1912-02-17 — Page 4

THE HONGKONG TELEGRAPH SATURDAY FEBRUARY 17 1012

SIR ROBERT

BURNETT & CO.'S

CELEBRATED

OLD TOM GIN

DRY GIN

IMPORTED AND BOTTLED BY A. S. WATSON & CO.,

LTD..

WINE & SPIRIT MERCHANTS,

ALEXANDRA BUILDINGS.

ESTABLISHED 10 YEAR3.

Hongkong, 6th January, 1912.

The object of this paper is to publish everent information, to merre ake truth- and print the news weitlent four or fanour.

Cible Address Telegraph, Hongkong.

Telephone: No. 1. A.B.C., 5th edition. Western Union

The Hongkong Telegraph.

HONGKUNG, SATURDAY, FEBRUARY 17, 1012.

SIR HENRY MAY.

COMPANY MEETING,

The Hongkong and Shanghai Banking Corporation,

Dr. J. H. Sawlors.

The Chief Manager read the notice convening the mooting.

1༈༙

raw silk from Canton from time Customs rovenues, and of Silvor Rupees to a large oxtant touphod was TT 1/10.3-8 and 1st Juno to 31st Pacenibor, consisting in most cases of rail-in payment of the cotton and the lowest 10.1-16. Since 31st. 1911 nro some 10.000 bales way loans, it is hoped that the net Whost crops, but the Juto cul Decomber last,, there has been below those for the period earnings of these railways will not livators of Bengal do not appear substantial advance both of the preceding year, and be so seriously affected by the un- to bo absorbing sovereigns to any in the price of Silvor and ino nithongh stocks in the hands of settled stats of the country as to appreciable extent, and it will be Exchange, the formor having. The ninety-third ordinary Native Donlers are heavier than bo insufficient to meet the interest interesting to watch any indica-touched 27 7.8d. por oz, and the half-yearly general moeting of usual, the total export is likely to coupons, and, that in any case, it tions of a clungo, in that diree lotter T. T. 2 but during the the shareholders of tho, llongkong fall short of the previous season. may be possible to make arrango- tion, as with a erop worth from the past few days, a renotion has... and Shanghai Banking Corpora- Unless there is an improvomnontments for payment. With regard £25 to £30 millions, their rotakon place, and prosent quota- tion was held on the 17th instant, in the prices ruling at present, to the coupons of the 6 par cont. quiroments would bon factor tion aro Bar Silver 20.3-1d. per oz. in the City Hall, when thathe your is likely to bo a very Gold Loan of 1895 payable on the to be reckoned with. The and 1. T. 1/11.3-8. I shall only ninety-third report of the Court unfavourable one for Chinose Silk let, January last, in order to alla rics crop in Burmala was not rofer briefly to the Balance Sheet. of Directors was submitted. Mr. Morchants, In the North, no-public anxioly, an early announquite up to the recont urorage. The total figures are considerably G. 1. Modhurst (Chairman) withstanding the serious floods ment was made in the home liat higher prices, probably more higher than six months ago. presided and there were present in the Yangtze Valley during papers, that the Bank would be than compensated for the short- This is chiefly accounted for, on

The Hon. Mr. C. H. Ross, Hon. the summer, business, both oxport prepared to Mr. H. E. Pollock, K.O., Sir Paul and import, was in quito snuotivo without

purchase them ago in output. In the other two the one side, by the larger nofo Chinter, Hon. Mr. E. A. Hewett, condition until the outbreak of due notice would be given as Cochin Chins and Sium, the amount of Current Accounts and.. recourse, and

