotion, etc.

for

RESERVE LAND.

in estimating the value of an estate with fairly large acreage of growing rubber it quite reasonable to sacfuda within the five years parcbuse limits an amount of reserve land equal to the total of the plasted area. in the

Sangat valuation, Mr. Cumming allowed his five years purchase to cover about 600 acres of reserve land which, taken suparately, he would have put down at 25 por acre owing to the favourabla terms on which it is bold, its situa- | tion, etc.

· PEMBROKESHIRE”.

having arrived from the above Parts, Consignees

Godowns at Kowloon, where each consigne will be sorted out mark by mark, and delivery can be obtained as soon as the goods are landed.

Goods not cleared, by the 7th insulant, at ó P.M., will be subject to 'rent.

No Fire Insurance will be affected by us in any case whatever. -

"All damaged packages must be left in Godown, where they will be examined at 9.30 AM. on 7th instant, No claims will be admitted after Goods have left the Godown nor will they be recognised if presented after 10 days of vossal's arrival here.

JARDINE, MATHESON & Oo., Ltd,

Agents. Hongkong, ist June, igio.

'INDRA" LINE, LIMITED,

NOTICE TO CONSIGNEES.

[4x4

FROM NEW YORK VIA SUEZ CANAL.

THE Company's Steamship "INDRADEO,"

having arrived from the above Pons, Con signecs of Cargo are hereby informed that their Goods are being landed and placed at their' Tex in the Hungkung and Kowloon Wharf and Gedown Company's hazardous and/or extra. "hazardous Godown at Kowloon, where each consignment will be sorted out marie by mark, sad delivery can ba obtained as sooh an the Goods are landed.

· Goods not cleared by the 8th inst., at 6 P.M. will be subject to rent,

No Fue Insurance will be effected by us to any case whatever.

All damaged packages must be left in Gódowa where they, will be oxamined at 9.30. A on the 8th inst. No claim) will be ad- mitted after goods have left the Godown, nor will they be recognized if presented after sa days of vessel's arrival bere.

arrival.

Optional Goods will be landed here unless attractions are given to the contrary before "JARDINE, MATHESON & CO, LD,

Hongkong, and June, 1910.

[419

Agunis:

NORDDEUTSCHER · LLOYD, BREMEN.

- IMPERIAL GERMAN MAIL LINE,

NOTICE TO CONSIGNEES.

THE Steamship

having arrived, Consignees of Cargo are hereby "PRINZ SIGISMUND,"

informed that their Goods, with the exception

|

________ Intimation.

DONE BY TRYING. Nobody can tell what he can do till he tries When a thing ought to be done the modern spirit moves us to keep working away at it until it is done. In the face of this idea, the impossible vanishes, Whore there's a will, there's a way. "If we could but rob cod liver oil of its sickening taste, and amell and then combine it with two or three other ingredients we should possess the best remedy in the world for certain diseases that are now practically incurable. So said a famous English physi- clan twenty-five years ago. Bat will never be done," he added. “You can no more turn cod liver oil into a pleasant palatable medicíné, than you can turn the Codfish itself into a Bird of Paradise." Yet he lived to admit that in

Entertainment.

“BEAUTY AND THE BEAST,

A Popular Operetta. FAIRY TALE PLAY IN 3-4OTS,

Re-arranged by the Prof. Francis Damenberg,

will be peformed at the Chinese Y.M.G.A. Hall,

on the

Evening of SATURDAY, the 4th Jans, under the distinguished patronage of SIR

HORMUSEEN. MODY, KT.

The public is lavind. The Performance bogias st 9: 7.3. each

evening,

A MATINEE will be given am WEDNES DAY, the est Juan, 18 Uhildren are taking part in the Play, and the Orchestra of the Sociedade Philarmonica accom,sidies throughout the whole place, under the Conductorship of Prof. F. GONZALES, GRENAD do Miss EvaLyn Danenburg, The Baby Artiste, as B-year-old girl, appears as a Boast with fany skin. "A Prince under a Spell.*

WAMPOLE'S PREPARATION the "Impossible" had been accomplished. It Is palatable as honey and contains all the nutritive and curative properties of Pure Cod Liver Oil, extracted by us from fresh cod livers, combined with the Compound Syrup of Hypophosphitas, Extracts of Malt and Wild Cherry, This remedy is freed from the bad

