CO129-340 - Governor Nathan Acting Governor May - 1907 [4-6]

Extract from the Hong Kong Daily Press of 22.5.07

PEAK TRAMWAYS COMPANY LIMITED.

The report of the directors for the period from 19th October 1905 to 30th April 1907 (inclusive), for presentation to the shareholders at the Ordinary Annual General Meeting of the Company, to be held at the registered offices of the Company, Alexandra Buildings, Des Voeux Road, at noon on Saturday, May 25th reads:-

To the Shareholders of Peak Tramways Company, Limited.

Gentlemen, The Directors submit to you their report and statement of accounts for the period from 19th October 1905 to 30th April 1907 (inclusive),

The Net Profit for that period, after providing for loss on subsidiary coins, amounts to $43,830.71

From this have to be deducted: Remuneration to Directors $3,840.00, Remuneration to General Managers, 5 per cent on gross earnings $7,335.08, Total $11,175.08

Leaving available for appropriation $32,655.63

The Directors recommend that a dividend of one dollar per share be paid to shareholders, absorbing $25,000.00, that $5,000.00 be written off Stations and Shelters and that the balance of $2,655.63 be carried to a new profit and loss account.

DIRECTORS.

Messrs. C. W. Dickson and C. Ewens having resigned, Hon. Mr. W. J. Greson and Mr. G. C. Moxon were invited to occupy the vacant seats on the Board. In accordance with rule 73 of the Company's Articles of Association, Hon. Sir Paul Chater, C.M.G., Hon. Mr. W. J. Greson, Dr. J. W. Noble, Mr. A. J. Raymond and Mr. G. C. Moxon retire, but being eligible offer themselves for re-election.

AUDITORS.

In the absence of Mr. W. H. Potts from the Colony, the accounts have been audited by Messrs. A. R. Lowe and F. Maitland. Mr. Potts and Mr. Lowe offer themselves for re-election.

HENRY HUMPHREYS,

Hongkong, 18th May, 1907.

Chairman.

PROFIT AND LOSS ACCOUNT.

From 19th October, 1905 to 30th April, 1907.

Dr. $ Cr. $ To coals and stores 19,612.48 By traffic receipts (after deducting loss on subsidiary coins) 140,999.61 To charge 6,106.16 By advertisement rents 844.51 To maintenance and repairs 9,707.00 By rent account 482.17 To rates, Crown rent and fire insurance 2,108.51 By transfer fees 7.00 To salaries and wages 36,292.05 By interest 4,365.41 To mortgage interest on R. B., Lot 80 8,115.82 To legal expense 16,718.00 To allowance to General Managers to cover office rent and clerks' salaries 9,209.68 To balance 43,830.71 146,701.70 146,701.70

BALANCE SHEET at 30th April, 1907.

LIABILITIES $ ASSETS $ Capital account c. 75,000 shares of $10.00 each 750,000.00 Permanent way and concession (old line) 200,000.00 Less unissued 250,000.00 Permanent way and concession (new line) 48,629.29 500,000.00 Stations, Crown leaseholds and buildings (Inland Lots 1,317, 1,383, 1,334, 1,835, 1,353 and R. B. Lots 50 and 80) 29,034.29 Mortgage R. B. Lot No. 80 99,000.00 Rolling stock 29,732.46 Sundry creditors 12,249.88 Office furniture 125.00 Profit and loss account 13,830.71 Coals and stores in hand 854.80 Sundry debtors 955.45 Cash in Hongkong and Shanghai Bank 16,892.10 Cash and compradores' orders in hand 3,830.35 625,080.59 330,053.74 Difference 295,026.85

Page 22696

JUL 9 1907

525