28
CHINA PROVIDENT LOAN AND
MORTGAGE CO., LTD.
The report for presentation to the shareholders at the tenth ordinary general meeting to be held at the office of the General Managers on Saturday, 26th January, stater :-
Annexed we had the pleasure to lay before shareholders a statement of accounts made up to 31st December, 1906.
The gross earnings for the past year amount to $124 050.81 and after deducting all expenses, remuneration to General Managers, Consulting Committee's and Anditors' fees, there remains a balance of $95,855.75 which it is recommended be appropriated as follows, viz :- To place to Reserve Fund To pay a dividend of 8 per cent To carry forward to the credit of
$15,000,00
80,0000 !
855.75
next year's account... Consulting Committee-In accordance with the Articles of Association, Messrs. J. S. Van Buren, Chow Hing Kes, Dr. J. W. Noble and H. P. White retire, bat offer themselves for re-election.
Auditors.-The accounts have been audited by Messrs. A. O'D. Gourdin and W. H. Potis, who are recommended for re-election.
SHEWAN, TOMES & Co.,
General Managers.
Hongkong, 5th January, 1907.
ACCOUNTS FOR THE YEAR 196. PROFIT AND LO88.
Charges
Consulting Committee's fees..
Auditors' fees.....
Depreciation on Investmant of Reserve
Fund.
Balance
Balance brought forward from last year...
Lees Interest paid, commission,
&0.,
5,557.50 95,855.75
$112,585.20
$ C. 4,791.73
Interest received on Mortgages,
Loans, &.
$124,050.81
18,257.34 107,793.47
$112,585.20
BALANCE SHEET.
$
LIABILITIES.
Capital 200,000 Shares at $10 $2,000,000.CU
Less 100,000 Shares un-
issued
Reserve Fund
Sundry Creditors
Company's Bankers
Balance of Profit and Lost..
C.
1,000,000.00 1,000,000.00 100,000.00 22,384.08 115,719.33
HONGKONG WEEKLY PRESS AND
ratës, business generally has been small. Prices are: Best quality, Yen.26.00. Shirtings --Dull. Cotton Goods and Fancies.-- Quiet. Worsteds and Woollens-Only a small business passing. Window though the equivalent of home prices has not Glass-Improvement noticeable al-
been reached yet. Metals. More inquiry at bet- ter prices. Sugar.-Buyers show no interest in heet. Stocks are inch reduced. Cane.-Hong- kong Refined. There is no inquiry. Raw. A little more dewand made itself felt, but the ideas | of sellers and buyers are still very far apart, Osaka Refined.—At the auction held at Osaka on the 17th December 5,200 bags changed hands at prices showing no variation from those last obtained. Rice.—A fair quanity of Rangoon Rice has been contracted for February to March ship-
ment.
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EXPORTS,
COAL.
CASER,
Messrs. Hughes and Hough, in their Coal Report of 10th January, state that 21 steamers
are expected at Hongkong with a total of 77,600 tons of coal. Since December 28th, 17 steamers have arrived with a total of 53,500 tons of coal. Quotations :--
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January 11, 1907.
Indian-A fairly largo business has been done at declining prices, sales amounting to 3,500 bales, No. 21s forming the bulk of the settlements and market closing unsteady. Estimated unfold and uncleared stock about 160,000 bales.
Japanese Market very steady with a strong demand, sales amounting to close upon - 1,800 bales on the basis of Tls. 54 to 93 for No. 168, thủ Tls. 97 to 99, for No. 20s,
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Locals:-Continue very quiet and no business is reported.
PIECE GOODS.
Messrs. Noel, Murray & Co.'s Report on the Shanghai Piece Goods Trade, dated Shanghai 3rd January, 1907, states: The new year has opened very auspiciously and with prospects greatly improved, in fact they are far brighter than anyone could have hoped for a few weeks Fish Oil.-Market firm with upward tendency. ago. The year just closed has certainly been a Transactions
—Whale, reported.
1,000
trying one, and for the greater part of it many of Shark, 400 cases: Sardine 1,000 cases: Herring. the participators in this trade must have felt that 1,000 cases, Quotation per 100 kin. Whale, Yen | they were on the edge of a precipico. Once more 9.75; Shark Yen 8.50; Sardine Yen 8.25; Herring | Dame Fortune has siniled benignly on our traders Yen 8.00. Copper.-Only small parcels have | and saved them from calamities that at times been offered and were promptly taken out of the have looked inevitable. How many must have market at ever increasing prices. Rice.-Market | thanked their lucky stars for getting out of tight steady, very little business doing. Cotton Yarn. corners by what seemed tho morest fluke! Čul- Export demand shows some improvement. culations have been constantly upset in the most Country demand continues strong. Stocks very unexpected manner, everyone working in the low. Vegetable Wax.-Market steady at quota dark, so to speak, with not one important factor tions: the transactions reported during the first that could be depended upon from day to day. half of this month, 2,250 cases, have not been The tendency of exchange has been upwards the maintained as only 400 cases are reported during whole year, contrary to all expectation or desire, the latter half. Refiners, however, look for higher it being so apparent now that lower rates are" prices. Matting.-The negotiations referred to essential to the well-being and commercial pros- 6,971.95 in last report are still in progress, and meantime | perity of the country, so long as its finances aro 4,000.00 ¦ deliveries of Matting against contracts are very on a silver basis. Then, too, Cotton has kept on
260,00
mengre and stock goods are unobtainable. Prices a level far above all anticipations. The possibi- continue firm. Straw Braid.-Practically no lities of that market have defied calculations, and change to report. A strong demand continued the quite unlooked for developments that 'have to exist for any descriptions and prices have taken place in the home consuming markets been well maintained in consequence, Chip have been as radical as they were unforeseen. Braid. A good enquiry existed for this, but the Starting the year with almost overwhelming high prices ruling somewhat restricted new stocks that were replenished nearly as rapidly as business.
