October 8 1896.1
less
$6,000, and the whole amount of debts recovered during these two and a half years amounts to $123. In substance, there seems no reason why the liquidators should not have paid an additional dollar a share at least
CHINA. OVERLAND TRADE REPORT.
account is $473,740, out of which the sum of $268,724.42 las already been paid for a dividend of 10 per cent. to shareholders, and a bonus of 20 per cent. to contributors of premia. Subject to the approval of shareholders, it has been decided to
HOMEWARD
277
GHTS.
A correspondent writes to the N. C ́Darly News as follows:
Last year I called your attention to the fact
two years ago; and it is difficult to comprehend dispose of the remaining balance of $205,015.58 by that lying off the bund at Hankow re
why they should not now more quickly pay up at least a dollar and a half a share. The state ment that "the necessary steps to close the liquidation are now being taken seems a trifle lame when it is known that these steps might have been taken some months pre- vionsly. The excuse which has lasted the liquidators for a very, very long period is about a certain claim which it was convenient to allow to run off by lapse of time. But that lapse of time took place some months ago, and there seems no reason why the steps that are now promised should not already have been aken. We say there seems no reason, because, ‹of:
of course, it is conceivable that the liquidators may have some sufficient reason which they will disclose to the shareholders at the meet- ing on the 1st October. But if, on the 1st October, they do not disclose such a reason, the impression left on the minds of the public will be that the liquidation of the Singapore Insur- ance Company has been unduly delayed.
ید
THE DISPLACEMENT OF FOREIGN
GOODS IN COCHIN-GHINA, ..
We translate the following from the Courrier de Saigon
Further documents have reached us respect- ing the importation of French and foreign -piece goods in Cochin-China. They confirm what we said on a previous occasion concerning the increasing part taken by Franch industry in this important branch of the trade of the
colony.
During the month of May the importation of unbleached cotton goods amounted to 67,209 kilog., and that of bleached cottons to 86,847 kilog. The share of France was, for unbleached goods, 66,766 kilog, that is to say, nearly the whole. Her share of bleached goods was 59,769 kilog., or 68 per cent, of the total importation.
If we compare the importation of cotton goods in Cochin-China for the first five months of 1896 with the same period of the preceding year we find a very considerable difference be- tween the two. In unbleached, goods French importations have risen from 100,485 kilog. during the first five months of 1895 to 369,292 kilog. during the same period of last year, while foreign goods have fallen from 456,232 kilog, in 1895 to 3,615 kilog. in the same period of 1896. The movement is of the same nature, though less accentnated. in white goods. During the first five months of this
yeur the importation of French goods amounted to 335,526 kilog, as against 145,771 kilog. during the same period of 1895, while foreign goods fell from 492,767 kilog. in 1895 to 349,234 in 1896.
adding to reserve find $100,000, thereby increasing it to $1,300,000, paying a final dividend of $6 per share and carrying forward the sum of $45,015.58
To sum up, if we compare the total importation of cotton goods in Cochin-China during the Krst five months of the two years we find that the share taken by French goods, which was 20 per cent. in 1895, amounts to 66 per cent. this year. The progression has been greater during the latter part of the term than during the first four months, for at the end of April the share of France was only 64 per cent. of the total.
our cotton
.
to 1896 account.
1896 Account.-This account shows an estimated balance at credit of $507,700.
CONSULTING COMMITTEE.
by Mr. Bird's departure from the colony. This Mr. Maitland was appointed to the seat vacated appointment now requires the confirmation of the shareholders. The other Members-Messrs. Chater, Dalrymple, Gillies, and Sassoon-retire, but offer themselves for re-election.
AUDITORS.
The accounts have been audited by Messrs. Fullar- ton Henderson and A. Coxon, whose re-election is recommended.
JARDINE, Matheson & Co,
General Agents, Canton Insurance Office, Limited. Hongkong, 5th October, 1896.
The efforts put forth by industry continue, then, to bear fruit, for it is rapidly securing an important market formerly controlled by foreign competitors. The effects of this activity would certainly be still more considerable if our industry had greater facilities for the transport of its goods.
-CANTON INSURANCE OFFICE,
LIMITED.
The following is the report for presentation to the shareholders at the fifteenth ordinary general meeting, to be held at the offices of the General Agents, on Monday, 19th October, at
noon
General Agents and Consulting Committee sure in laying before the shareholders the ts for the year, and an estimate of the 's underwritting to the 30th ultimo.
The balance at credit this
:
STATEMENT OF ACCOURT FOR THE YEAR Ended 31st DECEMBER, 1895.
Capital subscribed...
Amount paid-up
Reserve fund...
LIABILITIES.
$2,500,000.00*
Outstanding dividends Outstanding bonus. Balance of 1896 working se-
count
Lees dividend of 10 per cent. paid to shareholders, and bonus of 20 per cent. to con- tributors of premis
ASSETO
......
