d's
1.0
2
February 28, 1903.]
the Company, and that is one point which | Infinenced the directors in this matter.
Mr. MICHAEL-I am zot seeking for information of that kind Bat this was a most unfortunate piece of carelessn as on the part of somebody, and we are shareholders and partners in the Company and ought to be taken into confidence and shown the right thing. I am not seeking information to publish. But take me into confidence and show me the right thing. That is all I am seeking. This is a most unfortunate thing. The shareholders have to pay for it, yet the staff want a bonus of 5 per cont. from us. I simply speak logic before the directors and you can think of it your- selves.
Mr. E. A. HEWETT-I understand, Mr. Chairman, that the question of the provident fund has been proposed and seconded in the regular way and that you are just going to put
it to the vote?
The CHAIRMAN-It has not been proposed
and seconded.
Mr. HEWETT-But it is not customary to allow discussion until the motion is regularly put.
The CHAIRMAN-Will any the motion ?
thareholder make
CHINA OVERLAND TRADE REPORT.
directors of Messrs. N. A. Siebs and G. H. Medburst.
Mr. E. A. HrWETT seconded, and the motion was carried uusnimously.
On the motion of Mr. A. G. MORRIS, seconded by Mr. A. DENISɔn, Mears. Thomas Arnold and Fullarton Henderson were elec ed to the office of auditors,
This was all the business.
ro-
HONGKONG, CANTON, AND MACAO STEAMBOAT CO., LD.
EXTRAORDINARY GENERAL MEETING.
An extraordinary general meeting of share holders in this Company was held at the the 24th fast. offices, Bank Buildings, on The Hon. C. W. Dickson (chairman) pre- sided, and the others present were the Hon. R. Shewan and Messrs. C. Michelau, N. A. Siebs, E. Guats, F. A. Gomes (directors), T. Arnold (ecretary), J. Acnold, J. Barton, K. McK. Roes, E. R. Fuhrmann, and O Struckmeyer.
The notice calling the meeting having been read by the SECRETARY,
The CHAIRMAN said-Gentlemen, as indi- cated in the notice just read the object with which we are met together to day is to confirm the resolution passed on the 7th inst., the effect of which as I then stated will, in the opinion of your directors, be most beneficial to the Com. pany. I therefore move the confirmation of the following resolution:-That the Articles of Association be altered in the manner following (a) In Article 79 the word "Nine" s' all te sub- stituted for the word “Seven," (b) In Article 88 the words “Nine thousand "shall be substituted for the words Seven thousand,"
16
Mr. 81RUCKMEYER seconded, and the motion was carried unanimously.
This was all the business,
CHINA FIRE INSURANCE CO., LD.
Mr. HEWETT-I will read the resolution as coming from a private shareholder. I beg to propose that the recommendation of the directors for the inauguration of a provident fund for the benefit of the Company's European staff be adopted on the lines suggested by the direolors. It appes s to me, gentlemen, that the points raised by Mr. Michael raper obscure this question. Mr. Michael spoke on behalf of us sharholders." I think there are a good many people in the room who like myself do not agree with everything he said. With regard to the accident to the. Marie Jebsen, I fancy it was largely due to the typhoon. How the share- holders or the directors or anybody else can be held liable for that I do not know. But that is not the question. The question is that it is proposed to start a provident fund for the benefit of the European members of the staff. The question of provident funds for the employees of big public companies is one The following is the report for presentation which has been steadily growing in favour all to the shareholders at the thirty-fourth ordinary over the world. In many parts of the world-meeting, to be held at the Company's offices on particularly in our own country-provident | Thursday, the 5th March, at 11,30 a.m. :- funds are provided, and it is a customary thing for the company to provide roughly about the same amount as is contributed by the individual employees of the company. I think the proposal of the directors in this respect is an eminently reasonable one and should obtain our full support. The amount is Lot much. The Chairman has shown that o an average, if, as we hope, the prosperity of the Company continues, the amount subscribed by t.e shareholders will be less than was formerly subscribed as a bonus. If it is necessary in the interests of a company-because the interests of
company and of the employees are identical to found a provident fund in Europe surely it is much more so in a country like this where Europeans work very long hours, sometimes too, on Sundays, in a climate to which they are not suited by birth and are in every way handicapped. A similar system, I may remark, was brought into force by the Telegraph Company some years ago, and other ! companies have done the same, It is not only because the proposal comes from the directors but because it is in the interests of the share- holders that I very strongly recomend that this proposal should be adopted, and I hope it will be carried by a large majority. (Applause.)
Mr. H. HUMPHR vs seconded.
Mr. W. PARLANE-Mr. Chairman, A great deal has been said about this provident fund and about coupling it with the bonas. Is it under- stood that if this provident fund proposal is carried, the bonus hitherto paid at the eud of successful years will be abolished ?
The CHAIEMAN—Abolished, yes. The motion was then put to the meeting, and a show of hands taken, with the result that the
motión was lost.
