234
dissolution. It was neoemary to make a reply to this writ, and this was done by the plaintiff It took a lot of time and the plaintiff worked every day after office hours, from five to seven, and after dinner till almost midnight. The defendant again went to Shanghai in December and finally came back and the plaintiff prepared the answer to send tothe defen- dant's solicitors in Hamburg. The defendant on several occasions promised the plaintiff that he would be well compensated, but all the plaintiff received was $100. It appears that after the defendant had seen his solicitors in
Shanghai he called upon his partners at home to put up more capital, and this, it would The defendant a good move. seam, was commenced to make a new private code, and in this respect also got the plaintiff's assistance. The plaintiff put the addresses of the defendant's partners on the front of this, but the defendant told him to scratch these out, so the work was
the old
firm firm but for a new not for The plaintiff got no compensation what- ever except various small sums which he drew from the Compradore, totalling $100. The claim is for $500, less $100 the rate being a dollar an hour for the overtime private work for the plaintiff. Mr. E. Pillis was also employed on the private code, his claim being for $250.
Evidence for the plaintiffs was led. The case was adjourned.
COMPANIES.
THE YANGTSZE INSURANCE ASSOCIATION, LD.
The report for presentation to the fifteenth ordinary general meeting of shareholders, to be held at Shanghai on 11th April, reads :—
The board of directors have now the pleasure to submit to the shareholders the annual report
and audited statement of accounts and balance sheet to the 31st December, 1904.
Working account 1908 and former years.- This account shows a oredit balance of $238,190.62 against $155,428.17 on 31st December, 1903. The directors recommend the payment of a dividend to shareholders of 20 per cent. out of this account and the transfer of $50,000 to the oredit of reserve fund and $50,000 for the formation of a reinsurance fund. The account will then stand as follows: Dividend of 20 per cent.
($12 per share)
To reserve fund
***
To reinsurance fund Balance carried forward
$96,000.00
50,000.00
50,000.00
42,190.62
$238,190.62
Working account 1904-The net premis earned during 1904, after deducting return premia, reinsurance premia, &c., amount to $1,110,534.86 against $859,819.47 during 198 and the account shows a balance at credit of $628,364.95. As the balance at credit of this account is unusually large and the liability for unexpired risks against same is not exceptionally heavy, the directors recommend the payment of a special dividend to shareholders of 5 per cent. -$3 per share, which will absorb $24,000 to be paid out of interest earned during 1904, and to carry forward the balanse which will then amount to $599,364.95.
The dividends will be paid in taels at Exch. 73, $15 per share at Exch. 73—Tls. 10.95 per share.
RESERVE FUND.-After crediting this fand with $50,000 as recommended above, the reserve fund will amount to $750,000.
EXCHANGE AND INVESTMENT FLUCTUA- TION ACCOUNT.-Owing to the high rate of sterling exchange and the depreciation in value of the association's sterling and eastern invest- menta, on the 31st December last, it has been necessary to debit this account with $31,903.81, leaving a balance of $5,890.48 at credit of same. Sterling exchange has been taken at 2/91 per taal (the demand rate on 31st December, 1904), | and the relative value between dollars and taels
at 73.
INVESTMENTS.--The value on 31st December last has been taken for all the association's investments.
THE HONGKONG WEEKLY PRESS AND
DIRECTORS.—Mr. D. W. Gilmour and Mr. C. W. Wrightson having resigned their seats on the Board owing to their departure from Shanghai, Mr E. B. Skottowe was invited to rejoin the Board in the place of Mr. Gilmour, and Mr Robert I. Fearon was invited to fill Mr Wrightson's vacant seat on the Board. Mr. Skottowe and Mr. Fearon offer themselves for election at the meeting of shareholders, and, in accordance with the Articles of Association, the other directors all retire from Office, but, being eligible, offer themselves for re-election.
AUDITOR.--Mr H. Trevor-Guerrier having
resigned the association's auditorship owing to his departure from Shanghai, the board of
directors appointed Mr. G. H. Thomson. Chartered accountant, to audit the Accounts now presented. Mr. G. H. Thomson offers himself for election as auditor.
{April 8, 1965. THE YANGTSZE WHARF AND“ GODOWN CO., LD. .
The fourth ordinary meeting of shareholders in the Yangtaze Wharf and Godown Co., Ld was held at the Office of the General Agenta, Messrs. Carlowits & Co., & hanghai, on the 28th, March, Mr. M. March in the chair.
There were present:-Mr. B. Lemke and Captain R. Kohler, Directors, Mr. C. Landgraf, Secretary, Messrs. J. Stampff, C. Hofmann and Ed. Krietsch, representing 1,591 shares.
The Chairman-The General Agen:e' Report and Statement of accounts for the past year have been in your hands for sometime and
with
your
permission I will
take rame as read. The year's working has again been very satisfactory one as shown by the fact that your Directors have again been able to recom- mend the payment of a dividend of 18 per cent.
THE YOKOHAMA SPECIE BANK, The increase of business has made it imperative
LIMITED.
TO THE SHAREHOLDERS,
Gentlemen,-The directors submit to you the annexed statement of the liabilities and assets of the Bank, and profit and loss account for the half-year, ending December 31st, 1904.
