February 6, 1895.1
the epidemic of plague, and latterly Chinese business has been somewhat restricted owing to the disturbing effect of the Chino-Japanese war. The war has, moreover, been the means of fur- ther enhancing the price of coal, while the low rates of exchange have been felt in our remit- tances for stores and marine insurance. Never- theless. I think I can see signs of improvement in business generally and I feel hopeful that at the next meeting the Board will be able to pre. seat a statement to the full as satisfactory, if not more so, as the one before you. I am glad to be able to state that the fleet is in a satis factory condition, all the steamers being in good running order. The Powan has undergone rather heavier repairs than usual, some of the superstructure having been renewed, and the cost of fitting her with steam steering gear was a large item, but it has proved satisfactory in -enabling her to be more readily handled. With regard to the large sum shown by the ac counts to be lying in the Hongkong and Shanghai Bank at call, this was lodged there a few days only; I may say the money has been well juvested on sound security. Another item you may have noticed is the writing off of some $7,000 from the value of investments in the shares of local joint stock comparies in order that they may stand in our books at market value. I am confident you will agree with the Board that this is a prudent and reasonable mea. gure. When the Chinese authorities laid tor- pedo mines in the Canton River, your Directors deemed it advisable to provide for this extra risk, and the full value of the Company's steamers running in the river was covered in London at a moderate rate. The Company owned by foreclosure one block aud was interested as mortgagees in three other blocks in the Tai- pingshan closel area. Out of our claims on these, two have been settled without eutailing any loss, one shows a loss which was anticipated and has been provided for, and the fourth claim is before the Board of Arbitrators to-day, but so far as the Company is interested, I am glad to say that the off of the Government exceeds the amount of the Company's mortgage. This speaks well for our valuators and goes to prove that all the other properties under mortgage to us have been carefully valued and that they are good and safe investments. And now with regard to another matter which was brought ap at the last meeting. I refer to the pro- | posal by one or two shareholders that there should be a return of a portion of the capi- tal. The Board has carefully considered this proposition from all points of view and has for the present decided against it, for reasons which will, I feel sure, receive the general son- ourrence of the shareholders. The war between China and Japan just now is a disturbing factor in all calculations and it will be wise to defer any change in our financial position until it is concluded. Great changes may result from the conflict and we ought to be in a position to socure any advantages that may be attainable
at its close. It probible among other things that, on the conclusion of peace, the upper branches of the Pearl River-the West, the North, aud the East Rivers-may all be opened to foreign trade, and this Company should be ready to occupy the new field with the smallest possible delay. We have been the pioneers of steam navigation on the inland waterways of South China, and it would be the wildest folly to allow others to reap where we have sown. To se- cure the legitimate fruits of our past enterprise, therefore, we must be prepared with the requisite capital to provide a fleet of smaller craft to run
CHINA OVERLAND TRADE REPORT.
prepared to take the earliest advantage for the welfare of the Company of any future develop ments in China such as you have mentioned in your remarks. I have much pleasure in propos- ing the confirmation of the election of Mr. Siebs a successor on the Board of the late Mr. Hoppius. €
Mr. FENWICK seconded. Carried.
Mr. KRAMER moved, and Mr. MICHAEL Sec- ouded, the re-election as auditors of Messrs. Gourdin and Henderson.
Carried.
The CHAIRMAN —That is all the business be- fore the meeting, gentlemen. I have to thank you for your attendance. Dividend warranst will be ready to-morrow.
Mr. FENWICK-I bɔg to propose a vote of thanks to the Chairman,
The CHAIRMAN-Thank you. I hope we will be able to meet you with even better accounts next half-year,
THE HONGKONG ICE COMPANY, LIMITED.
The following is the fourteenth annual report for presentation to the shareholders at the annual meeting to be held at noon on the 9th inst.
The General Managers have pleasure in submitting to the shareholders a statement of the Company's ac- counts for the year 1894,
Including. 83.3.76 brought forward from last year. and after deducting $10,000 paid on the 27th July last as an interim dividend of 8 per pent., the balance at credit of profit and loss is $31,217.21, which it is re- commended should be appropriated as follows:-
A final divided of $4-16 percent. per share $20,000.00 To write off property account
9,257,50 To carry forward
1,969.62
$31,227.21
The new extensions having how been completed, the cost $13,097.18 will lie transferred to property ac count, which, after allowing for the sum of $9,257.50 written off as above mentioned, will then stand at $110,000..
In the absence of Mr. Arnold the accounts have
been audited by Mr. Thos. I. Rose.
Mr. Thomas Arnold offers himself for ro-clection as auditor.
JARDINE, MATHESON & Co.. General Managers. Hongkong, 28th January, 1895.
ASSETS.
$
$119,160,43
13,000.00
$ 1,303.20 11.787.96
Property account.
Less amount appropriated from
last year's account
Extension account-
Expended during 1893 Expended during 1894.
Invested in Hongkong Fire Insurance Com-
pany's shares
Cash on hand
Hongkong and Shanghai Bank-current Hongkong and Shanghai Bank-deposit
account.
account.. Outstanding accounts Accounts receivable
Ice on hand Cash on hand
Capital account
LIABILITIES.
