-July 24, 1905.j
advanced-There was no written agreement, but there was a note made when money was lent. If we had money we lent it to the Wang Fung, but it was not a matter of necessity that should. We were willing to lend to the Wang Fung because the masters were such wealthy
med.
we
Mr. H. J. Gedge (of Mess.s. Johnson, Stokes and Master) who represented the Hongkong Bank, continued the examination.
How much does Lau Hok Shan owe the Wang Fung About $700,000.
Does this bock (produced) belong to the Wang Fang ?-Yes.
Do s it contain entries for 38 bills drawn a:ainst Singapore, Rangoon, Bombay and else. where, also a telegraphic transfer?--Yes.
Did the firms that drew these bills get the
money -No.
Where did the money go to:-The money was issued for the use of the Wang Fung in Canton.
What security did the Hongkong Bink get? Lan Hok Shan placed some property with them as security.
Where was this property ?-In Canton. The value of it ?-About $600 or $700.
What other security? The cmpradore's
security.
When were the deeds handed over by Lau Hok Shin-Seven or eight years ago.
At this stage Mr. Wakeman asked for an adjournment.
He said a
summ ns had been taken out for the manager who could not be found.
His Lordship adjourned the case for a fortnight.
IN SUMMARY JURISDICTION,
BEGORE MR. A. G. WISE (PUISSE JUDGE).
FUR ON FIRM U. MA TSUN KEE AND) ANOTHER.
This was a claim by the plaintiffs, who carry on business as shipbuilders, at Shamsuipo, for $122.67 for work done to the steam launch Wing Fook.
Mr. F. P. Hett (of Messrs. Brutton, Hett and Goldring) appeared for the plaintiffs and Mr. Almada e Castio represented the defendants.
The writ set forth that in October last year,
under instructions from the second defendant, Mamie Mab, considerable repairs had been made on the launch, the total cost of same being $722, of which the amount claimed was the balance due.
Evidence was led and the case adjourned.
IN SUMMARY JURISDICTION.
Friday, 21st July.
BEFORE MR. A. G. WISE (PUISNE JODGE).
THE CHEUNG YU AND OTHERS V. THE
WANG ON FIRM.
The plaintiffs, a number of Chin 83 firms, sued the defendants, the Wang On firm, traders, of Connaught Road, for an aggregate amount of $3,922.51 due on gods sold and delivered. The various amounts claimed were: -The Cheung Yu. 81,000; the Jack Shing, $963 65; the Ting Ta, $60.73; the Kwan On Loong, $154.57; the Sam Choy. $377 92: the Yung Fung, $263.85; the Cheung On, 8164 42 and the Haug Shing firm, $57.37.
His Honour ave judgment for the amounts claimed and costs in lach cure.
MAU LAN YUN D. 8. M. GIDLEY.
This was a claim by the plaintiff, a cook. recently in the employ of the defendant, for 812 80, alleged wages dne.
Man I an Yun declared-I entered the defendant's employ on the 23rd May and left on the 2nd July, when I asked for my wages. The defendant refused to pay me, and turned me out.
S. Gidley deposed-I engaged the plaintiff to act as cook at $12 a month. He entered my employ on the 23rd May, and I paid him at the end of the mouth. Towards the end of June I became ill and had to go to hospital. While there my wife sent me a letter stating that the boy refused to clean the verandab. On the 1st July, after I had come out of hospital. the cook asked me for his month's wages, saying that he wanted to leave as his father was dead.
CHINA OVERLAND TRADE REPORT.
|
|
I told him I would not pay him unless he supplied another man, or gave reasonable notice. His Honour You must pay the plaintiff the amount due for June, but you can take action against him for not giving you notice.
The case
was adjourned. as the defendant intimated his intention of taking out a cros 8-
Summons.
COMPANIES.
THE HONGKONG ELECTRIC COMPANY LIMITED.
our
account
The sixteenth ordinary yearly meeting of shareholders of this Company was held at St. Gorge's Building on the 15th July, when there were present: Mr. A. G. Wood (Chair- man), Sir C. P. Chater, Hon. Mr. C. W. Dick- soo, Mr. G. H. Medhurst (Directo s), Mr. W. H. Wickham (Manager) and Messre. E. W. Terry, H. Carmichael, J. Whealey, R. Roberts, J. R. Michael. P. Tester, J. W. C. Bonnar, A. O. Bap'ista, Ach.w and Lun S. iu Lim,
The CHAIRMAN, in moving the adoption of the report and accounts said: The report and accounts having been in your hands for some days, I trust I have your permission to follow the customary course and to take them as read The directors have much pleasure in submitting these accounts to you as they show a steady increase in the company's operations, services now equalling upwards of 34, `00 lamps of 8 candle power. 85 are lamps and 15 lifts, against last year 27,500 1mps of 8 candl power, 85 src lamps and 12 lifts.