$473,740.00
268,724.42
Cash, on current account with Hongkong
and Shanghai Banking Corporation Fixed deposits:-
Hongkong and Shanghai Banking Cor-
poration Chartered Bank of India, Australis, and
China
Mercantile Bank of India, Limited
National Bank of China, Limited Yokohama Specie Bank, Limited Mortgage
Hongkong and Kowloon Wharf and Go-
down Co., Limited, debentures
Shanghai and Hongkow Wharf Co., Limited,
debentures
Indian Government stock (3) per cent.
loan, 1865)...
Indian Government stock (3) per cent.
loan, 1842-43)
Chinese Imperial Government loan, 1886. Interest accrued but not yet payable...
$ 0.
500,000,00 1,200,000.00
2,396.00* 2,634.66
205,015.58
$1,910,046.24
$ c.
27,292.00
Working Account, 1895. To amount brought forward from last account To net premis received, less returns and
reinsurances
To interest..... Tc exchange To transfer fees ..........
By losses and claims paid
By charges, including directors', auditors', and survey fees, agents' expenses, &c. By commissions By balance as above........................
50,000.00
94,000.00
68,864.57
113,162.44
43,767.11 68,784.44 30,333.22
two
steamers belonging to the same compa loading teas for London at 70s. per ton, the
other teas for Odessa at 408.
History repeats itself steamers are now loading here for New York at 30s, while the rate to London is 40s, and the London steamers fill up at Colombo with tea at 6s. 3d. Owing to excessive taxation the tea trade from China would be satisfactory if steamer agents would to London has practically been killed, and it explain why they have imposed this additional burthen.
The inevitable result must be to prevent London from being as she has been hitherto, the distributing centre. Until this seasona many shippers sent their teas"optional,” that is, they could be landed in London or forwarded- to New York as the markets permitted. Now it is cheaper to ship to New York and thence to London than to London direct, yet steamer agents profess to wonder why their London, steamers do not fill.
THE REORGANISATION OF THE FOOCHOW ARSENAL.
When the late Marquis Tso Tsung-tang founded the Foochow arsenal, naval shipyard," and schools in the early part of the sixties, shortly after the subjugation of the Taiping rebels, and Messrs. Giquel and D'Aiguebelle (ex-officers of the Ever-Victorious Army) were installed as Director and Assistant Director, respectively, of the new institution, with a corps of "from thirty to forty French engineers, shipwrights, and artisans, mady were the expectations, at the time, that this would be but the forerunner of China's greatness as a Naval Power in the future, and that the ships of war built at the yard would equal 175,000.00
the best of those turned out in Europe. Chi- 75,000.00
nese mandarins were not then so intimately 7,000.00 known to foreigners as they are how, and, 25,000.00 as usual, while Europe has been making gigantio strides in naval architecture and gun-making, 1,063,342.46 the Foochow arsenal at Pagoda Anchorage is still turning out vessels of the type of thirty years ago with old-fashioned engines of 750 horse-power; in fact, the same sort of work as the Chinese artisans were taught by their French instructors in the latter part of the sixties. Of course there have been attempts at building steel cruisers after the fashion of modern times, but it was found that they cost just double those built in Europe, while infinitely inferior. So the sphere of the establishment was gradually curtailed until from the rank of an in- stitution of the first class with an Imperial High Commissionerat the head of itit had dropped down to the position of having a man of Taotai rank as Director. The result of the war with Japan has, however, opened the eyes of the Emperor's 82.00 advisers and an edict was recently issued com- manding that the Foochow arsenal be restored to its pristine importance, and appointing H.E. Yü Lu, formerly Tartar General of Lower Manchuria during the late war, but now Tartar, 908,697.89 General of Foochow, to be Imperial Commis sioner and reorganiser of the institution T -79,715.59 114,984.70
was even acknowledged in the decree in question 473,740.00 that in Europe the naval engineers and güns makers are almost daily making improvements $1,577,138.18 on their last inventions so as to bring their ships
of war and armaments nearer and nearer per fection, hence it behoves China to follow in the same line of action and the said Tartar General is commanded to avoid no expense in the attempt. to do so, etc. With this end in view, therefore, according to a native correspondent in Foochow H.E. Xu Lu left Foochow city on the 11th-ults for Pagoda Anchorage, where, accompanied $995,200.00 by the Commander of a French gunboat,
ful inspection was made of the ebuilding yard, gun foundry and nav *351,500.00 ing, and scientific schools atta
$1,910.046.24
C.
$ 43,761.68
1,414,610.52 118,437.59
246.39
$1,577,138.18
$
ESTIMATE OF Working ACCOUNT TO THE 30TH
SEPTEMBER, 1896.
• Dr.
To premia, less reinsurances To interest received and accrued To exchange
To transfer fees
Ct.
By losses paid and outstanding By charges paid and acorned By commissious paid and accrued By balance.......
$ G. 907,000.00 88,000.00 150.00
$
50.00
57;000.00
79,000.00
507,700.00
institution The object officer to give his advice as t done in the proposed work of r $995,200.00as to make the institut
comp of Europe in the future.
No comments yet.
Private notes are available after approval.