Page
COMPANY MEETINGS. WEST POINT BUILDING COMPANY.
THE HONGKONG DAILY PRESS, FRIDAY, JANUARY 26rx, 1919.
HONGKONG LANI INVESTMENT CO.
The ordinary meeting of shareholders in the above Company was held yesterday at the offices. An ordinary meeting of shareholders in the Victoria Balldings. The Hon. Mr. O. H. Ross shove Company was held yesterday at the Comprasided, and there were also present: Sir Paul pany's offices. Sir Paul Chator presided, and Chater, C.M.G., Mar. E. Stellin, C. 8. thors were prosent: Hon. Mr. C. II. Ross, Gablay, H. P. White, II, A. Siebs, and G. Mers. J. W. C. Bonner, C. 8. Gabbay Friesland (directors), A. Shelton Hooper
UNION WATERBOAT COMPANY,
LIMITED,
The report of this Company is as follows:- The General Managers have now the pleasure to submit their Annual Report and Statemen of the Company's Accounts made up to 31st Decomber, 1911.
“HAMBURG LETTER,
HAMBURG, 4th January."
TRADE REVIEW.
considerable preferential treatment to a extent is conceded, and that it will therefore kovo to be dropped.
Germany has in. the year under review entered into important comingrcial treaties with Sweden and Japan, both of which The Chamber of Commerce in its annual
countries. had raised their tarifis materially. report says that the steady, though slow. The negotiations on these occasions have improvement in trade during the previous proved once more that the extreme protec The net profits for the year ended 31two years has made further progress in 19tive policy of the Imperial Government
(directors), A Shelton Hooper (Secretary), H. (sacrotary), J. M. E. Machado, J. Robinson, H December, 1911, after allowing for Conseling, more especially in the first half of it; in the renders it difficult, to obtain adequate con- W. Lookor, J. M. E. Machado, F. Mailand, E. W. Looker, F. Maitland, and M. S. Northcole Committee and Auditor's fees, amounting to eccord the shadows of future complications cessions from other Powers, and
J. Chapman, M. S. Northcote, nod R. C. Ed- varde.
The Secretary having read the noties con- voning the meeting,
The CHAIRMAN sald-Gentleman, with your permission we will take the Report and Accounts as read except the Report of the Auditor, which, under the New Companion Ordinanso, isrequired to be read at every Ordinary General Meeting of Bhareholders. The Auditor's report, which you will find at the foot of the Balance Sheet, roads as follows:
"I report that I have andited the above Balance Sheet with the Books and Vouchers of the Company in Hongkong and that in my opinion auch Balance Bheet is properly, drawn up so as to exhibit a true and correct view of the state of the Company's offeira at the 31st December. 1911, according to the best of my information and the explana. tions given me, and as shown by the Books of the Company.
I havo obtained all the informating and explanations have required, (Sigood. R. EDWARDs, Audi-
tor.
$41,307.69.
The SECRETARY having raid the notios ou
The General Managers recemmand the pay vening the meeting,
The CHAIRMAN said-Goutlomes, the Romant of a dividend of 7 per cent., which will port and Accounts having been in your hands absorb $20,792.25, write off $20,000.00 from the for some time, I will with your approval take rains of the Waterboats, 2418,04 from the value them as read, but, as is now required under the of Pipes and Staging, and carry forward a Now Companies' Ordinance, I will road to you balance of $97.40 to the new Account the report of the Auditors :---
Consulting Committee :-Since the last meet- "We report that we bare audited the above Balance Sheet with the Books and Vouchersing Mr. H, Showan and Mr. C. G. Gok: have of the Company in Hongkong and that in our resigned, and Mr. C. A. Tomes han joined the opinion sach Balance Sheet is properly drawn Committee.. up so as to exhibit a frne and correct view of the state of the Company's affairs at the 31st December, 1911, osording to the bost of our information and the explanations given us, and as shown by the Books of the Company.
We have obtained all the information and explanations wo hare required.
been audited by Mr. A. O'D. Gourdin.
