1911-03-25 — Page 13

Intimations.

THE

HONGKONG

TELEGRAPH

matter of supremo indifference to GREEN ISLAND CEMENT Washington whethor Dinz or his present opponents are in the as-

condancy; Washington will sup port morally or otherwise which- over party gives greatest promiso

A. §. WATSON & of panes.

Co., Lb

ESTABLISHED A.D. 1841.

WINE AND SPIRIT,

MERCHANTS.

WATSON'S

E

VERY OLD LIQÜKÜR SCOTCH

WHISKY. A Blond of the Finest Pur Malt Whiskies distilled

Scotland

Or

GENUINE AGE:

the other powers who consign

SATURDAY MARCH 25. 1911

QUESTIONS RECEIVED FROM MR. TURNER.,

for the decision. If we find and we have a good contract in Fourth Question:-Two or and when that has boon seconded, CO.; LD.

that this ipas from breakage enn the north togarry out. To make three times each year, but this is I shall be glad to answer any noither be prevented nor covered up for the competition in our old no criterion us wo frequently con- questions from shareholders to BREEZY MEETING TODAY, by raising our prices, we shall markets, we have made strenuous salt the committon by circulars, the best of my ability.

hive no option but to shut down efforts to push wales in other as that can be done at once, Dr. J. W. Noble seconded. The annual meeting of the To show you that we are notably increased our business with special meeting. For in regarding certain proforential the works and dismiss the staff directions. We have consider-whoroas time is lost in calling Mr. Cousland asked a question above Company was held to-day exaggerating this loss by break the Straits & Java, and we have stanes, when Ching Yite de gustomers. The same applion to

in the offices of the goueral ago, I muy tell you that somoship also begun business with faulted, this information was

Tho, Chaimian having replied, the care of their interests in managers, Messrs. Showan, Tomesents to Poung lost as much as Vancouver, which we hope will passed round to the committee The Hon. Mr. 11. D. Pollocks, and Co. Mr. Shewan presio per cont, and in one caso von develop into a regular trade with at onco, and Mr. Slade's K.C., proposed an amendment to to Repablie to the diplomacy or force of the United States. Honco, C. A. Tomos, Sir Paul Chater, breakage, and three others over

and there were also present Mr. 75 per cent, while to Singapore that part of the world.

opinion was obtained, and also the resolution to the effect that s one shipment lost (5 por cont., by

passed round later on. In the special commitice be appointed to since the revolution cannot Be

Hon. Mr. H. Keswick, Dr. J. W. 55, per cont.

early struggling days of the Com- investigate into the affairs of the The stock on rogarded as parochial, interests Noblo, Capt. C. Klink, Messrs. Jund

pany, wo lud frogout meetings Company and report to tho share. at Doop Water Bay

of committoo, but the business huldors. in Aloxies being world-wido, we J A. Young, D. A. Young, Asuffers

llo thought that tho. foo froiu datorior-

A shareholder, Mr. Turner, in has. boon entirely of a routine chairman must be perfoetly aware aro faced with the problem of Temperley, O. 13. Rowe, Fungation, as it is difficult to keep such his usual straightforward manner, niture of late years. No special of the fact that the last report of arined intervention on behalf of Shui Wa, Poon. Cho, It. Han fragile goods from becoming ins sont in a list of questions he expenditure was made last year, the Company had been received. cock, Hough, A. Keith, N. chipped and otherwise damaged intends to ask at this nesting and no knotly questions arose for by shareholders with considerable ong of two bodies appareatly V. Croucher, Chan Sai Wan, loin handling, and wels of what To save time I will road thom. discussion.

dissatisfaction. If the sharehold- equally matched. The oligarchy Fook, A. Hewett, I.F.C. O fata, ¦ was first class stock when it camc

1. What remuneration havo 5. With volerence totho itoms er's prosent accepted lits proposal or dictatorship of Diaz and his Chan Chee, H. A. D'Esser, AGout of the kiln, has to be relegated the present oneral Managers of in the accounts, Bad debts writ- the report and accounts would confederates is proving unequal Gordon, W. E. Clarke, Lan Chus, to the second class list when we the Green Island Cement Con-ton of, Cling Yuotostinatol loss) not be rejected but simply Tsoi Sui Woon, Tong Ini Chu make up our books at the end of pany received for each year since 51,130.91; Bruco Pooblos & Co., postponed for the time being.. In to the task of retaining its power: Lau Sai Tang, 11, Hancock, Han the year. We quite recognise they have bonappointed toneral lid., 5,710," will the General bringing forward the motion le it is in point of fact on the ME II. E. Pollock, Mossrs that the present most disastrous Managers,

