August 2, 1902.]
the view of calling an extraordinary meeting of members for the above objects under the latter part of rule 30, which is as follows :— "The Stewards shall also convece sn traordinary general meeting under the scue cocditions and restrictions at the written requisition, which shall also le published in the notice calling the meeting. of any ten resident members." In this way a consensus of opinion should be obtained as to programme and a mach 1 eded fillip given to racing; for surely the love of racing is not quite dead in Hongkong buftuly slumbering on account of the hot weather and for want of a little encouragement being given these ready to afford a portion of their time and money to maintaining one of the oldest forms of sport in the world.
Apologising to you, Sir, fer.my very lengthy letter, Yours, etc.,
GODFREY C. C. MASTFR.
11
CHINA OVERLAND TRADE REPORT.
93
condition, and could be sold for considerably | meeting. In accordance with the articles of more than its book value. Before proposing association Mr. F. A. Gomes and the Honour. the adoption of the report, and passing of the able C. W. Dickson retire from the Braid by Recounts, I shall be pleased to answer any rotation, and, being eligible, offer themselves questions to the best of my ability.
for re-election. No questions being put,
TO THE EDITOR OF THE "DAILY PRESS.' Hongkong, 30th July. SIR-Will you allow me to make a few remarks in reply to the letters of "Veteran and "Owner" I think I am right when I say that nearly every one in Hongkong who sub- ciles, for and trains waleis is, like myself, absolutely ignorant of the rudiments of the art or science of training. I may even go, farther and sy, that with one or two exceptions we here no knowledge of horse-narage ment in its simplest forms, let alcie tle training of the 1acehorse. As to ace-riding, any one who attended last meeting must admit that with the exception of Mr. Master and Mr. Cruickshank we had no one who could compete with the Shanghi" jocks." Now it seems to me that the Stewards are pursuing a very sound policy in catering sport or the many and not for the few - by this I mean that by giving many prizes for old griffin races at the forthcoming meeting they would be merely making presents as it were tofone or two expert horsemen, who, if they are allowed the time properly to prepare an animal, a1@ positively certain to win all the races--and where would the sport come in? Of course some may say
Let the best man win." But the Stewards of Jockey Clubs have to consider the interests of racing, and in the present instance I for one am entirely in accord with their policy of letting every one have a chance. Might I suggest for their consideration that to make the chances for every one more even the waler griffins for the next meeting only arrive say some siz weeks before they have to race. If this course were adopted it would give the majority of owners a much letter chance, as the aforementioned expert trainers. would not have sufficient time allowed them to get their
horses into better condition than those of- Yours, etc.,
'TYRO."
UNITED ASBESTOS ORIENTAL AGENCY, LD.
The CHAIRMAN 8 id-I beg to move the adoption of the report and passing of the accounts.
Mr. W. H. WICKBAM-I beg to second the motion, and in doing so I wish to congratulate the general managers and the staff on the suc cessful working of the past year.
The sixth annual general meeting of share- holders in the United Asbestos Oriental Aget cy, 1d., was held on the 28th alt. in the offices of the general managers, Messrs. Dodwell & Co, Ld., Queen's Buildings. Mr. G. II. Medhurst, chai man, pres ded, and there were also present Messrs. E. J. Libeaud, A. Ritchie, J. Galt, J. D. Auld. W. H. Wickham, and G. R. Edwards (secretary),
The notice calling the meeting having been read,
The motion was agreed 10.
On the motion of the CHAIRMAN, the re- election of Mr. W. Hutton Potts as auditor was agreed to.
The CHAIRMAN bat is all the business, gentlemen. I thank you for your attendance. Dividend warrants will be ready to-morrow (Tuesday).
The following is the report :-
The General Managers have now the pleasure to lay before the shareholders the accompanying statement of accounts for the year ended 31st May, 1902.
ACCOUNTS.
The balance at the credit of profit and loss account, after writing off £65.40 for deprecia lion and including $731.80 brought forward from last year, is $15.389.03, which it is proposed to appropriate as follows: To place to reserve fund To pay a dividend of 15 per cent, on
ordinary shares
To General Managers' remuneration To pay a further dividend of 5 per
cent, en ordinary shares To pay $19.80 per share on 100
founders' shares
•
To carry forward to new account
AUDITOR.
The accounts have been audited by Messrs. A. O'D. Gourdin and W. H. Potts, the latter in place of Mr. Henderson, who has left the Colony. Messrs. Gourdin and Potts offer themselves for re-election.
C. W. DICKSON,
Chairman,
Hongkong, 22nd July, 1902.
ASSETS.
The accounts are as follows:-- 30th June, 1902, Value of steamers Poiran, Honam, Heung- shan, Langshan, iths of Fatshan, and Value of lighters Sun Lee and Wo Lee
3rd of Nanning and Sainam
Value of wharves, hulks, and moorings... Value of properties at Canton, Wuchow,
and Kongkun..
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
30th June, 1802.
$ 0.
684,000.00 10,200.00 89,500.00
40,666.39
10,645.38
750,00
821,652.00
1,034,48.
