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August 26, 1901.]
happen hereafter to others. As long as a land- lord can have his property well paid, he will, on the least pretext, raies the rents higher and higher whenever he gets a chance, adding, too, one or two stories more on buildings, however old, in order to get more income. On the other hand the enormous crowd of brokers, so abundant in this Colony, come forward to persuade them to sell their properties, and offer them others instead, very often at an exceedingly high rate. Who are, then, the sufferers? We all know them too well. And yet the Government seems blind to this state of affairs. Will" Scrutator start a third series of his articles on this parti. cular subject and bring to light all the existing corruption that is so prevalent in our days? He will do a great favour not only to the poor class of people who are struggling to get a decent abode, but to all the inhabitants of this Colony.
Thanking you for the insertion of the above, yours, etc.,
HUMANITAS.
AN ACKNOWLEDGMENT.
TO THE EDITOR (F THE "DAILY PRESS."
21st August. SIB,-Kindly allow me a few lines in order to express on behalf of myself and other residents at Victoria View, Kowloon, our heart felt gratitudo to the gentlemen responsible for the erection of a handsome Chinese theatre so conveniently close to our homes. It is good in these days to see so much consideration displayed for the poor Chinese coolies and amahs residing in our midst; and the public spirit shown by the officers of the Madras Regiment, in allowing their excellent band to perform on the sea-front, has, we feel, been worthily emulated, and even surpassed-for while the Military Band only plays for two hours once a week, the Chinese orchestra pours forth sweet sounds "from early morn till dewy eve.' We cannot too earnestly express our admiration and delight, when last Monday evening we dis- covered that the military band was accompanied by beautiful and entrancing Chinese music, now swelling majestically on the evening breeze, and anon dying in fitful wails of har mony. We note with pleasure that every care is taken of the edifice, and, lest some evilly disposed person should, in the fullness of his joy, attempt to add a bonfire to the attractions of the evening, a fire-engine is thoughtfully provided, in readiness for immediate use. There is one suggestion I should like to make: Could not a permanent theatre be erected in our garden, and the performance kept up all night, when it would be appreciated, instead of closing at the absurdly early hour of 11.30
Yours, etc.,
OVERJOYED.
HONGKONG AND SHANGHAI BANKING CORPORATION.
The ordinary half-yearly general meeting of shareholders in this Bank was held at noon ou the 17th inst. in the City Hall, the Chairman. Mr. R. Shewan, presiding. Those present were: -Sir Thomas Jackson (chief manager), Hon. J. J. Bell-Irving, Messrs. P. Witkowski. A. J. Raymond, D. M. Moses, A. Haupt, N. A. Siebs, H. E. Tomkins, H. Schubart, R. L. Richardson, H. W. Slade (directors), Messrs. S. A. Joseph, R. C. Wilcox, J. H. Cox, F. Henderson, Captain Tillett, E. Georg. F. Maitland, C. S. Sharp, R. K. Leigh, J. A. Jupp, S. Hancock, C. Palmer, A. G. Wood, W. H. Potts, E. D. Sanders, J. C. Peter, V. C. Hawkins, K. A. Chinoy, J. A. Chinoy, G. C. C. Master, A. Sharp, D. A. Gubbay, H. M. H. Nemazee, G. L. Tomlin, E. Ezra, M. H. Michael, M. Stewart, W. Lysaught, G. H. Medhurst, Berindoague, D. D. Guzlar, C. J. Gonsalvez, Ho Fook Lo Cheung Shiu, Lau Wai Chun, Sam Kun Sui, and others,
Sir THOMAS Jackson Lend the notice con- vening the meeting, and
After reading the seventy-second report of the Court of Directors, which has already been published, the CHAIRMAN said:-Gentle men,-The report just read represents a very prosperous state of affairs of the Bank. It is a matter for congratulation that recent un- fortunate events in the North of China have
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cently heard of the death of Mr. George Edward Noble, who joined the Bank at its start in Shanghai in the year 1865, and had been con- nected with us up to the time of his death, latterly as a member of the London Committee.. Mr. Noble was a man whom to know was to love and esteem, and no higher enconium could be paid to any man. (Applause.)
