February 8, 1904.]
tion-bas accepted it as a matter of course, The river was open to all, and the competition W88, until quite recently, on equal terms. Within the past few years, however, the shadow of coming events was visible in the form of a small subsidy given to certain Chinese craft flying the French flag. Now we have steamers on the river running hence built in France, and receiving a subsidy which practically ensures them against loss. We do not ask for any advantages for this Company's steamers; we should not get a subsidy if we did ask for it; but it seems to me that we have a right to stipulate that competitors who come here to fight for a share of our loaf should, at least, be asked to strip off their coat of mail before being allowed to enter the lists (applause). With these few remarks I beg to second the adoption of the report and accounts.
The motion was agreed to.
On the motion of Dr. NOBLE, seconded by Mr. MICHAEL, the appointment of Mr. C A Tomes to the directorate was confirmed.
The CHAIRMAN proposed and Mr. VIICH seconded the re-election of Messrs. A. O'D. Gourdin and W HI. Potis as auditors.
The motion was agreed to.
CHINA OVERLAND TRADE REPORT.
hides and similar merchandise. The Philippine Tariff Bill, exempting hemp shipped by direct bottoms to the United States from export duty, has not affected our business to any appreciable extent. It has enabled California manufacturers to enter the Australian market and so increased competition there, but our share of that trede is not of great importance. The British and some of the Continental Governments have entered protests at Washington against that particular piece of legislation, as contrary to the declared “open door' policy of the United States in regard to the Philippines. We are sceptical, however, of any neful issue of this protest, unless the bill can be provid to be in violation of treaty. A mere appeal for consistency I fear will not be cogent enough to force a repeal of the law in these days of so much popular discussion of closed doors and retaliation. The osten- sible object of the bill was to promote Philip. pine trade and to benefit the American farmer.
8
venture to say nothing has been gained to- wards these ends, although consumption, it is true, has increased, but the American cordage industry has been able in 1903 to get its supply of hemp for half a million dollars gold less than Mr. WILCOX-If I am in order I should like it would otherwise have done, and this at the to propose the following resolution. That expense of the cation generally. The factory copies of the minutes of this meeting be for. and its machinery have been lept in warded to the Colonial Secretary with the thoroughly efficient state, and we anticipate no request that His Excell noy the Officer Admin-call in the immediate future for expenditure on istering the Government will be pleased to increased plant. The machinery was in opera- transmit the same to the Right Hon. the tion last year only 223 days out of the 300 odd Secretary of State for the Colonies, with such working days, so we have some room for representations thereon as he may think fit expansion yet to meet increased calls for our to offer." I think that this is advisable in manufacture. order to give due effect to the remarks that have been made with regard to subsidies.
Mr MICHAEL said he had much pleasure in seconding this resolution, A ter the remarks of the Chairman and Mr. Wilcox he did not think it was necessary to say anyting farther, but he was sure they would all agree that steps should be taken to being this question to the attention of the authorities.
The CHAIRMAN then put the resolution to the meeting, and it was carried unanimously.
The CHAIRMAN-The proper steps will be taken, gentlemen, to carry the reso ation into effect. I have only to add that the dividend warrants will be ready on Monday.
HONGKONG ROPE MANUFACTUR- ING CO., LD,
TWENTIETH ORDINARY MEETING.
The twentieth ordinary general meeting of the above company was held at the offices of the company, 14. Des Voeux Road, at 11 am, on the 6th inst. Those present were Mr. C. A. Tomes (chairman), and Messrs. A. J. Raymond, D. E. Brown, J. H. Lewis, G. H. Potts, G. W. F. Playfair, Dr. Noble, A. Babington, E. Haskell, and R. Henderson (Secretary).
|
Not questions being asked, the CHAIRMAN moved the adoption of the report and accounts
Mr. PLAYFAIR seconded, and the motion was carried
Mr. Ports proposed, and Dr. NOBLE second. ed, the re-election of M-ssrs A. J. Raymond, D. E. Brown, and J. H: Lewis to the consul- ting committee, which was carried.
Mr. LEWIS proposed, and Mr. BROWN second- de, that Messrs. T. Arnold and W. H. Potts be ra-elected auditors, which was carried.
The CHAIRMAN-Dividend warrants will be ready this afternoon. That is al the business : thank you for your attendance.
HONGKONG AND SHANGHAI BANKING CORPORATION.
The following is the seventy-seventh report of the court of directors to the ordinary half- yearly general meeting of Shareholders to be held at the City Hall, Hongkong, on Saturday, the 20th February, at noon.
Gentlemen,-The directors have now to sub- mit to you a general statement of the affairs of the Bank, and balance sheet for the half-year | ending 31st December, 1903,
118-
Mr. E. Goets and the Honourable C. W Dickson retire in rotation, but being eligible for re-election offer themselves accordingly."
AUDITORS,
The accounts have been audited by Mr. W. Hutton Potts and Mr. A. G. Wood, the latter acting for Honourable C. 8. Sharp who is absent from the Colony.
Honourable C. S. Sharp, who is shortly returning to the Colony, and Mr. W. Hutton Potts offer themselves for re-election.
