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in spite of our efforts a war of rates broke out after the advent of the Japanese steamers on the line and under all the circumstances we are surprised that the result is not worse. I am sorry to say that this state of things still con- tinues, but on the other hand, our own par tionlar position has greatly improved this year. We are now free from the gɔɔl", which you will see from the accounts, cost, or rather will costi us, when everything is finally adjusted, over 850,03), which is a dividend in itself, and though rates are still very low, we can, at any rate, now keep what we earn for ourselves.
We have also hid to stand the heavy charge of interest, which, as you will see from the figures given you later ou, should be much less this year Passengers have be plentiful and we have more than held bar or in that respect. Nor is cargo from this side scars; it is from Manila where the great falling off has taken place, and when oirgə bɔgias again to come forward from there, as it used to do in former years, our prospects will be greatly improvel. As regards our position fl'alucially, it is also much better now than as it appears by the accounts on 31st December last, as since then we have sold the Diamante at a price which will improve the position our books by about $100,000. Oar debt to our bankers is now reduced to $133,316.13 as against $377,863.16 on 31st December, and we only owe £20,000 to the British 8.8. Invest- ment Trust, in London, against £59,000 last year. In regard to this loan of £20,000 which stands at $228,571.43 in the accounts, I may explain that last year we bought sterling for it forward to next month which was as far ahead as the bank would settle) and this amount, as we shall, of course, be unable to take it up, we have resold at a profit of roughly $13,000. We could not, however, resettle exchange for this year on equal terms, the banks charging about one-sixteenth down for every month .forward, so in this way we shall have to face a shortage later on, against which we have the above profit. This was the best we could do, and although it is impossible to avoid some loss, we have, as you see, by settling forward, reduced it to a minimum which, taking the worst possible rate, cannot exceed $12,000, and may be much less. We have thus paid off our debts to a large extent and are left with three steamers in every way suited to our business and which stand in our books at a cost a good deal below what we should have to pay for similar boats today. We cannot, however, always d-pend entirely on our bankers for funds, although, of course, we can give ample security for our borrowings, and as there is still $25 per share uncalled on over 5,000 new shares, we must now proceed to call that up. If this call be well met, it will bring us in 8125,000 but if not, we shall be obliged to otherwise dispose of the shares in order to get in as much money as we can and reduce our indebtedness as far as possible. As you are all aware, a claim has been made against the s.8. Zafiro for the loss of a bor said to contain $50,000 principally in United States gold hotes The case coines on for hearing before a special jury to-morrow, so it is not advisable for me to make any comments here. That is all, gentlemen, that I think I can tell you about our present position and future prospects. Although there is a much competition on the Manila line just now, there is a good living in it for all at proper rates. “We have still the best hold of it and we have met and overcome similar opposition in the past In that respect we are well equipped as compared with the other boats on the line, ours being chiefly new and modern boats and onomical comsumers of coal, which is one of the principal items of our expenditure. We are now landing passengers at Manila in two days r. and the other fast boats can from Hongkong, only do the same at an expenditure of twios or three times as much con! We are quite sausfied with our position under present conditions and can only hope that our com- petitors will soon realise the folly and uselessuess of their present action and make a return to as fairs and reasonable rates of freight as possible Ic. is disappointing that after the lapse of zever ars the export trade from Manila to should, stead returning to its the exception of an tension ssional shipment of
have completely vanished, but this is a te of things that
this former
4.
THE HONGKONG WEEKLY PRESS AND
cannot last; the unrest in the interior must disappear before long, and with it will come a demand for Chinese labour, which, to all who thoroughly understand the condition of things over there, it is quite clear is absolutely indispensable not only to the commercial prosper ity of the Philippines but to the social well-being and comfort of foreign residents in those islands. That in turn will be followed by an improvement in business all round and in particular by a revival of shipments of produce and of the export trade from Manila to China in which this Company must be the first to share. I will now proceed to move the adoption of the report and accounts, and after that has been seconded 1 shall be very glad to answer any questions that shareholders may have to put.
Dr. NOBLE seconded, and the motion was carried without opposition.
Mr. J. R. MICHAEL moved that Messrs. N. A. Siebs, D. E. Brown and J. H. Lewis be re-elected to the Consulting Committee.
Mr. P. C. POTTS seconded, and the motion was agreed to.
!
Mr. D. E. BROWN moved that Messrs. T. Arnold and W. H Potts be re-elected audito:s. Mr. N. A. SIEBS seconded, and the motion 17as agreed to.
The CHAIRMAN-That is all the business, gentlemen. I am obliged to you for your attendance. and I am sorry I cannot announce that dividend warrants will be ready this year.
CORRESPONDENCE.
!
THE SANITARY BOARD.
TO THE EDITOR OF THE "DAILY PRESS
→
Hongkong, 24th April. SIR-I read in this morning's issue with much amusement the report of the meeting of consider it a most heinous crime that a letter the Sanitary Board, wherein it appears they from the said Board should have been left un answered for a period of two months. I should like to bring to the notice of the general public through the medium of your valuable paper that my own experience is that one seldom if ever receives a reply to a letter addressed to them under a similar period. Enclosing my card.- Yours, etc.,
CITIZEN.
