September 16, 1899, |-
CHINA OVERLAND TRADE REPORT:
ed that the unallotted shares could be sold at
and carry forwardin
· balance to next premium after the flotation of the company' year's acount. The result t appears to the also that the further capital required could be Board as good as can be expected under the raised by debentures at a much lower rate of circumstances. Shareholders must remember interest than the contemplated percentage of that the dock was not completed until after dividend. These hopeful forecasts have, un- these accounts were made up, and the results fortunately, not been realized, and we have before you are no guide to the earning capabili therefore to come before you to-day with this ties of the dock and works. These liave to be special resolution, which practically enables the
shown in the future. Up till now it has been general managers to increase their borrowing mostly constructive work, and it is only now powers from $500,000 to $1,000,000. Up to we are beginning to come to the profitable part the present time, Messrs. Jardine, Matheson & of the work. The Board is quite a tisfied with Co. have met the financial wants of the com- the work we have on hand and the future pro- pany, but this was a purely temporary arrange-spects, and we feel sure that the shareholders men, and later on some more permanent system will be satisfied with the results which we hops of finance will have to be introduced. With to put before them at the end of this year. I this explanation, I bag to propose that, "In para- may here remark, also, that we have been graph 2, clause XVI in articles of association, the largely engaged, as far as the remunerative figures $1,000 0:0 be substituted for $500,000.” part of the work goes, on work for ourselves.
Mr. VERNON Seconded, and the motion was
All the work on wharves, plant, etc., has carried.
been carefully expended and put down at actual cost price, no profit being put down on the work done for ourselves, so that the profit which we have shown to
you is profit on actual work done. If shareholders like to go here they will see lots of machines that have been made by ourselves. Before I go any farther I should like to hear any remarks that any shareholders have to make.
The CHAIRMAN—That concludes the business of the meeting. I am very much obliged to you for the trouble you have taken in coming round to the meeting.
THE SHANGHAI ENGINEERING, -SHIPBUILDING, AND DOCK CO., LIMITED.
The fourth ordinary general meeting of the shareholders in this company was held in the Board Room of the Imperial Bank of China at Shanghai on the 30th August. Count Butler (Chairman) presided, and there were present Messrs. Chan Fai-ting. O. Menser, and O. Mid- dleton (Directors), J. Blechynden (Manager), A. F. Maertens, R. A. Ord, E. U. Smith, T. Weir, J. M. Young, J, Ambrose, A. P. White- Cooper, F. J. Mayers. J. 8. Remusat, and J. S. Naser (Secretary), representing in all. 2.310 shares.
The notice convening the meeting having been ready by the Secretary,
Upon the motions of M. J. Mr. seconded by Mr. J. Ambrose, Mr. B. Fi lack was re-elected as auditor; and proper Mr. J. Ambrose, and seconded by Mr. Rode Mr. J. D.Thorburn was elected auditor Mr. G. D. Scott, resigned. You
The proceedings closed, with a vote of thanks to the chair.
Mr. A. S. P. White-Cooper took exception to the "E. & O. E." at the foot of the accounts, It might be natural to use such a proviso in a simple mercantile account, but he contended that it was not right for a balance sheet to be signed with such a reservation. Such words really rendered the accounts practically worth less, and from a legal point of view he ventured to submit that they should be taken out. As regarded the profit and loss account he thought the directors should have shown what it cost to earn the net profit of Tls. 31,000, As regarded the balance sheet he noticed there was no asset of cash at bank or cask in hand, although it might perhaps, be included in the amount in course of collection. Futhermore, no allowance↑ seemed to have been made for bad or doubtful debts.
The Chairman in reply said he had never seen accounts without the "E. & O. E" al- though he did not think it meant anything at all.
Mr. Mayers said he had never seen accounts in Shanghai without the proviso.
Mr. Meuser-You cannot vouch for the absolute correctness of anything.
a
Mr. White-Cooper-It is all right on merchant's account, but in a company of this kind it is not all right.
The Chairman said the books had been
S, C: FALNHAM AND CO., LIMTI ED.
The following is the report of the Board of Directors for presentation at the seventh annual geneal meeting, to be held at the head omoe. 14, Broadway, Shanghai, on the 14th Septem: ber
To the Shareholders of S. C. Farnham & Co., Limited.
Gentlemen, The directors have much sure in submitting to you their report statement of accounts for the year ending June last, which they trust will prove satisfa tory to you.
