116
HONGKONG & WHAMPOA
DOCK ̧CÔ., LD.
The following is the report of the board of directors of the above Company to the ordinary half-yearly meeting of shareholders, to be held at the offices of the company, on Monday, the 18th inst., at 11.15 a.m. :—
GENTLEMEN,The Directors have now to submit to you their report, with a statement of accounts for the half-year ended 3 th June last The net profit for the six
months, after paying interest due and all charges, amounts to
to which has to be added...
the balance brought
forward from last account
THE HONGKONG WEEKLY PRESS AND
To value of Kowloon Docks,
as per last statement. ..1,955.988.26
i ess amount since written off 155,988.36
To amount paid on account of
removal of hill on the new extension, Kowloon Marine Lot No. 27... To amount paid in connection with purchase of Hunghom Inland Lot No. 62
1,800,000.00
4.70185
To amount paid on account of
new iron store
2,900.00
3.362.00
To amount paid on account of
new fitting shop
373,460.86
420,119,59
.
and from this have to be deducted-
Directors' fees
To amount paid on account of
new forge Ta amount paid on account of new hydaulic installation To amount paid on secount of
new electric cranes Ta amount paid completing new coppersmiths' shop... To amount paid building and $793,580.45 | To amount paid building and
completing new tool store
34,576.00
23,071.00
4.191.00
7,005.63
9,740,00
7,499.00
Auditors' fees
$10,000,00
750.00
I
10,750.00
completing new wrecking and diving gear store .. To cost of one pneumatic ham- mer for coppersmiths" shop To cost of new machines for
engine shop
2,127.00
587,833
15,415,00
1.577.04
leaving available for appropriation $782,83) 45 To cost of new machine tools
The Directors recommend that a dividend for the half-year of 14 per cent, or $25:4600, and a bonus of per cent. or $50,000, in all $300,000, be paid to the shareholders; that $168,004.85 be written from the value of Kowloon Docks, $10,676.92 from the Cosmo- politan Dock, $10,755.99 from ing Fame, steam launches and lighters, and the balance $263,392 69 be carried to the new account.
com -
While the volume of work done, in parison with the corresponding perid of last year, shows a falling off of between 55 per cent. and 60 per cent, with a corresponding decrease in our profits, the first half of last year was a record one in the history of the Company, the net profits amounting to over 9 lacs of dollars, but last year was an exceptional one and exceptional years cannot be looked for con- tinuously. Then again, our profits for the period under review have had to bar the cost of heavy repairs to the caissons of two of our principal docks. Consequently, the results of the six months' working can fairly be regarded as satisfactory with prospects for better results for the second half-year.
At Kowloon, the engine works building is rapidly approaching completion. The transport ing and the final grouping of the working plant within it awaits the development of the scheme for electric drive referred to at last annual meeting. A step in that direction las been taken by the furnishing of three electri- cally driven cranes, one 25-ton and two 10-ton, now in course of erection, but much remains to be done before the general working plant is placed upon a modern and economical working footing.
During the period under review a contract has been closed, and the work well under way, for the construction and engining of a large light draught steamer for the Hongkong. Canton and Macao Steamboat Company, the dimensions of which are as follows:-
Length between perpendiculars,...20) feet. Beam at main deck,
5+ feet. Beam at load line, Depth, moulded,
43 feet 9 ins.
12 feet. This is the largest item of construction work ever undertaken by the Company, but it demonstrates the increasing and up to date capabilities of our works.
The directors have to announce that the negotiations with the Government for purchase of the land at Kowloon for the proposed new dock have now been brought to a stage which warrants them in submitting the whole question to shareholders for their favourable consideration, and this will be done at an extraordinary meeting advertised to be held immediately after the ordinary half-yearly meeting.
D. E. BROWN, CHAIRMAN, Hongkong, 2nd August, 1902.
The following are the accounts :-
CAPITAL ACCOUNT.
30th June, 1902.
Aberdeen.
ASSETS.
To value of Aberdeen Docks, as per last
statement
Kowloon.
100,000.no
•
for boiler shop.........
Cosmopolitau.
To value of Cosmopolitan
Dock, as per last statement 348,787.67 Less amount since written off 23,787.07
To amount paid on account of four new houses for Euro. pean foremen.
៩
(August 11, 1902. c. on the 18th instant, for the purpose of con- sidering, and if thought fit, accepting the offer of the Government of a Crown lease of the piece of land adjoining the. Dock Co.'s premises at Hunghom for the purpose of constructing a new dock ther on, it seem to the undersigned that the notice given of this meeting is alto gether insufficient. It must be remembered that this notice hs been published after the clo. ing of the books, and a number of share- holders who have not thought it necessary to transfer their shares, would, were this moeting held as proposed, be debarred from attending the meeting or taking part in the proceed ngs. Many other shareholders who hold shares in the names of former proprietors would also be liable to bave those shares used against them.
