20
COMPANY MEETING.
MESSRS. H. PRICE AND CO., LD.
The second ordinary annual meeting of share- holders in Mesars. H. Price and Co., Ld., was held at the Company's offices, 12, Queen's Road Central, on the 25thult.. Mr. P. Loureiro presided, and there were also present-Messrs. A Ramjahn (director), A. E. Robinson (manager), J. J. Blake, llis Kadoorie, Chan Kai Ming and Lo Taz Chun.
The Manager read the notice calling the meeting.
The CHAIRMAN Mid-Gentlemen, the re- port and accounts having been in your hands for some days past I propose to follow the usual custom to take them as read. As you will notice from the balance sheet, the directors have thought it advisable, after writing off all apparent bad debts, to make a further provision of $2,000-as a reserve for bad and doubtful debts. The directors regret that the result of the past year's working has not been so satisfactory as we wished to have seen, but taking everything into consideration it must be admitted that on the whole, the result is satisfactory. Our business showed on increase of about 25 per cent. over the previous year, in spite of the depression which was still with us and which has not yet shown much sign of improvement. The exchange has been against us, during the whole period under review, but in order to induce the support of the public we have not deemed it advisable to increase our prices, which were on a 2/- dollar basis. Before moving the adoption of the report and statement of accounts for the year 1908 I shall be pleased to answer any question that may be put to me to the best of my ability.
Mr. BLAKE-There is one item on the balance sheet, Mr. Chairman, that I would like to draw attention to, and that is, bad and doubtful debts. I think the amount shown is enormous, and that with a little care this could be greatly reduced. As we all know, there are certain individuals going round in this Colony getting credit without having any intention of paying. The CHAIRMAN-We fully appreciate all you have said. On this point the directors at every meeting have impressed upon the manager the necessity of bringing pressure to bear upon those who have not met their accounts within a certain period. But we must certainly understand that in a business like ours we must not press people too much, because others are only too glad to get the business.
Mr. BLAKE-Are these bad and doubtful debts contracted by residents, or in the harbour ?
The CHAIRMAN-I cannot tell exactly, but I should say they are pretty well divided.
No further questions being asked the CHAIR. MAN proposed the adoption of the report and accounts as presented.
Mr. BLAKE seconded, and the motion was carried.
The CHAIRMAN-Dividend warrants are ready, and may be had on application to the manager. Thank you for your attendance gentleman.
The report and accounts were as under-The Directors have the pleasure to submit their Report and Statement of Accounts for the year ended 31st December, 1908. The net profit for the period amounts to $10,019.75, to which has to be added the balance brought forward from 1907, 8251.05, leaving $10,270.80 at the credit of Profit and Loss Account, which the Directors propose appropriating as follows:--- To pay a dividend at the rate of 8 per cent per annum for the year, viz. : 80 cents per share on 12,000 shares,
absorbing
To carry forward to next account
PROFIT AND LO88 ACCOUNT.
$9,600.00
67.80
$10,270.80
For the year ended 31st December, 1908.
Dr.
To depreciation of furniture 12
months at 10 per cent. P.A. To reserve for bad and doubtful debts To directors' and auditors' fees
$
THE HONGKONG WEEKLY PRESS AND
To balance transferred to balance
sheet...
Lr.
By balance brought forward from
last account
By balance of working account
10,270.80
$ 15,640.73
$ 251 05 15,389.68
$ 15,640.73
[July 5, 1909.
Case Oil, in addition to which there has bee an increased demand for this product, owing t more steamers using liquid fael having visited the Colony during the year.
The import of Rice appears to have declined from 956,000 tons 721,000 tons, due to the falling off in the rice trade from Saigou and Bangkok in consequence of the exceptionally good crop in Northern and Central China, with . the result that prices at Shanghai and the Yangtse ports ruled considerably lower than in Siam and Annam. Local dealers naturally bought in the cheaper market, and there was no demand for Southern rice. At bangkok, I understand, there was the further factor of a species of boycott instituted by the rice mer chants against the N. D. L. steamers,(late Scottish Oriental) which do all the carrying trade between that port and this Colony.
greater $120,00.0 the
imported part of the rice 54,407.67 here
is re-exported by sea to ports in 5,000.00 China other than Canton, and the ma- jority of that so imported last year came from China itself, it is ressonable to presume that, in the absence of the usual supply of Siamese and Annamese rice in this Colony, those Chinese ports which usually draw their supplies here went to the North for their rice, where a superabundance was available at very moderate prices. The rice trade from the South having now reverted to its usual conditions, I see no reason to doubt that this year will see it restored to its former channels,-i.e., via this Colony.
