522
THE HONGKONG ELECTRIC CO.,
LIMITED.
THE HONGKONG WEEKLY PRESS AND to again set aside a fair amount for depreci- ation of plant, &c., and I think the course should recommend itself to all shareholders, and I trust that the proposed appropriation of our profits will meet with your approval. Our Manager, Mr Wickham, left for home on the 4th of this month on furlough, and it is expected he will be absent for some eight I have pleasure in again recording the satisfaction the Board have felt with the care and attention bestowed on the work by Mr Wickham and the rest of the staff: These, gentlemen, are all the remarks which. occur to me to make in regard to the Company's affairs; but before moving the adoption of the report and accounts, I shall be pleased to an- swer any questions shareholders may wish to put to the chair.
The seventh ordinary yearly meeting of shareholders of the Hongkong Electric Co., Limited, was held in the Company's offices, No. 27, Queen's Road, on Saturday 20th June. Mr. H. L. Dalrymple presided and there were also present-Hon. J. J. Bell-Irving and Mr. J. Kramer (Directors); Messrs. C, S. Sharp, A. B. Johnson, G. Stewart, E. J. Hughes, G. C. Cox, L. E. Ozorio, O. Baptista, S. H. Michael, Leung Sham Lam, A. Sung, and C. F. Harton (Secretary).
The Secretary read the notice calling the meeting.
The CHAIRMAN-Gentlemen, the report and accounts having been in your hands for some time, I propose, with your permission, to take them as read. As you will observe from the figures given in them the position shows a satis- factory advance on that of the previous year, the profit on working account being $24,093.92 as against 88,858.35. It may seem somewhat anomalous that this increase in our net profits should be so large, while the gross earn.
revenne
ings of the Company show only some $6,300 increase over those for the previous but it will be remembered that the year, figures for last year included a considerable sum brought forward from the account for 1893 and 1894 as representing installation work then in hand but uncompleted, whilst the item in the accounts now before you contains no such carrying forward. The principal increase has been in the
from incandescent lighting, and a reference to the manager's report will show you that the number of these lamps has increased from the equivalent of 3,740 of 8 candle-power to about 5,150, and it is to be hoped this means of lighting, which seems to give satisfaction, may come further into favour. We have also installed some seven arc lamps in H.M. Naval Yard, but as these were only brought into use on 1st May there is no re- venue from that source included in the accounts now before you. Against our increased earn- ings for lighting we have had, of course, to meet some additional expenditure, but I am glad to say that in the matter of coals the average cost has been materially reduced, as foreshadowed in my remarks of last year. our contracts having been renewed at a more moderate figure. This important matter will continue to have our closest attention.
In
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the items of salaries, wages, and charges there has also been some increase, chiefly arising from additional expenses, including passage money, in consequence of leave given to a portion of the staff. The item of interest you will observe is on the credit side of the account this year instead of forming a dr. entry as in the past; this is partly due to our financial position being better and also to our having credited the accounts with all interest or unpaid calls of the shares previously forfeited. You will notice from the report we have disposed of all these at a satisfactory price, and an item for profit on same appears in our profit and loss account. In consequence of the continued increase in the number of houses in the colony, notably on the Praya reclama- tion, it has appeared to the Board that there must be a prospective increased demand for our light, to provide for which will necessitate some considerable addition to our plant; and the directors have decided to take advantage of Mr. Wickham's presence in Europe to commission him while there to select and purchase the neces- sary machinery of the latest and most suitable type for our requirements. To provide funds for this expenditure it will be necessary to make further calls on shareholders and the Board will in all probability call up towards the end of the year the balance of capital, say $2 per share. With reference to the amount available for dis- posal you will notice that the Board has set apart a sum for directors' fees. This is really less by $1,000 than the Company's articles allow of, but considering the full results of the Com- pany's working have not yet been attained, the Board have for the present decided not to take the full amount. I would remind shareholders that these are the first fees the directors have had since the commencement of the Company in 1890. We have considered it advisable in the best interests of the Company
months or 30.
No questions being asked, the CHAIRMAN proposed the adoption of the report and ac- counts as presented.
Mr. A. B. JOHNSON seconded. Carried.
Mr. G. C. Cox moved the re-election of Hon. C. P. Chater and Hon. J. J. Bell-Irving as Directors
Mr. G. STEWART seconded. Carried.
Mr. A. B. JOHNSON moved the re-election of the anditors, Messrs. Stewart and Peter.
Mr. OZORIO seconded. Carried.
The CHAIRMAN-Gentlemen, that is all the business before the meeting. I hope when we meet again this time next year we shall dividend better show even
figures. The warrants will be ready on Tuesday, and I hope shareholders will apply for thein. I thank you for your attendance.
RAIB GOLD MINING CO., LIMITED.
