September 30, 1899 ]
to carry forward and thus close the account for | By cash on mortgage, vis.:— the year 1898.
1899-The position of the Society for the present year, as far as it can be ascertained, is as follows:
Balance of working account to the 80th June sa por annexed statement...
Add estimate of premium to 30th
September
CHINA OVERLAND TRADE REPORT.
277
In Hongkong*** In Shanghai
:
$543,686.86 *****................ 610,051.98 By cash interested in debentures, viz. :---
Kowloon Hongkong and
Cash in hand, in course of collection, and
on fixed deposit
61,897.93
Yokohams branch:
1,163,688.88
Cash in hand, in course of collection,
on fixed deposit
,242,48
Wharf and Godown (o.,
Limited
50,000.00
Interest accrued, but not yet payable Furniture at head office and branches Bundry debtors
11,269.44
7,457.15
41,948.94
$1,194,031.08
Hongkong Hotel Co., Limited
50,000:00
Shanghai Municipal loan
42,010.89
$2,161,008.69
618,000.00
Shanghai and Hongkow
Wharf ompany, Limited 171.181.93 Shanghai Land Investment,
LIABILITIES.
Estimate of losses to pay
$1,807,031.08 505,000.00
$1,302,031.08
Comp ny, Limited
Capital subscribed
$2,000,000
38,608.82
346,800.69
Paid up 825 on 24,000 shares
By amount at debit of branches, and agen-
Reserve fund
600,000,00
·200,000.00---
Dividends outstanding
oies
496,670.66||
Exchange fluctuation account
Sundry oreditora
Profit and loss socount
,022.50 145,984:35 94,545.79 418,555,98
DIRECTORS.
Since the last General meeting Mr. C. 8. Sharp, Mr. R.L Richardson and Mr. Alex. Ross have resigned their seats Mr. R. H. Hill and Mr. A.G. Wood have joined the Board.
In accordance with clause 86 of the Articles of Association, Mr. E. 8. Whealler and Mr. A. G: Wood retire, but offer themselves for re- election.
AUDITORS.
Messrs. J. H. Cox and W. Hatton Potts retire, but offer themselves for re-election.
E. S. WHELLER, Chairman,
Hongkong, 21st September, 1849.
WORKING ACCOUNT, 1898, or 80TH JUNE, 1899.
Dr.
To working account, balance on 30th June,
To net premium from 1st July to 31st De
1898
vember, 1898
To interest
$
By amount invested in London, viz. :—
In Consols, India Govern-
ment guaranteed railways
and other securities,
(market value at d te)... £140,890.5.11 Deposited in banks
3 per cent. rupee p per,
Rs. 250,000.00 at 67)— ... £16,875.0.0
$2,161,002.59
40,000.0. 0
WORKING ACCOUNT.
£189,390.6.11 1,918,888.48
To losses
To charges, survey fees, do.
665,129.60 282,458.24
170,976.26
and branches
22,586,98 418,585.95
$1,288,789.62
1,064,806.81
94,4%.18
By amount invested in Melbourne, viz. :—
In Goverment Treasury
bonds and other securi-
ties,. (market value at date)
Deposited in banks
By bills receivable
£19,049.17.6 2,000. 0.0
By bills remitted to London agonoy, 30th
0.
June account By sundry debtors
874,132.12
1,024,299.28
121,534.38
$2,019,966.73
To directors' and auditors' fees-Head oflos
To balance to profit and loss account
By premia, less re-insurances, retura premia
By amount brought forward from last year
10,00
129,842.63
and commissions
By interest
£21,049.17.6 213,270.70 19,605.28
1,321.45 107,818.18
(4,860,122.82
By transfer fees
By agency commissiona
Cr.
By head offee, branches and agency charges By remuneration for half-year ending 31st December, 1898, to directors, committees and auditora..
By losses and claims paid.
By exchange
46,120.39
158,066.09
11,475.87 1,061,513.60 263.89
By bonus on contributions account 1898,
(declared 20th April, 1899) 20 per cent. 292,166.40 By balance
450,359.69
$2,019,965.73
WORKING ACCOUNT, 1899, ON 30тa June, 1899. Dr.
To net premium from 1st January to 30th
June, 1899
To interest
By agency commissions...
Or.
By head offion, branches aud agency charges By remuneration for half-year ending 30th Jane, 1899, to directors, committees and auditors....
By losses and claims prid
By exchange
By bilance
*
$
0.
1,639,020.78 62,906.55
$1,601,927.33
$ 0 25,225.97 140,642.56
10,143.34
CHINA TRADERS' INSURANCE CO.,
LIMITED.
The following is the report for presentation meeting, to be held on Tuesday, 10th October, to the shareholders at the thirty-third ordinary
at noon :-
The directors have now to lay before the shareholders the accompanying statement of ac- counts for the year ended 30th April last.
