244
THE HONGKONG WEEKLY PRESS AND
shall have competition, without doubt, bat we are not afraid to meet it. (Applause.) As long as the wharf business is carried on in a conservative way, I think you will have nothing whatever to fear; therefore I have great pleasure in pro- posing that a final dividend for 19.)3 of Tls. 10 per share be paid.
This was seconded by Mr. E. C. Pearce and carried unanimously.
of that we have got quite a marked increase over last year's working. Looking further ❘ down the balance sheet, you will see that during the past year Tla. 487,210 has been spent from Reserve Account. That is represented by the purchase of land behind the Pootang Wharf and by these new godowns which we have put ap. There is still a further sum of two lakhs to be paid out of this year's revenue before the programme of bailling which we initiated last Mr. Young proposed is vote of thanks to the year has been completed. In the nooouuls Board of Directors, the General Agents an I the receivable you will find that atthe and staff, who had all done well and given a very of the year there WRS a balance out-handsome account of themselves. There was standing of Tls. 262,698. ince the books were closed on December 31st, last we hare got in Tls. 18,000 and the balance is perfectly good. That, I think, gentlemen, is all that I need say, but no doubt some things have escaped my attention which you might like to know, so that before I move that the report and accounts be adopted I shall be very glad to answer any question that any of you may wish to ask.
Mr. Barff asked what were the gross receipts for the year?
The Chairman replied that he preferred not to make that statement in public, but the books of the Company were always open to share- holders and any one could examine the books if he so desired. As no further questions were asked, the Chairman proposed, Mr. McLeod seconded, and it was carried: That the Report and Accounts as presented for the year ending December 31st, 1906, be accepted and passed.
Mr. Barff proposed, Mr. Potts seconded, and it was carried unanimously: That Messrs. A. MoLeod, E. C. Pearce C. W. Wrightson and the senior representative of Messrs. Jardine, Matheson & Co., be re-elected directors for the current year.
It was proposed by Mr. Fleet, seconded by Mr. Williams, and carried: That Messrs. G. K. Wingrove and H G. Hayter be re-elected auditors for the Company for the present year.
|
|
(April 13, 1907,
NOW ·
damage done to their boat and for which they wished to hold na responsible. I need not here say more than that with the seaisfanos of our Hongkong Lawyers we defended the case, and came through without any exponas
We to the Dook.
have against the
for
some $5,000,00 odd, but 115 this has to go through the Chiness Court it takes time and trouble. The British Consul is supporting our demands and we have every reason to expect our claim will eventually be met in full.
Owners
I may here mention, Gentlemen, one of sur one thing he would like to propose, and that was greatest troubles is to collect socounts dus us, that a handsome recognition be gizen of the | If we could do so on due dates we should have good work of the staff, who had done so well for little or no overdraft with our Bankers, and the shareholders. It would only bright to daring the past few years interest has been quite show their appreciation for work done during an item in our acconats which we would like the year and he had no doubt the result would to see reduced, bat many of our Customers find
He be equally gratifying in the future. times hard, and owing to cumpotition, and to therefore proposed that a bonus of an amount to keep the business togǝther, we have to allow be decided by the directors be paid to the staff. some little slackness in settling of accounts,
Mr. Darling seconded and the motion was carried without dissent,
The Chairman said the proposal was one the directors would welcome very heartily. They were all of one mind on that point and if none of the shareholders had made such a proposition the directors would have done os.
THE NEW AMOY DOCK CO. LD.
The 15th ordinary yearly meeling of share. holders in this company was held at the Office of the General Manager on Sitarday the 6th inst. Mr. Fred: B. Marsha'l presided, other shareholders prosent being Messrs. W. Kense (Consulting Committee), E. Thomas. B Himpel. W. H. Wallace, Robert W. Black (manager) and C. C. de Carvalho, Secretary.
The Secretary having read the notice calling the meeting,
The CHAIRMAN said; Gentlemen, the report and statement of accounts having been in your hands for some days, I will with your per mission take them as read. The net profits for the year's working ending 31st December 1906 amount to $9.379,56 to this sum must be added $1,195.19 the balance brought forward from last account, which totals $10574.75, and this sum it is proposed subject to your approva! to deal with as follows:-
$731 16
Write off Amoy Dock Write off lanț and Machinery 787.55 Commission and Fees to Manager 937.96 F.es to General manager and Consulting Committee
} 5 0.00
to pay
a dividend of 50 cents per share absorbing 85,000 and to carry forward the balanos $2,612,08. Gentlemen, I regret that we have not a more satisfactory showing for the past year's working to place before
We you,
The Chairman-It gives me pleasure to propose that a final dividend of Tis. 10 per share be declared for the year 1906. You will see from the Report that what the directors propose to do with the credit at Profit and Loss Account of Tls. 518,117 is to pay a final divid- end on the old shares of 1 s. 10 per share thereby absorbing Tls. 320,000 and we wish to place Tls, 100,000 to credit of Repairs Account. I hope will not have to use this latter amount, but it is a proper and right method of dealing with the case. We also propose to transfer Tls. 75,(K 0 to credit of an equalisation of dividends account and to carry forward Tls. 23,117. The reason we wish to credit such a large sum as Tls. 75,000 to the equalisation of cividends account is that we feel very strongly-at any rate the general managers do that wharfingers' business is absolutely on the crest of the wave. have had two years of depression in the piece goods trade, which means that godowns have been full of cargo, and it is when their godowns are full of cargo that wharfingers reap their harvest. Now that is not in the interests of our constituents and hope the depression will not continue unduly. We have had a good
and have distributed
what I hope you will say is a very good dividend and we, therefore, ought to make provision for the future, in order that we may not be at the mercy of share gamblers and in order to con- tinue our business on prosperous lines. When we have a good year we must take advantage of it and prepare for the bad years which will undoubtedly come. Last year your Chairmau thought that this year we would not be so successful, but contrary to expectations this I think that next year will has not been 80. not be such a good one. We may have more competition and we must be prepared to meet it. While undoubtedly your Board will increase in general prosperity, yet there may come a time when the directors will feel the strain. Rates may be cut, and we must
out rates be prepared to
also.
