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August 27, 1904.]
There being no questions, the CHAIRMAN proposed the adoption of the report and state- ment of accounts.
CHINA OVERLAND TRADE REPORT.
153
by belligerents ig creating # partial ended 30th June, 1904, amounted to $539,446.98, | rate of interest, and speaking personally I must paralysis of enterprise and inflicting much loss to which must be added the sum of $425,340.69 | confess I consider it larger than should be paid. and damage over the whole Far East. We can brought forward from last account, and, after having regard to the ups and downs attending only hope that this unhappy state of shaken deducting directors' and auditors' fees, there an undertaking of this nature. I submit that confidence will be removed by an unanimous remains for appropriation $954,037.67 as com it would have been more prudent to content our. pronouncement on this and all similar doubtful|pared with 8817,940.04 for the previous half- selves with a bonus of 2 per cent. rather than outstanding questions on the part of the great year. The increase, however, in earnings is the 4 per cent. proposed, and to carry a larger Commercial Powers, and that the efforts which more apparent than real, for I must not forget sum forward in a liquid state. I notice that the are being made to confine the struggle within to mention that it includes the profit on the sale sum of $45,491.69 was paid for interest last half- its present limitations will continue to be success- of the steam-tug Fame, some thirty thousand year, from which I infer that our debit balance ful. In conclusion it gives me pleasure again | dollars on the book value. But though at the Bank is habitually large, and it will, to acknowledge the good services of our staff, the actual earnings have been somewhat presumably, be augmented by another four to whom you are indebted for the continued less, they have, I consider, been very satis- lakhs upon payment of this dividend and favourable reports which your directors have factory considering the circumstances. I bonus. I do not think, in view of the impend- the satisfaction of placing before you. If any allude to the falling-off in the tonnage docked ing opposition and the approaching completion shareholder desires any further information. I owing to the Russo-Japanese war. There was of the Naval Dockyard extension, that it is will be pleased to answer any questions.
a slight increase in the first three months wise to pay such large dividends. I am of compared with the same period in 1903, but in course well aware that the Dook Company is in the latter three months of the half-year there a very strong position, that its property is was a decline of some 30.000 tons, a decline wo written down to a very low-we might almost must expect to continue more or less. I fear, say preposterously low-figure, but none the so long as the war lasts. Out of the sum ess we should refrain from exacting the last available for appropriation the Board propose, sent of profit. I am not criticising the action with your concurrence, to pay a dividend of of the Board, for I am aware that the large 12 per cent. and a bonus of 4 per cent, on bonus recommended was due to the expressed capital, absorbing altogether $400.000; to wish of many shareholders, but I want, here write $35.937.85 from the value of the Kowloon and now, to utter a warning note on this policy. Docks. $1,890.09 from that of the Cosmopolitan I have seen some startling fluctuations in the Docks, and $10.738 from floating plant, and stock of this Company, which ought to be to carry forward the balance of 8505,471.73 to almost as steady as Time-to be, in fact, what new account. The directors trust these pro- it was once mistakenly dubbed, the Consols of posals will meet with the approval of the Hongkong. What all industrial concerns shareholders. Turning to capital account. it need is either an equalisation of dividends fund, will be remarked that during the period under or a large cash balance on which they review the value of material on hand has can draw in a bad or disastrous year. I would like to see the shareholders exercise a little self-denial for a few years, and go to work to steadily build up such a fund. It would infal- libly strengthen the position of the Company and inspire confidence in the minds of investors. But I must not tire out your patience with mere advice. I congratulate the Board on the excellent report placed before us to-day, espe- cially when we consider that these gratifying results have been achieved in a period of com-
Mr. CRUICKSHANK—I have much pleasure in seconding the adoption of the report and accounts as proposed by the chairman, and in view of the remarks which have fallen from him as to the anxious period which the bank has gone through in the past six months. I think that shareholders have great cause for congratulation in the satis- factory accounts we are now asked to pass. In spite of war, rumours of war, and depression of trade, the bank has more than maintained its splendid position and earnings, and our thanks are due to the able management which has made such a result possible. When the dark shadow which has hung over China for so many years is forcibly removed by the searchlight of Japa- nese activity, we can look forward to better times, and an increase of prosperity in which the Hongkong and Shanghai Bank will partici. pate. (Applause).
The motion was carried unanimously. Mr. MEDHURST proposed the confirmation of the election of Mr. A. Haupt. Hon. W. J. Gresson and Hon. R. Shewan to the Board of Directors.
Mr. JUPP seconded, and it was carried.
Mr. Bond, of Canton,-Before the meeting closes I should like to take the opportunity of offering the Board of Directors, the Chief Manager, and the staff our thanks for the manner in which they have administered the affairs of the bank. I am sure that it is very gratifying to every shareholder to see the great regularity with which the business is conducted. Every share holder receives the same dividend each half year, and he also finds the position of the bank considerably improved. I therefore, offer our best thanks to the Board of Directors, the Chief Manager, and the staff. (Applause.)
The CHAIRMAN, having suitably acknow- edged these compliments, closed the meeting.
HONGKONG & WHAMPOA DOCK
گر
COMPANY, LIMITED.
HALF-YEARLY MEETING.
