178
THE LATE PEACE MISSION.
We are in a position to state that the bitch in the procedure of the Peace Mission to Japan is likely to give great umbrage to the Foreign Department of the United States Col. Deaby took infinite pains in personally drafting the credentials of the Commissioners ; he did so in a manner which precluded all objection, even if diplomatic punctilio had been carried to its last limit. He submitted his drafts to the Tsangli Yamen, was assured that they had been accepted and strictly adhered to, and was offi- ciously and effusively thanked for his con.
iderate efforts.
The fact that the Commissioners' credentials ara DOW found to be informal and their powers inadequate confirms the suspicion that his Excellency's drafts were very materially altered. The high Chinese authorities seem to Be as arrogantly indifferent as ever to the inexpediency of alienating the sympathy of their best friends. Their duplicity towards the Minis- ter in Peking, to say nothing of the indignity to which they have submitted so eminent a man as ex Secretary of State Foster by asking him to take part in a negotiation which was addled from the beginning, will not only make a painful impression in America, but will also fill China's well-wishers with despair. Ending rather than mending would seem to be the only fate to the existing state of affairs in Peking-N. C. Daily News.
THE HONGKONG BRICK AND CEMENT CO., LIMITED.
}
THE HONGKONG WEEKLY PRESS AND
The second annual meeting of the shareholders of the ongkong Brick and Cement Co., Limited, was held on Saturday, at noon, at the Company office. 9, Praya Central. Mr. J. D. Humphreys, Chairman of the Company, was unable to attend, hdd the chair was taken by Mr. David Gillies. There were also present the Hon. C. P Chater, Messrs. J. B. Coughtrie (Directors), WA. Daff (Secretary), W. H. Potts, George Fenwick. W. II. Ray, A. G. Stokes, Paul Jordan, Leung Tung Po, and J. Watts (Manager).
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can always find a ready market for our goods at remunerative rates. Before proceding to the adoption of the report and accounts I shall be very glad to answer any questions that share- holders may wish to put
Mr. FENWICK-Is there plenty of clay, Mr. Chairman, to keep the place going for many years to come ?
[March 6, 1895.
GEO. FENWICK AND COMPANY, LIMITED.
The angual meeting of the shareholders of George Fenwick and Co., Limited, was held on
1st iust. at noon at the Hongkong Hotel, Mr. G. Fenwick (General Manager) presided, and The CHAIRMAN-I believe there is sume there were also present Messrs. A. Rodger, W. clay to keep the works going for twenty years Parlano (Consulting Committee), R. C. Wilcox, probably much longer, as the chy extends un-G C. Cox, A. More, R. Adams, W. S. Bailey, derneath the upper surface for about half a mile and G. Winterburn, beyond the Company's property.
The CHARMAN-As there are no further questions, 1 bog propose the adoption of the report and acounts.
Mr. FENWICK÷Pbag to secon 1 that. Carried.
Mr. RAY-Ibr to propose that the retiring directors, Messrs. D. Humphreys and J. B. Conghtrie, be r--flicted.
Mr. Stokes--1 second that. Carried:
Mr. JORDAN-I beg to propose the re-election of Messrs. A, O`P."Gourdin and T. 1. Rose as auditors.
Mr. STOKES seconded. Carried.
The CHAIRMAN-That is all the business. gentlemen. I thank you for your attendance.
The following is the report
1801.
The Directors to present their report and a stement of accounts for the year ended 31st October, The severe typhoons of last year, the first of which cccurred on the 5th September and the lastfe in 3rd to 5th October, if flicte a very heavy loss on the Company, which, fiken in conjunction with the high price for fuel ruling during the year, the enhanced cost of labour to the plazus, an the ia possibility of raising prices nickly enough to meet all these altered conditionsfaccount for the Baignee shown at debit of workinabent.
Chimney and kilns of increased capacity have been built to replace those destroyed, the Company's business having greased to such extent during the past year that a much greater outfat is required to keep pace with the ur lers.
DIRECTORS.
AUDITORS.
Messrs. J. D. Humphreys and J. B. Coughtrie retiro by rotation and offer themselves for selection.
Messrs. A. O'D. Courdin and F. L. Rose tavo audited the accounts now presen,ed and offer themselves for re-election.
J. D. HUMPartys, Chairalin, Hongkong, 25th February, 1995,
STATEMENT OP ACCOUNT FOR THE YE
THE Bisг OCTOBER, Į991.
Property
Kims and citimneys Less typhoon dainago
Buildings..
Machinery and plant Furniture... Stock, fuel, pipes, &c. Cash in band Accounts receivable
Capital-
ASSETS,
LIABILITIES!
