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in the present cise seem to support Chau Tung- ahang and appear to ventilate his grievance which I am at a loss to understand. The object of the press is to enlighten the people's mind and to ventilate public grievances on behalf of the general public.
A HOMILY AND THREATS.
If all the papers simply point out what is right and what is wrong and speak of the truth and nothing but the truth, then will they be of vainable assistance to the public and to the authorities. If I were to do anything illegal you would have perfect right to announce it to the public. If I did anything wrong or com mitted an error and the truth be published I shall only be too glad to know my own faults and shall then be able to alter my decision. But if the local press follow the exampla of the Sie Man Po without investigating first thoroughly, and criticise blindly and tell all sorts of lies so as to deceive the public mind, nothing can be more harmful. I have to-day authorized the Nam Hoi magistrate to command the Editor of the Sze Man Po to appear before him and to have him most severely reprimanded and to give him due notice that in future if his press should repeat such sots I will ssing the press and punish the editor and will not pardon him.
OFFICIAL CHANGES.
March 28th.
A■ Taotai Wong-Ping-yau has resigned his position in the Sin How Kuk as Director, Chu Wing-cho and Houng Man-Wing (Tactais) have been appointed to manage the affairs of that department.
A QUEER BANKING CASE. Chin_Chia-kwong, owner of the Tai-Tak Hang Bank, was fined 8200 and sentenced to be sent back to his native province (Shansi) for threatening to kill scholar of fifteen years of age named Fung Kai-kwong, who owed him the sum of 852. The local school. masters and scholars are very excited because they think the punishment is too light for the offence and that partiality has been shown. They have decided to hold a meeting to-day to discuss the matter in order to send » petition to the Viceroy and to telegraph to the Board of Education. The students threaten to go on strike if the case is not tried again and more severe punishment be given to the offender.
CHINESE "MAFIA,'
20
The police have issued a proclamation forbid- ding beggars to demand squeezes from any im. portant events such as marriages, birthdays or funerals. If the beggars fail to obey this regulation they will be severely puuished. It remains to be seen how this messure is to be en- forced. It is not generally known that the beggars form a very powerful guild and that a shopkeeper would think twice before incurring the guild's displeasure. This now order it enforced would deprive them of one of their principal sources of revenue, When there is a ceremony of some kind going on they im- mediately gather in the neighbourhood and
THE HONGKONG WEEKLY PRESS AND
COMPANIES.
THE CHINA BORNEO CO., LTD.
The third ordinary yearly meeting of the China Borneo Company, Limited, was held at Livingston and Co., at noon on the 24th March. the office of the Company Messrs. Gibb, Mr. A. G. Wood presided, other shareholders present being-Sir Paul Chater and Mr. E. Osborne Wheeling (general manager) and Messrs. J. W. (consulting committee), Mr. J. C. Bonnar, T. Arnold, G. Murray Bain W. Parlane, W. H. Wickham, O. Baptista, L. A. Ozorio and Leung Shiu-lua.
been read,
The notice convening the meeting having
report and accounts having been in your hands The CHAIRMAN said Gentlemen,The for some time with your permission we will take them as read. I am sorry that the result of the company's operations during the past year have teen so unsatisfa tory that we are compelled to pass the payment of a dividend. The falling off is entirely in sympathy with the depression which has been felt here and is accounted for production but also by the decline in values as not only by the decreased demand for our
compared with previous years. Our output of timber was ab at the same as for 1901, but our sales were much smaller, while our stocks have increased in value, as you will no doubt have noticed, by about $60,000. Every economy has been exercised in the working of the business, and I think there is perhaps cause for thankfulness that a worse result is not shown. Prospects for the present year are not very encouraging, but we hope for some fresh business and we trust that some such may come in order that we may present more prosperons accounts of the report and accounts I shall be glad to you next year. Before moving the adoption answer any questions.
to
Mr. ARNOLD-Before seconding the motion adopting the report and accounts, there is one question I should like to ask. I see there is an overdraft at the bank of over 855,000. That would seem to indicate a lack of sufficient working capital. About a year ago these shares were at a premium of from 25 to 30 pr cent. I would like you to show why advantage was not taken of the opportunity to issue 14,000 new shares, which could easily have been done, certainly at par if not at a premium
The CHAIRMAN-We did not think it was necessary at the time. If we could have seen the dulness coming on we might have made some arrangements accordingly.
Mr. ARNOLD-If you had done so we might not only have had sufficient money to work with, but also a small reserve fund.
The CHAIRMAN-If we could have foreseen this we would have done so; however, we are in hopes that during the present year things
will be better.
you
Mr. ARNOLD-The position now is that couldn't issue shares at $7, whereas before you might have issued them at 814.
Mr. PARLANE--Mr. Chairman, in your
[April 2, 1906 GREEN ISLAND CEMENT CO., LTD.
