December 2, 1897.]
of working account is Tls. 28,696.98; that is, On the cotton put in and yarn taken out. other side of profit and loss account the con. sulting fees, Tls. 1,500, are not particularly excessive. Auditors, Tls. 250, I need not ex- plain, nor Tls. 605 41 for rates and taxes. This, then, leaves a balance of Tls, 41,261.64. As regards the working account we have not published details, but if any shareholder cares to look at the books they are at his disposal. There is no mystery about this account gentle- men, nothing we wish to conceal, but I do not. think it desirable that there should be put into the papers here and elsewhere the particulars of our salaries and other matters, I repeat there- fore, that if any shareholder would like to inspect the book, he can see these details for himself. (Hear, hear.) The report, to my mind, is a most satisfactory one, and, so far as I can 800, is very hopeful for the future. I trust we shall continue to have reports as satisfactory as this one, or more so. If any shareholder has anything to say or any questions to ask ou the report the meeting is now open to him.
In seconding the adoption of the report and accounts proposed by the Chairman Mr. Pren- tice remarked that there had been no formal opening and inspection of the place. Company was one of two Companies which held their own ground.
This
The reports and accounts were passed. On the proposition of Mr. McLeod, seconded by Mr. Prentice, the dividend of Tls. 3 per share to all shareholders on the register at date was passed.
Mr. J. D. Clark then proposed, and Mr. Cushny seconded. that Messrs. J. Prentice, A. McLeod, T'a Fong, and Tee Sang be elected to act in conjunction with the head of the firm of Jardine, Matheson & Co. as Consulting Com- mittee.
Mr. Wingrove was re-elected auditor on the
CHINA OVERLAND TRADE REPORT.
Cotton and in
yarn procesa Yarn in stock
Unexpired fire insurance premia Rates and taxes (applicable to next year) Sundry debtors Preliminary expenses Hongkong and Shanghai Bank Cash in hands of compradore
PROFIT AND Loss AccoUNT.
Dr.
To Consulting Committee's fees To auditor's fea To rates and taxes To balance
- Cr.
By interest. By transfer fees By balance of working account
a8
427
27,485.22 | these repairs and additions to the factory have 104,691,64 been completed, and the manager expresses 5,027.91 his complete satisfaction with the way in 005.42 which the work has been done, and in 1,438.51
this connection he speaks very highly of the 3,957.78
Estate's engineer. The plant itself has 6,553 27
not only 2,730.70
been largely increased or im- prover both in. power and regards Taels 1,304,323.02 economy of working but the re-arrangement of the machinery gives far more satisfaction. The season has opened very favourably. The crop is a large one, and there is every reason to believe that it will prove to be a heavy one, but this, of course, depends to a very consider- able extent upon circumstances which are always, more or less, beyond the control of the actual management. The work on the new crop began last month, and the production of sugar in October gave the highest average. yield per orlong that has ever been known in the history of the Company. The canes now being cut also promise to give a very heavy yield. The whole of the new crop has been sold at satisfactory prices. As to the fresh water supply which you see re- ferred to in the report, this work is one, as you well know, of extreme importance to the Com-
Tla. ets. 1,500.00 250 00 605 41 41,261 64
Taals 43,617.05
Tls. cts.
14,456.07
404.00 28,696.98
Taels 43,617.05
The extraordinary meeting was then convened for the purpose of confirming the resolutions passed at the meeting of 25th ult.
The Chairman said he had very little to add to what he had said before. He wished the resolutions passed as during the cold weather the breaking of ground and other matters could be got along with better. As regarded the financial part; he would take up the list of shareholders and ask them if they wished to take one new for every two old shares held by them, some to be returnable at end of January with Tls. 10 per share. This would not be wanted until after the Chinese new year. They did not want money immediately, but on allotment Tis. 15 per share more would be called for. Mr.. Taylor informed him that
pany's welfare. It has been successfully pro- secuted during the past year, and, as you see, the canal has been completed as far as the boundary of the estate, and it is now in course of being carried to the factory and the coolie lines. This will greatly benefit the coolies and also supply the clear water that is so much needed for the satisfactory working of the boilers and machinery. Besides this we hope that ultimately the supply of water will be developed into a general system of irrigation of the whole property, which, as you know, will be
a work of inestimable value. Those are the only points in reference to which I can see any remarks to make with advantage, and, therefore,.. if you have no special questions to ask I will
proposition of Mr. Gratton, seconded by Mr. there are more applications for shares than they proceed to put the first resolution - That the Overbeck.
This ended the ordinary meeting. The following is the report:-
The General Managers now submit a state- ment of receipts and expenditure to 31st Octo- ber, 1897, together with the result of the first six months working.
The Mill began working on 10th May with 4,000 spindles, increased now to 23,500 spindles and averaging 14,249 spindles for 24 weeks and 3 days.
