1918-05-17 — Page 8

8

COMPANY MEETINGS.

The China Baraco Co. Ltd:

holders).

(VERBATIM)

The Chairman said: Gentle

men, as it is past the hour for

which this meeting has been

as

called, I will ask Mr. Kennett to read the notice convening the meeting.

THE HONGKONG TELEGRAPH FRIDAY, MAY 17, 1918.

BOOOUT LO

89

THE BIG OPIUM CASE.

Withdrawal of Criminal Proceedings.

At the Police Court this after

in their favour.

that

POLICE RESERVE

-ORDERS-

Service,

J. Cerrie is)

Joined.

No. 2, Platoon.-P. Π479|

| 430 Zardad.

YOU CLEAN OUTSIDE

Articles of Asecciation in regard our osee, war riska form an im Gentlemen, you will notice that Those in favour please signify in to which sbareholders will receive partant; and, sa we think, neoese in 1917 we made on your, the usual way. Against? Carried due notion. With these few reary part of our activities, this behalf a contribution to War unanimously. Tos next business, marks, I now beg to propose the enhancement in premium income Charities of $5,000, and when gentlemen, in the re-election of adoption of the report and becomes very marked. It is quite an appeal recently came round suditors. scoonnta ss presented and after evident that these larger figures again, the Offs made a donation Mr. Haxton-I beg to propose

Ordiniranite-hy by: Mr. they have been recouded I shall must throw upon the clerical of $10,000, which will be shown that Mr. Percy Smith, F.0.4.

F, Q. Jerkir, C,B.E., #tuls |be plessed to answer to the beat sesistance of the Companies great in 1918 Acconet, and I have no and Mr. A. R. Lowe, F. 0. A., be

Capes. The fifteenth ordinary yearly of my ability any questions which demonde, sa well sa adding to the doubt you will thoroughly re-elected auditors to hold office.

shareholders may desire to put ceres of management, and it is, I approve of this. meeting of the China Borneo Co

"Members of Nos. 1, 2 sáð until the next ordinary meeting Mr. Kraft bave much think, wonderful bow these de- Ltd., was held at the Company's"

I do not think there is anything at a remuneration of $500 each. 200, before Mr. J. R. Wood, Companies not yet la possettion Office, St. George's Building, this pleasure in esconding the adoption mands have been replied to, bear else in the accouste to which I Mr. Beanick-bave much application was made for the hot espar will attend at Besd- discharge of Lee By-san and a quarters Clab-on-either Tuesday, morning. Mr. A. O. Lang pre- of the report and scocants and ing in mind the nations! calls for need make spesial, reference. I pleasure in seconding that. sided sad there were also present also to congratulate the manage man service, which have been met trust you will approve of our The Chairman:It has been bare figured so prominently in between the bore of 6.30 add 6 Chi-lung, the defendants who May 21, or Wedreed by. May 22, the Hon. Sir Paul Chater, O.M.G., meat on the showing they have so well,

rounding off the Sterling proposed by Mr. Haxton and the "aillion Dollar Opium Case" Mr. W. G. Darby, Mr. A. E. made, although we should not

It is hardly possible to over- Reserve Fand at £200,000—the scounded by Mr.

po Ueiform optional. Eqtip. Beswick which has been before the Civilment officers will attend. Griffin (Consulting Committee), consider the adverse tonnage estimate the additional dangers appropriation to Underwriting that Mr. Percy Smith, F. C. A Court of the Colony-for-so-long H. W. B. Kennett (Becretary), situation which we are now which have arisen to confront Suspense Account, is, of course, and Mr. A. B. Lowe, F. O. A. I will be remembered Megara. T. E. Pesice, BL experiencing as general, for I am our business. The unexampled a neoseity of the business and be re-elected suditore to hold nearly a year ago they were P. Bridger, W. D. Kraft, L. Y. Po, sure that when this great war is demands upon shipping have led I can only conclude with the hope office until the next grainy arrested on a charge of conspirsoy, granted leave for duration of the

Sayce and O. Baptista (share over and conditions become more to the removal of steamere "from that the very favourable prospects meeting st a remuneration of the criminal proceedings being war.

normal there is a great fature of their regalar rom, and their which the 1917 Account offers $500 each. Those in favour later stayed pending a decision progress for this Company. I replacement by ateamere fre may be falalled.

please. hold up their hands. | in the Civil Court The civil· abcald like to express my regrets quently of a vastly inferior type.

