1914-08-13 — Page 8

BRITISH NORTH BORNEO

COMPANY.

SATISFACTORY POSITION.

The Policy of Sevelopment.

read the formal notice,

is that increases are shown under

all headings, with one single exception, namely, postal revenue, which shows a decrease of 2680, dae merely to an adjustment of Thore aboald, however, bo material increase in the receipts under the heading during the current year. The chief

stock,

July last I referred to customs as

over

THE HONG KONG TELEGRAPH.

that, whilst the revenue for 1913 exceeded that of 1912 by £33,927, the expenditure èxceeded that of the preceding year by £9,451. Altogether we are more than entioned with the result of the year's working.

The Dividend.

Between 1909 and 1913

EXTRA

HONGKONG, THURSDAY, AUGUST 13, 1914.

SLUMS IN SHIPS.

TRADE OF HAKODATE FOR 1913.

and Tawao (in Cowie Harbour). The price obtained up to date ment in the money market which

o amunication between these have, I regret to say, been very far showed itself for

brief pere three stations may soon be ex from satisfactory, owing to abnor in February last, for at no time pected, and very ebortly, for the mally bad weather during the since should we haye able to raise first time in its history, the Cowie period of cultivation. Recent more money, even at a greater Mr. Burns and Health of Seamen. Harbour Coal Company will be in advices indicate, however, that discount. telegraphic communication with the rain which has recently fallen Privileges and Responsibilities. the rest of the world, a matter of has been very beneficial.

I hope you will agree with the the mercantile marine give a very The statistics of mortality in considerable importance to the.

Court that the prospects of the slear indication of the insanitary coal industry. A fourth station Having referred in appreciative company are highly satisfactory conditions prevailing in many will be erected at Kadat, in the terms to the staff the Chairman Thore is no doubt that the slams at sea. The death-rate per tons. northern portion of the territory, said It may be within the re- prosperity of the territory has 1,000 from disease during the last so I hope in December to be able collection of many of you that our increased and is still increasing in 20 years has been consistently is meant that which is carried on to inform you that North Borneo first 6 per cent. dividend was de-a remarkable way. We claim that higher than that in the Navy and

The Question of Finance,

the balance

a

of the installation of

more

are identical

Goal-The home demand is so great that export is limited, while effect on the output of that explosions at Yubari had a severe. important mine, Hongkong took balf the total export of 38,956

is

Fishing Trade. By this trade

There is a balance to the credit The 03rd. half-yearly meeting revenue account of £119,653, of the British North Borneo Coax and out of this the Court, for the pany was held on 14th ult. at the fifth time, recommend the pay Cannon-street Hotel, L.C., Sir ment of a dividend of 5 per cent. West Ridgeway (the chairman) for 1913. We are able to do

in Russian waters under the presiding. The secretary (Mr. this without encroaching on tho is thoroughly well equipped in clared and paid out of the profits this is the result of the policy Army and among the male civil Russo-Japanese Fisheries Agree Harington G. Forbes) having reserve fund, which was created the matter of wireless telegraphy of the year 1909. Prior to 1809 which the Court-with the appopalation between the ages of ment of 1007. Every year Bothe out of the proceeds of sales of But please bear in mind that the the annual dividends had been proval of the shareholders have 23, and 45 years. Even during 13,000 fishermen from this district The Chairman, in the course of land during the years 1909 and wireless system is not a luxury, as increased from 1 per cent. in 1896 adopted, and are so vigorously the South African War, with the spend the season at flaking his speech, said:Our position, 1910, and we shall be disappoint. it should prove the means of to 4 cent, in 1908. In 1906 we enforcing namely, the policy of exception of one year from July stations along the Asiatic Hussian as disclosed by the balance-sheet, ed if, from this year onwards, our effecting considerable economy, had the commencement of the development. Remember that 1, 1899, to June 80, 1800, the Littoral, whore Japanese fishing is, I think you will agree, very surplus revenue is not sufficient

