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2.--If a road is worth making at all it should be a thoroughly good one of uniform gradient as far as practicable, and of ample width; fur- ther, care should be taken that the hill-side is not excavated more than necessary, leaving extensive bare slopes exposed to the heavy summer rains, rendering their disintegration and consequent fouling of the public water supply inevitable.
3. The project proposed is shown on the accompanying drawing, and provides for raising the level of the present dip immediately south
of the Tram Station.
4-Opposite the Peak Hotel the road is widened to afford accommodation for chairs, and for the remainder of its length has a clear width of 15 feet.
5. The estimated cost is from $25,000 to 826,000.-I have the honour to he, sir, your most obedient servant.
FRANCIS A. COOPER. Director of Public Works. The Honourable the Colonial Secretary.
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A. S. WATSON & CO., LIMITED.
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THE HONGKONG WEEKLY PRESS AND
At noon on Wednesday an extraordinary meet- ing of the shareholders of the above Company was held in the Board Room of the Hongkong Dis pensary. Mr. J. D. Humphreys presided, and these were also present Messrs. A. H. Mancell (Secretary), J. Weller. J. S. Hagen, J. A. Jupp, H. Wicking, J. B. Scott, W. H. Potts, W. C. | Clements, and Wong Tung Lam.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN--Gentlemen, you have heard the notice convening the meeting, and I will now proceed to propose the following special resolution :-“ That the Articles of Association of the Company he altered by striking out Article 104 and substituting iù lieu thereof a new Article 104 which shall read as follows:
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entirely kept the cash and private books during the absence of Mr. Mancell on leave, and more recently during the last three years his time has been almost fully occupied in reorganising our Chinese department, which he has done in a way conducive to your interests and greatly to his own credit. Under such General Managers I do not think the Company would suffer any loss should I at any time vacate office by death.
The resolution was carried.
Mr. WICKING-I should certainly like to congratulate you, Mr. Chairman, on the steps you have taken. As a business man I consider it is a most prudent and wise course to adopt, and as a shareholder for many years I for my part, am very glad to see if done.
The CHAIRMAN-The confirmatory meeting will be held on Saturday, he 28th inst.. and I hope there will be a larger number of share- holders present, for they are more interested in the matter than I am. That concludes the business of the meeting, gentlemen, and I thank you for your attendance.
THE LAQU KUNG|MOW COTTON SPINNING AND WEAVI› G CO., LIMITED.
The first general meeting of this Company was held on the 19th inst. at the Shanghai Club. Mr. C. J. Dudgeon (Chairman) presided and there were present. Messrs. A. Korff, J. S. Fearon, Do King-san, Chung Liang-yu (Direc- tors), E. Evans, A. W. Danforth, J. Beattie, W. D. Little, A. Cushny, Jr., G. Galles, F. W. Such, Chan Yat-ching. Chin Chee, H. S. Wil- kinson (Legal Adviser), and H. F. Bell (Acting Secretary), representing in all 1,190 shares.
The CHAIRMAN in opening the proceedings said--As there is a quorum present we will proceed with the business
I beg to propose the following resolution:-That Mr. H. F. Bell be appointed secretary of this meeting.
Mr. A. KORFF seconded and the resolution was carried.
[December 19, 1895,
to him a shipment of the ordinary. Shanghai cotton to be spun into the various counts from 10s. to 20s. This was several years ago before there were any cotton mills running in Shanghai, and the results were at that time considered astonishing, by reason of the white- ness and cleanness of the yarns produced. Valuations put upon the yarns by Chinese were fully Tls.
The
per bale above any Indian spinnings, and such valuation has, as we are most of us aware, been fully justified by the experience of the mills erected during the past few years. However, my point in mentioning this matter is to show you that our machinery is coming from a firm intimately acquainted with the work required of it. With regard to our share allotment, it was stated in the prospectus that at the date when that document was issued 4.200 shares had been subscribed for; of the re-. mainder 1.050 shares were offered locally, and 750 were reserved for allotment at home. 1,050 shares were fully applied for, but our anticipations as to placing the 750 shares at home were soinewhat over-sangnine, the home investor not showing any particular avidity in jumping at a silver investment. However, to sum up the position, the share allotment now stands that. out of the present issue of 6,000 shares, 5,360 shares, or say nine-tenths, have been subscribed for, and the Board have no anxiety about the remaining one-tenth. I may men- tion that in the case of mills in India an ordinary custom is not to issue the full capital, but to raise ja large portion of the money required by debentures at moderate interest. Such a system is manifestly advantageous to the shareholders. The second instalment.on our shares, making Tls. 50 paid up, fell due on 30th November, and it has, to all intents and purposes, been fully paid. At a recent meeting of one of the other new spinning enterprises reference was made to the profits earned by the Osaka mills in 1894, namely, an average profit of 16 per cent. earned by forty mills. When we remember that the cotton to supply those mills is mainly imported from here, it The CHAIRMAN-- Gentlemen, this is the can hardly be donbted that the results from statutory meeting of the Company called in carefully managed mills in Shanghai should compliance with the Ordinances under which at least fully equal those obtained in Japan. this Company is registered) and it affords an op-
