March 12, 1898.]
Board, and as they were all let from the day of completion, the Company will get the benefit of ten months' rents on this second terrace in this year's accounts. In the latter part of last year we commenced building four first-class semi-de- tached houses which should be ready for occupa- tion in September next. Three are already taken, probably the fourth will be before it is finished.. On the 1st of January last, the Com- pany acquired five building lots at Yaumati, namely Kowloon Inland Lots 751, 754, 756, 759, and 760. We have arranged for the erection of seventeen Chinese houses on Lot. 751, and as Yaumati is a rapidly improving district we have every confidence that this purchase_will_tarn out a very satisfactory investment. In Hong- kong we have acquired the two fine residences on the Peak Road known as Luginsland, which are next to our house St. Andrews, at a price which will give the Company a good return on the purchase money. I do not think there is ay- thing more for me to say that will interest you, but if any shareholder would like further in- formation I shall be pleased to answer any ques- tions.
Mr. SHARP--I see, Mr. Chairman, the Com- pany have bought a number of shares in the Dock Company, I presume that the amount is the actual cost figure.
The CHAIRMAN-Yes.
Mr. SHARP Why I asked that was this. There is no amount in your profit and loss account. I did not know whether that was in the nature of investment on fluctuations account.
WHO CHAIRMAN-Realized profits. Mr. Co-The debentures, Mr. Chairman, did not appear in the account last year, they have been issued this year. Perhaps a word of lexplanation about that would be useful to share-
holders.
The CHAIRMAN-Last year, Mr. Cox, we had a certain amount on mortgage-the amount was $175,000-and we paid off the mortgages, and issued debentures.
Mr. SHARP-These debentures are 6 per cent ?
The CHAIRMAN-Yes, 6 per cent. Of course, I may say it was an advantage to the Company; we gained interest by doing this.
No further questions being asked, the CHAIRMAN proposed the adoption of the report and statement of accounts as presented.
Mr. Cox seconded, Carried.
Mr. MANCELL-I beg to propose the re-elec- tion of Mr. Fullarton Henderson as auditor for the ensuing year.
Mr. BUTTON seconded. Carried.
The CHAIRMAN-That, gentlemen, concludes the business of the meeting. Dividend war- rants will be ready on Monday. Thank you for your attendance.
HONGKONG ROPE MANUFACTUR- ING. CO., LIMITED.
The fourteenth ordinary general meeting of the Hongkong Rope Mauufacturing Company, Limited, was held on Monday in the offices of the General Managers (Messrs. Shewan, Tomes and Co.). Mr. R. Shewan presided and there were also present-Messrs. D. Gillies, J. H. Lewis and A. J. Raymond (Consulting Committee), G. H. Potts, E. 8. Kelly, Fullarton Henderson, W. S. Bailey and Fung Wa Chuon.
The notice convening the meeting having been read,
195
Profit and Loss Account, for the Year RNDING ยท
31 DECEMBER, 1897.
$
Consulting Committee.........
Auditors' fees Charges account. Amount written off for depreciation 1897. Amount transferred from bad & doubtful debts Balance
Balance brought forward from 1896
Profit on stores
Dividend on fractional certificates.
Interest and dividends on investments Exchange
BALANCE SHEET.
2,000.00
800.00
1,640.95 25,000.00
783.39 64,932.90
$94,607.24
$ 4,485.52
90.45 12.00 8,987.88
741.88
$94,607.24
$
CHINA OVERLAND TRADE REPORT.
tioned in the report, we are experiencing the effect of competition in Japan, where there is some sentimental prejudice in favour of the home-made article, but we can hardly believe that steamer Companies there will long con- tinue to use inferior rope from any such feeling as this, and we have no doubt that the admittedly better quality of our article will make itself felt in time. The plant, machinery, and buildings are all in excellent order, aud are well and carefully looked after by your Super-Profit on working s.s. Esmeralda and Zafiro 85,289.56 intendent, Mr. Klinck, and his staff. In that and every other respect I can say from my own knowledge, as well as from the testimony of others, that our factory compares very favour- ably with the best and most modern at home or in the United States. There is little, I think, in the accounts that requires explanation. The amount of $7,498.18 due from sundry debtors has all been since collected, and that of $6,694.20 due to sundry creditors is now re- duced to about $3,000, which will probably all be paid off in the next few days. The item of $30 at credit of reserve fund last year was raised to present figure, 8510, by the addition of further uncollected dividends. Our invest- mente in local stocks stand in our books well within the market value to-day and yield us a good return on the money. I may explain that the item of $5,420.86, interest and dividends, would have been about the same as last but that one dividend amounting to $1,500, was only collected after these accounts were closed. This is all that occurs to me to say to you, gentlemen, but if any of you have any ques tions to ask, I shall be glad if you will do so before I proceed to move the adoption of the report and accounts.
year,
No questions being asked, the CHAIRMAN said-I now propose that the report and ac counts for 1897 as presented to this meeting be adopted and passed.
Mr. POTTS seconded, Carried.
Mr. KELLY proposed the re-election of Messrs. Gillies, Lewis, Raymond, and Shewan to the Consulting Committee.
