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January 20, 1900.J
Dr. McLeod remarked :-"It is remarkable
CHINA OVERLAND TRALE REPORT.
CHINA PROVIDENT LOAN AND MORTGAGE CO., LIMITED.
At noon on Saturday, 13th inst,, the third ordinary annual meeting of the China Provident at the offices of the General Managers (Messrs. Loan and Mortgage Company, Limited, was held Shewan, Tomes and Co.. Praya Central). Mr. R. Shewan occupied the chair, and there were also present Messrs. J. S. van Buren, Chow Hing Ki, Chow Tung Shang (Consulting Committee), C. Fwens, A. G. Morris, F. J. V. Jorge, E. 9. Kelly, H. W. Dann, T. A. Reid, A. Babington, A. Ramjahn, F. M. Guttierrez, Fung Wa Chuen, and Cheung King Ting. been read,
The notice convening the meeting having
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upon filling a want. To effect this increase of capital the usual extraordinary meetings will be called, of which you will receive due notice. It has been suggested that the general managers, in view of the increased turnover, might, when way to reduce their present commission, and the capital is enlarged as proposed, see their to this they are quite ready to assent. The present commission of 8 percent, cannot, I think, be considered very heavy, but to encourage this further issue of capital and to meet the views of shareholders the general managers will reduce their commission to 5 per cent. when the new capital is subscribed, which is certainly a very substantial concession indeed. Of course, the new shares will be offered to the present share- bolders in proportion to their holdings, but I may say that the vendors of the land we have in view for a godown are anxious to take pay. ment for a considerable proportion in shares garded as guaranteed already to a certain instead of cash, so the new issue may be re-
extent. If any of the shareholders have any questions to ask I shall be pleased to answer them before moving the adoption of the report and accounts.
No questions being asked, the report and accounts were adopted, on the motion of the CHAIRMAN, seconded by Mr. VAN BUREN.
On the motion of Mr. KELLY, seconded by Mr. GORGE, Messurs. Van Baren, Lewis, Chow Tung Shang, and Chow Hing Kee were elected consulting committee for the ensuing year. seconded by Mr. EwENS, Messrs. F. Henderson and W. H. Potts were re-elected auditors.
On the motion of Mr. FUNG WA CHUEN,
public, and they say old Paul Kruger will be the first President. British residents about the border, such as Newcastle, Dundee, etc., are very uneasy how matters will turn
out: but, belleve me, if it comes to B England will have to fight desperately to war hold any possession in South Africa. There are such a lot of Germans with the Boers. I believe they will be ablo, with Natal, old colony. and Transvaal, to put about 75,000 really good all round men, their average being equal to our best volunteers for shooting and riding, besides being up to the country, and I must say I think it will take two or three to one of our ordinary men to beat them. Our columus should be very strong in artillery, and keep scouts out at least five or six miles, so as not to be caught in dongas, kopjes, or drifts, as the Boers always The CHAIRMAN said—Gentlemen, as you are shoot artillery animals in bad places to cause a already familiar with the report and accounts block. I think it will require 80 to 100 thous we will take them as read. The scoounts are and regulars to do the thing really properly, and there are lots of young English and Boers that requires explanation except, perhaps, the 80 very simple that there is nothing in them who, when they have no chance with the Boers, small item of furniture, which has risen from will join the English side; but if there is any $91 last year to $1,000 this year. It represents fear they will go with the Boers for a certainty.merely a new safe, which cost 81,100, and the I hope you won't feel annoyed at me writing necessity for which in a business like oars is you all this, and that you will positively keep obvious. We have gone carefully over all our my name silent, as it will be the cause of me being shot or murdered by some you know. them all.
loans on mortgages and are quite satisfied with You must remember Free State has good artil-estate which has taken place during the year The general rise in value of real lory also."
has, of course, strengthened our position, but over and above that do not forget that the margin on them increases with every monthly payment. As regards the result of the year's working, I am sure you will all agree with me considering bow we have been hampered for that we should be well content with it, especialy
want of sufficient funds. This question of ob- taining further funds has now become a very urgent one, for, as you see, practically the whole of our capital of 8500,0 is now placed in provi dent loans, leaving nothing available for ordinary adrauce on goods, etc., for which there is always a heavy demand on us. This is a good and remunerative part of our business, but we can. not retain our hold of it if we have to say "No" every time to our customers, as we are doing at present. As you all know, there are often times when heary rates of interest will be paid in this money market for short loans on first-class su- eurities, and a large business is always to i done in advances ou merchandise in gudowus. There is, however, one objection to the latter, namely, the absolute reliability of the godowns warrant, and unless the gods and godown are under our full control we are very olury of making advances. No far we have worked The CHAIRMAN said-You received some this branch by making use of the general | days ago the report and accounts for the past managers godowns, but it is evident that year and with your permission I will take them the volume of business to be done in this as read in the asna. way. I do not find any way is more than enough to All large go-
comment necessary to the accounts; they have dowus of our own, and, of course, by owning been drawn up in the same way as before and instead of renting war houses, we should make they are very simple. The annual survey of the profit on the charges for ourselves, and.
