•
February 6, 1905.]
liable for damage to them. Before handing them to the defendant the plaintiff already had them in the Colony for five months during the worst months in the year. Originally these dates were handed to the defendant to be sold without commission-quite friendly and there is no evidence that any time was fixed in which the defendant had to either sell or return them. When the defendant was going to Japan the plaintiff demanded security. The defendant refused, and I do not see why he should have done otherwise. On arriving at Japan he found the dates musty, and not in a good condition. I think I may presume that if these dates were saleable the Japanese, who have a sweet tooth like others, would have bought them. If they were not marketable October, Novem- ber or December would be &s reason- able, the ONA as the other, for returning them. Judgment for the defendant and costs.
COMPANIES.
HONGKONG LAND INVESTMENT AND AGENCY CO., LD.
SIXTEENTH ORDINARY MEETING.
The sixteenth ordinary meeting of share holders in the Hongkong Land Investment and Agency Company, Limited, was held at the offices of the company, Victoria Buildings, on Jan. 30th. The Hon. Mr. W. J. Gresson (Chairman) presided, and there were also present Sir C. P. Chater, Messrs. A. J. Raymond, N. A. Siebs, E. Shellim, H. P. White and A. Haupt (Directors), Mr. A. Shelton Hooper, (Secretary), and Messrs. W. H. Gaskell, F. E. Georg, Capt. F. D. Goddard, E. H. Hinds, C. W. May, S. J. Michael, M. S. Northcote, J. Orange and W. Parlane.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN--Gentlemen,-From the re- port and accounts for the year 1904, which have been in your possession for some days, and which with your permission I will take as read, you will have learned that to pay the same dividend that you have for some time received, it has, to the regret of our directors, again been necessary to withdraw from the equalization of dividend fund the sum of $250,000. This fund now stands in the balance sheet at $250,000, the same amount as in the year 1901, when you authorised the transfer from earnings of a sum of $500,000, with a view to maintaining a steady dividend. It is the opinion of your directors that for the future dividends should be in accordance with the net earnings of the year, and that this account should not be encroached upon to any great extent in one year, and I trust this recommendation may meet with your approval. Turning to the accounts, I desire to draw your attention to our two chief sources of income and compare them for the past three Under the head of interest the net earnings in 1902 were $156,607.93; in 19 3, $98,765.89; and in 1904, $53,400.92. This regular falling off is brought about by the withdrawal of funds invested on mortgage and now used in the development of the Com. pany's properties, the more important of which are only beginning to yield revenue, and as time goes on interest account will practically disappear from the balance sheet. Formerly
years.
we invested in mortgage our surplus capital, and later re-invested money which we had been enabled to borrow at a lower rate of interest than our mortgage rate; so now, instead of reaping the benefit of interest coming in from the mortgage, we have for a time had the money invested in property temporarily unproductive. The cost of development of the large European hongs on the Reclamation between Blake Pier and Queen's Buildings amounts to $1,413,182.48. The property consists of five blocks of buildings, one of which was only completed last June, another last November, whilst the other three will not yield us any revenue until next July. The comparative statement of rents for the same three years is as follows:-1902, $217,103.86; 1903, $250,026.66; 1904, $273,909.37. In relation to this last sum, the rent account for the current year we trust will show a marked improvement, not only on account of the revenue
79
CHINA OVERLAND TRADE REPORT. from the newly developed properties, a great | is practically the same as that for the previous many of which we have already agreed to lease, year, and so we propose to pay the same divi- but we also have hopes of being able to find dend, viz. $3.20 per share for the whole year. tenants for the large number of vacancies we As I stated at our last general meeting, the have in our Chinese properties. These vacancies directors decided to accept the best offer for represent approximately an unearned rental of leasing the property at the expiration of the $70,000 to $80,000, and it is difficult to reconcile present lease, and I am now pleased to be able this deficiency with the Government com- to inform you that from the 1st April next plaint of overcrowding in certain districts. the monthly rent roll of the Company's On the other side of the account there is property will be increased from $4,000 to nothing calling for special comment, the small $5,000 per month. The property is kept in increase in charges and fire insurance premis good condition, but the requirements of the being about equalised by the saving in repairs. Sanitary Board and Building Authorities con- The existing stringency in our local money stantly entail large outlays for its upkeep. If market does not lead your directors to any shareholder wishes for further information, anticipate in the immediate future any ex- I shall be pleased to give it before moving the tensive operations in property, but with the adoption of the report and accounts. increased receipts already referred to, they have hopes that the earnings of the company for the current year will prove satisfactory. Before formally proposing the adoption of the report and accounts, I shall be pleased to answer any questions in connection with them that any shareholder may wish to ask.
the interest on all these properties has been paid Mr. GEORG Am I correct in surmising that
out of the working capital, or are they paid out of the original running capital which has been written up?
The CHAIRMAN-The properties you have asked about stand in our books at the original cost. If there are no other questions I beg to propose that the report and accounts as presented be adopted.
