March 24, 1906.)
one
стор.
induced by an expected shortage in the which on the basis of consumption during 1904 pointed to the probability of supplies being insufficient. This expectation proved, however, to be erroneous, Consumption being checked by the high level of prices established, and when to this was added the knowledge that an in- creased area was being put under beet cultivation holders showed eagerness to realize, with the result that values s'eadily declined, leading to the failure and suicide of a large speculator in Paris, which completely disorganized the market and drove prices to a point below what is generally supposed to be the average cost of pro- duction. As I have already mentioned, we had a considerable quantity of low-priced raw, and moreover, we had the good fortune when prices were about their highest to make somewhat ex- tensive forward sales of refined sugars the pro- dubing of which, coupled with other orders, em. ployed the refineries for the greater part of the year, but during the last few months we found it necessary to enrtail our output, demand in all quarters being very slack, as was
when to be expected
considers the situation in Europe, which I have endeavoured to outline. This curtailment of prodnation and stagnation in markets naturally, led to an accumulation of our stock, and accounts for the largeness of the amount which appears in the balance sheet under the head of raw and refined sugar. Raw sugar in this item stands at cost, and refined has been taken over at 'prices which it is expected will be realized. When I state that our deliveries during the year totalled approximately 75 per cent, of what they were in 1904, which was a record year, it will be evident to you that margins on sales were altogether exceptional. The necessity of buying well ahead of our requirements has been frequently mentioned to you. It is to forward purchases that the profits of the last two years, aggregating over 1:0 per cent. of the Company's capital, are in the main attributable, but you have to recognize that your business is thus a highly speculative one, and must be prepared at times to look upon the reverse side of the piotare. That is the case to-day, our forward commitments being at prices considerably in excess of current values, and thus compelled to provide a large sum for the purpose of reducing the cost of these parolases so that the present year may not be unduly handicapped. This provision of $850,000 will reduos cost to a figure which on rocent sales of refined allow normal margins of profit, but you will of course appreciate th‹t it is impossible to say whether this will continue to be the position, all depending upon the market conditions when these forward sugars come to be dealt with. As to the other items in the balance sheet, the larger proportion of $10,517 65 against "spirits and ram represents casks in store, and $290,179.17, the value of stocks of charcoal, cral and other stores. You will observe from the other side that of the sum of $150.000 set aside last year $63,870.15 has been expended on repairs and renewals. With regard to the present outlook, I am sorry to say that at the moment demand for refined is not what we would like to Fee it, but some improvement in this respect may reasonably be looked for very soon, and I see no cause to view the situation other than hopefully. The proposal to distribute a bonus to the European staff, I feel confident, you will endorse. It is a matter entirely in your own hands. I ΣΟΥ move that the report and accounts as presented be adopted and passed.
"
we are
Mr. GASKEIL-Mr. Chairman and Gentle- men, I have much pleasure in seconding the adoption of the report and accounts, and from the remarks I have heard from the Chair man, I think those present will agree that the writing down of the raw sugar commitments to a comparatively safe level should prove beneficial to the Company. It is a prudent precaution to take, and a precaution of course which we should not have been able to take had it not been for the very large profils of 1905. As far as I am concerned, as a small shareholder in the company, I think the course was a wise one, and I hope in the future we shall be able to act on the same lines of writing down 1aw commitments of sugar to the lowest possible .price.
1.
The motion was carried.
The CHAIRMAN moved and Mr. 81OKES seconded that the Hon. Sir Paul Chater and
CHÍNA OVERLAND TRADE RÉPORT.
Mesurs. A. G. Wood, F. Maitland and A. J. Raymond be elected to the consulting commit fee. Carried.
Mr. RUTTER proposed the re-election of Messrs. T. Arnold and W. H. Potts as anditors Mr. DENISON seconded and the proposition was agreed to.
221
[We gladly publish this letter, but having already published a lengthy summary of the official report referred to, make no present use of the enclosures sent. We regard all the allega tions (of physical violence) made against the late priest as preposterous and wicked, as we clearly stated in our leading article on the 1st We disapprove of the political efforts and stains of missionaries: but that is no reason why worse things should be imputed to them than they deserve. Any comments appearing anbsequently to our vindication of the mission- ary, and apparently contradictory thereof, are most certainly to be regarded as contributed and published in good faith.-Ed, Daily Press].
The CHAIRMAN-That concludes the busi-inst ness, gentlemen; dividend warrants will be ready to-morrow morning on application. am obliged to you for your attendance.
SHANGHAI DIVIDENDS.
I
of the Chins Import and Export Lamber Co.. The report for the year ended the 28th nlt, Ltd., whose paid up capital is Tls 150,000, shows
a divisible balance of Tls. 44.204 Of this the
sgeuts receive Tls, 4,073, a dividend of 10 par ceut. is to be paid, and the balance, Tls. 7,952,
carried forward.
year
Co., Ltd. propose to pay a dividend for the past The Directors of the Ice, Cold Storage, etc.
of 8 per cent. The paid-up capital of the div sible balance, after writing off Tls. 13,501 company is Tls, 201,000, and the report shows a for depreciation, of T. 21,141. After payment 5,141, is to be carried forward. of the proposed dividen, the balance, Tls.
