August 25, 1902.J
could not actually see the flags would soon hear of them. Much vexations, because avoidable, delay would be saved, and at small cost At present those of us who use Plantation Road station may go there and wait an indefinite time before we find out that the cars are not running; while if a flag were hoisted we could see it from Magazine Gap and go straight down, probably saving forty minutes, and some damage to our chances of going "top:ide" when our time comes. Yours, etc.,
ARTHUR H. OUGH.
THE CRICKET GROUND THREATENED.
TO THE EDITOR OF THE "DAILY PRESS,"
Hongkong, 22nd August.
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CHINA OVERLAND TRADE REPORT.
forward, nearly another milliou and a half. | This is a strong position to be in. gentlemen, and has been attained simply by our adherence to the policy of paying moderate dividends and building up our reserves with the balance of our profits, a policy I am sure you now fully approve, for without ample funds at its disposal no bank can work successfully. "Bank premises is a non-interest bearing account, and in pursuance of our sett'ed policy to keep such accounts at a nominal figure we propose to write 2 lacs off this account, which will then stand at £680,358.58 as against 8730.205.35 in last report. While on this subject I may tell you that we recently acquired a property adjoining our offices at Yokohama, and we have also arranged for the purchase from the Straits Government of a SIB, I wish through your medium to direct desirable site in Penang where suitable pre the attention, firstly of the military authorities, mises of our own have been much needed. and, secondly, of the Cricket Club Committee, to Besides this we have found it necessary lately the fact that the Parade Ground is becoming to make alteratious and extensions at several dotted over with patches of the sensitive plant, other branches to meet increasing business, a These plants are already in bloom, and if not
very healthy sign, I think. Comparing the piomly exterminated the seed will be carried
accounts with last half year. the figures in this across the road to the Cricket Ground, and that report show an increase under almost every lovely piece of sward will soon be infested with heading, which is satisfactory evidence of the this stubborn weed. I do not know when or by steady growth in the volume of our business. whom, in an evil moment, this nost pernicious Our note circulation continues to expand; plant was introduced into the Colony, but it has it has increased by $1,616,904 and is now been known here only in very recent years. | $4,623,665 in excess of the $10,000,000 Anyhow, it is rapidly acquiring a hold, and unless authorised against securities deposited in great and speedy efforts are made to eradicate it, London with the Crown Agents for the the plant will prove a perfect pest, as bad as the Colonies. This excess of $4.623 665, I may Lantana has proved in Ceylon. It is pretty, remind you. is secured dollar for dollar by but its beauty conceals a thorn, and its seeming the deposit of silver coin with the Hongkong innocence a power of blighting all other vege-Government under special ordinauce. Taking tation The only method of dealing with it is current accounts and fixed deposits together, to extract it from the ground, drawing it slowly gold deposits show little change, but silver and carefully so as not to break the root, which deposits have increased $5.717,000, aud bills is lengthy and somewhat tenacious. To merely payable are $10,000,000 higher. On the other cut down the plant, as I have seen ignorant side there is an increase in bills discounted coolies lately doing at the Peak with sickles, is loans and credits" of $14,000,000, and in bills waste of energy, as it will soon spring up again, receivable" of 3 million dollars, while we with a firmer hold on the soil than ever. I have have $3,000,000 mure in cash (including coin taken up hundreds of little plants on my croquet deposited with the Government for extra note awn at the Peak, and think it is now practically circulation) and bullion. The sterling reserve clear. The sensitive plant is literally running investments are almost the same as on 31st riot alongside the Tramway near Macdonnell aud December last, and our holdings of Indian Go- Bowen Roads, and is growing in masses on the verument rupee-paper are a little larger. Con high turf bank below the Artillery Mess. It sols, colonial and other securities" show an kills the turf and gradually over comes other increase of £1,736,803, and this is chiefly due to hardy weeds less difficult of erudication. If the a temporary increase of our holdings of Conscls Cricket Club wish to keep this troublesome in-pending the exchange of old stock for new vader at a distance no time should be lost.-issue. All these securities stand in our books Yours, etc..
R. CHATTERTON WILCOX.
HONGKONG AND SHANGHAI
BANKING CORPORATION.
The ordinary half-yearly meeting of the shareholders in the atore Corporation was held on the luth inst. in the City Hall, for the purp se of receiving the 74th report of the Court of Directors. The Hou, R, Shewan, chairman, pre- sided and there were also present Hon. C. W. Dickson, Messrs. A. Haupt, E. Goetz, D. M. Moses, A. J. Raymond, A. Siebs, H. Schubart, H. W. Slade, H E. Tomkins (directors). J. R. M. Smith (chief manager), H. N. Mody, G. Stewart, K. A. Chinoy, C. J. Gonsalves, Lau Wai Chnen, Hon. C. S. Sharp, E. Georg, D. D. Guzdar, Capt. Clarke, J. R. Michael A. Forbes, W. Lysaught, C. A. Tomes, J. M. Alves, W. Kidd, V. H. Deacon, F. Maitland. W. H. Ray, W. A. C. Cruick. shank, P. Witkowski, R. K. Leigh, A. Ross, W. H. Wickham, and S. Hancock.
