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August 13, 1898.1
"There were no questions so the report and accounts were adopted without discussion.
Mr. ARNHOLD moved, Mr. SCHROETER seconded, and it was carried, that the retiring directors bo re-elected.
Mr. HEYN moved, Mr. NöLTING seconded, and it was carried, that Mr. Carl Mittell be re- elected auditor.
This was all the business.-Mercury.
The following is the report presented to the meeting:-
CHINA ÖVERLAND TRADE REPORT.
Such an arrangement would have the following advantages to all concerned, viz -
1st The Chinese Government and the colony of Hongkong would be relieved from the danger of the territory in question being made the base of revolutionary movements against the present Manchu Dynasty with accompany ing paralysis to trade.
2nd-It would not be possible for bad obarac. ters to commitorimes on British or Chinese terri- tory and then simply cross the border to escape arrest.
3rd-The area in question could not be made use of for the erection of gambling dens, which foster so much crime of all sorts, from thieving BO smuggling.
4th-The residents in the neutral area would be assured of safety from disorder, and from squadzing by rapacious officials.
The General Manager, in submitting a state- ment of receipts and expenditure to the 30th June, 1898, has only to add that the factory started at the beginning of the present year. The Company has to lament the death on 20th Jane of the technical director, Mr. Aug. Edeler, whose services were very valuable to the Com- pany In addition to the loss experienced by
St-The Chinese officials administering the demise of Mr. Edeler, the Company has also the district would be serving in a good school been unfortunate in losing the first assistant for learning to carry out their duties upright- engineer, Mr. W. Boese, whose death occurredly and honestly, and should on their transfer, suddenly on the 1st July, 1898. Steps have in due course, to other parts of the empire carry been taken to engage a new technical director with them the habits of honest government at home, and in the meantime the work at the which they had acquired during their term of factory is carried on by qualified persons em-
service in the neutral zone. ployed temporarily, together with the remainder of the old staff.
BOARD OF DIRECTORS.
All the members retire in accordance with Article 13 of the Rules of Association but, being eligible, offer themselves for re-election.
On account of the short period of working of the factory, no Directors' fees have been appro- priated, and these will have to be taken into con- sideration at the end of the next working year. AUDITOR.
The accounts have been audited by Mr. Carl
Mittell, who offers himself for re-election.
PHILIPP ARNHOLD, General Manager.
Shanghai, 30th June, 1898.
ASSETS.
Tis. ets. 60,662.72 62,429.53
The above are a few of the principal advan- tages to be mutually derived from such an ar- rangement, but there are many other minor ones which any thoughtful person may perceive. WIDEAWAKE. Hongkong, 6th August, 1898.
H. & W. DOCK CO.
TO THE EDITOR OF THE DAILY PRESS.
"1
SIR, Shareholders will be glad to see that there has been a great improvement in the earnings of the above named Company during the past half year (although they are still far short of what they were two years ago) because ever since the Directors' fees were doubled there has been a very heavy falling off in the profits, as the following table will show.
Gross
On Gross On Capital Earnings
Earnings & Reserva
1,650.00 1896-1 1,480,075
Net Profit
324%
Buildings
Machinery
Launch
569,073
Factory stores
740.85
Furniture
770 80
1896-2 1,597,778
443,891
38% 28 %
223%
Unexpired fire insurance premium. Coal
1,534,29
1897-1 1,255,248
325,346
26/
15 %
255.00
1897-2 1,190,574
268,435 221%
Feathers in stock and process.
96,778.40
Charges
11,614.92
420.64
Interest
Capital
Sundry creditors
Overdraft at bankers
Accounts payable
LIABILITIES.
CORRESPONDENCE
$236,856.95 Tla. cts. 150,000.00 39,266. 7 31,584.21 16,006.67
$236,856.95
[We do not hold ourselves responsible for the opinions expressed by our correspondents.]
A NEUTRAL ZONE BEYOND THE HONGKONG FRONTIER.
**
TO THE EDITOR OF THE DAILY PRESS.
1898—1 1,572,244 498.124 314%
11% 22.%
The $14,000 per annum paid to Directors are reckoned as profits.-Yours faithfully,
Hongkong, 10th August 1898.
W.
THE KOWLOON CUSTOMS REPORT. Mr. H. M. Hillier, Commissioner of Customs, in his report on the trade of Kowloon for last
year, says :-
143
the year's trade. While they have doubtloss been of great value to merchants and have extended the openings for commerce, they have tended to draw it into new channels, to the disadvantage of the junk trade with which alone this office has dealings, and conse- quently to the detriment of the revenue collected for the provincial authorities, who have suffered no inconsiderable embarrassment from this cur- tailment of supplies. This has been notably the case in respect of the trade in kerosene oil and cotton yarn both of which thave been diverted to Foreign bottoms, in spite of the endeavour, by readjustment of Native taxation, to favour their shipment in Native vessels. Kerosene oil is now mostly shipped by small sailing craft or lighters under Foreign flag, which are towed to their destinations by steam-tugs.
