Page
August 10, 1907.]
COMPANIES.
CHINA OVERLAND TRADE REPORT,
Far East, such results could only have been attained by hearty so-operation of the Company's |
HONGKONG STEAM WATER BOAT staff and the General Managers. To each
COMPANY.
V VAN HAAR
A meeting of the shareholders in the Hong- kong Steam Water Boat Co. was held on the 7th August at the cffices of Messrs Dudwell and Company. Mr. E. G. Barrett presided, and there were also present Messrs. G. C. Moxon, Danaan Clark, J. D. Auld, E. A. Hankey, V. de Marney and. R. Coughtrie.
The notice convening the meeting having been read,
-
The (HAIRMAN said: Gentlemen,-This meeting has been convened in order to consider the accounts of the liquidation, and, if same are approved, to pass a resolution to that effect, which will conclude the winding up. The assets and liabilities have been taken over by the Union Waterboat Company for the sum of $127,500 and payment for same to be made by allotting shares to the value of $127,230 and cash $270,00) for the fractional parts of shares. Of the total capital of the Hongkong Steam Water Boat Company, comprising 15,0.0 shares, certificates for 14043 have been presented and exóbanged for shares in the Union Waterboat Comynny, and $225.5 has be n paid in cash, leaving only 957 shares still to be dealt with. I have prepared a statement show- ing the result of the winding-up, which I will pass round for your inspection, but to save time, I will just run through the items. At the commencement of the liquidation on the 1st of April, there was a balance of cash in hand and at the Bank of 88,224.55.
Mr. MoxON: I beg to propose that the report and account of the liquidator which has been laid before this meeting, showing the manner in which the winding-up of the Com. pany has been conducted and the property of the Company disposed of, be adopted, and approved.
Mr. Duncan CLARK seconded and the motion was carried.
This concluded the business.
UNITED ASBESTOS ORIENTAL AGENCY, LD.
the general
meeting
the cordial thanks of the shareholders is due,
The motion was carried.
the motion of Mr. BARRETT, seconded by Mr. Mr. W. H. POTTS was re-elected auditor on RITORIE.
The Chairma ́¡—That is all the business, gentleman. Dividend warrants will be ready on application.
The report was as follows :
to lay before the Shareholders the accompanying The General Managers have now the pleasure Statement of Accounts for the year endel 31st May, 1907.
ACCOUNTS,
The Balance at the Credit of Profit and Loss Account, after writing off $3,100.14 for deprecis- tion and including $752.11 brought forward | from last year, is $23,280 41 which it is proposed to appropriate as follows:- To place to reserve fund.....
To pay a dividend of 15 per cent To General managers' remuneration
ordinary shares...
To pay a further dividend of 5 per pay $19.80 per share on 100 cent on ordinary shares.....
founders' shares...
To
...
To carry forward to new account
The
ACDITOR.
$10,000.00
59 0.00
$1,721,558.93), balance brought forward from last The net profits for that period, including socount, after paying all charges, dedusting interest paid and due, and making provision for bad and doubtful sosounts; amount to $3,845,222.43.
The Directors recommend the tränsfer of $750,000 from the Profit and Loss Account to credit of the Silver Reserve Fund, which Fand will then stand at 811,750,000.
After making this Transfer and deducting Remuneration to Directors there remains for Directors recommend the payment of a Dividend appropriation $3,080,222.13, out of which the of One Pound and Fifteen Shillings Sterling per Share, which at 4/6 will absorb $622,322.22.
The difference in Exchange between 4/6, the 2/2, the rate of the day, amounts to rate at which the Dividend is declared and 8660,832,67,
The Balance $1,797,167.54 to be carried to New Profit and Loss Account.
DIRECTORS.
Mr. N. A. Siebs, Mr. D. M. Nissim, the Honours le Mr. W. J. Gresson (Deputy 2,000.00 Chairman), and Mr. G. Balloch having resigned their seats on leaving the Colony, Mr. A. 1,981.00 Fuchs, Mr. E. Shellim, the Honourable Mr. Heary Keswick and Mr. H. A. W. Slade hae 1980.00❘ been invited to fill the vacancies; these appoint- J,380.41
ments require confirmation at this Meeting.
The Honourable Mr. Henry Keswick has $23,161).41 | been elected Deputy Chairman for the remainder
of the year.
audited by Mr. F. Maitland in the absence of accounts now presented have been
himself for re-election. Mr. W. H. Potts. Mr. W. H. Potts offers
DODWELL, & Co., Ltd., Hongkong, 29th July, 1907.
General Managers. BALANCE SHEET 31st May, 1907.
$ cts.
LIABILITIES.
To capital 9,900 ordinary shares of $10, of which și per share paid...
100 founders' shares of $10
fully paid
To reserve fund
To sundry creditors
To unclaimed dividends
To profit and loss account balance
ASSETS.
at
By launches
Less written off
The eleventh annual general of shareholders in the United Asbestos Oriental Agency, Id.,
held 138 the offices of
managers, Messrs. Dodwell and Co., Ld., yesterday síter- noon, Mr. G. H. Medhurst presided, other shareholders present being Messrs. E. J. Barrett, W. H. Wickham, and G. B. Edwards.
