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June 12, 1905.]
Chairman, to note my protests against resolu- tions 2, 3 and 4.
Mr. MOIR-This Company is to be voluntarily wound up. How can you call it voluntarily if we are not unanimous ?
Mr. EWENS-The resolutions have been passed by a three-fourths majority, which is according to law.
Mr. BROWN-Where do you get the three- fourths majority P In the Articles of Associa tion. P
Mr. EWENS That is the law.
Mr. BROWN-Are we ignoring the Articles of Association at this meeting?
Mr. EWENS-We do not ignore the articles The CHAIRMAN-The meeting is at an end. We have passed the resolution we came here
to pass.
WILLIAM POWELL, LIMITED.
On the 6th June there was an Extraordinary General Meeting of William Powell, Limited. Mr. W. H. Gaskell presided; and there were also present: Messrs. G. Murray Bain, G. C. Moxon, J. M. Wong, H. Eyre and E. A. M. Williams (Secretary).
After the Secretary had read the notice cou- vening the meeting, the CHAIRMAN read the following resolutions requi ing confirmation:-
FL
"(1) 'That the Capital of the Company be in- creased from $120.000.00 to $150,000.00 by the "creation of 3,00 New Shares of $10.00 each.
S+
*
44
(2) That such new shares be offered to those persons who are registered as Shareholders of the Company on the First day of July, 1905, "in the proportion of one New Share for every "complete Four Sbares held by them on the
First of July, 1905.
64
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蓝盾
最落
"(3) That the Amount due for the New
Shares be called up on the Fourth of August,
CHINA OVERLAND TRADE REPORT.
Fund for the extension of services and
improvement of the fleet
Pension fund for employees Sundry creditors
Amount brought forward from ast ac-
count
Net profit for the half-year
ASSETS. Reduce book value of fleet Reduced book value of launches, barges,
&c.
Payment on account of new ships Buildings and land
Yangtse-kiang line account Yokohama stores department, &c. Public loans and other securities Cash at ba kere an i in hand .. Sundry debtors
3,500,000,000
165,887.321 930.369.273 3,857,716.454
1 531,528.150 1,060,468.65 6,818,51.640 6,035 706.977 1,525,003.524
Since expended...
363
BALANCE-SHEET,
LIABILITIES.
456,699.220 Capital 30,000 shares at $10.00 each
300,000.00
4,591,281.131
Debentures
150,000.00
Sundry creditors
97,870.64
974,263.869 1,485,081.807
Company's bankers
68.015.30
Balance of profit and loss account
26,896.12
Yen 46,078, 97.714
$642,782.06
Yen. 23,823,365.721
ASSETS.
0.
Kowloon Land
$ 2,770.18
Since expended
965.00
33,735.18
Buildings and machinery
140,418.50 1,314.81
-141,733.31
Furniture
Since expended
265.00 32.00
287.00
Lines
25,678.58
Yen 46,078,097.714
Since expended
12,516.56
38,195.14
Materials, stores, fuel, &c. in stock
Yen.
valued at
་ ་་1
37,358,87
755,593.776
Canton
325,657.280
Buildings and machinery
453,521.180
Since expended
14,786.04 27,761.43
214,547.47
850,000.000
Furniture
74,283.090
Since expended
393.68 6.1,00
402.68
Lines
26,551,91
220,000,000
Since expended...
46,578.23
73,128.14
Materials, stores, fuel, &c. in stock
valued at
41.229.68
649.19
51,104.58
10,410.87
$642,782,06
PROFIT AND LOSS ACCOUNT.
To depreciation of feet and property To insurance fund
To ships' structural repair fund To special repair and renewal fund for
steamers in transport service To reserve fund...
To directors' and auditors' fees To dividend (10 per cent.}
To special dividend (2 per cent.) To balance carried forward to Lext ac-
count....
71,354,110
1,100,000.000
994,284.176
Yən 4,844,697.911
By balance brought forward 30th Sep-
tember, 1904
By amount of gross profits for the half-
year, ended 31st March, 1975
Yen 974,261,869
670,434.042
Yen 4,844,697.911
1905, and that the New Shares Rank for THE CHINA LIGHT AND POWER
Dividend, with Original Shares from July
1st, 1905."
These resolutions were passed at a Meeting
held on the 18th May. He proposed that they be confirmed.
Mr. G. MURRAY BAIN seconded and the resolution was carried.
THE NIPPON Y SEN KAISHA.
The report of this popular company (whose feet, we hope, will soon be running as before), reads, for the half-year ended March 31st, 1905, as follows:----
The gross profits of the Company for the past half-year amount to Yen 3 870,434.042, out of which there has been paid:
Depreciation of the Company's fleet
and property
Insurance fund.
Yen.
755,593.775 325,657.280 453 521.180
Ships' structural repair fund Special repair and renewal fund for
steamers in transport service... 850,000.000
Yen 2,384,772.935
leaving a balance of Yen 2,459,925.676, including Yen 974,263.869 brought forward from the last
Account.