An Important Asset. rubber boom, and from that year your increasing revenue is in no death-rate in the mercantile guilde and companies have 30- satisfactory. The revenue of the each year to enable us not only to territory in 1913 exveeded that of pay the interest on the deben importance, and of a value which amount from the sale of land- tions, as apparently some people Army. The most significant auctions held by the Russian Our forests are an asset of vast to 1910 we realised a very large way the reanlt of trading opera marine exceeded that in the quired leases of fishing rights at the pressding year by no less tures, but also maintain the ia yearly inaressing. Forestry namely, shout £250,000. The think. The source of revenue, figuren are those which show that Government. Since nearly all shan £33,927, and the total dividend at not less than 5 per work in Borneo has hitherto realisation of that sum enabled which have been given in every during the last 10 yeare the materiale, boats, nets, and provis recsipts of the year exceeded the cent. With regard to the general been necessarily conducted in a the Court to increase the dividend statement of account expenditure by £109,406, as trade of the country, you will somewhat haphazard way owing to 6 per cent. in 1908 and sub-lished since the company was marine per 1,000 has been con from the Hokkaido, and practi- pub death-rate in the mercantile sions, as well as labour, are taken compared with £81,888 in 1012: observe that, whereas in 1912 the to the absence of an expert staff sequent years. that is to say, the surplus of 1913 total trade amounted to £1,299,- to control and advise. The time course, have paid a very much those of every Crown colony all causes in the Navy, and very of concessions (6-20,000 in 1913)

We could, of formed,

with siderably higher than that from cally no money, beyond the rent has increased by £27,808 over 000, it had grown in 1913 to is now ripe for a systematie higher dividend in those rich and are totally distinct from those much the same as that from all spent or left in Russia, these that of 1912, or about 37 per cent. £1,407,000, showing an increase development of these neglected years, but, restising that the boom of any ordinary trading, mer-causes in the Army. The interesting and, indeed, af £188,000. The total of the ex- resources, and we anticipate that would probably be of short dur- oantile or financial undertaking.

fisheries may be said to represent gratifying feature of the revenue port trade is a record.

In many quarters hopes are Rubber the policy we are about to embarkation, we contented ourselves with You must, however, remember, entertained that the transfer of kaido of at least £300,000. It is an annual net gain to the Hok shows an increase of £100,801 and on will result not only in enhanc. this moderate rise in dividend, that you have responsibilities se Mr. John Burns from the Local a curious commentary on the estate-grown tobacco shows an ing the value of our standing and reserved

well as privileges. You enjoy Government Board to the Board state of development of the increase of £76,485. The export timber as an seset, hat, after a for the equalisation of dividends the sovereign rights over this of Trade may result in a consider Hokkaido that one of the chief of rubber in 1913 amounted to few years, in very substantially in future years, for few would territory-the size of Ireland able improvement in the con- sources of its income should be 1,023,283 lbs, as against 411,070 increasing the Government have believed that the ordinary Government expect you to do your Government Board Mr. Barns be added that large quantities of

bat, on the other hand, the ditions. lbs. in 1912, an increase of 612, revenue from forest sources. This, revenue, exclusive of land sales,

While at the Local outside its boundaries, It should 213 lbs., or about 150 per cent, too, we hope to effort without would have risen to so high duty in all branches of the ad- was instrumental in effecting a salted salmon, as well as other and you will be glad to note that adding to the burdens now horne figure as to permit of our paying the native population. If you mortality and in the death-rate direct from the stations, without ministration, especially se regarde largo reduction in infantile fish and products are exported almost invariably the rubber from increases are under exoise. and British North Borneo is of the host by our timber merchants. On the 5 per cent. "dividend out of fail in this respect there is no caused by tuberculosis, and much touching at Hokkaido porta. N

contrary, we hope, by active and surplus revenue, The sales of licences, £15,600; customs quality and commands the highest sympathetic co-operation between land on a large scale have now boob privilege you might be accomplished by similar

doubt that your would £9,000; and railway, £3,700. In prices in the market. With regard Government authen timber practically ceased, and, therefore."