Magers explain what the posiwas, actuator by no personal verge of collapse. This would Turner, A. Rodger, G.,B. Saygor, showing must seem to you good First Question:-Iamtion of the parties is and on what, motive or feeling against the not To a matter of any great. D. K. Moss, Co, Barkwith, TN., and suflicient reason for stopping, sorry I cannot give the exact ground they dobit these amounts general managers, who, he was momoni were the leaders of the RC. Edwards, F. Smythe, but we know what a number of particulars Mr. Turner wants, to the Company? Will the Con-sure, would welcome investigation

Capt, Wildo, Mossa. W. Wil-difficulties ons after the other our but I will do the best I can.ral Managers also state whether, by sharoholders who wanted in-- opposing party capable of ess

son, Dr. Saunders, T W managor at Deep Water Bay has a not quibbling, gentle-they have credited themsolvos formation on certain matters con- tablishing a similar oligarchy, Hornley, II. Ceilge, A. Harris,ind to contoud with and surmount, men, for there is no mystory and their firm in Shanghai with nection with the Company. The thus ensuring peace; or, at least, G. "Tastings, Roader Harris, and we only ask you now to have alemi the General Managers any and 180 what remuneration matters which shareholders wished continuity of government. Bet Hon. Mr. E. Osborne, Mossra patience for a little longer, and commission; in fact, we are an- and commission in respect of the most to get information upon. thisy are not so capable. Neither. S. Ferey, A. F. Grillin, L. give us another citance of pulling xious to route the proposterous transaction resulting in these bad wore the writing off of bad debts

Perry, 0. Arculli, A. K. Areulli, the business round before you statements which involitely been dobis?

and the working of the works nt in themselves nor in their o Cheung Sai, G. C. Moxon, decide that it is hopeless. Our cirelated on this subject and we Fifth Question: The Macao, Deep Water Bay and Hok follower can they be regarded 11. Skut, J. K. Austin, A. own disappointmontis very keen, are much obliged to Mr. Turner grounds are that no agents will un. Shareholders felt that the as "sariques," and the struggle Beyer, J. W. Lee Jones, Ko because we felt at the beginning for giving us this opportunity of guarantee bad debts for a more clmirman must have been too therefore, without intervention, Po Shan, P. C. Potts, II. Hancock, of the your that we had overcome doing so. The average annual selling commission of 24 por cent. optimistic in his forecasts in the can only result in the eci Hanek, A. Keating, and all our difficulties, for wo had commission earned by the General but to put the point beyond past. Of course it would not do for

Robertson (secretary),

succeeded in greatly improving Managers since 1895, when wo doubt we took Counsel's opinion, the general managers to go about The Chairman Mr. Robert the quality of our pipes, and had took over the management of the which is here on the table for with a long face, showing that Shewan) said Gentlemon-As increased the output, and wore Company, is $35,130.1 would your inspection. The answer to they wore possimistio about the report and accounts have obtaining botter prices and now willingly tell you what the exact the second part of the question, the future, but the forecasts been in your hands for some days outlets and markels in the Straits figures are for last year, out I am which is "Will the General given by the chairman had past, wo will, with your permis- for our wares. Everything still quite ready to give them in con- Managers stato whether they provod to bo misleading. sion, follow the usmal custom and points botter times and

love credited themselves and For instance, in his nunnal". take them as read. The profit en conditions f we can avoid

their firm in Shanghai with any speech to the shareholders on 3rd sales of cemont, &c, less intorest this heavy loss from breakage,

remuneration and commission in April, 1909, tho Chairman was. on overdraft at the Bank, is and we must theroforo study the

respect of the transactions re-optimistic with respect to concrete $281,145.78, and after deducting situation carefully niul see if some

milling in theso bad, dobts?" is work and yet that side of tho ac- depreciation at six per cent, those'] remedy cannot be found bofore

No. In the ordinary use the count showed a loss of $18,000. would in ordinary times be wo sacrifice plant standing at

Shanghai agents charged' com- The Chairman-That loss was $166,552.01, available for appro- nearly two laklis of dollars, in our

mission in their account sales, in connection with the fire. priation, or say a dividend of 40 books.. From the accounts laid

hat this was written back by the Mr. Pollock-Was it not in cents per share. Unfortunately, before you, you will see that as

