June 17, 1901.]
and many other places. Altogether there are forty foreign Catholic missionaries in the province of Anhwei, and six native priests. The Catholic missions of the two provinces of Kiangsu and Ashwei aro served by the members of the same missionary body, the French Jesuits, who have their headquarters at Siccawei, near Shanghai. There are in all a hundred and thirty Jesuit priests in the miss on, about twenty Chinese in the number, and also twenty- two other native priests, with a number of students and lay-brothers, both foreign and natire. They count upwards of 120,000 Chris- tians, and some twenty thousand catechumens
Yours, etc.,
READER.
We are glad to publish our correspondent's corrections. Our authorities for the statements referred to were the Shanghai papers.-ED., D.P.1
'CHANGE DOINGS.
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CHINA OVERLAND TRADE REPORT.
September, from 8330 to 83421; and for October, at $345.
Shipping. This class of security seems to be coming into greater favour than hitherto, the whole list under this bead having been dealt in during the past month. Indos have, as usual, commanded most attention. They were in great request for the Shanghai market, for which they were taken up at advancing rates, the highest paid being $126 cash. Towards the Settlement they quieted down, operators preferring to play a waiting game until the dividend became known. Consequently, hardly any business was done in the interval, but the market remained steady. The figures have now been published in the local Press, from which it will be seen the bolla have scored. They are truly remarkable figures, being double those of the previous years. As s result there was a jump of ten points, the rate now closing at $145, firm. Steamboats have latterly come in for a strong enquiry, and several lots changed hands between $34 and $35. A further improvement has taken place in Douglases, shares being now in strong The Morrow of May Settlement, demand at $54.
Hongkong, 1901.
This company has had a profitable year, and it is expected a dividend is The Shanghai share-market having been assured. China and Manilas have been placed our prop for some time, it is natural that any on the market at declining rates, the lowest reaction there would affect us here. When, being $62 for old, and $52 for now shares. On therefore, orders were received to sell one or the basis of the last dividend paid, viz., 85, two stocks, which that market had bought up these shares appear to be absurdly cheap. largely, we felt the pinch somewhat. It is not
China Sugars.-Latterly, an enquiry has improbable that the temporary panic in Wallset in for these shares, which have been booked Street caused northern operators to face about up to $137 cash. It is stated that the company and slacken the fast and furious pace at which is doing well, and there is no reason to doubt things up there had been going. This lull must the statement. be taken as a blessing in disguise, as, by check- ing the upward movement from being overdone, it allows prices to adjust themselves on a sound basis. Owing, therefore, to this and other natural market causes, a rather weak tone prevailed here, particularly about the middle of the month, when rates touched their lowest point. The market, however, showed steady throughout, although it was inevitable that some realisations were bound to go on the wrong side, having been previously contracted at fancy rates, but no shares went a-begging, while towards the end of the month a general recovery took place. Two new flotations-both Manila ventures-- were successfully launched on the market and fully subscribed. The total capital is two million dollars, and judging by the eagerness displayed in the application for shares, both companies command confidence. They are already quoted at a premium. A pleasing feature in this connection is that the diversion of so much capital out of the Colony was not followed by stringency in the money-market, a proof that we have plenty of fuuds seeking investment, as I mentioned some time ago.
Kowloon Wharves.-There has been more animation in these shares in the past month, which enabled sellers to obtain better terms. An advance of four points, from $101 to $105, has to be noted.
Hongkong Lands.-There shares are the mys- tory of the market; they rise and fall within a five-point circle, and seem unable to maintain any stability. The forthcoming settlement will perhaps clear the atmosphere for an advance. At present they are weak at $200.
Cements.-The boom, caused by heavy pur- chasing on the part of the northern market, was not maintained for long, and the rate rapidly dropped from 821 to $19. After remaining weak at the latter figure for a time, they are now again in request, there being strong buyers at $19.
Mining. Under this head, the Raub col- lapse has set everybody thinking. This drop, coming as suddenly as it was unexpected, has
It seems
taken the breath from the market. a pity that, out of so many mines started in Hongkong, which have proved failures, the only one, on which high hopes had been built, should also prove disappointing. However, there are still expectations that matters will right them- selves. It may be some consolation to know that not many shares are held by Hongkong people. Other mines are hardly changed.
ESA.
HONGKONG COTTON SPINNING,
WEAVING AND DYEING COMPANY, LTD.
