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February 1, 1902.]
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CHINA OVERLAND TRADE REPORT.
HUMPHREYS ESTATE AND FINANCE COMPANY, LD.
The sixteenth ordinary annual general meeting of shareholders in this Company was held on the 27th ult. at the offices of the general managers. Messrs. John D. Humphreys & Son. Mr H. Humphreys (chairman) presided, and the others present were Messrs. H. A. W. Slade, C. S. Sharp, J. S. Van Buren, A. Jupp, A. H. Ho Tung (directors), J Mancell. Capt. Clarke, Capt. Rowin, E. H. Codling, R. A. Ferguson, A. R. Ezekiel. H. Summers, J. Minhinnett, C. Lesberil, V. P. Musso di Peralta and S. J. Michael,
The notice convening the meeting having been read,
The CHAIRMAN said.-Gentlemen. I will. with your permission, take the Report and Accounts as read.
patronise. The Hongkong P.O. has enough to do without increasing its burden by concerning itself about other people's affairs, In its eagerness to dictate to others, as per circulars issued, mentioned by your Swatow correspondent, it has already made a misstate- ment. The Postal Union rate of the foreign Postal Agencies in China is not 10 cents per oz., us the Hongkong P.O. would like ns to believe. The German rate is 20 pfennings 15 grams (1/4 more than 4 oz.) and by the rate of exchange fixed upon this is exactly 8 cents Mex. The French rate is 25 centimes-Scents exactly (.., 12 letters of oz. per $1), the Russian is 10 kopers 8 cents. and so on. The Shanghai French Postal Agency has a special rate for Hongkong. an! some other Chinese ports having French Postal agencies by which only 15 centimes,==5 cents exactly, is charged per 15 grams. It is
At our last meeting. the possible to get a 7 cent. Union rate at the Russian P.O. by using 3 stamps of 3 Chairman was able to congratulate you on the kopecs, and 1 of 1 kopec:-10 kopees in all, the accounts then presented showing a record year. Unia rate-as 3 kopecs stamps are sold at 2
It affords your General Managers and Directors cents. Mex. each and the 1 kopec at 1 cent each. much pleasure, gentlemen, to again come before
Your Swatow correspondent has not put it
you with accounts which show better results strong enough when writing of the "unfair- than any we have ever yet achieved. You will of the Hongkong P.O. in forcing the probably notice that a considerable portion of increase on the Imperial Chinese P. O. so as to the profits is made up of what I should call prevent their competing with the Hong-extraordinary profits, that is to say. profits koag branches establish al iu some of upon which we cannot always rely, and for this; the Chinese Ports. The action is an - reason your directors decided not to increase grateful one.
the dividend. but to farther strengthen the the vastly increased r as yuue of the Hongkong P.O. is greatly due. Company's position by adding largely to reserva firstly, to the Hongkong P. accepting mail funds, and I feel sure this policy will commend itself to shareholders. It cannot, of course, be matter for all parts of China wherein are Imperial Chinese P.O.'s-which are delivered expected, nor do I hold out any hope, that through the medium of the Chinese P.0.—and profits from sales of property will continne on secondly, through the fact that China, not yet anything like the same scale as in the last two being a member of the Universal Pestal years, but you will be glad to hear that our Union does not forward mail abroad but ac- ordinary income for this year will show a con- In cepts these at the Hongkong Union rate of Deents siderable increase over that for 191, and passes same through the Hongong P.O.¦ December last, we completed the purchase of hence greatly increasing the latter's revenue.
and lot at good rentals a fine central property It is a matter of surprise the Chinese P.O. does on this side of the Harbour, besides which nt retaliate" by in future sending all their several blocks of houses we have been building foreign mail through the German or French in different parts of Kowloon are all waring or other foreign P's: and not only je mpletion and will help to swell rent account You will notic that Dock shares no wonld this result in a sve financial boss for 19 12.
It was our to the Hongkong P.O., but the Chinese P.O., longer appear amongst our assets. would net a nice profit by the change, as then intention at fast to retain those shares as an instead of paying to conts fer oz.. to the investment. but the appreciation was so grat Hongkong P.D., for the foreign mail, they need and so rapid that your general managers and only pay 8 cents to the German and other directors did not feel justified in risking a foreign P.C.'s, and so make 2 per cent, profií reaction. The profits realised on your Dock on this department.
holdings amount to
Your Swatow correspondent makes one mis- take when he states the Hongkong P.O. rate is 5 cents per ez.; as a matter of fret it is 5 cents perá oz.
One would have thought with the intra lnction of Imperial Penny Postage anl its extension to Hongkong, some of the postage rates would have been altered to suit the new departure. A 1 cent stamp is badly needed, and there ought; to be a 1 cost rate for newspapers. Singapore already has this. The registration rate here of
10 cents is dearer than other P.O. rates.
It is interesting to note that Tientsin lias the advantages of the penny rate, by using the China Expeditionary Force Branch of the Indian P.O., which accepts muil for Britain and Colonies, including Hongkong, at 1 anna cents fixed per oz, although Tientsin is as much Chinese and more so than Shanghai. Why not then should Shanghai, for instance, when using the Hongkong Postal Agency, have similar facilities by being charged only 4 cents per oz. to British possessions?
Thanking you in anticipation for inserting this letter, and enclosing my card.-Yours, etc.,
PHILATELIST.
MUSIC FOR THE PUBLIC.
