206
THE HONGKONG WEEKLY PRESS AND
declare a very large dividend in excess of what | late years. The launches, machinery, and pro- they had been in the habit of doing, which might give an impression that they regarded this prosperity as lasting,
Mr. MICHAEL asked if he gathered from that that next year if they made about the same profit they would get a better dividend.
The CHAIRMAN-Next year must look after itself. I cannot say what will be done.
There being no further remarks, The CHAIRMAN moved the adoption of the report and accounts.
Mr. R. C. WILCOX iu Beconding said he thought with regard to Mr. Michael's remarks that most of the shareholders were of opinion, with the chairman, that it was safer aut more prudent to have a steady though a small dividend. He quite sympathised with Mr. Michael about wishing to get a larger dividend, if the profits of the Company permitted. If these profits continued to increas he thought they could get
bat a larger dividend, before they asked for that they should see for two
thras y ars a settled, con tinned prosperity which would enable them
of to get upon a good footing and be sure their ground.
He thought the safest way certainly was to continue to write off on depreciation to a very large amount. The wear and tear of the wharves and godowns was very great, and he thought it would be much more prudent to put a generous sum to depreciation.
The motion was agreed to.
The CHAIRMAN moved the confirmation of the appointment of Messrs. E. Shellim and
E. S. Whfaller to the directorate.
Mr. F. D. BARRETTO seconded, and the motion was agreed to.
The CHAIRMAN moved the re-elestion of the retiring directors, Messrs. H. Schubart and C. H. Thompson.
Mr. S. J. MICHAEL seconded, and the motion was agreed to.
The CHAIRMAN moved the re-election of Goardin Messrs. W. H. Potts and A. O. D. 88 auditors.
M
Mr. J. R. MICHAEL secouded, and the motion was agreed to.
This was all the business. Dividend warrants are now ready and can be had on application,
GEO. FENWICK & CO., LD,
FIFTEENTH ORDINARY MEETING.
The fifteenth ordinary general meeting of shareholders in the above Company was hell in the Hongkong Hotel on the 9th inst., for the purpose of receiving the report of the direc- tors, declaring a dividend, and electing director and anditor. Those pressut Messrs. A Roger (chairman). C. W. Parlane, J. Rodger, Walter King, W. H. Purcell, S. J. Michael, Hart Buck, and W. G. Winterburn (secretary).
were
19
(1
|
After the report and accounts had been read the CHAIRMAN said-Gentlemen, follow. ing the customary procedure we will, with your permission, take the report and statement of accounts as read, seeing that they have been in your hands for several days. Your directors hope that you consider the year's working satisfactory and that the propos id division of profits meets with your approval. We have been enabled to add another $5,000 to the reserve faud, which now stands at the sub- stantial figure of $70,000. The item sundry debtors appears at a much bigher sum than asual, viz. $50,936.93. Since December 31st however, about $46,000 of this has been collected and the balance we expect to come in in due course; on the other hand, the whole of the 'sundry creditors," has been paid. You will also notice that 10 per cent. has been written off the stock-in-trade; this we considered a prudent measure in view of the rise in exchange tending to depreciate the dollar value of our materials. We have been kept fully employed during the year, and on many occasions had to work night and day in order to get the work executed in time; this remark especially applies to ship re- pairing, and I am glad to say that we appear to have given satisfaction to all concerned. shore work we have had a fair share, more especially structural engineering, and house work, such as hot-water installation, a branch we have had considerable experience in during
In
perty have been kept in good order, and a number of new machine tools added. In May last, Mr. W. Parlane, who had served on the directorate since the change of articles of association, and prior to that as a member of consulting com- mittee, being ordered home by his medical advisors, resigned his position. Mr Har -Buck was asked, and consented to occupy the seat. The latter gentleman being about to leave the Colony finds it necessary to resign, and Mr. Parlane consent to re-join the board, subject to the approval of this meeting.
There being no questions, the CHAIRMAN proposed the adoption of the report and
accounts.
Mr. W. H. PURCELL in the seconding said he did not th nk he need say any more after the Chairman's speech except to congratulate the shareholders on the possession of such valuable property. In fact, they had enough money to pay bigger dividends, but in view of other expenses it was perhaps batter not to do so.
Mr. J. ROLGER propose:l that Mr. W.
Parlaue be re-elected on the board of directors. Mr. S. J. MICHAEL seconded, and it was carried.
Mr. W. KING moved that Mr. T'homas Arnold be re-elected auditor.
Mr. HART BUCK seconded, and it was agreed
[
to.
The CHAIRMAN-I thank you for your attendance, gentlem 'n. Dividend warrants will be sent out to-morrow.
CHINA & MANILA STEAMSHIP
CD., LD.