Agriculture. Despite all diffi

"the best index of the progo carried on with the celerity which our mutual advantage. I now that purpose the reserve in ques: Colonial Office, will in no way mortality figures in his mind, through usage, but also because to the Jesselton reclamation merchants, to assist the latter to as our policy is not to touch for As long as wedischarge our duties vigorous administrative methode culties, the farmers in North scheme, the work has not been

with justice and, efficiency the

with regard to sailors.

Eastern Japan and the Hokkaido, As a matter of fapt, with the adhere to rice growing, partly of the State." It is interesting to note that the increase in 1013 we expected, but the represent coal. I announced in December ordinary surplus revenue, for the interfere with our administration, Mr. Burns lost no time in rice is a money;crop, which cannot

come to the important subject of tion, we must look to this, our under thuch as wither of the contractors have resulted in from the Selimpopon mines for out to you in July, 1 de la ment cannot allow to lapse into days of his transfer to the Board now stand, the serioulture of ho

this heading was

ations which have been made to fast that the estimated output payment of dividends, I painted but. North Borneo is an Imperial taking the subject into con at present be said of any other

asset which His Majesty's Govern sideration, for proceeded 1913 would be 68,000 tons. This our new programme of develop the benighted condition from of Trade he began on investiga- northern parts of Japan presents within. two cereal in these districts. As thinge the increases in 1912 (4,377) the work being

with more rapidly than was figure was exceeded by 3,000 ment consisted of reconstructing which we have roolaimed it. But tion of it. He has appointed a or 1911 (£4,749).

receipts-exclusive of the oase until December last tone, the total output for the year the railway, immigration Land sales which amounted in With regard to the railway, being 50,060 tons. Increases have settlers,

here lies the great security which special committes of experts former must gamble against na a difficult problem. Every year the 1905 to £103,942, have risen in steady progress contohs been shown in the average daily wireless telegraphy, purchase of this company. Should days of thoroughly qualified to deal with tare, and very frequently, as in

is enjoyed by the shareholders of increase of £124,133, or about the receipts have increased by December, this improvement does into closer contset and 1913 to £234,075, showing an

output, but, as I foreshadowed in steamers to bring North Borneo trouble overtake us our property question of the high mortality liable authority informa ma

the subject to go into the whole1913, loses heavily. A very 110 per cent. Moreover, steps shall be adopted to (produced in Japan), the rise surplus revenue, which amounted annual increase of £3,413. In reconstruction of the coal company ing countries, development of the in Imperial interests, be taken remedy

cannot be abandoned as a mine among sailors and to recommend by an extended use of fertilisers 2230,000 in 1905, has risen in other words, the railway receipts pending which the Court have coil industry, and Jolton, over by His Majesty's Govern Barns stated in conversation before the cold set in, but the to £31,000,000, or an increase have increased in four years by continued to afford the company reclamation of land at Jesseltonment, of course, after paying due with a representative of the farmers are poor, and the northern existing "ovilė, Mr. could be brought to maturity of £70,000, equal to 177 per cent.hand, the railway, expenditure doubt, wish to hear the latest lengthening and strengthening compensation to the shareholders. Times, that his committee will prefectures are neglected in the

On the other financial assistanse. You will, no improvements to the harbour and This proves the undoubted pro gress we are making, and demon-represents an increase in four

news with regard to oil. the pier, providing adequate

That compensation will be the years of 74 per cent. strates clearly that, quite apart from any windfall we may secare construction work being carried in a position to

Thero In December last I was only water dapplies at Jesselton, and greater in proportion to the report to him as soon as possible, Through the Board of Trade development of the country, and, from time to time from antes of out will effect, when completed, that the work of exploitation Since that date, up to the end of therefore, the more you remunera attention has also been paid to

tell you Sandakan, harbour lighting, &c.

inspectors and surveyore special land, the surplus of ordinary re- a considerable decrease in work was being vigorously prosecuted 1913, we have expended a sum of fively expend the greater will be the men's quarters on British venue can be depended on to pro- ing expenditure. The work is I can go a little further than that about €445,000 on these and other your profits, if not immediately, vide a satisfactory annual return progressing vory satisfactorily on this occasion. As you are aware, development works. This includes in the near

abips.. future, and the on the money we have invested. under the able supervision of the there are two powerful groups at £98.800 advanced to companies higher will be

