December 15, 1902.}
CHINA OVERLAND TRADE REPORT.
though now, it is to be feared, the British | directors to treat the shareholders as a pack taste has been perverted and depraved. With cheap silver, too, and the promised abolition of lekin there, would have been a great and promising opening for a return to ¦ popular favour of China teas. That opportunity has, however, been lost beyond hope, and we look in vain for any such source of wealth from her remaining exports as was thus ignorantly and fatuously surrendered without an effert for its retention,
THE HONGKONG AND WHAMPOA DOK CO'S MEETING.
The
of boys clamouring for more lollipops, This is always a mistake, for it cannot be doubted that, while in some cases share- holders are too much inclined to extract the very maximum of profit from a concern, many of them, as sound investors, are strongly opposed to the policy of drain- ing its resources in order to pay big dividends. In any case the demand, of the shareholders should have been wet in a different spirit, and not regarded as a sort of mutiny against the Board. Some directors, it would seem, have yet to learn; | that they are removable at the pleasure of the shareholders, whose patience may at any time give way if subjected to an undue strain.
›
1 (Daily Press, 11th December.) Notwithstanding the somewhat pathetic their lesson from Monday's fateful meeting
The directors have, doubtless, gained lament of Mr. D. E. BROWN over the scheme the Government has also one to learn for the construction of a new large dock at therefrom. It is one that even he who runs Hunghom, the project may now be con- sidered as dead as Queen ANNE. The share- reach itself and miss the object sought for,
may read.
Excessive greed is apt to over- holders of the Hongkong and Whampoa Had the Government been content, when Dock Company, Limited, were emphatic the idea of making another enough in their rejection of it at the meeting Hunghom larger than the Admiralty dock at held on Monday in the City Hall.
Duck WAS first majority against the scheme, which by the charge a nominal price for the land, or brought forward, to way was never seconded, was simply over rather water, required, un-hackled by whelming, and the décision expressed, burdensome conditions, which it had no following on the remarks made, constituted right to insist upon, it would have effected in effect a vote of want of confidence in the sale and been receiving the Crown rent those directors who advocated it. Probably for this large area, with further reveņu the hint will be accepted, and several in prospect in the shape of rates when resignations from the Board will follow in buildings had been erected. Now it has due course. It was exceedingly plain, the sorry reflection that, by asking the from tlie proceedings at the meeting on impossible it has lost all, and created much Monday, that the majority of the directors irritation, were hopelessly out of touch with the person or body applying for the area in There is no chance of any shareholders, and hold views as to the question, as it would be suitable only for a management of the concern considerably at dock, and if the Hongkong and Whampoa variance with the ideas of those whose Duck Company will not take it for the interests they are supposed to represent purpose no one else is likely to do so. It is not often in this Colony, that a Board shareholders of the Dock Company would, The of Directors of a public company gets so completely at issue with its shareholders. if clogged with the condition of constructing we imagine, decline the land as a gift now Nor was this the first difference the saule
a dock there; but had it been obtainable directors have had with their shareholders. three years ago at a notinal price and 'Their action in regard to the last dividend without the absurd conditions sought to be paid was most tactless and high-handed. imposed, the work would most certainly Whatever differences there might be as to have hen undertaken. the wisdoni of paying an extra dollar on the Government will never repeat this very We hope that the dividend, there was no necessity for an ad-serious mistake. It should be their cou- journment of three mouths in order to take asistent aim and endeavour to fo ter and poll. This was regarded by the share-encourage industrial enterprise, and to holders, and with some show of reason, as a punishment for daring to question the action of the directors, and they are not likely socu to forget it. The powers given to directors are necessar ly large, but they should be exercised with the utmost possible fact and fairness. The directors are, after all, the servants of the shareholders, placed in their position to manage the affairs of the Company, to protect their interests, and to give the benefit of their experience and influence to the concern. For this they are paid a fee, varying with the importance and wealth of the Company, but it usually. constitutes a handsome remuneration for the time and trouble expended by the dicectors. The directors are of course also shareholders, but as a rule their interest is small as compared with that of the body of shareholders, and, whatever their views or demands the latter have a right to be consulted in any matter of importance, and may reasonably expect to be treated with all the consideration possible. That the shareholders of the Hongkong and Whampoa Dock Company, Limited, have received the courtesy and consideration to which they are entitled from the hands of the ir directors can hardly, we fear, be maintained by the best friends of the latter. There has been too much disposition on the part of some of the
1
afford what aid lies in their power to such undertakings. Sir WILLIAM DES VEUX announce, many years ago, t'at such would be the policy of the Colonial Govern- ment, and we believe he was eager to carry it into effect, by affording any facilities possible to assist in introducing new indus- tries into the Colony. During the present Administration it woull seem that a change has come
453
UNDESIRABLES IN HONGKONG.
