88
THE HONGKONG WEEKLY PRESS AND
ANNUAL MKETING,
[January 30, 1904.
progress has unfortunately been delayed by | WEST POINT BUILDING CO., LD. I steadily and satisfactorily. During the year difficulties raised in unexpected quarters, but the carrying out of the project has we under- stand not by any means been abandoned. The sooner a start is made with the work the better it will be for the Colony. Before moving the adoption of the report and accounts I shall be pleased to answer any questions.
and
outcome
No questions were asked. The CHAIRMAN made the motion accordingly. Mr. LEIGH-Gentlemen, you have just heard the remarks made by our Chairman. The year has certainly been a bad one, the chief deficiency in profit being owing to the few sales of property, but land and houses are very secure and do not ruu away, so if they have not been sold during the past year, the Company still possesses then and I believe that I am right in saying that until a sale is actually completed, the property remains in the Company's books at its cost price, so that when good times come again, they must do, the Company can then realise the profits on the properties it has been The chief developing during the bad times. cau-es for the present stagnation in property as pointed out by our Chairman are tight money, the uncertainty of exchange, and local legislation. I will not attempt to say anything regarding the first two of these, as they are better known and under stood by all of you. than they are by myself, but as regards the third I know and feel how seriously this has acted and is acting to the detriment of property, more especially amongst the Chiuese, who it must be remem- bered hold nine-tenths of the proarty in this Colony and who do not fully understand and therefore mis rust (and rightly so) new legislation regarding property. When the present Public Health and Building Ordinance was passed on 21st February last,
was the
of several previous Ordinances, which were brought forward and withdrawn, it was hoped by all interested in properly that we had at last arrived at some finality and that the constant alterations in the law, which had been taking place ever since Ordinance 15 of 1889 was issued, would now cease. Such, unfortunately, is not the case and on 20th November list the Government Gazette contained over sic pages of amendments and I understand a great uumber more are under, consideration. While such constant changes coutine property must remain insecure and eannot hold, as it should do, the first plan as an investment. As regards the property heid by the Company, aud at present unlet, this will, we must all hope, soon right itself; it is a state of things which has never happened here before, for the Colony has always suffered from a lack of house accommodation, especially for the Chinese, but to-day there is, no doubt, a large number of unoccupied Chinese houses both in Hongkong and Kowloon. It is the old all the large taxed question that has cities of the world, and that is. bow to get the inhabitants, especially the working classes, to leave the central and overcrowded districts, and live farther afield. The wisdom of having an equalisation of dividend fund is now amply shown, and we must congratulate ourselves in having such a fund and look forward to the good years which are sure to come again when we shall be able to replenish that fund. (Applause.) I beg to second the adoption of the report and accounts.
The motion was carried unanimously. Mr. MURRAY BAIN moved the confirmation of the appointment, as a director, of Mr. E. Shellim who had been invited to take the place of D. M. Moses (resigned) on the directorate. Mr. B. C. WILCOX seconded, and the motion was agreed to.
Mr. GASKELL moved the re-election of the retiring directors, 'Messrs. A. J. Raymond and J. H. Lewis.
Mr. Ho TUNG seconded, and the motion was agreed to.
Mr. H W. SLADE moved the re-election of Messrs. 1. Arnold and C. W. May.
·
|
we added nine more houses to our property at Yaumati, and these are for the most part well The fifteenth annul ordinary meeting of the let. The balance-sheet now before you does not West Point Building Co., Ld., was held on the appear to call for any special comment, but 27th inst, at the Company's offices, Victoria before moving the adoption of the accounts Buildings. Hou. Sir Paul Chater, C.M.G., and report I shall be pleased to answer any (chairman), presided, and there ware
also questions regarding them you may wish to put. present Bon. C. W. Dickson, Mr. A. G. Wood, Mr. A. J. Raymond (directors), Mr. J. H. Lewis, Mr. J. R. Michael, Mr. B. K. Leigh, Mr. L. S. Lewis, Mr. A. G. Morris, Mr. J. M. Graça, and Mr. A. Shelton Hooper (secretary).
The SECRETARY read the notice calling the meeting.
The CHAIRMAN:- Gentlemen, with your permission we will take the report and accounts as read. The net profits for the past year were $40,988.40 as against $38,914.27 for 1902, the difference being principally brought about by a saring of $1,000 in repairs, and an increase in fire insurance premium of about $1,100. The present lease of the property expires on the 31st March, 1904, and we have received offers from other parties to lease the property for a term of an increased rental, Your six years at directors have, after consideration, decided to accept the best offer made, but have reserved the right of cancelling the new lease after two years in case the property is s ld. on giving the
·Ïessee six months notice, and we feel sure that the course we have pursued will meet with your entire approval. Before moving the adoption of the report and accounts, I shall be pleased to
answer any questions.
Mr. MORRIS- o I understand you to say that for two years we cannot cancel the leas. ?"
The CHAIRMAN-Yes; in fact rather more than two years-two years and six months.
Mr. MORRIS-After the expiration of two years you have to give six months' notice?
The CHAIRMAN—Yes.
Mr. MORRIS bat could not have been reduced, I suppose ?
The CHAI MAN--No; the present lease is exactly on the same terms-afier two years,
Mr. MORRIS-It it impossible to reduce
that?
