426
A very delightful gymkhana was given by H.B.M. Consul; Mr. Playfair on the afternoon of November 10th. It was the gymkhana of May 30th, which was drowned oat, brought to life again, and it must be admitted it did not suffer by keeping. Fortuus favoured M. Playfair on this occasion, for the weather was everything | that could be desired. It is rumoured that our worthy Consul had been offering chiu-chin's and burning joss-slicks to the Clerk of the Weather for a week beforehand. [Among the results of the races we notice that Mr. G. H. Ardron, la'e of Hongkong, won the "potato and bucket race, with threo potatoes to spare from Mr. Skone-Knox.]
A Cinderella dance was held at the Club on Monday night, November 10th, by the British m+mbers of the Foochow Club in calebration of the King's birthday. A large number of the chrysanthemums exhibited at the Flower Show were kindly lent for the decoration of the room, and the result was much admired.
Tarf Notes. By next Saturday we shall have some Shangai flyers on the course. We hear that Hermes, Manchu, The Miner and another are coming, and our veterans will have to stretch themselves.
VLADIVOSTOCK.
Vladivostock, 11th November.
CHINESE EASTERN RAILWAY'S STEAMSHIP
SERVICE,
The Committee of the local Stock Exchange is in receipt of a communication from the steamship department of the Chinese Eastorn Railway to the effect that the company intends to discontinue its direct regular service between Vladivostock, China and Japan ports, aud bas invited the opinion of the committee as to whether or not this woull have any effect, upou the trade of the port.
The Committee in reply expressed its disap- proval of the proposal, and pointed out that Owing to the establishment of the steamship s'rvices of the Chinese Eastern Railway, other Russian and foreign lines which carried on busi ness here previous to the first-mentioned line had been discontinued. If the intentious of the steamship department of the China Eastern Railway were carried out at present, Vladivostock would remain absolutely without regular direct communication with Nagasaki and Shanghai, If the regular service is to be abolished, the Exchange Committee request that the proposal should not be carried into effect before the expi- ration of six months from date; also that an announcement of the company's intention be made in the newspapers for the information of the commercial bodies in the East, in order that the foreign steamship lines which formerly called at Vladivostock may be given an opportu nity of re-opening their services to the port.
The local Vostochnie Viestnik commenting on this, cou iders the request of the Committee a 1easonable one, and adds that if a Russian subsidised steamship line intends to abandon Vladivostock to its fite, th port should resort to the aid afforded by foreign companies.-Kobe Chronicle.
+
THE HONGKONG STEAM WATER-
BOAT CO., LD.
ANNUAL MKETING.
The second annual meeting of the above Company was held on the 25th ult. in the office of the Company,-20, Das Voeux Road. Mr. Liao Tez San, ohairman, presided. and there were also present Messrs. E. S. Joseph, J. W. Kew (manager), Captain Clark, Mr. Chau Siu Ki, and F. X Zavier.
THE HONGKONG WEEKLY PRESS AND
occurrence, but under the circumstances it was unavoidable. For the future we have fully guarded against a similar occurrence by having the prosent collector secured, 8) you need fed no anxiety or that so e. Coming to the report before as it is highly gratifying to the Cominittee, and I feel sure, it must be so the shareholders as well, that the results for th
The CHAIRMAN said-G..ntlemon, the report and accounts having been in your hands for some time I will take them as read, but before proceeding any forther I should like to be allowed to explain the regrettable incident re- ferred to in the report, namely the embezzle- ment of the sum of $1,755.23 of the Company's funds by an employes. Besides performing the duties of a clerk th› man was also charged with the collection of bills; not being a shroff in the proper sense of that term, and being a Porta- gueze he was not of course secured; when your manager discovered the embezzlement he promptly had a warrant issued for the man's arrest, but it was too late, as he had already dis- appeared. Your Committee deeply regret the
past year are so excellent. Against the earn ings of $3 834 58 which we put before you 12 months ago, the earnings for the past year are as you see $ 7.484.39. You will b pleased to hear, gentlemen, that this splendid result is not to be looked upon as merely temporary owing to the scarcity of water a few months ago, but is a substantial and permanent increase of the business of the Company. I need hardly say that we owe this improved position of our Company to the excellent management and the energy of our manager. (Hear, hear.) There is one other matter mentioned in the report. and that is that we intend to call up the re- maining $3 per share still unpaid. This is rend. ered imperative by the increasing volume of our busine-s, uecessi'ating a further addition to our bosis. The call will therefore I am sure be fully endorsed by yen, as it is a proof of a flourish- ing position. With these for remarks. I will more the aloption of the report and acconats, but before pulting it to the meeting I will be pleased to answer any questions shareholders may wish to ask.
Captain CLARK-Do you intend, Mr. Chair- man, to draw out the $3 at once or by instal. ments as required? Of course it is only a small
mattr.
The CHAIRMAN—At once.
Mr. Kew-You see we expect to have the boat fished in four and a half months. The mouey will not be called up till the end of the year. The boat will be well under way by that
time.
T'here being no other questions.
The CHAIRMAN formally moved the adoption of the report and accounts.