The energies of the President the price of the Board of Trade have not As I remarked last year, the general manager, Mr. Watson, work in the territory-the Neder at 6 per cent. interest, and £82,000 which the Imperial Government all been in the direction of revenue is increasing by leaps and Up to the end of 1913, we have lands Colonial Petroleum Con advances for guaranteed divid will have to pay to you in the bringing pressure to bear upon bounds without a check, and the expended about £167,000 in re-pany on the mainland and the ends. I should remark at this event of ite being compelled-by the shipowners; he has borne in prospects of the territory, judged construction and supplying proper Royal Dutch Petroleum Company point that the payment of guaran- the exigencies of the Empire to mind the fact that they are not rolling stock, and it is esti- on the Island of Sebaltik, at the teed interest comes to an end in is why the British North Borneo conditions, which undoubtedly mated that a further expenditure extreme south-east of the State of 1916. You will no doubt wish to Uhartered Company occupies a exist, and has urged the leaders take over the administration. This alone responsible for insanitary of about £40,000 will probably North Borneo. With regard to know the reason for the debenture unique position, and this is how of the men to use their authority bo necessary. prospect of the railway proving sunk in the Klias Peninsula, one last. The first consideration that known to any commercial or in- quarters are provided the sailors (2,126,805 tons in 1918) and We see every the former, two wells have been issue which we made in February it enjoys security which is an- to see that when clean and decent found in the Hokkaido are coal remunerative in the future, and reaching to a depth of 1,190 ft. will have occurred to you with this view we are about to and the other to a depth of 1,011 fect that apart from the unexpend-dustrial association in the Empire. shall recognize their duty to keep sulphur (37,000 tons in 1913). undertake its extension for about it. In both these wells traces of ed proceeds of the debenture issue (Applause.) The Chairman con- them clean and decent. Mr. There are small quantitiesof gold, 20 miles from Jesselton in a north- oil. have been found, and, in of 1912, we had a considerable eluded by moving the adoption Barns ofern direction to Tuaran, which addition, sites have been located amount of money invested at the of the report and accounts. revenue not sufficiently utilised will pave the way for further on which it is intended to sink time, and that, therefore, there Mr. Edward Dent seconded the autumn to lay emphasis upon this is being mined experimentally. at presentare in sight. For extension in the not very remate two new wells, and further drilling were fands available for develop-

There has recently been a good instance, the land départment has future through the Tempaasuk plant is being sent forward with ment purposes without having

deal of prospecting for petroleum, The Chairman, in reply to ques

but the amount of crude oil pro- now been placed on an efficient district to Kota Belud, and possi-that object. Then, both on the recourse to a further isspe of tions, stated that the depreciation

duced in 1913 was only 188,720 footing, and we expect a large bly on to Marudu Bay: The east and the west coasts geologists debentures, but we were faced in the investments on Dec. 31 increase of revenue in the future. Governor estimates the cost at, have been employed in examina: with the probleza that the realiss- last was £101,000 odd, but at the

gallons, 32,800 gallons less than 1919. roughly speaking, £62,000, which tione. As regards the west coset, tion

In Baghalion only coal is Although land sales on a large works ont a little over £3,000 they have examined the territory have entailed a heavy loss-rover amount by £11.000. As long as of investments would present time it was less than that scale have ceased, the large area

at present worked, and that ex- of land which is being alienated per mile-a very moderate ont- lying to the south of the Klins $100,000, considerably more than the investments had not to be because they were going too fast mine. Iwate Prefecture produced perimentally, at the Kawakami under ordinary title is a healthy but against this must be Peninsula up to the Brunei it cost us to make the issue realised it was nota matter of vital and developing too quickly, he minerals to the value of some sign of progress and development. placed the $25,000, the cost of the boundary, and it is hoped that while at the same time we know importance whether the deprecia, could only emphasise the fact £439,500, in 1913, of which the The cultivation of the coconut I road which I stated last year would their reports will be favourable. that sooner or later farther fanda tion on them was more or less-that if they were to case their most imporant are iron (£294,000) corsider to be one of the great in be constructed, and which, of The Island of Mangalam, which would be required to continue our but they had every hope that the policy of development they would and copper (£78,826) Akita dustries of the futuro,and we have course, would have yielded no lies to the north-west of Jesselton, policy of vigorous development money market would improve in bitterly regret the fact later on. Prefecture has large copper mines, Having alluded to the schomo result it has been decided to drill realise at a considerable loss or standing in the balance ebeet at resources undeveloped, and the coveries of copper in Açmori-ken,