PRO BONO PUBLICO.
TO THE EDITOR OF THE DAILY PRESS.”
Hongkong, 24th April, Sir.-Now that the plague season has set in, and lime and whitewashing has been going on freely in various districts of the Colony, may I venture to ask why vacant or about to be vacant) houses are allowed to be let without previous nspection by the Sanitary authorities and why they do not make it compulsory on the part of the owners to have the premises thoroughly cleansed, lime and whitewashed before they let to new tenants? There are landlords who try to let their houses at increased and heavy rentals yet wish new tenants to defray half the cost of whitewashing, &c. &c.
This can hardly be regarded as fair and should not be permitted in a British Colony like Hongkong. No tenant should be allowed to go into a vacant house unless the premises are thoroughly cleansed and whitewashed at the expense of the owners, all cracks and rat-holes (especially in the ground floor and kitchen) being properly concreted and cemented, and the drains in good order. I may say this has always been insisted upon in the neighbouring colony of Macao with very good results.
This important matter urgently calls for con- sideration by the Sanitary Board.Yours, etc.;
A. M. C. S.
P.S.-I would also like to suggest that the inspectors of the Sanitary Board, in making their house-to-house visitations, might be in- structed to ask permission from the master or mistress of a house before they walk in. It often happens that an inspector enters a house without having the courtesy to knock and ask permission.
May 4, 1903.
RUSSIA AND MANCHURIA.
**
TO THE EDITOR OF THE DAILY PRESS.
Hongkong, 28th April.
to see the
SIR.-It is some consolation provincials in activity displayed by our fel'ow Shanghai in the patriotic and united attitude adopted by them regarding the question of the to the French to send a military expedition into cession of Manchuria to Russia and the invitation
Kwangsi. The mad folly of such concessious is readily understood and cannot but result in war, partitioning of the Chinese Empire and the exploding of the "Open Door trumpeted throughout the world by the Powers 80 solemnly
a short time ago,
19
It is well known that the present rulers of China regard Russia as their natural friend and protector. They know that the Empire is slipping from their grasp, and rather than see it rev. rt to the Chinese, the Manchus would only be too glad to “sell.” it to the bost bidders ! I am afraid that the protest of the Southern Chinese of Shanghai will be of little or no avail as the cession of Manchuria to Russia is a for- gone conclusion. The only way to pervent it ię by the use of the drawn sword. Great Britain, the United States and Japan, whose interests are at stake, should present a strong altimatum to the conspirators, supported if need be by their Military and Naval forces. War is inevitable, and the sooner the struggle is over the better it will be for the peace of the world. i
One is surprised at the exceptional apathy of the Chinese of this Colony in "Affairs Political" of China. Are they truly careless of the fate of the Empire, or are they afraid to express an opinion for fear of the Canton officials branding them as reformers? The latter plea appears to be nearer the mark, as it is well known that the movements of the enlightened Chinese of this Colony an always being watched by the spies of the Canton Government. It has been currently reported of late that cortain Viceroy alleging that upwards of 250 of the officials have sent in a long report to the Chinese inhabitants of this Colony are connected with the Reform Government and the recent projected rising at Canton. Amongst the names submitted are many of prominent and enlightened Chinese citizens, including a number of British subjects. This of course has created quite a scare and it is reported that many have already petitioned HE. the Governor for protection! But why this panic when the Government has the power and means at its disposal to protect and safe- guard the lives of all British subjects and law-abiding citizens in the Colony ?
our
most
I am sure H,E. the Govornor and our abls Colonial Secretary who are both strong men will see that no harm befalls any of them.
The Canton Authorities seem to forget that our schools and colleges are turning out re- formers wholesale and that the more they persecute the reformers the stronger, will they become.
The Government should not let this matter drop as the consequences might be serious, but should demand full and complete satisfaction from the Canton Government for daring to terrorise and disturb the peace of the inhabi- tants of the Colony,
In connection with the affair it may be well to recall as a warning the daring assassination of the schoolmaster Yeung Ku Wan in January, 1901, and the recent kidnapping and murder cases instigated by the Canton Government (see local papers), which, unfortunately, are still unravelled.
of Justice and made to atone for their heinous Will the guilty ever be. brought to the bar orimes ?-Yours, etc.,
INDIGNATION.
In an article on Russian trade with China which appears in the Viesnik Finanzof, it is stated that 70 per cent, of Russia's trade with China is carried on by the trans continental great future before this trade if Russian mer- ronte, and the journal considers that there is a chants would only push their goods® From s detailed analysis of the statistics, it appears, says the Viestnik Finanzof, that there is a good opening in ing purposes,
sos, lamps, glass and crockery Aware, iron and iron manufactures, sugar hardware, and perfumery.
1 for mineral oils for illuminat-
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