At the annual meeting of the Shanghai Tag and Lighter Co. Ltd., the following resolution
was carried :--
That the Directors be authorised to appro- priate the amount at their disposal," "Tis. 115,656,65, as follows.
T's.
..17,500 00
64,000 40 „15,000,00 23,150.55
A Final Dividend of 34 per cent.
on Pref rence Shares A Final Dividend of 6 per eut.
on Ordinary Shares To Insurance Fund To be carried forward The shareholders of the Central Store-, Ltd., Shanghai, met on March 12th. The Chairman said: After making full provision for depre- cation, bad and doubtful debts, ate, there is an available balance for distribution of $19,119 22. Ont of this sum the Directors recomm ud the payment of a dividend of $2.4 per share on the old shares, and to carry forward the balance This result, we hope, will prove satisfactory to the shareholders, as the profit earned is nearly 100 per cent. greater than last year.
CORRESPONDENCE.
THE ALLEGATIONS AGAINST THE LATE PERE LACRUCHE.
TO THE EDITOR OF THE "DAILY PRESS.'
+
SIR, - Your leading article of the 6th instant injurions not only to poor Father Lacruche, must appear to any impartial reader as most bat also to all Lazarists and even all Catholic Missionaries. However, as your esteemed journal is usully moderate. I prefer to xense you on the ground of good faith.
Undoubtedly, you have been misinformed, and you have taken as certain the telegrams from Chiuese and Protestant sources-tale- grams without any foundation whatever. Such telegrams are only calculated to impute the guilt to Father Lacruche: hence your descrip- tion of him as a highway-robber.
I will just communicate to you the official account of the facts gathered from most minute enquiries and which has already appeared in the Echo de Chira of the 7th instant and in the China Gazette of the 10th instant. You will see from these accounts how Magistrate Kiang had compromised himself in a previous affair and how he succeeded in avenging himself i la Chinoise so as to bring most serious trouble oa the Mission. I add to these the leading article in to-day's N. C. Daily News, which admits that the Chinese Press has exceeded all reasonable limits. The most astonishing part in this affair is, that a section of the English Press, without any regard for the honour of Europeans, has not scrupled to go hand-in-hand with the Chinese to calumniate Catholio Missionaries.
Hoping you will find space in your journal for these brief remarks, I remainYours truly,
C. M. GUILLONN, Visiteur et Procureur des Missions Lasaristes en Chine. Shanghai, March 15th, 1906,
|
|
NEWS FROM NANCHANG.
Daily News writing on
The Nanchang correspondent of the N.-C. March 3rd says:----
reamed the streets uneasily all day. The recoil On Monday the people gathered somewhat again, but were easily scattered, though crowds
came on Tuesday, and the thought of punish- ment was heavy in the hearts of all. The the city? Literally thousands of people left the coming of foreign warships--would they destroy city, the gates bing choked by the panic- and rice became dear. Boatmen asked five stricken populace. The dollar rose to 1,400 cash
times their accustomed price. The adherents of the various chapels were fearful with the rest, so a notification was issued by a Methodist Episcopal missionary, the Governor gladly acquiescing, stating that the gunboat was unt to destroy, but to escort and protect the Consuls who were coming to settle the difficul- ties. It exhorted them to be at rest and remain in their homes The missionary would visit the gunboat and go guarantee. This had a most salutary effet, the Governor assisting in its wide promulgation. The dollar dropped to 1,130 and the people ceased to move. Several boatload of people, endeavouring to get away in the heavy wind, were cap:ized, and about twenty people drowned.
offered the following rewards to those who It is stated that the Governor of Kiangsi has
succeed in capturing, or cansing the capture, of the leaders of the recent Nanchang riots and persons giving information of the name and their accomplices. (1) To the person or
residenc of the chief of the rioters resulting in the man's arrest a reward of $400 is offered (2) To anyone giving material assistance to soldiers arresting the chief rioter is promised a reward of $800 (3) To anyone able personally to hand over to the authorities the chief rioter is offered the reward of $1,000. (4) One-half the amount of the above-named rewards for the capture, as stated above, of accomplices and assistants of the said chief rioter.
SHANGHAI POLITICS.
The N.-C. Daily News says:~
That the objection of those who oppose the recognition by the Municipal Council of the Chinese Consultative Committee is fully justified is proved by the leading article in Saturday's Nanfangpao as the following extract shows :-
"Of course, by accepting the present com- promise of a Consultative Council, the Chinese by no means give up their right to claim representation in the governing body of Shang. hri, and it is fully and clearly understood that when the proper time comes, tho Chinese will ash to be accorded something that will do more practical good than a mere Consultative Council.”
We quite acquit the gentlemen who compose the Committee at the present time of any inten tion of exceeding the limits imposed on them- selves in their letter of the 28th ult, but the above extract shows how the concession made by the Council is regarded by the Chinese in the Settlement generally, and fully confirms our opinion of the danger of the action into which the Council have been led unwittingly. A letter in the same issue of our Chinese contem- porary contains the naïve suggestion that “ the young and able-bodied Chinese of the Settle- ment (should) form themselves into a properly organised Volunteer Corps, to be under the control of the Taotai, and to co-operate with the Foreigners in maintaining order in times of | unlawful agitation, or to stand for themselves
should need occur, The italics are ours,
1
No comments yet.
Private notes are available after approval.