July 20, 1908.]
The secounts have been audited by Messrs. Bingham and Matthews, who retire but offer themselves for re-election.
CHINA OVERLAND TRADE REPORT.
shareholders on the register at date.-Carried a dividend at the rate of Tis. 2.50 per share to unanimously.
Before moving the adoption of the report and Bocounts I shall be pleased to answer any ques-re-elected directors on the proposition of Mr. |
Messrs. A. M. Marshall and C. Michelau were tions referring to them or the business of the Craig, seconded by Mr. Cornish, Company to the best of my ability.
Mr. CRAIG said that since his return from Europe a day or two ago he had been looking into the affairs of the Dock in which he had no small interest and he must say that last night, on reading a certain evening journal, he had been very much astonished to find certain statements or insinuations made against the integrity of the directors of the company, or against the integrity of the auditors. Before the chairman moved the adoption of the report he thought it was due not only to the share holders but also to themselves as directors, that they should bave a very emphatic denial of these insinuations. He could not say they were assertions, but they were decidedly very disagreeable insinuations. If it would be allow- ed he would ask a question regarding the first insinuation, that Tls. 300,000 of fixed deposit in the Hongkong and Shanghai Bank had, since the accounts were published, been with drawn. If that was the care it was certainly a very serious matter for the o`mpany. hoped that it was not the case, and that the directors would be able to answer to his satis faction and to the satisfaction of the other share. holders. The second statement was that the sum of Tls. 122,759.94, the mortgage on the Native City Water Works, had been paid over during the year, and had been placed to the credit of profit and loss account. He thought they required a very decisive and very emphatic answer from the directors,
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The CHAIRMAN, in reply, said that the 7 Is. 300,000 on fixed deposit in the Hongkong and Shanghai Bank was still there (Applause). The first instalment of Tls. 100,000 was deposited on the 26th August, 1907; the second instalment of Tls. 100,000 was de- posited on the 7th October, 1907; and the third instalment of a similar amount on the 23rd November, 1907; an2 the three amonuts were still in the Bank. As regards the second question his answer was decidedly "No." Their earnings were stated in the accounts first by the directors and certified by the auditors, and they amounted to Tis. 309.742.98. It gave him much pleasure to answer these questions because he had seen the paper which had been mentioned and the statements contained therein were most misleading; they were absolutely, false, The paper claimed that they had made only 2 per cent, whereas they were making five or six per cent, and they all knew that the depression throughout had been very bad and that all people in Shanghai were suffering from it; and i was sure that when trade revived they would be able to pay a good dividend to the company.
Mr. Mokson asked whether they were taking any step to have these statements contradicted in the journal referred to,
The CHAIRMAN Baid that they were not taking suy steps. He had hoped that they would have ignored them altogether. If their shareholders wished them to take action they would consult their legal adviser as to what steps they might
take.
Mr. CRAIG said he did not know whether he was in order in speaking again on the same question, but if he might make a few remarks he would say that be believed, after having beard the replies to his questions, he did not for a moment think that it was at all advisable or wise to go into the matter any further. He thought that these lax statements, without authority or without knowledge, cught to be treated with the contempt' they deserved (Hear, hear).
After consultation with the other directors the chairman intimated that the directors were in favour of treating the statements referred to with content and ignoring them entirely. He would ask the shareholders whether they were in favour of such a course or not.
On a show of hands the shareholders present showed themselves to be unanimously in favour of ignoring the statements.
The CHAIRMAN proposed, and Mr. Marshall seconded, that the directors' report and state- ment of accounts, made up to the 80th April last as printed and circulated, be adopted and passed, and the directors be authorised to pay
Craddock seconded. the re-election of Messrs. Mr. B. A. CLARKE proposed and Mr. A. K. J. E. Bingham and F. N. Matthews as auditors. This was carried.
three a.m. when they reached their destination. ropes. It must have been between two and For the rest of the night, as can easily be mörning he was given a meal, after which he imagined, Lai got no sleep. During the early
and stating in the most matter-of-fact manner father in Hongkong, telling him of his plight, was called upon to write a dictated letter to his
that, unless he were ransomed within a certain reasonable time, he would be put to death. A sum of $15,000 was first demanded; but when this and other smaller sums failed to elicit a satisfao- tory respoase, the amount asked for was reduced to $700. In all, some ten such threatening letters were despatched. the 28th of the second moon. But, on the prolonged negotiation, agreed to pay $700 on The father, after
chair-morning of that day, a company of some forty Chinese soldiers came up and rescued Lai from the clutches of the desperadoes. Approaching the house soon after daybreak, they fired their rifies, and the single robber then on guard fled from the back, and got away uninjured. Lai guessing at once how matters stood, but mistaken for one of the band, called oat not daring to budge lest. be should be
as lustily as his weakened condition would Save Life!] permit: Kau meng! Kau meng! [Save Life !
The CHAIRMAN said that before sitting dowa he would like to mention the absence from the meeting of their manager, Mr. J. Grant Mao kenzie. Mr. Mackenzie's absence was caused by sickness; he was confined to his house. vote of thanks was passed to the directors for On the motion of Mr. H. H. Read a hearty their services during the year, and the man replied on behalf of the board.
