CHINA OVERLAND TRADE REPORT.
February 24, 1900.] campleted 17 Chinese houses, all of which are Mr MICHAEL pointed to the Kowloon Land let and have both at Kowloon and Yaumati a Company as showing more satisfactory returns, considerable extent of valuable ground available and said the Humphreye Estate gave 7 per for further building. Before moving the adopcout. the year before last, 6 per cent. last year, tion of the report and accounts, 1 shall be and they now came back to 5 pår cent. pleased to reply to any question.
The CHAIRMAN thought they were getting
very well.
The profits were bound to fluctuate
Mr. MICHAEL-There is an item, Commis. sion and Profits on Investments. What are these ?
00
No motion boing formulated by Mr. Michael The CHAIRMAN-Transactions in shares and and no further questions being asked, the property.
Mr. MICHABL-Of course these are excep. tional profits and we must not rely on such profits every year.
The CHAIRMAN-Perhaps not.
Mr. MICHAELI see the capital is increased from $775,000 to $846,150. May I ask if the increase in the share capital took place during the year?
The CHAIRMAN-During the year; before Jane.
Mr. MICHAEL-And these people, you give them the full benefit of the whole dividend?
The CHAIRMAN-The shares are fully paid- up shares and they naturally have the same dividend.
Mr. MICHAEL-Why I ask 'is, because oal. calating the income of this Company, I find we are getting a very low income. I would like to ask what are these fixed loans and cash on deposit? Do you receive money as at a bank and give interest?
The CHAIRMAN-Yes. Various rates. Mr. MICHAEL-Aud the shareholders only get 3 per cent.? I wish to show we are doing business in the wrong way by borrowing at 6 per cent.
The CHAIRMAN-I think, probably, you are misunderstanding the situation. We have as you know a great deal of land that is not deve- loped, and naturally as our capital is not all issued we must develop this land by borrowing a certain amount of money.
Mr. MICHAEL-What proportion of unde- veloped land have you got?
The CHAIRMAN-I shall be very pleased to give you any information if you stay after the meeting.
Mr.
have MICHAEL-You
got capital $550,000, and besides you have got debentures $200,000, besides you have got borrowed money
-the whole $846,000, very close on a million-
The CHAIRMAN-If we got our capital we should naturally pay off some of the mortgages, then we could pay off our debentures.
Mr. MICHAEL-Hongkong has been pro- gressing very fast indeed. This company has been fourteen years in existence against the Land Investment, twelve years. The Land Investment Company can show us a handsome profit. You have got very valuable land in Kowloon worth $1 to $1.50 a foot. Something should be done.
The CHAIRMAN-When you compare the companies you must remember that we suffered for a long time by having a very small capital. Having a small capital we might not go in for speculations which were more profitable.
Mr MICHAEL said if he had invested $500,000 in Kowloon fourteen years ago he should have expected a better return. He also mentioned that rents were going up everywhere.
The CHAIRMAN-I think, Mr Michael, if you like to see the figures, you might stay be- hind, and we will explain them to you more fully.
Your
Mr MICHAEL Figures will not satisfy me as against solid facts. I am calculating that on the money invested by the company you are only getting 3.15 per cent. undeveloped laud cannot be 50 per cent.?
The CHAIRMAN-I think there is more than 50 per cent.
Mr. MICHAEL-Even at 50 per cent., we should get 64 per cent. That is double the amount. I only wish to see how the company can be improved. Everything is progressing in Hongkong, and there is a ory everywhere for houses. Rents are high everywhere. A man ould buy a house to-day and sell it to- morrow at a profit.
The CHAIRMAN-As you say this Company is fourteen years old, but has a great amount of land that has not been developed; the Kowloon Estate has only been developed to a certain ex- tent within the last few years. The land un- developed is probably very valuable, but we have had to pay Crown rent and taxes on it and obtained no return.
CHAIRMAN proposed the adoption of the report and accounts.
Mr. RUSTOMJEE seconded. Carried.
Mr. Jute proposed the re-blection of Mr. Henderson as auditor.
Mr. JORDAN seconded. Carried,
The CHAIRMAN -That is all the business, gentlemen. Dividend warrants will be ready this afternoon.
THE HONGKONG FIRE INSURANCE
CƯ, LD.
Shanghai Hongkow Wharf {Company, Idl, Debentures 82,60-.70 -Shanghai Land Investment Company, Ld, Debentures Hongkong Hotel Company,
Limited, Debentures... 200 ebares in the Hongkong I and Investment & Agency Company, Limited
6 shares in the China Fire In- surance Company, Limited
Steam fire engines Accounts receivable...
183
.7,586...0
50,000.00
28,100.00
375.00
270,693.82
500.00 112,515 86
$2,084,869.08
WORKING Accuunt, 1898.
▸.