An extraordinary general meeting of share- holders in this Company was held at of the Company, Mesars. Shewan, To Co.. on the 24th March for the meeting held on March 7th." Hon, confirming the special revolution Shewan presided, and there were also Mr. H. Henderson (secretary), Dir Paul Bain, A. Babington, and R. Hancock. Captain Tillett, Messrs. E. Kadoorie, G. Murr
meeting, and
The Secretary read the notion convening the
**
The CHAIRMAN said—Gentlemen,—I more that the following resolution be confirmed :--
That the Capital of the Company be in- of 50,000 New Shares of $10 each fully paid ap creased to $2,000,0) by the creation and issue to be offered at par and if accepted to be allotted to the persons constituting the Shareholders of the Company according to the Company' register of Shareholders on the first day of July. 1906, in the proportion of one New Share för every three Old Shares in the Company, held by the respective Shareholders thereof, the amount payable on each of such New Shares to be paid on the 31st day of July, 1906, and that failing such allotment as aforesaid, the said Now Shares be disposed of by the General Managers in accordance with the Company's Articles of Association."
Sir PAUL CHATEE segonded, and the mo- tion was carried.
The CHAIRMAN—That concludes the busineer, gentlemen. I am much obliged for your attendance.
WATKINS, LIMITED.
The seventh ordinary annual, meeting of shareholders in this Company was held: an March 29th at Watkins' Building, 31, Queen's Road Central. Mr. G. A. Watkins presided, others present being-Mesars. C. E. Warren Chow Dart-tong, Chow Hon-wah, C. A. de Rosa, and Chan A-fook.
The notice oslling the meeting having bean read by the general manager,
and we will, if you have no objection, fake the The CHAIRMAN mid-Gentlemen -- As
report and accounts issued as road. We have * very loan year to obronials. Business throughout 1900 was bad and with nothing special in our favour. l ́am sorry the result of the company's trading during the past your has been so unsatisfactory that we are com pelled to pass the payment of any dividend, The falling off is entirely in sympathy with the general depression which has been feit during the period under review. Every possible economy has been effected in the working of the business; and the general managers will continue to give this matter their cazaful attention. Prospects for the present year are not encouraging, but we hope business will improre From the statements of account, jou will see that substantial amounts have been
inter on.
will not move on until the squeeze is paid } remarks I did not catch any reason given why ❘ written off the Company's assets, this has been
over Passers-by must have noticed that a beggar seldom stays more than a couple of minutes at each shop. The shopkeeper is anzione to get
rid of him and throws his cash into the beggar's collection basket at oncé. It is related that a shopkeeper on ons cccssion had to close his shop because he
· had beez rude to one of the begging fraternity, and for the next few days his shop entrance | was lined with a treble row of beggars who took good care that no customer went in.
A contract for a loan of Y10,000,000, borrow- ed by the Corean Government from the Japan Credit Mobilier, Limited, has been signed at Seoul between the Corsan Minister for Finance and a representative of the Japanese bank. The contract has been endorsed by Mr. Megeta, Financial Adviser, and the Customs revenus of Cores is pledged as security. The interest agreed upon is 64 per cent., and the actual amount to be paid Y9 for Y100 face value, the principal to be redeemed in ten years after the lapse of five years. The bank will advance
• 75,000,000 this monthịa d the balance later as required. The money will be used for develop- ing industries in Corsi.
the year has been such a disastrous one.
The CHAIRMAN-Simply the depression which was felt generally, and there has been a falling off of business.
Mr. PARLANE--But you said the sales for the year were the same as for 1904.
Toe CHAIRMAN-I said our output was the same, but that sales were much smaller
Kr. PARLANE-I think, on the face of such * disastrous report, that the directors might have done with something less than $4,000 fees. I think it is a most disastrous report.
The CHAIRMAN-I am very sorry it is not better, but you cannot make trade where trade does not exist.
There being no
further questions, Mr. ARNOLD seconded the motion for the adoption of the report and accounts as presented, and it was carried.
Mr. PARLANE moved that Bir Paul Chater be re-elected to the consulting committes.
Mr. BONNAR seconded." Carried. Mr. W. H. Potts was re-elected anditor, on the motion of Mr. WICKHAM, seconded by Mr. OZORIO.
The CHAIRMAN-That is all the business, gentlemen. I hope next year we will have better returns.
done on the roommendation of Messrs. Lowe and Bingham, who have made a thorough sad searching examination of the Company's books and asseta, with which Mr. W. Hatton Foltu concurs. We trust these appropriations meet: with your approval. I would point ant to you that we have paid off during the year 1905 about $20,000 to our bankers and $7,680,000-aft building mortgage, our starling liabilities aro nearly $10,000 less than the previous year. You will have seen from the local press we have lost through death the services of our senior assistant, Mr. Alexander Scott Mason. Your general managers avail themselves of this opportunity in expressing their deep with his parents in Perth, Septland, bereavement. Before proposing the of the accounts I shall be pleased
further information shar-holders may
No question being asked.. The CHAIRMAN proposed the adoption report and secounts.
Kr. CHow Hox-WAH seconded, The CHAIRMAU---That is' all® gentismen. Thank you for your
The report rende :--Gentle ́subenit” to you our repo
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