February 20, 1895.]
CHINA OVERLAND TRADE REPORT.
139
couraging when the adverse circumstances are taken into consideration. The early promise of the year was excellent, but the plague inter- fered with our labour supply, increased the wages, and greatly diminished the quantity of goods on storage, besides affecting the number of steamers passing through the port. I cannot venture to say that the war had any marked effect one way or the other during the period embraced by the report and accounts, but I see an indica thou that it is affecting our storage revenues at the present time. On reference to the ac- counts on will notice that nothing has been written off property, as your Directors consider this unnecessary in view of the low figure to which it has been written down and the liberal expenditure in keeping up piors, buildings, launches, curgo-boats, etc., which is paid out of our current income. An offer has been made for the West Point vacant land, but as the price and the conditions accompanying the offer were not regarded as satisfactory your Directors re- fused to sell the property. As you are aware, gentlemen, there has been a now issue of deben- tures boaring interest at 5 per cent repayable in ten years, but the Company has the option of I need hardly say that these valuable securities have been readily taken up. It is with deep regret that the Board of Directors record the loss of the services of their esteemed colleague Mr H. Hop pius, who since the formation of the Com- pany until his lamented death zealously promoted tho Campany's inter sts. Mr. Siebs has been appointed a Director in Mr. Hoppius's stead, and Mr. Michaelson has taken the place rendered vacant by the resignation of Mr. Jantzen. Both of these appointments require your confirmation. I shall be happy to answer any questions share- holders wish to put to me:
No questions were asked
you can realize and appreciate the apprehension our principal establishments, and those have that cannot but be felt when things are going been found to answer their purpose admirably, anything but satisfactorily. You may rest cer- and have given thorough satisfaction, enabling tain, gentlemen, that your Directors in their turn, the work to be done more quickly and at a have had to face in a more or less degree their smaller cost than his heretofore been possible, full share of the vexations and disappointments The Cosmopolitan Dock has always laboured incidental to all commerical undertakings, but under a disadvantage in not possessing an more especially to banking; but I am only too erecting shop, and the necessary modern appli- thaukful to be able to bear testimony to the fact→→ ances for the handling of heavy weights, much and I have been a member of this Board during time having been lost in moving heavy pieces of the worst time the Bank basever known, certainly machinery and getting them in and out of the during the last twenty years-that as yet, so far machines, With a view to placing the work as we are concerned, we have never had to feel shops of this Dock in a more satisfactory anything in the shape of actual anxiety. Con-condition, aud in order to furnish the necessary cerning the future, you may rest satisfied, gentle facilities for ha ing all work more promptly men, that there shall be no want of care or vigi- accomplished, y or Directors have sanctioned the dance on our part, and we can only hope wo shall erection of a new fitting shop and a travelling never have to ask for any consideration at your crane capable of lifting 15 tous, the estimated bands; but you must please bear in mind it is the cost of these improvements being about $15,000. unknown and unexpected that has chiefly The returns from the Aberdeen Docks show a to be guarded against, and make every allowance loss for the six months of $3.257, but of this for it. We will senture to accept this exceedingly amount $1500 was the cost of the repairs to the thoughtful and graceful addition on your part to buildings damaged by the typhoon of October our honorariam in a double sense, partly as an last, the balance being the debit of the working expression of appreciation for services rendered, | account. The returns from this Dock are not but more so as an indication of your confidence what we should like to see them, but we hope in us as to the future, and we can only sincerely they may be more satisfactory during the co-paying them off wholly or in part in five years. trust you may never have cause for disappointing year. Our prospects for the half year just ment. There is no further business to submit began are very favourable, the net profits of the to you, gentlemen. This concludes the business month of January being $30 000, and both the of to-day, and I have to thank you for your attend- Kowloon and Cosmopolitau D cks are at presont ance. The dividend warrants will be issued on fully employed. It is with the most profound: Monday.
sorrow-sorrow I am sure which is shared by all present that I have to refer to the sad death HONGKONG AND WHAMPOA DOCK of our late colleague Mr. H. Hoppius, who
CO., LIMITED.
bad for twenty-three years been a member of this Board. Mr. Hoppins at all times evinced The half yearly meeting of the shareholders the keenest int rest in the welfare and prosperity of the Hongkong and Whampoa Dock Company of the Company, and his valuable counsel and was held at the offices of the Company Jon Mon-practical advice in the administration of our day afternoon. Mr. J.S. Van Buren presided, affairs were always appreciated and will be great- and there were also present ou. J. J. Keswick, ly missed in the future. Before proposing the and lessrs. G. B. Dodwell, J. Kramer, N. adoption of the report and accounts I shall be Siebs, St. C ́ Michaelsen, J. H. Lewis (Direc. glad to answer any questions.. tors), D. Gillios (Secretary), A. G. Wood, G. Murray Bain, A. Becker, C. S. Sharp, - R. Mitchell, E. Jones Hughes, W. J. Gresson, and Alexander Ross.
The SECRETARY read the notice calling the meeting.
|
No questios were asked.
The HAIRMAN-As there are no questions I shall be glad to propose the adoption of the
report, and acanonte
Mr. Wood-I have much pleasure in second- ing that.
Carried.
Mr. WooD-I have great pleasure in pro- posing that the app intment of Messrs. Siebs, Michaelson, and Lewis on the Directorate be confirmed.
