236
24th September. The man who was accidentally injured by a stone which Sergeant Scott was throwing for practice at Yaumati on the 6th inst, died in the Government Civil Hospital. The inquest was held on Monday by Hon. H. E. Wodehouse, who returned a verdict of death from misadventure.
THE HONGKONG WEEKLY PRESS AND
WORKING ACCOUNT.
To losses
To charges, survey fees, &e.. To directors' and auditors' fees-Head
office and branches
To balance to profit and loss account...
CHINA TRADERS" INSURANCE CO., | By premiu, less re-insurances, return
LIMITED.
The following is the report for presentation to the shareholders at the twenty-ninth ordinary meeting, to be held on Saturday, 28th Septem- ber, at noon —
The directors beg to submit to the share- holders the accompanying statement of accounts for the year ended 30th April last.
the
pre.
premia and commissions. By interest
amount brought forward from last year ..
"By transfer fees! By exchange...
RESERVE FUND.
By balance on 31st July, 1891
Sterling receipts and payments have hitherto To balance on 31st July, 1895 been adjusted, for statistical purposes, at a uni-į form rate of exchange of 4s. per dollar; sent year they have been taken at current rate, and this system will be continued in the future. The net premia amount to $1,095,865.41 and the working account shows a balance at credit of $530,727.79, which sum the directors recommend
to be appropriated in the following manner :- A dividend of 20 per cent. to share.
holders
A dividend of 15 per cent. on con- tributions, payable to all con- tributors of business whether shareholders or not
To be carried to new account
RESERVE FUND.
$120,000.00
$120,000.00 $290,727.79
$530,727.79
It is proposed to increase this fund to $900,000 by the transfer of $100,000 from exchange fluctation account, this sum being the profit realized during the year by the sale of a por. tion of the Company's sterling holdings.
DIRECTORS.
Mr. M. D. Ezekiel was invited to fill the vacancy occasioned by the departure from the colony of Mr. J. S. Moses, and his appointment requires the confirmation of shareholders.
Messrs. P. Sachse and M. D. Ezekiel retire by rotation and offer themselves for re-election.
AUDITORS,-
The annexed accounts have been audited by Messrs. H. U. Jeffries and F. Henderson, the last-named gentleman acting in the absence of Mr. T. Arnold. Messrs. Jeffries and Arnold offer themselves for re-election.
J. THULBURN, Chairman. Hongkong, 18th September, 1895. STATEMENT OF ACCOUNT FOR THE YEAR ENDED. 30TH APRIL, 1895.
Cash in hand
ASSETS.
Fixed deposits with Banks,
Invested in mortgages of properties Bonds of Chinese Imperial Government
loan, 1886.
Hongkong and Kowloon Wharf and Godown Co., Limited, debentures. Shanghai Waterworks Co., Limited,
debentures
Shanghai and Hongkew Wharf | Co.
debentures
London branch -
Cash in hand
$110,807.23
India 31 per cent. stock. 182,788,80
Indian railways (guar-
anteed stock).
85,808.00
Natal 34 per cent. loan. 18,840.00
Remittances in transitů
Australasian branches:—
34,485.85
Cash in hand, in course of collection,
and on fixed deposit
Yokohama branch :-
Cash in hand and on fixed deposit... Interest nccrued, but not yet jayable..... Sundry debtors..
e.
[September 26, 1895.
$ €. of the commissions earned by the General 739,151.76 | Managers during that period? The first ques- 212,923.83 | tion I am not going to force.
The CHAIRMAN-You had better put the 18,148.11 questions and I can answer them; that will be 530,727.79
more satisfactory. $1,500,946.49
Mr. MENDEL-Then what were the grosS earnings of the Company's steamers during the past year? C.
The CHAIRMAN-This is a question which 1,095,865.41
was raised four or five years ago, and the answer 109,518.29 162.00
was then given that local shipping companies. 6,258.59
are not in the habit of publishing their gross earnings, for the simple reason that it would be 289,147.20 giving information to competitors and inviting fresh competition; and to give information $1,500,946.49 which others do not offer us would be prejudicial to the interests of the Company. This reply $ was accepted then as satisfactory, and I trust 800,000.00 that it will be equally satisfactory now.
By amount transferred from profit and
·loss account,|1893-1894
Mr. MENDEL-I am not going to force that $800,000.00 | question, and this answer might to a certain extent he satisfactory; but I certainly should $750,000.00 | like to know the amount of the commission
earnings taken by the General Managers. 50,000.00
The CHAIRMAN-The articles of associa tion provide that the General Managers shall $800,000,00 | have a certain commission, and we have followed the articles strictly. I believe there is some misapprehension in this matter. We simply
}
DOUGLAS STEAMSHIP COMPANY, earn five per cent. on the gross earnings for
LIMITED.
