March 18, 1907.]
WHARVES.
CHINA OVERLAND TRADE REPORT.
f Lighters: The new Ferry pier was completed in April. į Machinery, &c Guide piles, found necessary by reason of the strong ti 'e, were in course of erection when the typhoon of 18th September swept away some! three fourths of the whole pier.
LAUNCHES,
The Crone and Curlew were acquired. The Hongkong was lost in the typhoon and wreck sold.
LIGHTERS,
!
Sixteen wooden lighters (each 100 tons) were i contracted for before the typhoon.
The following were acquired immediately,
after the typhoon :-
2 Shanghai steel lighters]
2 Weihaiwei
"
*
2 Hongkong wooden.,
"
Total amount of loss caused
by the typhoon
By value of coal on hand.
By value of timber, iron and stores on hand
PROFIT AND LOSS ACCOUNT.
181
721.00 28,379.48
28.0 0.00 3,500.00
-131,000.00
$4,966, 413.55
$322,000.00
Dr.
0.
! To interest
70,356.31
To interim dividend
99,660,00
To balance appropriated as follows :
Directors and auditors' fees $10,500,00
Final dividend
99,660.00
Transfer to depreciation and
repairs account
135,000.00
Transfer to insurance fund Amount carried to new account
10,000.00
3,047.91
258,207.91
$428,224.3
C.
The actual value was 8340,000, written down to $90,000. Farther expenditure, the immediate result of the typhoon, will be 3.8 follows: Rebuilding No.
2 Wharf.... Rebuilding New
$142,000
CT.
By balance from last account
20,040.05
284.00
2 Canton
5 Moji
and the following
typhoon :-
37 wooden lighters, each 10.) tous
6 Kumsing boats
MACHINERY AND PLANT. The second-hand 5-ton steam
crane, and a Diesel oil engine for the workshops, acquired.
Ferry wharf
30.000
Aggregating
Rebuilding Ol
1000 tons
Ferry wharf
10,000
By nett earnings for 1906
407,693.17
Rebuilding No.
By unclaimed dividenda forfeited
5 wharf
By transfer fees
8,500
By premium on 1 share sold
contracted
after the Rebuilding Coal
wharf
1,500
157.00
50.00
$428,224.22
Rebuilding Yaru
DEPRECIATION AND REPAIRS ACCOUNT.
wharves (2)
5,000
Raising floors of
godowns
50,000
-$247,000,00
To balance
DIRECTORS.
Dr.
C.
To ordinary repairs, renewals and improve-
ments during 1900
46,467.83
To typhoon repairs
130,550.58
23,152.49
$200,160.86
RESERVE FUND.
0.
30,000.00
Cr.
0.
$550,000.00
0.
30,000.00
0.
20,000.00 10,000.00
$30,000,00
were
TYPHOON, 18TH SEPTEMBER 1906. Praya. The sea wall was destroyed for a distance of 250 feet (due to the S. P. Hitchcock pounding it); several coping stones were dis. lodged; throughout its length the pierre perdne was disturbed; and the concrete surface of the roadway broken up revealing numerous large
cavities beneath.
Buildings. -Roofs were partially uplifted at the eaves and ridges in all tiled godowns. The tiling at the eaves is being replaced by a strouger design with a view to prevent slipping. Doors and shutters were all moie
or less damaged and have been strengthened.
Floors of the older godowns were flooded and will be raised as opportunities permit; meanwhile cargo is being re-stowed on higher dunnage. West Point Buildings suffered very slightly,
No. 3
Mr. E. Shellim resigned and his place was taken by Mr. D. M. Nissim whose appointment requires confirmation.
alesgrs, E. Goets and A. G. Wood retire in rotation, according to the Articles of Asanois- tion, but being eligible, offer themselves for re-election. The Directors record. with deep regret, the death of Mr. C. H. Thompson who, during the past four years, held a seat on their Board,
AUDITORS.
Messrs. W. H. Potts and A. O'D. Gourdin Laveandited the accounts now presented and offer
** . J. GRESSON, Chairman.
themselves for re-election.
Hongkong, 6th March, 1907.
Dr.
shares at $50
BALANCE SHEET. 31st December, 1906. LIABILITIES.
Less 136 shares not issued
Wharves,-Nos. 1 and wharves, and 5 small ones were almost annibilated, whilst No. 3 wharf, the sheers wharf, the new Ferry wharf and a small one were much damaged. and sbeers wbarres have been repaired (the | To capital 40,000 fully paid up latter will be enlarged); No. 2 and the small wharves will be rebuilt. This will give 5 berths as against former 6. West Point wharf suffered partial destruction in the great typhoon and still further damage in a later cue. Launches. ut of 10 launches wrecked and salved. All others damaged.
Lighters. Out of 65 boats 61 were wrecked (many full of ourgo) and 29 salved. With 2 exceptions (smashed to pieces by the s.s. Petr. arch), those lost were old boats of Cuinese type. Railways and Rolling Stock. Some 250g yards of track were lost, of which one-third has been salved.
