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THE HONGKONG WEEKLY PRESS AND
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of the General Managers than they do from the opposing line, and, in consequence of that, they have withdrawn their support?
Mr. JOSEPH-Is that your answer? Tho CHAIRMAN --Yes.
Mr. JOSEPH-Is it not the fact that, when robbery was committed on board one of our steamers, the Sippers complained and did not receive the due consideration they deserved?
The CHAIRMAN-I am going to answer that question by and by.
[October 7, 1901.
for dividend, and because there are people out" side who are talking too much about the commission the General Managers are charging. I asked those questions to elicit the facts, so that people will not talk so much against the Company. (Applause.)
There were no further questions, and on the motion of the CHAIS MAN, seconded by Mr. TOMLIN, the report and accounts were adopted.
Mr. REID seconded, and the motion was carried.
Mr. JOSEPH moved, and Mr. EZEKIEL seconded, that Messrs. W. H. Potts and W. H. Gaskell be re-elected auditors for the en- suing year.
The motion was carried.
The CHAIRMAN-That is all the business, gentlemen. I thank you for your attendance. Dividend warrants will be ready on Tuesday.
GREAT EASTERN AND CALE- DONIAN GOLD MINING CO., LTD.
value of the shares is greatly enhanced, and the position of the Company will be streng- thened, until we see a return of that prosperity which we have, until recent years, enjoyed. The CHAIRMAN-No, you are quite wrong. The General Managers and Consulting Com- Mr. JOSEPH-Well, to my knowledge there; mittee, after mature consideration, have decided are two of the biggest opinm-shippers, whose that this is the most desirable mauner in collective freights to us ae amount to $17,500 which to distribute the profits of the year, annually, who have withdrawn their support. and we have confidence that shareholders One of them lately is only giving the Company
Mr. HOUGH moved the re-election of Messrs will sustain us in that opinion. Regarding something like 30 or 35 per cent. of his shipping.
R. Shewan, C S. Sharp, C. H. Thompson the past year's working, the chartering of That is to my knowledge; not hearsay.
the some of the Company's steamers to
Mr. HOUGH I rise to a point of order. Mr.ant Hon. J. J. Bell-Irving as Consulting Government has been responsible for a not Joseph just states. that he knows an opium Committee. inconsiderable portion of the profits thereon, and shipper who has received better terms from the while on this subject I may mention that the opposition line than he received from the hands Formosa is still under charter, and will in all of the Douglas line. I take it that our case, probability remain in the North till late in the where there is opposition with one line compet- year. Our coasting trade during the perioding against another, he has gone to the cheapest under review has been restricted, particularly market. during the first part of the present year, and this, coupled with kean competition on the part of the Osaka Shosen Kaisha, has made profits on the steamers' earnings on the const only mod-rate. I am pleased to be able to to state, however, that during the last few months the demand for tonnage on our lines has consider- ably increased, and though we have not, so far, been able to make any satisfactory arrangement with the management of the competing line, we are not without hope that before long wò may be able to report that an understanding has been come to. As regards the present year, I may say that the Company's steamers are fully employed, and that the earnings for the quarter are very satisfactory, and shouM this improvement in trade continue, there is every prospect of a remunerative year's work ing. I should like to draw attention to the amount, $13,727.16, still owing by the late Amoy agents (Messrs Lapraik, Cass & Co.) and to say that a further sum will be recovered against this during October. It is expected that by the sale of 195 shares in the Company standing in the name of the late Mr. Cass, on which the Company. has, under its Articles of Association a lien, the whole debt will be paid Before off by the end of the current year. moring the adoption of the report and accounts, I shall be pleasel to answer any questions.
Mr. JOSEPH-、 fontlemen. before the report and accounts are passed I should like to put a few questions. I see from the report that the value of the Company's six steamers is put down at $1.054,203.16. Does this sum repres sent the present market value ÷
The CHAIRMAN- No. It represents the value as it is written down in the books.
Mr. JOSEPH-Yes, but is the market value of the steamers more than this sum, or less?
The HAIRMAN-They will have to be valued before we c n say the exact market value.
Mr. JOSEPH-I see here that they are valued at that amount. Are they over-valued or under-valued:
The CHAIRMAN-We should have to get them valued to ascertain that.
Mr. JOSEPH-So they are not valued? The CHAIRMAN-No.
Mr. Jose PE-Do you consider it absolutely necessary to write off this sum of $41,087.78 from the book value of the Company's property?
The CHAIRMAN - Yes.
Mr. JosEPH-On what grounds? The CHAIRMAN-Because the present posi. tion of the Company is such that we cannot neglect to do so.
Mr. JOSEPH-So it is a fair value of the steamers ?
The CHAIRMAN—Yes, a fair value. Mr. JOSEPH-Evidently the dividend that is being paid is not actually earned. How isit earned? The CHAIRMAN-There it is: $109,205.26, the profit for the year, then you bring 857.288.31 from the Reserve Fund and deduct 865,408.78, | the debit balance, from last account.
Mr. JOSEPH-Yes, but this year we are paying a dividend that is not earned, and which is taken from the Bank and paid to the share- holders. Is that not so?
The CHAIRMAN—Oh, no.
