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and
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[November 18, 1899.
THE HONGKONG WEEKLY PRESS AND ant said that when the business had once been any other estates in the peninsula. This fact | 250 coolies have been erected. An area of about established on a permanent footing, it would be speaks will for the care - and attention on the 190 acres is reserved for cultivation of rubber, very easy to incorporate it into a limited-liability part of the manager and bis staff, and the work a little more than two acres being already plant- company, floating it entirely in Hongkong. accomplished by the factory without any serious ed with rubber trees The outlay on this ex- Within the last year, an American commis bitch throughout the season fully justified the periment is trifling and spread over a period sion house has been established here—F. A. expense which has been incurred during the past of six years, during which the trees are Blake & Son-which represents half a dozen or few years in increasing the power of plant and unproductive. By the end of six years the ex- more California Arms. It has met with gratiin putting it in good working condition. The penditure practically ceases and the trees should fying success, and I hope may be the beginning only work of importance during the year has begin to bear providing in the first year a re- of a larger enterprise. People are learning to been the erection of a new chimney, to which venue which should more than reimburse all pre- appreciate American goods, and our manufac- reference has been made in the report. It is vious outlay and which will increase thereafter turers are finding out that they can compete in constructed of iron plates and lined with fire year by year. This kind of rubber has already this market by sending over their surplus at a bricks to the height of 25 feet. Besides being been planted with some success in the Straits, special export price. One of the leading arohi considerably cheaper than a brick chimney it the product finds a ready market, and the uses tests here, writing to me on the subject of has the further advantage of being much lighter, to which robber is put are increasing every year American competition, says:
thus lessening the danger of sinking the found. and appear likely to go on increasing. The Di- ation, to which a heavy building in liable inrectors have every reason to believe that this the kind of soil with which we have to deal. venture will give very profitable results in the The new chimney is 50 feet higher than fatare. It is customary on this occasion to say the old one the improved draught a few words as to the prospect for the coming resulting therefrom has already effected year. As you will see from the report, we hav a great saving in the cost of firewood. again slightly increased the area under cane. At the same time it is possible to supply the The latest reports from the estate are that the factory with sufficient steam and have always cultivation has never looked better at this time one boiler not working thus giving an opport. of year than it does at present, the weather fur- unity for regular overhaul and cleaning. Of ing the past few months having been very favour- the various working accounts it will be noticed able to the young canes. In an agricultural that the launch expenses have been unusually enterprise such as this it is of course impossible heavy. This is due to extensive repairs which to foresee what the results of the next nine or were found to be necessary when the launch ten months may be, but given ordinary condi- was docked for its annual overhaul. Exchange tions of weather there is no reason why the output for the season just commencing should account is an unusually large item compared not be at least as large as that of the season with previous years which is accounted for by
just closed. You will notice that the whole the fact that funds which were previously em. ployed in liquidating the outstanding accounts crop has been sold under forward contracts at an average net price of $6.25 per picul, which and in paying for new machinery have this, been remitted to Shanghai at varying rates of is 25 centa better than last year's price. With exchange while the account with the agent are regard to the division of profit, the setting kept at a fixed rate. Interest is the only other side of the sum of Tls. 35,000 to form a nucleus of a reserve fund will no doubt command itself item which differs largely from previous so
to the shareholders as a wise step Although count, and it will be noted with "satisfaction that it differs in the right direction. It may
the Company is now in prospectus times both reasonably be hoped that next year this item in the production of sugar and in the price will appear on the credit side of the working which it has been able to obtain, it must not
With regard to the new concession, be forgotten that it has been an up-hill fight . it will be remembered that at the last annual for several years and that bad years may come meeting the shareholders confirmed the sale of again. The great drawback in the past bas the absence of a reserve fand with which to an outlying block of about 1850 acras, and men- tion was made of a scheme which the Directiors tide over bad years. It is not intended to in- then hoped to be able to shortly submit vest this fund in the company's business, but to to the shareholders for the development invest it in safe securities negotiable in case of
the remaining portion
of the pro- of perty. Such a scheme, whatever form it might take, would necessitate the raising of new capital, and the Directors decided that it would be better to postpone any action in the matter until it was known what the result of the season's working would be. The Direc- tors are now preparing a scheme which in the absence of some further details they regret they are unable to place before you to-day but which will be made the subject of a special meeting of shareholders at an early date, In the meantime the work of olearing jungles and opening up the land is being proceeded with in an inexpensive way. A short bistory of the new concession, as it is called, may be
No questions being asked, the chairman beg- interesting to the shareholders, A. concession of 5,600 aeres was in 1894 offered to this com-ged to propose that the report and accounts as pany and the Directors agreed to take it over presented be passed. for $1,000. The land was reported as being excellent for sugar cultivation, It adjoins the company's estate, and is situated on the banks of the Gula Kalumpung Canal, the rights
"American manufacturers are, as you know, entting into British and German trade here. In some tenders we received a few weeks ago for a large steel wharf, there was a difference of only £66 (3320) between the lowest tender (British) and the next lowest (American)—the former being f.o.b. Liverpool; the latter, f.o.b. New York. Had the price been o.i.f. here, the American tender (Carnegie's) would have been the lowest, owing to freight being cheaper here from New York than from Liverpool. The wharf was let for about £7,5 10 (836,450).”
