September 14, 1908.]
pare all his materials and a further period of four weeks-seven in all-to place them in position and complete the job. To-day, the 12th of September, is the date arranged for the completion of this work excepting, of course, the tileing which has not yet arrived from England. Had we met yesterday instead of to-day I would have said: "As you entered the building to-day you should have been able to pass judgment on what had been done." You, of course, observed nothing. If anything has been done at all is is certainly not visible. To-day this does not apply, as a scaffolding is now being erected And yet the contract time expires to-day! When it will be completed we don't know. The East wing will also be finished far behind the contract time. When it will be completed we don't know. It would appear that time clauses in these contracts are pie crust promises made only to be broken. The penalty clause seems also to be inserted with no idea of its ever being enforced, though the clause reads "time is the essence of this contract!' A hollow mookery! In view of this example you will observe the difficulty ons labours under in endeavouring to fix a time for the completion of any work in hand. Were the time clauses insisted upon and the penalties enforced, a different state of affairs would exist and the result would be more satisfactory to those who are compelled to build.
And I would certainly advise no one to build in this Colony unlest compelled.
No questions were asked, and the CHAIRMAN moved the adoption of the report, which was seconded by Captain CLARKE, and carried,
The re-election of Dr. Noble as director was approved on the motion of Mr. ELLIS KADOORIR, seconded by Mr. CHAPMAN.
Mr. SETH proposed, and Mr. HASKELT, seconded, the re-appointment of Messrs. H. W. Jeffries and A. R. Lowe as anditors. Carried.
The CHAIRMAN—That concludes the business of the meeting. Dividend warrants will be ready on Monday and may be obtained on application. Thank you very much for your attendance.
The report was as follows :- Capital subscribed by
the shareholders
Reserve fund
$618,975 78
Mortgage debentures 424,000.00 Loan, Hongkong and
Shanghai Bank ng Corporation
CHINA OVERLAND TRADE REPORT.
PROFIT AND LOSS ACCOUNT. FOR THE SIX MONTHS ENDING 30TH JUNE, 1908. Dr. To Bad Debts and Refunds
To Crown Rent To Bates
To Fire Insurance..
Installation of electric light, as per last
account
181
852.08 505.93
2,835.20
2,910.96
Stock of linen, crookery, glassware, sto. Stock of wine, provisions, household sandries, and stationery, as per inven- toribs Shares in public companies
24,000,00 83,740.24
F
KATAAN 40 ALA NA V
Value of steam launch
$16,000.00
Sundry debtors
* 144
18,815.42 5,790.81 5,000,00 24,504,48
Licenses attaching to half-year to 31st
December 1908
1,166.07
12,720.00
Fire insurance (unexpired pre mia)
2,048.71
7,045.50
8,200.00
Hongkong and Shanghai Banking Cor. poration (unclaimed dividends account)
1.278.00
Cash in hand
294.21
$2,008,414.85
To Debenture Int. on $500,000
at 3 per cent....
Less Returned on Deben-
tures held by Company. 2,280.00 To Interest Account To Directors' and Auditors Fees TolBalance, to be appropriated as
follows:
To pay a dividend of 6 per cent. $36,000.00 To Transfer to Repairs and
Renewals
To Write off Furniture and
Fixtures
To Write off Electric Plant ... To Write off Steam Launch To Carry forward to New A c.
Cr.
15,000.00
10,000.00
8,500,00 500,00
14,639.63
By Balance from 31st Dec. 1907 $49,252.17
Leas Dividend at
7 per cent $42,000,00 Less Transfer to
Repairs and Re- newals A/c.
By Bent of Shops and Office Old
Building
By Rent of Shops and Office New
Building
By Rents Hotel Mansions
79,639.63
$109,709.80
...
7,000.00
19,000.00
$2,025.00
4.800.00 21,000.00
730.05 14.00 65.78
80,822,30
$109.709.30
By Dividends on Shares in Pablio
Companies
By Scrip and Transfer Fees By Bad Debts Recovered By Profit
Hotel Working Account for the six months ending 30th June, 1908
on
252.17
27,825.00
REPAIRS AND RENEWALS ACCOUNT. FOR THE BIX MONTHS ENDING 30TH JUNE, 1908. Dr. To Payment on Account of Re- pairs and Renewals during the half-year ending 30th June, 1998
8 600,000,00 | To Balance,...
By
230,116.23
1,303,092.01
Working capital of the ompany $1,903,092.01 Gentlemen,-In accordance with Section 50 of the Articles of Association, the Directors now beg to submit their report for the half- year ended 30th June, 1908.
ACCOUNTS.
The profit on working account amounted to $80,022,30 as compared with $73,068.23 for the corresponding period of 1907, being an increase of $7,754.07.
The Profit and Loss Account, including the sum of $252.17 brought forward from 31st December, 1907, shows a credit balance of $79,639.63 which the Directors recommend should be apportioned as follows '-
To psy a dividend of 6 per cent, for
the half-year........................
Cr.
$ 6,059.42 940.58
$ 7,000.00
Amount Transferred from Profit and Loss Account as recommended in last Report $ 7.000.00
$ 7,000.00
BALANCE SHEET, 30th June, 1908.