There being no questions I beg to move the adoption of the report and accounts as presented. Mr. HAUPT-I have much pleasure in second-
ing.
Carried.
Mr. LEWIS-I beg to propose the confirme tion of the appointment of the Hon. Mr. W. J Gresson as director.
Mr. H. N. MODY-I beg to second. Carried.
Mr. ORANGE-I beg to j propose the re-election of the Hon. Mr. W. J. Gresson and Mr. A. J, Raymond as directors.
Mr. MAY-I beg to second.
Carried.
Capt. GODDARD-I beg to propose the re- election of Mr. C. W. May as auditor.
Mr. GRACA-I have pleasure in seconding. Carried.
The CHAIRMAN-Dividend warrants will be issued to-morrow on application.
CO.,
LD.
SIXTEENTH ORDINARY MEETING.
Mr. ORANGE-In seconding I should like to say that a few years ago the Company had a very good year. It was then a great foresight on the part of the Board to reserve a fund on account of the reclamation blocks on the Praya, for it is clear that a good many years must elapse | KOWLOON LAND AND BUILDING before they are capable of earning anything. We must congratulate the Board. The increase of rentals must strengthen us. I must say, though, regarding the diminution of mortgage, that this Company should be able to demand a good deal of money in this way. When one considers the Company is constantly dealing in land, and is in close touch with landed properties and others, it should know where to invest money at splendid security. I am sorry to say there does not seem any inclination on the part of banks to lend money
The report and accounts were put to the meeting and adopted.
Mr. ROSE-I beg to propose the confirmation of the appointment of Messrs. H. P. White and A. Haupt as Directors.
The sixteenth ordinary meeting of share- holders in the Kowloon Land and Building the Company, Victoria Buildings, on Jan. 30th, Company, Limited, was held at the offices of
Mr. T. F. Hough (Chairman) presided, others (Segretary), A. Rodger, W. H. Gaskell, M. S. present being Messrs. A. Shelton Hooper Northcote, E. B. Shepherd, Capt. F. D. Goddard, S. J. Michael and E. J. Hughes.
The SECRETARY read the notice convening the meeting.
your
The CHAIRMAN—Gentlemen-With permission we will take the report and accounts as read. As you will observe from our accounts
Mr. HINDS-I have much pleasure in the net profits for the past year's working show seconding.
Carried.
Mr. GASKELL-I beg to propose the re- election of Messrs. A. Haupt and E. Shellim as directors.
CAPT. GODDARD-I have much pleasure in seconding.
Carried.
Mr. GEORG-I have much pleasure in pro- posing the re-election of Messrs. T. Arnold and C. W. May as auditors.
Mr. PARLANE-I have much pleasure in seconding, Carried.
a marked improvement and enable us to declare a dividend of $3, as against $2.60 the previous year, and we see no reason why the return for
the coming year should not be so good. at the last general meeting, the articles Following the suggestion of the shareholders
of association have been altered so
as to enable the directors to draw a total sum of $500 instead of $150 for their yearly services. Advantage Was taken of the opportunity at the extraordinary general meet-
ing of shareholders to amend the article which required two auditors, by making it neces
ecessary to THE CHAIRMAN-Dividend warrants will be of the property is well let and kept up in good have the accounts audited by one only. The whole ready to-morrow morning.
THE WEST POINT COMPANY,
BUILDING
LIMITED,
SIXTEENTH ORDINARY MEETING.
The sixteenth ordinary meeting of share holders in the West Point Building Company, Limited, was held at the Company's offices, Victoria Buildings, on Jan. 30th Sir A. P. Chater (chairman) presided, and there were also present the Hon. Mr. W. J. Gresson, Messrs. A. J. Raymond (Directors), Mr. A. Shelton Hooper (Secretary of the Hongkong Land Investment and Agency Company, Ltd., and General Agent for the West Point Build-
ing Company, Limited), Capt. F. D. Goddard, Messra. J. M. Graca, A. Haupt, L. S. Lewis. C. W. May, H. N. Mody, J. Orange and M. S. Northcote.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN-Gentlemen,-With
your
permission we will take the report and accounts as read. The balance from the year's working
condition. I do not think I can usefully add any further remarks, but before adopting the report and accounts I shall be pleased to answer any questions which may be put.
There being no questions I now propose the adoption of the report and accounts which have been circulated among the shareholders.
Capt. GODDARD-I have much pleasure in seconding.
Carried.
Mr. MICHAEL-I beg to propose the con firmation of Mr. A. Rodger's appointment as a director.
Mr. SHEPHERD-I beg to second. Carried.
*
Mr. NOBTRCOTE-I beg to propose the ra election of Messrs. W. H. Gaskell sud T. F. Hough as directors.
Capt. GODDARD--I have much pleasure in seconding.
Carried.
Mr. HUGHES-I beg to propose the re-elec tion of Mr. T. Arnold as auditor.
Mr. MICHAEL-I beg to second. "Carried.
I