174
COMPANY
REPORTS.
THE HONGKONG FIRE INSURANCE COMPANY LIMITED.
The report for presentation to the share- holders at the fortieth ordinary meeting, on Tuesday, March 9th, is as follows:-
The General Managers and Consulting Com. mittee have pleasure in submitting to the shareholders the fortieth annual report of the Company.
1907 ACCOUNT.
This account shows a profit of $330.232.90 which sum, subject to the approval of the share- holders, it is proposed to deal with as follows, viz:-
Dividend of $27 per share...$216,000,00 Addition to Reserve Fund... 114,232.90
1908 ACCOUNT.
$330,232.90
The balance at credit of this account is 8368,711.23.
MORTGAGES.
From the reports and valuations made by the Company's Surveyors, the General Managers and Consulting Committee are satisfied that the properties held by the Company form ample security for the advances made.
CONSULTING COMMITTEE.
In accordance with section 13 of the Articles of Association, the Hon. Sir Paul Chater, C.M.G., Messrs. White, Maitland and Gubbay retire, but being eligible, offer themselves for re-election.
AUDITORS.
The accounts have been audited by Messrs. W. Hutton Potts and H. Percy Smith, F.C.A.
JARDINE, MAtheson & Co., Ld.
General Managers,
Balance Sheet, 31st December, 1908.
LIABILITIES.
Capital 8,000 shares of $250 each= $2,000,000.00 of which $50 per share has been paid up
Reserve fund
Uncollected dividends
THE HONGKONG WEEKLY PRESS AND
WORKING ACCOUNT, 1907.
Dr.
Losses and Claims Charges
Remuneration to Consultin
ommittee and Auditors Commissions Balance as above
Cr.
Net Premis received, less turns and reinsurances Interest Transfer fees Exchange...
re-
$123.730.30 39,279.91
5,500.00 48,997.71 |330,232.90
$547,740.82
$547,740.82
[March 1, 1909.,
COMPANY MEETINGS.
HONGKONG AND SHANGHAI BANKING ORPORATION.
HALF YEARLY MEETING.
The ordinary half yearly meeting of share holders in the Hongkong and Shanghai Banking Corporation was held on Feb. 20th at noon in the City Hall. Mr. E. Shellim, Chairman of directors, presided, and there were also present $385,456.78
Hon. Mr W. J. Gresson (deputy chairman). 156,851.54 Hon. Mr. H. A. W. Slade, Messrs. E. G. Barrett 102.00 C. S. Gubbay, W. Helms, C. R. Lenzmann, R, 5,330.50 Shewan, H. A. Siebs, H, E. Tomkins (directors), J. R. M. Smith (chief manager), J. Barton, A. F. Warrack, T. Skinner, W. Dunbar, F. Maitland, E. H. Hinds, Murray Stewart, H. N. Mody, Capt. C. V. Lloyd, E. F. Mackay, R. R. Hynd, Lau Pun Chiu, C. Pemberton, Ē. 881.237.90 D. Haskell, Wong Leung Him, H. C. Joass, 34,635.19 J. Cox-Edwards, Ho Fook, Ho Kom Tong, Lo 49,306.20 Cheung Shiu, A. Findlay Smith,' G. del Castillo, 2,871,51 J. M. E. Machado, Ellis Kadoorie, J. C. Peter, 368,711.23
J. A. Jupp, J. W. . Bonnar, W. E. Clarke, W. Hutton Potts, Dr. J W. Noble, W. H. Wick- ham, G. Murray Bain, T. F. Hough, C. H. Ross, Dr. J. H. Sanders, W. Taylor, D. Tohdow, H. M. H. Nemazee, F. H. Thomas, and F. G. Carroll.
WORKING ACCOUNT, 1908. Dr.
Losses and claims Charges Commissions
Exchange..
Balance as above
Cr.
Net Premia received, less returns
and reinsurances
Interest Transfer Fees...
$536,762.03
$374,694.03 161,979.00
89.00
$536,762.03
THE SOY CHEE COTTON
SPINNING CO., LD.
The annual report for the twelve months Hongkong Fire Insurance Company, Limited. ending December 31st, 1908 states that the Balance at Credit of Profit and Loss Account at the close of the year, after allowing for Directors' Auditor's Fees and Manager's Com- mission, and including the Balance carried for- $400,000.00 60.214.12 which the Directors propose to deal ward on January, 1st 908, amounts to Tls. 1,323.941.56 with as follows:-
12,593.05 To write off 5 per cent for depreciation 47,469.94
of Machinery To write off 10 per cent for deprecia-
tion of Furniture To write off 2 per cent for deprecia-
tion of Buildings To place 5 per cent of net profit to Legal Reserve Fund (in accordance with Rule 24 of the Articles of Association)
Accounts payable
Working Account, 1907
Net profit...