DODWELL & Co., LTD, General Managers. Hongkong, 19th January, 1912. -
BALANCE SHEIT.
Liabilities..
Share Capital."
Authorised-
50,000 shares of $10 each $500,000
Issned-
(Signed) H. Panoy BMITH, F.C.A.
R. EDWARDS,
Auditors. From the Accounts now before you, you will notice that our gross earnings show an increase of over 880,000, as compared with those of the The Gross Profits for the year under reriow
This increase is mado up amount to $61,915,91 as against $60,543,92 for previous year. that of the previous year. This in secounted principally by profit on vales of Property, some for by the slightly increased rental paid by 957,000, and increase in our rent 'rell of over your now lesser, who took over the property $24,000, but on the other hand our Commission from 1st April last, but as a change of lenses Account is slightly lower by some $679. Turning necessitated a though reinstatement of the to the other side of tho Account; it will be proparty at a acst of 85.212.33 sa against an oxseen that “Charges are higher by some $400. "Repairs" have cost us about 82,177 more than penditure for repairs of only 82.055.96 during the previous year, our net proits are alightly last year, and the net debit on account of Waterboats as per lesa. The outgoing losyen paid us $1.000 for re- paira neder his lense, whichsum has been credited to Repairs Account, and the absence of any un- forosson extraordinary repairs during this year aul our being able to reap the benefit of the in-
"Interest" has increased by some $9,600, due as you will no doubt have observed to the smaller rovonus now received on account of "Interest on Mortgages." After paying Managing Directors Foes, and a Final Dividend of $3 per share,
Asseta
lant account....
$236,697.15 Less amount written off 11,000.00. Pipes and Staging as per last account Furniture Hongkong Pank Fixed Deposit Cash in Bank and in band
Sundry Debtors............ Proportion of unexpired Licences Stock of Hoso, sto.
orsaged rental under the present leass for the are therefore enabled to osrry forward 841,750.85 Hongkong: Government Deposit whols year our profile should be greater and enable us to maintain the dividend of 8 per cent. on the capital now declared.
There being no questione,
The report was adopted, on the motion of the CHAIRMAN, seconded by Mr. LooKEE.
The appointment of Hon. Mr. C. H. Ros, Marsta C. 8. Gubbay and C. G. Markis to vacancies on the directorate, as well as the re- appointment of Mr. C. W. C. Bonnar, was con Armed, on the motion of Mr. MACHADO seconded by Mr. NORTHCOTE.
Mr. MAITLAND proposed that Sir Paul, Chater and Mr. Hobnar be re-elected directors, Mr. EDWARDS seconded, and the motion was agreed to.
1
11,956.18.
as the rapid growth of the industries in this coun- try makes it imperative that all markets. should be open to them on easy terms, the
that had been noticeable for sometime... became darker, producing a "feeling of un- casiness, that arrested the even course of things and obscured; the outlook. Amongst conviction is gaining ground in manu- the disturbing elements political difficulties, facturing circles that a gradual reduction of some entirely unforeseen, stand first; but the import duties should be taken into however
the alirect
commercial serious consideration. great interests of Germany involved in tite fate of Morocco, in the rebellion in China, the
occurrences in Persia and the hostilities in
INTIMATIONS JOHNSTONE'S
M.P.
WHISKY.
H. RUTTONJEE & SON,
WINE & SPIRIT MERCHANTS, 38 AND 40, QUEEN'S ROAD CENTRAL.
(33
After an exhaustive review of the trade of the port with the States of Southern and Contral America, with the United States, Anditors The Accounts under review havn / Tripoli may be, the indirect effect of these and with British and Dutch India, the re- events on trade generally was more import-port goes on to say with regard to China ant and far-reaching, for they created a that the fearful ravages of the plague in, feeling of uncertainty and a want of con-
the Northern Provinces is the first six Labour fidence that checked enterprise.
