226
Installation of electric light, payments on
account..
Stock of linen, crookery and glassware,
&o., as per inventory
Stook of wines, provisions, household sun.
dries and stationery, as per inventories Shares in public companies, as per last
secount...
Licenses attaching to 1904
Value of steam launch, as per
report
9,000,00
Less written off, as recom.
mended in last report
1,000.00
Bundry debtors
Hongkong and Shanghai Banking Cor.
poration No. 2 account
Cash in hand
12,989.26
42,896.48
THE HONGKONG WEEKLY PRESS AND
CHINA AND MANILA S.S. CO., LD,
ORDINARY GENERAL MEETING,
The twenty-first ordinary general meeting 36,821.09 of shareholders in the above company was held 6,286.34 at the Company's Offices, No. 14 Des Voeux 2,625.41 Road, on the 19th March, at 11 a.m., for the purpose of receiving a statement of ac- counts and the report of the general managers for the year ending 31st December, 1903. Those present were Messrs. C. A. Tomes (chairman), N. A. Siebs, D. Brown, J. H. Lewis, A. V. Apcar (o naulting committee), G. C. C. Master, A. G. Gordon, C. Somerville. A Labington, G. toits, J. R. Michael, C. Klinck, P. C. Potts, C. H. Campbell, S. J. Michael, E, Kadoorie, and Fang Wa Chun.
8,000.00 29,424.88
3,189.00 227.29
$1,167,004.63
PROFIT AND LOSS ACCOUNT.
For the six months ending 31st December, 1903. Dr.
To bad debts and refunds..
To Crown rent
To rates
To fire insurance
To debentures
interest
on
$500,000 at 3 per cent......
To less returned on debentures
held by the Company
To interest account
To directors and auditors' fees
C. $ 15,000.00
6,946,35
$
0.
252.73 478.89
The notice couvening the meeting having been read, the CHAIRMAN said :-Gentlemen, I presume we may, as usual, take the report as read. It would seem superfluous to repeat our 2,832.38 great regret at having to come before you with 2,506,84 such an account for the year's work, and we can only express the fervent hope that the like will not happen again. Continuous and con- stantly increasing competition right through 8,053.65 the year has been our main trouble, and this has
516.66 been assisted by a general slackness 3,200.00 | Philippine trade. For many months the export cargo from Manila by all steamers has been so small that their. sailing telegrams have generally described them as in ballast, and the passenger list has been about the only source of income. In the opposite direc- tion there has been a movement of chandise greater, probably, than in any previous 3,161.60 84,181.60 year, and this company has not failed to carry
To balance, to be appropriated as follows:- To pay a dividend of 10 per cent. $60,000,00 To transfer to repairs and re-
newals account....
10,000.00
To write off from value of furni-
ture and fixtures
10,000.00
To write off from value of steam
launch...
To carry forward to new account
Cr.
1,000.00
By balance from 30th June, 1903 126,669.41
Less dividend at 12
per cent....
Loss transfer to re- pairs and renewals account
C.
72,000.00
10,000.00
Less written off fur- niture and fixture account ........... 10,000,00 Less transfer to spe- cial reserve fund against cost of in- stallation of elec-
tric light......
$102,002.75
C.
$
20,000.00
Less written off
steam launch......
1,000,00
113,000,00
By rents of shops and offices,
old building
$6,820,00
By rents of shops and offices,
new building...
2.550.00
By dividend on shares in public companies
By scrip and transfer fees
By bad debts recovered.
C.
13,659.41
25.85
By profit on hotel working account for the
six months ending 31st December, 1903 78,424.49
$102,002.75
in
mer-
When
[March 21, 1904.
let the sum stand as capital until at least such
time as the balance of unissued shares shall have been paid for in full. The loan from the British Investment Trust has been all paid off, and the only important creditor is the com- pany's bank. The outstanding freights have all, except a small balance, been collected since December 31st laat.
Mr. S. J. MICHAEL-Mr. Chairman, I should like to know the amount, in dollars, realised on the sale of the s.8. Diamante to enable the com- pany to set aside $142,748.40. What was the book value ?
The CHAIRMAN-I have not got the figures. before me. The Diamante, which has been written off, has been on the books for some time-the difference in exchange aided us—and the price we got in sterling left us $142,743.40 over and above the price at which it stood in our books. The Diamante was sold last year for £23750.
Mr. MICHARL-What was the exchange then, in sterling?
The CHAIRMAN-Really, I cannot remember. We paid at the exchange rate of the day, what- ever that was.
Mr: MICHAEL-You could not tell me the amount in dollars ?
The CHAIRMAN-If you would like to know I should be pleased to tell you after the meet- ing. It was sold to the N. Y. K.
Mr. MICHAEL-What was the book value ? The CHAIRMAN-I think it was, roughly, about $270,000 or $280,000. Something like that. The book value would be that amount less the profit. If there are no other questions, I beg to propose the adoption of the report and accounts
Mr. G. C. C. MASTER seconded, and the motion was carried.