Do not miss the opportunity of moing this peculiarities Dr. Frothingham in detested, and | Baby Actress on the stage load it is precisely the splendid medicine be wished : This Juvenils Musical Party will be of great for. Use it freely and confidently for Anemia, interest and beauty to all who come to sen

them. Kysteria, Wasting Complaints, Blood Impuri» ties, Asthma, and Throat and Lung Troubles, Dr. W. II. B. Aikias, F., R. C. P.,, London,-. M. D. C. M., Victoria University--M. B. Toronto University,—Consulting. Physician to Home for Incumbles, Physician to Tomato General Hospital, says: "I am inuch pleased Preparation of Cod Liver Oil have been to state that the results from using Wampole'ı

uniformly satisfactory; it appealed to me as being prepared according to correct scien- tific principles." It increases the appetite and

influences the digestion of food; it is delicious to take, will not disappoint you and is effective from the first dosé. "It represents the dawn of progress." At chemists everywhere.

G.

R.

ON HIS MAJESTY'S SERVIOR.

y

,

TENDERS are invited for the SUPPLY CARPENTERS, CAULKERS,

PLUMBERS, PLATERS,

PAINTERS SORAPENS,SHOEMAKERS LEATHER? WORKERS for the period of ix months. com. mancing 1st July next to M.M. Naval Yard.

Forms of Teador cac"be obtained at the Chief Contractor's Office, H‚M, Naval Yarð,“ rtangkong, and when dited in should bà dei posted in the fender Box at the Main Gate of the Yaid not later than noon Wednesday, Bin june, 1910,

W. T, HOUKADAY;

Uniel Constructor. Hongkong, rst Jano, 191a..

A TOO STABLE.

LEIGHTON HILL ROAD.

(next to No. 1, Police Station).

*

Igi

HAS outablished a SHOEING FORGE at

Leighton Hill Road where Horses and rosies can be shod by EXPERIEÑURD SHANGHAI FARKIEKS by arrangement.

Shoeing of Horses and Ponies also under: taken at Kowloon on receipt of Owners' instruction

PRICES:

At the 'Stables or anywhere in Hongkong, $1 per animal,

At Kowloon, $3 per animal,

A TOO STABLE,

Leighton Hill Road: Hougknag, djrd March, 1910. (272

Consignees,

NOTICE TO CONSIGNEES,

Many now ventures, bogevar,, arë” quite 20 much in the pature of a land purchase as of a rubber purchase, and this must be pro- With this explanation we may take - Mr.

vided for. If, for example, au estate of 1,000 Malcolm Cammieg's Sangat valuation as basis acres is bought on which there are 500 acres of a scale which any planter of average ex of growing rubber which by the scale will périence can use it his purchase 'valuations, yield £400 (ise the illustrativa

Cu and which any investor can turn to

above) it will be quite fair to follow the Sea of Opium, Treasure and Valuables, are being THE P.&O. S, M. Co. Stamer the purpose of seeing how a purchase ingat model and to include in the valuation landed and stored at their risk into the which he is interested compares with the

the 590 acres of reserve land and all build. hazardous and/or extra hazardous Godowns of standard set by the best-known' planter andings, etc But we may flod ́anoibar estaİG

the Hongkong and Kowloon Wharf and Go. -valoar in Malaya : — ́.

also with 0 acres of rubber capable of pro-Point Godowns,nence delivery may be down Company, Limited, Kowloon, and West ducing £34,500 and possessing in addition not obtained. 300 but 4,500 écras of reserve land. Either we must treat all reserve land beyond a tortain simount as of no value, or we must provide for the excess outside the five yours purchase valoa. tion. This latter seems to be the fairor couro

MALCOLM- CUMMING SCALE. For valuation of a Rubber Estate on basis of five years purchase of the pei profits on out- put.

1

It is assumed (1) That trees in their fifth your will yield son fbs, of rubber, in their sixth

200 ibs, in their seventh and subsequent years 300 lbs (2) That not profits in first year will be 5/- per bio second 4%, in third 3, in fourth af-, in fifth if..

NET PROFITS PER ACRE,

Year Est and 3rd 4th |.gth. Tree Ages. Profit lb. 4/3/· [**/ /

5th year ... Yield 100 s 2003 22

6th year... 7th year ...

by 3021 75

*

20075

8th year ...

9th year ...

300 75.62

EXAMPLE,

Let us suppose that an existe which is being valted has:-

(a) 100 acres 4 years old.