General Managers after the lass connection with the concrete on this wccasion we live lead to we promised you at min last meet

occurred. The commission was, blocks? provide $56,841,25 for bad-ghts, ing, we spent little or nothing on

however, fairly earned, and had Doep Water Bar pipe factory, so template any more additions to and $29,085.90 for less on the capital account, nor do we con

another" firm been agents there 2. With reforeco toparagraph wo do not suppose we cojild have that our not profit is reduced to plant or machinery. We have of Articlecloven of the Articles recovered the amount. $80,045,16, out of which a divid- provided for depreciation, as reor Association, which providos fond, of 15 cents per share has quirod by the Articles of Associn- that (in addition to 1,000 dollars been paid, absorbing $60,000, tion, to the extent of $114,563.17, per annum for office expenses) the leaving a balance of $20,645.46 and this amount has gone in remuneration of the General will the General Managers, state 10 and 50 cents per slipro and in to be carried forwani. It is with reduction of the overdraft at our Managers shall consist of a com- what remoration they have 1909 a dividond of 35 conts per great regret that after, the high bankers, which has been brought mission of 24 per cont on the gross made for themselves out of the share with a final dividond Messi A. S. Watson & Co. hopes I expressed this time last down to $527,051.27 on 31st. proceeds of all sales made by the sale of such bricks, pipes, &c7 of 10 cents per share. At that HAMELY March 24th, at Kow-send me a neat little pucket-book year, I have to come before you December lust. Interest, $40,- General Managers on behalf of Sixth Question The answor|time the Chuirman held out to loon, to Dr. & Mrs. Har issued by Messrs Dimitriao & Co., on this occasion with such a poor 498,72, still forma heavy charge the Company, and on all monies is "No commission or remunera them a somewhat rosy prospect

[993

cigarette inanetarers, Cairo.result of the past year's working against our profits, but that will received by them other than tion whateta:." When the ac-which had not been justified by the Mossra Dimitring's wares deserve As you all know, the prospects of be lower this year and will natur-monies paid on respect of calls on counts were being made up at the past year's working and there was to be well patronised.

business which were very bright ally fall as our overdraft is shareholders," will the General end of the year, the General nothing forthcoming apparently at the beginning of the year, lowered. Not only shall we have Managers state what interpreta Managers decided, in view of the in the way of a final dividend. were so clouded over. Monay less to pay for interest, but tion has been put by them on the unfavourable result, not to charge If they compared the figures they would see that the balance of face the failure of our largest con- also be less on the written down ceived by them other than monies became very light, and wo had to depreciation at por cent. will above words, on all monies re- any commission.

7. How much capital has been sales for 1000-10 amounted to tractor at Shanghai, and trade for value of the plant, &c. On the paid in respect of calls on share laid out by the Goneral Managers $504,000 and had fallen to the rost of the year was bad and whole, therefore, we need not holders"?

on the Deep Water Bay Works $321,000 during the past year.

AND

FINE MELLOW FLAVOUR.

of both parties, Wore gon- eral interests in-Moxico nut great, wo might regard this with equanimity, but since these are Robert Porter & Co. dominant Washington is faced BULL DOG

BRAND GUINNESS'

STOUT

in PINTS and SPLITY.

with a task that will call fertli all its powers.

HONGKONG DAY:

'BY DAY.

A meeting of the Sanitary Board is to be held on Tuesday.

A. S. WATSON & Volunteers took place this after

The annual inspection of

noon on the Parado Grund CO., LD. ALEXANDRA BUILDINGS. Hongkong, 7th July, 1910, /

BOD.

BIRTH.

The object of this paper, ia to publish· correct information, to serve the truth and print the news without fear or favour.

Cable Address: Telegraph

Hongkong,

A. B.U., 5 edition Western Union.

THE

“Station leave has been granted to Liout, Col. C. C. Wrigley, A.0.D., from 27th: to 30th March, .inclusivo.

Last night, the Empire Cine matograph exhibited for the first time the 2,000-ft. long film called Athaliah," which, as its me suggests, illustrates a well-known Biblical episode.

mings for the week ended 11th

March amounted to 28,33444-

period to tons.

ford do 28:12 14 15 the

Mr, Bob Stephenson put on #

Bijou Theatre last night and the house-was crowded. Miss Vera Pexarono, Sazun, Manen 25, 1911 Forrace and Miss Chace Vyroene kept the andience happy with their votal novelties.

Hongkong Telegraph change of program at the

THE COLLAPSE OF AN

OLIGARCHY..

