:
August 31, 1908.]
CHINA OVERLAND TRADE REPORT.
HONGKONG & WHAMPOA DO CK | pleasure in seconding the proposal that the
CO., LD.
The ordinary half-yearly meeting of share holdera in the Hongkong and Whampoa Dook Co. Id. was held at the offices of the Company on August 24th. Mr. H. P. White presided, and there were present Sir Paul Chater, Hon. Mr. W. J. Gresson, Messrs. C. Brodersen, G. Friesland, W. Helms, D. W. Craddock, E. G. Barrett, J. S. Van Buren (directors), R. Mitchell (acting chief manager), T. I. Rose (Secretary), H. Humphreys, J. W. C. Bonnar, W. C. Jack, L. Skinner, W. E. Clarke, E. Georg, L. Berindoague, P. Nalin, P. Darnerin, Chow Bin Ki and Lo Cheung Shai,
The SEORITARY having read the notice calling the meeting,
The CHAIRMAN mid-Gentlemen: The report and accounts having been in your bands for some time, I will, with your permission, take them as read. As a result of the working for the half year ending on 30th June last we have available for appropriation a sum of $705,270.19 out of which your Dirsoters recom- mend that a dividend of 8 per cent.$ per share be paid, absorbing $200,000; that a further sum of $50,000 be placed to the credit of No. 1 Dock Extension account; that $65,820 be written off the value of Kowloon Dook; $4,602,9t off the value of Cosmopolitan Dock; and tha5 the balance of $384,847,24 be carried forward to a new account. It is hoped that this proposed distribution of profits will meet with your approval. The past half year's work showing s net profit of $274,577.68 will not, I venture to think, be regarded as unsatisfactory in face of the extraordinary depression that existed, and I regret to say still exists in ship ping the world over. This depression brought forcibly to our notice by the number of vessels that have been laid up in this harbour during the past year for want of lucrative em- ployment, and you will readily understand, re-acts seriously on the business of a company such as ours. Further, in view of the fact that a certain proportion of the work executed during the period has been "New Work," the profits on which, as pointed out on a previons occasion, are necessarily small owing to keen competition, we may perhaps congratulate ourselves on the result now shown. The
is
aggregate tonnage of vessels docked during the period under review is less than for some years past, there being a falling off under the heading of Merchant Shipping, and an increase under that of British and Foreign men-of-war. Turning to the accounts, you will notice that the amount under the heading of sundry oreditors shows a decrease of about $247,000 and the item sundry debtors is lower by $214,000, while the value of material on hand shows a reduction of $227,000. This is partly due to a revision in the system of ordering material, allowing the different establishments to draw on one another more freely and uring up old stock. The Sub-Committee of Directors have concluded their investigations and have submitted their report to the full Board and it is reasonable to hope that beneficial results will accrue from their recommendations. You are
report and accounts as presented, be adopted. During the period which" these accounts cover, business in every direction has been in a very dall and depressed condition, shipping being no exception. Advices from home are that a great many steamers are laid up for want of remunerative employment, and we know that in the East the same unsatisfactory state of affairs exists. Under these circumstances I think we ought to feel very thankful that our accounts show
increase in net
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SUPREME COURT,
Monday, August 24th,
IN ORIGINAL JurisdicTION.
BEFORE SIR FRANCIS PIGGOTT (CHIEF JUSTICE).
157
Hon. Mr. H. E. Pollock, K.C., instructed by Mr. H. J. Gedge (of Messrs. Johnson, Stokes and Master) appeared for the plaintiffs, and Mr. M. W. Blade, instructed by Mr. F. P. Hott (of Messrs, Brutton and Hett) for the defendant.
CLAIM FOR OVER $300,000. The hearing of the case was continued in which profit of roughly $110,000 oyer the pre-
the Imperial Bank of China sued Leung Shui vious six months. I notice that $50,000 is Kong to recover $346,045.65, money due and being put to special account of No 1 Dock compound interest at a rate of eight per cent Extension, and feel sure that this work, when at half yearly rates upon the various items It is gratifying to learn that during the recent complated, will bring in more grist to the mill.composing the claim. typhoon the Company suffered very little damage. I don't know whether we shall ever see the same prosperous years that the Company experienced in the past; some say we won't, but for one am not without hope, and with s Board of Directors who have the Company's interests at heart, an energetic and willing staff, and up-to-date appliances, we can look forward with confidence to being able to take advantage of improvement in trade generally when it comes, and competition without fear.
The motion was carried unanimously. The CHAIRMAN-That is all the business, gentlemen. Dividend warrants will be ready
to-morrow.
ASTOR HOUSE HOTEL COMPANY,
LIMITED SHANGHAI,
to the shareholders at the
The report of the Directors for presentation seventh annual general meeting to be held at the Astor House Hotel on Thursday, reads:
Gentlemen,-The Directors beg to submit their report and audited statement of accounts, to 30th June, 1908.
Was
On 31st December, 1907, the 8 per cent Debenture issue of Taels 450,000 (part of authorised issue of Taels 500,000) paid off and replaced by a new issue of Taels 750,000 at 7 per cent all of which has been taken up by the public at par.