(b) 100

A

(d) xcó 2

(d). 103 I

"

+

(p) 100 newly planted." These treas will be entering their Gilib, lan tb, third, second, and first years respectively.

to the first year each acre-of'(x) will retain Las, in the second £40, in the third £45 in the fourth £50, in the fifth Ɛis a total for the five years of £155 por acre which" is equal to £15,500 for the zon acres,

In the first your (b) will satura'nothing; in the second year each acre will return £to, lu the third £50, in the fourth £30 and in the

•fifth: 215, a total for the four years of 495 per acre which is equal to £9,500 for the too acres, In the Best and second year (c) will return notblog in the third year each acts will re- tprn £15, ln the fourth so, in the ffibƐ Lis, a

- total for the threa yakes of £50 par sors which

|

、

and it seems to be the right one to apply. Re venue from catch crops or coconute should be added to the rubber valuation, and the land covered by these catch corpa" should be added 'to the total of reserve land if it is intended to use it ultimately for rubbar growing. Let us suppose, then, that the estate we have to deal | with is as follows?—

(1) Toial area of the estate 5,000 acres, (3) 500 kems planted with rubber, vis, 100 acres' years old, 100 acres 3 years old iDo acres 3 years old, 100 acres 1 year old, 100 acres newly planted. (3) too acres planted with coconut tress. (4) 1,000 acres planted with tapioca (5) Reserve land suitable for rubber planting (including areas at present "uader coconuts and tapioca) 4,500,

VALUATION. Basis for first part of valuation: five years ́purchase of the revenue producing assets, such purchase to include buildings, implements, stock, and god acres of the reserva land (--

„FIRST-PART.

No Claims will be admitted after the Goods have left the Godowas, and all Goods romain- ing undelivered after the 7th of June will be subject to rent.

All broken, chafed, and damaged Goods are to be left in the Godowns, where they will be .examined on the 7th of June, at 9.39 A.M.

All claims must reach us before the reth of June, 1910, or they will not be recognised:

No Fire Insurance will be effected. Bill of Lading will be countersigned by the undersigned

NORDDEUTSCHER LLOYD,

MELCHERS & Cơ,

General Agents.

" MALTA,”. FROM ANTWERP, LONDON, MALTA,

PORT SAID, SUEZ AND STRAITS... Consignees of Cargo by the above-named Fossel are hereby informed that their Goods are being landed and placed at their risk in the Hongkong and Kowloon Wharf and Godown Company's Godowas at Kowloon, where each consignment will be sorted out märk by mark, and delivery can be obtained as soon as the Goods are landed..

Optional Goods will be landed hers antess

Alminion Su& $1. Matinos: Adulțé $1. Children ball-price.

Tickets, may be had at Y.M.C.A. andai thu Royal Aerated Waters Manufactory, Ice House Straat,

crnu kḥng, 3rd Junë, rogo

Entimations

NOTICE

Mersad in literaturs, has been a teachar

IR. LI HON FAN, a Chinese gradante

to Europesa officials and merchants in this Colony for aver isn yours."

He has a good method of training, Euro- "peans to pass in the Chinese examination, and is_possessed of a first rate certif ste as a Chinese teacher. He has also a good know. Indra of standarla,

Those who intend learning the Chinese language are requested to "write" cam, ot Hongkong Telegraph office or direct to 37, Hollywood Road, and Bour,

wi

(Hongkong, grd Jagnary, 1916. THOUSANDS OF DOLLARS ARE BAVÈD DY THE

EXPENDITURE OF AS MANY GENTS,

By the win of

SOLIGNUM

the Wood and Brickwork Preservative which really does what is claimed for it. 1T is ABSOLUTE DEATH 10 THE WAITE · ANT.

Extensively nied by the British Govern»- ment at Home and Abroad, by H.M. War Department at Hoogkong, the Imperial Maritime Customs and all large local : Con. сегов

Prospectus, samples and all information from the General Agoats,

SIEMSSEN &·00%,

(Machinery Dept.)

·Hongkong.

(42

Hongkong, gist May, 1910.

GREEN ISLAND CELENT COMPANY, LIMITED,

PORTLAND GEMENT.

In Casks of 375 Iba, net $5,50 par Cask er Factory. in Bagi of ago lbs. net $8,45 per Eng ax Factory.

