200
Capt. Des Voeux, R.E. plays A bye.
Mr. A. 8. Anton
Mr.O. W. May
THE HONGKONG WEEKLY PRESS AND
March, 1899. The Transfer Books will be Lt. Lloyd, R.W.F.closed from the 6th to 15th March, inclusive. Dr. J. A. Lowson The Company's Fleet now comprises
Tons Nominal Gross Horse
"
Mr. G. Stewart
Mr. C.M. G. Burnie
CHINA MUTUAL STEAM NA VIGA- Hyson, Captain D. Davies
TION CO., LIMITED.
19
19
G. W. Long
R. Conradi
"
E. Warrall
19
Register. Powor. 4,445 850 C. de la Perrelle 4,447 850 4,642 800 4,646 800 850
4,447
[1]
G. F. Maitland
2,921
650
J. Barber
"1
3,883
650
H. C. Harris
3 883
650
"7
J. A. Davies 3,065
750
6 500
480 900 900
The following is the report of the Directors, submitted at the Aunual Ordinary General Meeting of Shareholders, held at the Offices of the Company, No. 3. Billiter Avenue, in the City of London, on Tuesday, the 14th day of March, 1899.
The Directors beg to submit the General -Balance Sheet and Profit and Loss Account for the year ending 31st December, 1898, duly
audited.
The net profit, including the balance brought forward from last year, and after providing for the General Expenses of the current year, Directors' Fees, in- come Tax, Interest, &c., amounts to .. An Interim Dividend of 3 per cent, on the Proference Shares was paid on 1st October, 1898, amounting to...
Leaving a sum of
Kintuck, Teenkai, Moyune, Pak Ling, Kaisow, Oopack, Ching Wo,..
G. A. Rodway 2,708 Ningehow,
6,500 Yangtze, Building at Belfast Ping Suey, Steamer,
at Glasgow 6,500
900 DAVID REID,
Chairman.
Oaufa,
11
11
£ 8. a
London, 6th March, 1899.
To authorised capital-
85,458 16 4
20,000 preference shares of
£10 each 20,000 ordinary shares of
£10 each.
200,000 0 0
which it is proposed to apply as follows:-
To the credit of "Purchase
Account of Steamers'
In payment of a further Dividend of 3 per cent, on the Preference Shares In payment of a Dividend of
Balance Sheet, 31st DzɑemBER, 1898. Dr.
£# d.
200,000 0 0
Lasued--
£400,000 0 n
167,360 0 0
5,020 16 0
£80,438 0 4
65,000
0 0
16,736 preference shares
fully paid up. 16,736 ordinary shares, on which £5 per share have been paid upon 1,231 of those £5 per share have been paid in anticipation of calls
89,835 0 0
5,020 16 0
To bills payable
To insurance fund
10 per cent. on the Ordin- ary Shares (£5 paid). Balance to be carried to New
Account
To not receipts on account of uncompleted
8,368
0 0
voyages To sundry creditors
2,049
4 4
To balance of profit and loss
account
85,458 16 4
£80,438
0 4
Lass dividend at 3 per cent. on the preference shares for 6 months, paid 1st October, 1898
5,020 18 0
The Directors congratulate the Shareholders on the results of the past year's working, which enable-them, after paying the six per cent. Dividend on the 'reference Shares, to recom. mend the payment of a Dividend of ten per cent. on the Ordinary Shares, having £5 paid up.
As heretofore, the Fleet has been maintained in high-class order and efficiency out of current revenue; and no accident of any moment has occurred.
The Oolong and Ping Suey, being no longer suitable for the Company's trading, were dis- posed of in April last.
Of the three new steamers contracted for last spring, owing to great pressure of work in the steel foundries and ship-building yards, only one has been launched. She has been named the Yangtze, and will be ready to take the Out- ward loading berth towards the end of this month. The other two, it is hoped, will be launched and ready for sea at an early date. The Board feel confident that these new large- carrying powerful steamers will contribute materially to the profitable working of the Company.
The Directors have deemed it desirable to alter the mode of stating the cost of the Fleet in the Balance Sheet; and ́it will be observed that the amount standing at credit of "De- preciation, Boiler and Reserve Fund," has been deducted from the "Steamers' Purchase Ac- count," thus reducing this item to £462,326 198. 9d. It will also be noticed that they propose to from last year's profits, a further sum of carry £65,000 to this Account, thereby reducing the value of the ten steamers now working, to £397,326 19s. 9d.
The following Directors, Mr. W. M. Strachan, and Mr. D. McLean retire by rotation, but, being eligible, offer themselves for re-election.
The Auditors, Messrs. John Baker & Son and Mr. Jamieson Elles, offer themselves for re-appointment.
It is proposed that the Dividends shall be paid, both in London and the East, on 21st
Cr.
By amount of purchase se
count of steamers Less amount transferred from depreciation, boiler and reserve fund
By payments on account of
steamers building....
