1910-06-10 — Page 11

The Rival Routes to Canton.

RAILWAY #. RIVERWAY, (Special to the "Hongkong Telegraph?) Now that we have come within measurable distance of the ionoguration of traffic on, the Kowloon Canton Rallway, it is not without Interest to note the evidences of increased animation on the part of river steam-boat owners, who do not fail to recognise in the Iron Horse a potantially powerful tirat in the bid for Hongkong's Incrative trade with Canton,, Already an approximate date, has been fixed for rolling stock to be act in motion on the British section of the railway, and, admittedly, the euglacerlag difficulties to be overcome on the Chinese section are not Dearly so formidable as those that were encountered on this side of the Frontier, so that a speedy joining-up of the lines may be confidently anticipated.

When the railway comes late fall operation it only naturally to be expected that work Ings will have a sensible effect upon the river borse traffic between this Colony and the Capital of the Two Kwang, in respect both of passengers and cargo. Of course, as the promoters were careful to point out at the time of its faception, the railway was not projected: primarily as a competitor prepired to fight, the river-boal companies to the death, There is no question of pusting the established carriers, no danger of a

CUT THROAT POLICY: belog pursued or a freight war declared. No the railway is supposed to open up a new trade for itself, to develop fresh Gelds of unexploited produce: There is to be no méance offered to tbe present interests in the interport trade, to long monopolised by the river cealt

That the tailway will serve a great purpose in developing the resources of British Kowloon is an accepted proposition. It is also generally conceded that the line will prove a most valuable asset in the transhipated trade of Hongkong, bringing remble areas hitherto unserved with direct trafla! facilities into close communication with our seaport, and cementing the solid common interests that sub- sist as between this Colony and Southern Obing.

11

* But withal the protestations of the railway projectors, there is no doubt that the steamship owners interested in the Canton River traffic do got regard at all with equanimity the advent of railway competition. As, already hinted, they have begun to set their house in order, so as to be able to meal their new.compstitor an loval terms. There are rumours abroad point ing to the formulation of schemes for faster sailings to Caotoo, mura frequent despatch of steamers, and the introduction of cheaper rates for pasonger and freight at this time of day it is needless to dilate upon the

IMPORTANT POSITION

that the Canton trade occupies in the shipping life of this Colony, Over and above the im- mense set of junks engaged in this river tra- ffic, no less than half-a-dozen steamers clear from Hongkong every day for Canton, not lo mention the West River Craft that keep up a

·Comalant service.

Nor can the tonnage of some of these boats be lightly regarded, for it serves in no inconsi- derable measure to swell the shipping returns of Hongkong to those dimensions which entitle our port to the leading place amongst the great seaports of the British Empire. For Instance, one could hardly find a better type of river vessel than those of the Hongkong, Canton and Macao Steamship Company, of the Messageries Cactonaises or the "Kwong" line. Yet it is on the cards that faster steamers are to be put on, the run, and sailings ac celerated. It is stated in shipping circles that one of the copceras mentioned above has already arranged for the disposal of one of its vessels vessel of 12 10 14 knots-with A view to her replacemaní by an 18-knot flyer, and very probably a alster-ship to follow. The premler steamboat company hat always got the credit of keeping

A LITTLE UP ITS SLEEVE,

As regards the spood-running of lia craft and if all accounts be true the two, "Shao" boats have been known to develop a 16-knot pace on occasion.

It may be remembered that same years ago a gentleman, pot unknowe in connection with some of our, local busineda terprises, pro pounded a scheme for putting äturbine steamer on the Canion run. The vessel was to have e speed capacity of 20 knots and to do the double journey in daylight. For some reason or other the proposal was not followed up at that time, por has anything further been board of it since then,

But so far as the double daily run is concern. ed, this appears to be on a fair way towards accomplishment, by means of accelerated driving conditions, to be lotroduced no the rivar steamers. Although it would not be convenient to make both journeys by daylight, it is pointed out that passengers from Hoog kong to Cantos, and vice versa, would be able to do the return trip inside 24 "bours, with 12 hours wherein to transact business or pursue pleasure, as the case may be, at their port of dostiastion. And this need dot entail any great Alteration in the sailing fixtures.

