432
THE HONGKONG WEEKLY PRESS AND
MESSRS. A. S. WATSON & CO., LIMITED.
The sixteenth annual ordinary general meeting Co., Limited, was held on the 32nd inst. Mr. of the shareholders of Messrs. A. S. Watson & H. Humphreys, Chairman, presided, and the P. Brayne, Hon. C. P. Chater, C.M.G., E. other gentlemen present were:-Messrs. H. F. Osborne, J. A. Jupp and H. P. White (Con- ulting Committee). A. H. Mancell, J. A. E. H. Joseph, E. W. Terrey, and J. F. Reece. Tarrant, W. C. Taylor, R. E. Humphreys,
smith. I refer to the improvised railway enoircling the place, upon which he ran an armoured train, manned with quick-firing guns. Now, I do not mean to say for a moment, that an armoured train is necessary for the defence of Hongkong, but what I do say is that a South side of our Island, on the coast military railway running round the road, would be of great advantage to the mobility of our quickfiring guns, for they could be conveyed to the point of attack without any delay in transport, and would have the unique advantage over fixed armament in that they could concentrate their fire on the
· point of attack: but although such a scheme as this would render us well nigh invulnerable the business of the meeting, there is a matter The CHAIRMAN said-Before commencing against an attack from an attempt at landing to which I must refer, and that is the three an armed force, yet the fact remains that the Aberdeen Docks and other buildings, in the
cases of plague which occurred among the Com- absence of our Fleet, are still open to a bomba d-pany's European staff in the early part of this ment from an enemy's battleships, and I see
month. As you already know, two out of the no difficulty or reason why, instead of placing three cases terminated fatally, and it is with so many guns in position, to guard the inside great regret that we have to record the deaths and entrances of the harbour, the authorities from this cause. Both were young men of ex- of Messrs. H. C, Howorth and Harold Thorne could not place a battery of large calibre guns cellent character and attainments and of great in a central position commi nding the approach promise, and in their unfortunate deaths the of any portion of the South side of the Island.
Hoping that these remarks will meet with will not be easy to replace. Mr. Hawkes, I Company has lost two valuable servants, whom it the approbation of yourself and readers.—I am, yours, etc.
am glad to say, is improving daily, and we may soon expect to see him out of Hospital. There seems to be no doubt that the disease was contracted practically simultaneously by all three. There have been no further cases, and we may therefore reasonably assume that the trouble is now over and that the disease was in no way contracted through any fault of our premises, but from some unfortunate chance cause, such as the finding of a dead rat or the bite of a parasite, which any Hongkong resident may be liable to. The Hongkong Dispensary premises have always been well looked after and maintained in a perfectly sanitary condition. The majority of the staff re- Road, which is a comparatively new structure sided in the six-storey building facing Queen's completed only about ten years ago. Since the occurrence of the disease, the entire premises have been thoroughly disinfected, the drains have been examined and the floors taken up, but nothing whatever has been found that could in any way account for what has happened. Europeau staff is temporarily housed in other As a precautionary measure the whole of the
DOGMA.
THE COOLIE-BATHING SCHEME.
TO THE EDITOR OF THE "C DAILY PRESS.
19th May. SIR-What price the police? His Ex- cellency the Governor is putting on hot water to give the coolies a warm plunge at Wanchai and elsewhere. May I ask Sir Henry through your columns to give us a similar treat? We deserve it equally as much as the dusty coolie. Yours, &c.,
AN UNWASHED POLICEMAN.
“A GHASTLY SIGHT."
TO THE IDITOR OF THE "DAILY PRESS,' 19th May. SIB,-Travelling along the Caine Road the other morning I was surprised to see a coffin containing a plague-stricken body being convey ed to Kennedy-town with the lid at least two or three inches open. My surprise reached its. highest bound when I saw a member of the Sanitary Board in his chair looking at the ghastly sight and holding on to his nasal organ for all he was worth. This needs no comment in the light of recent events.-Yours, &e.,
CAVE CANEM,
PLIMSOLL'S MARK,
TO THE EDITOR OF TH "
THE DAILY PRE88.
17th May. Def SIE,-Whormed the China Muil that Plimsoll's
was not required outside the United Km, and in Colonial waters ? My opinion that as long as a vessel flies the British flag in any part of the world she is bound by the chiselled mark placed upon her by the Board of Trade when she is registered. If I am wrong, will some of your maritime readers put me right ?—Yours, &c.,
LUBBER.
A Seoul telegram of the 8th inst., says that at a Cabinet meeting held there on the 6th it was decided to cancel the French loan contract. The French Minister to Seoul, it is Baid, will lodge a demand with the Corean Government for an indemnity of 500,000 yen owing to cancellation of the contract.
There is no truth, says the Naval & Military Record, in the report that the King intends to form an Indian Bodyguard. The story appears to have its foundation in the suggestion that a number of picked men from the different Indian regiments should be sent over to England for the Coronation. These, with troops from the Colonies, will form a guard for the Coronation only. / At present, at any rate, there is no intention to organise an Indian Guard, though it is not improbable that now the idea has been mooted it will not be allowed ho drop out of sight altogether.
quarters.
