Page
June 24, 1896.]
CHINA OVERLAND TRADE REPORT.
The CHAIRMAN-Allow me to speak-when
are all men of business and I think their views the accounts are placed again before the share-
are worthy of consideration, I think it would be holders. This is not the place to discuss the better if we more frequently followed their matter; it is not before the meeting.
example. Not only is the Shanghai com- Mr. REECE-I submit to you, Mr. Chair-munity a modest community, but the directors man, that what I am saying now is a very good there are modest directors, and well, I do not reason for not supporting the resolution with respect to the increased remuneration of the directors. I beg to second the amendment,...
wish to cast any, reflection on the Hongkong
directors which has been moved and seconded.
The amendment was put to the meeting and Here in the articles of association is a contract the Chairman announced that it was *decidedly - contract between the directors and the lost." shareholders of the Company, a contract which is equivalent to a covenant under seal, and the contract is that the directors shall not, while that contract exists, be paid more than 87,000. The CHAIRMAN-You cannot speak on that at all, because the question is not before us here -not this time. Really, I cannot listen to you any longer on that point.
Mr. REECE Here is the contract. The CHAIRMAN- If you speak on this $3,500 taken by the directors I cannot listen to you.
Mr. REECE—What I ask the shareholders to do now is this: to oppose that resolution to increase the directors' fees until the directors have repaid to the Company all that I say they have erroneously paid to themselves under an invalid vote.
The CHAIRMAN-Will you bring forward any amendment ?
Mr. REECE-Certainly I will, and I should like to give my reasons.
Mr. ARNOLD-I beg to move that the re- solution be now put to the meeting.
Mr. REECEÎ have an amendment.
The CHAIRMAN--If there is an amendment I must put it.
Mr. REECE-I have an amendment and I think it must be put.
The CHAIRMAN-Will you give it to me in writing ?
Mr. REECE-I will give it to you in writing, only having regard to what an eminent colonist -an eminent member of the community-told me the other day, that he did not see how in conscience the directors could retain this 'money-
The CHAIRMAN-You are touching that *question again.
Mr. REECE-My reply was that the Board of Directors had no power-
The CHAIRMAN-I must ask you to sit down if you continue to talk about that question, Mr.
Reece.
Mr. REECE-I submit it has a great deal to do with the matter. I am giving my reasons for the amendment which I propose, and the amendment is this "That Article sixty-nine do stand and that it be not altered as proposed or at all." I will hand the amendment in writing to the Chairman. That is the amend ment I propose and I was giving my reasons when I was interrupted.
The CHAIRMAN read the amendment to the meeting and said-Have you got a seconder ?
Mr. REECE-Will anyone second that amend- ment?
Mr. WARRES SMITH rose to second when, Mr. ARNOLD said-What is article 69. Mr. DEACON read the article.
The resolution was then put and carried, the voters against it being the mover and seconder of the amendment.
The CHAIRMAN-I thank you in the name of myself and my co-directors for your kind vote of confidence. I thank you very much for your attendance. There will be a meeting to confirm this resolution on the 13th July: That is all the business, gentlemen.
THE INDO-CHINA STEAM NAVIGA- TIÓN CO., LIMITED.
The following is the fourteenth annual report of the Board of Directors of the Indo-China Steam Navigation Company. Limited, presented to the shareholders at the fifteenth ordinary general meeting, held at the offices of the Company, London, on the 28th May ---
The Board of Directors submit herewith to the shareholders: their report and statement of accounts for the year 1895.
The earnings of the fleet, though not so large as in 1894, have again proved satisfactory: The. war between China and Japan was only brought- to a conclusion towards the cyl of April; but although it served to disorganize the trade of the country to a considerable extent, its effects apon the coasting and river traffic have proved much less serious than might have been looked for.
521
past year, so as to bring their vessels up to the most modern standard, in which they would be second to no other steamers in the trade. The time was a favourable one for making fresh contracts, and the object of the Board has been satisfactorily carried out. The steamers Amara and Tigris (the latter now called the Hin Sing) were acquired by purchase, as also the smaller stern wheel steamer Chang Wo, which carries on the river traffic between Hankow and Ichang, The new vessels built for the Company and added to their list previous to 31st December last are the On Sang, Sui Sang, King Sing, and Kut Wo, the latter à river boat for the Yangtsze.
In addition to these the Fau Sang and Chun Sang have been completed since January and despatched to China. The only steamer now building is another river boat for the Yangtsze to replace the On Wo. When this vessel is completed the Company will have three first- class steamers to maintain their communications on that river.
Mr. James Macandrew and Mr. William Kes- wick are the directors who retire at this meet. ing, and being eligible they offer themselves for re-election.
The auditors, Messrs. Turquand Youngs & Co., will likewise be proposed for re-election.
By order of the Board,
J. MACANDREW, Chairman. London, 19th May, 1896.
LIABILITIES.
