January 23, 1905.]
rates of interest, there is none gives us the least uneasiness. The China Light & Power Co. is a case in point. We have been very use- ful to this Company, and it in return has paid us for our assistance what would be considered in an ordinary case almost exorbitant rates of interest. lt is the kind of business that a finance company such as this is intended to take up.
We are much better able to judge whether it is safe than if we were not intimat-ly connected with both concerns, as we are in this case, and instead of this being a danger to the Provident Company we consider that it is quite the reverse. We could never show net profits of nearly 11 per cent. if we only did ordinary money lending at low rates, but I think that as. we have had no bad debts to write off, so far. it is a good indication that we have not been careless in our choice of the risks we have taken.
Mr. VAN BUREN seconded the motion, which was carried unanimously.
Mr. BRAIDWOOD moved that the retiring members of the consulting committee-Messr. H. P. White, J. 3. Van Buren, Chow Hing Kee, Chan Tung Shang, H. P. White and
Dr. J. W. Noble-be re-elected.
Mr., FUNG WA CHUN seconded the motion, which was agreed to.
Captain GODDARD moved that Messrs. A. O'D. Gourdin and W. H. Potts be re-clected auditors.
Mr. W. ALLEN seconded the motion, which was carried.
HONGKONG LAND RECLAMA- TION CO., LD.
ORDINARY MEETING.
The fourth ordinary meeting of shareholders in the Hongkong Land Reclamation Company, Limited, was held at the Company's office, Victoria Buildings, on the 18th · January. The Hon. Mr. W. J. Gresson (Chairman) presided, and there were also present the Hon. Sir C. P. Chater, C.M.G.. Messrs. E. Shellim, R. C. Wilcox and Ho Tung (Directors), Mr. M. 8. Northcote (Secretary), and Messrs. Ho Fook, Ho Kom Tong, Shelton Hooper, Lo Cheung Shui, H. N. Mody, J. Orange, A. J. Raymond and H. C. Wilcox.
The SECRETARY read the notice convening the meeting.
read
|
CHINA OVERLAND TRADE REPORT.
Mr. SHELTON HOOPER-I beg to second, Carried.
The CHAIRMAN-That is all the business, gentlemen; thank you for your attendance.
THE HONGKONG LAND INVEST. MENT AND AGENCY CO., LD.
The shareholder of this Company meet on the 30th inst. The sixteenth report of the board of directors roads as follows :-
GENTLMEN,-The Directors have now to submit to you a general statement of the Com- pany, and balance sheet for the year ending 31st December, 1904.
The net profits for that period, including $51,966 63 balance brought forward from last account, after paying all charges, amount to $422,291.44. From this amount an interim dividend of $6 per share has already been paid. After transferring $250,000 from equalization 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
per cent per annum on the capital, and after writing off directors' and auditors fees there remains a balance of $37,875.70 t be carried forward to the credit of a new profit and loss account.
DIRECTORS.
Messrs. J. H. Lewis and C. Michelau having resigned, Messrs. H. P. White and A. Haupt were invited to join the Board in their places, and these appointments now require confirmation. Messrs. A Haupt and E. Shellim now retire by rotation, but offer themselves for re-election.
AUDITORS.
The accounts have been audited by Messrs. T. Arnold and C. W. May, who now retire, but offer themselves for re-election.
W, J. GRESSON,
Chairman.
The accounts are as follows:-
BALANCE-SHEET.
at Dec, 1904.
Ca pital
LIABILITIES.
qualization of dividen-l fund 4ccounts payalle
:
Ealance of profit and loss ac-
count.
Less interim dividend paid.
31st Dec., 19.4. Jash
ASSETS.
$ 5,000,000,00 250,000,00 .1,5 2,830.76
THE
47
BUILDING.
WEST POINT COMPANY, LIMITED,
The shareholders of this company meet on the 30th inst. The sixteenth report of the General Agents reads as follows:
GENTLEMEN, The general agents now submit to you a statement of the affairs of the Com- pany, and balance sheet for the year ending 31st December, 1904.
The net profits for the year, including the amount brought forward from the previous year, amount to $41,797.11. From this amount an interim dividend of $1.50 per share has already been paid, and after writing off direc- tors and auditor's 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 $1,247.11 to credit of a new profit and loss account.
DIRECTORS.
Hon. Mr. C. W. Dickson having retired, Hon. Mr. W J. Gresson has been appointed in his stead, and this appointment now requires con-
firmation.
Hon. Mr. W. J. Gresson and Mr. A. J. Raymond retire by rotation, but offer them. selves for re-election.
-AUDIT.
The accounts have been audited by Mr. C. W. May, who offers himself for re-election.
The accounts are as follows :—
BALANCE-SHEET, 31st December, 1901. 31st Dec., 19 4. LIABILITIES. Capital
Accounts payable Balance of profit and loss
account...