The new mills of the Hongkong Cotton Spinning, Weaving, and Dyeing Company, Limited, will be in operation within a few days. This is the first cotton mill erected in Hong kong. For the last two months, between 800 and 900 hands, mostly women and girls, have -learning the mysteries of spinning cotton. The mill is fitted up with the very latest machinery, made in Oldham, England. There will be about 50,000 spindles, of which 8,000 are already at work. It is understood here that they are preparing to erect a plant for a duplicate mill, and the representative of an American firm, who was here figuring upon the proposition, told me that he could outfit the new plant for $150,000 less than they paid for the old one. As I have said in pre- vions reports, this new industry will create a big demand for American "upland" cotton. The only thing that the promoters of this English industry fear is that mills will be established in Manila, which would only be possible if Chinese labour were admitted freely, The exports from this colony to the United States are steadily increasing. The exports for the quarter ended March 31, 1899, amounted to $1,565.810 gold, as against $718,030 in the While the corresponding quarter of 1898. bulk of these exports are in Chinese goods, there are a few items that may be of general interest. For example, matting, $99,330; rat- tan ware, $21,990; hemp, $133,490; rice, $325,250, refined sugar, $165,840); hard-wood furniture, $24,185. In addition to these, sundry provi. sions were invoiced in this consulate for Manila, amounting to $398,230)
This last item is an object lesson in itself, as every artiole should have been sold by American firms.
ROUNSELLE WILDMAN,
Consul-General.
Hongkong. S1st July, 1899,
PERAK SUGAR CULTIVATION CO.,
LIMITED.
The fourteenth general annual meeting of shareholders of the above company was held at the company's offices, Shanghai, on the 7th November. Mr. W. V. Drummond presiding and there were present Messrs. F. Anderson. W. D. Lättle, (Directors), Leonard, Kerr (Secretary) White Cooper, J. Buchanan, A. E Jones, A. W. Burkill, J. M. Young and others.
account.
over which the Directors were anxious to no- quire as being a means of supplying the estate with fresh water from the Kuran river. The acquisition of the property also secures the company against the formation of a rival estate situated on its borders which might seriously complicate the estate's labour question. Be- tween 1891 and the present time a sum of The CHAIRMAN said-The report which has slightly over Tls. 12,000 has been spent in quit been for some days in the shareholders' hands rents, survey fees, clearing jungle and opening may I presume be taken as read. The period up of the lend, and against this outlay we have dealt with coincides with the report presented received Tls. 7,300 for about one third of the last year thus affording an opportunity for com- property, an outlying block on which nothing parison between the two. While working ex-
had been spent and which the company would not penditure shows a slight increase of about 3 per have been able to utilise for several years, if at cent. the output of sugar exceeds by 14 per all. As you will see from the accounts, the sum cent, and the total revenue by 20 per cent over of Tls, 4,828,89 now stands as an asset in the last year's figures, so that as a matter of fact we balance sheet, representing a property of 3,500 hava been able to work more cheaply than before acres of which about 800 acres have been cleared The area cropped has been larger than any in of jungle. 23 sores planted with canes: 21,500 the previous history of the company and it will feet of drainage navigation and boundary canal to shareholders to know that the and over 10,000 feet of drain have been dug, a
on the Company's es- | small bungalow for the foreign
than that buildings,
for the
return of
has this your buôn
need. The Directors have followed the usual custom of writing down the plant, building, etc., by 10 per ount. of their book value, and considering the nature of the plant and the work it has to do this amount" could not be considered excessive. Finally, the Directors recommend a final dividend of 7) per sent, absorbing Tls. 18,750), which with the interim dividend of 5 per cent., Tls. 12,500, dividend last April, makes a total for the year of 134 per cent.. or is 31.25%, which they hope may be considered satisfactory These are all the observations I have to mike and I shall be pleased to furnish any information which any shareholders may wish to ask for, before submitting the first resolution.
Mr. F. Anderson seconded. Carried. The Chairman then proposed that the final dividend at the rate of Tis. 3.75 per share, making a total of Tis. 6.25, be declared, payable
on the 8th November.
Mr. Little seconded. Carried. Mr. Burkill proposed that Mr. F. Anderson's appointment to the Board be confirmed,
Mr. White-Copper seco nded, Carried. Mr. Young moved that Mr. J. H. McMichael be reappointed a director of the company.
Mr. Buchanan seconded. · ·Carried
Mr. Buchanan moved that Mr. G, B. Win- grove be re-elected auditor at a remuneration of Tla. 200 per annum.
Mr. Jamieson seconded. Carried. The Chairman proposed that the next annual meeting of the company be held in November
1903.
-Mr. Joneu seconded, Carried.
The meeting concluded with a vote of thanks to the directors, the manager of the estate, and the staff generally, which the chairman suitably scknowledged.—Mercury.
The appointment of Dr. J. H. Swan to bɔ s upernumerary Surgeon Lieutensat in the Hongkong Volunteer Corps in gazeći
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