J
THE HONGKONG TELEGRAPH
FIRST EXTRA
COMPANY MEETINGS.
Chica Sugar Refining Co., Ltd.
(VERBATIM,)
The meeting of the share holders of the China Sagar Refin- ing Company was held at the offices of Messrs. Jardine Mathe son and Company, Lid., at noon to-day The Hon. Mr. D. Landale presided. Others present ware :- Sir Paul Chater, C.M.G., the Hon. Mr. E. Shellim, Mesars. J.W.O.. Bonnar, F. Maitland and G. W. Barton (Consulting Committee), Mossre. A. Rodger (Manager), O. W. Beswick (Secretary). T. H. Hornby, T. Petrie, H. Fercy Smith, Ho Fcok, J. McCubbin B. D. F. Beith, F. C. Hell, Chos Po-aien, A. C. Davison, F. M. 1. do Graca, L. N. Leefe, A. J. P. Pomfrett, Lo Oteang-shui, J. Patterson, R. Sutherland, L. A. P. Leite, M. A. Razack, H. M. H. Newazee, A. F. Arculli, R. C. Macdougall, and
·S. O. Ismail (shareholders).
HONGKONG, WEDNESDAY, MARCH 24, 1915.
satisfactory result disclosed in the accounts.
On the 31st December we had considerable supplies of raw sugar in stock and to arrive," that had appreciated in value, and during the first two months of the current year we have been able to make some progress to- words clearing off the debit balance in the sccounts.
OFF OF THE FRONT.
Company, Limited, was held at: 12.15 p.m. to-day, at the offices of Meere. Jardine Matheson and Co., Ltd. The Hon. Me. D. "I Know I ara Doing My Duty." Landale presided. Those, precut were:-Mosers. J. W. C. Bonnar and G. W. Barton (secretary), A. J. Pomfrett, G.A. Tidall, J.U. Bone, C.-Woodhead, B. D. F. Beith, L N. Leafe and Uho Po sien (shareholders). ·
The following is an extract from a letter received by a Hongkong resident from hie sona lad of eighteen-who has joined the Army at Home :--
The European war has opened The Chairman: It now being "We are going to march to many outlets in which we have past the hour for which this meet Aldershot on Tuesday, the 23rd, hitherto been unable to saccessing was convened, and there be-land shall probably be about four faily compete, and when hostili-ing à quorom present, I will ask lies are over we aball do our the Secretary to read the notice utmost to maintain the foot- convening the meeting. ing we have gained. Refin-
The notice having been read ed augar continues in fairly the Chairman said:The good demand, and immediate report and statement of accounts prospects are fairly satisfactory, having been in your bands for the past few days, I will, with your permission, take them as read.
It must
be remembered however, that at the present high price of raw sugar the margin for profit on refined is not great, and whether the price of refined will keep at, to-day's high level when this year's crops become available in July, is purely a matter of speculation and depends very The Chairman As it is now largely upon the state of affairs in past the time for which this meet-Europe at the end of this summer: irg was called, and there being a I would like therefore to warn quorúm present, I will ask the shareholders against any ex- Secretary to read the notice con- aggerated ideas of profit-making vening the meeting."
The Secretary having road the notice;
The Chairman said :—.
year.
aa things present themselves to- day:
#
days doing the job-fall kit, etc- and by the time this reaches you
I shall be in France. So that if. I should pag out you will have had a letter just before I turned up my loss. I'll write you again before I leave, but in case we go burriedly, jaat let's say 'Chin ohin' and wish each other good Inok. It'a rotten that we could During the first balfof the year not see each othar before I went, the competition of American re-but still I know. I am doing my fiued sugar in the Philippines duty, so that keeps me cheerful.
as extremely severe, but the refinery managed, to come out dad, as I feel a little bit shaky. outbreak of the European war, with a small profit. With the
however, conditions as regards enabled us to show a more en- sagar improved considerably and Couraging result.
