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262
A BISHOP'S RANK.
Bishop Favier, Bishop Jarlin and Sir Robert Hart were there, the two former ranking with the latter, each equivalent to ministers plenipot- cntiary. These attended Prince Ching's dinner given a couple of weeks ago. The Chinese bave for a year been trying to persuade the Protes tanis to elect a head as a subject for honorary rank and clothes-button to be responsible for converts to their home governments and to the Throne, but the Protestants have shunned it as a viper, not even consenting to an official acknowledgment of their services in helping to arrange the native indemnities.
COMMISSION ON INDEMNITY CLAIMS,
The appointment of Mr. Ragsdale, Consul at Tientsin, and Mr. Bainbridge, second secretary of Legation, as a commission to adjust Indemnity claims of American nationals has -given general satisfaction. Both men were here during the troubles and know the value of lost property, and they ought to make fair and full allowances. Mr. Squier's name had been men- tioned in connection with this work but owing to the delay already "stored up," as the Chinese Mr. Conger was instructed to appoint the say, commission at once so that the work of passing the claims might be finished at the earliest moment. This seems to indicate that Congress is expected to pass the bill appropriating the two millions of dollars acked for, as soon as the subject can come up. Mr. Squiers is not ex- pected here before 1st May.---Mercury.
FOOCHOW.
The following items are from the Foochow Echo of the 22nd ult, :-
On Tuesday last the Chinese authorities entertained the French Minister at the house of the Foreign Board.
The French cruiser Friant 1 ft Pagoda Anchorage on the 19th inst., with the French Minister.
The races on the 19th and 20th inst. passed off successfully in fine weather.
Mr. E. S. Little addressed the members of the Foochow General Chamber of Commerce yesterday afternoon on the subject of the Tariff revision. His views on the question were adopted and a resolution was passed.
The following account is given of the race for the Foochow Champion Stakes on the 20th ult. :-
Mr. Oswald's Sirius
..155 lbs (Mr. Oswald) Mr. J. S. Bruce's Ace of Hearts, 155lbs. ·
(Mr. Silver) Capt. Hope's Adonia. 155 lbs. (Mr. Cox) Mr. Graham's Persian Rose 161lbs.
1
2
(Mr. Pearson)
3
this race,
The greatest interest was taken as evinced by the clatter of tongues that wont on as the names of the ponies, their weights and their jockeys were run up on the board. The start was a good one. Persian Rose had the rails. In this race, contrary to what had been noticed as his custom, the rider of Adonis com- menced at once to make the running, but at the one-mile post J. C. O. on Sirius was close on his heels and at the top of back straight Ace of Hearts was seen to be coming up remarkably well, having passed Persian Rose. They ran in this order away to the top of the home straight again, when Sirius took the lead and came in a winner by 2 lengths. Time 2min. 48seo.
CORRESPONDENCE.
[We do not hold ourselves responsible for the opinions expressed by our correspondents.]
MESSRS. WATKINS, LIMITED.
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TO THE EDITOR OF THE DAILY PRESS.
Hongkong, 29th March. SIB,-Allow me to correct through the medium of your paper a statement made by the Chairman at the meeting of shareholders of the above Company held on Thursday last. The Chairman said “Through a clerical error your Auditor omitted to deduct the cost of Aerated Water Plant and Machinery already standing at debit of this account," etc. There has been no clerical error on my part, the Stock having always been valued by the General Ma nagers, and I have been particular on each eccasion to see that they signed the Stock
THE HONGKONG WEEKLY PRES) AND
Shoots and also to mention in my report as Auditor, that the Stock had been valued by the General Managers, but for reasons, unknown to me they included the value of the Aerated Water Plant in the Stock Lists, and signed those lists. I admire the ingenuity of the Chairman in endeavouring to extricate the General Managers from an awkward position by taking refuge behind me, but think in this case that the old French proverb applies "qui s excuse s'accuse."
With regard to the $3,600) at present owing to the Company by Mr. Watkins. this sum is very much in excess of the amount of his indebtedness when the Company took over the business. His account has gradually increased to the present figures, sums having been debited to him by the Company.
Understanding that Mr. Watkins had part d' with a number of his shares, on which the Company of course held first lien. I deemed it my duty, in the interests of the share holders, to refuse to sign the accounts, unless the matter was laid bare, hence the delay in publishing the report and accounts. I have now terminated my connection with the Com- pany as auditor.-Yours. etc.
W. H. GASKELL.
WATKINS, LIMITED.
The third ordinary general meeting of the shareholders in Watkins, Limited, was held on the 27th ult. at 66, Queen's Road Central. Mr. G. A. Watkins presided, and there were also present Major Brown, Captain Tillett Captain Nurse, B.I., Messrs. I. Grant Smith, E. J. Grist, W. A Sims, T. H. Reid, J. W. Osborne, A. R. Ezekiel N. Mumford, J. Minhinett, W. H. Gaskell and Chan A Fook.