The news, cabled us to-day by our Manila correspondent of the situation in Mexico is disturbing, not because the court martialling, condemnation and execution of

idenco to Mr. Turner after the meeting, but I cannot make them public, as our only commission is 21-2 per cent, on the sales, and if I give you the figures I shall be practically telling everyone, our competitors included, what our sales aro, and, I am sure no share holder who has the interests of the Company at hoart, will wish me to disclose the details of the Company'sbusiness to the general public.

"เ

G. With reference to the item in the accounts, "Less loss on sales of bricks, pipos, &c., 2005.010,"

Wo sufferod 100 in our prices from for $1,795.24. Against this womansion only, oz., but process works over, the machinery was

cement.?

The Chairman-It was not. It was in connection with a fire that affected the concreto blocks for the Standard Oil Company.

Mr. Pollock went on to say that in 1908 the shareholders d received an interim dividend of

por

accounts; therefore when he held

deprossed all round. The build-akp, ton gloomy a view, of the Second Question-No since 19007 What profit, deduct. That was a drop of some 50 ing trade was no exception to this, future, as, if we cannot in-interpretation, no notice whatovering lossos from gains, have the cont, or something less. To and the demand for our particular crease our profits, our expenses It would seem from the clause shareholders made out of that account for this disastrous state The output of the Chinese commodity fell off accordingly, and charges, such as the fore that we are legally entitled to expenditure since that date? of affairs, the Chairman had gineering and Mining Co.'s thres Very little building was undergoing, will be considerably 10-chargea commission on all monies Soventh Question :-This ques made the excuse that it was due taken in this colony, and we had duced, and we shall not, 1 hope, collected, &c., in addition to our tion is hardly necessary, as all the to the discriminating duties im- no large contracts such as we have to thee such losses again for commission on sulos. That may formation asked for has been posod in the Philippine Islands. formerly had for work on the new bad dobis. You will notice that be so, but I can only say that we carefully sat out in each annual These duties came into force in docks here; so that locally the we have had to meet heavy lusses have never dreamt of inking ad-statement of accounts, and can October, 1900, several months year was a very poor ono, and our on this account. Our claim on vantage of it, and that we have easily be obtained by reforring before the Chairman addressed salos fell off to a very great extent. Bruce Torbles and Co., Ltd., was novor charged but one com-to them. When we took the the shareholders on the 1909 the competition of the cement hold one dobenture in the recon of all cement sold. If any share obsolete, and the whole factors forth such brilliant prospects, the Factories at Canton and Haiphong, structed Bruce Pooblos and Co. holder doubts this statement, I had to be practically remodello Chairman was ignoring a factor but we felt the competition of Ltd, for £370, and strip for 617 shall be happy to femish lum and rebuilt. During the last ton which wasin existence five months cement from the latter place still shares of £1 each, fully paid, but with a cantificato to this effect years the total capital spent there before. It was not surprising more in other markets, such as as the latter seen to be of quite from the auditors, or frain Messrs. lus. been roughly $250,000, that shareholders had a feeling of those of Shanghai, Bangkok, and a nominal value, welave thought Lowe, Bingham and Matthtown, if The answer to the second part is a uneasiness in this matter as to The following event is open to the Philippines. In those places it safer to write their valuo off, he prefers it.

welt profit of $14,343.

whether everything was being R.N., Tauropean Garrison and prices were recklessly rod need to and if any dividend is over paid

B. With regard to the item in done for the best and he thought it 3. Is the Company dobite with the accounts:"Sales of cement, would bo in the interesis of every- to bolo

ut fit to anyone, and we were at last the good. In regard to the es commission (in addition to the 321,895.05 will the General one that a committee should be Polico at the R.A. annual sports figures it which there was no pro- on them, we shall be so much to Kowloon, 29th March, 1911tions which would have left an Ching Yue at Shanghai, whose exis) in respect of coont sold they layo made for themselves in the Company. He thought it forced to decline to most quota-timated loss of $61,150.04 by 21-2 por cent. on the gross pro- Mnagers site what remuneration appointed to go into the affairs of Ono Mile,

actual loss. In the Philippines our failure is so well known to you by or through Messrs. Shewa emnection with the sale of that would strengthen the lands of the trado was also adversely affected | all, córtainly no blame can-ha ats,

Tomes & Co. in. Shanghai and

gonoral managers and creato a foreign filibustors has aronsed in family were passengers on the placed on. coment other than for he soms to have been univer Third Question: At Singaporeance of working account, i.e., the plauso.) He moved the resolution.

