November 13, 1905.]
the ratio of charges to premium will be con. siderably reduced and the ratio of profit to premium correspondingly increased, that under identical anderwriting management much of the labour and money which is at present wasted in securing protection against excess lines will be saved, and that energies which are at present to some extent directed against each other in competition will in future be applied towards a common end. I am glad to inform you that we received a telegram from our London Branch last Tuesday, to the effect that, in response to a circular issued in London to shareholders there on the lines of our circular of the 11th October and asking for an expression of opinion for or against the proposed scheme, 330 votes had been received in favour of the scheme and only one vote against, whereas only 44 votes remained unrecorded. We have not sent out voting papers here, as only the votes of shareholders at this meeting in person or by proxy have any effect in passing a special resolution, but we have proxies here from a good many share- holders in case of need, so that I feel sure that the great majority of the Society's shareholders are in favour of the scheme. By the 1st December we shall know what proportion of the China Traders' shareholders accept our offer, and I have no doubt that the great majority will do so.
Mr. JUPP secorded the proposition, which was agreed to unauimously.
The CHAIRMAN-A confirmatory meeting will be held at noon on Monday, the 20th November.
THE TEBRAU PLANTING CO.
The final meeting of the Tebrau Planting Company, Ltd., was held in the office of the liquidators, Messrs. John D. Humphreys and Son, Queen's Buildings, on Nov. 7. Mr. J. A. Jupp presided and others present were Messrs. P. C. Potts, Lau Chu Pak, Wong Man Lam, J. D. Cottar, and J. A. Tarrant.
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The report stated that according to the liquidators there was a net balance of capital after paying and providing for all liabilities, of £43,685.09 which amount admitted of their returning to the shareholders 45.34 per cent of their capital, equal to two dollars twenty-six and seven-tenths cents per five-dollar share.
THE CHAIRMAN-The accounts speak for themselves, and it is unnecessary to enlarge upon them.
Shareholders can see how the money has been disposed of, and how we stand. I shall be pleased to answer any questions.
No questions were asked, and the CHAIRMAN moved the adoption of the report and accounts. Mr. LAU CHU PAK seconded, and the mo- tion was unanimously adopted.
CHINA OVERLAND TRADE REPORT.
Net profit, after providing for all
charges in Chins
THE CHAIRMAN-There is one other small matter which has to be decided, and that is what is to be done with the books and papers of the Company. It is provided by law that the shareholders should say what must be done with them. I suggest they be given to the liquidators. We could have them burned if you like.
Add balance brought forward
from last year Gross receipts in London...
.£1,396 5,690
.£204,398
-£7,086
£211,484
Deduct expenditure in Europe,
viz.;--Salaries, stores, &c... £ 6,085 Debentures, interest.
27,794 Debentures, redemption Directors' fees
Law costs estimated at Leaving a net balance of
10,000
3,250
11,000
£38,129
50,000
£153,355 Which the directors recommended should be appropriated as follows:- In placing to reserve for depreciation £49,000 In paying a final dividend of 1 per
share (free of tax)... Making a dividend of 10 per cent. for the year with the interim dividend of 1/- per share paid on 22nd June, 1905 And carrying forward
50,000 13,355
£153,355
HONGKONG CHESS CLUB.
The annual meeting of this club was held at the Cafe Weismann on Nov. 8th. Mr. H. E. Polloock, K.C. (president), presided, and a number of members were present.
The PRESIDENT stated that members had before them the statement of accounts for the
He
was
year 1905, and they would observe from that statement that the balance carried forward (8161.46) was bigger than before. This increase was due to the fact that the club had no longer to pay any rent for their premises, which should be considered satisfactory.
there had been say sorry to a difficulty to persuade people to join the tournaments. During the past summer they had attempted to get one up, but met with such a poor response that it was impossible to hold it. He hoped now the winter had begun that people would be somewhat enthusiastic in the cause of chess with the drop of the barometer, and that they would have some interesting tournaments this season. The accounts had been made out by Mr. Danenberg, the hon. treasurer, and kindly audited by Mr. T. C. Gray. They spoke for themselves, and with- out commenting further on them, he moved that they be passed.
Lt. Col. JOSLING seconded the motion, which was carried unanimously.
season
The following programme for the ensuing was agreed upon-A Championship Tournament is to be played, the winner at the conclusion (the best out of three games) to take the prize of $15. A match of 20 games to be played, not more than two games against the same player, for a first prize of $10 and a second of $5. It was left with the hon. treasurer to arrange if possible for a match against a team from the Club Lusitano, the team to be adjudged the winners who get the best out of three games. The secretary was instructed to
if see
he This the shareholders agree to do.
could arrange matches with the Club Germania The CHAIRMAN-That definitely finishes the and the Shanghai Chess Club, also with Tebrau Planting Company.
Mr. POTTS-No, no. Give them to the liqui- dators.
THE CHINESE ENGINEERING AND MINING COMPANY, LIMITED.