The accounts are as follows!--- ABSTRACT OF ASSETS AND LIABILITIES, 31ST DECEMBER, 1903. Paid-up capital.......... Sterling reserve fund
**ཎྜ ར་ས མ་ཏྭཱ འདྲེན *** 1** Marine Insurance account Silver reserve fund
Authorised issuo
against securities de- posited with the crown agents for the colonies Additional issue Au- thorised by Hong. kong Ordinance No. 19 of 1900, against coin lodged with the Hongkong Govern-
ment
Current accounts :--
Bilver
$10,000,000,00
6,259.244.00
Gold,£1,945,897.58.3d.=22.331,487.89
Fixed deposits
Silver
10,000,000,00 10,000,000,00
6,000,000,00
250,000.00
18,259,244.00
.$74,787.644.85
97,119,132,74
.$46,121,565.85
Gold,£4,991,925.58.7d.—37,887,016.14
Bills payable (including drafts on London bankers call loans and short sight drawings on Loudon office against bills receivable and bullion sh pments)
Profit and loss account Liability on bills of exchange re- discounted, £6,019,859. 78. 4d. of which up to this date £4,823,093 have run off.
Cash.
103,508,581.990
20,882 914.55 3,771,886.08
$237,791,759.36
$38,366,269,91
Coin lodged with the Hongkong Go- vernment against note circulation in excess of 10,0000 .................................. Bullion in hand and in transit Indian Government rupee paper Consols, colonial and other securities Sterling reserve fund investments, viz. —— £57, 21 per cent. Consols
at 85
(of which £250,000 lodged with the Bank of Eng.and as a Special London re- serve.)
£255, 00 24 per cent. National
War Loan at 9)... £325,000 other sterling securi-
ties written down to
.£484,500
229,500.
8,500,000.00
7 824 187.16 1,917,91.12
8,784.407.89
*
286,000
£1,000,000 10,000,000.00
Bills discounted, loans and credits. Bills receivable Bank premises
89,900,177.72 101,142,859.03 1,855,878.59
$267,791,759.36
The net profits for that period, including $1,435,683.17, balance brought forward from last account, after paying all charges, deducting GENERAL PROFIT AND LOSS ACCOUNT. interest paid and due, and making provision for bad and doubtful accounts, amount to $3,771,886.08.
The directors recommend the transfer of $500,000 from the profit and loss account to credit of the silver reserve fund, which fund will then stand at $6,5′ 0,000.
After making this transfer and deducting remuneration to directors there remains for appropriation $3,256,886.08, out of which the directors recommend the payment of a dividend of one pound and ten shillings sterling per share, which at 4/6 will absorb $533,333,33, and abonus of ten shillings sterling per share, which at 4/6 will absorb 8177,777.78.
The Secretary having read the notios con. vening the meeting, the CHAIEMAN said— Gentlemen-I propose to adopt the usual course and omit the reading of the report, which has been before you several days. The result of the year's working approximates that of last year. We declare the usual dividend (the same as we have paid for three years), and the allow- ance for depreciation, the transfer to reserve, and the carry-forward are all very much as before. This has been accomplished by our having made a larger turn-over. We regret that the cost of the raw material has been main- tained at the late high level; in fact, we have bought nearer hemp this year than ever before, and the margin between it and the sel ing price of rope has narrowed again. Our percentage of profit is therefore smaller, but it makes competition with 08 m re difficult for the Japanese and other manufacturers. The out- pat of hemp in the Philippines last year was the largest on record, over one million bales, but the consumption seems to keep pace well with this increased production. There has been no notable change in our business, the steady demand for rope for shipping ases having continued. We have made fewer special ropes for oil-boring thau before, but the enquiry for them never reached important figures. Home fa ling off is noted in the consumption of bale The Honourable K. Shewan having resigned lashing in the North, and this is accounted for his seat on leaving the Colony, Mr. C. A. Tomes by consumers finding iron bands more suited has been invited to fill the vacancy; the appoint- to their purpose and by a decreased export ofment requires coqfirmation at this Meeting.
The difference in exchange between 4/6, the rate at which the dividend and bonus are de- olared, and 1/87, the rate of the day, amounts to $1,128.408,89.
The balance $1,417.366.08 to be carried to new profit and loss account.
DIRECTORS.
Mr. A. J. Raymond has been elected chair. mau for the year 1904 and Mr. H. E. Tumkin Deputy Chairman.
Dr.
31st December, 1903.
To amount written off :-
Remuneration to Directors
To dividend account :—
To
4.
é
15,000.00
$533,593.33
£1 10s. per share on 80,000 shares-
£120,000 at 48. 6d. Bouns of lus per share on 80,000 shares£40,000 at is. 6d.
177,777.78 711,111.11 dividend adjustment account:- Difference in exchange between 48. 6d., the rate at which the dividend and bonus are declared, and Is. Sfd. the rate of the day
To trasfer to silver reserve fund To balance forward to next half-year
4
Cr.
By balance of undivided
profits, 80th June, 1903 1,435,683.17 By amount of net profits for the six months end- ing 81st Decembě, 1003, after making provision for bad and “doubtful de ta, deducting al ex penses and interest paid and due
· 9,330,202.91 -
1,128,408.89
500,000.00
1,417,565.08
$3,771,886.08
3,771,886.09
$3,771,888.08
}