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CANTON AND THE WEST RIVER
AND TRANSIT PASS TRADE.
We make the following extracts, from the report of Mr. E. B. Drew, Commissioner, of Customs at Canton, for the year 1887:-
LOCAL.
The year 1897 has been conspicuous as the period in which the West River was opened to Foreign trade. The event took place in June. The two places of call nearest to Canton-Kongmoon and Kumchnk-com- mand rich districts, whose large and prosperous populations have hitherto looked to Canton as their metropolis. The same remark is almost equally true even of Wuchow. These ports
now find themselves in more convenient touch
with Hongkong than before, by means of fre early to forecast the effect on Canton's trade. quent, though small, steamers; but it is still Both the rice crops in this province were small, and towards the close of the year this scarcity so be. began to cause uneasiness,--the more while the Yangtsze rice was itself too scarce to cause the Annam crops were all going to Japan,
supply Kwangtung. The trade in silk and its manufactures, the most important of Canton's foreign exports, representing a value of at least 17,000,000 taels, seems to have been en- tirely satisfactory; as regards raw silk, at any rate, this was certainly the case. The quality of the product was fairly well maintained, and sales for abroad, which had been meagre in 1896, assumed more than normal proportions. The tendency of prices of exports has been upward; taking the year through and speaking generally they have ranged from 5 to 7 per cent. higher than in previous years under similar conditions of the local and home markets,is is due partly to the increase in wages demanded by the increased cost of Chinese articles of daily life, and partly to increased taxation, which latter may also be due to a rise in the cost of living.
REVENUE.
The year's collection is the largest since 1892, showing increase under all heads except- ing tonnage dues. Looking back over the decennium 1888-97, we find that the collection for 1897 would be far the bighest on record but for the decline in opium revenue. Import duties, excluding opium, have reached a higher point than any hitherto attained; while the ex- port, coast trade, and transit duties show a great gain over all recent years. This is chiefly due to the import of cotton goods, matches, and kerosene oil; to the renewal (after an interval of five years) of the use of treaty transit passes, and to the "boom" in silk.
FOREIGN TRADE,
The net total value of the year's trade reveals a decline of about a seventh, or Hk. Tls. 7,000,000. This important deficit is more than accounted for by the decrease in the importation of rice from abroad, which full from Hk/TIs. 12,200,000 in 1896 to Hk. Tls. 3,700,000 in 1897, owing mainly to the magnificent autumn orops harvested in the Kwangtung province, partly to short crops in Annam and Tonkin (whenge this SIB. It would be interesting to know if, part of China usually supplements its grain when the official secrecy regarding the exten- supplies), and to scarcity in India. The deficit sion of the frontiers of the colony has at last is therefore an indication of local prosperity. been dispelled, provision has been made for a The export of rice to Hongkong for shipment nentral zone beyond the new frontiers of the abroad also far exceeded any previous record colony. If such provision has not been made and overpassed the limit of 500,000 piouls an- it should be done now, the time being favour.thorised by the provincial authorities for export able.
to the colonies of Hongkong and Macao. The Imports. The comparative table of imports further export of rice was therefore prohibited (Special Tables, No. 5) shows an increased im- in the mouth of August, and the prohibition portation of several of the chief articles of continued in force to the end of the year. It foreign trade, conspicuously white and grey may be explained that the natives of this pro- fhirtings, T-cloths, Indian yarn, matches, vince esteem above all other kinds the rice kerosene oil. The key to this gain lies chiefly grown in Kwangtung, which is therefore greatly in the reassertion of the treaty transit pass in demand, not only among the wealthier Chi- right. The enforcement of this right, with the nese in Hongkong, but for the emigrants to effect it has wrought, must be pronounced the the United States, who are mostly from this one distinctive and potent feature of the part of China. The high price obtained for year's trade. And it is not alone that this this rice has led to a great deal of smuggling revival of the transit privilege has promoted in despite of the prohibition. There has also the import of a certain few articles which been a large demand for rice in Japan, (which have literally availed of it-notably those just has kept up Hongkong prices. The opening named, but it has also operated unseen, so to of the West River to Foreign trade and the speak, in compelling the reduction of duty strict enforcement of the transit pass sys-charged on junk-borne imports, not included in tem for both imports and exports bave our statistics, lest certain articles hitherto avail- formed two potent" forces in the current of 'ing of the junk as their carrier might desert it
The neutral zone should include all the country between the Bogue Forts and the new extension and should be carried along the East Coast beyond Bias Bay.
If the terms of the agreement are properly drawn up such an arrangement would be to the mutual advantage of the Chinese Government, the Government of Hongkong, and the Chinese inhabitants of the neutral area. The agreement should stipulate that neither the British nor Chinese Governments were to erect fortifications or maintain troops in the neutral district and that any disturbance occurring in that district which called for the employment of troops should be put down co-operatively by the two Governments. Further, the civil administra tion of the district should be under the control of the co-operating parties,
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