The gross profits of the Bank for the past half-year, including Yen 527,000,558 brought forward from last accounts, amount to Yan
fund,
7,915,988.448, of which Yen 6,006,066.045 have been deducted for current expenses, interests, &c., leaving a balance of Yen 1,909,922,883.
The directors
that Yon propose now 200,000 be added to the reserve raising it to Yen 9,720,000, and that Yen 100,000 be placed to the silver funds. From the remainder the Directors recommend a dividend at the rate of twelve per cent., per annam, which will absorb Yen 720,000 on old shares and You 360,000 on new shares, making a total of Yen 1,080,00
The balance, Yen 529,922,383 will be carried forward to the credit of next account.
NAGATANE SOMA, Chairman.
The accounts are as follows:
Capital paid up Reserve fund....
BALANCE-SHEET. 31st December, 1901, LIABILITIES.
Reserve for doubtful debta
Reserve for depreciation of bank's pre-
mises, properties, furniture, etc Reserve for silver funds
Deposits (current, fixed, etc.)..
Bills payable, bills re-discounted, ac
ceptances, and other sums due by
the bank.....
Dividenda unclaimed
Amount brought forward from last ac-
count
Net profit for the past half-year....
Cash account:~
In hand..
At bankers
ASSETS.
Yen. 18,000,000.000 9,520,000.000 282,705,720
152,448.700 500,000.000
70,545,217.209
135,190,773.644
5,865,520
527,000.558 1,382,921.825
Yen 234,056,469.176
Yen. 6,492,514,992 9,454,281.210
Yen.
15,946,796,202
to erect a new shed of the following dimensions 200' by 100' metal roofed which is on the point of completion and which will serve mainly as a transit shed. Our buildings, pontoons, lighters eto, have all been kept in first olsas order and the cost of doing so has, as in past years, been defrayed out of current receipts without en- orosobing on the amount at credit of repairs account. The repair account has been altered account and same has been to reserve strengthened by setting aside a farther Tls. 11,500, so that it now stands at Tls, 17,500. As regards our property on the Yangtsspoo Road there is nothing new to report to-day. I am confident however that the authorities will not allow the question of the Conservanoy of the Huangpu to be shelved, but I trust og the contrary that we are nearing the time when we shall see this most important malter Our Manager, Mr. vigorously taken in hand,
our staff at the Wharf have Rogers, and and to their efforts the success of the past year's attended to their work with their usual energy, werking is due to a large extent. It will be gratifying to you to learn that the ontlook for the year 1905 is as satisfactory as we could wish for. Mr. Charles Rayner baring left Shanghai ou a well-earned holiday, Mr. M. March has taken over the duties of a Director and Chair- man of the Board se per § 117 of the Articles of Association. Before moving the adoption of the Report and Accounts I shall be pleased to answer any question which shareholders may wish to pat.
No questions having been asked the following resolutions were put and carried unanimously:-
Proposed by the Chairman, seconded by Mr. Lemke:-That the report and accounts as
presented be approved and passed.
Proposed by the Chairman, seconded by Captain Köhler :-That a dividend of 18 per cent., equal to Tls. 18 per share be paid.
Proposed by Mr. Rogers, soconded by Mr. Krietsch-That Mr. Lemke and Capt. Kobler be re-elected directors.
Proposed bp Mr. Hoffman, second by Mr. Landgraf:-That Mr. G. Wuilleumier be re- elected Auditor.
21,162,396.510 LAUNCH WRECKED AT SHANGHAI.
Investments in public securities. Bills discounted, loans, advances, &c. 55,477,649.210 Bills receivable and other sums due to
the bank..
139,258,708.894 Bullion and foreign money Bank's premises, properties, furniture,
&a....
390,511.240
1,820,401.180
Yen 294,056,468.176
PROFIT AND LOSS ACCOUNT.
To current expenses, interests, do.... To reserve fund To reserve for silver funds To dividend--
Yen 6.000 per share for 120,000 old ́ sharesyen 720,000,000; and yen 3,000 per share for 180,000 new shares-yen 860,000.000..
To balance carried forward to next ac-
count
FOUR MEN DROWNED. FOREIGN Children's narrow ESCAPE, The N-C. Daily News reports that about 5 p.m. on 30th March Messrs. Farnham, Boyd & Co.'s launch Douglas, which runs between the various docks with passengers, was sunk by collision with a large sailing vessel. At the Yen.
time of the accident the trip was being made 8,006,068.045 from the Old Dock to the Cosmopolitan Doak. 200,000,000 The laodah usually in charge had given over 100,000,000
temporary command to another who appears to have be n wanting in experience. The collision launch sank in about half a minute. There took place near the International Dook and the were on board at the time the three children of Mr. Todd, and the three chrildren of Mrs. Rasmussen, and they would almost certainly have ben drowned but for the presence of mind of the eldest, Peter Todd, aged thirteen. Seeing that the launch was doomed, young leter hailed 327,000.556 a sampan which was fortunately close by, and just had time to get his young companions and himself on board. A Chinese cruiser near alão lowered a boat, but too late to save four Chineas on the launch who were drowned,
1,080,000.000
589,922.889 Yen 7,913,988.428
Yen.
By balance brought forward 30th June,
1904... By amount of gross profits for the half.
year, ending 31st December, 1904...7,388,987.870 Yen 7,915,988.428