March 19, 1898.]
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the original plan of the buildings, enlarging them with a view to extension of spindles, and I stated that the buildings thus enlarged were capable of holding between 40,000 and 50,000 spindles; similarly with the machinery, although we have only 25,000 spindles erected, engine power is provided for the larger number, and the buildings are sprinklered and treated through out their whole extent; consequently a rule of three comparison does not hold good, for cost of extension means only cost of machines. The directors are of opinion that, now that we have got the 25,000 spindles as it were in hand, the gradual extension of the mill should be proceeded with, and notice is given you of a resolution which I shall later on propose to this effect, asking you in the first instance to give your authority for an immediate extension of 5,000 spindles; the directors have no intention of " rushing this matter of extension, but they feel that they are warranted in asking your approval of a policy of gradually increas- ing the number of spindles, guided by the circumstances and experiences of the Company's working. The balance sheet shows an ex- penditure of Tls. 34,000 odd on Chinese houses and land; it is to be explained that the building of houses intended for occupation by the Chinese connected with the mill did not form part of the original scope of the Company. I may mention that the funds for the work have been arranged for by special overdraft; the directors are of opinion that not only will the possession of these houses in close proximity to the mill greatly assist the labour question, but that the investment will prove a remunerative one. item unexpired rent is explained by the fact of the first three years' rent of the mill site having been taken in shares by the lessors: The liabilities show an over, draft with the Company's bankers of Tls 194,000, against which may by placed the amount of Tls. 113,500 shown on the other side of the account as value of stock, and further the overdraft includes the specially-arranged-for expenditure on the Chinese honses. In the matter of his overdraft, however, the directors are of opinion that the Company should not work so close-hauled, but should place itself in an easier monetary position by the issue of the remainder of the authorised capital, and a re- solution to this effect will be proposed to you to-day; I think that this policy will at once recommend itself to you, for although banking facilities as regards advances on assets, such as cotton and yarn, can no doubt at any time be arranged as required, yet for anything beyond that it is only business that the Company should provide its own funds; furthermore to carry out the proposed extension requires the raising of more money, the original issue of capital being only intended to provide the first 25,000 spindles. That, gentlemen, concludes all that I have to say to you regarding the report and accounts, but before putting the resolution for their adoption, I shall be pleased to answer to the best of my ability any questions that you may desire to put to me.
The
Proposed by the Chairman, seconded by Mr. J. M. Young That the Report and Accounts be passed.
·;་
CHINA OVERLAND TRADE REPORT.
hereby given to the Directors to increase the present number of spindles up to the full capacity of the mill and that they be authorised to make an immediate addition of 5,000 spindles.
Carried unanimously.
Carried unanimously. Proposed by the Chairman, seconded by Mr. J. M. Young That the Directors be and they are hereby authorised to issue the remainder of the Share Capital of the Company now unissued, such shares to be offered at par to the present holders of shares in the proportion of one share for every three shares standing in their names in the books of the Company on the 16th day of March 1898. No shareholder shall be entitled by reason of his holding any number of shares less or other than three or some multiple of three to any fractional interest in the shares to be issued as aforesaid. Such offer shall be made -by notice specifying the number of shares to which the shareholder is entitled and limiting the times within which the offer if not accepted will be deemed to be declined, and after the expiration of such time or on the receipt of an intimation from the shareholder to whom such notice is given that he declines to accept the ahares offered the Directors may allot or other wise dispose of the same to such person and on such terms as they think fit.
Carried nem, con.
Proposed by the Chairman, seconded by Mr. A. Korff That discretionary power be and is
BOWLING ANALYSIS.
217
Overs, Maid.. Raus. Wides. N.B. Wickets.
Lt. Lethbridge 19 1 T. Smitli 13
Cox
14
56
62
12
1
13
5
1
25
3 Mackenzie...... 4 Wood
Proposed by Mr. W. D. Little, seconded by Mr. A. W. Danforth-That the appointment of Mr. J. M. Young as a Director of the Com- Bodington. pany be confirmed.
Carried.
Proposed by Mr. J. Stenhouse, seconded by Mr. W. D. Little That Mr. A. Korff and Mr. Chung Liang-yue be re-appointed Directors of the Company.
Carried.
Proposed by Mr. W. T. Phipps, seconded by Mr. A. Cushny-That Mr. G. R. Wingrove be re-elected as the Company's Auditor for the current year and that his remuneration be fixed at Tls. 250 per annum.
Carried.
This concluded the business.-N. C. Daily News.
CRICKET.
A CLUB XI. v. A NAVAL II.
Undoub.
Had the Hon. Secretary had any idea at the time the above match was arranged that the Navy would be able to place in the field perhaps the strongest XI. of the season, he would have collected a much stronger Club XI. tedly the arrival of the Barfleur and the two new destroyers strengthens the cricket of the Navy in these parts. Smith, Ward, and Lethbridge were drafted into the Club XI. at the last moment, and it was just as well, because with- out Ward's two fine longfield catches, Leth- bridge's useful bowling, and Smith's severely and rapidly hit not out 122 in the second innings, the Club would have come out not only beaten, but perhaps disgraced.