£ s. d.
257,195 0 0 133,399 18 5 20,247 2 8
20,863 11 5 42,4.9 14 2
80,438 0 4
£554,563 6 10
£ c. d. 540,579 9 7
78,252 9 10
462,326 199
62,562 0 0
By office furniture, and cargo stages, &c. By sundry debtors. By cost of stores and coals in the East
15,000 0 0 By cash on deposit
5,394 8 4
By cash at bankers and on
hand
•
400 0 0 970 12 0 7,909 6 0
| April 8, 1899. CHINA AND MANILA STEAMSHIR COMPANY, LIMITED,
At noon on Saturday an extraordinary general meeting of shareholders in the China and Manila Steamship Company, Limited, was held at the offices of the genoral managers, No. 9, Prays Contral, for the purpose of confirming or other- - wise the resolution passed at a previous meeting and which reads as follows:-"That the capital of the company be increased to $300,000 by the creation of 1,000 new shares of $50 each, suoh increase to be made up by the conversion into capital of $50,000 of the present profits or earn- ings of the company." Mr. Tomes presided, and there were also present Messrs. D. Gillies, N. A. Siebs, J. H. Lewis (directors), W. J. Saunders, Fung Wa Chuen, and Ho Fook.
The notice convening the meeting was read. On the motion of the Chairman, seconded by Mr. Saunders, the resolution was confirmed.
This was all the business.
STRAITS INSURANCE COMPANY.
EXTRAORDINARY GENERAL MEETING. On the 15th March an extraordinary general meeting of the Straits Insurance Company was held at the Company's offices, Singapore. There were present-Hon. T. C. Bogaardt (Chairman), Hon G. S. Murray, Messrs. D. W. Lowell, T. 8. Thomson, A. W. Stiven and W. Naof (Direo- tors), Mr. A. S. Murray (Secretary), Hon, J. Burkinshaw (Legal Adviser), Messra. Thos. Scott, P. C. Hoynek van Papendrecht, Lee Cheng Yan, A. R. Catto, M. Meyer, Lim Ho Puah, Way Koon Sim, Onk Tiang Soon, Ong* Koon Choo, M. S. E. Angullia, and other share- holders.
The Chairman said the object for which this meeting had been called was fully explained in the circular letter addressed to the shareholders by the directors issued a mouth ago. So far, only two shareholders, holding between them 60 shares, had declared themselves as opposed to the resolutions which he was about to submit for their approval, while over 30 shareholders holding an aggregate of 4,000 shares had seut proxies to be used in support of these resolutions. As explained in the circular they found that their underwriting for tho years 1895/6/7 would entail, before these acconuts were finally liquidated, the £. d. writing off as lost of half the paid-up capital of the Company. If the resolutions about to be submitted were carried, a resolution providing for the writing down of the capital would be submitted to a special meeting of the Company to be convened on the 29th instant. In order that the Company might carry on and compete successfully for the best class of marine insur auce business, it was necessary that they should -624,888 19 @ | strengthen its financial position by adding to.
the paid-up capital an amount equal to that to be written off. Their gross income, last year, amounted to very nearly one hundred thousand pounds, but the reduced limits
which прои
had they
thought it necessary to work and the cautions policy pursued entailed the giving off of nearly £40,000 in reinsurances. This same polioy of cautious and restricted underwriting was answerable for the high ratio that the expenses bore to their £. d. premiums; but expenses were being curtailed, and with additional capital they would be able to resume underwriting on more liberal lines, so that expenses would bear a more reasonable proportion to their income, They expected to be able to place a considerable portion of the new 85,458 164 capital in London, but the first offer of the new issue would of course be given to present share- £99,813 8 2 holders. It was hoped that they would subsoribe
liberally. They had in the past had periods of £ £. d.
ill fortune aud good fortune alternately, and after three years of unprofitable trading they might now reasonably look for a favourable change. The utmost care was being given to the selection of business and if more profitable times were really in store for marine insurance companies they would share in these; and if the bad times continued, following their present policy and with a restricted account, they would 1,805 16 11
not be any worse off at the end of another year 98,507 64 than they were now.
20,394 8 4
£554,503 6 10
Profit And Loss Account, 31 December, 1898. Dr.
To general expenses, including remunera-. tion to directors and auditors, rent, ssia- ries, income tax, stationery, do...... To interest
To balance
Less
£14,354 811
Or, £ .d. By balance from last account... 48,347 811
Dividend paid £ s. d. March, 1898... 10,041 12 0 Amount placed
to
credit of depreciation, boiler and re-j serve fund
87,000 0
By profit realised....................
47,041 12 0
6,842 3 9 7,512 8 2
£99,813 3 8
No questions being asked, the Chairman pro- posed, seconded by Mr. Naef, the following resolution :-" That the capital of the Company