Maroh:24, 1902.}
right direction, as we do not care to have hydro--] phobis added to the list of sicknesses and mis. fortunes which this Colony is subjected to; but why not carry this out in a decent manner, such as will not entail suffering to the poor dumb animals? I have noticed dogs which have been lassoed by the Chinese Inkongs and dog-catchers being dragged along the streets for a very long way in a most brutal manner, the animals evidently suffering great pain and arriving perhaps at the Police Station half dying. Why not have a large iron-wire cage, and as soon as a dog is canght have it put inside and carried to the station, to be there either destroyed or claimed by its owner? I understand that this is how it is done up in Shanghai by the Municipality, who bave a reputation of doing things in the right way. The cage can be made large enough to hold half a dozen dogs at a time. I have even seen a licensed dog with collar and the metal badge attached (as required by the ordinance) Inasoed by a Chinaman in plain clothes; of course as soon as he found out that the dog was licen. sed he let him go—a very zealous officer, no doubt. The whole system lacks European supervision, and it behoves the police to see that the law for the prevention of cruelty to animals is enforced, instead of allowing these acts of oruelty and unnecessary zeal being practised daily by a gang of ignorant Chinese lukongs. Thanking you for the insertion of this letter.
CHINA OVERLAND TRADE REPORT.
as shown in the accounts, results have justified the change. Claims for losses have almost disappeared, work has gone on smoothly in a way it never did before, whilst the absence of delays and mistakes that used formerly to be so frequent a source of irritation and loss, is evi- dence of improvement in the conduct of the business, so that, although the outlay has been heavy, it has been distinctly beneficial, and your directors are convinced that the and lasting good change is for the real of the Company's interests. Considerable progress has been made in the construction of new buildings and equipment of launches, ligh- ters, steam-cranes, &c., all of which, though slow to yield immediate profit, tond largely to the general efficiency of work, and enable he Com- pany to hold its own more succesfully against its numerous native competitors, and the unfair rivalry of salaried godownmen in private employ. This outlay in improvements has been large. more especially in buildings, and there will need to be still further expenditure in order to pro. vide the accommodation to which I alluded at the general meeting held three years ago. When you come, however, to analyse the Company's financial position, and comprehend its assets in the shape of wharves, railways, rolling stock. launches, lighters, and machinery, written down to practically their auction value, when you con- template your magnificent property at Kowloon comprising 900,000 square feet of land, standing in the books, including buildings, at only $3.58 per square foot, which is less; than half the real value, land which possesses unrivalled deep- water frontage and is covered with first-class buildings, and when you come to dwell upon the latent possibilities of your business, I think, gentlemen, you are entitled to cherish the com- The fifteenth ordinary annual meeting of fortable assurance that so long as the prosperity shareholders in this Company was held at the of Hongkong continues unchecked, your pos offices, 2, Connaught Road, on the 20th inst. session is indeed one of high value, and a value The Hon. J. J. Bell Irving presided, and the which, in all probability, is not likely to others present were the Hon. C. P. Chater and diminish (applause) To review the figures Messrs. D. M. Moses, A. J. Raymond, E. Goetz, embodied in the accounts would perhaps be N. A. Siebe, E. M. H. Schubart, C. H. Thomp-superfinous, as these have been given so fully in son, A. Haupt, E. A. Hewett, G. H. Medhurst, detail, but should any shareholder desire further C. B. Sharp, R. K. Leigh, R. C. Wilcox, A. information on any point, I shall be pleased 10 Boss, R. J. Macgowan, R. H. Potts, Ho Fook, give it before moving the adoption of the F. Smyth, W. J. Saunders, G. de Champeaux, report. H. L. Dennys, E. Osborne, Cap'sin Tillett, and Captain W. E. Clarke.
Yours, etc.,
A FRIEND OF THE DOGS.
HONGKONG AND KOWLOON
WHARF AND GODOWN CO., LD,
The notice convening the meeting having been read.
по
There were no questions, and on the motion of the CHAIRMAN, seconded by Mr. Ross, the report and accounts were adopted.
The next business was the confirmation of of Messrs. the appointments as directors E. M. H. Schubart, C. H. Thompson, H. A. Ritchie, E. Goetz, and E. A. Hewett, and on the motion of Mr. WILCOX, seconded by Mr. DE CHAMPEAUX, the meeting passed the neces- sary resolution.
Čaptain TILLETT proposed the re-election as directors of Messrs. D. M. Moses and G. H. Medhurst, and the motion, having been seconded by Mr. SMYTH, was carried without opposition. Mr. Ho Fook moved that Messrs. W. H. Potts and A, O'D. Gourdin be re-appointed auditors.
Mr. SAUNDERS seconded and the motion was adopted.
819
Business-Nothing of an exceptional naturo occurred during the year in connection with the Company's business nor was there say marked increase of imports after the settlement of the troublés in North China. Blooks throughout the year were restricted and still remain so.
Capital. The 314 shares of new mapital not taken up were forfeited and sold.
Buildings.-The two storeyed godown on K. M. L. 22 and 6 houses on K. M. L. 415 referred to in last report were completed and the 22 Chinese houses are well advanced.