AS REGARDS' FARES

and freight charges, the railway will find it difficult to underbid the. steamboats. Chi Done can travel to Canton at prasent for as little as 50 cents a head. So far, the rates to be charged by the railway have not transpired; but it is hardly likely that those will much exceed the steamer rates. In the matter of freight carriage, the advantage un- doubtedly lies with the river boats; but, on the other hand, the railway will serve as an outlet for the fruitful Samchun valley and other fertile trans-Frontier Gelds, the produce of which kithero has had largely to be sent dowe the creeks and sluggish rivets In. laborious flat-bottomed boats.

THE HONGKONG TELEGRAPH FRIDAY JUNE 10 TQ10

THE ADMINISTRATION ACTION. JUDGMENT DELIVERED IN A CLEE WHICH LASTED 3 DAYS.

4th lost

At the Supreme Court,this afternoon, Hon, delivered judgment in the case in which Li Mr. W. Rees-Darios, K,C., Acting Chief Justice, Chok Hung sued' Li Shak Pang for an account of the estate of his late father, Li Ka Shing, lo which the sum of from $30,000 to $1,000,000 was said to be involved. Dr. Ha Kal, M., CM.G. and Mr. Eldon Potter, Instructed by Mr P.W. Goldring, of Messrs. Goldring. Bar Inw and Morrell, appeared for the plaintiff, and instracted by Mr. Dixon, of Meases. Deacon, Mr. M. W.Slade, K. C., and Mr. O. G. Alabaster, Looker, and Deacon, ware for the defendant.

In the course, of a two-hour judgment, big Lordship explained the nature of the action, Jurisdiction. The case was one which bristled which was brought to that Court in its Probate throughout with what was known in China as seas of a man's concebles a distinctions as tog names. According to Chinete law, the

་

Rubber Fields.

A GREAT OPENING.

(Special to the "Hongkong Telegraph.")

with any estate in the Malay Feninsula or Chinese Labour on the elrewbers. Our properties Cosaint of two estater Glenshiel and Sandel Tankasach of which, excepting C division on Glenshiel, form a compact block, and are separated from each other by about a miles. O division, Glanıbia), is the piece of land about 45 acres, about four was hitherto known as block A Emmott, and miles from the Gloushial Estale, and which which wa shortly after the company was floated. There acquired for fully-paid shares wers on this property some old rubber tres tion focussed upon the favarish movements of ready for tapping, which, with the present high the rubber market at present, there are many Whilst ordinary observers have their atten- price of rubber, have proved a valuable asset aspects of the increased activity in this indus. The rubber harvested during last year was underestimated. Apart from the merely specu

ar wasty which are very commonly averlooked or age price of 98. 7id. per pound. A portion of siderations in connection with the rubber boom 5,679 lb., all of which has been sold at an arar. Intive side, one of the most important con appropriated towards the reduction of develop it may have been obscured In the past, this is the proceeds, as already explained, have base is that of labour'supply, And however much ment account. The rubber harvested during against the estimate of 500 lb, for that period. the first three months of this year is 5,729 lb. The estimate for the whole year is 40,000 lb.. accurate estimate yot but I think, shall Our manager, however, writing on March 17

W THE CROP.

the ead of one day's quotations, and parade a malter that cannot be ignored much longer. Rubber speculators may 100 ne farther than

very setempt opening of labour presents fine disregard of the practical lines. But to the man on the spot-the managing planter og

serious problem indeed :

We in Hongkong: are mostly, interested, of Cour, to the rubber concerns of British Malays as opposed to those of Brazil, East Africa or the Southern Archipelago. in the

A

·POLL

FLANTER MIGI

* From the seals, an above 15 Bes CONTINUEasy to construct a secondary In the present posilou of the rubber business correct ratios of value between rubber of ons occasion to point out the inaccuracies and portions the young and old trees will contri- ambiguities which arise from the absence of bute to the total of a five years purchase valuas purchase, value of an estate 24. We have had. mite with reasonable accuracy in what pro what a fair basis, an welch in decide the, aga and anothe, Thuris to say, we can plater-

nor definite system, aach man going his own jon valder's phrases without attaching thereto the come into bearing at the baglaning of the way, sometimes blindly, and somatimes using. Thus ose sera of newly planted rubber will Estate, Mr. Malcolm Comming, then ompröft of 1)- par lb, will give a return of 25. correct valuer's meanings. Valaing Sangat Sith year, and its output of too lbs, at ant business mad in Malaya, wrote as follows more at the time of purchase will, as whihave there is no more experienced planter or capable an acre of robber which in agad six yaaru or Valuation Valuing on my old basis of me, earn in the five your £125. Le, it contri valuation:

butes 45 times as much to the total as the Bowly planted.

