}
172
inst.
HONGKONG AND WHAMPOA
DOCK CO., LD.
THE HONGKONG WEEKLY PRESS AND
{regular business. As you see in the report, Mr. Gillies has resigned the post he has so ably filled for many years past. His successor, Mr. Dixon, comes to us with first-class credentials, and we The ordinary half yearly meeting of share- 'bolders was held in the offices of the com.
have every reason to believe he is well qualified pany, Queen's Buildings, at noon on the 19th for the position of chief manager of this com
Mr. R. Shewan, Chairman, presided, and pany. While on this subject I may take the there were present-Hon. J. J. Bell-Irving, opportunity of recording the fact that the hearty Hon. C. P. Chater, C.M.G, Messrs. N. Ă.
thanks of the shareholders are due to Bir Siebs, A. Haupt, D. E. Brown, P. Witkowski, Andrew Noble, Mr. William Keswick, and Mr. H. P. White (Directors), L. Berindoague, J. L. Houston, for the very valuable assistance H. M. 8. H. Esmail, D. Craddock (at they have given us at home in selecting torney for Mr.
someone to succed Mr. Gillies. C. Ford), J. McGregor Forbes, C. 8. Sharp (Messrs. Gibh, Livings- sent six months it is not well to prophecy ton & Co.), D. Haskell,
unless J. Hastings,
you know.
I can only say that the Ho Fook, Ho Kom Toug, E. H. Hinds, J. A. returns for July are satisfactory, although at Jupp, J. J. Leiria, R. K. Leigh, Lo Cheung the moment work is rather slack and the Docks times), 8. H. Michael, M. H. Michael, A. G. proposing the adoption of the report and passing Shin, P. de Champmorin (Messageries Mari- by no means so fall as they might be. Before
Morris, C. Palmer, H. Pinckney, C. H. Potts, R. H. Potts, G. W. F. Playfair, W. H. Purcell, F. Reid, R. L. Richardson, H. A. Ritchie, H. A. W. Slade, F. Smyth, W. M. Watson, W. H. Wickham, and T. I. Rose (Secretary.)
*
The notice convening the meeting having been read,
The CHAIRMAN said -Gentlemen,-With your permission we will take the report and accounts which have been in your possession for some time past as read on this occasion. The result of the past six months' work ię a most satisfactory one, and it affords your directors great pleasure to be able to lay before you the best record we have yet had, The amount available for appropriation, including $256,757.20 brought forward from last year, is $1,115,065.86, which we propose to distribute in a dividend of 1 per cent. and a bonus of 8 per cent., absorbing $45 1,000 (against $312,5.0 last August), by writing $18,370.71 off the value of Kowloon and Cosmopoliten Docks, $4 000 off steam-1 anches, &c., and by carrying forward $459,695,15. The dividend and bonus is $137,500 more than we paid the same time last year, though we ouly propose to write off about $55,000 less than we did then. It may appear to some shareholders that we write off too much, but the wear and tear and loss by depreciation of plant and machinery in such a business as ours is very great indeed, and when all is said and done you will notice that the value of Kowloon Docks will still stand at $1,700.0.0, as against $1,600,000 last December, so that in fact their book value has risen $100, 0% As we have no reserve fund and cannot have one except on paper until we are out of debt, we propose to keep something in hand by carrying forward more than usual to the credit of the next account. We are in debt to our bankers some $300,000 which will be in creased on payment of the dividend of $150,000 to about $750,000 and it must be our constant aim to reduce this indebtedness until the balance inclines the other side. This we can
|
As to the pre-
the statement of accounts, I will be happy to answer any questions you may desire to ask.
There were no questions, and the CHAIRMAN proposed that the report and accounts, as sub- mitted, be adopted and passed.
much pleasure in seconding the resolution just In seconding, Mr. C. 8. SHARP said:-I have proposed for the adoption of the report and passing of the accounts. It is no small achiev ment to have topped the already splendid records shown by this company, and let us hope that we have not reached high-water level I have no doubt the accounts and
even yet.
proposed distribution of available profits will be considered satisfactory by shareholders, providing as they do for a larger amount for dividend than for the corresponding period of last year and for satisfactory writings off and carrying forward of a comfortable sum. You have adduced what appears to me to be sound reasons for the proposed writings off and carrying forward. I think that are
fine holders, in their natural desire for dividends, may at times lose sight of other considerations which make it important if not necessary for a company to retain a large proportion of its profits for its accommodation in carrying on its basinoss, and personally, I should be sorry to sea.this company run into debt for more than what to it must be a nominal sum, specially with so much capital ex ̧nditure still ahead of us, even though this may mean to us the curtailing for a time of di Ind distributions. It is good news to hear that the difficulties which have hitherto boen standing in
way of the
the
now
dock
project are now in a fair way of being overcome, and we shall all be glad to hail the day when a satisfactory arrangement has been made, and this new and important work can actually Le proceeded with. (Applause.) The retirement of Mr. Gillies from the chief managership will be felt by all as a loss, a great los to the company, for he has been so long identified with the company's business and its upward progress. However, his long and me i torious services need no eulogium from me. We can only hope of his successor that he may omulate the record of recent years. (Applause) If I am not out of order, I would like here to express what I feel sure is present is the minds of us all, namely our sincere sympathy with our acting manager, Mr. Cooke, ander the serious illness which has overtaken him and our earnest hope that he may be speedily restored to health and strength again. (Applause.) have much pleasure in seconding.
