1911-03-03 — Page 12

84.

COMPANY MEETINGS. HONGKONG AND SHANG-

JIAI BANK.

THE HONGKONG TELEGRAPH FRIDAY MARCH 3 10IT

market was active and, though As regards actual results dur- we are able to feel that while. producers had to necept rathering the past your, lavo to record there is no falling off in our lower prices, the number of balos | the conclusion of an Anglo dividends full provision is being of raw silk exported during 1910 German 'supplementary loan of made to meet any, and every was by far the highest on focuril. 14,800,000 for the completion of sudden call which may be made moon the Proprietor of this Journal Money still remains cheap in the Tientsin-Pakow railway line, on the resources of the Bank, received the following lotter :--- Japan, commercial discounts a line likely to be of immouse such us must from time to time, ruting as low as 4 per cent. p.a. importuneo in oponing up the occur in the history of an during the greater part of the year north-eastern provinces of China; institution such as this." The has made special sum of Clairman Au May Jast the Associated this amount,

11

1

THE REPUBLICA."

25th ult. Alusut In'clock yesterday aftor

1

tion. With regard to the facts. allogod in the articlo com- plained of we understand that certain portions thoroof aro inacente, UN Jur instance (among others) that the opinion gonorally hold by the Portuguese both in Hongkong and Macno was that the "Republica" should havo boon kong ago put upon the scrap:

4 Queen's Road Central,

Hongkong. 24th, February, 1911. Dear Sir, 1 om instructed by

F. Liob, W Lugan, G. TE} And that in India the prosperity/at 4-1.2 per cent. for 16,000,000 | continues to hold, and of the do- Kowloon-Canton lind being ex- instant honded " Poringuose gun | other erroneous statumouts con-

received.

a distribution of profits similar to

yrae

now

Yours faithfully,

night at 7.15 p.m., a fire having

broken out at West Point.

The outbreak was in Connaught Hond Wost, in which five houses No. 197, and spread out to the wero allazo It originated at two other houses at the side, No. 120 and 128, and also put

two houses in Eastern Street

oro, No. A and B3 houses, No. 127, Connaught Road West, an 112, Eastern, Stroot, wore gutto, und the remaining two wero damaged by water:

The brigado lost no time in turu un bout, to fire floats were also presont, lying along. first time the monitor was seen side the pruya, and for the

working. The water supply was plentiful but the fire burned up till midnight. All day the fire men have been working at the premises.

prerodented total of 141,000,000 I necessitated by the dolay in the Follection of taxes, prodjend less disturbance in the London market 25th aft khan might have boon, expected. The ninety-first onlinary half. The supply of money has been yearly meeting of the Hongkong ample, and the home trado has and Shanghai Banking Corpora- been carried ou untrammelled by tion was hold at ngon to-day at any excessive fluctuations in other the City Hall. Mr. G. Balogh the Bank or the market rates of (chairman) presided and there disebunt. Although I have not, were also presond Mr. Robert Paétal figures to refer to,. I think Banks in London (of which this 1,000,000, was recently issued reference to railway extension Cominander Canha Lima of the heap, and that thore was discon Sliowan (vice-chairman), Messis, au improvenient in trade has been Bank is one) successfully fonted the Berlin and-London maria China, and I am sure wo all Portuguese cruiser "Republien

account of arrears of pay, but also F. H. Armstrong, A. Forbes, general throughout all Westorna per cent. Japanese conversion kets, und the satisfactory result entirely endorse what he has to inform you that his attention on board the ship not only on of this issue affords proof of the said as to the advisability, not has been, called to an article in beanse of the bad quality of food loan for L11,000,000-and they G. Friesland, Hon. II. Kos-countries, -

lavo recently issued a further loan high phaeo which Chinese credit to say the necessity,, for the your issue of Wednesday the 22nd supplied. For these and any wick, Mossrs 'C. R. LeitzroREA, Turning towards the Eastwa