Our earnings have increased correspondingly,
loss the balance of profit and amounting to 8112,199.88 against $99,969.77 last yea". In dealing with this credit balance, after deduc ing directors' fees in the manner proposed, viz, to pay a dividend of 10 per cent absorbing $45,000 and writing off plant account for balance of depreciation $62, 18.76, leaving a $2.151.12 carried forward to next account; the directors would have liked to propose a larger dividend and a smaller amount written off, but. they have been restrained from doing so by the following considerations. First, that in all probability we shall require to call up the balance of the unpaid capital, $150,000 before the end of the year, and by paying a 10 per cent dividend now they will be in a better position to maintain the same per centage next year on the larger capital, and next because important alterations are about to be made in our distributing system, that is, we are about to replace the greater portion of our overhead wire service through the Central and Eastern parts of the City by underground cables, amounts very much to replacing an o'd system of service by a new one, with the sacrifice of the old one. This last, however, quite reached its capacity for service, whereas the new system will euable as to supply a better service through the districts concerned and will allow of exten- sious into more distant districts as may be required. The cost of these alterations will amount to about £12,000, and although they will be considerable improvements, still they are very much replacements of old plant by new. and as such have been taken into account by the reports in dealing with the distribution of the funds at their dispos 1. In the report we have mentioned that we are building a new chimney at the works, the present one being found inadequate to require. menis. The cost of this will come into next year's accounts. In the month of March last, tenders for lighting the roads in the Peak district were call d for by the Government. Accordingly we put forward one aud subsequently learned with regret that our application was unsuccessful, I have only one other matter to put before you and that is about the close of our financial year, now the end of the month of April. We find this for many reasons an inconvenient date for whilst two months earlier say the end of the month of February would suit as much bet'er. This involves only altering the date of our financial year to the last day of February, which the directos have power to do; if you approve, the coming financial year for us will thus be 10 instead of 12 months, after that the course will be as usual,
118,
some
This
Mr. J. R. MICHAEL-I have much pleasure in seconding the motion for the adoption of the very satisfactory report and accounts.
The motion was carried.
51
Mr. BONNAR moved, and Mr. TESTER s conded the confirmation of the appointment
of Mr. G. H. Medhurst and Hon. Mr. Dickson
Carried. as directors.
Mr. WHEALEY moved that Messrs. Wood and Medhurst, be re-elected.
Mr. CARMICHAEL seconded the motion, which was agreed to.
The Hon. Mr. Gershom Stewart and Mr. C. W. May were re-elected auditors_on_the motion of Mr. TERRY seconded by Mr. Lux SHIU LIM.
The CHAIRMAY-That is all the business, gentlemen. Dividend warrants will be ready on Monday on application.
THE UNITED ASBESTOS ORIENTAL AGENCY, LIMITED.
The report for presentation to the share. holders at the ninth ordinary annual meeting (to be held at the offices of Messrs. Dodwell & Co., Limited. Queen's Buildings. on Friday, 28th July, at 3 p.m.) reads:-The General Managers have now the pleasure to lay before the Share- holders the accompanying Statement of Accounts for the year ended 31st May, 1905.
ACCOUNTS.
The Balance at the Credit of Profit and Loss Account, after writing off $564.81 for deprecia- tion and including $480.23 brought forward from last year, is $14.451 41 which it is proposed to appropriate as follows:- To place to Reserve Fund.
་་
...$2,000.00
pay a dividend of 15 per cent. on
Ordinary Shares
5,940.00 General Managers' Remuneration 2,000.00 pay a further dividend of 5
per cent.
on Ordinary Shares.. pay $19.80 per sbara on 100
Founders' Shares
carry forward to New Account
AUDITOR.
himself for re-election.
1,980,00
1,981.00
551.41
$14,451 41
The Accounts now presented have been audited by Mr. W. H. Pot's, who, being eligible, offers
DODWELL & Co., LTD.,
General Managers.
Accounts are as follows :-
BALANCE-SHEET,
31st May,
1906.
LIABILITIES.
To capit 1 9,000 ordinary shares of $10, of which 84 per share psic
101 founders' shares of $10
fully paid
To sundry creditors To unchained dividends
To reserve fund
C.
३
C.
39,600.00
1,000.00
40,600.00
8,768.73
1,164,40
20,000.00 14,451.41
$14,981.54
To profit and loss account balance...
ASSETS.
By launch filadiator as per last
account
By less written off
By value of furniture and fit-
tings as per last account
By sincs expeled
By less written off
$ C. $ C..
3,000.00 500.00
2,500.0)
200.00 64.81
264.81
64.81
200.00 30,916,06
277.18
22,507.13
By value of material on hand By unexpired portion of insurance policies By sundry lebtors
By cash in current account and on deposit with the Hongkong and Shanghai Banking Corporation
By cash in hands of General Managers
28,530.11
58,04:
$84,984.51
PROFIT AND LOSS ACCOUNT. 31st May, 1905. To trule expenses, salaries, commissions, launch working, rent, advertising and travelling expens
To auditor's fee
To depre istion for year ending 31st May To balance carried "tonew account
$ c.
46,278.24
100.00
564.81 14,451.41
394.46