104
THE HONGKONG WEEKLY PRESS AND
Difference in exchange between 4. 6d.
the rate at which the dividend is de- clared, and 1s. 104d, the rate of the day
After making this transfer and deducting | To dividend adjustment account:-- remuneration to directors there remains for appropriation $3,196,062.18, out of which the directors recommend the payment of a dividend of one pound and fifteen shillings sterling per share, which at 4,6 will absorb 8622,222.22. The difference in exchange between 4:6, the rate at which the dividend is declared, and
1/10, the rate of the day, amounts to 8871,111.11.
The balance 81.702,728 85 to be carried to new profit and loss account.
DIRECTORS.
Mr. H. E. Tomkins, the Honourable Mr. W. J. Gresson and Mr. E. 8. Whealler having resigned their seats on leaving the Colony, the Honourable Mr. C. W. Dickson, Mr. G. H. Medhurst and Mr. F. Salinger have been invited to fill the vacancies; these appointments require confirmation at this meeting.
Mr. H. A. W. Slade has been elected chair- man for the remainder of the year in place of Mr. Tomkins, and Mr. A. Haupt succeeded Mr. Slade as deputy chairman.
AUDITORS,
The accounts have been audited by Mr. W. Hutton Potts and Mr. A. G. Wood, who offer themselves for re-election.
H. A. W. SLAB",
Chairmau.
Hongkong, 8th August, 1905.
ABSTRACT OF ASSETS AND LIABILITIES.
30th June, 1995.
LIABILITIES.
Paid-up capital
Sterling reserve fund
Silver reserve fund
Marine insurance account
Notes in circulatiiou :---
Authorized issue against
securities deposited
with the Crown Agents
for the Colonies...... $10,000 0-0,501
Additional issue author-
ised by Hongkong Ordinance No. 19 of 1900, against coin lodged with the Hong- kong Government
3.993,312.00
Current account :-
Silver
$76.300.659.70 Gold, £6,045,747,09,111, 64,849,013.58
X
C.
To transfer to silver reserve fund To balance forward to next half-year
Cr.
By balance of undivided
י.
('.
profits. 31st Dec.. 1904, 1.193.408.75 By amount of net profits for the six months ending 30th June, 1905, after making provision for had and doubtful debts. deducting all expenses
and interest paid and due 2.217,653.43
To balance By balance 31st December. 1901 rinveste]
in sterling securities).
To balance
871,111.11 500,000,00 1,702,728.85
$3,711,062.18
C. !
Kowloon.
To value of Kowloon Docks,
[August 12, 1905.
$ C.
as per last statement 2,316,591.66 Less amount since written off 18,591.6
2.300,000.00
To amonnt paid on account of
new electric installation To amount paid on account of ship-yard machine shed and boiler shop extension To amount paid on account of
new stone piers & wharves To amount paid on account of new drawing office.... Tb cost of motors, controllers, switch boards, cable, &c. for new electric installa- tion
To cost of two electric travel- ling cranes and new ma chines for new fitting shop To cost of hydraulic boiler rivetting machine for
6,352,00
4.1863.00.
1.912.00
5420.00
20.223.00
Less received for centrifugal C.
3.711.062.18
$3.711.062.18
26.904.00
STERLING RESERVE FUND.
boiler shop...
11.50,00
10.000.000,00
10,000,000.00
To cost of gear for air com.
pressing plant
1,050.00
SILVER RESERVE FUND.
2,377.274.00
3,500,000,00 $,000.000.00
pumps and salvage gear disposed of...
12,866.66
-2,364,407.34
300,000.00
490.514.00
263,531.28 .1,798,787.86
$5,317,240,48
By balance 31st December. 1974
By transfer from profit and los- account 500,000.00
$8,500,000,00
HONGKONG AND WHAMPOA
DOCK CO., LIMITED.
The report of the board of directors of the 10,000.000.00 Hongkong and Whampoa Dock Company. 10,000,000.00 Limited, to the ordinary half-yearly meeting of 8,000,000.00 shareholders, to be held at the Offices of the
Company. Queen's Buildings, Victoria. Hong kong, on Monday, 21st August, at noon, reads as follows
250.000.00
To the shareholders of the Hongkong and Whampoa Dock Company, Limited.
Gentlemen,-The directors have NOW to submit to you their report, with a statement of accounts for the half-year ended 30th June, 1905.
The net profit for the six months. 15.08.312.00 after paying interest due and all charges, amonats to... to which has to be added the balance
$328,200.51
Cosmopolitan.
To value of Cosmopolitan Dock as per
last statement....
To value of tugs, dredgers. launches and
lighters.....
¡To sundry debtors
To value of material on hand.......
36th June, 1905.
LIABILITIES.
By shareholders for 50,000 shares of $50
each, fully paid up
By admiralty loan £21,000 0 0
Less repayments...
