154
AUDITORS-The accounts have been audited by Messrs. W. Hutton Potts and Thos. Arnold, the latter in place of Mr. R. C. Wilcox, who has left the Colony, and their re-election is recommended.
JARDINE, MATHESON & CO.,
General Managers, Hongkong Fire Insurance Co., Ltd.
1 he accounts are as follows:—
BALANCE-SHEET.
1st December, 1901.
Dr.
Capital subscribed
Amount paid-up..
Reserve fund
LIABILITIES.
Uncollected dividends
Accounts payable
$2,000,000.00
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THE HONGKONG WEEKLY PRESS AND
British Government of Tls. 3.470 and interest from 1900.
The report of the Shangbai Gas Co., Ld., for 1904 shows a divisible b·lance, after payment of an interim dividend of 7 per cent in July last, of Tis. 142,862. The directors propose to pay a final dividend of 7 per cent, and bonus of 3 per cent, making 17 per cent for the year, to write off Tls. 34,851 for depreciation, to transfer Tls. 20,000 to renewals and depreciation account, and carry forward the balance, Tls. 8,011. It is noted that the private consumption of gas increased in the year 18.40 per cent, and the consumption in gas engines 45.59 per cent. It 400,000.00
is also noted that on the French Concession 1,170,288.48
incandescent gas light is superseding electric 6,376.80 36,944.45 lighting.
C.
Working account, 1903,
Net profit........
302,222.22
Working account. 1904,-
Amount brought forward from below
360,372.63
$2,276,204.58
$
81,373.36 672.36
Cr.
ASSETS.
Cash, on current account with Hongkong and Shanghai Banking Corporation... Cash in hands of General Managers
Fixed deposits,-
Hongkong and Shanghai
Banking Corporation.... $50,000.00 Chartered Bank of India,
Limited
Mortgages,
C.
125,000.00
1,673,462.83
Australia and China
50,000.00
Mercantile Bank of India,
25,000.00
In Hongkong
$1,242,320.37
In Shanghai.
In Yokohama
405,417.07 25,725.39
Japanese Government deposit,-
Consolidation bonds
$29,104.00
Imperial bonds
66,510.36
War bonds
26,865.13
nvestmente,-
Chinese Imperial Govern.
ment loan, 1886...
$28,(51.85
Shanghai Land Investment
Company Ld. debenture
27,586.20
Shanghai Club debenture
13,333.33
Hongkong Hotel Company,
Ld., debentures.....
52,000.00
Steam fire engines.
Accounts receivable
·
WORKING ACCOUNT, 1903.
To losses and claims paid......
"
charges
21
and auditors
,, commissions
,, exchange ..
balance as above
}}
remuneration to consulting committee
122,479.59
302, 22.22
THE ANGLO-GERMAN BREWERY CO., LD.
The first annual general meeting of this Company was held at the offices of the agents, Messrs. Slevegt and Co., Shanghai, on February 27th. There were present: Messrs. A. McLeod (Chairman), C. W. Wrightson, and J. J. Block, Directors; and Messrs. J. H. Osborne, F. Pelt- ner, J. G. Carnaghan, C. Fink, K. Blickle, B. Plaschke, and M. Hoerter (Secretary), represent- ing 1,173 shares.
The Chairman said that this being the first
regular annual meeting of the Company, he had very little to add to what appeared in the report and accounts. Like many other indus- trial concerns in China, they had underestimated their expenses, and the actual expenses exceeded their original estimate by $125,000. It was estimated that the ground for the brewery would cost $10,000, but they had increased the original quantity of ground, which was now very much larger, and the cost had been $37,000 instead of $10,000. The ground was sure to improve in value and would prove a very valu- able asset Besides the ground on which the brewery stood, they had further ground where the wells were situated from which they obtain 121,971.38 ed their water, and they had also built a small 500.0 restaurant, which being in close proximity to 148,745.06
the barracks, should prove a good investment. $2,276,204.58
The buildings, according to plans prepared at home, were estimated to cost $105,000, but had $ c. actually cost $173,000. This included the cost 131,789.74 of a residence for the brewing master and the 35,343.16 general manager, erected at a cost of $24,000. The buildings had been so arranged that they 5,500,00
could increase their plant as necessity arose, 44,032.11
without any additional cost beyond that of the 4,528.36
new m chinery. He really thought that in the extra 868,000 expended on the build- $523,365.59 ings they had their money's worth. The electric plant was estimated to cost $5,000, but had actually cost $15,500. This was 388,233.67 partly due to the fact that they had erected 135,067.92 electrical plant to work part of the machinery 64.00 by electricity instead of steam. Another item of expense was the acquisition of the Victoria Brewery in Shanghai. This had not yet been successful in increasing their $ income, but this was due to the fact that they 87,566.98 had no provision for cold storage during the 33,045.42 summer. They had now come to an arrange- 45,350,81 ment with the Cold Storage Company, and this 360,372.63 brewery ought shortly to become a valuable auxiliary to the brewery at Tsingtao. .It had $526.611.97 been purchased at a cost of $14,000. The items mentioned would account for $120,000 of the $125,000 excess over the original estimate.
within 385,790.55 Although they liked to keep
the estimates as far as possible, he did not think any shareholder would have cause to regret the extra expenditure. The results of sales in $526,611.97 Tsingtao, which commenced on the 23rd of December, had been very good and the beer was well liked. The demand had been greater than the supply, but they hoped shortly to have a larger supply of casks. The sults had been more gratifying than they had anticipated and the prospects for the future were excellent. He would be glad to answer any questions that might be put.
