March 23, 1901.]. ..
CHINA OVERLAND TRADE REPOR
practical results, but, in my humble opinion | a reserve fund, which fund will be available, (and I have had a long experience of sanita tion in the colony) the Board, as such, can satisfactorily accomplish nothing whatever, unless and until it is made a free agent, with adequate powers, acting directly under the Governor, and solely responsible to His Ex- cellency and the community.-Believe me, yours faithfully,
WILLIAM HARTIGAN.
"
EDUCATION IN HONGKONG.
TO THE EDITOR OF THE 44 DAILY PRESS,
Hongkong, 20th March. SIR-It is really surprising to notice how some people have the audacity to think that they know better how to govern than those who are in power here. Just fancy, Europeans clamouring to have schools where their childron may be educated according to European ideas, schools where their children may be inbued from their very youth with that sense of freedom and righteousness which solely associa- tion with their own race can give! It is monstrous to think that in these days of progress, in other parts of the world, we should pretend to have in this colony institutions on modern lines. This colony, if it is progressing, is not progressing through the enterprise of the white race. If it becomes a great manufacturing centrs, as the prophets predict, it will be all owing to the native race. How can the white race expect any privileges? Europeans should think it a great honour if they are allowed to reside here. It would be better for the colony if they were not here, the official class would then get on much better.
•
Seeing that the question has now reached a stage where the worthy dependents of Downing Street will stick to that old rule "Native first, the rest after," would it not be better that a petition be sent to Downing Street, putting the question clearly before the progressive mind of the Colonial Secretary (in London) ?
If a petition were sent to him, not through official course but direct, and were headed by our worthy Bishop and the leading minds of the commercial community, English and foreign, it may be that the question will be easier settled.
If the object of the school is fairly put before him and the advantages to be got are well explained, it may be that he will sanction the erection of the desired schools. In any case, the colony would receive a definite reply as to his decision and would then be able to act upon it.-Yours, etc.,
WATKINS, LIMITED.
D.
The second ordinary annual meeting of shareholders of the above company was held at the company's offices, Queen's Road, on Tuesday, 19th inst., at noon, for the purpose of receiving a report of the general managers, and statement of accounts to 31st December last.
to meet contingencies and for equalising dividends. Among the assets in the balance sheet you will notice an item of $11,772 56. This sum represents the nominal value of goods consigned to the North, but Lot realized on 31st December, 1900. The goods are being sold at very favourable rates as opportunity offers, the profit où same will, of course, come into the account for 1901. Should we see fit, and provided that it in no way cripples our cash account, we may pay to the sharehold rs an interim dividend, say next July or Angust. I should not, however, gentlemen, wish you to look on any interim dividend we may pay to shareholders as a thing to be looked for yearly, but to be regarded as an exception to the general rule. In a business such as the one we are carrying on, it is very neo ssary for us to have cash assets, and if the cash assets were denuded by the payment of abnormal dividends, the business would suffer, our capital being small. Mest of the figures in the accounts speak for themselves. Before proposing the adoption of the report and passing the state ment of accounts should any shareholder wish further information, I shall be happpy to give it. In answer to Mr. MOUNSEY the CHAIRMAN stated that the profits made by the Hongkong business last year was $15,022.43 Profits had been made on accounts of the Northern business, but they had not yet been remised, and the shareholders might expect to sea them realised in the current year's account. The directors did not promise a very much increased divi- dend next year, and decidedly objected to pay more than 12 per cent. and thus make gambling stocks of their shares. He thought 12 per cent. a fair return, and they wished to make it a steady dividend.
Mr. G. A. Watkins, presided, and there were also present Messrs. Chan A Fook, K. W. Mounsey, R. T. Head, T. H. Roid. W. H.- Gaskell, E. J, Grist, Chow Hun Wah, Chu Ching Sion, and Major Brown.
Mr. MOUNSEY The present shareholders should participat: in the increased profits, and should therefore get more than 12 per cent., instead of carrying forward enormous amounts to equalization of dividends or reserve funds. It seems absurd to carry forward a large sum to reserve and not to allow the present shareholders to benefit from the profits made.
The CHAIRMAN-They will get it in an in- terim dividend.
Mr. MOUNSEY That is a vague promise. Can you tell us what the profits will be? the goods up north have been sold at.
The CHAIRMAN-It is impossible to say what
Mr. MOUNSEY-I notice you have accounts receivable 833,682; are those outstanding ao counts receivable from customers?
The CHAIRMAN—Yes.
Mr. MOUNSEY-Is not that a rather large sum outstanding?
year.
The CHAIRMAN-Smaller than we had last It is not a large sum in a business car- ried on under credit entirely.
Mr. MOUNSEY-The amount you write off is composed almost of bad debts, I suppose ?
The CHAIRMAN-Some of those have been recovered, and some are being recovered.
Mr. MOUNSEY-I see stock in hand and goods in godown amount to $75,000. What is the difference between goods in godown and stock in hand?
The CHAIRMAN-The goods in godown are in the Kowloon godowns, and we hold godown warrants against them. If anyone wishes to challenge the stock book the General Managers will allow them to verify this.
