112
THE NATIONAL BANK" OF CHINA, LIMITED.
The following is the report of the directors to the ninth ordinary annual general meeting of shareholders to be held at the offices of the Bank, Victoria Buildings, Hongkong, on Satur- day, 10th March, 1900, at noon.
To the shareholders, the National Bank of China, Limited.
Gentlemen,-The Directors have now the pleasure to submit to you the accounts and balance sheet for the year ending 31st December; 1899.
THE HONGKONG WEEKLY PRESS AND CHINA FIRE INSURANCE CO., LIMITED.
The gross profits are $213,093.58, which, after deducting all charges amounting to $109,857.31, | leaves the net profit of $103,263.27.
This the Directors propose to deal with a5 follows: To place $21,102.83 to capital re- serve fund, bringing that account up to a final sum of $191,973 33, to pay a dividend of $1.36 per share (in Loudon 2/8), absorbing $55,016.08, to place $17,533.33 to reserve fund, and to carry forward $9,584.01.
Mr. Gillies retires in rotation from the Head Office Board and Mr. Wottou from the London Committee, and being eligible for re-election, offer themselves accordingly.
The accounts at the Head Office have been audited by Messrs. J. H. Cox and W. Hatton Potts, and in London by Messrs. Deloitte, Derer, Griffiths & Co., Chartered Accountants. -Your obedient servant,
CHAK KIT SHAN,
Chairman.
Hongkong, 9th February, 1900.
BALANCE SHEET, 31ST DECEMBER, 1899.
LIABILITIES.
Capital, 750 fully paid found-
er'a shares of £1 each (laid
down in the East at ex-
change of 3s.)
Capital, partly paid, £323,614
(laid down in the East at exchange of 3s.)
Capital reserve fand
Notes in circulation,
5,000.00
2,157,493.32
170,870.50
Fixed deposits and current accouats
Loans payable
Bills for collection and branch bilances Drafts, acceptances and endorsements (bills
redisccuntod)
Balance of profit and loss account.
ASSETS.
Cash on hand and at bankers.
Government securities belonging to the bank
$
|
The following is the report for presentation to the shareholders at the thirty-first ordinary meeting, to be held at the Company's Offices on Thursday, the 8th March, 1990, at twelve o'clock (noon).
The Directors have the pleasure to submit their annual report and statement of the Com. pany's accounts made up to 31st December last.
1898. The balance at credit of
$120,486.20 1,490.20
working account as per last report was Add premia since received
Deduct claims paid in
1899
$ 32.894.84 Deduct return premia, &c. 2,646.54
Balance of profit
[February 17, 1900.
Hongkong Fire Insurance Co., Limited:-
Four shares
Furniture account: -
Office furniture, &c.
Accounts receivable:-
Premia due from agencies, interest due
on deposita and investments, do...
6:22.00
450.00
23,232.75
$1,763,281,50
WORKING ACCount, 1st January to 31st Decemben,
To charges account:—
1899. Dr.
Rent, salaries, legal and sur-
veyors' fees, taxes, stamps, stationery, &c.
Directors' and auditors' feas
-$121,076 55 | To commission account:
Agents' commissions
To fire brigades account :
Contributions at agencies, &c.
35,541.38
$86,135.17
To losses account, 1599:-
To the above profit it is proposed to transfer the sum of $36,058.83 from the extra reserve fnad towards payment of $120,000 as a dividend for the year, at the rate of $6 per share, and $2.494 as bonus to contributors of premia.
The extra reserre fund was reduced from 856.972 10 to $37,926.05 by payment of a contest | ed claim pertaining to tho year 1897, and by the abore transfer will now stand at $1,867.22 as shewn in the annexed balance sheet.
1899-The balance at credit of working account at the close of this year was 8223,763.03, which is a satisfactory out-turn owing to a diminution in the amount of claims paid. The premium income shows a falling off which the closing of two unprofitable agencies will more than account for.
DIRECTORS.
Messrs. E. Goetz, A. G. Wood and E. Shellim were appointed to fill the vacancies caused by the resignation of the late Mr. C. Beurmaun and Messrs. C. S. Sharp and D. 2,3 9,363.52
Gubbay, which appointments shareholders will 47,292.00 be asked to confirm. 450,683,07
L
O
$ 9,709.55
7,400.00
37,108.55
22,659.22
305.86
Clalms paid after deduction of re-insurances 63,542.00
To amount written off:-one
Furniture account To balance
By premium account :--
60.00
223,763.03
$247,495.26
Cr.
$ 0
Premiums received after deduction of re-
insurances
245,000:38
By interest account:-
Amount at credit, including interest due
on deposits and investments, de By Iransfer fee account :-
Amount at credit
102,510,57
184.31
8347,495.26
OLIVERS FREEHOLD MINES, LIMITED.
Messrs. John D. Humphreys & Sou, General Managers of livers Freehold Mines, Limited, inform us they have received the following tele- The Company :·- gram from Mr. Roberts, cousulting engineer to
Eureka Mine strongly urge you to provide funds for development expenses, there are good prospects fully justifying the expenditure of capital, it is most imperative that we should resume sinking, adrise early what to do."
