February 23, 1901.j
press for myself, and I think for the rest of the shareholders, our satisfaction at the result of the working of the year. I think it is a wise policy to have a reserve fund and to continue to write off for depreciation. Even though our property stands very well in the books it is a wise policy to have a reserve fund and to carry forward something to the next account in order to provide a portion of the dividend should next year's working prove a little less satisfactory than the present.
The motion was carried unanimously. On the motion of Mr. HART BUCK, seconded by Mr. ANDREW, Mr. A. Rodger was re-elected a director.
Mr. T. Arnold, was re-elected auditor, on the motion of Mr. F. HENDERSON, seconded by Mr. RODGER.
The CHA EMAN-That is all the business of the meeting, gentlemen. I thank you for your attendance. Dividend warrants will be sent out to-morrow.
The following is the report of the Directors of the Company :--
|
The Directors hare now to submit to the shareholders a statement of accounts for the
I year, ending 31st December, 1900.
The net profit for the year amounts to $27,094.68, to which has to be added $15,261.84 brought forward from last year's account. After payment of directors and auditór, it is proposed to pay a dividend of 15 per cent., or $22,50) to shareholders, to transfer to reserve fund $5,000, and to carry forward $13,706.52 to next year's account,
The company have been fairly well employed during the year; while the property and plant have been kept in a good state of repair.
DIRECTORS.
Mr. A. Rodger, according to the articles, re- tires, bat offers himself for re-election.
AUDITOR.
The accounts have been audited by Mr. Thomas Arnold, who offers himself for re-elect- tion.
A. RODGER, Chairman.
Hongkong, 12th February, 1901.
STATEMENT OF ACCOUNTS FOR THE 12 MONTHS ENDING 31ST DECEMBER, 1900.
ASSETS.
Value of land and building thereon $
as per last statement
77,000.00
C.
Less amount written off, deprecia-
tion
4,000.00
Value of plant and office furniture,
per last statement
29.593.00
Added during the year
12,634.64
$42,227.64
Less amount written off, deprecia-
tion
6,971.37
Value of stock-in-trade
Work in progress
hai Blank
Cash in hand
Sundry debtors
Current account with Hongkong and Shang-
0.
73,000.00
CHINA OVERLAND TRADE REPORT.
By amount brought forward from last year's
account
By gross earnings..
By bonus from Insurance Company. By transfer fece.
July to December, 1900.
ASSETS.
0.
CAPITAL ACCOUNT.
15,261.84 223,063.68 45.22 22,00
31st Dec., 1900.
$238,392.74
Aberdeen. To value of Aberdeen Docks,
as per last statement
Kowloon.
To value of Kowloon Docks,
as per last statement
161
100,000.00
1,523,978.17
HONGKONG & WHAMPOA DOCK Less amount since written off 223,978.
CO., LIMITED.
The following is the report of the board of directors of the above company to the ordinary yearly meeting of shareholders, to be held at the offices of the company, Queen's buildings. New Praya, Hongkong, on Monday, the 25th February, at 12 o'clock noor.
To the Shareholders of the Hongkong and Whampoa Dock Company, Limited.
Gentlemen, -- The directors have now to submit to you their report, with a statement of accounts for the half-year ended 31st December, 1900, The net profit for the six months, after paying interest due and all charges, amounts to to which has to be added the balance
brought forward from last account 356,236.75
44
and from this have to be deducted-
Directors' Fees 1..$9,000.00
Auditors' Fees
750.00
$533,162.48
$1,800,000.00
To amount paid in connection with purchase of Hunghom Inland Lots Nos. 17 to 20 ...
To amount paid on account of
removal of hill on the new extension, Kowloon Marine Lot No. 27
To amount paid on account of 16 new houses for European foremen
To amount paid on account of
new iron store
To amount paid on account of cutting away hill at head of No. 1 Dock
To amount paid on account of
new fitting shop
To amount paid on account of
new forge
To amount paid on account of
sen-wall extension
10,000.00
3,207.38
53,221.68
13,710.00
817.00
147,822.00
17,100.00
$889,399.23
To cost of new machines for
boiler shop..............
1,162.00
23,459.00
To cost of new machines for
engine shop
19,353,00
9,750.00
To cost of new machines for
copper-smiths' shop
1,672.00
}
1,823.00
1,157.00
29,689.00
4,500.00
leaving available for appropriation...$879,649.23 The directors recommend that a dividend for the half-year of 10 por cont. or $156,250, and a bonus of 14 per cent. or $218,750, in all $375,000, be paid to the shareholders, bonuses of $20,000 to contributing shareholders, and $25,000 to the European staff, that $82,862.96 be written from the value of the Kowloon Docks, $17,769 from the Cosmopolitan Dock, $4.640 from Steam Launches, $97,620.07 from the cost of material on hand, and the balance $256,757.20 carried to new account.