The ordinary half-yearly meeting of share holders in the Hongkong and Whampoa Dock Co., Ld., was. held on the 22nd inst. in the office of the Company, Queen's Buildings. Hon. Sir Paul Chater presided, and there were also present Mr. N. A. Siebs, Hon. W. J. Gresson, Messrs, E. Goetz. A. Haupt, H. P. White, E. S. Whealler, J. S. Van Buren. E. W. Tilden (directors), W. B. Dixon (chief manager), T. J. Rose (secretary), A. V. Apcar. 0. E. Arculli, G. M. Bain, H. F. Carmichael. J. A. Chinoy, Chau Siu K, Chui Siu Nam. W. A. C. Cruickshank, H. M. S. H. Esmail. Fong Tsz Chit, David Haskell, Ho Fook. Ho Kom Tong, Ho Shai Wing. Ho Tung. J. W. Jameson, J. J. Leiria, Lo Cheung Ip. Lo Cheung Shin, Donald Macdonald, J. R. Michael, M. H. Michael, S. H. Michael. S. J, Michael, R. Mitchell, A. G. Morris, Ng Ta. Heung, W. Parlane, Pon A. Ching. G. H. Potts, Pun Chee Ting. H. Schubart. T. Skinner, Percy Smith, J. W. R. Taylor, C. H. Thompson, R. C. Wilcox, E. C. Wilks, Wong Man Hon, Wong Wing Tong, A. G. Wood, Yin Ka, and Capt. J. Young.
The SECRETARY read the notice calling the meeting.
The CHAIRMAN said- Gentlemen,—As the report and statement of accounts have been in your hands for some time, I will, with your permission, following our usual custom, take them as read. The net profit for the half-year
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alarms. I congratulate the shareholders on the care, attention and detail given by the Chairman and Board of Directors to the con- duct of their affairs. With these few remarks I beg to second the adoption of the report and statement of accounts.
The motion was adopted unanimously, The CHAIRMAN said that there was no other business before the meeting, and he thanked the shareholders for their attendance.
FRONTIER NOTES.
[FROM A CORRESPONDENT.]
22nd August.
increased some $220,000. This. I may explain. is accounted for by the bulk of the material for the new Yangtsze river steamer and the surveying vessel for the Philippine Government in course of construction being included in the stock. The contract made with the Admiralty in December last for a thorough refit of H.M.S. Glory was successfully completed within the contract time. to the satisfaction of Naval authorities. The reconstruction of the old machine shop and its adaptation for a centralmercial depression and in the midst of war's power station is now complete, and the engines there installed drive all the machines and cranes in the engine works, while the No. 1 Dock is lighted from the same source, and this electric light is now being used at night to facilitate the repairs to H.M.S. Leviathan. Further consider able extensions of power and lighting are pro- ceeding. This installation has been successfully effected without any stoppage of business, and it is confidently expected that as the electric drive is further extended economies in coal and water and wear and tear will become more and more apparent. With regard to shipbuilding, the provision of improvements in the handling and transport of materials is under consideration, and in the near future the erection of a sheds in lieu of the permanent shed inflammable and short-lived matsheds hitherto in use will no doubt follow. As already mentioned, the steam-tug Fame has been disposed of at a price showing a good profit. It has since been decided to replace her by a smaller vessel with modern machinery to work with the Robert Cooke, 23 an increasing number of vessels require to be towed by two tugs. apart from which fact she can always be usefully employed. The dredger Canton River continues to find employment from time to time, as the accounts will show. A block of old houses abreast of the power house and boiler shop which had long been desired for extensions has recently been purchased, and their removal will secure an area of some 30.000 feet of land for such extensions of the works as may from time to time be cou sidered desirable. I am glad to say that the prospects for the present half-year are, under the circumstances (the interruption to trade (cause by the war) as satisfactory as can reason- ably be expected. I think, gentlemen, there is nothing more that calls for special reference, but I shall be pleased, before proposing the adoption of the report and accounts, to answer any questions any shareholder present may wish to put.
or
There were no questions.
The CHAIRMAN accordingly moved the sdop- tion of the report and accounts.
Mr. R. C. Wm.cox said-Mr. Chairman and gentlemen,-I think the shareholders have good reason to be satisfied both with the report pre- sented and with the return on capital proposed. The dividend and bonus constitute a very fine
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SNIPE.
Snipe have made their appearance within the last few days. The birds are pretty tame and seem to be in good condition. The fields are in good trim, and on the 1st there ought to be some good sport.
KILLED IN THE FIELD. On the 19th instant a man named Liu Kü; a farmer, was struck by lightning and instantly killed while at work in the rice fields near Shek Hu U, in the New Territory. With Liu Kü at the time of the occurrence were two other men surnamed Liu, one of whom received a violent shock and was thrown to the ground and rendered unconscious for a time. A curious thing about the case is the fact that deceased's father was also killed by lightning ten years ago.
AGRICULTURE.
The second rice-crop is now well under way and looks thriving. Paddy is comparatively cheap this year, the price in Samchun being from $2.20 to $2.30 per picul, compared with the price of $3 at the same time last year. Sugar-cane and pos-nuts look promising, and altogether the farmers may look forward to a very satisfactory year.
CROWN RENT.
The Government is certainly adopting a firmer attitude towards Crown rent debtors in the New Territory. The Police are kept busy with distress warrants which have in many instances been used for the seizure of cattle and fields. These distress warranta have proved a surprise packet for those debtors who previously
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