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266
By head office, branches
agency charges
L
and
By remuneration to directors, com-
mittees and auditors By losses and claims paid By balance
THE HONGKONG WEEKLY PRESS AND
LUZON SUGAR REFINING COMPANY., 231,125.79
The annual meeting of the shareholders in the 11,669.61 | above company was held on Mar. 19 at the offices 760,910.58 of Messrs. Jardine, Matheson & Co., general 1,149,360.76 managers.
The Hon. Mr. Gresson presided and there were present Messrs. H. P. White, J. W. $ 2,204,252.92 C. Bonnar (members of the consulting com- mittee), C. H. Ross, Choa-Leep Chee, Wong Leung Lin, H. N. Mody, P. Tester, E. Ormiston, 8. C. A. Newall, and Mr. J. Barton (secretary), The notice convening the meeting having been read,
COMPANY MEETINGS.
CHINA SUGAR REFINING COMPANY.
The thirty-first annual general meeting of the shareholders in the above Company was held on the 19th inst, at the offices of Messrs. Jardine Matheson & Co. Hon. Mr. Gresson presided and there were also present Sir Paul Chater, Messrs. H. P. White, F. Maitland, J. W. C. Bonnar, E. Shellim (members of con- sulting committee) P. M. Hodgson, A. Denison, F. Ellis, P. C. Putts, E. A. Ram, E. D. Haskell, Choa Leep Chee, A. Turner, W. H. Potts, E. Owen, J. Y. V. Vernon, E. H. Hinds, C. More, Ho Fook, J. F. Wright, Wong Loung Lin, Lo Cheung Shui, H. N. M. Nemazee, and J. Barton (Secretary,)
The SECRETARY having read the notice con- vening the meeting.
The CHAIRMAN said: - Gentlemen-I pro- pose to take the report and statement of accounts as read. As you are aware we commenced the year with a sum of $279,371,34 at debit of profit
and loss account and this has now been reduced to $5,858.24. Our gain on working during the period was $335,516.67 which is, I consider, sufficient to prove that it is still possible for the Hongkong Refineries to conduct their business at a profit. I must remind you however that such profits are to a large extent dependent on the cost of supplies of raw sugar, and as in order to obtain these supplies it is necessary to operate on the Java market months in advance, you will readily recognise that it is not always possible to correctly gauge the future of that market, and that such purchases must necessarily be speculative. During the period under notice the consumption of sugar in the China markets was satisfactory. but from the more distant outlets, on which we to a large extent depend for the marketing of our higher grades, we have found enquiries and prices disappointing. Sugar refining in Japan is somewhat under a cloud, and I am unable to state what will be the ultimate result of the present, difficulty but it is reasonable to assume that for a time at all events we have little to fear from this competition in the China markets. There are now a number of mills or refineries in Formosa, which appear to have the sympathy and support of Japanese Govern- ment, and as it is reported that this support is detrimental to the interests of the Japan refineries, it will be interesting to watch the future action of the Government. So far the product of the Formosan Mills has not com- peted with our sugars in China. Prospects for the immediate future are bright; we have secured a proportion of our future requirements of raw sugar, at what to-day appear safe prices, and under the circumstances your general agents and consulting committee recommend with your approval, the payment of a dividend of $5 per share out of the equalization of dividend fund. The accounts I think call for no comment, but before proposing their adoption, I shall be pleased to answer any question regarding them that you may desire to ask.
There being no questions, the report was adopted on the motion of the CHAIRMAN, seconded by Mr. TURNER.
Mr. DENISON proposed the reappointment of Sir Paul Chater, Messrs. E. Shellim, F. Mait- land, H. P. White and J. W. C. Bonnar to the consulting committee.
Mr. HODGSON seconded, and the motion was carried.
Mr. OWEN proposed, and Mr. WRIGHT seconded, the re-election of Messrs. W. H. Potts and H. Percy Smith as auditors. Carried.
The CHAIRMAN-That is all the business, gentlemen. Thank you for your attendance. Dividend warrants will be ready to-morrow.
[March 29, 1909.
affixed the parcel is handed to the counter clark, who writes out the receipt handed to the person posting the parcel and also writes the counterfoil. He also puta the Post Office chop on the receipt. An- other clerk enters in a journal-a separate journal being kept for each country-particulars of the parcel posted so that a check is kept on every parcel. If the mail is being closed at once the parcels are packed in a box and despatched after having been checked. A copy of the journal is kept in the office and the other copies are forwarded to the places of destination. If the mail is not to be closed at once the parcels are kept in safes, a separate one for each country. On Friday last a number of mails, including the English mail which carries the majority of
closed, parcels, and the Calcutta mail were being while parcels were also being received for the Australian mail which did not close until Saturday the 27th inst. Defend- ant was on duty on that day from 9 a.m. until that time he was engaged in giving receipts for he was suspended in the afternoon and during
parcels and in entering parcels in proper jour- hals. Defendant was in charge of the London insured parcels. Mr. Martin was the superin- tendent of the registration department and the staff under him in charge of the parcels consisted of the defendant and three other clerks. On that day Mr. Martin noticed that the London insured box was not properly fastened and he had it re-opened and repacked, during which it was found that a number of parcels were deficient in postage. His Worship would understand from the system adopted that no receipts could be given for parcels unless they were sufficiently stamped, and he believed it was a rule that if stamps were found to be deficient the counter clerk had to up the deficiency. In that London insured mail box there were three parcels deficient in postage to the extent of $4-two $1.50 each and one $1. It was also discovered that another insured parcel had a clean dollar stamp which from its appearance had evidently been put on after the parcel had been post marked The counter foils of the receipts for these four par- cels were all in defendant's handwriting and the entries in the journal were in his writing, 80 that he alone had handled the parcels. The matter was reported to the Postmaster-General who called upon the defendant to explain the deficiency, but being dissatisfied with his replies suspended the defendant. All the Mr. NEWALL proposed, and Mr. Ross second parcels in the office were checked after- ed, the re-election of Mr. Lowe as auditor.wards, and it was found that six parcels Carried.
