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Messrs W. H. Potts and H. Percy Smith were re-appointed anditors on the motion of Mr. Ho Fook, seconded by CAPTAIN Clarke.
The CHAIRMAN-That concludes the business of the meeting, gentlemen. Thank you for your attendance. "Dividend warrants will be ready on Monday.
THỂ CHINA PROVIDENT LOAN AND MORTGAGE CO., LD.
The twelfth ordinary general meeting of shareholders in this company was held at the office of the general managers. Messrs. Shewan, Tomes and Co., on February 6th. Mr. R. Bhewan presided and there were also present Dr. J. W. Noble, Mr. H. P. White and Mr. Chow Hing Kee (consulting committee), Mr. J. A. Young (secretary), and Messrs. J. M. E. Machado, A. A. Cordeiro, D. W. Gazdor, H. R. B. Hancock, H.T. Terry, H. Percy Smith, U. King Sui, F. Ellis and F. McCubbin,
The SECRETARY read the notice calling the meeting
THE HONGKONG WEEKLY PRESS AND
improvement comes and the voice of the pessimist is heard no more in the land those who have had faith in Hongkong and its fortunes will reap their reward. If there are any questions any shareholder would wish to ask, I shall be pleased to answer them.
There being no questions, the CHAIRMAN proposed the adoption of the report and accounts as presented.
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The CHAIRMAN said-Gentlemen, copies of the report and accounts for 1908 now laid be- fore you have been in your hands for some days, so they need not be read now. During that year trade in all its branches lay under a heavy cloud, although I am glad to say that cloud has shown some sigus of lifting since the year closed, and consequently our business of making loans called for increased vigilance on our part, but I am sorry to say that one or two old clients, owing to the prevailing depression, were unable to meet their engagements compelling as to enter into possession. At the same time rates of interest were not 80 high as money was not scarce; it was satisfactory security that was lacking. Under these circumstances which, however adverse, are nothing more than may be expected in a bad year such as that we have just passed through; we may congratulate ourselves on the figures now before us. Our gross earnings are higher than ever, and besides paying the usual dividend of eight per cent on an increased capital we are able to place ten thousand dollars to Reserve Fund, Unfortunately we have had to deplete that fund by $30,000, principally to meet heavy depreciation on our investments and possible losses on some accounts about which WO are A little doubtful. The latter are of no great significance. but the depreciation on shares is severe. I feel myself that in writing down such a stock as Cements to $10 we are valuing them at panic prices, but it is best to be on the safe side and to give no opening for criticism. It has been no year for selling stocks, nor do I think we should be doing justice to ourselves or to the stocks themselves by trying to realise on such a market. There is nothing for it but to wait for better prices and for that better time which I feel sure is not far off when capitalists will look back with astonishment to the quotation now current and with regret that they did not take fuller advantage of such cheap and favourable opportunities for investment. Our godown business has answered all our anticipations and has worked very satisfactorily, particularly so for a first year's experience. There is nothing in the accounts that calls for special comment; some of the items are a little larger, such for instance as interest paid and sundry debtors, but this is only the natural result of a larger business and an increased number of accounts. Altogether our position is now a very sound one, our loans are spread over a wide area, all known losses are provided for, and our investments written down to figures well below their true value. As to the future I 800 many reasons to be optimistic, and I hope no one here listens to those who talk of the Colony being played out and having seen its best days, etc. The simple fact is that business here, as almost every- where else in the world, has suffered the reaction consequent on a period of inflation and over- trading, and as usual the weaker have gone to the wall. But that is all, the resources and facilities of the port as a depot for the trade of Southern China are still untouched and un- rivalled, and will be enormously increased when once communication by rail is opened up with the great cities of the interior. In the mean- time I feel sure, as I said before, that better days are at hand, and when the long-lookedifor
Mr. WHITE seconded, and the motion was carried unanimously.
Mr. MACHADO proposed the re-election of Messrs. J. S. Van Buren, Chow Hing Kee H. P. White, U. Poi On and Dr. J. W. Noble to the consulting committee.
Mr. GAZDAR seconded, and the motion was agreed to.
Messrs A. O. D. Gourdin and W. H. Potts were re-appointed auditors on the motion of Dr. NOBLE, seconded by Mr. CHOW HING KEE.
The CHAIRMAN-That is all the business gentlemen, I am much obliged to you for your attendance. Dividend warrants are ready now. HONGKONG, CANTON AND MACAO STEAMBOAT (O., LD.
The SECRETARY read the notice convening the meeting.
[February 15, 1909.
proposed the adoption of the report and accounts as presented.
Mr. LANE seconded, and the motion was carried nem con.
Messrs. H. E. Tomkins, R. Fuhrmann and C. Thiel were re-elected to the directorate on the motion of Mr. ELLIS, seconded by Mr. GEORG.
It was proposed by Mr. DowLEY, seconded by Mr. CHAU SUI K1, and agreed. that Messrs. A. O'D. Gourdin and W. Hutton Potts should be re-appointed auditors.
The CHAIRMAN-That is all the business gentlemen. I am obliged to you for your attendance. Dividend warrants are ready now.
KOWLOON LAND AND BUILDING CO., LTD.
The twentieth ordinary meeting of this Company was held at the Company's office, Victoria Building, oh the 9th inst. Mr. T. F. Hough presided, and there were also present Messrs. A. Rodgers and J. M. E. Machado (directors), A. Shelton Hooper, (secretary), M. S. Northcote, E. B. Shepherd, J. C. Peter and E. Jones Hughes.