LIABILITIES.
19,000 shares at $50 each (fully) paid up) 600,000.00 Capital:--
1,000 mortgage debentures (8 per
cant.)
$500,000.00 Lees 152 dito held by the
Company
Reserve fund Sundry oreditors Unclaimed dividend.
76,000.00
Repairs and renewals account, balance as
per statement...
ASSETS.
424.000.00 648,975.78 23,469.63 1,273.00
940.58
Hongkong and Shanghai Banking Cor.
poration (current account).. Profit and loss account. balance as per
statement
.$36,000.06
"
transfer to repairs and renewals account
230,116.23
79,639.63
$2,008,414.85
15,000.00
"
write off furniture and fixtures
write off electric plant.
write off steam launch
#
,, carry forward to new account
1.000.00 3,500.00 500.00 14,639.63
$79,639.63
DIRECTORS,
Mr. E. Osborne has been granted leave of absence. Dr. J. W. Noble retires by rotation, but offers himself for re-election.
AUDIT,
Value of Marine lot No. 5 and remaining portion of Marine lot No. 3 and remain. ing portion of Marine lot No. 7, and buildings thereca 8.8 per last
$1, 75,056.21
Booount
Since expended on altera. tiona and addition to buildings
Praya reclamation, Marine lot No. 288, as per last BOOount
Building thereon, "Hotel
Mansiona "'
L
THE DOUGLAS STEAMSHIP COMPANY, LIMITED.
The report for presentation to the share- holders at the twenty-fifth ordinary general meeting, to be held at the offices of the is as follows :— Company, on Saturday, the 19th inst., at noon
The General Managers have now to submit to the shareholders their report on the twenty- fifth year's working of the Company, ending Jane 30th, 1908,
After paying all running expenses, premis of insurance, remuneration to the Consulting Committee, and uditors' fees, there remains a balsuce at oredit of Profit and Loss Account of $73,462.04 which, with the consent of share- holders, it is proposed to appropriate as follows.-
"To pay & Dividend of 5 per cent, on the capital of the Company, absorbing $50,000.00 and to write off the balance of $23,462.04 from the value of the Company's properties on June 30th last."
The aprecedented depression in shipping has been fully reflected on the China Coast and not for many years has there been such a scarcity of cargo offering, and earnings have consequently suffered to a considerable extent.
Advantage has been taken of favourable exchange and scarcity of orders in Home shipbuilding yards, to acquire a steamer of similar type to the "Halching," larger and superior in every way, at a reasonable cost. The steamer which has been named Yang," was built by Messrs. D. J. Dunlop & Company, Port Glasgow, and should arrive about the end of October, and it is anticipatel that she will prove a valuable sequisition to the Fleet.
The steamers of the Company have been maintained in their usual state of efficiency and are in first class condition. Daring the year the "Haitan" had her tween decks relaid throughout.
The amounts appearing as "Freights due" and "Accounts receivable" have since been collected. CONSULTING COMMITTEE.
Mr. Henry Kaswisk and Mr. A. G. Wood resigned their seats on leaving the Colony, the vacancies being filled by the Hon. Mr. W; J; Greeson and Mr. J. W. C. Bonnar. The Committee now consists of Mr. J. W. C. Bonnar, Hon. Mr. W. J. Gresson and Mr. B Shewan, who retire in terms of the Articles of Association, but offer themselves for re-election.
AUDITORS,
The Accounts have been audited by Masers, A. R. Lowe and W. H. Potts, who offer them- selves for re-election.
DOUGLAS LAPRAIK & Co., G neral Managers, PROFIT AND LOSS ACCOUNT. For the year ended 30th June, 1908, To dividend paid for year
$0. ending 30th June, 19: 7 80,000 00 To amount written off for de- preciation for year ending 30th June, 19407.
:
7,751.22
To exchange account.
-$1,082,807.43
To auditors' feus į....
246,140.00
375,752.68
+++
To remuneration to Consulting Committee
for 12 months
87,488.15
117,488.15
2,227.54
600.00
2,000.00
-621,892.68
for office expenses, for 12 months To balance...
To remuneration to General Managers
10,000.00
73,462.05
$205,777.73
33,000.00
By balance of profit and loss account,
30th June, 1907
80.
117.488.15
30,924.98
By general interest account...
2,848,19
By interest on mortgage account
42,355.02
1,768,627.01
By coal account
1,070.80
J. W. NOBLE,
Chairman.
Furniture and fixtures, as
per last account Since added
116,850.84 5/289.16
steamers during the year
By profit on running the company's
42,016.57
BALCON QUOTAKOT
122,239.80
$206,777.73
The accounts have been audited by Messrs. A. B. Lowe, C.A., and A. O'D. Gourdin, the latter acting for Mr. Jeffries. Mesere. H. U. Jeffries and A. R. Lowe offer themselves for re-elestion.
Hongkong, 31st August, 1908,
Cost of three Chinese houses on sections
B., C., and D. of inland lot No.180
of Kowloon Farm Lot No. 8 section A.
Cost