Accounts payablo Unclaimed dividond account Ammonia reserve account Profit and loss account
penses....
PROFIT AND Loss ACCOUNT.
To General Managers' commission To auditor's fees
........
106,160 43
13,097.16
108
KOWLOON LAND AND BUILDING
CO., LIMITED.
The sixth ordinary meeting of the share- holders of the Kowloon Land and Building Company, Limited, was held at the Company's offices, Victoria Buildings, at Loon, on Monday. Mr. F. Henderson (Chairman) presided, and there were also present Messrs. J. M. E. Ma- chado, F. A, Morgan M. S. Northcote, C. A. Ozorio, A. G. Stokes, H. J. Holmes, J. H. Cox, E. J. Hughes, and A. Shelton Hooper (Seoro- tary).
The CHAIRMAN, in moving the adoption of the report, which has already been published, said: The accounts so clos ly resemble those of last year that it is hardly necessary to make any comment upon them. The revenue shows a very fair increase, but the expenditure for repairs has been considerable, and the profits are almost exactly the same as last year. There has been an increasing demand for houses on the Kowloon side and Knutsford Terrace has been well occupied thronghout the year.
The ques tion of utilising the vacant piece of land on the Terrace has been considered, but it seems hardly tures in the Wharf and Godown Company have advisable to begin operations until the deben-
been disposed of. I move the adoption of the re- port.
Mr. HOLMES-Before proceeding with the accounts I should like to ask опе or two questions. that will probably: make matters a little clearer to the public. Is the monoy invested in the Godown Company to be held by the Company for an unlimited term or is this Company at liberty to call it in on notice? The CHAIRMAN-The debentures run over teu years, but are transferable at any moment. We cau dispose of them whenever we find a pur- chaser.
Mr. HOLMES-The Company can deal with these deboutures at any time?
The CHAIRMAN-Whenever they like. They aró now secured over the property of the Com- pany; they were not before.
Mr. HOLMES-With reference to the remark made by the Chairman about building on the vacant lot, in the event of the Company deciding to build upon it, will there be any probability of a further call upon the shareholders or will the money now at command-say $19,000—be dealt with or drawn against by the Company without a further call being made on the shareholders?
The CHAIRMAN-There is no intention on the part of the directors to make any further call. The $19,000 will go very far..
Mr. HOLMES-It might give a little more confidence to the public if it were known that there was no intention at present to make any oall.
The CHAIRMAN-There is no intention at the present moment, nor does it seem necessary. The houses will not cost $19,000.
180.00 159.09
27,100.97
12,000.00
Mr. HOLMES-They will be built at the re- 2,2.4.60
276.16 quest of probable tenants ? 180.00
The CHAIRMAN-Yes, 20.00
Mr. MORGANI notice in the accounts that there is nothing put down for depreciation of the $161,468.41 property. There is nothing written off what- ever. I have been away from the Colony recently and do not know whether in last year's accounts anything was written off and I do not know how old the property is.
$ C. 125,000.00 3,828.25 506.18 × · 906,77 31,227.21
$161,468.41
$
C.
2,000.00
in shallow water and act as feeders to our big To salaries, wages, and general trade ex-19,627.89 steamers. The Board sincerely laments the loss by death of one of its members, Mr. H. Hoppius, who had occupied a seat on it. for rather more than a year. Mr. N. Siebs, his successor in the firm of Messrs Siemssen & Co., has been invited to fill the vacancy and this appointment will require your confirmation. In conclusion I may add that I shall be happy to answer any questions.
No questions were asked, and the CHAIRMAN moved the adoption of the report and accounts.
Captain TILLETT seconded. Carried.
Captain TILLETT-As I am somewhat repon- sible for the remarks you made with regard to returning a certain amount of capital to the shareholders, I beg to say that I quite concur with you. Circumstances alter cases, and Iconcur with the views of the Board that we should be
To interim dividend of 8 per cent. paid on
27th July, 1894 To balance
By balance brought forward from last year By receipts for ice during the year, value
of stock on hand, &c. By routs received less Crown rents and
taxes paid
By interest By transfer fees....
The CHAIRMAN--The property is supposed to have been kept up in proper repair and consider- ing that it is, not very old nothing has been written off. There is an item of $834.95 for maintenance.
*
pairs are being kept up well. How old are the buildings?
Mr. MORGAN-That goes to show that the re-
100.00
The SEGRETARY-The Company was started in 1889 and the buildings were commenced 21,727.89.
within twelve months after that, and they took 10,000.00 about twelve months to build. 31,227.21
$62,955.10
$ c. $53.76
Mr. MORGAN-So that they are comparatively new and the directors did not consider it neces- sary to write anything off for depreciation this
year.
The CHAIRMAN-No, not this year:
Mr. STOKES Seconded the CHAIRMAN's motion 60, 190.02 and the report was adopted.
761.82 832,90 17.00
On the motion of Mr. OzORIO, seconded by Mr. STOKES, Messrs. F. Henderson and F. A, Gomes were re-elected directors.
Mr. HUGHES proposed and Mr. Cox seconded $62,955.10 the re-election of Messrs. Arnold and Lyall as
auditors, and this motion was also carried.