July 19, 1609.]
COMPANY REPORT.
INDO-CHINA STEAM NAVIGATION
COMPANY, LIMITED.
The twenty-seventh annual report of the board of directors states:-
The directors now submit their report and statement of accounts for the year 1908.
The depression in Trade and Shipping, to which allusion was made in last year's report, was intensified during 1908, and the year's accounts show a loss of £33,255. 158. 9d. To meet this, and to provide for the depreciation of the fleet, £55.358, 128., £80,000 has been taken from the underwriting account and £10,000 from the general reserve fund. After making these appropriations, and meeting all expenses charge- able upon the year, there remains a balance of £15,162. 08. 8d., which will be carried forward.
The later reports from China have been of a more reassuring character. Freights in many directions have shown a considerable improve- ment, and there is reason to hope that this improvement will be continued. A committee of the board has been for some time, and still is, closely considering the heads of expenditure with
CHINA OVERLAND TRADE REPORT.
REVENUE ACCOUNT.
For the year ending 31st December, 1908.
£ 8, d.
Dr.
To general charges and telegrams in Lon do n and China, including directors, trustees and auditors fees To general interest. To debenture in
terest
To expenses of de-
6,607 17 4 4,698 4 2
12,636 10 6
benture issue, amount written of 1,824 1 3 To loss on working
of steamers for the year
To depreciation account:~On
steamships, &c. ...
To balance transferred to balance
sheet
Cr.
a view to effecting any economies which mighty balance brought be found possible.
No additions have been made to the Company's fleet during 1908, and no building contracts have been entered into.
During the present year advantage has been taken of low rates to cover the bulk of the insurance on the fleet outside, instead of carry. ing it in the company's underwriting account.
The retiring directors are Mr. W. Paterson and Mr. W. W. Dickinson, who, being eligible, offer themselves for re-election.
Messrs. Turquand, Youngs & Co., the Auditors, retire and will be proposed for re- election.
By order of the Board.
A. G. WELLS, Secretary 29, Cornhill, London, 19th June, 1909.
BALANCE SHEET AT 31ST DECEMBER, 1908.
LIABILITIES.
Το share capital: - Authorized £1,200,000, divided into 120,000 6 per cent. cumulative preferred ordinary shares of £5 each. Subscribed and paid up-
49,589, cumula-
tive ordinary...£247,945 0 0 49,589 deferred
ordinary...
£ 8.
d.
247,945 0 0
495,890 0
£345,000
To first mortgage debentures
First issue of
Subscribed and issued Also £60,000 issued and lodged with bankers as security for temporary loans as may be required.
To balance of underwriting ac
count
To sundry creditors in London
and China
To loans...
To deposits
U
265,825 0 0
forward from 1907
£ s. d
9
7,489 2 6
-33,255 15
55,358 12
0
15,162
£103,776 8
0
8
£ s. d.
£ 8. d.
28,632 1 5 Less dividend
paid 14,876 14 0
By amount trans- ferred-From general reserve
fund
From underwriting-
account
By transfer fees
10.000 0 0
80,000 0 @
90,000 0
21 1
5
THE SHANGHAI DOCK AND
ENGINEERING CO., LD♫
ADVISED TO WAKE UP!"
57
SHAREHOLDERS DECLINE TO FOLLOW THE HONGKONG DOCK Co.'s EXAMPLE.
At the annual meeting of shareholders of this Company last week,
86
Mr. MORGANPHILLIPS said he wished to refer to the company's position, and more especially with regard to its management, which, in the view of a large number of shareholders, was not satisfactory. Не would tell how he became a shareholder, as he thought it pointed a moral. A few years ago he proposed to make the first investment in his life, in stocks and shares, and he consulted a friend who was EL stockbroker. The gentleman highly recommend Docks-then 'known Farnham's-saying that the quotation was 8 low one, and that he hoped they would move up to a higher plane. The contract, note was a melancholy object; he had purchased ten shares at Tls. 267.50, amounting in all to Tls. 2,675. Since that day the shares had not reached that exalted and heavenly plane which his friend had suggested at the time. He feared that they would not do so in his or the Chairman's life- time. His next venture was fifteen shares at 13,755 7 5 something like Tls. 200, and his next was about
four years ago, when some of the keenest · business minds in Shanghai went in for the purchase of Dock shares, and, the price was then Tis. 150. He bought fifty at Tls. 156.50. Since then they had declined in value, and without doubt the property was over-capitalized, but he saw no reason at this time why the shares should not be worth Tis. 150, instead of the mis- orable Tis. 80 at which they stood on the market at the present day. It was the opinion of a great many shareholders that the decline was due to inefficient management. He was not going to criticize the accounts in detail, as his objects were constructive, not destructive In 1906 the nett profits were Tls: 410,000, in 1908 Tls, 300,000, and this year they were 212,000. The economies in the expenses of the direc- torate effected in 1907, amounting to Tls. 88,000, ought to have enabled them to make large e asserted that the man- profits this year. agement conducted its affairs the old lines of little competition and huge profits, and that it could not accommodate itself to new ideas Taikoo Dock at Hongkong, where most of the and new conditions. There was now the great.
