112
KOON HEW FREE SCHOOL.
THE HONGKONG WEEKLY PRESS AND
commerce,
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[February 8, 1904.
AND MACAO
STEAMBOAT CO., LD.
ANNUAL MEETING. The annual mee ing of the Hongkong. Canton and Macs. Steamboat Company, Ld., was held on the 6th inst. at the Company's offices, Wyndham Street, at voou. Hor. C. W. Dickson presided, and there were also present: Messrs. N. A. niebs, E. Goetz, H. E. Tomkins, A. Haupt, H. E. R. Fuhrmann, C. A. Tomes, F. A. Gomes. Schubart (Directors), Thos. Arnold Wilcox, J. W. Noble, Captain W. A. Clarke, (Secretary). J. R. Michael, J. Arnold, R. C.
T. 8. Forrest, and J. Barton. E. J. Moses, W. G. Winterburn, G. T. Veitch,
The SECRETARY having read the notice con- vening the meeting,
continue to possess, natural geographical | HONGKONG, CANTON, advantages, and that it cannot possess any rival in its own sphere (Applause.) That is all very The ceremony of presenting the prizes at the well, but it is not an absolutely determining Koon How Free School, Bonham Strand West, factor. Hongkong must remain a free port. was performed on the 2nd inst, by Mr. Lo Koon It is a barter market or pawn shop for trade; it Ting. The report of Mr. Chan Hewan (the has no local industries, and is not a producing superintendent, showed that the school had ac-
centre. It is a junction for the re-distribution commodation for 200 pupils. Five masters had of trade and cargo traffic in general, and its been engaged and the school was opened for two stability depends upon its ability to a tract hours each evening, the upkeep amounting to about $3000 a year. Since Mr. C. Kent had the course of the last fifty years it has develop- It possesses a fine harbour, and in resigned the headmastership his place had beened very fine storage capacities. But now its taken by Mr. Kwok Ying Kun, who was assist- ed by four assistant masters. The work of the Canton, by the substantial development of position is threatened by the development of school had got the commendation of many Canton. Now, gentlemen, if Canton is proper- people, including Captain Robinson of the ly developed, as it may be by the advantage of Stanley, and Mr. G. R. Smithers, Police the Canton-Hankow railway, which will place Magistrate of Sydney. Several boys out it in rapid communication with the northern of the school had good positions with the Go- trade, it will make a very b ld bid, and I think vernment and with mercantile firms.
Mr. it my possibly succeed in wresting from Kwong Wa Tai. M.A., conducted the examina- Hongkong the supremacy which it now enjoys. tions with the following results:-Class I-1. Canton has advantages over Hongkong in Tang Shing Cheung; 2, Shem Wai; 3, Chung several respects; the labour is oheap_there, and Cha Ngan; Ching Sik Lan (English into the Chinese are free from Sanitary Boards and Chinese); and Wong Kam Ying (Chinese into their restrictions, and this may lead to a English). Class II-1, Mak Ping Fui; 2, possible departure of local trade from Hongkong Yan Kam Ching; 3, Lan King Ching. Class to Canton," It behoves the leaders in Hongkong III-1, Lui Idan Tan; 2, Chan Leung; to consider, and after due consideration to take 3, Lai man Sui. Class IV-1,hi Yung steps to leave Hongkong absolutely free from Shang; 2, Lui Man Sit; 3, Wong Ying Tong. any attack in that direction. Class V-1, Lui Ping Chung; 2, Bhi Shan Chi; 3. Lo Ping Sham. Class V.B.-Chan Ki Shui; 2, Chang Ping Tong; 3 Cheung Wa Cho. The management thanked the following subscri. bers to the prize fund :- Captain W. Robinson, Captain L. H. Richards, Mr. J. R. Chapman, Captain and Mrs. E. J. Page, Captain R. Lin- cola, Captain and Mrs. W. M. Mason, Mr. E. J. Moses, Captain W. H. Luot, Captain J. Whitelaw, Mr. J. Weir, Captain J. A, Pratt, Captain A A. Crawford, Mr. Jean Trevoux and Mr. A. Bunne.
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Mr. J. R. Mi0HAEL-In view of what bave said about the trade of Canton. do you recommend the bank to open a branch there?
The CHAIRMAN-I am not prepared to deal with the question properly yet. 1 simply made a few remarks which I think ought to have been made, I now propose the adoption of the
report and accounts.
Mr. ELLIS KADCORIE seconded and the mo- tion was carried.
The CHAIR MAN-Since the report was issued Mr. G. C. Moxon has been elected a director instead of Mr. Chow Tang Shang-this you are now asked to confirm and to re-elect Mr. Mcxon
NATIONAL BANK OF CHINA, LD. for the coming term of service. I also propose
THIRTEENTH ANNUAL MEETING.
The thirteenth ordinary annual general meet- ing of shareholders in the above bank was held at the offices of the Bank, Victoria Buildings, at noon on the 30th ult. Those present were Mr J. Scott Harston (Chairman), and Messrs Chan Kit Shav. G.. Moxo, Julius Focke (directors), G. W. F. Playfair (chief manager), C. Ewens, E. Kadoorie, P. C. Potts. E. W. Terry, H. Pinckney, J. R. Michael, Chan Ki, Fung Wà Chan, and others.
Mr. G. W PLAYFAIR having read the notice convening the meeting,
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that the elections of Messrs. Harston, Focke. and Moxon be now confirmed, and that Mr, Moxon be re-elected a member of the Hongkong Board and Mr. Stuart Wortley a member of the London Committee.
Mr. TERRY seconded and the motion was carried.