Mr. BAILEY seconded. Carried.
Mr. GILLIES proposed the re-election of Messrs. Arnold and Henderson as Auditors.
Mr. FUNG WA CHUEN seconded, Carried.
The CHAIRMAN-Gentlemen, thank you for your attendance--Dividend warrants will be ready to-morrow morning.
LIABILITIES.
Capital 5,000 shares at $50 paid up
Reserve fund
Underwriting account Sundry creditors
Due to General Managers Balance of profit and loss account ............................................
ABJETS.
Value of Company's steamers Esmeralda and Zafiro, as per last statement
Less depreciation written off
Value of buoys and moorings at Amoy and
Hongkong, as per last statement Value of coals on hand
Value of stores on hand
250,000.00 35,000.00 8,134.96
26,567.52
4,890.00
64,932.90
$389,025.38
$195,000,00 25,000.00
170,000.00
100.00 1,240.00
807.77
10,097.24
35,950.24
31,529.42
Hongkong & Shanghai Banking Corporation. .63,204.32 Cash on hand
5,763.89
Investments in shares at cost
70,332.50
200,shares Hongkong Land Investment and
Agency Co., Limited
Premium value of unexpired policies. Outstanding freight 1897.. Sundry debtors
100 shares China Traders Insurance Co., Ltd. 120 shares Yangtze Insurance Association,
Limited
100 shares Douglas Steamship Co, Limited... 137 shares Hongkong Rope Manufacturing
Co., Limited
$389,025.38
THE GREEN ISLAND CEMENT CO., LIMITED.
The following is the report for presentation to the shareholders at the ninth Ordinary Gen-
THE CHINA AND MANILA STEAM-eneral Meeting to be held at the Office of the
SHIP CO., LIMITED.
The following is the report for presentation to the shareholders at the fifteenth Ordinary General Meeting, to be held at the Office of the General Managers, on Monday, 21st March, at 11 o'clock a.m.:----
Annexed we beg to submit to Shareholders
The net profit, including the balance from last year, amounts to $64,932.90 which it is proposed
to deal with as follows, viz
General Managers on Tuesday, 22nd March, at
noon
Annexed we have the pleasure to lay before shareholders a statement of accounts of the Company for the year ended 31st December, 1897.
The net profit, including the amount brought forward from the previous year, amounts to the usual annual statement of accounts for the $58,738.31, which it is proposed to apppropriate
as follows:- year ending 31st December, 1897.
To place to Reserve Fund in accor-
dance with the Articles of Associa tion
.$ 1,900.00 To pay a Dividend at the rate of 25
per cent, per annum On the old Shares, $10 paid up, from 1st January, 1897, 12 months and On the New Shares, $2.50 paid up, from 2nd August, 1897, gay 5 Months, absorbing on the old Shares
To place to Reserve Fund
$ 25,000.00. To pay a dividend of 15 per cent.. 37,50.000. To carry forward to next year's
2,432.90.
account This result is an improvement upon that of last year and is especially satisfactory as the Company has had to face a heavy increase in the cost of fuel during the past twelve months, Each steamer has undergone her usual annual overhaul and is in first class order.
The CHAIRMAN said-Gentlemen, the report and accounts have been before you for some days, so it is not necessary to read them now. We propose to place $10,490 to reserve, thereby raising that fund to $11,000, and to pay the same dividend as last year, viz., 20 per cent., absorbing a further $50,000, leaving $9,877.31 to be carried forward to the credit of next year's account. The result is a better one than we anticipated, and we can only hope that 1898 may show no falling off. To keep up with our pincreased production we have been looking round for fresh outlets for our rope, but if we succeed in this, as we have no doubt we shall, you must not forget, that in order to get into and push sales on new markets, we must be prepared to accept lower prices at first, until our make has gained a footing for itself, and dan command full figures. An men.1 Hongkong, 1st March, 1898.
CONSULTING COMMITTEE.
Mr. J. H. Lewis was appointed in the place of Mr. Ezekiel, and Mr. R. Shewan was re-ap- pointed to the Committee on his return to the colony in place of Mr. C. A. Tomes.
#
In accordance with the Articles of Associa" tion, Messrs. Gillies, Siebs, Lewis, and Shewan all retire, but offer themselves for re-election.
AUDITORS.
"The accounts have been audited by Messrs. J. H. Cox and T. Arnold, who are eligible for re-election.
SHEWAN, TOMES & CO.
General Managers..
|
Absorbing on the new Shares ... This will leave
50,000.00 7,497.40 240.91
to be carried forward, in addition to which there will be an amount of $2.604.17 placed to the credit 1898 account being the dividend on the 10,000 new shares registered in the name of the General Managers.
The year's working has been seriously inter fored with by the heavy rise in the cost of coal and coke. The output of the factory we are glad to say, has been still further raised, but sales, owing no doubt to the high prices now ruling, consequent upon the increased cost of production, have fallen off. The net result is, however, still very satisfactory and shows a decided gain upon last year's figures.
At Macao the new kiln has given a good deal of trouble in various ways, and its working
J