I have assumed that you Against? Carried, unssimously. Mr. Darby'sretirement but I am Accumulations also of cargo would permit me to take the Gentlemen, this concludes the judgment has now been given Kwiz Mehomed, 478 Umts and glad to know that he is not entirely occur at transhipment centros, report and accounts as read, business of the meetings thank

The Hon. Attorney' General} severing his connection with the causing a congestion of liability and I now therefore formally you for your attendance. Dividend (Kr. J. E. Kemp), sccompanied Company but will still give us the which it is impossible to control, propose :-" That the report warranta are now ready and can by Mr. F. U. Jenkin and the

and the increase of the perite of the and The Secretary having read the benefit of his experience.

presented, be obtained on application, The Chairman:-There being sese and on the eesa osanot be including the payment of a final

Orown Salicitor (Mr. G. E. Wake- notice,

man) appeared for the Crown The Chairman said:-Gentle-no questione I will put the re measured. It is remarkable that dividend in, respect of the year

and Mr. C. G. Alabaster, sooom. solation to the meeting. It has these conditions should have been 1916 of $7 per share, and of an men, with your permission we

been proposed by myself and withstood so well-for our own isterim dividend in respect of the shall take the report and Becounts,

The ordinary annual general panied by Mr. O. E. H. Beavis, together with the anditor's seconded by Mr. Kraft that the successful experience in, I am year 1917 of $18 per share, the meeting of shareholders of the represented bath the defendante.

The Attorney General asid certificate, se resd. When ad-report and accounts be adopted. glad to say, not anique and that addition of £20,000 to the Sterling Fask Tramway Company, Ltd., dressing you last year, I pointed All those in favour? Againet? this branch of our national busi-Reserve Fund; and of $338,460.83 was held at the Hongkong Hotel. In view of the judgment of the out that the difficulties of tonnage Carried unssimously. The next nese, this national asset of marine to the Underwriting Suspense to-day at noon. Mr. Henry Supreme Court in the civil case which was finally delivered on then existing would preclude the business is the re-election of the insurance, has continued to prove Account be adopted and passed." Humphreys preside and there the 14th instant, the Crown pro- Company from enjoying any de Hon. Sir Paul Chater.

Mr. Bridger I beg to propose of all the older branches of Gentlemen,-It gives me much Hop. Sir C. P. Chater, C.M.G., This case would have come on gently stimulate the bowels, thus Mr. Parr :-Mr. Chairman and were present Mr. C. S. Gabbey,

pose to withdraw this charge. gree of prosperity till conditiona should become

the re-election of Sir Paal Chater insurance fire, life, and marine pleasure to rise for the purpose of Mr. G. Rapp (Secretary), Hessrs. Yesterday morning but for the dispelling bilious cas, liverish normal.

and Mr. Tavid Landale(directors), Since then the question of obtain as a member of the Consulting British enterprise enjoys in the seconding the motion for the. Norboote, J. M. Wong, fact, that, as I understand, your nees, sick headaches and the other

wealthy and long established adoption of the ing freight hse become still more

report and sonte; our basiness with the Mr. Darby:I beg to second, undertakings, whose names are accounts. Ton bare alluded to the E. Clarke, W. Morley, and J. A. Worship found that it would be ills of Constipations Of-chemista, more convenient that it should also post free 60 cents the vial almost household words every difficulties which confront marine

Tarrant (shareholders). United Kingdom has now entirely

oome, on this afternoon. The Chairman:-Gentlemen,

Both from Dr. Wallisme' Medicine Co., The Chairman:-It has been where, a position that is unequall- anderwriting at the present time, it is now past the hour for which sides naturally fell in with this 96 Saschuen Road, Shanghai, ceased and our facilities for ship. ping from Borneo to Chins have proposed by Mr. Bridger and ed.

and it is very evident that the the meeting has been called and arrangement. I mention this been reduced to one third of seconded by Mr. Darby that the

with losses which.have befallen the I will now call Mr. Rapp to read because I want to make it clear what they were during 1917. Ho- Sir Paul Cbster be re-elected which Companies like our own, Mercantile Marine daring the Under these circuma'anosa Ia member of the Consulting Com-established on a silver bssía, have period covered by the accounta,

that the Crown were prepared to the notice convening the meet withdraw the charge yesterday trust shareholders will not bemittee. "All those in favour ? had to contend is the rise in the caused by the ruthless method of a

ing. disastisfied with the net profit Carried unanimously. The next price of exchange. This is the barbarous foe, must have added

morning, I feel that it is my daty on behalf of the Government

America's Artillery Output. realised, which is some $3,400 basine is the re election of the second year we have had to place enormously to the difficulties of

to refer to one other matter. Од our figures before you with a drop making underwriting estimated, tlemen,-I propose with your friend Mr. Poltar, as reported in more than for the preceding year.