788,500.00
24,098.41
Interest accrued to date
1,281.48
Premium on marine policies unexpired Sundry debtors
£,167.27
9,486.31
$2,491,381.72
LIABILITIES.
& C
$3,000.00
+
5,940.00
Amount of capital, 80,000 shares of $15
each, fully paid up Amount at credit of depreciation and in-
surance fund ...
1,200,000,00
600,000.00
2,000.00
Amount at credit of equalisation of divi-
dend fund...
300,000.00
Amennt at credit of investment fluctua-
1,980,00
tion account
164,884.53
Unc'aimed dividends
6,282.00
1,981.00
undry creditors
6,171.90
489.03
$15,329.03
The accounts now presented have been audited y Mr. W. B. Potts, who, being eligible, offers himself for re-election.
DODWELL & CO., LD.,
General Managers.
Hongkong, 10th July, 1902.
HONGKONG, CANTON AND MACAO STEAM-BOAT
CO., LD.
་་
The following is the report of the Board of Directors to the ordinary balf-yearly meeting of hareholders to be held at the office of the Company, on the 5th inst., at noon.
The Directors beg. to submit to the stare- holders the report and statement of accounts for the half-year ending 30th June last.
Amount at credit of profit and loss account 214,043.29
PROFIT AND LOSS ACCOUNT. Dr.
30th June, 1902.
$2,491,381.72
$ 35,394.79 3,250.00
C1
To amount paid for repairs to steamers To directors and auditors' fees To balance to be appropriated, viz. :-
Dividend at 10 per cent. on 8 0.
$1,200,000
To be written off book value
of steamers
120,000,00
50,800.00 To be carried to new account 44,(43.29
31st Dec., 1901.
Cr.
214,043.20
$252,628.07
$ C.
**
27,527.60
169,069.01 56,143.96 147.50
By amount brought forward from last ac.
count
30th June, 1902.
By net earning of steamers By interest on investments By transfer fees
30th June, 1902. To balance
31st Dec., 1901,
Dr.
Cr.
$252,088.07
After paying running expenses, salaries, premia of insurance, repairs, and all other out- DEI RECIATION AND INSURANCE FUnd. goings, there remains, including $27,327.6 brought forward from last account, the sum of $214,043.: 9 at credit of profit and loss account. From this amount the Directors recommend that a dividend for the half-year of 10 per cent. on capital or $120,000, be paid to shareholders, and that $50,000 be writen off the book value of steamers, leaving a balance of $44 043,29 to be carried forward to new account.
Increased running expenses combined with The general dulness of trade account for the falling off of the steamers' net earnings as compared with those of the corresponding period of last year. So far, there is no im- provement to report in the conditions under which the West Iiver steamers have been working.
The CHAIRMAN said-Gentlemen, As the report and statement of accounts have been in your hands for some time, I propose, with your consent, to take them as read. It is satisfactory that notwithstanding the increased working The customary repairs have been effected expenses, and the greater competition met with, during the half-year and the steamers have the profits for the past 12 months are very been maintained in their usual state of efficiency. nearly equal to those of the previous year, and The new steamer for the Hongkong-Canton the General Managers recommend the payment service on joint account with the China Naviga. of the same dividend, viz., 20 per cent. on the tion Company. alluded to in the last report, ordinary shares, and $19.80 on the founders has been contracted for with the Hongkong shares, and the transfer of $3,000 to reserve, and Whampoa Dock Company at the price of bringing that fund up $8,000. I do not think $395,000 and is deliverable in the early part of the accounts need much explanation. The next year. The interest of the China Navigation principal asset, the stock of material on band, Company in this steamer will be three-eighths. has been carefully checked by Mr D. Upon leaving the Colony the Honourable J. Macdorald, marine surveyor. We have not J. Hell-Irving resigned his seat at the Board considered it necessary to write down this year and the Honourable C. W. Dickson was nomin- the value of the steam launch Gladiator. The ated by the directors to fill the vacancy subject launch has been well kept up and is in first-class' to confirmation by the shareholders at this
By amount at credit
EQUALISATION OF DIVIDEND FUND. 30th June, 1902.
Dr. To balance
31st Dec., 1901, By amount at credit 4th Feb., 1902.
Cr.
$ C. 600,000.00 $ C. 600,000.00
$ 0. 200,000.00
$200,000.00
$ c 200,000.00
By mount appropriated from profit and loss account for half year ending 31st December, 1901 By amount transferred from investment
Anctuation account.
£0,000.00
50,000.00
$300,000.00
1
The Russian Governor-General of the Amur district has wired to the Russian M.nister at Tokyo, making a modification in his recent.. declaration to the effect that all vessels leaving: any Japanese port for Siberia should first visit Vladivostock for quarantine purposes. By the new arrangement those vessels coming from ports in Northern Japan, after having: · obtained a bill of health endorsed by a Russian Consul, may freely proceed to any Siberian port- without first visiting Vladivostock. Only the vessels coming from ports in Southern Japan are to be dealt with in accordance with the Governor-General's declaration.
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