The Chairman, in moving the adoption of the report and accounts said-Gentlemen, I think it is not necessary to say anything about the report, which has been inyour hands for some time, and I believe we can take it as read, With regard to the various items in the balance sheet, and taking the account of land, it will be seen that it is the same as last year, being, indeed, the original first cost. The building account is practically the same; there have been a few additions, but, on the other hand, we have had to write off a very considerable portion of the cost of the buildings in the Yangtsepoo Road, which, as you know, were taken over from the old Engineering Co. We have removed now audited by gentleman who had been elected by everything to the new place, and as what is left the shareholders and he thought it was usual to is old material you cannot put it down at very employ the words. With regard to Mr. White- much. The cost of the dock is, of course, very Coopers's remarks about the profit and loss much in excess of what was originally, proposed, account, it was necessary to remember that but we have enlarged so much on the subject there was keen competition in Shanghai and if at former meetings that it is not necessary to everything were published it would be for the say much on that score now. I think all those benefit of the competitors. The accounts as shareholders who have seen the dock will agree published, he thought, were explicit enough, and that from an engineering point of view it is aany shareholder who desired futher information great success; what, further success it will be could obtain the same privately at the office. At of course, the future will have to say, but cer-
the meeting of other companies similar enquiries tainly the directors are sure that the dock is of
were made but more details were not given. As such stability that repairs, which in other far as the valuation of property went he thought dooks have amounted to a considerable_figure, it would be quite useless to go to the expense will be next door to nil in our dook. I think of having a special valuation. It was put down the extra expenditure will be amply repaid in at the actual cost, and from his own knowledge course of time. Its solidity has been proved, as he could say that the land was worth consider you all know, by very big ships having been in ably more than the sum at which it stood in the there already; there is now one of the German books. If there was any land in the neigh steamers there carrying 2,000 tons of cargo inbourhood with the same frontage and advantages. her hold. From the other side of the balance sheet you will gather that the whole of the au- thorised capital has been issued. When we were compelled to ask for more money the public had fresh in their minds that we had had several socidents, and in consequence, much money was required and, the cost of the dock was to be higher than originally intended. As the share market was not such as to make your directors think the money would come forth very freely we had to make this second issue of shares. All of those shares have been placed, and the whole capital of the company is now issued. Out of the balance at the credit of profit and loss account we propose.. to pay a dividend at the rate of 7 per cent. on the second isane of shares I will not call them preference shares,
an immediate purchaser could be found. As to the question about the cash balance he could only say any cash they had was in the Hong- kong and Shanghai Bank.
The work at our new "Cosmopolitan Dook' is progressing favourably. The first verse to enter the dock was the 4m. bark Muskoka June last, and since that time other vessels of heavy tonnage have been dooked.
Mr. Ambrose said he thought it would be an unnecessary expense to have a valuation of the property every year. Anyone who had been in Shanghai for any length of time was perfectly satisfied that the property was worth what it was put down at, and a great deal more.
The Chairman then proposed the adoption of the report and accounts.
-
tion wascarried nem, con.
Mr. Chun Faiting seconded, and the resolu-
Mr. Middleton Count Butler was re-elected a Proposed by Mr. O. Meuser, and seconded by
director. in ATAIL
Kosasyy ja
Our new boiler shop at the Cosmopolitan Dock" is nearly completed, the same is equipped with the most modern machinery, and when finished we expect will increase the earn- ing power of the Company.
Mr G. Galles went home on leave in March last,
The net profits, after paying all charges, i amount to Taels 217,300 14, including Taels. 19,464,50 carried forward from last year.
This amount the directors propose to appro.... priate as follows:-
A dividend of Taels 15 per share. 112,500,00 Amount to be placed to reserve fund 75,000.00 Amount to be transferred to depre
ciation and maintenance fund... 10,000.00 Balance to be carried to new account. 19,80014
Tls: 217,300.14.
In accordance with the articles of Assogia- tion, Mr. Geo. Peebles retires, but being eligible offers himself for re-electionibujadahon On auditor, Mr. Geo. Corner, died in No. vember last, and the directors invited Mr. Geo. D. Scott to take his place duri
The accounts have been audited by Messrs. W. H. Anderson and Geo;; D. Scott, who offero themselves for election.
THE STRAITS INSURANCE CO-E
LIMITED. An analitiku..
We are informed by Mr. W H. T. Davis, the local Manager of the Straits Insurance Col· Limited, that he has received advice by cable that at the extraordinary meeting of sharehold ers held at Singapore yesterday the following resolutions were passed :----
1-"That the Company be wound up volun tarily."
2 That three liquidators be appointed for the purposes of winding up the Company yolun. tarily with power for one of them alone in the United Kingdom of Great Britain and Ireland, and in Europe Canada or the United States of America to exercise all the powers of the liqui- dators with regard to reinsurances and adjusting and settling claims and paying and receiving claims against or by the Company including all claims for premium salvage and reins and to institute and prosecute or defend in his name or in the name of the Company all or proceedings by or against the Companyïbe the liquidator or liquidators in relation to or in respect of all or any of such matters as above mentioned and to settle and compromise; anch claims. And with power for
tbe liquidators to exercise in the said United King dom or in Europe Canada or the United State of America all powers, which could in the said United Kingdom Europe United States of Americs by all the lig including in such powers the dispo perty of the Company excepting of the Company in the Straits Be at its Eastern Branchen or}
ern business or agenmes goodwill of the Company's gi Bombay and Hongkong.