Mr. Baptista:I beg to pro- in the value of gold profits of and it is, therefore, I think highly permission to take the report and the South China Morning Post of the 14th instant my learned

American official figures show If I may as your attention to the

that the outper of artillery is three times what was originally in 190 yesre. will notice that we have again A.0.A. be re-elected auditor at a cent

We and a matter which should cause

the 15th instant, made the follow thought possible. The Ameri tora certificate as read. years ago them the liveliest satisfaction to been obliged to make very exten- remaneration of $250 per annum. fortunately, some

Mr. Pearce:-I beg to second realised that since the Company terminate the work of each sive provision for the adjustment

accounts before you are an iming statement with reference can proceeding to Europe are to this case:-I think it is timely supplied with surplus materish, which will be available

more

Committee.

Hr. Chairman.

auditor.

80 sound. Indeed, in the realms

Another sironmetanoe

Peak Tramways Co., Ltd.

+]

D.

The Secretary then read the notice,

The Chairman said :-Gen

balance sheet for a moment you Pose that Mr. O, Bernard Brown, twenty-five per cent.-fifty percreditable to the management,atalement of accounts sdaadi-

maneration of $250.

Tery

The

price we have had to pay for near-

but what about your inside? To be healthy it's just as important to cleance the system of impacities it is to keep the body clean. PINKETTES

of our balances held in Borneo that Mr. Bernard Brown, A. 0. A. obviously ́had in the future to year with so good. a result.-provement on the last two years that the pablio of Hongkong for the Allies. and London to the high rate of be re-alected suditor at a remake its investments largely in Hest, hear.) The figures for notwithstanding the increased knew the, position of the Govern

gold-to increase its gold asseta 1917, are The Chairman:-It has been our safeguard lay in creating and proposed by Mr. Baptista sud here and in Borneo revelaed, and seconded by Mr. Pearce that Mr.

exchange roling here at the end of the year. Since our laat meet- ing we have had our fixed assets

in all cases the figures show each Bernard Brown, A. O. A., be re-

scale of depreciation, considering it more advisable, in view of the present uncertain conditions, to carry forward a large sum as on- divided profit which we can deal with later on se may seem deair-!

office."

The Canton Insurance Office, Ltd.

The thirty-seventh_ordinsty

ä I

or on the declaration of pesce, the

S.

in

the price of such securities. We

the

with 6250

whion

for

The item on the debit side of

to

write

the credit

proper

to substitute

The Labour Battalions.

command of labour battalions on

reorganisation has been carried

encouraging ly everything. The item which ment and had it made clear, once gold liabilities, and the wisdom the dividend is maintained many years figured in the sad for all, because the Govern of establishing a Gold Reserve places the shares of the accounts under the beading of meat had not only seen fit to make iwelf responsible for

Mr. Macpherson, in Pang Fand sad of the other steps taken Company in the forefront of morisge B. B. L. 80 has now the costs of the action but mentary papers, states that a a conti férable margin over those efcated auditor for the ongoing at that time are very apparent in stable and relieble investments. disappeared, the mortgage having had intervened and arrested the change has taken place in the at which they stand in our booke year at a remuneration of $250. the balance sheet before you.

It is very astisfactory to see that bean paid off in October last.

defendants on precisely the same that we have not considered it All those in favour? Againat? necessary on this occasion, with Osrried aässimously. That is all the shrinkage in the value of effect of exchange upon our ciation on Investments" repravostigating, and had taken the out in the interest of efficiency of A further echo of the war is the provision for dealing with the Profit and Loss Account "Depre. charges that your Lordship is in the Western front, but that the she exception of Plant Account the businese, gentlemen, thank eecurities. We have bad again Sgures has proved so adequate in and tear, to apply our customary Warrants are now ready and may 31st December, 1916, had already varied to an extent that it was investments down to market effort was made to stop & proper echeme, has been appointed. Con which is subject to heavy. wear you for your attendance. Dividend to write down value which on spite of the fluctuations having/ente the amount we have had Case to the Police Court and labour. The Brigadier-General off to bring our applied for a stay of the civil lately in charge, who wasino. be had on application at the been heavily written down, and hardly possible to contemplate, prices. In this connection I may ventilation of these issues and an troller of Salvage.

