104
THE HONGKONG WEEKLY PRESS AND
The retiring auditors, Messrs. A. O'D. | credit of the silver reserve fand, which fund Gourdin and W. H. Potis, offer themselves for will then stand at $5,500,000. re-election.
C. W. D:CKSON,
Chairman.
Hongkong, 24th January, 1903.
The accounts are as follows:-
31st Dec. 1932.
ASSET.
Value of steamers Poiran, Hanam, Hennyi shan, Lungshan, ŝths of Faishan and 3rd of Nanning and Saiaam Amount paid on account of now stemer
Kinshan now building
Value of lighters Suu Les and Wo Laze Value of wharves. hulks, and moorings Value of properties at Canton, Wuchov
and Kongkun
Valuo 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 Shinghi
Bauking Corporation
Interest accrued to date
Insurance premia paid for the year 1903 Sundry debtor....
31st Dec. 19 2.
LIABILITIES.
Amount of capital, 80,000 shares of $15
cach, fully paid up
Aurount at credit of depreciation and in-
surance fund
....
Amount at credit of equalisation of divi-
dend fund
Amount at credit of investment Auftna-
tion account
Unclaimed dividends
Sundry creditors"
$
C.
634, 0 0
124,081.41
100. . 87.190,00
94.852.41
25.539.91
7500 -723.733.2
After making this transfer and deducting remuneration to directors, there remains for appropriation $1,456,525.37, out of which the directors recommend the payment of a dividend of one pound and teu shillings sterling per share, which at 4s, 6d. will absorb $53 1,333.33, and a bouus of ten shillings sterling per share, which at 4, 61, will absorb $177,777.7.
The differeno in exchang, batween is. 6d, the rate at which the dividsud and bonus are declar d, and 1s. 7d., the rate of the day, amounts to $1,3-99,941 53.
The balance, $1,435,47273, to be carried to new profit and loss account.
DIRECTORS.
Mr A. J. Raymond has been elected chairman for the year 1993 and Mr. H. E. Tomkins 1.034.48 | deputy chairman. 789,50 0 0
36.039.70
1.991.74
Mr. A. Haupt and Mr. H. W. Slade having rosigned their seats ou leaving the Colouy, Mr. C. Michelau and Mr. G. Balloch have ben 26.255.25 | invited to All the vacancies; these appointments
6,227.43 require coufirmation at this meeting.
Mr. N. A. Siebs, Mr. H. E. Tomkins and $2,556.007.76 | Mr. H. Schubart retire in rotation, but being $ eligible for re-election offer themselves accord- 1,200,000.00ingly.
608,000.00
300,000 00
173.820.13 6.640.50 21.8 4.79
Amount at credit of profit & los account 245.70414
$2,556,007.56
PROFIT AND LOSS ACCOUNT. 31st Dec., 1902.
Dr
To amount paid for repairs to teamers To directors and auditors' fec: .. To balance to be appropriated, viz:
Dividend at 10 per cent. on $
$1,200,000
To be written off book value
of steamers
To be carried to depreciatio
and insuranec fund
120,000.00
50,000.00
25,000.00
AUDITORY.
The accounts have been andit hy the Hon. C. S.. Sharp and Mr. W. Hutton Potts; the latter bas been acting in the place of Mr. F. Henderson, who has left the Colony. Mr. F. Headerson has now resigued, and the Hon. C. S. Sharp and Mr. W. Hurton Potts offer themselves for re-election.
R. SHEWAN, Chairman, Hongkong, 3rd February, 1903.
10,961.68 3,250,00
Th accounts are as follows:-
Sterling reserve fand
*
(February 2, 1903.
GENERAL PROFI" AND LÒSS ACCOUNT: 31st December, 1902.
Dri
To amounts written off :--
Remuneration to directors To dividend account :
£1 10 per share on 80,000
shares=£120,000 at 4:6, - 8533;433.33 To bonus of 10- per share on
8,010 shares £10,000 at 4:6 177,777.78
To dividend adjustment account--
Difference in exchange between 4-6, the rate at which the dividend and bonus are declared, and 1 7, the rate of the day
To transfer to silver reserve fund To balance forward to next half-year
of undivided By al-nce
profits. 39th June, 1902. §1,437,740.88 By amount of net profits
for the six months ending 3 st December, 1902, after making provision for bad and doubtful debts, de- ducting all expenses and interest paid and due ...
i5,000.do
701,11.11
1,309,9$1.53 750,000.00 1,435,478.73
$4,221,525,37
2,783,781.49
4,221,525 37
$4,221,525.37
$:0,000,000,00
STERLING RESERVE FUND.
To balanco...
By balance 30th June, 1902, (invested
in sterling securities)
-་་་་;
10,00°,090,00
SILVER RESERVE FUND).
....$3,509,030.00
$1,75,000.00
Té Islanco
By balance 30th June, 1902 Hy transfer from profit and loss account 750,000.0 1
$5,50,000,00
LD.
To be carried to new account | 50,704.14
Cr.
By amount brought forward from last ac-
30th June, 1902.
count
31st Dec.
By net earnings of steamers
hy interest on investments
By transfer fees
245.701.14
$259.915 82
c.
44,013.29
*
16433415
51.437.33
191.00
$259.915.92
DEPRECIATION AND INSURANCE FUND.