Winning the toss and batting in the order of men's arrival, the Club made a poor show in the first innings for reasons that have been reiterated in former cricket reports. Gillett Bainbridge, and Bedwell were the successsful bowlers and they were backed up by some very fair fielding. On batting, the Navy easily passed the Club score and in the end made 190 runs, of which Bedwell and Captain Jellicoe claimed 71 and 40 respectively. Bedwell hit very hard and showed what an improving and useful cricketer he is, whilst Captain Jellicoe's innings was very sound. Lethbridge bowled best on the Club side. In their second essay, the Club ran up 193 for 5 wickets in an hour and ten minutes, to which the Hon. Secretary, who hit up a chanceless 122 not out, was the chief contributor. This is, we understand, his first century and he has our congratulations upon getting the coveted three figures.
Appended are the score and analysis :-
Second Innings.
CLUB ELEVEN.
First Innings. . Dr. Bodington, o`Gillet, b
Bainbridge
3 8
S. Robinson, b Gillett Capt. Carey, RA, b Gillett 0
T. S. Smith, b Bainbridge. 10 not out D. Wood, b Gillett
12
A. Mackenzie, c Borrett, b
Bedwell
20
not out
A. Ward, 1.b.w., b Allison. 4 b Bedwell.. Aieut. Lethbridge, e Mar- Eryat, b Bedwell...
Morriss, b Bedwell
L. Anderson, not out P. A. Cox, run out
3 1 10
HONGKONG VOLUNTEER CORPS.
CARBINE MATCH,
The third match between teams representing the Dock Detachment of the Field Battery and the A Machine Gun Co., resulted in a win for the Machine Gun Co. team by 24 points. Out of the three matches fired between these teams the Machine Gun Co. has won two and the Dock Detachment one. Corporal Skelton made the highest score in the third match, viz., 93.
The following were the scores :-
A MACHINE GUN CO.
200 400 500 yards. yards. yards. Corpl. Skelton 27 33 .33 Sergt. Lammert... 30 28 31.
Smyth Shepherd.. 30
11
Lieut Maitland
31
30
25
...
30
25
28
28 23
22
24 27
29
22
19
Gunner Northcote 25
19 16
Gunner Bruce Sergt. Crombie
Total.
882JJRC88
.222 214 197 633 DOCK DETACHMENT, F. B.
200 400 500 yards, yards, yards.
Sergt. McPhail Gunner Stewart...
Gilchrist
"
***2*22*
180225
Total.
28
33 23 84
27
27 28 82
24 32* 24 80.
23
31 20 74
23
27 28 78
26 24 26
72
72
Deas
28 26 13
51
203 228 178
609
Corpl. Rutter Gunner Wilson Lient. Macdonald 26 Gunner Gow
MACHINE GUN COMPETITION,
The following is the result of the Machine Gun competition held at Repulse Bay on the 12th instant:-- Detachment Commander.
Shooting. Fire Total:
Discipline.
70. * 270 246
Sergt. E. C. Shepherd 200 Corpl. A. H. Skelton..: Sergt. H. Crombie Gunner O. D.Thomson 25
156
90
105
85
190.
60
85
Ranges were 1,000 yards and 700 yards. Sergeant Shepherd's detachment therefore - wins the prizes.
ROYAL HÒNGKONG YACHI OLUB.
ROYAL ENGINEERS' PRIZE.—3RD RACE, 13TH MARCH.
Course. Stonecutters (port) Cowchow Rook. 122 | (port), Stonecutters (starboard); ́ 16
2
starters:
Active Meteor
•
4
o Groves, b Bedwell
18
Maid Marian Phobe
5
b Allison
19
Erica
0
c Allisou, b Perry-
Chanticleer
Ayscough
3
Dart
0
Extras
14
Extras ......
19
86
BOWLING ANALYSIS.
Gillett Bainbridge Bedwell Allison
Overs. Maid. Runs. Wides, NB. Wickets.
12 3 38
12
4 20
3 1 24
8 11 NAVY ELEVEN. -
3
2
4
Mr. H. E. Pollock
Mr. T. W. Lammert
Mr. J. Hastings
Mr. F. H. May Mr. A. Denison Mr. C. A. Tomes Dr. Clark
There was a light west wind at 11.30 when the starting gun went, and the boats got off 183 fairly well together. Chanticleer, Meteor and Maid Marian went away in the close reach to Stonecutters, with Erica and Phoebe next. At the north side of Stonecutters the wind freshened up and Maid Marian and Erica got away from the others. On clearing the Island it was a long tack for the rock, and Maid Marian made an extra to windward, in order to weather Cowchow but Erica made for the sea side of the Island followed by Phoebe and Dart. Chanticleer and Meteor following the Maid. Active had run into a calm and gave up. The rock was rounded by the leading boats as follows.-
71
15
10
4
9
15
H. Bedwell (Immortalite), c Ward, b Wood Lieut. S. A. Perry-Ayscough (Immortalite) b Smith J. L. Allison (Barfleur), b Lethbridge Lient. J. P. Barton (Whiting), b Lethbridge Lieut. H. A. Gillett (Fame), o Ward, b Wood Lieut. G Borrett (Barfleur), ran out Capt Jellicoe (Centurion), c Anderson, b Lethbridge. 40 Lieut Farie, l.b w., b Smith
V. Marryat (Immortalite), b Bodington. J. Bainbridge (Barfleur), 1 b.w., b Bodington R. Groves (Immortalite), not out
Extras
Total
4
8
12
Erica
9
Maid Marian Chanticleer
204
Phoebe
سونو مونو
34
B. 30
$50
miles
i
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