March 20, 1905.]
EXTRAORDINARY GENERAL MEETING, This meeting was held immediately after the general meeting, the same members remaining. The SECRETARY read the notice convening the meeting, and the CHAIRMAN before reading the resolution said :-
CHINA OVERLAND TRADE REPORT.
AUDITORS.
The accounts have been audited by Messrs; Thos. Arnold and W. H. Potts, who offer themselves for re-election.
JARDINE, MATHESON & Co., General Agents.
Accounts are as follows:-
BALANCE-SHEET. One year to 31st December, 1904. CAPITAL AND LIABILITIES.
Sandry creditors Paid-up capital
Balance of profit ao 1 los* ?
count
Less interim vidend at 5 per rent. paid on 29th August, 1004
ASSETS.
GENTLEMEN:-Before reading the Resolution to you I would like to any few words in explanation. The desire to cancel Article 10 and to substitute the one which I will shortly read to you, is not from any doubt of the powers of the Directors under the present Article 10, but that the Company's legal ad i- sers have raised a doubt if we are empowered to increase the Capital by a larger amount than we intend at the moment to issue, our intention being to increase the capital from the present $150,000 to $450,000; an increase of $300,00; and at the same time to issue shares for only one half of the amount, or $150,000; this conditional on our being able to dispose of our present Wanchai property at a satisfactory figure; for, if we fail to do so, it will in that case be decessary to issuo shares for the full $300,000, There is also some question as to when. under the present Article 10, the shares must be offered; the idea | Hongkong and Shangbe Bank being that they must be offered to the register-Spirits and 18m. ed shareholders on the date on which the meet- ing is held coufirming the Special Resolution increasing the capital, and not to the registered shareholders when the capital is called up. this might cause future difficulties, we are advis ed that the best procedure is to cancel the present Article 10; substituting the one wich you no doubt have all seen in the local press, and which I shall now read.
As
He then read the resolution which has already been published in these columus, and said he should be pleased to answer any questions.
In reply to Mr. ARNOLD the Chairman said the sharts would be issued at par. They int nd- ed to have a meeting so as to call up the capital ou the let July and at that time it would be n cessary to call up $150,000.
The CHAIRMAN proposed, and Mr. J. RODGER seconded that article 10 be cancelled, and the new article be substituted and adopted. Carried.
The CHAIRMAN: Another meeting will be held shortly, of which due no'ice will be given. to coufirm this special resolution which has now been passed.
CHINA SUGAR REFINING CO., LIMITED.
|
DIRECTORS.
187
Mr. E. Osborne retires by rotation, but offers himself for re-election. Mr. R. C. Wilcoi has been granted twelve months' leave of absence.
AUDIT.
The accounts have been audited by Messrs. H. U. Jeffries nd A R. Lowe, C.A., who offer themselves for re-election.
W. HUTTON POTTS.
Chairman.
The accounts are as follows :--
BALANCE-SHEET,
$ C. 2,000,000,00 296,697.41
1,103,312 75
100,000,00
-1,003,812.75 | Capital.—
$3,300,510.16
paid-up)
Property account consisting of—
East Point Refinery Bowrington Refinery Swatow Refinery
Hongkong Distillery
Caslı
Raw and refined s"ar, &e
Charcoal, cc .1, stores, &.c.. Sun try debtors Shipments
Less advances
782,727.52
31st December, 1904
LIABILITIES.
12,000 shares at $50 each (fully
1,000 mortgage de. bentares (6 per cent.)
authorised
$500 each
...$600,000.00
i-gue, at
...$500,0 10,00
1,581,200.03
Less 270 ditto held y
the Company
135,0 0.00
3,271.29
365.000.0)
26.892.96
Reserve fund, as per las' accom
100,000,00
Sundry creditors...
85,479,00
4.823.17
0,787.00
226, 19.41
250.413,90
$839,857.91 414,903.62
424,952.27
$3,350,510.16
PROPERTY ACCOUNT.
To balance at deb ́t on 31st December, $ c.
1903
.1,542.262.05 38,946.98
$1,581.202.03
To 1 ew buildings and machinery....
By balance at dato
PROFIT AND LOSS ACCOUNT, To halince of profit and loss account
1rought forward from last yaar
To commission
To reinsneration to consulting committee To auditors' fees
C.
1,531,200.03
117.717,30 83.326.65
2,500.00
750.00
234,293.95
To interim dividend at $5 per share, paid
2.h August, 19 ' .........
