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loans and credits. The dollar totals shown in the balance sheet, although higher than a year ago, are less than on June 30th; this, however, is accounted for to a large extent by the rise in the price of silver and the consequ nt higher level of exchange. The confident expec tation that a revival of trade in the Far East would result immediately upon the conclusion of peace between Japan and Russia has not been altogether fulfilled, but though more slowly than was at first anticipated, yet surely the signs of renewed activity appear. With referanc. more particularly to the region directly affected by the war it is noteworthy that an agreement has been arrived at between Japan and China which, if interpreted in a wise and statesman- like spirit, should eventually secure for all the great commercial nations interest the cbvious benefit of the maintenance of the open door in Manchuria and equal trading opportunities for all, thos realising the aim which has been so steadily advocated from this chair for many years. We must not forget that it takes con- siderable time to move large bodies of troops, and this operation has involved the requisition- ing of all available means of inland transport, preventing the free distribution of merchandise to the various markets in Manchuria. Notwith- standing those difficulties, however, a consider. | able business has been done and there s ems every reason to expect that on the opening of the Northern ports and with transport available throughout the country, we shall see a greater demand for foreign manufactures and the open- ing of new and more extended markets in this large and important province. Gentlemen, the Bank continues to improve its position; we have made a good start for the present half year, and I think you may safely look forward with confidence to the future. If any share- holder wishes to put any questions I shall be pleased to answer them.
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THE HONGKONG WEEKLY PŘESS AND
On behalf of the concerned, the CHAIRMAN briefly returned thanks and the meeting ended.
GREEN ISLAND CEMENT CO.
The seventh ordinary general meeting of the shareholders in the Green Island Cement Company, Limited, was held on Feb. 24th fore- noon at the office of the general managere, Messrs. Shewan, Tomes & Co. The Hon. Mr. R. Shewan presided, and the others present were -Sir Paul Chater, Dr. J. W. Noble, Hon. Mr. C. W. Dickson (directors), Captain Clarke, Messrs. A. Denison, E. J. Moses, G. J. B. Sayer, Captain Goddard, A. Babington, J. R. Michael, W. Parlane, H. F. Carmichael, S. Somerville, A. Roza, G. Murray Bain, and W. S. Jackson.
[March 5, 1906, excellence. But they do. I, therefore, propose | On the contrary you must not run away with the a vote of thanks to the Court, the able managers | idea that such works as ours could be built with and staff generally (applause).
capital of oven $2,000,000, for to that you muABİT add $800,000 of original capital written on and the $900,000 at reserve, which is really, capital. So that to duplicate factories such nu ours to-day would take at least $4,000,000, if not more, and years of experience into the bargain to run the business. Of course this proposed increase of capital must be dealt with at special meeting, of which due notice will be given, and it will be then for shareholders to decide whether they are in favour of it or not. We might have followed the previous course, and issued the shares at a premium, but share. holders appeared to be opposed to this, and as the five lacs seems to be about all we shall need we recommend leaving the shares at par. The new shares will of course rank equally with the old shares for dividend, and to save time and trouble to all concerned it is proposed to make one call The CHAIRMAN said-Gentlemen,-The only of $10 due on 31st July next. As regards Report and Aocounts for 1905 were issued on 9th the future it is impossible to make a forecast, the instant and we will therefore with your permis.brightest feature in our favour is that the use of sion take them as read now. As we anticipated at Portland cement (for you must not forget that last year's meeting we have done still better ours is true Portland cement) has increased, and thau before, and the accounts show a gross is increasing all over the world. Coal too which profit on working of $498,834.00 as against has been very high during the year has fallen 8444,094.00 last year, the net amount available somewhat in price, but on the other hand the for appropriation, after deducting interest and present high rate of exchange is against us, and sandry charges and allowing for depreciatioft, then too our two beat and largest local contracts being $437,219.87. Out of this we propose to are rapidly running out. However, railways in place $10,000 to Reserve Fund, and pay a China have brought us some business, and will, dividend of $2.00 per share and a bonus we hope, bring us a good deal more. There is dividend of 50 cents, absorbing $875,000, nothing more that occurs to me as useful to add leaving $52,219.87 to be carried forward to the except that I should like to put on record your credit of next year's account. As it W&S General Managers' appreciation of the loyal and represented to us by influenti il shareholders hearty support they have received from the that a larger dividend than that of last year, Manager, Mr. Uldall, his deputy, Mr. Hewitt, viz., $2.00 was expected, and as we are anxious and all the staff at both factories in a very busy to meet the views of shareholders though at the year (applause). same time we are averse to increasing the usual No questions being asked, the CHAIRMAN rate of dividend until we feel more confident moved the adoption of the report and accounts. of maintaining it at the increased figure, we Mr. JUPP-I have much pleasure in second-recommend an extra bonus dividend of 50 cents ing the adoption of the report and statement of accounts. I feel I am only voicing the senti- ments of all shareholders present in congratu- lating the Directors, the Chief Manager and staff on the splendid results they are again able to place before us. The bonus of 15 per cent. of their salaries voted to the staff, I am confident, meets with the very hearty approval of all ahareholders (applause). As regards the divi- dend and bonus proposed to be distributed we hare also good reason to be pleased to see a gradual increase of returns to shareholders. We are all relieved, I am sure, that the terrible war which raged for eighteen months in this part of the world is now a thing of the past and that a revival in trade is beginning to be apparent, The strong position attained by the Bank should, I think, be a source of congratulation and pride not only to its shareholders but to the whole Colony. The Colony and the Corporation have grown up together so to speak and each has contributed to the growth of the other. I can- not, I think,jdo better, therefore, than conclude these few remarks with the wish that they may long continue to thrive and flourish to their mutual benefit and advantage and to the good of us all.
