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am pleased to say that for the current year we have already acquired the greater por- tion of our supplies at prices which ensure an equally low average cost. In thus alluding to the future, however, I should mention that two small Refineries were last year started in Japan, which country as you know is one of our im portant outlets, and to meet the competition of these two establishments has necessitated some reduction in prices. While prospects are not unfavourable the expediency of not distributing the whole of our exceptionally large profits will, I hope, be recognized by shareholders, and I anticipate your
concurrence in the policy recommended by the consulting com- mittee of transferring the substantial sum of $160,000 to equalization of dividend fund. Turning to the balance sheet, the only point that occurs to me to allude to is the unusually heavy stocks of sugar both raw and refined. These were taken over at absolutely safe valuations. Before concluding my remarks I have much pleasure in testifying to the zeal and diligence displayed by the European staff at the various establishments throughout the year, but more especially during the time when plague was prevalent and native labour more or less disorganized. As a mark of apprecia- tion of such services I am sure you will en- dorse the proposal to grant a Lonus to the foreign staff. Any further information that shareholders may desire I shall be pleased to give.
No questions being asked the CHAIRMAN proposed the adoption of the report and state- ment of accounts.
The Hon. E. R. BELILIOS, in seconding, said -Although the members of the consulting committee have co-operated with you, Mr. Chairman, in bringing about this excellent re- sult, it must be admitted that a great deal of our success is due to the financial support ren- dered to the company by your firm-(hear, bear)-especially at a time when money was scarce and when accommodations of this kind were hard to obtain in the colony. Thanks also I think should specially be offered to your- self personally for having taken a keen interest in the Company through your tenure of office. (Hear, hear.) If such care is bestowed on the affairs of the company by your successors share holders may rely on securing a series of good re- ports in the future. (Hear, hear.) The grant of this bonus to our worthy European staff has my most hearty support. I only hope that in future we shall do well enough to be able to continue it. (Hear, hear.)
The motion was carried, On the motion of Mr. HARTON, seconded by Mr. ANDERSON, the Hon. E. R. Belilios, Messrs. F. A. Gomes, D. Gubbay, A. Haupt, and A. G. Wood were re-elected on the con- sulting committee,
On the motion of Mr. MURRAY BAIN, se- conded by Mr. STOKES, Messrs. T. Arnold and F. Henderson were re-elected auditors.
to our
Mr. STOKES-Before separating I think it is our duty to give a hearty vote of thanks worthy chairman and also to the consulting committee and the staff for the admirable way in which they have managed the affairs of the company. (Hear, hear.)
The CHAIRMAN—On behalf of myself and the consulting committee and the European staff I thank you.
Dividend warrants will be ready to-day.
The following death from electricity is re- ported by the Manila Times-At four o'clock this morning (11th March) Private Timothy Enright of the Police was killed by a shock received from an electric light wire. Enright was on patrol, and noticing the wire on the ground, picked it up, not observing that it was the main wire, leading from the plant, that had been out. He began to coil it about his arm, remarking that he needed some wire to hang his clothes on at the barracks. At the third loop the current was turned on and Enright died instantly. There is some ground for the suspicion that the cutting of the electric light wire was the work of insurgent sympathisers as they have boasted frequently that they would put the city in darkness, in order to have more opportunity to accomplish their nefarious
sohemes.
THE HONGKONG WEEKLY PRESS AND
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LUZON SUgar kefiNING CO., LIMITED.
On 23rd March the 17th ordinary annual meeting of the shareholders of the Luzon Sugar Refining Company, Limited, was held. The chair was occupied by the Hon. J. J. Bell-Irv- ing, and there were also present Messrs. D. Gillies, J. H. Lewis, (consulting committee), J. Barton (Secretary), A. Rodger J. R. Michael, G. H. Potts, G. C. Anderson, Ho Tuug, Ho Fook, Lo Cheong Shin, Ho Kum Tang, and Ho U Shang.
The SECRETARY read the notice convening the meeting.
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[March 25, 1899.
THE GREEN ISLAND CEMENT CO., LIMITED.
On 22nd March at noon the tenth ordinary gen- oral meeting of shareholders in the above com- pany took place. Mr. R. Shewan presided, and there were also present the Hon. C. P. Chater, Messrs. A. P. MacEwen, J. Orange (committee), J. R. Michael, A. Babington, C. A. Tomes, E. Kelly, F. J. V. Jorge (secretary), and Fung Wah Chuen.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen, with your permission we will dispense with reading the The CHAIRMAN said-Gentlemen, when ad report and accounts, which have been in your
hands for dressing you at our last annual meeting I men.