The report for presentation to the sharehol ders at the twenty-first ordinary general meet. ing to be held at the office of the general mana- gers on the 19th March at 11 a.m., follows:
is as
Annexed we beg to submit to shareholders the usual annual statement of accounts for the year ending 31st December, 1903, showing debit balance of $63,123,66 to be carried forward
to new account,
The past year has been the most severe in the history of the company and the report is to a corresponding degree unsatisfactory. Compati tion has been keen and the earnings especially from Manila have greatly fallen away. The Diamante was sold, as recorde in last year's reports, and the profit on her book value placed to profit and loss. No provision has been made for depreciation on the present fleet which consists now of the Zafiro, Rubí, and Perla, but they are all in first class order.
are
Of the increased capital of 10,00) shares Panthorised December 28th, 1901, four thousand two hundred and seventy-five (4,275) have been applied for and fully paid up. A small number, on which the first calls only had been paid, were declared forfeit, and the se Now the property of the Company.
Consulting Committee. In accordance with the Articles of Association, Messrs. N. A. Siebs, D. E. Brown, and J. H. Lewis retire, but offer themselves for re-election. Mr. A. V. Apear has been invited to join the board, and his appointment requires confirmation.
Auditors. The accounts have been audited by Messrs. T. Arnold and W. H. Potts, who are recommended for re-election.
The accounts are as follows:-
[March 12, 1904.
BALANCE SHEET.
LIABILITIES.
.1,213.759.00 ·
Authorised capital-30,100 shares at 250·
each $1,501,010, issued and fully paid 24,275 sharos at $30 each Calls on shares forfeited now belonging
to the Company Sundry creditors Company's bankers
A 88ETS.
+
8,785.00 40,874.95 446,933.32
$1,710,313 27
c.
Value of fleet Rubi, Zafiro, and Perla......1,436,377.75 Valu of Hongkong boys aut
moorings
Less depreciation for 1903
Value of Manila buoys and
moorings
Less depreciation for 1903
Value of stores on hand
$
0.
3,478.25 178,25
3,300.00
4,195.32 195.32
4,000.00
Less depreciation for 1993
Coal on hand
17,095.01 595.01
16,50.00
15,137.00
Proportion of premium on curront policies Sundry debtors
54.759.37
15.194.36
5",068.55
1,882.58
Balance of profit and loss account
63,123.66-
$1,710,310.27
Outstanding freighța 19 3 Cash
SUPREME COURT.
Monday, 7th March
IN SUMMARY JURISDICTION,
BEFORE HIS HONOUR SIR WILLIAM M. Goodman (CHIEF JUSTICE.)
Before the Chief Justice and a special jury a case was heard in which the National Bank of China sought to recover from Ches On and C, coal-merchants, 22, Li Yuen East Street, and Chan ni Chin. of Kobe, the sum of $64,000 odd due on bills of
in exchange drawn in longkong, which
Japan for payment were dishonoured, and charges incurred in connection therewith. Mr. E. H. Sharp, K.C., barrister-at-law (instructed by Mr. H. W. Looker, of Messrs Dacon, Looker, and Deacon), appeared for the plaintiff, and Mr. M. W. Slade, barrister-at-law instructed by Mr. C D. Wilkinson, of Messrs Wilkinson and Grist), appeared for defendants.
the
The following special jury was empanelled :- Messrs H. E. &. Hunter (Hoogkong and Shanghai Bank) W. M. Watson (J. W. Hutchinson and Company), W. J. Saunders (Union Insurance Company), F. H. A. Fachs (Siemssen and Company), C. H. Thompson (Ross and Company), N. Mumford (Lloyd's Register), and A. Howard (Sassoon & Co.).
were
CLAIM BY THE NATIONAL BANK OF CHINA. The plea lings showed that the two defendants were brothers, one trading under the title of Chee On and Company, in Hongkong, while the other, Chan Lai Chui, carried on business in Japan. For some years past Chan Lni Chui had been sending shipments of coal from Japan. to his brother in Hongkong, and it was "his practice to draw bills of exchange on the National Bank of China against these shipments. From 1898 to 1901 about $300,000 had been drawn in this way, and all the bills were daly accepted and paid by Chee On and Company. In May, June, and July, 1901, the bills, forming the subject matter of this action, were drawn, and amounted to about $64,000, bat dishonoured. The brother in Japan had not sent any coal down during those months, and 44,351.81 consequently his brother in Hongkong refused
4,000.00
to pay the bills. When the first bill was dis- honoured the defendant in Kobe deposited with the Bank in Kobe as security the title-deeds for the mining rights he bad. The defendant apparently held these deeds, as mortgagee from the owner Soga Kenjiro. It was then arranged that defendant should execute a formal transfer of his mortgage when called upon to do so by the Bank. Thenceforth several interviews were held between the defendant and the Bank, in which defendant took up a position that he would pay, but wanted time. Finally, instead of executing a formal assignment, it was arrang- ed that defendant should procure from Soga $237,657.92 Kenjiro a new mortgage made direct with tue Bank leaving him out of the mortgage. This
PROFIT AND LOSS ACCOUNT.
Balance brought forward from 19No2 Consulting committee's fees. Auditors' fees
Interest Exchange Charge
Depreciation on buoys, moorings & stores Lo:s on working account
Profit on sale of S.S. Diamante Unclaimed dividends written off Amount at credit of underwriting account
transferred. Balance
c.
400.00 25,912,59 5,230.05 6,985.77 968.58 149,776.12
$237,657.92
C.
$ 142,748.40 562.5J
31,223.36 63,123.66
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