66
good properties. Our loans are all quite satis- factory, and we are again able to report freedom from bad debts. Before moving the adoption of the report and accounts, I shall be pleased to answer any questions. I must explain that, through some unaccountable error io printing the proof, the report was sent out without proper supervision and before an error was detected. The name of Dr. Noble, who had been invited to join the Consulting Committee, was, by some unaccountable means, left out of the report. Proper apology has been made to him, and the same is due to the shareholders. I cannot explain how it happened. More attention was paid perhaps to the figures in the accounts than to the wording of the report.
There were no questions.
The CHAIRMAN proposed, Mr. MURRAY BAIN seconded, and it was agreed that the report and accounts be adopted.
On the motion of Mr. F. PAGET HET, seconded by Mr. TERRY, Messrs. J. S. Van Buren, Chow Hing Kee, Chau Tang Shang, J. H. Lewis, and Dr. Noble were re-elected to the Consulting Commi tee.
On the motion of Mr. J. H. LEWIS, second- ed by Mr. FUNG WA CHUN, Messrs. A. O'D. Gourdin and W. H. Potts were re-elected auditors.
The CHAIRMAN,That is all the business, gentlemen. Dividend warrants will be ready on Monday,
KOWLOON LAND & BUILDING CO., LD.
FIFTEENTH ORDINARY MEETING. The fifteenth ordinary meeting of shareholders in this Company was held at the Company's offices, Victoria Buildings, at noon, on the 20th inst. for the purpose of receiving the report of the directors together with s'atment of accounts for the year ending 31st December, 1903, There were present:-Messrs. T. H. Reid (chairman), and W. H. Gaskell (directors), J. R. Michael, T. Skinner, E., B. Shepherd, M. 8. Northcote, S. J. Michael, and A. Shelton Hooper (secretary).
1
After the notice couvening the meeting had been read the CHAIRMAN said:-Gentlemen. with your permission, we will take the report and accounts as read. I am glad to be able to say that the steady progress of the company still continues, the net profits for the past year being over $800 more than those of the previous year. This is all the more satisfactory when we bear in mind that the exterior of Knutsford Terrace has been done up thoroughly, a water main laid, and each house provided with a separate meter, and the total cost paid for and written off. The whole of the houses are let satisfactorily, and there is no reason to antici. pate any diminution of the rent roll. I have nothing further to add, but I shall be pleased to answer any questions.
There being no questions the CHAIRMAN pro- posed and Mr J. R. MICHAEL seconded, that the report and accounts as presented be adopted and passed.-Carried.
THE HONGKONG WEEKLY PRESS AND
Mr. SKINNGE proposed the confirmation of the appointment of Messrs. W. H. Gaskell and T. F. Hough on the Board of Directors in place of Messrs. J. H, Cox and E. Joues Hughes. Mr. 8. J, MICHAEL seconded, and the motion was carried.
Mr. J. R. MICHAEL-I should like to make a remark, Mr. Chairman. find that the Directors' fees are only $150 which, I think, is a very small amount for their trouble. I wish the Company would consider the advisability of increasing that amount, either at an extra- ordinary meeting or any other suitable time. I am sure they deserve more.
The CHAIRMAN-I think we had better proceed to the next business first.
Mr. J. R. MICHAEL proposed and Mr. E. B. SHEPHERD seconded that Messrs. W. H. Gaskell and T. F. Hough be re-elected to the directorate.
Mr. SKINNER proposed, Mr. S. J. MICHAEL seconded, and it was agreed, that Messrs. C. W. May and T. Arnold be re-elected auditors.
The CHAIRMAN I may say that the direc- tors are very pleased to have the suggestion from Mr. Michael with regard to their re- muneration. The matter has been considered informally and possibly it may be brought
before the shareholders at a subsequent meeting.
The CAIRMAN thanked shareholders for their attendance, and dunounced that dividend warrants would be ready to-morrow.
That was all the business. The following is the report -
The balanca of profit and loss account for the year, after writing off all charges and expenses amounted to $16,436.55. The directors, there- fore, recommend that a dividend of $2.60 per share be paid, which after writing off the directors' and auditors' fees, will leave a balance of 3636.55 to be carried forward to credit of a new profit and loss account.
DIRECTORS.
Messrs. J. H. Cox and E. Jones Hughes having resigned, Messrs, W. H. Gaskell and T. F. Hough have beau appointed in their stead, and this now requires confirmation.
Messrs. W. H. Gaskill and T. F. Hough retiro by rotation, but offer themselves for re-election.
1
AUDITORS,
In the absence of Mr. J. C. Peter, the accounts have been audited by Mr C. W. May in con- junction with Mr. Thos. Arnold, who now retire, but offer themselves for re-election,
J. N. GOCSMANN, Chairman.
The accounts are as follows:-
BALANCE-SHEE", 31st December, 1903.
Cash
LIABILITIES.
[January 25, 1904.
AUDITORS.
In the absence of Mr. J. C. Poter, the accounts have been audited by Mr. T. Arnold in con- junction with Mr. C. W. May, who now retire but offer themselves for re-election.