The net premia amount to $1,064,806.81 and the working account shows a balance at credit of $418,555.95 which sum the directors recom- mend be appropriated in the following man.
ner:-
A dividend of 16 per cent. to share-
holders, ($4 per share),
A dividend of 15 per cent. on con- tributions, payable to all contri. butors of business whether share- bolders or not,
To be carried to new account,
DIRECTORS.
$1,288,739.62
Reserve Fund.
904.000.89 900000000
To balance on 31st August, 1599 By balance on 31st August, 1898.
THE DOUGLAS STEAMSHIP 00.,
LIMITED.
to the shareholders at the sixteenth ordinary The following is the report for presentation. general meeting, to be held at the offices of the Company, on Saturday, the 30th September, at
noon:→→
The General Managers have now to submit their report on the 16th year's working of the company ended 30th June, 1999. After paying. all running expenses, Premis of Insurance, Remuneration to Consulting Committee and Auditors' fees, there remains a net profit of $96,672.98, and with the consent of the share- $ 96,000.( 0 | holders, it is proposed to appropiate this amount
as follows:-
To write off $39,647.64 from the book values of the Company's property on the 80th June $120,000.00
last (less the amount of reserve fund and values $202,555.95 of steamer Haiching and Wharf) being the equivalent of 8 per cent. thereon, and to trans- $418,555.95 for the balance of $57,025.24, to reserve fund,
which will then amount to $231,187.98.
Mr. C. Beurmann retired from the board on 231,692.92 leaving the colony and Mr. E. Goetz accepted 291.47 an invitation from the directors to fill the va- 1,194,081.08 | cancy, and his appointment will be submitted
for the confirmation of shareholders. $1,601,927.33 Messrs. J. Thorburn and A. J. Raymond re- tire by rotation and offer themselves for re elec.
BALANCE DHENT, ox 30th June, 1899. Dr.
To capital 10,000 shares of $250 arch== $2,600,000 upon which 150 per share called and paid up
To reserve fund
10
To unclaimed bonus and dividend
To exchange fuctuation account
To investment fuctuation account being the
increase in market value of securities
To working account, 1898, balance
0.
500,000.00 1,800,0 0.00
18,316.07 640,49 1,98
201,079.35 450,359.69
To working account, 1899, balance To sundry creditors..
Or.
) ............................. 1,194,0 31,08 549,844.75
tion.
AUDITORS,
The annexed accounts have been, audited by Messrs. T. Arnold and H. U. Jeffries, who offer themselves for re-election.
J. THURBURN,
Chairman.
Hongkong, 23rd September, 1899.
STATEMENT OF ACCOUNT FOR THE YEAR ANDED 30TH APRIL, 1899,
Fixed deposits with banks
$4,980,122.82 | Cash in hand
0,
By cash on current account with the Hong-
kong and Shanghai Banking Corporation 68,184.31
By oath on deposit, vix, :---
Hongkong and Shanghai
Banking Corporation
$171,000.00
Chartered Bank of India,
Australia, and China
98,000.00
Marcantile Bank of India,
Limited
50,000.00
National Bank of China,
Limited
20,000.00
Bank of Chins and
•pany.
Limited
25,000.00
862,000.00
ASSETS.
Invested in mortgages of properties Bonds of Chinese Imperial Government loan,
1888
Hongkong and Kowloon Wharf and Godown
Co., Limited, debentures
Shanghai Waterworks Co., Ld., debentures Shanghai & Hongkow Wharf Co., debontures London branch:-
Cash in hand
-1 3,495.83 Indian G ́vernment securities 381,726.25 Remittances in transită
13,7 .92
Australien branches:
Cash in hand, in course of collection, and
on fixed deposit Shanghai branch:—
The General Managers and Consulting Com- mittee mach regret that the result of the year's working compares so unfavourably with those of the past, and under the circumstances do not recommend the payment of a dividend.
been an ample demand for tonnage, especially During the period under review there has for rice and food stuffs for Tamsui, and to mest same the Company found it necessary to charter outside steamers, which, however, were not well adapted for this particular trade, especially during the extremely stormy weather which prevailed in the Formosa Channel during the winter months, when they made long voyages. resulting in loss instead of what would have been substantial profits in a moderate N. E. monsoon season. In addition to these adverse circumstances there has been competition on the Tamsui line by two Japanese steamers of the Osaka Shosen Kaisha, reported to be sub- 47,786.76 290,000.00 sidised, and encouraged by the Japanese Go 767,486.23 verament, since April last, necessitating the
outting of rates to an unremunerative level- 49,315.07 during the very period when the Company usually reaps the reward of the consistent 150,000.00
maintenance of the line throughout the year. 5,479,45 50,273.97
The opposition still continues, and it in only after a most careful consideration of the pom- tion, the General Managers and Consulting Committee consider it extremely inadvisable to distribute any of the profits as dividend.
0.
511,495.00
The steamer Hatching built by Mouers, Dunlop & Co., of Port Glasgow, arrived on the 125,859.12946 March last for outward voyage wa
stisfactory, until after
eventful and