for the South Manchurian Railway

und for Chinose bonds which tended to Hinkow, thus linking, bont Republica. No coal and no Lained in the article in question Medhurst, and 11, A, Siebs during the facial, you now Co., guaranteed by the Imperial in which the public have learned expanding railway system which seriously

are necompanied by the guarantees with the vast and over powder," containing statomonts we frankly apologise and un- (directors), Mr. N. J. Stubb drawing to a close promises to

reflecting On tho Japanoso Government, whichloan

reservedly withdraw samo and (general managor), Messrsi, H. R. |øqual, if not pron to surpass, that

oxtends throughout this efficiency of the cruiser and on further intimate to any one who to jut, thoir faith, also not with success. Hind, R. C. Edwards, II, C.Joss, of the provions one, which ended.

The loan agreement for the length and breadth of Asia to Portagnes Goverment may feel aggrieved in consequence W. II. Potis, F. Maitland, W. C. | with a 'surplus of exports'over im- So far as Hongkong and Southukuang Railways, or the This extension to which special Those dopreciatory statements of such statements having been D. "Turnor, F. II. Thomas, 1 ports of some 117,000,000. The Chiaro concerned the slow. but sections of the flankow-Can-reference has been made will are each and every one of them,mado, sar regrets that the same Adams Oram, W. Dunbar, Chandomble advantage of bountiful gradual, improvement trade tou and Hankow-Szechuan lines unquestionably benefit not only except the change of name of the over were made. As previously Kai Ming, Ho Kom Toby, Jon. harvests and high prices for hor was maintained and the Chinese lying within the provinces of our Colony, but our neighbours vessel, absolutely false. I am stated the Proprietor of this Mr. E. Osborne, Dr. J. W. Noble, principal export coumalities New Your sottioment passed off Hipei ad Hunan, has not in the adjoining provinces of therefore to request you at the Journal sincerely regrets that Mossrs. A Finlay Smith, which the country has received quietly both here and in shanghai.advanced grontly` since your China, and we hope to see it earliest possible moment to pub-the articlo in question over *J. W. C: Bomar, Chun Fong, places her in a position to be a Prospects for the prosent your look Chairman spoke to you onnecomplished at an early date is in a prominent position in appeared at all in our columns Yuen in Pong, J. Barton, good buyer in the raarkets of the praising and I am glad to say the subject last year, Its discus-As we all know last Autumn your paper and in the other local though at the same time ho S. Gubbay, F. A. Comes, Wong world. The Indian tea trade ap-that there is a better feeling in the sion has ir fact been suspended affairs in the north were in a English and Chinese papers an feels it is only proper to Loung Him, II. Humphreys, II. pars to be in a more flourishing shipping world, though at the pending an abatement of pro-most critical position, particularly absolute, unqualified and uncon-omphasiscus has been done above, W. Lanker, U. Pemberton, E. condition than for many yearsment the plague in the North vincial feeling on the subject and in Shanghai, where it was foured at ditional retractation of those stato- that he is of opinion that undue Kadourie, E. 1. Haskell, Ir. 3. pust, list I regret to say that the casts an element of uncertainty a renoval of the difficulties known one time a serious and far reach- ments accompanied by a full weight has been attached theroto If. Samlers, Messrs. T. Pearce, will strips in Bombag and over the immediato future. We confront the Chinese Governing collapse in the general apology tothe Portuguese Govern- Chan Doblay, D. B. Silas, J. Calcutta have not participated in all sympathise with China in this ment. Negotiations for the coin-credit of the community might mental to the officers and menof M. E. Machado, He. Tung, Lo the general prosperity. I hope trouble that las come upon her in plotion of the arrangement, have have taken place. Speaking on to cruiser "Republica" for tito

FIRE AT WEST. POINT. Choung Shin, H. L. Denny's, we may soon hear of a recovery in the North and, which is causing howovor, recently boen reopened, tirely as an outsider, I might al- base and unfounlod libels upon son, Sir H. N. Mody, Sir Paul that important direction. The not only serions loss in revenue and it is hoped that the desire of most say un impartial spectator them inserted in your paper

