212
THE HONGKONG WEEKLY PRESS AND
spasmodic influences the increasing output of gold in Africa and Westralia must be exercising a certain real effect in chooking the appreciation of gold which had been steadily going on for the last twenty years. and therefore we may cou. fidently hope that we shall never again see the dollar at such a low level as it touched in the year 1894. As we only meet here yearly, your directors do not think it necessary to continue theintermediate half yearly statement, but will in future issue oue statement for the whole With these remarks, gentle. men, I now beg to move that the accounts and report he adopted and that a dividend of 2s. 6d. per share be paid.
Mr. CAN U-I have much pleasure in seconding the Chairman's resolution that the report and accounts be adopted.
Carried.
Mr. Wo YIK TAI proposed that Mr. Gillies and Mr. Chow Tang Shang be re-elected directors and that Mr. Battery be re-elected a member of the London Committeo.
the dead reckoning, and....added that he had never found any error in the compasses, and he was satisfied there was no deviation in them. The patent log bad been tested many times by observations and feand to register cárrectly.
The following was the fuding of the Court -We find that the British barque Lyminued (80,035), of Windsor, N.S., of thich John A. B. Ross was master, chose certificate of com- | petency as master 2 Vol 29913, of Canada, left Shanghai in ballast for Manila on the 10th February last Frish northerly and worth-twelve months. easterly winds with raiu and overcast weather were experienced after leaving the Saddles, and on the morning of the ith at .m. the ship struck on the N.F. edge of the Pratas Shoal and was afterwards abandoned; the master and crow taking to the bouls were picked up first by the Russian wan-of-war Vladimar Mong- mach and afterwards by the German steamer Cassius, which latter ship brought them into Hongkong. Having carefully examined the evidence of the master and first mate tho Court is of opinion that the ship was navi- gated in a proper and seamanlike manner", though it would sem that if an additional compass had been placed on deck as a standard might have assisted towards the more efficient navigation of the ship. The cause of the casualty appears to have been that the distance ran on the S.W. course through the Formosa Straits was ander estimated, placing the ship more westerly than her supposed position when But the patent the course was altered to S.E. log was carefully used, and due allowance appears to have been made for the current drift and heare of the sea. No observations of the sun or stars were possible during the voyage, and the position of the ship was depending on the dead reckoning only. After the casualty every. thing was done that proper seamanship sug- gested and the ship does not appear to have been prematurely abandoned. Under the cir cumstances the Court sees no reason to deal with the certificates of the captain and the first mate.
Mr. SEE FONG CHUNG SOConded. Carried.
Mr. CHURG WA KEE proposed that Mr. J. H. Cox and Mr. W. Hatton Potts bo re-elected anditors at the remuneration of $300 per audit and that Messrs. Deloitte, Dever, Griffiths and Co. be re-elected auditors in London at the remuneration of twenty-five guineas.
Mr. CHAN FAT MAN seconded. Carried.
The CHAIRMAN-I have to thank you, Dividend gentlemen, for your attendance. warrants will be ready on Monday.
HONGKONG HOTEL. CO.,
LIMITED.
The ordinary meeting of shareholders in the Hongkong Hotel Company. Limited, was held on the 6th March, at noon, at the hotel. Mr. R. C. Wilcox presided, and there were also present Messrs W. Parfitt, E. Osborne (Directors), A. Fonseca (Secretary), W. H. Potts, W. H. Gaskell, A Sharp, A. Contts, Ho Fook, Tai Tak, Ip Che Fong, Chan Chau Nam, Loung
THE NATIONAL BANK OF CHINA, Tit Shan, She Po Shan.
LIMITED.
:
with
The fifth ordinary annual general meeting of the shareholders of the National Bank of China, Limited, was held in the Bank's pre-read. mises, Queen's Road Ceutral. on Saturday, at noon. Mr. Heru Stolterfoht prosided, and there were also present-Messrs. Chow Tung Shang. Chan Kit Shan. Qap Hoy Chan (Directors), George W. F. Playfair (Chief Manager), J. H. Cox, W. B. Potts. E. J. Hagen, C. S. Manners, Tung Wa Chnug, and a uniber of Chinese shareholders.
The SECRETARY read the notice calling the meeting.
The CHAIRMAN-Gentlemen, your directors, in submitting to you the secounts and report for the past half year, are happy to soutione prosenting to you sath factory evidence of the Bank's progress. The accounts have been in your hands some works, and you will have spen that besides paying, the sun dividend as ir fore. i.e., 2/6 per share, your directors provoso placing 1820,000 to ruserte, carrying forward $4.218.84 to next account. Although the year 1895 could not be called by any means a good year for banking profits, your directors have every rel. son to be satisfied with the position of the Bank. On comparing the iteras in the accounts you will see stewly progress has beru mado-m fixed deposit, current. ml other accounts show an increase daring the twelve months of $600,000, and hills receivable, loans wi advances an increase of over 11⁄2 million dellars; total of $7,000, of which loans and advances are only SU$6,500, thus show- ing that our fauls are kept in a very liquid condition. Farni stationery, and stamps show a small increase, princially owing to our having moved into wow offices in Yokohama, where we had to build a treasury, &c. for our- selves. Our noto issue though limited and small is evidently appreciated. as over nine-tenths of our total issue is constantly in the hands of the public. Speculation in the silver market in Lon- don has had some effect in raising the price of silver, and consequently of our Eastern ex- changes, but apart from these more or less
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[March 12, 1896.