that great rice-producing countries of circulation and the incroneed Messrs. Forbos, E. H. Armstrong, liostilities at Wichang early in soon as funds had been re- crops wore very poor, and there. Doposite. The big expansion F. Liob, W. Bogan, E. Shellin, October. The stoppage of trade mitted for the payment of drawn was a falling off in the export in our note iesuo is due to money A. H. Ough, E. Humphreys, N. J. which resulted from those troub-bonds. This announcement was from onch place of some 400,000 remitted from abroad to South Stabb, Ha Kom-tong, Ilo Fook, les and the uncertainty as well received and it is, oluractor- tous. The abnormally high level China being held in the form C. S. Gubbay, Dr. J. W. Noble, J. to the future, lod to considerable istic of tho confidence felt by the to which the price of rice roso in of notes, which, owing to tho II. N. Mody, G. C. Moxon, uneasiness in the money market publio iu Chinese bonds, that the consequence of these anormons inactivity in trade, are not Kadoorie, 11. L. Deanys, soll., 4. in Shanghai and Bankow and a market was not affected to any shortages, proved a strong tomp-flowing back as they would do 11. Ilarris, J. M. Machado, W.number of small nativo Banks appreciable oxtent. Tho drain tation to producora to disposo in the ordinary course, were con- J. Grosson, W. Dunbar, J. Barton, suspended payment. I am pleased of military operations, coupled of all available stocks. Under ditions normal. On the othor Findlay Smith: F Maitland, to say we are not interested in with the condition of the revenue these conditions, and to aver sido of the account, the only mad wayo Hatton Potts, Murray Stewart, Chess failures and may add, that just doscribed, love of necessity possible famine, the Government change of importance is in Bills Boll Friosland, C. R, Laurenz, A. II. owing to the concwyntive policy imposed a severe strain, which in September last prohibited Receivable, which are somo $30 ·· Barlow, R. O. Edwards, C. Joass, followed by the management, all found expression in tontative the export of Ries from Cochin millious above the Juno figures, J. C. G. Forgusson, J. F. Cor our advances are well and safely applications for financial ac- Chinn except such as was neces-due in a large measure to our Edwards, II. A. MacIntyre, A. M. covered. The situation now is sistance. In respect of all such say to completo bona fide out-carrying a greater amount of Bille Reith, F-Thomne douts, that a certain amount of produce proposals the policy of this Bank, standing contracts. This prohiin London instead of re-discount- A.V. Apear, Capt. E, A, Chaplin, is finding its way to the Ports, but and of its Amoriean, Fronuli and bition was not raised until the ing. The increase in Bank. Pre- M. Fernandez, Chan Kaiming, money is not cirouluting freely, Gorman Associates, has necesari-boginning of the present mouth mises of some $21.ucesunted H. D. Haskell, D. Haskell, G. H. and although small deliveries are ly been guided by a strict con- I regret to say that reports from for by cost of new promises in Michael, Lo Choung-shiu, Wong being made daily, imports are formity with the attitude of both Cochin China and Siam Batavia and a small payment ou Tenug-him, W. Wilson, Chun practically hold up in Shanghai, neutrality maintained by their as regards this season's crop are recount of the now building Tong, T. Lamlale, A. T. Grillin, and the neighbouring ports wait-Governments towards tho bol not bright and no great improve being erected for the Bank in A. J. P. Pumfret, F. A. Wendt, ing the restoration of order.ligerents. When the cossation of mant over the precoding year is Bombay. In conclusion I would II. M. Nemanzee, F. W. Melohors, The country is bare of supplies hostilities shall have been ful-looked for. In the Straits Settle mention that the smaller volumo W. H. Purcell, D. H. Silas and of foreign goods and when order lowed by the re establishment ments, and Federated Malay of trade both locally and in North and confidence are restored, u of a stable and responsible Gov-States, trade has continued its China has naturally affected our large business may reasonably be ornmont, capable of taking over, proaporous contrae, and the turnover What wo require is an expicetod. During the year, the all the treaty and financial satisfactory progress, reforradotive importand export business, The Chairman said:-Jon-representatives of the American, obligations of its predecessors, to twelve months ago, has giving opportunities for the steady lemon, -Tho Report and! British, French and German and as soon as definito diplomatic continued the value of both ox-and constant turnover of our e arre Accounts have beon in your financial groups, with whom wo relations with the Foreign Powersports and imports showing an funds. Though there has been It is probable, were such mnitors determined by the popular voice hands for some time, and I shall are associated, concluded negotia shall have been restored, the over the figures of the provious improvement in this direction that Sir Henry May would be selected by an overwhelming majority take them as read. It must be tions with the Ministry of Finance groups roforced to will be ready yoar. A similar story comes from-ince the beginning of the year, of the residents of Hongkong as the successor of Sir Frederick apparent to you all, without at Poking fora lonnof£10,000,000, to render financial: assistancs. the Philippine Islands whore. hope the time is not far distant Lugard. There were many who thought that it would be dificult emphasis from me, that trade of which the greater portion was It is improbable that any Govern- trade is in a sound and healthy when wo many sro lusiness in a to replace Sir Mathew Nathan, but the sense of his loss conditions in China for the past to be devoted to the reform of mont would rafuso to co-oporato in coalition. Their last financial more prosporous condition in this soon gave way to admiration of the administrative ability six months, and more. especially currency in China. The agreo-carrying out a plan which would year was the second of free trade part of the world. There is one and indofatigable nargy, of his succossor. Now wo during the last quarter of the mont was to have come into so greatly stimuinto the internal between the Islands and the more inatter to which I must would bo naturally still more critical and any unknown now-comer year, have been far from favour-oporation as soon as the Currency trade of China by facilitating United States, and the statistics rofer and that is the recent rotiro- would find it extremely hard to attain and maintain the position justlyle. Consequently, it is not Reform Scheme, submitted to exchange, and also benefit hor available show a marked increasement of Mc. A, M, Townsend from won for himself in the estimation of the people of flongkong by Sir surprising that the amount avail-them by the Chinese Govern- foreign commerce. After the both in direct trade with theho Senior Managersbip of the Frederick Lingard. It would be in execrable tasto oven to suggest able for distribution shows some ment, Tuti been approved of, necessary provision has been States nudd in the foreign tradendon Office, in which position comparisons between the distinguished gentlemen who have and falling off compared with the and arrangemouis were made at made for continuing the service of the Philippines. The sugu o succeeded the late Sir Ewen will guide the destinios of this Colony and it is unnecessary to say figures of the past low half years.the same time for the appoint of the foreign debt-the first os-crop was an oxcoptionally large Cameron in that we have nu intention of perpotrating such a bisach, All we Although not adding to