THREE HOUSES GUTTED, Chater, J. W. Taylor, Hou, Mr. B. circulation of gold in the country and trade but also in the lives of all parties to bring this long de-of what was taking place, it was the form of such retractation

.. 25th ult. E. Pollock, E. J. Grist, II. M. II. is undoubtedly increasing, but ither people. Energetic measures ferred matter to a conclusion, plain that the business com- and apology to be first approv

A fire alarm was sounded last Neazee, W. H. Purnell, (1, 1), is diflink to say at present white are being taken to stamp out the may rosult in an early and satis-munity of the Far East was passed of by mo. Wilkinson, A. V. Apear, Hon. Mr.ther this is due to the two prospes discuse and advices indicato that factory settlement.

ing through one of the most sorious I do not doubt that the article E. A Hewett, Dr. F., Stodman, rus yours just experienced or to

its spread is being arrested. "Lot

The whole of the British section crises which has arisen in, the in question lms. been insorted Mosses. A. E. Griffin, A. Bryor, a tendency on the part of The us hope that with the advent of and part of the Chinese section history of the eastern trade, without your personal knowledge Murray Stewart, A. J. Ong and divos to lequire gold, instage of wanner weather the scourge may of the railway between Kowloon I believe that an overwhelming and that your editors have boon A. Rodgor.

silver, as formerly. This is a disappear and conditions in Man and Canton have recently boon disaster was ultimately prevented grossly deceived by some de The Chief Manager living real neither which has consiloniblechuria assing a norinal state. opened to trafic and within a few largely by the able manner in Migning person for an object the notice calling the meeting, learing on the future of silver, In Angay last I referred to the months it is probable that trains which the Hongkong and Shang-which must be apparent to you, The Chainnão said :---Gentle in face of the unexpected action of crisis in de antive money market will be running over the entire hai Bank was thus handled and and that you will be glad to men,--Your directors confid- the ludhir Covernment in inerga-Shenghai and the conseqnontongth of the huo. Important the courage and skill with which make such reparation in your ent that the report and statement sing the import duty on silver by restriction of facilities by the however as this line, in itself, is, the Management stepped into the power for the harm you have of accounts for the half year end-about 11 per cent early in the native banks. I-au glad to be before its advantages can be fully breach. On the last occasion on done, but I must warn you tint Ang 31st December last now and your, and the disturbing effect on able to tell you that true condi- folt, the trimk line between Can-which I had the honour of second in the ovent of your refusal to mitted to you will be favourably the ordinary trade demand of a tions at that port new show sumie ton and Hankow must be con- ing tho report and accounts we accede to my client's reasonable Wo are fortunately prolonged and extensive poration improvement, although native structed. When that is accom-joined in deploring the loss of our request. I have no option but to again in a position to recommend for a pise engineered in India, doulers still experience difficulty plished there is no doubt in my dear old friend Tho Lack of tako criminal proceedings against the price of silver has not shown in financing, purchases, Grups aind that great material benefits Hongkong," while we consolod, you, your editors and publisher, that made at this time last year, such great fluctuations as might however have been good all round, will accrue both to this Colony ourselves with the thought that in order to vindicate the honour viz,, a dividend of 12 per share, have been expected. Taking the

his place was to bo so worthily of my client's country and to a bonus of 5s, por share, and whole your the quotations have conditions ruling in the near

so wo niay expect to see casier and to Canton.

I mentioned, when we last met, filled by the Chief Managor just proveut similar scandalous at- $2-1.2 lacs to be added to the certainly leon viriable, ranging futuro. To heavy stocks of pieco Mr. J. I. M. Smith's departure appointed by the board. Timotacks in future. silver reserve hund. We carry from 233-16 to 26 1-4 poroz, stand-goods which, for so long, burdened from the Colony on home leave passes and, in his turn, Mr. J. R. forward $2,089,151.91, about the ard, but for six months of that the marketgan Shungi and, in and in expressing now our keen M. Smith has left for home, where

LEO N'ALMADA 6 same amount as brought into the time the price was maintained the North, Ive been moved off; regret at his subsequent retire-wo trust he will have many

