24
COMPANIES.
HONGKONG HIGH-LEVEL TRAM- WAYS COMPANY.
An extraordinary general meeting of the shareholders of the above company was held at the office-Mr. H. Humphreys presiding. There were also present-Hon. Mr. W. J. Gresson, Messra. J. 8. Harston, T. F. Hough, Lau Chu- pak, J. A. Jupp, H. P. White, T. S. Forrest' A. Morfey. D. E. Clark, E. Seth and J. M. Wong.
The notice convening the meeting having been read,
The CHAIRMAN said-This meeting has been called for the purpose of confirming certain resolutions which were passed at an extra- ordinary general meeting held on 14th July. I don't propose to read the agreement now to you unless shareholders wish it. Before putting the resolutions to you for your confirmation I shall be pleased to answer any questions.
There being no questions,
The CHAIRMAN moved the first resolution, that the special resolution passed in June of last year and all agreements entered thereunder be rescinded.
Mr. HOUGH seconded, and this was carried unanimously.
The CHAIRMAN proposed the second resolu tion, sanctioning an agreement with the Peak Tramways Company.
Mr. WHITE Becouded, and this was carried unanimously.
The CHAIRMAN-That is all the business. Thank you for your attendance.
¡
HONGKONG AND SHANGHAI BANKING CORPORATION.
The eighty-second report of the Court of Directors to the Ordinary Half-Yearly General Meeting of Shareholders to be held at the City Hall, Hongkong, on Saturday, the 18th August, is as follows:-
To the Proprietors of the Hongkong and Shanghai Banking Corporation.
GFNTLEMEN,-The Directors have now to submit to you a General Statement of the affairs of the Bank, and Balance Sheet for the half-year ending 30th June, 1906.
The net profits for that period, including $1,699,777.40, balance brought forward from last account, after paying all charges, deducting interest paid and due, and making provision for bad and doubtful accounts, amount to $3,795,119.43.
The Directors recommend the transfer of $750,000 from the Profit and Loss Account to credit of the Silver Reserve Fund, which Fund will then stand at $10,250,000.
After making this Transfer and deducting Remuneration to Directors there remains for appropriation $3,030,119.43, out of which the Directors recommend the payment of a Dividend of One Pound and Fifteen Shillings 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 2/14, the rate of the day, amounts to $695,424.84. The Balance $1,712,472.37 to be carried to New Profit and Loss Account.
DIRECTORS, - -stemm
Mr. E. Shellim, Mr F. Salinger and the Honourable Mr C. W. Dickson having resigned their seats on leaving the Colony, Mr. D. M. Nissim, Mr. H. E. Tomkins and the Honourable Mr. W. J. Gresson have been invited to fill the vacancies; these appointments require confirma- tion at this meeting.
Mr. G. H. Medhurst has been elected Deputy Chairman for the remainder of the year in place of the Honourable Mr. C. W. Dickson.
AUDITORS.
The accounts have been audited by Mr. W. Hutton Potts and Mr. A. G. Wood. ABSTRACT OF ASSETS AND LIABILITIES HONG- KONG AND SHANGHAI BANKING CORPORATION, 30th June, 1906.
Paid-up capital
LIABILITIES.
Sterling reserve fund
.$ 10,000,000.00
Marine insurance account... Notes in circulation :-
Silver reserve fund
|
THE HONGKONG WEEKLY PRESS AND
...$10,000,000.00
Authorised issue against securi. ties deposited with the crown agents for the Colouies Additional issue authorised by Hongkong Ordinance No. 19 of 1900, against Coin lodged with the Hongkong
Government 4,320,466.00
Current accounts
11
Silver Gold, £4,156,- 316 158, 7d.-
Fixed deposits
Silver Gold. £5,295,851
108. Od.
By Amount of Net Profits for the six months en- ding 30th June, 1906, after mak- ing provision for bad and doubtful debts, deducting alt Expenses and
[August 6, 1906.
Interest paid and due,
2,095,342.03
$3,795,119.43:
Total
$3,795,119.43
14,320,466.00
STERLING RESERVE FUND.
