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February 18, 1907.]
THE HONGKONG, CANTON AND MACAO STEAMBOAT CO., LD.
CHINA OVERLAND TRADE REFORT.
The CHAIRMAN-That concludes the busi. ness of the meeting, gentlemen. Dividend war- rants are now ready and may be obtained on
HUMPHREYS ESTATE AND
The ordinary half-yearly meeting of share-application. holders in the Hongkong, Canton and Macao Steamboat Co., Ld., was held at the offices of the Company, Hotel Mansions, on February 12th. Mr. E. Goetz presided, and ther were also present Messrs. A. Haupt, C. Leuzmann, C. Thiel, R. Shewan, W. A. Cruickshank, F. Gomes and N. A. Siebs (directors). Captain W. E. Clarke (ecretary), Dr. J. W. Noble and Messra, E. J. Moses, F. llis, A. H. da Silva, P. C. Potts and G. de Champeanx.
The SECRETARY baving read the notice call- ing the meeting,
to the
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FINANCE CO., LD.
The annual general meeting of shareholders | in this Company was held on February 9th in the Company's offices. Mr. H. Humphreys presided and there were also present Messrs. I Noott Harston, A t. Wood and J. A fanp (director). E. Beth (secretary), J. Arcold, F. II, Sharp. J. F. Wright, J. Minhinnett and, F. W. Stapleton.
The SECRETARY having rad the nofica Convening the meeting,
The CHAIRMAN said :—-G -ntlemen, I propose, with your permission, to take the report and statement of acconuts as read. There is not
The CHAIRMAN said-outleman. Since last meeting it is the painful daty of your Board to record the death of our late Secre. tary, Mr. Thomas Arnold, who died very suddenly on the 20th October last. Your
Directors regret that the holiday so well, deserved after inch a long term of service in the
much in the assets and liabilities tha' cills for Company should have been thus quickly ended. explanation. Acconuts receivable and sundry The report and accounts having been in your
creditors both show # big decrease : hands for some days, we will, with your per
$134,151.64 in the case of the former and mission, take them as read. Turning to the $104,979.08 in the case of the latter. This report we refer to the disastrous effects of the simply means that the company has not been typhoon of the 18th September in the total dis. leading to its full capacity or utilizing its credit ablement of so many of the best vessels of the to the utmost, the condition of affairs prevailing fleet, which caused your Directors much conceru
throughout the year nec-sutating extrenie can- and anxiety. However, it is now our pleasant tion, Tusurance reserva fund has hon increased duty to say that all the Company's vessels are by the addition of $4,3 4.17 which rep events again in first class running order, The ex-
the value of expired fire risks anderwritten by peuse, as you will see by a perusal of the ourselves. Turning to the profit and loge accounts, has been very great, and in the account rents show an increase of 816,702 83 forthcoming half year we have to face the Unfortunately the Company had a number of cost of repairs and alterations
its Kowloon houses vacau: during a considerable steamer Heungshan. Beyond this nothing, portion of the year, otherwise the increase would exceptional need be noted at present. The have been larger. Interest shows a falling » working agreement between the China i of $18,95061 which is aceonuted for by Navigation Company, Limited, and this Com- pany was arranged at the close of the year when the old agreement expired, aud carries with it many advantages to the general combine. The two new vessels purchased for the Macau service by which we hope to obtain a fairer share of the trade, besides offering better facilities to shippers and the travelling pablie, are working very well, being more economic in coal consumption than the ous steamer previously engaged on the line. The earnings of the Canton-Wachow line have fallen off greatly during the period under review, the cause of which, in the opinion of Directors, is largely due to piracy and general want of security of life and property in the two provinces of Kwangtung and Kwangsi. The claim of the Company and the joint owners for consequential loss against the Chinese Government for the acts of piracy committed on board the steamer Sainam in July of last year have, we regret to say, heeu rejected by the British Foreign Office. The claims for actual loss and for those of officers and crew are still unsettled, Farther representa tions have been made with a view of reaching a final issue. Turning to the accounts, you will notice that, as is usual, we have adjusted the value of share investments held by the Company in accordance with the quotations current at the end of the year. The large item of sundry debtors is explained by the fact that the amount of 835,673.49 is for insurance premia for 1907, claims in course of collection and refund of insurance on steamers Fatshan and Tak Hing which was not renewed. All properties mortgaged to the Company have been surveyed and revalued by the Company's surveyors, blessrs. Palmer and Turner, and the loans show a satisfactory margin of safety. I do not think that there is anything else that calls for particular comment; but, shou'd say share- holder require any further information, I shall have much pleasure in answering any questions. No questions bring asked the CHAIRMAN proposed the adoption of the report and state- ment of accounts as presented.
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further panic, until such time as the Commission now sitting sends in its report. Before moving the adoption of the report and statement of accounts, I shall be pleased to answer any quest ons shareholders may have to ask.
No questions were asked, and the Chairman moved that the report and statement of accounts
< presented be adopted and passed.
