84
Mr. EZEKINI~Never mind next year.
Mr. Ho TUNG-That is your opinion. I want the body of shareholders to listen to my romarks. There are many shareholders who have the interest of the Company at heart.
Mr. FERGUSON-Mr. Chairman and gentle men, I think the Chairman said in his state ment that there was a fair prospect of the Company doing well in the future. I don't see why remarks should be thrown out that there is any prospect of the dividend being decreased on account of, the Chairman said, there being no prospect of the property paying well in future. I think, the remarks of Mr. Peralta very reasonable. The reserve fond of the Company at $75,000 is in proportion to the capital of the Company, and seems, in com- parison with other stocks to be a really fair I think, with Mr. Peralta, that the Directors might give the matter a little more consideration.
reserve.
The CHAIRMAN-I may tell you, gentlemen, that the General Managers and Directors are very large shareholders. Possibly you did not know that, but it is so. and I think that what they have decided to do is in the best interests of the Company. If you wish me to put your amendment to the meeting. Mr. Peralta, I shall do it. You wish the Directors to meet and reconsider their decision?
Mr. Musso Peralta—Yes.
The CHAIRMAN-You know what that in- volves-delay in the payment of dividend ?
Mr. Musso PERALTA-You can send out the dividends as they stand now, and in the case of the decision of the directors being in our favour, you could send out a supplementary dividend. You understand, of course, that I have the interests of the Company as much at heart as anyone; I don't want you to believe I am the leader of any opposition party.
The CHAIRMAN—' Then I'll put your amend- ment to the meeting.
This was done, with the result that the voting was even-eight for, and eight against.
The CHAIRMAN-As Chairman I have the casting vote, and I give it against the amend- ment. As a matter of fact, although the voting has been equal, if it had come to a poll you would have been simply swamped as regards the number of shares against you.
The CHAIRMAN then put his motion, that the Report and Accounts be passed, and this was declared carried without opposition.
The CHAIRMAN proposed the re-election of Messrs. J. S. Van Buren, C. Ewens, C. S. Sharp, H. A. W. Slade and Ho Tung as Directors.
Mr. MICHAEL seconded. Carried.
Mr. JUPP proposed the re-election of Messrs. F. Henderson and W. H. Gaskell as auditors.
Mr. SHARP seconded.
Carried.
The CH IEMAN-That is all the business, gentlemen. Dividend warrants will be ready to-morrow morning at ten o'clock.
HONGKONG, CANTON AND MACAO
STEAM-BOAT CO., LD.
The following is the report board of directors to the ordinary half-yearly meeting of shareholders to be held at the office of the Company, on Tuesday, the 4th February, at 12 o'clock, noon :-
The directors beg to submit to the share- holders the report and statement of accounts for the half-year ending $1st December last.
After paying running expenses. salaries, premia of insurance, repairs and all other out- goings, there remains, including $51,596.62 brought forward from last account, the sum of $247,327.60 at credit of profit and loss account. From this amount the directors recommend that a dividend for the half-year of 19 cent.
per on capital, or $120,000, be paid to shareholders, that $50,000 be written off the book value of steamers, and that $50,000 be placed at credit of equalisation of dividend fund, leaving a balance of $27,327.60 to be carried forward to new account;
It is also recommended that a further sum of $50,000 be transferred from the investment fluctuation account to the equalisation of divi. dend fund, which, with the appropriation of a similar sum from profit and loss account, will
THE HONGKONG WEEKLY PRESS AND
then stand at $300,000, leaving $178,918.18 at the credit of investment fluctuation account.
There is nothing of special interest to report in connection with the working of the steamers during the half-year. The gross earnings show an improvement as compared with those of the corresponding six months of the previous year which, however, has been nearly counter- balanced by increased running expenses. There is still no change in the unsatisfactory condi- tions attending the working of the West River trade.
The usual repairs have been effected during the half-year, and all the steamers are in good running order. The construction of a new steamer, somewhat similar to the Fatshan, but of greater speed, for the Hongkong-Canton service, on joint account with the Chica Navigation Company, is engaging the attention
of the Board.
At the invitation of the directors, subject to confirmation by the shareholders at this meet- ing Mr. E. Goetz rejoined the Board upon his return to the Colony, Mr. Witkowski, who had occupied the vacant seat during the absence of Mr. Goetz, resigning.
The retiring anditors, Messrs. A. O'D. Gourdin and F. H. Henderson, offer themselves for re-election.
J. J. BELL-IRVING,
Chairman.
Hongkong. 21st January, 1902.
ASSETS.
The accounts are as follows:- 31st Dec., 1901. Value of steamers Porran, Honam, Heung- shan, Lungshan, fths of Fatshan and frd of Nanning and Sainam Value of lighters Sun Lee and Wo Lee Value of wharves, hulks, and moorings.... Value of properties at Canton, Wachow
and Kong un
Value of coal, stores, and spare gear Value of furniture
Value of shares in public companies Value of Chinese bonds Loans on mortgage Cash with the Hongkong and Shanghai
Banking Corporation Interest accrued to date Sundry debtors
31st Dec., 1901.
