Page
February 20, 1905.]
Mr. L. BERINDOAGUE-I beg to second. Carried.
The CHAIRMAN - Dividend warrants will be ready at ten o'clock to-morrow morning, on application. Thank you for your attendance.
HUMPHREY'S | STATE AND FINANCE CO, LTD.
ANNUAL MEETING.
The nineteenth ordinary annual general meet- ing of shareholders of this company was held at the offic a of the company, Alexandra Buildings, Des Voeux Road, at noon yesterday. There were present:-Messrs. H. Humphreys (Chair- man) J. A. Jupp, H. W. Slade, Ho Tung, J. S. Van Buren, A. G. Wood, J. rcott arston, E. Georg, A. A. D. Rosa, Ho Fook, J. W. C. Bonnar, E. H. Heinz, W. H. Gaskell, J. Sun- ners. J. Lewis and J. L. Cottar (Secretary).
ANNUAL REPORT AND STATEMENT OF ACCOUNTS.
·
The CHAI MAN, in moving the adoption of the annual report and statement of accounts (a report of which has already appeared in these columns) said: Gentlemen,-The report and stalement of accounts have been in your hands for some days, s with your permission, I will take them as read. The result of the year's working my, I think, be regarded
From 88 satisfactory.
very bumble beginnings his Company has gradually worked its way into a strong and sound positi n and one that compare favourably with any other undertaking of a like nature in the Colony. If we had greater banking facilities, we could pro- duce better results Your general managers and directors trust before long to be able to make arrangements to place the Company on a better footing in this re-pect. There is not much in the accounts that ralls for explanation. You will note that amongst the liabili1ies, Insurance Reserve Fund has been increased by $3,386.93, an amount which represents the risks underwritten by the Company itself during the past year. Turning to profit and loss account, the only item that calls for comment is Exchange $7,152.59 which figures on the credit side of the account. This has been brought about by pay- ing off a mortgage of £10,00 on oue of our properties at Kowloon and represents ac ual realised profit. I have nothing further to add, but if any shareholder has any questious to ask, I shall be pleased to answer them.
Mr. GEORG, in seconding the motion, said Le congratulated the General Managers and Shareholders on the excellent showing of the year, and trusted that the year now commencing
would show an equally good report.
ELECTION OF OFFICERS.
Mr. HUMPHREYS moved that Messrs. J. S, Van Buren, J. Scott Harston, H. W. Slade A. G. Wood and Ho Tung be re-elected as a board of direc'o: 8.
Mr. Ho Foox seconded the motion, which was carried.
Mr. J. A. JUPP moved that the retiring audi ors, Me-srs W. H. Gaskell and W. H. Potts, be re-elected.
Mr. J. W. C. Bonnar seconded the motion, which was agreed to.
This concluded the business, and the chairman informed shareholders that dividend warrants were ready at the office.
HONGKONG ICE CO, LTD.
ANNUAL MEETING.
The twenty-fourth annual meeting of this Company was held at the effices of Messrs Jardine Matheson and Co., Pedder Street, on February 13th. There were present:- Hon. W. J. Grosson (Chairm n), and Messrs. W. Parlane (Manager), P. Dow (Seer-tary), W. Dixon, H. P. White, F. Smyt, D. Clark, C. Mooney, T. Forrest, A. Rolger, A. B. Smith, W. A. C. Cruickshank, B. Layton, C, W. May, Ho Fook, Ho Kum Tong and Lo Kum Shui (shår holders.)
ANNUAL REPORT AND ACCOUNTS.
The CHAIRMAN in moving the adoption of the annual report and accounts, which have already been published in these columns said ›- GENTLEMEN,—With your approval I pro, ose to take the Report and Accounts as read. The receipts for Ice as compared with the year 1903, show a decrease of about $7,800, the major part
|
CHINA OVERLAND TRADE REPORT.
of which is traceable to the absence of Japanese steamers; on the other hand I am pleased to say revenue received from Cold Storage exceeds that of 1903 by $1,300 and from this branch of our business, the prospects of which
appear to be satisfactory, we look for increased earnings in the future. Turning now to the other side of the Account, under the heading of Salaries Wages and General Trade expenses there has been a saving of $9,600. The New Machine referred to at the last meeting was completed in July, and has since b en working satisfactorily. In order to ensure our keeping pic with demand it has been necessary to order seven new ice Loxes, and at no distant date it is
hoped calls on our ('old Storage will necessitata the insul.tion of the two rooms already built for that purpose. With this outlay to face. and also bearing in mind the possibility of opposition which is ever before them, your General Managers have considered it prudent to appropriate a further sum of $25,000 for Contingencies, and this will I trust commend itself to you. If any shareholder wishes to ask any questions I will be pleased to answer
them,
Mr. DIXON had great pleasure in seconding the very successful report drawn up. He considered they occupied a very enviable position in that they had about $120,000 in the bank-a posi. tion such as few companies in the East were in. Their manager was not only a competent engineer, but a very shrewd business man as
well.
RE-ELECTION OF AUDITOR.