months of the year, the inundations and the troubles have hewise affected business famine that followed in the Yangtsze Valley adversely and, although Germany herself and the outbreak and the spread of the has escaped serious disturbances in that revolutionary movement since then have respect during the year under review, the frustrated the hopes of returning prosperite strikes in France and Great Britain have raised in the beginning of the year by an given rise to grave opprehensions as to the improved demand for imported goods and future relations of masters and men chiefly the clearing off of the stocks that had been 27,723 shares of $10 each fully paid $277,230.00 on account of the numerous acts of violence accumulating during former seasons of de- 5,027.34 committed by the latter and the wanton pression. The export trade proved the most Sundry Creditors
1,01030 destruction of goods. The dread of further disappointing, the balance of old crop cotton Our argument is there is nothing Unclaimed Dividends
11,000.00 developments in the same direction weighs was shipped to Europe at steadily declining
better than M.P. Insuranco Fand Special Repairs Account...
41,307 69 heavily on the industries of the country; prices, but the limits received later on for Profit and Loss Account, Balance
impeding their free expansion, whilst they
new crops were so low that the home $847,531,51
prove once more the absolute necessity of markets and Japan offered.better chances to employers drawing closer together in order sellers. Business in-soya beatis with -Man- to be better able to protect their interests churia was stopped by the plague, whilst against the growing aggressiveness of their the destruction of the rice fills in the 226,697.15 hands.
Yangtse Valley by the floods caused great 8,418.04
50.00 Another circumstance prejudicial to trade distress amongst the population of the 19,506.98 has been the rise in the cost of most of the adjoining provinces, particularly as the price 50,000.00 necessaries of life, and the fruitless dis- of the article in foreign markets, whence 50.00 cussions as to the best and surest means of supplies might have been drawn, was high 2,853.56
125.62 mitigating the evil. Fortunately the cercal everywhere. Trade generally suffered from *380,16-
"crops have turned out better than expected the famine that ensued and was, as far as $347,531.51 and have to some extent made up for the the interior of the country is concerned, stopped almost entirely by the revolution. shortage in roots and feeding stuffs.
The German money market, too, has in Stocks of all kinds of produce are the course of the year experienced many accumulating there, the railways and other The means of transport being monopolized by the surprises and sudden difficulties.
military. Trade has consequently come to political complications and the fears to
a standstill. up-country: the Chinese banks 41,307.69, which they gave birth and, still more,
have been closed and most of the native perhaps, the scarcity of money in the coun-
merchants have left the towns. There is $ 42,007.69
try itself, caused France to withdraw rather still a little business doing along the coast,RELIABLE „suddenly the greater part of her investments whilst there is less depression in Tientsin By Balance from Inst socount...... 687.06 in Germany, and others followed her and the Southern Provinces, but there, too,
3,242.88
The markets here stood the disturbances have occurred. The duration Daring the year under review, the Company'y Intoront
26.00 example.. property has been efficiently maintained, the By Transfer Foss
influx of money from the United States intensified by famine" and disense, has a seeking employment in this country; the deeper cause in the politics and social com amount of the latter, however, as should be ditions of the country, is impossible to mentioned, bears no comparison with that foresee, but should peace be restored and I report that I have audited the above Ealance of American securities held in Germany. Sheet with the Bocks and Vouchers of the The test was all the more severe, as owing Company in Hongkong and that in my opinion to the inflated prices of most raw materials such Balance Sheet is properly drawn up so as heavy requirements of the home trade had to exhibit a true and correct view of the state of to be met at the same time. the Company's affairs at the 31st December 1911, according to the best of my information and the explanations given, and as shown by the Books of the Company. I have obtained all the information and explanations I have required.
AOD. GOURDIN Auditor.
as against 294,579.39 brought forward from last year. It will, I am sure, be noted with much satisfaction that we are enabled to again show an item of prolt from sales of property; slo a material increase in the principal item of our norm: revenue, the "Rent Account." This has, no doubt, been caused by the large influx of Chinese from the neighboaring Provinces,
have
who
40me
no
PROFIT AND LOSS ACCOUNT
For the year ending 31st December, 1911. Dr.
to Hongkong during To Consulting Committed's Fees
To Auditor's Fea the past half-year, and there soems immediato prospect of their returning to China To Balance... A certain amount of the Company's property has been satisfactorily leased for a few years, but the demand has not yet arcended the supply.