31st Dec. 192.
Dr.
To balance......
30th June. 1902.
Cr.
By amount at credit
3kt Dec.
ABSTRACT OF ASSETS AND LIABILITIES.
Paisl-up capital
31st December, 1942. LIABILITIES.
Silver reserve fund
Marine insurance ac count Notes in circulation :
Authored i- engainst securities deposited with thei'r own Agents for the Colonies Additional ine autho- rised by Hongkong Or- dinaneg No: 19 of 19 m, against coin lodged with the Hongkong Gove ment
Current accounts :
£2.6 4.523
$10,030,602 TEQ
10,000,000 01 10,000,000.00 4.750 000.00 150,000.00
16,574,521,00
-119,777,916.24
:ilver
Gold.
7d.
6371521.00
$96.7.7.822.99
33, 50,591 4
$ C03,000.00
Fixed deposits :
Silver
S C. 600.000,00
Gold, £1.365,893
.1 -
· K111813 42
51.82.561. 3
$.000 00
$308,000 00
By premium for insurance ziek carried by
the Company for 6 months > dat:
EQUALISA'IION OF DIVIDEND FUND.
31st Doc. 19 -2.
To balanco......
31st Dec., 19 2. By amount at credit
Dr
Cr
X 300.000,00
C.
$ 300,000,00
HONGKONG AND SHANGHAI BANKING CORPORATION.
The following is the seventy-fifth report of the court of directors to the ordinary half-yearly general meeting of shareholders, to be held at the City Hall, Hongkong, on Saturday, the 14th February, 1903, at noon :--
Gentlemen,-The directors have now to sub- mit to you a general statement of the affairs of the Bank and balance-sheet for the half year ending 31st December, 1902.
The net profits for that period, including $1,437,740.88, balance brought forward from last account, after paying all charges, deductiag interest paid and due, and making provision for bad and doubtful accounts, amunt to 84,221,525:37.
The directors recommend the trausfer of 8759,000 from the profit and loss account to
==1»,914,μ9.45
OU
Bil's payable (including drafts
London bankers and short sight draw.ngs on London office against bills receivable and bullion shipments) 14,397,260.13 Profit and loss account ..
4,221,545.37
Liability on hills of exchange ro- discounted. £5,2.9.39.1 1- 1d of which up to this date £3,653,000 have run off.
CashTM.
ASSETS.
$230,835 631/19
$ 35,253,639)9
Coin lodged with the Hongkong Govern- ment against note circulation in excess of $10,000,000
Bullion in hand and in transit Indian Government rupee paper t'onsols, colonial and other securities
Sterling reserve fund investiments, viz. :
£250,000 24
$1,900,000.00
per cent. Consols lolged with the Bank of England as a special london reserve at 90 £225,000..
cent. £267,500 24 per
Console, £255,000 27 per ext. National War Loan at 99 £170.250 £37.000 other sterling securities standing in the book at £339 750
1702,500.00
3.397,500.00
Bills discounted, loms and credits Bills receivable Bank premise3
C.
8.600,000.00
8,148,613.02
2.74.794 14 9,529,093 12
10,000,000.00
93.81 27.94
PUNJOM MINING CO.,
The following is the report for presentation Ito
the shareholders at the sixth ordinary genoral mosting, to be held at the office of the Company, No. 13, Beaconsfield Arcade, oa Tuesday, the 17th February, at noou :-
Gentlemen,--The directors hare now submit to you their report on the working of the Comping and a statement of accounts for the year ended 31st December, 1902.
to
The work doue during the past year on the concession has ben considerable, details of which are given in the aunnal report by Mr. Thomas Lester, the mining manager, and it be interesting to add that subsequent musy letters received from him are of a distinctly hopeful tone, as to future results,
Financially, fer the period ander review, the increase in the debit balance has been only $36.597.12, as against $79,050.15 in the last report.
There is also substantial ground for hoping | that, with vigorous prosecution of prospecting work during the current year. coupled with acabated energy in opening up the gold field at Swab, the development of the recent discovery of a large quanity of goll-bearing stone ut Bukit Kulampong, and the inaugural work of exploitation in the tiu-land, will not only restore confidence generally but will at the same time be productive of continuons and profitablu milling operations.
The mill has worked satisfactorily, putting through a small trial crushing of 6) tous in March, another of 20 tons in Jane, and com- menced running on day shifts, from the 15th August up to the 15th December, chiefly on surface stuff, for a yield of 5 0 oz4, 7 dwts, of smelted gold, equivalent of 4 dæts, per ton of ore milled, and about 4 tons of concentrates were also sarel by the Willey Concentrator, from 209 tons of the mineralised ore crushed.
The mining stuff baz been strengthened by the engagement in Aus ralia of an amalgamator and a prospector; the former arrived at the mines on the 12th January, and the la'ter passed through Hongkong on the 23rd item.
The health of the camp has been fairly good,
I CHEASE OF CAPITAL.
A privafo meeting of shareholders was con- raped for the 23rd of October, 1902, to discuss 107.638,123.60 the financial position of the Company and pro- spects for the future, at which it was agreed to $28 +,885,631.19 | propose au increase of the capital of the Com- pauy to the extent of 850,00) by making a cull
829,123,00
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