THE HONGKONG WEEKLY PRESS AND
would probably end in success. Have the share- holders been consulted in the matter of increas- ing the capital? I think this is but a very small sum considering the amount already subs- cribed, the shares being $100 each. I think if the matter is fairly presented to the shareholders they would be willing to come forward with another $25 per share to make up the sum which you think necessary to keep the concern running and place it on a better footing. I do not know what steps you have taken to ascertain the feeling of the shareholders in this matter, but I think, looking at it from |
■ business point of view, it would be well worth the while of the shareholders to subs- cribe another 825 por share, as if the con- cern is put into liquidation there will be but a very small return, if any, for the shareholders. I think that if the matter is fairly laid before the shareholders they would be quite willing to subscribe the 825 per share which you think
necessary.
The CHAIRMAN-In reply to Mr. Gillies' enquiry as to whether any steps have been taken to place the matter fairly before the shareholders in the sense to which Mr. Gillies referred, I can only say that at the general meeting I made the position as clear as I could, and the present informal meeting is for the same purpose and to invite suggestions as to how we should overcome the present difficulty. I am very much obliged to Mr. Gillios for the sug gestion he has made. The feeling we have in regard to the capital required is that if we had three lakhs of dollars more we think we could carry on at least for one year, and should not ask for the repayment of the money due to us before the end of September, 1901. I may say that are very anxious in connection with a concern of this kind by every means in our power to forbear taking any
extreme measures before the company has had good a chance as possible of testing whether it has the merit of success within it or not. Therefore I do not wish to precipitate matters in any way, and if there is the least liklihood of the shareholders subscribing the $300,000, the difficulty will be overcome certainly for a year and I think altogether.
AS
Mr. RUSTOMJEE-1 concur with Mr. Gillies in certain respects. I think it would be ad- visable to issue preference shares, giving the present shareholders the first chance to take them up and then throwing them open to the public.
After a consultation with the directors, Mr. RUSTOMJEE proposed-“That the General Managers have a mortgage on the company for * the mount due to them, and that preference
r
[September 29, 1900.
OF CANTON, LIMITED.
There was some prospect in the early part of | THE UNION INSURANCE SOCIETY the year of a satisfactory arrangement being agreed upon, and the President of the Osaka Shosen Kaisha led us to expect a visit from him with the purpose of discussing the matter, but after a long delay he finally wrote us that no proposals for a settlement could be entertained until his Company had completed their project of extending their lines on the Yangtze and China coast generally.
Combined with the low rates of freight there has been a steady decline in the trade between Hongkong, the Coast Ports and Formosa, and it became necessary to withdraw some of the steamers from an employment which materially contributed to our prosperity in past years.
The steamers are all in excellent condition, but the expenditure for overhaul and repairs has been exceptionally heavy.
CONSULTING COMMITTEE.
The following is the report for presentation to the shareholders at the twenty-seventh ordin ary meeting, to be held at the Society's Offices at noon, on Thursday, the 11th October, 1900.
The directors have now to submit to the shareholders a report of the business of the Society for the year 1899, and for the six months ending the 30th June, 1900.
1899. The net premium collected for the year, after deducting returns and reinsurances, amounts to $2,660,419.32. After providing for a bonus of 20 per cent. on contributions paid in May last, there remains at credit of working account a balance of $584,588.01 as per annexed
statement.
From this sum the directors recommend the In usual course it may be mentioned that the amounts appearing as freights due and accounts payment of a dividend of $20 per share, equiva- receivable on 30th June, have since been col-lent to 40 per cent. on the paid-up capital of $50 per share, and an addition to the reserve lected.
|fund of $65,000, raising the reserve $1.425,000. They further recommend that the staff should receive a bonus of twenty per cent. on their present annual salaries, which will äbsorb about $32,000, and that the balance amounting to about $287,000 should be carried forward to underwriting suspense account to close the ac- count for the year 1899.
Since the last general meeting, Messrs. C. H. Thompson, C. A. Tomes and E. Shellim have resigned. The Committee now consists of the Hon. J. J. Keswick, Messrs. J. A. Mackay, R. Shewan and C. S. Sharp, who retire in terms of the Articles of Association, but being eligible
offer themselves for re-election.
AUDITORS.
The present accounts have been audited by Messrs. J. H. Cox and W. H. Gaskell, who retire, but offer themselves for re-election.
DOUGLAS LAPRAIK & Co., General Managers.
BALANCE SHEET FOR THE YEAR ENDED 30TH JUNE, 1900. LIABILITIES.
$ 0.
1900.-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 30th June as per annexed state- ment
Add estimate of premium to 30th
September
Capital account:-20,000 shares at $50 1,000,000.00 Estimate of losses to pay
Reserve fund
Underwriting account of the Company Sundry accounts payable Unpaid dividends Unpaid bonus
ASSETS.
Value of the Co.'s steamers
231,187.38
53,315.83
84,240.54
36.00 139.00
$1,368,917.80
C.