serious
(Daily Press, 12th December.} Periodically this Colony is visited by an epidemic which, though not to be mentioned in the same breath as a visitation of plague, is nevertheless a very nuisance to the regular residents in Hong kong. We refer to the class of men who are classed together under the general title of "beachcombers." As, in the case of most other ports in the East, this social parasite is always with us here; but apart from the normal number, from time to happens that we suddenly find ourselves time it
favoured with the attentions of au extra quantity of these undesirables.
We should not like to say that it is a fact that such
|
which may le fairly described as one of over the Government policy, squeezing as much revenue as possible out of every commi reial or industrial institution. This policy of grab is neither dignified nor wise, especially at a time when the Colony is suffering from severe depression brought about by recent troubles in China, the continued d'sastrous fall in the value of silver, and the yearly recurrent ravages of plague, with all the expenses and losses attendant on the latter. We do not ask that the Colonial Treasury should be depleted or deprived of its just dues, but obvious that sites are required for the we do emphatically urge that where it is establishment of a new, or the extension of an old industry the promoters should be treated with liberality, to the end that they should be encouraged to locate themselves here and thus contribute to the wealth and importance of the Colony.
of some vessel from Manila, but it unfor visitation is always preceded by the arrival tunately must be held true that while other neighbouring ports send
us their ones,
streets Manila sends its tens. A glance at the of the various bars
of Hongkong in the vicinity at certain periods Manila has had a clearing out recently. of the day will serve to show that
beachcomber. He comes into our offices, to Nor do we have to go outside to see the
of this kind have come under our notice show that he is in our midst; several cases during the past few days. He will even go to our houses, preferably in the absence of money without even the preliminary for- the master, and to our hotels. He asks
mality of inventing a plausible tale. He does not stop at beggary, but goes on to theft.
That his presence is an evil is evil is a question which no one seems to readily recognised; whether it is a necessary
what ask. Nearly two years ago we pointed out persons Hongkong
a dumping-ground for destitute
The House of
had become. The Nevertheless it seems to us that residents situation is not in any way better now.
should be done for their protection against here have a right to ask that something
a worthless class of men who have no claims to be allowed to dwell in Hongkong at the expense of others. Detention does little to meet the require- ments of the case. There is naturally a repugnance to be strict with a man who, in but it is absurd to make this au excuse for the popular phrase, is "down on his luck," nourishing, to the detriment of the com- munity, good-for-nothing aliens with whom their own countrymen will lave nothing to do. When a citizen of the United States is deported from Manila by the authorities there, why should he be welcomed to Hong- kong? When an undesirable's own Consul with do nothing for him, why should he enjoy Hongkong hospitality for an indefinite period? It is not fair to the residents in character should be allowed to land on the Hongkong that destitute individuals of bad
island in search of their prey. leniency merely adds to the difficulties of police discipline in
the Colony and
!
no
Such
in an integral part of that British freedom way can be made out to be
about which the talk is allowed to degene- rate into cant in such cases as these. That side of justice which demands that a man should be just to himself calls for some attention to the question which we have been considering, and it is 'full time that some step should be taken for the protection ports. of Hongkong against the rejected of other
in the Jovansen-Hopkins adultery case at An appeal has been lodged by the defendants Yokohama against the sentences of 8 and 6 months' imprisonment respectively and the fine of 1,000 yen.
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