The Directors now propose that Yen 74,283.090 be added to the Reserve Fund, raising it to Yen 2,133,338.976; and that Yen 71,358.110 be allowed as Directors' and Auditors' fees. From the remainder the Directors recommend a Dividend at the rate of Ten per cent., together with Two per cent as Spécial Dividend, thus making Twelve per cent.. per annum, which will absorb Yen 1,320,000.000
The Balance, Yen 994,284.476, will be carried forward to the next Acoount.
REMPEI KONDO,
CO., LIMITED.
Report for presentation to the shareholders at the fourth ordinary general meeting to be held at the Office of the General Managers, on Wednesday, 21st June, 1905, at 11 o'clock a.m.
Annexed we have the pleasure to lay before shareholders a statement of accounts for the year ending 28th February, 1905.
The gross profit amounts to $53,755 39, and the net profit including the amount brought forward from last year and after payment of interest and other charges amounts to $26,896,12, which it is proposed to carry to the credit of next. year's account.
Proportion of premia on current fire
policies
Sundry debtors
Cash in hand...
İNDO.CHINA S. N. CO.
In connection with the recent announcement by the General Managers that the Directors of the Indo-China S. N. Co., Limited, have recom. mended a dividend of 12 shillings per share for the year ended 31st December, 1904, Messrs Benjamin, Kelly and Potts are now in receipt of further advices to the effect that out of the profits on the 12 months' working, a sum of £20,000 has been transferred to the oredit of General Reserve Fund and we understand that in addition, the following provision has been made-
The result is a great advance on the previous year's figures as regards both Kowloon and Canton but, as will be seen from the accounts, the Company is heavily handicapped by interest on loans and further capital is urgently required not only to wipe out the present indebtedness" bat also to enable the Company to obtain additional plant to meet the demand at Canton. The Dividend on the Guaranteed issue of Capital will be paid by the Guarantors, so no the accounts under this entry appears in heading.
CONSULTING COMMITTEE.-In accordance with the Articles of Association. The Hon. Sir Paul Chater, U.M.G., Dr. J. W. Noble and
H. P. White, Esq.. retire but offer themselves
for re-election.
AUDITORS.-The accounts have been audited by Messrs. W. H. Pots and A. O. D. Gourdin who are recommended for re-election.
SHEWAN TOMES & Co..
General Managers: Hongkong, 20th May, 1905.
Accounts are as follows:-
PROFIT AND LOSS ACCOUNT.
Auditors' fees
Consulting committee's fees...
Chairman.
Interest
Head Office, Tokyo, 26th May, 1905.
The accounts are as follows:-
Share capital
Debentures
Insurance fund
BALANCE-SHEET.
31st March, 1905.
LIABILITIES.
Ships' structual repair fund
Special repair and renewal fund for
steamers in transport service
Reserve fund
Dividend equalizatiofound
Yen. 22,000,000,000 8' 0,000.000 2,771,996.844 3,2-9,135.957
850,000,000
2,059,055.886
......... 9,300,000.000 .
Exchange
General charges
Balance
Balance from last year
Balance of Canton working account ... Balance of Kowloon working account
$
200.00 1,500.00 771.88
26,715.17 1,411.20 26,896.12
$57,494.42*
$1
Transfer to Depreciation Account ...£65,000 ,, Exchange Fluctuation A/0 4,000 Underwriting Account... 35,000 and a balance of about £4,500 has been carried forward.
11
We learn that at the request of local shareholders the following telegram was despatched on the 8th instant by the General Managers to the London Board of Directors- Hongkong shareholders dissatisfied distribu- tion earnings. Urge bonus." The annual meeting of shareholders was to be held in London on June 9th.-We learn since that the protests were fruitless.
8. C. FARNHAM, BOYD & CO., LD.
PROPOSED REDUCTION OF CAPITAL.
Messrs. Benjamin, Kelly & Potts were on June
9th advised by cable that the Annual Meeting of this Company has been fixed for the 23rd June, and that the Share Register will be closed on the 15th instant. They also understand that a proposal will be made by the Directors to reduce the Capital of the Company by returning to shareholders Twenty Taels per share.
PROPOSED NEW WATERBOAT COMPANY FOR HONG KONG.
WHY THE STRAM WATERBOAT SHARES
DEPRECIATED.
For some time on the Hongkong Rialto there have been mysterious rumours which suggested that "Steam Waterboats' were better to sell than to buy.
The shares of the old company, which recently bought out the only serious competition there
$ C. was, have dropped from $21 to $17, notwith- 3.739.03 standing that an interim dividend of five per 47,712.08 cent. has just been paid, and that the pr spects
6,043.31
were never better. When the Japanese shipe begin to visit the port again, the business will experience a beneficial fillip.
$57,191.42