BALANCE SHEET, AT 1ST DECEMBER, 1895. To share capital-Authorized £1,200,000, first issue 60,000 each £10, whereof 49,589 subscribed and fully paid-up
To balance of underwriting
account
Less transferred to depre-
ciation account
£ 8. d. 94,295 16 2
10,000 0 0
To sundry creditors in London and China... To loans
To bills payable..
To balance of revenue account
ASSETS.
By steamships, hulks, ferry
bosts, de.
£
8. d.
495,890 0 0
84,295 16 2 19,282 16 1 12,000 0 0
55,001 0 0
45,737 17 7
£712,207 9 10
. છે.
£
The assets of the Company are still entered in the balance sheet at 2s. Id. per dollar, though the course of exchange through the year would have warranted a higher valuation. It is satisfactory that exchange, account and interest account on this occasion show a profit instead of a loss. Taking these items into account the profits have admitted of making a liberal provision for depreciation to the extent of £34,317; but the Board have judged it ex- By payments on account of new steazners... 105,500 11 8 pedient to further write down the value of the fleet by £10,000 transferred from underwriting
account.
There remains a sum of £45,737 17s. 7d. at the credit of profit and loss account, which admits of a dividend of 8 per cent., being the same rate as last year. This distribution will absorb £39,671 48. Od., leaving £6,066 13s. 7d. to be carried forward to next year's account.
The loss of the steamer Tai Io, referred to in the last report, has been charged to the underwriting account of 1895, which neverthe- less, after writing off the foregoing £10,000, shows the satisfactory balance at credit of £84,295 16s. 2d. A more lamentable disaster un- fortunately occurred on the 30th April, 1896, the Company's river steamer On Wo having Mr. REECE-I was giving my reasons for been run into by the steamer Newchwang, be- moving the amendment when the Chairman longing to another Company, and immediately stopped me. The question is whether I have a sunk with a loss of five Europeans and nearly Telegraphic advices state that a good reason for moving that amendment. The 300 Chinese. reason I have given is this, that the directors court of enquiry held at Shanghai has pro- have illegally, improperly, erroneously-per-nounced the Newchwong alone to be in fault. fectly honestly no doubt, but perfectly erro- An uljustment of the loss sustained will be neosuly-paid themselves at double the rate the effected in due course. contract allows them to.
The CHAIRMAN-That will do. Have you got a seconder to your amendment?
At the last annual meeting reference was made to the case of the Yik Sang, seized by a Japanese cruiser in April, 1895, for having Mr. WAREES SMITH-I beg to second that, contraband of war among her cargo. Proceed- Mr. Chairman. At the same time I disavowings were taken against the shippers, and an any desire to depreciate either the ability or arbitration was agreed to, the result of which the industry of the directors. While on my feet I was that full compensation for costs and loss of should like to mention that when the circular services was paid to the Company. calling this meeting reached Shanghai the shareholders there had a consultation and they decided to oppose this increase of the remunera- tion to the directors. I was asked to assist them in bringing the matter forward. I waited for some time, but as those of us who have lived there know, the Shanghai people are à modest community (laughter)-and I was therefore not surprised to learn that they decided after wards to content themselves by sending a letter to the directors protesting against the proposed doubling of the directors' fees. Shanghai men'
The directors very much regret having to report that their claim for the destruction of the steamer Kow Shing still remains unsettled. Correspondence is going on between the For- eign Office and the Chinese Government, but no final decision has yet been arrived at. directors still look for suitable compensation being made, and they have used every effort in their power to urge increased expedition on the authorities having charge of the case,
The
The Board have found it necessary to make considerable additions to the fleet during the
Less depreciation written
off for this year..
£ 3. d. 559,570 0 3
44,317 0 0
[This includes the value of steainer "Kow Shing," claimed from the Chinese Government.]
By coals and provisions on board ships and
in godowns. By office furniture
By sundry debtors in London and China,
agents' balances, freights, &c... By cash in London and China
REVENCE ACCOUNT.
Dr.
-515,253 0 3
620,813 11 11
6,304 9 11
100 0 0
76,044 13 10 8,944 14 2
£712,207 9 10
To general charges, telegrams, directors'
and auditors' fees
To depreciation account--
On steamships, &c. Additional amount trans- ferred from underwriting
account
On office furniture,
34,317 0 0
To balance-Profit transferred to balance
sheet
Cr.
£
8. d.
4,928 7 5
10,000 0 0 30 0 0
44,347 0 0
45,737 17 7
£95,013 5 0
£
By balance brought forward from 1894. By amount transferred from underwriting
aecount
By net earnings of steamers for the year By exchange account By interest account By transfer fees
8. d. 2,616 2.4
10,000 0 0 S0,553 12 0 1,407 18 6
423 19
8
11 12 6
£95,013 5 0
It appears that in the recent collision with the Anding, says the N. C. Daily News, the Daphne dragged her anchors and has to re- moor, while the Archer had two of her plates under water dented. The Anding herself is now on one of the anchors belonging to the moorings of the British Naval Buoy.