L14
Cc.
www.
600.00 100.00
now
On the motion of the CHAIEMAN, seconded by large sum of $32,973 having been expended in By Profit on Trading for the year. 38,052.75 strain well, aided to some extent by the of the political upheaval, which although
Mr. CHAPMAN, Mr. R. C, Edwards was replacing it in a good state of repair. I think it
appointed auditor at an annual remuneration of
$50.
The CHAIEMAN-That is all the business gentlemen, Dividend warranta will be ready oa application to-morrow.
HONGKONG LAND RECLAMATION COMPANY.
the abore Company was held yesterday at the An ordinary meeting of the shareholders la Company's office, Victoria Buildings. The Hon Mr. C. H. Ross presided, and there were also present: "Sir Paul Chator, Mesere E. Shellim C. S. Gubbay (directors), A. S. Hooper, A. Fife, Lo Cheung Shin, He-Kom Tong, A. E. Auger, J. H. Seth, Ho Fook, and the Secretary (Mr. Mowbray 8. Northoate).
The Secretary having read the notice con- vening the meeting,
well to call attention to the New Companies Ordinance, the provisions of which have in many cases been made very stringent, with a view, presumably, of still further safeguarding the shareholders' interests. As I have already stated, it requires the Auditors' certificate to be read to you, and to be worded in a certain way, It also enacts that the remuneration to be paid to Auditors shall in future be fixed by share holders ut, the Ordinary General Meeting, and not, as hitherto, by your Board of Directors. It becomes necessary therefore for you to do ne to-day, and resolution to that effect will be submitted for your approval. Before proposing the adoption of the Raport and Accounts, it shareholders have any questions to put to me, I will endeavour to answer them to the best of my ability.
There being no questions,
The CHALLHAN moved that the report and statement of nodonatsbo adopted.
The CHAIRMAN read the auditor's report and continued-Our report and balance sheet, having Mr. MAITLAND-I have much pleasure in heen in your possession for some days, may, I asconding, and in doing so I think sharehold. think, be faken We read
wade
$42,007.69
DoDWELL & Go Let General Managers.
|Hongkong, 19th January, 1912.
TIN IN CHINA.
PROGRESS OF INDUSTRY IN TUNNAN
"silver
PROVINCE.
The differen: industries seem to have been
RACE SEASON
1912.
CHRONOGRAPHS
SINGLE AND
SPLIT-SECONDS.
radical reforms be permanently established, ZEISS PRISM BINOCULARS- China may be expected to come more under the influence of Western civilisation than hitherto and may afford better opportunities for the expansion of her trade,
£9.5.0
The trade of Japan has for years begn hampered by the system of menopolies, high tariffs, subventions and paternal legislation £7.10.0 adopted by the Government, and the past year has brought no improvement, although the yield of the chief products of the coun-
doing well during the past twelve months, most manufacturers are fully engaged for some time to come, but profits will be some what below those of last year in consequence of the enhanced cost of raw materials, the rise in wages and the increased social try such as silk, tea and rice has been burdens.
In some branches, however, a abundant. The quantity of silk available certain uneasiness prevails with regard to for export is estimated at V3,160,000, about To be obtained from tho the renewal of the combines such as that of one half of the total requirements of the
the steel and iron works and of the coal syndicate.
a considerable
to, be the world; the rice crop is said greatest on record, viz., 56 million kokus, whilst prices, owing to a partial failure of the harvest in the neighbouring countries, are high. The import trade during the first
those parts, and the effects of this upon the
nati continues to be fully occupied and is in on property and huge dividends were paid. the 2, 1958," a paper which is largely burned by 1 increased the purchasing power of the industries of the country cannot be gauged
at present..
