May 14, 1906.]
raised from $10 a house to $15, There is a further decrease of 1825 under the bead of Certificates to Chinese entering Manila and the U.S.A. The issue of these certificates has been suspended for some time. The revenue from Marriages-an uncertain item-has again fallen. The total expenditure during the year was $31,761.32 compared with $91.339,71 in 194. The actual expenditure fell short of the estimate by 84,417.68, of which $3,800 comes under the head of Exchange Compensation.
COMPANIES.
HONGKONG ELECTRIC CO., LTD.
The seventeenth ordinary yearly meeting of shareholders in the Hongkong Electric Co., Ltd., was held at the Company's offices, St. George's Building, at noon on May 12th. Mr. A. G. Wood presided, and there were also pre- sent-Sir Paul Chater, Hon Mr. C. W. Dickson, Mr. G. H. Medburst' (directors), Mr. W. H. Wickham (Secretary), Messrs. H. J. Gedge, G. Curry, Owen Hughes, H. Peroy Smith, A. O. Baptista, Dr. Noble and Captain Clarke.
The secretary read the notice convening the meeting, and-
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CHINA OVERLAND TRADE REPORT.
359.
fore been making enquiries about new kinds, contracts for new fittings in the - Hongkong; of machinery which are, according to inform Dispensary; and by cost of installation of ation we have, giving satisfactory results, as regards their efficiency, economy in working. additions to our serated water factory, in electric light, plant and fittings, and othër- and in the space occupied. Their adoption Hongkong. We trust the disposition of the bids fair to render enough for our requirements for so far ahead under the heading of dead stock, ie., machinery,
our present site large profite meets with your approval; the amount- as can be seen, and after allowing for the furniture and fittings, having now assumed large necessary outlay we estimate that there will be proportions, you will readily see the necessity of s sufficient reduction in the cost of the increase proper provision being made for depreciation și in production we shall be able to effect, that we and we have therefore, following our usual· shall be in a position to make a sensible reduc-policy, proposed to set aside $25,000 out of the tion in the cost of the light and power profits for this purpose. Before moving the supplied to our customers.
adoption of the report and accounts i should be pleased to auswer any questions thereon share- holders may have to ask.
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There being no questions-
The CHAIRMAN moved the adoption of the report.
The extension of our business, which, as you will have no doubt been pleased to observe, has advantage we can of the rapid improvements been so continuous, requires us to take all the
in the kinds of machinery we have to do with, | and we are in a favourable position for this, Captain CLARKE-I have much_pleasure in ' through the policy you have wisely allowed as secouding. At the same time I think the share- - ciation which have appeared in our annual report, and I have great plessure in expressing · to follow of writing off the amounts for depre-holders should feel great satisfaction at the
scheme before you, but the directors hope careful supervision of so many departments and accounts. I am not now able to lay any definite our thanks to the general managers for their during the year to call a special meeting of also to the staff generally for their conscien- of capital, and explain the purposes for which shareholders, when they will propose an increase tious work (applausej. Agreed to. it is required. If any shareholder wishes to any questions I shall be pleased to answer There were no questions, and the CHAIRMAN
ask
proposed that the report and accounts as pre- sented be adopted and passed.
agreed to.
Dr. NOBLE seconded, and the proposition was
On the motion of Captain CLARKE, seconded by Mr. PhR Y SMITH, the Hon. Sir C. P. re-elected to the Board of Directors. Chater and Hon. Mr. C. W. Dickson were
Messrs. C. W. May and W. H. Potts were CURRY, seconded by Mr. HUGHES, re appointed auditors on the motion of Mr.
gentlemen. Dividend warrants will be ready ou application on Mouday.
The CHAIRMAN That concludes the business,
Chairman and directors for their efficient Dr. NOBLE proposed a vote of thanks to the services during the year, and the meeting ended.
A. S. WATSON & CO., LTD).
The 21st annual ordinary general meeting of shareholders of this company was held at the offices in Alexandra Buildings on May 12th -Mr. H. Humphreys presiding. There were also present Sir Paul Chater, Messrs. J. Scott Harston, II. P. White, J. A. Jupp. Douglas Clark and Captain Clarke with Mr. J. ▲ Tarrant, secretary.
