Page
84
31st Dec., 1894.
ASSETS.
Value of 4 steamers and ths of Fatshan, Value of wharves
Value of cargo-boat and wharf cargo shed Value of iron lighter Sun Lee
Value of coal and stores.
Value of sparo gear
Value of furniture.
Value of shares in public companies Chinese bonds (at par).
Hongkong Hotel 6 per cent. mortgage
debentures
Loans on mortgage. Properties foreclosed
Fixed deposits with the Hongkong and
Shanghai Banking Corporation..... Deposit with the Hongkong and Shanghai
Banking Corporation at call
Cash with the Hongkong and Shanghai Banking Corporation on current account Premium on special torpedo ris: policies
unexpired
Interest accrued to date Sundry debtors
81st Dec., 1894.
Amount of capital, 80,000 shares of $20
each, fully paid-up
LIABILITIES.
Amount at credit of depreciation and in-
aurance fund
Amount at credit of equalization of divi.
deud fund
Unclaimed dividends
Sundry creditors
Amount at credit of profit and loss account
Dr.
10 000.00
THE HONGKONG WEEKLY PRESS AND
[January 31. 1895
two new points where gold has been discovered.
Grant's and Eureka.-Work on these two mines beiur for the moment suspended, there was nothing fresh to report.
c. THE KOWLOON LAND AND BUILD-ing, and tenders will be invited for working at 900,000.00
ING COMPANY, LIMITED. 20,000 (0
1.300.00 The following is the sixth report of the 4,173.59 Board of Directors to the ordinary meeting of 2.983.11 shareholders, to be held at the Company's 750.00 Offices, Victoria Buildings, at noon, on Monday 111,102 22 next :-
1,034.48
GENTLEMEN, The directors now submit to you a 73,500.00 statemen: of the affairs of the Company and balance sheet 809,250.00 for the year ending 31st December, 1891.
68.500.00
The ba ance of profit and loss account for the year, aftor writing off all charges and expenses, amounted to 50,000.00 $4,419 21. The directors therefore recommend that a di- vidend of 70 cents per share be paid, which, after writing 225,000.00 off the directors' and auditors' fees, will leave a balance of $47.21 to be carried forward to the credit of a new profit 43,213.39 and loss account.
DIRECTORS.
3,409.66 Messrs. F. Henderson and F. A. Gomes retire by rota 3,777.01 tion, but offor themselves for re-election. 14,417.54
AUDITORS.
The accounts have been audited by Messrs. T. I. Rose $2,341,411.03 and W. H. Gaskell in place of Messrs. Thos. Arnold and R. Lyall, who are temporarily absent, but these latter gentlemen now retire and offer themselves for re-election.
F. HENDERSON, Chairman,
FROEIT AND LOSS ACCOUNT.
To amount paid for repaira :
31st Dec., 1894.
To steamers
To wharves...
To lighters
C.
1,600,000.00
800,000.00
BELL'S ASBESTOS EASTERN AGENCY, LIMITED.
The Company which has been formed in Lon. business in Hongkong, aud a few particulars don with the above title is now commencing
with reference to the concern may prove interest- Ling to our readers Bell's asbestos goods are of course familiar to all users of steam and eleotri- city. For some years after the goods were placed on the market the demand from the Far East steadily increased, but then became compara- tively stationary. In view of the large growth of steam shipping and manufacturing industry in this part of the world the directors were at a loss to account for this, and a year ago Mr. F. A. Waylen, who is connected with Bell's Asbestos Cd., Limited, came out to investigate. The result was that he found engineers and others, who supposed they were being supplied with the genuine article bearing Bell's name were re- ceiving instead adulterated goods at cheaper prices. It was then decided to establish an Eastern agency, and the conclusion was arrived at that this could best be carried out by forming 60.60
a subsidiary Company. Accordingly Bell's 469.00 4,419.21
Asbestos Eastern agency, Limited, has been registered under the English Companies Acts. $183,742.81 The capital is £10,000 in ten thousand or- dinary shares of $1 each. The whole of c. the required capital and a great deal more 3,210.16 could have been obtained in England, but 160,639.10
as the policy of the promoters was to afford the users of the goods in the Far East an oppor. 19,000.00 unity of becoming interested only 3,500 shares 22.08 | were issued on the Lonion market and the re- 871.47 mainder will be open for subscription here, Ultimately a local register will probably be estab- $183,742.81
lished.
Hongkong, 14th Jannary, 1895..
BALANCE SHEET, 31ST DECEMBER, 1894. 31st Dec., 1894. LIABILITIES 9,000.00 Authorized capital, 6,00 shares of $50 each 1.416.40 $300,000, of which5, 960 allotted $30 each 17,213.27 paid-up 113,751.36 Accounts payable
Dividends outstanding! Balance of profit and loss account
$2,311.411.63
To Company's proportion of loss account Fatshan's collision with junk laden with cotton yarn....
C.
Slut Dec., 1894.
Cash
Cost of property
!ASSETS.
76, 5 per cent. mortgage debentures of the Hongkong and Kowloon Wharf and Go. down Co., Limited ... Fire insurance unexpired
$16,233,51
611.17 19.22
10,963.90
805.54
Accounts receivable
To directors' and auditors' foes
3,250.00
To balance to be appropriated, viz. :-
Dividend at 6 per cent.. on
$1,600,000.....
