Page
May 29, 1905.3
COMPANIES.
THE "STAR" FERRY COMPANY, LIMITED.
The annual meeting of this C. mpany was held at the City Hall on May 27th when there were present: Sir C. P. (hater (Chairman) and A. J. Raymond (Directors) E. O. Osb rne (Secretary). and Messrs. G. H. Potte, P. C. Potts, A. Aprar, C. F. Zavier, C. A. Roza and Wong Kam Fuk REPORT AND ACCOUNTS.
In
There
CHINA OVERLAND TRADE REPORT.
DIRECTORS.
the In accordance with the articles of associat.... for re-election. Mr. A. J. Raymond retires but offers himself
Mr. N. A. Siebs having resigned, his place was taken by Hon. W. J. Gresson
AUDITOR.
Mr. W. H. Potts has audited the accounts now presented and offers himself for re-election.
C. P. CHATER,
Hongkong, 20th May, 1905,
Accounts are as follows:-
Chairman.
BALANCE SHEET. 30th April, 1905.
LIABILITIES.
To capital-
10,000 shares at $10 each fully
paid up
$ C. 100,000.00
50,000,00
10,000 shares at $10 each $5
paid up
*
To insurance fund To unclaimed dividends. To socounts payable
To directors' and auditor's fees
To dividend
To balance of profit and less account
ASSETS.
C.
account
136,000,00 Since expended on 2 new boats 47,83.00
Less written off
These have already been published. moving their adoption the CHAIRMAN said— GENTLEMEN,-With your permission we will accept the report and acconnís aq read. is nothing in them that needs comment, for in a business of this nature, when everything works smoothly, there is little of interest for the Chairman to say either to shareholders or the general public. We propose the same dividend as last year, and trust that you endorse To reserve fund our policy of building up the reserve fund whilst writing down assets. During the past year we have been able to improve the service by running the boats more frequently at night, and by increasing their speed, both of which changes have, however, augmented the coal bill. which I fear will be still heavier after existing cheap contracts have expired A new pier is being built at Kowloon and is expected By value of boats as per last to be opened for traffic next December, and wa shall then see if it be practicable to run a five minutes service during the business hours of the day; but the stumbling block will be the pier on the Hongkong side, which is already cramped for present traffic, and if a five minutes service be inaugurated, the provision of an enlarged one will broome a necessity. The Kowloon pier is designed for a five minutes service. though a portion nly is under construction, but if, as now appears hopeful, the railway to Canton becomes an accomplished fact, within a messure- able distance of time, we shall have to contemplate not only a more frequent serice, but a service that will appropriately suffice for the far reach- ing changes which must inevitably follow this great local event, and embodying probably the conveyance of chairs, horses, vehicles, and a largely increased passenger traffic. This, how- ever, is at present mere subject matter for contemplation, meanwhile we are consilering the more practical suggestion of extending to Yaumati or Hunghom, or both, as these districts are rapidly opening up, and should soon be able to support a regular and comfortable service such as the Star Ferry Co, makes it its business to provide. If any Shareholder has any ques- tions to ask I shall be pleased to them.
answer
There were no questions. Mr. G. H. POTTS seconded the motion, which was carried.
ELECTION OF OFFICERS.
Mr. APCAR moved, and Mr. G. H. POTTS seconded, the re-election of Mr. A. J. Raymond as a director. Carried.
Mr. G. H. Potts was re-elected auditor on the motion of Mr. APCAR, seconded by Mr. Wong KAM FUK.
The CHAIRMAN-Dividend warrants can be had on application. Thanks for your attend- ance, gentlemen.
By accounts receivable
183,283.00 9,283.00
By Hongkong and Shanghai Bank No. 2 By Hongkong and Shanghai Bank
account
By Hongkong Hotel debentures By Hongkong and Kowloon Wharf and
Godown Company, Limited, loan By cash in hand
898
been on the whole satisfactory, most department of the business showing an improvement. W have. no doubt derived some benefit from the comparatively high rates of exchange which prevailed throughout the year. The profits from the business were augmented by an amount of $8578.97 received from the North China Insurance Co., Ld., being a return of capital of £10 per share on 5 original shares held by this company which appear in the accounts under the heading of “investments in public companies." The amounts at which these investments stands in the books, after transferring the amount above mentioned to profit and loss account being still well below their market value, it has not been considered necessary to make any change in their valuation, You will have noticed on looking at the accounts that they have been rendered somewhat differently to those you have been accustomed to in years past. Hitherto it has been asual to include 150,000.00
under the heading of "Total Stocks in Trade," 65,000.00
such items as machinery and plant, furniture, 24,257.90
348.80 fittings and launches; but we bare deemed it 9,700.72 advisable in the balance sheet before you to 1,100.00
separate live from dead stocks, so that in future 27,000.00 the item "Total Stocks in Trade," will repre-
920.79
$278,335.21
0.
