248
tralia, India, Java, etc. But iù spite of the effect of dearer raw material and higher exchange, our business is in a sound position, our markets are widening, and our rope is becoming favourably known in places it had not reached before, and any check to the local consumption caused by higher prices will, we trust, be only temporary and disappear as the shipping trade recovers from its present de- pression. Owing to slackness of business and
• accumulation of stock, the factory was shut down in the months of July, August and September, so will still bave every facility for filling a much larger demand than any we have yet had. The Accounts are very simple, and I do not think require any explanation, but I shall be glad to answer any questions about move that the Report and them before I Accounts be adopted.
Tuere were no questions. The CHAIRMAN proposed, and Mr. FUNG WA CHUN seconded, that the report and accounts be adopted. This was carried.
Mr. FUNG WA CHUN proposed and the CHAIRMAN seconded that Messrs. A. J. Ray mond, D. E. Brown, H. P. White and Dr. Noble be re-elected on the Consalting Com. mitter. This was carried.
Mr. RAYMOND proposed and Dr. NOBLE seconded that Messrs. T. Arnold and W. H. Potts be re-elected Auditors. Carried.
The CHAIRMAN-That is all the business.
Dividend warrants are now ready.
CHINA BORNEO COMPANY LIMITED.
The second ordinary annual general meeting of the China Borneo Company, Limited, was held at the offices of the Company on 16th April Mr. A. G. Wood (Chairman) presided and there were also present Sir C. P. Chater, C.M.G. Mr. E. Osborne (Consulting Committee), Mr. J. Wheeley (General Manager), and Messrs. W. Parlane, J. W. C. Bonnar, T. Arnold, W. H. Wickham, L. Ozorio, O. Baptista and A. H. M. da Silva.
THE HONGKONG WEEKLY PRESS AND
The CHAIRMAN-Gentlemen, the report and accounts have now been in your hands for wome time and I presume that you have no objection to their being taken as read. The company's- operations during the period under review show a fairly satisfactory result, but not quite so satisfactory as was anticipated. The storm that passed over B. N. Borneo on October 31st last did a great deal of damage in the jungle, and throw everything back considerably. January, February, November and December were very unusually wet months, and hauling was greatly interfered with, and these circumstances com- bined bave made the output of timber smaller, and the relative cost higher than it would other. wise have been. You will have noticed from the accounts that over $70,000 have been spent during the
year 1904 in developing and additions to the Company's various properties in Borneo, and this sum has for the most part been unproductive during the period under review, but as all this work was practically completed in the early part of the current year, we hope that it will noW contribute to the company's earnings. We have recommended that the sum ($61,723.45) available for appropriation be dealt with as follows:--to pay a dividend of $1.00 per share, absorbing $46,000; to write off launches and lighters, 810,600; to write off plant $2,400; to write off timber concessions 82,723.45; total $61,723.45, and we hope you will approve this. The various properties have been well kept up and all are in good order. The company's business during the current year has, so far, shown satisfactory results. Before proposing the adoption of the report and accounts now shall be glad to answer any questions you may wish to ask.
before you
There were no questions. The CHAIRMAN moved that the report and accounts as pre sented be adopted. Mr. RARNOLD seconded, and it was carried,
Mr. W. PARLANE proposed the re-election of Mr. A. G. Wood on the Consulting Committee. Mr. J. W. C. Bonnar seconded, and it was earried:
+
Mr. W. H. WICKHAM proposed the re-elec- tion of Mr. W. Hatton Potts as auditor. · Mr. T. ARNOLD seconded, and it was carried.
|
The CHAIRMAN—That is all the business ↑ THE - SHANGHAI WATERWO
COMPANY LIMITED. gentlemen. Thank you for your attendance. Dividend warrants will be ready on Monday, and can be had on application at the Company' office.
The report and accounts were as follows:— Gentlemen.-The general manager and con sulting committee bog to present to the share- holders the second ordinacý yearly report of the 965,723.45 Company.
The accounts show a profit of
་་་
From this has to be deducted :~-~-
Fee to consulting committee
་ ་ ་
4,000.00
The annual meeting of this Company held at Shanghai on April (th......
The Chairman said :--- The year 1904 has been as far as this Company is concerned, one considerable activity; extensive additions: | been made to our plant ani works, and mains have been laid in the extended area wi the Settlements, and in the districia beyond the |· Municipal boundaries, resulting in a very miti factory increase in our revenue............ Our revent from all sourous amounts to the satisfactory suc of Tls. 403,245.70 and is the largest income
Leaving available for appropriation...961,723.45 | earned since the inauguration of the Company, The consulting committee recommend share that a dividend of $1.00 per on the paid-up capital be paid to shareholders...
46,000.00
To write off launches and lighters... 10,640.00 To write off plant To write off timber concessions...
..
J
CONSULTING COMMITTER.