Mr. EWENS seconded and the proposal was carried.
Mr. P. C. POTTS-I beg to propose that Mr. R. C. Wilcox and Mr. A. R. Lowe, chartered or severally at a remuneration of $300 each, accountant, be re-elected anditors to act jointly,
or $500 for a sing'e audit; also that Messrs. Deloitte, Dever, Griffiths & Co, be re-elected auditors in London at the same remuneration as before.
The CHAIRMAN-I beg to propose that the place of Mr. William Wotton as a director and Committee of Directors, who retires at this member of t e London Board, or Advisory meeting under Article 133, be not fi-led up, and that the London Committee shall be reduced to two instead of three (under article 137), thus altering the minimum number hitherto The CHAIRMAN said:-Gentlemen, in sub-authorised by article 115. You will remember, mitting to you the report and accounts for the gentlemen, that this was passed at last meeting, past year, which, with your permission, will, as usual, be taken as read, I would point out that that notice ought to have been given it has now but as our London solicitors were of opinion our gross profits show an increase. This is all been brought up again this year and proper the mere satisfactory as the past year showed notice given both in England and Hongkong. very heavy fluctuations in exchange following on the decision to rectify the Straits currency and to establish the peso in the Philippines, while the close of the year was darkened by the probabilities of hostilities between two neighbouring Powers, disturbing exchange and making trade difficult and disturbed. You will observe that charges account has increased, but that was inevitable, as the falling exchange necessitated our placing the salaries of our European staff on & sterling basis. In other respects the figures in the accounts speak for themselves and do not show much variation from last year. We have written a further $5,000 off furni- ture account, which now remains at merely the nominal figure of $10,000. In the Chair- man's speech last year we alluded to the prospect of by one means or another bringing our capital into line with the reduced value of exchange; but heavy fuotations in the past year still make it difficult for us to formulate a scheme for submission to your approval. We have not lost sight of the matter, however, and hope to refer o it again at the earliest opportunity. 1 propose to make a few remarks to you in relation to the prospect financial and otherwise. I make these remarks because I think they ought to be made at some public meeting in Hongkong. As you all know it is common talk that Hongkong possesses, and will,
Mr. CHAN KI seconded and the motion was carried.
The CHAIRMAN-There no further basi- issued on Monday. Thank you for your attend- ness, gentlemen. Dividend warrants will be
dance.
The HAIRMAN said-Gentlemen, I propose that as usual the report and accounts be taken as read. Your directors regret to have to come befo e you with so much poorer results than you of late years. they have been in the habit of presenting to falling off in our profits is already well known The cause of this heavy to you. Constantly increasing opposition on all the lines of our trade has obliged as to cut rates in many directions to an unremunerativ- point, and a new feature of the trade with which we now have to contend is the competition of subsidised and bounty-fed foreign steamers. Furtunately. our equalisation fund set aside for the purpose enables us, for a time at least, to maintain our usual dividend. The principle of imposing disabilities on foreign shipping, cor- responding to the support they receivs from their Government in the shape of subsidies, is in accord with the policy now being so ably advocated by Mr. Joseph Chamberlain, and we can only hope the day is not far distant when that principle will be applied in this Colony where British trade is struggling against such unfair competition (hear, hear.) Our new steamer Kinshan has been running for some suited to the trade. The triple daily service months and has proved herself to be well
to and from Canton has not yet been so success- fal from a financial point of view as we could wish, but our experience in the past has been. that it generally takes a year or two for an extra steamer to make a trate for herself, and we confidently anticipate that, as time goes on, the outlay on this fine vessel will be justified by an increased volume of business. launched, and, it is expected, will be ready for steamer for the West River trade has been service in two or three months. In addition to this boat, the Company has on joint acoonnt with the Indo-China Steam Navigation Company and the China Navigation Company acqui: ed a steam-lighter specially designed for the West River trade, which was imported in pieces and is now being put together in the Colony. It is in contemplation to resume the direct trade between this Colony and the West River as soon as these two craft are completed. The accounts cover the usual items of receipts and expendi- ture. You will observe that the interest earn- ed on investments is some $8,000 less than it was the previous half-year; this is partially ment for building purposes, but principally, to owing to the withdrawal of funds from invest-
the larger amount received for annual as well as half yearly dividends on shares during the first six months of the year, the usual practice of carrying a portion of these over to the second half-year having been inadvertently departed from. I think the other items explain them. selves sufficiently, and unless further informa- the report and accounts as presented. tion be desired I will propose the adoption of
There were no questions.
The new
The CHAIRMAN proposed the adoption of the report and accounts,
After quoting our Port Arthuro ›rrespondent's
Mr R. C. Wncox-I cannot on this coca- communication with regard to the disappearance sion repeat the somewhat stereotyped phrase" of Mr. Sydney George Reilly in Japan, the that I have much pleasure in seconding Kobe Chronicle says: In justice to the Japanese the adoption of the report and statement of authorities, who have been doing their utmost, accounts; I do so as a duty, with regrets that to trace the whereabouts of Mr. Reilly, we may
circumstances have been so adverse and results say that it is now regarded as certain that Mr. so meagre, comparatively speaking. The re- eilly left Japan almost immediately after his marks made by the Chairman as to the new arrival and proceeded to Hongkong. His subsidised competition we have now to meet will, reasons for taking this course are unknown, but I am sure, be endorsed, not only by the share- that he left the country immediate y after writ-holders in this company, but liby all ing the letter referred to above [in our corres- i those interested in Colonial shipping. pondent's article] seems certaip.
This Company is accustomed to competi-
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