February 2, 1901.]
CHINA OVERLAND TRADE REPORT.
46
no
of a real piracy. It is to be hoped the China British minister for prompt and effective action. Association will make a strong case to the
Yours, etc.,
"OBSERVER."
SATURDAY'S MILITARY SERVICE,
TO THE EDITOR OF THE “DAILY PRESS.
Hongkong, 31st January. SIR-As a resident who hopes to be present Saturday's military memorial service, may I suggest to those responsible for its arrangement ground, as it will be impossible for all to get that it be held on the mach abused cricket
inside the Cathedral.—Yours, etc..
VOLUNTEER.
PARLIAMENT AND THE CROWN. Probably the German authorities will take a different view of this repetition of "an exag- TO THE EDITOR OF THE “DAILY PRESS. geratod fact" from Mr. Scott, although
Hongkong, 25th January. bale" of German "piece goods" was reported SIR-Referring to the tulographic informa-missing, a sine qua non, in Mr. Scott's opinion, tion conveyed in your columns this morning anent the meeting of Parliament, there seems to be a generally expressed opinion that the Legislature was dissolved by the demise of the Crown. Until recently this was 80, and by the common law the dissolution, happened im mediately upon the death of the reigning sove. reign, for, being considered in law as the hoad of the Parliament, that failing, the whole body was held to be extinct. But the calling of a now Parliament immediately upon the inauguration of the successor being found inconvenient, and dangers boing apprehendat ed from having no Parliament in being in caso 6 Ann C. 41 that the Parliament in being of a disputed possession, it was enacted by should continue for six months but no longer) after the demise of the Crown, unless sooner dissolved or prorogued by the successor, and that, if it were at tho time of such demise separated by adjournment or prorogation it should reassemble imimmediately. It was also enacted by 37 Geo. III. C. 127 that in case of such démise between a dissolution and the day appointed by the writs of summons for the meeting of a new parliament, the last pro- ceding parliament should immediately conveno for six months, unless sooner prorogued or dissolved by the succeeding sovereign, and that, in the event of such demise on after the day appointed for assembling the or new Parliament, but before it had in fact us- sembled, then the new Parliament should in like manner convene for six months unless sooner prorogued or dissolved. The law on this subject is now further regulated by the 30 and 31 Vic C. 102 S. 51 which enacts that (anything in 6 Ann C. 41 notwithstanding) the Parliament in being. at any future demise of the Crown shall not be determined or dissolved by such demise, but shall continue so long as it would have continued but for such demise, unless sooner prorogued or dissolved by the Crown. Yours, etc.,
H. C. AN.
THE MURDERED SCHOOLMASTER.
Hongkong, 28th January. TO THE EDITOR OF THE "DAILY PRESS.
SIE--I was glad to see in your paper a few days since the suggestion that a subscription should be opened for the family of the murder- el Chinese schoolmaster-left, as we under-
stand, wholly destitute. I have been a little surprised and disappointed to see no further notice or acknowledgment of subscriptions.
Hoping, however, that your suggestion will be carried out, I enclose my contribution,
aad am, etc.,
AN ENGLISHMAN.
THE PIRATICAL ATTACK ON
EUROPEANS.
|
HUMPHREYS ESTATE AND- FINANCE CO., LIMITED.
of the above company was held at the offices, Nos. The fifteenth ordinary annual general meeting 38 and 40, Queen's Road Central, on Monday, the 28th nit. Mr. Hart Buck presided, and there were also present Messrs. J. S. Van Buren, C. Humphreys, A. H. Mancell, C. S. Sharp, S. Ewens (directors), W.C. Taylor (secretary), H. Rustomjee, und Fo Fook.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen, as the raport and statement of accounts have been in your hands for some days, I do not propose to read them, unless any shareholder wishes me to do so. Since 16th ay last, as you are aware, this company has been working under new articles of association, with a board of directors and general manager. It is, therefore, with great pleasure that your directors now come before you with such an excellent statement of accounts. The net profit greatly exceeds that of any pre- vions year, but in view of the fact that most of it has been made by sales of properties, I think you will all agree that the large amount which your directors propose to place to permanent roserve fund account is in the best interests of the Company. You will be pleased to hear that further sales of property have already yielded profits amounting to $90,000-which will come into this year's ac- count, so that an equally good dividend to that which you are now gotting is assured. Until recently a large proportion of our property consisted of undeveloped land, which, although continually increasing in value, proved, from a dividend point of view, a source of weakness, because, while bringing in no return, tho land was subject to a considerable amount in Crown rent. By the end of the current year, however, when it is fully, or nearly fully, developed, it will be a source of strength, so that, taking everything into consideration, I think we are justified in looking forward to the future with You will see, on referring to the accounts, that debentures $200,003 do uot again figure amongst our liabilities, as they were paid off on the 31st December last. In fact, those to our shareholders, are practically nil. you will observe that our liabilities, other than At the same time, I do not suggest that it is unwise for us to borrow money at a cheap rate of interest. On the contrary, it would be a He distinct advantago if we could do so without, as in the case of mortgage debentures, tying to trustees. up our securities under a mortgage deed This course necessitates not property is sold, but all kinds of legal and only waste of valuable time, whenever a other expenses in getting the title deeds released from the trust. property is brisk, and it is and has been for When business. in
