176
THE HONGKONG WEEKLY PRESS AND
vailing depression as is evidenced by the amount ! of work we have in hand, which is considerably less than last year Your Directors realize the urgent necessity of securing new and of holding old and valued constituents, and with a con- tinuance of their support, I trust we may be able to place satisfactory figures before you in August next. If any further information is desired I shall be pleased to afford it, before proposing the adoption of the report and accounts.
There being no questions,
The CHAIRMAN ^moved and Mr. MAITLAND seconded the adoption of the report. Mr. MAIT- LAND said:After the remarks of the Chair- man. I have very little to say except that share. holders should be satisfied that their interests are well looked after. The thanks of the share- holders are due to the management and staff and board of directors and they are also indebted to the sub-committe for their laborions work. In future shareholders will reap the benefit of their exertions. I have always heard that the work of the Dock Company is second to none in the East, that in fact it can. hold its own anywhere in the world. I hope this will continue and that we shall adopt the motto of the Hougkong Volunteers Nullus Secondus Oriente " (Applause).
4.
The appointment of the Hon. Mr. W. J. Gresson and Messrs. Broderson and E. G. Barrett as directors
confirmed was motion of Mr. SKINNER, seconded by Mr. GEORG.
on the
Mr. Lo CHEUNG moved and Mr. BONNAR seconded the confirmation of the appointment of Mr. Siebs as director in room of Mr. Brodersen. Carried.
re-
Messrs. Friesland and Craddock were elected directors on. the motion, of Mr. BERINDOAGUE seconded by Mr. Ho Fook.
Mr. M. H. MICHAEL proposed the re-appoint
ment of Messrs. Jeffries and H. Percy Smith as auditors.
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1909, in the proportion of Two New Shares for every Three Original Shares held by them and upon the footing that Fifty per cent. of the full amount of each New Share taken пр
shall be paid to the Company on acceptance of the offer and that such offer be made by notice specifying the number of Shares to which the member is entitled and limiting a time within which the offer if not accepted by payment will be deemed to be declined and that the directors be empowered to dispose of the Shares not taken in response to such offer as they consider expedient in the interests of the Company.
Mr. MAITLAND seconded and the resolution was carried.
The CHAIRMAN - That is all the business, gentlemen. Thank you for your attendance.
THE HONGKONG ICE CO., LD.
The twenty-eighth ordinary annual meeting of shareholders in the Hongkong Ice Co, Ld., was held at the offices of the Company. Messrs. Jardine. Matheson and Co., on Saturday noon. The Hon. Mr. W. J. Gresson presided, and there were also present Messrs. G. K. Haxton (manager) C. L. Maxwell (secretary), H. J. Gedge, J. Barton. C. H. Ross. E. F. Aucott, W. H. Potts, L. N. Leefe, W. N. Fleming, Ho Fook and Lo Cheang 'Shiu.
The SECRETARY read the notice calling the meeting.
The CHAIRMAN said-Gentlemen, With your permission. I will take the report and accounts as read. The total sales of ice during the year were less than in 1907 by about 93 tons. On the other hand, earnings derived from cold storage show a satisfactory increase, and our net revenue
is only some $1.500 less than for the previous year. Coolie quarters at the town property have been renewed and extended and all coolies Mr MORENO seconded, and the motion was employed at the depot are now housed on the agreed to.
your
atten-
The CHAIRMAN-Thank you for ance, gentlemen. Dividend warrants will be ready to-morrow on application.
HONGKONG HOTEL COMPANY.
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premises. Among your assets you will notice a mortgage loan in Yokohama of $25.000. As in the opinion of your Auditor it was somewhat doubtful if the Articles of Associa- tion permitted such an investment, the money has since the closing of the accounts been refunded, and I am pleased to say the course of An extraordinary general meeting of share-exchange has enabled us to make a small profit holders in the above company, called for the purpose of passing two resolutions was held at the company's offices on Feb. 26. Mr. W. Hutten Potts presided, and there were also present Dr. Noble, Mr. J. W. C. Bonnar (directors), Mr. C, Mooney (secretary) Messrs J. Arnold, W. E. Clarke, F. Maitland, P. C Potts, E. D. Haskell. A. F. Davis, hi Po Sham, Tung Yat Hing, and
Lai Chan.
The SECRETARY having read the notice con- vening the meeting.
The CHAIRMAN said-Gentlemen, as indicated by the Chairman at our meeting on 12th Sep.
tember last, the time has now arrived when we
find it necessary to call up fresh capital to We meet the expense of the new South block. have deferred this issue as long as possible, aud as you will see from the advertisement appear- ing in the daily papers, there will be an issue of 8,000 new shares of $50 each-that is at par; the first call of $25.00 will be payable on 1st May next, ranking for dividend from that date. Due notice will be sent to each shareholder of the number of shares to which he is entitled. The balance of the capital will probably be required about six months later. The estimated cost of the new block is $339,000.00. The iron framework has. arrived and is being erected; the date for the completion of this part of the work is 27th May while the whole building in due to be finished 15 months later, or say August next year. I beg to propose the adoption of the following resolutions
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have a
declined
[March 1, 1909.
