CHINA OVERLAND TRADE REPORT.
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which reads as follows: "We have this day received a letter from Messrs. Johnson, Stokes and Master informing us that at the hearing of the petition ol the 25th instant the Court made an order for the reduction of capital as prayed for. The Court further ordered that the words and reduced should form part of the title of the company for fourteen days from the date of the order, i.e., the 25th instant."
The buildings have now been written down to 85 per cent. of their original cost, and furniture to about 50 per cent. of its first cost. The claim for rents of bungalows in 1900 is still in abeyance, but we still show it in our books, with the hope that eventually we shall be able to recover it. Five leases for bungalows for the coming summer have been signed and four more are being negotiated for, so that we hope to show a better result for this year's working than last year. As the two back bungalows in Norcissus Bay were generally empty owing to their position behind the front ones, we decided to move them to the front, and this is being done now, so that they will be ready for occupation this summer. I don't think there is anything more to say; we still hope for the Government development of Weihaiwei, which would of course mean also the development of our Company, but in the mean- time, we must just go on waiting; if anything trust up, we are in a position to take the fullest advantage of it. That is all I have to say, but I shall be glad to answer any questions to the best of my ability.
There being no questions, the following resolutions were put to the meeting and adopted unanimously:
This concluded the business, but before the shareholders dispersed the CHAIRMAN said that he regretted that he could not announce that dividend warrants would be posted next day, but he hoped that in a very short time the Tls. 5 per share return of capital would be sent to the shareholders.
THE YANGTSZE WHARF AND GO- DOWN COMPANY, LIMITED.
The annual meeting of shareholders of the above company was held last week at the office of the general agents, Messrs. Carlowitz & Co., Shanghai. There were present. Mr. Charles E. Rayner (presiding) Messrs. K. Oldorp, H. E. Arnhold (Directors), R. McGregor, J. Stampff, H. O. White, I. R. Michael, B. Rosenbaum and Carl Hoffmann (Secretary), representing 1,525 shares.
The notice convening the meeting having been read the Chairman spoke as follows:-
as
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you with better figures again next year. The staff of the wharf have attended to their duties with their customary zeal and deserve your thanks. Before moving the adoption of the report and accounts I shall be pleased to answer any questions which shareholders may wish to put.
No questions were asked, and on the proposition of the CHAIRMAN seconded by Mr. ARNHOLD the report and accounts as presented were passed.
Mr. MCGREGOR proposed that a dividend of fifteen per cent., equal to Tls. 15 per share, be paid for the year 1908. Mr. Michael seconded and the resolution was adopted.
Ou the proposition of the CHAIRMAN seconded by Mr. WHITE that Mr. G. Wiulleumier was re-elected auditor for the current year.
The CHAIRMAN said there was no further business, and thanked those present for their attendance.
A vote of thanks having been accorded to Mr. Rayner for his services in the chair, the meeting terminated.
THE CHINA AND MANILA STEAM- SHIP CO., LD.
The twenty-sixth ordinary general meeting of shareholders in the Company was held at the office of the General Managers, Messrs. Mr. R. Shewan presided, other shareholders Shewan, Tomes and Co., on the 3rd inst..
present being Dr. J. W. Noble and Mr. H. P. White (Consulting Committee) Mr. G. Moffatt (Secretary), and Messrs. W. A. Dowley, A. G. Gordon, C. Klinck, R. C. Walker, A. Temper- ley, H. F. Campbell and A. A. Cordeiro. The SECRETARY fead the notice calling the meeting.
