312
COMPANY MEETINGS,
GANDE, PRICE & CO., LTD.
The 15th ordinary annual meeting of Messrs. Gande, Price & Co., Ltd., was held at the Company's office, No. 8, Queen's Road Central, on March 17th.
The Hon. Mr. Lau Chu-pak presided, and there were present Messrs. S. C. Pank, C. H. Lyson and Lau Po-wing (directors), Mr. C. Bond, (Secretary), and Messrs. J. J. Blako, D. Rumjahn, Leung Yan-po, Pang Kwok-sui, Pang Kwok-lat and S. Yamauchi (shareholders). The CHAIRMAN said:-The nett profit for the year under review is $40,544.86, which I am pleased to say, is an increase of $24,382.25 over that of the previous year, and, taking into consideration that business generally during the past year has been exceptionally bad throughout the Far East, your Directors are of opinion that the balance sheet as placed before you is a very creditable one. The nett profit of $40,544.86, together with the bal- ance of $2,712.86 brought forward from credit of profit and loss account for 1920, makes a total credit of $43,258.02, which your Directors recommend to be disposed of as 10.lows:—
To pay a dividend of $1-per share on 18,105 shares, which will absorb $18,105; to write off goodwill account $10,000; transfer to general reserve account $10,000; and carry forward the balance of $5,153.02 to this year's account.
THE HONGKONG WEEKLY PRESS &
per annum, were approved on the pro- position of the CHAIRMAN, seconded by Mr. M. S. NORTHCOTE.
[March 25th, 1922.
Mr. H. BIRKETT, in seconding said:-I consider it as a great honour to have the privilege of seconding the very fine report now before this meeting. I feel sure you HONGKONG AND WHAMPOA DOCK before you are nothing less than marvel- will agree with me that the accounts now
CO., LTD.
The ordinary general meeting of share holders in this Company was held at the offices on March 20th. Mr. H. P. White (Chairman) presided and there were also present: the Hon. Sir Paul Chater, Sir Robert He Tung, Mr. D. G. M. Bernard, Mr. G. M. Dodwell and Mr. P. A. Cox (Directors); Mr. R. M. Dyer (Chief Manager); Mr. E. L. Hosie (secre- tary); and the following shareholders: the Hon. Mr. A. O. Lang, Messrs. G. P. Lammert, T. E. Pearce, W. Budge, H. Birkett, Lo Cheung Shiu, M. A. Razack, F. Ellis, Chau Siu Ki, Man Kook Ming, Kelly Sayce, N. V. A. Croucher, H. L. Yeung, E. Abraham, P. M. N. da Silva, A. R. Austin, and Dr. J. Donelan.
The CHAIRMAN said:-Gentlemen, It is with considerable pleasure that we come before you with such a favourable report for 1921, a year which has not been re- markable for any great commercial ac tivity. Our shipbuilding output for that period was over 27,000 tons of 18,000 in dicated horsepower, a figure which com- pares well with some of the largest ship- yards at home, and will convey to you some idea of the capacity of our establish- ments in normal times. In addition I I think you will agree with me that it think I can assure you that the various is a wise precaution to further strengthen ships built, which have included oil tank- our general reserve account and writeers and passenger and cargo steamers down our goodwill account as it enables have given every satisfaction to their us to meet any unforseen emergency that
owners. (Applause.) may happen in the future, especially, as business has been practically at a stand- still during the past two months. In con- olusion, I wish to thank the management on behalf of the Directors and share- holders for the aole manner in which they have looked after our interests, and I trust that the staff will continue as they have done in the past.
The CHAIRMAN then proposed the adop- tion of the report and accounts.
Mr. J. J. BLAKE seconded and endorsed the Chairman's thanks to the staff.
The motion was carried.
Mr. C. H. LYSON was unanimously re- elected a director on the proposal of Mr. BOND, seconded by Mr. BLAKE.
Messrs. Lowe, Bingham & Matthews were re-elected auditors on the proposal of Mr. Pang, seconded by Mr. LEUNG
YAN-PO:
Mr. BLAKE said that some time ago the directors had voluntarily given up their fees, and in view of the Company's posi- tion now, he had much pleasure in pro- posing that the meeting vote the return of the directors' fees, and increase them from $500 to $750 each.
Mr. BOND seconded, and the motion was carried.
A bonus of 10 per cent. on their year's salaries was voted to the staff.
HUMPHREYS ESTATE AND FINANCE CO., LTD.
THE PROPOSED NEW DRY DOCK.
