August 4, 1897 |
THE PULO TOURNAMENT.
The Sixth Quarterly Polo Tournament since the presentation of the Hon. F. H. May's Cup was commenced on Wednesday, 28th July, between teams representing the 14th Regiment and The Club:
14TH REGIMENT.
Mr. Tow
Mr. Wood
Mr. Spencer
Mr. Gordon ·
THE CLUB.
Capt. Burney, R.A. Capt, Phillips, A.D.C. M. Lawford, R.N. Mr. Gibson
The issue was never in doubt; still the Club held to their guns and determined to have at game for it. The Club won the toss and chose the Nullah goal. Shortly after the ball was thrown in Wood secured it and made a long hit, which Burney in his endeavours to save met with a fall, but was not much damaged. The ball was hit out and after a bit of play in the centre of the ground the Club got possession and running it down Gibson just missed a goal and secured a sub- sidiary, making things level. Soon after this Wood hit a goal, and after changing ends almost immediately Wood hit another goal, resulting from Phillips missing a "back-hander." During the remainder of the quarter Wood hit another subsidiary, and Spencer got one, so the game stood 14th Regiment 2 goals 3 subs. to the Club 1 sub.
The second quarter was almost more one- gided than the first. While the Regiment were playing well in their places and riding off suc- cessfully, the Club made no attempt to do so, every player playing for himself. However, oriticism of the play is out of place when we remember that most of them are beginners. Wood hit two more goals and two subs. and Tew two goals for the Regiment, and Burney hit a goal for The Club, bringing the game to a close as a victory for the Regiment by 6 goals and 5 snbs. to 1 goal and 1 sub,
The Hon. T. H. Whitehead kindly umpired during the match.
ON LOOKER.
HONGKONG AND SHANGHAI BANKING CORPORATION.
The following is the sixty-fourth report of the Court of Directors to the ordinary half- yearly general meeting of shareholders to be held at the City Hall, Hongkong, on Saturday, 14th August, at noon :-
}
To the Proprietors of the Hongkong and Shanghai Banking Corporation.
Gentlemen,-The Directors have now to sub. mit to you general statement of the Bank, and balance sheet for the half-year ending 30th June last.
CHINA OVERLAND TRADE REPORT.
Notes in circulation
LIABILITIES.
Marine insurance account. Current accounts:-
Silver
$49,943,083.84 Gold, £3,065,900 58. 10d.=30,975,477.79
Fixed deposits:
Silver
$30,641,240.52
C.
80,918,561.63
117
Abstract of Assets And Liabilities, 30TH JUNE, 1897 mits of the payment of the usual half-yearly
$
dividend of 8 per cent., leaving some $30,000 to Paid-up capital
10,000,000.00
be carried forward to next half-year's account. 6,500,000,00 Reserve fund
That long-looked-for event, the opening of the 250,000.00 9,319,308.03 West River, has at length taken place, and, as you will have observed by the report, your Directors, jointly with other local Companies, at once commenced operations in the re- gion. The service, however, had been in operation for too short a time to affect the result of the past half-year's working to any great extent one way or the other. The value of the trade will shew itself better at the end of the current half-year. Meanwhile, L caution shareholders not to expect too much in the way
of increase of revenue from this source for some time to come. New trades are not built in a day and this one forms no excep tion to the rule. That the trade will ultimately prove remunerative your Directors. have no 24,199,397.30 doubt, but there are still many difficulties to be 3,548,669.97 overcome, and in these early days we do not 4,191,730.15 look for much more than the covering of
Gold, £2,010,278 58. 3d.—26,376,168.87 Bills payable (including drafts on London bankers and short sight drawings on London office against bills receivable and bullion shipments) Profit and loss account
Cash
ASSETS.
Bullion in hand and in transit...
Indian and Colonial securities
Investments, viz.
57,017,418.39
12,485,523.15 1,826,674.22
1$178,297,486.02
£250,000 29 per cent. Consols lodged with the Bank of England as a special London reserve $1,900,000.00 £510,650 Consols and
other sterling securities 5,160,252.63
Bills discounted, loans and credits Bills receivable Bank premises Dead stock ...
Dr.
General Profit and Loss Account, To amounts written off:--
Remuneration to directors To dividend account:-
£1 58. per share on 80,000 shares
£100,000 at 48. 6d.
$
C.
7,060,252.63 65,269,997.73 72.981,116.03
966,322.21 100,000.00
$178,297,486.02
80TH JUNE, 1897.
To dividend adjustment account:-
Difference in exchange between 48. 6d., the rate at which the dividend is de- clared, and 1s. 113d., the rate of the day
To transfer to reserve fund
To balance carried forward to next 1-year
By balance of undivided pro
Cr.
