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November 2, 1907.]
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keepers were forbidden to give them supplies, and a few who had ventured to do so secretly were imprisoned. After consultation with the new Chamber of Commerce Lord Napier des patobed an order for H.M.S. Imogeue and Andromache, to come up, and send ashore a guard of mariaes for the protection of the į Factories. The Chinese opened fire on the frigates on their entering the river, bat they easily silenced the batteries. Characteristically the Viceroy now found that he was permitted to open negotiations with the Superintendent, but pleaded that there was 110 precedent for a British Minister taking up
his position on Chinese soil; still if he would retire from the port, and withdraw his ships outside the Bogus he was quite willing to treat, and pending replies from Peking the trade would be reopened. Looking at his instruc. tions, which forbid putting to hazard the existing opportunities of intercourse, Lor. Napier, whose health had given way under the climate and the indignities to which he had bad perforca to submit, conceived hims-lf bound to agree to these terms, but being unable to act himself, delegated his physician, Dr. Colledge, to make the best terms be could. A meeting of the Chamber of Commerce was called and a sort of protocol drawn up iu which it was¦ agreed that the ships of war should retice, that trade should be reopened on the usual terms; and that the superintendent, being too unwell to attend to business should go down to Macao. For some unexplained reason, Dr. Colledge, who was anxious at any cost to get his patient away did not stipulate that be should be taken by one of the man of war, but permitted him to be carried on board a Chinese vessel, the authorities promising to take every care of bim.
The temptation was too strong; the Chinese mandarins had won a complete victory, and had now their enemy in their power; magnanimity was never a weakness of the race, so instead of taking Napier quietly to Macao, the opportun ity was seized of making a parade of him as a prisoner. The ordinary passage from Canton io Macao is under twenty-four hours, but this was prolonged to five days, the boat decorated with flags of triumpb, aud the crews everywhere received with firing of guns and crackers, Worn out with illness, and conscious of failure. Lord Napier was beyoad recovery, and breathed his last of a broken heart a fortnight after his landing at Macao.
The authorities at Canton reported to the Emperor their victory, and received in reply the imperial orders that for the future no foreigner making any pretence to official rank was under any conditions to be received; and that the chief of the traders for the time being should be content with the rank of taipan, which had been all that had ever been conceeded to the agents of the East India Company.
It was probab'y fortunate for Lord Napier that he died before the worst indignity of all had fallen upon him. He had been appointed to his office by Lord Palmerston, but in the reaction after the Reform Bill Lord Melbourne's ministry had fallen, and the Duke of Wellington now occupied the office of Foreign Secretary. Personally the Duke was glad of the opportunity of revenging himself on Palmerston, whom he detested, so forgetful of what in all good feeling was due to B man who had succumbed to a cowardly attack on bim in the discharge of his duty, he openly stated that Lord Napier bad brought his misfortunes on himself by assuming high-sounding titles, and going to Canton without permission. The Duke had doubtless a tender feeling for the old Company, and shared doubtless the Chinese official detestation of mere traders, whose ardoar had to be repressed.
Lord Napier was sicceeded in his by no means enviable post by Mr. J. F. Davis, better known in the literary world as the first English Chinese scholar who rose to any general eminence, Though an old servant of the Company he was not blind to those faults that had tended to make the British name in China despised, and openly advised that the extra. ordinary pretensions of the Chinese Court to universal sovereignty were at the bottom of the trouble. He recommended the sending of a small squadron to represent this fact at Peking; if successful affairs would right themselves; if not, as half measures had proved useless, it was : better to wait till the nation at large was
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CHINA OVERLAND TRADE REPORT. convinced of the necessity of placing cur intercourse ou a gounder basis. Under these circumstances the whole British Community of Canton and Mac o, comprising in those words the whole of China, got up & petition supporting Mr. Davie, which they for- warded to His Majesty in Council. It is curious to observ, that this, historically the most im- nortant petitio ever pressutel from China, bore just sixty-four sigoat-es. The petition stated their ananimous opinion, that tue long acquiescence in the arrogant assumption of superiority over the monarchs and people of other countries, claimed by the Emperor of hins, had caused the disabilities and restric- tions which had been imposed on British trade; and that to Lord Napier's lack of the requisit! powers backed by a proper armed force, was to be attributed the present degraded and insecure position of British trade and British traders.
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The course which they recommended, and which within seven years was forced by the logic of facts on an unwilling British Ministry, was that a minister with full plenipotentiary power suported by a sufficient armed force, be sent directly to the Emperor to demand ample reparation for the insults heaped in his name
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Lord Napier; accompanied with proper guarantees for the future, as well as the opering of the northern ports to British trade,
Some dissatisfaction was also felt locally that the Company, though debirred from actual trade still kept up its association of Bill Brokers at Cantoo, whereby the trade of the private merchants was much hampered and its indepen. dence destroyed.
