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TWO ELDER STATESMEN.
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THE HONGKONG WEEKLY PRESS AND divinity, which Marquis Ito would also support, whether they insist, like their former represon! is quite inc mpatible with true representativ¦latives, on having the p oposed naval pro. Government of any sort. To give an instance | gramme financed partly by economy in adminis- of how great the monarchical power is in this Crative expɔoses, and partly by a shangs in the country, I ne d only m ntiu au indideat tht period over which the prosecution of varions happened in 1991 just before Marquis Ito left public works ́s to be spread. office. The Marquis brought in a budget which was opposed by the House of Peers not becaus) that noble assembly di-liked the budget, but b- cause they disliked the Margu's. Now the Marquis naturally wanted his budget to pass, and, as be possesses great influence with the Emperor, he induced His Majesty to issue an edict ordering the Peers to give way. It would by impossible to describe the ludicrous precipitaucy with which the noble lords climbed down. They acted as if a voice from haven had spoken fo them. Somebody said: "Yes, of course we must give way, but lot us discuss the bill in the nsual way," whereupou an old noblomau cried out against euch a sacrilegious alterauce and insisted on the bill bing rushed through ni once. There can be no question that respect for the Emperor is the one thing that saves Japan from anoroby, but why talk of the exist. ence of constitutional Government in a country where the like of this can occur ?
But, to return to Mr. Ozaki, that eminent politician thinks that constitutional Govern- ment h's been a failure in Japan becauso of the ignorance of the commou people, who cannot really imagine what they are to do with a vote if they are not to sell it; Elections in Japan are consequently, says Mr. Ozaki, contests in bribery; the candidate with the longest purse comes out as a rule on top High-minded men may hold out for a time, but they finally sink to the corrupt level of their surroundings, until finally a corrupt electorate is fitly represented by a corrupt legislature.
Mr. Ozaki's next complaint is about the expenditure, which has been increasing fearfully ia Japan, from 57,730,025 yn in 1872 to 275,751,194 in 1973. The M.P.'s denounce this increase in and out of season and whenever they want to overthrow a Goverament and no other excuse comes handy, then they acouse that government of increasing or at least of not-reducing the public expenditure, and hotly declare that this sort of thing must once and for all be put a stop to.
It seems inconsistent, however, for the members of the Diet to exhibit such a burning zeal for economy in the public service while at the same time enjoying salaries which are, as salaries go in Japan, simply sunrmons. They recently increased their own salaries by 250 per cent., that is, they get 2,00 yen for three months' work, more than a Minister of State gets. And what makes the matter worse is The judges are so miserably underpaid Japanese judge is a lucky man if he touches his pound a week-that they went on strike some time ago for higher wages. They presented at the same time a petition to the House of Representatives, but the members were too mach occupied with the question of retrench ment to grant their request, with the result that they are now gradually dropping out of the justiciary to take up any sort of odl job that pays them better.
Not only do the members spend a good deal of public money on their precious selves; they
also divert a much as they can to their own constituencies; in fact there is a brisk competi- tion among them as to who will get the most money for his own particular district. Undoubtedly Mr. Ozaki his some saying that constitutional Government has not been a success so far as Japan is concerned.
THE POINT AT ISSU¿.
reason for
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As to the point at issue in the for thec ming elections, I shall first say what is not that; point. The increase of the navy is not the point at issue, for on this point there is no difference of opinion in Ministerial and Opposition circles. In short, the only point
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means
which the country will be invited to express its verdict at the coming general elections is AS to the ways and for bringing about the contemplated in- crease of the navy. In other words the electors are expected to indicate by their votes on the 1st of March next whether they wish to have the funds required for the increase of the navy provided, as the Government proposes, by the continuance of the present tax on land which is to expire in about a year's time, or
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It is interesting to note in conclusions that the two most prominent statesmen in Japan. I mean Marquis Ito, leader of the Seiyu-kai or constitutionalists and Coant Okuma leader of the progressives, will work in harmony at the coming general elections. For the first fourteen years of the present reign, these two stat sm
were the closest of friends and they togetter originated Chos great measures of national regeneration which have brought about such a marvellous transforms iou in Japan: but after Count Okuma's roti emont from offe) in 1881 thes friendly relations coas d and wire only res'ored a few weeks ago. It is axerted that in caso they overturn the Government they will form acoalition cabiust, but this is very improbably.
HUMPHREYS ESTATE AND
FINANCE CO., LD.