100,000.00
To net balance
The report for presentation to the share- holders at the twenty seventh annual general meeting to be he'd at the Offices of the general agents, at noon on Thursday, 23rd March, is as follows:-
By gain on working By interest
334.293.55 1,401,$12.75
$1,378,106.70
Unclaimed dividends.....
Hongkong and Shanghai Benking
Corporation (current account) 77,197,00 Profit and loss acccunt, b''ance as
per statement...
ASSETS.
88,870.58
$1,273,039.87
Value of land and buildings as per last report:-
Marine Lot No. and
remaining portion of
Marine Lot No. 3
Remaining poi sion
...$372,015.00
of
Marine Lot No 7 368,108.20
Praya reclamatio-cost
of land ...
***
New building on reclama-
tion, payments on
account...
-$740,153.80
22,390.42
1
!
256,256,02
278,616.44
Cost of three Chinese Houses on sections B, C an 1 D of Inland Lot No. 80
Value of furnitu e and
fixtures, a per last
account...
Less written off as per
last report
C.
1.337.292.43 814.27
Since added
33,000.00
...$ 67,207.49
7,207.49
$ 60,600.00 2,092.92
62,002.92
Installation of electric light. $ 57,228.74 $1,338.106.70 Less account from special
reserve fund
ware, &c.
The General Agents beg to submit to share- THE HONGKONG HOTEL COM- Stock cf linen, crockey and glass- holders their report on the Company's business for the year 1904 with a statement of accounts to 31st December last.
The refineries were actively employed during the year, and in consequence of the general advance in Sugar, remunerative prices were obtained in all the consuming markets.
The sum at credit of profit and loss account is $1,103.812.75 from which has to be deducted $100,00 paid as an interim dividend on 29th August last, leaving for appropriation $1.003.812.75, which the General Agents and Consulting Committee recommend should be dealt with as follows, viz.:-
To write off Swalow property...$
51
pass to equalization of divi
dend fund
appropriate to repairs and
renewals account
53
bonus to staff..
share
,, fing dividend of $15 per
1, carry
account...
50,000.00
450,0000
PANY LIMITED,
The report of the board of directors to be presented at the ordinary meeting of share holders, to be held at the company's hotel, at 12.30 p.m., on Tuesday, the 28th March, is as fellows :-
Gentlemen. In accordance with Section 56 of the Articles of Association, the Directors now beg to submit their Report for the half- year ended 31st December, 1904.
ACCOUNTS.
Stock of wines, provisions, household sundries and stationery, AS per inventories
20,000.00
31,228.74
+1,663.00
31,576,49
5,796.31
2,666.67
7,600.0)
32,815.95
8,787.0)
182.55
$1,273,639.87
Shares in public companies... Licenses attaching to 1905 Value f steam launch as per last
report Sundry debtors
Hongkong and Shanghai Binking
Corporition (unclaimed dividends account) Cash in hand
PROFIT AND LOSS ACCOUNT.
The Profit on Working Account amounted to $39.326.25 as compared with 878 424.49 for the corresponding period of 1903, showing an For the six months ending 31st December, 190) increas of $10,901.76.
The Profit and Loss Account, including the 150,000,00 sum of $11.668 65 br. nght forward from 30th 11,000.00 | June, 1904, shows a credit balance of $88,876,58, which the Directors recommend should be 300,000.00 apportioned as follows:-
42,812.75
forward to
next
$1,003,812 75
CONSULTING COMMITTEE.
Mr. R. C. Wilcox resigned his sat on his departure from the Colony, and Mr. A. J. Raymond was invited to join the Board in his place.
The Consulting Committee now consists of Sir Paul Chater, J.M.G., and Messrs. A. G. Wood, E. Shellim and A. J. Raymond, who offer themselves for re-election.
To pay a Dividend of 10 per cent.
for the half-year
To write off from value of Furniture
and Fixtures
To transfer to Repairs and Renewals
Account
To write off from value of Steam
Launch
+
To write off from value of Electric
Plant
To carry forward to new Account
Dr. To bad debts and refund, To crown rent
To rates
To fire insurance...
201
To debenture Int. on $500,000
at 3
per cent. $60,000 00 | To less returned on debentures
held by the company
3 c 174.85 502.40
3,103.30
2,837.89
..$15,000.
4,630,87
12, 92.92
10,369.13
To interest account
1,983.65
To directors and auditors' feea
10,000,00
3,200.00
To repairs and renewals
874.77
2.000 00
1,228.74 3,554 92
888.876.58
To balance to be appropriated as follows:-
To pay a dividend of 10 per
cept...
To transfer to repairs and
renewals account
To write off from value of
furniture and fixtures
.$69,000.00
10,000.( )
12,092.92