1914-07-28 — Page 7

SHELL" TRANSPORT.

Churchill.

THE HONGKONG TELEGRAPH

SECOND EXTRA

Admiralty, if they wished to secure supplies, made the grave mistake of supporting one com- pany only. (hear, hear), and of Sir Marcus Samuel Replies to Mr. kesping at arm's length this company, whom the Firat Lord has honoured by describing ag a power in the oil world. The specification prepared for liquid The annual general meeting of fuel for the Admiralty was of a the members of the Shell" character which excluded many Transport and Trading Company sources of oil from supplying it. (Limited) was held on June 22 at With the growth of the require- Winchester House, Old Broad-ments of the Admiralty for liquid street, London, under the presi-fuel it became necessary to obtain dency of Sir Marcas Samuel, B., larger supplies, and then, and then only, was this company the chairman of the company.

The Secretary (Mr. E. A. Smith- approached. We cannot betray Rowse) having read the notice Admiralty secrets, and, unless convering the meeting and the Mr. Winston Churchill releases auditora certificate,

ds, we may not disclose the The Chairman, who was cordi- notaal figures at which we have ally greeted, said:Ladies and sold to the Admiralty, even for Gentlemen,-Before presenting refuting the accusation, which the balance-sheet to you, a duty we deeply regret, that we are devolves upon your directors to only courteous "at a prico.' rebui the statements of Mr. Win-An Invitation to the Admiralty.

Mr. Churchill's Sneer. ston Churchill (hear, hear), made

But since the accusation bus in the House of Commons about this company and ite directors. been made, we invite the Ad- Theirat and most serious is that miralty to disclose the f.o.b. price we have exploited the necessities at which we sold them, and at the of the Admiralty, that we are a same time to state the price paid trust next to the Standard Oil to others for supplies, bought at the same moment. My colleague, Company a trist of auch mag- nitude that Mr. Winston Church- Mr. Deterding, resente as deeply-

as I do the insinuations made ill has assigned to us A very important position in the oil trade. against this company that we have been courteous to the Admiralty He has stated that there was combination among various com- only "at a price." Mr. Winston panies so close and binding that Churchill himself, in his speech there was no free market, and he in the House, acknowledged how has implied that the oil trade was much he, was indebted to Mr. controlled by the Standard Oil Deterding, and consequently to Company and the Shell Company. the company, for what had been If this be so, what is the reason done for the Admiralty. It is to that for the years from 1907 to be regretted that in the report of

3

1011 not a single ton of liquid the debate Mr. Deterding's name,

which was mentioned by Mr.

fuel was purchased by the Ad- miralty from the Shell Company? Oburchill, In 1912 this company supplied omitted. no more than one-seventh of the

W&B accidentally

We next come to a sneer by

!

HONGKONG, TUESDAY, JULY 28, 1914.

SPECIAL CABLES.

(Special Pacific Service to the "Telegrapli "--Router.}

THE BOXER INDEMNITY.

STUDENTS FOR AMERICA.

Peking. Received July 28. One hundred atudents supported from the Boxer Indemnity Fund left for America on July 15, including twelve women, who are the first women students to go to America under the Indemnity Fund.

CHINESE RAILWAYS.

COSTLY UNDERTAKING PROJECTED.

Peking. Received July 28. It is reported that the preliminary contract has been signed between the Chain Tung-fu and a Belgian syndicate to construct a line from Lanchowfu to Kuldja, a length of 1,850 milos at a cont of £12,000,000. The security given for the money will be the line itself and the mining con- cessions in Kaneu and Sinkiong.

THE POLL TAX QUESTION.

EX-GOVERNOR TO INVESTIGATE.

Peking. Received July 28. The Government has ordered the retiring civil Governor of Canton to visit Kwongchowan before proceed- ing to Peking in Augast, in order to find out the facts in connection with the alleged poll tax.

It is stated that the Central Government will discuss the matter with the French Minister on arrival of the civil Governor.