$41,797.11 Less interim dividend paid......... 18,750.00
825,000.00 795.87
23,047.11
$648,842.98
31st Dec., 1904. Cost of property Cash
ASSETS.
c.
611,830.80 37,012.18
$618,842.98
PROFIT AND LOSS ACCOUNT.
Dr.
31st Dec., 1904.
To fire insurance
$ 3,247.75
c.
$672,291.41
Charges
565.37
300,000,00
Crown rent and rates
9,042.14
372,291.44
$7,125,122.20
Repairs to buildings, &c..
2,197.50
Commission to Agents
2,128.13
Interim dividend of $1.5" for half-year..
18,750.00
Balance to be appropriated as follows:--
Directors' fees
200,001
C.
6,778.17 1,641,753.0 ......5.431, 111.12
Buditor's fees
50.00
Dividend of $1.70 per share
21,250.00
4,111.79 41,368.12
Balance to be carried to new
account
1,247.11
$7,125,122.20
23,047.11
$58,978.00
Cr.
$
Amount advanced on mortgage.. Amount invested in property 18urniture account Accounts receivable
i As men-
The CHAIRMAN said-Gentlemen,-The re- port and accounts having been in your hands for some days, we may, I presume, take them as The accounts are of so simple a nature as to call for no special comment, but you wil note with satisfaction, I am sure, that we have wiped off the debit balance of $6,219.10 with which we began the year under review, and close with a balance to the good of $7,157.32, carrying forward, after paying directors' and auditors' fees, the sum of $4,557.32. tioned by your Chairman at the last annual meetin, we are still necessarily passing through the period of expenditure with our reclama- tion works at Kowloon; Point, which, I am pleased to be able to inform you, continues to make steady progress and should reach com- To interim dividend of 61 er cent. for the pletion a few months hence, Our houses at i Yaumati and the storage ground there are well let and are giving us a good return on the capital invested thereon. Before moving the adoption of the report and accounts, I shall be pleased to answer any questions regarding them you may wish to put.
As there are no questions,-I beg t move that the report and accounts as presented be pass d.
Mr. J. ORANGE-I beg to second. Carried unanimously.
Mr. H. C. WILCOX-I beg to propose the re-election of Mr. Ho Tung as a director.
Mr. Lo CHEUNG SHUI-I beg to second. Carried.
The CHAIRMAN The next busines is to elect a director in place of Mr. R. C. Wilcox, who I am sorry to say is leaving the Colony to-day.
Mr. Ho Foox-I have much pleasure in proposing Mr. A. J. Raymond in place of Mr. Wilcox.
Mr. Ho KOM TONG-I beg to second. Carried.
Mr. A. J. BYMOND-I beg to propose the re-election of Messrs. W. H. Potts and A. O'D. Gourdia as auditors.
PROFIT AND LOSS ACCOUNT.
Dr.
31st Dec., 1904.
half-year To repairs to house property To qharges e ount
overtising
o fire insurance
To be lance to be appropri: ted as follows:-
Directors' fee-
Managing directors' fees And trs' fees...
Final dividend of 6 per cent.
for the half-ye r
Balance to be carried to new
acount
1st Jan. 1904.
$ 7,50,00
25.915.74
1,000.0
300,000.00
37,875 70
Cr.
$148,008.69
94 607.77
By undivided profits, 1903 By interest on mortgages.....
Less-Interest on loans pay-
Hy renta
By commission. By scrip fo
By profit on a es of property By auolai lividends
By transfer from equalization of dividend
fund
31st Dec., 1904.
By Balance brought forward
Rent...
Interest
3
C.
"
300,000.00
Scrip fees...
28,441.19
13.289.95
9.70 15,483.73
$ 0. 51,966.63
1,362.54 56,224.14
1,355.92
36. J
$59,978.00
WEIHAIWEI GOLD MINING 00., LD.
A meeting of t'e Weihaiwei Gold Mining C. Ld., was held at Shanghai on the 11th inst. to consider the financial position of the
· 372, 291.44 | Company. Mr. Marens Wolff was in the chair. The shareholders turned up in force, and the $730.452.01 | meeting, which was a somewhat stormy one. lasted for nearly two hou 8. The chairman stated that the Company was practically insolvent. That besides the salaries, etc., due for January, bills amounting to $6,800 h-d to` Le met and the money wherewith to pay them 53,40.92 amount'd to about $5,574. The mill manager's 273,909.37
8,38 15 report presented to the last meeting had been 251.00 fairly optimistic, but his subsequent letters 91.349.94 were quit, the reverse, and he proposed to send 1,200.00 a wire giving instructions to shut down the mill
and dismiss all hauds at once.
250,000.00 $730,452.01
This proposition was received with ridionle. The directors were severely taken to task by Messrs. Taylor, Speelman, Sullivan, and Allan,