KIDNAPPED.
A HONGKONG BOY'S ADVENTURE,
The following story of a Queen's College lad's experience is related in the July number of the College Magazine:-
Lai Sui-k'ai is now in Class II B. At the last Annual Examination, he got a good place in III C, and thus earned, and was given promotion just before leaving this Colony for his holidays. He little thought, when he had his last glimpse of the College buildings, as his steamer slowly churned her way down the crowded harbour, that he would have to go through the extraordinary adventure here recorded, before he could actually take his place in his new Class. The fact that we are about to narrate were taken down from Lai's own statements.
He had been held captive forty-eight days, during which time he had been given two good meals a day. He had also been allowed to wash his face and hands once each day; but he had had no regular bath, and his clothes had been absolutely unchanged during the whole period, His state is more easily imagined than described. When he was discovered, he was unable to walk, so effective had his confinement been. A soldier however, took him on his shoulders to their boat, and thence, by steam-launch, to Chan Ts'un to see the local Hip-l'oi (Deputy Lieuten- Lui-pin-fong is a village of some six or seven ant Governor). After a stay there of two days, hundred people in the district of Ho-tong, and chiefly for purposes of examination and enquiry, about four li from Roog-mi, in San-ui. The he was escorted home by a small passe of soldiers. whole locality is agricultural, and, as is usual in the country, particularly so in the winter in which the robber's house was situated, the Before leaving Sha-tau the part of Kong-mi months, people retire early. It was in Lui-pin-building where Lai had been last confined was fong that Lai was spending his New Year razed by the soldiers. holidays. His parents' house is rather isolated. had so enfeebled Lai, that a month's nursing The rigid confinement On the 8th of the first Chinese month (ie. and rest were needed to restore his strength, February 9th] Lai's father was detained in and to give him the full and free use of Hongkong In connection and
with business, his lower limbs. He returned to School on the people actually in the house the 1st of May, but even now [mid-May], were Lai's mother, an old lady of fifty says he feels the four, a
effects of his severe young sister, a
sister-in-law with treatment, two children aged six and three respectively with
At times, the men struck him sticks, saying that he three women servants, and Lai himself, them untruthful and misleading information was giving About midnight, after moonset, the entire concerning the wealth of his father. They household was suddenly wakened by unusual knew that the latter was in business in noises. A baud of from sixteen to twenty men, armed with repeating rifles, revolvers, and to know how many shops he had engaged in the Nam Pak hong in Hongkong. They wanted swords, and carrying smoking torches, broke business, and what house property he owned, into the dwelling. They demanded all the ready Lai, however, gave them the minimum inform. money available. Then, they set to work and ation. They kept the terror of death constantly plundered the bouse, damaging and ransacking before him, telling him that even in the remote wherever they thought there was likellyhood of contingency of Provincial soldiers being sent to anything being stowed away. In this manner. they collected money, ol thes, and personal
effect his recapture, he would not escape, for, ornaments, to the value of over $1000. The they said, pat a bullet through his head. The on the appearance of the soldiery, they would, women and children were terror-stricken and number of men present in the different houses in tears, for it is well-known that men of this of detention varied; sometimes there were four, stamp are utterly call us and devoid of all at others only one or two. When the soldiers feeling; they think nothing of taking human actually appeared, only the robber leader was life on the very slightest provocation. Their there. visit lasted about an hour When they had gathered everything that was at all fewer than four separate houses. The first During his confinement, Lai lived in no worth carrying off having uttered the
delapidated building, most horrible threats of instant death ito
where he
any
was surrounded by the entire band, his stay one who should attempt to raise there was only for three days. He was then an alarm, they departed, taking Lai with them, moved to an ordinary dwelling house in the but telling his sobbing relatives they would release him on the outskirts of the village, who, although not an actual robber, was evidently same village, owned by a middle aged cripple, This however was not what they did; for, when a confederate, for he was charged with Lai's they reached the open country outside the vil-safe custody. Lai was in this man's keeping lage, they informed Lai that they would only for nine days, uring the whole of which time set him free again for a heavy ransom, They he was kept in his bed, not being allowed to know that the boy's father was a fairly well to walk a single step. do merchant in Hongkong, and they were condition was possibly the cause of this close The man's orippled determined to make him pay heavily for his confinement. Lai was afterwards taken to son's release.
another small house not far off, owned by the They had extinguished their torches and robber eisf, and here he was kept for close past them aside, as soon as they left the upon five weeks. His movements were not house, and with Lai in teir midst moved quite so restricted: he was allowed to walk swiftly and noiselessly across country to Kong: round the room with his feet free and his hands mi, a place ac me four li off. They had to food anb had, for about half an hour after each meal, a small river to do this. Having reached during which period he was very narrowly their rendezvous in Kong-mi, they pat a obsin watched after this brief time of freedom, his about Lai's anklər, and bound his wrists with ' hands and feet were again shackled. He was
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