March 2, 1908.]
that may arise. With these few remarks, I beg to second the adoption of the report and
accounts.
The motion was carried unanimously.
Mr. JACK proposed the confirmation of the appointment of the Hon. Mr. H. Keswick, Mr. A. Fuchs, Mr. W. Helms and Mr. G. Friesland to the Board of Direot^rs.
Mr. SKINNER seconded, and the motion was agreed to.
Messrs, G. H, Medhurst and S. Eilverstone were re-elected to the Board on the motion of Mr. BRRINDOAGUE, seconded by Mr. PARLANE, Mr. APCAR proposed the re-alpation of the retiring auditors, Moss: 8. H. U. Jeffries and H. Peroy Smith.
Mr. GEORG seconded, and the motion was carried.
The CHAIRMAN-That is all the business, gentlemen. Dividend warrants will be ready to-morrow morning.
HONGKONG, CANTON AND MACAO STEAMBOAT CO., LTD.
The ordinary hulf yearly meeting of share. holders in the Hong kong, Canton and Macao Steamboat Co., Ltd, was held at the office of the Company, Ho's Mansions, on February 25th, Mr. R. Shewan presided, other sharehollers present being Messrs. G. Friesland, F. A. Gomes, W. Helins, C. R. Lenzmann, C. H. Ross, C. Thiel, A. Fachs (directors), Dr. J. W. Noble, Messrs. J. M. Machado, D. D. Gazdar, J. L. Hutchinson, T. F. Hough, E. Georg. A. Denison, A. H. M. Silva, L. Berindoague, W. Dowley, Chan Siu-ki, J. Arnold and others,
The SECRETARY read the notice calling the meeting.
oom.
CHINA OVERLAND TRADE REPORT.
of a property in the Eastern District having become bankrupt and unable to pay the in- terest on the 1.an advanced, we have entered into possession and the interest due and other outgoings amounting to $1867 38 have been deducted from the interest on investment
you
WH
accounts. All properties mortgaged to the Company have been surveyed and reva'ned by the Company's surveyors, Messrs. Palmer and Tarner and the losos show a satisfactory | margin of safety. The Company's holding in shares of public companies has been increased by 873,414 15., affording, in the opinion of
Board, all
good and safe your investm-nte, Turning
the accounts will notice that. 88 is usual, have adjusted the value of share invest- ments held by the Company in accordance with the quotation carrest at the end of the year. Since the closing of the accounts for the half-year I am pleased to inform you that the claims for the "Sainam" Piracy have been settled. I do not think that there is anything else that calls for particular comment, but should auy shareholder require any further information I shall have pleasure in answering any questions.
There were ao questions, and the CHAIRMON proposed the adoption of the report and accounts as presented.
Mr. HouGH- Mr. Chairman and gentlemen, 1 rise to second the adoption of the report and sccounts. It is very satisfact ry to all of us, I am sure, to see that there is an increase i our credit in profit and loss account, but I am afraid that that increase is from a source
from which we on hardly expect to see it come again. We have been told by the Chairman that it is owing to economy in the working of the Company and a diminution in the cost of repairs. We all know what false economy it would be for us to skimp the cost, but let us hope that the volume of trade will supply any defect or short- age in the future. With regard to the loss in exchange it is appalling that there should be $19,50k) to be written off on this account, but I am glad to hear our Chairman say he is hopeful that this item will be minimised in the future. Personally I must say, although I would like to be optimistic in the matter, that I am afraid it is a factor which will have to be dealt with for many years to come. It bits all those who bave small accounts with the Chinese, Basing that the payments are made in this debased subsidiary coinage, but we must meet the loss It is in a measure gratifying to know that the "Sainam" piracy account has been settled, but unfortunately
as best we can.
ΠΟ
11 A
Faid-Gentlemer, The CHAIRMAN
The report and statement of accounts having been in your hands for
some days е will with your permission, take them as read. The result of the half year's working pares very favourably with that of the previous six months, showing as it does not a very substantial increase in the amount standing at credit of profit and loss account, but this is due more to diminished cost of repairs and reduced expenditure than to any improve- ment in trade or passenger traffic. During the big Chinese Procession ia the be. ginning of December there was only a very moderate increase in the passenger traffic on our lines-due largely to the bad weather prevailing at the time. The loss in Exchange of Chinese subsidiary coinage amounted to $19,489.80 during the six months working, but this is an item that I hope will not become a permanent tax. Severe Chinese competition monetary payments can bring back to
those who were on the Canton-Macao Line caused such a loss
so dastardly done to death on one of
bat the reoeut our st-amers, in the working of the small steamer "Langshan" that your Board withdrew the
demonstration of our navy on the West River vessel from the line panding other arrange.
will no doubt bare a deterreat effect in the future. ments. This particular
With regard to the opposition we are stagnant and without profit for many years
meeting just now, which the Chairman says the but with an economical and suitable vessel committee is hauling. I am afraid you must We cannot hope to be in employed we shall hope to hold our own on the always expect that. run. The ma ter has the attention of your for c rtsin opposition.
