76
COMPANIES.
THE HONGKONG WEEKLY PRESS AND
Mr.
[February & 1907.
| roʻlamation work in front of this lot is still in !
Moss-Mr. Chairman, there is progress and thongh somewhat delayed by the amount among the assets of $6,050,975.75. How CHINA PROVIDENT LOAN Co., 1. typhoons of last September should be completed is it that nothing has been written off for
during the current year. No sales of land have depreciation of property? taken place during the past twelve months and your directors do not recommend a dividend of more than 7 per cent, the payment of which will absorb some $33,000 of the" balance bronght forward from 1995. Il any further information is desired 1 shall be pleased to give it.
The tenth ordinary general mooting of share. holders in this Company was held at the office of the general managers, Meg-rs Shewan, Tomes and Co., ou the 26th January. Mr. R. Shewan presided and there were also present Messrs H. P. White, Chow Hing kee and Dr. Noble (consulting committee), Mr. J. A. Young isecret. ary) and Messrs. E. Haskell and W J. C'ar roll.
The notice calling the road,
mooting having been
Following the usual
The CHAIRMAN said: custom we will, with your permission, consider the report and accounts as read,
The year
uuder review has been a very difficult one, owing to unprecedented dullness in trade and a severe slump in value of real state, Our furnover was, therefore, very considerably restricted, and in consequence for a considerable part of the year: we had funds in hand, which wo were unable to
put out on satisfactory security, In spite of this we are sill able to pay the usual dividend of 8 per cent besides placing $15,000 to Reserve, a result which I venture to think will be ensi- dered quite satisfactory by shareholders. WR have had to re-adjust. the value of our shares į held against Invest of Reserve, which is unfor tunate, but we have littlo doubt that the amount thus written off will soon come back a- the share market revives. Other items in the accounts are very much as usual, and do not requira ex-i planation. In conclusion we hope that the report of the “ Special Commission" to enquir», into the administration of the Sanitary and Building Regulations under the Public Health Ordinance will benefit property in the long run. and that the requirements of the Stuitary
Board will be modified to a considerable degree, for if the serious drop in values of 25 to 34 per cent cannot altogether he attributed to these regulations, it has certainly accentuated the depression to a very large extent. I am glad to say that all our loans seem quite save and give us no cause for uneasinessS.
Shareholders were then given the customary opportunity to ask questious, but none were asked and the C'HA RMAN moved the adoption of the report and accounts.
Dr. NOBLE seconded, and the motion was carried nem, con.
Mr. HASKELt, proposed the replection of Messrs. J. S. Van Buren, H. P. White, Dr J. W. Noble and Mr. Chow Hing-kee to the con- sulting committee.
Mr. CARROLL scronded, and the motion was carried.
Mr. A. O'D. Gourdin and W. H. Potts were re-elected auditors ou the motion of Mr. H. P. WHITE, sec nded by Mr. CHow HING KEE.
The CHAIRMAN-That is all the business, gentlemen. I am obliged to for
you your attend. Divideud warrants are ready now.
HONGKONG LAND RECLAMATION
CO., §1.
ance.
:
|
The
CHAIRMAN-The
answer to that
question is that the property is never written down because anything that is necessary is provided on the other side of the account for depreciation,
Mr. Moss-If your property stand‹ like this in the books, what do you think would happen in case of a hig fire? Do you think the Insuranen Companies would pay up the full am unt? They don't pay up book value, they pay up actual value,
No questions were asked, and the CHAIRMAN moved the adoption of the report and acconats. The motion was second-d by Mr. Haupt and carried unanimously.
Mr. HooPER moved the confirmation of the uf Mr. D. M. Nissum to the appointment Board of Directors.
Mr. Lo CHEUNGSHIU seconded, and the insured. motion was carried,
Mr. J. M. GRACA proposed and Mr. Ross seconded the reclection of Messrs. A. J. Raymond and Ho Tung as directors. Carried.
Mass
essrs. W. H. Potts and A. OD. Gourdin were reappointed auditors 01 the motion
The CHAIRMAN—The Insurance Companies would pay up the actual value for which we are
Mr. Moss Is that the custom ?
The CHAIRMAN We are fully insured. Mr. Moss I know it is not the custom amon- gst firs insurance companies to pay up like that. The CHATEMAN I think that in the case of a Company like this the insurance companies of Mr. PETER, seconded by Mr. OnanoE, I would recognise any claim submitted provided it
The CHAIRMAN— Dividend warrants will was justifiable. There would be no difficulty he ready on Monday, gentlemen. Thank you
in recovering the full amount of our insurance,
Mr. for your attendance.
Moss I don't think they would. and with regard to accounts payable
THE HONGKONG LAND INVEST-
MENT AND AGENCY CO., LD.
I
| $1,95754128i, how much of that is out on losu
na which we are paying interest?
Mr. HOOPER-Receiving interest. Mr Moss Receiving interest.
What I
The eighteenth ordinary meeting of share- holders in this Company was hell at the mean to say is that some of the amonat must be
Victoria Company's offices,
Buildings, on contractors' accouuls. Surely there is not a Jan. th. Hon. Mr. W. J. Grosson presided, 'book amount like this all due.
The CHAIRMAN You seem to be a little bit other shareholders present being Sir Paul; Chator and lessrs. A. Haupt, A. J. Raymond, vague about what information you require. D. M. Nissim. V. A. Siobs and H. P," whita, (directors), A. Shelton Hooper (secretary), T. F. Hough, J. Orange, H. Percy Smith, P. Ellis, C. W. May, D. K. Moss, A. H. Ough
and A. Rodgers.