CHINA OVERLAND TRADE REPORT. interfered so little with the ordinary profitable course of our business, It shows the great vitality of the China trade that we are able to present to you such a favourable report as the present one. Now that business in the North is gradually assuming normal conditions we can fook forward to the future with much less anxiety than we have recently experienced Taking advantage of the large figures we had There being no questions, the CHAIRMAN to deal with we propose with your permission proposed the adoption of the report and to add $750,000 to the Silver Reserve Fund: accounts as read, we hope and think that our so doing will meet Mr. G. C. C. Master, in seconding, said :- with the unanimous approval of all our friends. | Mr. Chairman, Sir Thomas Jackson and It is to be hoped and oxpected that the foreign gentlemen.-I have much pleasure in seconding trade of China will be a steadily progressing the adoption of the Directors' Report and one. Trus, we may also expect powerful Accounts. I do not think that anyone can rivals to compete with us; indeed the competi- but consider that this report has been very tion in the future promises to be extremely satisfactory indeed. I think the wisdom of the keen, and the best way to meet such a state of Directors in building up a very strong reserve affairs is to be in a strong financial position, fund is certainly a very wise policy, and the and that we have steadily aimed at, with, as I best policy to adopt to check competition. hope you will admit, gratifying success. The Chairman referred in his speech to the (Applause.) Turning to the figures of the possibility of there being keen competition in report. "Notes in Circulation are almost banking in the future. I think that the Hong. exactly the same as they were on the 31st kong Bank, with the strong reserve fund they Dec-mber last, while Fixed Deposits and already have, in pursuing this policy must be Current Accounts in both gold and silver able to drive all competitors from the field. show a moderate increase. Bills Payable" | Anyhow, if they cannot do that, they can show a decrease of over five-and-a-half millions afford to cut rates to auch an extent that competitors will have to rotiro before the Hong- of dollars; at the same time" Hills Receivable show an increase of over six millions of dollars, kong and Shanghai Bank. (Applaus.) I think Bills Pay-it is unnecessary to point out to you that the Tho falling-off in the amount of “ ablo" is accounted for by the increasing amount policy of building up an oxceedingly strong of drawings being done by telegraphic transfer, roserve fund must be commended. I do not Cash" nad Bullion in hand and in transit know whether I am in order in suggesting to aggregate $43,985,762, about the same as on the meeting that we might make Mr. Noble's some expression of sympathy. Mr. the 31st of December last. Our holdings were widow largely in excess of our requirements at both Noble was connected with this Bank for many dates owing to exceptional circumstances. The years, and if such a anggestion were possible, securities representing our sterling Reserve of ; I would beg to propose it. I have much pleasure one million pounds are almost exactly as stated in seconding the adoption of the report and in the previous report. Much as gilt-edged accounts.
The motion was put to the meeting and securities have fallen they still show a handsome margin on the lowest quotations recently touched. carried unanimously, You will observe that for the sake of uniformity Mr. C. PALMER proposed the confirmation the £251,000 worth of 21 per cent. Consols of the appointment to the Court of Directors lodged with the Bank of England as a special of the Hon. J. J. Ball-Irving, Mr. II. E. London reserve are now entered at the same Tomkins and Mr. H. Schübart. price as the rest of the 21 per cent. Consola and the National War Loan, namely, at 90 instead of 95, as in previons accounts. The| securities we hold under the heading of "Consols, were (where Colonial, and other securities necessary) written down to the prices ruling on £100,000 less than our holdings on the 31st about the 30th June; the aggregate amount
December last and almost the came as on the 3th of June, 19). * Bills Discounted, i Loan and Credits" show an increase of over $4,000,000 on the amount shown in the previous report. "Bank Premises."--The increase in this item has been caused mainly by the purchase of the freehold property adjoing our Shanghai office, which it was desirable to secure in The first ordinary annual meeting of the view of future probable extensions which shareholders of the above company was hold on would have been impossible without secur- the 17th inst., at noon at the company's offices, ing
property alluded
Thoro were present We to.
ara No. 4. Des Voeux Road
1 Mr. Ellis Kadoorie (chairman), Messrs. R. E. erecting new premises at our Kobe branch. think I have touched on all the items in the Kelly, Wong Chuck You, Chan Su Ki, Ip Lam report. I have pleasure in stating that the Chuen, Lau Chu Pat and H. Moyer (secretary). present half-year has had an extremely good start and promises well, but I cannot too strongly dwell on the duty of all directors of institutions like ours of building up our re serves and husbanding our resources for that proverbial rainy day which seems inevitable with all companies. We have had bad times and seem now to be enjoying the seven years of plenty, but we must not hut our eyes to the fact that these may be followed by loss prosperous years for which we should therefore always stand prepared. Our field being mainly China, I may add a few remarks on the present situation in this country. There is no doubt that the heavy indemnity the Chinese will have to pay will try their finances severely, still I think that given a settled Government they will be equal to any engagements they may under- take. Fortunately for them they have remained upon a silver basis without resorting to any fictitions currency expedients, so that exchango will act automatically; with a low level it would be difficult to set bounds to the proportions the export trade of China might assume. One thing is certain-they will only be able to fulfil their
Chairman-Gentlemen, this is all the engagements and pay the large balances against
Dividend them by a steady excess of exports over business before the meeting. imports. It was with extreme regret we re- 'rants will be ready on Monday.
the
Mr. S. HANCOCK seconded, and the motion was carried unanimously.
The CHAIRMAN-That is all the business, gentlemen; thank you for your attendance. Divi- deud warrants will be ready early on Monday.
Mr. A. G. WOOD-I bag leave to propose a Manager for the satisfactory report they have vote of thanks to the Directors and the Chiof
put before us to-day.
The vote was given cordially.
THE UNIVERSAL TRADING
COMPANY, LIMITED.
After the reading by the Secretary of the notice convening the meeting, the CHAIRMAN addressed those present as follows:
Gentlemen. The roport and accounts having been in your hands for some time, I shall, with your permission, take them as read. I trust you are all satisfied with the result of the year's working. Considering that this is the first year of the company's existence, we can congratulate ourselves that we have bogun well, and let us hope that as time goɔs on, we shall improve our position and get even batter results. The company's affairs are in a sound and prosperous condition, and there is nothing calling for special comment. If any shareholder bas any question to ask, I shall be happy to answer it.
There being no questions, the CHAIRMAN pro. posed the adoption of the reports and accounts. The proposition was seconded by Mr. LAM CHU PAT and carried nem, con.
Mr. CHAN SUN KI proposed that Mr. W. H. Potts be re-elected auditor for the ensuing year, and was seconded by Mr. IP LAM CHUEN and carried unanimously.
No comments yet.
Private notes are available after approval.