422
numerous
:
THE HONGKONG WEEKLY PRESS AND
Mr. N. M. HOLMES spoke regarding the work done in building the line, of the difficulties that had had to be overcome,
loads of wealth, and school-houses would be as as the sampans that float on its streams, and the sons of China would receive an education on the Western system, fitting them for the burdens which the 20th century placed upon them. The day wa at hand when men of liberal education and intelligence must fill the public offices. Education would sweep away all the barriers that hampered progress, and it was to be hoped that in a very short time Chinese finances would be founded on the gold standar 1. This would hasten the establishment of a Government capable of governing honestly order would be guaranteed and civilisation transformed to a living reality. Look at her fortile fields. her patient and industrious people. What would China be when national unity. a spirit of freedom and love of country was instilled in them? Was it possible to forecast her position in the commercial world? In the name of the Canton-Hankow Railway he hade them welcome. He hoped that the day would be so enjoyable as to make a lasting impression upon their minds, and he assured them that any lack of courtesy would not be intentional on their part. The short time in which they had to make Mr. BRENNAN, Samshui, congratulated the preparations would count for any negligenc inhabitants of that place on the completion of that might occur. He had pleasure in pre-
the railway, which brought them into such close senting to them as toast-master of this gather-touch with Canton and opened up the beautiful ing an officer of the construction department. hills of Samshui to the Canton people. Colonel William M. Piukston.
The toasts of "The Press" and
a
[June 4, 1904. they could depend upon them to stand on which We confidently anticipate to their word. (Applause.)
handsome yearly return. The greater por- tion of the purchase money has yet to be paid We hope in a short time that this Company will occupy the same predominant Mr. F. H. FARNHAM, divisional engineer position in its own line in Shanghai to that for the Samshui Section of the railroad. pointed; which it occupies in every other place where it out in the course of an excellent speech that is established. There is only one other matter difficulties of a stupendons nature had been: I need refer to, and that is the question of new met with. and hence the delay. But these capital. For several years past the Chairman difficulties had been overcome through the, has intimated at the annual meetings that it loyal devotion not only of
! the engineers might be necessary in the near future to and the clerks in the office but of the lines increase the Company's capital. In the opinion men, who were Americans. English, Scottish. of your general managers and consulting com- Irish, and in fact men of all nationalities. The wittee that necessity has now arisen. Since our coolie brigade also deserved praise for the way last increase of capital in 1892 the purchasing in which they had worked. He could not speak value of the dollar has decreased 40 per cent.. too highly of the manner in which the work while the volume of our trade has more than had been done. The opening of this new quadrupled. This development has been brou ht section had been rushed through, hence the line about partly by the larger turnover of the was not in that condition that an engineer old business and its branches and partly by would like to present it to them, but in a short the demand created by the new businesses we time it would be properly ballasted and fixed have either established ourselves or bought as up. He hoped that now the main line from going concerns. Canton to Hankow would be pushed on as
This decrease of purchasing power and development of business affords in rapidly as possible.
itself a full and sufficient reason for increasing the Company's capital. but there are other equally sufficient reasons.
We have, as you know, a considerable amount of money invested in our various mineral water factories, and during the past five years all these have been refitted with new machinery and plant. I may mention also, that since our last increase of capital the reserve fund has been increased by $150,000, out of which the item of $100,000 for goodwill and trade marks has been written entirely out of the books, and more than the whole of the Company's capital paid to the shareholders in the form of dividend. We have been enabled to do all this without making any call upon you owing to large profits on sales of property at different times, more liberal writing off in recent years, and largely increased liabilities. There is a point, however, beyond which it is inadvisable to borrow, and in my opinion that point has
now been reached. Before moving the adoption of the report and statement of accounts. I shall be pleased to answer any questions.
"
The Ladies"
concluded the list, and after a group photograph had been taken the company dispersed.
A. S. WATSON AND CO., LD.
ANNUAL MEETING.
Colonel PINKSTON said that many present would recall the pleasant occasion on 15th November last when that branch of the line was formally opened and trains ran between Shekwaitong and Fatshan. To-day they had again assembled to celebrate with appropriate ceremony the practical completion of the Sam- shui branch of the Canton-Hankow Railway the shareholders of Messrs. A. S. Watson & The nineteenth ordinary general meeting of from Canton, the entrepot of Southern China, to the picturesque city at the confluence of the
Co., Ld., was held on the 31st ult. in the offices of North and West Rivers. Samshui. This work the Company. Alexandra Buildings. Mr. H. of construction had only been accomplished Humphreys (chairman) presided. and there we after the expenditure of a large sum of money
also present Hon. Sir Paul Chater, C.M.G.. and he regretted to say, loss of life. Within the Messrs. R. C. Wilcox, H. P. White. E. Osborne narrow confines from the City of the Dead to J. A. Jupp (consulting committee). Hamilton Namshektan slept some of the sons of English-Sharp. G. Murray Bain, C. W. May. N. speaking countries who were to-day mourned by a dear old mother. wife or sweetheart. Nor could they forget that in the cities and villages along the line of that road there were sleeping their last sleep the husband and father, mother and wife, and sons of the historical Flowery King! dom, who had given up their lives while in the line of duty. In the name of the Chinese Government, the stock-holders of the Imperial Chinese Railway Administration. and the American China Development Company, he had pleasure in formally declaring the Sam shui branch of the Canton-Hankow Rail- way open for general traffic
between
was
its terminals. and while the band playing an appropriate air he would propose the toast to their friends there assembled coupled with the name of H.E. Governor Chang.
