152
one of "the old hand's" apt pupils, who after a long absence we are again pleased to welcome amongst us, and are glad to note that neither the anxieties nor care of this huge corporation have dimmed the joviality of his countenance or made his shadow grow less. (Laughter and applause.) May it always be so. And when later he leaves us to undertake an almost equally re- sponsible and even more anxious post in the North, nor the least pleasing memory he will leave behind will be the magnificent report of his first half-year of chief management, of which I have now the pleasure to request your adoption.
-
Carried.
Mr. J. H. Cox proposed the confirmation of the appointment of Mr. H. W. Slade as a Director.
Mr. LEW18 seconded. Carried.
$
The CHAIRMAN intimated that a wire had just been received from Shanghai to the follow-necessary cranes, furnaces and steam hammers ing effect: Chefoo wires Peking relieved 15th August. Ministers, subordinates reported safe." (Applause.)
[Atigust 25, 1900.
There being no questions, the CHAIRMAN pro- posed the adoption of the report and statement of accounts.
on
---
we
THE HONGKONG WEEKLY PRESS AND
large amount of business which offers in the for July being quite satisfactory, and the pros way of docking and repairs, and get the workpects of having a busy six months are bright finished in the shortest time possible to the and hopeful. satisfaction of our constituents, has for a long time engaged the earnest attention of your Board, but only during the last
Mr. C. 8. SHARP, in seconding said The twelve months has a comprehensive scheme been
7 elo- formulated and finally decided upon for carry. figures you have laid before us speak very e ing out this very important undertaking, but quently of the prosperity of she company's as shareholders may be desirous of having some business, they being the second best on record, as idea of the extent of the improvements we have you have pointed out, and they ought to be con- considered necessary to enter upon, I will in-sidered satisfactory by the most exacting of the The increased revenue which form you in as few words as possible the limit shareholders.
After most careful has been shown since the recent additions of our recommendations. consideration, the decision we arrived at in to the company's establishment and plant show the wisdom of the measures taken to place order to meet all the demands on our resources was to erect a new blacksmith's shop, which has the Company abreast of all possible and likely been completed, as you will observe from the demands upon it, and I think all present report before you. The construction of a new will have listened with interest to what you forge was also determined upon, having all the have said on the subject of contemplated ad- ditions of a like nature, and I think that this for executing the heaviest class of forgings; will meet with the hearty support of the share- this addition to our plant is now well advanced holders. I think the signs of the times undoub. and might be finished in a short time but for tedly point to further calls and increased calls
an establishment such as this,
and the great difficulty in securing coolie labour to remove the hill at the back of the forge. It ought to see to it that we are in the very construct a new best position to meet those calls. I gladly was likewise concluded to erecting and turning shop 279 feet in length, endorse the remarks just made about the with three bays each of 53 feet in width, the services of the staff. I think the company has centre bay forming the principal fitting hop. been very well served by the staff, and if I may the east and west bays the machine shops. be permitted to express an opinion I would In the central hay will be two electric motor suggest that those services should meet with cranes of 25 tons each, and in the wing bays one more tangible recognition. crane in each of 25 tons, and at present it is the intention to have all the principal tools in this department operated by electric motors as à matter of economy. We have also decided to have hydraulic capstans fitted at the entrance and on each side of all our principal docks and The ordinary half-yearly meeting of share slips and a pneumatic power installation for holders in the above Company was held on the drilling, rivetting and caulking distributed over the Kowloon works; and your Directors are 20th inst. at noon at the offices of the Company, Queen's Buildings. The chair was occupied by most sanguine that with these additional facili- the Hon. J. J Keswick, and there were present ties we shall largely increase our output at a Messrs N. A Siebs, J. 8 Van Buren, A Haupt, considerable reduction in the cost of both time J.H. Lewis, R. Shewan, U. E Brown (Directors), and labour. The estimated outlay required for D. Gillies (Chief Manager), T. I Rose (Secre- the improvements I have just enumerated apart tary), G Murray Bain, G de Champeaux, Geo. from the sums spent during the last two years. Medhurst, F. Henderson, Ho Fook, H. Hum- will be close on $1,000,000. I must also bring phreys, E. S. Kelly, J. J. Leiria, R. K. Leigh, | to your notice the urgent necessity for another A J. May, R. Mitchell, H. A W. Slade, Ger- shom Stewart, C. S. Sharp, W. H. Wicking, W. G. Winterburn, and C. M. Young
The CHAIRMAN intimated that dividend war- rants would be ready on Monday.
Captain TILLETT proposed a hearty vote of thanks to the Directors and the staff. It was the care, ability and attention of these gentle mon that had helped materially to achieve the success of the institution of which they were all so proud.
The CHAIRMAN returned thanks. This was all the business.