(1) Seven years purchase.

including all charges

(2) Robber, gross, 36 par lb. (3) The cost of production at 18. 6d. per ib, get at least 50,020 lb. I only hope bis 'fore cast may crove correct

in fifth year, 200 lbs., per acre in sixth year,

(4) Estimating a The estimated yield for the next three years given by our

300 lbs. per acre in seventh and following years. of 100 ibi per acre manager, Mr, D. CP. Kladerier, is: 19,

(5) Valuing the reserve land on these terms 100,000 18, 191, 130,000 lb. 1913, 298,000 b. Assuming rs. 6d. per lb. as the cost

and in this position at £5 per acre, and making of production after this year, must isave.

MALAY PENINSULA

certain deductions for vacancies, short growth, you to draw your own conclusions as to the

investors cannot but fool that they enjoy at

etc., on some of the fields, the value of the possible profits we may make. For example, which British administration of the country is

inst that beneficant security for their capital property works out at £68,742; but in view of assuming a profit per pound of 55. la 1911, 45 calcolated to easure. In the direction of labour year, and rumoured forward sales for 19st, it authentic forward sales of zobber for the current in 1912, and 3s in 1913, we should have net prof-supply the Government has been most careful

seems hardly fair to value on such a low basis. timates of yield: sgir, 100,000 lb. at 51, 15,000; planters desire. The result is that at the pre-production of this estate is likely to be for five it during those years on the managers es aitherto to provide avery facility which the Taking then a five years' purchase, or what the 1912, 180,000 lb, at 43. £36,000; 1913, 198,000 lb. seat time there is in exigence well regulated years, we have the following figures at 35, 44,700; a total for the three years of bureaux in Singapore and Ponang to deal with 105,700;.or about 350 per cent, on the capital the constant coolie immigration that flows into of the company. That is all i hava got to say, the Federated Malay Sintes and I will therefore propose that the report and accounts as submitted be adopted,"

and there was absolutely no we regarded the division of the estate after the death of the father between the sons of the coscublees and those springing from the legal wife. The chi, contentions to that case aroan from the respectiva shares of the Sul Sing and the Wing Sing Tong firm in the estate of the deceased. After dealing with the legal aspect of the case, his Lordship said that the evidence spoke for itself. The hearing of the case, assumed an abnormal length and whilst the detalls in many cases were complex and the conflict of evidence, to die mild ex. pression, very marked, there was unfortunately much time taken up in discussing as to the translation placed by the respective parties on the numerous cutries in documents, books of accounts and balance sheets and be vantured to suggest that if it should again fall to the lot of a Judge to try a case of over so days' duration, it seemed to him that it was extre mely desirable, and, he bought, necessary, as' far as possible, that the translations of such lengthy documents, should be agreed upon between the parties prior to the hearing of the action,

Mr. E.A. Bennett seconded the motion, which was carried unanimously, and after formal business had been transacted tbameeting closed.

AQNGKONG'S RIVAL:

THE FORMOSAN SUGAR INDUSTRY.

It is a matter of common knowledge that to; the Chinese belongs the credit for opening up the vast mincial and, agricunural resources of the Peninsula. So far as the Malaya BID COB ceraed, the satural riches of the country might have lain fallow to this day. The Malays are a light-hearted, indolent race, content, in their primitiva state to live op the easily won fruits' "of the soil, which needs only to be tickled with a hoe to smile with a bounteous karvest.' Ac- cording to old Malay records, there were

CHINESE SETTLERS

treasure-bouse of natural wealth,

"

is the subjoined table, to which is added a The ratios for intermediate ages are shown colama showing the value par individual tree scre based on an assumption of 150 troen to the

川

RATIOS OF VALUE-ACRES AND TREES,

Aga Profit Rallo Proft. :・・・

per acre of par trea

years., Valus. 5' yours."'

When Bought

Now

3 months

9

1 year

་་

#

£5,00 V.15.0

18.160

16: 5.0

20.0.0. 40..0.0

95, 0.01g-12/8 155 0.0 34 200, 0.0

6.or-more-2351-0.0~

First year, 100,000 the rabber

at 5. bot..... Second year, 200,000 lbs, rubber

At.48.-net.

