210
COMPANIES.
HONGKONG ROPE MANUFACTUR-
ING CO. LD.
The twenty-third ordinary general meeting of shareholders in this Company was held at the office of the General Managers, Mosers, Shewan, Tomes and Co., on the 23rd March. Mr. R. Shewan presided, other shareholders present being Messrs. H. P. White, D. W. Criddock, A. J. Raymond (Consulting Committee), R. Henderson (secretary) and R. Hancock.
The Secretary having read the notice calling the meeting,
as
our
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The CHAIRMAN suid:-Gentlemen, we hava now to
come before you with the report and accounts for the year 1900, rapies of which were issued to you on 8th instaut, and which
: with your permission will now be taken as rend. There is little in the report that calls for comment. The profit is slightly greater than the previous year's,
mor. in the price of raw material was favour, and we are, therefore, able to recon- On the mend our old dividend of 20 per cent. other hand, the high value at which the silver dollar was maintained throughout the year was against us, and considerably reduced our returns from those countries where we have to sell in gold, besides handicapping us in | competition with rope made at home, and restricting our sales all round. The accounts You are simple, and require no explanation. will observe that the investments of the Reserve Fand are stated at the current quota. tions on 31st December last, and their rise in value passed to the credit of Investment Fluctuation Account. As for the posent year, the prospects are, if anything, a` shade better. The hemp market at. Manila has weakened since the beginning of the year, while silver also seems on the downward grade :, let us hope that this promis of better things, may be fulfilled, and so enable us to extend our business in every market around as. competitors may be able at times to produce a cheaper article, but they only do so by adultera ting their fibres, and have never pet heen able to offer quality at all approaching that which is turned out by our factory.
Our
The CHAIRMAN then proposed that the report and accounts as presented be adopted and passed.
Mr. RAYMOND seconded, and the motion was carried unanimously.
Mr. HANCOCK proposed, the CHAIRMAN seconded and members agreed that Messrs. A. J. Raymond, H. P. White, D. W. Craddock and Dr. J. W. Nohle should be re-elected members of the consulting committee.
Messrs. W. H. Potts and A. O'D. Gourdia were re-elected auditors on the motion of Mr CRADDOCK seconded by Mr. WHITE.
The CHAIRMAN-That is all the business. Dividend warrants are ready now,
LUZON SUGAR REFINING CO., LD.
The twenty-fifth annual general meeting of shareholders in the Luzon Sugar Refining Co. Ld. was held at the office of the general agents, Messrs. Jardine, Matheson and Co. on the 27th March. Hon. Mr. W. J. Gresson was in the chair, other shareholders present being Messrs. A. G. Wood and H. P. White (consult ing committee), Mr. A. J. Barton (secretary). and Messrs. J. C. Peter, H. N. Mody, E. J. Moses, C. H. Ross, F. P. Soares, A. Ramjshu, R. Miller and P. Tester.
The SECRETARY read the notice convening the meeting, after which,
The
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THE HONGKON › WEEKLY PRESS AND
by the two items appearing on the debit side of Interest and Low in Exchange. The charge for interest is of course inevitabis so long as the Company has no working capital, and the loss in Exchange was caused by the necessity of converting our ass ·ts into Hongkong carrancy at an unfavourable ra'e on the 31st of D««m. ber. I may mention that the cost of upkeep of the Refinery when silent was found to ba between $8,000 and 89,000 per annum, and you will see ther fore that although the sam at debit has ben increased by the year's operations by 85,93491. it would have been still great or if the works had remained silent. There has been a fair demand for the R-finery's sugars since the beginning of | this year, and the works have bas i kapt going, but owing to large supplies of other angar and low prices, prospects in the immediate fa ́nce are not as bright as I could wish. As in previon< years when the Refinery has donn bidly, the General Agente have waived their commision and the Consulting Committee their fees, If any shareholder has any question to ask I shall be pleased to answer him.
No questions were asked, and the ChairMAN proposed the adoption of the report and accounts as presented.
Mr. Mony weɔnded and the motion was carried.
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Lone
[ April 1, 1907.
fall consuming capacity, with the natural result that prices rapidly declined and it was impossible to affect any sales of importance during the second half of the year in quartors wher, there has amnally bwa a steady demand. Comp tition becam› kooner and keener, not only in the matter of price but als› in the quality of the sagar produced, and when I tell you that to keep pics with our competitors we had to raiso
standards all ronal
will readily understand that the out of poduction bac very materially incrested. In form years it has usually been possible when local conditions have been averse, to find an outlet for oar Angara ia the mora distan' markets, such as Indis, Australis, etc, but I regret to say that daring last year this was not the case a« these markets were able to obtain supplies at prices with which ma would not camp t», You will rea lily appreciate therefore that the year was biet with difficulties, with our outlets curtailed in the manner abora indicated it was impsesible to work the rafinery except on . much reduced sale, involving, as is always tha case, greater expens› and losi of interest. With regard to aesonate, you will observe that w-have still the sum of $331574 at cradit of rew sugar resort» soconut, and this will enabla us to write doựn the cost of raw angar melted during the current year. The amount due
sundey
reached to
has again Færge figures, 31, 49,790, and as in the past this *nm has ben provided bự four general
creditors
AS
Mr. TESTER proposed the re-election of Messrs. A. G. Wood and H. P. White to the cousulting committen,
Mr. EUMJAHUN seconded and shareholders ingente From what I have outlined abore you Breed.