During the past six months the company has docked a much larger amount of tonnage than in any former half-year, so that our docking resources have been utilised to the utmost limit in meeting the demands made upon us, and your directors feel that if they are unable, within a reasonable time, to obtain from the Government a suitable site on equitable terms and conditions for the construction of another dock then a large portion of our business will be forced, from want of docking accommoda- tion, to go to some other port whence there would be difficulty in attracting it back to this colony.
The comprehensive scheme of reconstruction for our Kowloon establishment is now well in hand, and every effort is being made to have the new workshops and all the accessories completed 35,256.27 79,285.88
at as early a date as possible, increased facilities 72,160.17
in our workshops being greatly needed. Elec- tricity as an illuminant and as a motor power 31,865.56 is being increasingly appreciated, and engineers are finding electrically driven machines more effective, speedier and more economical than was the case with steam, and with the view of having the whole of our plant as much up to date as possible, plans are now being prepared for a complete installation of the most modern type of electric motors.
743.53 32,946.96
$325,258.37
LIABILITIES.
$
Amount of capital, 6,000 shares at $25 each
fully paid up
Reserve fund
Amount received in advance on account of
contracts in hand
Sundry creditors
Balance of profit and loss..
PROFIT AND LOSS ACCOUNT. To cost of labour, material and working ex-
ponses.......
To salaries
To Crown rent and taxes
To fire insurance
To interest paid on over drafts
To dividend account of 1897 claimed
To loss in exchange
To amount written off, property account.. To amount written off, plant account To balance to be appropriated, viz. ——
C.
DIRECTORS.
150,000,00 40,000.00
In accordance with clause 78 of the Articles 80,000.00 12.901.85 of Association Messrs. J. S. Van Buren and 42,356.52 J. H. Lewis retire by rotation, but being
eligible, offer themselves for re-election. $325,258.37
Mr. E. Goetz having left the Colony, Mr. P. Witkowski has been invited by the directors $ 0.
to the vacant seat at the board. This appoint- 168, 28.79
15,114.17 ment requires to be confirmed by the share.
1,156.96 holders at this meeting
473.00 Messrs. R. Shewan and D. E. Brown have been invited to join the board, and these ap. 21.05 pointments require confirmation by the share- 4,000.00 holders at this meeting. 6,971.37
110.88 60.00
Auditors' fees.
$150.00
Directors' fees
1,000.00
Dividend of 15 per cent, on
* $150,070
22,500.00
Carried to reserve fund
5,000.00
Balance to be carried forward
to new account-
13,706.52
42,356.52
$238,392.74
To cost of new machines for
blacksmiths' shop.
To cost of new machines for
Baw mill
To cost of new 25 ton steam To cost of 4 new ranges Mc- orane, &c., for new forge
Farlanes' latrines
To cost of new cast iron pres- sure pipes valves, and cap- stans, being new hydraulic installation....
Cosmopolitan.
54,170.00
- 1,682,862,06
To value of Cosmopolitan Dock,
as per last statement
811,932.74 Less amount since written off 11,932.74
To amount paid on account of
saw mill extension
To amount paid on account of
bost-building shed extension To amount paid fitting a new boiler for power to fitting and boiler shops
Te amount paid fitting a new condensing evaporating and boiler-feeding plant for the auxiliary engines
To cost of new machines for
fitting shop
$300,000.00
2,000.00
6,885.00
9,389.00
16,941.00
Tug. Launches, and Lighters. To value of Fame," as per
last account
To value of steam launches, steam lighter and boats, as per last account Less amount.since written off.
Add, cost of 2 new lighters To sundry debtors To cost of material on hand
14
11,554.00
840,769.00
15,000.00
59,074.00 5,000,00
45,074,00 3,366.00
LIABILITIES.
31st Dec., 1900. By shareholders for 12,500,
shares of $125 each fully paid up By reserve fund By admiral.
ty loan ...£20,000. 0. 0 Less repay.
ments
10,991. 2. 2
£9,008:17.10 at 1/11 3/16 By sundry creditors. By balance profit brought for.
ward from last account.
By profit
48,640,00 335,811.05 1,952,401.56
$4,475,484.57
1,562,500.00.
00,000.00
·93,245,67 1,030,830.67
356,236.75 533,162.48
889,399.23
$4,475.484.57
REVENUE ACCOUNT.
Mr. R. Shewan has been appointed Chairman 31st Dec., 1900. for the year 1901.
AUDITORS.
The accounts have been audited by Messrs. Thomas Arnold and Fullarton Henderson. The directors recommend Messrs. Ainold and Henderson's re-election.
J. J. KESWICK, Chairman.
Hongkong, 12th February, 1901.
To interest
To Crown rent To Fire Insurance
To office expenses, salaries, stationery and
rent of Head Office.
To Drawing Office expenses and salaries. To telegrama
To legal expenses
To profit.
13,372.82 8,020,05 8,157.99
81,958.20
19,738.73
1,787.82
857.65
593,162,43
$01,965.28
44