A. Ritchie
The notice calling the meeting having been read,
The CHAIRMAN said:-Gentlemen I propose with your permission considering the report, and accounts as read. The profit this year is very considerably in excess of that of last year; in fact it in amount
By furniture and fittings
Less written off
AUDITORS.
The accounts have been audited by Mr. A. G. for Mr. W. Hutton Potts, who is absent from Wood and Mr. F. Maitland, the latter acting
the Colony.
G. H. MEDHURST,
Chairman.
Hongkong, 6th August, 1907.
ABSTRACT OF ASSETS AND LIABILITIES.
30th June, 1907.
LIABILITIES.
Sterling reserve fund, £1,000,000 st
.39,600.00
$ cts.
1,000.00
Paid-up capital,
40,600,00 25,000.00
ex. 2/-.
Silver reserve fund.
37,903.71
Marine insurance socount.
1,139.90
23,260.41
By value of material on hand in Hongkong, Singapore, and Shanghai.
By sundry debtors By cash with bankers By cash in hand
By unexpired portion of Insurance
Policies
To bad debts.
To anditor's fee
$ cta. .16,244.98 2.393.35
$122.904.02 $ cts.
13,851.63
1,801.48 706.79
1,094.09
72,623,42
Notes in circulation :-
Authorised
issue
against securities
deposited with the
Grown
agents for the colonies Additional issue au-
thorised by Hong- kong ordinance No. 19 of 1900 against coin lodged with the Hongkong Govern
mant
Silver,
Gold,
$10,000,000.00
10,000,000.00
11,000,000.00 250.00 1,00
$10,000,000,00
8,113,504.00
$79,591,082.50
18,113,501.00
95, 444,528.30
648.03 31,206.65 4,456.65 22.95
Current accounts,
£5,8 10,781 128. 5d.
54,406,806.45
127,087,688.95
Silver,
PROFIT AND LOSS ACCOUNT. 31st May, 1907.
$122,904.02
$ 0. 98.10 100.10 3,10.14 23,260.41
...$18,865,485.38
Fixed deposits,
$26,558.65
$ c. 752.11
4.00
130.86
25,673.18
$26,558.65
To depreciation for year ending 31st May.
By balance from last account By transfer fees By interest
the largest we have yet been able to show in any one year since the incorporation of the Company The General Managers in recom- mending the increase of the Reserve Fund by $10,000, which Fund will then stand at $35.000, | To balance. have in view the desirability of strengthening the Company's position without calling up further capital, and I hope this policy meets with the approval of shareholders. I am glad to say the result of the working of the Singa- pore branch is satisfactory, and I would men- tion that in April last we opened a branch in Shanghai with so far encouraging prospects, and I trust this branch also will prove a valu- able source of income in the near future. The Stook has been carefully certified and full allowance made for depreciation. If any shareholder wishes to ask any questions shall be pleated to reply.
There being no questions, the CHAIEMAN mored the adoption of the report and accounts.
Mr. WICKHAI beg to second the adoption of the report and accounts as pre- sented, and in doing so, I think that I shall only be voicing the satisfaction of the shareholders at the very excellent results of the year's work- ing, a record as the Chairman has told us, in the history of the Company. Bearing in mind the prevailing dullness of business throughout the
By profit on trading
HONGKONG AND SHANGHAI BANKING CORPORATION.
directors to the ordinary half-yearly general The eighty-fourth report of the Court of meeting of shareholders to be held at the City noon, reads :- Hall, Hongkong on Saturday, August 17th, at
Shanghai Banking Corporation.
To the Proprietors of the Hongkong and
submit to you a General Statement of the GENTLEMEN,-The Directors have now to affairs of the Bank, and Balance Sheet for the half-year ending 39th June, 1907.
Gold, £1,990,020. 10%. 2d.
45,579,043.01
Bills payable (including draft on London banks, call loans and short sight drawing on London office against bills receivable and ballion shipments
Proft and loss account. Liability on bills of exchange re-discounted. £7,383,466, 198. 10d. of which £5,508,798 9s. 10d. have since run off.
13,621,609.52 3,845,922,49
$239,262,553.29
ASSETS.
$43.801,840.04
Cash Coin lodged with the Hongkong Government against note airoula- tion in excess of 18,000,000,, Bullion in hand and in transit, Consols, Colonial and other securities, Indian Government Rupes paper,...... Sterling Reserve Fund Investmente, vix... 2598,000 24 per cent.
Consols at 82 ...... £400,360 (of which £250,000 fodged with the Bank of England ssa Special "Lon- don Reserve.) £255,000 2 per cent.
National War Loan at 90
se
229,500
30,000,000,00 IGANSMIS 3,041,710.15 1,944,001.17 6,557,372.74