It was found imperative to sink two artesian wells on the Com-
The property and plant of the pany's property, in order to secure refinery have been insintained an adequate supply of water. It The report and accounts, with efficiently, but it is highly essen-bas also been necessary to make the auditors' certificate attached, tial that, when funde will admit, sundry additions and renewals to having been in your hands for we should take steps to bring all the plant and machinery, and sume daye past, I will, with your departments up to date to enable these items have been charged to permission, take them as read. as to cope with the extremely Property Account.
You are doubtless aware that The past year opened under keen competition now encounter- very anfavourable conditions ed. In this connection we may some of the machinery of the owing to the unsettled state of mention that we have <rdered a refinery is somewhat out of date, trading conditions in China new set of steam boilers, and it is and we took the opportunity of the during the first few months, and anticipated that these will assist visit of a travelling representative the demand for our sugar was towards more economical cost of of a large firm of engineers further curtailed by the large production.
to have the plant overhauled. To' stocks of Java "and Japanese
The sale of the Bowrington bring the installation up to date, white.
which
would mean an outlay of about Bugar
had property has been completed and accumulated from the previous the surplus of $42,257,61 over £15,000, but owing to the poor The dumping of large the book values, together with state of the Company's, finances quantities of Japanese refined proceeds of sale of old distillery and the uncertain prospects of its sugars at absurdly low prices also plant, $6.388.92, have been utilrencing scope, we cannot see our proved a very serious handicap toised for writing down the value the profitable working of the re of our East Point mechinery. finery. You must remember that
refineries have the Japanose protected market in which to sell their production ata profit which enables them to dump their sur- plus stocks in China at cheap The Chairman: The rasala- prices, and so long as the Japan- tion is now, before the meeting ese consumer is content to go on for discussion. No shareholder paying relatively a very high having any questions to ask, I price for his sugar these condi-will pat the motion. Proposed tions are likely to continue, by myself and seconded by Sir During the first few months of Paul Chater that the report and the year, the refinery was accounts as presented be adopted. kopt working at about half its Those in favour please siguity in capacity, which was afterwards the usual way. Against? Car- slightly increased, but the first ried unanimously. The next six months showed heavy loss in business is the re-election of the working account;
Consulting Committee.
The price of Java raw sugar was fairly steady during the early months of the year, but dull trade and heavy supplies brought about a decline in June, and as the market advices received from Lon- don indicated a further drop, we decmed it advisable to enter the new teason, which commences in July, with a few forward con- tracle as possible. But for the outbreak of the war thie would undoubtedly have been the correct policy. But the whole aspect of the sugar industry was changed by the outbreak of hostilities, The German, Austrian and Russian surplus production could not be marketed, and the en- ormone purebarea of other sugar by Great Britain caused an ad- vance of over 50 per cent, By acting promptly, we were able to buy sufficient applies before the heavy rise took place, which, ton. gether with our proevicus pure chases, carried us on for six montba.
Under the beller conditions prevailing during the latter part of the year, we were able to im prove our position by sales in some of our markela, but the rise in the Shanghai-Hongkong rate DE exchange, caused of, in com. mon with other Hongkong com. panies trading with the North, a
With these remarks I beg to propose that the report and accounts as presented be adopted. Sir Paul Chater I beg to second that.
Mr. Hornby: I beg to propose the Hon. Sir Paul Chater, the Hon. Mr. E Shellim and Messrs. F. Maitland, J. W. C. Bonnar and G. W. Barton be re-elected as the Consulting Committee.
"
Mr. Razack:-1 beg to second that."
way to sanction such an expendi ture, but every effort is being made to keep the plant up to fall efficiency.
The refinery is working at a profit and the immediate pros pects are fairly satisfactory, but the general outlook as regards the sugar industry will be governed by the situation in Europe.
Well, I can't write any more,
"Beat of love, from
"Your BOB,
·DONALD."
LANGKAT OUTPUT.
Mesere. Wright and Horuby advise us that the Langkat output to data for the current month is as follows:
March 1
14.
...