174,000.00 1,584.19 32,304,22
344.80 30,000.00
40,000.00 100.00
sent as it should do, live stock only, that is to say, stock that is being constantly turned over. You will observe on comparing the accounts now before you with those of last year, that local and general liabilities are less by $99,168.21, amounts borrowed on mortgage by 827,005.02 and bills payable by $82,625, 17, or a total decrease in the liabilities of $208,798.40; whilst our assets in the form of stocks have increased in the same period by $108,872.85, an increase brought about by the establishment of a new aerated water factory in Canton and the acquisition of the Shanghai business of Messrs. Mactavish and Lehmann. The purchase of the latter was successfully carried through in April last year, and so far we have every reason to congratulate ourselves. We are of opinion that these new branches will prove a source of strength to the company in the future. As you are aware, during the period under review, the capital of the company was increased from $600,000 to $900,000 by the issue of 30,000 new shares of $10 each, such shares being issued at 10 per cent premium. The amount derived by way of premium was carried to permanent reserve fund, increasing the amount of this fund from $250,000 to $280,000. We have thought it advisable to place a further sum of $20,000 from the profits of the year to this account, bringing it up to $63,306.17 $300,000, which we trust meets with your approval. If any shareholder has any questions to ask, I should be pleased to answer them to the best of my ability.
$278,325.21
PROFIT AND LOSS ACCOUNT,
To repairs and alterations to boats
To insurance fund
To balance appropriated as follows:-
Directors' and anditor's fees, $ 1,100.00 Dividend of 18 per cent 27,000.00 Written off boats...
9,283.00
Transferred to reserve fund... Carried to new account...
5,000,00
929.79
By balance from last account By nett earnings of boats. By interest
By scrip fees.
By anelaimed dividends forfeited
To balance
RESERVE FUND.
By balance from last account. By transfer from profit and loss account...
The report read:-The directors have the pleasure to submit to shareholders their report, with a statement of accounts for the year ending | To balance....... 30th April, 1905.
ACCOUNTS.
The nett earnings of the boats, after paying all working expense-, were $56,692.45 as against $55,684.42 last year, being an increase of $1,008.03.
The amount at credit of profit and loss account after paying for repairs and placing 89,164.15 to credit of insuranos fund, is $43,3 2.79 which, with the approval of shareholders, it is proposed to appropriate as follows:-
Directors' and auditor's fees Dividend of 18 per cent. Write off boats
Transfer to reserve fund Carry forward to new account
BOATS.
$ 1,100.00 27,000 00 9,283.00
5,000,00
929.79
$43,312.79
The Morning Star and Evening Star have been added to the fleet.
10,829.23 9,164,15
43,312.79
C.
1,287.06 56,692.45
5,046.56 There were no questions. The CHAIRMAN 69.00 propose the adoption of the report and accounts as presented. Mr. T. ARNOLD seconded and the motion was carried.
191.10
$63,306.17
C.
•
The CHAIRMAN proposed the re-election of the existing members of the Consulting Com- mittee. Captain CLARK seconded and it was 65,000.00 | carried.
60,000.00 5,000,00
$65,000.00
INSURANCE FUND.
C.
24,257.90
15,093.75 9,164.15
$24,257.91
By balance froin las: account
By p:ofit and loss recount
A. S. WATSON & CO., LD.
ANNUAL MEETING.
Mesars A. S. Watson & Company, Limited, held their twentieth annual general meeting at 11.30 a.m. on May 27th. Mr. H. Humphreys (Chairman) presided, and there were also present Hon. Sir Paul Chater, C. M. G., Messrs. C. Ewens, E. Osborne and H. P. White (Consult ing Committee), Mr. J. A. Tarrant (Secretary), Messrs. J. A. Jupp, E. J. Moses, T. Arnold, E. Millar, P. mith and Captain Clark.
The CHAIRMAN-Gentlemen, the report and statement of accounts having been in your hands for the past week I will, with your con- sent, take them as read. The year's working has
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Messrs F. Maitland and W. H. Potts were re-elected auditors on the motion of Mr. J. A. JUPP, seconded by Mr. E. J. MOSES.
The CHAIRMAN-That is all the business, gentlemen; divideud warrants will be ready on Monday. Thank you for your attendance.
NEW CHIEF JUSTICE ARRIVES.
Mr. Francis Taylor Piggott, Hongkong's newly appointed Chief Justice, arrived here by the C.PR Co.'s 's.s. Empress of China on the 23rd May accompanied by Mrs. Piggott. Sir H. 8. Berkeley, the acting Chief Justice, Mr. T. Bercombe Smith, the Paise Judge, the Hon. Mr. E. H. Sharp, K.C., Attorney General, Mr. H. E. Pollock, K.C., and Mr. A. Seth, Registrar, cast off from shore in a launch sa soon sa the Empress of China entered the harbour, to wel- come Mr. and Mrs. Piggott to Hongkong, Mrs. Piggott was escorted to Sir Henry Barke ley's residence at the Peak, where she and her husband are to remain as guests for the present, while Mt. Piggott was introduced at the Hong- kong Club. Later in the day Sir Henry Berkeley introduced Mr. Piggott to H.E. the Governor at the Council Chambers, where the oath of office were administered.