February 5, 1906.]
Including $5,356.77 brought forward from the previous year, and after deducting $20,000 paid as an interim dividend of $4 per share, the balance at credit of profit and loss ascount is $128,776.31, which it is recommended should be sppropriated as follows:-
20,0:1.00
A Final Dividend of $15 per share...$ 75,000.00 Provision for Contingencies To write off Property A/c. To carry forward
Property account
Ertension account
Invested in :-
ASSETS.
CHINA OVERLAND TRADE REPORT.
Dec. 31st, 1905. Cash
Cost of property Accounts receivable
ASSETS.
30,000,00
Dec. 31st, 1905.
PROFIT AND LOSS ACCOUNT.
Dr.
3,776.31 | To charges
...S
To crown rent
$ To repairs
$128,776.31 To fire insurance...
Hongkong Fire Insurance Co.'s Share... China Fire Insurance Co.'s Share Canton Insurance Office's Share..
Cash in hand.
0.
172.066.67 To commissiou to agents
20,869.34 To balance to be appropriated as
follows:-
Directors' fees
Auditor's fee
Mr. John Prentice (Chairman), Messrs. H. von Rücker, 8. Groundwater, D. Cranston, and ...8 12,545.10 | J. Grant Mackenzie (Directors), J. H. Osbörne 182,032.17 (Secretary), J. H. Teesdale, (Legal Adviser), 2,035.37 Sir Charles J. Dulgeon, W. Allanson, A. L. Anderson, W. H. Anderson, L. Amidani, Alex. $196,612.64 Sinclair. G. Baker, S. 8. Benjamin, D. T.'
Black, C. Broderson, W. G., Bayne, W.- H. Beatly. J. Berthelot,
N
E. Bryant, 630.98A. H. Best, E. O. Cumming, F. A. Cum- 786.00 ming, W. W. Cox, T. Cranston, W. Carlson, 535.48 A. H. Collinson, H. J. Clark, P, Crighton, 3,700.98 H. J. Craig, G. D. Coutts, W. J. B. Carter, 1,547.37 P. V. Davis, C. P. Dawson, A. Dabelstein, C. E. Ellis. L. C. B. Edmonston, J. R.. Elias, R. H. Elias, P. Macgregor Grant, W? J. Gresson, M. Hoerter, R. A. Hunt, P. W. Irvine, R. S. Ivy. J. Johnston, J. Judah, W. 8. Jackson, A. Korff, D. Landale, A. W. Maitland, J. Morris, I. G. Michael, H. Mandi, A. Miller, S. Nielson, H. Ollerdessen, A. Penney, W. G. Pirie, D. C. F. Peebles, T. Pemberton, H. H. Read, W. B. Robertson, H. Robertson, F. A. Robinson, J. N. Robb, Dr. Gilbert Reid, M A. Sopher, E. B. Skottowe, Dr. Stanley, W: F. 377.79 Spinney, J. D. Thorburn, F. E. Taylor, D. 22,784.20 Turnbull, J. Valentine, A. Vita, T. Weir, R. 124.11 Wortmann, W. Wunderleach, J. M. Young, 39.00 Ng Tik-shan, and Pwn Yak-chor, representing
about 33,089 shares.
$ 500.00
50.00
Dividend of $2,50 persbare 15,000.00
574.29
16,124.29
$13,325.10
·Cr.
...S
Jan. 1st, 1905.
678.50 By balance brought forward-
225.01
85.00
120.00
383.36
Hongkong and Shanghai Bank on current
To be carried to new
account
16,148.37
profit and loss account
Hongkong and Shanghai Bank on deposit
60,000,00
Mortgages
41,000,00
Outstanding accounts.
12,498.15
Accounts receivable
921.37
Ios in stock
180.00
Coal in stock..
Fire Insurance, unexpired premium
129.64
By rout.
$331,304.49
By interest
By scrip fees
LIABILITIES.
..
125,000.00
8,947.96 8,580.13 60,000,00 128,776.31
$331,804.40
PROFIT AND LOSS ACCOUNT.
Accounts payable
Capital
Ammonia reserve account..
Provision for Contingencies
Profit and loss account
To salaries, wages and general trade ex-
penses.
To General Managers' commission To auditor's fee
To interim dividend of 16 per cent. paid on
2nd August. 1905.
To balance.
Q
By bilance brought forward from last year By receipts for ice and cold storage By renta received (less Crown rents and
taxes paid)
By interest
By transfer fees
$23,325.10
S. C. FARNHAM, BOYD & CO., LTD.
The shareholders in "Farnhams" decided to reconstruct on Jan. 23rd. The following, which appeared in the N.-C. Daily News the $ c. day before, was well advice1: The object is to propos and pass some important 38,748.64 2,000,00
resolutions, relating to the liquidation and 150.00 reorganisation of the present company. The shareholders for sums considerable time past 40,898.64 have felt that they should be represented on the
20,000.00 128,776.31
$189,674.95
2,762.19 16.0.0
1
$189:674.85
Board. The present. Directors, with Mr. John Prentice as Chairman and Managing Director, fully realise that this desire is quite reasonable, and they have intimated to the shareholders their willingness to meet their wishes.