£15,000

5 #

40,000

Third year, 250,000 lbs, 'rubber

At 5%, al

Fourth year, 300,000 lbs, rubber

at 26. Det, *****

Fifth year, 300:00 lbs. rubber

Àt, Iss Del

37,500

30,000!

·

The profit per tree colume should only be used whas checking a, valuation, made by a valuer who gives the number of treas and their ages but ao'indication of the screngo.

RESERVE LAND,

serve land which, takan separately, be would favourable terms on which it is hold, its sitan- have put down at 45 per acre owing to the too, etc.

- 15,000 In estimating the valds of an estate' with a fairly large acreage of growing rubber; it is ** £147,500 quite reasonable to include within the five years In order that there may be no doubt as to purchase limits an amount of reserve land the nature of the five years purchase valuation equal to the total of the plasted area. In the wo may explain that covers '940 acres of sengat valuation, Mr. Cemming allowed his rubber from 6 years old to "just planted"; 59fira yoare purchase to cover about 600 acres dí acres of hospital reservation: 604 acres of valued separately at Es per acre; and in addi reserve land which Mr. Cumming would have tion there are the following buildings-Four sets good permanent Tamil ciolie lines. Two sets good permanent Tamil coolie tines now being built. Twa, sete Malay lines of twenty and dressers' quarters. One permanent Tamil roomis each. One hospital and suitable building.

assistant's, temporary. manager's bungalow (semi-permatien) On

Many new vanturos, however, are 'quitous much to the nature of a land purchase as, of rubber purchase, and this must be pro acres is bought on which there are 500 acres vided for,. if; for example, an estate of 1,000

In the daily days of British, administration shop, Ode well-built Hindao temple. One of growing mbbar which by the scale will

falling an agreement, to rely on the directions of the Court. A portion of defeod- ant's evidence was most unsatisfactory. Al one stage of the case, the defendant said that As every one knows, saya & vernacular cop a half-share of which"be bad disposed was given in the nature of a gift but there was coo

temporary, the sugar industry in Formosa has siderable doubt in his Lordship's mind as to

made wonderful progress, and the production, the alleged gift. After carefully reviewing the quantity beyond all expectation, the profit to Cortaluly, when the British first gained a foot. of each sugar mili iq Formosa base reached a

in the country three or four conturiós ago, evidence he was of opinion that the plaintiff had

be made by the companies is estimated to bag on the padinsular soa-board by the acquis established his case and it was clear that defen- very large, as the sugar market has been ex.

tion of Malacca, they found Chinois tradara of the estate of the deceased. It was somewhat in Formosa has been so favourable in the pro dant was liable to give to plaintiff an account ceedingly active. The sugar-refining industry extablished among the natives. Needless to unfortunate that several witnesses who could eat half-year that it bat had no equal among

relate, it was not long before those hardy have given material evidence ware dead and the other industries in Formosa or in fapad fro

pioneers from the Calestial Empire. came to only person besides, the defendant who spoke per. Even those engaged in the sugar industry

appreciate the vast potentialities offered by ex-. ploitation of this virgio country-a, veritable to the affairs of the deceased was Li Hoi. Afterio Formosa ibemselves must be surprisad at its- giving the mass of evidence which had come prosperity. The production of sugar at the out in the case full consideration, the concin principal sogar mills in Formoss far the sion he arrived at was that plaintiff was clearly present hall-year is estimated as under- entitled to a relief being granted him. The case bad disclosed facts which cast serious, and, in one lastnace wall-founded suspicion against the dona-Ades of the defendant, and, taking, as he did, his view of it, and, in particular, to cer lain statements in respect of oca of the firms, ha was of opinion that the Court 'should exercise a special discretion as to costs. The judgment would be as follows:-judgment for the plain. if for an account on the Man Sing Teng issue. with the general costs of action except so far as they have been increased by the Wing Sing Tong issue and defendant to hear all his own COSES,

Mr. Potter asted for judgment for the plain. tiff with costs.

.:

Mr. Slada applied for a stay of exocation pending or appeal,

The application was granted, with the usual yodertaking as to costa,

GEENSHIRE ESTATES,

THE ACREAGE UNDER RUBBER CULTIVATION,

HARVEST DURING CURRENT YEAR.

Bags

Formoran Sugar Comp10y. 810,000 4270,000-

Ensuiko

Dai Nippon. Meiji Oriental.