$96,000.00
To be carried to new account.... 17,751.36-
113,751.36
178,800.00
PROFIT AND Loss ACCOUNT, 31ST DECEMBER, 1894. 31st Dec., 1894.
Dr. To charges 1o Crown rout and rates $134,670.80 To fire insurance
30th June, 1894.
Cr.
$ C.
To commission to agents To repairs
By amount brought forward from last ac-
count.
31st Dec.
By net earnings of steamers
21,7.2.19
70,749.03
To balance to be appropriated as follows:
Dividend of 70 couts por share. $4,172.00 Directors' fees ...
150.0
Auditors' fees.
50.00
By interest on investments
$10,546.20
To be carrie 1 to new profit and
loss aéconnt
47.21
Less written off value of share
investments.
7,147.62
-33,098.58
By transfer fees.
71.00
1st Jan., 1594.
Cr.
$134,070.80
By balance brought forward 31st Dec.
By rents
31st Dec., 1894.
To balance
Dr.
C.
DEPRECIATION AND INSURANCE FUND.
By interest
600,000.00 By scrip fees
$600,000.00
30th June, 1894.
Cr.
By amount at credit
C
600,000.00
$600,000.00
EQUALIZATION OF DIVIDEND FUND
31st Dec., 1894.
To balance
30th June, 1894. By amount at credit
Dr.
C.
600.00
A contract has been concluded with the parent $ c. Company by which the Agency Company has 276.51 secured for a term of fourteen years, dating 1,274.74 from the 1st January of this year, the good-will 66.45 of the business in the Far East, and the profits 234.95 which were being derived from orders placed direct with the parent Company will now be handed over to the Agency Company. Those profils are more than sufficient to cover all the establishment charges of the latter and the extension of the business which is anticipated 4,419.21 will therefore represent so much clear profit. The parent Company does not confine itself $7,471.96 | exclusively to the mauufacture of asbestos goods bat also manufactures oils, brass work, and gen- eral engine room requisites, amongst which the asbestos lubricant has a well established repúta- 6,301.00 tion. The Eastern Agency, Limited, has also 1,078.43 secured the sole agency of four or five other 24.00 important manufactures used in connection with
engineering. $7,471.86
68.43
A. SHELTON HOOPER, Secretary to the Hongkong Land Investment and Agency Co., Limited. Agents for the Kowloon Land and Building
Co., Limited.
The directors of Bell's Asbestos Eastern Agency are Mr. F. A. Waylen, Mr. W. R. Jenkins, and Mr. A. G. Angier, and Mr. F. C. Bell, the founder of the parent Company, will join the Board at the general meeting. Mr. Waylen, who, as above noted. visited the Far Hast a year ago, has come out again to set the
9,000.00 THE NEW BALMORAL GOLD MINING business in motion, and, after seeing it fairly
$9,000.00
Cr.
$
CO., LIMITED.
Advices dated 28th nit. were received per C. Tainan on Thursday :- 9,000.00
Writing in the middle of the Christmas holi- $9,000.00 days the manager reports that work was practi- cally suspended except at the battery, where the first crushing of s nie 8 tons of mixed ore, classified as low grade," was going on. (This is The Naval Court of Enquiry held at Shanghai the crushing the results of which were received into the loss of the Taiwo on the Centaur Cross. by telegram on the 5th instant and published on ing rendered its decision on the 24th inst. The that date.) The battery of ten head of stamps Court was composed of Mr. W. Holland, as Pre- was working well; also the engines and boiler, sident; Lieut. Lodder, of I.M.S. Caroline, and all of which have undergone extensive alterations Captain Hughes, of the steamer Chungking as and repairs since the formation of the new Com- members, and Mr. Hargreaves, of HMS. Caro-pany.s
established, will return to England. There will be a local Advisory Board in Hongkong, and with the growth of the business depôts will be established at Shanghai, Singapore and Yoko-
hama.
The list of subscriptions for shares will open on the 1st February, and the terms of issue will, be announced in due course,
The Pechili returned to Shanghai on the 17th inst. from the wreck of the Taiwo, bringing the captain, officers, engineers, and crew. Since then the wreck has been surrounded by boats, the oc- cupants of which have swarmed on board and helped themselves to everything they could carry.
away.
ling, as clerk of the Court. The Court found, Queen Mine. The outlook promises ex- Telegraphic uews bas been received at Shang- Captain Forrister guilty of grato error of judg-tremely well. Tenders for sinking the main hai from Chefoo to the effect that the telegraph ment, first, in dispensing with the services, of a shaft, for contiuning the wings at the 145 feet station at Chengshan island has been abandoned. pilot, secondly, in not making allowance for the level, and for driving along the reef at north end This island lies midway between Chefoo and strength of the tide, and, thirdly, for not using of same level were being asked for, and these Weihaiwei, connecting both places. Communio- his anchors when the ship touched the ground. works will be in hand immediately after the ation by telegraph between Kiaochen and Wei- haiwei and thence to Chefoo by land was still un- The Court censured him for these errors of judg- commencement of the New Year. ment, but did not deal with his certificate.
Balmoral-Prospects here are still improv.interrupted on the 22nd inst.
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