412
THE MANILA INVESTMENT
CĐ. LD,
THE HONGKONG WEEKLY PRESS AND
CHINA LIGHT & POWER CO., .LD.
ANNUAL MEETING.
The third ordinary mosting of shareholders of shareholders in the Chins Light and Power The second ordinary annual meeting of the above Company was held on the 3rd inst Following is a copy of the report :---
Co, Ld, was held on the 31st ult. at eleven o'clock forenoon in the offices. The Hon. R. Shewan (chairman) preside, and the others CMG, Dr., J. W. Noble, and Messrs. J. H. present were the Hon. Sir C. P. Chater,
Babington, and A. Reid. Lewis, G. C. Moxon. C. A. Tomes, A.
Gentlemen,—In spcordance with Article III. of Articles of Association, the directors now bag to submit their report for the half-year ending the 30th April 1993.
During the half-year under review we have sold the business of the Botica de Santo Cruz for $170,000. We have also considered it advis- able not to renew our lease of the Lunets Grand Hotel which expired on 31st De ember last.
The carriage factory is now satisfactorily lessed; but its working shows a loss in bad debts of $1,574.77.
The Mariveles Quarries account shows a loss of $180, which is six months' salary to a caretaker. Your directors are considering the advisability of abandoning these, as they do not see any prospect of remunerative business.
Defneting the balance carried forward from last account, the extraordinary losses consequent upon the sale of the Botica de Santa Cruz and the winding up of the Luneta Grand Hotel, we make a profit on the half-year's working of
$10,156.09.
Directors.A fall board of directors has to
be elected. Audit The accounts have been audited by Mr. DM Fleming, who offers himself for re-election.
BENJAMIN, KELLY & POTTS,
General Managers,
Manila, 20th May, 1903.
The accounts are as follows:-
BALANCE SHEET 30th April, 1903.
Capital account.
Less missued shares
Sundry creditors
LIABILITIES
Cost of sundry concerns
Less cost of Boties de
363,000.00 $
602,000.00
C.
The notice calling the meeting having been read,
[June 6, 1903.
| ture of $1,000 per month, but at the present rate of progress it will only be a little time before the difference will be in our favour,
tors there, two for use and one for reserve. At We have threa sets of engines aud genera-
pesent we can do all we require with one set, but we hope it will not be long before we shall have to keep the other going as well. The next You will see from the accounts that we were in question we have to consider is that of finance.
debt to the extent of say $220,00), which has been increased since then to $227,574. This is of course simply in consequenos of our not having increased our capital (which was intend The CHAIRMAN said Gentlemen, With ed to cover the cost of the Kowloon works your permission, we will take the report and only) when we decided to take over the Canton" accounts, which have been in your hands for factory, which you will see stands us in with some time, as read.. I said when I met you material and everything over $2·1,000' extra. here this time last year, that I thought we had The reason why we did not ask for more seen the last of our troubles at Canton, but I cipital then was that, de most of you are am sorry to say that I was mistaken. A loss of aware, we had great hopes at that time of at Canton, is most unfortunate-it has been larger electrical undertaking. The negotiations over $17,000, as the result of the year's work merging the two concerns in another much ̈ due almost entirely to one cause, and that as to this have, however, been protracted far working there. The original engine was is the faulty engines with which we are, beyond what we ever anticipated, and meantime we have had to find the necessary funds for ordered by the former Chinese company in continuing the business in the best way we could. 1898, and another similar one was added the We reckon that to cover our present indebted- following year, but they have proved quite ness and pay for the new engines at Canton, unsuitable and their extravagant coal consump- leaving a little over for working capital, wa tion makes it impossible for us to work at a
shall require about $950,000, and we propose to profit. In the beginning of the year, things obtain this by issuing $150,000 new capital, my went fairly well, although we were never 15,0 0 shares of $10 each, and debentures for greatly pleased with the engines, but as soon as $200,000, in 8 per cent. hond of $1,000 eack at we began to work them to their full capacity $975, or of $100 at $97.50. As an inducement they broke down, and this happened over and
to new shareholders we propose to put them on over again until our customers' patience, as equal terms with the old shareholders by writing well as our own, was fairly worn out. By down the old shares to $10 each, and as a further careful watching and nursing we have managed inducement, and alsó to show their own faith in to keep free from accident for the last two
the future of the Company, the general managers months, but we dare not take on any new
