110
at Tytam, whereby a material advantage in the means for conveying the water into the reser- voir will be gained. In former times the west side of the Tytam valley was not included in the gathering ground, and the water on that side was lost. But now, by means of a channel way, which is rapidly approaching completion. the water, instead of running to waste. | will be diverted into the Tytam reservoir. The channel way commences on the west side of the Tytam valley, contours the hillside, and passes over the gap above Saiwan, thereby in- tercepting an additional catchment area of about 220 acres. The work will be finished in a few weeks and will prove most serviceable, particularly in the dry weather when every drop of water from the streams is of valné. During the last few days water has been carried down the new channel and the results have amply demonstrated the wisdom of its constV120- tion.
BOYCOTTING A FRENCH SIPAMEN LINE.
CLAIM AGAINST THE CHINESE GOVERNMENT.
:
can,
[February 5, 1896.
THE HONGKONG WEEKLY PRESS AND
detailed Captain Clarke, of the steamer Heung- Pakhoi. but our contemporary opines that as regards the indemnity a stronger demonstrationshan, to make a journey to Wachowfa, as than that made by the Alouette may be neces. they consider that the information he may sary. The hope is expressed that M. Gerard, gather and the experience he may gain will the Minister, will not yield to any specious prove useful at some future time. We have arguments, the case being one which does not also ordered two small steamers to begin the The Chinese authorities are trade with, should the river be opened to foreign admit of doubt, responsible for the loss sustained, because they steam traffic. The construction of these bosts took no steps to stop the illegal measures of the will, however, be of such a nature that they if necessary, be usefully, employed in other Syndicate. The Viceroy of Canton may make the Syndicate in question pay, but, our con- directions. Before concluding, it is only proper that I should express the sincere regret felt temporary concludes by saying, the intervention
the loss by death matter that does not by the Directors for of the Germans in a
of Mr. Poon Pong, who had occupied a concern them is inadmissible.
seat at this Board for several years and had been of great service to the Company in a | variety of ways, notably in bringing about the arrangements under which we are now running with the Chinese-owned steamers With these few remarks, gentlemen, unless further in- formation le required, I would propose the adoption of the report and accounts.
|
|
|
HONGKONG, CANTON, AND MACAO STEAMBOAT CO., LIMITED AND REDUCER,
Th 60
ari ordinary half yearly meeting love as fo the above] Company was there. Bad Buzilings, Queen's Pendlaltia, on the "1st Jan., at noon. Hon. E. R. Behlos presided, and there were also present Tion, J. J. Pell-hang. Messrs. F. A. Gomes. J. Kramer. N. A. Siebs (Directors), T. Aruold (Secretary). E. J. Moses. C. S. Sharp. A. Tillett, A. A. Cruz, F. E. C. Georg. Paul Jordan. G. Fenwick. R. Michael, G. C. Cox, G. H. Potts, C. Rustomjee, C. H. Thompson. P. Sachse, Wong Ping Lum. Woo Hom, Chun Choi, and Chau Ù Tai
The SECRETARY read the notice calling the
From the Courrier d'Haiphong we learn that the French gunboat Alunelle arrived at Hai- phong on the 23rd January from Pakhoi, where she had gone to support by her presence a claim preferred by the French Consul against the Chinese authorities arising out of diff- culties in connection with the Compagnie Ton-meeting. kinoise de Navigation. It appears that three or four months ago the Chinese at Hoihow and Pakhoi combined to oppose this Company. The means employed to effect this were improper and the French Minister at Peking made a strong At Pak- protest to the Imperial Government. hoi a premium was offered to shippers to induce them to ship only by the Geriau vesselschartered by Chinese, to the systematicexclusion of Messrs. Marty and d'Abbadie's vessels, which for two months were unable to obtain any cargo. Coolies engaged in connection with the latter were openly threatened, the authorities doing no- thing for their protection, and at Hoihow the agent of the Company was molested and grossly insulted, a boycott leing also threat- ened against any one shipping by the Cou pany's steamers. After an exchange of sharp diplomatic notes the Chinese Goverument ordered an inquiry. Order was very soon re-established at Hoihow and the Profect of Lienchowfu was sent to Pakhoi by the Viceroy of Canton to investigate the claims of the Compagnie Tonkinoise. M. Marty also went to Pakhoi to lay before the Consul. M. Gauthier, and the Chinese delegate his complaints and claims. On the question of fact an understand ing was easily arrived at, especially when the Alouette made her appearance, The opposition syndicate was invited to cease its improper methods and even to dissolve. And, in fact. the steamer Actir, of the Compagnie Tonki- noise, and the Syndicate's steamer Triumph being in the harbour at the same time as the gunboat, the first namel had her holds filled while the second had to leave empty. It re- mains to be seen. contiunes our contemporary, whether the good disposition of the Chinese will continue. In any case M. Gauthier, always watchful and always solicitous for Freuch in terests, will know, if it becomes necessary, how to recall the Chinese to their promises and en- gagements. On the question of damages no understanding could be arrived at. Messrs. Marty and d'Abbadie claim 100,000 taels for the loss sustained by their steamers by the operations of the Chinese syndicate. After three days' discussion the Viceroy's delegate con- cluded by saying that the question did not con- cern the Government, that it must be settled by the two rival companies, and, in a word, that it was an affair between the French and Germans, because the Chinese syndicate. seeing they
had consigned compromised,
their vessels to &
firm. The Courrier stigmatises this as a subterfuge that deceive no one, and says the Consul declared his intention to communicate by telegraph with the French Minister at Peking and It leave the question with him for settlement. is probable that the Compagnie Tonkinoise will not be further interfered with at Hoihow and
were
German
can
Captain TILLETT-I have very much plea- sure in seconding the adoption of the report and accounts.