The_Peking Tiontein Times says:—We are pleased to be able by the courtesy of the local office to present our readers with the following official statement of accounts to be presented at the annual general meeting of the share- holders of the Chinese Engineering and Mining Company, Limited, which will be held in London, on Friday, 27th October, 1905, when the directors' report and accounts for the financial year ending February 28th, 1905,
will be submitted,
EXTRACT FROM DIRECTORS REPORT
The net result of the year's transactions shows a balance to the credit of profit and loss account of £155,355, made up as follows :—
players at Canton, while Lt. Col. Josling pro- mised to see if any teams representing the navy and army would be willing to try conclusions with a team from the club.
A SERIOUS CURRENCY QUESTION
New Kwangtung cents appear to be circulat" ing in Hongkong now in much greater number, and it is to be hoped that we are not to suffer as Shanghai seems to have done, according to the following letter in the N. C. Daily News:
It was decided that Club meetings should be held on Monday evenings from 5 till 7 o'clock; on Wednesdays from 9 till eleven, and on Saturdays (at Kowloon) from 8.30 till 11 p.m.
Sir,-You have recently published a notice from livery-stable keepers of increased charges and an appeal from the carpenters' guild for higher wages; the reason given in both cases being the higher prices which have now to be paid for necessaries. That the cost of living has of late considerably increased among the Chinese here there can be no doubt. What then is the cause of this rapid enhancement of prices?
Retiring officers of the club were elected en bloc for the ensuing year, and the name of Mr. Moses was added to the committee.
In part it has, no doubt, been caused by the recent rapid growth of Shanghai, because sap- plies previously ample are now inadequate to meet requirements and prices consequently rise. But increased demand soon results in increased supply, and the growth of the population is not in itself sufficient to explain so general and so considerable a rise as has taken place. As the result of careful enquiries I am satisfied that this is almost entirely due to the rock'oss un- limited coinage of 10-cash pieces by the various provincial mints, whose eagerness to gain pre- sent profits blinds them to the inevitable conse- quences of their action. Eighteen months ago 81 changed for 840 cash, and Kwangtung 10-cash pieces, because they bore the insorip
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tion "100 equal $1," were accepted as of the value of 8 cash only. To-day $1 changes for 1,050 cash, and these coins are worth
over 10 cash cach, ie, within eighteen months the value of the currency employed by almost the entire population of this empire bas depreciated no less than 27 per cent, and 12 or 13 cash are required to-day to purchase what could be obtained for 10 cash a year and a-half ago, and if the information given me be correct there is no knowing when this depreciation will end. It is stated that so long as the ratio of exchange does not fall below 149 to 150 of these 10-cash pieces to the dollar, the provincial mints will find it profitable to coin them. The pros. pect of a possible further enhancement of 50 per cent in prices is appalling, in view of the distress which must inevitably result to natives and foreigners alike, and it would seem that active steps should at once be taken to impress on the Central Government the suicidal
The PRESIDENT-That is all the business, gentlemen. I am much obliged for your | attendance.
A Tientsin paper says--The Pao Huang-hui or Protect the Emperor party in the South have telegraphed to a certain prince about the movements of the Ko Ming-yang (to change the order of heaven) or anti-dynastic party, and urging the prince to take all possible precan-
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character of the policy being followed by the provincial authorities, and to induce it to take the necessary remedial action.
C. M. S. BAXTER SCHOOLS:
ANNUAL SALF OF WORK.
On Nov. 7th the annual sale of work in aid of the C. M. S. Baxter Schools toor place in the City Hall. This long established institution extending back over a period of twenty years and more, had invariably enjoyed a large measure of public support, and yesterday's sale proved no exception. The thirteen stalls were arranged round the sides and down the centre of the hall, and as each was laden with a profusion of fancy goods, attractively displayed, the result was very pleasing to the eye. In charge of the
various stalls were:
Mrs. Bateson Wright, Mrs. Lammert, Mrs. Herbert Lammert and Mrs. Seth.
Mrs. Williams, Mrs. Hatton and Mrs. Ross. Mrs. Edward, Mrs. Colgrove, Miss Hazeland. Mrs. Chatham, Mrs. Jones and Mrs Lambell. Mrs. Peter, Mrs. Turner and (Miss Berkeley. Lady Berkeley and the Misses. Berkeley, Mrs. Bell, Miss Penraddock, Miss Blair. Mrs. Lauts, Mrs. Goetz, and Mrs. Fuchs. Miss. Bowley, Mrs. Irving and Mrs. Davis. Mrs. Hancock, Miss Hancock and Mrs. Saunders.
Mrs. Swan, Mrs. Tooker and Mrs. Badeley, Mrs. Pritchard and others.
Refreshment stall-Mrs. Thompson, Mrs. Gershom Stewart, Mrs. Dickson, Mrs. Cruick- shank.
Grab Bags-Miss Armstrong and the Misses
Setb.
The sale was well attended and among the patrons was H.E. the Governor.
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