The CHAIRMAN-Gentlemen, Your General Managers regret that there has been delay in sending out the report and balance-sheet to-day. Well, it has been caused by circumstances over which we had absolutely no control-we did not get the report from the printer until 11 o'clock this morning. If there are any shareholders present who prefer the meeting to be adjourned to have time to study the balance-sheet or any other things, I shall be very happy to do so. If not, we shall go on with the business before us.
There being no expression of opinion to the contrary.
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[April 7, 1902.
this Company. Shareholders may safely leave this in the hands of your General Managers to see it liquidated in due course. We propose, with your consent, to transfer from the equa lisation of dividend fund to the credit of profit and loss account, the sum of $3741.97 which will then stand at $10,129.47 and thus enable us to pay a dividend for the year of 9 per cent. The balance at credit of the equalisa- tion of dividend fund will, after the proposed transfer, then stand at $4,802.57 which amount is to be carried forward. Unless any share- holder has any question to ask. I will now proceed to propose the adoption of the report and statement of acconuts as presented
Captain TILLETT-I have a question to ask, Mr. Chairman. I understand you to say that this sum of $3,665.14 that you are indebted to the Company was incurred before the new Com- pony was formed.
The CHAIRMAN—Yes, sir.
Captain TILLETг-And why was it not stated so at the time?
The CHAIRMAN--It has been stated by us every time that the accounts have been put before you.
Captain TILLETT-But why was it not stated before the new Company was formed?
The CHAIRMAN-You had better ask Mr. Gaskell that question himself.
Captain TILLETT—It would have been better if it had appeared on the last balance-sheet,
The CHAIRMAN Certainly. Captain TILLETT--Why did not you put it there ?
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The CHAIRMAN - Why should I put it there more than your or any other account ?
Captain TILLETI-These may be only matters of a handful of dollars or cents; but this is a large sum.
The CHAIRMAN-Quite so; that was taken over by the new Company and the debt has bion in- curred for seven or eight or nine years runnin
Captain TILLETT-Is there any possibility of it ever being paid off; it is pretty nearly time it was now.
The CHAIRMAN -Well, if you leave it to the General Managers it will be done.
Captain TILLETT – Are you aware, Mr. Chair- man, that the General Managers are responsible to the shareholders for the funds of the Com- pany?
The CHAIRMAN-Yes, certainly. Captain T.LLETT-I am very glad to hear
The CHAIRMAN--Yes, and the General Managers also. They have a lien on the shares standing in my name.
Captain TILLETT-Well, it is time that debt was paid off between you and Mr. Chan A Fook.
The CHAIRMAN-We will attend to it. Captain TILLETF-But I did not mean attended to in seven or eight years, but within the current year.
The CHAIRMAN-Well, you may look to it that the debt will be liquidated.
Captain TILLETT-And within the current year?
The CHAIRMAN-No, certainly. You do not expect that I can put down $3,600 within twelve months at the paltry salary I am paid- $300 a month; very soon my senior assistant will be getting as much as I am, and I do not think that is a reasonable salary considering my 20 years' experience in the East. We wil liquidate the debt if you give us time.
Captain T LLETT-Mr. A Fook is equally. responsible.
The CHAIRMAN—Yes. Captain TILLET-Well. let him come forward and help to liquidate the debt.
The CHAIRMAN continued---I take it for it. granted, gentlemen, that the business will pro- ceed. We shall hold the report and accounts as read, to save time. Taking into, consideration the continued increase in almost overy item of local expense, coupled with the continued fall in exchange, the nett results on the year's work. ing are not so unsatisfactory as first appearances seem to indicate. Touching the amount of 88,741,97 which was included in the $13,544,54 passed to equalisation of dividends at our last annual meeting, I would like to point out that it has been the custom of your General Managers to give the auditor their stock book containing all the assets and liabilities of the Company as on the 31st December of each year. Through a clerical error your auditors omitted to deduct the cost of aerated water plant and machinery already standing at debit of this account, there by causing a double entry under this head. The increase in charges account is due to several causes. For instance, our shop rent bas advanced from $100 to $285 per month, quarters for Chinese employees from $35 to $78 per month, increase of office work necessitat's the employment of a European assistant, advertis- ing, loss on subsiduary coins, exchange, &c. Your stock contains nothing except what is absolutely of the first quality. It has been taken by Mr. McLoughlin, who is a qualified chemist and quite competent to do the work. Your General Managers have verified every item and found the sane correct. At to- day's low exchange it would cost you about 20% more money to replace your present stock. Aerated water factory amply justifies the out- lay in this department of our business, and as our waters become better known, full apprecia tion of their high class quality, and increased sales, will be sure to follow. Wi h regard to the sum standing in my name, and referred to by the auditor, I wish to state that this was due to, and taken over from, the old firm, and has not been incurred during the existence of
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The CHAIRMAN-But we are not pushed for the money.
Captain TILLETT-But the Company would be in a far better position if we had it..
The CH IBMAN-But as a matter of fact that money should have been wiped out by the old Company,
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Captain TILLETT-What interest does the money pay.
The CH: IBMAN-None. Captain TILLETT-Do you consider that right?
The CAIRMAN-I do. I consider the Company is having more than that out of me.
Captain TILLETT That is not the point; your character and value are not mentioned in the matter. It is a matter of money that is
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