1905. Mr. Dur ment by the Chinese Govorn-sontial for the restoration of one and though pricns in the Townsend joined the Bank prae- him at conveying is that Sir Henry May will find the task of filling Reservo-Euad, your. Directors ment of a European Financial National credit-the finances of early part of the year wore low, ically when it was first founddod Sir Frederick Lugard's place less difficult than would a stranger, aro ngain able to recommend, advisor. A few months later the the country are likely to feel the failure of the boot orop-in and has dono valuable work for Sir Henry May is better known in llongkong than any obicial in the in addition to tho

usual examination of the Currency the strain of establishing order Europe used a study advance us in many parts the world. His King's Colonial Servico. He has occupied posts in comparatively dividend of £2 per share, the Reform Schone was carried out throughout the Provinces. in quotations during July and sorrices in London have been lower grades in the Colony, was for many years Colonial Secretary, bonus of 5 por sharo which by a special Commission of Euro- It is in the development of hor August, with the rosult that most highly appreciated, and it and has on several occasions neted as Administrator. It is not too you have been accustomed to ropean and American exports, great potential wealth that China the value of the crop is the was with the greatest regrot that much to my that he has always shown a devotion to his duties coivo sinco 1908. The amount Assisted by a Chinese official, of will find a solution of financial highest recordal since American your Directors accepted his rol great and small that won for him the osteom oven of those who did left to be carried forward to next high standing, deputed by the difficultion, and now that the roupation. This foreign trade of signation. Mr. Townsend hna not always see eye to uye with him. His temporary absence in Fiji half year, viz: $1,053,000 is some Ministry of Finance, and the basis of a settlement of the re- Japan from figures at present been succeeded by Mr. C. 8. will render easier the maintenance of the supreme position in the $85,000 loss than that brought successful negotiation of this cent internal troubles has happi-available, shows a large increasó, Addis, whose abilities are widely. Colony for reasons which must be obvious. This is a season for in from the last account, but important project, as well as the ly boon arrived at, we may reason. Tho, total valuo of hor-trade for experiments in nutters gubernatorial and we extend our heartiest may remind you that in Juno last lukuang Itaitway Loan to which fably expret to see the new Co- the year 1911, up to 15th. De-completo confidence. Befora recognised and commend our congratulations to Mr. fourt upon making a choice which will $500,000 was added to the silver referred in August last, appearod vornment, when definitely install-cember, is over Yen 905 millions, moving the adoption of the Re give the fullest satisfaction to all who have the welfare of the Reserve Fund and, as you will to all to mark the commencement od, adopt a progressive policy an increase of some Yen 10.1-2 port und Accounts as prosonted, Colony at heart.