TO THE EDITOR OF THE DAILY PRESS,
Hongkong, 30th January, 1902. SIB,-The treat given by the band yesterday evening was much appreciated by the public in general as a large gathering was on the Military Parade Ground to listen to the sweetest strains of music. It will be a great boon to the general public if the band were to begin to play from 5 p.m. instead of 4.30 p.m., so that many of the office assistants who leave their offices at 5p.m. may have the pleasure of enjoying the pleasant evening. Thanking you for the in- sertion,-Yours, etc.,
S. D. SETNA.
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110 less
aur than
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$65,957 65, which is include I under the heading of " Profit on Sales of Properties and Invest- in the accounts now before you. If ments any shareholders have any questions to ask I shall be pleased to answer them.
B.59
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83
and loss account. Unless the directors can give a very satisfactory reason for not granting this proposal, I shall ask the meeting to vote on it.
Mr. A. R. EZEKIEL-I wish to second Mr. Peralta's proposal.
The CHAIRMAN-You are out of order Mr.
Peralta. The report and accounts will have to be seconded first and you can afterwards pnt your motion. Meantime, if any gentleman wishes to ask any questions. I shall be glad to answer them.
Mr. PERALTA-I think it would be much more right and fair if, before adopting the report and accounts, yon dealt with the dividend.
The CHAIRMAN-I may say the question of the dividend received very careful consideration at the hands of your Directors. Your Directors could not see that the Company could pay more than 10 per cent. in future years. without encroaching ou equalisation of dividezd fund. It is impossible to expect, as I pointed out, that we can make these extraordinary profits every year, and so far as I can see this year, property is rather slack, and our profits on sales will be rather small. If you are not convinced, you can put your resolution afterwards as an amend- ment, but I beg now to more that the report and statement of accounts, as presented, be adopted.
Air. MANCELL seconded. Mr. PERALTA moved his amendment, seconded as before by Mr. EZEKIEL.
The CHAIRMAN-I have just been looking at the Articles of Association. Clanse 29 of the Articles says that no larger dividend than is recommended by the Directors of the Company shall be declared, but should it be the desire of the shareholders, they can ask the Directors to declarc a smaller dividend.
Mr. PERALTA-That is very strange. It makes me believe that this might be some misprint.
It is very strange that. if the Diretors shall declare a certain dividend the shareholders may not ask a larger sum, but may ask for a smaller one. Is this a proper copy of the orginal articles, Mr. Chairman:
The CHAIRMAN-Yes, exactly. Mr. PERALTA-It looks a misprint. The CHAIRMAN-You are quite wrong.
Mr. PERALTA-It is all one-sided, because I don't think there is any shareholder who would accept a smaller dividend than that re- But. if the commended by the Directers.
I have Articles say so, I will not go beyond it. not asked that the Directors should give more, I have asked the Directors to reconsider their decision. It might be in our favour; it might
not.
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We are not asking for anything more than $25.00. I think the accounts might very easily give us that.
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The CHAIRMAN-AS I have already informed you. the directors came to the conclusion that we could not pay a larger divide than 10 jer cent. The Directors have now confirmed this decision already given.
Mr. EZEKIEL-The Company has made more money these last two or three years, and we canst have more dividend.
The CHAIRMAN-Yon cannot bring this forward at this meeting, because we have no power.
Mr PERALTA-If the Directors say we can- not flo any better than that. I think I shall
Mr. Ho TUNG-1 think you had better put the amendment to the me ting. Wear, after all, servants of the shareholders, and it is their interests we are looking after. Although was not present at the last meeting, I believe the Board considered. in settling the dividend, whether it should be 10 per cent. in future think it is far better to declare
Mr. Musso PERALTA - Mr. Chairman, We have listened with much satisfartion to the statement just made by you on the financial position and on the prospects of the Company; The report before us is a very god op-I think the best the Company has ever shown Comparing and the position is very sound, the Company with another Compay in the same line as ours, which is generally considered in the market as a pilt-edged stock, on their very Lig Capital, they have earned a little over per cent, while we have made the hand- some profit of 24.25 per cent. Their rezerve fnud comes to one-fifth of their capital, while our reserve fund comes to over one-fourth of our capital. With these figures, they are able to declare a dividend of 12 per cont. per anunm, while our Company has not been able to declare Their more than 10 per cent. per annum. shares are at nearly 100 per cent. premium,years, and
are only 30
cent. premium. When the position of the Company was not so good, and the Directors declared a small dividend, the shareholders kept quiet and did not ask for more, but now the report is a very healthy one, naturally, the Directors should have had more consideration for the share- holders and given us a better dividend. By so doing, I have no doubt the confidence of the public would be very much increased. I propose that the Directors shall reconsider their decision and grant $125,000 as dividend, making 12 per cent, per annum on the twelve months up to 31st December, 1901, that $75,000 be carried to the permanent reserve fund, $25,000 to the equalisation of dividend fund, and the balance $18,539 to the new profit'
and ours
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a steady dividend than to have a fluctuating one. You see the property market is very slack. Mr. EZEKIEL There is no confidence this can get year. If we get a big dividend we more confidence.
Mr. HO TUNG-That will be speculating. Mr. EZEKIEL -Never mind speculating. Every shareholder goes in for speculating.
Mr. Ho TUNG-You would have a 25 cents dividend one year and a 50 or 60 cents · ividend next year.
Mr. EZEKIEL again interrupted. Mr. Ho TuзSG-You can kick any way you think I am entitled to make my re- like. marks. The question whether it is advisable to have a $1.25 dividend now, and then, perhaps, get less than a dollar next year.
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