The accounts are as follows :—
BALANCE-SHELT. 31st Dec., 1903. LIABILITIES. Capital
Equalisation of dividend fund Accounts payable
Balance of profit and loss ac-
count Les interim dividend paid
31st Dec...903. Cash
C.
$ .5,000,000,00 500,000.00 .1 454,263.43
$ 687,470.23 300,000.00
0.
387,470.23
$7,341,733.66
ASSETS.
4
$
Amount advenced on mortgage Amount invested in property.
Furniture account... Accounts receivable
C.
7,330.67 .2,354,553.00 .4,933,843.43 4,078.79 41,082.77
- $7,341,733.66
PROFIT AND LOSS ACCOUNT.
Dr.
31st Dec., 19 3.
To interim dividend of 6 per cent. for the
half-year
To charges account
To repairs to house property
To advertising
To fire insurance
To balance to be appropriated as follows:-
Directors' fees
Managing directors' fees
Auditors' fees
+
Fin dividend of 6 per cent.
for the half-year
Balance to be carriel to now
account
Paid-up capital
180,0
Accounts payable
425.17
Dividends outstanding
323.65
Balance of profit and loss account
16,136.55
$197,185.37
ASSETS.
$ 12,993.41
C.
132,032.17
2,159.79
31st Dec., 1903.
Cr.
By undivided profits, 19.2
3197,185 37
$ c.
31.35
By ronts
786.00
By commission
5:7.18
By scrip fees...
4.511.37
By profit on sales of property
Cost of property Accounts receivable
Dr.
!
PROFIT AND LOSS ACCOUNT.
To charges
To Crown rent To fire insularce. To repairs
To commission to agents
To balance to be appropriated as follows:
Directors' fees..
Anditors' fees
Dividend of $1.60 per share To be carried to new profit an I
loss account .....
Cr.
By balance brought forward By Rent By interest. By Scrip fees.
$150.0 50.00 15,60,00
636.55
C.
300,000.00
26,566.26
21,610,64
854.05
10,431.83
$ 7,500.00
27,003 60
1,000.00
300,000.00
51,966.03
387,470.23
$746,936.01
$ C. 51,707.26
By interest on mortgages. $202,106.75
Leas-Interest on loans pay-
able
1,527.40 By unclaimed dividends.
16 436.55
$24,129.85
1,032.37
103,240.86
93,765.89
25-1,026.86
8,546.13
214.00
86,523.87 1,152.00
250,000.00
$746,936.01
By transfer from equalisation of dividend. 1
fund
WEST POINT BUILDING COMPANY, LD.
$ C. The following is the fifteenth report of the 22,953.75 general agents to the ordinary meeting of 131.73 shareholders of the above company to be held 12.00 at the company's (ffices, Victoria Buildings, at 11.45 a.m. on Wednesday, the 27th January:-
$21,129.85
HONGKONG LAND INVESTMENT AND AGENCY COMPANY, LD, The following is the fifteenth report of the bard of directors to the ordinary meeting of shareholders, to be held at the company's offices, Victoria Buildings, at noon on Wednesday, the 27th January :---
The net profits for the year ending 31st December, 1903, including $51,707.26 balance brought forward from last account, after paying all charges, amount to $437,470.23. From this
amount an interim dividend
of $6 per share has already been paid After transferring $250,0 0 from equalisation of dividend fund to profit and loss account it is now proposed to pay a final dividend of $6 per share, maintaining the usual dividend of 12 por cent. per annum on the capital, and after writing off directors' and auditors' fees there remains a balance of $51,966.63 to be carried forward to the credit of a new profit and loss account.
DIRECTORS.
Mr. D. M. Moses having resigned his seat, Mr. E. Shellim was invited to join the board in his place, and this appointment now requires confirmation.
Messrs. A. J. Raymond and J. H. Lewis now retire by rotation, but offer themselves for re-election.
The net profits for the year, including the amount brought forward from the previous year, amount to $41,912.54. From this amount
an
interim dividend of $1.50 per share has already been paid, and after writing off directors' and auditors' fees, it is now proposed to pay a final dividend of $1.70'per share, making a total dividend for the twelve months of $3.20 per share, and to carry forward the balance of $1,362.54 to credit of a new profit and loss account.
DIRECTORS.
Mr. C. S. Sharp having retired, Mr. A. G. Wood has been appointed in his stead, and this appointment now requires confirmation.
Hon, Sir Paul Chater, C. M.G., and Mr. A. G. Wood retire by rotation, but offer themselves for re-election."
AUDIT.!
In the absence of Mr. J. C. Peter, the accounts have been audited by Mr. C. W. May, whose appointment now require confirmation, and who offers himself for re-election.
The accounts are as follows:-
BALANCE-SHEET, 31st December, 1903.1 31st Dec., 1903. LIABILITIES. Capital. Accounts payable Balance of profit and loss
a count
Less interim dividend paid
C
626,000,00 784.38
41,912.54 18,750.00
23,162,54
$618,946.92
*
1.