Total

זי

电容

TE

..,150,000 170,000

1,620,000

*

in the Straits Settlements, Chiasso immigra-

yield £3,500 (see the illustrativa, case tion was encouraged, to the tuff, and as the

above) it will be quite fair to follow the San This estimate of 2147,500 is a true valuation gst model and to include, in the valuation years rolled on thousands of immigrants were urought into the country, spreading themselves estimated revenus from the property in a

on the five years' parcbase basis. It is the not the 500 acres of reserve land and all build- far and wide idio 'lug uitve States. Nor was

inga, etc. period of five years (yields and prices being also with 500 acres of rubber capable of pro- But wa may find another asinta their coming resented by the Malay people,

inion as stated in the quotation we have made)- ducing £32,500 and possessing in addition not Un the contrary, the Uniãoad ware made wal- come and with unruffled equanimity the Malayaming's scale is a buying one.

It should be noted that Mr. Malcolm Cun-500 but 4,500 acres of rasaive land. Either wa sw them gradually becoming a power in the

Some time ago must treat all reserve, iznd beyond a certain land. Nur did this

we put forward a scale of our own which wAS ∙amount as of no valus, or we must provide for, APATHETIC ATTITUDE.

designed to test the investmant value of the excess outside the five years purchase valda.

jungle produce; plasted, up coco-nai, sugár, The Chinese exploited the valuable trade in

capital. For that purpose we, took a seven and it seems to be the night one to apply. Re.. years purchase and made. no allowance for vesue from catch crops or coconuts should be and coffee; and later on, when the great sin

rsserve land, because we assumed that within added to the rubber valuation, and the land deposus of the land were discovered, they ended up and brought into beating. A boying to the total of reserve land if it is intended to seven years the best reserve land can be plast-covered by these catch corps should be added ́ tered with avidity into tin-mining, Kubberplant and a capitalisation, scale must not ba con- ing, as an industry, is of comparatively recent

use it ultimately for rubbar growing. Let us growth in the Maisy Statos. But here also the third to one-half more or even a graster with is as follows:

founded, because 10 a purchase price one suppose, then, that the outain we have to deal Chinese were amongst the first to recognise in it a productive field for investment. Nor has capit it, cover expenses of promotion, sic. capital, cover expenses of promotion, aro their foresight been belied.

When the production of the Bain and other mills is added, the total production will swellend zv'disappear as the country was develand Company on the basis of its total authorised tion. This latter seems to be the fairar course price of sugar at Y13.22 per bag or picul, there to about 1,801,000 bags. Taking the market will be a profit of about Y3 on each bag alior deducting the following.expauses —

Cunt of sugar caDO Y3.20 Transport charge ...................... Producing expenatsion Sundry expenses user cons Tax mapienterarmı : 4.30

Total"

0,30 1.50 1,00

This will show how lucrative is the business of sugar refiolog by means of machinery of the latest pattern. When the quality of sugar caus is improved and the management at the mills reformed, the profit will be still larger, Adding dinary general meeting of the Gleostiel Rub pany, the interest on bank deposits, and other

The Financier reports that, the annual or

the revenue from the passenger and goods traffic on the railway lines owned by asch com. bar Estates Company, Limited, was held at Winchester House, Old Broad-stree', E.C., Mr.lays, which cannot be stated at general mest- sundry receipts, and daducting the secret oats, E. L. Hamilton (the chairman) presiding,

As the Malayan rubber folds ware beleg opened up, one of the main difficulties that confronted the plaster was the getting of the, necessary coalie labour. For the strenuous work of faugie clearing the Malay tabourer was, entirely unsuited. At the best of times he is Got a lover of hard work. It was found, too, that he was not even adaptable to the lighter oil of the planted field, in these circumstances recourte was bad to the more robust Javantia

those circumstances some of the companies in net profit of from Y480 to Y3.65 par picul. Is loge (1), each company will be able to reap and the sturdy Opiness.

"it remains a peculiar fact, however, that the Chinese did not seem to take eagerly to planta- dend at the rate of 30 per cent, but they are Formosa are in a position to distribute, a div!tion work. Must of these immigrants, indeed, restricting the dividend to the same rate as for the preceding ball-year lest cory should be prited at the caution exhibited, for while by the aroused among the public. (We are not sur- assistance rendered by the Government these mills are reveiling in prosperity, the price of sugar has doubled.]-Japan Chronicle.