$
15,000,00
*
c.
up
have You will
noticed that expenses. we have invested in some property at the new treaty ports. Although there was no immediate necessity for this, it was thought desirable, in view of future contingencies, to acquire water frontage at these places while land was still cheap. The amount invested is small and the property is, even now, worth more than it cost, so your directors trust that their action in this matter will meet with your approval. may mention that the two small boats recently built for us by the Dock Com- pany have proved themselves to be well Adapted for the West River trade as it is just now. Ultimately, no doubt much larger steamers will be required, but these boats seem to be just what was wanted to begin the trade with. They are running regularly between Canton 444,444,44 and Wuchan, and two boats of somewhat similar
capacity have been chartered for the run be tween Hongkong and Wuchat. Owing to the absence of any arrangement for the 566,081.88
collection of Customs' dues at Kong Moon, an 00,000.00 attempt made by the Company to establish a ro 301,147.90 gular service between Macao and Samshui pro- ved a failure, and after six weeks' running your $1,826,674.22 Directors reluctantly withdrew the boat, being convinced that there was no chance of the line proving remunerative until this question of the collection of duty had been solved. Turning now to our accounts, the increase in the item 'wharves, &c.. " is represented by the amount expended on our new wharf at the end of Wing Lok Street and the cost of bulks for use at Wu- chau and Samshui. The new sailing lighter mentioned at our last meeting has been com- 1,826,674.22 pleted and will probably be a good serviceable craft for many years to came, Share, invest- $1,826,674.22ments remain as valued in the previous half- year's accounts. A readjustment of values will take place at the end of the year when, 7,000,000.00 if present rates be maintained, there should be
a substantial addition to the credit of
the $7,000,000.00 Investment Fluctuation Account. You will have observed that the item "Property fore- $6,500,000.00
closed" again appears in our balance sheet, but 500,000.00
no loss in that direction is anticipated, and $7,000,000.00 meanwhile the rents yield a fair interest on the amount invested. The amount due from under- writers on account of the Heungahan average HONGKONG, CANTON AND MACAO claim having appeared in two successive balance sheets, I may mention that the delay STEAMBOAT COMPANY, LID.
has arisen from the fact that the average The half yearly meeting of the shareholders adjusters had to write out for some additional information before they could proceed with in the Hongkong, Cauton and Macao Steam- the statement. We shall probably hear of boat Company, Limited, was held on Saturday the settlement of this claim in a mail or two. at noon at the Company offices, Hon. E. R. The amount expended on repairs has been some- Belilios presided and there were also present--what greater than was anticipated at our last Hon. J. Bell Irving, Messrs. F. A. Gomes, meeting; the outlay has been principally by N. A. Siebs (Directors), T. Arnold (Secretary), two rather expensive jobs-new plates for the A. A. da Cruz, Capt. A. Tillett, Messrs. E. J.
fits, 31st December, 1896 S 300,323.05 By amount of net profits for the six months ending 30th June, 1897, after making provision for bad and doubtful debts, de- ducting all expenses and interest paid and due
The net profits for that period, including $300,323.95, balance brought forward from last account, after paying all charges, deducting interest paid and due, and making provision To balance for bad and doubtful accounts, amount to $1,826,674.22.
transfe The directors recommend the transfer of $500,00 from the profit and loss account to credit of reserve fund, which fund will then stand at $7,000,000.
After making this transfer and deducting remuneration to directors there remains for appropriation $1,311,674.22, out of which the directors recommend a dividend of one pound and five shillings sterling per share, which will absorb $444, 444.44.
The difference in exchange between 4/6, the rate at which the dividend is declared, and 1/114, the rate of the day, amounts to $566,081.88. The balance, $301,147.90, to be carried to new profit and loss account.
DIRECTORS.
Messrs. D. R. Sassoon, M. D. Ezekiel and A. McConachie having resigned their seats on leaving the Colony, the following gentlemen have been invited to fill the vacancies thus created-Messrs. David Gubbay, A. J. Ray- mond and Gerald Slade. The Directors have likewise invited Mr. G. D. Böning to join the
Board.
All these appointments require confirmation at this meeting.
AUDITORS,
1,526,350.27
RESERVE FOND.
By balance, 31st December, 1896. By transfer from profit and loss account
ន C.
Moses, F. Henderson, W. S. Builey, J. H. Cox, and J. R. Michael.
hull of the Honam and the same for the deck
of the Fatshan, which together ran into some-
of the
expendi-
The SECRETARY read the notice calling the thing like $20,000. The incidental to the
meeting.
The CHAIRMAN-Gentlemen, the Report and Accounts having been in your hands for several days, I propose that, as usual, they be taken as read.
ture was for ordinary repairs
marks, gentlemen, I would propose the adop usual annual overhauls. With these for re- tion of the report and accounts, but before doing so I shall be pleased to answer, to the suggest themselves to shareholders.
ab Your Directors are pleased to be again best of my ability, any questions which may
to come before you with a satisfactory The accounts have been audited by Mr. F. report for the half year. There is nothing of
in No questions were asked, and the CHAIRMAN especial interest for me to comment upon Henderson and Mr. U. S. Sharp.
connection with the working; we have been moved the adoption of the report and the pass- doing a good, steady business, and the result ad-ing of the accounts,
ST. C. MICHAELSEN, Chairman. Hongkong, 29th July, 1897