152
The reduction of our capital having been sanctioned by the Court, the annexed statement of Assets and Liabilities gives affect to the altered position.
The gross profits are $233,303.10, which after deducting all charges and allowing for
bad and doubtful debts leaves a balance of $114,298.51, from which has to be deducted (£750) $7,619.05 payment to founders and $5,000.00 the probable cos's of petition for
reduction of capital, leaving a clear balance of $101,679.46, This, under present circumstances, the board do not recommend should be paid in dividend but that $59.911.20 be added to the reserve fund, making it $200,000 and the balance $41,768.26 carried forward to next account.
After the general meeting the directors will take the opinion of the shareholders as to sub. soribing additional capital or calling up the unpaid balance of £2 per share,
The permanent director, Mr. Chan Kit Shan, vacated his seat and Mr. Kwan Fong Kuk was elected an ordinary director in his place. Mr. Ewens was re-elected a director in the place of Mr. Harston and on the departure of Mr. Julius Focke to Swatow Mr. Harston was re- elected; these changes will require your confirmation.
You will be asked to elect Mr. Horace
Mocatta to the London committee in the place
of Mr. John Buttery, who does not seek re-election..
The accounts at the Head Office have been audited by Mr. A. R. Lowe, Chartered ac- countant, and Mr. J. E. Bingham, F.I.A. (N.Z.). The latter was appointed owing to Mr. R. C. Wilcox leaving the Colony. Messrs. Deloitte, Dever, Griffiths and Co., chartered accountants, audited the London accounts as usual.
Mr. Harston retires in rota'ion from the Head Office Board and being eligible for re- election offers himself accordingly.--Your obedient servant,
:
C. EWENS,
Chairman.
Hongkong, 18th Feb., 1905.
The accounts are as follows :-
BALANCE-SHEET,.
31st December, 1904.
Authorised capital :--
LIABILITIES.
99,925 ordinary share of £7 each £699,475
Issued capital (at 18.8d. to the 3) :---
40,453 ordinary shares of £7 each, £5
paid up, £202,265
$ C.
THE HONGKONG WEEKLY PRESS AND
THE CHINA FIRE INSURANCE COMPANY, LD.
X:
holders at the thirty-sixth ordinary meeting, The report for presentation to the share.
to be held on 9th March, reads:
The Directors have now the pleasure to sub- mit their annual report and statement of the Company's accounts made up to 31st December, last
1903. The balance at
credit of working ac- count as per last re-
port was... Add
received
..$329,047.48
premia since
Deduct claims paid in
1904 ... Deduct return premia
&c, &c.
Balance of profit
[March 6, 1905,
Accounts receivable
Premis duc from agencies, interest due
ou deposits and investments, &o.
Dr.
WORKING ACCOUNT.
67,846.57
$2,072,516.97
1st January to 31st December, 1904.
To charges account
Rent, salaries, surveyors' fees,
taxes, stamps,stationery,&c. $35,501,13 Directors' and auditors' fees...
To commission account :-
Agents' commissions
To exchange account:-
Difference in exchange
To loeses account, 1981:---
7,400,00
42,901.13
45,346.81
1,977.32
1
Claims after deduction of Re-insurances 139,902.29
Furniture account
30,038.25
-$359,085.73
To amount written off :---
To balance
..$107,343.87
15,367.69
122,711.56
$236,374.17
Cr.
follows: --
It is proposed to apportion this sum as
Dividend of 86 and bonus of $1
per share on 20,000 shares
..$140,000,00
Addition to extra reserve fund, which will then stand at $218,039.73 as shown in the annexed balance sheet
Bonus to Office Staff
92,364.17 4,010.00
By premium account:-
100,00
26,374.35
$495,661.93
$
Premiums after deduction of Re-insurance 362,087.08
By interest account :--
Amount at credit, including interest due
on deposits and investments, &c........ 123,396,67 By transfer fee account:-
Aimount at credit
118.18
$490,601,93
THE HONGKONG AND KOWLOON WHARF & GODOWN CO,, LD.
0:
The report for presentation to sharehold-rs at $226,374.17 the eighteenth ordinary annual meeting, to be held at the City Hall on Friday, the 10th March, 1905, at 12.15 p.m.
1904 The balance at credit of working ac count at the close of this year was $260,374,35 which though smaller than the sum carried forward in the last report, must be considered satisfactory as losses have been unusually heavy.
DIRECTORS.
Mr, C. A. Tomes resig ed his seat on the return of Hon. R. Shewan to the Colony, and the latter gentleman was invited to rejoin the Board. This appointment will require the confirmation of shareholders.
Messrs. H. W. Slade and A. Haupt retire by rotation, and, being eligible, offer themselves for re-election.
AUDITORS.
Messrs. W. Hutton Potts and A. R. Lowe have andited the annexed accounts and offer themselves for re-election.
