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cookades, and the Corporal's team were adjudged the winners.
When the Gymkhana concluded Mrs. STOKES, who was presented by Trooper Dupree with a pretty bouquet, presented the priss.
On completion of her task Lieutenant Ross called for three cheers for Mrs. Stokes. There were given, and supplemented by a "tiger," which concluded the proceedings.
PUBLIC COMPANIES.
THE STEAM LAUNDRY CO., LD.
The sixth ordinary general meeting of the shareholders in this Company was held at the office of Sir Paul Chater on the 17th inst. Mr. W. Hatton Potts presided, other share- holders present being Bir Paul Chater (director), Messrs. E. J. Chapman (secretary), P. C. Potts, A., H. Silva and Mak Fuk.
the SECRETARY read the notio, convening the meeting.
as
The CHAIRMAN said-Gentlemen-With your permission we will take the report and socounts as read. The profit on
working account, though only some 8357.72 better than last year, is satisfactory considering the d pressed state of all business in the Colony. In the early part of the year under review we had expected to show a balance of $3,000 more but our earnings have fallen off owing to the smaller receipts from shipping and the hotels. Private washing is about the sime last year. The buildings did not suffer very severely in the typhoon of 27tb July, and the damage done has not cost more than about $600 to repair. Considering the enormons & mount of damage done to property generally we think the Laundry was fortunate in getting off Ro cheaply Now that our fixed assets will be reduced by the proposed writing off of 88.357.35 to some 84,000. below the ospital sub oribed, we think that in future it will not be necessary to write off so largely, and, if returns keep up. we shou'd be able to pay large dividends in future. Of course the actual depreciation of the machinery will haves to be provided for. I shall be pleased to answer any questions to the best of my ability.
No questions were asked, and the CHAIRMAN proposed the adoption of the report and accounts as presented.
Mr. P. C. Porrs seconded, and the motion was carried nem, con.
On the motion of Mr. P. C. Porrs, seconded by Mr. SILVA, Sir Paul Chater was re-elected to the directorate.
Mr. A. O'D. Gourdin was re-eleo'ed auditor on the motion of Mr. Mak Fux, seconded by Mr. SILV
The CHAIRMAN-That is all the business gentlemen. Dividend warrants will be ready on application on Monday. Thank you for your attendance.
CANTON INSURANCE OFFICE LTD.
The twenty-seventh ordinary meeting of shareholders in the Canton Insurance Offlor, Ld. was beld at the offices of the General Managers, Messrs. Jardine, Matheson and Co., at noon on Oct. 24th. Hon. Mr. W. J. Gresson presided, and there were also present Sir Pant Chater, Messrs. H. P. White, E. Shellim (oon- sulting_committee), L. N. Leefe (secretary), H. Peroy Smith, Ho Fook, Lo Cheung Shin, Chan San, Ho U Sang, P. Nalin, D. D. Gasdar and F. J. V. Ribeiro, representing 1522 shares.
The SECRETARY read the notice calling the meeting.
The CHAIRMAN said-Gentlemen, The report and accounts have been in your hands for some days and I will, therefore, with your permissione take them as read. The General Agents and Consulting Committee much regret having to, present to you a report which necessitates & reduction in the dividend, but those of you who have been observing the published socounts of the marine insurance companies whose head offices are at home will be conscious of the bad results which have attended underwriting in 1906 and last year. It was shown in an article published in Fairplay" in the early part of this year that the combined results of ten leading companies had in 1905 and 1906 resulted in a trading loss. We derive a large
THE HONGKONG WEEKLY PRESS AND
proportion of our income from our London, agency, and in common with our competitors our experience there has been bad. Last year my predecessor alluded to the d floulty, I might say impossibility, of correctly estimating at this period what the final outturn of the year will be, and I regret to say that 1996 ran off less well than we had hoped. Los es in 1907 have been beavy and We osonot in the light of our experience of the preceding year, specially with no marked improvement in conditions, fail to make very ful and ample provision for unsscertained losses at this date, and this accounts for the recommendation of the Board that so large a sum as $382,671 bi our ried to Underwriting Suspense Account. I am glad to say that 1908 so far, is going bзttar | than its predecessor but it is early days to speak of it yet. The business responsible for the bad resul's already alluded to has received, and is r our eceiving,ao xion › consideration, and I trass that the steps we are laking to produce a batter result will be in evidence in our figures next year, Our investments have undergone littl change sinos our last meeting. The state of the local property market has not improved, bat our surveyors have been able to give us a satisfactory report on our mortgages, and our gold s scurities are worth considerably more than the sum at which they stand in our books. Turning to the liabilities, you will flad that the Reinsurance Fand has slightly but satisfactorily progressed. The Underwriting Susp Account stands reduced by the claims of 19 16 and previous
and years
Accouuls Payable are 85148) more than last year. Before moving the adoption of the report and accounts I shall be glad to answer any question that shareholders may desire to pat.
