Page
April 4, 1908.]
Head Office,
Yokohama, 10th March, 1908.
CHINA ÓVERLAND TRADE REPORT.
The balance, yen 1,091,552.18, will be carried be elected auditors for the current year. Pro- forward to the credit of next account.
posed by the Chairman, seconded by Mr. Wattie: That the credit balance of a. 49,068.37 be appropriated as follows: dividend of ten per cent on Capital, Tls, 34,925, Write off goodwill Tls. 11,000:01 carry forward to new account Tls. 3,143.37: Total T, 49, 6837. Proposed by Mr. Hooper, seconded by Mr. Neill that the directors receive Tls. 300 as remuneration for their services./
LIABILITIES.
BALANCE SHEET.
Y.
Capital (paid up)
Reserve funds.
Silver depreciation fund
Reserve for doubtful debts
Notes in circulation
Deposits (current, fixed, &c.).
24,000,000.00 14,050,000,00 520,000,00 21,707.14 0,070,807.75 125,605,337.23
128,202,841.01 5,517.02
1,055,058.72 2,020,493.40
Yen 301,457,885.33
Yen.
Dividends unclaimed
Bills payable, bills re-discounted, ac-
captances, and other sums due by the Bank
Amount brought forward from last ac-
Net profit for the past half-year
count..
Cash account
In hand......
At bankers.....
ASSETS.
You. .14,805,738,09 .12,204,533.51 27,070,271.60
Bullion and foreign money Bank's premises, properties, furniture,
&c.
Yen
SHANGHAI AND HONGKEW WHARF CO. LTD.
The annual general meeting of the Shanghai and Hongkew Wharf (o., Ltd., was held on Match 23rd at the Shangbai office of the General Agents. Messrs. Jardine, Matheson and Co. Mr. David Landale presided and Baid :-
on
Gentlemen, with your permission I propose to follow the usual procedure and take the Investments in public securitics Bills discounted, loans, advances, &c...106,033,265.02
16,531,015 33 Report and Accounts, which have been in your Bills receivable and other sums due to
hands for some time, as read. I think wa may the bank
140,757,791.35 congratulats ourselves on Я very successful 2,687,958.74 | year, The working accut shows a credit balance of Tle. 757,978 79 against Tis. 1,777,582.39 | 784,364 38 in 1906, TI, 638,685 49 in 1905, and Yen 301,457,885.33
Tis. 318,770.29 in 1994, and the Directors PROFIT AND LOSS ACCOUNT.
trust the apportionment of the Balance of To interests, tares, current expenses,
Profit and Loss Accouul, as set forth is the robate on hills current, bad and
report, will meet with your approval. As doubtful debts, bonus for officers. and clerks, &c.
mentioned in the report the total premium 10,809. 104.16
the 4100 new shares issued during 550,000,00
1906.7 amounting fo Tls. 210.046.47 has 1,140,00+,00
been added to the Reserve Fund which now amounts
Tis. 697,257.35. These 4,091,552.18
184,000 shares as you know, were issued to the shareholders registered in the Books of Yen 13,890,956.31
the Company on the 31st December 1906, with Yen
the exception of a small bulauco of 198 shares 1,955,058.72 made up of shares aupplied for and losses in fractions which were sold on the market through 12,833,507.02 Mle-srs. Noel, Murry and Cony, at au average price of Tls. 220. Property Account now Yen 13,860,950.3 £
stands at T. 5,524,825.11 the sum of Tls. 450,191.26 having been spent on the balance of cost of land at Pootung, buuding at Tuukadoo, new Godowns. steam oranes, Head and Stern
To reserve fund To dividend-
(yen 6.00 per share for 240,000 shares) To balance carried forward to next ac-
count
By balance brought forward 30th June,
1007
By amount of gross profits for the half-
year ending 31st December, 19:7
-
THE CHINA LAND AND FINANCE
CO., LT.
to
227
bav generally been followed by a period of reduced earnings, while cargo left us to go into consumptior, the business has invariably recover- ed with ever increasing vitality, and I have every reason to believe that we are in a better position to-day to compete for the business of this Port thin we have been before.
I now beg to propse that the Report and Accounts 84 presented, be pasted;
Mr. A. McLeod seconded.
The Chairman-Gentlemen, the report and accounts are now before the meeting for dis cussion. I shall be glad to answer any ques tions to the best of my ability.
Mr. I. R. Michael-Mr. Chairman In view of the generally admitted fct that 7 Shanghai is suffering from an unusual depres- sion in trade I should like to ask you whether this starvation has not made a difference in our business and if so to what extent. If you have no objection I should very much like to know what our earnings have been for the two months if the present fear-190-already completed
The Chairman-I think if you will look back to the history of the company you will find that in times when business has been depressed we have benefited by it because as I say our chief soures of earning is from storage, and for the last two years there has been a large amount of stocks held here and the company has bouefited by it. The eruings for January and February this year amount to Tls, 69,000 compared with Ts. 119,00 last year. If anyone has any further questions, to ask I shall be glad to answer them."
Mr. Michael-There is a difference of Tls. 50 0-0 in two mouths as compared with last year.
The Chairman-That is s).
Mr. Michael-I am sorry to trouble you again, Mr. Chairman, but are we making any provision for the less which I understand will be necessitated as a consequence of the Whang- poo Conservancy work, and if so, how much are wo setting aside for that purpose?