The profit and loss account for that period is attached and shows a balance at credit of Tls. 41,261.64. From this, however, must be de- duoted the sum of Tls. 3,957.78, to eliminate the amount standing at debit of preliminary expenses in the balance sheet. On the other hand, the General Managers have waived their commission which would amount to Tls, 4,228.12 on the amended scale.
were entitled to. He hoped the same confidence would prevail all through. The debentures were not intended to be issued en bloc and thus
upset the money market, and when wanted would not be until later to pay for expenses.
The Chairman then put the proposition that the four resolutions passed at the last extra- ordinary meeting and printed in the notice convening the meeting be hereby confirmed.
Mr. Prentice seconded and the resolutions were passed unanimously.
This closed the proceedings.
THE PERAK SUGAR CULTIVAT: ON CO., LIMIT: D.
was
The twelfth annual genersi meeting of this the on held at Shanghai Company 24th November. Mr. W. V. Drummond (Chairman) presided, and there were present: Messrs. W. D. Little, J. H. McMichael (Dir-
It is proposed to pay a dividend at the rate of 7% per annum, equal to Tls. 3.50 per share, which will absorb Tls. 35,000, and to carry forectors), C. J. Dudgeon (Secretary), D. W. ward the balance of Tls. 2,303.86 to new account.
- ONSULTING COMMITTEE,
in
Mr. M. Adler retired on leaving for Europe and Mr. A. McLeod has joined the board. accordance with Article XVII all the members retire, but, being eligible, offer themselves for
re-election.
AUDITOR.
Mr. Wrightson having resigned, Mr. Win- grove was appointed in his place and offers
himself for election.
General Managers Shanghai, 15th November, 1897.
Crawford, W. B. Jamieson, J. M. Young, E. Hey, A. Thurburn, A. Cushny, and H. Sylva, representing in all 655 shares.
report and accounts, as presented, be passed."
Mr. W. D. Little seconded, and the resolution was carried nem, con.
Proposed by Mr. D. W. Crawford, and seconded by Mr. A. Thurborn, Mr. J. H, McMichael was re-elected a director; and upon the proposition of Mr. J. M. Young seconded by Mr. E. Hey, Mr. G. R. Wingrove was re-
elected auditor, his remuneration being fixed at Tls. 200 per annum.
The Chairman proposed, and Mr. MoMichael seconded:-"That the next annual general meeting of the Company be held in the month of November, 1898.
The adoption of this resolution concluded the proceedings.
CORRESPONDENCE.
[We do not hold ourselves responsible for the opinions expressed by our correspondents.]
THE GOVERNMENT GROUND ON THE PRAYA RECLAMATION.
TO THE EDITOR OF THE "DAILY PRESS. SIB, The Hongkong and Shanghai Bank having enclosed and turfed the piece of Re- clamation fronting the Bank, may I, through your columns, suggest to the Government that it would be a fitting opportunity to remove the collection of hovels and workshops opposite the City Hall and imitate the excellent example of the Bank by enclosing and turfing in a similar imanner a corresponding strip of ground on,
*
The Chairman, in moving the adoption of the report and accounts, said-With your permission I presume we may follow the usual course of taking the report that has been circulated as having been read. You may remember that in the last report we estimated that the season would close on the 30th of September. Owing, however, to the satisfactory working of the machinery we were able to close the season on the 31st August; the other side of the road. JARDINE, MATHESON & CO.,
The ground could no doubt be spared and there that made a very short season therefore of only eight months. With regard to the result of would still be ample room for the new Govern- ment buildings; it would give space for future that I think you will be satisfied that under all the circumstances it has been a decidedly satis-extension and it would considerably improve the factory one, the working account showing a surroundings of Her Majesty's Statue. But if profit of upwards of Tls. 20,000. Under the done at all it should be done at once.-Yours new management considerable economies have truly,
IMPROVEMENT. been effected in the management of the estate,
Hongkong, 27th November, 1897. besides a general smoothness in the working in Taels 1,304,323.02 all respects. You may, perhaps, notice that
there has been
writing no
off
for
At Shanghai on the 19th November, a fire depreciation, but I would ask your atten- broke out at about 1.30 a.m. among some loose 137,506.93 tion to the fact that during the past two cotton in the mixing room at the Laou-kung- The fire 259,857.02 years Tls, 28,000 have been charged in the work- mow Cotton Mill, Yangtzepoo Road. 601,626.23 ing account for repairs and renewals and I think was extinguished by the automatic sprinklers 15,741.94 that these may fairly be considered as a set-off with which the premises are fitted, aided by the 3,865.50 against the absence of any writing-off for de-hose belonging to the mill. The damage done 1,964.58 preciation in those years. With regard to the is estimated at between Tls. 8,000 and Tls, 128,603.97 repairs, and additions mentioned in the reports, 9,000, principally caused by water,
LIABILITIES.
Capital account
Jardine, Matheson & Co.
Accounts payable
Profit and loss account
Property
Buildings.
Plant
Water supply
Mill stores
Coal
Furniture
ASSETS.
Cotton and cotton waste in stock
Tls. cts. 1,000,000.00 246,822.74 10,238.64 41,261.64
Tis. cts.
1,816.40
3