some days. The net profit. is tioned how very discouraging the outlook then $50,317.44 as against $58,738,31 for last year, was, and I am sorry to say that my remarks but as explained in the report the cost of the at that time but faintly indicated the difficul- new works at Hok Un has absorbed all our ties with which we have had to contend. The funds, and we cannot this year recommend course of events in the Philippines during last the payment of a dividend, having no money year you are all conversant with, and you will available for the purpose. The new factory at have been prepared for the disappointing re Hok Un we hope to see completed next Septem- ber without exceeding the original estimate of sults which the figures beforeyou disclose, viz.. a loss of $9,8:9.9.6. When hostilities broke out $603,000 for its cost. This will, however, fully between the Spaniards and Filipinos work had use up the whole of the new capital, leaving us to be suspended owing to our not being able nothing for current expenses or for carrying to keep our native employés, and upon the larger stocks of cement and raw material. cannot feel subsequent occupation of Manila by the forces Under these circumstances we of the United States, the Spanish market, which justified in recommending a dividend, which hitherto, as you know, had been our chief outlet, in any case we could only pay with borrowed was entirely closed to us. To dispose of stocks money. With such a heavy indebtedness of refined the Manila agents were thus made as at present, it would not be proper for ns to borrow more money, merely for the entirely dependent upon local demand, and this fortunately was increased by the requirements purpose of paying a dividend, nor is there any- of the American Commissariat Department, thing gained by paying a dividend and calling otherwise the quantity sold would have been up further capital, which would simply be very meagre, and the loss on the year corres-paying out money with one hand and taking it pondingly greater. In anticipation of a contin- back with the other. Neither of these methods uance of demand from that source work at the would in our opinion be at all good financing. refinery as again started early in January As for issuing debentures, that in the present this year, the necessary native labour being state of the money market would be quite to obtained with difficulty, notwithstanding a expensive and is out of the question. The plan proposed is, therefore, the simplest and best, considerable increase in wages, but after a month's running had again to be stopped owing and if we have to raise further funds later on to the scarcity of raw supplies, which since the it will be so much time gaiued in any case. commencement of active hostilities between the We fully sympathise with shareholders in their Americans and Philipinos there is very little disappointment, but we feel sure that no one who has the interests of the company at heart prospect of now obtaining. The position of the foreign staff you will realize has not will disapprove our action or greatly object been a pleasant one, and recently when war- to waiting a little longer for their dividends. It gives us great pleasure to report that like operations were being conducted in the
the new kiln has proved a success, giving rẹ. neighbourhood of Malabon became so critical that the Manila agents considered it prudent sults which are far in excess of those of our to arrange for their removal, leaving only two present vertical kilns at Green Island. These men as caretakers. The necessary permission will now be replaced by the new kila, six of was obtained and all preparations made, but which are also now being put up at Hok Un. I one and all decided to remain. Their presence am glad to say that not only do we find there is a great saving in the working expenses of these will possibly tend to safeguard the Company's property and we hope no serious consequences kilns, but we also notice an improvement in the may result from their decision. During the quality of the cement produced. The time and many months that the village of Malabon, where trouble and anxiety spent over experiments with the refinery is situated, was held by the Phili- this kiln bave therefore been fully justified and pinos no damage was done, our property being promise to bring the company a good return in scrupulously respected. The consulting com. the future. Atthe Brick and Pipe Work sắt Deep mittee considered the advisability some months WaterBay we have had a great umany difficulties agó of removing our stocks from the refinery to contend with. Fever has been very prevalent but the Manila agents thought it unnecessary amongst the Chinese employés, and we have also to fake such a step as there would be difficulty suffered from frequent changes in the European in finding a safer place of storage. From what staff. Our new Superintendent, Mr. Allan, we I have said you will understand that it is not regret to say, died in September last year, but possible for me to venture an opinion as to the his place has since been well, filled by bis future, but before moving the adoption of the assistant, report and accounts I shall be glad to answer to the best of my ability my questions share holders may ask.
No questions, being asked the report and statement of accounts were adopte, on the motion of the CHAIRMAN, seconded by Mr. POTTS.
On the motion of Mr. ANDERSON, seconded by Mr. Ho Foox, Messrs. Gillies and Lewis were re-elected on the consulting committee.
On the motion of Mr. Ho Tuxe, seconded by Mr. J. R. MICHAEL, Mr. Arnold was re-elected auditor.
Six officers sat under the presidency of Lieut.-Col. Rowlandson at Tanglin, Singapore, on the 18th March, as a general court-martial for the purpose of trying 2nd Lieut. G. T. W. Webb, B.A. Major Gawne was appointed to discharge the duties of Judge Advocate at the trial. Two charges were formulated, on one of which the prisoner pleaded guilty." In con- sequence of this ples, the case has been referred home to the War Office.—Straits Times.
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Mr. Witobell, who has shewn much interest and ability in work which was quite new to him. The net result is still small, but production and sales are on the increase, while the works themselves have been rendered more effective by various alterations and addi- tions to the kilns and machinery, &c. Work at Hok Un has been retarded by scarcity of labour and delays on the part of the contractor, but is now progressing steadily. The machinery has nearly all arrived from home and is being erected as fast as the roofs of the houses are put on, and the new kilns are all finished with the exception of the inner linings. Special at- tention has been given in the arrangement of this factory to socuring the greatest economy. of time, labour, and materials, and i am not ex- agge:sting when I say that on its completion you will be in possession of a factory equal to the bat and most modern concerns in Europe or America. Before proposing the adoption of the report I will be glad to answer any ques- tions.
Mr. J. R. MICHAEL said—I wish to sak some questions on behalf of Mr. Bisch off, who is unable
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