H.E. Governor CHANG responde:l in a few sen- tences, thanking the Company for asking them to be present, referring to the benefits that must accrue to the country through the presence of the railway, which he boped would always carry peaceful materials.
Mumford. T. F. Hough. E. W. Terrey. W. Lysaught. J. A. Tarrant. E. Millar, and A. H. Mancell (secretary).
The SECRETARY having read the notice call- ing the meetin r.
There being no questions.
The CHAIRMAN moved the adoption of the report and accounts.
Mr. C. W. MAY seconded, and the motion was agreed to.
The CHAIRMAN moved the confirmation of
Messrs. E. Osborne and H. P. White's appoint- ment to the consulting committee.
Mr. MURRAY BAIN seconded, and the motion was agreed to.
Mr. J. A. JUPP moved the re-election of Messrs. F. Maitland and W. Hutton Potts as auditors.
Mr. HAMILTON SHARP seconded, and the motion was agreed to.
Dividend warrants will be ready to-morrow, EXTRAORDINARY GENERAL MEETING.
An extraordinary general meeting was held after the annual meeting for the purpose of considering a proposal for the increase of the capital of the Company.
The CHAIRMAN said-Gentlemen.-The re- port and statement of accounts have been in your hands for the past few days, so, with your per- mission. I will take them as read. You will notice, if you compare last year's balance-sheet with the year before, that "stocks in trade" show an increase of $15,324.005, which is approximate- ly balanced by an increase in the liabilities. This material addition to our stocks is principal ly due to the opening last year of new European branches at Kowloon and on the Shameen. at Canton, but there has also been a notable increase in the stocks and plant of our various minera water factories. You will also observe that our property at Iloilo no longer appears amongst the assets. This was sold in September last year, the general managers and consulting com- prevailing in the Philippine Islands did not calling the meeting. mittes being of opinion that the conditions The SECRETARY having read the notice offer sufficient inducement for expanding our The CHAIRMAN said:-Gentlemen. Before Consul-General MCWADE. in proposing the business in that direction. The small loss incurr-proposing the resolution which you have just toast of the Empress Dowager and the Pre-ed by the sale has been met in the accounts heard read, you will, no doubt, be glad to have sident of the United States, said he thought it under review. You are all probably aware that ought to be made known to everybody that the
some idea of the manner in which it is proposed we have just moved into our new premises. The men connected with this railway work deserved building, as you can see for yourselves, is a very
to issue the new capital in the event of the well, for they had not come here for their own
resolution being carried. I have already ex- fine one and a credit to the architects. benefit but for the benefit of the country. They fitting up of that portion of it occupied by our
The plained at the annual meeting the causes which, desired to help this great Empire of China and
in the opinion of your general managers and own shops has entailed a good deal of thought. consulting committee. render such a measure themselves at the same time; and if it was so work, and expense. The work is not yet quite unavoidable, so I will confine myself to giving it was also a benefit to the country to which complete, hut sufficiently so to enable you to they belonged and of which they were subjects judge what it will be like. The expenditure intention is to issue the new capital on the 28th
you an outline of what we propose to do. The people of Hongkong however did not seme on new fixtures and fittings amounts to $17,000. September next and to offer the shares at a to have arrived at the conclusion that a rail consequently, in last year's accounts. we have premium of 10 per cent.. to the registered way would be a benefit to every merchant deemed it expedient to set aside a somewhat in Hongkong. This railway would develop larger amount for writing off purposes than
shareholders in the proportion of one new share the country and increase its revenue.
for every two old shares, such shares to rank for He usual, as the old fittings, when sold, will not dividend for the three months ending 31st was sure they were quite ready to take fetch anything like what they cost. We trust. December, 1904, payable in May, 1905. Ample the responsibility of building the railway however, that you approve of what has been notice and full particulars will be given by from Kowloon to Canton. If the building of done, and we trust also you will consider the advertisement of the manner in which it is the rail road from Macao to Canton was turned new premises of the Hongkong Dispensary proposed to call up and allot the new issue. over to the Americans they would build it, and worthy of the community whose confidence any shareholder has any questions to ask I shall build it free of expense to the people and support it has so long enjoyed. who gave them the contract. They were show have lately acquired the two businesses in ability.
We be pleased to answer them to the best of my ing on that line what they could do; and Shanghai of Messrs. Mactavish and Lehmann if the people judged from past experience at what we consider a very reasonable price,
The
If
Mr. MURRAY BAIN÷Gentlemen,-I intend to second this resolution, so that I am not
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