ships controlled by Messrs. Butterfield and Swire would go for repairs; there was the well-equipped Kiangnan Dock, and similar enterprises were springing up, such as the Vulcan Iron Works. and the New Engineering and Shipbuilding Co. He thought that the establishment of the last businees was the greatest reflection upon their own business that could possibly be made.
O
O
£103,776 8 5
HALF YEARLY DIVIDENDS.
The Hongkong Rope Manufacturing Co., Ltd., announce an interim dividend of one dollar per share for the past half year.
The Directors of the Shanghai Land Invest- ment Co., Ld., have declared an interim dividend of 6 per cent. for the half year ended June 30.
We are officially authorised to state that, subject to audit, the Directors of the Hongkong and Shanghai Badking Corporation will recom. mend at the forthcoming meeting :-
Dividend of £2 per share. Add to the Reserve Fund, $750,000. And carry forward about $20,0 1,000.
We are officially informed that subject to andit the Directors of the Hongkong Canton and Vacao Steamboat Co, will recommend the
on
148,891 18 11 following appropriation of profits at the Half-The mere fact that it should be started in these
78 823 13 8
19.000 0 0 19.095 15 9
10th
Yearly Meeting to be held 011 the proximo:
Dividend of $1.25. per share=$100,000 Write off book value of steamers, wharves and
To balance from revenue account 15,162 0 8 properties, $30,000. Transfer to Depreciation
By steamships, hulks,
and Insurance Fund. $10,000: Transfer of Spec- 0ial Repairs Fund $10,000, and carry forward
$21,170.01 to New Account.
ASSETS.
£ s. d.
£1,042,688 9
£ 8. d.
ferry boats, &c....988,054 18 4
Less depreciation
written off fon
this year.
55,358 12 0
932,696 64
10,895 7 0
By coals and provisions on board
ships and godowną ...
By office furniture
By sundry debtors in London and China Agents balances. freights, &c.
2.
By cash in London and China
By expenses of de 240 12 9.
benture issue
- Less written off at the rate of 18 per cent. per.
annum
1824 13
58 1 0
70,016, 10 11 12,605 115.
16,416 11 6
£1,042,688 9:0.
HONGKONG UNIVERSITY.
A largely attended meeting of high provincial officials, geutry and leading commercial men called by the Viceroy, was held at Canton on Thursday. The Provincial Treasurer urged upon those present the advisabiilty of raising one half of the fund required for the Hongkong University so as to show that the Chinese were interested in the Scheme. Those present sub- scribed over $20,000, and His Excellency Chang Pat Chi promised to raise $100,000 from the merchants of Waichow, Chinhoy, and KaĦing. Including the sum of $200,000 subscribed by the officials some time ago, the promised subscriptions from various sources in the province now amount to over $300,000. The meeting decided to courete an assembly of the leading merchants of the 72 Guilds and the members of the nine Charitable Institutions for Friday so as to distribute subscription lists.
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depressed times, and apparently able successfully to compete with their own docks, which were of such long standing and preponderating position, should have been impossible, and reflected upon their management. Work which should come to their company was going elsewhere, B.S ship-owners did not remember with gratitude the days when the work had to go to Farnham, Boyd's. The tendering of thes company was inefficient, as Was shown by the fact that its tenders for four tugs, for the Haiho Conservancy were not even considered. The shareholders also complained that there was complete lack of enterprise and activity in meeting altered conditions. If there was not much shipbuilding work it should turn its attention to other fields of engineering, such as the railway. Large quantities of railway material, and wagons were being delivered in Shanghai, which only required to be made up. in Shanghai, and if the company could make it up there would be an immense saving of freight. In conclusion Mr. Phillips said that what he did say to the management was “ wake up and do something, and don't allow our magni ficent property and business to languish and die."
The CHAIRMAN (Mr. J. PEENTICE) said that the Directors wrote to Mr. Phillips saying that they were perfectly satisfied, with the manage ment of the Company. If the work was nottin