202
and having built up an underwriting account of £78,280 13s. 9d., the shares of the Company, which are fully paid-up £10, are quoted $47.
It is difficult to make out why the shares are quoted so low. It may be attributable to some latent cause which is hard to fathom. But the above figures clearly demonstrate that the intrinsic value of the scrip is far ahead of its market value.
A SHAREHOLDER. Hongkong, 4th September, 1895.
THE MAGISTRACY.
TO THE EDITOR OF THE “DAILY PRESS.”
SIE,The ordinary routine work at the Police Court may appear of but slight import ance to many of your readers, but it is of very great importance to those whose daily avocations necessitate their constant attendance at the Magistracy and it may at any moment become of vital and direct importance to any individual in the community who, either as complainant, defendant, or a witness, may have to put in an attendance and after being kept waiting for hours may be obliged to admit that the cheesepar- ing policy of the Retrenchment Committee has been a thorough mistake as far as the Police Court is concerned.
My reason for addressing you now is that I yesterday heard a rumour to the effect that the present Magistrate was likely to be going away on leave shortly, and, although the rumour may be baseless, it affords a good opportunity of pointing out to the Government the necessity that exists for appointing two pro- perly trained Magistrates to do the work that the present occupant of the Bench has been attempting.
In this climate it is impossible for any one man to properly carry out the work that has now to be put through at the Police Court single- handed, and should there be a likelihood of the present post becoming vacant I would strongly urge upon the Government the absolute necessity that exists for reverting to the old order of things. There should be at least two Magistrates and the appointment of two barristers would probably give greater satisfaction than filling up the posts with junior civil servants who have had no legal training.-Yours, &c.,
INTERESTED.
Hongkong, 6th September 1895.
TO THE EDITOR OF THE DAILY PRESS.
SIE,As the few lines I addressed to you on Saturday last appear to have been misunder- stood in some quarters, I should like to state that I was not writing in the interests of any practising barrister. There are two barristers in the Government service who might, I should suppose, be detailed for the Police Court; but, if their services are not available, an outside barrister might hold the post of Acting Magistrate, while a barrister in the Govern- ment service might hold the substantive ap- pointment. The chief object of my addressing you, however, was to point out to the Govern- ment the necessity that exists for having two Magistrates if the work is to be properly carried on. Yours, etc.,
INTERESTED.
Hongkong, 10th September, 1895.
S. C. FARNHAM & CO., LIMITED.
The annual general meeting of this Company took place at Shanghai on the 3rd September. There were present Messrs. G. Galles (Chair- man) and J. R. Twentyman (Directors), A. Miller, G. W. Noel, W. Pearce, A. Shearer, W. R. Kahler, G. R. Corner, D. Cranston, D. T. Black, H. von Rucker, S. Groundwater, and J. 8. Knowles (Secretary.)
The CHAIRMAN said-With the permission of the shareholders we will take the report and accounts as read. The accounts have been made up in the same way as at the end of the first two years, and I believe do not re- quire much,«planation. Your directors are pleased to be a to lay before you accounts which show a considerable increase of business over last year. Interest and dividends on our investments as well as profit on shares sold have considerably increased the net results of the years working. Last year I told you that we had bought a number of our own shares to form part of a reserve found. We found it, however,
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THE HONGKONG WEEKLY PRESS AND
advisable to dispose of them and sold them at a fair profit. Our shares in the Shanghai Dock Co. left us also a good margin when that company was liquidated. You are aware that we acquired the Old Dock property this spring and the item for rent will therefore disappear in future. We further bought the wreck of the Drumeltan last December at Nagasaki and have thoroughly repaired her. She has been re-classed 100 Al at Lloyds, but as she was not completed on the 30th of June last, we could only include a part of her cost in the accounts. The vessel is now loading for New York and expected to leave at the end of the month. I must mention that in order to keep pace with the times your directors have decided to build a new dock at our Lower Dock pre- mises capable of accommodating the largest steamers which may come to Shanghai. If any shareholder has any questions to ask, I shall be pleased to answer them.
No questions being asked,
The CHAIRMAN proposed and it was seconded by Mr. TWENTYMAN that the report and accounts of the Company for the year ended 29th of June, 1885, as printed and circulated, be adopted and approved, and that the directors be authorised to pay a dividend at the rate of Tls. 12 per share to the shareholders on the register at this date.
This was carried unanimously.
It was proposed by Mr NOEL, seconded by Mr. A. MILLER and carried, that Mr. G. R. Corner be re-elected auditor for the present year. Mr. MILLER proposed a vote of thanks to the directors, which was carried by acclamation and the meeting separated.
The following was the report of the Board of Directors submitted to the meeting:
Gentlemen,-The directors have much pleasure in submitting to you their report with statements of accounts for the year ending 26th June last.
The loss in sterling and dollar exchanges during the year was fortunately compensated for by a con- siderable increase of business, our gross earnings amounting to Taels 738,821.96, being Taels 204,456.04 more than in the previous year.