will. I think, agree with me that the result of the year's working, we diselised by the account◄
Mr. A. R Lowe was re appointed saditor: on the motion of Mr. SOARES geconded by preg-uted to ron, enabling us to recomm ad a Mr. Rost
EXTRAORDINARY ME TING,
WIN
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dividend of $8 per share withoat intr-nching The CHAIRMAN Thank you for your apon one equalisation of dividend fund, i« apon attendance, gentlemen. Will you be good the whol not so unsatisfactory seit might have enough to wait for the following mesting proved. Regarding te prosit natlook, I becinae we cannot hold it uales you all stop regret that the nasatisfactory conditionu ob. taining last year are still with as; supplies of suga- are large, pricacof refinal-owing to keen shareholders | compotiting-sbnormally low, and the prosp‘ats a the moment the reters of encouraging. You are well aware, however that mar basineM is one liable to wide flatuations, and if the experience of the part is any guide to the future it fullows that
or liter a favɔnrabi- reaction will not in
An extraordinary general meeting then held at which the Kam" attended.
The SECRETARY having read the naties calling the meeting and the alterations it was proposed to make in the Articles of A wociation
Mr. Miller moved that Articles of Associa tien be altered in accordance with the notice
read.
Mr. TESTER socondel, and the motion was agreed to.
Mr. PETER moved that the charge, in the Company's Articles of Association, according to the notice read, come into force aud take effect from and including May 1st, 1997.
Mr. BUMJAHN ssconded, and the motion was carried
The CHAIRMAN -Thank you, gan lemon, for I regret the delay in getting your attendance.
a quoruni.
CHINA SUGAR REFINING CO. L.D.
sooner
Nurther information * songht sad the GRATROLAN pe pead the adoption of the report and so counts as posental
sharehold 104
Mr TORNER" sasondef, and
Agroad.
proped, Captain
Roure
Mr SMYTH seconded, and it was agreed that Sr Paul Chater, and
A. Wood. A. J Raymond and F. Maitland sh said bi re-elected to the insulting commit(~
T
IV
H_Pottea ul H. Verey Smith re appointed auditors on the motion of Caplain CT ARKɛ moog lød by Mr. Balloch.
Dividend warrants will be The CHAIRMAN ready on application to-morrow, gentlemen. The twenty-ninth annual general meeting |
Thank
I hope that for your st'eadsare you of shareholders in the China Sugar Rəfning |
you will spare us a few minutes loogar for the Co., Ld. was held at the offices of the general extraordinary meeting which is to follow. agents. Messer. Jardine, Matheson and Ca on March 27th. Hon. Mr. W J tiresson presided, and there were ako present Sir Paul Coster, Messrs. A G. Wood, P Mait. land and A. J. Raymond consulting com mittee). J. Barton (sserstary). A Rodger. FE Ellis, P. C. Patty, G-K-Balloch
A. Turner,
F. Smyth, T. Hunter, A. Rodger. A ( More. Wm. Cruickshank, E C. Arcalli, E. 0 Arenili,
Captain Rolfe, Captain Clarke, Mesars. Ho Funk, Ho Wing, Ho Tng-ying. Ne Hon.ch. Wong Leong him. Lo Cheung-shui and Chos Leep-chee.
good demand for the Refinery's sugars in the northern markets of China, which, as you are
The SECRETARY read the notice calling the CHAIRMAN said:-Gentlemen-The meeting and report and accounts having been in your The CHAIRMAN
said Gentlemen, with bands for some days, I propose in accord
your permission I
to adapt the propose anos with the usual custom to take them
usual custom ad
take the report
and as read. I regret that the results of the year!
scoounts as read. During the first three 1906 are not more satisfactory, especially as it months of the rear under review there was a was found possible to keep the Refinery working during the greater part of that period, but, as was the case elsewhere than in the Philippines, the prices obtained for refined sugar owing to keen competition were low, and margin of profit" small. observed however that there is on the redit side of the account a gain on working of $17,454.46, which was unfortunately absorbed
You
ll hare
aware, form our chief outlet, and considerable
forward sales were made at prices which though below the abnormal level reached in the year 1963, still left a fair margin of proft During
the next three months, however, large supplies | of sugar from Java and Japso begun to press upon the local markets, already mocked to their
EXTRAORDINARY MEETING
An extraordinary meeting was then hold, the same shareholders being present
The SECRETARY read the nition cilling the meeting and the revolatinas which were to be proposed.
BLU H then propɔend, and Me Me TEENKR conded that Lås Articles of Associe- tion be altered in accordance with the notio,
Carried just rend
Mr Sayth moved that the change in the company's Articles of Asociation, necɔrding to the notice read, come tato force mad take off ot from May 1st 1957
Mr POTTS as nded the motion, which was agreed to.
Tom CHAIRMAN -I thank you very much indeed, gentlemen, for y›ur attendanes.
THE NATIONAL BANK OF CHINA. LIMITED
An Extraordinary (»neral Meeting of the National Bank of China, Liasited, was at the Office of the Bank, Victoria Baid ng, No. 5 Queen's Red Coatral, on Mer 27th, when there
were present
-Mr J. Scott Haruton (Chair.
man), Mr G. C-Mozon (Managing Director),
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