Professor Dr. K. Thiess and by the discriminating duties tached to our Shanghai agents, Singapore? If so, at what rate is

It Eighth Question:-The item bettor feeling all ground. such commission calculated? N.DI. "Prinzess Alice," which Amarican, and from all these sally trusted, and regarded there

referred to isplainly stated as bal-would begot confidence. (Ap- dignation in the United States, but left Kobe for Europe. Professor causes our total sales therò, also as a very desirable customer to the Company has its own agent, profit aftor all working expenses that stood in his name. If the rather because this drastic action Thiess was engaged for over two show a large reduction: In fact, have in one's books. From all and lessrs, S. 1. & Co. make no and commissions have been de-motion was adopted, it would be indicates that both the Presidon-yours as adviser to the South we suffered more or less from over- tial and revolutionary forces have Manchurian Railway Company, done competition in all our best ducing this heavy loss 300 usual selling commission of 21.2 General Managers, nor could it only a comparatively small holder. charge. At Shaughni Mesars, ducted, so the answer is "No all the better for the shareholders we can learn, the chances of ro-Shewan Tones & Co, enrgo theemneration was charged, by the in the Company. He himself was and is a recognised authority on markets. The loss on the Deep remote, but, of course, we shall reached that stage where foreign the organisation of modern tralie Water lay working is also must send in our claim against any per cent, the sune as the previous have boon charged." The only But he had been approached in interests and necessarily, of ontorprises on a large scale. He regrettable, and if we thought assets which may be roalised by Co. did. The total commission are those shown on the other side loss of revenue meant a serious course, the interests of tho Repub was from 1900 to 1984 in the this was likely to continuo, wo the liquidator. As for the pros on sales at Shanghai last year of the Profit and Loss Account. item.

agents, Messrs. Arabold, Karberg charges made against this account this matter by pooplate whom this lic itsolfara sacrificed to the service of the Hamburg-Amerika would not hesitate to recommmond pects for the entrant on, it

It was desirable that on, needs of party warfare.

Line at Hamburg. The

closing the works at once, but wo, is impossible to speak positivo-was very small. A special agent, The account in which this item of inquiry should be bold, and Mexican situation vis a vis the

are not yet muro that such a ly, for a much depends upon) bookkeeper, Chinese staff, offices, 9321,805.05 appears at credit in betrusted that shareholders would The Hon. Treasurer of the drastic stop as this is necessary. the competition wo may moot &c., could not possibly be provid- the Profit And Loss Account, to support the resolution. United States and the Powers in- Alico Memorial and Affiliated A great doal of this loss was from with.

(Ap We liave, of course, ed for anything approaching the which it has been transferred plause.) torested may be very briefly sum- Hospitals bogs to acknowledge breakage in shipments on the reduced our output by burning amount, theexact figure of which, from the Working Account, which Ion. Mr. Osborne Log to marised as a local squabble be with thanks the following den voyage and during discharge, and fewer, kilts and running the for the reasons already given, latter account as you know is second the mendment.

tions to the hospitals:-Dr. A. S twoon two forces of such balanced Gomes, $10, W. D. Dowley, Esq., the time being, there is still, hope, We have also made all possible

as this appears to have ceased for grinding mills, on short time. can only impart to any share credited with procoods of all sales The Chairman I cannot accept holder who wants to know, aftor and debited with all working it as an amendment. I do strength that a definite conclusion 30; F. Funatsu. Esq., 10; L. F. of running the factory at a profit. economies in the staff, and roduc

the meeting,

charges. The sum mentioned is not oppose it for a moment, but is impossible without intervon-Cooke, Esq., 10 W. Dickson, We shall watch very closely the, od the number of our engineers, 4. How often leave the Gonoral the balance of that working it is not an amendment; it is a re- tion. The Amoriem Government Cruz Basto & Co., 10; Noronha & noxt few months, and at the end we have commenced the year with the Consulting Committee during

Esq.. 10; China Mail, Ltd.. 10 working of this business for the burners, &c. On the other hand Managers convened a meeting of account.

Holation. I now propose tlist the 'report desires only" that a stable rulo Co., 10; A. Mackenzie, Esq., 10; of the hill-year will lay the result one or two fairly good contracts, each of tlie years, 1001, 1905, and accounts, as presented to this should prevail in Mexico. It is a A. Denison, Esq., 5; "Foo," 10. before the Consulting Committes which will help our local sales, 1000, 1007, 1008, 1000, 10102 msoting, ba adopted and passed,

!

Mr. Osborne-Well, sip, I will call it a resolution.

(Continued on Page 7