+
176
THE HỌNGKONG WEEKLY PRESS AND
ion which leads to such a re- | accounts. I am sure we are all very sorry to beneficial to are insurance hear that the Company has been the victim of long run, Before moving misfortune this year, but we all hope it will not f the report and accounts I shall be continued and that we shall be able to place be: to answer such questions regarding to reserve for the equalisation of dividends next them as any shareholder may desire to put. year the amount that has been taken from it.
(Heat, hear.)
the adoption
There were no questions, and on the motion of the CHAIRMAN, seconded by Mr. ARNO. D, the report and accounts as submitted were adopted and passed.
Mr. TOMLIN then proposed that the appoint- ment as director of Mr. Lewis be confirmed, and that the present directors, Sir C. P. Chater and Messrs. Maitland, Raymond, aud Lewis, be re-elected.
Mr. MOBEIS seconded, and the motion was carried ananimously.
Mr. Ross proposed and Mr. Ho Foor seconded that Messrs. R C. Wilcox and W. H. Potts be re-elected auditors
The proposition was put to the meeting and carried without opposition.
This was all the business.
CHINA FIRE INSURANCE COMPANY, LD.
The 34th ordinary meeting of shareho'd rs in the above Company was held on the 5th inst. at the offices; 3, Queen's Road Central. Hon. R. Showan (chairman) presided, and the others présent were-Messrs. N. A. Siebs, D. M. Moses, E. Goetz, G. Balloch, C. Michelau, A. G. Wood (directora), Geo. L. Tomlia (sec- retary), A. H. M. Da Silve, T. H. Reid, S. G. Newall, Chan Pat, E. C. Emmett, W. H. T. Dav.s, R. C. Wilcox, J. J. Leiria, and
C. Pemberton.
The notice calling the meeting having been read by the Secretary,
The CHAIRMAN said-Gentlemen, the direc tors' report and statement of the Company's accounts for the past year having been in your hands for some time, I will, subject to your approval, now alopt the usual course and take them as read. It is a matter of regret to the Beard that the year 1901 turned out so badly after the promising balance of $237,319.21 carried forward at the end of that year, but it was our misfortune to have to meet claims. to the extent of $130,094.95 on our unexpired risks during 1902, and so the year has only resulted in a profit of $101,567.87. To this it is proposed to transfer the sum of $18.581.13 from the extra reserve fund, which will then enable us to recommend a dividend of $6 per share, or $120,000, and $149 as bonus to con- tributors of premia. The wisdom of establish.
extra ing an
reserve fund has for the second time been amply demonstrated, for with- out it shareholders would have suffered in their dividends for the years 1898 and 1901, which by the existence of the said fund has been hap- pily avoided, and at the same time it still stands at the respectable figure of $72,760.42.
The
loss ratio for 1901 works out at 79.56 por cent. which has been rarely exceeded in the Com- pany's history. Turning to the working account of 1902; we have carried forward the sum of | $262,897,67 towards our liability on that year's policies. This balance is the largest but one that has ever been carried forward, it having only been exceeded in 1896, which turned out a record year for the Company. Both premium and interest accounts show satisfactory increases and are now larger than they have ever been before, and at the same time I am happy to inform you that in respect to the former we have not gone out of our way to accept business merely for the sake of income, and in regard to interest account we are assured by our surveyors that the properties under mort- gage, without exception, if realised at the present time would fetch the amounts at which they have been valued. In conclusion I would mention that our claims since the 31st December last amount to $13,086, of which the sum of $12,720 falls on the 1902 socount. I will now move that the directors' report and statement of accounts for the year 1902 as presented be adopted." After this has been seconded I shall be pleased to answer any questions that may be put relating to business before the meeting.
ME WILCOX-I have great pleasure econding the adoption of the repo
|
The motion was agreed to unanimously. The meeting confirmed the app intments as directors of Messrs. Balloch, Michelau, and Wood, the necessary motion being made by Mr. REID and seconded by Mr. Davis.
On the proposition of Mr. EMMETT, seconded by Mr. NEWALL, Messrs. Siebs and Goets were re-elected directors.
The last item of business was the election of auditors, and on the motion of Mr. LEIRIA, whose proposal was reconded by Mr. DA SILVA, Messrs. W. Hutton Potts and A. R. Lowe were re-elected.
This was all the business. Dividend warrants were posted on the afternoon of the 5th March.
GEO. FENWICK & CO., LD.
The following is the report of the directors of the above Company to be rubmitted at the fourteenth ordinary general meeting of share- holders to be held at the Hongkong Hotel on Monday next:-
The directors have now to submit to the shareholders a statement of accounts for the year ending 31st December, 1902.
The net profit for the year amounts to $25,170 35, to which has to be added $11,576.33 brought forward from last year's account, After payment of directors and auditor, it is proposed to pay a dividend of 15 per cent., or $22,5.0 to shareholders, to transfer to reserve fund $5,000, and to carry forward 38,096.63 to next year's account.
