330
TUE YANG-TSZE INSURANCE ·
ASSOCIATION, LIMITED.
The following is the report for presentation to the eighth ordinary general meeting of shareholders, to be held at the offices of the Association, No. 26, The Bund, Shanghai, ou Friday, 22nd April
The Board of Directors have now the pleasure to submit to the shareholders the annual report and audited statement of accounts and balance sheet to the 31st December, 1897.
Working Account, 1896 and former years.- This account shows ย credit balance of $187,345.15, against $221,129.99 on the 31st December, 1896. The directors recommend the payment of a dividend to shareholders out of this account of 10 per cent. The account will then stand as follows:-- Dividend of 10% (=$6 per share) $ 48,000.00 Balance to be carried forward... 139,345.15
$187,345.15
Working Account, 1897.-The net premia earned during 1897, after deducting Re- turn Premia, Re-insurance Premiu, &c., amoant to $515,156.74, against $426,929.36, during 1896, and the account shows a balance at credit of $226,512.92 on the 31st December last, but as claims pending on known losses and casualties are estimated at $163,000.00 the Dir- ectors do not recommend the payment of a dividend to shareholders out of this account at present, but propose to carry forward the balance to meet any unknown losses.
Unallotted Shares. The 1,052 unallotted shares
the 1st October, were issued 1897, and were all applied for and taken up by shareholders. After crediting Capital Account with $63,120 (being $60 per share on 1,052 shares) and paying to the holders of "odd" shares their proportion of the profit on shares tendered for, there remained a sum of $66,000 which has been placed to the credit of Reserve Fund. That fund now stands at $516,000.
on
Exchange and Investment Fluctuation Ac. count. This account has been increased by $8.777.57 and now amounts to $85,561.27.
Sterling Exchange has been taken at 2s. Ed. per tael (the demand rate on 31s: December, 1897), and the relative value between dollars and taels at 73,
Investments.-The value on 31st December last has been taken for all the Association's investments.
Directors. On the departure of Mr. E. B. Skottowe for Europe, Mr. T. E. Sansom, Mana- ger of the Chartered Bank of India, Australia, and China, was invited, and accepted the iu- vitation, to fill the vacant seat ou the Board.
In accordance with the articles of association the present Directors all retire from office, but, being eligible, offer themselves for re-election.
Auditor. he accounts have been audited by Mr. Augustus White, who offers himself for re-election.
By Order of the Board of Directors,
W. S. JACKSON,
Secretary. Shanghai, 31st March, 1898.
WORKING ACcount for 12 MONTHS ENDING 31st
December, 1897.
Dr
To net premia, less re-insurances, dc.
To interest account
To transfer fees account
To profit realized on sales of securities and
exchange.....
Cr.
By claims paid, less re-insurances, ¿c
$
0.
515,156 74 64,576.07 191 00
|
THE HONGKONG WEEKLY PRESS AND
$ e
18,580.16 |
C.
$598,503.97 $ 280, 54 62 23,963 63 25,789 68 21,928 90
By agency commissions
By head office and general charges
Hy London charges
By Hongkong charges
ly agency charges
4,304 51 9,043 03
Hy directors', auditors' and committee's fees
By balance
6,746 68 226,512.02
$598,503.97
WORKING ACCount, 1896, and FORMER YEARS
Dr.
To balance of working account 1896 from last
Account
To balance of working account former years
from last account
0.
Cr.
By not claims, re-insurance premia, and
premia returned, &c, account, 1896.
By bonus to secretary and staff
By dividend-$6 per share on 0,918 shares By special dividend, former years account-
$6 per share on 8,948 shares By amount transferred to reserve fund By not claims, and all payments account
former years ... By balanco
April 123,
1898.
of the considerable difficulty which an institu- tion working with gold funds only finds when 144,681 67 operating in countries where the currency is
6,28 47 4,688.00
41,688.0 50,000.0
BALANCE SHEET, ON 31ST DECEMBER, 1897
LIABILITIES.
Capital, 8,000 shares of 100 each upon which the sum of 60 per share has been called and paid up Reserve fund Exchange and investment Ructuation ac-
count
Working account, 1897 Working account, 1896 & former years..... Uncollected dividends and bonus
ASSETS.
Midland Railway ompany, consolidated 4 per cent prepetual preference stock £7,436.5.0
Great Northern Railway o., consolidated 4 per cent, preference stock £2,227. 0.0 London and North Western Railway Co. consolidated 4 per cent. preference stocks £3,787.10.0
Great Western Railway Co. 4 per cent. de-
benture stock £1,937.10.0 Great Western Railway Co 4 per cent.
debenture stock £3,210.0.
Indian 34 per cent, stock, 931, £2,145.2.5 Mortgages on real estate at Shanghai Chinese. Imperial Government E Loan of
5,876 78
silver.
The directors who retire at this time are Mr. D. McLean and Mr. H. D. Stewart, who, being eligible, offer themselves for re-election.
The Auditors, Messrs. Turquand, Youngs, Bishop and Clarke, offer themselves for re- election for the current year.
By order of the Board,
F. C. BISHOP,
Manager.
GENERAL BALANCE SHEET.
SHEWING THE POSITION OF The LiquidatION ON 31st DECEMBER, 1897.
CAPITAL AND LIABILITIES.
1,250 deferred shares of £1
ach...