our property has recently been held by our moreover, there is nothing to prevent our acting | architects, Messrs. Palmier & Tarner, and they as simple warehousetnen, godown accommoda- | declare all the buildings to be in a fair state of tion being still far from ample in this colouy.repairs interually, the same as when they were That this alone should pay us handsomely we are satisfied from our own knowledge and ex- perience of the demand for storage room, and it is confirmed by the success which has attended the Chinese godown companies which were started not very long ago. Of course, the demand for loans on house property is by no means filled,
that an English farmer in the Transvaal writ. ing nearly four years ago should have been able to make such an accurate forecast of events; and it is more remarkable still that facts so well known nearly four years ago to the writer of this letter hare only been learnt by our Government by the experience of the present campaigu." Continaing, Mr. Drummond said the cause of our national trouble in India was ministerial ignorance; a determination not to believe information brought to the know Jedge of the Government unless it came in
■ blue envelope marked ", H. M. S." and with a piece of red tape round it. That was the kind of thing which was going on all over the world and that was the great cause of our trouble. The British nation to-day was not governed by Kings or Queons or by Governors or by Parliament. It was governed by private secretaries and permanent oficials and nobody else. (Hear hear) Those were the men goierned the British empies to-day beyoud te a ho shadow of a shade of donyt, and they were dut in the public eye and did not hear the respon gibility they ought to haur considering the enor mous power they had in regard to the govern- mout of the empire. A tie present moment they must be prepared to a man to back up the government muti this Month African basin ss was through (applaas-j-bu at the same time when the business was through they should have a parliamentary enquiry, probably in the shape of a Royal Commission at home, for which should be selected men above party consider ations and perfectly independent, and among the questions which that Commission should enquire into was this, Woat steps did the British Government take to gain information as to the state of South Africa, a country in which we have such rast interests? Turning to Chins, Mr. Drummond said they wanted 8 man like Lord Cromer for this part of
the world. The key to Lord Cromer's but I want to make it clear to you that out- charac ter and the key to his success in Egypt was given by Lord Salisbury in a speech delivered by him at the Guild ball when he described Lord Cromer as a man who alway had an ultimatum up his sleeve, In conclusion, Mr. Drummond referred to the China Association, which he said was to a great extent becoming a mutual ad- miration society.
On behalf of the audience, the Hon. T. H. WHITEHEAD thanked Mr. Drummond for his instructive and interesting lecture.
Of the twelve torpedo boat destroyers ordered by the Japanese Government from England six have already arrived in Japan and another three, the Akebono, Kagiro and Sazanami, are on their way home. Of the remainder, the Oboro was lately handed over to the Japanese Commissioner, the Niji has been launched, and the last, dus Usugumo, is now being built. All he boats are the in Japan before the ond of the current year.
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The CHAIRMAN-That is all the business, gentlemen. The dividend warrants will not be ready till Wednesday. They will take some time to check. ·
WANCHAI WAREHOUSE AND STOR- AGE COMPANY, LIMITED.
The ordinary general meeting of shareholders in the Wanchai Warehouse and Storage Com. pany, Limited, was held on the 15th inst. st the offices of the general managers (Messrs Meyer and Co.), No. 5, Queen's Road Central. The chair was occupied by Mr. J. G. Schröter, and Hooper, F. Henderson, J. Orange, O. Vonder there were also present Messrs. A Shelton Heyde, G. H. Hnygen. E. Kroll, C. Schroter and Kwok Sun.
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The SECRETARY read the notice convening the meeting.
leased, but they found some external repairs handed to the Kowloon Wharf and Godown necessary. Particulars of these have been Company, who confirmed already in writing that they would attend to the mattor. When we last met I mentioned the New Pier Ordinance, and you will have seen from the side of that there is a large field for our opera- beginning of this year on a basis of rents which newspapers that it has become law from the tions, and that we are only crippling our present show a reduction on those in the first draft of business and throwing away good chances of the bill. ar Company will now become liable more by not increasing our resources. It is to a yearly payment of probably $480 for pier plain that we cannot look for much at present rent, but, as previously intimated, this outlay from our issue of debentures, although they will be met by the Kowloon Godown Company are certainly a form of investment which should during the whole period of their lease, and this be in favour with all investors who make security obligation has already been acknowledged by their chief desideratum, and we have, therefore, them. According to the ordinance a lease for decided to make fresh issue of capital. We do the pier will be issued by the Government for a not propose to call up the unpaid capital, but term of fifty years, and have instructed our shall issue a further 50,000 shares of $20 each, solicitors to apply for the same. Nothing else instalments of 85 at a time, Some of this ad- answer if you have any questions of which $10 only will be called up, as before, in of interest occurs to me, but I shall be glad to ditional capital, will be used for provident loaus, but the bulk of it we will employ in obtaining land and building godowns and making advances shares come on merchandise stored with us, Advances on more within the province of by us, but advances on goods is a business we banking, and will, therefore, not be pushed | believe that the banks here are
The CHAIRMAN-That is all the business, not in gentlemen. I thank you for your attendance. favour of doing, and in that respect we count ' The dividend warrants will be ready to-morrow.
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No questions being asked, the report and accounts wore adopted, on the motion of the CHAIRMAN, seconded by Mr. J. ORANGE.
On the motion of Mr. C. Von der HeydE, seronded by Mr. Huygeu, Mr. F. Henderson was re-elected anditor,
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