Page
March 9, 1907.]
I will
wish me to read it I have no objection. read the whole corresponde: ce if you like.
Mr. RUMJAHN-leave it entirely in your bands,
Mr. HUTTON POTTS – I would read the whole of the correspondence.
Mr. OSBORNE-Read the letter.
The Chairman then read the letter follows:-
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CHINA OVERLAND TRADE REPORT.
The CHAIRMAN
161
Thanks, Mr. Master, for
willing to undertake. Now that thei speculation | has proved successful we ought to congratulate your remarks; and also Mr Cruickshank, him rather than not; we did not want to see him 1.8. money
Mr. RUMJAHN-It occurred to me strange that a Company having three directors should prefer to lease out the building, to individual to make money, when it could have a private been kept by ourselves.
The HAIRMAN—What point. are you trying to make?
additions receipts amounting to $20,048) would Mr. ROMJAUN—If it had not been leased,
Mr. OSBORNE - It would never have been
by gat
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The Secretary, Hongkong Hotel Co., Ltd.
Sir,-In cons-queue" of the great length of time your Company is taking to consider my proposal, and 'since the accounts for the second half of last year's working hare baen published, I beg with much regret to with. draw my offer for the lease of the Hongkong Hotel's buildings, etc., for the present. As the chance for my renewing the offer is rather remote at the present' moment, and as I am holding a few hundred shares, although a small quantity having only been registered in my name, I shall be very pleased for the interests of the Company generally and the public in particular to give my views, and to discuss them privately with
Directors, your to some important improvements which seem to me essential for the welfare of the Company. It must be un- derstood, however, that the motire which has prompted me to make the proposal for a lense, or my request for a private discussion for in provements, dons not reff et the last upon the managen.but of the Company; ou the contrary, it must be admitted that the Board of Directors, muder the circumstances, have been very untiring in their efforts to promote | the interes s of the Company. Amongst a few other improvements appearing to s greatly beneficial to the Company is a change in the present system of running the bars, which are not yet eren provided with well. known brands of wines to be obtained locally. The policy carried on by your Company to push on the Company's own particnlar brands, such as
Hongkong Hotel's Specil this 'Special that or Wines specially Bottled for the Hongkong Liotai" is a good one in the absence of keen competition; but when it is remembered that rival establishments are stocking wines that commend themselves to the palate of a cosmopolitan community, it is but natural that the members of the community give preference to a place where drinks acens- tomed to their palate are obtamable. It is hard to reconcile the fact that your bars are not even provided with the most well knowu and the only genuine Italian Vermouth (Mutini and Rossi), By introducing well known brands of wines, not only would the Company | rofit haudsomely, for at least double the cost would be rea ized, but adequate requirements for the public demand could then be said to be provided for, without which competition, even if established imm. diately next door to your Company's building, would be justified.— Yours, etc.'
and
A MET RUMJAHN.
Hongkong, 4th March, 1907, Mr. RUMJAHN-1 would like to ask oue or two questions Are the Hotel Mansions l-ased out for a number of years, for how much, and for how long?
The CHAIRMAN—If you had given notice of these questions I would have had the figures prepared.
Mr. RUMJAHN-I think it is mentioned in the accounts as $21,000; that is for 1 n-onths- $3,500 per month.
-
Mr. RUMJAHN-The Company has leased the building to the lessee who makes $20,000 -
The HAIRMAN-$12,0° I nuderstand. I heard it outside, and so did you. I have already told you that if the lease had not been accepted the building would not have been erected. addition, the rental is on a sliding scale, so that in a few years we shall be getting more than we are How. I think you pointed that ont in one your letters, so that you must be fully cognisant of it.
of
Mr. PCMJAHN —I do not think sa, Mr. MASTER-1 presume the new building returns a fair rent-1?
The CHAIRMAN - Yo
Wa
Mr. RUMJAHN-I think there is a misunder- directors. I think from my letters it will be standing regarding my attitude towards the clearly seen that { said the directors have been in their power for the benefit of the company. very antiring in their efforts to do everything
the working of this company for some time past, I have taken a great deal of trouble to find on t
interests of the company. Bat I must my assiduous and painstaking in safeguarding the and I must say the directors have been very
there is room for improvement. There is no system which is perfect in every way. We with some improvements in the management are moving on with the times, and I think that
of this for the benefit of the company generally.
company it could be gradually improved The warrauts are ready.
CHAIRMAN—Thank you. Dividend
Mr. CRUICKSHANK-Ask Mr. Rumjaha if he ever kept a hotel.
Mr. RUMJAHN-lam keeping a private one. Mr. CRUICKSHANK-Do you think you havo had such special experience that you could run this gigantic concern better than it has been done ?
Mr. RUMJAHN: That is my opinion. The CRUIRMAN: Dividend warrants can be obtained by applying at the secretary's office.
Thera being no further discassion the Chairman declared the meeting closed, adding
Mr. OSBORNE --We get a good refure. M. RUMJARN-I have worked it out.
¦ reclamation had been sold, as I núderstand;
gt six per cent on the outlay, and if the that dividend warrants were ready. tire was a good offer have done better.
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$ ( per fool-we would | THE NATIONAL BANK OF CHINA
The CHAIRMAN−Tu un» of your letters you Mansions 8.8,000 per annum." That referred to The Company will receive from the Hotel. theding scale. What is your point?