AUDITOR.
being an increase on 1903 of Tls. 45,7,8.64; the Directors have every reason to hope that this increase will be maintained, if not improved upon in the future. It is also matter for cof- gratulation that the general working expenses of 2,400.00 the Company remain practically the same as 2,723.45 | year, leaving as a result of the year's operations a balance of Tls, 281,060.58 at credit of working $61,723.45 account to be transferred to profit and loss
account, or an increase of Tls. 48,524.91 In accordance with the articles of association the amount passed to this soconat in 1905.
Profit and Loss Account is stated in the sam Mr. A. G. Wood retires but being eligible
manner as last year, and after the payment i July last of an interim dividend of 15/-per sha offers himself for re-election.
amounting to Tls. 41,806.45, providing interest on debentures, and Bank everdraft; depreciation on engines, boilers, and general
Tls. 30,000, works, amounting to special sum of Tis. 20,000 as depreciation on stocks of fittings, etc., and providing for sundry other payments as specified. the account, there remains a balance credit of Tls, 151,737.11 for distribution, or în increase of Tis. 16,714.12 over last year. The 'Directors now recommend that the above bil. ance be appropriated in the following mannØR ---- To payment of a final dividend for
The accounts under review have been audited by Mr. W. H. Potts, who offers himself for
re-election.
J. WHEELEY, General Manager.
The accounts are as follows:-
STATEMENT OF ACCOUNTS 31st December, 1904. LIABILITIES.
Capital:
Sundry creditors Balance of working account
0.
"the year 1904 of 37/6 per share
60,000 shares each $12
Less 14,100 shares unisaned
each $12.
$720,000,00
168,000,00
552,000.00 7,802.60 65,723.45
$825,526.05
at exchange 2/7 per taal To transfer to reserve fund (increas-
Tis. 104,516.12
30,000.00 17,220.99
0.
****
ASSETS.
Hongkong saw mills and goodwill Sandakan saw-mills. Talaga saw-mills
Steam launches and lighters":
Value as per last statement. $91,242.76
Less amount provided for
depreciation
4,000.00
87,242.78
Since added... 18,958.59
Sandakan engine works :-
Value as per last st·tement
L
150,000,00 40,000.00
47,142.51
- 106,2 -1.35
18.405,34 Since added... 18,665.35
Sandakan slipway;"
Valus as per last statement
Plant:-
5,628.79 Since added... 29,000.41
Value as per hat statement
Since added
Land and house property House and office furniture Kudat pier
Timber ccacessions :--*
Value as per last statement
Legs amount provided for
depreciation
21,827,19 1,889.79
24,730,02
4,502.04
20,227.98
Since added... 3,550.18
Sundry debtors Stock of rough and sawn timber, stores,
material etc. Hongkong and Shanghai Bank, cash with. Cash in hand
WORKING ACCOUNT.
Dr.
and To management, office expenses,
general charges at Hongkong, and Borneo *... To exchange
To balance.........
..
Cr.
By proft on sales of rough and sawn
timber, &c.
By interest By scrip fees
37,071.09
ing it to The 170,000) To carry forward to new account
Tls. 151,737,11 Under the head of capital expenditure appeart the large item of Tls. 186,971.08, which is up principally by the payment for two larg new boilers to replace those that had bee working constantly since the works opened in 1883; the cost of land in Sinza District, as the site of a new Wat Tower, very desirable addition to works, to enable us to supply water un greater pressure than we can do at present, to the large and increasing number of houbnes erected and in course of erection in this populous part of the Settlement. It also in- 84,620.20 | cludes the cost of a valuable piece of property immediately opposite the Company's works at Yangisepoo, formerly owned by Doctor Burge and which, as it adjoins some of our land on 28,716,91
6,769.53 the North side of the road, will prove a most 2,261,77 | valuable soquisition for extension of our filter 8,900,00 beds, reservoirs, etc., which will undoubtedly be required in the not distant future. On the liability side of the Balance Sheet, there is only one item I need comment on, vis, the Debenture Issue, which is stated at Tls. 594,700, and I sai pleased to be able to inform you that since the accounts were closed, the remaining Tls, 15,000 making the total issue of Tis. 550,000, have been taken up at par.
23,778.16 6,249.27
95.864.42
38, 706.62 5,062.29
$625,526,05
I should give you some information regard to the very important negotiations have taken place between the Municipal Comme and your
· Directors with regsed to a new, mant for the supply of water to the Settlem in substitution of the mriginal ons omkos as long ago u 1881, and which in mudit many vague and obsolete alañera, ORI very important cao, viz., Clanse No. has proved to be quite would doubtless at some friction and probably do $104,021.99 | Council and the Company. his speech remarked thati tions, extending over
32,909.54 5,389,00
65,723.45
103,633,24 years, had given the 470.25 a great deal of 18.50 | hard work,ind-I
$104,021.99
your Directses-kai