There is only one resolution to be proposed to- portunity of placing beford you some statement day and that has reference to the next annual of the work done up to the present time. The general meeting of the Company, which, accord- site acquired for the mill s most convenientlying to the articles of association, is to be held situated on the south side of the Yangtszepoo in the month of March or April in each year, Road, having both river and road frontage, and unless otherwise provided for by the shareholders lies some 300 or 400 yards rest of the lot known in general meeting. The Board do not think that as Dow's Wharf. The area which can at pre- a meeting so early next year is necessary, and I sent conveniently be made available, after some
will thereford propose that the next general filling, will be about 4431 mow, which is amply meeting of the Company he held in the month of sufficient, not only for the buildings which are
November. 1896; by that time we are in ex- now to be crected, but for oștension in the future. pectation that there may be some more practi- After fully considering the question as to whether
cal information, based upon a commencement it was best for the Company's interckts to buy or
of work, to hy before you. Before, however, to lease, the Board were uitanimously of opinion putting the desolution I shall be pleased to that the latter was, by far the most econo- answer any questions that you may wish to ask. mical course, as avoiding what would necessarily
There being no questions, be a lockup of a very large amount of capital. The land is leased for 999 years, the rent, which begins to run from March hext. is for the first 25 years that is, until 121--Tls. 5350 per anim; after 1921 the rent will be on a sliding seale according to the Munifipal valuation for the time being; the base can be terminated by the lessees at the expiration of each period of 25 years. The erection of the buildings, based upon plans from home, has been entrusted to Mr. Cham- bers, who is well known to you all; the plaus are now on the wall for your inspection at your convenience after the meeting. It was hoped that we might have by this time commenced building, but it has been found necessary to refer several matters to England, and the slight delay so incurred is, you will no doubt agree, fully compensated for by the precaution taken against mistakes. We are now in a position to com- meuce the foundations almost immediately. The order for the machinery has been placed with Messrs. Tweedales and Smalley, a firm well known in connection with hailis in India and in America, and whosd work benis the highest
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The CHAIRMAN proposed:-That the next general meeting of this Company be held in the month of November next, at such time and place as may be determined by the Board.
If the said John David Humphreys vacates office by death the firm of John D. Hum- phreys & Son shall succeed him and be the General Managers of the Company.' My object in moving this resolution is to provide for the continued prosperity of the business after my death.
The original article which the new one replaces reads as follows :-" If the said John David Humphreys vacates office by death and at the time of his death he is entitled to not less than one half of the issued capital, such person shall succeed him as General Manager as shall be appointed by his will or any codicil thereto. or. in default of any such appointment, as shall be appointed by the executors or ad- ministrators of the said John David Hum- phreys, within six weeks of his death, or, in default of such mentioned appointment, as the! Company in general meeting shall appoint. You will see therefore that in the event of my not owning more than half the capital at the time of my death the shareholders would have to meet and appoint new managers, and in the meantime things might have come to. a deadlock. Banks might refuse to cash cheques, all sorts of inconveniences would arise, which would of necessity greatly depreciate the value of your stock, and what is of more con- sequence create a want of confidence not only with the public but with the staff. Your staff is a very large and experienced one, and to hold it together it is necessary that the individual members of it should have confidence in the management. They will have every confidence in my firm, which, exclud-¦ ing myself, consists of Mr. E. E. Humphreys, who has controlled your London business since he left the English Civil Service, after holding a responsible position therein for forty years, He came to Hongkong to enable him to get a thorough grasp of the business here as well as at home. His portrait may be seen above the mantelpiece. The next member is Mr. H. Humphreys: he has been specially trained to the work of the firm; having after going through the routine cf our London office served an apprentice ship and passed all his examinations, and his busi-reputation; we have, moreover, a special advan-missal of the Cricket Club for the somewhat in- ness trai ing was completed under my direction tage in dealing with Messrs. Tweedales here. Mr. Hart Buck you know to be a shrewd, and Smalley in that the partners in the level-headed, conscientious man of business. firm have made a special study of China cotton Then Mr. John Jupp also received his first with a view to adapting machinery more par- training in your London office and has since ticularly to it. Mr. Smalley has himself visited done excellent service to the firm here, having Shanghai, and at his suggestion my firm sent
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Mr. A. KORFF seconded, and the resolution was carried nem. con.
The proceddings then terminated.-N. C Daily News.
CRICKET.
THE CRICKET CLUB . THE GOLF CLUB.
This was the first appearance of the Golf Club upon the Cricket Ground, and their pre- sence in such strength affords striking evidence
if evidence is wanted-of the wonderful pro- gress that the royal and ancient game has made here, as elsewhere. In spite of the fact that they won 'somewhat handsomely, they might have been still better represented; on the other hand it is only fair to note that the Cricket Club team was only a moderately strong one: Vallings and Lowson were mainly responsible for the dis-
significant total of 95, to which Mast contri. buted a freely hit 36.
Upon the Golf Club going in to bat Knox played careful cricket for 37 and later in the innings Dyson and Saunderson did pretty well what they liked with the bowling, the latter scoring
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