142
THE HONGKUNG HOTEL 00, LIMITED.
The following is the report of the directors to be presented at the ordinary meeting of shareholders, to be held at the Company's Hotel, at noon on Thursday, 18th August :---
Gentlemen,In accordance with section 53 of the articles of association, the directors have now the pleasure to submit to the shareholders their half-yourly report for thỏ" gif months ending 30th June, 1898.
ACCOUNTS.
The profit on working_account for the half- year amounted to 871,057.10, as compared with 848,644.39 for the corresponding six months of 1897, being an increase of $22,412.71, or of $35.567.58 over the net profits on the working account for the same period of 1896. |
Including a balance of 83,259.67 brought
THE HONGKONG WEEKLY PRESS AND
Profit And Los ACCOUNT, FOR THE SIX MONTHS ENDING 80TH June, 1898. Dr.:
To directors' and auditors' fees.. To bad debts and refunds attaching to 1897-
1898
To rates and taxes
To interest account
To fire insurance... To Crown rent..
To repairs and renewals account
To balance, which the directors propose to
deal with as follows: ---
To set aside against repairs and
renewals..
6,000.00 To write off furniture & fixtures 10,000,00 To dividend of 4 per cent. 17,768.00
To carry forward to new account 24,805.94
forward from 31st December, 1897, the profit By balance from 81st Dec., 1897...$27,078.17
and loss account shows a credit balance of $58,563.94, as compared with $31,791.70 at credit of the account on the 30th June, 1897, and $22,024.45 at credit on 30th June, 1896.
The directors propose, with your samotion, to deal with the balance of $58,569,94 as follows :-al To set side against repairg- and'
renewals
To pay a dividend of 4 per cent for
the half-year, absorbing
Cr.
.$13,318.50
Less dividend of 3
per cent. Less written off furni -
ture and fixtures .. 10,000.00 Less written off hotel launch..............
500,00
23,818.50
$ 6,000.00
By rents of shops and offices. By dividends on shares
17,758.00
By profit on hotal working account for six
months ending 3′ th June, 1898
To write off from value of furniture
and fixtures
10,000.00 24,805.94
To carry forward to new account...
BUSINESS,
0.
1,650.00
865.90 5,478.03
(August 13, 1898.
cleared and that 100 nores are now planted with first class seed; the ork has proceeded without any serious sickness amongst the coolies om- ployed, an outbreak of which is often a source 207.95 of much difficulty in the opening up of new 2,840.50 land in this part of the world, and Mr. Larken 16,000.00 is well satisfied with the progress made. 1,098.95 Beyond the cultivation of gambier and coffee we are planting a portion of our ground with Para rubber trees and as the soil is suitable it is the opinion of Mr. Larken that there is a great future in store for this branch of enltivation. Generally speaking, our plantation is going on in a satisfactory manner although we must have a little patience before reaping the results of our coffee growing. I think us we have a manager who thoroughly understands bis business there is no reason to doubt the success of our undertaking. Before moving the adoption of the report and statement of accounts shall be pleased to answer any questions shareholders may wish to put.
58,563.94
$85,200.27
3,259.67 10,577.00 306.50
71,067.10
$85,200.27
REPAIRS AND RENEWALS Account.
Dr.
$58,563.94 | To payments on account of repairs and renewals
during the half year ended 80th June, 1898...68,050.22
The business of the hotel during the period under review has been satisfactory, and in all its departments there has been an increased profit on former years, the war in the Philip pines, which caused an influx of visitors from Manila, having partly contributed to this im- provement.
DIRECTORE.
Messrs. E. Osborne and R. C. Wilcox, retire by rotation, but offer themselves for re-election. AUDIT.
The accounts have been audited by Messrs. WH Potts and W. H. Gaskell, whose re- election is recommended.
EDWARD OSBORNE, Chairman.
Hongkong, 12th August, 1898.
Capitak
BALANCE SKEÉT, 30TH JUNE, 1898. LIABILITIES.
each (fully paid up)
8,879: hể Wong Land Investment
Mortgage to
and Agency Co., Limited
Accounts payable
Unclaimed dididenda
Profit and loss account
ARSETS.
Value of land and buildings as per last report→↓
Marina Jót No. 5, & remaining
portion of marine lot No. 8/..$412,523,04 Remaining portion of marine
lot No. 7
répert
Praya Reclamation, as per last
Value of furniture and fixtures
as per last report
Less written off, as recom-
mended in last report
Since added
408,157.26|
20,783.04
..8107,392,46|
10,000.00
$ 97,392.46 1,761.13
Stock of wines, &c., provisions and household
sundries
Value of steam launch, as per
last report
Lees written off, as recom-
mended in last report.....
$2,500.00
500.00
Sharps in public companies Laosness attaching to six months anding Fires1st December, 1898
insurance attaching to six months end Mg 31st December, 1898
Accounts receivable......
CT.
$
0.