With reference to the remarks of my predecessor regarding our proposed large new dry dock, you will be interested to hear that we have commenced to level ail the additional ground recently acquired at the back of our Kowloon premises, This work will take about three years, and, when completed, in addition to a site large enough for the dock, will give us space for a new i on and steel foundry and additional European quarters. The actual construction of the dock has not yet been decided on, but will in due course have the consideration of your directors.
Other improvements in hand include the rebuilding of the machine shops at Cos mospolitan Dock, and new steel caissons to replace the present wooden ones at
our Nos. 2 and 3 docks at Kowloon.
lous, taking into consideration the condi- tion of the shipping industry the world over during the past year.-(Applause.) Many shipbuilding yards at Home have not only been unable to pay their way but they have had to close down. Thanks to our energetic Manager and his cfficient staff we have been able to main- tain our record dividend and bonus of last year and yet only pay out fifty per ccnt, of our profit. Regarding the bonus to the staff am sure you will agree with ie when I say that they have more than earned it.-(Applause.) With these few remarks 1 beg to second the report and accounts before you.
Mr. CHEUNG SHIU seconded the re-election of BUDGE proposed and Mr. Lo
Sir Paul Chater and Mr. H. P. White as directors.
This was agreed to.
the appointments of Mr. D. G. M. The Hon. Mr. A. O. LANG moved that
Bernard and Mr. P. A. Cox to the Board of Directors, be confirmed.
carried.
This was seconded by Mr. SILVA and
Mr. G. P. LAMMERT moved the re election of the auditors, Mr. H. Percy Smith and Mr. A. R. Lowe, at a remune- ration of $1,500 cach
Mr. N. V. A. CROUCHER seconded and the resolution was carried.
COMPANY REPORTS.
CHINA SUGAR REFINING CO., LTD.
The report for presentation to the shareholders reads as follows:-
The General Agents beg to sumbit to the shareholders their report on the Com- pany's business for the year ending December 31st, 1921.
The balance at debit of profit and loss account after deducting the sum of $75.871.11 brought forward from last year amounts to $520,248.33; to meet this the sum of $520,248.33 has been transferred from Sugar Fluctuation Account to the credit of profit and loss account.
The General and the Consulting Com- mittee recommend the payment of a dividend of $5 per share out of the amount at credit of equalization of dividend fund, which will absorb $100,000,
and, if agreed to, will leave a balance of $500,000 to the credit of equalization of dividend fund.
Consulting Committee. The General agents regret to have record the death of Mr. Francis Maitland who has been actively interested in this Company since 1906 in the capacity of a member of the Consulting Committee.
You will notice that we have again previded liberally for depreciation. This is made up on basis of about 20 per cent. off additions during the year, 20 per cent. off floating plant, all the additions to plant, machinery and buildings at Cosmopolitan Dock and 10 per cent. off the remainder. The bonus to the staff, as in previous year, repre- The present Committee consists of Hon. sents twenty per cent, of their annual Sir Paul Chater, Kt.. C.M.G., Hon. Mr. salaries, which I trust you will consider A. O. Lang, Messrs. H. P. White, and the results of the year's working justifies. E. J. Chapman who offer themselves for
-(Applause.)
re-election.
With regard to the future, as is well- An extraordinary general meeting of known to all of you, the present outlook this Company was held at the Hongkong for shipping and shipbuilding is not Hoon March 20th, to confirm ro. particularly bright, but with our well- solutions passed at an extraordinary equipped establishments, efficient staff, general meeting on March 3rd. Mr. and small capital, I can only assure you Henry Humphreys presided and there were that we are in
a wonderfully strong also present the Hon. Mr. A. O. Lang, Mr. position to compete for a fair share of W. E. L Shenton, Mr. W. L. Pattenden, whatever business there is to be obtained. Mr. J. M. Alves (Directors), Mr. G.
-(Applause.) Rapp (secretary), and Messrs. M. S. Northcote, JD. Humphreys, W. Morley, and D. E. Clarke (shareholders).
The resolutions, which authorise an in- the remuneration of the general managers from $8,000 to $10,000
crease
in
With there few remarks I beg to pro- pose the adoption of the report and accounts and after they have been second- ed I shall be glad to answer to the best of my ability any questions that share holders may desire to ask.
HONGKONG FIRE INSURANCE CO., LTD.
We are officially informed, that subject to audit, the General Managers and Con- sulting Committee of the Hongkong Fire Insurance Co., Ltd., will recommend at the forthcoming meeting of shareholders to be held on 31st instant, the payment out of the profits for the year 1920 of a dividend of $30 per share absorbing $240,000 and to pass £38,014 138. 2d. at ex 2/7=294,307.02 to credit of reinsur- ance fund; carrying forward $501,039.11 in respect of the year 1921.
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