The statistical returns of imports and exports are on the whole satisfactory, Thore does or should congratulate themselves on the Contul Leo A. Berghols, in a recent report to although the high prices of coffee, sugar, not appear to be anything in the accounts sound position of their Company. Their thanks the Department of Commerce and Labour, wys rice, feeding stuffs and other articles on the half of the year, in anticipation of the com that the tin mines in the province of Yunaan, not before as calling for special comment, gre das to the directors and the staff for managTM" in China, supply from 4 to 5 per cant of the one hand and the sharp decline in others ing into force of the new tariff in July, has? As your Chairman informed you at the last ing their affairs so well. I think we are now
wald's consumption of tin. The mines cover such as cotton, india rubber, etc. on the been very active, and the surplus of goods revolution in China has; however, suspended menting. your properly at Kennedy Town ha in what we may call such a sound position that an immense arts and have been operated by the other, could not but affect imports to some seams to have been readily absorbed. The been leased at a monthly rental of 81,600, in we can look forward-for dividends, after all, Chinese for centuries, During the past
there has been an increase in production. A extent, Exports show
the demand for Japanese manufactures for addition to which we were able to let for a short are what shareholders have in view-to a steady large part of the tin is exported, but a consider-increase, the abundant crops and the high period on good terms a portion of our vacant seven per cont, and posilbly in time to a little able part is need by the Chinese in coining range of prices chtained for them having
"token monny and in the manufacture of landin Youmati, which acounts for the increase increase. For many years past, I think I am in rent sooount. The bones property in Yaa right in saying, huge profits wore
the Chinese during their religions ceremonies. population in the producing countries
Korea, the development, of which, under The process of refining the tin oro cannot be abroad.
Japanese rule, is proceeding satisfactorily, perhaps too big, and weże
if carried out to a very great degree by the rather
On the subject of the commercial relations bids fair to become the chief supplier of do make large profits I hope the erude native appliances at the mines, and the tin
the native miners are therefore with other countries, the report remarks breadstuffs in future, Kowloon Point and 429,633 square fast with not put some wide and not pay it si sent to Hongkong,
that the
tain granting to the mother country and her of refined tin Berghola rays
exports Marine frontage in Canton Road, Yeumati, for away in dividende. Our interests are in good engaged in further refining the metal. Consul the disposal of some of which negotiations are hands, and hope the directore will consider my from China in 1906 amounted to 9.053,177 pound dependencies the benefit of the most How pending and will no doubt bars been carried suggestions. It is better to build up the Com-in 1907 to 8.196.790 pounds, in 1903 to 10,635, favoured nation clause in Germany has been
345 pounds, and in 1909 to 9,931,775 pounds. through long before our next meeting. While pany rather than pay big dividends. With these Chinese refined tin contains from 993 to 991 renewed, but that such temporary agree the net profits for the year are in themselves few remarks I beg to second the adoption of the per cent. of pare metal megments afford but a precarious and uncertain While China has not yet engaged in the basis for trade between the two countries. small, we are again able to pay the usual alvid report.
Tho CHAIRMAN-I am sure your remarlis annfacture of tipplates or terze plates, their As a further step in the development of the end of 7 per cent on the paid up capital and to
At Hankoy the works of the Kanyang Iron and
good order. No sales of property have occurred They during the past year, and we still owa 252,254 we
Egnare feet of land with Marine frontage as directors will consider whether they should i slabs made by where several works are that the provisional treaty with Great Bri
The report expresses satisfaction at the progress made in the German colonies, and a wish that, since the construction of rail- ways has proved of such immense advantage. to all of them, new fines may speedily be taken in hand.
NEW MODELS.
AGENTS:
£6.10.0
£0.0.0.
Chas. J. Gaupp & Co.,
[45].
"Alexandra Saildings,
Chster Road.
The passages on the shipping trade of the PINCE NEZ and port may be skipped, as they contain little
carry forward a sum sufficient to guarantees will have the consideration of the directors. manufacture could very easily be established imperialistic tendency which towards the that has not been stated by Herr Ballin in
like dividend for another year or two, even on
an ordinary year's working.
There being no questions, The report was adopted, on the motion of the CHAIRMAN, Beoorded by Mr. ABGER.