Alr. SHARP-Esecond that, Carried
Mr. BECKER-I bor to propose the re-election of Mr. Kramer as Director.
Mr. MITCHELL-I have much pleasure in seconding that.
Carried.
Sir. BAIN-I beg to propose that Messrs. Arnold and Bird by re-elected auditors.
Mr Woon-I have much pleasure in second- ing that
Carried.
The CHAIRMAN-That is all the business be fore the meeting, gentlemen. 1 bare to thank you for your attendance. The dividend warrants will be ready to-morrow (Tuesday).
THE HONGKONG AND KOWLOON WHARF AND GODOWN CO., LD.
The CHAIRMANAs there are no questions, gentlemen, I beg to move that the report and accounts as presented to this meeting be adopted and passed.
MP, SHARP-I have much pleasure in second- ing that.
Carried.
Mr. Rose-1 bag to propose the confirmation of the appointment of Messrs. Michaelsen and Siebs as Directors,
Mr HARP-I beg to second that.
Carried.
Mr. SHARP-beg to propose the re-election of Messrs. Wood and Kramer as Directors for the year,
Mr. ROSE-I have much pleasure in second. ing that.
Carried.
Mr. SASSOON-I beg to propose the re-election of Messrs. Rose and Henderson as auditors.
Mr. WOOD-Ilsecond that resolution. Carried.
The CHAIRMAN ---That concludes the business of the meeting. I regret to see that the at- tendance has been so small, and I hope that it may be taken as an indication that the absent shareholders are satisfied with the conduct of the Company's affairs committed to the charge of the present ir otors. The dividend warrants will be posted this afternoon (Friday.)
The CHAIRMAN said-Gentlemen, the re- port and accounts having been in ydur hands some time we will wih your kind permission take them as read. The volum- of work done at the Company's establishments during the last six months has been very satisfactory, although the net profit is somewhat less than recent years, but this is accounted for in a great mea sure by the fact that our charges for work have remained about the same for the past ten years, whereas the cost of labour and material has been gradually advancing.| Thỏ, nof amount available for appropriation is $172,288.72, and your Director's have again the pleasure of recom mending the payment of a dividend of 7 per cent. for the half year, a bonus of $100 to con- tributing shareholders, $35,000 to be written off the value of the Kowloon Docks, and 25,000 from the stearn launches, and the balance $22,761.72 carried forward. to the new ac- count, and trust this distribution will meet with your approval. From the state. ment of accounts you will observe that it has again been found necessary to write off the large sum of $7,201.99 from the Admiralty Loâu Exchange Adjustment account. At our last meeting, when this account was closed at: 21 the Board hope that no further provision would be required in the future, but, unfortunately, silver has continued to fall and we have again had to make good the depreciation. It is of course useless to hazard a guess as to the future of silver, but it is to be hope there may be a
The Shangbai Mercury says:-Many very stoppage of the downward movement and an
ugly rumours are current about Shanghai as to eventual rise in values, which will put this ac count on a more satisfactory footing. During
the part being played by prominent Chinese merchants in the present war between this. the course of the past year forced draught has been fitted to the steam boilers at both the
country and Japan, the names of several who are sending cargos of rice and of other stores, and Kowloon and Cosmopolitan Docks and work-
The CHAIRMAN said-Goutlemn. I am glad even punitions of war, to the enemy in Shing- shops, and has been found to work satisfactorily. that the accounts presented to shareholders at king, Korea, and even angching Bay being admitting of the burning of the Charbonnages this meeting show that the business of the Com. pretty freely mentioned in some places. But of dust coal, there being no difficulty or trouble pany is steadily developing, and as it is being course no good can come of repeating these names in maintaining a full pressure of steam with conducted on careful and sound principles I unless the facts themselves become more fully that fuel. Although the quantity of Lope there may be an anual improvement in known. If the true facts about the loading of Charbonnages dust consumed is about the the revenues. In the year 1894 the gross re- certain junks ostensibly with rice for southern Bame as of Japanese coal, the lower cost venue was $44,463.56 more than in the previous ports, but in reality with rice and arms for Korea, ing in the course of the year. We have also fear, and the profit on working, exclusive of became known to the Chinese officials some of interest and repairs. is $91,396 16 against the most highly held heads might feel tender added several new machines and tools to both $81,932.54 in the previous year, which is en-around their fur-lined throats.
of the former represents a considerable say.
Τ
The eighth ordinary annual meeting of share holders of the ongkong and Kowloon Wharf and Godown Company, Limited, was held on the 15th inst. at noon, at the Company's office. 4, Praya Central. The Ilon. J. J. Keswick presided, and there were also present--Messrs. St. C. Mi chaelsen, A. G. Wood, J. Kramer, D. R. Sas- soon, C. J. Holliday, J. S. Moses. G. B Dod- well, il. H. Jose, NA. Siebs Directors),
and . Sharp. W. Mathisen (Acting Secretary), T. I Rose,
rening the meeting.
The ACTIG SECRETARY road the notice con-
The Franco-Siamese Commission, agreed upon between France) and Siam in August, 1894, is now, the Siam Free Press says, being formed for the adjustment of boundary disputes along the valley of the Mekong. In the Battambong zone M. Emale Roland has been appointed by the French Foreign Minister as Commissioner and he will act in conjunction with Phra Saka Bidet.
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