Mr. D. M. Moses was appointed a director on 430,000.00 the resignation of Mr. E. Sheilim, and this will 398,869.78 also require the confirmation of shareholders, Messrs. A. Haupt and A. McCounchie retire
The General Managers inform us that peud. by rotation, but offer themselves for re-election.ing further information by letter from the present needs, they have given instructions by mines and aring ample funds in hand for
wire to at ouce resume siuking.
AUDITORS.
400,760.03 103,236.27
$4,516,208.17 |
Messrs. J. H. Cox and W. Hutton Potts $ C have audited the annexed accounts and offer 331,345.94 themselves for re-election. 433,821.45
H. L. DALRYMPLE, Chairman.
BALANCE SHEET, 31ST DECEMBER, 1899.
LIABILITIES.
Bills receivable, loans and advances
2,012,678,90
Bills for collection receivable and branch
balances
1,711,748.67
Furniture, stationery and stamps
23,190.12
Interest, &c, accrued
2,623.00
Capital account
24.516,208.17
Reserve fund
Extra reserve fund
Accounts payable:
$
Dividend for 1898
0
109,357.31
Bonus for 1598 and sundries
$120,000 00 7,651.03
21,102.83
Working account, 1990:-
Balance at credit.
17,533.35
Dr.
PROFIT AND Loss Account, 3 ar DECEMBER, 1890.
Charges, directors' fees and salaries
Amount to be placed to capital
reserve fund
Amount to be placed to reserve
fund Dividend account, proposed pay- ment of $1.36 per share on 40,15} shares, (2/8 per share in London
at exchange of 1/114)
Balance to be carried forward to
next account
Hongkong and Shangbai
Banking Corporation $200,000.00 Chartered Bank of India.
Australia and Chins
75,000.00
Mercantile Bank of India, Ld. 10,000.00
ASSETS.
55,016.08
Cash at bankers
Fixed deposits at banks:
9,584.01
103,236.27
$213,093.58
Cr.
Gross earnings for the year ending 31st De-
cember, 1899
$
213,093.58
Investments:-
Chinese Imperial Govern-
meat E. bonds
$98,363.79
$213,093.53
Hongkong & Kowloon Wharf
and Godown Co., Limited, debentures
$
C.
5,000.00
Hongkong Club debentures Hongkong Hotel Co., Limited,
debentures
103,152.50 50,000.00
2,167,493.32
50,000.00
191,973,33
17,533.35
Shanghai Land Investment
Co., Limited, debentures..... Shanghai and Hongkew Wharf
49,877.40
Co., debentures.
Shanghai Waterworks Co.,
Limited, debentures....
41,817 07
8,472.22
On 1st January, 1900, our capital and reserve funds will stand as follow :---
Capital fully paid founder's shares.
Capital partly paid ordinary shares
Capital reserve fund
Reserve fund (new).
$2,372,000.00
Three Russians, described as naturalists, were find $200 each for trespassing on military pro- perty at Singapore. The defendants were seen to pause and read the prohibitory notice.
Loans on mortgage:—
Oa properties in Hongkong...$880,786,33 On properties in Shanghai On properties in Amoy
MAD TAK
63,992.46 20,000.00
$ C. 400,000.00 1,000,000.00 1,867.22
127,651.03
Sunday, February 11th, was observed in Sing. apore in all the churches as a day for special prayer on behalf of the army in South Africa. A special service was held in the Anglican cathedral.
The tenders invited by the Spanish Marine Commission at Manila for the purchase of the gun-boats Alaus, Quiros, aud Villalobos bare been opened and the Commission has accepted the Compania Maritima's offer of $190,500. The artillery and ammunition were n ́t sold, the 2.3,763.03 conditions of the sale being that these articles would be sold separately on the purchase of the $1,753,281.30 ships presenting an order from the American authorities sauctioning his purchase of the armement. The offers for the ships fell below the price which was laid by the Marine Com. mission; so far below, in fact, that a telegram was sent to Spain asking whether the highest bid of $190,500 should be accepted. The boata were, however. knocked down to the Compania Maritima for the price.
$ J. $1,324.73
325,000.00
The following promotions to date from January 1st have been notified in the Police Orders-Inspector Kemp to be Acting Chief Inspector; Second-class Inspector Baker to be First-class; Second-class Inspector Robertson to be First-class; Third-class Inspector Cuthbert to be Second-class; P.8. 59 Gauld to be Acting Third-class Inspector. Lauce Sergeants to be Full Sergeants-MacSwayed 14, Ashmore 30, O'Sullivan 28, Keen 62, Murison 67, Watt 11, Gordon 38, Gerrard 20, Lamont 17. L S. 75 McDonald to be Acting Full Sergeant. Tem- porary A. 8. Sullivan to be Lance Sergeant. 401,482.99 | Þ.C.% to be Lance Sergeants-Lander 78, Angus 82, McKay 57, Noble 3. Watt 22, Cameron 24, Ritchie 31, Smith 35, Kerr 8, Terrett 21, Garrod 33, Lacock 43, McKenzie 44, 969,775.8. ' Quinn 47, Kent 33, Smith 54 and Kendall 16.