Mr. JOSEPH-I see from the report that the General Managers and Consulting Com mittes attribute the unsatisfactory business of the Company to the low and unremunerative rates which are ruling for cargo to and from the coast ports and Formosa, coupled with the high price of fuel. Is it not also the fact that shippers receive less consideration at the hands
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Mr. JOSEPH-I would like to know what is the aggregate amount of charter money receiv ed from the Government?
The CHAIRMAN-Any, more questions? Mr. JOSEPH-Is there no answer to that question?
The CHAIRMAN-Yes, by and by.
Mr. JOSEPH-I see that you also mention in the report that the General Managers have from time to time approached the opposing line with a view to advancing the rates on the coast and at Tamsui, but that up to the present no satisfactory arrangement has been cons to. I only want to ask who "approached." Did you approach them first, or they yon?
The CHAIRMAN That will also be answered by and by.
Mr. JOSEPH-There is nothing mentioned in the report about the steamer running south Is this venture proving advantageons? I should like also to know what is the average annual sum sport on the upker, and maintenance. etc., of the company sheet: That is all,I waqt
to know.
The
finul general
share- meeting of holders in this company was held shortly after noon, the 3 th ult. at the offices of the Com- pany, 14, Des Voeux Road. Mr. R. C. Wilcox was elected to the chair, and there were present Messrs. A. Denison, G. Engel, C. Mittell, C. E. Osmund, K. Edulji, G. Atz-nroth (secretary), and Mr. Bennecke (liquidator).
After reading the report of the liquidator, which had not been generally circulated or published, and which is given below, the CHAIRMAN said-The accounts appear to be in good order, and there is a balance of $459.30. First of all, however, I beg to propose that the report and accounts be passed.
Mr. ETZENROTH seconded, and the motion was carried.
CHAIRMAN-Now as to the balance.
Mr. DENISON-I propose that the balance of $450.30 shown in the liquidator's statement be and is hereby voted to Mr. Bennecke, subject, however, to such further expenses us arise.
may
Mr. EDULJI seconded, and the motion was carried.
The CHAIRMAN-With regard to your re- marks. I reply, as regards the writing down of our steamers, that the steamers are old and buyers do not want okl steamers, although of
CHAIRMAN-Another resolution has to be course, to replace them we should have to pay u little more. They are written down at what approved, and that is with regard to the final we think is a fair value. With regard to what | winding up. I beg to propose, therefore, that yon said about the carriage of cargo by the the books, documents, etc., belonging to the opposition boats, I may say that the amount of Great Eastern and Caledonian Gold Mining cargo carried by the Douglas boats is probably Co., Ltd. (in liquidation), be handed over to three times as much as that carried by the Messrs Lutgens, Einstmann & Co., for safe Japanese boats. and. with regard to what custody, until the dissolution of the ompany be you said about the opium, we know that there declared by the Court, and that they be then This, I may tell you, I propose is one big shipper who also ships by the destroyed. Japanese boats as well-perhaps in larger because the liquidator will have to go to Saigon quantities by the Japanese boats because to take up an appointment, and will not be he
know. here in the interval. The books, and so on, gets a cheaper rate,
over to some one, and of must be handed course it will occur to you all that Messrs. Lat- vens, Einstmann & Company, on whose pre- mises they now are, should retain them in their cn-tody, more especially as they were the general managers.
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Mr. OSMUND seconded the proposal, which was c rried.
As regards the robbery of opinm at Foochow, which you refer to, that was brought before us aud the claim was paid by us. With reference to the amount of charter money paid us by the Government, I don't think it would be at all advisable to discuss that at a public meetin. It will come out afterwards. With regard to approach ng the opposition, we ourselves have
time written let ers asking 1. HAIRMAN—The amounts in suspense will from time to them to consult to try and get rates up. be lodged in the Hongkong and "Shanghai To these letters they have always returned Bank, and those shareholders who have any evasive replies, and at present, although the money to their credit may apply for it. management down here of the Japanese They will have to send in their scrip and steamers express themselves as willing to fall a receipt to the liquidator, when the money in with our views; they state that they cannot will be handed over to them. If not claimed, do it without hearing from the Head Office in the money will be kept for six months in Japan. That is how the mattor stands at the Bauk, and at the end of that period will That present. You ask whether the Southern line be given over to the Supreme Court. is a paying venture. I don't think it is concludes the business of the meeting, gentle-
for attendance.
your desirable to discuss in public whether one part men. I thank you
The report is as follows:- of the line pays or not, and the same remark
The liquidator begs to submit to the share- applies to the amount paid for repairs and management, etc. To give these things away holders a statement of the liquidation account. at a public meeting would be very detrimental to the interests of the Company and we should be giving to our opponents a great deal of in- formation they should not know. (Applause.)
Mr. JOSEPH-My object in asking these questions was simply to elicit more clearly certain matters connected with the sum available
SUSPENSE ACCOUNT.
2,150 shares have been received, but not paid yet, as one owner gave no order to whom to pay and two did not send a receipt signed by the registered owner.
3,750 shares, owners could not be found or did not apply for the dividend, viz. :—
No comments yet.
Private notes are available after approval.