146
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THE HONGKONG WEEKLY PRESS AND
1
No questions being asked, the CHAIRMAN proposed the adoption of the report and accoun's as presented.
The motion was seconded by D:. NOBLE and carried unanimou-ly.
from 1904, while 1905 began with only $52, 00. I hope I have made it clear to you that The final result, however, is that we are able to this proposil meins that shareholders will only pay 8368,500 away in dividends this year as be asked to provide 85.50 per share in cash, the against a total dividend and b nus last year of | 84.50 being given them from the reserve fnad. $375,000, not a very great difference. As and I trust that this plan which, of course, will ample provision has been made for depreciation be brought before shareholders in the usual way we only propose to place a nominal sum to at an extraordinary meeting lster on will com- Reserve Food which b-ing invested in our mend ita-lf to you. This could raise the capital business is really additional capital, and not to 84 00 1,000, but I must again remio i those actual funds kept in reserve as it should be. | who think that another similar factory could be The result of the year's work is, I trust, started at once and ran for the same capital, that satisfactory to shareholders, but it would this does not by any mesas represent all that undoubtedly have been worse owing to the was, I will not say lost, but consumed at the course of exchange which enabled cement cu'set in making experiments and gaining makers at home to offer their brands ont experience and all of which was written off en bere at lower silver prices, prices which w, of | bloc when the company at last began to get on coarse, were forced to accept or loss t e basi- its lega. It is an experience which every new had it not been for our increased output factory must expect to encounter, and which it which offset this reduction in prices. in other will have to take into account and to pay for out words, we did a larger business to make up for of capital, and had we not dealt with it lower prices. As for the fature, although I do in the beginning, car cwn capital would not care to indulge in prophecy. I can say that have been very much larger today. I this year has begun well, and that our pres-at would also suggest that the fee for the prospects are very good if exchange does not consulting committee which has stood at the hit us any harder. The consumption of cement low figure of $1,500 since the beginning should as every engineer will tell you; is increasing, now be raised to a figure more commensurate and will increase. The use of reinforced c-ment with the increased business we an doiog, say concrete is growing rapidly all over the world, to $4,000, per kanum. I think I have now and should be especially in favour out hers laid as full a statement of what we have been where our buildings are so subject to the attacks doing during the past year so I car, with. of white ants, dry rot, etc. The rotary kilns out going too deeply into details, hot I which we added last year took longer then shall be glad to amplify it if soy shareholder i« we anticipated to get into thorough work- not clear on any point. I must add before I ing order, but they are causing little trouble sit down that the erection and construction of now and their outturn is giving us the so much new plant and machin ry has then a greatest satisfaction; in fact they have great deal of extra work on Mr. Uldall, the produced so much more than WAR anti-
manager, and Mr. Hewitt, the engineer in cipated that to enable the grinding plant to charge at Hok Un, and that we feel mach keep up with them we had to order additions, indebted to them for the cheerfulness with milis. These with the New Boiler Extension which they have given up their spare time aud and New Saw Mill Building principally account the readiness of resource with which they have for the expenditure of $186,000 at Hok Ua! met all difficulties inseparable to new work with where, as I told you last year, we did not expect urskilled labour, in all of which they have been to spend more money. Another lac has been well supported by the manager at Macao, Mr. speat at Macao, but it has been well spenton Hoves, and the staffs at both places, economies from which те are making an excellent saving in working expenses. As you are all aware, a cement plant which was intended for erection in Manchuris, but which had ben landed here during the war, was offered for sale at anotion in June last, and as it was for obvious reasons d-sirable that this plant. whiob, however, was far from complete, should not get into other hands, we decided ta
it for acquire
com- pany. It is now in course of erection, and will, when completed, add two more rotaries, We shall not, of course, commence running this plant until circumstances require it, but if the consumption of cement continues to grow, as it has done in the last year or two, it should not be standing idle long, and in the meantime the loss of interest is not very serious. Tais, with the expenditure I have mentioned at Hok Un and Macan and $47,000 at Deep Water Bay, where we have added a large pipe macbiue, acounts for nearly $600,000. In addition to this we had on 31st December $136, more than last year owing by sundry debtors, $50,000 spent on launches and lighters, mostly for cost of two ne v lighters and about $349,000. more in stocks of cement, and raw maetrial on hand equal to 8426,000, making a total expenditure of over $1,000,000. Our stock of cement is large, bit not 100 large for our purposes, AR cement takes a long time to mature, and thus we are compelled to carry large quantities in stock. We cannot, as you quite understand, afford to allow green cement to go out of the factory. In this way the $500,000 we received from you for new capital and the increase of nearly six lacs in be overdraft at the bank is accounted for. The payment of the dividend will increase the latter by $250,000, and this brings me question of more funds, for we cannot go on doing a bigger and a bigger business without more and more capital, and we cannot always depend on borrowing money from our binkers. We require roughly $1,100,000, to make us comfortable, and to get this we propose to issue 200,000 shares to bareholders, one new for obe old, calling up on each $5.50 in one payment in July next, and to raise these shares to $10, paid up, we propose crediting a call of $4 50 on them which will absorb $900,000 out of the reserve fund, which will then be reduced to $11,000,
new
this
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to the old
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Mr. HANC CK proposed the re-section of Sir Paul Chater, the Hon. Mr. W. J. Gregson and Dr. Noble to the directorate.
Mr. ELLIS seconded, and the proposition was agreed to.
Captain Clarke propos d, and Hon. Mr. GRESSON seconded, that Messrs. W. II. Patte and A. O'D. Gourdin b、 re-appointed au lit ›rs. Carried.
The CHAIRMAN - That is all the hu-ines9, gentlemen. Dividend warrants are ready now,
HONGKONG HOTEL CO., LD.
The report of the board of directors to be presented at the ordinary meeting of share- holders, to be held at the Company's hotel at 12.30 p.m., on Wednesday, March 6th, reads.
To the shareholders of the Hongkong Hotel Company, Limited,
Gentlemen-Iu accordance with section 56 of the Articles of Association, the directors now beg to submit their report for the half- year ended 31st December, 1906.
A COUNTS.
The profit on working account amounted to $53.959.18 as compared with $58202 45 for the corresponding period of 1905, being a decrease of $4,243.07.
Th- profit and loss account, including the sum of $10,057.99 brought forward from 30th June, 1906, shows a credit balance of 867,371.53, which the directors recommend should be apportioned as follows:
To pay a dividend of 10 per cent for
the half year $60, 0000
To transfer to repairs and renewals
account
To carry forward to new account
DIRECTORS.
371.53
AUDIT.
[March 4, 1907.
The accounts here been sadited by Mesare. H. U. Jeffries and A. R¡. Lowe, c.a. who offer them elves for re-election.
J. W. NOBLE, Chairman
Capital -
BALANCE SHEET. 3.4 December, 19 d.
LIABILITIES.
12,000 shares at ·50 each,fnily pai Inp) 1,000 mortgage debentures X r.
16 per cent)
500,000.00 Loss 163 ditta held by the
company
Reserve fand Sundry er litors
C.
600,000.00
81.500.00
$18,500,00 614,973.78
50,000.30
085,0
Unclaimed dividends Hongkong and Shanghai Banking Cor-
poration (current accounti Repairs and re sewa «, balance as per
statement
Profit and loss account, balance as per
at itement
Value of Marine Lot No. 3 and remain. ing portion of Marine Int No 3 and remaining portion of Marino Lot No. 7 Prava reclamation (Marine Lot No. 201 Building therion Hotel Mansions. Co-t of three chinese houses on rections B** and D of Inland Lot No S Cost of Kowloon Far a Lot No. 3, son.
tion A Farniture and fixtures, ac per
last account Less written off. 184
last report
1o2,080.95
3,309.18
67.371.33
$1,081,381,74 $ C.
1,003,780 00 246,140 00 373,752.88
31,000 00
30.926.04
380,154 05
per
* 13345
X0,000 00 986 87
84,908 97
28,000.00
2,000 00
21,000.00
4.72 46
Since added
Installation of electric light,
a« per last account Less written off, as per last
report
Stock of linea er sekery and glassware,
Store of Wine PETISION lotteholi
sanddries and stationery as per inren- tome Shares in public compa *V [ +~K Licenses atta lng to half year to 3 th
Ino. 1977
Value of steam launch
Sundry debtors
Hongkong and shanghai Banking Cor-
poration anelaumed dividend account) Cash in hand
29.385 64
5,796.1
2.303 14 5,000,00
40,618.01
9,00
162.50
$1.980,381,74
PROFIT AND LOSS ACCOUNT. For the six months ending 31st December, 1906. Dr.
To ba isdebts and refunds To rwn rest To rites
To fire in ALPATECO
To dentur int in $500,000
at 3 per cent To les returned on debenturos
held by the e›mpany
* C.
624.34
SOD, L 2,942.20
3.3.9.49
$15,000 00
2,666.9)
12.33.10
To interest account To directors and anditore fres To balance, to be appropriated af follows :
To pay a dividend of 10 per
cent
To transfer to repairs and re-
newals secount
To carry forward to new ac.
count
(T
By Balance from 30th June.
1ས་་
Less dividen·lat 10 $ C
per cent
0.00บ.00 Less transferris) ta
furniture and fix- tures we ount Less written off from
value of electric installation
8,174,05
By rents of shups an 1 offices, old
building
$40,000 00
5,871.07 3,200.00
7,000.00
371.53
67,371.53
U.
-0.212.01
*
$06.123.07
3 C.
2.00 00
70,154.05
10,057.99
"
7.895.00
2,902.50 21,000 -
31,797.50
By rents of shop and offices, new
building
By ren
By $67,471.53 By
Dr. J. W. Noble retires by rotation, but offers himself for re-election,
«of Hotel Mansions
lends on shares in Public Companion up and transfer fees
By bad debts recoverad
By proûton hotel working account for the
six maths ending 31st Dec. 1906
281.00
12.00
11.10
53,950.18
$96, 122.07