CHINA OVERLAND TRADE REPORT.
March 3, 1900.] HONGKONG FIRE INSURANCE CO.,| THE HONGKONG AND KOWLOON
LIMITED.
اسلام
The thirty-first ordinary generál meeting of the Hongkong Fire Insurance Co., Limited, was held 1st March at the offices of the General Managers, Messrs. Jardine, Matheson and Co. The Hon. J. J. Keswick presided. The other gentlemen present were:-Hon. C. P. Chater, Messrs. J. H. Lewis, F. Maitland, A. J. Raymond and J. A. Mackay (consulting committee). G. T. Veitch (secretary), J. R. Michael, G. L. Tomlin, A. Turner, P. Jordan, J. J, Leiria, A. McConachie, G. C. Anderson, G. H. Potts, A. Fleet, Ho Fook. Byramjee, Lo Cheung Shin,
Goosman, and W. J. Gresson.
reservo
Our
The CHAIRMAN said—Goutlemen, with your permission we will take the report and accounts, which have been in your hands for some time, as read. Although the number of claims attach- ing to 1898 policies during 1899 was consider- ably in excess of previous years, you will doubt- less feel gratified at the final outturn of the 1898 working, which enables us to recommend a dividend of $27 per share, a bouus, and, a further substantial addition to the fuud, which will then amount to $1,093,757.19. As regards the 1899 account, I have much pleasure in stating that so far we have every reason to feel satisfied with its progress. losses on this account are considerably less than the previous year, and although the net premia income shows a decrease owing to heavier rein- surances and the non-receipt of December returns from one or two of our agencies, the balance carried forward is $37,800, in excess of last year. Up to this date our losses paid and in course of settlement amount to $60,477.17. as against 396,966 last year, which you will doubtless consider most satisfactory, and I sincerely trust the year's risks will run off without more than an average of claims. We have received advice from Bang- kok of a claim amounting to $10,000 through the total destruction of a rice mill at that port; this attaches to the present year's account, on which the losses are but little in excess of pre- vious years. There does not appear to be any. thing farther of interest that I can speak about, but I shall be pleased to answer any questions before proposing the adoption of the report and
accounts.
No questions being asked, the CHAIR. MAN proposed the adoption of the report and accounts.
Mr. MCCONACHIE said-I am sure, gentle- men, we have all listened with pleasure and satisfaction to the speech just made by our chairman, and our best thanks are due to the general managers and the consulting com- mittee for the excelleut report they have just submitted to us. The result of the 1898 ac- count returns to shareholders the increased handsome dividend of $27 per share, and at the same time adds $24,441.19 to the reserve fund
a highly satisfactory result all round. The amount at credit of working account 1899 car- ried forward is 8334,350.50 against $296,540,66 in 1898, which also is satisfactory, and if our losses do not exceed the average of past seasons I hope, look forward to an equally good, if not still better. dividend this time next year. (Applause.) With these remarks, I beg to second the adoption of the report and
we may,
accounts.
Carried.
Mr. TURNER proposed the confirmation of the appointment of Messrs. F. Maitland and J. A. Mackay to the consulting committee, and the re-election of Messrs. Chater, Lewis, Raymond, Maitland and Mackay.
Mr. BYRAMJEE seconded. Carried.
On the motion of Mr. TOMLIN, seconded by Mr. JORDAN, Messrs. F. Henderson and W. H. Potts were re-elected auditors.
The CHAIRMAN-That appears to be all the business of the meeting, gentlemen. I am very much obligel to you for your attendance. Dividend warrants will be issued to morrow.
WHARF AND GODOWN CO., LIMITED.
to shareholders at the thirteenth ordinary The following is the report for presentation annual meeting, to be held at the Company's Office, 2, Connaught Road, at noon, on Monday, 5th March, 1990.
holders their report with a statement of accounts The directors have now to submit to share-
for the year ended 31st December, 1899.
ACCOUNTS,
The gross revenue derived from wharfage, landing, &c., amounted in 1899 to $629,103.80 as against $604,934 76 the previous year, show. ing an increase of $24,169.04 and the profit on working was $193.34.19 as compared with $216,053.38 in 1893, being B decrease of $22,713.19.
The balance at credit of profit and loss after paying interim dividend of 5 per cent, and in- cluding $44,544.39 brought forward last year is $139,660.61 which it is proposed to appropriate as follows:-
Directors' and Auditors' fees Final dividend of 5 per cent. Transfer to depreciation and repairs
account ... Write off launches Write off lighters
Write off West Point wharf Carry forward to new account
BUSINES9.
Dr.
BALANON SHELS Bist Ducamaan,
PABILITIME.
153
1899.
To capital (20,000 shares at $50 fully paid-up) 1,000,000. To Hongkong and Shanghai
Banking Corporation.
$408,502.90
600,000.00 106,969.81
To debentures outstanding.
To depreciation and repaitz account... To sundry creditors
To profit and loss account, balance To dividend sooount (unclaimed balance)
Cr.
ASETS.