3 were
Machinery &c.-Sir steam cranes and the dredger barge were lost and salved. The hopper barge was totally wrecked and the steam hammer has not yet been found.
Summary he losses caused by the typhoon will approximate as follows:-
Total estimated Already
expenditure. expended.
Miscellaneous expendi. ture on labour, gra- tuities, &c. (charged to Working a/c.) Cost of repairing assets which were partially destroyed :-
Prays.... Buildings Wharves Railways and Bolt- ing stock, Launches. Lighters.. Machinery
&c....
Includes salvage
OX1N80%.
$20,00,00 25,0 0,00 22,000,00
$9.00 .00 88, 140.28
145.00
10,248,64
|
$2,000,000
6,800
༩.
•1.993,200.00 To estate of G. Sharp (deceased) mortgage 1. 6,951.00 To reserve fund
550.000.00 30,000.00
1.096.160.47 23 152.19 3.57450
To insurance fund
To Hongkong and Shanghai Banking Cor.
poration
To depreciation and repairs account
To unclaimed dividends To directors" and auditors' fema To accounts payable To final dividend
To profit and loss account, balance
Cr
ASSETS.
By, value of land and buildings
at Kowloon as per last
account
Since expended on
buildings
10.171.18 10,300.00 92,660,00
3,047 91
$4.366,413,55
C.
new
3.02,063.28
1/8,567 96
110.000.00
37.351 01
By value of wharves at Kow.
loon as per last account Since expended on new
wharves
By value of railways and roll- ing stock at Kowloon as per last secount Since expended on new rails«,
&c.
By value of launches as per
last account
Since expended
launches
+
14,701.79
Ay value of lighters a per
-3.17,631.24
Dr.
To balance
By balance from last account Dr.
INSURANCE FUND. To balance
Cr
By balance from last account By transfer from profit and logs account.
EDWARD 08B \RNE,
Seoretary.
THE UNION INSURANCE SOCIETY OF CANTON, LIMITED.
The report for presentation to the shareholders at the thirty-fourth ordinary meeting to be held at the Society's offices at noon on Saturday, April 13th, reads:
The Board has now to lay before the share- holders a balance sheet containing a summary of the property and liabilities of the Society on the 31st December 19 and a statement of accounts to the same date.
1905 Account-After payment of the interim dividend of $30 per share and the bonus of 20 per cent to contributors at the last annual meeting there remains a balanos of $835,290.84 as per annexed statement.
The Board recommends that this sum be ap- propriated as follows:-
A final dividend to shareholders of
$12 per share on 10,000 shares.....$120,000,00 An addition to the Sterling Reserve
Fund of £30,000 at exchange 2,35, 264,827.59 To be carried forward to Underwrit
ing Suspense Account to close the account for the year 1905
450,163 05
$835,200.64
of Working
1906 Account-The balance Account on the 31st Dro-mber 1906 82,082,490.31 as per annexed statement.
Was
The Board recommends that 60 interim 147.351.03 dividend of $30 per share be paid to shareholders out of interest, absorbing 8372,000, and that a bonus of 20 per cant be paid to contributors, absorbing about $250,000, and that the remainder be carried forward.
60,000 00
3.86109
63,560 09
new
25,000 00
32,050 00
37,050 00
1,000,00 10,000 €4 98,00209
last account
527.00 5,437.35 97.652.4
Since
expended
OB
lighter-
100.000 00
207,20 M
6,000,00
4.838.26
182,000.00
By value of machinery and
plant as por last secount Since expended on new
chutery, &c.
III S-
90.000 00
13.723 19
Proportionate book ralas
of assets which were
Dew
$91,000.00 138,690.8) By vaine of sheer lugn 24 per lant account By value of land and buildings at Wext
Point as per last account
totally destroyed : - Wharves.... * $90,000,00 Railways, &c.
9,500,00
金曲
Now Issue of 2,400 Shares All these new shares have now beeɑ issued. The shares in the Chias Traders' Insurance Company, Limited, acquired by the Society have been valued for the purpose of the balance sheet at $90 per share and the prof' socruing on this raluation has bewa treated
оп premiam
the BOW shares issued in exobangs for them. The 37,924 | new shares rank pari passa with the old shares of the Socisty for the Baal dividend on 1903 Recount as well as for the interim dividend on 1906 account, and the final dividea i thas paid on there now shares will be charged against the 3.000 60 premium on the new shares. After allowing for this fasl dividend the balance of the now shares amonate to $1,230,648.14 which sum the Board has applied as follows Transferred to Silver Reserve
105,723 19
By sundry debtars
983.141.84 215,330.13
By Hongkong and Shanghai Bank (un-
ela med dividen«l«)
By cash on hand
3,570.30 632.13
Fuod
$1,00,000.00