9 preference shares of £5 each 106,701 ordinary shares of
£8 each
1,105 deferred shares of £1
each
+
£
8. d.
187,345.15
$477,561.07
$ 0.
16th March, 1898.
480,000 00 318,000.00
85,561 27 226,512 92 187,345,5 3,097 44
To authorised capital-
39,950 preference shares of
£5 each
£199,750
199,875 ordinary shares of
£8 each
1,599,000
$1,498,516.78
$ с
1,250
£1,800,000
To subscribed capital-
70,404.96
22,885. 7
£45
853,608
1,105
38,012.67
19,9 5.82
£854,758
To paid-up capital ·
32,079.45
22,049.19
349,169.52
91,917.31
284,246.58
186,177.59
34,216.58
34,246.57
11,712,33
39,136.99
26,164 38
20,778 12 11
352,674 17 1
S,747 10 0
361,422 7 1
7,534.25
1,105 deferred shares of £1
each fully paid
1,'05 0 0
30,821.92 0,506.85 18,3 8.22
-362,527 7 1
30,093.75 6,250.00
2,300.00
Co-operative Cargo Boat o, Ltd., shares North-hina Insurance Co, Limited, shares Policy stamps at agencies
7,808.22
Add interest to date......
273.47
226,887 6 1 4,903 19 9
623.63
230,791 5 10
Head office and London furniture
2,969.30
123,870.96
$1,498,516.78
1,427 10 6
£595,142 5 8
1386
Cash at Bankers on fixed deposit Cash at Bankers on current account Shanghai Lard Investment Co., Limited 6
* per cent, debentures of 1890
Shanghai Land Investment Co., Limited &
per cent, debentures of 1894 Shanghai Land Investment Co., Limited 5
per cent, debentures of 1896
Shanghai and Hongkew Wharf Co. 6 per
cent debentures Shanghai Municipal 5 per cent, debentures
of 892 Shanghai Municipal 5 per cent. debentures
of 1895 Shanghai Waterworks o, Limited, 5 per
cent debentures of 1896 Shanghai Cargo oat (o, Limited, shares
Farubam & Co, Limited, shares Hongkong and Whampoa Dock Co., Limited,
S.
shares
Boyd & Co., Limited, shares
Union Insurance Society of anton, Limited,
shares
Due by age.cies, premia in course of collec.
tion, and sundry outstandings....
THE BANK OF CHINA AND JAPAN, LIMITED.
The following is the report which was to be presented to the shareholders at the third an- nual meeting to be held on Monday, the 28th March, at the Cannon Street Hotel, London, E. C.:-
The Directors beg to submit to the share- holders a statement of the affairs of the Bank as at 31st December, 1897.
Considerable progress has been made in reali- sation of the Assets of the Old Bank, and repay- ments to depositors during the year have reduced the old liabilities to a sum of £112,943 13s. Id., being 10 per cent. of the original amount due. Sales made since 31st December, with proceeds of call due 2nd April, will enable this sum to be liquidated during May.
Decisions have not yet been given in the suits against American and Chinese recalcitrant shareholders, but these suits are being pushed on with good hopes of success in the New York Courts, and at Peking the cases against Chinese are in the hands of H.B.M's Minister.
$
The working of the New Bank shows a pro- 256,431.08
fit of about 3 per cent, on the Capital allotted 221,129.99 it, after providing for all its expenses and the ordinary cost of liquidation; and this has been $477,561.07 earned solely in exchange banking, and in' face
108
Ordinary shares.
107,483 as per balance sheet at 31st De-
cember, 1896.
6:8 issued during the year 1897.
108,101
1,400 surrendered during the year 1897. 106,7 1 of £8 cach at £3
Bharo per
£373,453 10 0 Deduct-Instalments of call of £3 15s. per share not yet paid
Add-Instalments of call of £3 158. per share paid in advance
To uncalled capital paid in advance To instalments of call of £3 58 per share paid up on new shares not yet allotted... To fixed deposits and current
accounts in old Bank £1, 38,7 7 10 9 Less repayments to date.
9.2,830 4 8
200 0 0
196 2 3
Of which due for repayment on 1st Janu-
ary, 1898, £117,847 128. 94. To other liabilities..
ASSETS.
By investments and advances in gold By investments and advances in silver at
average 18 10 d
By other securities.
£ a. d. 7,100 2 0
141,409 19 0
883 0 9
By cash in ank of England at credit of J
L Boyd and others(trustees for depositors) 120,443 510 By new working account-
Funds in transit payable by
new Bank Balance of profit and loss
account transferred
£9,101 4 4
2,763 0 8
11,864 5 0
By capital set aside for new working ac- count, subject to the conditions contained in clause of the agreement dated the 21st February, 1895, embodying the scheme of arrangement, and in the 2nd schedule to the order of the Court dated the 3rd April, 1895, sanctioning same... 100,000 0 0 By deficiency account, as at
31st December, 1896 £218,945 10 4 Less-profit and
loss old account £2,740 16 7 New account... 2,763 0 8
5,508 17 3
NOTE -In respect of this deficiency the calls on the shares of the old Bank made both prior to the commencement of and in the liquidation are receivable These amount to £744,529 Is. 10₫, but it is impossible to estimate their value, the greater part of them being due from Chinese shareholders.
213,441 3 1
£595,142 5 8
i