224
COMPANY MEETINGS.
HONGKONG HOTEL COMPANY,
LIMITED.
THE HONGKONG WEEKLY PRESS AND
more
, reports that all our twelve boats are in first class condition. From the accounts you will notice there is a profit on the year's trading of a little more than $35,000—being over $6,000 than the previous year, and the amount available The ordinary half-yearly meeting of share. for distribution is $29,971.31 out of which sum it is proposed to pay a dividend of 6 per cent holders of the Hongkong Hotel Co., Ltd., was held at the Company's Hotel on the 6th inst.. absorbing $16.633.80, write off the value of the Mr. W. Hutton Potts (chairman of directors(account $172.51, which I trust will meet with waterboats $13,165-and carry forward to next presided. The others present were:-Dr. J. W. Noble, Mr. J W. C. Bonnar (directors), the approval of the shareholders. At the last Mr. C. Mooney (secretary); Messrs. A. Turner, meeting our Chairman said the Company would Mowbray S. Northcote, E. D. Haskell, Fendeavour to create an Insurance Fund to cover the risk on the uninsured boats, but we are not Maitland, James Walker, A. Davies, She Po Shum, Lai Chan and Fung Tat Hang.
at present in position to do so. We propose how ever to write a substantial sum off the value of The SECRETARY having read the,notice con. vening the meeting,
the boats, some of which are getting rather ancient, and this will answer the same purpose Insurance Fund. I am half
t
The CHAIRMAN said:-Gentlemen.~As you will notice from the report, the working of the as creating an Hotel shows an increase of $3,169.14 over the afraid. Gentlemen, to mention trade depression, corresponding period in 1907. This your direc-I think this has been referred to in nearly tors consider satisfactory, taking into account every report presented to the Public during the general dulness of business during the the last two years. past year and the fact that for 5 months there was no return from that portion of the Hotel known as the Old Building, the demolition of
However I hope when the shipping trade does improve, and if we do not suffer severely from typhoons, we shall be able to pay you increased dividends in future. I now beg to move that the report and accounts resolution has been seconded I shall be pleased to reply to any question shareholders may wish to ask.
[March 15, 1909.
On the motion of Mr. Gazdar, seconded by Mr. MACHADO, the Hon. Sir Paul Chater and Messrs. White, Maitland and Gubbay were re-elected members of the consulting committee.
Messrs. W. Hutton Potts and H. Percy Smith were re-appointed auditors on the motion of Mr. TURNER, seconded by Mr. LANG.
The CHAIRMAN-That concludes the business, gentlemen. Dividend warrants can be had on application to-morrow. Thank you for your attendance.
HONGKONG AND KOWLOON WHARF AND GODOWN COMPANY,
The twenty-second annual meeting of share- holders in the above Company was held on Mar, 10th at the offices of Messrs Jardline, Matheson & Company. The Hon. Mr. W. J. Gresson presided and there were also present Sir Pau Chater, Messrs E. G. Barrett, A. S. D. Cons- land, J. W. C. Bonnar, G. Friesland, C. 8. Gubbay, W. Helms, H. A. Siebs, E. Shellim (directors), R. J. MacGowan (Acting secretary), Captain F. A. Brown, Messrs. Fmyth, W.HI. Wickham, H. Percy Smith, Hộ Fook, A. W.
which was started about the middle of July: be received, approved and adopted. After this Smith, A. Turner, Capt. Rolfe, A. Forbes,
some
This extra profit has only been arrived at by ever constant supervision of all ex- penditure, the gross receipts being $10,000 less than for the same time in 1907. The nett profit for the half year of $54,295.40 is also some $5,000.00 more, notwithstanding the loss of over $5,000 is rents, but this is prin. cipally accounted for by the larger amount ($3,713.00) brought forward from the previous half
The resolutions authorising the issue of the fresh capital required for the building of the new south block were duly passed last week
and circulars have been sent to shareholders advising them of this and of the number of shares to which they are entitled. The work of erecting the steel framework is now under way and we hope to see the building completed in time for the season of 1910. The East wing (where the collapse was) which we had hoped would be completed at least six months ago is still un- finished notwithstanding the heavy penalty call- ed for in the contract, so this part of the build ing cannot be used for Hotel purposes. The new entrance in Pedder Street is practically finished
Mr. AULD seconded and the report was adopted.
On the motion of Mr. J. D. AULD, seconded
by Mr. M. SMITH, the appointment of Mr. H. the Consulting Committee was confirmed.
The CHAIRMAN--That completes the business, gentlemen. Dividend warrants can be had on application.
J. Van den Bosch and Mr. J. W. C. Bonnar to
HONGKONG FIRE INSURANCE CO., LD.
on the
in the Hongkong Fire Insurance Company, The fortieth ordinary meeting of shareholders Ltd., was held at the offices of the Company Messrs Jardine, Matheson and Co., 9th inst. Hon. Mr. W. J. Gresson presided, and there were also prosent Sir Pund Chater and Messrs H. P. White, C. S. Gabbay, F. Maitland (consulting committee), L. N. Lecfe
A. H. Ough, and W. S. Brown.
The SECRETARY having read the notice convening the meeting.