Thomas Arnold as auditor.
Mr. SMYTH proposed the re-election of Mr.
Mr. RODGERS seconded the proposition, which was carried unanimously.
The CHAIRMAN-That concludes the busi. ness, gentlemen. Dividends will be ready to- morrow on application.
The accounts are as followN :--
PROFIT AND LOSS ACCOUNT. 1st December, 1904.
Dr. To interest To less rentals of Chi-
nese houses
Tls 23,914,0
2,169.02 11a.
-21,745.61
To repairs and renewals To agency commission To directors' and auditor's fees To depreciation To alance....
Cr.
By balance 1903 By transfer fees
5,558.16 4,50 1,0k) 8,250.00
115
Tha
34, 51.77 49,168.44
44,039.86
Taels 127,280.07
Tis. 64,88.44
13,17
: 80.00
By unpaid dividends account By balance of spinning account 1904 62,496.48 Taels 127,250,07
BALANCE-SHEET.
31st December, 1904.
LIABILITIES.
Capital :-8,00 shares, of which are issued
7,158 shares Overdraft at bankers Loan against cotton...
Sundry creditora
Balance of profit and loss account.
Buildings..
Part cost of godown
Machinery
Leas depreciation... Property Chinese houses
Less depreciation. Reservoir and land improvements
Less depreciation
Furniture
Less depreciation.
TUE LAOU KUNG MOW COTTON Additions during year
SPINNING AND WEAVING
CO., LIMITED.
ני
Value of stock :--
Yarn
Cotton and waste Coals
Mill stores
TI
715,800,00
154,920.65 40,000.00
7,363.28
44,039.86
Taels 962,129.79
-
ASSETS.
Tis.
Taels 195,576 47
737.14
196,313.57
026,008.61
131,008,61
495,000.00
52,405.76
12,405.76
40,000.00
32,889.86
12,899.66
20,000.00
3,395.80
1,376.71
1,959.00
152.23
2,111.32
102,106.34
82,690.35
The report for presentation at the eleventh ordinary meeting of the Company read as Unexpired fire insurance follows:-
The Directors submit their Report, together with the Accounts of the Company, for the twelve months ending 31st December, 19 4.
The year has been one of exceptional difficulty owing to the great fluctuations in the values of cotton and yarn
In accordance with the resolution passed at the last General Meeting, the sum of Tls. 49,168.44 has been written off to Depreciation Account.
This year's working shows a credit at Profit and Loss Account of Tls. 44,039 86, including Tls. 15,500 brought forward from 1903, which the Directors recommend be dealt with as follows:-
Depreciation of Mill Buildings...Tls. 3,500.00
Reservoir and Land
Improvements Machinery Furniture
To be Carried forward to New
Account
***
LAT
DIRECTORS.
485.00 20,657.06
205,938.75 2,760 15
Taela 962,123,70-
HONGKONG & WHAMPOA DOCK CO., LD.
The report of the board of directors of this company, for the ordinary yearly meeting of shareholders, to be held on Monday, 20th- February, at noon, reads:--
Gentlemen. The directors have nor to sub- mit to you their report, with a statement of accounts for the half-year ended 31st Dec, 1904.
The net profit for the six months, after paying interest due and all charges, amounts to
$370,159.03 to which has to be added the balance brought forward from last acc.unt 505,471.73
$875,630.76
►
10,000.00
5,000.00 25,000.00
239.86 and from this have to be d' ducted—
Directors' fees
$10.0 0.00 750,00 Auditors' fees
10,750,00
Tls. 44,039.86
Mr. Korff resigned the Bard on leaving Shanghai and Mr. C. Miche au was asked to join the Director te: his election will require
the confirmation of the Shareholders.
retire in rotation as required by the Articles of Mr. J. M. Young and Mr. Chiang Liang-yu Association, but offer themselves for re-election
AUDIT R.
During the absence of Mr. Geo. R. Wingrove the Accounts of the ('ompany have been audited by Mr. W. H. Anderson on his behalf: the re-electi n of Mr Wingrove to the position of Auditor will require the confirmation of the Shareholders.
J. M. YOUNG, C. MICHELAU, Į
Directors.
ILBERT & Co., General Managers. hanghai, 2nd February, 1905.
leaving available for apropriation.....$864,880.76 The directors recommend that a dividend for bonus of 2 per cent, or $50,000, in all $350,00 ̊, the half-yar of 12 per cent. or $300,00a, and a
be paid to the shareholders; that $16,591.66 be
written from the value of Kowloon Docks, and the balance $498,289.10 be carried to the new
account.
The tonnage of ships repaired shows some diminution attributable to temporary causes.
A large shipyard shed adjoining the ship- builders plant has been completed.
The electrical shop has been extended by removal of the Galvanizing and Sandblast plant to new quart-rs.
The entire foreshore frontage has been. dredged by the "Canton River" to facilitate repairs of ships alongside.
A large twin screw vessel for the Yangtze, and a survey vessel for the United States Government have been successfully completed.
1