February 22, 1904.,
They propose also to print Chinese educational books. The promoters are quite confident of
success.
THE GREAT FIRE AT SHANGHAI,
Details of the great fire which took place at Shanghai on the 11th inst., as reported in our telegraph columns on the 13th inst., are now to hand, from which it appears that it was a terrific conflagration. The fire broke out at a few minutes after 5 p.m. on the 11th inst, and in a very short time had assumed immense propor- tions, the whole of the top story of the huge Fubles building, bursting into one vast blaze. The fire broke out in the millinery department, but what was the cause of the outbreak was unknown, though it was believed to be the work of incendiaries, as there had b en disputes and complaints against the Chinese staff. This, however, was the only foundation for the suspicion of incendiarism.
pro.
The fire-brigade was promptly on the spot, but from the first it was seen that all attempts to save the main building would he hopeless, BS the fire made such rapid progress that it was nearly burnt out before anything could be done, and attention was turned to preventing a spread to the neighbouring offices. As the fire gressed the lifts gave way and came down with a ruu, while cartridges began to fall from the burning floor above, exploding in the smoulder- ing débris below. Meanwhile employees were rushing about trying to secure and place in safety what books and other property they could, but the shower of burning débris from ahore drove them outside, while cartridges continued to explode in large numbers. The staircases were one mass of flame, which surrounded the whole building. One of the first difficulties to contend with was the barsting of the ram of the hydrau lic lift. The whole pressure of a 6-inch pipe was thus wasted, as it only flooded the lower centre of the building, and the bose-reels attached to the street hydrants would not play above the first-floor windows, while the fire was raging, furiously and unchecked, above. One of the engines also unfortunately broke down after a time.
Detachments of blue-jackets were landed from the British and French ships sad the Italian man-of-war and gave welcome assistance in fighting the flames. The premises of Wat son and Co. were deluged to keep the walls cool and prevent a spread, and were thus considerably damaged, but the building was saved. Kelly and Walsh's premises were threatened, but, the wind changing, the danger thers was averted.
Another danger menacing all was the burning of the electric light wires, the live wires hanging but a few feet above the beads of the firemen and spectators. The current was, however, cut off as soon as notice was given to the Company. Messrs. Hall and Holtz's premises were com- pletely consumed, as were the Russian Consulate quarters, in the same building, M. Kliemenow, the Russian Consul-General, who was ill, having to escape in his sleeping-suit, all his effects being destroyed, bat the books and papers in the office were saved. Messrs. Hung Chong were also completely burnt out.
The following is a fairly correct estimate of the total loss by the fire :-
Hall & Holiz 44,000 taels. Hung Chong, 75,000 taels; Russian Consulate-General contents 5,000 taels; damages to S. Watson & Co., Ld., Nabholz & Co., and Lane, Crawford & Co., Ld, by fire and water, 15,000 taelsmaking a total of Tls. 535,000.
CHINA OVERLAND TRADE REPORT.
HONGKONG AND SHANGHAI
BANKING CORPORATION.
HALF-YEARLY MEETING,
The ordinary half-yearly meeting of the shareholders in the Hongkong and Shanghai Banking Corporation was held on the 2 th inst. in the City Hall. Mr. A.J. Raymond(chairman) presided, and there were also present Mr. H. E. Tomkins, Hon. C. W. Dickson, E. Goetz, A. Haupt, H. Shubart, E. Shellim, N. A. Siebs, (directors), J. R. M. Smith (chief_manager). H. W. Slade. C. A. Tomes, E. S. Whealler, G. C. C. Master, H. M. Bevis, H. Humphreys, H. N. Mody, J. S. Nicholson, C. W. May, C. J. Gonsalves, J. R. Michael, H. E. R. Hunter, Lau Wei Chun, E. Georg, J. A Chinoy, H. A. F. Denny, D. Forbes, P. A. Barlow, G. de Champeaux, K. McK. Ross, E. Bain, A. V. Apear, H. M. A. Hewett, J. Orange, G. H. Potts, G. M. emazee, F. B. Alves, J. H. Lewis, Marshall, Ho Fook. E. S. Joseph, J. M. S. Potts, P. H. Potts, J. J. Leiria, W. Lysaght, R. K. Leigh, W. H.
Capt. F. D. Goddard. S. Hancock, and others.
The notice convening the meeting was read. The CHAIRMAN after reading the directors' report said-Gentlemen, -Your directors are able report which I have just read. I feel sure very pleased to come before you with the favour- that all our shareholders, and more especially those at home, will be glad to find that, notwith- standing the uneasiness which has prevailed during the period under review, in consequence of the political situation in the Far East, we are able to recommend a dividend of £1.10. and a bonas of 10/per share, and also the transfer of $500,000 to credit of silver reserve fund. regards our sterling reserve of £1,000,000 your directors have de med it advisable to make some adjustment of our investments in view of the serious fall in the price of all first class securities, You will observe in the balance sheet that our holdings of £570,000 2 per cent. Consols have been written down to 85.
