June 7, 1909.]
Mr. MACHADO proposed and Mr. OuGH seconded that Mr. F. Maitland and Mr. Hutton Potts be reappointed auditers. This was agreed to.
The CHAIRMAN-That, gentlemen, concludes the business of the meeting. Thank you for your attendance. Dividend warrants will be ready on application.
WATKINS' LIMITED.
The tenth ordinary annual meeting of share- holders in Watkin's Ld. was held at the company's office, Watkins Dispensary, at noon on May 29th. Mr. G. A. Watkins presided, and there were also present Messrs. Chan A Fook (general manager), A. R. Lowe, Chow Hon Wah and Tsang Yuet Kai.
Mr. CHAN A FOOK read the notice convening the meeting.
The CHAIRMAN said-Gentlemen,-Taking it for granted you do not desire me to read through the report and balance sheet for 1908 now before the meeting, I will at once proceed to deal with matters relative to the business of the past year. As you all know 1908 saw the universal depression in trade, which has been so severely felt in Hongkong and parts of the Far East, reach its climax. It was a year of intense depression and was accompanied with a falling exchange and necos sitated the utmost care and caution on the part of your general managers in their dealings, both as buyers of stocks and as sellers of goods. Every possible economy consistent with proper efficiency was effected, resulting in a profit. In viewof the severe depression to which I have just referred and the effects of which we could not hope to escape, I trust you will not be reluctant to admit is not only satisfactory, but gives promise of much better returns in the current year, since the storm-clouds which have for so long darkened the commercial horizon are now. happily, passing away. In view of the fact that the nett profit is slightly below $12,000.00, and after taking into consideration the advisability in the interest of the shareholders of con- solidating the business as rapidly as possible, we decided to follow the practice of the last four years and forego the kudos usually accruing to the management when a dividend is declared. Better far, in our opinion, to go on strengthening the edifice whilst placing ourselves in a position to supply our require- ments from time to time without having to fincur any extra expense. That, as you will have gathered from the report, is what we have done, and the consequence is that we have entered upon the new year, with its improved prospects, with every reason to hope that when our next meeting is held we shall have the pleasure to propose the declaration of a dividend and in addition be able to place a substantial sum to credit of Profit and Loss account. Having, as was announced last year. paid off all outstanding and building accounts and having made due provision to enable us to re- plenish our stocks at the most advantageous rates and for the acquisition of a launch for our harbour work, and being DOW on the an era of renewed prosperity in the East; I look forward with perfect equanimity to the future, confident that the wisdom of our policy in conserving the financial standing of the Company will before long be fully justified by the results. With these remarks I beg to propose the adoption of the report and accounts now before the meeting. but shall be pleased before putting it to the vote to answer any questions shareholders may ask.
No questions were asked, and the CHAIRMAN
eve
of
proposed the adoption of the report and accounts
as presented.
Mr. CHOW HON WAH seconded, and the
motion was carried.
The CHAIRMAN-That concludes the business before the meeting, Gentlemen, I thank you for your attendance. We must hope for better times next year.
THE STAR FERRY CO., LTD. The eleventh ordinary general meeting of shareholders in the Star Ferry Company, Limited was held at Sir Paul Chater's office, Victoria Buildings, on the 2nd inft. Sir Paul Chater presided and there were also present Mr. E. Shellim (director), Hon. Mr. E.
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CHINA OVERLAND TRADE REPORT.
483
Osborne (secretary), Messrs T. F. Hough, W. be placed against the Sinking Fund, and the H. Potts, J. W. Bandow, H. A. Siebs, Ho Fook amount erased from the balance-sheet. and Wong Kam Fook.
The SECRETARY read the notice convening the meeting.
The
SHANGHAI LIFE INSURANCE CO. At the fourth annual meeting of this Company The CHAIRMAN said-Gentlemen,-With the Chairman (Mr. Chew Kin-sun) reported your permission I propose as usual to take the that the Company had completed its deposit at report and accounts as read. As foreshadowed Hongkong, which provided for a special fund to in my remarks to you at our last annual mecting; be deposited with the treasurer of the Hongkong the year's working shows an improvement on Goverument, for the security of policy holders. its predecessor; and the reconstruction of the He called attention to the fact that the last of the Kowloon wharves which were destroy assets of tho Company now amounted ed in 1906, being nearly completed, we may, I to Shanghai Taels 543,596.43, being an increase think, look forward to further improvement over the previous year of about 58 per cent., during the year just commenced. The loss on while the insurance fund which now amounted subsidiary coins, amounting to $9,246, was prin- to Shanghai Taels 440,096,93 was an increase cipally on copper cents, the depreciation of of over 80 per cent. of the previous year. which is at present 18 per cent. In the typhoon premiums earned amounted to Shanghai Taels of July last, we were not quite so fortunato as 403,716.65 which also showed an increase over in previous years in regard to the boats; one the previous year. Interest and exchange earn- of them, the Morning Star, having been blown ings amounted to Shanghai Taels 36,063.79 from Stonecutters on to the rocks at Lai Chi being an increase over the preceding year of Kok. The cost of repairs, you will perceive, almost 200 per cent. Payment to policy holders has been debited to the Insurance Fund. The for death claims and surrender values for the item of $30,000 which has appeared in previous year amounted to Taels 68,750. He felt certain accounts under the heading Hongkong Hotel that the shareholders would consider these figures debentures has been liquidated and will, as good evidence of the Company's progress and together with the $102,000 owing by the Wharf prosperity. The new business offered during Co., be re-invested on mortgage as soon as a the year amounted to Shanghai Taels 1,874,177 favourable opportunity occurs. I shall be of which Shanghai Taels 1,737,527 had been ac- pleased to desire to put.