ULANGSU (AMOY) MUSICIPAL

LOUNCIL.

said: The share capital authorised in £30,000, The chairman, in the course of his remarks, all of which has been issued, nad at the close of the year 9,19: shares were fully paid and 20,809 shares, were 158. paid, making 30,000 shares in all. The firm call of 5s, por share on the 20,Bog shares has since been paid in fall. The creditors, London and Selangor, £1,337 185. 76,, are the usual trade creditors and bills payable, which call for no special wo bave property account £14,077 to. Ed., of comment. On the other side of the account which 10,250 74. Bd. was the amount as per last balance sheet, and we acquired during the year several small blocks of land adjoicing refer, pidsently, for a sum of £3,859 7. D6. our original estates, and to which I shall velopment account shows an expenditurs to dato of £9,167 103. 8d. The upkeep of the estates and the opening out and planting of 263 acres during last year represent 20 expenditure of £7,450,21 7d, from which wa have deducted the receipts for rubber sold and value of the stock rubber at the close of the. A despatch was read from H.B. M.'s Cosul year. We adopted this procedure, as the quan- announcing the death of His Britannic Najesty, tity of rabbar harvested did not justify the open King Edward the Seventh, ing of a revenue account. We shall, of course, java a revenue account to submit to you for the current year,

Minutes of a meeting of the Council held at the Board Room on this 17th May, 1910.

Present-Mexxra. W. Krase (Chairman) J. S. Fenwick,' C. Lee, J. Mencarial, L. I. The mas, K. Tsudzurabira, and the Secretary,

minutes of the last meeting were read and confirmed.

A despatch was read from the American Con- sul informing the Council toat he has tored over the Consulate to Mr. Charles F. Brisaci..

The question of quarrying on the Island was discussed, and a petition was read from Obiness residents within a Settlement protesting against such quarrying. Before taking any definite action in the matter, the Council de

PROSPECTO OF DIVIDEND, Preliminary expenses have been increased by £99 125, 48, being the expenditure ipcarred on the new properties acquired. The total standing to the debit of this account is £1,083 138. d., an item which we hope tecided to obtain from the Consular Body their take an early opportunity of writing off. The opinion as to whether the Council has the expenditure on buildings during the year was power under existing regulations to stop 6093 15. Ed., a considerable portion of which quarrying. was for a bow bangalow on Glenshiel Estate That the Chinese will take kindly to the rail- The stock of rubber was valued at 6,405 os, 101, way is quite to be expected iu' view of experi and I am glad to be able to tell you that it has -naces gained on other railway routes in China. since been sold, and has realised about £1,050 The nearest section of completed raliway line more than the valuation, At the close of the from which a sort of guidance may be taken is year we had available in casb 1,562, and wa the 35-mile track from Shek-wai-tong (Canton) to have since received in calls £4,16). The sur Samshai. For this journey the lowest fare is 20 plus receipts on rubber stock are £1,000, mak- cents, and the trains are generally crowded. mg 8 total of £6,723, against which we had If the management of the Kowloon-Canton liabilities on December 31 Jast of £3,338, leav railway can carry passengers at rates approxi-ing a balance of, say, £3.385 for development mately as low as the river boats, with a fair account. This amount will be insufficient to allowance of luggage per head, and at a speed bring all our immature robbar to the produc calculated to cover the distance in soms five ing stage, and it will be pocosmary to take hours, they may very wall anticipate the appro- from revenus a certain amount of capital ex priation of a good slice of the river traffic. But penditure doring the current year; but, time will show.

sotwithstanding this, there is every prospect if maintained, of our being able to distribute on anything like the present price of rubber is this year's results a substantial dividend..

Tex half-yearly gencial meeting of the share holders of the Japan-China Steamship Company, hold last week, adopted the following statement of the disposal of the not profit for the last half. year, amounting, with the surplus brought over $3,07510 266,631. There were only two shareholders present, represapling 113,824 shares, in addition to the representatives of the Department of Communications' and the im- pal Household and the directors of the com

muguain. YET,177 Dividend at rate of 5 % pár am. 102,500 ¿Bonuses to 'oficials"