The ordinary half yearly meeting of share- The SECRETARY having read the notice holders in the Hongkong, Canton and Macao calling the meeting, Steamboat Co., Ld., was held at the office of the The CHAIRMAN said Gentlemen,-With Company, Hotel Mansions, on the 9th inst.. your permission I propose taking the re- Mr. R. Shewan presided, and there were also port and accounts 8.8 read. In submitt- present Messrs. H. E. Tomkins, H. A. Siebs, ing the accounts to you a year ago I F. A. Gomez, C. R. Lenzmann, G. Friesland, pointed out that a number of our houses were C. H. Ross, E. Fuhrmann and W. Helms vacant and this state of affairs continued for (directors), Captain W. E. Clarke (secretary), some little time notwithstanding_the reduction and Messrs. E. C. Lane, Chau Sui Ki, W. in the rents we were asking. I am however Dowley, E. Georg, F. Ellis, A. H. M. da Silva, now pleased to be able to inform you that Dr. J. W. Noble and others.
all our houses are occupied, and we have enquiries from persons wishing to take any of them when they become vacant again. With The CHAIRMAN said-Gentlemen, It is with this increase in the demand we hope that in the feelings of great regret that your Directors present year our revenue may be such as to record the death of their late colleague, Mr. C. enable us to revert to the payment of the same Brodersen, which occurred on the 4th October dividend which we paid for 1907. The property last at Shanghai. The report and statement has been kept in repair at a cost slightly of accounts having been in your hands for some increased on that of the previous year on account days, we will, with your permission, take them of the damage caused by the Typhoon of July as read. Your Directors are again pleased to be last. If any shareholder wishes for further able to present a satisfactory result of the half-information I shall be pleased to give it. year's working, and trust that the proposed Further information was not sought, and the appropriations of profits will meet with your report and accounts were adopted on the motion approval. Nothing of unusual interest has of the CHAIRMAN, seconded by Mr. HUGHES. occurred during the period under review. The steamers of the fleet have been navigated with care and safety, and maintained in a good state of efficiency. The Heungshan has been fitted with two new tail-shafts and propellers, the cost of which has been defrayed out of the Special Repairs Fund.
In con- sequence of a slight fracture showing in the starboard paddleshaft of the steamer Honam a new shaft was ordered from England and is now at the Kowloon Dock in readiness for emergency. The only damage of any conse- The Hongong Hotel Co., Ltd, advertise to-day quence caused by the typhoon of 28th July last a meeting of shareholders to be held on the 26th was due to several large cargo lighters crashing inst. for the purpose of considering and, if into and wrecking the inner-end and offices of thought fit, passing resolutions providing for the Company's jointly-owned Hongkong wharf. an increase of the capital to $1,000,000 by the The Company's Wing Lok wharf also suffered creation of 8,000 additional shares of $50 each. from a similar cause. The cost of our share of the repairs to the Hongkong wharf appear in the Balance Sheet, while the cost of repairs to the Wing Lok wharf amounting to $1,100 has
At a meeting of the Board of Directors of been debited to Special Repairs Fund. Loans the Shanghai Tug and Lighter Co., Ld., held on mortgage have been adjusted in accordance last week is was decided to recommend the pay- with a recent survey and re-valuation by thd ment of a final dividend for 1908 of 3 per Company's surveyors, Messrs. Palmer and cent. on both the Preference and Ordinary shares
Company's funds invested of the ompany.
Turner.
The
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Mr. SHEPHERD proposed the re-election of Messrs A. Rodgers and J. M. E. Machado as directors.
Mr. NORTHCOTE seconded, and the motion was agreed to..
Mr. J. Cox Edwards was re-elected auditor, on the motion of M. PETERS, seconded by Mr. NORTHCOTE.
The CHAIRMAN-That is all the business, gentlemen. Dividend warrants are ready.
SHANGHAI COMPANIES.
in Public Companies are, in the opinion The accounts of the Shanghai Land Invest- of your Board, all well secured, and, as ment Co. show a sum of Tls 662,404.86 available is usual, the values of all investments have been for appropriation. The Directors recommend a adjusted in accordance with the quotations cur-final dividend of 6% (making 12 % for the rent at the end of the year. The loss in ex-year on fully paid up shares) which will absorb change of Chinese subsidiary coins during the Tis 234,000; a bouns of Tls. 2 per share on six months under review amounted to $21,510. 90, 78,000-shares absorbing Tls 156,000; the and it seems hopeless for us to look for remedial transfer of Tls 130,000 to Reserve Fund for measures from the Governments concerned. It equalisation of dividends; and to carry forward has been argued that we might raise our passage to new account Tis 142,404.86. rates, but shareholders will readily understand that, with severo competition and great trade There has been but one sad event to mar the depression, there is a limit to that means of the pleasure of the stay of Harmston's perform- recouping our losses. I do not think that ers in Hongkong. That is the death of Mr. there is anything else that calls for Paal Ragoul, the tiger trainer. Mr. Ragoul particular comment, but should any share- was well and hearty on Saturday morning, but holders require any further information, I in the evening he succumbed to an attack of shall have pleasure in answering any question heart failure at the Astor House. He was buried
No questions were asked, and the CHAIRMAN at the Catholic Cemetery on the 15th inst
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