September 16, 1907.]
to
!
CHINA OVERLAND TRADE RETORT.
Board at the invitation of the Directors. Mr. W. H. Potts retires by rotation, but offers himself for re-election.
AUD.T.
The accounts bave been audited by Messrs. A. R Lowe, C.A., and R. Paterson, C... the latter ac ing for Mr. Jeffries, Messrs. H. U. Jeffries and A. B. Lowe, offer themselves for re-election.
EDWAR› (SBORNE,
Chairman.
167
Furniture and fixtures, as per
$80,908.87 19,049.75
last account Since added
Installation of Electric Light, as per last Stock of Linen, Crookery and Glassware,
account
&c.
Stock of Wine, Provisions, Household cundries and Stationery as per In- ventorica
Shares in Publico Companies....
09,958.62
24,000.00
36,031.56
26,279.85
5,796.81
Value of Steam Launch
5,000,00
Sundry Dentors
30,462.62
Licenses attaching to half-year to 31st
December, 1907
$ c.
1,166.67
57.65
Fire Insurance (unexpired premia).
3,122.75
Hongkong and Shanghai Banking Cor-
poration (Unclaimed Dividends Ac-
2,727.40 3,235.50
count)
2,040.00
Cash in hand
296.01
$15,000,00
2,414.55
$1,986,253.97
12,555.15
6,143.26 3,200,00
PROFIT AND LOSS AC OUNT For the six months ending 30th June, 1907. To bad debts and refunds To Crown rent..... To fire insurance
To rates
To debenture int. on $500,000 at To less returned on debentures
3 per cent
held by the company
To interest account
To repairs and renewals account, balance To directors' and auditors' fees
as per statement
the six months covered by the report, was not marked by any unusual feature except that the monotonous decline of custom to which we in common with others, have become so familiar of late, seems at last to have reached fiuality; indeed, at times our weekly returns even indicated a slight improvement, affording courage to hope that the long protracted gloom that has settled like a blight up the commercial life of the Colony, will are long give way to a brighter atmosphere. By dint of economy, accompanied naturally by an inevitable, though small sacrifice of efficiency we have been able to arrest a further large i Dr. diminution of profits, and but for several exceptional items of expenditure, the half year's profit would have equalled that of the previous year in spite of the decrease in revenue, 'T'hese economies
shall continue we
enforce Consistently with the requirements of efficiency. The recent unfortunate collapse of a portion of a verandah has somewhat precipitated matters in connection with those portions of the Hotel known as the Old Building and East Wing. Both are quits unsuited to the purposes of a Hotel; the old building by reason of its waste. ful, rambling corridors, and huge rooms; the east wing rooms by the absence of light and ventilation. For these reasons your Directors, for some years past, have had in mind their demolition and reconstruction, but in view of the changed condition of affairs of late, we have hesitated to recommend any large expenditure hoping to carry on we were till times improved. This collapse, however, necessitates a large and immediate outlay in repairs, which By balance from 31st Dec., 1906 $67,371,53 in view of the unsuitability of the structures to which I have referred, we cannot advise you
to incur. We recommend that both buildings be demolished, cepting a small portion of the east wing where machinery is situated, and that new buildings be erected, details of which will be disclosed later on when plans are further advanced and when you will be asked to meet for the purpose of sanctioning an increase of capital to the extent of probably $300,000, and we hope the new buildings will be a great improvement and bring the Hotel up to date. Before proposing the adoption of the report and accounts, I shall be pleased to answer any questions.
instead
ex.
No questions being asked, the CHAIRMAN proposed the adoption of the report and accounts as presented.
Mr. HASKELL seconded, and the motion was carried unanimously.
It was proposed by Mr. TURNER, seconded by Mr. CHAPMAN, and agreed, that Mr. W. H. Potts should be re-elected to the Board of Directors.
Mr. WALKER proposed the re-appointment | of Messrs. H. U. Jeffries and A. R. Lowe as auditors.
Mr. Ho WING seconded, and shareholders agreed.
The CHAIEMAN-Dividends will be ready on Monday morning, gentlemen. Thank you for your attendance.
The report was as follows:-- To the shareholders Hotel Company, Limited.
of the Hongkong
Gentlemen,-In accordance with section 56 of the Articles of Association, the directors now beg to submit their report for the half- year ended 30th June, 1907.
ACCOUNTS,
The profit on working account amounted to $73,068.23 as compared with $76,552.56 for the corresponding period of 1906, being a decrease of $3,434.33.
The profit and loss account, including the sum of $371.53 brought forward from 31st December, 19.6, shows a credit balance of $73 884.50 which the Directors recommend should be apportioned as follows :- To pay a dividend of 8 per cent. for
the half-year
To transfer to repairs and renewals
account
To write off furniture and fixtures To carry forward to new account
DIRECTORS.
To balance, to be appropriated as follows:--- To pay a dividend of 8 per cent-$48,000.00 To transfer to repairs and re- To write off furniture and fix.
newals account..