The next business was the confirmation of the appointment as directors of the Họn. C. W. Dickson and Messrs. C. Michelau and J. H. Lewis This confirmation was made, on the motion of Mr. W. PARLANE, seconded by Mr. WA. CEUICKSHANK.
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W. DANBY proposed the re-election as
10
The directors have now the pless ra submit their annual report and statement of the Company's accounts made up to 3 st December lest.
The accounts are as followE 160
Reserve fand Capital account
BALANCE-SHNET. $1at Dovember” 1902.
LIABILITIES
Extra reserve fund Accounts payable :---
Dividend for 1901
Bouns for 1901 and sundries 16,018.28
160
400,000.00 1,000,000.00
end can chugasema+ATOTO VRÁBOLIGG
72, 760.4
$120,000.00
136,018/28
262,807.67
1,871,876.57
Working account, 19:2 :—-
Balance at prodit.
Cash at bankurs
ASSETS.
Fixed deposits at banks —
Hongkong and Shanghai
Banking Corporation .. 1:5,000.00 Chartered Bauk of India,
Australia and Ubina Mercantile Bank of India,
Limited
Deutsch-Akiatische Bank
Investments-
છે.
40,042.70
75.800.00
50,000.00
50,000,00
370,000.00
87.759.66
103,152.50.
hinese Imperial Govern.
ment E bonds Hongkong & Kowloon Wharf and Godown Co., Limited, debenturos Hongkong Club debenturos 47,000.00 Hongkong Hotel Co., Ld.,
debentures
50,000.00
Shanghai Land Investment
Co., Ld., debentures Shanghai Waterworks Co.
Ld., debenturos Shares in public companies
at oost....
49,877.40
8,472.22
€5,978.25
412,210.02
081,800.00
7,590.00
€50,00
Loans on mortgage :
Un properties in Hongkong Baral building lots, Nos. 42 and 81 -------
Assigned by oxecutor of mortgagor ... Furniture account :-- Office furniture, &c Accounts receivable :---
Premia due from agencies, interest dac on deposits and investments, 40......
WORKING ACCOUNT,
35,543.59
$1,871,676.37
1st January to 31st December, 1902.
Dr To charges secount :---
Rent,”salários, legal and sur-
voyors' fees, taxes, stamps, stationery, &a.
Ca
$33,797.74
Directors' and auditors' foos....... 7,400.00
To commission account:-
Agents' commissions
To Are brigade's account :---
Contributions at agencies, do......
To losses account, 1002: —
-$237,457.07
1901.-T1 e balance at credit of working account
as per last report was $237,319,21 Add premia since received 137.86
Deduct claims paid in
1902
$130,09.95 Dednot return premia, &c.,
5,794 25
&C..
-
Claims paid after deduction of re-insur-
Anoos
To amount written off :
Furniture account To balance
Cr.
Premiumé received after dednotion of re-
insurances
By interest account:
-135,889 20
Balance of Profit $101,567.87 | By_premium account: --- It is proposed to transfer the sum of $18,581.13 from the extra reserve fund, which added to the above pr. fit for the year 1901, will enable the board to recommend the payment of the usual dividend of 86 per share, or $120,000, and $149 as bonus to contributors of premia. With the above transfer the extra reserve fund will stand at $72,769.42 as shown in the annexed balance sheet.
1902. The balance at credit of working account at the close of this year was $262,597.67, showing a gain of $25,578.46 over the previous 12 months in spite of the losses being somewhat heavier.
DIRECTORS
Messrs. H. W. Slade, A. Haupt, and Hon. C. 8. Sharp resigned their sests on leaving the Colony and Mesara. G. Balloch, C. Michelau and A. G. Wood were invited to fill the vacancies on the board. These appointments will require the confirmation of shareholders.
Messrs. N. A. Biebs and E. Goetz retire by rotation, and, being eligible, offer themselves for re-election.
AUDITOR8,
Mr. James H. Cox having resigned 1 is appointment the directors nominated Mr. A. B. Love to audit the annexed accounts with Mr. W. Hutton Potts. These gentlemen offer themselves for re-election
R. Shewan, Chairman.
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Amount at credit, including interest due
on deposits and investmente, &o. By transfer fee socount : --
Amount st credit....
41,197.74
24,108.61
163.45
73,734,01
70.00
202,897.67
$402,171.38
0.
296,960.88
115,060.44
141.06
$403,171.33
The passengers on the Hamburg-America steamship Hamburg, which arrived in pert on on the 20th inst, and departed for the north on 21st inst, witnessed a somewhat exciting incident in the Straits of Malacos. Between Péking and Singapore one of the quartermasters, whilst engaged in tightening some of the awning ropes, fall overboard. The sea was calm, and, as the soxidant happened shortly after luncheon time, when many passengers were on deck, life- buoys were promptly thrown. In falling from the ship the unfortunate man hurt his left arm, but he managed to get hold of one of the buoys and support himself until⋅ rescued by `n-bons, which was lowered from the sh’p; As sharks in the Malacon Straitu: the the quartermaster and the the ship was a distinctly when the unfortunado? relief felt by the' païsenge: a ringing cheer.
K