The CHAIRMAN - Yes.
There being no further questious. The CHAIRMAN moved the adoption of the report and accounts.
There being no questions the CHAIRMAN said I beg to propose that the report and accounts be passed.
Mr. A. J. RAYMOND seconded the motion and it was carried.
Mr. H. C. WILCOX proposed, Mr. Ho KAM TONG seconded, and it was agreed, that the appointment of 'Mr. E. Shellim as a director to take the place of Mr. D. M. Moses resigned · be confirmed.
Mr. o Fook proposed, Mr. Lo CHEUNG SHIU seconded, and it was agreed, that Messrs. R. C. Wilcox and E. Shellim be re-elected directors.
Mr. A. HOWARD proposed, Mr. SHELTON HOOPER seconded, and it was, agreed that Messrs. W. H. Potts and A, O'N. Gourdin be re-electe i auditors.
That was all the business.
HONGKONG, CANTON AND MACAO
STEAMBOAT CO., LD.
The following is the report of the board of directors to the ordinary half-yearly meeting of shareholders to be held at the office of the Company, on the 6th February, at noou,
The directors beg to s.bmit to the share- holders the report aud statement of accounts for the half-year ending 31st December last
After paying running expenses, salaries, premia of insurance, repairs and all other out- goings, there remains, including $25.552.96 brought forward from last account, and $50,000 transferred from the equalisation of dividend fund, the sum of $161,538.86 at credit of profit and loss account. From this amount the directors recommend that a dividend for the half-year of 10 per cent, on capital or $12,000,00 be paid to shareholders, leaving a balance of $41,538.86 to be carried forward to new account.
The earnings of the steamers during the six months under review show a heavy falling off as compared with those of the same period in 1902. This is owing to the increasing keen competition the Company has to contend against on all the routes run gver by its steamers, director of Mr. A. G Wood, who had taken the necessitating a further considerable reduction
Mr. LEWIS seconded, and the motion was agreed to.
Mr. MORRIS moved the confirmation as
place of Mr. C. S. Sharp, retired.
A
Mr. LEIG seconded, and the motion was agreed to.
Mr. J. R. MICHAEL moved the re-election to the directorate of Sir Paul Chater and Mr.
Wood,
Mr. LEIGH seconded, and the motion was agreed to,
Mr. GRACA moved the re-election of Mr.
W. May as auditor.
Mr. LEWIS seconded, and the motion agreed to.
C.
was
This was all the business, The CHAIRMAN said that dividend warrants would be ready to-day (Thursday),
HONGKONG
of rates since the date of the last report.
The usual overhaul and repairs have been effected during the half-year and the steamers are all in good running order.
The properties mortgaged to the Company have recently been revalued by Messrs. Palmer & Turner, whose valuations show them to be
ample security for the sums advanced. The value of the Company's investments in shares has been adjusted to agures well within present market rates, the difference being passed to the debit of the investment fluctuation account.
Mr. Shewan resigned his seat at the Board apon leaving the Colony, and Mr. C. A. Tomes was nominated by the directors to fill the vacancy subject to confirmation by the sharef RECLAMA-holders at this meeting.
LAND TION CO., LD.
THIRD ORDINARY MEETING.
The third ordinary meeting of shareholders in this Company was held at the Company's office, Victoria Buildings, on the 27th inst. for the pur- pose of receiving the report of the directors with a statement of accounts for the year ending 31st December, 1903. Those present were Hon. C. S. Dickson (chairman); Sir Paul Chater, C.M.G, and Messrs. R. Wilcox, E. Shallim, and Ho Tung (directors, Messrs. H. C.
Ho Kam Tong, Ho Wilcox,
Fook,
A. Shelton Hooper, R. K. Leigh, Ho Cheung Shiu, H. N. Mody, A. Howard, A. J. #aymond, C. H. Ross, and M, S. Northeɔ'e (secretary).
After the notice convening the meeting bad been read, the CHAIRMAN said: Gentlemen,-The report and accounts having been with you for some days we may,
1 presume, take them as read. We are still necessarily passing through the period of expenditure, but The CHAIRMAN said that dividend warrants I am pleased to inform you that our Reclamation would be ready to-day (Thursday).
Mr. J. R. MICHAEL seconded, and the motion
was agreed to.
This was all the business.
S
Work at Kowloon Point continues to progress
|
The retiring auditors, Messrs. A. O'D. Grurdin and W. H. Potts, offer themselves for re-election.
The accounts are as follows :-
ASSETS. 31st Dec., .903. Value of steamers Honam, Powan, Heung- shan, Langshan, ths of Fatshan, Kinshan, and 3rd Sainam, Nanning, and Takhing Amount paid on account of new West
River steamers now building Value of lighters Sun Lee and Wo Lee Value of wharves, hulks, and moorings Value of properties at Canton, Wuchow
and Konkun Value of o al, and spare gear Value of furniture....
Value of shares in public companies Value of Chinese bonds
Jos on mortgage
Cash with the Hongkong and Shanghai
Banking Corporation
Interest accrued to date Sundry debtors
848,000.00
40,500.00
9,000.00
86,600.00
117,684.24
19.890.79
750.00
632,935.00
1,034.48
666,300.00
5,446.55
1,752.98
11,360.33
$2,441,454.87