The Chairman- We are making no prepara. tion financially. The cost of the Conservancy work to a great extent will be a capital charge and probably debentures will have to be issued if we have-to carry it out. At present we are negotiating through the Consul-General with the Conservancy authorities as to what pro- ceodure is to be followed and the matter is really not in such a sufficiently advanced state to say very much about it.
There were no further questions and the resolution as proposed was put to the meeting and declared unanimously carried.
!
The Chairman then proposed that a final dividend for the year 1907 of Tls, 9 per share be paid, This was seconded Mr. Macray and passed
+
+
Mr. P. Crighton proposed and Mr. Barff soconded that Messrs. A. Mcleod, E. C. Pearce, C. W. Wrightson and H. A. J. Macray and the senior, representative of Messrs. Jardine. Matheson & Co, Ltd., ba re-elect a directors for the current year.
moorings etc., during the year. Since 1903 The annual general meeting of this company
we have spent over Tls. 1,000,000 in im. was held in Shanghai on March 24th. Mr. R. proving our property, our godown accom. Macgregor (Chairman) said-Gentlemen: Your modation has been more than doubled and directors have great pleasure in submitting the
the Tnukadoo Wharf has been completed, report for the company's fifth year, which
and I think the property generally may be ended on February 29, 1908, and as the printed
considered to be in a fairly good condi- report and statements of accounts have been in tion. Your Directors therefore feel justified your hands for some days I will, with your
in recommending a reduced appropriation to permission, take them as read. You will Repairs Account, Repairs have been heavy notice that the working account for the past during the past few years, but that is accounted year shows & nett credit balance of 'I'ls. for in some measure by the raising of the 49,068.37, as compared with s. 46,518,30 Godown floors above floor level. While on the for the previous year, or an increase of subject of our property, I think it is only right some 11. 2,500, which I think you
that I should draw your attention to tlie Con- must consider satisfactory. The commissious servancy soleme, under which Riparian Owners earped and profits on sales of properties may eventually be compelled to bund out their are not quite as large as last year, but this I property to the normal line. ta low estimate put down to want of activity in the real estate this would cost this Company close upon Tls, market consequent on the depression existing 1,000,000, and although we would obtain some
On the proposition of Mr. A. Fleet seconded in all kinds of business. The amount collected valuable land the scheme would not very much by Mr. H. J. Clark, Messrs. G. R. Wingrove for rents is much larger, notwithstanding that increase the facilities we already have for handl-aud II. W. G. Hayter were re-elected directors we have bad, like other property owners, to ing our business, or as far as I can see bring for the current year. suffer from vacant Chinese houses. The more business to us. It appears to us that the prospects for the coming year are already Chinese Government in expecting the riparain showing signs of improvement, and with the owners to baud the whole of the Shanghai aid of our active Secretary and General harbour with Concrete or Sheetpilo búuding, Manager, hope to present next year an even
free of cost to the territorial Authorities, who more satisfactory report. There is one thing levy heavy tonnage dues, are asking too much, which perhaps does not come well from but as the matter is now under negotiation, it me, but as the Company is DO.W is unnecessary for me to say more for the doing well I think that your directors are
present.
Last year the Chairman repeated entitled to some small remuneration for their his predecessor's statement, by stating that services. I would suggest that Tls: 300 be ( in the opinion of the General Agents, appropriated, and I shall presently ask one of Wharfingers business was absolutely qu the you to propose a resolution to that effect. If crest of the wave, depression in the Import you have any questions to ask, I shall be pleased Trade having kept, our godowns filler, that to answer them to the best of my ability.
goods moved off more slowly than was then. anticipated is well known to you all.
But now, Gentlemen, there is more life in markets, and goods are going into consumption, there is no disguising the fact that we cannot expect our earnings from storage, our chief source of income, to be anything like what they have been during the past few years. The earnings for January and February of this year plainly tel their tale. The past history of the Company, however, shows us that although our good years
As there were no questions the following resolutions were put and carried nem, com.
Proposed by the Chairman, seconded by Mr. Wattie : That the Report and Accounts as presented, be accepted and passed.
Proposed by Mr. Wattie, and seconded by Mr. Hooper That Mr. King Chunkee be
re-elected a director.
- Proposed by Mr. Macgregor and seconded by Mr. Neill: That Messrs. A. R. Leake & Co.,
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Mr. F. Auderson preposed that the directors pay a bonus to the staff and that the amount be left to the discretion of the directors.
Mr. Michael seconded and this was carried, The Chairman-I think that is all the busi-
uess. Dividend warrants will be ready to-
morrow.
Mr. Duncan Glass-On behalf of myself and for the other members of the staff I thank you bonus.
Mr Michael-I propose a vote of thanks to the Chairman and the directors for the work they have done so exceedingly well, and I hope they will do the same in the future.
:
Mr. Erau Ormiston; managar of the Mercantile Bank of India Limited, Hongkong, on April 1st recrived, a telegram from the Head Office stating that at the forthcoming general meeting of shareholders of the Bank the Directors will recommend a dividend of 6 per cent per anuum on " A and B shares free of income tax, that £10,000 be added to reserve fund; £260) to Officers' Pension fund;' and £24,000 be carried forward.