answer any questions you may cepted, and Shanghai Taels 136,650 postponed or declined. These figures were in accordance with the decision of the directors, who after the last annual meeting decided to limit the amount of new business to be accepted by the Company during the past year. Business in force amount- ed to Shanghai Taels 4,966,917. Mr. Wa Che-on retired as director by rotation. It was proposed that his place on the Foard be filled by Mr. A. J. Israel. This motion was seconded and carried. Mr. Hugo Gyzaman was re-elected auditor for the coming year.
+1
No questions were asked, and the CHAIRMAN proposed tho adoption of the report and accounts as presented.
Mr. HOUGH seconded and the motion was carried.
The Hon. Mr. W. J. Gresson was elected to the directorate on the motion of Mr. BANDOW seconded by Mr. SIERS.
Mr. Ho Fook proposed the confirmation of the election of the Hon. Mr. W. J. Gresson and Mr. E. Shellim as directors.
Mr. WosG KAM FOOK seconded, and the motion was agreed to.
Mr. W. H. Potts was re-elected auditor on the motion of Mr. SIEBS, seconded by Mr. HouGŠ½.
The CHAIRMAN-That is all the business, gentlemen. Dividend warrants will be ready on application.
6
SHANGHAI COMPANIES.
KIANG-PEI-TING COAL AND IRON MINING
COMPANY, LTD.
At the fourth ordinary general meeting of the Kiangpei Ting Coal and Iron Mining Company, Ltd., Mr. E. C. Pearce (Chairman) expressed the sense of the shareholders at the great loss the company had sustained by the death of Mr. A. J. Little. Referring to the accounts, the Chairman said: The year's working show a 15ss of Tls. 9,787.10, but it must be borne in mind that no mining has been done since last May, the stoppage of work, as explained to you at our last Meeting, being considered expedient until WEEKS AND COMPANY, LD.
some signs of good faith should be displayed by The Report of the Directors and Statement of the Chinese officials, in accordance with Article Accounts for the twelve months ended February No. 14 which reads that the Chinese Govern- 28, 1909, states:-The net profit for the 12 ment shall do all in its power to protect and months, including 85,731.47 brought forward assist the Company. The accounts call for but from last account, paying all charges, Directors little comment on my part, the only noticeable and Auditors' fees, making allowance for bad and item of increase being the cost of the Railway doubtful debts, depreciation on fixtures and which has now been debited with the entire cost furniture, amounts of $62,967.91, From this, of freight, landing, etc., at Chungking, which an interim dividend amounting to $16,000.00 amounts to Tls. 72,174.52. The year under was paid on December 14. 1908. leaving review has been entirely occupied in negotiations $46,967.91 now to be dealt with, and the with the Chinese officials which at one time Directors recommend this should be disposed of reached such a pass that it was considered as follows: To payment of a final dividend of advisable by your Board to send Mr. Stenhouse per cent per annum making 10 per cent for and myself to Peking to consult with His will bring this fund to $40,000.00) $14.452.22 informing you that we were received with the the year) $24,000.00; place to Reserve (which Majesty's Minister. I have much pleasure in carry forward to New Account $8,515.69.
utmost courtesy by His British Majesty's Minister, Sir John Jordan, with whom the whole matter was carefully gone into, and the thanks of the shareholders are due to the Minister for the very lively interest he has shown in the support of the welfare of the Company. Since this visit last August,
to say when we may see an end to them, but you proceeding slowly, it being very difficult for me negotiations have been proceeding, and are still
may rest assured that your Directors are leaving no stone unturned to arrive at a satisfactory termination of the present very unpleasant position into which the Company has been forced. The present situation is one of extreme delicacy, and as such I must ask you not to press me with any questions which might prove detrimental at this stage of proceedings, but on the other hand, should any shareholder present be of an enquiring disposition. I shall have much pleasure in giving him such inform- ation as I may be able to at the conclusion of of the meeting. I also think it my duty to inform you that throughout the negotiations for an amicable settlement of the hostile attitude
HOTEL DES COLONIES CO., LD.
The Report of this Company for the year ended March 31st shows a debit of $5.907.08, and in view of this the Directors waived their fees for the year. At the meeting of shareholders the Chairman (Mr. L. R. Burkhardt) said :- falling off in the number of French, and other "Our loss was brought about chiefly by the Continental tourists, during the year, coupled with the growing popularity of the Trans- Siberian route and the consequent absence of travellers, who used to call at Shanghai on their way home. This is shown by the receipts under the heading of Board and Lodging account which were $13.991.10 less than the year before. In other sources of income, there has been also a substantial decrease in receipts, but, by careful management and economy the loss of revenue has been met wherever practic- able by a reduction in current expenses, and we have thus been able to avoid what otherwise would have resulted in a serious loss
-It was decided that the debit balance should