The Directors have now to submit to share-
holders their report with a statement of accounts for the year ended 31st December, 1904.
ACCOUNTS.
The gross revenue derived from Wharfage, $893.176.80 the previous year, showing a decrease Landing, &c., amounted to $879,302.4 ' as against
of $22,645.47. |
The balance at credit of Profit and Loss account, after paying interim dividend of 5 per cent and including $28,015,68 brought forward from last year, is $204,048.76 which it is
propos- ed to appropriate as follows:--
Directors' and Auditors' fees ...$ 10,500.0J Final dividend of 5 per cent Transfer to Depreciation and Repairs account...
75,000.00
40,000.00
Transfer to Insurance Fund
10,00 10.)
E. GOETZ,
Write off Wharves
+
11,340.28
Chairman.
Write off Railways and Rolling
stock
14,288.85
Write off Launches
500.00
Write off Lighters
Write of Machinery and Plant
11,594.10
1,402.61
C.
Carry forward to new account
29,422,92
$204,048.76
2,427.180.00
Reserve fund
140,088.80
Notes in circulation
359,025.00
Fixed deposits and current accounts "Loans payable
630,593.37
366,681,35
Bills for collection and branch balances... Drafts, acceptances and endorsements
164,938.15
The accounts are as follows:—
(bills re-discounted)
368,125.47
Balance of profit and loss account
114,258.51
$4,570,933.95
Capital account Reserve fu d
Extra reserve fund
ASSETS.
Government securities (£27,300.0.0 at 1s. 11 9-16ths)
Cash on hand and at bankers
Bills receivable, loans and advances 2,736,616,09 Bills for collection receivable and branch
$ 330,200.80
C.
Accounts payable:
Dividend for 1903
$140,000.00
278,068.97
balances
Furniture..........
............1,216,048.09 10,000.00
$1,570,933.95
Working account, 1904 :
Balance at credit
www
C.
119,004.59
PROFIT AND LOSS ACCOUNT,
Year ended 31st December, 1904.
Charges, directors' fees, salaries, eto Amount to be paid to found. rs $ C.
shareholders £750,0,0 at 1s.
11fd...
7,619.05
Probable cost of petition for re-
duction of capital
5,000,00
Amount to be transferred to re-
serve fund
59,911.20
Balance to be carried forward
to next account.
41,768.26
114,298,51
$293,303.10
Gross earnings for year ending 31st De- $ 0.
cember, 1904.....
213,303.10
On 1st January, 1905, the capital and reserve fund will stand as follows:
Capital......
Reserve fund
C.
BALANCE-SHEET, 31st December, 1904.
LIABILITIES.
Investment fluctuation account..
•
Lo-ses outstand and sundries 51,861.14
Hongkong
ASSETS.
$ 400,000.00 .1,00 1,000,00 218,039.73
2 241.75
191,8 1.1
261,374.25
$2,072,516.97
Shanghai 110,0.10.00
$
c.
65,0 0,00
Cash at bankers
Fixed deposits at banks :-
and
Banking Corporation
Chartered Bank of India,
Mercantile Bank of India, Ld. 50,000.00
International Banking Cor-
Austria and China....
poration
Investments:-
30,000.00
$ c.
81,177.77
40,600.00
50,000.00
Shanghai Land Investment
+
Chinese Imperial Government
E. bonds Hongkong Club debentures. Hongkong Hotel Co., Limited,
debentures
Co., Limited, debentures... 49.877.40 Shanghai Waterworks Co.,
Limited, debentures Shares in public companies...132,520.00
.2,427,180.00 | Loans on mortgage :-
200,000.00
$2,627,180.00
On properties in Hongkong Furniture account :—
Office furniture, &c. ...........
8,472,22
BUSINESS.
The Russo-Japanese war adversely affected the Company's business and the anticipated diversion of cargo to Hongkong for refuge was not realised to any large extent.
CAPITAL.
On 22nd September the Capital was increased by the issue of 10,000 fully paid up shares of 31,283,01 $50 each at a premium of $30 per share.
$ C.
255,000,00
362,647.39
DEBENTURES.
The £500,000 Debentures were repaid on 30th September, 1904..
· PROPERTY.
Arrangements have been concluded with Government for transferring to the Company those portions of Chater and Elgin roads which dissect the Company's property, in exchange for a 100 foot strip of land on K.M.L. 9 which latter is to form an approach to the Ferry pier 1eferred to later; The Praya fronting the Company's property will also be closed to public use.
BUILDINGS.
Fires occurred on 10th and 29th April by which godowns Nos. 21/23 and No. 9 were respectively destroyed. The former have been rebuilt as before and the latter is under recon- struction as a double storeyed building. No. 3 godown has been rebuilt; a new hazardous 940.00 goods godown is nearly finished; and fire proof
..1,354,800,00
I