April 16, 1898.]
accounts will show a profit. And even such a precise assertion might not carry very much weight, since it was represented, a year ago, that the Chairman and Directors then an. ticipated a profit from the working of the year 1896, the very year which has proved so dis- astrous to the Company. In further consider- ing the matter, it is impossible to avoid noting that the twenty-dollar shares of the Company are only saleable at twelve dollars, and that the person who holds such a twelve-dollar share has to carry with it a liability to pay up. if need be, a further sum of eight dollars. Obviously then, if by any arrangement of selling the business ‘or re-insuring risks, it were possible to wind up the Company on the nominal basis of the re- cently issued report, there might arise a very substantial advantage to the present share- holders. If the existing floating business could possibly be got rid of in such a way as to avoid further losses, it might then be that the liqui- dators would be able to realize from the assets something approaching twenty dollars, which is the nominal value of each share. If that could be done, nay, if only fifteen or sixteen dollars per share could be realized, that would be a substantial advantage to the man who holds a share which is only worth twelve dollars at pre- sent, and which carries the liability to pay eighty dollars further.
While we are very reluctant to suggest the winding up of further Straits adventures, it seems relevant to point out that such windings up as have lately taken place have on the whole been amply justified, Within the last few years the liquidations of public companies have included the Singapore Insurance Company, the Straits Fire Insurance Company, Sayle & Co., the Tanjong Pagar Land Company, and some half-a-dozen minor concerus. In the cases named, there is the best reason to believe that all the ventures were basting to ruin, whereas in each case liquidation has resulted in something very substantial being saved for the shareholders. In considering whether such a concern as the Straits Insurance Com- pany should be wound up, it must be re- membered that no man would even dare to suggest, now-a-days, the formation of a new insurance company with its headquarters in Singapore. It has become universally re- cognized that the founding of new insurance companies is too risky a business to be under- taken at this time of day in such a place as Singapore, and with the limited capital that can be subscribed in the East. If, then, it be universally admitted that the founding of a new insurance company would be madness, there is on the face of it a very strong reason to doubt the wisdom of continuing a company that in fourteen years has not succeeded in establish ing itself in a profitable business, and which has, at the very best no assets in excess of its capital. The carrying on of such a concern, the re-constructing of its ways so as to turn it into a profitable business, amounts, in substance, to the establishment of a new company. It is, no doubt, primarily a matter for the share-
holders whether they shall wind up now or take the further chances of fortune. It is primarily their matter, but it is not entirely their matter. The community has some moral right to have a say on the subject, inasmuch as it would be the good name of the community that would
CHINA OVERLAND TRADE REPORT.
now of no avail. If the Board wish to avoid
liquidation, or to evade a popular distrust that might ultimately compel liquidation, the Board must honestly confess all losses that are in any way known or supposed, since the date of the closing of the accounts. If these lossos have been exaggerated by popular rumour, there is still a possibility of a prosperous life for the Company; but it is, at best, a possibility. Still, if the Board wish to take advantage of that possibility, let them take the public fully into their confidence.-Straits Times.
A FRENCH JOURNAL ON THE POLICY OF THE OPEN DOOR.
In an article on British policy in the Far Eat, especially with reference to the claim for commercial freedom and equality for all, the Echo de Chine (Shanghai) says:-
CANTON NOTES.
"
307
[FROM THE CHUNG NGOI SAN PO.”
Heavy rain fell on the 3rd instant in the districts of Saichiu and Fa-an, lasting about three hours. As there is still no rain in Canton, the Viceroy and Governor, who have been pray- ing for it daily in the temple of the gods of the sea, have appointed the 8th instant to go to Whampoa, to hold a service there. the temple in Polo village, about forty li from
Rice being so dear in Fatshan, the Govern- ment distributed three catties to each poor person on the 1st instant, Tickets anthorising them to get the rice were first distributed through the tipaos, who, being the most hard- hearted fellows, seized this opportunity as their best chance of squeezing. They would not allow the poor people to have the tickets till they paid them some eighty or a hundred cash. Their mean acts were at last discovered by the sansz, who at once sentenced them to Yau Ying.
Some sansz have sent a petition to the Viceroy asking to be allowed to finish the reclamation work on the river bund, which has been discon- tiuued since the arrival of the late Viceroy Li Hon-Chang. The Government has taken the question into consideration.