Gentlemen: Before proceeding with the busi ness of the meeting I wish to express the regreti of my colleagues and of myself personally at the loss we have sustained last year through the de- cease of Mr. Lemke and of our Manager, Mr. F, H. Rogers; both were men of sterling character and all who have worked with them will remember them not only as able men of affairs but also as trusted and unfailing friends. To Mr. Rogers in particular the shareholders in this Company are indebted for his carefully thought out and efficient organisation of our business To turn to our accounts it will hardly come as a surprise to you that we are, to my regret, again confronted by a decrease in the net amount standing at credit of Working account, the depression in trade from which we are all suffering has, if anything, made itself felt more severely still in the past year than in 1907 and it speaks well for the solid foundation on which our business rests that we should have been able to do as well as we hare. You will see from the circumstance that our General charges amount to only Tls. 4,900, as compared with Tls. 8,000 in 1907, that every possible economy has been effected and when you turn to the Profit and Loss account you will furthermore sea that whereas we had a debit of Tls. 2.900, for interest in 1907 we have a credit under the same heading this year of Tls. 1,700. We recommend you to continue the policy inaugurated last year of writing off regularly on your buildings and pontoons. Although some stand to book at much less than replacement cost we consider it wise to strengthen the Company's financial position by regularly depreciating these items, All buildings, pontoons and lighters have usual, been kept in first class repair out of revenue. I now come to the subject of our Yangtzepoo properties. These, as you were told here this time last year, have been sold at a fair profit and Lot No. 2 has since been fully paid for; as regards Lot No. 1 the purchaser, as you will remember, had the right to withdraw on forfeiting the sum of Tls. 25,000, and paying one year's interest on the purchase price. According to the terms of sale a final settlement ought to have taken place last month. The purchasers having met with unforeseen diffi- culties in their arrangements for the utilization of the property approached the Board some time ago with a request to extend the final settle- ment, free of interest, to February of next year; they were quite prepared to forfeit their Taels 25,000 in case we should decline to do so, and they had mean-while faithfully paid interest on the purchase money so that we were in every respect fully covered and could have enforced the conditions of sale if we had so desired; we thought, however, that in the pre- sent state of the property market it would be wiser to meet our friends and we trust you will approve of this. The matter of the sale of Yangtzepoo Lot No. 1 will, therefore, remain open until February next. The interest on the purchase price meanwhile received has been credited to the property account in question and the Tls. 25.000 which the purchaser will have to forfeit in case he fails to complete, together with further Tls. 25,000 which he had meanwhile paid on account but which we have to return to him in case he does not complete, appear in our balance sheet under "Sundry Creditors." Business at the Wharf has been showing signs of picking up since the turn of the year and I trust we have seen the worst and shall be able to come before
Proposed by the CHAIRMAN, seconded by Mr. E. J. Hoog: that the report and accounts as presented be passed.
Proposed by Mr. C. W. WRIGHTSON. seconded by Mr. J. P. Lowe: that Mr. A. McLeod be re-elected a Director of the Company.
Proposed by Mr. J. H. LowE, seconded by Mr. J. M. YOUNG: that Messrs. Lowe, Bingham and Matthews be elected auditors of the com- pany.
The CHAIRMAN said-Gentlemen, We now lay before you the report and accounts for 1908, copies of which have been in your hands for some time. I regret that we have to again come before you with a poor showing for the year's work, but the same tale is being told by all shipping companies all over the world, and know that the trade of the world has shrank we cannot expect to be an exception. We all
in the last two years, but unfortunately for shrink equally rapidly, and until supply and shipowners the supply of tonnage does not
demand are better adjusted than they are at present we cannot expect to see any great improvement in freights. Our earnings in 1908 were, however, rather more than in 1907, in spite of a heavy falling off in the cattle trade, but this was more than offset by increased expenses as our coal bill, owing to the drop in the value of the dollar, was some 17,000, higher, our portage bill, our officers being all paid in sterling was for the same reason nearly $5,000 more, while repairs were about $8,000, in excess of last year, a total of say $30,000, thus turning a profit on working last year of $18.000 into a loss this year of $12,000. But as I said a twelvemonth ago we must not be disheartened; we are only going through a cycle of bad trade; the present condition of shipping is abnormal and will change as trade revives and surplus tonnage is worked off. We have seen bad times and worse before, and will see them again I suppose, but we have also seen good times and will see them too again, and before very long I think. I suppose I shall be twitted with optimism and be told that I have no good grounds for it. Well in Scotland say that facts are "chiels that winna ding so let me give you some facts. This is what I read in the Investors Review by last mail, dated 27th February :-"Last week's revenue figures were again good, income aggregating £5,256,137. Reckoning from Monday last there are thirty- three working days of the fiscal year remaining, and if the revenue for that period were to come. at the same daily average as last week's receipts gave, March 31st would see the Chancellor of the Exchequer possessed of some £2,000,000 more than the estimate of last April. In other words, it would only require an average daily income of less than £820,000 to fully cover the estimate, whereas last week's daily average receipts amounted to £876,000." These are facts and last night's telegram saying that the net deficit for the year (which ended on 31st March) is only £926,000 confirms them and shows that the long-looked-for improvement is setting in at home at last. May I also
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