THE "STAR" FERRY COMPANY, LIMITED.
The Report for presentation to Shareholders at the Ninth Ordinary Annual Meeting to be held at Messrs. Gibb Livingston & Co.'s Office, St. George's Building, at 12.15 p.m., Wednesday, May 29th, reads:-
The Directors have the pleasure to submit to Shareholders their report, with a statement of accounts, for the year ending 30th April, 1907.
ACCOUNTS.
The nett earnings of the boats, after paying all working expenses and providing for a loss of $39,866.64 on subsidiary coins, were $46,032.60 as against $42,998.13 last year, being an increase of $3,034.47.
The amount at credit of Profit and Loss account, after paying for repairs and placing $8,250.00 to credit of Insurance Fund, is $27,237.91 which, with the approval of Shareholders it is proposed to appropriate as follows: Directors' and Auditor's fees $1,100.00, Dividend of 10 per cent. $15,000.00, Write off boats $11,000.00, Carry forward to new account $137.91.
ASSETS $ c. By value of boats as per last account 165,000.00 Since expended.... 1,700.00 166,700.00 Less written off 11,000.00 155,700.00 By accounts receivable 2,525.39 23,397.44 858.75 By Hongkong and Shanghai Bank.. By Hongkong and Shanghai Bank No. 2 account. 30,000.00 By Hongkong Hotel debentures.. By Hongkong and Kowloon Wharf and Godown Company, Limited, loan ... 75,000.00 By Cash in hand...... 100.00 PROFIT AND LOSS ACCOUNT. $ c. To ordinary repairs and alterations......... 10,112.54 cost of making good damage to wharf &c., caused by typhoon of 18th Sept. 9,334.05 Insurance fund 8,250.00 Balance Director and auditor's fees 1,100.00 Dividend of 10 per cent.... 15,000.00 Written off boats... 11,000.00 Carried to new account....... 137.91 Balance from last account... Nett earnings of boats...... 46,032.60 Interest 6,501.78 Scrip fees 26.00 Unclaimed dividends forfeited 165.00 27,237.91 $54,934.50 RESERVE FUND. $ 65,000.00 $65,000.00BUSINESS.
Passenger traffic, more especially first class, shewed a falling off compared with the previous year, due in large measure to there having been fewer steamers at the Wharves since the typhoon of September last.
TYPHOON OF 18TH SEPTEMBER, 1904
All five boats escaped but were more or less damaged. The guide piles at Lee House street wharf and the erections on the wharf were swept away. The cost of making good damage occasioned by the typhoon was $11,105.58 of which $1,771.53 (being the amount spent on the boats) has been debited to Insurance Fund.
DIRECTORS.
In accordance with the Articles of Association Mr. A. G. Wood retires but offers himself for re-election.
Hon. Mr. C. W. Dickson having resigned, his place was taken by Hon. Mr. W. J. Gresson whose appointment requires confirmation.
AUDITOR.
Mr. F. Maitland in the absence of Mr. W. H. Potts has audited the accounts now presented. Mr. W. H. Potts offers himself for re-election.
C. P. CHASER,
Chairman.
BALANCE SHEET, 30th April, 1907. $ c. LIABILITIES. To capital- 10,000 shares at $10 each fully paid up 100,000.00 10,000 shares at $10 each $5 paid up 50,000.00 150,000.00 To reserve fund 65,000.00 To insurance fund....... 39,436.37 To unclaimed dividends......... 858.75 To accounts payable 19,548.35 To director and auditor's fees 1,100.00 To dividend 15,000.00 To balance of profit and loss account 137.91 $290,081.38 INSURANCE FUND. $ c. To cost of making good damage of boats caused by typhoon of 18th Sept...... 1,771.53 Balance 39,436.37 $41,207.90 By balance from last account................ 32,957.00 Profit and loss account... 8,250.00 $41,207.90