The business of the meeting was then proceded with.
The CHAIRMAN said-Gentlemen, the Re- port and Statement of Accounts have been in your hands since the 10th instant, so with your permission we will, as usual, take them as read. The total of our stock-in-trade shows a considerable increase over last year's total. Nearly the whole of this increase has taken place at our European branches, especially in Manila, and is caused by expansion of business generally, necessitating, of course, the carrying of larger stocks. Amongst the property assets you will have noticed that the remaining portions of Kowloon Inland Lot No. 549 and Inland Lot No. 16 are not shown, having been sold during 1900, as mentioned in the Report. A new item of Lot No. 2 C, against which there is a mortgage $150,000
appears amongst these assets for Marine of $140,000 shown amongst the liabilities. This property is situated in Des Voeux Road and is intended to be used as a warehouse and soda mediately adjoining, now in course of erection water factory, when our new premises im-
We mentioned, at our last general meeting, opposite the Hongkong Hotel, are completed. that, if the Company's business continued to expand as it had been doing, it might be nocessary in the future to ask shareholders to subscribe additional capital. Such would have been the case before this, had not the sale last year of the remaining portions of Kowloon land Lot No. 549 and Inland Lot No. 16. at a good profit over book values, provided us with a considerable sum of ready money for absorption into the business, and obviated for the time being any ned for further capital. We have also sold this year Section A of Kow. loon Inland Lot No. 550, and Kowloon Inland Lot No. 551. at a profit of $25,438 over book values, which amount will appear in this year's scoounta. «We have reserved 5,000 square feet of Kowloon Inland Lot No. 550, for the purpose
[May 25, 1901.
of erecting business premises there in the near future. This land stands in one books at 40 cents per foot. You will be plassəl to know that our business this year, up to date, shows a steady expansion. I shall be pleased to answer
before proceeding to move their adeption. any questions in connection with the Report and
Statement of Accounts now under consideration
Chairman, and he would be pleased if they were - Mr. REECE said he had sent to the Secretary a few questions which he proposed to ask the asked categorically. The first question would
Having regard to the fact that the New Regulations of the Company were adopted and and to the fact that Article 80 of such Regula came into operation on the 20th December, 1900, tions is in its terms prospective only, how do the General Managers make out that they are entitled to a salary at the rate of $7,200 per annum and to a commission of 5 per cent, on the net profits of the Company in respect of any period prior to the said date?
confirmed on 20th December, 1900, Section 80
To his (Mr. REECE'S,
8, mind) taking into consideration the new regulations which were
operation. That being so, the General Man- was prospective only, and had no retrospective
agers were not entitled to have this increased salary, except as from 20th December last. They were only entitled at the rate of $3,60! a year.
The CHAIRMAN said in answer to Mr. Reece that he had received between four and five o'clock the previous evening a copy of certain questions which Mr. Reece signified his intention of ask- ing at the meeting. The Chairman said the questions covered a very large field and that he could not answer them as well as he would like to do on such short notice, but he would endeavour to the best of his ability to answer seriatim,
In reply to the first question the CHAIEMAN said -Assuming for the moment the that Mr. Reece is technically correst, yet General Managers consider themselves entitled to a salary of $7,200 per annum and commission as shown in the accounts. for the year 1900, as such was undoubtedly intended by the Company in general meeting when the resolutions were passed." In any event, commission on the big profit is due, as the transfer did not take place realised by the sale of Inland Lot No. 16
till the 31st December. Article 108 provided that the acc. unts are to be made up to the 31st December in each year, so that it would have be ascertained or divided up on the 20th been impossible for the profits for the year to
December.
Mr. REECE said he did not consider the Having regard to the fact that the net answer satisfactory, but he would again ask: profits of the Company cannot be ascertained until after the amount written off for depre ciation has been deducted, and to the fact that year 1900, after writing off $17,106.96 for in the Balance Sheet the net profits for the depreciation, appear to be $174,503.96, how do the General Managers make out that the net profits for that year (on which they claim to be entitled to commission) amount to $191,610.92 P
tions of all profits, the same as paying a The CHAIRMAN said: Amounts set aside for
depreciation are legitimate appropria dividend or adding to reserve fund, and the net profits of the Company are de- termined before such appropriations are made. companies here, take for instance the Dock It is the custom with all the leading public
Company and others, to write off after they Company, the Hongkong Bank, the Tramway have determined the net profits.
Mr. REECE. Then I ask - In respect of what items or assets appearing in the Balance Sheet is the sum of $7,169.96 for depreciation respect of each of such items written off, and how much is written off in
follows:-
The CHAIRMAN said:-The items were as
85,088.48 211848
Furniture fittings Soda water machinery Chinese branch furniture and fittings 3,000.CO Sec. A of Inland Lot No. 17
6,0 0.00
817,106.98 ding
Total
The first three items come under the b of Stocks in Trade in the Balance Sheet.
.
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