3,900 Carried forwardin

ACREAGE,

Turning back to the report, you will police that we had on December 21 last 1,140 acres ander rubber and 973 acres of reserve and other land, total of 2,145 acres. We have since acquired a further as acres of rubber, adjoining our Glanskiel. Estate, making the total under rabber at this date 1,165, acres, Qar lotantion Ju to bring the cultivated area up to 1,200 sorgt which, if brought to matuɗty on our present capital of £30,000; will represent a cost of £15 per acro, and I have no késliation"}

exylog that chip will compete favourably

made for the tin mines, whore if the labour was barder the pay was correspondingly-higher. Planters, began to see that they must look supply, were to be mardrained, and almost in- evitably they fixed upon the. about for fresh recruiting grounds if the labour

* COROMANDEL COAST

Malcolm Comming's Sengat valuation as bails Whh this explanation we may take Mr. of a scals which any planter of average ex- perience can use in his purchase valuations, And which any, investor cap ture to for the purpose of seeing how purchase in which he is interested compares with the standard set by the best-known planter and valuer in Malaya:--

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

It is assumed (1) That trees in their fifth year will yield 100 lbs. of rubber, in their sixtb 200 lbs., in their seventh and subsequent years 5/- per lb in second 4/-, in third 3, in fourth 2/-, 300 lbs (2; That net profits in first your will be in sith 1/..

NET PROFITS PER ACRE,

Year

1st and 3rd 4th 5th

as the most likely territory from which to enlist Tree Ages. Profit ib. 5/ 3/2 1/-

www

# 100

10

10

17 300 * 75

$1 300 75

*

300 75

.EXAMPLE.

30

(1) 500 acres planted with mobbers. Fik, 100

rubber, vir, ["acras 4 years old, rog acres's years'old, 100 acres, 2 years old, 100 acres 1' YORK old, soo acres newly planted, (1) too acras planted with coconut trees; (4) 1,000 acres planted with tapioca.

Reserve land suitable for rubber planting (including arpAB at prosent eader. coconuts and tapioca) 4,500.

VALUATION.

Basis for firal part of valuation': five years purchase of the revsous producing assets, such purchase to include buildings," implements, stock, and 500 acres ol'the réserve land i-

FIRST FART.

foo acres of rubber £ $3,500. 200 acres coconuts at Le par acre."

Bo. annum 1,000 acres of tapioca on basis of three full crops at set profit of £5 per acre for asck crop...

Five years purchase valuation......

SECOND PARTIES

4,000 acres of excess reserve land (including land oder tapioca) at £2,10% per-acre

,000

15,000

40,500

Let a suppose that an estate which is being may be extremely good. To that the reply.is valued bat

tropical sun. Every assistance possible was plantation coolies accustomed to work under a leni by the Gororomant; immigration depois 5th year... Yield too 15 were established in India', and to-day there are

6th year... many thousands of indenturad Tamilconies en-

7th year .. gaged in the rubber industry of blataya. "These

Bib year..! Indian coulies make excellent field labourars; 9th year... and one factor in their favour 'is that, unlike the Chinese, they are able to bring with them their wives, for whom, also, their is plenty of employment to be fonad, although at slightly lower wages than is earned by the men.

But now that the rubber boom has brought multitude of new rubber enterprises inzO existence and has precipitated the clearing and planting-up of hitherto untouched areas of the older estates, the problem of labour supply The army of plantation coolies, in the Malay becomes mora and more insistent for solution. states will have to be hugely increased to cope with the work of opening up the..

VAST NEW TRACTS

of country that are to be brought under rubber cultivation. There are disquieting rumours abroad to the effect that plasters will have to carse to look to the Coromandel ports for indentured immigrants, but in any caso there is 'no doubt that the rubber fields are offering and. will continas to offer a splendid field of. Läboar for the Chinese.

A letter was road from the Revd, G.M. Wales, Chairman of the 1903 Land Commission, reporting the completion of the valuation of certain properties and the Secretary was directed to convoy to Mr Wales and his col- losgues the Council's thanks for their courtesy, upon lab sise in rubber is bound to attract The enhanced cale of wages which is follow in undertaking the work.