· SHEWAN TOMES & CO.

General Managers. \. Hongkong, 15th angust, 1900,

HUNG ON & G SHOW BUOM AND STORE

at the Promises formerly occupiau by A CHEE & Ú0, 17A, QUEEN'S ROAD CENTRAL. GENERAL UPHOLSTERERS AND FURNITURE

IMPORTERS AND DEALERS.*

Plated, Gisis and Iron Wares of All ROCKERY, Cut.err. Electro and Silver descriptions, always on hand, for sale or on hire at moderate rates.

Hongkong, 1st June, 1giá,

JAPANESE MASSAGE,

Instructions are given to the contrary within Mancur MEIJI SHA,

'bour

Goods not cleared by the 7th iast., at 4 P.M., will be subject to rent, ,!‛རྣ

No Fire Insurance will be effected by me in any case 'whatever, "

Damaged Packages must be left - In the ¡fy | Godowas for examination by the Consignos's and the Company's representatives Ri ́an appointed hour.

Hongkong, 31st May, 1910,

NORDDEUTSCHER LLOYD, `BREMEN.

IMPERIAL GERMAN MAIL LINE.

NOTICE TO CONSIGNEES.

THE Steamship:

"YORCK," baying arrived, Consignees of Cargo are hereby informed that their Goods, with the exception of Oplam, Treasure and Valuables, are being landed and stored at their risk into the hazardous and/or extra hazardous Godowns of the Hong- kong and Kowloon Wharf and Godown Com pany, Limited, at Kowloon, and West Polat Godowns, whence delivery may be obtained;

No Olaims will·ba admitted after the Goods

500 acres of rubbat ani £ 33,500 have left the Godowns, and all Goods remalu 100 acres coconuts st ¿é par ácra

per anstm 1,000 acres of taplocs on basis of

[ thres full crops at ost profit of,

· Ej per acre for each crop pi

Five yours purchase vaization............

A SECOND, PARTI 4,000 Rores of excess relarve land (inninding land under tapioca)

2,000

15,000

49,500*

Ing undalivated after the 7th of June, wiļi ba subject to rent.

W All broken, chafed, and damaged Goods are

to be left in the Godowar, where they will be

emmined on the 7th of June, at 9.30 4.14):

"All" Olaims" must reach us before the 11th of Joan, 1910, or they will not be recognized,

No Fire Insurance will be effected,jer if Bill of Lading will be countersigned by the Undersignede ka

DAYTHM #TEAMER BRINGS CARGO

Ex 3.8. Barbariga fram' Vanicalne TENORDDEUTSCHER LLOYD:

All claims must be presented withla ten days of the steamer's arrival hero, after which data they cannot be recognised.

No claims will be admitted after the goods have left the Godowni.

E. A HEWETT,

Superlatandent. Hongkong, 1st Juas, 1910.

BANK LINE, LIMITED.

NOTICE TO CONSIGNEES,

STEAMSHIP "KUMERIC," FROM TACOMA, VICTORIA; :YOKO- HAMA, KOBE AND MOJL.”

1

GRADUATE OF E KORE MESSAGE SCHOOL." ATTENDANCE ÄT

PATIENTS: RESIDENOK, No.: 171, WANGHAI ROAD,"

GROUND FLOOR, Z Hongkong, tok January, 1910.

Notice of Firm.

HINA

HOTTOE.

C COMPANY, MARCIAL TRADING

sion Agents, hays this day boss established ar No. 35, QUEEN'S ROAD OENTRAL, 201 Floor.

Duind thin ynd May, Egan,

31]

17.

LO YUK KER Manager.

AN APPEAL

THE SUPERIORESS of tË ITALIAN

CONVENT, CAKE ROAD deepacifully to AFPEAL, to the Hongkong and the Coast Ports, THE above Steamer having arrived, Contronage, and tesport, and Taleness of Carso, are hereby requested bat pan will be Audi

Gentlemen'r Sklátu i and Collars restend ) Ladins una dress Drasse, and walls

to send in their Bill of Lading for counter all kinds of NEEDLE WO signature, and to take immediate delivery of their Goods from alongside, indoor Cargo impoding the discharge of the Vessel will be landed and stored at Consignees risk and expense.

Ok, D 25: No Fire Insurance will be affected by na in

any case whatevery 787873

DODWELL & CO, LIMITED,

(all) in aqual to 1500g for kúg too scrat