By balance forward from 31st December, 1897...$2,429.66 Ry refunds By transfer to profit and loss account
No questions were asked, and the CHAIR- MAN proposed the adoption of the report and statement of accounts.
Mr. MURBAT BAIN-Gentlemen, I beg to second the adoption of the report and statement of accounts as presented, and to add that I fully concur in the remarks of the Chairman about the ability of our manager, Mr. Larken, to make the best even under all difficulties.
The CHAIRMAN-That concludes the busi- ness of the meeting, gentlemen. Thank you for your attendance.
SHANGHAI FEATHER CLEANING COMPANY.
The second ordinary meeting of the above was held at the offices of the General Agents 147.63 (Messrs. Arnhold, Karberg, & Co.) on the 2nd 5,473.13 | August. Present: Messrs. G. Galles (Chairman), John Nölting, E. Karbe, H. Heyn (Directors), $8,050.22 Ph. Arnhold, General Agent; H. Schroeter, Sub-Agent; Messrs. Pingkee, Woo Sawching, Shearer, and Pau Chingpoo, representing in all 171 shares. Dr. Belz from the Imperial German Consulate was present as richler.
TEBRAU PLANTING COMPANY, LIMITED.
The second general meeting of shareholders in the above company was held at the company's offices, 38 and 40, Queen's Road Central, on Sa- turday, 6th Aug,,atapon for the purpose of receiv. ing the report of the general managers, together with a statement of accounts for the period end- ing the 30th April, 1898. The chair was oconpied by Mr. Hart Buck, and there were also present: Messra, H. Humphreys, G. Murray Bain, E. S. 443,950.00 Kelly, J. A. Jupp, W. E. Clements and W. D.
Sutton.
*.
500,000.00 Mr. JUPP read the notice convening the
21,228.98 meeting.
1,128.00 58,568.94
1,024;870;90
The CHAIRMAN said-Gentlemen, I will with your permission adopt the usual course and take the report and statement of accounts as read. The period under review has, as you are aware, been the first year of the Company's working and although all work in connection with our plantations has been going on satis- factorily we regret that owing to the fall in the market price of gambier and in a smaller degree to our having to write off the expenses connected with the flotation of the Company, 841,463.34 | which will not recur, we are not in a position to pay a dividend. Our manager informs us that the fall in the price of gambier made a differ- ence to us of nearly $2,000—and as the cost of production remains the same this all came off dur profits. The reason Mr. Larken gives for the fall in price is over production, last year's export from Singapore being the largest on record. In 1887 the export for the year was 580,060 piculs and in 1897 it had risen to 759,620 piculs; the export for the first three months of 1897 was 180,994 piouls, but for the first three months of this year it had dropped 2,000.00 to 157,608 pioula, while the consumption in 7,033.81
Europe and America appears to have re- 255.00 mained about the same. Mr: Larken considers that it has now touched bottom and that we may 1, 98.95 expect to realize better prices this year. As 12,526.93 mentioned in the report we have acquired two 1,178.44 plantations during the year on his advice for 40,816.85 $3,261 and he writes us that these will show a 1,440.60. handsome profit on the working coven at the 288.43 present low rates. With regard to our coffee plantation Mr Larken reports that. 250 out of $1,024,870,90 1 the 300 acres we intend” plantings have been
Stationery in stock is ........... ..... How kung & Shanghai Banking Corporation Hongkong & Shanghai Banking Corporation
No 2 account
A band
99,153.59
17,921.98
The CHAIRMAN said- Gentlemen, the report and accounts have been in your hands for some time and with your permission we will take them as read. The factory, as you are aware, has only been working for about six months, and our friends at home are unanimous in their reports about the quality of our pro- duce, which gives entire satisfaction. Un- fortunately we have come to the market at a very bad season, whilst prices of the raw material were tery high when we had to lay in our stock, values have been continually declin- ing at home and the few sales which we have so far been able to effect are not satisfactory in their results. We have had, moreover, to over- come a certain prejudice with buyers at home, which is not to be wondered at with a new un- dertaking of this kind. We trust, however, that when the produce comes to be better known with consumers, and when the proper season comes round again in autumn and winter, the results will be more satisfac- tory. In the meantime our Agents have instructions to go on selling slowly with- out forcing sales in any direction, in order to make our produce well known. Prices for the raw material are declining, and it is to be hoped that later on we shall be able to operate at figures which will leave satisfactory results. We have been exceedingly unfortunate in losing our technical manager, Mr. A. Edeler, whose experience and knowledge will be most difficult to replace. As mentioned in the report, steps have been taken to engage another man, but so far we have received no advice of this having been done. The second man in charge at the works also died and we shall have to replace him. In the meantime some provisional arrange- ments have been made to continue the work at the factory. This, gentlemen, is about all I have to say, and I have only to mention that the factory, building, machinery, and engines, as well as the houses for the manager and engineers, have been built and erected to our entire satisfaction and we shall be most pleased to let any of our shareholders inspect them. Before proposing the adoption of the report and accounts I shall be glad to answer any question the shareholders might wish to put.
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