རྗ་
Mr. MOUNSEY-Is the serated water business a loss or profit to the Company?
The CHAIRMAN-It is paying its way, and is likely to realise considerable profits. The business is increasing every day.
251
lars capital,
forzat that we have a lakh which is also being used.
The CHAIRMAN And you must not forget that you have a lakh and a half of dollar's worth of goods to carry.
Mr. MOUNSEY There is one more question I would like to ask. What is the value of the stock sent up north ?
The CHAIRMAN said-Gentlemen: The re- port and statement of accounts having been in your hands for some days, we will, with your permission, take them as read. It affords your General Managers pleasure to be able to place before you a report, which may be justly considered highly satisfactory in every respect. This has been due in a great measure to the Mr. GASKELL said it was of very great im- improved efficiency of our establishment, which |portance in a small business like that and with has recently been augmented by the intro-small capital such as that company possessed duction of new aerated water plant of the that it should not be entirely skinned of its ready most modern type, and to the fact that we cash. If they paid large dividends they could advantageously disposed off some of our goods not hope to do the same business as otherwise, which I took up to. Tientsin when the place because large dividends meant less cash to work was in a state of siege. You will observe from with. That business was very different from the statement before you, the amount available one of the same description in London for it for appropriation, after writing off $1.727.80 had to be conducted entirely on system of from the value of steam-launch, fixtures, credit. That must necessitate a large amount fittings, and book debts, and including as accounts receivable. There was very little $7,022.43 brought forward from last year's cash done except in the Chinese business. As account, is $25,54454. Your General Managers an investor he thought 12 per cent, was a very recommend that a dividend of 12 per cent good return, and he was satisfied with it. be paid to shareholders which will absorb $12,000,00, carrying the balance of $13,544.54 to
Mr. Moussy-With regard to the remarks of Mr. Gaskell, I would say that he must not
The CHAIRMAN~$11,772.
Mr. MOUNSEYIs that the whole amount ? The CHAIRMAN—Yes,
Mr. MOUNSET-But not the whole amount that has been sent up?
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The CHAIRMAN-I can't tell you that with out going through the ledger account.
Mr. MOUNSEY-Roughly?
The CHAIRMAN-No. It would be purely guesswork.
Mr. MOUNSEY-Of all the stock sent up north then, only a small amount been sold
sold, but not paid for. I expect to be in Tientsin at the end of this month to settle up outstanding accounts. The majority of these goods are under the charge of the Indian Base Commissariat people, who have not the power to buy it outright, but will buy it as they take it. Our agents can only sell it to the Government people on the Captain of the Indian Commissariat's counter-signature.
The CHAIRMAN-It has boas
Major BROWN thought that the stock, which he noticed was valued by the General Managers, might be valued by some other independent person. It seemed to him they might be biassed as a man was when he was asked to put a price on a horse which he had to sell. To an outsider it looked as if the statement of balance was a game of battledore and shuttlecook. He also noticed that the amount of the consignment at Taku was put down at $11,000 odd, as 'shown in the balance sheet. What securites did they hold against that?
The CHAIRMAN replied that that they held Captain Cripp's signature, and that Messrs. Broad could not part with anything, for they were simply holding it in the godowns to sell to the war authorities.
Mr. GASKELL said that with regard to the statement about stock-taking, it must be borne in mind that in the Colony there were no professional stock-takers or valuers such as there were in England. Therefore, it was the custom in most trading concerns in Hongkong, such as that to take their own stock. The General Managers youched for the acou- racy of that stook-taking, and, of course, it was always open to any shareholder, if he did not have confidence in the General Managers, to sell his shares in the open market. To get the stock valued here by a professional valuer would entail a very great deal of expense, and he did not know of any such professional man in China. No one would undertake such a job under $600 or $700; he knew he wouldn't, even if he could do it.
On the motion of the Chairman, seconded by Mr RAID, the report and accounts were adopted.
This concluded the business of the meeting. UNION INSURANCE SOCIETY OF CANTON, LIMITED.
C.
On Tuesday, the 19th inst, an extraordinary general meeting of shareholders in the above company was held at the Society's head office, No. 1, Queen's Buildings. Mr. R. L. Richardson presided, and there were also present Messrs. S. Sharp, N. A. Siebs, G. H. Medhurst, J. A. Mackay (Directors), W. J. Saunders (Secre- tary), A. G. Wood, C. H. P. Hay, A. Finke, A. B. Ronse, C. M. G. Burnie, and H. J. M. de Carvalho,
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said—Gentlemen : The object of this meeting is to confirm as a special solution the resolution which was passed at the extraordinary general meeting held on the 1st March. That resolution is
follows' “That in Article 91 the figures : $7,000? be eliminated and in place thereof the figures $12,000' be inserted." I propose that this resolution be confirmed as a special resolution.
Mr. Wood seconded and the motion was carried.
been confirmed, and I have once more to thank you for your attendance and your votes.
CHAIRMAN~The resolution
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