1
190
Dagupan, a distance of one hundred and twenty miles, and Bangued is about the same distance north of Dagupan. An extension of the road from Dagupan to Bangned is practicable and feasible, and could be constructed, it is believed, at a cost of £6,000 per mile. The railroad company have already made the American Civil Commission a tentative offer to construct this extension, which is now under consideration.
A GREAT PROSPECT.
If the Americans decide to settle this Northern province the advantages of the step will be many. First, sick and ailing troops, now going back to the States by every transport at great expense to the Government, could be sent to Benguet at a trifling cost, there to re- cuperate. Secondly, the opening up of this country would render it untenable to the insur- gents who have long made it their rendezvous. it being particularly adopted to their method of life and warfare. Thirdly, with Manila only twelve hours away by rail, the fruits, vegetables and cattle of this productive province would find a ready market clearly to the advantage of the Benguet producer and Manila consumer. And fourthly Benguet would be a cool and healthy resort where Americans could repair for that occasional change of climate which all foreigners who reside in the Phillipines do need, and where the families of army officers and civil service employees could live comfortably and well.
THE HONGKONG WEEKLY PRESS AND
|
representative of the present Cabinet, of both Government and Opposition in the Upper and Lower Houses of Parliament, of every branch of religious thought, of the Privy Council, of the Lords Lieutenant of the London County Council, of Art and Letters, of the learned Societies, and of every Colony under the British Flag.
The objects of this Committee have already been received with approval in the highest quarters, and at the proper time, probably with- | in a few days after active military operations in South Africa have ceased, I shall be at liberty to ask you to publish the names of its members for the information of the public. Later on, too, after the first general meeting has enabled us to distinguish the plan most likely to commend itself both in the Colonies and at home, I shall hope to lay before you details as to the form this Memorial will take, the site suggested, the method of raising funds, and other matters on which it is impossible as yet to dilate. If I seem unnecessarily vague now, I can but plead the great importance-as it appears to me-of not starting so large a pro. ject with any hard and fast ideas, and of not saddling a Committee with any stereotyped. recommendations that might-in some cases- repel a large section of the public sympathy, But in the interval, before any definite conclu- sions have been arrived at apart from the general acquiescence of a large and representative body Benguet has a good future before it; if the in the fact of a future memorial to be built in railroad is built it will become the most attrac-London, I shall be very glad of any suggestions tive place in all these islands. It will be the in the shape either of warning or advice. centre of social life during the hot months; with the good hotels that will surely follow, the the building of summer hoines by members of the civil commission and army officers, life there will be comfortable and enjoyable. Beng- uet is as good a name as Simla, and in due time it will probably be as well known locally as is that famous Indian Hill Station.
CORRESPONDENCE.
[We do not hold ourselves responsible for the opinions expressed by our correspondents.]
IN MEMORY OF THE DEAD IN SOUTH AFRICA,
Savile Club, 1 7, Piccadilly, W.
3rd August, 1900. TO THE EDITOR OF THE "DAILY PRESS.
SIE,-I feel sure that your readers will be interested to learn the progress of a scheme, supported in every quarter of the world, to com- memorate the dead, from all parts of the British Empire, who have fallen in the South African war. For the inception of this plan I can claim no credit whatever; but it has been handed over to me by its originator to be developed on the widest possible basis. I therefore venture to ask you for a small portion of your valuable space to lay before the English-speaking public a short sketch of the arrangements now in pro- gress. Lest I should seem premature, let me say that I write now for two reasons. first, because so large a scheme needs long and care- ful preparation; secondly, because I think it of great importance that there should be no risk of the attention of the public being distracted, by other possible suggestions, from the plan that has already received a support which may fairly be called not merely national, but in the widest sense imperial, as you, sir, will be in a position to judge from the lists which I enclose herewith, strictly for your private information. A very widespread expression of sympathy has been obtained for the broad general princi- ple that the names of all our dead should be in some way permanently preserved in an appro- priate building in London, whether they were British-born, or whether they came from the Colonies, whose assistance in this campaign has marked the birth of a coherent and united Em-
pire, in which every part is ready to share in the common responsibility and to bear the com- mon burden. In order to give this feeling a practical form a large number of gentlemen have signified their willingness to become mem- bers of what may be called the First General Committee, a body that is drawn from a very wide area and will carry authority wherever the English tongue is spoken. Its numbers are not yet quite completed, but it is already fully
I think I need hardly say more to commend the attention of English readers to the broad principle which the Committee has been organised to support and I look forward to the day when, under the sanction and authority of their names. a definite and fairly detailed scheme can be brought forward, after the close of the War. Faithfully yours,
[September 8, 1900.