How- ever, your property is pretty well situated
Tungkadoo and especially the
property, which has been doing exceedingly well. The southern portion is favoured ground for coal and the northern portion for steamers, and the water is of sufficient depth to berth large vessels. The property close to the Custom House did not cost very much-but I will not tell you in public how much—and it in well situated." We'
year
You will notice, Gentlemen, your Consulting Committee and General Manager have again waved a very large percentage of their fees, but I hope the day is not far distant when the Dock will again be having good years, and fall fees and be withdrawn by your Consulting committee and General Manager without mak- ing an appreciable tax on your profits. As my business will not permit of my being horp during the summer months, your Consulting. Committee have asked my Firm (Mosers. Talt and Co.) to act as. General Managers. This, Gentlemen, will enable cheque book accounts &. to be kept in one office for the year, in tond of as sometimes has been the osse, changing mora than once during the twelve months Gentlemen, there are no other points which occur to me to refer to, but any questions you may desire to pat baring upon the statements now before the meeting, shall be glad to answer to the best of my ability.
No question being asked, The CHAIRMAN proposed that the Raport and presented, be adopted and passed.
Mr. THOMAS second-d and the motion was carried unanimously.
acconats BJ
Mr BLACK then proposed and Mr. HI PEL seconded the re-election of Messrs Gardiner and Kruse as members of the Consulting Committes -Carried unanimously.
That is all the business, The CHAIRMAN Gentlemen. Dividend Warrants will be ready on Monday.
A vote of thanks to the Chairman, proposed by Mr THOM A8, and seconded by Mr. HIMPEL terminated the meeting.
at H. B
CANTON.
(FROM OUR CORRESPONDENT)
A PROFESSIONAL CASE
5th April.
The first hearing in the osse of Purnell and Paget E. J. Berkley took plao» yesterday M's Consular Court. Mr. Jackson of Messrs Johnson, Stokes and Master appeared for the plaintiffs and Mr. C. D. Wilkinson of Still it
Mosses, Wilkinson and Grist appeared for the defendant. The plaintiff moved for an in- junction to restrain defondant from practising his profession of architect in Canton alleging that a clause of the defendant's contract with the plaintiffs' firm was binding on this subjeo'.. The case has not beer decided and is referred to Shanghai.
SMUGGLING ARMS,
Viceroy Chou Fu stating that he had received Tastai Ho Yau petitioned His Excellency
but work other than our regular barbour jobs, Was 801rce, and the dis- astrous typhoon that did so much damage to shipping in Hongkong in September last, did not supply us with any work. We were in hopes the Docks in the 'olony would have had some overfi w that might be diverted our way, and we took the necessary steps to secure any business offering, but without success. is some satisfaction to report that even in a lean year such as we have just experienced, the Dock is able to pay its way and return a small dividend to Shareholders. The business we have had during the past twelve months can be looked upon as regular and likely to be continued from year to year, and probably increa ed as new Oil | Tanks and other works now in process of building are o mpleted, but to make a good year we must have one or two big jobs on steamers. 'l'hese come in fits and starts, and cannot be relied on, but you will doubtless bi plessed to know our Dock is so well equipped with up-to- date machinery, that we are always ready and capable of taking in hand any Docking and Engineering work that may be offered us."
Daring the past year we have spent some $4,368.48 on the Dock; most of this was for a new working shed which we found was badly required, more especially in wet weather.
We had an unpleasant experience last year which gave your Manager and Consulting Committee considerable worry and trouble, but I am pleased to say terminated favourably
Some time ago I received a despatch from for the Dook. The owners of the steam launch B.B M. Consul-General stating that the Provin Wo On sued the Dook in the British Consular | Dial Mint has been placing too many subsidiary Court for some $18.00, 0 odd for supposed coins on the market, thus causing great injúry
юще
information that
Chinese merchanta at Macao have been clandestinely orrying од traffic in fire arms with the people of the mainland, and requesting His Excellency to give strict orders to the Admiral and the likin stations in Heung Shan to make vigorous search of passengers' Inggage. It is reported thit the Viceroy has complied with Taotal's Ho request and issued orders to that eff-ot.
CHINESE AND BRITISH SUBSIDIARY COINS,
The following is a translation of a despatch sent by the Viceroy to the Provincial Treasurer:-