On the motion of Mr. Ross, seconded by Mr. LEEFE, Mr. A. R. Lowe was re-appointed | auditor.
on the transfer. Last year your Chairman referred to an arrangement made with the Hongkong Milling Co. for the purchase of their surplus supplies of ice, but as you are aware the Company is now in liquidation and the arrange. ment has not materialized We had a short time ago a similar proposal from the Oriental Brewing Company, but as their product does not, in our opinion, equal ours we their offer. We again ask you. Gentlemen, to sanction the transfer of $30.000 from profits to provision for contingencies, and, if this meets with your approval, we will sum of $150.000 available to meet opposition The policy of building up this fund is now simply justified, for we have not only the Oriental Brewing Company to compete with, but have also in the smaller market of Macao to face competition from two small plants erected during the year. We naturally regret the necessity for fighting these new enterprises, which must for a time affect ou earnings, but I do not think. Gentlemen, that you need be unduly anxious as to the ultimate result. If any further information be desired I shall be pleased to afford it before proposing the adoption of the report and accounts.
No questions were asked. and the CHAIRMAN proposed the adoption of the report and accounts as presented.
Mr. GEDGE-I beg to second the motion. You have all read the report and it speaks for itself, and you have also heard the speech of the General Manager. I think we can congratulate ourselves on the report which is before the meet- 1. That the capital of the Company be
creased to $1,000,000 by the creation of ing and upon the dividends which this Com- 8,000 additional shares of $50 each ranking pany continues to pay. There are very few for dividend and in all other respects pari companies in the Far East which pay like this passu with the existing shares in the Com-Company does, and I think we can congratulate ourselves upon the way the Company is managed 2. That the said 8,000 additional shares be by the General Managers. With these few offered in the first instance at par to all remarks I beg to second the adoption of the members of the Company registered as report and accounts. Shareholders on the First day of March,
pany.
The motion was carried unanimously.
The CHAIRMAN-Dividend warrants, gentle- men, can be had on application on Monday.-I am much obliged to you for your attendance.
HONGKONG ROPE MANUFACTURING
CO., LTD. -
The twenty-fifth ordinary annual meeting of shareholders in this Company was held at the company's office, on Saturday. Mr Robert Showan presided and there were also present :-Dr. J. W. Noble, Messrs H. P. White, D. W. Crad- dock (Directors), Messrs C. Klinok, H. R. B. Hancock, H. C. R. Hancock. J. A. Young, the Rev. M. Longridge and Mr L. F. Campbell (secretary).
The CHAIRMAN said:Gentlemen :-Printed copies of the report and accounts now laid before you have been in your hands for some We time past, so they need not be read now, are able to pay our usual dividend and to place $20,000 to reserve fund in spite of the fact that the price of rope has again fallen since this time last year. On the other hand, I am glad to say that the cost of raw material has also come down to more reasonable figures, Our while the quality shows an improvement. actual sales have not been as large as usual, but this is only to be expected in a time of such depression for shipping as that we have of our best passed through, when some customers have had to lay up their vessels for want of employment. We have, however, seen the worst and may now look forward with confidence to a better demand for all com- modities such as ours. There is nothing in the accounts that calls for comment that I can see, but if any shareholder has any questions to ask I shall be pleased to answer them.
!
There being no questions,
The CHAIRMAN proposed the adoption of the report and accounts.
Mr. H. P. WHITE seconded, and the motion was carried unanimously.
On the motion of the Rev. M. LONGRIDGE, seconded by Mr. KLINCK, MOSSTS. H. P. White, D. W. raddock and Dr. J. W. Noble were re-elected as a consulting committee.
On the motion of Mr. D. W. CRADDOCK, seconded by Dr. J. W. NOBLE, Messrs. W.
Hutton Potts and A. O'D. Gourdin were re-elected as auditors,
The CHAIRMAN:-That is all the business, gentlemen. I am much obliged for your attendance. Dividend warrants are ready.
SHANGHAI LAND INVESTMENT
COMPANY LIMITED.
The Twentieth Annual Meeting of the above company was held at the company's offices in Shanghai on the 17th inst. There were present: Messrs. E. Jenner Hogg (Chairman), J. M. Young, C. W. Wrightson, H. R. Kinnear (Directors) B. G. Holt, H. J. Clark, J. Valentine, L. Kerr, C. D. Kerr, G. S. Lindsay, A. Dallas, w. Carlsen, D. M. Gubbay, W. B. Buyers, Cummins and P. Peebles (Secretary).
The 4 hairman-Gentlemen, as there is a quorum present, I propose that Mr. Peebles act as Secretary to the meeting, and I shall ask him to read the notice convening the meeting.
This having been done--
*ccounts
The Chairman-The Report and have been in your hands for some time and with your permissiom we will take them as read. I am very glad to be able to congratulate share- holders on the continued satisfactory working of the Company. We have passed through a year
of considerable stress but we still show results
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that I am sure must gratify you. We keep up the same dividend and bonus as last year while we propose to fortify our position by passing to
Equalization of Dividend Fund "
such a substantial sum as will further consolidate the strong position we have already attained and ensure our dividends even if evil days should come. We also
carry forward a large balance-we believe that we ought to do this
and that you will heartily approve of our doing so in view of the possibilities turning out unfavourably during 1909. Turning to the year :- -Our rentals have increased by nearly Tls. 39,000, but on the other hand some of our expenses have been heavy. Taxes are largely
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