February 25, 1899.1
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CHINA OVERLAND TRADE REPORT.
the difficulties in those islands. The godow" space at our disposal for the sorting of the large quantity of goods we handled daring the year has been very limited and was in fact largely encroached upon to make room for the heavy stocks which aconmulated on storage, and the inevitable result of this encroachment was that our resources were so taxed it became im- possible to conduct the work with proper care and attention, and we were compelled, in a mea- sure, to sacrifice efficiency to the exigencies of the - moment. Under these circumstances and bearing n mind how very essential it is in a business such as ours to have ample accommodation, your directors at o ce decided to erect a large godown on one of the timber yards, and at the same time they acquired three lots of adjoining ground on which to store the timber thus dis- placed, at a price which compares favourably with recent laud sales at Kowloon. This teaches us that we must not again be unprepared for sudden and exceptional demands upon our space and with that and in view it is our intention to still farther add to the godown accommodation at Kowloon. We also pro- pose to increase the fleet of cargo boats, as our experiences of the past year have shown that it is not to the interests of the company to be in the slightest degree dependent upon the osprice of native lightermen. At Kowloon we are re-erecting the sheer legs which have been lying idle so long, the indications being that there will be considerable importations of heavy weights and railway material in the near future. and we think the company should be prepared for this branch of work. The West Point Reclama- tion is now completely utilised aud the buildings there comprise six godowns and four Chinese houses, all of which are yielding a good retura | Carry forward to new account,.. on the outlay. It may interest you to know that since the company issued its debentures in 1894 it has expended $126,470 in new buildings, and the debenture holders have consequently had their security improved by that amount, In this connection I may add that a recent valuation of the company's assets shows that, taking the land at prices even lower that at which adjacent property has changed hands- taking the buildings and wharves at the price they would cost to-day, and tak`ng the launches, lighters and other realizable assets at what they would sell at auction-your assets at the present moment exceed your liabilities by more thau half a million of dollars. I shall be pleased to answer any question shareholders may desire to ask.
the motion of Mr. @EORG, seconded by Mr. Ho FOOK.
Messrs. Beurmann and Whealler were re-elected directors, on the motion of Mr. GooSMANN, seconded by Mr. GEORG.
Mesars. F. Henderson and W. H. Potts were re-elected auditors, on the motion of the CHAIRMAN, seconded by Mr. Wilcox.
This was all the business. The CHAIRMAN announced that dividend warrants would be posted that afternoon.
The following is the report presented to the meeting-
The directors have now to submit to share- holders their report with a statement of accounts for the year ended 31st December, 1898.
ACCOUNTS.-The gross revenue derived from Wharfage, Landing, &c., amounted in 1898 to $604,934.76 as against $398,749.95 the previous year, showing an increase of $206,184.81 and the profit on working was $216,053 33 as coin- pared with 3126,445.28 in 1897 being an increase of $89,6 8.19.
The balance at credit of profit and loss after paying interim dividend of 3 per cont. and in- cluding $9,808.51 brought forward from last year is $159,952.94, which it is proposed to appropriate as follows:
No questions were asked, and the CHAIRMAN proposed the adoption of the report and ao- σουρία.
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Directors' and Auditors' fees Final Dividend of 7 per cent Transfer to Depreciation and Re-
pairs Account Write off Railways and Rolling Stook
Launches Lighters
"
་་
"
West Point Wharf Furniture and Plaut
$ 6,500,00 70,000.00
169
buildings $93,536.85, and sundry debtörs $100,853.34. The profit and loss account shows on the debit side $85,908.95 as interest, $30,000 as interim dividend, and the balance of $159,952.94 appropriated as recommended in the report.
The following is the working account :-
Dr.
permanent staff
To wages of To Crown rent To tuxes
To charges (office and telephone rent, station. ery and printing, collecting commission, sundries, do.
To legal expenses To fire insurance
To claims on cargo
88,175.36
8,959.17
12,288.83
12,599.28
761.75
2,697 40 2,598.88
To expenses on cargo and coal, coolie hire, &o. 248,810.88 Lo expenses of launches To expenses of lighters
To balance to profit and loss account
Cr.
By wharfage, storing, landing, de
·9,959.67`
2,230.78
216,058.38
$604,934.76
0.
604,934.76
$604,934.76
HUMPHREYS ESTATE ANDE
FINANCE, CO., LIMITED.
The thirteenth annual general meeting of the Humphreys Estate and Finance Co., Limited, 20.000 00 was held on 20th Feb: at the registered offices of 4,000,00 the Company, Nos. 38 and 40, Queen's Road 3,862.64 Central, r. H. Humphreys presided. The 4,541.98 others present were:-Messrs. J. A. Jupp, 3,00,00 G. C. Cox, A. H. Mancell, J. A. Tarrant, and 3,503.93 W. C. Taylor (Secretary). 44,544.39
$159,952.94 BUSIN 188.The volume of the Company's business during 1898 was considerably greater than in any previous year, but a large propor- tion of the increase was due to the War in the
Philippines, which caused a temporary transfer of trade from Manila to Hongkong.
LAND.-The Company has recently acquired: -K. I-L. 499
area 21,788 square feet.
