Page
March 16, 1908.)
White, E. 8. Gabbay (directors), Captain Clarke, Ho Fook, J. M. C. Machado, A. H. M. da Silva, H. Percy Smith, F. D. A. Gomez, Wong Leung Him, H. L. Hutchison, W. Hatton Potta aud L. M. Leefe (seora‘ary).
The SECRETARY having read the no ice convening the meeting,
The re-
are
We
:
CHINA OVERLAND TRADE REFORT.
gratification that the amount carried forward on 1.07 account is again of an encouraging oharacter which augurs well for the final outturn of that year. Before moving the adoption of the report and accounts, I shall, be glad to answer any questions that you may desire to put.
There being no questions,
The CHAIRMAN propos d the adoption of the report which was seconded by Mr. WHITE, and oarried.
Mr. Ho Fook moved, and Mr. WONG LEUNG HIM Recouded, the re-election of Sir Paul Chater, Messrs. White and Maitland to the Consulting Committee.
Messrs. W. Hutton Potis and H. l'ercy Smith were re-elected auditors on the motion of the CH IRMAN, seconded by Captain CLARKE. The CHAIRMAN-That concludes the business of the meeting, gentleman. Dividend rants will be ready this af ernoon.
HONGKONG AND KOWLOON WHARF AND GODOWN COMPANY.
war-
The twenty-first annual ordinary meeting of shareholders in the Hongkong and Kowloon Wharf and Godown Company Limited, was he'd on March 14th in the City Hall. The Hon. Mr. H. Keswick presided and there were present Sir Paul Chater, Messrs. G. Friesland, A. Fuchs, E. Shellim, A. S. Cousland, G. H. Medhurst, C. S. Gubbay (directors), Hoo, Mr. E. Osborne (secretary), Messrs. H. W. Looker, T. F. Hough, W. E. Clarke, F. Smith, H Ham. phreys, E. S. Kadooria, W. H. Wickham. Captain Brown, and E. Ellia.
The SECRETARY having read the notice convening the meeting,
179
leave our affairs in the hands of our directors. With these few remarks I second the adoption of the report.
The motion was carried.
On the motion of Captain CLARKE, seconded by Mr. HUMPHREYS, Messrs. Medhurst and Lensmann were re-elected directors.
The appointment of the Hon. Mr. Keswick, Messrs Friesland, Fache, Shellim and Cousland to the directorate was confirmed on the motion of Mr. SMITH, seconded by Mr. KADOORIE,
Mr. WICKHAM proposed, and M. ELLIS seconded, the re-election of the auditors Messrs, W. H. Potts and O'D. Gourdin. Carried.
The CHAIRMAN—That finishes the business, gentlemen. Dividend warrants can be had on application.
The report was as follows :
The Director beg to submit to shirsholders their report with a statement of accounts for the year ended 31st December, 19 7.
ACCOUNTS.
The proft on working was $350,20 1,37 as compared with $ 7,693.17 in 1906, being a decrease of $57,4 12,80.
The bilance at credit of Profit and Less account, after paying interim dividend of 4 per cent, and including $3,"47.91 brought forward from last year, is $173,81281 which it is pro- pored to appropriate as follows :
Directors' and Auditors' foes...... Final dividend of 3 per cent Transfer to Depreciation and Repairs
account
Transfer to Insurance fund.. Carry forward to new account
$ 10,500.00 59,796.00
90,000.00
10,001.00
3,556 81
173,852.81
BUSINESS. In almost all branches of the business there was a falling off, the most marked being in stocks of Yarn which fell below the average of some years past.
PROPERTY, The exchange of land with Government was completed, a sum of $10,261.65 being received for the difference in ares of the godowns have been raised well above high water land exchanged. The floors of the principal
mark, doors and roofs strengthened, and the damage caused by the 196 typhoon generally derpinned from end to end, the faos of it made good. The Prays sea wall has been un.