have noticed, we are again writ of a now era of peaceful progre B Although we have still to do millions over the same period of -sholt bo pleased to answer any ing down Consols out of profits, and commercial activity for Chinn, plore au unsettled state of affairs, 910. The import figures show questions you may put to the Those facts, in our opinion, war- This outlook has been obscured it must not be allowed in any de-a very heavy increase, but there Chair. There being no question, rant the payment of the bonus by the developments of the post gree to blind us to the constant is a decrease in tho export figures, I propose the adoption of the re- on this occasion. When address- few months. During that period factors in the situation-the coun-resulting in 11 Light, whether it be material His Excellency the Governor ing you in August last, I drew we have been witnossing a poli-try's immenso undeveloped re-large balance

unusually port and statement of accounts, of trade agas preventor. has boon pleased to appoint Mr. attention to the low level attical transformation which has sourcos al ite looming millious ninst the or moral, is the best reformer.

conutry, partly Thomas Folkea Claxton to act as which Consols then stood. Con-arrested, at least for the time of industriona people. Believing caused by heavy importations in The Hon. Mr. H. E. Poilook, Director of the Observatory dur-trary .10 Unr

expectations, being, progress along the lines that these powerful economic fac anticipation of the new customs.C., seconded and said:-Gon- ing the absence on Jeave of Mr. tho quotation continued Frederick George Figg, with fall, and it has been necos-in many other directions, will, it themselves,

to indicated. Progress in theeo and tors must ultimately assert tariff, while the indifferent rice tlemen, are much pleasura effect from the 14th instant.

for Опс look crop in 1910, necessitating im in seconding this motion, and I sary to write down our hold-can hardly be doubted, be the forward, with unabated con-portations of froign grain dur hink that wo my congratulato ing of £1,200,000 2.1-2 per ultimate result of the revolution fidence to the futuro of China, ing 1011, and the set-back.

the Directors and the manage- given His Majesty the King has not cent. Consols from 79 to 77, but its immediate results, in the Turning how to India, it is to exports to China, in conse-mont and the stall generally upon description of the l'acific Mai! been advised to exercise his power thus reducing the book value by disorganisation of trade and of satisfactory to note an increasequence of the troubles there, were the fact that, in spite of the slack- steamor Nile. On page 3 ap- of disallowance with respect to £24,000. To replace this wo every department of national fin- in the commercial prosperity and contributory causes. The results oss in local trade during the pears the continuation of the the following Ordinanco-Or-purchased £25,000 3.1-2 pur cont. ance, have naturally caused foreign trade of the country. of these unusual circumstances past year, the dual dividend und article on Directors and on page dinance No. 46 of 1911, entitled-Indian Railway Debentures at anxiety, and have imposed upon The returns for the sloven months should bo quickly adjusted by bonus are being paid to share. 8. will be found the coupon for An Ordinance to amend the about 1-2 per cent premium, the management of this Bank a to November 30th, Jast, the latest this year's exceptionally good holders. I fully share the Chair- - the Photographic Competition. Liquors Consolidation Ordinanes, whichTMaro included i In

1011

other policy of the utmost caution. The figures to hand, show increases, Silk and Ition crops. The dis-man's confidence in the future of Storling Securition"

at a book collection of interual revenues is oxclusive of treasure, of roughly turbances in China have especi-China and tliero scoms every pro- Auctions of Crown Land will under that heading now apa landstill, and for the first £8 millions in exports over the mach as the Island Kingdom finds financial assistance will be re value of £24,000, the total amount for the time loing practically at €8.14 millions in imports and ally affected Japanese trade, in aspect that considerable foreign bo hold at the District Land Office poaring as £365,000 written down time in her history, China is figures for the corresponding there her bestmarkot for manufacquired for carrying out the neces at Taipo at 10a.m. on Feb. 24 to 311,400. The cost of effect faced with the possibility of hay period of 1910, and at the offices of the Publicing this adjustment amounted to ing to suspend the service of her. The wheat crop, nearly 10 mil-settled shortly, and trade restored roforms and for the development turos. Provided these troubles are y administrative ned currency Works Department on Feb. 2, and $271,112.30, being the equiva foreign debt, or such portion of lion tons, was about 25 per cent to its usual channels, prospects of the resources of the country

lent of £25,131.76 at exchange it as is not secured upon the re-higher than the average of the 5 for the prosent yoar nro consider by means of railways. regulations in regard to the

of 1.10.1-4. The steady decline venues of her Maritime Customs: previous years. Jute was also a od favourable for Japan. Money Information has been received in the price of Consols has rc-A roussuring feature which con- good crop, realizing oxceptionally which was for so long a drug on mously.