The motion was put to the meeting and carried unanimously.
only do by writing off more of our profits than we spend on improvements; if not, our debts will increase until we are compelled at last to raise fresh capital to pay them off, a step of course we should be very lath to resort to. The money spent on improva neats has, however, I am glad to say, been may well spent as is proved by the increased efficiency and greater facilities for the work now provided at the Docks. The negotiations with the Government for the acquisition of land for a new and larger dock which have dragged their slow length along for years past, appear at last to give some signs of approaching a conclusion. The great stamb. ling block, the right of preemption claimed by the Navy, has been overcome, and the questions now at issue are more or less of a minor character, though still of quite sufficient importance in themselves. Your directors are very fully alive to the great importance of pushing on with the new dock as fast as pos sible, and will endeavour in any possible way consistent with your interests to bring this matter to a settlement in accordancs We are informed that at the private meeting with our views. The want of a new and larger dock is fully exemplified by the case of the steamship München. In ordinary times we would have willingly competed for the repairs of this boat, but our large docks were so fully them engaged that we had to let the business go past
•
ps.
The work would have taken at least four aths, and we could not afford to let one of Hongkong, largest docks be engaged for such a out gravely inconveniencing our
The CHAIRMAN:-The next business, gentle- men, is the copsideration of the testimonial to be presented to Mr. D. Gillies, and as that is a delicate matter I do not think it should be discussed in public. With your permission I will ask the reporters to withdraw.
This was agreed to, and the question was discussed privately.
the Chairman, on behalf of the Directors, submitted a proposal to present Mr. Gillies with a cheque for £5, 03. After considerable discussion, in the course of which it was pointed out that Mr. Gillies had served the Company faithfully for 26 years, and was in great measure responsible for its present prosperity, it was decided by a large majority to authorise the Directors to present to Mr. Gillies a handsome piece of plate, of a value not exceeding £1,000.
L
[August 26, 1901.
GREAT EASTERN AND CALE- DONIAN GOLD MINING
Co., LIMITED.
re-
At an extraordinary general meting cently held of preference shareholders in this tion was pasted-That in lieu of making a company, in liquidation, the following resolu call, the preference shareholders do accept the proposal of the liquidator to divide the available assets among them." A confirmatory mesting was held on the 20th inst. at the company's offices, 4, Des Voeux Road, when there were present Messrs. M. Bennecke (liquidator), R C. Wilcox, E. Georg, C. Georg, E. Kadoorie, F. Silva, J. C. Remedios, C. E. Osmund, and K. dulji.
chair, explained the purpose of the meeting and Mr. R. C. WILCOX, who was elected to the
引
read the resolution to be confirmed. He con. cluded-Mr. Bennecke, the liquidator, has been enabled to obtain the signatures of by far the larger number of the shareholders, and has what
speak for himself. he considers a sufficient majority. He will
Mr. BENNECKE-The only remark I have to make is that I could not find a single Chinese shareholder. Their addresses were not to be found, so I could not get their signatures to the agreement.
Mr. BENNECKE-The
CHAIRMAN - You have got nearly all the others, I believe?
owners of 27,0 0 shares have affired their signatures.
Mr. C. GEORG-How many shares are there altogether ?
Mr. BENNECKE-There are 49,281, so that there is a majority of nearly 3,00,
On the motion of the CHAIRMAN, SOConded by Mr. EDULJ!, the resolution was unanimously confirmed.
CHAIRMAN-That is all the business, gentle. теп. The liquidator will give notice presently of a meeting at which will be presented a statement of account and at which you will be asked to decide as to the disposal of the balance, and also of the books and other properties of the company. For myself, I beliove Mr. Bonnecke will then resign, and Wil ask you to make some provision for anything else that may transpire in connection with any balance that may remain. He has already con. cluded an engagement to go to Saigon. That
all, gentlemen; thank you for your atten- dance. Due notice of the next meeting will be given.
HONGKONG HOTEL COMPANY, LIMITED.
The ordinary half-yearly meeting of share- holders was held at noon on the 21st inst. at the Mr. E. Osborne (Chairman) Company's Hotel. presided, and there were present Messrs. R. C. Wilcox, and W. Parfitt (Directors), W. Davis, W. D. Craddock, E. Kadoorie, W. A. C. Cruickshank. Ho Fook, Lo Cheung Shui, Ho Kom Tong, Chan Chan Nam, Sang Keu, Ho U Shang, and C. Mooney (Secretary).
The notice convening the meeting having been read,
The CHAIRMAN said-Gentlemen, with your permission, I will dispense with the reading of the report. The profits for the past half-year have more than fulfilled our expectations, and we are able, after providing liberally for depre- ciation and repairs, and after adding a subatan- tial sum to reserve, to recommend a dividend of 12 per cent, which we hope will afford you satisfaction, and should you approve our recommendations, the reserve fund will then Besides this, 'however, a stand at $90,000. very substantial sum is represented by 12,124 feet of land on the Reclamation, which, though standing in the books at $21,000 odd, is, we consider, worth $20 a foot or $240,000, and at this valuation although it does not appear so in the accounts, you actually have
reserve of over $300,000, which, on a capital indebtedness of 8825,000, means that your finances are in a thoroughly sound and healthy condition. The question of utilis- ing this land has occupied the attention of your Board for some time past, and we intend shortly to submit definite proposals concerning it, which, while not involving a large outlay, will enable us to retain pomestion of the land and,