tion that the table appointments are not exactly what we could wish to see them. Apart however, from these and other most desirable improvements, which may be expected to bring some return in the shape of increased revenue by rendering the hotel more attractive, there are other directions in which unavoidable out lay at an early date has to be faced. The boilers which supply the motive power for the lifts and the hot water baths, cooking, &o.,'arb* not only, I regret to say, inadequate for the work, but, having seen long service, are now reported thin and much worn. Indeed, we are advised by our engineer that one of them will shortly have to be replaced at a cost of nearly $3,000. The pumps which supply the tanks for the lifts are not large enough for the purpose; hence the slow rate of speed at which the passenger lift works. When the hotel is full of guests the slowness of the Kft becomes a rather serious drawback, one that we should greatly like to see remedied. Turning to the building itself, I am glad to say that, owing to constant supervision, it is in fair order, but ex- ternally it requires colour washing and painting. You will see, therefore, how necessary it is for the directors to retain some money in hand for improvements, renewals, and repairs. Unfor- tunately we cannot count upon a steady continu ance of the business we are now doing throughout the year. It must not be forgotten that the season this winter com- menced unusually early, and there has been more movement from Europe and America. No doubt the stream of globetrotters is on the increase, but it is fitful, and next year may see another comparatively dull season. We can at best only deserve success in this business; we cannot command it. There are other causes by which our business may be ad- versely affected. The last outbreak of plague did us great injury, and another epidemic of it would certainly prove disastrous, for although the disease is now known to pass by the Western races there are plenty of timid persons to whom it is a very real terror. Now that the port is declared infected we shall find, I fear, a good many will shun it or shorten their stay here. I have mentioned these contingencies. in no pessimistic spirit, but simply from a desire to prevent too sanguine anticipations being hastily formed. At the same time we have grounds for hope for the future, when we shall see our indebtedness diminished and be able to connt on dividends. We have already crossed the morass of impecuniosity and though we have not yet reached the solid rock of pros perity there is every reason to believe we are on the way thither. have only to add that I shall be happy to answer any questions any share- holders present may wish to put.
The CHAIRMAN-Gentlemen,The report and statement of accounts having been in your hands for some days, I propose,
take them your permission, to
It is with some small measure of satisfaction that your directors are able to point to a substantial increase of business and a not less appreciable increase in revenue daring the past half-year. As yon will observe from the report, the profit on the working account for tho six mouths was 21,259.56 as compared with $5,714 for the like period of 1894, being an increase of $18,545.50. A good deal of the profit was of course swallowed up in interest, and we have been compelled to write off a con. siderable sun for had debts contracted prior to 1895. I am glad to say that we practically do almost everything on a cash basis now, and have made scarcely any bad debts since we abolished the chit system as formerly permitted. In addition to the sum written off for bad debts, we have made sundry very necessary additions to furniture and various improve- monts to the bailding, which, although they make little or no external show, add consider. ably to the comfort of visitors and were in dispensable to the efficient working of the hotel. The netual credit balance, after these deductions, is only $8,175.38, but when compared with $57682, the sum shown at credit in the same half of 1994, and a very substantial debit balance in the corresponding six months of 1893 it is at least something to be thankful for. directors are anxious, however, that shareholders should not attach undue importance to these figures and hasten to the conclusion that a dividend is necessarily in sight. It was not without good reason we decided to recommend the appropriation of the balance mentioned in the report. No adequate sum has been written off furniture for years, and it is idle to pretend that it has not depreciated. Much of the bed. room furniture in the old building requires complete renewal, and if the rooms in it are to be placed on anything like a par with those in the new building new carpets and a largo propor- tion of new furniture will have to be provided. Turning. to another department, I may
The
men-
There were no questions and the CHAIRMAN proposed the adoption of the report and
accounts,
+
Mr. Courts-I have much pleasure in seconding the adoption of the report and accounts.
Carried.
Mr. Ho Foox-I beg to propose that the retiring directors, Messrs. R. C. Wilcox and W. Parfitt, be re-elected.
Mr. GASKELL-I beg to second that. Carried.
Mr. Courts proposed the re-election of the retiring auditors, Messrs. W. H. Potts and W. H. Gaskell.
Mr. SHARP seconded. Carried.
The CHAIRMAN-That is all the business before the meeting.
We (China Gazette) are courteously informed that a telegram has been received at Shanghai stating that the Japanese Government has decided to open new consulates at Shashi, Chungking, and Amoy, in addition to those already mentioned at Soochow and Hangchow. Mr. Eitaki, Vice-Consul at Shanghai, has been promoted to be Consul at Shashi Mr. Kato, Chancellor at the Consulate at Shanghai, has been appointed Consul at Chungking, Mr. Ueno, Consul at Gensan, has been transferred in a similar capacity to Amoy, while Mr. Arakawa, at present Consul at Tientsin, has been, as we have already stated, appointed Consul for Soochow and Hangchow.
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