CASTRO. accounts from the previons half-between 21 anit, 25, penge. As figures are greatly reduced, sement, I know 1 voice not only the years of leisure before him.. We Dr. J. W. Noble,

regards the production of silver of the principal linos to a point foelings of my colleagues on the we are glad to know that his ser- Proprietor, You will notico from the report the existing sources give lower than has been seen har the Board but those of all sharololdors vices are not to be altogether lost

"Hongkong Telegraph." That our holdings of L1,200,000 | definite judication, of change one last 8 years. Ondors, tempered to and of the Staff. Mr. Smith has to the Bank, Int that he will This letter was written under Consols in the sterling reserve way or another, with the exception some extent by, the high level of rendored invaluable servicos to still continue to benefit us with his instructions from Commander fund investments have boen write of the subalt mines of Cards, manufacturers ricos, are going the Bank. The successiveroports advice. If he left behind him a Cunha Lima, a gentleman whose ten down from 80 to 79, thus re- which are expected to produce forward, and I think wo lave good since he took over the Chief reputation of which he ought to be personality is such that we feal „ducing the value at which they sue three or four millions ounces reason for anticipating a much Managership in 1902 record the proud and has to the full justified sure that the last thing that any ly at $80,000. stand in our books, by 112,000), in excess of their last year's out healthier trade than we have seenable amor in which ho control the conlilence repose in him by one would dream of doing would To effect this and at the sune 11,

for a long time. This improved led the affairs of the Bank, Al- the board and shareholders of the be to either slander, him by word to keep the fund at its full

MARINE COURT. h the Straits Settlements and state of affairs has, to a certain lough we lose his excentive sor-Bank. In Mr.Stabb, our new Chief of mouth or libel him in public value of 11,500,000 it was access Federated Malay Status mining, extent, been lost sight of by the vices in the East you will be Manager, we greet an old friend, print. He demands from the Pro- sary to purchase further socurities agriculture and trade generally public at largo, as it was over-pleased to hour that ho has been one whom we are, I am sure, all prietor of this Journal an absolute,

25th ult. At the Murino Court this morn- and portion of the half year's cantine to shy satisfactory pre-shadowed by the financial crisis invited to occupy a seat on the glad to see in the honourable unqualified and unconditional reing before Commander C. w. -profits was utilised for this porr-gross. There is a considorable which followed the collapse of the London Committee where his ex position in which he has been tractation of the statemonts com- Beckwith, R.N., Captain A. H. pose. Wo invested in 115,000 3 increase in the, export. figures, rubber booni in the Shanghai perience, and knowledge of placed and which ho has so wor-plained of in his letter, accom-Stewart, of the B.s. Haimun, per cent. Exchequer bonds, due mainly due to the larger export of

thily won. I feel sure that I am panied by a full apology to the charged Captain Marayama, of in 1919, bought at about par; the rubber and the enhanced price of

justified in saying the shareholders Portuguese Government and to the O.S.K. 8.a. Daiji, with failing difference of 13,000 losing used tin. Tia continues to hold first

of the Bank knowing Mr. Stabb's the officers and men of the cruiser to observe the rules of the road in as further margin in the book place in the staple proiets of the

reputation will entirely endorse "Republica." It is extremely the waters of the Colony. value of our

other sterling Malay States but it has a growing

the wise selection mado by the difficult to apologise for what is socurities," which you will seo rival in rubber which my son

board, and will agree that our in- taken to be a personal affront from the stateincut of accounts, day challenge it for the premier

torests could not have been placed when the same has been neither now amount to 1340,000 written position in trade figures,

in more capable hands,

intended, expressed or implied. down to 1287,100. All those in- From the great rice producing