The CHAIRMAN said-Gentlemen-The re- port and accounts having been in your hands for several days I propose with your permission to tako them as read. You will probably have observed that the accounts are presented in a somewhat different form from previous years, bringing them into line with those of other Companies. Profit and loss account is debited direct with the amount spent during the year on repairs, which were unusually heavy, owing to the disastrous typhoon which visited the Colony in July, and to dredging operations having become necessary to meet the require- ments of the larger vessels now berthing at the before you our total expenditure under these wharves. As you will see from the figures headings amounted to the very large sum of $94,000. The balance of profit and loss account is $81,055,67, from which your Directors recommend that $50,000 be written off lighters. You will recollect that after the typhoon of
wharves except one, a large number of lighters were built, partly to replace those lost in the typhoon, but principally to enable the Company
and I think you will all admit that it is a great (setcretary), J. Barton, C. Osmund, A. H. M./ September 1906, in which the Company lost all its improvement on the old one, which was very in- sigificant for a Hotel of the importance of da Silva, D. Gazdar. J. M. E. Machado, F.
ours.
There being no questions,
The CHAIRMAN moved the option of the report and accounts, which was seconded by
Mr. NORTHCOTE and carried.
On the motion of Mr. WALKER, seconded by Mr. HASKELL, Mr. J. W. C. Bonnar's appoint- ment to the directorate was confirmed.
Mr. MAITLAND proposed, and Mr. NORTHCOTE seconded the re-election of Mr. W. H. Potts as a director. Carried.
Messrs. H. U. Jeffries and A. R. Lowe, C.a were re-elected auditors on the motion of Mr. TURNEE, seconded by Mr. DAVIES.
The CHAIRMAN:-Dividend warrants will be ready on Monday next on application to the Secretary. That is all the business, gentlemen. Thank you for your attendance.
UNION WATER BOAT COMPANY.
Smyth, A. Turner, A. O. Lang, H. Percy Smith, Ho Fook and Wong Leung Him representing a total of 580 Shares.
the meeting.
The SECRETARY read the notice convening
The CHAIRMAN said Gentlemen. The
and report
accounts having been
in your hands for some days, I will, with your permission, follow the take them as read. The year 1907 has. I am usual course and glad to say, been a prosperous one for the Company and this in spite of the continued of fire in the foreign owned and occupied pro- depression in trade and the serious outbreaks perty in Shanghai in which place the Company's income is practically the same as that for 1906 interests are very considerable. The premium but losses are some $33,000 less. The surplus of $330,232.90 is one of the best the Compay has ever been able to show, and I trust the proposed appropriation meets with your appro-
to continue its business while the wharves were being reconstructed. The lighters, of course, cost more than they would have done in normal times, which explains why it is necessary to write off a large amount. The sum of $953.11 which it is proposed to write off stores represents some old stock of gear, now practically worthless. The balance of $30,102.56 it is proposed to carry forward to new account. For the first time in the Company's existence your Directors are unable to recommend the payment of a dividend. I do not think this will come as a surprise to
especially of yarn and piece goods, have been of you. It has been generally known that stocks of every description of cargo, and diminishing month by month. Two years ago
any
and our capacity was taxed to the utmost. During over 150,000 bales of yarn were stored with us,
last year the stock fell to 30,000 bales, and
The fourth annual general meeting of theval, viz.-the payment of a dividend of $27.00 though we closed up the empty godowns and
shareholders of the Union Waterbout Co. Ltd. was
held at +he offices of Messrs.
Dodwell & Co. Ltd. on the 8th inst., Mr. E. G. Barrett (Chairman) presided and there were also present Messrs J. W. C. Bonnar, Duncan Clark, R. Shewan, H. J. Van den Bosch (Consulting Committee), R. Coughtrie (Secretary), J. D. Auld, G. Morton Smith, E. A. G. May T. Petrie, and B. Mori,
The SECRETARY having read the notice convening the meeting,
per share absorbing $216,000 and the transfer of $114,232.90 to augment the Reserve Fund, operations are confined does not call for any Business in the areas to which the Company's
must of necessity have a contracting influence special comment on this occasion. Dull trade
011
affords the explanation of the slight reduction our premium income, and this, I think, that, it seems probable, the completed figures for 1908 will show but which should disappear directly the current of trade flows more freely. The CHAIRMAN said:-Gentlemen, I presume favourably with previous years, but if unexpired The amount we carry forward does not compare I can dispense with the formality of reading over risks run off without exceptional losses, the the report and accounts. There have been no result for the year 1908 should be satisfactory, additions to our fleet during the year and I am glad to say we have had no losses. One of our boats however was sunk in shallow water during the typhoon of last July but was successfully raised and reconditioned at a cost of $1,400. The boats have all been kept in thorough repair and the expenses debited direct to Working Account. Our Marine Surveyor was agreed to,
Before moving the adoption of the report and accounts I shall be pleased to reply to any questions that shareholders may wish to ask.
moved the adoption of the report and accounts No questions were asked, and the CHAIRMAN
as presented.
Sir PAUL CHATER seconded, and the motion
cut down expenses in every direction it has
Other earnings storage earnings, which amounted to $124,000. beon impossible to make up for the loss in
were less by $25,000; on the other hand we reduced our expenses over $40,000 The condition of trade, not only in this Colony but throughout the you that I need not enlarge upon the effects world, is 80 well known to all of which it has had upon our business, but before proposing the adoption of the report and questions which you may wish to ask. Regard- accounts, I shall be pleased to reply to any
ing the future, may say that the accounts for January compare favourably with those of last improvement in business is setting in, in which year, and thero are indications that an
this Company may reasonably hope to participate.
There being no questions,
The report was adopted on the motion of the CHAIRMAN, seconded by Mr. PERCY SMITH, who, in doing so, said-I sincerely trust that the
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