BUD the
641
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more trustworthy, and by the best people in the
MAN-AB I stated in my speech my personal opinion on this may say that the matter will have rectors serious attention when it comes
them against
דיי .
THE HONGKONG WEEKLY PRESS AND
The CHAI propose to take
ited
to answer an were no 01 ted the adoption
accounts, MY GASKELL seconded. Carried.
Mr P JOBDAN proposed that the appoint ment of Messrs E. 8. Whealler, H. A. Ritchie, C. Beurmann, and P. Sachse to the Board of Directors be confirmed, and that Messrs M. D. Ezekiel and N. A. Siebs be re-elected directors
Mr. WILCOX seconded." Carried
Mr. GoOSMANN proposed the re-election Messrs. F. Henderson and W H. Potts auditors.
more_straght-read the report, which has been in
or some days. It deals with the tent the Company's existence, and the a which in their new form are, I hope, clon every shareholder, show the gross receipts and net profits to be the largest since the Company's formation. A satisfactory feature in conneo-ing tion with these receipts is that they have been earned entirely on what might be called solid business, that is to say, there have been no wind- falls or exceptional sources of revenue as in former years, and the figures quoted may be ao cepted as an indication of the normal business of the Company. The expenses unfortunately keep pace with the receipts, but this is only what must be expected, seeing that a large propor tion of our revenue is derived from a class of work in which the profits are the profits on labour, and in which the Company has to meet the competition of natives in the same line of business. During the early months of the year it became evident to your Directors that the rates quoted by the Company were insufficient to yield even a moderate return on your capital, and they were of opinion that circumstances justified a small increase. This small increase, which was made applicable equally to the landing and sorting business, took effect from 1st September last, and the accounts for the year have there- fore benefitted by the change to the extent of four months only. An important event of the year's working was the acquisition of the Wanchai Warehouse and Storage Company's business, the details of which I need not trouble you with. Suffice it to say that the arrange ment practically amounts to the Wharf Com- pany guaranteeing an 8 per cent. dividend on the paid-up capital of the Wanchai Com-
WHEALLERI have much pleasure in ling your proposal, and in doing so I do not think I need add anything to the very full remarks the Chairman has made upon the subject. Not very many years ago, when the Admiralty Dook was being built, some of the shareholders criticised the necessity for the dock, and I think it very pleasant for those of us who then thought that dock superfluous to see a row of steamers waiting to get into it. (Ap- plause.) I think the progress of the Company during the last four years has been extraordinary. I do not think any Company out here has had equal success, and that success has been largely due to the fore- sight of the Managers and Directors. I think those of us who have anything to do with the actual work at the Dook will heartily approve of the Directors proposal to give a bonus to the employés who have worked so hard and have enabled you to carry on the very large business which gives us such a large return on our capital (Applause.)
Carried.
Mr. ARNOLD proposed the confirmation of the appointment of Mr. C. Beurmann as director.
Mr. G. H. Porrs seconded, Carried.
Mr. F. DODWELL proposed the re-election of pany for ten years, in return for which Messrs. Siebs and Van Buren as directors.
Mr. PARFITT seconded. Carried.
Mr JORDAN proposed the re-election of Lesara, T. Arnold and S. G. Bird as auditors.
Mr. R. MITCHELL seconded. Carried
the latter hand over their premises and goodwill, and retire from active business for that period. So far as can be seen at present the direct profits alone, resulting from this acquisition, justify the step taken, and there have been indirect benefits which made it desirable and should have an improtant The CHAIRMAN-I now beg to propose an-bearing on the future of the Wharf Co. - The other resolution of which you have had notice West Point godowns are practically completed in the papers. The resolution is."That this and already earning a fair amount from Company do purchase from the owners thereof storage. The Directors look for good results Hunghom Inland Lots Nos. 171 and 172 for from the working of these godowns, and should the residues of the Crown terms of years therein their expectations be realised it is in con- on the site for the price of $5,000 to be paid in cash and templation to build two more do surrender the same lots to the Crown and of the present transit shed. As pointed do also surrender Kowloon Marine Lot No. 72 out in my remarks at our last year's meet to the Crown and obtain from the Crown aing, the Company's assets represented by land new Crown lease thereof with an extension thereto to be purchased by this Company from the Government of Hongkong for the price of $9,639, such extension containing 192,768 square feet and to be purchased for a term of 999 years from the 16th November, 1864, at the additional yearly rent of $483, and do also accept the terms for purchasing an extension to Hunghom Marine Lot No. 1 contained in the letter of the Honourable the Director of Public Works to Mr. Gillies dated the 24th July, 1896, No. 888.
