264
Fixed deposit
Interest accrued
Proportion unexpired, fire insurance, eto..... Accounts receivable
Goods in godowns
Stock on hand.
PROFIT AND LOSS ACCOUNT.
To written off steam launch.
Dr.
C.
To written off furniture & fittings
To written off bad debta
$ £93,67 139.97 1,738.10
To charges, salaries, rent, fire insurance,
interest, telegrams, eto.
To balance...
Cr.
By goods account
2,271.74 37,203.61 1,387.50
C.
$ 40,862.85
THE HONGKONG WEEKLY PRESS ÄND
the
&
•
was
$2,000.00 | what has appeared in the public prints, a con- 37.00 vention has recently been signed in Brussels 203.94
under which all bonuties will be abolished ou 36,325 82
the 1st of September, 1903. It is yet too soon 16,518,69 75,793.21 to forecast the effect which this will have upon values, but it is obvious that it will be $150,315.41 | beneficial, and for the first time for many years cane and beet industris will compete on level terms. In this conuection I may mention. ая
matter
that of interest, Mr. Licht, the most eminent authority on sugar statistics, estimates that the quantity of European beet-sugar which bene- fitted by bounties, direct and indirect, during last year reached the enormous total of 3,3,00,000 tons. You will readily understand, $40,862.85 however, that such a severe fall in prices as I just now mentioned is doubly prejudicial to our trade in the East, as it enables European shippers to lay down refined beet to compete $40,862.85 with us in all Eastern markets at very cheap rates, and also depreciates the value of the stock of raw sngar, which, as I have explained at previous annual meetings of this Company, it is always necessary for us to purchase our requirements. several months ahead of Under these circumstances, we have deemed it prudent to value our outstanding ship- ments on 31st December at a figure which I estimate will leave a considerable margin as a set-off against the depreciation in value of our stock of raw sugar, which has to be worked off. You will gather from the remarks I have made that the prospects for our industry nntil the abolition of bounties takes effect are not over-bright, but I hope we may look forward with some degree of confidence to more prosperous times when we are freed from the unfair competition of beet sugar. Before passing the adoption of the report and accounts I shall be pleased to answer any questions.
CHINA SUGAR REFINING CO., LD. The twenty-fourth annual general meeting of shareholders in the above Company was held on the 27th ult. at the offices of the general agents, Messrs. Jardine, Matheson & Co. The Hon. J. J. Bell-Irving (Chairman) presided, and the others present were the Hon. C. P. Chater and Messrs. D. M. Moses, C. S. Sharp, R. C. Wilcox (Consulting Committee), G. C. Anderson S. A. Joseph, J. McG. Forbes, A, Rodger, A.G, Stokes, F. Smyth, W, H. Gaskell, E. C. Emmet, J. R. Michael, Ho Fook, J. Rurton (secretary), etc.,
The notice convening the meeting having been read,
The CHAIRMAN said-Gentlemen, with your permission I propose as usual to dispense with the reading of the report and accounts, which were issued some days ago. As mentioned in the report, the refineries were kept well em- ployed during the year, the quantity of sugar dealt with being larger than in 1900. In Japan the demand for sugar was stimulated during the first two months of the year by the expecta- tion that a heavy excise tax would be imposed by the Government on the 1st of April, and consumers were therefore anxious to lay in stocks in anticipation of it. The imposition of this tax was, however, ultimately post- poned until the 1st of October, and we took advantage of this delay to lay down a consider- able quantity of sugar, on our own account, the production of which enabled us to keep the refineries at full work during the summer months. Large quantities of refined beet were also imported into Japan before the 1st April and 1st October, thereby causing, during the period under review, slow clearances on markets which were overloaded with the article, and for that reason, as also to the financial stringency prevailing in Japan, the sum appearing in the balance-sheet at debit of sundry creditors, viz., $4,792,000, is larger than in previous years, and consequently the amount at debit of interest account has also proportionately in- creased. With regard to China, I am pleased to state that there has been steady increase and 80 in consumption during the year, far as I am able to judge, this is likely to continue. I regret to say, however, that although consumption has been upon the whole good, the prices realised bave not been as satisfactory as could be wished, but this is explained by the enormous fall in the value of sugar which has taken place all over the world. During the first seven months of last year prices of raw beet sugar in Europe, then quoted at 9a. and over per owt., were regarded as being at a moderate level, and although there were indica- tions of over production, it was thought by those experts best qualified to judge that if it declined to about 88. per owt. the cost of production would probably be reached, and that there was not much fear of a further depreciation; unfortunately, however, these forecasts proved incorrect, as in consequence of the operation of the bounty system in beet-growing countries, and of unex- pectedly large supplies, which have pressed on the market, prices have steadily declined, and beet sugar is now quoted at the unprecedently low figure of 68. 6d. per owt. If there was no prospect of relief from such prices, the future would appear to be gloomy in the extreme, but fortunately, as you are doubtless aware from
|
There were no questions, and on the motion of the CHAIRMAN, seconded by Mr. STOKES, the report and acconuts were adopt d.