"

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set aside from the inception of it down to proportions with those companies in 1907, 35,608, which we could deal, it was never 000, or 55 par cant. of the original flowed to its fall capacity. After time BD incursion capitalization. (Cheers.) Nor is some this all. Every subsidiary com- of water took place which

grave pany in which we have a voice is caused us

anxiety financed on the same sound lines. as to the future of the wall. It Each provides its own deprecia- has now settled down to a pro- tion. Whilst I am on the duction of about 140 tons a day, question of the resources of the water having been reduced to 33 company, you must have observed, per cent. Some years ago some with the pleasure that it has given American prospectors drilled your directors, the fact that the for oil

"Gemsah, Bataafeche insurance 'fund has abandoned the effort to obtain it. been raised during the year by It appears that the water there sum of no less than $260,000, was never properly shut off. The and that it now stands at theory is that it is water from £780,000.

that old well which has penetrated 14 and A Fortunate

Most to those we are drilling, and from

which Interesting" Year.

great The year under review has been experienced in the earlier Gemsah not only a fortunate but a most wells. We still hope that we shall interesting one. Upon the succeed in abutting off this water declaration of the British Admir- completely. I have always con- alty that they had decided to use tended that nature does not deal liquid fuel on a large scale in in retail, and it is extremely view of its overwhelming advant improbable that this rich well We ages (so constantly demonstrated will constitute an only one. to them by this company by tak-therefore look with some hope ing their engineers on Shell boats and confidence to getting ulti- and imparting to them all the mately a regalar production from knowledge we had obtained), Gemssb. hopea were raised bigh that the

We are even more hopeful, in polioy of

a fair field and no this connection, of a supply from lavour" would at length prevail. Hurgada, where, undoubtedly, (Hear, hoor.) Under this stimulat the credit of locating the field is ing influence, a determined effort due to our own geologists. A was made by all the producers 10 well struck oil, and has for some furnish the Admiralty with such monthe given a steady and a supply of liquid Inel as would sustained flow of about 25 tons a warrant them in continuing in day. A large drilling programme their enlightened policy of has been marked out on this Esid, increasing the unile in the fleet as we have good grounds for to burn oil, for wo aro convinced stating that the anticlinal is a that a coal-fired feet cannot long one. We have voluntarily survive against one oil driven, associated with us the Egyption Great success has attended our Government. We have given them efforts, which were devoted (in so a participation in profits. We have far as prospects of succosa existed) invited them to place a director to the development of folds all on the board of the Anglo-Egyp- over the world, especially includ-tian Oil Company (Limited), and ing British territory or places they have nominated the Hon. ander Britieh jurisdiction.

Hugo Baring to fill that position. oil fuel imported by the Admiralty Mr. Winston Churchill which is

The Firat Lord of the Ad-We have not asked them for any in that year, and that quantity unworthy of him. He stated that

miralty has misconstrued this financial assistance, although we we supplied at a price which left if the Government did not con-

action, and has assumed that our have given them a right of pre- the company a heavy loss. It was olade the purchase of the Persian

purpose was to raise prices. The emption on our Egyptian produc- largely in consequence of the very Oil Fields, the Shell Company

motive that prompts us is to tion. We have participated with low prices ruling then that pro-would have bought them, and

ander

obtain large, constant, and wide- three other parties in the develop. SOMO high-sounding duction was discouraged and an

spread supplies from as many ment of Trinidad, where a certain inevitable reaction occurred 12 patriotic name would have regie

BS pussible. This measure of auccess has been months later. In 1913 of the total tered another company.

after debiting to profit and lose sources quantity of oil imported by the eneer applied, no doubt, to that since the Admiralty realized not only the entire expenses on obviates dependence upon any attained, and where we hope, Admiralty our company supplied the fact that the Company in their needs, since equal oppor- the new issue of Preference and one field, and enables us to when the territory is more known. less than one-eighth. The re- which the Shell Company and the tunity was given to this company Ordinary capital amounting to undertake business and to give to obtain a regular and a large maining seven-eighths