they were drawn upon, through the lavish orders that were placed far ahead the previous year, comparatively little fresh business has been tran... · Bacted in staple makes of goods throughout the period under review, and gradually the market is returning to a more normal and satisfactory condition of things. As regards the business done during the interval the market has felt the holidays much more than it did the previous week; but though comparatively little has been passing in fresh transactions the great improvement in clearances shows that the local dealers are busy reselling their holdings and are replacing by forward purchases at covering rates when obtain- able. The Manchester market is very strong with a good enquiry for China, and there is no doubt that sales are being replaced to some extent, but in most lines the heavy stocks still here rather retard the business. The Liverpool Cotton market has apparently been elosed since last Friday, or else the telegrams have been delayed by the severe weather prevailing in Europe, but the quotations received last Saturday were 5.70d. for Mid-American and 10%d. for Egyptian. The export figures for last month are not yet in. There are various rumours concerning the New York market which need some confirms- tion. One is that 70,000 bales Domestics have been offered this market, but it is extremely unlikely the Exchange Banks would finance such a large quantity in face of the enormous amount they have locked up in goods already here. An it is to be hoped they will treat the whole of China en bloc, and not allow the outside markets to buy direct to the detriment \of stooks1here. The direct Tientsin business, however, is Bona on the endless chain system, and fresh supplion-have to be continually coming along, on which the importer can get two months, credit from the Bank and deliver to the native buyers on receiving payment for the previous shipment! That is why they are trying to buy now in New York, although they could get the goods much cheaper here, but hard cash has to be paid. However, it is certain goods have been offered to this market and töme business has been done, and at the same time 1,000 bales, it is said, for direct shipment to Taitain. The Yarn market is very quiet at the moment, the few sales of Indian spinnings deuoting s slightly weaker feeling amongst some · holders. The fairly heavy buying that has been going on during the last few weeks evidently demands a lot up, which the holidays have provided the requisite opportunity for doing. It is reported from Bomlay that a number of speculative opera- tors are in difficulties, and it is hoped that the market will soon be purged from those pests that have been doing so much baris to the trade for years past,
95,855.75
ASSETS.
$1,333,959.16
$ C
Loans On Provident System $553,634.49
On Mortgages, Shares
645,442.72 1,199,077.21
&c., Investment of Reserve Fund 4,250 shares Green Island
Cement Co., at
Ld.
$21-$89,250.00
Power Co., Ld. at $10-$25,000.00 Sundry Debtors Cash
2 500 shares China Light &
COMMERCIAL.
Cardiff... $15.00 ex-ship, nouinal. Australian .$10.00 to $11.00 er-ship, quiet. Yubari Lump...312.00 nominal. Miiki Lump $12.00 nominal.
Moji Lump... $6.00 to $8.00 ex-ship, steady. Moji Unscreened$6.00 to $7.00 ex-ship, steady. Akaike Lump...87.75 to $8.50 steady. Bengal.. 39.00 to 19.50 nominal.
YARN.
Mr. P. Eduljee in his report, dated Hongkong, 11th January, states:-The market as yet shows 114,250.00 no signs of returning activity, the only sales dur- 16,777.49 ing the fortnight being those noted below. Quot- 3,854.46 ations have again receded $1 to $2 per bale, and
holders are willing to submit to still greater con- | $1,333,959.16
cessions if any large quantity could be placed, but without an outlet for their purchases dealers are not inclined to increase their holdings or in- terest, and are buying only for immediate wants. Demand has, as usual, run upon favourite super- ior tickets of No. 10s, the othor counts being more or less neglected. Receipts during the in- terval have been moderate, and with an extensive off-take for shipments to Shanghai and the Coast Ports stocks show a very substantial decrease on lest estimate, The market, however, closes quiet au tending downwards.
KOBE MARKET REPORT. The Kobe Market Report, published under the directon of the Kobe Foreign Board of Trade, and dated (Kobe) Hiogo, 28th December, 1906, has the following :---
IMPORTS.
Sales of the interval aggregate 3760 bales, arrivals amount to 3,307, unsold stock estimated
Cotton.-American.-There has been but А very slight fluctuation since our last report, and prices to-day for "forward" remain at Yen 38.85 as before. No important transactions have been at 141,000 and uncleared stock at 17,000 baleɛ. reported. Stocks are scarce, and Spot Middling Local Manufacture Nothing doing. is quoted at Yen 84. Indian.-While no import- Japanese Yarn :- No business is reported. ant forward business has been reported, some of Raw Cotton ----Despite small arrivals of Indian the Japanese importers, who are closely connected descriptions the only business of the fortnight is with mills, have been able to put through some the sale of a parcel of New Súperfine Bengals at orders, Spot business to a small extent has been 3204. In China kinds 53 bales Thongchow have transacted at low rates, but owing to the approach- changed bands at $231. Quotations are Bengals ing, New Year holidays, the market generally | $19 to $22 and China $22 to $24. has remained very quiet, with the exception of some staple grades such as Brosch, Tinnevelly, etc. Closing quotations are: Best Broach Yen 28.00; Yeothmal, Yen 23.00; Akola Khamguam You 22.00, Bengal, Yen 20.00. Chinese. Some Cansactions have been reported, but only to high
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Exchange on India has fluctuated slightly and closes to-day at Rs. 1664 for T/T, and Rs. 1671 for Post On Shanghai 73 and on Japan 1101.
The undernoted business in imported and local spinnings is reported from Shanghai during the fortnight ended the 5th instant, vis :---
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