Lighters -Eight new open boats have been built, bringing the number up to 4 decked and 37 open boats having an aggregate tonnage of 4,850 tons, which is sufficient for present requirements.
Launches. A small pinnace, the Pelican, for running lines and light towing was built and is doing useful work.
Machinery and plant.-Seven steam oranen and hoists were acquired for hoisting goods to the upper storeys of new godowns and for the rapid loading and discharging of lighters.
DIRECTORS.
Messrs. P. Sachse, J. A. Mackay, A. M. Marshall and P. Witkowski having resigned, their places were taken respectively by Messrs. E. M. H. Schubart, C. H, Thompson, H. A. Ritchie and E. Goetz; Mr. H. A. Ritchie having resigned on leaving the Colony, his place has been taken by Mr. E. A. Hewett. These appointments require confirmation.
Messrs. D. M. Moses and G. H. Medhurst retire in rotation, according to the Articles of Association, but being eligible offer themselves for re-election.
AUDITORS.
+
Messrs. W. H. Potts and A. O'D. Gourdin (the latter in place of Mr. F. Henderson) hate audited the accounts now presented, and offer themselves for re-election.
J. J. BALL-IRVING, Chairman,
Dr.
Hongkong, 15th March, 1902,
The accounts are as follows :-*
BALANCE-SHEET. 31st December, 1901.
LIABILITIES.
To capital (30,000 shares at $30 fully paid
up). To Hongkong and Shanghai Banking Cor-
poration
To debentures outstanding. To Land Investment Co.-mortgage To reserve fund.
To depreciation and repairs account To unclaimed dividends... To sundry creditors :--
Directors' and auditors' fees $10,500.00 Final dividend
Accounts payable
.1,500,000 00
348,635,75
500,000.00
250,000.00
250,000.00
57,725.74
607.50
75,000.00 126,118.09
211,612.08 12,402.74
$3,130,983.81
0.
$
To profit and loss account, balance..........
ASSETS.
The CHAIRMAN—That is everything, gentle- | Cr. men. Dividend warrants may be obtained to-day. By value of land and buildings at Kowloon as per last account
2,127,939.84 By since expended on levelling
land and on new buildings 198,972.79
The following is the report:—
The CHAIRMAN said-Gentlemen, with your permission we will, as usual, dispense with the formality of reading the report and accounts. In one respect the year's working has been disappointing; we had hoped, and reasonably, I think, that following upon rettlement of the Northern troubles, trade would resume i's normal conditions, and, with the political atmosphere cleared, an improvement might even be looked for; but these hopes, so far as concern the Wharf Co., have not been fulfilled, the volume of our business having remained almost stationary. Gross receipts, it is true, were larger than during the previous year, and no doubt it has struck you as peculiar that whilst these have grown, the nett profits are little more than as shown in 1900. This, gentlemen, is due to larger expenditu e, fore· seeing which we slightly raised some of the rates at the beginning of the year, but notwith- Accounts-The gross revenue derived from standing this, profits have not kept pace with wharfage, landing, &c., amounted to $809,823.30 receipts. The causes of this you are as against $768,593 31 the previous year, shew- doubt familiar with, and I need not therefore ing an increase of $41.229.99, and the profit on refer to them further than to mention the working was $242,759.02 as compared with continued fall in exchange, with its inevitable | $239,385.4 in 1900, being an rise in the price of commodities and labour,| 83,173.62. whilst measures for prevention of plague have been costly, and expenditure in almost all directions has increased. There is, however, one source of expenditure, and a large one, concerning which it is right to give a few words of explanation. With expansion of business and the increasing responsibility entailed by the custody of so many milions' worth of goods, coupled with the difficulty of obtaining satisfactory service from Chinese, it became apparent to your directors some 18 months ago that a radical change was desirable in the personnel of the staff, that the business was getting beyond the capabilities of the Chinese employees unaided by Europeans, and consider- ably more European supervision was necessary, Carry Accordingly, the staff of Europeans was aug. mented, and although the expense has been great,
increase of
The balance at credit of profit and loss account, after paying interim dividend of 5 per cent, including premium on shares sold and $22,063.07 brought forward from last year, is $149,028.22 which it is proposed to appropriate as follows:
Directors' and Auditors' fees ... Final dividend of 5 per cent. Transfer to depreciation and repairs
account
Write off launches
By value of wharves at Kowloon as per
last account By value of railways and rolling stock at Kowloon per last account... Since expended on new rails,
&c.
Less written off
-2,326,912.63
100,000.00
55,000.00
15,661.83
$70,661.83 5,661.83
65.000.00
$10,500.0) | By value of 5 launches as per
$15,000,00 last account. 75,000,00
Since expended on new launch 3,700.00
31,000,00
$38,700.00
1,700.00
Less written off
1 700.00
lighters
8,874.60
37,000.00
#
railways and rolling stock
5,661.83
"}
machinery, furniture and
plant
4,889,05
By value of lighters as per last
$88,000.00 socount...... Since expended on new lighters 28,874.60
forward to new account...
12,402.74
$149,028.22
$116,875.00
Loss written off ............19
140,000.00