By net premia received, less returns and
Re-insurances
interest...
*"
>>
transfer fees
C.
$523,845.49
WORKING ACCOUNT, 1904,..
i
To losses and claims paid....
*1
charges
commissions
**
exchange
19
balance as above
By net premia received, less returns and
Re-insurances
" transfer fees
interest...
11
The following appeared in our contemporary, the Daily News
C.
276,13
$
C.
140,775.39
46.00
Shanghai
The report of the Weihaiwei Land and Building Co., Ld., for 1904 shows
P credit balance in profit and loss of Tls. 688, against a debit balance at the beginning of the year of Tls. 5,150. This is after writing off Tls. 2,462 from furniture. Working account shows a credit balance of Tls. 1, 877, to which is added the profit of Tls, 6,423 on the sale of the company's estate No. 6. The company still owns 840 mow of land, of which only 42 mow haye been utilised, and has still a claim on the
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re-
There being no questions, the following resolutions were put to the meeting and carried unanimously
Proposed by Mr. MoLeod and seconded by Mr. Wrightson: That the Report and Accounts as presented be socepted and passed.
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[March 6, 1905. Proposed by Mr. McLeod and seconded by Mr. Block That Mr. James Johnston be elected a director, in place of Mr. J. Prentice (resigned). Proposed by Mr. J. H. Osborne and seconded by Mr. J. G. Carnaghan: That Mr. G. R. Wingrove be elect.d auditor for the ensuing pear.
The Chairman said he hoped at the next annual meeting to be able to state that dividend warrants would be posted the following day.
The meeting concluded with a vote of thanks to the directors for their services, which was proposed by Mr. J. H. Osborne and carried by acclamation.
HOKKAIDO COLLIERY AND RAILWAY COMPANY,
The following figures appeared in the Japan Times :--
The proprietors of the Yabari Coal Mine held their general meeting on a recent Sunday morning at the Company's Tokyo Office. The business report for the second half of last year was submitted. The meeting approved the following accounts 1-
Net profit
Balance brought forward
Total ...
Distributed as follows:——-
Reserve...
Yen. 900,031,072 21,240.693
921,271.765
$7,000.000
Siuking fund for renewal of
promises
8,041.026 Dividend (11 per cent. per annum) 838,800.000 Carried forward
27,430.739 There were present 653 shareholders, re- presenting 208,720 shares.
THE SHANGHAI PULP AND PAPER CO., LD.
The annual meeting of shareholders in this company was held at Shanghai on Feb. 27th. There were present: Messrs. George Racine (Chairman) Paul Brunst, and Chiu Pao-san (Directors), C. E. Roach (Managing Director), A. Brown, J. J. Chollot, W. J. Clark, A_C. Hunter, W. A. Moller, P. V. Oudin, W. Tsa, and Liu Chang-yiu,
The Chairman said:-The Report and Accounts which have been in your hands for some time will no doubt be taken as read, and I feel sure they will be received by the shareholders with much satisfaction, as they show an increase in the earnings of Tls. 31,562,37 over the previous year. making over 20 per cent. for the year. Detailed statements of accounts for the year
are
up
to now
on the table for your inspection, bat before asking you to pass same, I wish to make a few remarks. During the year, the mill has been running regularly day and night, and I am pleased to say it continues to keep in We have still to contend with perfect order. much competition from Japan and Germany, and during the past few months, owing to the high exchange, it has forced us to reduce our prices to some extent in order to meet the severe competition, as the mills having the trade of China have made a vigorous fight in order to keep it; but I am pleased to say they hare made very little progress notwithstanding they offered their paper at very much lower prices than cost in order to get started again. Our chops are now well known, and we have a good sheet which the natives prefer to inferior and cheap goods. I have every reason to expect 1905to be equal to In conclusion, I wish to state that the result for 1904 has not been attained without great care and constant attention to all the details by your Managing Director, Mr. C. E. Roach, and his staff. The shareholders and directors have to thank them very much for the excellent showing that has been made. I understand that such a profit was never before made by any paper mill in the world. (Applause.)
1904.
There were no questions, and the following resolutions were put to the meeting and carried unanimously
Proposed by the Chairman, seconded by Mr. Branat: That the reports and accounts as presented be passed.
Proposed by the Chairman, seconded by Mr. Clarke: That the Directors be authorised to pay