Page
October 3, 1904.]
By losses and claims paid
By charges, including directors,' auditor's, and surrey fees, agents' expenses, &c. By commissions
By exchange
By balance as above.......
S. MOUTRIE AND CO.,
CHINA OVERLAND TRADE REPORT.
paid or credited as paid on each of the 750 1,248,889.9J | shares of £1 each and cancelling those shares,
109,476.17
and by writing off £3 per share, part of the 163,056.51
sum of £8 per share which has been paid or 1,822.50 credited as paid on the 40,453 shares of £10 443,494.34 each which have been issued, and by reducing each of the 99,925 shares of £10 each to a share $1,958,789.42
of £7."
LIMITED.
The report of the directors for the year ending 30th June, 1904, as presented to the shareholders at the fifth annual general meeting at Shanghai recently, was as follows:
The directors, in submitting their report and statement of accounts for the year ending 30th June, 1904, feel that they can again cóngra- tulate the shareholders on the continued pros- perity of the Company. The net profit, after paying an interim dividend of 4 per cent. on 3,789 shares, amounting to $7,566, leaves $19,949.5 to be appropriated, and as the result is in a measure due to the exertions of the staff, the directors recommend that an amount of $2 000 should be paid to them in the shape of a bonus. The balance of profit and loss account the directors propose to deal with as follows:--- To pay a final dividend of 6
cent. (making 10 per cent. for the year) on 4,039 shares
To place to a reserve fund
per
...$12.117.00 5,000.00 2,000.00 832.50
$19,949.50
To present as a bonus to the staff To carry forward to new profit and
loss account
In accordance with the special resolution for increasing the capital of the Company passed at an extraordinary general meeting of the shareholders on the 26th of May, 1903, which was duly confirmed on the 22nd of June, 1903, 1,505 new shares have been allotted, and the directors are offering the balance to the public by advertisement in the local newspapers. The new factory is now in working order, and it is anticipated that the whole of the buildings will be completed by the end of the current month.
Mr. E. W. TERRY seconded, and the resolu- tion was carried unanimously.
There was no further public business.
CANTON NOTES.
FROM OUR CORRESPONDENT.]
26th September.
BIG OIL BLAZE.
Two events have occurred to-day which will ong render the 26th September memorable in Canton. I have already telegraphed you that at 5 o'clock p.m. fire broke out in Messrs. Arnhold, Karberg's godown in Fati, where kerosene oil is stored in large quantities. From the nature of the material, the fire was from the first beyond control. and could only be left to burn itself out. Fortunately there is hardly a breath of air, so that there appears to be little danger of the fire spreading. In its earliest stages, indeed, it threatened the residence of the Portuguese caretaker, situated barely twenty yards away to windward. The woodwork of the windows in this house was consumed, and the unfortunate occupant was severely burnt while saving his property, his wife also suffering
247
by the mob, and would have had a bad time but for the good sense of a native storekeeper, who explained to the crowd that they were not of the offending nationality and escorted them to the gate. If it had not been so late there would probably have been a riot; as it is, feeling runs very high, and the act certainly was a dastardly one, and not to be excused by the defence of practical joking. An inquest is being held by the American Consul. Many residents think the British Consul should have the matter in hand, as the deceased was on a British ship's articles; he was second compradore on one of Butterfield and Swire's boats, and the affair occurred on British territory.
CANTON TRADE REPORT FOR
1903.
Mr. R. de Luca, the Acting Commissioner of Customs at Canton, says in his trade report for 1903 :-
It is satisfactory to have to report that, according to the figures of the appended statistics, the trade of Canton for the period under review shows a substantial increase as compared with that of the previous year, and indications are not wanting that this favourable state of affairs will continue. The situation in Kwangtung has improved of late, and the disturbances in the neighbouring province of Kwangsi, which recently caused much uneasiness, have been, to a certain degree. checked, and the outlook there is generally more hopeful. Piracy is still, unfortunately. prevalent; and were more energetic and effective Beyond these two cases there were, as far as measures adopted for its suppression, confidence ban be ascertained. no other casualties. The would be restored and trade encouraged to no wind fortunately veered at a critical moment, small extent. It should, perhaps, be explained when the fate of the house seemed to be sealed, that the word "piracy" in this connection is at and what little breeze there was died completely times somewhat of a misnomer, and the lawless- away. Had it however, veered to the north, ness and outrages referred to might in many the heat would probably have caused the neigh-cases be more correctly described as ordinary bouring tank to explode, when a terrible disaster would have resulted. As it was, a pipe connect. ing the tank with the godown was immediately
to some extent.
cut.
As I write, late at night, a vast column of smoke is rising from the blazing furnace beneath, its dense volume curling upward to an immense height-a spectacle as imposing as it is unusual, and calling to mind a volcano in is indeed a truism years
activity. The fire will, it is estimated, not burn itself out for 24 hours.
The business at Tientsin continues prosperous. Mr. Sydenham Moutrie's agreement has been renewed for a further period of five on satisfactory terms.