The following is the report for presentation to shareholders at the fourth ordinary meeting to be held at the office of the General Managers, on Thursday, 27th June, at 4 p.m. :-
Banks, after touching 392 per cent, cash, fell back twenty points, having been done as low as 3724, from which they again advanced, closing, at time of writing, at 383 per cent., this being the same rate at which they closed last month. A fairly large time business h s also been done, mostly for August, the prices paid starting from 390 per cent. and up to 397 per cent., and for September from 397 per cent. to 401 per cent. A rumour has been gaining ground that the next dividend is going to be £2. Whether this be so or not it is of course inposible to say, but there can be no doubt that the forthcoming report will be as good as any of its predecessors, to which shareholders have come to look for. ward as a certainty. A great opportunity is also in store for the big institution, when matters up north are finally settled, and trade resumes its even tenour. There seems every prospect of a speedy settlement, and, so far as the Bank is concerned, the master-mind directing its destinies will undoubtedly take full advantage of the situation at the proper moment. Docks Those who anticipated a further advance in this stock have not been disappointed. Holders of this scrip must have a tremendous amount of confidence in the stability and earn- ing power of the concern, for, in spite of a difficulties experienced in establishing the further rise of $25 per share-the rate is now $327 cash-they seem little inclined to part. It has been reported, on good authority, that the best record of the company is even now broken; it is no wonder, therefore, that shares are so scarce. Forward transactions have been booked, for August, from $325 to $3374; for
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The General Managers beg to submit a statement of accounts covering the period from 16th August, 190', to 31st May, 1901. The loss on working is $43,015.22 and the balance at debit of pront and loss account, inclusive of $136,949.65 for interest, is on the latter date $250,134.66.
The General Managers regret this unfortunate result, which is mainly attributable to the heavy charge for interest, abnormally high price of cotton during the greater period since the mill started, and to the initial
industry.
498
only alternative to liquidation is a scheme of reconstruction, a statement in conneo ion with which is put before shareholders by private circular, and the necessary resolutions will be proposed at an extraordinary meeting of shareholders of which notice has already been given.
CONSULTING, COMMITTEE,
The Honourable R. M. Gray retired on leaving the Colony, and the committee now consists of the Honourable J. J. Ball-Irving, the Honourable C. P. Chater, C.M.G., and A. Haupt, Esq. j
AUDITOR.
The accounts have been audited by Mr. W. Hutton Potts, who offers himself for re-election.
JARDINE, Matheson & Co.,
General Managers.
Hongkong, 12th June, 1901.
The following is the statement of accounts:- BALANCE-SHEET.
LIABILITIES.
$
Hongkong and Shanghai -anking Cor Capital account
poration
*་་་**********ཟོནཞེས Beith Stevenson & Co............ Jardine, Matheson & t'o................................ Accounts payable
Land
Buildings Machinery Cash in hand.. Preliminary expenses
ASSETS.
Fire insurance, unexpired premia
Mill stores...... Stock of coals Furniture Stock of waste Stock of yarn Taxes
Water supply
Having regard to the present financial position of the Company, the Consulting Com mittee and General Managers closed the mill on 3rd April last, and have come to the conclu- sion that it is impossible to resume work under past conditions with prospect of success. The'
Accounts receivable Profit and loss account
23.07 900,000.00 10,725.84 1,869 281.97 46,794.57
$2,326,891.35
C.
44,212,86 573,941.15 1,095,277.12
1,464.59
249.81 2,041.64 3,533.71 700.00
2,657.00 304,610.12 5,795.80 312,00 1,489.93 410.96 250,134.66
$2,326,831.85
PROFIT AND LOSS ACCOUNT. Dr.
Q.
To balance from last account.................... 144,588.47 To balance of working account To auditor's foo To interest
By transfer fe03 By balance
............14 (29014440
43,015,22 69,319.97 250.00
$250,173 66
*** KURANG KAO PHA NGA
89.00 250,134.66
$250,173 66
Cr.
SUPREME COURT.
Friday, 14th June.
IN ORIGINAL Jurisdiction.
BEFORE HIS HONOUR SIR John CarrinG- TON, KT., C.M.G. (CHIEF JUSTICE).
PROBATE OF A WILL-ATTORNEY- GENERAL V. JACQUES.
This was a special case, called by consent of parties, to decide the liability or not of certaiu shares belonging to the estate of Joseph Jacques, deceased, not on the register of the Hongkong and Shanghai Bank at Hongkong, to be charged probate duty in this colony. The Attorney- General was the complainant, and Sarah Jacques, oxecutrix of the will of her husband, Joseph Jacques, deceased, was the defendant.
Mr. H. E. Pollock, K.C. (Acting Attorney- General), instructed by Mr. F. B. L. Bowley (Crown Solicitor), appeared for the complainant, and Mr. J. J. Francis, K.C., instructed by Mr. G. C. C. Master, solicitor (Messrs. Johnson, Stokes and Master) for the defendant.
Mr. Pollock said the case was a special one- called for the opinion of the Court under the provisions of the Code of Civil Procedure as contained in Ordinance 17 of 1873, and the usual memoranda had been filed. together with that of the special case sitached." As his Lordship would see from the special case, this was the question for the court to determine- whether or not probate duty in respect of 1,472 shares in the Hongkong and Shanghai Bank ought to be paid in this colony. Paragraph of the special case showed that 767 shares out of
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