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THE HONGKONG WEEKLY PRESS AND
On the motion of Mr. PABFITT, seconded by Mr. CHAMPEAUX, Messrs. C. Benrmann and E. S. Whealler were re-elected directors.
launches and to carry forward the balance, | in building the Admiralty Dock when they did our $92,194.75 to the new account; the allotment dividends of late would not have been as large of our profits in the manner stated will, we as they have been. I am glad to learn from trast, be considered satisfactory. You will you, Mr. Chairman, that the directors propose observe that we have placed nothing to the to construct a new dock at Kowloon which will credit of reserve account on this occasion, be capable of accommodating the largest vessels but a fair amount has been written from the afloat. I think the proposal must commend value of both Kowloon and Cosmopolitan docks itself to every shareholder. The Chairman also and, as already advised, we find our workshops made reference to possible competition. I and plant quite inadequate to meet the large should like to say a word, or two about that. increase in our business, so that large sums We have had a prosperous half year, and I are now being laid out in reconstruction and think the next half year will be still more so, new machines of the most improved_type'; but there is danger in being too prosperous. such being the case, we consider the policy of We make a target to be shot at, and I think writing down the more expedient in the interest the present price of our shares forms a target of shareholders. In the month of October last. | sufficiently large to incite any capitalist to have H.M.8. Powerful was successfully taken into the a shot at us. In Australia and elsewhere under Company's No. 1. dock at Kowloou, this being similar conditions they go in for what is called the largest vessel in both tonnage and draft of watering the stock." They give the share- water that we have ever docked, and I am pleas holders new scrip free of cost and I think it ed to say that the operations of ducking and would be worth the directors' consideration undooking were carried through without any whether they should not adopt some such hitch or difficulty. It was also the intention of scheme as that with our shares, as they are the Commander-in-Chief on the station to have altogether too unwieldly at present. I would placed H.M.S. Victorious in the same dock, but ask the directors to consider the suggestion. "after a careful investigation had been made of The motion was carried,
the plans of the ship and the width of the dɔck entrance, it was found that the clearance on either side was so limited that it was with great reluctance we concluded it would be unsafe to attempt docking a vessel of ber size. The mat- ter of docking vessels of extreme dimensions bas occupied the attention of your directors for some considerable time, because we find it very difficult to provide the necessary accommodation required for many of the larger vessels Dow trading to the port. With a view, however, to meeting immediate wants we have decided, as you will have observed in the report, to lengthen the Admiralty dock 50 feet. The approximate cost of this extension will be about $25,000, and I am pleased to inform you that while this work is being carried out the dock will continue to be available for docking purposes. It is of the utmost importance that we should possess every facility for docking the largest merchant vessels, otherwise the accommodation will be provided elsewhere and be the means of bringing keen competition into our business; and as the larger type of vessels are rapidly increasing in num- ber, the time is, we think, approaching when we shall have to recommend to shareholders the necessity for constructing a new dock on the same lines as the Admiralty dock, but having a length of 750 feet on the blocks. At our last half yearly meeting I informed you that our Articles bad been sent to a specialist in London for his advice. We have since received his opinion that our Articles, as framed from bat
time to time, have all bean 908-
for the sake of simplicity and to sible complication, he thinks it wise to apply to the Supreme Court here to sanction a memorandum and a set of new Articles and to this end your directors have instructed the company's solicitors to take the necessary steps. The London specialist consulted was Mr. Buck- ley, Q.C., a leading authority on Company Law. Our returns for the months of January and February are most eno‹uraging; the establish. ments are all full of remunerative work and we may look forward with confidence to another excellent half year. I have very great pleasure in again bringing to your notice our high ap. preciation of the very valuable and efficient services rendered by the staff; to their zeal and ability is due in some measure the continued success and prosperity of the company, and as a token of our recognition of the good work done by them we have recommended a bonus of $25,000 which we trust will meet with your ap- proval. Before proposing the adoption of the report and statement of accounts I will be pleased to answer to the best of my ability any ques- tions that shareholders may wish to ask.
No questons being asked the CHAIRMAN proposed the adoption of the report and state- ment of accounts.
Mr. HUMPHREYS, in seconding, said I am glad to see that provision has been made for å boans the
Messrs. Thos. Arnold and S. G. Bird were re-elected auditors, on the motion of Mr. CRAD DOCK secorded by Mr. Mitchell.
This was all the business.
HONGKONG FIKE INSURANCE
CO., LIMITED,
shareholders in the Hongkong Fire Insurance The thirtieth ordinary annual meeting of
Company was held at the offices of the general managers, Messrs. Jardine, Matheson, and Co., on 1st March. The chair was occupied by the Hon. J. J. Bell-Irving, and there were also present the Hon. C. P. Chater, Mesars JH. Lewis, S. G. Bird, A. J. Raymund, and C. H. Thompson (Consulting Committee), G. T. Veitch G. H. Potts, R. C. Wilcox, V. A. C. Hawkins, (secretary), A. McConachie, G. C. Anderson,
D. C. Campbell, K. A. Chinoy, Ho Fook, J. M. S. Alves, Lo Cheung Shin, Ho Tung, B. Byramjee, J. Goosmaun, and J. R. Michael.
The SECRETARY read the uotice convening the meeting.