per share on this occasion, which we hope will be approved by all shareholders. As good provision has been made for depreciation, and as the Reserve Fund is invested in the business of the Company itself, and is not a reserve in the true sense of the word, we recommend placing only $10,000 to the credit of that fund, which will then amount to $910,000. Through out the year the demand for our cement was very good, and we had no difficulty in disposing of all we turned out. The full benefit of our new rotary kilus was not, however, received, as after their installation much time was necessarily consumed in training our workmen, and acoustoming them to the new condition of things. I am pleased to say that these kilns now promise to exceed our highest anticipations. So much for the Profit and Loss Account. Referring to the balance sheet you will have no doubt noticed the large stocks principally of raw material that we are carrying. I can only assure you that this is absolutely necessary. Your General Managers lay great stress on the advis ability of keeping these stooks, and would make them even larger if possible, as with our continually increasing output, even now, they are by no means large in proportion to the consumption. They are all valued at Mr. THOMPSON moved that Mr. C. R. actual cost, and no credit has been taken for any Lenzmann be appointed to the Board of Direc-profit on manufactured cement. As you will tors; also that Mesara. H. W. Slade, E. Shellim and E. Goetz be re-elected,
The motion was carried.
Mr. ROGGE seconded and the motion was carried.
Mr. HANCOOK moved, and Captain FILLETT seconded, the re-appointment of M-sars. W. H. Potts and A. G. Wood as auditors, Carried.
The CHAIRMAN-That concludes the busi- ness, gentlemen. Dividend warrants will be ready on Monday,
Dr. NOBLE said :-Gentlemen,-Before we part, I would like to ask you to join with me in a hearty vote of thanks to the Court of Directors, the Chief Manager, managers and staff, all of whom have laboured diligently and faithfully on our behalf. They are each and all deserving of the greatest praise for the able manner in which they have managed the enormous funds entrusted to their care, and the results produced as shown in the accounts just submitted to and passed by you. As each report is issued I always remark that I cannot imagine how on earth they contain such a standard of
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see from the figures a great deal of money is tied up in these stocks, and so, in spite of the last increase of capital, we still owe $250,000 to our bankers. The other items in the balance sheet are comparatively trifling, and I do not think require any explanation. I now come to another point which has been raised, We have been arged by some of our largest shareholders to pay an interim dividend half- yearly, but it seems to us that it would be hardly right to do this, so long as we have to go to our bankers for the money. The payment of this dividend will increase the present overdraft considerably, so, if we are to wait for interim dividends until we have funds in hand, we may have to wait some time. The only way we can meet the wishes of these shareholders is to raise more capital, and it is proposed that we should issue a further 50,000 shares at par, which will bring in $500,000, and raise the ospital to $2,000,000. We cannot expect to always run on borrowed money, and $2,000,000 is not a large capital for the business we are doing.
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The CHAIRMAN-If there are no questions, I will move the adoption of the report and accounts.
Mr. MICHAEL-You dilated just now upon the increase of capital. Some of the sharehold. ers are opposed to it; just as a matter of principle I ask you if these are to be issued at 310 and will participate in the dividend of 20 per cent., would it not have been better to bor. row money at 6 per cent. and give the share. holders the benefit of the difference? That is from the general managers' points of view.
The CHAIRMAN-It would certainly be better if you could depend on getting money at six per cent.
Mr. MICHAEL-Every company in Hongkong is getting money at six per cent. It is only a matter of principle. As a shareholder I like the proposal very much.
seconded by Sir PAUL CHATER, was then The adoption of the report, which was
agreed to.
On the motion of Mr. PABLANE, sad second- ed by Mr. CARMICHAEL, bir Paul Chater, Hon. Mr. C. W. Dickson, and Dr. J. W. Noble were re-elected to the Consulting Com- mittee.
by Mr. MOSES, and carried unanimously that It was proposed by Capt. CLARKE, seconded
Messrs. T. Arnold and W. H. Potts be re-elected auditors.
The CHAIRMAN:-That is all the business, gentlemen. Thank you for your attendance. Dividend warrants are ready now.
HONGKONG AND WHAMPOA DOCK CO., LTD.
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The ordinary yearly meeting of shareholders, in this Company was held at Queen's Buildings and there were also present-Hon. Mr. O. W... on February 26th. Sir Paul Chater [presided,
Dickson, Messrs. N. A. Siebs, E. Geets, A. Haupt, H. P. White, D. E, Brown, G. H. Medhurst, J. S. van Buren, S. Silverstone (directors), W. Wilson (acting chief manager), T. J. Rose (secretary), G. M. Bain, G, de Champeaux, H. F. Carmichael, A. Denison, W. C. Jack, J. J. Leiria, Lo Cheung-Shiu, J. R. Michael, 8. H. Michael, 8. J. Michael, E. J. Moses, W. Parlane, P. H. Rolfe, F. Salinger, M. Stewart, H. P. Smith, E. C. Wilks and Captains A. Tillett and R. Un- sworth.
The Secretary having read the notice son vening the meeting, the CHAIRMAN 31 Gentlemen,-The report and statement