228
Mr. DENISON-In the new part of the fac tory on the extension, I see there is some thing mentioned in the report about money spent on the extension. Is that the extension of the factory?
The CHAIRMAN—Yes, Mr. DENISON-Thank you.
The CHAIEMAN-There. being no further questions, I propose that the report and ac- counts as presented be adopted and passed.
Captain ANDERSON seconded, and the pro- posal was adopted.
On the motion of Mr. DENISON, Seconded by Mr. Porrs,, Messrs. Gillies, Lewis, aud Ray-. mond were re-elected as consulting committee.
Messrs. T. Arnold and Fullarton Henderson, on the motion of Mr. LEWIS, seconded by Mr. GILLIES, were re-elected auditors for the ensuing year.
The CHAIRMAN-That is all the business, gentlemen. Dividend warrants will be ready on Monday.
HONGKONG AND. KOWLOON WHARF AND GODOWN CO., LIMITED.
The fourteenth ordinary annual meeting of shareholders in the above company was held at the company's office, No. 2, Connaught Road, on Thursday, 14th inst.. at noon. The chair was occupied by the Hon. J. J. Keswick, and there were also present the Hou. C. P. Chater, C.M.G., Messrs. C. S. Sharp, N. A. Siebs, A. Haupt, A. Marshall, P. Sachse, G. H. Medhurst, A. J. Raymond, J.
A. Mackay, P. Witkowski (directors), E. Osborne (secretary), T. F. Hough, A. Tillett, J. N. Goosmann, G. L. Tomlin, R. H. Potts, Fair, R. K. Leigh, G. de Champeaux, Mac- gowan, Palmer, and Chan A Fook.
The SECRETARY read the notice convening the meeting.
|
The CHAIRMAN said Gentlemen: With your permission I propose to dispense with the reading of the report. The year 1900, as will be seen from the figures detailed in the ac- counts, was, notwithstanding the check to trade which followed closely upon the political troubles in the North, one of marked progress for the Company, one of the prosperous years in the steady, though sometimes slow, development of your business, and had we been able to take full advantage of the exceptional circumstances brought about by the war the results, good as they are, would have been better, but we had not the accommodation to do all that was asked of us, and consequently were not able to reap the utmost gain from the favourable conditions of the moment. Bearing this in mind and in continuation of our policy of being ahead rather than behind the times, we have made further acquisitions of land and are providing addition. al accommodation, our object being to possess sufficient room to enable us to carry on work to the satisfaction of constituents and with credit to ourselves. This, under the cramped conditions of the past three years, has not always been possible, but the extensions we have made and others under comtemplation should, before long, provide the necessary remedy. The capital of the Company was increased early last year to meet the outlays I have referred to, and in order to preserve a more- even-balance between our indebtness and capital.
THE HONGKONG WEEKLY PRESS AND
No. 6
34,500 " 30,033 Total..........94,553
[March 16, 1901.
274,125.00
the last two having godowns on them which $364,125.00
were under lease to the Company.
shifting, as was the case in the November | Kowloon Marine Lot typhoon, and it is to be hoped that further No. 22 Area 30,000 square feet for $ 90,000.00 accommodation may be provided in time to No. 3- avoid a repetition of the damage done on that occasion. The bubonic plague has been a serious trouble and expense to us in the past but I hope the remedial measures adopted will tend to reduce the number of cases during the current year and eventually eradicate the pest, altogether. Before proposing the adoption of the report and accounts I shall be pleased to answer any question any shareholder may wish to ask.
+
There being no questions, the CHAIRMAN proposed the adoption of the report.
Mr. Goosм NN, in seconding, said he thought they could congratulate themselves on the steady development of the company, notwithstanding the great obstacles which sometimes came in their way. He trusted that better accommoda- tion as regards shelter for cargo boats would be provided. Perhaps the Government would take notice of the remarks made by their Chair- and perhaps their worthy Chairman might find occasion to move in the matter. As things were he thought they migl.t congratulate them- selves that their losses had not been very serious.
The motion was carried.
man,
On the motion of Mr. HOUGH, seconded by Mr. FAIR, the appointment of Messrs. Marshall, Medhurst, Sharp, and Witkowski as directors was confirmed.
Messrs Haupt and Sachse were re-elected directors, on the motion of Captain TILLETT, seconded by Mr. LEIGH.
Messrs. Henderson and W. Hutton Potts were re-elected auditors, on the motion of Mr. TOMLIN, seconded by Mr. HOUGH.
The CHAIRMAN Gentlemen: I am much obliged to you for your attendance. That concludes the business of the meeting. Dividend warran ts will be posted this afternoon.
>
The lane (5,372.6 square feet) round West Point godowns was sold at $4 per foot with a stipulation that it is not to be built upon,
and a strip of ground (4,873 square feet) on
th eastern boundary of Kowloon Inland Lots 212,- 409, 411 is in course of transfer to Mr. Dorabjee Nowrojee in exchange for the right of way (4,881 square feet) which he possesses over Kow- loon Inland Lots 214 and 409. These changes bring the area of the Company's property to:-
At At West
Marine Lots .. sq. ft. 645,233 39,062.6 684,295.6
Kowloon. Point.
