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The CHAL
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137
CHINA OVERLAND TRADE REPORT.
haring read the notice ↑ is electrically driven, the same amount of work | futurs owners. About thể
as now produced can be done on less than can think of that requiren Gentlemen, The half the present water and coal consumption posed iningaration of a provident report and statement of accounts having been for driving the machinery throughout the yard. bɔnefit of the Company's European in your hands for some time, I will, with four subsidiary economies will also follow by the has, as you are aware, been our custom permission, take them as read. The net profit grouping of machines nader various motors, &e. years, when results were favourable, for the last half-year of 1902 is 8363,614. 5; It is, consequently, your directors' intention to bonus to the European staff, which adding to this the amount of $283,392.69 proced with the electric-drive for the engine has averaged 13 per cent of their salaries, brought forward from the previons sccount, the works, and the yard and dock lighting, with as this system has not worked to the satisfactió? amount available for appropriation, after little delay as possible, now that a satisfactory | the directors, inasmuch a« it has not] in't deducting, directors and auditors' fees, is site has been selected for the new power station, prevented the Company being called $616,256.84, which your diɑsotors recommand to some of the materials for which, viz., for two several onses to render pecuniary soulsta be distributed as follows:--That a dividend for new boilers, are now bere, and we expect to have employees terminating" their connectio the half-year of 10 per cent, and a bonus of the engine and dynamo plant delivered com- the Company; they 'neluded 2 per cent.gy:$6. per share (mɩking 813, or | plate by the time that the boiler plant is laid arrangement such as outlined in the 26 per cent.zin all for the year), absorbing down. Be arding the landslip in July last at would be more advantageous to all 'öðubern! $300,000, be paid to shareholders, and a bonus the back of our new forge building, mentioned and_the_proposal is now submitted for you of $20,00) to contributing shareholders (who ❘ in our last report, when several thousand tous confirmation] or otherwise. Before cloding, I may mention have contributed over 70 per ¦ of earth and boulders came down and over- you will all feel glad, F ant sure, to hear" cent. of the grṛas earnings); that $100,00 whelmed our new large steam hammer. I am that our returns for the months of ́January be written off the value of the Company's glad to inform you that the whole of that and February are encouraging: Our dé properties, distributed as follows:-
- $75,000 enormous obstruction has been removed, the hill tablishments are all full of work and we' from the Kowloon works. $15,000 from the bebiad cat down and mads safe for the have every reasou to look forward"with somG Cosmopolitan works, and $10,000 from floating future, the hammer set up and in working degree of confidence to the remits" of the plant, absorbing in all $420,000, leaving to be order again. Reverting again to the amouuls current half year, and I may my that the carried forward to new account 8196,256.84, or proposed to be written off your various | demand on us for dock accommedation has ben $67,135.85 less than the previous half year. properties, the distribution suggested will such that we could not meet it, owing priù- This division of profits your directors trust will | leave same standing in our books as cipally to our No. 1 Dock being occupied by commend itself to shareholders. Some may follows:- he Kowloon Docks at 81,831,420.54. the American transport Sherman undergoing question the advisability of continuing to write the Cosmopolitan Dock at $300,797.70, and extensive repairs below water. This vessel is off large sums every six months, but your the floating plant at $429,006, as against likely to remain in dook some weeks longer, directors feel that provision should be made, $1,788,50), $304,100, and 8207,600, respectively, whereby the periodical docking of several large, when possible, from the earnings, to cover at the close of the first h lf of the year. The ships of our r gular customers cannot unfor- expenditure entailed by our general improve-large increase to ‹ ur floating plant is attributable tunately be undertaken. In this connection it ment scheme. Our already large overdraft st to the additions of the new tag Robert Cooke and will interest you to know that during the first the Bank should not be lost sight of, nor the the dredger Canton River, which latter vessel half of 1902 the No. 1 Dock was unoccupied flugtuations our, business is subject to, Lability we have every reason to believe will prove a only on the average 6.81 daya per month,” and to beavy loss from typhoons, and the contin ra'uable asset, as she has, after having been during the dix months under review, only an gency of keen competition in the future. thoroughly repaired, been temporarily chartered average of 5 83 days per mouth, including Banders Although there has been a falling off in the to Messrs. Butterfield & 8wire, and is at and time u«eil in pumping down the door for lay- docking and painting of British and foreign present at work at their new dock entrance and ing special blocks for some ships. The America warships during the period under review of has recently demonstrated her capability of | Maru, by lightening, maunged to get her paint- about 25 per cent. in the former and 20 per dredging over 2,000 tons per day of 12 hou:s.ing done at Aberdeen, where, however, as you cent, in the latter, and an almost total absence The tug Ibert Cooke is now in dai'y use, know, beavy repairs cannot be executed and of any very extensive repairs which necessitated and although twice as powerful, is as easily the Cosmpolitan Dock, as you also know, iş tox ships occupying the docks for long periods, handled as the Fame. Reverting to the item narrow and too shallow for that sixe ships. To there has been accorresponding increase in the of material on hand which stands at fully improve matters, however, and to relieve the ordinary docking and repairs to merchant $25,000 more than the previous six months, pressure, your directors have' authorised the ships. Owing to the smaller sum carried for I would state this includes the material, widening of the entrance to the inner Cosmopol. ward the amount available for appropriation amounting to about $225,000, imported for aud itan Dock at the lower level, at a small outlay,? is, $166,573,61-- less than the preceding six already worked into the Canton River steamer to give greater margin in docking ships" having months, but revenus shows a falling off of only Kinshan, so that, when this item is deducted, bilge keels, such as the Kaga Maru. We have between 89,000 and $:0,000, and it is this fact, the material on hand will stand at a much de-aldo, sinee the 1st January, received orders for in conjunction with the prospects for the first creased figure. Insurances have been com two large steam lighters for the -Norddeutscher half of this year, that has influenced your pletely adjusted and extended somewhat so as Lloyd, very similar to thos, built in 1931, and directo's in recommending an appropriation to
to cover the more destructible articles of our have also three good-sized steam-launches on shareholders of 86 per share. The expenditure stores, and some extension of our fire service order. I trust that my remarks soyer all the on additions and improvemen's has been heavy, has been made on this account at our Kowloon items in the report ou which shareholders may amounting to, $356,224,24, including 8231,506 Dockyard. During the period under review require information and that the showing may on floating plant, and your directors trust we have had to face one or two it ms which had bɔ regarded as satisfactory. I will, however,. that the small sum of $101,000 written off the an adverse bearing on our profits. At the end before moving the adoption of the report and Company's properties will not be considered out of July we were confronted with a strike of accounts, be glad to answer, as faras I am abli,, of proportion, bearing in mind that it is their carpenters, who demanded su increase of 30 any questions concerning same. aim to provide out of earnings the cost of car- per cent. in wages as a condition of their re- rying out the general scheme of improvements turning to work. This Company, in conjune- now well under way, and which will not be tion with other employers of such labour in the completed for another couple of years In Colony, resisted the demand, and upon repre- connection with the 'expenditure on improve sentations made to the Government the ring- ments, &c., you will note that, in addition to leaders of the guilds who instituted the move- what has been done and mentioned in previous ment and had been intimidating the men were reports, three powerful electrically-driven deported from the Colony, the result being that, cranes-ons for each of the embayments of our after some weeks absence, the men returned to new engine, works have been added during the work. The united employers concerned, there- last six months and at work for some time, upon, AS an incentive to good behaviour, greatly facilitating the erection and transport voluntarily promised an increase of 10 per cent. ing of the machinery for the Canton River from the 1st of February, 1903, the beginning steamer-Kinshus under construction, and also of the China New Year. There have been also facilitating other; work. The cranes are the during the past half-year increases in the cost Mr. J. A. FREDERICKS—In the accounté, largest item in the improvement account; the of paints, timber, &o, which affected our Mr. Chairman, legal expenses and contingent completion of the engine works being next, receipts. In the case, however, of all contracts liabilities are put down at $16,889 where the amount; expended on the latter being for material ordered from home, exchange was the report for the first six months of 190. absorbed in completion of roofing, plastering, soared at the rates upon which our tenders expenses are put down at c
$1,639. Bods glasing flooring of basement, laying were based, and you may rest assured that this tell me what extraordina rails, &o, and also the erection of an highly important factor of exchange will con- taking place in connection intermediate - floor at the upper end of the tinue to exercise the attention of your directors pany that would justify west, bay for brass-finishing shop, still in The Canton River steamer Kinskan, mentioned $6.000 more than progress. Regarding the hydraulic and com- in our last report as under construction for the head in the first half pressed air installations, the latter especially Hongkong, Canton and Macao Steamboat expenses represen has bee extended, and; a « quantity of new Company, was, as you are aware, successfully | other question tools
ora rivetters and drills, and launched on January 10th last, since which | There is a rumour rs now at: work removing tims her engines and: boilers have been placed | not made any bottom ́nft. the transport on board and work on ber is rapidly approaching steamer."
modernising our works completion. It is expected that she will take information position to meet the her trial-trips next month in time for her due | £rst half öf minimum.of: cost that date of delivery, when the fourth and last contributing:
with the opposition instalment on her contract price will become vhether the round us. Our chief due; the first three instalments- having already | the earnings
when our improve- ¦ been paid, demonstrates that the work done on | The CHAIRMAN sted, and the whole of our plant her up to the present is satisfactory to her no other questions, gentlemen,
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“Mr. J. B. MICHAEL—With referencs to the inauguration of a provident fund recommended by the directors, do you propose, Mr. Chair can, to put it to the vote?
The CHAIRMAN-It is part of the report and`` accounts which are brought before the, share- holders to-day for their consideration. If there is no objection it might be omitted in the passing of the report.
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Mr. MICHAEL-Suppose we moved that it ba not passed, would that mean that the report and accounts would not be pissed ♬
The CHAIRMAN -No; we will treat "that" separately.