The annual meeting of the Raub. Australian Gold Mining Company, Limited, was convened for 8th May, at Brisbane, and fifty members were represented either personally or by proxy. Mr. E. A. Bell, in the absence of the chairman, presided. The Chairman said he did not pro- pose to discuss the report and balance sheet, but, with the permission of those present, to move that the meeting be adjourned to Friday, the 22nd May: His reason for doing so was the receipt of a cablegram from Singapore, asking that a letter written from the Singapore office on ́ the 13th April might be allowed to arrive before the annual meeting was held. That cablegram was not received till after the notices for the meeting had been sent out. As an act of cour- tesy to the Singapore board, he moved the ad- journment of the meeting as indicated, and the motion was agreed to.
The following is the report:
The directors have the pleasure to present herewith the balance sheet and profit and loss account for year ending 31st March, 1896, the Singapore accounts incorporated therein having been closed on 29th February.
Work at the mines has progressed satisfac- torily; the railway has been completed and, so far, answers expectations. Had it not been for the expenditure connected with this and other capital items, a dividend could have been de clared at an earlier date, and in addition to that now payable on 18th May. Shareholders are referred to the mining manager's report for details.
[June 24, 1896,
issues will be distinctly formulated and dis cussed.
In accordance with the articles of association, all the directors--Messrs. Do Burch Persse Robert Philp, George Frederick Scott, and James Forsyth, and the auditors, Messrs. We Robertson Strong and T. A. Bond-retire, but are eligible for re-election, and offer themselves accordingly.
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It will devolve upon the meeting to fix the auditors' remuneration.
(Signed) DE BURGH PERSSK,
Chairman.
Brisbane, 15th April, 1896.
BALANCE SHEET FOR THE YEAR ENDING 31st March, 1896.
(INCORPORATING SINGAPORE BALANCE TO 29TH FEBRUARY,· 1896.)、
LIABILITIES:
Dr.
31st March, 1896. To capital 200,000 shares
at £1 cach... Less unissued shares, 10,000
shares at £1 each
Uncalled capital
on 140,000
.. 8. d. 200,000 .00
10,000 0 0
190,000 0 0
shares at 6s. 2d. per share 43,168 13 4
To sundry creditors *
£ 8. d.
146,833 6 8 1,470 19 -3
To unclaimed dividends:-
Singapore Brisbane...
17 9 6 5 11 0
To profit and loss
23 0 6 4,269 16 1
£152,597 2 6
This includes £902 5s. 4d. on account of R. Sefton's shares.
31st March, 1896.
ASSETS.
Cr.
£ a. d. 132,590 2 10
7,249 T8 6
By mining property (nominal) By machinery
By plant.......
By tools, implements, & stores By railway.. By quartz hoppers By buildings By timber By firewood
By furniture--Singapore and
Raub
273 6 G
1,012 5 6- 3,246 8 0
150 0 0 1,500 1 6
109 6 0
425 18 0
215 0 .0
By value of 22nd crushing, belonging to
year ending 29th February, viz., 1,119 oza. gold from 2,200 tons of stone By balance to credit dividend account:——
Singapore Brisbane..
By cash balance:—
Singapore Raub Brisbane...
1st April, 1895.. To balance down
31st March, 1896.
14,182 4 0
4,029 7 4
16 9
6
5 11 0
23 0 6
1,393 15 9 328 3 5
50
8 8
1,772 7 10
£152,597 2 6
PROFIT AND LOSS.
£ 8. d. 1,389 13 10
568 8 10
11 7 1
To directors' and auditors' fees, salaries,
and charges
To legal expenses fo interest
To wages and expenses at Raub, including cost of Singapore office, and direc.
tors' feca...
To stores, tools, implements To fuel
To timber
To depreciation:—
Plant and machinery Buildings Furniture (Raub) ..
The report contains a recommendation that the crushing power at Raub should be increased to 100 head of stampers, to be worked by electricity. This matter has engaged the attention of the two Boards for a considerable time; and a specification is now being prepared To balance down which will permit an estimate of cost being arrived at. Under any circumstances should the work be nudertaken-the outlay will be considerable, and the Singapore Board suggest that the uncalled capital of the Company (or so much of it as is required) should be utilised to furnish funds.
31st March, 1896.
12,854 165
766 18 10 1,301 2 10 302 3 10
936 18 6 147 6 0. 16 0 0
2 13.5
15,225 1 11
1,100 4 6 4,269 18 1
£22,507 5 8
£ 8. d.
By gold account:
-Net proceeds of 6,174 ozs. of gold from 12,299 tons of stone (including value of 22nd crushing, viz., 1,119 ozs, from 2,200 tons of stone), after payment of royalty, cost of transit, insurance, &c... 22,341 17 11 By rents
169 16 0 By net proceeds of concentrates
55 11 9
£22,587.5 8
£ 4,269 98 · 1 –
Your directors, however, hesitate to commit shareholders to heavy payments, even over an extended period, without first obtaining a decided expression of opinion from those most interested; and it is probable that after the general meeting, to be held on 8th May, a special meeting will be called, at which the 1st April-By balance down
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