Mr. FENWICK-Before passing the accounts, Mr. Chairman. I should like to mention that according to the newspapers the Wingtong is laid up, and will be leaving here. There is s
port amongst the Chinese that the Company is paying to the owners of that steamer $800 a month. I should like to know whether there
any truth in that report.
The CHAIRMAN-The Company is not pay- ing a single cash.
Mr. FENWICK -I am very glad to hear it. I thought it only right to put that question to the meeting. The report emanated from the
Chinese, and-----
The CHAIRMAN-No arrangements whatever have been made.
Mr. FENWICK-Thank you.
The resolution was carried.
Mr. GEORG proposed and Mr. SHARP seconded the re-election of the retiring anditors, Messrs. A. O'D Gourdin and F. Henderson.
Carried.
The CHAIRMAN-That is all the business, gentlemen, and I thank you for your attendance.
Captain TILLETT-Before separating I think the shareholders will agree with me that we should express our thanks both to the Board of Directors and staff both ashore and afloat for ving been able to place such a satisfactory report. (A Luse).
The CHAIRMAN-I have to thank
you, Mr. Tillett, and the gentlemen present, for the vote of thanks We shall always be happy to promote the interests of the Company as far as lies in our power. The dividend warrants will be ready for distribution to-morrow at ten o'clock.
HONGKONG AND SHANGHAI BANKING CORPORATION.
The CHAIRMAN - Gentlemen the report and accounts having been in your hands for the past work we will, with your concurrence, follow the usual course and take them as read. I do not think that there is much for me to comment upon beyond what is already mentioned in the ; report. At our last meeting I stated that an arrangement had been made with the various native-owned steamers plying on the river which, it was expected, would work beneficially for all concerned, aud that prediction is verified by the satisfactory result of the six months' working which we are able to place before you half of to-day. As compared with the same 1894 our gross receipts are $31,000 better. but. 11 stated in the report, increased running expenses have absorbed a portion of that sum. leaving us, however with a net in- provement amounting to the respectable sum of SB2000. With a cheaper coal contract for 18985, an equally good, if not better, result may confidently be looked for in the current year. 1 do not think that there is anything which requires special mention with regard to the repairs account. The Poiran has had an ex- tensive overhaul, and the Heungshan, from some unexplainable cause, fouled very rapidly after her first docking and consequently had to he docked again before her usual time; hence the In a business like two dockings instead of one. ours unexpected expenses of this sort must occasionally crop up. Since the last meeting the value of our share investments has still further appreciated, and the difference has been passed to a special account, your directors deeming this R more prudent course to adopt than to take unrealised pro- Our fits into the profit and loss account. mortgages, I am glad to say. continue to be good security for the sums foaned. These, as stated in the accounts, amount to $858,475, while the value of the various properties as certified by our surveyors on the 1st December was $1,205,300). The foreclosed properties, too, which belong to the Company are also valued at a higher figure than that at which they stand in our books, so I think on the whole we may regard our investments as perfectly sound. The large sum on fixed deposit with the bank has been kept in this form of investment in view of the approaching refund of a portion of the capital, which our solicitors advise as may probably be made about the end of February. I think I mentioned at our last meeting that it was the intention of your Board to write down the book value of the steamers, and I am glad to say that we can take a beginning in that direction by writing off 5 per cent, and still recommend a slight increase of dividend to shareholders. The opening of
Mr. A. McConachie has been appointed Chairman the West River is still being much talked about, and I would for the year 1896, and Mr. St. C. Michaelsen Deputy mention that a short time ago your Directors | Chairman.
The following is the sixty-first report of the Court of Directors to the ordinary half-yearly general meeting of shareholders to be held at the City Hall on Saturday, the 15th February,
at noon
The Directors have now to submit to you n general statement of the affairs of the Bank, and balance sheet for the half-year ending 31st Deceni- ber, 18951
The net profits for that period, including $312,217,02, balance brought forward from last account, after paying all charges, deducting interest. doubtful accounts, àmount to $1,514,365.46. paid and due, and making provision for bad and
The Directors recommend the transfer of $250,000 from the profit and loss account to credit of reserve fund, which fund will then stand at $5,750,000.
After making this transfer and deducting re- muneration to Directors there remains for appropria- tion $1,249,365.48, out of which the Directors
recommend
ก dividend of one pound and five shillings per share, which will absorb $444,144.44. The difference in exchange between 4s. 6d., the rate at which the dividend is declared, and 28. 1fd, the rate of the day, amounts to $192,140.92
The balance $312,780.12 to be carried to new profit and loss account.
DIRECTORS.
No comments yet.
Private notes are available after approval.