[February 1, 1902.
EQUALISATION OF DIVIDEND FUND. Dr.
$ 31st Dec., 1901. To balance
200,000.00
$200,000,00
0.
30th June, 1901.
By amount at credit 6th Aug.
Cr.
By amount appropriated from profit and loss account for half year ending 3 th June, 1901....
150,000.00
50,000.00
$200,000,00
HONGKONG ICE CO., LD.
The following is the twenty-first annual The general managers have pleasure in sub- report of the above Company :- mitting a statement of the Company's accounts for the year 1901,
Including $4,498.45 brought forward from the previous year and after deducting $20,000 paid as an interim dividend of 34 per share, the balance at credit of profit and loss account is $84,744.21, which it is recommended should be A final dividend of $12 per share..... $60,000.00 appropriated as follows:- To write off property account To carry forward.....
20.599.35 4,145.86
$84,744.21
C.
JARDINE, MATHESON & Co., General Managers. Hongkong, 27th January, 1902.
The accounts are as follows:-
ASSETS.
734,000.00 11,000.00
91,385,45 45,049.57
$ D.
Property account (including cold stores)... 150,589 35 Invested in:----
8,190.49 Outstanding accounts.
17,625.96
Hongkong Fire Insurance ("o.'s share...
225.00
750.00
China Fire Insurance Co.'s share
85.00
701,730.00
Canton Insurance Office's share
120.00
1,034.48
Cash on hand
975.72
842,500.00
Hongkong and Shanghai Bank:-----
On current account.
$ 8,323.76
34,492.04
On deposit..
10,000.00
2,141.93
18,323.76
5,829.40
Accounts receivable
229.97
$2,509,899.92
Ice in stock
180.00
Coal in stock..
120.00
$
.1,200,000.00
600,000.00
C.
Mortgage on property
27,000.00
Jardine, Matheson & Co.
23,000.00
$226,678.20
200,000.00 Capital
Accounts payable
228,918.18
Ammonia reserve account..
23,841.50
Profit and loss account
9,812.64
LIABILITIES. Amount of capital, 80,000 shares of $15
each fully paid up. Amount at credit of depreciation and in-
surance fund
Amount at credit of equalisation of divi-
dend fund
Amount at credit of investment fluctua-
tion account
Unclaimed dividends
Sundry creditors
Amount at credit of profit and loss account 247,327.60
LIABILITIES.
$ 125,000.00
0/
7,262.33
9,671.66
84,744.21
$226,678.20
PROFIT AND LOSS ACCOUNT.
To salaries, wages, and general trade ex-
$2,509,899.92
penses
$ 31,959.45 250.00
C.
To General Managers' commission.
3,250.00
To balance..
PROFIT AND LOSS ACCOUNT.
Dr. 31st Dec., 1901 To amount paid for repairs to steamers To subscription to Queen Victoria memorial To directors' and auditor's fees To balance to be appropriated, víz.:-
Dividend at 10 per cent. on $ C.
$1,200,000
120,000.00
To be written off book value
of steamers
50,000,00
50,000,00 To be carried to new account 27,327.60
To be carried to equalisation
of dividend fund
30th June, 1901.
Cr.
By amount brought forward from last ac-
count 31st Dec.
By net earnings of steamers. By amount realised by sale of steamer Lungkiang in excess of book value..... By interest on investments By transfer fees
To auditor's fee
To interim dividend of 16 per cent. paid
on 29th July, 1901
By balance brought forward from last year By receipts for ice and cold storage ...
By rents received (less Crown rents and
taxes paid).
247,327.60
By interest
$282,787.05
By transfer fees
0.
30,276.53
2,000.00
150.00
20,000.00
84,744.21
$137,170.74
4,498.15 128,826.73
1,964.86
1,857.70
23.00
$137,170.74
$
51,596.62
News has reached Tokyo from Port Arthur 172,568.60 that the Commander of the Russian Pacific Squadron has arranged to hold manœuvres early 8,940.69
in the spring off the southern coast of Corea, 51,520.14
161.00 in the vicinity of Tengdo Island, and has applied to the S. Petersburg Government for $282,787.05
an appropriation of 1,800,000 roubles for this purpose. The vessels taking part in the manœuvres will be fourteen, including the $ Vladivostock and Port Arthur squadrons, in
DEPRECIATION AND INSURANCE FUND. Dr. 31st Dec., 1901. To balance...
30th June, 1901 By amount at credit
C.
600,000.00
addition to a number of the Volunteer Fleet a new $600,000.00 | steamers. During the manœuvres
Cr.
$ 600,000.00
".
$600,000.00
method of discharging torpedoes, discovered by a Russian officer, will be tested. On the con- clusion of the manoeuvres the squadron will cruise along the Corean and Chinese coast, and afterwards visit Japan.