No questions were asked, and the report was adopted on the motion of the CHAIRMAN, seconded by Mr. WHITE,
[Ostóbaé 28; 1908.
account for 1907. We are now having timen of keen competition, deplorably low insurance rates, and depression in trade and shareholders will rightly expect a word from the Directors con- cerning the affairs of the Company, I am glad to say your Directors have no "discouraging word to utter, for they are justly kopsful tha: with the return to norm il sotivity in tends the earnings will quicken and increas). As to the conduct of your affairs there is no change in
the policy of the administration; that policy in progress by osreful and conserva- tive me hoda. In bringing forward plans in 1903 for remodelling the North Chinn Insurance Company the sims the Directors hal ia view were the constant building up of reserve funds, and inoras'd returns to shareholders ao o atributors. The wisdom of the share- holders in confirming these suggestions of the Directors has ben fully oo afirmed. For the last four years you have reosived fifteen per cent. dividend where previously you had -ight per cent, and by a glance at the socɔunts you will see how steadily your reserves have la. crossed until they are now more than three times the paid-in capital of your Company. You will also notice that you have first class investmenta smounting to Tls. 2,000,000 to give confidence and satisfaction to our policy holders
Bafore patting the first resolution to the meeting I shall by pleased to give any farther information that may be required.
No qutions were asked and the following resolutions were put to the mesting and carried unsaimouly :—
Proposed by the Chairman, seconded by Mr. W. D. Little. That the reports and accounts as now presented bancoapted and pissed.
Proposed by the Chairman, seconded by Mr. H. R. Kinnear. That a flaal dividend of 74 par cent on the paid-up ospital and a honns of 15 per cent apɔn contributory permi ımı bə distri- Mr. NALIN moved the re-election of Sir Paul bated, both payable at the exchange, 21 414, per Chater and Messrs. F. Mai land, G. C. Motos, tael, TI, 50,000 to be transfered to silver reserva E. Shellim and H. P. White to the Consulting.nd, aud the balance to be transfered to under- Committee.
writing reserva 200 sunt, closing the soconut for 1907.
Mr. CHAN seconded, and the motion was agreed to.
Mesars. W. Hatton Potts and H Paroy Smith were re-elected anditos on the motion of Mr GAED ·B. seconded by Mr. Ho Fook.
The CHAIRMAN-Dividend warrants will be posted early to-morrow morning, gentlemen. Thank you for your attendance.
HUMPHREYS ESTATE AND FINANCE COMPANY.
An extraordinary general meeting of share- Saturday at noon in order to confirm & resolu bolders in the above company was called for
tion passed at a previous meeting. There were present Mesars H. Humphreys (obairm n).
A. C. Boar, J. 8. Van Buren, Hon. Mr. H. A. W. Slade, Dr. Noble (directors), Messrs. J. A. Jupp, E. Sath (secretary), C. B. Buyers, D. E. Clark, and J. M. Wong. The. was not a quorum and the meeting was adjourned autil Saturday next.
THE NORTH CHINA ÎNSURANCE CO,, LD.
W.
The fifth ordinary general meeting of share. holders of the North China Insurance Co, Ld. was held in the Company's offices No. 10, The Bound, Shanghai, on the 20th inst. Mr. J. N. Jameson (Chairman) presided and there_were present: Messrs H. de Gray, A. Hide, H R. Kinnear
D. Little, W. Meyerink (Directors): H. G. Simms (Secretary); and A. McLeod, J. M. Young, J. Samson, H. A. J. Macray, C. W Wrightson, W. 8. Jackson, A. C. Hanter, J. Prentic, R. H. Bauchamp, and Qus Sang (s'areholders), repre-enting 842 shares.
The Chairman said: Gentl-men: As the report and accounts for the past year have been with you for more than a fortnight we will with your permission, take them as read The business for our consideration at this meet- ing is the passing of the report and acc ants, the declaration of a final dividend sad bonus to contributors, to place le, 5000 out of the profits for the year to silver reserve, and to transfer the balance of working account to under-writing reserve account, closing the
|
Proposed by Mr. J. M. Young, seconded by Me. C. W. Wrightson that Mmara. James JAK, Da Gray, Hide Kinnear, Little, and Mayarink bi re-elected Directors of the Company, and that the remuneration of the Direc ́›rs be Taois 6,000 per annum.
Proposed by Mr. H. A. J. Macy, seconded by Mr. A. C. Hunter: That Mes Wingrove and Hayter be re-elect d mai. a of the Company.
The Chairmau thanked the sharehold:rs for their a tendanos and raid that dividand warrante would be issued a xt day. The meeting then unded.
SIAM COMMERCIAL BANK.
910 INCREASE IN NEW PROPits of PaRT
HALF-YEAR.
The following is the baif-yearly report of the Bard of Directors of the Commercial Bank, Limited, to be præented at the fourth general meeting held at the company's office on Tuesday, the 20th inst:-
The net profits for the half-year ended September 3) (including 105, 9,2.4.15 brought forward from last socount) amount to Ticals 208,414.10, ag inst liels 183,511.49 for the preceding half-year.
We propose, besides the statutory addition to the ordinary reserve fund of Ticula 19,919 to add Ticals 71,000 to the extraordinary resærvs- fund and to pay a dividend of 3 per cent., absordi: g Ticala 9 .030.
for the Board of Directors, and Ticals 5,727 Ticals 5,213.55 are applied as remuneration as bonus for the staff, leaving a bilance of Tiols 12,554.55 to be carried to the next account.
The extraordinary scarcity of money daring the past few months has unfavourably affected trade in general, and we therefore thought it advisable considerably to reduce our loan and
overdraft accounts.
If appears, however, that trade r. covering. money is now becoming more plentiful and
the market, our busiņose has shown steady pro- Notwithstanding the unfavouable condition of
gress.
was Ticals 148,828,227.88, against · Tioals The turn-over during the ball-your 95,314,995.38 of the preceding half-year,