15,882 15 T
£4,117 45 at 1s. 10d.
By marine insurance account By sundry creditors By balance of profit bronght
$ C.
.2,500,000.00
14,915.14
...1,904,335.73
41,500.00
forward from last account 498,289.10 328,300.51 By profit
—————————— 141.1 19.673.28 brought forward from last account.. 498,289.10 30th June. 1905.
To interest
826,489,61
$5,317,240.48
REVENUE A COUNT.
$ 53,626.32 3,119.05
.
3 170.95
37,814.44
14,418.23
1.870.11
Fixed deposits: -
Silver
850,985,509.11 Gold. £5.267.426 X-.118. 56.502,384.54
—————— 107. 17.953,65 Bills payable including drafts on London Banker, call loans and
To Crown rent
$826,489.61
To fire insurance
and from this have to be deducted —
Directors' fees
$10,000,00 750.00 Auditors' fees
10,750.00
short sight drawings On London Office against bills receivable and bullion shipments)
Liability on bills of exchange re
discounted. £1.579.869 2s. Td. of
Profit and loss account
which £3,068,082 16s. 8d. since run off
Cash
ASSETS.
17.358.365.69 3.711.962.18
have
$313,950,306.80
X 44.223,818.50
8,500,000.00 5.112.864.66 2,378,061.98
Coin lodged with the Hongkong Govern- ment against note circulation in excess
of $10,000,000.
Bullion in hand and in transit
Indian Government rupee paper
Consols, Colonial and other securities... 11,570.537.09
Sterling reserve fund investments, viz. :-
£570,000 21 per cent.
Consols at 85.
£ 131.500
(of which £250,000 lodged with the Bank
of England as a Special London Reservel,
£255,000 24 por cent.
National war loan, at 90... 229,500 £325,000 Other sterling
securities, written down
to
286.000
£1,000,000 10,000,000-4
Bills discounted, loans and credits
Bills receivable
Bank premises
104,214,416.09 126,906,177.69 1,038,459.62
$313, 50,306.80
GENERAL PROFIT AND LOSS ACCOUNT.
3th June. 1995.
Dr.
!
To amounts written off:
Remuneration to directors
To dividend account :-
£1.158. per share on 80,000 shares...
£140,000 at fs. 6d.
leaving available for appropriation...$15,739.61
The directors recommend that a dividend for the half-year of 12 per cent. or $300,000, be paid to the shareholders, that $14,407.34 be written from the value of Kowloon Docks, and the balance 501,332.27 be carried to the new account.
During the past half-year we have installed the electric drive in the boiler shop and ship. yard with satisfactory results. Several more motors will be required for this department before it is complete.
Two new electric cranes have been fitted in the machine shop.
The new drawing office at Kowloon is practically completed and the entire technical staff of the company is now located there.
For some little time past the dredger Canton River has been employed at Canton removing barriers for the Imperial Chinese Maritime Customs, for which work she is still Further employment at Canton
under charter. is in prospect.
In April last heavy guns were lifted from H. M. battleships Glory and Albion and replaced by others. The work was carried out by the Dock Company and gave the naval authorities! every satisfaction.
C. P. CHATER.
Chairman.
Hongkong, 7th August, 1905.
Accounts are as follows:-
CAPITAL ACCOUNT.
$ c.
15,000,00
30th June, 1905.
ASSETS.
Aberdeen.
622,222.92
Tu value of Aberdeen Docks, as per last
statement..
To office expenses, salaries, stationery and
rent of head office To drawing office expeuses and salarios
To telegrams.... To legal expenses
To marine insurance account To profit
1st Jan. to 30th June, 1905.
By net carnings of the company's three
establishments
By towage, net carnings
By dredger, net earnings By bonus on insurance prenia, &c .
CANTON NOTES.
731.08 8,000.00
328,200.51
$450,950.99
$ C.
436,200.62
8,276.04
5,127.48
1,049.85
$450,950.99
FROM OUR CORRESPONDENT..
Canton, 4th August.
OPIUM DUTY RE-IMPOSED.
The duty is again to be levied on prepared opium in Kwangtung province. Owing to difficulties experienced by the Provincial Treasury in meeting the enormous public expenditure, Viceroy Shum. I hear, has given instructions to Lo Ping-Ching, a member of the Sin Hau Kok, to replice the tax of three
mace
per tael on all prepared opium. This small duty was imposed for many years, until the Crude Opium Monopoly was granted to the Kwong Hing Company about three years ago. This Company was floated by the late Wong Chak-yau, compradore of E. D. Sassoon and Co., Hongkong. They applied for the right to impose a tax on crude opium after it passed the I. M. Customs, paying likin of $200 per chest. I believe the Kwong Hong Co's tax was about the same per chest. Foreign merchants in Hong- 100,000.00 * kong and Canton naturally protested, and the
$ c.