Directors. Mr. E. C. Pearce left for Europe on leave at the end of April last, and Mr. William D. Little was invited to join the Board; his appointment requires the confirma- tion of the shareholders. In accordance with the articles of association Mr. E. C. Pearce tenders his resignation, but being eligible offers himself for re-election.
NATIONAL BANK OF CHINA, LD.
An extraordinary general meeting of the National Bank of China, Ld., was held at the Company's premises, Queen's Road Central, onthe 24th ult., for the purpose of confirming the resolution passed at the last general meeting with regard to the reduction of the Company's capital.
Mr. J. Focks presided, and there were also present: Messrs. G. C. Moxon and Kwong Kong Kuk (Directors), G. W. F. Playfair (Manager), H. Pinckney, E. W. Terry, G. H. Potts, Ng Chit Mi, Fung Wa Chun, Secretary of the Man On Insurance Company, Chun Hee, Fung Hoi, Wook Yik Tai, and Wai Wee Shang.
The MANAGER read the notice convening the meeting.
The CHAIRMAN said: Gentlemen,-Before putting the resolution I would again submit to you as I did at the meeting of 3rd September, the statement of assets and liabilities as on 31st December 1903, drawn up so as to give effect to the proposed reduction of capital. I may men- tion that we hold proxies for 15,667 ordinary and 281 founders, and against 88 ordinary and 49 founders. If there are no questions to ask then I will propose as follows:-
"That the capital of the company be reduced from £1,000,000, divided into 750 shares of £1 each (founders' shares), and 99,925 shares of £10 each (ordinary shares), to £699,475, divided into 99,925 shares of £7 each; and that such reduc- tion be effected by writing off the whole amount
MURDER BY AMERICAN SAILORS.
The second affair, though happily no less unusual than the great fire, is of a totally different character. Shortly before seven this evening a party of bluejackets from the U.S.S. Helena, when returning from the city, fell foul of a China- man on Canal Road, and threw him into the water, where the unfortunate man was drowned. The bluejackets made good their escape; and when their victim was taken from the canal dead, the feelings of the Chinese in the densely crowded thoroughfare may be imagined. was considered advisable to send a party of British bluejackets to guard the bridge nearest to the scene, but they were withdrawn later in the evening, as the Sha Kee had quieted down.
It
This sad affair has given rise to much indig nation in Shameen. It is less a matter of surprise that such an event has occurred now than that it never occurred before. The American bluejackets are allowed unrestrained liberty ashore, and are not given a canteen on their ships, so that between the license accorded them and the vile liquor they drink in the native dens, it is fortunate that so few fatal accidents occur-not only here in Canton, but throughout China.
In this case the strictest inquiry will, it is to be hoped, be held, and justice done. Some restriction should also be placed on the blue- jackets, whose conduct is not only disgraceful in itself, but a menace to the safety of all foreigners in Shameen. The events of 1883 should be borne in mind.
ANOTHER ACCOUNT.
At 7 p.m. four American sailors off the Helena, on the English Bridge, picked up a Chinaman and pitched him over the parapet into the creek. He was got out after about a quarter of an hour, but was drowned or suffocated in the mud, and efforts to restore life were fruitless. Two British bluejackets coming from the other side of the canal were set upon
robbery. The bad effect on trade, however, is none the less apparent, and rightly gives cause for serious complaint. Both rice crops were ex- cellent, and the abundance and consequent cheapness of this important staple contributed materially towards the expansion of trade referred to above, and more particularly towards the latter half of the year. It in China that the prosperity of a district may be said to be largely dependent on the rice crop, and the year 1903 was especially favoured in this respect, being the best recorded during the last 30 years. Nevertheless, owing to the abnormal shortage of rice in this province in the previous year, it was at first necessary to have recourse to large imports tions from Wahu, and these unprece- dented shipments, amounting to nearly 7,000,000 piculs, most of which were contracted for in advance, continued to arrive until the autumn, when the benefits of the plenteous spring crop became apparent and the price fell some 30 per cent.
In this connection some speculation was indulged in, and an attempt made to form
8
corner in rice. The Viceroy, however, wisely intervened, and the price was kept within reasonable limits. It may be here mentioned that even in ordinary years the local production of rice in the province is never equal to local requirements, and large importations are always necessary to supplement the deficiency. The greater part of the rice thus imported comes from abroad-principally Saigon-whilst the balance is brought from the Yangtze. The net value of the year's trade amounted to Hk. Tls. 110,559,826, which is the largest on record, and Hk. Tls. 30,815,119 more than that of the previous year.
REVENUE. — The total collection for 1903 amounted to Hk. Tls. 2,908,604, or Hk. Tls. 316.344 more than for the record year, 1902. This substantial increase, although mainly due to actual expansion of volume of trade, may be partly accounted for by a diversion of the carrying trade from junks to steamers-the slowness of transit in the case of the former, being now no longer compensated by preferential fiscal treatment, has naturally resulted in the quicker and safer mode of conveyance being more freely availed of.
FOREIGN TRADE.~ (a.) Imports.—The not value of imports was Hk. Tls. 23,633,179, which is more than Hk. Tls. 7,000,000 in exceRS of the figures for 1902. This noteworthy
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