330,232.90
Working Account 1908:-
Amount brought forward from
below
368,711.23
$ 2,482,948.68
ASSESTS.
Cash, on current account with
Hongkong and Shanghai Bank- ing Corporation
Cash in hands of General
Fixed Deposits :
Managers
H'kong & S'hai Bank-
ing Corp'n
$50,000.00
Chartd. Bk. of India,
Aust, &
hina
50,000.00
Mercantile Bank of
India, Limited
25,000.00
Mortgages:
In Hongkong
In Shanghai
$1,139,549.99 744,673,89
Japanese Government deposits :-
Consolidation bonds
$19,277.51
Imperial bonds...
45,376.28
War bonds
17,794.62
Chinese Imperial Go-
vernment loan, 1886
$21,207.74
Shanghai Land In-
vestment Company,
Debentures
Shanghai Club de-
bentures...
27,586.20
26,666.67
Hongkong Hotel
Company Ld., de- bentures
Accounts receivable.....
52,000.00
$137,319.46
680.12
125,000.00
1,884,223.88
82.448.41
To carry forward to 1909 . ccount
34,306 08
288.42
6,791.99
2,915.82 .15 911.81
Tils. 60,214.12
In accordance with Rule 24 of the Articles of Association, 10 per cent of the balance at credit of Profit and Loss Account are to be granted to the General Manager as a Bonus but in order to assist the Mill, this Bonus is not being claim- ed by the special wish of the Manager.
The U.S. Army Appropriation Bill which passed the Senate last week contains an item of $350,000 (gold) for barracks in the Philippines, and $250,000 for building on the island of Corregidor.
Mr. Werner Laurie the well known London
publisher is about to publish Strange Stories
from a Chinese studio," translated and anno- tated by Dr. Herbert A. Giles, Professor of Chinese in the University of ambridge and some time Consul at Ningpo. His Excellency the Marquis of Tseng has written to Dr. Giles in connection with this book:-"I congratulate you on having in this made the best translation of a Chinese work into English which has ever come under my notice. Whilst remaining faithful to the original, you have succeeded in a remarkable degree in preserving the spirit of the author. The manner in which this has been done has 127,460.61 suprised and delighted me. You have placed 125,816.20 Chinese scholars under a deep debt of gratitude to for the elegant manner in which you set $ 2,482,948,68, the work of their countrymen before the English
reader."
you
The Chief Manager having read the notice convening the meeting,
The CHAIRMAN read the report and after- wards said:-Gentlemen, Before proceeding to discuss the report and accounts I have to refer with deep regret to the great loss sustained by the Bank through the death of Sir Ewen Cameron. The high tribute paid to his services hy the Chairman in 1905, when prolonged illness led to his enforced retirement from active duty, will not be forgotten. Although in failing health, he continued up to the day of that concerned the Bank and as a member of the his death to take the keenest interest in all London Consulting Committee was ever ready to give to the management the benefit of his
hai Bank loses a wise and able councillor and ripe judgment and varied experience of men and affairs. By his death the Hongkong and Shang- one whose name will always occupy a prominent place in its history. I have also to express on ou my own behalf and on that of my colleagues on the Board our sorrow at the untimely death of Mr. C. G. R. Brodersen Mr. Brodersen had been a Director for a short period only but long enough to prove himself a valuable member of the Board and to earn our esteem. Turning now to the accounts, you will re8 that the result of the half year's working, includ- ing $2,005.774.81 carried over from the previous six months, leaves the sum of $5,629,125.65 available for distribution and I hope you will approve of a dividend of £2 per share; a bonus of 5 per share; $5 lacs added to silver reserve fund; and about $20 lacs carried forward, as recom- mended by your Directors. Despite all we have had a good half year and it is a great pleasure heard about dull and restricted trade, the Bank has
to the Board to be in a position to recommend a bonus of 5/- per share in addition to the usual dividend. I need hardly say that these results testify to the manner in which the Staff, from the Chief Manager downwards, continue to work in the interests of the Bank, and I am sure that you will approve the action of your Directors in voting, as a mark of apprecia- tion, a bonus of 10 per cent. on salaries (applause)
Of
omparing the statement of assets and liabili ties with that of six months ago, you will notice an all-round increase in the figures. Chinese New Year fell on January 22nd, and its near approach, when money is always in special demand, accounts for the increase of some $35 lacs in the note circulation. Deposits show the large increase of about $43 millions. this increase gold deposits account, for nearly $31 millions, and although the lower rate of exchange on the 31st December last is respon- sible for a great amount expressed, in dollars, still in sterling the increase is £2.400,000, which being mainly due to the proceeds of recently issued public loans, that have not yet been drawn
from our London Office, can only be considered as temporary. In the increase of $12 millions in the silver deposits may be seen a reflection of restricted trade, as a great proportion of such