HONGKONG AND WHAMPOA
DOCK CO., LIMITED.
i
;
con-
large dock to meet the growing requirements of | the port of Hongkong. This matter has been
recognised by the Directors for some siderable time past, and they have already made application to H.E. the Governor for a site on the east of our No. 1 dock at Hunghom; the principal dimensions of which will be length on the blocks 750 feet, width of entrance 60 feet, aud depth of water on the sill 30 feet. The construction of the dock will be on similar lines to our No. 1 dock, and the estimated cost will be about $2,500,000. The building of another dock I must say has become an absolute necessity to us, as not unfrequently our large dock is filled by a ship of war for a month or more, so that our regular constituents have occasionally to send their vessels for an additional voyage with- out docking, causing thereby considerable irreg- ularity in time, together with increased con- sumption of coal and great inconvenience l'hero- fore if we determine to retain our position as a centre for docking and repairing we must take immediate steps to proceed with the undertaking as early as possible. An answer from the Go- vernment with respect to the site applied for
The motion was carried. This was all the business. Dividend warrants will be ready to-day.
THE HONGKONG HOTEL COMPANY, LIMITED.
The following is the report of the board of directors to be presented at the ordinary meet- ing of shareholders, to be held at noon on 'Inesday, the 28th August.
Gentlemen,-- In accordance with Section 56 of the Articles of Association, the Directors now ended the 30th June, 1900. beg to submit their Report for the half-year
ACCOUNTS.
The Profit on Working Account for the six months amounted to $100,796,98, as compared with $99,302.62 for the corresponding period of 1898, being an increase of $1,494.36 for that half-year, and of $29,739.88 for same period of
1898.
The Profit and Loss Account, including the sum of $285.33 brought forward from 31st December, 1899, shows a credit balance of $94,794.71, which your Directors propose to apportion as follows:---
The CHAIRMAN said Gentlemen. the report and statement of accounts having been in your hands for some days, with your permission we will take them as read. The returns for the half year are again most satisfactory, the gross earnings exceeding those of any former half year, and the net returns are the second best on record; thus your Directors have very great pleasure in being able to lay before yon a state- ment of accounts so highly creditable. All our establishments have been fully occupied during the period under review, but owing to increased facilities from the new machines that have been added recently, we have passed a very large amount of work through our hands. The amount available for appropriation is $929,647.66, which the Board recommends for distribution as stated in the report, viz., that a dividend and bonus of 20 per cent. or $312,500 te paid to shareholders, a bonus of $20,000 to contribution shareholders, that $240.910.91 be written from the value of Kowloon and Cosmopolitan Docks and from the steam launches, and may be expected almost immediately. To meet in the Company's business, renders it necessary
It
the balance, $356,236.75, be carried to new account. The allotment of our funds in the manner stated will we trust be satisfactory to shareholders. Many of our buildings are now in course of being pulled down to make room for much larger and better arranged workshops, and a large number of our old machines found more or less obsolete and worn out have been removed in accordance with a statement made by my predecessor at our last meeting. was found far more economical in the long run to replace a worn out machine with one of more modern construction; rather than fix up the old one, and as the pulling down of the old work shops and the removal of worn out machines represent" a considerable diminution of our assets, to cover this loss your Directors recom- mended the writing down of an equivalent sum from the value of our Kowloon und Cosmopolitan properties. The necessity of increasing the capacity of our docks and workshops so that we - may be in such a position as to overtake the
this extraordinary expenditure it will be. our capital necessary to largely increase by the issue of new shares. This matter. how ever, is now receiving most careful consideration from the Board, who purpose shortly to call an Extraordinary Meeting of shareholders to dis- cuss and approve of such a scheme as may best recommend itself to the meeting. The amount standing at debit of material on hand represents a much larger sum than has appeared in any former half year, but this is owing chiefly to the material for the new vessels we are building, and to the iron roofing and columns, &c., for some of the new workshops remaining in stock until the bill has been rendered and the stock crediteil. Before concluding my remarks I have great pleasure in recording our appreciation of the excellent services given by our staff, who have displayed much zeal and ability in the execution of their arduous duties, I am also pleased to inform you that we have entered on another half year under favourable auspices, the returns
To pay a Dividend of 8 per cent. for the half-year, absorbing
To write off from value of furniture and fixtures
$48,000.00
20,000.00
To set aside against repairs and renewals
10,000.00 15,000.00
To transfer to Reserve Fund To carry forward to Now Account 1,794.71
$94,794.71
The wear and tear, consequent on the increase
to make ample provision for depreciation in the furniture, which, moreover, owing to the general rise in prices for manufactured goods, can only be replaced at a higher figure.
BUSINESS.
The Company's business continues to progress satisfactorily, but in some departments want of space must necessarily check much further ex- pansion.
DIRECTORS.
Messrs. W. Parfitt and R. C. Wilcox retire by rotation, but offer themselves for re-election.
AUDIT.
The accounts have been audited by Messrs. W. H. Potts and W. H. Gaskell, whose re-
election is recommended.
R. CHATTERTON WILCOX,
Chairman.
Hongkong, 20th August, 1900,