The seventeenth ordinary annual general meeting of shareholders in the above Company was held on the 7th inst in the registered · fl-es, 38, Queer's Roзl Contral. Mr. Hart Buck presided, and there w re also present Hon. C.8 Sharp, Messrs. C. Ewens, Ho Tung (directors), Ho Fook, P. C. Potts, S. Hebden, G. Baloch. J. A. Jupp, A. II. Mancel, Mi hael Ho Tai Sang, Lo Cheung Shu, Wong Mo Lam, and J.. L. Cotter (ecretary)
The SECRETARY having read the notic· call- g the meeting,
The CHAIRMAN said-Gentlemen, the re- port and statement of accounts having been in your possession for some days, you are no doubt familiar with them. and I will, with your permission, dipense with the formality of reading them. The result of the year's working, though not to be compared with the two immediately preceding years in the matter of profits, should in the opinion of your directors and general managers be regarded as rory satisfactory, as the whole of the profits have business, there being absolutely nothing derived been made on the Company's ordinary everyday
from sales of properties, which, as you know, figured so largely in the accounts for 19 0 and 1901. The accounts speak for themselves and, I think, require but little explanation from me. Yon will note that, as anticipated, our rout-roll has larg ly increased during the period under review. It may be as well to mention that the amount appearing in the profit and loss account under the heading of Interest is the balance at credit of the account after allowing for interest payable and due. The reason of the charge for fire insurance being less than in 1991 is that the auexpired premia has been valued this occasion, which was not doue last year. Tue charge on this account will be con- siderably larger for the current year, and in } consequence of the very high rates now
being charged
on
by iu u aace companies your board are seriously considering the advisability of the Company taking its own risks or at any rate a part of them; but this would not effect to any large extent this year's! accounts. In recommending a 9 per cent. dividend, your directors are not losing sight of, the fact that they are paying slightly more than the Company has actually earned during the past year; but they think it advisable to equalise dividends as faras possible, and they feel justified, under the circumstances, in paying 9 per cent.. especially having regard to the large transfers of profits which have been made to reserve in the past two years. I shall be very pleased to answer any questions shareholders would like to put to me with regard to the statement of accounts
No questions being asked,
The CHAIRMAN formally made the motion. Mr. BALLOCH seconded, and it was agreed to. On the motion of Mr. HANCLL, seconded by Mr. POTTS, the directors were re-elected – Messrs. J. S. Van Buren, C. Ewens, Hon. C. S. Sharp, H. W. Slade, and Ho Tang.
by
On the motion of the CHAIRMAN, seconded EWENS, Messrs. W. H. Gaskell and W. Potts were re-elected auditors.
as all the business.
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[February 14, 1903. HONGKONG, CANTON AND MACÃO STEAMBOAT ( 0., LD.
The ordinary half-yuarly general meeting of shareholders in the above Company was held at the offices Bank Buildings Wy idham Street, at noon on the 7th inst. The Hon. C. W. Dick- sin prefided, and there were also present Hou. R. hewan. Messrs E. Goetz, N. A. Siebs, C. Michelan, F. A. Gomes (directors), Thomas
Arnold (rerotary), Captain (4. C. Auderson, Captain W. E. Clark, J. N Goosmaon, J. J. Leiria, J. R. Michael, E. J. Moss, W. H. Potts, A. II. M. Silva, A. G. S'okes, nod H. C. Wilcor.
The notice calling tha mesting having been read by the Sɛcretary,
as rea
Tho] CHAIRMAN said –Gentlemen. I
propose that as as I the report and accounts be taken Your directors are pleased to be again able to present a satisfactory statement of the six months' working and t›ust that the proposed appropriation of profits will mont with "your? approval. It is perhaps doubtful whether w shall be able to show such god results in tho immediate future, as the recent advent of several additional native-owned steara yra to the Canton line has noce sitated a material roduction of rates, while ou the other hand the heavy fall in exchango has had the effect of largely increa‹- ing our rauning expenses. In order to hold our own, still further redactions may beco.us necessary, so we can only ra y upon a greater volume of business to maintain our earnings al their present level. The builling of the new stoamer Kinshan is well on the way t› compl«. tion, and it is tho intention of your directors, in conjunction with the China Navigation Company, to organise daily service of three departures to and from Canton as soon as she is ready to take the run. The purchase of the wharf-sites at Cauton has involved a rather considerable ontlay, but in view of the contem. plated more frequent arivals and departures. additional wharfage facilities are an absolu'o necessity, and may consider ourselves fortunate in having been able to acquire these properties. The West River trade, I am pleased to say, shows decided improvement, and the recent opening of several additional ports of call will, it is hoped, tend to a still further think that there is anything in connection with incrass in this branch of our business. I do not
the accounts which calls for special comment on my part. As you will have observed, the pro- minu for the insurance risk carried by the Company is now passed direct to the credit of the depreciation and insurance find instead of being treated as an available profit, and with regard to our investments I can only say that they remain in the usual sound and satisfac ory condition, the shares standing wail within their
market value and the mortgages showing an ample margin on the sum advanced. As there is another meeting to follow this one I will not detain you with further remarks, but before proposing the adoption of the report an accounts as preseutel, I shall be pleased to answer any question in connection therew th which share- holders may wish to ask.
There were no questions, and on the motion of the CHAIRMAN, seconded by Mr. Srokes,
the report and accounts as presented were adopted and passed.
Mr. MICHAEL then propo ed that Mr. Mi- cholau's appointment as a director be confirmed. The proposition was s:condel by Captai ANDERSON and agreed to unauimonsly.
Captain CLARKE moved, and Mr. WILCOX secouded, that Messrs. A. O'D: 'Goardio and W. H. Potts be re-elected as auditors. This motion was also carried without opposition.
The CHAIRMAN intimated that this closed the business of the meeting, and that dividend warrants would be ready on Monday (to-day).
Mr. MICHAEL-Before we separate, I should like to say a few word‹ which, I feel sare, everybody here will endorse. I wish to express our appreciation of the valuable services rendered the Company by our secretary, Mr. Arnold. He has shown himself a very capable custodian of the shareholders' interests," and anybody who has come in con act with him will testify that we cannot have a better man. He is leaving shortly on a well-deserved leave, and I propose that the opportunity should be taken advantage of to present him with some souveni”, in any way that the directors may think fit,
No comments yet.
Private notes are available after approval.