During the year your directors acquired the "Old. Dock" property for the sum of Taels 150,000, which they consider a very valuable addition to the Com- pany's properties.
The net profits, after paying all charges, amount to Taels 172,424.48, including Taels 7,551.71 carried forward from last year.
This amount the directors propose to appropriate
as follows:-
Taels. 90,000.00
A dividend of Taels 12 per share....... Amount to be placed to credit of reserve fund 65,000.00 Amount to be written off for depreciation. 10,000.00 Balance to be carried to new account 7,424.48
Taels 172,424.48
In accordance with the articles of association the present directors remain in office.
The accounts have been audited by Mr. Geo. R. Corner, and the directors recommend his re-election.
WORKING ACCOUNT.
Dr.
Taels.
1st July, 1894. To stock on hand and unfinished work... 194,631.34 29th June, 1895.
To goods imported during the year, coal
and sundry purchase To labour, salaries, wages, general trade
expenses, etc..
358,189.89
[September 13, 1895.
PROFIT AND LOSS ACCOUNT.
29th June, 1895. To balance
1st July, 1894.
By balance carried forward. By transfer from working account.. 29th June, 1895.
Taels. 172,424.48
Taels 172,424.48
Taels.
7,5515
164,872.77
Taels 172,424.48
Taels.
BALANCE SHEET,—CAPITAL ACCOUNT. 29th June, 1895. ASSETS. To "Old Dock," "Tunkadoo," and "Lower
Dock" properties, with buildings pumping gear, etc., land and buildings in Hongkew
To machinery at three docks, electric light
plant, etc.
459,000.00
154,099.65
To launches, pile-drivers, pontoons, office and drawing office materials, furniture wrecking gear, shears, dock plant, etc 36,925.00 To stock of moulders, fitters, coppersmiths boildermakers, carpenters, and dock tools at three docks Toproperty with Chinese houses in Broad
way
To shares in public shipping and insur
ance companies, and part cost of 4 masted barque Drumelian....
To stock of material on hand, unfinished work and outstanding bills, less liabili- ties
To sundry debtors To cash in hand
29,375.35
*32,000.00
50,062.35
219,014.86 81,687.37 960.88
Taels 1,063,125.46
Taels.
750,000.00 65,000.00 80,000.00 35,100.00
10,600.98
29th June, 1895. LIABILITIES. By shareholders for paid-up capital, 7,500
shares at Taels 100
By reserve fund
By depreciation and maintenance account By sundry creditors..
By Hongkong and Shanghai Banking
Corporation
By balance from profit and loss account. 172,424.48
Taels 1,063,125.46
THE KUCHENG COMMISSION.
PROGRESS OF THE INQUIRY. [SPECIAL TELEGRAM TO THE “DAILY PRESS."]
FOOCHOW, 6th September, 11.15 a.m. Miss Hartford's assailant has been caught and brought to Kucheng. He led the others to the mountain and began the massacre.
A hundred and thirty prisoners have been arrested and twenty-three convicted.
No sentences have been passed. All the evidence must be submitted to the Viceroy for his decision.
Important arrests are being made daily..
Foochow, 26th August. THE CHINESE OFFICIALS YIELD.—THE METHOD OF PROCEDURE. The latest advices from Kucheng, dated August 23rd, show that the Chinese have yielded, and that foreigners are now present at the trial of the prisoners. On Wednesday the work of investigation proper began. Up to that time the Commission had been busy with proli- 254,160.13minaries, getting evidence from outside sources, On 971.41 and receiving and paying official calls. 809.61 Wednesday, at 10 a.m., the mixed court sat for the first time. There were the members of the 9,900.00 Commission, the Prefect, the District Magis- trate, the Viceroy's Deputy, and the Interpreters. 2,000.00 By 6 p.m. they had finished four cases. Torture To balance to profit and loss account...... 164,872.77
was applied to two of the witnesses and it speedily opened the month of one of them, a Taels 985,535.15 fortune-teller and leader of the Vegetarians. Of the four examined three are to be executed. On Thursday the court sat at 8 a.m., and it was to meet daily thereafter at that hour.
To taxes paid during the year To fire insurance
To rent of "Old Dock" (9 months) and
China Merchants' property To directors', auditor's and Hongkong
agency fees
29th June, 1895.
Cr.
By gross earnings during the year. By interest, dividends and profits on shares By rents from Chinese Broadway property,
less taxes, insurance, and repairs By transfer fees..
Taels.
738,821.96 25,479.20
2,163.02
56.11
39,042.50 179,972.36
ARRESTS AND CONVICTIONS. There have been six convictions up to the present and about a hundred arrests. Arrests are made daily; the city jail could not hold That the those caught on Saturday alone. Vegetarians, or at least those who took part in the massacre, have scattered is shown by the Taels 985,535.15 fact that arrests have been made in Min Chiang, Ping Nang, Lo Ngwong, and Kiu Ning,
By unfinished work and outstanding bills,
less liabilities By stock on hand.
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