Mr. G. POTTs proposed, Mr. FUNG WA CHUN, seconded and it was agreed that Messrs. N. re-elected to the Consulting Committee, and A. Siebs, D. E. Brown, and J. H. Lewis be
that the appointment of Mr. A. V. Apcar be confirmed.
Mr. J. R. MICHAEL proposed, Mr. A. G. GORDON seconded, and it was agreed that Messrs. T. Arnold and W. H. Potts be re-elected auditors.
The CHAIRMAN--That is all the business,
for attendance. gentlemen. Thank you your
(IN LIQUIDATION).
The following is the report for presentation to the shareholders at a general meeting to be held at the office of the Hon. Sir C. P. Chater, K.U.M.G., Victoria Buildings, Queen's Road, on Saturday, 26th March, at 3 p.m. :-
The liquidator now begs to submit a statement of accounts to 31st December, 1903.
its share. The increase in volume has been more than offset, however, by the increase in rates. How unprofitable this trade has been may be judged best, perhaps, if I give the rate on the principal article shipped-rice-which for a long time was carried at six cents per picul or, say, 81.00 Mexican per ton. the stevedore charges are deducted the steamer receives barely 50 cents per ton for its share, and everybody can judge how unremunerative that can be. The passenger traffic, both ways, increased somewhat in volume, and although competitive rates were low, our earnings showed some profit to offset partly the freight losses. To change for the better this condition of affairs has been the constant aim and object of the general managers during the whole year, and they have spared no effort, with due regard to CHINESE INSURANCE CO., LD. the rights and future prospects of the company, in suggesting means and trying to devise ways to attain this end. Until the near approach of war it seemed as though nething could be done. 9,370.00 Since then, in sympathy with the general 484.00 improvement in freights, rates have been 39.00 advanced gradually, and at the moment we have returned to what we might call the normal schedule. That is the position just now, and I am sure you all join with me in hoping it will continue. I know that you would like to be assured about the fature, and I wish I could assure you with confidence, but the situation is all so uncertain and so full of difficulties it would be very unwise to prognosticate. Poor earnings were not the only cause for anxiety 10,750.79 last year, We had a very disagreeable incident 771.28 in the so-called Zafiro mystery, and for a time were very anxious about the outcome.
It was a clever fraud and, under certain circumstances, The legal expenses c. might have succeeded. 1 522.07 for this case were heavy, but we recovered about $9,000 from the other side, and the bal- 10,000,00
ance of $3,000 we expect to receive from our $11,522.07 indemnity company. The Rubi had a case in Court too, a collision case with a junkmaster, and this we also fortunately won. The items in the account, if discouraging, are, I trust, clear, The underwriting account has accumulated in the last few years to $31,000, and it was thought advisable to transfer this amount to profit and loss, and not have the incongruity of a favour. able balance in underwriting made out of an The capital unsuccessful working account.
On making the second repayment of capital now stands at $1,213,750, and all the shares outstanding are fully paid. Some few shares in March, 1898, your liquidator calculated that on which the final calls were not paid, after due this would absorb as nearly as possible the funds notice, were declared forfeited and became the of the company, and the somewhat larger cash property of the company. The common prac-balance of $144,62 now in hand is mainly due tice, I believe, is to appropriate the calls paid to a dividend received quite unexpectedly in on such shares as current income, but the more August, 1900, from the estate of Messrs. correct method is to do as we have done and Degener & Co., in San Francisco,
BEPAIRS AND RENEWALS ACCOUNT For the six months ending 31st December, 1903. Dr.
To payments on account of repairs and renewals during the half-year ending 31st December, 1903
To balance..........................
Cr.
By balance from last account By transfer from profit and loss account,
as recommended in last report
$
C
$11,523.07
On the 1st March, Reuter wired that "The Liverpool collier Oriel, bound for Singapore, has been seized by the Russians, in the Red Sea." Since then the subject was dropped, and nothing more was heard about the Oriel, until she dropped into Singapore on the 11th inst., with a cargo of coal from Barcy. A representa- tive of the Straits Times went on board the collier with the intention of obtaining full particulars of her capture by the Russians. He was disappointed. Why," said, the chief officer, "we never saw a single Russian during the whole voyage.' On being shown the telegram in question, it seemed to afford the utmost amusement to him and his comrades
"J
The undersigned was entrusted with the liquidation of this company at a general meeting - held on the 21st January, 1892, but it was not until September, 1894, that he felt himself justified to make the first repayment of capita at $7.50 per share. A second return of capital at $2.75 per share was declared in March, 1898; making a total of $10.25 per share,
The company's shareholders to a great extent have been very slow, however, in coming forward to collect the amount due to them. Notwith- standing the greatest efforts made to induce shareholders to come forward, there still remains unolained the amount of $810 as first repay- ment of capital on 108 shares, and $363 as second repayment of capital on 132 shares. Owing to the great lapse of time this total of $1,173 should now be disposed of.
In view of the very protracted delay in wind- ing up this company your liquidator considered it right to cease charging the remuneration allowed to him of $300 per annum, since the beginning of 1897; which should meet with the approval of the shareholders.
}