80 unassailable position, and must always look That opposition has Board. Ioor asing competition in which the actual owners of the vessels seldom rrosive or ap-
been met in the past by our committee and our pear to look for any return on their ouʻlay makes
manager in a most able manner, and we look the opposition so much harder for us to struggle tinning in the future as they have done in the forward with every confidence to their con- against, and in consequence your Board hare to make greater efforts to obtain what consider our fair share of the ba-iness At the Bame time this Company is in a strong position and well equipped to contend with any opp si tion, and with close attention to details and economy, we think we are justified in looking forward to as favourable results in the future as
trade has been
We
are shown in the last half year's working. The statement of accounts as presented will, I hope, be considered satisfactory, and I trust that the proposed appropriation of profits will meet with your approval. Turning to the accounts you will notice that a more equal system of dooking and repairing the fleet has been devised, by docking a certain number of vessels each six months. In this e nnection we are anxious to build up a special repairs fund for the purpose of meeting the cost of any special repairs that will be necessity in the future, and hare there- fore recommended the allocation of 820,000 from the profits to commence such a fund. Lozus on mortgage have been reduced by, $40 0 10 in order to increase the margin of safety. The mortgagor
past.
With these few remarks I beg to second the adoption of the report and accounts.
The motion was carried unanimously The appointment of Mr G. Frieslaad 8 a director was confirmed on the motion of Mr. DENISON, seconded by Mr. MACHADO,
|
i
143
A. Rodger, H. Pinckney, M. S. Northcote, J. M. E. Machado, and E. Bruce Shepherd.
The SECRETARY read the notice convening the meeting
Gentlemen-With
оп
The CHAIRMAN said: your permission I will tika the report and accounts as read, and in presenting them to you for adoption I regret that they show BD appreciable diminution in the net return on the past year's working. As you are aware the Company's property consists of two lots of land in Kowloon, on one of which is built a block of sixteen houses koown AS Knutsford l'errace, and the other, a block of three honses called Canton Villa. In Konteford Terrace we have had for a little time six of the houses vacant, although we have been prepared to accept lower rentals than have been obtainable for some years. This ia no doubt accountable for by the
number large
of
ches per houses rented nearer the Ferry Wharf, bat your Directors confidently hop that with an inc ease of the European population ia Kowloon our property may again yield the same returns as it has in the past, though some little time will possibly elapse before this takes place. The three houses in Canton Villas are fully occupied. The net returns for the year have consequently been
about $5,500 lower than that for 1906 which will only enable us to pay a dividend of $1.75 per share. Notwithstanding this falling off in the revenue, which we hope and believe is only temporary, your Directors feel satisfied that our assets are more than worth the sum they stand at in our books, If any shareholder wished for farther information I shall be pleased to give it.
There being no questions, the CHAIRMAN moved the adoption of the report and accounts, as presented.
Mr. MACH DO seconded, and the motion was orried.
The appointment of Messrs. T. F. Hough and H. Pinckney as direotors was confirmed on the motion of Mr. NORTHCOTE, seconded by Mr. MACHADO.
Mr. MACHADO proposed the re-election of Messrs Hough sad Pinckney as directors.
Mr. SHEPHERD seconded, and the motion was carr.ed.
Mr. C. W. May was re-elected auditor on the motion of Mr. SHEPHERD, seconded by Mr. MACHADO.
The CHAIRM N - Dividend warrants will be
ready to-morrow, gentlemen; many thanks for your attendance.
THE HONGKONG ICE CO., LTD.
The twenty-seventh annual report reads:- The Goueral Managers have pleasure in statement of the Company's submitting account for the year 1917
Including $4,361.46 brought forward from the previous year, and after dedusting $20,000 paid as an interim dividend of $4 per share, the balsace at oredit of profit and loss account is $117,578,41 which it is recommended should be appropriated as follows: — A foal dividend of
$15 per share, $75,00):00 Provision for contingencies, 15, 00:03) To write off property a.^., 23, 0000 4,578.41 To carry forward.
8117,578 41
JARDINE, Matheson & Co., LTD,
General Managers.
Dr. NOBLE proposed the re-election of the | Hongkong, 21st February, 1908, firing auditors, Messrs. A.O'D. Gourdia sud
W. H. Potts.
The motion was seconded by Mr. SILVA and agreed to.
The CHAIRMAN-That is all the business, Dividend warrants are ready now. gentlemen.
KOWLOON LAND AND BUILDING COMPANY LIMITED.
the
The ordinary meeting of shareholders in the Kowloon Land and Building Company, Limited, was beld oo F-bruary 25th at
foes of the Company Victoria Baildings. Mr. T. F. Hough presided, and there were sisa present Messrs. A. Shelton Hooper (Secretary),
BALANCE SHEET 31st December, 1907. LIABILITIES.
Capital. 5,000 shares of $25 each Accounts payable.
Ammonia muerte account, Provision for intingencies, Profit and loss account,
ARETS.
Land, buildings, plant and machinery an
per last sccount,
174,475.35
84.475.15
Hongkong fire insurance Co, share, as per
last secount,
Less written off per last re.
port.
China fre insɑrance Co, share, sa per lant
MONOKUNI Ž
$ 0.
125,000,00
13,413.55
8.822.75
105,000.00
117,578.41
$ 369,816.71
0.
150,000,00
$25.00
85.00