88,913.68 7,048.51
6.186.66 244,411.96
$290,540.88
0.
298,540.66
$296,540.66
WORKING ACCOuïr, 1-99,
$
To losses and claime paid To return/premia
To remuneration to consulting committee and
anditors
To balance as above
The following is the report for presentation By babapco from Inst account to the shareholders at the thirty-first o dinary general meeting, to be held at the offices of the general managers on Thursday, the 1st March,
1900, at noon.
To losses and claims paid The General Managers and ausulting com-
To charges mille beg to present to the charchol ers theTo cominissions Thirty-first Annual Report of the Company* fo fire brigade expenses 1898 Account. This account shows a profit | To balance as above of $244,411.96, which sum, with the approval of the Consulting Committee, it is proposed to deal with as follows, vi
Bonus to Contributing Shareholders Addition to Reserve Fuld Dividend of $27 por Share
3.970.77 24.441 19 216,000.0
$ 44.4196
1899 Acconat. - l'àe bianco at ozadi of tuis account is $1343415 4.
Mortgages. From the reports and valuations made by the Company's surveyors the General Managers and Consulting Comunte are satis. fied that the properties hdd by the Company form ample security for the alvinces, male,
Consultin: Committee.—Mr. Bir Uhiving left the colony and Mr. Thompson having resigned. Messrs. F. Maitland and J. A. Mackay were nominated for the vacant seats; those ippotul ments require the confirmation of shareholders The present members, Messes, later, Lewis' Raymond, Maitland and Mackay & tare, but offer themselves for re-election.
Auditors. The accounts Lave been awiited by Messrs. Fullerton Henderson and W. Hutton Potts and their re-e ection is recommended,
JARDINE M THESON & Co.,
General Manag rs,
BALANCE SHEET, 31st Decemben, 1899.
LIABILITIES
$2,9 0,0
Capital subscribed Amount paid-up Reserve fu. d Uncollected dividends Accounts payable Working account, 1898,—
Net profit.
Working account, 1899,—
Amoat brought forward from below
ASSETS.
Cash, on current account with Hongkong &
Shanghat Banking Corporation Cash in hands of general managers Fixed deposits,—
Mercantile Bank of India.
Limited
400,0 15.0 1, 69,314.0" 4,380 57 32.1.0 6
By not promin received, less returns and re-
insurances
By iuterost
By exchange
By transfer fees
By increase in market value of 200 shares in the Hongkong Land Investiment & Agency
ompany, Limiterl
48,803.65 24,600 59 32,499.25
842.50 834,340.50
$440,676.49
$ C. 502,268.50 22,417.81
5,459 18 131.00
10,400.00
8444,076.49
THE CHINA-BORNEO COMPANY, LIMITED.
The following is the report of the abore com- pany for presentation to the shareholders at the Arst ordinary yearly mesting, to be held at the offices of the company, at noon, on Wednesday, the 28th February,
Gout-men. The manager and consulting committee heg to present to the shareholders the first ordinary yearly r port of the company
The account shows a profit of $23,494.96, which sum it is proposed to carry forward to
next account.
CONSULTING COMMITTEE.
On the formation of the company the Hon. C. P. Chater, C.M.G., and Mossra, A, G. Wood and E Oshorne consented to form the commit tes, and their appointment requires confirmation.
AUDITOR,
The accounts under review have been audited by Mr. Fullerton Henderson; his appointment 244,11..96 | also requires confirmation.
334.3.0.50
$,084,-69.63
J. WHEELEY, Manager.
Hongkong and Shanghai Bank amount over-
Contingency provision for
LIABILITIES.
Capital:—
*
101,367.61 317.40
91 shares each $20 paid 6,1-0 shares each $15 paid
404 shares anallotted
$18,320.00
92,700.00
111,020.00
Hongkong & Shanghai Bank-
ing Corporation
7,500
$
,04 .00
Chartered Bank of India, Aus-
tria and China
drawn
6,865.01
5 .00 .00
Suadry creditors
5,743.19
Bills payable
2,278.88
8,760.00
50,000,00
00,000.00
Balance of profit and loss account
28,194.96
868,000.00 505,250.00 25,725.32
$158,162.04
· 1,398,975 49 | Hongkong saw.mills:
$3,223.12
10,167.80
Sandakan saw-mills
38,459.48 26,000.00
60,000.00
Launches and lighters: -
Value on 1st January, 1899
Since added
$14,000.00
4,000.00
11,500.00
18,000.00
Mortgages,
In Hongkong In Shanghai In Yokohama
Investments-
Chinese Imperial Government
Loan, 18-6....... Hongkong and Kowloon Wharf and Godown Co, Lindited, Debentures Hongkong High-Level Tram- ways Company, Limited, Debentures
ASSETS.
Value of land, buildings and
machinery on Jan. let, 1899 $28,291.68
Since added