It must be recognised that the rule which the British Government wishes to adopt in the China Seas is passably honest. But in order that it should on this ground be imposed on all the world, in order that the European Govern- ments may give it the unreserved approba tion which Mr. Curzon claims for it, it is necessary that England should apply the rule, not only in the regions and under the circumstances in which she thinks she has The branch office of the Chinese Imperial a direct interest in applying it, but every-Bank under the direction of Sheng Taotai was where and always, even when it goes contrary opened on the 2nd instant. The office is es- to her own ambitious, even when she may there-tablished in Ho Pun street. by advance the rights and interests of others as On the 27th ultimo at 1 p.m. over one hun- opposed to her own. Now this is not what hap-dred robbers made an attack on a pawnshop in pens. Does not England remember that the Yeungchan village. When they arrived, they Royal Niger Company has claimed to monopolise ordered the neighbouring shopkeepers to close for its own exclusive profit the trade of the
their doors and keep silent otherwise they lower river, in despite of the stipulations of the would be all plundered aud destroyed. They Berlin Convention; that she has so far neglected then divided themselves into two parties, one the principles under which she now seeks to shelter British trade in the Far East as to
of which broke into the pawnshop to discover the valuables, while the others placed themselves interdict the navigation of the rivers to
at the entrance of the honse and at the various Lieut. Mizon, who wished to establish open-gates. The inmates of the pawnshop were all ings for French trade, and even so far us to size, contrary to the law of nations, a vessel in one of the neighbouring houses, who was tied up and their mouths gagged. A shopman flying the French flag with its cargo? Com-
more daring than the others, climbed up to the mercial liberty, be it understood, will remain a
roof to beat gongs and shouted out loudly to very respectable principle, but the nation which lightly violates it for its own profit whenever occasion serves cannot with good grace invoke it when itwishes to injure others.
suffer if there should come, in later years, any disastrous failure of a company called the Straits Insurance Company, with its head office in Singapore, and Singapore merchants as its directors. Nor is this right of the community to have its say an inoperative right. The com- munity has, if it should choose, the means of mak- ing its right a real and operative right. Insur- ance Companies, more than any other concerns except banks, live upon popular credit and esteem, and without that popular credit and esteem they must die. Whether the Straits Insurance Company is to enjoy a continuance of credit and esteem must depend very largely upon the attitude of the Directors at the general meeting that is to be held ten days hence. It will not be sufficient that the Board shall ignore these criticisms. It will not be sufficient that the board shall answer these by some general statements ALS to the probability of making a profit-for the notori. ous falsification of the Board's prophecy of & year ago would render any general prophecy
{
SERIOUS FIRE IN SHANGHAI.
A disastrous fire occurred in Shanghai on Saturday night, 2nd April, as the result of which the Haikuan or Customs Bank in Sze chuen Road was completely burnt out. The alarm was given at 10.57 and in a very short time afterwards the flames had a firm hold on the buildings and contents. Though at present nothing is known as to the origin or cause of the fire it was evident from a glance at what little is left standing that the ontbreak occur. The flimsy red in one of the upper rooms. wooden interior formed ready fuel for the
flames and despite a large attendance of fire with the fact that it was raining hard at the men and a plentiful supply of water coupled time it was impossible to save the place. The firemen, however, worked extremely hard and well and no small amount of praise is due
to them for their success ir saving the ad- joining property. The damage is as yet hard to compute, but it must be very con- siderable. We understand that the furni- tare and contents were insured with one of the companies for which Messrs. Barlow & Co. are agents. A curious and regrettable circum- stance has to be reported in connection with the fire. The Hongkew division of the brigade dashed up to the scene of the conflagration with their hose and reel, and immediately they ar rired the pony was taken out of the truck, as
usual.
dead, having done his duty to the last.-N. C. He walked a few yards and fell down Daily News.
As the result of a visit he paid to the Magis- tracy on Thursday Santiago Payne, foreman sca- venger, is at least $15 poorer, being fined $5. or 14 days, for using obscene and insulting laugu age towards a widow, with whose son he was
playing cards on Tuesday afternoon, and $10, or a month, for creating a disturbance on the same occasion.
give the alarm. When the lukongs and a num- ber of villagers arrived on the scene, the rob- bers fired on them. The encounter lasted till
7
p.m., when the robbers had collected all the valuables together and began to get away. They then embarked in their long boats and rowed safely away. Two lukongs and a villager were fatally shot and a number were wounded. The number of dead and wounded on the side of the robbers is not known. The booty. amounted in value to twelve thousand dollars.
On the 10th instant an expectant Totai named Choi, who was sent by Sheng Totai, General Director of the Peking and Bankow Railway, called on the Viceroy to discuss the question of constructing a railway between Hankow and
Canton.
Rain fell heavily on the 7th and 8th inst. in the districts of Samsni, Waichow, and all the
surrounding districts of Canton. Still it is not sufficient for cultivation for there had been so long a drought that all fields were perfectly dry.
A robbery was committed in a prepared opium shop in Sintongmoon on the 3rd instant by three
armed robbers. The occupants of the house were only a married couple. When the robbers en- tered the husband offered resistance and caught hold of one of them. The man who was being held thereupon killed the husband with a blow of his sword. The wife sprang forward to give assistance to her husband and was also wounded. The robbers tried to make their escape, when the kaifong people were alarmed. One of the robbers was arrested. The prisoner.confessed that he was a robber, but denied that he com. mitted the murder.
The Namhoi Magistrate, at the request of the British Consul, has instructed the Inkongs to strictly prohibit the slaughtering of sick and diseased cattle and to find suitable places to bury the carcases. It is said that rinderpest has broken out in some places near Canton,
On the 11th instant at noon a sudden gale was experienced in Canton. All the small boats had a rough time, many of them losing their awnings, while some were driven ashore
and suffered great damage. A small boat was capsized, but luokily no lives were lost.
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