The CHAIRMAN said :-Gentlemen. port and accounts have been in your hands fo some days and I will therefore, with your per- mission, take them as read. Your Committee have to regret that they have been deprived of the services of Mr. A. J. Raymond whose impending departure from the Colony onused his resigua, tion from the Board on which he had served for some ten years. The vacancy thus created has been filled by inviting Mr. C. 8. Gubbay. The result of the year's working (1906) is a profit of $285,79 .95, on which I think we may congratulate ou salves especially in view of the number of serious fires that have occurred since our last meeting The most disastrous out- break was of course that in Hakodate, which took place last August and by which a large portion of the towu was entirely destroyed sad losses were oco.sioned that taxed the resources of 8 me of the Japanese companies to the atmost. Our own loss was not severe, as a good deal of the property burut was of a character that we do'not insure, moreover the terms of the native companies in Japan and the conditions on which they do business are such as to preclude foreign | companies from competing. here are signs however that the great strength of the reservas of the foreign companies has been thrown into prominence by the disaster to which I have alladed and if the representatives in Japan of the native and foreign companies successful in the efforts which Bre now being made to produce В satisfactory working agreement there should be oppor tunities of increasing your business there on The CHAIRMAN said-Gentlemen, With your safe lines. You will also recollect that in permission, I propose to take the report and September a serious fire ooourred in Kobu,
accounts as read, From the accounts pre- causing the destruction of two first class foreign seated you will learn that there was a large godowns from loss од which however decrease in our profits last year, but in fortunately escaped altogether. Three severe view of the very adverse conditions of trada fires occurred in Bangkok in the early part of during that year, and in view of the crippling last year heavily involving Fire insurance effect of the 1906 typhoon, nothing else companies, and in Manila the destruction in
could have been expected. The report shows April last of a hemp godown resulted in losses in detail the different items of expenditura amounting to from four to five lacs of dollars. involved by that typhoon; you will recognise The position in Shanghai to which my predeces. however that, though the total outlay is sor in the chair made reference last year Las large, it cannot be regarded as represent undergone an improvement, and it appears that a
ing an satire loss for the reason that successful check has been put to the fires in the major portion has been spent in giving us native property which had grown in frequency UAY wharves, new lighter, and impoved out of all proportion to both the six and godowns in place partially worn and therefore population of the Settlements. The activity of less valuable assets. In view of this expenditure the new Chineas companies has however pro- and the future outlay which has still to be met, daced a competition for a certain class of your Directors cannot recommend the payment business in the face of which a considerable of a larger final dividend than 3 per cent reduction in the rates would appear to be making a total of 7 per cent for the year. inevitable and it is impossible to foretel at This is a time for husbanding our resources this period what steps the combined Foreign especially as may shortly expect fur. Fire Insurance Companies may find it ne ther competition and we must be, as
LAUNCHES have all been plac›d in thorough cessary to institute. You will be glad to prepared to aset it. From its very begian-repair and their Engine rooms enclosed. A learn that by the recent severe fires in the ing our Company has had swore competition
new launch, the "Albatross, was acquired. Kiuking and Yuen Miug Yuen Roids Shang- to face, has met it and overcome it, and when
LIGHTERS have been repaired throughout and hai our loss has proved to be quite trifling. you consider that our clients are also to a large steam cranes fitted to three large ones for Dealing with the figures for 1906 we have to extent shareholders you may look forward with delivering railway material at Canton, notice a reduction of $21,000 in the premium equanimity to the future. We shall undoubted income which I think is traceable to gauerally have bard times bat our business is on sound depression. 1906 was not a year of very active lines and with the improvement and increase trade and our premium income bears a favourable of the trade of Hongkong, which is bound comparison with that of the years preceding to come, we may reasonably look for 1905. Losses are just under 44 por cent.
prosperous resulte The completion of the of the premium income. Income from Canton Kowloon Railway will be of interest interest shows, 8.8 is to be expected, to us, chiefly as a link to the future Han a slight advance; other items I think call for no kow-Canton lins; your Directors have dia. special comment. Your Committee decided to cussed with the Government the preliminaries vote a bonus to the staff of 10 per cent upon for establishing sidings into our property, and their salaries and the necessary sum to give it is inconceivable that the Colonial Railway effect to this has been debited to Charges paid for by Hongkong ratepayers will not afford which I trust bas your approval. This is, as every facility to the Hongkong owned wharf you are aware, the first distribution of profits to enterprise. Before proposing the adoption of be made since the revision of the Articles of the report aud secounts I will be pleased to Association last year and I hope that the answer any questions you may wish to pat. proposed dividend of $:7 a share aud
There being no questions, appropriation to reserve of $67,400 will have The CHAIRMAN proposed the adoption of the your approval. It have
may
been thought report. by some shareholders that a larger dividend Mr. T. HotGн mid-I rise to second the could be paid, but your Consulting Com- ¦ adoption of the report and sooounts, After the mittee will not I venture to think be blamed explicit manner in which they have been dealt for considering the necessities of the Reserve with and the remarks that have fallen from our Fund which the nature of the business renders it so imperative shall be maintained at a high figure. You will share your Committee's
an
|
We are,
more
| Chairman anything that I could say about them could not amplify what he has said, and I think we can with every confidence as in the past
|
foundations strengthened.
WHARVES. o. 2 Wharf, the Ferry Wharf and one small Warf have been rebuilt, and are now practically new. The Sheers Warf has been enlarged and the ses bed round the wharves oleared of typhoon debris and deepened so as to afford five berths for large vessels drawin ; 25 to 27 feet. Went Point Wharf was rebuilt,
RAILWAYS Neg rails (including steam crane rails) have been laid the whole length of the Praya thus greatly facilitating the working of cargo.
..
MACHINERY AND PLANT A 10 ton locomotive orane for loading heavy timber was acquired, a Lidgerwood engine for pile driving, a portable hand orane and a second hand 5 ton locomotive orane. Also steel travelling passenger gangway for No. 3 Wharf.
$328,60260
Typhoon of 18th S-ptenber 1906. The actual expenditure to the 31st December, 1997, was:— On new lighters and launches neces-
ary for carrying on the work On rebuilding wharves and improv
ing the property On repairs and sundries
DIRECTORS.
141,779.87 200,750,58
$671,33 05
The Hon. Mr. W. J. Gresson. Mr. E. Gosta, Mr. A. Haupt, Mr. N. A. Siebe and Mr. D. M. Nimim resigned on leaving the Colony. The Hon. Mr. H. Keswick, Mr. G. Friesland, Mr. A. Fachs, Mr. E. thellim and Mr. A. 8. Cousland joined the Board, and their appoint- ments require confirmation.
Mr. G. H. Medhurst and Mr. C. R. Lons- mana retire in rotation, socording to the Articles of Association, bat being eligible, offer themselves for re-election.