has been examined, and as a The question was: Should we the future. The investments, They had a country of rich and there have been recene framed by Dr. Orme, the com-two wells at once on that island. should we take advantage of the £356,946, consisted of Console policy of development had just but statistice from these prefec Born from whose que input officer, for the reorganisation of Petroleum Company, who are at raise more money? We decided ties amounting to £212,154, and unanimously. Resolutions were rudar Report.

pany's capable principal medical As regards the Royal Dutch first favourable opportunity to and colonial Government securified itself. The motion was carried tures are not available--Con future is the exploitation of our the chairman referred to the pro- has now reached a depth of 790 February of this year the favour £144,782, and they yielded the dividend of 5 per cont. for the year Canadian Pacific Colonization. largely increased revenue in the the medical service of the territory, work on Sebattik` laland, a well to take the latter course, and in of rubber shares amounting to afterwarde passed declaring...a magnificent formata. The expen- diture has also largely though press being made towards the ft. Traces of oil have been able opportunity for which we company an income of about 31 ended Dec. 31 last, and re-electing Montreal, July 7.Daring the lighting of the coasts. Continuing, encountered in this well. We were walling arose, and we issued per cent. The depreciation on the retiring directors (Mr. Edward first six months of the year the he said: When we met laat understand that the drilling of a the balance of £500,000 Four the Console and colonial invest Dent and Major-General Sir A.E. Canadian Pacific Railroad co- first wireless station namely, the In 1013 exports of state-grown as an issue price of 83 per cent of the depreciation being on the (Mesars, Turquand, Youngs and own land, on which it settled December Linformed you that our second well is in contemplation. and a-Hall per Cent. Debentures mente was $24,300, the balance Turner, K.C.B.) and the auditors lonized 101,154,000 acres of Its one at Sandakan had been com- tobacco from the territory exceeded We sought the best advice in the rubber shares. With reference to Co.) increase of revenue is due to the that two more stations have been The crop of 1913 is still in process that we 'adopted that advice and that the market value of the with a cordial vote of thanks policy is to sell land to settlers 457 families, consisting of 1,765 pleted. I am now able to report the figure for 1912 by 4,464 bales. City, and it was indeed fortunate the observation of a shareholder The proceedings terminated persons. The company's new liberal and judicious expenditure in recent years. You should note constructed namely, at Jesselton of sale on the Amsterdam market: took advantage of the improve company shares had fallen to the ohairman.

only and not to speculators.

the increased trade and Excise returns, are rapidly improving. increase, especially in those bran- The existing revenus continues to ohes such as Excise, Customs,

by this and other tests, such as

which indicate the growing pro

perity of the people. Now source of revenus or, rather, the improvement of

Bourcon

extensive tracts of land which are admirably suited for this

oultivation, But the principal

ידי

not proportionately increased,

but if there had been no increased

expenditure there would certained

have been no increased

revénus; other words, the

in

125 per cent.

direct revenue,

motion.

proposes

matter of agricultural fands and progressive agricaltaral officials, is at the bottom of most of these The truth is that lack of capital difficulties. As the authority above quoted states, it might be possible to substitute wheat forrice as a crop if the summer climate proved dry enough; or mulberry and fruit growing could be large- ly extended; bas both these culturas require more capital than and fields to tide over the initial period of establishment. rice growing to equip orcharde

Mining.The chief minerals

during the silver, and copper, and manganese

aspect of the situation, and to try to secure the co-operation of the men in raising the standard of life and decency on British ships: The Times.