The CHAIRMAN said-Gentlemen, with your permission I propose to take the report as read. Although the result of the 1897 working, as compared with the previous year, shows a diminu tion of profit to the extent of $25,000 and we are consequently not in a position to returu to shareholders so much dividend, I trust you will agree with me in considering the statement Low presented as not an unsatisfactory one. The percentage of charges and commissions on the premia income shows a reduction of 4 per cent., while the amount set aside for bonus to contributing shareholders is considerably less owing to the larger proportion of business being now done on net terms. You will doubtless ap- prove of the appropriation to the reserve fund, which fund I may state is larger than ever in the history of the company, exceeding what it stood at in 893 when we unfortunately were under the necessity of withdrawing the of $60,000 therefrom. The principle of placing annually to reserve the maximum amount al- lowed by our Articles of Association will, I hope, continue to have the approval of shareholders. The balanes at credit of the 1898 working on 31st December, owing to increased premia and interest. is somewhat larger than the previous year notwithstanding heavier losses. The claims paid as shown in the account are over $2,000 in excess of 1897, and since then losses to the extent of $14,600 have been ascertained, but at date we are only in this respect
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March 4, 1899.
pleased to give any further information which any shareholder may desire before moving the adoption of the report and accounts.
No questions being asked the ('HAIRMAN proposed the adoption of the report and state- ment of accounts.
Mr. MCCONACHIE, in seconding, said-- Mr. Chairman, the report you have just anbmit. ted must, I think, be considered by all a satisfac tory one. It is true the dividend is not quite equal to that of last year, but still it is a very good one, and in addition we must not overlook the fact that you are able to strengthen the re- serve fund by $22,552.24, which in my opinion is a rise policy. The balance carried forward to 1898 account is larger by about $8,000 than you were able to carry forward to the 1897 ao- conut, which considering the bad time Fire In- surance offices have been having is most satis. factory. With these remarks I beg to second the adoption of the report and passing of the accounts.
On the motion of Mr. ANDERSON, seconded by Mr. CAMPBELL, the appointment of Messrs. S. G. Bird and C. H. Thompson on the Consult ing Committee was confirmed and, Messrs. Chater, Lewis, Raymond, Bird, and Thompson were re-elected.
On the motion of Mr. CHINOY; seconded by Mr. R. C. WILCOX, Messrs. F. Henderson and fi W. Hutton Potts were re-elected auditors.
This was all the business.
CHÌNA FLOUR MILL CO., LIMITED.
The annual meeting of the China Flour Mill Co., Limited, was held at Shanghai on the 27th February. The report and accounts submitted showed a profit at credit of profit and loss of Chairman, Mr. A. McLeod, in the course of bis Tls. 1,659, which was carried forward. The speech said:-It is quite as much a disappoint-
ment to the directors as it is to the shareholders that we are not able to present you with a more satisfactory account on the present occasion, but I think there is no need whatsoever of despair- ing of the final success of the company. Wa had at the beginning of the year fair pros- for pects. We had established ▲ reputation onr four in the large market of Vladivostook and we had entered into large contracts on a highly profitable basis. But in the latter end of May we received notice from the Customs that the export of flour to non- treaty ports would be stopped. This was very disappointing and caused the directors much anxiety, having as I have said large contracts for our flour in hand. But on representing matters to the Commissioner of Customs here be granted us permission to ship until the end of June. During the forty-five days of grace the mill worked day and night without stop- ping, and you will be interested to learn that there was not the slightest bitch among the machinery and we turned out the large quantity of 1,000 bags a day. (Bear, hear.) When we found the northern market was closed to us we had to turn round for another and after considerable trouble and considerable com- petition 1 am glad to say we have found a very large market in this place. We have now con. tracts for all we can possibly produce working day and night and although taken at somewhat low figures we hope to obtain more satisfactory prices in the near future. Another feature was the extremely high price of wheat during last year. The wheat crop was extremely short and prices abnormally high. This year we hope tɔ see lower prices. I think you will be pleased to know that the mill is giving every possible satisfaction and that the machinery is running without the least Litch or trouble. Our flour is also giving every satisfaction and as far as we can see our prospects for the future are very much brighter than they have been during the last nine months.
bry great pany's staff. The success of it is suspected in many cases to incendiarism, carried on `from Thirsday to Saturday under
in Hongkong depends entirely upon the ability and vigilance of the European staff, and I think every shareholder will agree that the Dock Company's staff de- serve everything they have got. I think, too, that the shareholders owe a good deal to the directors, for if it had not been for their foresight
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a worse position than at the corresponding period last year by $5,500. Our principal losses have been incurred in Shanghai, due which it is impossible to guard against, and it is a matter of much regret that the native authorities at the northern port appear not to attach the saine importance to visiting crimes of this nature with the most severe punishment as in other parts of the world. Gentlemen. 1 have no further remarks to make, but I shall be
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The N. C. Daily News of the 27th February says H.M.S. Iphigenia returned from target practice on Saturday afternoon. Shooting was favourable conditions and excellent results were obtained, seventy, per cent of hits being re corded. At the commencement of the practice a unique incident took place by a shrapnel shell exploding in the target and setting it on fire. The Iphigenia will probably leave for. Weihai- wei on the 11th March.
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