5,356.77 179,310.93
We do not propose to r capitulate the past 2.229.06 history of the Company, but it is a well-known fact tha te inres s of the shareholders have not been considered in the way they should have during the reign of Mr. Twentyman. Since he has reti .ed, the whole sceue is changed, and the gentl man who is now the Managing Director has the full confidence of the share- holders and public. It is a matter for congratulation that such is the case, and we feel sure that the successful working of the premier Dock Company is of the utmost conse- quence. either directly or indirectly not only to the shareholders, but to everyone who is comme cially intrested in Shanghai,
Hongkong, 31st December, 1905.
JARDINE, MATHESON & CO.,
General Managers.
THE KOWLOON LAND AND BUILDING CO., LD..
F
The seventeenth report of the hourd of directors to be presented on Tuesday, February 6th. reads:-
Gentlemen, The Directors now submit to you a statement of the affairs of the Company, and balance sheet for the year ending Decem-. ber 31st, 1905.
The balance of profit and loss 'account for the year, after writing off all charges and expenses, amounted to $16,124.29. The direc- tors, therefore, recommend that a dividend of $2.50 per share be paid, which, after writing off the directors' and anditor's fees, will leave & balance of $574.29 to be carried forward to credit of a new profit and loss account.
DIRECTORS.
Messrs. T. F. Hough and A. Rodger retire by rotation, but offer themselves for re-election.
AUDITOR.
*
The accounts have been andited by Mr. Thos. Arnold, who now retires, but offers him- self for re-election.
T. F. HOUGH, Chairman.
BALANCE SHEET TO DECEMBER: 31ST, 1905
Dec. 31st, 1905.
Paid-up capital
Accounts payable
LIABILITIS.
Dividends outstanding
..... $180,000.00 383.80 104.55
We hear on good uthority, that to-morrow the present Bo I will met the shareholders in a perfec ly friedly minuer.
The 1.ot ce convening the m eting contains a resolution that the name of the Conipany shall. be changed to the Shanghai Dock Company, Limited. To ur mind there is not the slight est doubt flat, as the larg st concern of its kind in Shangh i, the Company should bear the name of the place.
With regard to the new Board, we understand that Mr. Prentice will continue as Chairman and Managing Director, and Messrs. H. von Rücker and S. Groundwater (the two senior directors of the present Board) also will remain on the directorate, and they will be joined, if the shareholders agree, by Sir Charles Dudgeon, Messrs. W. J. Gresson, A. Korff, and James Johnston. The names of these gentlemen are sufficient to guarantee the future success of the Company. The shareholders should be well satisfied that, besides haring the services and experience of Mr. Prentice and his two co- directors, they have, in addition, four such influential names put before them as those of the gentlemen willing to serve on the proposed a'w Board.
RECONSTRUCTION AGREED UPON.
An extraordinary general meeting of the Balance of profit and loss account... 16,124.29 shareholders in this company, called at the request of ten shareholders, was held at Shang- $196,612.64 hai on January 23rd. There were present:
The Chairman-I need not ask the Secretary to read the Resolutions you are called together As you to consider, as they are before you. know, a good dea' of friction has been going on in this Company up to the present time, but when I tell you I am going to propose all these resolutions myself, I think you will agree with me that we have come to an amicable settlement. I have met various deputatious from the ten gentlemen who signed the requisition calling this meeting, gentlemen who were very represen. tative shareholders and themselves hold a great
|
|
many shares. After much discussion we came to the agreement to amend our Articles of Asso- ciation in a way which these ten gentlemen have acceptel in the interests of the shareholders. I need not detain yon longer, because the less sid at this meeting the batter, but I think it is much better we should have come togétker all through in a friendly spirit. That has been the way in which Mr. Taylor and all the other gentlemen concerned in this agitation have met ne, and I hope I have dealt with them in the same spirit (applause).
The Chairman then proposed, and Mr. J.M. Young seconded :—--
"That it is desirable to reconstruct the Company and, accordingly that the Company be wound up voluntarily and that Liquidators be appointed for the purpose of such winding
up.
This was carried nem. con.
The Chairman remarked, in regard to the second resolution, that an amendment had been made by Mr. Korff, seconded by Sir Charles Dudgeon, to add the words "and Engineering” to the title of the new Company. The Directors were quite prepared to accept that amendment,
Mr. Bayne suggested that the amendment should be put, and that if passed it should be incorporated in the second resolution when it came to be proposed.
This was agreed to, and the amendment was passed.
The Chairman then moved, and Mr. Bayne seconded, the amended second resolution as follows:-
That the said Liquidators be and they are hereby authorised to consent to the registration of the new Company to be named “ The Shanghai Dock and Engineering Company, Limited," with a Memorandum and Articles of Association submitted at this meeting to the shareholders and, if approved, to be confirmed at a subsequent meeting.
This was carried nem. con. The Chairman moved, and Mr. H. J. Craig seconded, the third resolution as follows:-
That the said Liquidators be and they are hereby authorised to take all such steps as may be necessary to transfer the Assets and Liabilities of the old Company to such new Company, and carry into effect the two foregoing Resolutions, and such Liquidators are further authorised pursuant to section 140 of the Companies Ordinance of Hongkong No. 1 of 1865 Part 4 to enter into an agreement with such new