Total
Inland Lots... ,254,881
254,881
Total........ 900,114 39,062.6.
BUILDINGS.
Gawad Yuso been made for the
of
6 semi-European houses on K. I. L. 415 and a two storyed godown on K. M. L. 22. It has also been decided to erect 22 Chinese houses at the back of the Godowns and add upper floors to the six godowns on K. M. L. 21A.
LIGHTERS.
During the year 7 now boats were built and 3 old ones were wrecked in the typhoon of 10th November. The Company now owns 4 decked and 29 open lighters, having an aggregate carrying capacity of 4,000 tons measurement.
WHARVES.
A small wood wharf has been erected in front of Kowloon Marine Lot No. 10.
The West Point wharf cannot last long and has therefore been written off the books.
The increasing size and draught of steamers will probably necessitate the Kowloon wharve:
to shareholders at the meeting:
The following was the report presented being lengthened in the near future.
The directors have now to submit to share holders their report with a statement of accounts for the year ended 31st December, 1900.
ACCOUNTS.
Tho gross revenue derived from wharfage; landing, &c.. amounted to $768,593.31 as against $629,103.80 the previous year, showing an in- crease of $139,489.51 and the profit on Working was $239,585 40 as compared with $193,340.19 in 1899, being an increase of $46,245.21.
The balance at credit of profit and loss ac- count after paying interim dividend of 5 per cent. and including $50,160.61 brought forward from last year is $435,227.85, which it is pro- posed to appropriate as follows: Directors' and Auditors' fees......$ 10,500.00 Final dividend of 5 per cent.
74,215.00 Transfer to Depreciation and Re-
pairs Account...
Reserve fund Write off Launches
99
Furniture and Plant
DIRECTORS.
Messrs. H. A. Ritchie, E. S. Whealer, A. G. Wood and E. Goetz having resigned, their places have been taken respectively by Messrs. A. M. Marshall, G. H. Medhurst, C. S. Sharp and P. Witkowski, and the appointments of these gentlemen require confirmation.
Messrs. A. Haupt and P. Sachse retire in rotation according to the Articles of Associa re-election. tion, but being eligible offer themselves for
AUDITORS.
Messrs. F. Henderson and W. H. Potts have audited the accounts now presented and offer themselves for re-election.
J. J. KESWICK Chairman.
Hongkong, 9th March, 1901.
BALANCE SHEET. 31st December, 1900. LIABILITIES.
c.
35,000.00 Dr. 250,000.00
To capital (20,000 shares at $ 6,600.00 $50 fully paid up)
1,000,000.00 10,316.39 To new capital (,686 shares
at $50 fully paid up).
434,300.00
39
11
Lighters Railways and Rolling
Stock Kowloon Wharres
*
West Point Wharf... Sheers
**
8,306.42
To Hongkong and Shanghai 13,613.29 Banking Corporation....
3,000.00 To debentures outstanding
405.45 To Land Investment Co. 1,208.23 mortgage account
1,484,300.00
53,438.06
500,000.00
250,000.00
242,582.18
1,046,020.21
To reserve fund
250,000.00
$435,227.85
To depreciation and repairs account To unclaimed dividends
65,168.20
1,084.50
22,063.07-
,863,696.01
The few shares that were not taken up repre- Carry forward to new account
reserve
as of and no gr
BUSINESS.
22,063.07 To sundry creditors
The troubles in North China caused a diver.. sion of goods to the colony for safe custody and an accession of temporary business in the berth- ing of transports and handling of military stores. On the other hand imports were re- stricted and the normal business of the Com- pany suffered accordingly.
sent fractions and shares belonging to persons who were absent from the colony, but they will be disposed of during the year. The premium of the new issue it is proposed to place to doubt you will approve of this anggested appropriations of profit.
By the typhoon of 10th November the Company's property ashore and afloat suffered to the extent of nearly $1,000 and I have no hesitation in saying that had there been shelter for our craft we should have lost very con- siderably less. The Causeway Bay shelter, which r
1 no doubt was good enough for the days it was made, is barely sufficient to receive
On 4th May, 1900, the Capital was increased amall craft alone, and quite inadequate for the by the issue of 10,000 fully paid up shares of hundreds, if not thousands, of cargo boats and $50 each at a premium of $25 per share and other craft that need protection in the typhoon | 9,686 shares were taken up.
on. The anchorage off Yaumati is good
long as the wind remains in one direction, from the North East, but forms a
CAPITAL.
LAND
During the year the following properties
dangerous trap in the event of it were purchased:—
To profit and loss account, balance....
Cr.
ASSETS.
By value of land and buildings at Kowloon as per last ac- By cost of land since acquired 367,029.50
count
By since expended on levelling
1,492,841.24
land and on new buildings.. 268,069.10
By value of wharves at Kow-
loon as per last account.. 107,578.55 Since expended on new wharf 6,034.74
Less written off
By value of railways and roll- ing stock at Kowloon as per last account
2.127,930.84
113,613.29 13.613.29
100,000,00
31,819.57