ware Royal DutchCompany are the sole with their competitors, a totally £5,202 3. 3d., but the entire contracts of supply practically production. From these three derived from nige separate shareholders is called the Anglo- different spirit has prevailed, and vendore, not one having the most Saxon Petroleum Company, whilst it was therefore astonishing, to us stamp duty on increase of capital without a force majeure clause. A sources it appears to us probable remote connection nor alliance nor it is agreed that in those of our to hear that, under the pretext of £12,500, we are still able to feet once on liquid fuel, cannot that the Admiralty requirements to a force majeure clause which scale, can be supplied if we could 259 13a, 4d. (Cheere), '# agreement with the Shell Com companies, which operate in Bri- that there was a "ring" against carry to the balance sheet £1,800, afford to contract and be subject for liquid fuel, even on a large pany, nor among themesives.

I must refer a moment to the quite suddenly becomes operative. be certain of its offtake when we Itish territories the majority of the the Admiralty, and that we were am sure that when the First Lord directors shall be British subjects. parties to the "sing," it was figures on the liabilities side of It is in the beat interests of have manufactured it. realizes these facts he will at The Dutch sources of supply now thought necessary to take a stop the balance-sheet. You will find consumers that certainty of supply Look at the growth and pro once agree that he was completely produce 1,500,000 tons of petro- new to Government practice and that during the current year should be established.

gress of this great business. We have not had, and we have never misinformed when he stated in leum annually. We have never to involve public funds in a.

Oll Supplies from Sarawak;

Bought, financial assistance from the House of Commons that there done a greater service in securing commercial adventure. In the tale £900,000 (very largely derived

and Trinidad.

nor have been added to the reserve, raising against the supply of liquid fuel for the that I shall presently have to from premium on new shares) has

Wher fast had the pleasure of any Government, Admiralty and that we were con Navy than when we realized the unfold to you in connection with this item to £3,900,000. Whilst addressing you our production in we enjoyed any subsidy or cerned in it and that there was no/potentialities of the Dutch East your own business, you will see the amount of the carry forward Sarawak was about 65 tons aany protection, and, I regret, "free market." (Hoar, henr.) Indies. (Hear, hear.)

oar total production for 1913 amounted to 4,000,000 tons, The this year is shown as £326,564 day. It is now 200 tons a day. to say, we have not always had has been over fair play. We have kept The Company and the Royal small quantity which the Ad- s. 7d., it is in reality £18,308 This proven field

Dutch Company.

45. more because you will see brought into bearing at an entirely free from Truste miralty took from us is a bagatelle that in the appropriation state expenditure of only £225,000; reproach so often levelled at The reproach that we might compared with this, and your necessary for the Government to suffer from a foreign alliance interests are therefore financially ment we have given the fall that is what it stands at in your this company by competitors, who Natural Aperient Water develop oil fields themselves would possibly have held good if independent of prejudices and amount of the second interim books to-day. A great change have made grossly unfair use of goos by the board when it is re-it were with a country having attacks even by a Government dividend actually paid out to the has come over the position in an argument which they know to For use by membered that in addition to the conflicting interests with Great Department. But

shareholders. It must be borne Egypt. A few months ago we bo untrue. Yet, as the balance: nine companies from whom sup. Britain and having a fleet requir express the hope that, with the stands at the credit of dividend outlook of that field. We are you shows, a business conducted in mind, however, that there were frankly pessimistic as to the sheet which we have place before plies were drawn in that year the ing large supplies of liquid fuel. elucidation of the facts which we Admiralty have notorionely Neither of these conditions have placed before you, the account the amount of £18,308 more. fortunate than most upon thoroughly sound lines is obtained for 1914 and following applies to Holland, and it has not prejudice which has existed 48, Geshown in the balance sheet, companies in the fact that we able to hold its own, and to give to itsshareholders the splendidre- years large supplies from Mexico, been the lasst of the difficulties of against this company may be which will be brought into effect have from the Scottish Shale Oil Pro- your directors that the censuras dispelled. Under no circum dividend of 35 per cent. for the perience

in the 1014 accounts.