-1,918,004.85
325,000.00
15,676.92
340 676.92
Tug. Dredger, Launches and Lighters. To value of Fame as per last
account
To value of dredger Canton
River
To ralue of steam launches,
steam lighter, lighters and Loats, as per last account... Add cost of one new steam
lighter and one launch
To sundry debtors. Tu-value of material on hand
By
30th June, 1902.
LIABILITIES.
15,000.00
90,400.00
53,396.00
57,449.99
By shareholders for 50,000 shares of $50
each, fully paid up
Admiralty
£20,000 00 Less repayuents 12, 154 13 3
.
loan
We cannot suppose that the Board of Direc tors fixed upon this early date intentionally or with design to surpris, shareholders, but prefer to Lelieve that it was purely accidental and due to a desire merely to study the general con- venience. We feel sure that the matter needs only to be jointed out for the Directors to re- consider the date of the meeting and postpone it for such time as may be necessary for the books to be opened and opportunity be allowed for the transfer of shares to the names of present owners. In view of the very great importance of the question to be discussed at the extra- ordinary meeting the undersigned do not besitate to make this request.-We are, gentle- men, yours faithfully,
Here follow signatures.] The DIRECTORS,
Hongkong & Whampoa Dock Co, Ld.
Hongkong, 6th August. DEAR SIR, I am instructed to acknowledge receipt of letter da ed yesterday addressed to the Directors of the Hongkong & Whampoa Dock Co., Ld., signed by yourself and others requesting a reconsideration by the Board and postponement of the date advertised (viz, August 18th) calling an extraordinary meeting of the shareholders for the purpose of consider- 215,755.99 ing an offer of the Government for a Crown 175,088.74 lease of a piece of land adjoining our present 1,665.980.65 | Hunghom premises for the construction thereon
of a new deck. $4,415,507.15
C.
$
2,500,000,00
£7,515 69 at 18.8-9 161, 88,067.16 1,033,859.54
by sundry creditors. By balance of profit brought S C. forward from last account... 420,119.59 By profit....
373,460.86
REVENUE ACCOUNT. 30th June, 1902. To interest.. To Crown rent
To fire insurance
The reason for such pcstponement being the insufficiency of the notice, 1reventing, as it might, some shareholders from attending the meeting and taking part in the proceedings owing to their having had no opportunity after the meeting was advertised for the transfer of shares to the names of pressut owners. I am instructed to inform you in reply that the directors had already reconsidered the date of meeting, and advertised its postponement in last evening's papers prior to receipt of your letter. I am, dear Sir. Yours faithfully,
W B. DIXON,
Chief Manager.
793,580.45
$4,415,507.15
R. BECKER, Esq.
To office expenses, salaries, stationery, and
rent of head office
To drawing office expenses and salaries To telegrams....
To legal expenses..
To Admiralty loan exchange adjustment
account
To subscription to Coronation Celebration
Fund
To profit....
1st January to 30th June, 1902, By net earnings of the company's three
establishments
By towage, net earnings By scrip fees...
By bonus on insurance premia, etc.
•
C.
Hongkong 6th August. £8,531,00 Gentlemen,-With reference to the extra-
3,062.05 3,198 40 ordinary meeting of the shareholders now being called and postponed, many of them would be 43,729.94 obliged if the directors would furnish them 17,066.22 with the Government's proposal in regard to 1,269.13 the sale of the land for the new dock, and the 619.50 outlines of the actual scheme which is to be put before the meeting, so that they may have 6,880.79
an opportunity of considering them beforehand in all their bearings. At present the notice gives no information to the shareholders as to the scheme they are asked to vote upon.-I am, Gentlemen, yours faithfully,
500.00
373,460.86
$478,347.89
C.
The DIRECTORS,
$
473,917.67
3,863.99 297.00
269.23
J. R. MICHAEL.
Hongkong and Whampca Dock Co.
Hongkong, 8th August. Dear Sir, I am instructed to acknowledge $478,247.89 receipt of your letter of 6th inst. and in reply to inform you that a general outline of the scheme will be circulated among shareholders Irior to the special meeting, which will be called about three months hence, and in ample time for the consideration of shareholders at that meeting. I am, Dear Sir, yours faithfully,
W. B. DIXON,
Chief Manager,
The following letters have been sent to as for publication:-
Hongkong, 5th August. Gentlemen,-Having read the advertisement in to-day's paper calling an extraordinary meeting of the shareholders to be held imme- diately after the close of the half-yearly meeting
J. R. MICHAEL, Esq.