BALANCE SHEET, 31st DECEMBER. LIABILITIES, Nominal Capital-15,000
shares of $10 each ..$150,000.00
Subscribed Capital – 12,000 shares
of $10 each fully paid up Sundry creditors Special reserve Reserve for bad and doubtful debts: At 31st December, 1907 ... $2,000.00 Deduct bad debts written
off during 1908
Add transfer from Profit
and Loss account
Profit and Loss account
ASSETS.
1,944.95
$55.05
2,000.00
Furniture, fittings and machinery:
At 31st December, 1907 ..$ 4,699.39 Less depreciation for the
year at 10 per cent. P.A. 469.93
$ 4,229.46 Additions during the year 1,392.44
Goodwill, as per last balance sheet
(paid for in shares) Investment, as per last balance sheet Stock in hand Sundry debtors
Less reserve for discounts
allowable
Payments in advance Cash:
-
$56,974.74
1,500,00
At National Bank of
China Ltd... ...$ 2,403.12 At International Bank-
ing Corpn.
In hand
105.09 1,408,49
2,055.05 10,270.80
$191,733.52
-$ 5,621.90
60,611.09 100,00 64,379.45
48
Flour appears to have decreased from 147,000 tons to 91,000 tons, probably due to the fact that the Colony is ceasing to be the distributing centre for this commodity. Shipments are now made directly from Ports on the Pacific Coast of North America to Shanghai, Amoy, Singa. pore, &c., instead of transhipping here, as heretofore.
There is a possibility that, the Hongkong Milling Company being in liquidation, some small recrudescence in this branch of trade may
occur.
The total reported Imports during the year amounted to 4,170,000 tons, against 4.366,000 tons in 1907, a decrease of 4.4 per cent. Exports also show a decrease, from 2,354,000 tons to 2,103,000 tons or 10.7 per cent., and transit cargo declined from 3,396,000 to 3,373,000 tons or 0.7 per cent., but for the reason given these 55,474.74 | figures are not reliable.
1,629.64
3,916.70
$191,733.52
THE TRADE OF HONGKONG.
The Harbour Master, Commander Basil Tay. lor, E.N., in his annual report for the year 1908, writes as follows:-Hongkong being a free port there are no reliable statistics of other Imports and Exports except as regards certain items of cargo, dealt with in the Colony, of which, either from their nature and the circumstances under which they are imported, or from the fact that they are required by law to be specially reported, substantially accurate returns can be given, These items are Coal, Kerosene oil (which in- cludes all products of petroleum), Opium, Mor- phine, Compounds of Opium, and Sugar. The figures for the three latter will be found in Appendix B.
1,018,753 tons of Coal were imported during the year. This shows a practically negligible increase of 13,886 tons (1.3 per cent.) over the Imports during 1907.
Of Bulk Oil 61,818 tons arrived, an increase of 17,938 tons, or 40.8 per cent. This appears to have no special significance, but to be entirely due to the cheap freights ruling, and to the new installation, by the Standard Oil Co., of oil tanks at Lychee-kok, which required filling. 40,018 tons of Case Dil arrived, being an increase of 3,289, or 8.9 per cent. over the 1907 figures. Here, again, the cheap freights were taken advantage of to fill up stocks.
469.93
Liquid Fuel increased from 3,272 tons in 2,000.00 1907 to 13,832 tons in 1908, and was probably 2,900.00. affected by the same causes as were Bulk and,
OFFICIAL SUMMER MECCA OF THE PHILIPPINES.
Long before the next hot season begins, says the Janila Cablenews, Baguio will be something more than a mere summer resort, something more than an isolated icials in the sizzling ses of the peerless Philippine paradise. It will be an incorporated city and the official summer capital of the archipelago, so created and legalized by a prospective act of the Philippine Commission.
George A. Malcolm, assistant attorney in the office of the Attorney-General, has gone to Baguio to aid in the equalization of street assessments which will become operative as a part of the coming municipal regime there. These assess- ments will be at a ratio calculated to benefit the property holders in proportion to the amount invested. Persons who have made heavy im- provements on their lots in the township will pay a smaller pro rata than the smaller investors, and those who have done no building whatever on their lots may have to pay as high as 25 per cent. for street gradings and other improve- ments.
Mr. Malcolm will also be designated to draw
"P the articles of incorporation of the new municipally of Baguio, and to submit to the Commission a draft of a proposed city charter. Its provisions have not beeu - decided upon, but it is understood that Igorotte headmen will be represented in at least an advis ory capacity, and that all administrative control of the city will be under the personal direction of the governor-general.
This project is in accordance with the long- cherished plan of Acting Governor-General Forbes to make the most of Baguio and its natural advantages. A number of government buildings are to be built, and it is expected that more bureau chiefs and other government officials will get on the band wagon by buying lots and erécting summer residences.
1.