39,969 33,750
*
411 414
31
11
41
1 t
95,507 BUILDINGS.- A new two storeyed godown is in course of erection on M. L. 20 at Kowloon. At West Point the two godowns referred to in last report have been completed and four Chinese houses are being built at the corners of the Company's property there.
LAUNCHES-A new tag named the Stork was completed in March last.
LIGHTERS. Six new cargo boats were built bitant charges made at times by native lighter- during the year. In consequence of the exor.
men it has been decided to still further add to the Company's fleet of boats.
WHARVES.-There have been no exceptioual alteratious or repairs to the wharves. A small new wooden one in carry the Sheer Legs is in coarse of construction.
Mr.GOOSMANN in seconding, said Mr. Chair- man, thanking you for the interesting figures you have given us in your speech which we have just heard, I beg to rise to second the adoption of the report and acoouuts. At the same time I wish to solicit a vote of thanks to our directorate, and in particular to pay a special compliment to our manager, Mr. Osborne. It is perhaps ten years ago-the meetings of this Company were then held at the City Hall in the Chamber of Commerce Room, Mr. James Keswick being in the chair-Michaelsen, and Mr. A. Ross having resigned that I complimented this Company upon having secured the services of our present manager. There is perhaps nobody here who knows better than myself the many little difficulties which are connected with the working of this company, and I can assure you it has been a great deal of uphill work. We know, of course, that we have beeu
favoured during the past year by unusually for tunate circumstances, but I must compliment our Board of Directors, and especially our able manager, that they have made such good use of these favourable circumstances. I know a few words of acknowledgement will sometimes go a very long way. I am certain that all I bave said will be fully re-echoed by the shareholders who Bre unfortunately prevented from coming here in consequence of the miserable weather to-day, and I hope that these words of acknowledgement will urge ou our Board of Directors and our manager, Mr. Osborne, to lay before us next year an equally favourable report to that laid before us to-day. With these remarks, Mr. Chairman, 1. beg to second the adoption of the report and accounts.
The appointment of Messrs. Sachse, Haup and Thompson as directors was confirmed, on
DIRECTORS. Mr. G. D. Boëning, Mr. St. C.
on leaving the colony their places have been Haupt, and Mr. C. H. Thompson and the ap- taken respectively by Mr. P. Sachse, Mr. A. pointment of these gentlemen require confirma
tion
AUDITORS.-Messrs. F. Henderson and W: H. Potts have audited the acconuts now pro- sented, and the Directors recommend them for
re-election.
J. J. BELL IRVING,
Chairman.
Hongkong, 17th February, 1899. The balance sheet shows liabilities of $1,882,643,89 made up of the following items, namely, capital $1,100,000. Hongkong and Shanghai Bank $141,16,53. debentures $500,000, sundry creditors $132.201.91. depre- ciation and repairs account $64,229.56, an- claimed dividends $501,50, and profit and loss account $44,544. On the other side of the ac- count the value of the Company's property is Bet out in detail, the principal items being as follows:-Value of land and buildings at Kowloon $1,265,385.16, wharves at Kow- loon $100,377.15, West Point Reclamation (44,435 sq. fest at $4) $177,740, West Point
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen, the report and statement of accounts have been in your hands for some days, so with your permission I will take them as read. You will observe that rent account shows an increage over 1897 of $8.194.18, and we estimate the current year will. show a still larger incoase under this heading. The Company, with a rent roll sufficient in it- self to pay a fair dividend, and valuable land at Kowloon in reserve, available for new buildings, will thus be in a very sound position. The 250 Dook shares held by the Company as a temporary investment on 31st December last and against which they had borrowed $50,742. 8 from the Hongkong Bank were sold in the early part of the year as money was required to pay for newly acquired properties and to provide for payments due on building contracts; and you will notice in this connection that there has been an increase during the year of $174,624.87 in the amount invested in property, about half of which is represented by new purchases and amongst the assets an item of $500 Deposit about half by now buildings. You will note with Hongkong Government. This forms part of our contribution to the West End Park scheme. As the amount has to be repaid by the Government under certain eventuali- ties we have not considered it advisable to write it off. The Park when finished should
Richmond Estate property. The whole of our greatly improve the lettable value of your building operations during the past year have been confined to Kowloon. We completed the terrace of eight houses known as Granville Avenue in March last, and the four houses known as Oramby Villas in November. Wa commenced the erection of another terrace of These are nearly finished and have been all let seven houses in the early part of the year. from completion at remunerative rentals. At the last meeting of shareholders we informed you we had acquired five good building lots at Yaumati Payment for these was made in shares carrying dividend from 1st January, 1898. On one of the lots we are putting up 17 thre-storied Chinese honses, which are now nearing completion and should be ready for occupation by the end of March. On this side of the water we have done no building, but we have acquired a large and valuable estate on the Peak Road, comprising Inland Lot 1157, Seo. A I. Lot 1146, I. Lot 1206, and I. Lot 1485. All these lots are built on with the exception of I. Lot 1485, upon which we propose to put up two fine houses as soon as possible. Our building programme for this year provides also for another fourteen houses