proceedings. In other words, & longer required under the new my own view is that that necessity and the wisdom which placed the mention that market prices on examination of them in the will probably again appear. Five necessary tax upon former good 30th April were in all cases excivil court and per cent. is a very fine rate of years, and which has created interest to get for first-clase so substantial an Under-write a recent dividend, and the loss therefor criminal proceedings." is to some extent counter balanced This is a complets mis-atatement securities, compared any way with ing Suspense Account fills us able in the Company's intereste. I meeting of the Canton Insurance pre-war days, but it has a very with confidence that our interests of the mally large amount of the position. It is not true Government'e intervention which may mention, however, that we Office, was held at the office of half parents and fore, and are in good hands. (Applause). and loss under the heading that an effort was made to stop secured that ventilation and ex- have made a provision of $3,500 the Company, Pedder Street, to- coolies and contractors debts. day at noon. The Hon. Mr. Personally cannot see either our thanks are due to the staffe, I trust that the donation to War and an examination of them themselves professed to walscine Gentlemen, I think also that of interest and dividende received. Proper ventilation of these issues amination, and the defendante Under the system which obtains David Landale presided, and slightest prospect of a revival doubt at the present time prefer with your approval, so siso the pointed out by Mr. Potter him- opportunity that it works give

many members of which would no Charities of $2,000 will meet

in the proper Civil Couri. Ar the intervention, because of the in Borneo all work of healing of there were sleo present the Hon.

to be at the front fighting in the proposed distribution of profits. self in another part of the very then of clearing themselves. Mr. timber is done under advances Sir C. Paul Chater, O.M.G.. the have, as you will note, a fund of defence of their country. Thase, I have no further remarka to make same statement, judgment was Potter set out in his statement to which are though in the past we have never Chapman, H. P. White, and C. farther depreciation, and so we they are carrying on to the best daly seconded I shall be pleased plaintiff had no funds to con- think it only right to point not secured, and Hon. Mr. E. Shellim, Mesure. E over £25,000 to provide for gentlemen, may rest assured that but when the socsanta have been about to be given against the inform-the-pablié of the position- suffered any sexsoas lose in this Qabbay, (Consulting Com-

plaintiff by default because the of the Government, and I. connection we consider it prudent mittee), L. N. Leefe, (Becretary), possible demand with equanimity. Empire by remaining to their holders may have to sak,

ourselves osn, I think, face this of their ability the work of the to answer any questions abaretinue the action. If the Govern- put that the information which to make some provision against and the Hon. Mr. Ho Fook, the pcesibility of any each losses. Masera. P.C, Potte, O.W

Gentlemen, I have briefly poete until such times as those Mr. Northcote:-I- beg.

ment had not intervened, he gave I might add that the total amount Beswick. E. Perey Smith, E.V.D. alluded to some of the dangers who are in proper authority second the adoption of the reportation of the issues by the entirely inaccurate. Whatever them, given of the ventilation and examin-course in all good faith, was outstanding at the end of last Parr, G.Grimble, E. M. Raymond, sud difficulties confronting our ey that their services are and accounts and at the same time Civil Court would have been inferences he may seek to draw, year in this connection was Uspt. Douglas, Ho Leang, G. K business at the present time, and required for the fighting line. to congratulate the management approximately $17,000. I hope Exton, Lo Obeung Shit, Chas the moral which I draw, and I support, za I am sure all share on the improved statement of stopped, owing to lack of funds frour was done, l'eau desure him shareholders will approve our re- Sai-ki, Ospt. Olarke, Lo Man which I think must also be holders do in the heartiest manner, counte

and for no other reason, and it is there never wasong desire to stop commendation in regard to the Hin and Cha Sui Nam (abare- obvious to you, ie the the contributions which the Office

entirely incorrect to suggest that a proper ventilation and examins. dividend; it is 1 per cent. higher bolders).

The Chairman:The report the object of the Government was tion of the iennes in the proper necessity, so long Ba war has made to War Obatities, and I and accounts have been proposed to stop that ventilation and ex Civil Court, and the facts are than last year bat in our opinion The Chairman said:-Gentle-Laets and these difficulties conclude with an expression of by myself and seconded by Mr. the financial position warrante men, as it is past the hour for exist, of conserving our position congratulation to the General Northcote and the motion is now smination. As the civil action clearly opposed to any inference this emall increase. Shareholders which this meeting has been and adding to our funds. It is Agents and Consulting Committee before the meeting. Those in was about to be dismissed part to the contrary. will note with approval that the called, and as there is a quorum this which prevents your Con- on the results they have achieved, favent? Against ? Carried unani heard without any proper Mr. Alabaster made langily cash position of the Company present, I will ask the Secretary salting Committee from feeling (Applause).