Mr. JOSEPH seconded, and the motion was unanimously adopted.
Captain CLARK proposed the re-election of Messrs. Liao Tszo San and Chan Sui Ki to the Consulting Committee for the current year. Mr. JOSEPH seconded, and the motion was agreed to.
Mr. J. W. Kew moved the re-appointment of Mr. W. Hutton Potts as auditor."
Mr. CHAN Sur Kr seconded, and the motion was agreed to.
The CHAIRMAN-That is all the 'usiness, gentlemen. Thank you for your kiud attendance, Dividend warrants will be ready to-morrow.
The following are the report and accounts:- The consulting committee bare the pleasure to submit to shareholders their report with a statement of accounts for the y ar ending 30th Sep'emb r, 1992.
ACCOUNT 2.
The net profit for the year, after paying all working expenses, is $7,434 39, and the balance remaining at credit of profit and loss account, after deducting interim dividend and consulting committee's fee $3,885.00 paid on 24th April. 19 2. is $13,549.39 which together with $259 08 brought forward from last year, int rest and scrip fes, gives a total of $13,988 77 and with the approval of the shareholders, it is propose ! to appropriat this amount as follows:-- Consulting committe, and auditor's
foos
Final dividend of 6 per cent. miking
12 par cut for the year Write off goodwill
[December 1, 1902.
writing off a substantial sum from the value of the boats, which have b en kept in thorough repair and are in excellent condition. The increase in the Company's businoss is such, in the opinion of the consulting committee, as to justify the construction of a fourth boat, and tenders for same are now under consideration. This will necessitate the calling up of the balance of subscribed capital.
CONSULTING C MMIITEE.
Messrs. Liao Tsz9 San and Chau Sai Ki retire from the committee, but being eligiblo offer themselves for re-election.
AUDIT, R.
The accounts have been audited by Mr. W. Hutten Pots, who offers himself for re-election
LIAO TSZE SAN,
Chairman.
Hongkong, 16th November, 1902. -
BALANCE-SHEET On the 10th September, 1902.
LIABILITIES.
To capit 1 7,500 shares of $10 $ C.
each
Of which 2,000 shares each
10 fully paid
5.500 shares 7 paid up
To accounts payable
To unclaimed dividends To balance of profit and loss
By cash in hand
ASSETS.
By Hong kong and Shanghai Bank By value of goodwill per last
account
Less written off
By furniture
By accounts receivable
By new hose
Q.
75,000.00
20,000.00 38,500.00
58 500.00 6,929.24 195,00 2,386.42
863,010.60
C.
793.83 14,133.61
$3,500.00 1,275,00
7,225.00
100.00
4.0.0.45
311,04
By value of 3 steam water-boats
$45,870.75
4,587.07
41,233.69
$68,010.66
as per last account
Less written off
Dr.
PROFIT AND LOSS ACCOUNT.
To interim dividend paid
To consulting committee for
half-year
Balance appropriatel as follows : Consulting committee and au-
ditor's fees
$3.510
375.00
3,835,00
475.00
Final dividend of 6 per cent.. Written off goodwill
3,510.00
1,275.00
Written off boats
4.587.07
Amount embezzled by lite clerk
arried to new account...
1,755.28
2.396,42
19,983.77
$17,973.77
8 259.08
C.
17,434 89
177,55
2.75
$17,973.77
Cr.
By balance....
By balance working account By interest By scrip fees
CHINA TRADERS' INSURANCE CO., LD.
་
ANNUAL MEETING.
The 30th ordinary annual meting of share- holders in the above Company was held on the $175.00 | 25th alt. Mr. H. Schubart (chairman) pre- sided, and the others present were Messrs. E. 3,519,00 | Goetz, A. J. Raymond, E. Ormiston (directors). 1,275 00 C. Michelan, A. de Ath, E. C. Ray, W. Parlane, 4.587,07 R. C. Wilcox, H. C. Wilcox, W. J. Saunders, 1.755.28 J. Orange, J. W. R. Taylor, W. H. Wickham, 2,386.42 R. K. Leigh. 8 Fulcher, E. W. Maitland, Captains G. C. Anderson and F. D. Goddard, Total ...$13.988.77 and W. H Ray (secretary). Shareholders will doubtless note with satisfac tion that the year's not earnings are about double those of the previons year.
Wr te off value of boats Write off amount eabzzlel by clerk Carry forward to new account
The consulting committee much regret to report that the clerk entru ted with the collection of bills embezzled the sum of $1,755.28 and fled the Colony, before he could be arrested.. To prevent the possibility of a similar occurrence, it has been deemed advisable to have the present clerk secured.
The notice calling the meeting having been read,
The CH IRMAN' said-Gentlemen, with your approval I will consider the report and state- ment of accounts which have been in your hands for a fortnight, as read. The year shows an increase of $73,974.15 in premia, but losses have
reduced the balance to almost the same amount as shown in the previous report. There remains the sum of $539,669.09, which the directors recommend be apportioned as follows: Provision has been made in the accounts for 16 per cent. ($4 per share) as a dividend to
BOATS.