A communication from Mr B. G. Tours, a great deal of that Chinens labour bitbarte H.B.4% Cansul, concerning case of crusity absorbed by the tio mines; and such absorption to a bird was ecad, and the Capt. Sapt, reported monos, that its place, will have to be filled by that the perpetrator was arrested, convicted in immigrants from Chius. So that, whatever the Mixed Court, and sentenced to sixty blows. way happen, the rubber boom, is calculated The Capt. Supt. reparted that the following largely to benefit the race who first exploited Court lace the last meeting-Summonsess millionaire plactation owass, the trading mid. cases had been dealt with at the Mixed the country, whether represented by the Chinese Debt z, Constructing a wharf without the per dieman, or the humble cools. mission of the Council and the Harbour Master Assault 2 Throwing rabbish into public drales 't, Blasting contrary to Municipal Orders a, 5 Breach of Agreement f. Non-payment of fees 1, Broach of Municipal (Regulations (Dis- Assessment 6, Non-payment of quarry conse orderly honse) 1, Summary Arrests : On sospl cion with being concerned in causing the death Lodge at 4.30 pm on Friday, sutil farther of a woman, Breach of Opinai Regulations, notice.

Lady May will be "At Home" at Mountain,

7, Oruelty, to ibird, 1, Theft 4, Committing nuisance a, Leaving his employ without giving Bag das notice 1, Using throats 2, popular 5. B. Panama Mare, newly built at Nagasaki (Signed), WA KRUSE, Dock Yard for 0.5.K. Trans-Pacific service, left Yokoharga on the 4th inst. on her maiden trip, and ska is expected to arrive here on the matejuar, after calling at Kobe, Nailand

By order,

C, Birkolsý Mitchell,

Chairman,

LADY"MAP" " AT HOMB,”

'AT· MOUNTAIN LODGE.

(a) 100 acres 4 years old.

(b) 100 KG) Tru (6)/103

I

21

I

(c), 100, nomly planted. I

third, second, and first years respectively.

These trees will be entering their fifth, fou th,

In the first year each acro of (a) will rete L25, la the second 40, in the third £45 su five years of 6155 per aise which is equal to the fourth £30, in the 6th 15 a total for the

£15,500 for the too acres.

In the first year (b) will return nothing; in the third 30, in the fourth £30 and in the the second year each acra will returo £10, in fifth £15, total for the four years of £95 per acre which is equal to £9,500 for the too acres. In the first and second yours (c) will return

total for the three years of £50 per acre which nothing in the third year each acro will torn 15, in the fourth, la the fifth

TO

is equal to £5,000 for the 100 acres.

return nothings in the fourth year each acr

To the first, second and third yearu (d) will will return £10, in the fifth year lo a total for the, two years of Lao per acre, which is equal to £3,000 for the 100 acres,

will return anihing in the fifth year each In the first, second, third and fourth years acrp will retura £5 which is equst 10 £500 for the 100 acres.

(e)

Therefore, the valuation of the estate ep the basis of five years purchase of the bet profits on output will be part

Jod acres 4 years old £'5,509 1.09.

3.

100

I

100 Dowly planted

50009

"

Tola}{vigations" Iar the commençament

9:500

50:0

1,000

500

the terra, Kipart

of the rubber is satering Its sixth year the valuation for each some of that (65% 61, 630, 304, 15). ■ 19ts) for 1 TRADE OF 199

10,000, Total valuation --- 59,500 We anticipate the objection that ap ustala on which there is a large acreage of vary young rubber would suffer in the comparison under this system, although its prospects of becoming highly profitable in 'six, sevan, or night yours abrioda, The distant future of the rubber industry is a hidden mystery, bound up with questions of demand and supply which nons of us dan answer, and all lovestments on M batis of long deferred return must be extremely risky. The capitals of each coscere, tastefare, should be very small-littis more, in fact, than is absolutely necessary to bring the land into baaring, and there is no room in them for high purchase pricas, option holders profits, under- next five years with moderate accuracy, but writing foes and the like. We may forcant the the most skilled cannot son farther cannot see even as far with positive certainty --Sletsita - Times,

SUNNING RAILWAY:

JURTHER EXTENSIONS CONTEMPLATED;" [From Our Own Correspondent.] ›

Canton, 28th May,

Railway from Kung Yick Fau to the city of The work on the extension of the Sucnteg

minted that the line will, ba completed, and Yu Hes, is progressing rapidly and 11 (s'est). Saa Ui district, under the supervision of Chan

made available for passenger trame, about the tion of Chan Yu Hes to further extend the iss 7th Chinese moon this year... IT IS, KAN MENG from Sen Ui to sither, Fatahan of Canton, thus connecting with the Canton-Hano and also to build a brunch line from San the district of Yourg Kong Chandig trying to use his best aflosis toʻgRİC" toss amount of capital for the

Tar

HAVO MOSI.