The appointment of Messra C. S. Gabbay and E. Shellim to the directorate in place of Me¬sya A. B. Levy and W. Lagan was confirmed, on the motion of Mr. HO KOM TONG, seconded by MT. Ho Fooz.
hope your optimistic prognostications will prove
The motion was agreed to.
correct.
agroad to
be
the interview reported in my last letter, Nor
SPECTACLES
is there anything new in the remarks on the increased harbour dues proposed by the Accurately Fitted Senate and the navigation dues lately passed
to
Individual's Face.
Each
by the Reichstag: the arguments for and against being much the same as those stated
The remainder of the report, dealing Our Stock is Complete, Assortment.
Varied, in all Metals. precise, with subjects of more local
Steel Company are equipped with modern blast end of the last century led the British fare.scen
Bessemer converters, open-hearth
fish plates, bare, struct to denounce the treaty of May 30, 1865, Mr. Loxes moved that the appointment of appliances and many up-to-date rolling-mill Government, at the instigation of Canada, Messra, E. Shelli and C. S. Gabbay to the ral shapes, plates, rods, and other forms of iron the Colonial Conference at its meeting in and steal are now rolled. Trains or rolls for London last summer passed a resolution vacancies on the directorate be confirmed. manufacturing black plates for
шап
timing and for dipping
(again at the suggestion of Canada) asking could readily the plates Mr. MAITLAND seconded, and the motion was porta the works and skilled, workmen could the Government to terminate the commercial 1 on former occasions...
added to On the motion of Mr. MACHADO, seconded by be imported from the United States, Wales or treaties with all other States as far as the
the Continental countries, from some of
nearly Mr. MAILAND, Mesare H. A. Siebe and C. 8. all of which now manufacture timplates. Should self-governing colonies are concerned. In
inadequate
deguste order that the latter might be perfectly Gabbay wery re-elected directors,
tho could be obtained from the Straits independent with regard to their conmerdal Battlements, which now supply over one-half-of the world's consumption of in, or from Austrs.policy. Since then a reaction, strange-te
was a hot bath followed by a purgative at lia. At the present time Amerios is importing say, seems to have set in, for the results GRANDMOTHER'S CURE FOR A COLD on the Pacific Coast from Chius considerable of the recent elections to the Dominion bed time. The same remedy holds good now, quantities of coke, iron ore and pig iron. Parliament leave no doubt that the majority but instead of a purgative use PINKLETS, Should that country decide to engage in the of the people are opposed to the treaty, con- the little Pink laxative. Tiny but thorough, Manufacture of tinplates it would experience. no
in caplaring the Colst tipplete market. kided by the Government with the United gentle as nature, 60 cents a tube of Chitnists, or -Tife" Die Wilitares Medione! -The CHAIRMAN—That is all the business, gentlemen. Dividend warrants will be ready Its labour cost of 10 or 15 cents a day would States and already ratified by the House of Co., &, Szechuen Road, Shanghai, post gentlement: Dividend warrants will be ready to-morrow on application. Thank you for your compare with the American labour cost of about Representatives in Washington, in witch free.
attendance.
Mr. Lo CHEUNG SHID proposed, and Mr. J. H. Bery seconded, that Messra E. Sheilim and Ho Tung be re-elected directors.
This was agreed to.
On the motion of the CHAIRMAN, soconded by Mr. FIFE, Messrs. W. H. Potts and A.-O'D. Grottin were re-elooted auditors, at an spunal remuneration of 250 each.
*AROTIMI+DJ
The CaATEMAN proposed that Heers H Percy Swith and R. G. Edwards be re-appointed suditora sè 'e remuneration of $500 each per
annum.
Mr. LCORER sounded, and the motion was
The CHAIRMAN That is al the business,
agrood to
the Chinese tin
32 a day.
Frove
interest, 1 omit, in order to avoid trespass- ing too much on your space.
Lenses Ground on the Premises.
Co.
CIENTIFIC OPTI
YORK BLOGS.
CHATER RO
"HONGKONG