The staff of geologists whose exsults whiot able management ducers, and from the Shell directed against this company stances

has alone accured. (Hear, hear). will whatever

widely Company, whilst they know, too, have been based upon the fact directors and managers-British year, which is paid free of income-separated countries is probably a yet another sphere of our acti- that supplies are increasing in that they were in alliance with or Datch-resent to the injury whilst Proference dividend has ing, I may tell you that we have cess. I refer to Mexico, where

tax, is payable upon£4,047,610, unique in the oil world. In pass vilies we have had very great suc Trinidad, Sarawak, and Egypt, the Royal Dutch Company. We of the British Empire the griev bean paid on the fall capital of also a school for the training of we acquired an area of carefully and that the opening of the Pans have not only never denied, ancea which we have had against 22,000,000, both being material-boremasters ma Canal will place vast quanti- but we are proud of the asso- individuale. In spite of what

by practical selected and promising oilfields ties of oil at their disposal. ciation. (Hear hear.) It has has

this has 20,000 acres in extent. We paid ly larger sume than in the pre-experience, and occurred, such service, Cause of the Rise in Price.

promoted good feeling between advice, or assistance as we can vious year. In securities invested often stood us in good stead. In very little for these lande, The great rise in the price of the two nations, and this will possibly render to the Admiralty receivable, fixed deposits with were signs of oil akin to these thought this much better in your outside the business, in bills Egypt, our geologists found there because they were unproven. We which Mr. Winston Churchill progress unless it is disturbed by will be freely, willingly, disin complains was, amongst other anwise, ungenerous, and mis-terestedly, and always at thoir bankers, and cash at bankers, on which they had observed in interest than buying developed apeotive demands of the Admiral- fortunately, Mr. Doterding and themselves of it. (Cheers.) natural causes, due to the pro- leading misrepresentations. Most disposal if they choose to avail carrent account, and at short another territory where we are property, because here again we notice, we had in hand at the working. Following their indi- had confidence in the sagacity of ty being concealed instead of his Dutch colleagues are broad- Ladies and Gentlemen, Never close of the year 22,100,000 of cation, a well was put down on a our geologiste. Estly in the year being announced as early as minded men, and they have not has it been my privilege to submit liquid resources.

site chosen. It proved to be a we struck a well giving a flow possible. (Hear, henr.) The resented the attitude which has to you such a balance-sheet as I Provision for Depreciation. remarkable and astounding well. which increased to 180,000 Imports of oil by the Admiralty been taken. But on the contrary, now have the pleasure of putting

In the brief summary which Up to that time wells of 100 or barrels a day. It took us by in 1013 were no less than 150 they have given, and I am quite before you for the year ended as insued with the report, the 200 tons a day were looked upon surprise, because we had not look- per cent. in excess of those in sare will continue to give, every December 31, 1913. After pro- your attention is the fact that the in question gave an initial pro-ch

item to which I wish to direos as phenomenal, whereas the welled for anything approaching 1012. With such a large and help that they possibly can to the viding a sum of £14,921 28. 6d. Anglo-Saxon Petroleum Company duction of 4,000 tons per day. It tion. With great energy out large pradno. sudden increase in demand the British Admiralty if they will for depreciation on investments (Limited) and the Bataafsche was quite impossible to deal staff on the spot set themselves to wonder is that the Admiralty frankly state what it is they (we never take credit, as against Petroleum Maatschappij have set immediately with such a flow of work and got ourselves amongst had not to pay still higher prices, require and give us time and this item, for appreciation on aside for depreciation for the year oil, and a great deal of it lost. the largest producers in Mexico. and that they did not proves the opportunity for providing it. securities already written down); 1,218,000, this moking with that Owing to the necessity of bottling (To be concluded Tomorrow) elasticity of the oil market. The "I am only to glad to ouronicle

ring

The argument of Mr. Winston

Churchill that because there was

not an "open" market” it was

Hie

would WO

your

in

•

10

service our

very

息

•

•

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APENTA

THE BILIOUS, THE GOUTY, THE CONSTIPATED,

THE OBESE:

and

DOSE-A Wineglassful hatsNE

Breakfast.

2004 200