The motion was carried unani- storage and use of benzine for from the military authorities that cently been made the subject of not but contribute to allay public high prices, and the same can be the mkot is now in botter the purpose of dry cleaning gun practice will be carried out representations to the Govern anxiety, as to the future, is to be said of Tea. These crops, plus demand at remunorative ratos, The Hon. Mr. E. A. Howelt an Wodnesday, Feb. 21, from the ment at home and I trust that found in the spontaneous ro Burma rice, havo to a great ex. which judging from present proposed that the appointment The following mon-of-war ar-westerly to south-westerly directo reinstate the stock in public parties, of the supremo import pointing outturn of cotton in the maintained. As regards the L. Pattonden sa Directors bacon- west of Hongkong, in a north-action may be taken calculated cognition by the late contending tent counterbalanced the disap- indications, are likely to be of Mr. G. R. Laurenz and Mr. W. rivod this morning: The Gotion, between the hours of 9.30 favour, thus removing any neces-ance of protecting the National vahtis of the Country's exports. Silver Market, the ordinary firmod and that Mr. F. Lieb, Mr. a.m. and 4. p.m., weather permit-sity for the farther writing down oredit evidenced by their volun-The Financo Department's State conditions of supply and demand G. II. Modhurst and Mr. F. H. ting.

of our holdings. The year 1911 tarily placing the Maritime Cus- ment for the year 1910/11, men have again, as in the previous Armstrong be re-cleated Dirco- oponed with excellent promise, toms revenues at all the import- tions that the not imports of al-year, Leon disturbed by the tora. Although extraordinary pre-which showed signs of hoing ant Treaty Ports, under the con- ver continue at intch about the operations of a group of fodian cautions have been taken by the realised in the early months but, trol of the Inspector General of same figure as the average for Speculators. Towards the close and the motion was unanimously Capt, W. E. Clarke seconded, A huge boulder, which had police to prevent pilfering from later developments, made it a Customs. These revenues will, the 20 years 1876 to 1695 viz, Ro, of the year a corner was snocess- become loosened during the the houses ravished by the fire disappointing one for all those under the direction of Cons: 850 laos, whereas the imports of fully effected and a premium read 10. work of forming the new road last wook, stealing goes on and two living business relations with mission of Bankers in Shanghai, gold have gone up during the established at 3-4d. per oz. On the motion of Mr. A. Findlay between the Ponk train Station Sanitary Board coolies were arrest-China. Trade has been very denominated at the request of the same period from 1214 to on Silver for ready delivery, Smith, Baconded by Mr. AES and Plantation Road, waa dislodged yesterday by the vigilant offi-preased locally since the feeling Chinese Govorament by the Rs. 2,308 lave, showing that the Supplies were hurried forward Griffin, Mr. W. Hutton Potts and ed yesterday and careered down cars on duty... the hill, It made a huge hole in

of unrest first became apparent Foreign Governments concerned, incronse in gold has not bron at from Amerion, and in lees Mr. J. W. C. Bonnar word re At the Magistracy, this moru in the Province of Kwanglung be applied to meeting so far as the expense of silver, and that than a couple of months, normal elected Auditors for the year. Plantation Road and rolling on ing, they were charged with steal laat Spring. Owing to the possible, the service of such loans the Country continues to take prac conditions were resumed, The carried away portion of the ing & number of articles from the resulting lack of confidence, as are secured upon them. As tioally the same amount of silver price remained at about the The Chairman-That is all Barker Road and the railing. By houses valued over 10. They were credit throughout the Provinco, regards that portion of the as formerly, but wofers that the same level as in 1910, fluctuating the business, Gentlemen, It extreme good fortune no one was found guilty and each sont, to was greatly curtailed, and, the foreign debt (exclusive of the increase in its imports of treasure botwoon 20:1-8 and 23.11/16d you for your attendance injured, but the damage done is goal for two month with bard volume of business reduced to Boxer Indemity) which is should bo in the from of gold. per az. During the year this Dividend Wairants will be

small dimensions. Shipments of not secured on the Marl Gold seems to be taking the place highest point our local axel ange on Tuesday,

DAY BY DAY.

'To-day's Paper. The long reports of company meetings in to-day's paper have compelled us to hold over several items of interest, among them a

Monday being a Bank Holiday there will bo no issue of the "Hongkong Telegrapli."

II.M.8. Astraca has arrived Pagoda Anchorage, Foochow

at

In the Gazette are published

works.

man oruiser Scharnhorst from Amoy and the Austro-Hun- garian cruiser Szigelvar from Shanghai,

Landstip in Barker,Rond.

considerable,

New Ordluance,

Land Sales.

*、་

March 4,

Gun Practice.

labour.

Mean Thieves.

I

.