The CHAIRMAN said-1 am extremely sorry that I have been called upon to take the chair, owing to the illuess of Mr. Humphreys. so that if there are any points of interest that 1 may omit in the few remarks I have to make to you I have to crave your indulgence and plead the very short notice 1 have had. The report and statement of accounts for last year's working baving been in your hands for some time, with your permission we will consider them as hav. ing been read. From the statement of accounts you will observe that your Directors are again unable to recommend the payment of a dici end, although at our last annual meeting the business of the Company looked so furishing that we fully anticipated a handsome returu to share- holders on the year's working, and so far we are glad to say that the returns have been satis- factory; but unfortunately considerable damage | Profit and los, account was done to our property by the severe typhoons in the months of September and October last. The amount at debit of typhoon damage, viz., $1,100, does not nearly represent our loss, as this covers the damage to kilas and chimneys only. whereas in addition to this we lost a large quantity of green goods in the kilus, some coal washed away, matsheds destroyed, factory roof carried away, considerable part of the wharf washed away, and owing to the injury to our kilus and chimneys the works were non-productive for about two months. However, the disastrous effects of the traheons wara made good as soon as possible. and the cost of these repairs has been debited to Working account. The business of the Company is, we are glad to say, rapidly improving, aud our sales during the period under review exceed those of the former year by about 40 per cent. and for the opening months of our present financial year we have to report a further marked improvement in the many large orders coming to hand, so that the works will now be fully em ployed on contract work for some months. Two new kilus of large capacity have just been com· pleted and will be dried and utilized during the current month. From them we expect a very favourable result and an increase on our output of over 30 per cent, so that notwithstanding the many misfortunes and the great difficulties the Company have had to contend with we may now look to the future with great confidence, as we
$0.51.60
Less amount not called up at $2.50).. 10,000
4,900 shares at $15
..$60,000
Accounts payable.
Directors' fees for 18B. Directors' feos for 189 F
WORKING ACCOUNT,
Balance at debit S0th October, 1893 Fuel
Stores used Salaries and wages Rent and taxva Upkeep of works Charges.... Bad delits.. Typhoon damage Directors' and auditors' fees
By account of sales By balance suspense account By transfer fees... By profit and loss account..
C.
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The CHAIRMAN said-Gentlemen, the report | and accounts having been in your hands for some days, with your permission I will take these as read. The result for the past year is hardly so good as that for 1893; this is to be accounted for by the troubles we had during several months: the loss whilst the plague lasted was considerable, and following that we were unfortunate in hav. ing heavy losses resulting from the typhoons which visited us during September and begin- ning of October. The price of coals also råled high during the past year op account of the war between China and Japau, so that taking these circumstances into consideration I think the re- sult is not so unsatisfactory as it looks. You will observe that we carry a large amount forward, and this after writing down our plant consider- aly. To many it would seem that we should instead of doing this pay a larger dividend, but, gentlemon, you will see on looking at the accounts, and comparing them with those of last
year, that added a new boiler shed to our buildings; the we have increased our plant, our stock, aud also
money therefore carried forward is all absorbed in the business. To carry on our business spece-sfully and to be able to compete with similar works
in Hongkong we must deavour to keep ahead of them in having better labour saving appliances. Having a good and useful stock also gives us a great advantage over those who require to purchase in the Hong, kong market, and this has been my aim when adding to the business that has been done. Great improvements can still be made, and these must be effected gradually, as we all wish to have dividends as well as to see improvements. I am sorry, gentlemen, that it has been found necessary to give such a small dividend for 1894. There is story probability that we shall be able to give a better dividend this year as well as improve our plaut. Before proposing the adoption of the eport and accounts I shall be pleased to answer any question which shareholders may ask,
en.
Mr. Cox-What was the amount of typhoon damage?
The CHAIRMAN-The dimage amounted to about $1,100 due to loss of launch and damage to buildings.
Mr. Wilcox-Altogether the report is hardly 8.13 60
so satisfactory as last year of course, but your 1111
remarks have thrown a good deal of light on the 1881.75 subject. Still it would be more satisfactory if 246.85 we could have a larger dividend. Is it absolutely 954.24 necessary to carry forward quite so much P
174,85
The CHAIRMAN-I have not the available 3;129.44
cash. As I observed the whole of the amount 3,223.04
is absorbed in the business. You will notice in $56828.83 the accounts that our plant has been increased, and there is also the cost of the extra buildings. Mr. WILCOX-If you paid alarger dividend you would be obliged to borrow money ?
$
0,
The CHAIRMAN-We would require to over- 50,000.00 | draw our draft on the bank.
5,028 83
$600 600
1,200.00
$50,828.83
C.
Mr. WILCOX-For which you would have pay 7 per cent. ?
The
HAIRMAN—Yes.
Mr. WILCOX-I hardly advocate that. Mr. PARLANE-It is necessary to do that now, as the balance on current account is only $700. $
The CHAIRMAN-I have increased our stock, 4,421.65 and as it stands at the present time we need not 11,730.41 make any addition to it. It is very useful to have an increased stook, as it saves buying in the $11.00 Hongkong market, This year it will not be 257.69 necessary to add to the stock, as it is quite suff- 1,825.53 cient for our purpose if kept up to what it is
1,305.36 10,513.28
8.00 ,100.00 650.00
$31,631.92
now.
Mr. WILCOX-Next year we shall be able to divide the profits pretty well?
The CHAIRMAN-Yes; we might possibly add to our plant a little, and the buildings will bo $23,097.04 sufficient to supply our wants for some time.
Mr. WILCOX-Could you not build a godown on the premises P
299.94 11:00 3,233.04
The CHAIRMAN-No; we built new offices. $31,631.92 The old office we turned into a fitting shop.
There being no further questions the CHAIR-