On the motion of Mr. MICHAEL, seconded by Mr. SMYTH, the Hon. C. P Chater and Messrs. D. M. Moses, C.-S. Sharp, and R. C. Wilcox were re-elected as consulting committee.
Mr. GASKELL proposed the election as audi- tors of Messrs. Thomas Arnold and W. H. Potts. This was seconded by Mr. EMMET and carried unanimously.
The CHAIRMAN-To-morrow being a holiday, dividend warrants will be issued, on application here, on Saturday morning. That is every- thing, gentlemen, and I thank you for your attendance.
LUZON SUGAR REFINING CO., LD.
The twentieth annual general meeting of shareholders in this Comp. ny was held at the offices of the general managers, Messrs. Jardine, Matheson & Co., at 12.15 p.m. on the 27th ult. The Hon. J. J. Bell-Frying (Chairman) presided, and the others present were:-) White, C. S. Sharp (Consulting Commit ee), J. McG. Forbes, C. W. Dickson, A. Rodger, K. Ross, Ho Tung, Ho Fook, Lo Cheung Shin, J. Barton (Secretary), etc.
Messrs. H. P
The notice convening the meeting having been read,
The CHAIRMAN said-Gentlemen, the report and accounts having been in your hands for some days, we will, as usual, with your per- You will, I think, mission, take them as read. have been somewhat prepared for the unsatis- factory statement of accounts submitted for your adoption, as it will be within your re- collection that at the last annual meeting the Chairman mention-d that it had then been found necessary to close the refinery, and that the prospects of being able to resume work were remote, inasmuch as there was no outlet for our sugars except a small local demand insufficient to keep the works going for any lengthened period. I regret to say that matters in this respect did not improve during the year,
as the works have been silent ever since. nor can I hold out any definite hope at present of their being able to start. I may here remind you that this industry was originally started primarily with the object of refining sugar for the Spanish market, into which, so long as the Philippines remained a Spanish possession, it was admitted free of duty, and that until the American occupation the greater part of the out- put of the refinery was shipped to Spain, which
足
[April 7, 1902.
has
formed the only regular outlet, the local con sumption of refined sugar being always limited. Since the American occupation of the Islands took place, however, the Spanish mark remained entirely closed to ne. Moreover, in consequence of the disturbed state of the country, the production of the sugar-estates in the Philippines has been greatly curtailed and it would therefore have been difficult to procure the necessary supplies of raw sugar at prices which would have left any margin of profit on refining, even if there had otherwise bean suffi- cient inducement to resume work. It is obvions. gentlemen, that the present state of affairs cannot be indefinitely prolonged, and that if we are unable to find a regular and profitable outlet for our refined sugars the business must sooner or later come to an end. As you are no doubt aware, the commercial relations be- tween the Philippines and the United States have been much discussed during the past year, and in some quar ers it was thought possible that the Islands might be put upon the footing of a State, involving the abolition of all duties between them and America. In this event the prospects of sugar-refining in Manila would no doubt be radically changed, as free trade would open out a market for Philippine sugar in America. The Bill recently passed as a tempor- ary measure by the United States Government only provides, however, for a reduction of 25 per cent. on the existing tariff, and although we are unable at present, in the absence of this will full details, to judge of how benefit us. I fear that the relief will be in- sufficient to materially inprove the prospects of the Company, s› far as the American market is concernel. The entlook, therefore, for the time being is gloomy, but I would recommend a little further patience on the part of share. holders, who possess a property which, though deteriorated by a combination of unforese9-n events, might undor certain circumstances It may be of appreciate considerably in valne. interest to you to know that certain enquiries were made of us last year evidently with a view to the purchase of your property, but thes did not result in any reasouable offer. I do not know of anything which I can nsefully adil to thes: remarks, except to say that the buildings and machinery at Malabon are being maintained in as good order as possible, and that current expenses are being kept down to shall be plussel the lowest point. Before moving the adoption of the report and accounts to answer any questions.
There were no questions, and on the motion of the CHAIRMAN, seconded by Mr. Ho TUNG, the report and accounts were adop'ed.
Mr. Ross then proposed the re-election as consulting committee of Messrs. H. P. White and C. S. Sharp, and this, after being seconded by Mr. RODGER, was carried unanimously.
On the motion of Mr. Ho FOOK, seconded by Mr. Lo CHEUNG SHIU, Mr. Thomas Arnold was re-elected auditor.
The CHAIRMAN-That is all the business, gentlemen, thank you for your atten lance.
GREEN ISLAND cement CO,, LD.
The following is the report for presentation to the shareholders at the thirteenth ordinary general meeting to be held at the office of the General Managers, on Monday, 14th April, at 11 a.m.:
The net profit, including the amount brought forward from the previous year, amounts to $111,820.63 which it is proposed to deal with
as follows, viz :—
...
..
100,000.00
*0,820.63
To place to reserve fund... $1,000.00 To pay a dividend of 10
per coat. To carry forward to next
year's account The result is a considerable improvement on the previous year, but deliveries under local contracts bave so far not been so large as was anticipated and the factory has therefore not
benefited to the full extent by the additional kilns and extensions which were completed last year.
The profit from the brick works is smaller as the cost of various improvements has been included in the working expenses in preference to increasing the capital account