The Directors regret that while the revenue from local patronage is considerably larger than in the previous year, the falling off in the num ber of guests visiting the port, which is the derived, has been so heavy that in spite of source from which the bulk of the income is
economies in many directions the balance at oredit of working account amounts to only $44,318.18 against $123,181.91 on 30th Jane
1907.
The Directors have pursued the same policy as heretofore in writing off large amounts for depreciation and maintainance, the accounts being treated in every respect as in years of prosperity, and although the result of so doing is to show a debt in profit and loss account of $4,200.98 it is believed that the sharehollers will approve of the Board's action in this respect.
A detailed statement of amounts spent on
Mr. Slade in opening the defence said that this case, which was terribly complicated in details, might be decided on certain broad facts which were really hardly in dispute. In August of 1897 the defendant's brother was appointed manager for the plaintiff bank in Tientsin, The plaintiffs required a guarantee bond for the due performance of his duties as manager, and they applied to the defendant to give that bond. It was quite clear from the terms of the bond or guarantee note that the brother, Leung King Wo, had already been appointed by the Imperial Bank of China to be its manager at Tientsin. In the evidence it was suggested that the bond was signed before the agreement, but he thought the explanation lay in the fact that the bond was drawn up before the At the time he was agreement was signed. appointed manager one of the bank regulations
stated that all bank compradores over head office and branch were to be appointed by the Board of Directors. After the execution of the agreement appointing Leung King Wo which read-" The manager of an agency ap. manager, fresh regulations were made, one of pointed by Head Office may engage a compra- dore, or if he likes, act jointly in lien thereof." one of the directors who was called stated that these new regulations were not connected with the defendant. The first agreement entered into on August 13th, 1897, was for the period of one year on trial, Near the end of that year a new agreement was entered into whereby Leung King Wo was appointed agent of the Tientsin Branch for one year.
Evidence was called, and the hearing adjourned.
▲ RESERVED JUDGMENT,
His Lordship gave his reserved decision in the case brought by the Hip On Insurance Exchange and Loan Co., Ltd., and the Hong- kong Manila Yuen Sheng Exchange and Trading Company, Ltd, against Li Po Yung and Li Po Kam to recover the sum of $49,062.52, which the plaintiff firms alleged was the balance of principal, interest and costs due after dednot- ing proceeds of male and payments on account, under
a mortgage dated 20th January, 1905, made between Li Po Kam, the defendant, of the one part, and Yuk Chi and Li Po Kwai, of the other part, to secure repayment of jointly and severally covenanted to pay and
doubtless aware that the recent disastrons maintenance and repairs under various head- | $15,000 and interest, which the mortgagors
typhoon has put a considerable amount of
extensive
work into our hands-no very repairs-but coming as it has done all at one time, the resources of our establishments and services of the staff are taxed to the utmost, particularly as a scarcity of labour is apparent. The tug and salvage boat "David Gillies" rendered yeoman services to shipping after the blow and the Company is to be con- gratulated in the acquisition of what will, I trust, prove a valuable asset. I am glad to be
ings charged to Working Account, and further amounts written off for depreciation since the formation of the Company, is appended.
Directorate. Mr. Jas. N. Jameson resigned his seat on 31st December, 1907, which remained Vacant until the end of the financial year when Mr. Danoan McNeill was invited to join the firmation of the shareholders. Board. His appointment requires the con-
Mr. Leslie J. Cobitt retires by rotation: bat, being eligible, offers himself for re-election.
Auditors.-Messrs. A. R. Leake and G. H.
which sum and the securities therefor were duly transferred to the plaintiff by deed dated 22nd July 1905, and made between Ya Yok Chi and Li Po Kwai of the first part, Li Trung Pak of the second part, and the plaintiffs of the third part
His Lordship said the plaintiffs claimed January 1905, the defendant and Li Po Kam, that by an indenture of mortgage_dated 10th
as mortgagors,_in_consideration_of_certain
able to state that the Company's property Thomson retire, but are willing to continue in / parties named Ya Yuk Chi and Li Po Kwai
suffered but little damage. Gentlemen: I do not know that I can add anything to what Office, if re-elected.
I have said, except to say that the prospects for the current half year, with the work we have already in hand, are favourable, and before moving the adoption of the report and accounts I shall be pleased to answer any questions that shareholders may wish to ask.
There being no questions, the CHAIRMAN proposed the adoption of the report and accounts as presented.
Sharks are stated to be unusually abundant this year all along the coast between Tsingtao and Chefoo. The German gunboat Luchs saw several hammer-headed sharks sporting around ita sides recently. The native fishermen caught two white sharks close to the Tsingtao wharves, The residents in Tsingtao have been notified not to go too far out to sea when bathing. Sharks have much have also been found in (hefoé harbour.
Mr. BONNAR, in seconding, said-Mr.
Chairman and Gentlemen:
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as mortgagors, assisting one Li Trung Pak, the brother of the defendant, and Li Po Kam, in the settlement of his affair and in payment of his debts, agreed that they would, on the 20th January 1905, repay to the mortgages a sum of money not exceeding $150,000 as should hire then been expended by the mortgagee. Li Po Kam signed as security certain lands. A munk of $150,000 was paid to the plaintiffs in respect of the debt of Li Trung Pak, and by consent, Yu Yuk Chi and Li Po Kwai transferreá to the plaintiffs all their rights under the indenture of mɔrtgage, the interest being
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