To Balance
$10,000,000.60
-18,089,783.28
$49,821,830.75
50,327,529.03
To Balance
100,149,339.78
$68,609,599.69
39,480,183 59
Bills Payable (including Drafts on London Bankers, Call Loans and Short Sight Drawings on London Office against Bills Receivable and Bullion Shipments) Profit and Loss Account Liability on Bills of Exchange re-discounted, £5,150,877 8s. 10d. of which £3,927,360 10d. 2d. have since run off,
ASSETS.
E
Cash Coin lodged with the Hong- kong Government against Note Circulation in excess of $10,000,000 Bullion in hand and in transit Indian government rupee paper Consols, colonial and other
securities
10,221,875.17 3,795,119.13
$266,326,603.66 $41,102,406.58
Sterling Reserve fund investments,
viz.:
£598,000 21 per cent.
consols at 82 (of which £250,000 with the Bank of England as a special London reserve). £255.000 27 per cent. national war loan, at 90... £325,000 other ster.
£100,360
229,500
ling securities, written down to 280,140
Total
£1,000,000 Bills discounted, loans and
credits
Bills receivable.. Bank premises..
Total
Total... $10,000,000,00 By Balance 31st December, 1905 $10,000,000.00
(invested in Sterling Securities)
Total ... $10,000,000.00
***
SILVER RESERVE FUND.
Total ... $10.250,001.00
By Balance 31st December, 1905 $9,5.0,000.′ 0 By Transfer from Profit and Loss
Account
Total
$10,250,000.00
750,000,00
$10,250,000.00
THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.
The report for presentation to the share- holders at the tenth ordinary annual meeting to be held at the offices of Messrs Dodwell & Co., Queen's Buildings, on Thursday next states. The General Managers have now the pleasure to lay before the Shareholders the 8,500,000.00 accompanying Statement of Accounts for the
925.678.38 year ended 31st May, 1906. 2,291,571.16
ACCOUNTS.
The balance at the credit of Profit and Loss 7,333,145,71 | Account, after writing off $652.16 for de, recia- tion and including $551.41 brought forward from last year, is $13,672.11, which it is pro- posed to appropriate as follows:-
To place to Reserve Fund
10,000,000.00
93.955,574.06
**
$3,000.00
To pay a dividend of 15 per cent.
on Ordinary Shares
5,0-40.00
To pay General Managers' Re-
muneration
2,000.00
To pay a further dividend of 24
per cent, on Ordinary shares To pay $9.90 per share on 100
founders' Shares.
900.00
990.0
Το
carry Account
forward to Now
752.11
L
$13,672.11.
AUDITOR.
1 0,888,835.51 The accounts now presented have been 1,379,392.36 audited by Mr. W. H. Potts, who, being
$266,326,603.66 GENERAL PROFIT AND LOSS •CCOUNT,
HONGKONG AND SHANGHAI BA KING
Dr.
CORPORATION,
30th June, 19 6.
To Amounts Written off :--- Remuneration to Directors,
To Dividend ccount:- £1_15 per
on 80,000 shares-£140,000 at 4/6
share
eligible, offers himself for re-election.
LIABILITIES.
$15,000.00
To capital 9,90 ordinary $
shares of $10, of which 84 per share paid... 100 founders' shares of $10
fully paid
DODWELL & Co., Ltd., General Managers. BALANCE SHERt, 31st May, 1906.
$ ota.
cts.
.39,600,00
1,000.00
40,600.00 13,936.03
850.00
22,000,00
622,222.22 | To sundry creditors
To Dividend Adjustment Account:- Difference in Exchange between 46, the rate at which the Divinend is declared, and 2 14 the rate of the day
To Transfer to Silver Reserve
Fund,
To Balance forward to next
half-year,
Total
10,000,000.00 | By Balance of Undi- vided Profits, 31st December, 1905,..
9,500,000.00 250,000.00
$1,699,777.40
i
To unclaimed dividends To reserve fund
To profit and loss account balance 13,672.11
4.
ASSETS.
891,058.14 ats.
695,424.81
$ 750,000.00 By launches Gladiator" & "Victor" 3,983,35
By value of furniture and $_cts. 1,712,472.37 fittings as per last ac- count $3,795 119.34 By since expended
Cr.
4.
By less written off...
200.00
852.16
1,052.16
652.16
By value of material on hand in Hongkong and Singapore...
400.00
34,092,05
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