10,000,00
To carry forward to new account 10,925.88 1,959.62
Cr.
ture account
Less dividend at 10
per cent. ... $69,000.00 Less transferred to
repairs and newals account..
re-
7,000,00
67,600,00
$6,555.00
By rents of shops and offices.
old building
By rents of shops and offices,
new building
By rent of hotel mansions.
4,280.00 21,000.00
By dividends on shares in public companies By scrip and transfer fees By profit on hotel working account for the By bad debts recovered
six months ending 30th June, 1907...
Dr.
505.93
3,291.07
73.884.50
$106,117.66
$ c.
371.53
31,835.00 814.0)
24.00
4.90
73,068.23
$106,117.66
REPAIRS AND RENEWALS ACCOUNT. For the six months ending 30th June, 1907.
To payments on account of repairs and renewals during the half-year ending 30th June, 1907
Cr..
By balance from last account
By amount transferred from profit and loss account as recommended in last report By transfer to profit and loss account
$ c.
W
SHANGHAI RUBBER CO.
The Statutory General Meeting of Sharehol- ders in the Dominion Rubber Co., Ld. was held at Shanghai on Sept. 3rd. Mr. J. C. Hanson, Chairman of the Company, preside!, sud there were present:-Messrs. A. MoLeod, E. V. Cumming (Directors), J. E. Bingham, C. E. Ellis, J. A. Wattie, Chun Kan-chow and E. F. Bateman (Secretary), representing 9045 shares.
acres
The Chairman said:-Gentlemen, there is no business to be done and this meeting is merely called to comply with the Hongkong Ordinances, which require that a statutory meeting be held within four months after the time a company has been incorporated. Bat I may mention, for the information of the shareholders, that everything seems to be going on satisfactorily. All the shares were ta en up, the puroase money has been paid over, and we have got from the Government a grant of the Hendra Estate, by which wa obtai, I am glad to say, an arəs of 624 instead of the L00 acres mention- ed in the propectus, and we hope to get the Dominion Estate very shortly. With regard to all grants from the Government, as the staff is insufficient there is delay in the grants being issued; but everything, we are assured, is quite in order and our grant will be issued in another month.
With regard to finance, it was one of the conditions that we should pay for the working of the estate from the beginning of the year, and we have now got the accounts of the expenses, which come to $6,500. I had hoped to have a more detailed report of the conditions on the estate, bat our agents at Ipob, Messrs. Aylesbury and Gar- $13,694.15 land write that the gentleman who should $ a make up this report is unfortunately ill. 3,399.18 Apparently the position is this; 214 sores have one year rubber-trees on them, and sa- other 20) acres have been felled and are now in course of being planted with rubber; and our agent suggests that another 200 acres be opened up early next year as soon as the season for feling trees begins. We estimate the funds we $ c. have in hand will be sufficient to carry us on till March, and that there will be no necessity 600,000.00 for a further call till March next year. Mr. Ede having to leave Shanghai for Hongkong, retired from the Directorate and we have been fortunate enough to get Mr. Hogg to take his place as Director. I hope to take a run home early next year, and if I get away soon enough it is my intention to pay a good visit to the Senawang Estate and to this Estate also, as it is important that someone in connection with the Company should see for himself now things are going on.
13,694.15
7,000.00 3,294.97
$13,694,15
BALANCE SHEET 30th June, 1997. LIABILITIES.
Capital-
12,000 shares at 850 each (fully paid up) 1,000 mortgage debentures क्ष
500,000.00 (6 per cent) Less 162 mortage debentures
held by the company
Reserve fund.
Sundry creitors...
Unclaimed dividends
81,000.00
Hongkong and Shanghai Banking Cor.
poration (current account)..... Profit and loss account, balance as per
statement
A88ETA.
Value of Marine Lot No. 5 and remaining Portion of Marine Lot No. 3 and remaining portion of Marino portion of Marine Lot No. 7 $48,000,00 | Praya Reclamation (Marine
Lot No. 288; 1o,000.00 | Building thereon ** Hotel
4,958.62 Mansions" 10,925 88
..$246,140.80
375,752.68
Cost of three Chinese houses on section
B C and D of luland Lot No. 80...... $73,884.50 | Cost of Kowloon Farm Lot No. 3 section
Mr. W. H. Potts has been granted leave of absence, and Mr. F. Maitland joined the
A
419,000.00 648,975.78 26 427.68 2.0-40.00
215,026,01
73,884.50
$1,986,253.97
c.
On the conclusion of the Chairman's obser- vations the meeting dissolved.
Mr. Kair Hardie, M.P., returned from his flying visit to Canton early in the morn. 1,065,380.00ing. Having called on Mr. Mansfield, the British Consul, that gentleman afforded the visitor every facility for seeing the sights of the City of Rams. Mr. Keir Hardie regarded the visit as one of the most interesting in his tour. On landing he was conveyed to Govern. mont House, where he passed the night. On 30,926.90 Sept. 7th he breakfasted with His Excellency and Lady Lugard at Mountain Lodge, and afte "-. $1,751,199.58 | wards boarded the Marmora en route for
India,
621,892.68
33,000.60
: