November 27, 1905.]
com-
cients we are the poorer by the change re- lerred to. We underwrite our own boats fas premium required would make our profits (very small) and taking into consideration the risk we daily run our prioes for water cannot be considered other than remarkably cheap. In this connection I may mention that investigation shows that vessels water in this port about 200 per cent. cheaper than in Singapore, Shanghai, Manila and other neighbouring ports-our profits depend to a great extent on the large business done. As you are probably aware we are threatened with opposition. Hongkong is now the leading shipping port of the world, and it is to be hoped that this position will be maintained, and that there may be room for two panies doing the trade in which we are engaged. Time will show. You may rest assured that your management is fully alive to the situation, and it does not seem probable that any competing company can undersell us with any profit to themselves. Your fleet is in good order; your boats are clean and well kept; and given a continuance of shipping prosperity in this port there is no reason why your business should not flourish. I do not think the accounts call for special comment. As you will have seen, your consulting committee have made ample provision for depreciation and reduction of good-will. The latter was incurred when the business of Messrs. Laue, Crawford and Co. was absorbed and will be written off as circumstances allow. Before formally moving the adoption of the report aud statement of accounts I will be pleased to answer any questions if possible.
No questions were asked.
CHINA OVERLAND TRADE REPORT.
THE CHINA TRADERS' INSURANCE CO., LTD.
The report for presentation to the share- holders at the thirty-ninth ordinary meeting to be held at the Company's Offices on 16th December, reads as follows:-
The directors have now to lay before the shareholders the accompanying statement of accounts for the year ended 30th April last.
The net premia amount to $1,809,841.06, and the working account shows a balance at credit of $239.172.57, which sum the directors re- commend be appropriated in the following
inanner
To losses
WORKING ACCOUNT.
To charges, survey fees, &c. To directors' and auditors' fees at head
office and branchés To exchange To balance
By premis, less re-insurances, return pre-
mia and commissions By interest By transfer fees
$67
0.
.1,429,568.28 249,715.69
19,113 01 1,379.80
299,172.57
$1,932,949.35
$ 0. .1,809,844.00 122,979.40 126.89
$1,932,943.85
$950,000.00
$950,000.00
By balance on 31st October, 1904 By amount transferred from 1903-1904
account.....
100,000.00
50,000,00
70,000.00
61,172.57
$230,172.57
$950,000.00
A dividend of 18 per cent. to shareholders ($46 50
per share)
...$108,00 1,00 A dividend of 15 per cent. on bonus-bearing contributions (pay- able to contributors whether share- holders or not)
Balance to underwriting suspense account to close the year
DIRECTORS.
Messrs. E. Ormiston aud H. Schubart retired from the board during the year; Messrs A. R. Linton and C. R. Leuzmann accep ed invita- tions from the directors to fill the vacancies and their appointment will be submitted for the confirmation of shareholders.
Messrs. C. R. Lenzmann and A Haupt retire by rotation and offer themselves for re-election.
AUDITORS.
The annexed accounts have been audited by Messrs. T. Arnold and H. U. Jeffries, who
The CHAIRMAN then moved the adoption of offer themselves for re-election. the report and acounts.
Mr. DUNCAN CLARK seconded and the motion was carried.
On the motion of Captain CLARK, seconded by Mr. MURPHY, Messrs. G. C. Moxon, A. H. Skelton, Chau Siu Ki and Fransisco Tsze Yat were re-elected to the Consulting Committee.
Mr. DUNCAN CLARK proposed the re-election of Mr. W. H. Potts as auditor. Mr. MURPHY seconded and the motion was carried.
The CHAIRMAN-Dividend warrants will be issued to-morrow. I thank you for your attend.
ance.
A. HAUPT.
Chairman. Hongkong, 20th November, 1905.
Accounts are as follows:-
ASSETS.
C.
STATEMENT OF ACCOUNT. For the year ending 3 th April, 1905.
Cash in hand
30,496.58 Fixed deposits with banks in Hongkong 320, 00.00 Invested in mortgages of properties
in Hongkong $669,000.00 in Shanghai 352,739.72
Boads of Chinese Imperial Government
loan, 1856, 111 ho, da at Tls. 250- Tls. 27.750
Mr. MUAPHY proposed a rote of thanks to the Chairman and staff, remarking that he hoped the present year would be better, Shanghai Waterworks Co., Ld., debentu:es
and they would receive even a higher dividend. The CHAIRMAN-We all cordially hope that. This was all the business.
THE UNION INSURANCE SOCIETY
OF CANTON, LTD.
ALTERATION OF PROVISIONS.
An extraordinary general meeting of the Union Insurance Society of Canton, Limited, was held at the office, No. 1 Queen's Buildings, on the 20th November. Mr. H. A. W. Slade presided. and there were also present Messrs. A. G. Wood, N. A. Siebs, G. H. Medhurst, A. Forbes (director), W. J. Saunders (secretary). A. G. Morris, Ho Took, A. B. Rouse, C. M. G. Burnie and H. J. Carvalho.
The SECRETARY read the notice calling the meeting, and read the resolution passed at the last extraordinary general meeting which was now to be submitted for confirmation as a special resolution. (Its terms have already been
widely published).
The CHAIRMAN said-The object of this meeting is to submit for confirmation as a special resolution the resolution which you have just heard read and which was passed at an extraordinary general meeting held here on 4th November. If this resolution is duly passed to-day we propose at once to petition Court to confirm the alteration in the Society's memor- andum of association which we hope the Court will consent to. I propose that this resolution be confirmed.
Mr. MORRIS second.
The resolution having been carried
imously,
unan-
The CHAIRMAN said-I have once more to thank you for your attendance. and for your votes.
London branch :-
Cash in hand and in course
of collection
$81,056.92 Fixed deposits with banks 160,000,00 Travancore tea estates de-
bentures
10,000.00
Imperial Japanese 6 por cent.
sterling loan
Imperial Japanese 4 per cent.
sterling loan
45.250.00
24,075.00
South Australia 4 per cent.
inscribed stock of 1884. Queensland 4 per cent. deben-
ture bonds
52.312.50
50,250.00
72,275.00
Chinese Government 5 per
ceut. Customs loan Leasehold property. 73 Corn-
hill...
Australasian branch :-
35,486.57 5,479.45
RESERVE FUND, To balance on 31st October, 1905...
THE SHANGHAI WATERWORKS COMPANY, LIMITED.
Au extraordinary general meeting of this Company was held on Nov. 15th. There were present: Messrs. A. McLeod (Chairman) J. Cooper, W. D. Little, W. H. Poate (Directors), W. A. C. Platt (Legal Adviser), N. E. Bryant, A. J. H. Carlill, V. Dent, J. N. Jameson, W. E. Leveson, E. D. Sanders, J. M. Young, and F. B. Pitcairn (Acting Secretary).
The Chairman-I think you are all familiar with the negotiations, the somewhat prolonged negotiations I may say, that have been entered into between the Council and the Waterworks Company with regard to the new Agreement which was necessary for the reason that the original Agreement, dated as far back as 1881, had b. come obsolete, and in many of its clauses practically unworkable. You have, I have no doubt, read the new Agreement entered into, and I think it is a subject for congratulation both by the Municipal Council an by the share- holders of this Company that this Agreement appears to have given satisfaction both to the Council and to the Company. -1,021,739.72
I think you will all know that up to the present time the Waterworks Company has been working on its original capital. We deemed that the most economical way of carrying on the business, and when the necessity of increasing the capital arose we have worked on debentures which we have been able to place at five or six per cent, and have also employed all our reserve fund for the extension of the business. The time has arrived, however, when it is impossible to go on on our very small capital of £144,000, and as our new Agreement calls for the issue of 975 shares to the Municipal Council in lieu of a free water supply, it was necessary to call this extraordinary meeting to authorise an increase of our capital.
At present, as I have said, our capital consists of 7,200 shares of £20 each, £144,000.
In con- sequence of our new Agreement with the 730.219.42 Council
we have to issue them 975 new shares and we propose to issue altogether 201,273.179,150 new shares bringing the capital of the Company up to £327,000. It is proposed to issue to every shareholder, who wishes it, one new share for every share held at present, at par. It will not be necessary to call up the whole amount at once, and as far as we can see, we shall have to make the following calls: on the allotment of the share, £5; on the 31st of March next or thereabouts we shall require another £5 per share at least; about six months 189,510.92 later, say the 31st of September, we shall ask 3,516.78 for another £5; and during the year 1907 a final 8,186.83 call of another £5; will te made, making a total 40,526.26 | of £20. We assume those as about the time we shall require funds to pay for the fresh large $2,626,118.47
extensions we are going to make. I think $
there is very little else I can say with regard to the increase of capital. It is 600,000.00 absolutely necessary; and the directors think it 950,000.00 will be only fair to shareholders to allow them 202,455.04 to have the opportunity of taking up the new shares on terms that will be a very great 11,389,01 inducement to them to take them up; and I 218,498.41 think it highly improbable any shareholders 239,172,57 will refuse to take them up. Bat the Dire-
tors had to provide for contingencies, ande in $2,626,113.47
235,000.00
Cash in hand, in course of collection,
and on fixed deposit
Shanghai bran h
Cash in hand, in course of collection.
and on fixed deposit Yokohama branch:
Cash in hand, in course of collection, and on fixed de- posit Deposit with Japanese Go-
vernment
Imperial Japanese exchequer
bonds 1905
$58,390.92
100,000.00
11.12 1,00
Interest accrued, but not yet payable Furniture at head office and branches Sundry debtors
LIABILITIES,
$2,000,000.00
Capital subscribed
Paid up $25 on 24,000 shares Reserve fund Reinsurance fund Exchange fluctuation account Underwriting suspense account Dividends outstanding. Sundry creditors
Balance of working account
59,677.79
C.
169,215.07 295.783.37