As
The National War Loan of which we hold £255,000 is redeemable in 1901 at par and that stock is quoted at about 97; we have therefore allowed it to remain un- changed in our books at 90, but the of her ster- ling securities amounting to £325,000, all of them gilt-edged stocks, hava been written down the prosent market prices. Then apart from to £286,000, which is considerably lower than
reserve fund our investments appearing under the heading of Consols, Colonial and other se curities, as $8,784, 467.89 have likewise suffered in the general depreciation and for these ample provision has also been made. We may reasonably expect to see all these securities re- cover in value in course of time, but I am sure it will be a satisfaction to everyone interested in the welfare of the Bank to know that we are
continuing along these safe lines of policy position. (Applause.) I may mention that which have brought us to our present strong these securities largely consist of British Go- vernment stocks. in the Far East in the ordinary course of our We have such a big interest business that it has not been the custom to in. clude that field in our separate investments to report the other figures in the balance sheet do any great extent. Compared with the last
posits have slightly increased, our note circula. not present any very striking feature. De-
ton continues to expand and bills pa able stand at $20,882,914.55 against $12,273,675.78 last half year, but both these items are usually higher in
December than in June. On the other side the The Fublee block and Hung_Chong's pre-hand and in transit is larger; bills discounted amount of our cash and also of our bullion in mises were owned by Messrs. David Sassoon & Co. and the buildings were insured in the South British Fire Company, Messrs. Hall & Holtz were insured as to their stock with a number of companies.
LL
147
menal rise and violent fluctuations in the price of cotton and this, I fear, will have an adverse effect on the import trade all over the Fast for some time to come. And now, gen- tlemen, in conclusion, one word on the political situation. In my speech at the last general meeting six months ago I ventured to express the hope that the efforts of diplomacy might prove successful in bringing about an amicable settlement of the difficulties then threatening the peace of the Far East. Unfortunately that hope has not been fulfilled. All that I can. now say is that I very earnestly desire-I am sure we all very earnestly desire--that the war Japan may be brought quickly to an end, and which has broken out between Russia and
that it may result in a lasting peace based on the principle of the maintenance of the integrity of China (including the rich and fertile pro- vince of Manchuria, with its vast commercial potentialities) and the effectual operation of the policy of the open door with equal trading opportunities for all. In the meantime you alive to the gravity of the situation, and will may rest assured that the management is fully
use every endeavour to safeguard your interests. If any shareholder desires any further in- formation I shall be glad to answer any ques- tion ( \pplause).
loans and credits show a decrease of about $7,000,000, while in bills receivable there is an increase of $11,000,000. All the writing down which I have mentioned has been effected out of current profits, so that the result of the half year's working is really better than at first sight appears from the report that result, gentlemen, It appears that the
warship" which the bears better testimony than any words from me, Corean Government purchased recently from to the efficiency of our managers and staff gen. the Mitsui Bussan Kaisha is now being trans-erally, and in order to mark our appreciation of ferred to an American resident of Chemulpe. their successful efforts we have voted them a Negotiations, a Chemulpo despatch states, are bonus of fifteen per cent, on their salaries, and in progress between the parties concerned as to this I trust will meet with your approval. the amount to be paid for the vessel. It is (Applause). I do not think that there has been added that the warship, on becoming the anything in the general course of trade as property of the American, will be altered into reflected in our business which calls for a merchant steamer.
special comment, unless it be the pheno-
There being no questions, he CHAIRMAN moved that the report and accounts be adopted.
Mr. MARSHALL-Mr. Chairman, and gentle- the adoption of the report and accounts as pre- men. I have much pleasure in seconding sented. The report before as combined with the able speech we have just heard from the chair cannot fail to meet with the utmost satis- faction from all shareholders. Gentlemen, achieved without the most careful attention and such results as the report shows cannot be thorough efficiency on the part of all responsible, and I think you will agree with me when I efficiency of our managers and staff is being express great satisfaction that the ability and recoguised in a small way by the bonus we are asked to vote to them. (Applause).
The motion was agreed to.
Mr. MASTER proposed, and Mr. HUMPHREYS seconded, that the appointment of Mr. C. A. Tomes to the Board of Directors in place of the Hon. R. Shewan resigned be confirmed, and that Mr. E. Goetz and the Hon. C. W. Dickson be re-elected.
The motion was agree to.
On the motion of Mr. G. de CHAMPEAUX,
Sharp and Mr. W. Hutton Potts were re-elected seconded by Mr. McK. Ross, the Hon. C. 8. auditors.
The CHAIRMAN:-That is all the business, gentlemen. I thank you for your attendance. Dividend warrants will be ready on Monday.
Mr. ORANGE-Gentlemen, before we part I have pleasure in proposing a hearty vote of thanks to the chairman, the chief manager and been passed to-day is an eloquent tribute to the staff of the Bank. The report which has just ability and skill which they have displayed in the conduct of the Corporation. (4
(Applause). The meeting then dispersed.
ANGLO-JAPANESE LOCOMOTIVE AND ENGINEERING CO., LD, In order to comply with the Companies Ordinances of Hongkong. the first general meeting of this company was held on the afternoon of the 15th inst. at the registered offices of the Company, 39 and 41, Des Voeux Road, Hongkong, when Mr. Geo. K. Hall Brutton was voted to the chair-
The notice convening the meeting was taken as read.
The CHAIRMAN reported to the meeting that twelve acres of land, situated near Yokohama Kanagawa Ren, has b en secured by purchase for 1.000 years, free from all charges except ar Imperial tax of 21 per cent. of the assessed value, for the site of the Company's works in Japan. This land is already levelled, it has a had solid bottom, and is quite ready for hailding upon. It has its own wharf and it is adjoining the Yokohama Tokyo line of the Imperial Railway, and it is within 400 yards of the railway station suitable site for our works it would be difficult to imagine, having as it has, water and railway accommodation ample for all its needs,
"A more
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