The CHAIRMAN said-Gentlemen,- The report and accounts having been in your hands for some days, I propose, with your permission, to take them as read. As you are aware, these accounts cover only 10 months; the close of our financial year having been made on the 28th February, as was agreed to at our last meating, the accounts for the present year will be for the full twelve months. In submit- ting these accounts the directors have pleasure in recording the continued expansion of our business; our supply services being now equal to 39,500 lamps of 8 caudle-power, 85 arc lamps, and 20 lifts, against 34,500 lamĮ 8, 85 are-lamps. and 15 lifts at the date of our last report. The new chimney has been completed, a shed at the works constructed, and the new main cables have been laid, and will shortly be doing their work. A considerable portion of the cost of the additions to plant and buildings is included in the present accounts, and it. has been met by the call. made on the 1st December last. Amongst other items in the accounts to which I may refer is the item of coal, its increased cost forming a considerable item in our expenditure, and this is causing us to seek for more economical means of working, as I will explain later oo. Sundry debtors showing an amount of a little over $80,00J has since been reduced by $61,000 collected up to date. The balance of profit shown to be available for distribution after deduction of The secretary having read the notice conven. $2,500 for directors' fees (the proportion for 10ing the meeting – months) is $100,744.69, and the directo13 The CHAIRMAN said-Gentlemen.-The re- propose the following:-To pay $1 per share on port and statement of account having been in the 30,000 original fully paid shares and 65 your bands some days, I will, with your permis- cents per share on the part paid shares, mada sion, take them as read. The year's working has up as follows-50 cents per share for the 10 been satisfactory on the whole. The continued months, and 15 cents for the 3 months from 1st high rate of exchange has no doubt benefited Decelaber last, when the call was made payable. us to some extent, but on the other hand These shares will now rank in all respects business both here and at the branches was the same as the original fully paid shares. We depressed and dull during the last six propose further to write 842,392.48 off plant months of the year. You will notice on account and $6,829.97 off property account (our looking at the accounts that the ice factory. first writing off on this account) for deprecia- Amoy, is now included under the head- tion on both accounts and to carry forwarding of Aerated Water and other Machinery $2,568.44 to next account. In declaring this dividend, which is at the rate of 12 per cent. per annum, the directors, while they are very pleased that the good earnings for the 10 months have rendered this possible, hare to point out that it must be considered an exceptional thing, being done to equalize our dividend with that of the past two years, and that a larger dividend than 10 per cent., $1 per share, should not be looked for on this year's working, unless indeed our earnings are sufficiently good to warrant a larger one. The amounts written off for depreciation are in pursuance of the policy which has been steadily pursued, and as it has proved so advantageous, I trust it will have your concurrence. The evidence of this is displayed in what I have now to say. For some time past the directors have had to consider the ques- tions of the sufficiency of our plant, and of the space available at the works to meet the grow. ing requirements of our business, and of the increase in the cost of coal. They have there
and Plant, the reason being that we found it necessary, in order to ensure greater economy and efficiency in working, to remove the ice plant to a building under the same roof as the Amoy Soda Water Factory. The s'eam launch Dakin no longer appeare in accounts, having been sold during the year at a profit on her book value. As compared with last year local nd general liabilities show a d minution of $25,160,35, and bills payable au increase of $20 566,76, or a net reduction in our liabilities of $5,593.59. On the other band our assets in the form of live stocks show a reduction of $24.997.83, whilst dead stocks are $20,95467 higher. The increase in the latter item has been brought about principally by improvements to buildings in the Company's occupation in Hongkong and elsewhere ; installation of new and larger plant in the aorated water factory connected with Maotavish and Lehmann's business in Shanghai; by the purchase of new plant for our Hankow factoryt by further payments in final settlement of
On the motion of the CHAIRMAN, seconded - by Mr. D. CLARK, the confirmation of the · appointment of Mr. J. Scott Harston to the - directorate was carried.
Mr. JUPP proposed the re-election of Messrs F. Maitland and W. H.-Potta ·ns · auditors, Capt. CLARKE seconded, and the mo- tion was carried.
gentlemen. Dividend warrants will be ready The CHAIRMAN-That is all the business,
In Monday. Thank you for your attendance.
THE HONGKONG HOUSING QUESTION.
(H.D.P. May 10) that another resumption of pro- perty in insanitary areas had been carried out must revire interest in the question of the hous- ing of the people. When we learn that several hundreds have been deprived of their miserable dwellings, it is natural to inquire where these people are being accommodated. The prob ability is that they have gone to still further overcrowd some densely-populated ares, and the... difficulty of housing the people seems to have method of attempting a solution. Some time been added to rather tha diminished by this
go two special articles appeared in our columns›› emphasising the failure of the Public Health Ordinanc of 1903 and suggesting that the a Government should take some further steps in .... the matter, only on different lines, and as the.... question is bound to orop up from time to time, certain representative gentlemen on the subject, we have thought it well to obtain the views of
The announcement made in our columns
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Mr. Lau Chu-pak, who has recently ventilated which the Chinese live in Hongkong, was seen a view of the grievances an difficulties under by our representative, who found that gentleman willing to discuss the problem. At the outset he referred to the fact that the hope of the Government in imposing a condition on the a Tramway Company to an work men's cars in e order to take people from their work in the city i to live in the outskirts had not been realisede / The explanation was that the rents in those places were as high and sometimes higher than in the centre of the residential ares. For instance, the rent of a flat or room, say, in the neighbourhood of Aberdeen Street or Holly. wood Road, was $15 to 825 a month, and a on similar average, or perhaps higher, was charged in the neighbourhood of Chektonsni or: Ken- nedytown," where property has recently be- come more valuable, and this for accommodation that is no better and has the disadvantage of being further from the scene of daily toil and from the attractions of city life. Thus, though...e a certain area benefited by a resumption, then? housing of the people, generally speaking, was ic not improved.
Are there no other suggestions for remedying this evil?
There have been several, but they have been « abandoned on account of the great cost which they would entail. There was one scheme, putu! forward for demolishing every third blook of M houses in the congested aress, so as to make... hose adjacent more like dwelling houses, - with i