The annual general meeting of this Company was held on Saturday at the registered offices, Praya Central. Mr. J. H. Lewis presided, and there were also present Hon. J. J. Bell-Irving, Messrs. R. Shewan, D. R. Sassoon, A. Ross, (Consulting Committee), W. Parfitt (Secretary). V. H. Deacon, D. E. Brown, G. Stewart, W Parlane, J. H. Cox. T. I. Rose, L. Mendel, S. S. Benjamin, H. R. Burder, W. H. Gaskell, J. C. Peter, Captain Hall, G. C. Anderson, A. G. Morris, C. A. Tomes, H. Crawford, E. Jones Hughes, J. H. Garrels, and Ho Fuk.
have
continuance of a
such
The SECRETARY read the notice of meeting. The CHAIRMAN said Gentlemen, the report and accounts have been in your hands for soins days and with your permission we will take them as read. I think you will agree that the result of the year's working has been extremely satisfactory, but you must bear in mind, gentle. men, that the circumstances have been most exceptional, and we can scarcely hope to prosperity, With regard to the appropriation of the profits of the year under review, the articles of association have been strictly complied with, and it is impossible to gratify those shareholders who wish for a 94,995.63 more substantial return. The financial position 435,000.00 of the Company can only be regarded as a sound 792,946.00 one, but I must remind you that, of the funds in hand, about $250,000 will be required to meet 55,665.14 the cost of the new steamer, now being built to replace the Fokien, and provision will also have to be made for a new wharf. It is also, only reasonable to suppose that there will in time be a material development of trade with Formosa and China ports generally, and we may have to 41594.45 add to our feet to meet the increased demand and to maintain our position. I believe there is some dissatisfaction amongst shareholders with reference to the investment of the Company's money, which, as you know, is at present on deposit with the Hongkong and Shanghai Bank, This point has been fully considered by the 432,729.88 General Managers and Consulting Committee, and it has been decided that in the present circumstances it is an advantage to have the 250,496.16 money readily available. I do not think I can add anything of much importance, gentlemen, but 17940.69 before proposing the adoption of the report and 19/215,80
accounts I shall be glad to hear any questions 38,270.61
from shareholders.
$2,334,394.29.
150,000.00
5,5-45.93
LIABILITIES.
$
Capital subscribed
$2,000,
Amount paid-up
Reserve fund.
Dividends outstanding...
Exchange fluctuation account Sundry creditors
Profit and loss nécount!.
C.
Mr. MENDEL I have listened with great pleasure to what our Chairman has said, and as far as I can see the Company is in a highly satisfactory state. It was my intention to ask several questions at this meeting, but in courtesy 600,000.00
I went to the General Managers yesterday and 800,000.00
5,759.40 told them what I was going to ask, and I got a 344,283.41 reply which I think was not quite satisfactory, 53,623,69 anyhow not to my mind. The questions which 530,727.79 I intended to put were, first, what were the gross earnings of the Company's steamers last $2,334,394.29 year? and the second, what was the amount
freight in Hongkong; the coast agents get the coast commissions, with which we have nothing to do. To go further into details or state the figures at this meeting would, I think, be only publishing information for the benefit of competitors, and would be detrimental to the interests of the Company.
Mr. MENDEL-This answer is to my idea certainly not satisfactory as far as the public is concerned, and the public has the idea that fabulous sums have been made by the General Managers. In fact, I hear--I do not know if it is true-that the commissions amounted to $60,000, while the shareholders only get 12 per cent., or $120,000; deduct from this $30,000 for interest and similar items and $10,000 profit on sale of the Fokien, $40,000 altogether out of that sum, leaving the earnings of the steamers for shareholders to get only $80.000. The General Managers, if they get $60,000, and $10,000 for office expenses besides if it is correct, that their commissions amounted to $60,000—they get nearly as much as the share- holders, and you would travel all over the earth before finding any other Company like that. If that is true it is a most abominable thing.
The CHAIRMAN-I must
Mr. MENDEL-Allow me to finish. The CHAIRMAN-I beg you pardon; I thought you had finished.
Mr. MENDEL-No, I have not finished: The CHAIRMAN-I beg your pardon, then. Mr. MENDEL-I see Mr. Shewan and other shipping men on the Consulting Committee here, and I hope they will be re-elected by us, but I think they do not know what has been But so far as the old directors are going on. concerned, I do not know whether they are aware how much commission the General Mana- gors are making. Of course the General Mana- gers know, but I should like to know whether This answer to my the others are aware of it. question is not sufficient, and I appeal to the meeting to say whether we are entitled to the information or not.
The CHAIRMAN-I am very pleased to hear what you have to say. It is open to share- holders at any time to have an inspection of the books, but none has been asked for. The books will show that everything has been done in se- cordance with the articles of association; the accounts have been audited by the Company's I do not think auditors and certified correct. it necessary to publish the information you ask for, because as I said before it would be giving away information to outsiders.
Mr. MENDEL This answer to my idea is not satisfactory. I know by the articles of a860- ciation we cannot do anything in the matter, but the sooner the shareholders come together and have a special meeting and alter the articles the better for them.
The CHAIRMAN Of course→→→→ Mr. MENDEL Allow me to finish. As soon as I have finished you can but I have a right to speak now. I do
answer,