some time, these extra costs more than counter- balance any advantage arising from the borrow- expedient to again borrow for the Company, ing of cheap money hence if it is considered your directors will endeavour to obtain what- Capital account was increased $450,000 on 31st ever money is required on different terms. March last, by the issue of 45, 00 new shares of $10 each, shareholders on the register on the 15th March who applied receiving four new
TO TH TO THE EDITOR OF THE DAILY PRESS,
Hongkong, 20th January, SIR,-As one of the gentlemen recently attacked by pirates near Canton was ILI Englishman, and his complaint will presumably be sent in to the British Consul-General at Canton, it may be opportune to quote a few ex- pressions of opinion given by Mr. Scott in his last report to the British Government. wrote:-
"It may be as well that something should be said on the subject of so-called 'piracy' in the Canton waters and on the West River. use of the words 'piracy' and pirates in this The connection has given the public a false impres sion on the subject, and has no doubt conjured up pictures of the buccaneers, Captain Kidd and other famous freebooters. The piracies are gang robberies with arms, but without, for the most part, actual violence. have finished with a launch the men usually take When the gang a polite farewell, but the whole matter has, in my opinion, been so grossly exaggerated and so false an impression been created in the public mind at home and in China to judge by the public prints that I have thought it right to point out the real facts of the case.”
confidence.
101
were all taken up, and the capital of $1,000,000 shares for every five held by them. The shares
side of the accounts, there is not much that is now fully subscribed. Turning to the other calls for explanation. Your property could be sold at a much higher figure than that ties we hold against our loans, and mortgages at which it stands in the books and the securi- allow for ample margins. The only other item I need refer to is investment in public com- panies, represented by 125 shares in the Hong- kong and Whampoa Dock Company, as our directors considored that, as the (ompany was in a position to build up a substantial re servo fund, such fund should be invested in some gilt-edged local stook, and I think you will agree that no better investment for our reserve fund could be found than Docks.
last. With rogard to building operations, we The price at which they stand in the books is the market price on 31st December commenced the eruction at the end of last year of 16 small European houses at Tsim Sha Tsui and 26 houses at Yaumati, and it is proposed very shortly to proceed with the erection of about 61 more Chinese houses at Mong Kok Tsui. Your directors do not consider the on- of speculation, but the result of the genuine hanced prices of Kowloon properties the result demand of accommodation of a rapidly inorens- ing population in that part of the colony, and your directors will use their best endeavours to remunerative to the Company. If any share- meet this demand in a manner that will be
to answer them, holder has any questions to ask I shall be pleased
how many square feet we have in Kowloon now Mr. SHARP-Can you tell me roughly about and at about what it stands in the books P
The CHAIRMAN-About 300,000 square feet. Tho ra es vary. The land at Yaumati stands at about 80 cents per square foot, and that at Tsim sa Tsui at about half a dollar.
Mr. SHARP-Thanks.
then confirmed, on the motion of the CHAIR- The report and statemen of accounts were MAN, seconded by Mr. Ho FOOK.
Messrs. C. Ewens, J. S. Van Buren and H. Tung were re-elected directors, on the motion of the (HAIRMAN, seconded by Mr. MANOELL
On the motion of Mr. HUMPHREYS, seconded by Mr. SHARP, Mr. F. Henderson was re-elect- ed auditor, and the appointment of Mr. W. H. Gaskell was confirmed.
The CHAIRMAN-That concludes the business of the meeting, gentlemen. Dividend warrants are now ready. Thank you very much for your attendance.
KOWLOON LAND AND BUILDING
CO.,
LIMITED.
Board of Directors to the ordinary meeting of The following is the twelfth report of the shareholders, to be held at the Company's offices, Victoria Buildings, at 12 o'clock noon, on Thursday, the 7th inst.
Gentlemen,-The directors now submit you balance sheet for the year ending 31st Decem a statement of the affairs of the Company, and bor, 1900.
The balance of profit and loss account for the amounted to $8,362.54. The directors, there- year, after writing off all charges and expenger,
thirty cents per share be paid, which, after writ- fore, recommend that a dividend of one dollar ing off the directors' and auditors' fees, will leave a balance of $862 54 to be carried forward to credit of a new profit and loss account.
DIRECTORS.
by rotation, but offer themsolves for reelection... Messrs. F. Henderson and J. Goosmann retire
AUDITORS,
Thos. Arnold and W. H. Gaskell, who retire, The accounts have been audited by Mossra. but offer themselves for re-election.
F. HENDERSON, Chairman. Hongkong, 21st January, 1901,
BALANCE SHEET. To 31st December, 1900, LIABILITIES.
31st Dec., 1900. Paid-up capital Dividends outstanding Accounts payablo Balance of profit and loss account
180,000.00
1
-362-54 403.10 8.362.54
$189, 128.18
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