The CHIEF MANAGER having read the notice calling the meeting,
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The CHAIRMAN read the report already published, after which he said, Gentlemen, It is again our good fortune to come before you with the excellent report which I have just read, and I hope you will approve of the way in which we p:opose to divide the profits. viz. :- A dividend of £110s. per share, place 5 lacs to silver reserve fund and write 2 lacs off premises account, leaving $1,437,740,88. to be carried forward. I may point out that at the present low rate of 1/8 it takes about $110,00 more to pay the dividend of £1 10s. to-day than it did six months ago. The above appropriation to the silver reserve fund will being it up to £4,750,000, which with the capital and sterling reserve fund give you a total of about 25 millions f dollars exclusive of the amount carried
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interest in our trade out here. This Colony of Hongkong, so minute on the map that I can understand why people at home think so little of it, is nevertheless, measured commercially, one of the largest and most important of King Edward's possessions. It has developed hugely in the last few years, so that this building which not long ago was right on the water's edge is now well inland, with Government offices and stately buildings erected and being erected be- tween it and the sea. Soon we shall have an electric tramway through the city, and I look forward to the day when not ouly will it be running round the whole island but when there will be another through Kowloon and the New Territory, with a railway from there to Canton to connect with the grand trunk line about to be laid from Canton to Hankow sad thence to Peking. It is possible that I be- lieve in the future of this Colony more than many people do, but the most pessimistic must admit that for places 30 situated as Hongkong and Shanghai there must come great expansion of business when the enormous national re- sources of China begin to be properly developed by foreign capital. The Philippines, too, will soon settle down to business under a stable government, and although I think they may be making a mistake over there in excluding s race of traders and workers such as the Chinese from their territory, still they are doing no more than onr own people have done in Australia, and I hope that in spite of this policy trade between China and the Philippines will soon show signs of development. Taking then, gentlemen. all these factors into consideration, we cannot I think but look forward to the future cheerfully and hopefully. As I anticipated when I met you this time last year, the payment of the indemnity to the Powers has pressed hardly on China's finances, but she has immense powers of recuperation and I do not believe will be crushed or even permanently injured by the payment of SO large a sum. At our last meeting I informed you that at the proper time your directors would see that the services of our late Chief Manager, Sir Thomas Jackson, on whom I am pleased to say His Majesty has since conferred the honour of a baronetcy, were duly and fittingly acknowledged. This we have done by the grant to him of an honorarium of $100,000 (say about £8.500) and the appointment to the chairmanship of the London Committee, where I am sure they will be glad to have the benefit of his great experience and knowledge of the affairs of the Bank. In addition to this we propose to erect, as some acknowledgement of the great services he has rendered to the Bank, a statue of Sir Thomas on a suitable site in the vicinity of the bank premises, and I feel certain that every shareholder present will approve of such a permanent memorial in our midst of our old friend T. J. (Applause.) Mr. J. R. M. Smith took charge as Chief Manager, and your have every confidence that the interests of the Bank are perfectly safe in his hands. Finally I am glad to say that we have well. year already begun the second half of the (Applause.]
Questions were invited but none was asked. The CHAIRMAN then formally moved the adoption of the report and accounts.
Mr. VICTOR DEACON seconded.
In doing so he said Mr. Chairman and gentleman, the pleasant task. has fallen to me to second the adoption of the report and accounts, which the chairman has so eloquently put before you. It is a very pleasant task indeed, I need scarcely say, and I think that, without any great exaggeration, I, speaking for the shareholders here, may assure the directors that, so long as they put such pleasant accounts before us, so long will we very gratefully second and adopt them. Gentlemen, for so long past now have we been accustomed to receive these very satisfactory reports and to take into our pockets these very satisfactory dividends, so much so that, as it appears to me, if, in the future, we have worse reports put before us, it would be really an infringement of our rights and s breach of duty on the part of the director's (laughter). Bat. be that as it may, I only hope that my successor, whoever he may be in years to come, will always have such a pleasant duty as I have to perform this morning (applause). But, gentlemen, let us not fo get that these reports are the result of a great deal of forethought, of
at considerably under present prices. The half year under review has not been one of the easiest. A further serius fall occurred in silver, and this with the stili slightly unsettled
¡ cendition of affairs in the North of China had a depressing effect on imports: it says much for the general soundness of the trade that it has come SO well through the diffi- culties it had to contend with. There has also been some over speculation in the local
share markets, but this caused us no uneasine-s,' as our share advances are restricted to very safe limits; in fact, we have been wonderfully free from losses. Any probable losses or doubtful accounts bave nevertheless all been provided for, your Chief Manager having only completed a tour of inspection jus: before being appointed
A new Anglo Chinese to his new post. Commercial Treaty drafted by Sir James Mackay, the Special Commissioner sent out from home, has been under negotiation for some time past, and is reported to be now on the evo of completion; and although few old China hands can altogether believe in the sudden that * old man of the disappearance of mountain," lekin, still the main principle of the new treaty, so far as we know it, is good; it is a bold attempt to do away with an imposition of which merchants in China have always complained. I fully recognise the immense
difficulties to be overcome, but I think there is
a good chance of success if only Ministers and especially Consuls will be but firm in protecting the merchant in the exercise of his rights under the new Treaty and in insisting upon the Chinese strictly fulfilling their treaty engagements. In any case, think the mis- sion of Sir James Mackay will be productive of much good, and I hope that it may mean that a new era is now dawning for us, and that with its hands free in South Africa our Go- vernment at home intends to study things Chin se a little more closely and take a keener
directors
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