By value of land and buildings
at Kowloon as per fast account 1,265,389.16 By cost of land newly acquired 169,991.00 By since expended on levelling land and on new buildings ..
By value of wharves at Kowloon Since expended on new sheers
as por last account
wharf
By value of railways and roll- ing stock at Kowloon as per last account
Since expended on new rails,
&o.
1,018,672.71 68,183.10 702.59 50,160.81
$1,134,619.01
67,487.08
· 1,492,841,24°
100,377.18
7,201,40
107,678.85
18,000.00
13,819.57
81,819.57
...$ 6,500.00 |
50,000.00
20,000 00
By value of launches as per last
account
80,000.00
Since expended on new launch
3,625.00
83,625.00
3,000,00
Less written off..
8,000,00
5,000.00
80,62 .00
account
5,000.00 | By value of lighters as por last 50,160.61
44,520.00
42,395.89
8139,660.61
86,916.88
6,000.00
81,015.88
The business referred to in last report as resulting from the war in the Philippines did not continue, but the temporary gain of 1899 was almost equalled during 1899 by a furtuer development from permanent sources, the amount of cargo handled during the latter year being nearly as much as the year before.
LAND.
During the year the company purchased K.I L. 621, containing 18.646 square feet, and K.M.L. 10, containing 44,500 square feet, aud the total area of its property is now :-
Marine lots falaud lots
Since expended on new lighters
Less written off
By value of West Point reclamation (44,435
square foot at 34) as per last nocou at 177,740.00 By West Point buildings as per
last account
Since expended on new build-
Ings..
By value of West Point wharf
as per last account
Less written off...
By value of sheer legs 8 per
last account...
95,636.88
11,357.08
106,893.88
8,000.00 5,000.00
3,000.00
500.00
H
Total
At Kowloon. 653,700 .square feet.
259,751
..$10,434
BUILDINGS.
At West
Total Point 44,435 595,135 230,754
44,498 854,859
Since expended on new back
lega
2,905.45
5,405.45
By value of furniture and plant
as per Last account... Bluce expended on new plant...
7,000.00 893.17
7,899.17
By sundry debtors
66,600.91
702.50
5.12.18
692.00 22,278.73
A small godown and 11 Chinese houses were acquired with K.M.L. 10 This godown has been pulled down and a large new one covering the whole available area of the lot is in course of erection.
LAUNCHES.
A new tug-the Penguin-is under construc- tion.
LIGHTERS,
Twelve new wooden boats were built and they have proved not only profitable but of great atility in rendering the company less dependent apon native lightermen.
WHARVES.
the previous report was completed and the sheer The wharf for the sheer legs referred to in legs have been erected on it."
DIRECTORS,
The Hon. J. J. Bell-Irving having left the colony the chairmanship devolved upon the Hon. J. J. Keswick, in accordance with the Articles of Association.
By Hongkong Back (unolaimed divivenda) By dish in hind
By value of coal on hand
..
By value of timber, iron, and stores on hand
WORKING ACCOUNT.
Dr.
To wages of permanent staff'
To Crown rent To taxes
$2,184,519.01
To chargos(office and telephone rent, stationery and printing, collecting commission, sun- dries,&o.)
To legal expensos
To fire insurance...........
To claims on cargo
LITTES
116,910.38 ∙10,302.17 38,219.48
20,124.60
647.08
2,91417
4,184.69
10,365.79
4,844.06.
103,340.19
$629,108,80
629,103.80
$629,168.80
To expenses on cargo and coal, coolie hire, &a. 358,856.22 To expenses of launches
Το
expenses
of lighters To balance to profit and loss mocount
Cr,
Messrs. C. Beurmann, D. Gubbay, C. H. | By wharfage, storing, landing, áo. Thompson and C. B. Sharp having resigned, their places have been taken respectively by Messrs. E. Goetz, D. M. Moses, J. A. Maokay and A. G. Wood, and the appointments of these gentlemen require confirmation.
Messrs. N. A. Biebs and A. J. Raymond re- tire in rotation according to the Articles of Association, but being eligible offer themselves for re-election.
The directors have to record with much re. gret the death of their former colleague, Mr. C. Bearmann,
AUDITORS,
On the 20th uld, there was a large fire in the Foochow Road, Shanghai, starting from a Messrs. F. Henderson and W. H. Potts have tea-shop. In spite of the fact that nine streams audited the accounts now presented, and the were brought to bear no less than twenty shops' Directors recommend them for re-election. were burnt down, and the ruins smouldered all Sunday.
J. J. Kusw1OK, Chairman.
To interest
Prorry and Lom AccouNT. Dr.
To interim dividend To balance appropriated as follows :---
Directors' and auditors' fees $6,500.00 Final dividend
50,000.00
48,223.97 50,000.00
Transser to depreciation and re- '
pairs account
20,000.00
To amount written off;—
Launches
8,000.00
Lighters
5,000,00
5,000.00
139,680.81
$337,894.89
West Point wharf
Amount carried to new account 50,160,61