Tam..
Mr. LEWIS seconded. Carried.
The CHAIRMAN-That is all the business, gentlemen. I think you for your attendance. Dividend warrants will be ready on application at the office to-morrow.
Mr. HỌ TÙNG Beoonded and i
Carried.
The CHAIRMAN That concludes the busi, ness of the meeting, gentlemen. · Dividend
orning warrants will be issued to-morrow
The following is the report The directors have now to submit to share holders their report with a statement counts for the year ended 31st December, 1896.
ACCOUNTS.
The gross revenue derived from wharfage, landing, &c. amounted in 1896 to $339,114.91 as against $289,481,02 the previous year, show- ing an increase of $49,633.89.
after
The balance at credit of profit and loss paying interim dividend of 2 per cent is $64,508.98, which it is proposed to appropriate as followN ALLA
Directors and Auditors' fees Final Dividend of 24 per cent. Transfer to Depreciation and
Repairs account Write off Launches
...$6,500,00 25,000.00
15,000.00
1,825.00
Write off Lighters
*3,670.19
.
Write off Furniture and Plant.. Carry forward to new account
2,394.38
10,11941
$64,508.98
BUSINESS.
The business of the Company has continued to develop and, apart from the work attaching to Wanchai, the cargo handled during 1896 was 506,551 tons against 450,877 tons in 1895. **
The presence of plague during the summer months again caused a scarcity of labour and it was with difficulty the staff of coolies were pre- vented from leaving the colony.
WANCHAL GODOWNS. Arrangements were made in June last with the Wanchai Warehouse and Storage Company →→ to lease their Godowns and good-will for ten years from 1st July, 1896, and the Directors are pleased to say that the results of the business thus acquired have so far proved of substant benefit.
BUILDINGS.
The new West Point Godowns are nearly finished and would have been completed by con- tract date but for the bankruptcy of the Con- tractor and the difficulty of obtaining suitable wood for the roof timbers, in t
and buildings stand in the books at a figure considerably below their real value, and the perishable properties, such as wharves, laun- obes, lighters, rolling stock, &c, have been written down to a point representing as near as possible their actual worth to-day. Neverthe less, the suggested appropriation of profits will, I trust, merit the approval of shareholders, who will doubtless agree with the Board in recognis ing the necessity of writing down the perishable property, and making liberal provision for repairs, which must at times constitute a heavy drain on the Company's resources. The repairs for the year were large, costing $23,356, and in accordance with the suggestion in last year's
Six new Chinese houses are in course of t report, and which was approved by shareholders, this amount has been debited to deprecia-erection at Kowloon, making 20 in all, the tion and repairs account, which, after whole of which have been leased for three years - transferring to it $15,000 from working ac at a satisfactory rental. count, now stands with a credit balance of $73,130, With the renewal of No. 2 wharf, which will be shortly completed, the wharves will be in first-class order, and should not under ordinary circumstances require any large ex- The tenth ordinary annual meeting of share penditure for some years. It must be borne holders in the Hongkong and Kowloon Wharf in mind, however, that the life of a wooden and Godown Co., Limited, was held on Tuesday, wharf in these waters is approximately of only noon, at the Company's Office, No. 4, Praya from 10 to 15 years' duration, and provision Central - Hồn, J. J. Bell-Irving presided and must be made accordingly. Before closing
here were also present Hon. C. P. Chater, should like to refer to a matter touched upon in Mears, MD. Ezekiel, E. S. Whealler, C. S. the report, viz., the plague, which with us, as Sharp, H. A. Ritchie, C. Beurmann, PSachse, with all large employers of labour, constitutes a St. Michaelsen, NA Siebs, and D. R.very serious menace to our business; even more 3); E. Osborne (Secretary), so perhaps to the Wharf Company than other
Goosmann, W. H. Gaskell,industrial establishments, because a>
HONGKONG AND KOWLOON WHARF AND GODOWN CO., LIMITED
SEORET
E. Közheyar Ho Tung, and Hosupply of cheap labour is with us a sine
men. Everything that we can do in the
the notice calling the clean and healthy dwellings for our em
is carefully attended to and it is to be
LAUNCHES. The Heron has been sold and a new and more suitable tug boat is under co
LIGHTERS
In addition to the two decked lighters re- ferred to in last report the Compan
boats of native design great utility in the work afloat.
six open!
have proved of
The repa pleted and nott
to come.
Mr G
spon
hich
are nearly@com-
he wharves B ture for some time
DIRECTORS.
lo and M., C. Boumal