$16.25 per picul, a partial failure of the Indian crop resulted in famine prices being established and our having to pay as high as $30 per picul in March last, while the demoralised state of commerce in the Shantung Province, in which markets our yarns had become well and favour. ably known, had resulted in our selling price for a bale of three piculs falling from $102) in March to 887 to-day. Briefly the cost of three picnls of cotton had advanced $42, while three piculs of yarn had declined $15. These are phenomenal fluctuations which under the ordinary laws of supply and demand cannot continue to prevail, and with the prospects of present weather reports from India favouring a more bountiful cotton crop, a cessation of rebellion in the north, and a return in com- merce to its normal condition, we may reason- ably hope to see markets assimilate to a re- munerative basis. The question of labour supply has caused the management grave anxiety, deaths from plague epidemic having been numerous, and the panic caused thereby, to- gether with the alarm created among the younger hands by police house to house inspection, resulted in such an exodus that at one time we were reduced to running 10,000 spindles only, and as this represented a very heavy loss in working, we seriously contemplated closing the mill. Fortunately since that point matters in this connection have steadily improved, and we have to-day a supply of labour which enables us to run 37,536 spindles. The next matter to which I have to refer is the finan- cial position of the Company, and more par- ticularly its indebtedness to Messrs. Jardine, Matheson & Co. I made reference to the mat- ter at our meeting a year ago and in then ex- plaining the reasons why the Company had been so much undercapitalized at the time of its flotation I said, “Up to the present time Messrs Jardine. Matheson & Co. had met the financial wants of the Company, but this was a purely temporary arrangement, and later on some permanent system of finance would have to be introduced." The same problem has again to be met, but in an aggravated form, and unless shareholders come forward and provide capital I can see no solution of the situation except liquidation. Considering the very large sum of money which the General Managers have already provided it will not be a surprise to the shareholders that they hesitate to make further advances to the Company, and I do not think any of you will con- sider that Messrs. Jardine, Matheson & Co. are over-cautious in declining to allow the debt which the Company owes them further to increase. The question which therefore presents itself, gentlemen, is What are the shareholders pre- ong,pared to do?" In conclusion I may add that were the sum due to the General Managers a very modest
iustead of the very large amount which it is, they might consider it advisable, under the circumstances, to carry the Company on with their own funds for a time, as they have been doing, but you will recognize that such a large debt being already due to them it would only make matters worse further to increase it. I shall be glad to answer any ques- tions before proposing the adoption of the report and accounts, and to receive any sugges- tions as to meeting the financial difficulties with which the Company is confronted. I cannot of course expect shareholders to make any well- considered proposals at this meeting as to how the financing of the company is to be carried on, and I intend therefore to call a special meeting at an early date to receive an expression of your views, and to come to a decision as to what is to be done.
THEODORE A. COOK.
THE HONGKONG COTTON SPIN- NING, WEAVING AND DYEING
COMPANY, LIMITED.
The ordinary annual meeting of shareholders in the above company was held at the offices of the general managers (Messrs. Jardine, Mathieson ando.) on Monday afternoon. 3rd inst. The Hon. J.J. Keswick presided, and there were also present the Hon. C. P. Chater, C. M. G., the Hon. R. M. Gray. Messrs. A Haupt, J. McKie (Secre- fary) A. Shaw (Manager), T. F. Hough, Erich Georg, . H. Potts, J. Y. V. Vernon. Gør- shom Stewart, G. H. Michael, T. S. Forest, Mehta, Byramjee, Ho Fook. Ho Kom Ho U Shang, Leung Tit Shan, Fok Tsan Kang, Chan Ku, andhan ( hau Nam.
The CHAIRMAN said: -Gentlemen, the report and accounts of the Company have been in your hands for some ten days. and with your consent I will not trespass on your time but consider them as read. Referring to the Balance Sheet of the Company I shall make special reference later on to the most important item therein, which of course is the indebtedness to Messrs. Jardine. Matheson & Co. of $1,529.943.98, while in the
debit side of the account the only other entry calling for explanation is accounts payable, 85.223.78. which I should explain includes 3.171.59 for wages and salaries due as on Au- rust 15th, but not paid at that date. With re- gard to the assets I may say that our stocks of yarn, cotton, cotton in process and mill stores have carefully taken and moderately valued on to- day's current quotations rather than on what to- day's higher replacing costs would represent. Turning to working account we have a less of $69.637.79, which however includes a sum of $24.797.94 transferred from construction account, an item of course that would not oc- cur again. In connection with this account I
may say that the operations of the Company
have been attended by most unfortunate cir- cumstances in every one of the three prominent features which affect such an enterprise, viz., cost of cotton, state of consuming markets, and labour supply. aking the first two considera- tions together I cannot more clearly explain the difficulties of the situation against which we have had to contend than by mentioning that whereas we began by purchasing cotton at
one
There being no questions, the CHAIRMAN pro- osed the adoption of the report and accounts.
Mr. T. F. HOUGH said-I have much pleasure in seconding the adoption of the report and accounts, and in doing so, while regretting the unfortunate nature of the results shown, I fully guarded by those in whose hands we have feel sure that our interests are being very care-
entrusted them.
The motion was carried.
On the motion of Mr. VERNON, seconded by Mr. BYRAMJEE, the consulting committee were re-elected.
On the motion of Mr. Ho Fook, seconded by Mr. FOREST, Mr, W. Hutton Potts was re- elected auditor.
I
No comments yet.
Private notes are available after approval.