Tone 231
2
249
140
3
228
"
**
21
4
250
69
5
229
220'
217
DEL
8
232
9
243
10
250
终归录
11
238
12...
258
.11
13.
234
14
227
15
231
#
18
235
#
17
261
18
232
#
19
231
20
237
»
***
21
•268
21
Que
#
29 23
238
21
232
10-DAY'S ADVERTISEMENTS.
WANTED.
An Efficient
questions. There being no quer I will be glad to answer any tions, I beg to propose that the report and accounts as presented, qualifications and salary required be passed.
Mr. BonnarI beg to second Telegraph."
to:" ZZ.. 0/0 "Hongkong
HONGKONG & WHAMPOA
WANTED
Proof Reader. State..
that.
The Chairman:-Proposed by myself and seconded by Mr. Bonner that the report and accounts as presented be adopted. These in favour please signify in the usual way. Against? Carried unanimously. The next business is the election of the Consulting Committee.
Mr. Pomfret :-I beg to pro. pose that Mesara. J. W. O. Bonnar and G.W. Barton be elected to the Consulting Committee.
DOCK Co., Ltd. The share certificates Nos. 2410/2411 for 10 and 25 shares respectively, numbered 12739/ 1:748 and 35858/35882 inclusive, standing in the register in the joint names of George Andrew Hastings and John Barham Car slake, solicitors, Liverpool and Birmingham, having been lost or
destroyed. The Chairmen :-The re-elec tion of the gentlemen whose names you have just beard read out as the Consulting Committee Mr. Beith:-I beg to second for this year is propored by Mr. Hornby and seconded by Mr.
that.
that unless the said certificates.
NOTICE IS HEREBY GIVEN
be produced at the office of the Company Queen's Buildinge, Vic- toria Hongkong, before the 24th Razack. Those in favour please Mr. Pomfrett and reconded by the old certificates will thereafter The Chairman:Proposed by the said shares will be issued and April, 1915; new certificates for signify in the usual way. Against? Mr. Beib, that Mesare. J. W. C. be held by the Company as null Carried ananimously. The next Bonuar and G. W. Barton be and void. business is the election of auditors. elected to the Consulting Com
GEO. A. CALDWELL,
Secretary.
Mr. MoCubbin: I beg to pro-mittee. These in favour please pose that Mesers. H. Percy Smith signify in the usual way. Hongkong, 24th March, 1915. and A. R. Lowe be elected audit Against? Carried unanimously. HONGKONG ICE COMPANY,
OFA.
The next business is the election of an auditor.
LTD.
The Thirty-Fourth Ordinary Annual Meeting of Shareholders will be held at the Offices of the
General Managers at 12 noon on Monday, 12th April, to receive a Statement of the Company's Ac Mr. Woodhead-I beg to counts to 31st December, 1914, and the Report of the General Managers, databa
The Transfer Books of the
Mr. Lo Sheung-ahui:-I beg to escond that..
The Chairman:The re-election Mr. Leefe bag to propose of Mr. Percy Smith and Mr. A, R. the election of Mr. A. R. Lowe, Lowe, as auditors, has been pro
FO.A, se auditor at the usus||
seconded by Mr. Lo Shaung-shui. pored by Mr. McCubbin and remuneration: Those in favour please siguify in second that. cond that. the usual way. Against? Carried unanimously. That is all the Mr. Leefe and seconded by Mr. Company, will be closed from the
The Chairman:Proposed by business gentlemen, I thank you Woodhead that Mr. A. R. Lowe 30th instant, to the 12th proximo, for your attendance.
be elected auditor, Those in both days inclusive. Luzon Sugar Refining Company, favour. Against? Carried un
Limited. GA
animously. That is all the busi The meeting of the shareholders
your attendance.
very heavy loss on this account, of the Luzon Sugar Refining, gentlemen; I thank you for
and the year olosed with the un-
JARDINE MATHESON
& Oo., Ltd, General Managers. Hongkong, 24th March, 1915.
No comments yet.
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