will guarantee a dividend of 6 per cent, on the business; the factory is not doing its full work new shares for three years. The debentures, 1,000,000.00 637,0.0.0) and is not, therefore, running at a profit as it too, on the terms named should prove a good 26,278.62 should be doing, while our engineer as opportunity to those who prefer that form of sures us that with all the attention he can investment. This is the best way out of our 1663,273.62 give, it may be only a question of a few difficulties that we can think of, and unless inonths before there will be a much more any shareholder has a better suggestion to serious breakdown than any we have yet had. make, we shall call the necessary meetings Under such circumstances, with continual stop for the purposă'in due course. I fully sym- pages, loss of our working time, and the heary pathise with shareholders in their very natural expense of repairs to machinery, it would not disappointment with the result now laid before have been surprising if our loss had been still yon, but you will gather from what I have just greater. At the moment we are working at a told you that things are by no means so bad as slight less at Canton, but in a short time expect you may have thought. The gen ral managers to make both ends meet. That will be the are among the largest shareholders and have utmost we can do, so we are forced to give up suffered accordingly, but still have every con- a 1 idea of ever doing any re 1 good with these fidence in the future of this Company and will 30,000.00 engines. There is consequently only one thing willingly take up their fall share of any new left for us to do now, and that is to replace issue. In addition to Messrs. Lewis and Chater 3,106.98 them at once by a new set of the most modern we recommend the election of Dr. J. W. Noble, 100.54 and most economical design. As you are, per- who has a large share in the company and who 36,937.89 hapss aware, there have been great improve- takes a great interest in its fortunes. Before 60,943,25
ments in electrical engines of late years, and we moving the adoption of the report and estimate that for an expenditure of about $80,000 accounts, I shall be pleased to answer any we can obtain a set of three engines, two of which questions that shareholders may put. would give us one hundred per cent. better results $ than the present two, while we should have an 516.98 extra one in reserve in case of accident. In 160.00 spite of all these difficulties and disappointments 3,750.00 there is, however, no reason why we should lose 250.00 heart. The business is there, and will, I feel 1,574.77 certain, prove a very profitable one if we 10,156,00
persevere with it. The demand is good-the Shameen community have only lately insisted upon our running a day load in order to supply 0. them with power for electric fans, &c., and we 149.08 do not anticipate any difficulty whatever in 170.87 obtaining fresh customers for all the extra 745.00 supply from the new engines on terms which 3,000.00
should leave a handsome profit for the Company. 4,880.14 8,750.00 Not only this, to supply such a large city as The British Commercial Agent in Russia 71.01 Canton would require many larger installations reports that with the forthcoming opening of 10.00 than ours,
and whilst striving not to regular traffic on the Manchurian Railway, the appear unduly optimistic I cannot help saying.tex trade will, according to the Commercial that I feel there are great possibilities in the and Industrial Gazette, receive a considerable future for us there. As regards Kowloon, impulss from the direct communications or- there have been no troubles beyond continual ganised by the new line, with the steamer . struggles with the contractor over the extra service attached to it, enabling tea to be ordinary delay which took place in completing carried direct from Hankow, Shanghai, and 32,149.97 the building, and which was imputed to Ceylon to the chief stations of the ∙14,177.17-
scarcity of skilled labour. Everything other. Siberian and Russian railway systems, includ- $71,099.34 wise has worked very smoothly and satisfactorily ing Moscow, Nijni, St. Petersburg and Warsaw. since the factory started in February. Orders The full cost of delivery per poud (36 lbs.) of are coming in, but of course we cannot fill them tes from the above named ports will be from
mary_communications and put in installations. roubles to 5.30 roubles to St. Petersburg; and We have now installed over 500 lights, bringing | 5,31 roubles to 5.53 roubles to Warsaw, accord- in about $1,200 per month, against an expendi- ing to port of despatch."
GETS.
0.
Santa Cruz...
137,000.00
Less, cost of Luneta
Grand Hotel
15.000.00
Additional plant and stock Sundry debtors....
14,000.00
457,000.00 6,475.28
Chartered Bank of India, China, deposit account Chartered Bath of India,
China, current account Fire insurance
Messrs. Santos & Jahrli Balance
Australia and
Australia and
WORKING || ACCOUNT.
Dr.
General charges
Mariveles Stone Quarries.
Interest account
General managers' fees Auditor's fees
Manila carriage factory Balance
Of
Giralda Hotel
English Hotel...
Manila Aerated Water "Manila American
** Manila Times
Paris Restaurant:
Exchange account
Transfer fees...
463,475.25
68,509.70
$66,273.62
647.76
$17,075.60
$
$17,075.60
PROFIT AND LOSS ACCOUNT. For the half-year, ending 30th April, 1903.
*
To balance carried forward from last account 24,172.20 To loss on Botion sale To loss on Luneta Grand Hotel
RÖFITS.
oooünt
10,156,09
•
|
There were no questions, and on the motion of the CHAIRMAN, seconded by Dr. NOBLE, the report and accounts as presented were adopted and passed.
Mr. NOXON next moved that Sir Paul Chater, Dr. Noble, and Mr. J. H. Lewis be elected to the consulting committee.
Mr. BABINGTON seconded, and the motion was carried unanimously.
election of auditors, and on the motion of Mr. The only other item of basiness was the
LEWIS, seconded by Mr. REID, Messrs. W: H. Potts and A. O'D. Gourdin were re-elected.” --
60,013,25 all at once, as it takes time to make the neces- || 4.79 roubles to 5.1 roubles to Moscow; 5,8
$71,099.34
Ge