The motion was carried unani-We think that, unwarranted vrod so ha to bo a danger to tho vestments show a fair margin on countries, Burma, Siam and

mously. current prices-prices, which, Cochin-Ghina, last year's

weight has been attached to the Haimun. He considered that by exports

Mr. A. H. Ough proposed that article in question, which in real-so acting the Captain of the sis think; may be looked upon as at were all up to the average, and

the election of Mr. G. Friesland ity it is far from meriting. Daiji had placed both ships in a n low level for the gilt-edgol the native cultivator must have

and Mr. W. Logan as directors be The Proprietor regrets excood-highly dangerous position, and stocks in which the sterling re-done well. Crop prospects for way developancut in China, to

confirmed and that Mr. N. A. ingly that this Article should that a collision was only avorted sorvo is invested. The figures in the current season are reported material progress of the country

its important bearing upon the chair. the balance sheet compared with to be favourable, with the excep of those economic interests which Chairman moved the adoption of

Siobs, Mr. R. Shown and Mr. G. have appeared in the colums by the Captain of the s.s. Haimun There being no questions, the Balloch he re-elected directors., those of a year ago do not exhibit tion, perhaps, of those of Sian,

of this Journal and would add putting his helm to starboard, Mr. C. H. Ross soconded and that had ho soon such articlo changes so marked as to make it where the yield is estimated to the present tendency of foreign emunts, as presented.

so closely affect this Bank, and to the report and statement of ac-flio motion unanimously was or loown it was intended to be Court sentenced Captain Mara- Both churgos being proved, the necessary for me to take you show a falling off; but resultsare Governments and foreign -

agreed to.

insorted ho would have, immedi-yama to a fine of $150, or, in de- through them, but if an inferences dependant on climatic conciers to day aside their political said:--Having been asked to Noble, seconded by Mr. C. A. it to the waste paper basket,

The Hon. Mr. E. A. Hewett | On the motion of Dr. J. W. ately suppressed it and consigned fault, to go to prison for thred may be drawn, they point to idle tions which may vary from day rivalries and the selfish doctrine second the report and accounts I Tones, Mr. W. Hutton Potts and balances having found moro pro- to day that,in places where official of spheres of influence for the need hardly say I have much Mr. J. W. C. Bonner were re-written on bohulf of Commander

months with hard labour. Tho fitable employment in the ori-figures are not supplied, forecasts more enlightened policy, which pleasure in doing so, as it is a

It would appear from the letter fine was paid. ary channols of trade.

The offence was committed on Results such as have been takeir too seriously,

for rice harvests should not be aims at friendly combination in privilege to be associated with The Chairman-That is all the plained of was inserted through

Cunlia Lima that the article com- the 12th and 24th inst... placed before you for some time In the Philippines the feeling is common to all.

the pursuit of interests which are such un institution as the long-business, gentlemen. I thank you a decoption of the Editor of this past are proof of the capable way gaining ground that the long

kong and Shanghai Bank, which for your attendance. The divid- Journal by some designing por

WINE FIRMS AMAL- in which your interests are looked period of depression is passing

A roview of the past year sug- year after year can continue to ond warrants will be ready on son for an object which must now

GAMATE. after, and your directors felt that and that a steady improvement in gests nothing which calls for a place before its shareholders so Monday. in again voting the staff a 10 per trade may now be looked for. The modification of those views; in-satisfactory a balance sheet. I

be apparent to the Proprietor of this Journal, So far as the Pro-

The firm of Macko and Com- cent, bonus on their salaries they low price of hemp mut sugar is no deed they have received striking will not attempt to follow the would only be anticipating your doubt affecting the purchasing confirmation in the recent acces Chairman in all the details of

prietor is concerned he can only pany, Manila, has formed a wishes. I am sure that our action power of tho natives, but, as some sion of a peworfil American fin- his able and compreliensive

say that no object with regard to partnership with the firms of has your approval. (Applause.) set off against, better prices have acial group to the international speech, which has so clearly sot,

the insertion of the article, com- Caldbeck, Mucgregor and Com- Thos.s.PrinzSigismundarrived plained of is apparent to him, and rany, of London and Glasgow, 4your ago my predecessor in the been obtained for copra and the combination, in which British, forth the very great and diver this morning at daylight, from that with regard to the deception whoso custorn chair expressed a favourable opin-export of this product is steadily French and German interests siliod nature of the work carried Australia via Mail. Sho will of the Editor by some design located at Shanghai, Hongkong, branches aro ionon the prospects of tride which increasing.

lavo for some time past worked on by the Bank. There are, leave again on Sunday morning.ing person noither the Pro-Singapore and Tientsin, China, I am glad to say as to a large Advices from Japan lead us to harmoniously together. The aims however, one or two points to pxtent boon realised.