Mr. RUMIAH -I want to know how long
the lease is for
Th · CHAIRMAN
Teu years. Referring to the letter from Mr. Rumjahn The CHAIRMAN remarked that when a demand stack, they would fog no time in getting it. was created for anything the hotel did not You say as soon as a demand
Mr. RUMAHN
is creat
The CHAIRMAN-We will buy your liquors or anyone else's.
Mr RunJans-If you do not stock them
customers cannot see then,
Mr. MASTER- 'ustomers will ask for what they want. Mr. Rumjan wants his own liqours
be bought by the Hotel.
to
stand, pushing its own particular brand‹,
Mr. RUMJAHN-The company is, I under- The CHAIRMAN-That is Mr. Rumjahn's policy as well.
There being no further questions, G CHAIR MAN moved the adoption of the report and accounts, -
LTD.
་་
holders was held in the National Bank of China, An extraordi mary general meting of share-
considering the following resolution :- That Ld., on the 6th March, for the purpose of the Articles of Association be altered by strik- ing out the word "three by substituting therafor the word “two
in Article 111, and by striking out the words “esch of whom shall and ba permanently resident in or near the Colony striking on the words "each of whom mast of Hongkong" in the same Article and also by
Article 115. be permanently resident in Great Britain "in
There
were
(Chairman), J. Scott Harston (Director), G. C.
present Mosers. C. Ewens
Joseph, E. S. Kadoori, Ellis Kadoorie, E. D Moxon (Managing Director), P. Loureiro, J. E Haskell, E. Howard, Chan Ki-pao, Young Pak- leang, P. ('. Poits and E. W. Terry.
After the Managing Director had read the moved and Mr. Ellis Kadoorie seconded that notice convening the meeting, the CHAIRMAN
been road t› the meeting be adopted, and the the resolution contained in the notice which had resolation having been voted upon by a show of hands, the Chairman declared it to be carried Quanimously
for their attendanes and declared the meeting The CHAIRMAN then thanked those present ended.
Mr. CRUTC (8HANK in seconding the motion expressed, behalf of the other share. holders, the gratitude they felt towards the directors for their arduous labours, With gard to Mr. Kumjaliu's compliut, Mr. Crnie't- shank said that he was not a drinking man, and he had never heard any complaints out. CHINA FIRE INSURANCE CO., LTD.
side.
The motion was carried.
attendance.
Mr. Ho Fook proposed, and Mr. MASTER seconded, that Dr. Nobla be re elected to the Board of Directors, Carried,
The UH IRMA-- That is all the business, The CHAIRMAN—That is correct, Mr. RUMJAHN-Åre you
gentlemen. Thank you very much for your lesste is making between $1,000 and $1,500 per improve the condition of the hotel, be sure we If there is anything we can do to month on the lease?
-hall do it, and any suggestions any one is The CHAIRMAN -Well? Mr. RUMJAHN—Are the directors aware of it? ¦ will be rery pleased to hear them and thank you. pleased to make, by Mr. Ramjahn or others, we The CHAIRMAN— We are.
aware that the
Mr. MASTER-Speaking for myself, I have Mr. RUMJAHN-Ware the shareholders consalted when the premises were leased? Was they take a great deal of trouble-more than The greatest confidence in the directors, I feel the offer submitted to the shareholders ?
in the above Company was heldļat the offioen, ou The 28th ordinary meeting of shareholders March 8th. Mr. A. Haupt (Chairman of board Messrs, N. À. Siebe, À. G. Wood, E. Goots of directors) presided, and there were present D.M. Nissim, G. Balloch, R. Shewan (directors), Leiria, A. H. M. da Silva, Captain Ronch G. L. Tomlin (secreta y), R. E. Barretto, J. J. W. L Pattenden, F Ellis, J. Ornage, F. Smyth, W. II. Wickham and Chan Pat. convening the meeting.
The SECRETARY having read the notice
Directors' Report sal Statement of Accounts The CHAIRMAN · said—Gentlemen, the
for about a fortnight, I will now, with your for the past year having been in your hands permission, adopt the usual course and consider them as read. be in the happy position to come before you It affo da as much pleasure to
when a record profit was made by the Company. with inch favourable results for the year 1905,
take to blame the directors because there has on the paid up capital. This is the highest Dividend and $2.00 Bonus, or my 40 per cent This enables us to recommend to you $6.00 been a slight depression, and we only ask them dividend paid in any one year and muut to go on as they have been doing.
looked upon as exceptional, and cannot
The CHAIRMAN-Is it customary to submiting round the hotel. I bare always been satis- they are expected to-in coming here and go offers to the shareholders before doing business? Remember these buildings were leased before they were built.
Mr. RUMJAHN-Before they were built? The CHAIRMAN- While they were building. They were leased before the building was started; otherwise (the buil ing would not have been began. It was a speculation on the part of the man to lease them--a speculation which | the directors and the shareholders were not
fed with the liongkong Hotel, and know that the directors hare given much of their time and attention to its wor ing. Mr. Osborne has been constantly in attendance.
The HAIRMAN-He certainly has. And he has been very ably awisted by Mr. Parätt.
Mr. MASTER-I think it is a very great mis-
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