Mr. SHARP-I have great pleasure in seconding the motion, and simply say there ona be no doubt whatever that the directors have
done their very best during the past year to meet the difficulties which you have so clearly set forth in your report. It evidently has not been altogether a satisfactory year, but then the Ciuses have not been under the directors' control. There is no doubt whatever that the very best. has been done under the circumstances, and I have much pleasure in seconding the adoption of the rep ›rt. might, I think, just
take this opportunity in calling the attention of the Board-and sithongh their personal interests may lie the other way they would be sure to receive it with kind consideration - -nad that is the fact that in a year of depression as this has ben, the amount that goes out for management and for directors' fees, though no doubt well deserved, in many respects is a very serious amount, and I only throw it out for
very serious drawback and
the thoughtful consideration of the Board whether the expenses, which, although ap ›roved by the Articles of Association, really take a large bite out of the annual profits might be reduced. refer to the directors' expenses and the expenses of the general management. just throw that ont for the Board's considers- I
tinn, for I think the shareholders have had every confidence in the Board in the past, as they will hare in the present and future," bat if the expen es of management could be reduced, especially in times of depression, it would be to the satisfaction of sharsholders in the Company.
The CHAIRMAN-I might mention, Mr. Sharp, in reply to your remarks about the cost of maunzement being excessive, that the remu- neration of the directors and general managers is as provided by the articles of association, and is very much less than pertain‹ in other big empanies doing similar business. refer more particularly to the Land Investment Company. Speaking for myself as one of the general managers, I would not be prepared to take less than the remuneration we are now The $8,000 allowed the general management for offices, secretary's salary, olerks and so on is not excessive in any way. Posibly the general managera may make a little profit out of that, but it was intended at the time the allowance was made that they should. For instance the $7,000 which is all the general managers are getting in fees, would be a very poor remuneration indeed for all the trouble and time given to the Company. As regards the directors, if you wish it I will bring the mattır before them at the next Board meeting for their consideration, but I shall not do so unless you wish it.
mortgages being paid off, and the rate interest for the year ruling lower thau during 1907 The amount figuring on the d-bit, side of the account under the heading of repairs is, w regret to say, abnormally high, for which the disastrous typhoon which swept over the clouy on September 18th last is responsible. The force of the wiud wax f-lt. more Al Kowloon, where nearly all your property is situated, than in any other part of the colony. The condition of property generally has not heen satisfactory for the past two years. In some places, and this applies more particularly to Chinese property there has been an actuil | getting. your
deprciation of over 30 per cent, partly due no doubt. to bad times, but in a great measure to the manner in which the very drastic Health Ordinance of 1903 has been euforced. When that measure W2
IK considered by the Legislative Council the principal landlords of the colony foresaw that the very wide powers which were being conferred might be abused by subordinate officers. In addition they drew the attention of the Goverumant to the injustice of ertain of its provisions as 88 to the obscurity, ambiguity and the impossibility of working of many of its clauses (hear, hear. Though considerably modified and again amended within a few months of its conception, the Bill as it now stands has been in force for about three and Я half years. Although landlords had from the first grave misgirings as to the baneful effect the Bill would have on property, their worst fears have failen short of the ac ual result. For instance it was thought that the overcrowding olauses, while lessening the value of c-utral properties by decreasing the number of cubicles and conse- quently the available accommodation, would exercise a beneficial influence upon saburban property at East Point, West Point and Kowloon. Extensive building operations were commenced before the Bill b-came law in these neighbourhoods, with a view to accommoda ing the population which would have to be ejected from the central districta, but so far as can be judged from the number of empty Chinese tenements available, and tha latest census returns, this population, instead of
Dr. NOBLE seconded the motion, which was agreed to unanimously.
It was proposed by Mr. Moses, seconded by Mr. Potts and agreed, that the election of Mr. Thiel to the Board of Directors be confirmed.
Mr. DA SILVA proposed the re-election of the retiring auditors, Messrs. A. O'D. Gourdin and W. H. Potts.
Mr. ELLIS seconded, and the motion was car- ried,
being driven into these suburb, as was antici- pated, has to a great extent been driven out of the colony altogether. Whether it will ever return, time alone will show. Meanwhile the Government might be well advised to pause in its rigid enforcement of an ordinance. which itself begotten of panic, has, in a great measure, been the means of creating something like
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Mr. SHARP-I don't for a moment suggest that the amount is excesive, or make any proposal. I only throw it out because the amount is a very serious bite out of the profits in times of depression.
The CHAI MAN — -No doubt the directors will consider it.
Mr. SHARP-That is all I suggest. The motion was then put to the meeting and carriei unanimously.
The CHAIRMAN proposed, and Mr. STAPLE- TON SCOLded. that the retiring Messrs. A. G. Wood, J. 8. Van Buren, J. -
directors, Scott Harston, H. A W. Slade and Ho Tung, be re-elected. Carried.
The CHAIRMAN-With regard to the audi- tors, Mr. Gaskell is shortly leaving the Colony and resigns his saditorship, so it will only be necessary for you to re-elect Mr. Hutton Potts. Before the next meeting takes place the Board of Directors will appoint another auditor to the Company.
Mr. JUPP proposed the reappointment of Mr. Hutton Potts as auditor.
Mr. SHARP seconded and the motion was agreed to.
The CHAIRMAN –That_in; all>the business, gentlemen. Thank you for your attendance. Dividend warrants will be ready on Monday morning.