The CHAIRMAN said-Gentlemen, the report and accounts having been in your hands for some days, you will doubtless consent to take them as read. I regret that the report is not the two previous years, the demand for the more encouraging, but, as was the case during Refinery's sugars during 1908 was insufficient to keep the works going except upon a reduced melt and with frequent stoppages, while, owing obtained were too low to allow of a satisfactory to the competition of other sugars, the prices
margin of profit being made. Although the sum at debit has been slightly increased, I may remind you, as I did on a previous occasion, that this increase would have been greater if the works had remained silent, the cost of upkeep being between $8,000 and $9,000 per annum while the Refinery closed. As mentioned in the report our assets in the Philippines have been taken over at par, and it seems desirable that this rate should be a permanent one, for although on this occasion, the current exchange would have enabled us to make a book profit of about 10 per cent, it is quite possible that in future years it would have to be written back. I cannot at the moment hold out much hope of improve ment in the situation in the immediate future, but as you are aware Tariff revision as between the Philippines and the Unites States is much in the air, and if the question is taken in hand by the United States Government it is possible that the value of our property may be enhanced. Before moving the adoption of the report and accounts I shall be glad to answer any questions which shareholders may wish to put regarding them.
No questions were asked and the report was adopted on the motion of the CHAIRMAN, seconded by Mr. ORMISTON.
On the proposition of Mr. NEWALL. seconded by Mr. TESTER, Messrs White and Bonnar were re-elected to the consulting committee.
The CHAIRMAN-That is all the business, gentlemen.
I am much obliged for your attendance.
THE MERCANTILE BANK OF INDIA, LIMITED.
Mr. E. Ormiston, Manager of the Hongkong Branch of the Mercantile Bank of India, informs us of the receipt of a telegram from the Head Office stating that at the forthcoming general meeting of shareholders of the Bank the Direc tors will recommend a dividend of 6 per cent. per annum on "A" and "B" shares free of income tax: that £40,000 ́has been added to the Reserve Fund (raising it to £250,000) £2,000 added to the Officers Pension Fund, and £25,300 will be carried forward.
SERIOUS CHARGE AGAINST A
POSTAL EMPLOYEE.
At the Magistracy on Mar. 25 William Nattall, a clerk in the registration department of the General Post Office, was charged with having fraudulently removed postage stamps from nine parcels in the Hongkong Post Office on the 19th inst. Mr. Bowley prosecuted and Mr Goldring appeared for the defence.
Mr. Bowley outlined the case for the pro- secution. He stated that defendant was a clerk in the registration branch of the General Post Office where he had been for two or three years. It was his duty to receive parcels handed in by the public after they have been stamped. He had nothing to do with the sale of stamps, which are sold by a Chinese shroff who weighs the parcels and tells the persons posting them what they have to pay. After the stamps are
make
in the safe for the Australian mail which had been received by the defendant were deficient in postage. On the first parcel there was no postmark and no stamp. The postage ought to have been $1. On the second parcel there was a 20 cents stamp instead of 50 cents, on the third there were no stamps at all, the postage being $2, on the fourth parcel, the postage of which was 81, there was no stamp, on the fifth, the postage of which was $1.50, there was no stamp; and on the sixth parcel, the postage. on which was $2 there was no stamp. The matter was reported to the police with the result that P. S. Watt called at defendant's house and after charging him with the offence stated asked him if he would consent to be searched. Defendant turned out his pockets and produced a number of stamps some of which were clean and some defaced. lean stamps could always fetch their face value and defaced stamps had a value for collectors. Several of the stamps found in the defendant's pockets were the appro- priate stamps for the parcels from which the stamps were missing although they did not account for all the deficient postage. Defendaut was arrested and the following day he made à statement in which he said that he had picked the stamps on the floor of the Post Office. Mr. Martin then gave evidence in support of the opening statement.
пр
After other evidence was heard, the case was adjourned.
The hearing of the charge against William - Nuttall, a Post Office employee, for fraudulently removing postage stamps from parcels in the Hongkong General Post Office on the 19th inst., was resumed at the Magistracy on Friday before Mr. Kemp. Mr. Bowley, Crown Solici tor, prosecuted and Mr. P. Goldring defended.
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