The P. & O. s.s. Palawan is priotor nor the Editor nor any and Wise and Company, with tho believe, that expansion in the in- of this combination, which are to which I will vontare to direct expected to arrive in Hongkong other employe of this Journal is firm name of the Manila Wine The improvement in the Home termal trade of that country may assist China in her material de special attention. For reasons to-morrow (Sunday) at 11 am.in prissession of any information Merchants, Ltd. trado has been general.. British reasonably be expected. Export velopment and economic reform, which I think we only too woll She will sail for Northern parts which would lead him to believe Caldbeck MacGregor and Com exports and imports show a mark figures for the past year were the long soul financial lines, free understand, British Consols are, on Monday at noon. and advance on those of the pre-highest on record while import from political or torritorial door were, a few weeks ago, si a

that the insertion of the article pany was established in 1804; vions year, an advance which figuros alap showed a considerable signs of any sort, receive added lower point than they have wen steamer Ernest Simons is due to result of the machinations of sny

The M. M. outward a complained of was in any sense the Wise and Company in 1832. Mneke and Company began appears to be due not only to increase in comparison with thosstrength and support from the for a great number of years. arrivo here on Monday aort at 3 designing person. In point of fact operations in Manila in 1802. higher level of pricos but also to of the previous year. Owing to known views of the Angrican The wise and conservative manner an actual increase in the volume the failure of the rico erop in Government; and we may feel in which the Bankis controlled

there was no object underlying The new firm will conduct a of transactions. Credit through some districts, caused by the sure that the Chinese Gevera-in looping its securities writton Salazio is duo hore nt daylight newsgathered by a representative made throughout the world.

The homdward French mail

the publication of the article in wholesale wine and spirit busi¬ out the year has been excellent and heavy floods of last summer, mont will prosently realise that down to a low figure is fully

question which ominated from nogi, carrying all standard brands business sound. Tho delay in largo imports of rien have Joon the solution of the difficult finan- demonstrated by this fact that on Monday,

of this Journal in tlio ordinary The consolidation of the thiroo passing the Budget and the nn contracted for, but full crops of cial problems by which it is now this furtbor shrinkage in the The Kitano Marn is duo hore way from a British "Bluejackot," houses will make this firm one of usual issue of Treasury bills, other kinds have been larvested, confronted can best be secured by value of Consuls has been fully on Monday morning and will who volunteered the information the largest and most important amounting at one time to the un-Throughout the year the silk co-operation with those aime, the work of the Bank, and thus dopart for Europa on 1st proximo, in the course of a casual conversa-liquor concerns in the Far East

market. This crisis undoubtedly Eastern Banking, will be of great retarded the general recovery value to us. (Applauso.) Mr. N.J. which was beginning to take Stabb who has been acting Chief place, but by the prompt and Manager during Mr. Smith's broad-minded mumer in which sonce has been appointed Chief the situation was dealt with, its Manager. (Applause.) He con- effects were fortunately minimised mands the implicit confidence of and trade wasenabled to be carried your directors, and I think I may on comparatively unkanapored.

dd, of the shareholders generally. (Applause),

In the course of his remarks to

at this time last year, your Chairman referred to the state of

Before moving the adoption of the report and accounts as pre- sentod I shall be pleased to answer any questions you may put to the

glected auditors.

p.m.

LOG BOOK:

25th. ult.

Matchos and kerosino wors stored on the ground floor of 127, and in the remaining houses are general storo doulers, with a largo quantity of rice stored on the pre- misos.

The damage is estimated rough-

given evidence, Commander Bock After the Japanese Captain had with, R.N., found that the Daiji had been, for no reason, manu-

"

E