Daring the earlier months of the year we were not fully employed; trade, however, im. proved as the year advanced, and although we had no very large contracts we put through a fair amount of general work.
DIRECTORS.
Mr. A. Rodger, according to the articles, retires, but offers himself for re-election.
AUDITOR.
The accounts have been audited by Mr. Thomas Arnold, who offers himself for re-election.
W. PARLANE, Chairman. Hongong, 24th February, 1903.
The accounts are as follows:-
ASSETS.
STATEMENT OF ACCOUNTS For the 12 months ending 31st December, 1902.
* Value of land and buildings, 88
$ C. per last report
70,000,00 $22.45 Cost of new roof
Amount written off.
Value of machinery, plant, launches and office furniture, as per last report...... Added during the year
Amount depreciated
Value of stock in trade
·
[Marol:9-1909.
PROFIT AND LOSS ACCOUNT
To cost of labour, material and working
expenses ..........
To salaries To insurance....
FC-97,689.62
altosessienkopuseftvi.adicitui 14,070.83
To Crown rent and taxes ...ERKKIÝ ČAVAIN CANTER To depreciation
To balance brought forward
from 1901
592,00 J.166:72 5,996.83 ULOATO POO SHAR
$11,576.83
To net profit 1502-.................................. *:25,170.85
Appropriated as under ------
Dividend of 15 per cent. on
$150,0 0,00.... Directors' fees
Auditor's fee
Carried to reserve fund Balance to new aếcount......... .... ....
$36,746.68
$22,500.00
1,000.00
150.00
5,000.00
8,096.68
38,746.68
$146,262.71
$ 11,576.33 134,042.57
0.
21.00
By bonus from Insurance Co By dividend By interest
25.08
FOLLOW ALERTALYA
30.00
567.73
By balance of last year's account ............. By gross earning.
By transfer fees
$146,262,71
THE HONGKONG AND KOWLOON WHARF AND GODOWN CO., LD.
The following is the raport for presentation to shareholders at the sixteenth ordinary annual meeting. to be held at the Company's Office, No. 2. Cannanght Road, at noon, on Thursday, 12th March :-
The directors have now to submit to share- holders their report with a statement of accounts for the year ended 31st December, 1902.
ACCOUNTS.
The gross revenue derived from wharfage, landing, &o., amounted to $823,310.13 as against 8809,823 30 the previous year, showing on increase of $13,486.83, and the profit on working was 8270.140.85 as compared with $242,759.02 in 1901, being an increase of $27,381.83.
The balance at credit of profit and loss account, after paying interim dividend of 4 per cent, and including $12,402.74 brought forward from last year, is $154,127.37 which it is pro- posed to appropriate as follows :------ Directors' and auditors' fees
+1
$10,500.00
Final dividend of 5 per cent. Transfer to depreciation and repairs
་་་
75,000.00
account
30,000,00
0.
Write off wharves
1,158.00
Write off launches
4,000,00
Write off lighters
10,363,99
Write off railways and rolling stock
6,071.48
70 822.45 822.45
Write off machinery and plant Carry forward to new account
2,852.12
14,481.69
70,000.00
$154,427,37
89,223.01
11,721.41
50,944.41
5.174.41
Value of work in progress Cash with the Hongkong and Shanghai
Banking Corporation
Cash on fired deposit in Hongkong and
Shanghai Banking Corporation Cash with the Chartered Bank of India,
Australia and China
Cash on hand
Cost of 1 Union Insurance Society of Can- Sundry debtors..................
ton share
LIABILITIES
Capital invested on 8,000 shares at $25 each,
fully paid no Reserve fund.
Amount received in advance cu account of
contracts in hand.......................... Bills payable....... Sundry creditors
Balance of profit and loss account..
45.770.00 84,547.64.
23,502.72
8,946.29
10,270.68
Business.-The dullness of import trade alluded to in last report continued throughout 1902, and stocks for some time past have been maintained at a very low level.
Buildings-The 22 Chinese houses referred to in last report were completed in June, and a contract has been signed for adding an upper floor to No. 2 godown.
Wharves.-A small wooden wharf was built opposite K. M. L. 9 for couling launches.
Machinery and Plant.-A first class fire 1,050.32 engine (Shand and Mason) was purchased ; also
850.67 six crab winches for stacking timber.
Lighters-Five small Kam-sing boats have 245.00 been added to the fleet of lighters, which now 19,653.55 comprises 4 decked, 10 open boats of European $204,895.87 Lype, 26 open boats of Chinese type, and 6
Kum-sing boata.
DIRECTORS.
The Hon. J. J. Bell-Irving, Mr. A. Haupt 150,000.00
and the Hon. C. 8. Sharp having resigned, their 60,000.00
places were taken respectively by the Hon. 9,000.00 C. W. Dickson, Mr. M. Michelau and Mr. A. G. 3,687.14 Wood. These appointments require cönfirie 3,402.05tion.
36,746.68
Mr. E. Goetz and Mr. H. Schubart retire in $264,835,87 | rotation, according to the articles of association, but being eligibleofer themselves for re-election.
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