investigation of the issuch reply, reviewing the whole of the monsly. continues to be quite sound, and to read the notice convening the justified in advocating an in- The Chairman:-The adoption

having been possible, the proceedings and the details of that stocks and sundry debtors meeting.

arease in the dividend which a of the report and sooounts has re-election of the directorar. institute criminal proceedings clients. He went into the history. Mr. Humphreys proposed the Governmiskit prooseded to the allegations made against his have been further reduced during The Secretary having read the superficial examination of the been proposed by myself and J. Scott Hareton, Mr. O. S. against the defendants. The lid of the one and particolarised the the year by over $40,000. I re notice,

balance sheet might tempt one seconded by Mr. Parr and is now Gubber, Hon. Sir O. P. Chster, Verament were practically obliged notions of the plaintik behing rot-to-eng-that-our-General The Chairman said:ren-to-do, and-it-also-must-not-be before the meeting for discussion. .M.G., and Hon. David Landale to institute these proceedings in the Official Receiver" in the desire to be relieved of hie on which your General Agents and the dividend at the level of the tions to sak, I will put the re- the motion was carried ananim of frand and forgery which had Patiño Judge had found this- Manager has intimated to as his tlemen,This the fourth occasion forgotten that the maintenance of As no shareholder has any ques

Mr. D. E. Ularke seconded, and view of the very serious charges Civil Court, saying that. Aku daties after the 30th of Consalting Committee bave had last two years constitutes an in-solation to the meeting. Those monsly June next and we have to report to you the progress and oreased tax on the profite of in favour please signify in the accepted his resignation, Mr. experience of the Company ander Company such as this, whice usual By. Darby has served the Company war conditions. These conditions earne

so large 8 portion of unanimously. The next business, Against? Carried well and faithally for 29 years create problems and diffialties in ita income in countries having gentlemen, is the election of the and I cannot over-estimate, the many respects quite different 2 gold standard. Shareholders Consulting Committee. services he has rendered daring from the osres that naturally Hongkong should

appre- Capt. Douglas beg to pro- that period. (Applause). I am strew the ordinary of path marine clate this, whilst shareholders pose that the Hon. Sir Paul Sir Robert Ho Tang. Mr. O. B.

کیا

to

Mr. W. Morley proposed and Their intention was to proceed perjurer. When his fands for been brought to their notice man to be a blackmailer -and election of Messrs. O Bernard with, and it was only in deference the Government sereated the two Mr. J. M. Wong seconded the with the prosecution forth carrying on the civil case failed; Brown and A. H. Lowens nuditor to the views expressed by their defendants on a criminal cha at a remuneration of $100. This Lordships the Chief Justice and and later, made iteśli responsible was carried anammonaly the Paisne Judge that the orimi for the cost of the notion, over pleased to esy, however, that his insurance, and it is interesting in Europe have of course bene-Chater, the Hon. Mr. E. Shellim, basilissa, gentleman. Dividend abeyance until the civil notion could find: On every one of the The Chairman: That is all the nal proceedings should remain in and above what the plaintiff warrants are ready and can be had an application.

was ocncluded, that the Govern charges preferred against him ment eventually decided to scoop Lalients, the Furas, Judge, had responsibility for the future costa found in their favour and We are advised by the Ameri- of the Offcial Bedeirst stated that the whole can Express Company that they

Since the Government's" ini sotions were honest, have received a limited supply of tervention a period of no enthon plesaurs in seconding that. Meears. Montgomery Ward and nine months haa beyn The Chairman-That has Company's - catalogues; which in the ventilation and, been proposed by Capt. Douglas they will be glad to distribute on of the iwan which and seconded by Mr. Poits, application:

connection with the Company to note what capacity the business fied very largely. will not be entirely severed as we has shown for adapting itself to The following figures will Gabbay, Mr. H. P. White, Mr. have arranged, for the present at these strange and twisted times. prove of interest: The dividend E. J. Chapman together with the any rate, he will retain his seat The reports of practically all of $250,000 paid in May 1916 Chairman be re-elected the Con- on the Consulting Committee. Companies of all those I have oost $23,958; the same dividend salting Committee for the Mr. Darby's retirement will had an opportunity of perusing paid in May 1917 cost £29,947, enening financial year. involve certain changes in the disclose a very substantial rise in and the dividend to be declared Mr. Potta: I have much Management of the Company, the premium income. This is to-day costs £37,500, taking in and to bring these into effect it not, of course, so obvious where each case the rate of exchange at will probably be necessary to the management does not ander. which the figures are taken in the mako como alterations in the take was risks, but where, as in balsuce chest,

Catalogues Arrive.

Worship,

the men, mid-thig Const Was CORA

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