The notice galling the meeting having been real,
The CHAIRMAN said
ย
Mr. Moss-Well, I'd like the accounts payable split up in more detailed manner so that we can know exactly what it is.
The CHAIRMAN-If you look on the other side of the account you will see aa amo int transferred to mortgage; deduct that from the acrounts payable.
Mr. Moss-That leaves roughly $600,000 in accounts payable. What does that consist of? The CHAIRMAN -The difference between the two is really represented by an overdraft with the Hongkong and Shanghai Bank.
Gentlemen-With your sanction. I propose to take the report and accounts as read. Dur ing the year under review, the
property market in common with all other markets has suffered from the period of depressed trade,
Mr. Mo×3-Qu! I see. That's all. which I trast we are rapidly leaving behind us
Th• CHAIRMAN - If nobody desires further The conditions Lave been such as to preclude information I will propose that the report and the sale of any of our properties, and as no lots accounts as presented bi adopted and pissed. with reasonable prospect of advantageons
N further questions being asked, the development have been submitted to us, the CHAIRMAN moved accordingly. company has not derived any revenue from this! Mr. Hocau I rise to secoud the adoption of branch of its ba-iness, A comparison of our the report and accouals.
The lucid ma iner assets with the year 1905 shows that the in which they has been dealt with by our amount adrauced où mortgage has decreased by Chairman leaves me very little to say, but I $44,553, and that a further sum of $63,2018į¦must echo what has fallen from him in beping has been spent on developing properties, making that the drastic laws which at present wo our properly investments 86 €50975 71, again handicap property holders may be considerably Dealing with protit and modified in the near future. I do not like to 1995.77120) in 1905.
loss account the return from that important ay too much about this, looking as we do on soures of our revenue. Rents, shows au tbo malter AS one which may be opened up increase of $91,138. This in a measure must shortly. We have now sitting a Royal Commis be considered satisfactory, but I regret to say sion dealing exhaustively with matters concern- that in spite of every endeavour we have still aing property, and I look forward hopefully to the number of vacant tenements, although not so outcome of their deliberations, and with could- many as a year ago, From the census recently ence that whatever recommendations they may The ordinary meeting of shareholders in taken, you are aware that there has been a roduž put forward will bring amelioration of our lot. the Hongkong Laud Reclamation Co., Lḍ., tion in the Chinese populatiu, there are other. ¡Applause). The year that has passed has been was held at the Company's office, Victoria causes also which have seriously affcted pro-
a troublous one; it is brought home to as now Buildings, on the 26th January, The hon.perties, but as Wo must all hop for the who we are closing up our au counts, the losses Mr. W. J. Gresson presided, other shareholders amelioration, if not the removal, of useless we have sustained, and it is matter for con- present being Sir Paul Chater. Mr. D. M. restrictions it would appear to be reasonable to gratulation that our directors are able to Nissim and Mr. A. J. Raymond (directors), anticipat a gradually increased return from recommend the payment of the dividend they
Mr. M. S. Northcute (secretaryi and Messrs. Chinese rentals. There is an increase of $se
have done. (Applaus+.) There is a lot of the H. Percy Smith, A. Haupt, F. M. Graca, in commission account. Do the debit side of Oliver Twist about shareholders, and at times J. M. Graca, J. Orange, A. Shelton Hooper, the account you will find interest accouut, and we are perhaps too prone to hold out our hands with the withdrawal of funds invested on
for more. J. C. Peter, C. I. Ross and Lo Cheung-shiu.
On this occasion I think we are The SECRETARY read the notice convouing mortgage it is only to be expected that our fortunate, and the least we can do is to cheer on the meeting, after which
revenue under this heading must be a gradually our directors and management and show our declining on the actual decrease this year appreciation of the year's work. (Applause). being 851,891 S. Charges account is practi. cally unaltered, while fire insuraura is some The cost of repairs increased from $11,087.26 to $14,494 di which is accounted for by the damage done by the typhoons, and estimated at about $6,000, Summarised, the net earnings of the year are $55,81123 mo s than in 195, if you exclude from that year the
Mr. May seconded, and the motion was $101,556 derived from profit va
Property and agreed to. Investment, and this result your directors
It was proposed by Mr. ORANGE, seconded by trust you may consider satisfactory. If any Mr.Od and carried unanimously that Mosers. further information is desired, I shall be. Percy Smith and C. W. May should be pleased to give it to the best of my ability.
remppointed auditors.
The CHAIRMAN said-tientlemen. The report and accounts having been in your hands for the past week, we will, with your permission, take them as read. There is little, if anything, in the accounts before you for we to comment on. Our revenue from interest and mortgage having extended over the full period, instead of as in last year for a few months only, receipts show an increase of some $26,000; on the other haud rents have declined, the Admiralty baring given up their tonency of the coal storage ground at Yaumati. Our houses on Kowloon Marine Lot 49 continue to be well pocupied and are in good repair. The
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The motion was carried unanimously. Mr. D. M. Nissim's appointment to the Board of Directors was confirmed on the motion of Mr. Moss, seconded by Mr. Rodgers.
Mr. PERCY Suitн moved the re-election of
Messrs. A. J. Raymond and D. M. Nissim to the Board of Directors.
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