Hailoong, Formosa, Haitan, Thales, Haimun & Haîching 1,054,203.16 Value of buoys and moorings at Swatow, Amoy, Tamsui and Hongkong, steam launch and wharf at Hongkong
58,970.44
Loans on mortgage Hongkong and Shanghai Banking Corpora.
tion
Value of coal in stock Freights due 30th June, 1900
to the amount of $300,000 be offered to Sundry accounts receivable from agencies, the present shareholders first, any balance to be offered to the public."
Mr. GERSHAM STEWART 8econded and the motion was carried unanimously.
No further proposal being made the proceed- ings terminated, the CHAIRMAN remarking that he would summon an extraordinary meeting as early as possible to consider the question dealt with by the resolution or any other which might arise in connection with the present situation of the company.
THE DOUGLAS STEAMSHIP
COMPANY, LIMITED. }
The following is the report for presentation to the shareholders at the seventeenth ordinary general meeting, to be held at the offices of the above Company, on Saturday, the 29th day of September, 1909, at noon.
|
ke. Cash in hand
Profit and loss account
POFIT AND LOSS ACCOUNT FOR THE
3)TH JUNE, 1900.
0.
DIRECTORS.
$1,348,760.64
690,000.00
$2,038,760.64 $620,000.00
$1,418,760.64
Since the last general meeting the directors have had to deplore the death on the 2nd April last of Mr. H. L. Dalrymple, who had been a director of the Society since 1874.~ Mr. R. H. Hill, Mr. A. G. Wood and Mr. E. S. Wheailer have resigned their seats on leaving the colony and Mr. R. L. Richardson, Mr. J. A. MacKay, Mr. C. 8. Sharp and Mr. G. H. Medhurst have joined the Board.
In accordance with clanse 86 of the Articles 1,113,173.60 of Association, Mr. N. A. Siebs and Mr. R. L. 60,500.00 | Richardson retire, but offer themselves for re-
election. 18,733.63 113.75 52,568.56 Messrs. J. H. Cox and W. Hutton Potts
retire, but offer themselves for re-election.
N. A. SIEBS,
57,808.80 610.67 65,408.79
$1,368,917.80 TEAR ENDED
To remuneration to General Managers for
office expenses, for 12 months
To remuneration to Consulting Committee
for 12 months
To auditor's fees
To exchange account
To loss on running the Company's steamers
to dato
By proât on coals supplied to steamers By interest on mortgages account
By general interest socount By bonuses received By balance
AUDITORS.
Chairman.
Hongkong, 21st September, 1900,
WORKING ACCOUNT, 1899, ON 30TH JUNE, 1910. Dr.
0.
$
10,000.00
To working account, balance on 30th June,
1809
1,194,031.08
2,000.00
To not premium from 1st July to 31st De
çember, 1899
600,00 626.80
To interest
1,121,398.54 135,700.94
$2,451,130.56
62,136.91
Cr.
0.
$75,363.71
B agency commissions
41,816.87 193.761.61
0.
12,129.23
1,908,283.78
833.03
By head office, branches & agency charges By remuneration for half-year ending 31st December, 1899, to directors, commit 3,610.33
tees and auditors 4,005.43 By losses and claims país
1,233.29 By exchange
1,105.83 By bonus on contributions account 1800, 65,403.79 (declared 20th April, 190 ) 20 per cent. 807,213.49 384,588.01 By balance $75,363.71
$2,451,130.56 WORKING ACCOunt, 1990, on 36TH JUNE, 1900, Dr.
The following paragraph from the N.-C. Daily News explains the telegram received by Mr. To net premium from 1st January to 30th
June, 1900 Consul Scott at Canton and forwarded by him to us for publication this week:-onsiderable To interest anxiety has been entertained regarding the safety of Mr. and Mrs. C. G. Levis and Mr.
Cr.
1,899,219.72
80,812.48
81,974,083.20
The General Managers have now to submit to the shareholders their report on the seven- teenth year's working of the Company, ended 30th June, 1900. After paying all running expense, premia of insurance, remuneration to Consulting Committee and Auditors' fees, there is a loss of $65,408.79 to be met by the transfer of the equivalent amount from the reserve fund which will then stand at $165,778.59. §
H. J. Hewitt of the C. I. M., who, by in- By agency commissions The General Managers and Consulting Com-structions of the U.B. Consul at Chungking. By head office, branches & agency charges 180,272,03 ittee greatly regret this very unfortunate left Haingi-fu (Kweichow) on the 10th of August By remuneration for half-year ending 30th *June, 1900, to directors, committees and which is entirely attributable to the ex- for Canton by the West River. Telegraphie auditora
low rates of freight ruling in conse information has reached the Director of the By losses and claims paid quence of the continued and determined opposi- | C. I. M. that they were compelled to turn back | By exchange tion of the subsidised Japanese steamers on the ❘ and had arrived at Kweiyang. They expected i By balance Formoen ligas.
to leave for ( hungking [on the 19th inst. ]
42,483.47
10,047.16
390,780.76 799.14
1,348,700.64
$1,974,089.8)