[To be continued.¡
THE NORTH-CHINA INSURANCE
CO., LIMITED,
The fourth ordinary general meeting of share. holders in the North-China Insurance Co., Ld., was held at the Head Office, Shanghai, on Oct. 22. There were present Messrs. A. McLood (Chairman), F. A. Fairchild, A. Hins, J. N. Jameson, W. D. Little and A. Zickermann (Directors), Mr. G. W. Bayne (Secretary), Messrs. W. II. Anderson, R H. Beauchamp, Qua San, H. G. Simms, C W
Wrightson, H. J. Such, J. M. Young, J. Mordhorst, H. A. J. Macray and A. C. Read, representing 785 shares.
The Secretary having read the notice con- vening the meeting, the Chairman said :- Gentlemen-The report and accounts for the past year bave been in your hands for the past day or two and I presume you will take them as read. I have very little to say as regards the accounts and I hope you will think they are satisfactory. I have now the pleasure to move that the report and accounts as presented be accepted and passed. The declaration of a final dividend of 7 per cent, making in all 15 per cent for the year, a contributory bonus of 15 per cent and transfer of the balance to Under. writing Reserve, thus closing the accounts for for 1906-and farther your consent to the directors' proposal to transfer £15,000 from the Underwriting Reserve Account to the par- manent Sterling Reserve thereby bringing this fund up to £125,000 which still leaves us with ample funds to meet all known outstanding risks. a state of affairs which, taking into consideration the exceptionally heavy los ses we experienc d during 1906 will, I feel sure, be extremely satisfactory to all share. holders taking an interest in the welfare of the Company. I may mention that the dividends have bee calculated at auexchange of 2s. 10d. per Tas! which was the current rate at the time when it was found necessary to fill up the warrants for dividends and bonus. It was impossible to tell at what rate dividend would be paid, but it has been the custom for years past to fix it for the day that books are closed. There is very little difference in the rate then and now-29 against 2, 10.
At the last meeting the chairman regretted the unsatisfactory state of trade ocunected with the Far East during the previous year; this condition has not, I regret to say. improved since the date of our last general meeting, bat up to the present I am glad to be able to state that the condition of our affairs looks very promising for the current year, and if we continue to enjoy the good fortune which
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has attended us thus far, we shall, at our next meeting, I have little doubt, be able to present you with a statement of our working which will show an increased prosperity in the affairs of the company.
I have nothing more to say with regard to the accounts, but should any shareholder wish to have any information that
answer any question which may by put. is not contained thereio, I should be glad to
resolutions were passed:-
There were no questions and the following
That the report and accounts as now presented be accepted and passed. Pr posed by the Chairman seconded by Mr. J. N. Jameson,
paid-up capital, and a bonus of 15 per cent upon That a final dividend of 7 per cent on the contributory premiums be distributed, both payable at the exchange of 24, 10d. par Tael, and the balance to b transferred to Under- writing Reserve Account, closing the account for 1906.
That £15,000 be transferred from Under- writing Reserve Account to the permanent Sterling Reserve.-Proposed by the Chairman, seconded by F. A. Fairchild.
That Messrs. McLeod, Fairchild, Hide, Jameson, Little and Zickermann be re-elected Directors of the Company, and that the re- muueration of the Directors be Taels six thousand per annum, as proposed and passed at the G-neral Meeting held on October 23rd,
by Mr. C. W. Wrightson. 1906. Proposed by Mr. J. M. Young, seconded
That Messrs. Wingrove and Hayter be re- elected Auditors of the Company. Proposed by Mr. H. A. J. Macray, seconded by Mr. J.
Mordhorst.
Mr. J. M. Young proposed a vote of thanks t the Chairman for presiding and to the Court of Directors for their work during the past year. This was accorded and the meeting terminated.
CHINESE ENGINEERING AND MINING COMPANY, LTD.
The annual general meeting of the share- holders of the Chinese Engineering and Mining Co, Ltd.. will be held ia Ladon on the 28th October 1907, when the Directors' report and financial year ending February 28th, 1907, will be submitted.
accounts for the
EXTRACT FROM DIRECTORS' BEPOrt. The net result of the year's transactions shows a balanos to the credit of profit and loss account of £208,396, made up as follow Net profi', after providing for all
charges in Chia Add Bilance brought for-
wird from last
year £6,6 4 Gross receipta in Londoo... 6,14)
*
£241,215
12,741
££53,959
£7,100 25,18
10,000
3,250
45,538
£208,396
Total... Delact Expenditure in Europe,
Salaries, stores etc.. Debantares, interest Debatures, redemption Directors' fees...
Leaving a not balance of which the Directors recommend should be sp- propriated as follows:-
...£40,00
In placing to reserve for
depreciation (making a total reserve of £15,000)
In paying a final dividend of 1/6 per share (free of tax) payable 2ad Nov. '07 75,000 Making a dividend of 15 per cent. for the year with the interim dividend of 16 per share paid on ist May 1907 Directors' percentag› 00 profits in accordance with the articles of association And carrying forward
75,000
6,840 11,556
£208,396
in the Colony on Oot. 31 by the sa Hongan Thirty nine deportees and undesirables arrived from Singapore. They are being kept at the Central Police Station and will be returned to China as early as possible.
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