March 14, 1895.]
NATIONAL BANK OF CHINA, LIMITED.
meeting of the shareholders of the National Bank of Chius, Limited, was held on Saturday, at noon, at the offices of the Bank, Victoria Buildings, Queen's Road. Mr. D. Gillies pre- sided, and there were also present Messrs. Stolterfoht, Kwai Hoi Chuen (Directors), J. Buttery (a member of the London Committee). J. H. Cox, W. H. Potts, Captain Burnie, Chan Tat Man, Lee Yow Me, Chow Lui Wee, and a large number of Chinese shareholders.
The CHAIRMANsaid-Your Directors, in submitting to you the accounts and report for the past half year, are happy to be able to show what may be considered a satisfactory result. The accounts having been in your hands for some weeks you will have been enabled to see how it is proposed to apply the balance standing at the credit of our profit and loss account. We think it very necessary to com- mence the formation of a reserve and to put every year a certain part of our earnings to the credit of such a fund. It will redound to the stability and credit of the Bank and is an ear. nest of our intention to add to its strength and solidity; a policy which we feel sure will be warmly endorsed by all the shareholders. We intimated to you last year our intention of baving a small note issue, and we have now to inform you that it has been an unqualified success and, with full consideration for the safety of the public and the credit of the Bank, we keep ample cash funds against it. With many difficulties against us, we yet feel satisfaction in being able to assure you that the Bank continues to make good pro- gress, one of the first principles of sound banking being kept steadily in view, and that is--not to carry bad debts. The scare caused by the plague impeded business here very considerably during the summer, added to which the effect of the war has been to cause a considerable curtailment in the usual import trade, and if the war con- tinues much longer the results on business generally will be still more serious in the future; but we sincerely trust that hostilities will soon sease and that the results of peace will be in- creased trade, extended communications, and a keener appreciation by the ruling powers in China of Western methods and ideas. We keep our expenses at as low a minimum as is consistent with efficiency and generally take every care to further the Bank's interests by cautions management and prudent supervision. With these remarks I now beg to more that the accounts and report be adopted and that a dividend of $1.25 per share be paid on all shares whose calls were not in arrear on 31st December last. Before moving the adoption of the report and statement of accounts I will be glad to answer any questions that you may be pleased to put to me.
CHINA OVERLAND TRADE REPORT.
THE HUMPHREYS ESTATE AND FINANCE CO., LIMITED.
directors for the year ending the 31st Decem- The following is the report of the governing ber, 1894, for presentation to the shareholders at the ninth ordinary annual general meeting of the Company, to be held at noon on the 23rd March:
:
To the shareholders of Humphreys Estate and Finance
Co., Limited. Gentlemen,--We beg to lay before you our report and balance sheet for the year 1894.
The net profit, including a balance of $518.29 out of which we propose to pay a dividend of 7 per brought forward from last year, amounts to $10,295, cent. on the Ordinary shaies, which will absorb $9,380, and carry forward $915 to new profit and loss account.
Henderson, who offers himself for re-election as auditor The accounts have been audited by Mr. Fullarton for the ensuing year.
JOHN D. HUMPHREYS & SON,
Governing Directors.
Hongkong, 8th March, 1895.
BALANCE SHEET, 31ST DECEMBEE, 1894, LIABILITIES. Cash on deposit.... Fixed loans....
Fund for equalization of dividends. Capital account, ordinary shares $134,000.00 Capital account, deferred shares 120,000.00 Profit and loss
ASSETS.
Amount invested on mortgage Amount invested in property Secured loans...
Amount invested in public companies Sundry debtors Building materials
Office furniture
Cash in Hongkong and Shanghai Petty cash in hand...........
Bank...
138,068.49 40,400.00
197
BALANCE SHEET ACCOUNTS FOR THE YEAR ENDING 31ST DECEMBER, 1894.
ASSETS.
256,000.00
Less depreciation written off...... 13,000.00 Value of Company's steamers
Esmeralda and Zafiro
Value of buoys and moorings at Amoy and
Hongkong
Value of coals on hand Value of stores on hand
Forfeited shares account.... Outstanding freight 1893 Premium value of unexpired policies
Sundry debtors Outstanding freight 1894
Hongkong and Shanghai Banking Corpora-
tion
Cash on hand
254,000.00 | Interest account
10,295.00 Exchange account....
Charges account
243,000,00
701.68
465.00
1,796.11
1,850.00
12,760.71
138.61
16,791.97
6,978.277
7,551.24 528.77
Amount written off for depreciation 1894... 13,000.00
$292,062.36
LIABILITIES.
Capital, 5,000 shares at $50 per share Dividends uncollected account 1893 Bad and doubtful debts
250,000.00
177.50.
0.11
Underwriting account
7,080.68
Sundry creditors
12,470.78
Due to General Managers
3,518.94
8,360.81
Balance of profit and loss account
18,814.40
$292,062.38
PROFIT AND Loss ACCOUNT.
0.
926.04
237.21
$
$451,124.30 Loss on stores......
Consulting committee Auditors' fees
1,438.81
94.64
2,000.00
300,00
311,441.50
103,835,46
Balance
18,814.40
21,120.29
2,600.00
$36,811.10
2,036.19
479.68 Balance from last account
1,300.00
́Less dividend for 1893,
$13,077.35 12,500.00
$
$ 8,278.25 32.93
C.
577.35
Profit on working steamers Esmeralda and
Zafiro..
27,768,31
8,311.18
$451,124 30
Amount transferred from bad and doubtful
debts Amount received from Spanish Government, Manila account, fines paid in 1887 refunded Profit on sale of 50 forfeited shares...
5,952.00
1,830.94
682.50
$86,911.10
3,048.90 3,000.00 Amount transferred to profit and loss ao. 9,380.00 count....
BAD AND Doubtrud DEBTS. Balance from last account.
$ 0.
815.36
5,952.00-
915.00 Balance
$6,797.47
$c. 513.29 15,830.61
Amount received for 5 per cent. dividend on
claim against Russell & Co. in liquidation 1,641.36 Amount received account compromised claim against Russell & Co. in liquidation, at
0.
Manila
5,156.11
$6,797.47
PROFIT AND Loss ACCOUNT.
Dr.
To general charges, repairs, Crown rents, fire insurance, anditor's fees and depre ciation
To remuneration to governing directors for
management, clerks, and office rent To dividend of 7 per cent. on $184,000.00... To balance to new account
Cr.
By amount carried forward from 1893 By rents, interests, &c., &c.
SHIP CO., LIMITED.
$16,843.90
$16,343.90
There were no questions, and the CHAIRMAN THE CHINA AND MANILA STEAM- maid-Gentlemen, there being no questions to answer I beg to move that the report and state- ment of accounts be adopted and passed.
Mr. Chan TAT MAN seconded the resolu- tion, which was carried.
Captain BURNIE proposed that Mr. Stol- terfoht and Mr. Kwan Hoi Chuen be re-elented Directors, and that Mr. C. B. Stuart Wortley. Q.C., M.P., be re-elected a member of the London Committee,
::
The following is the report for presentation to the shareholders at the twelfth ordinary general meeting to be held on the 23rd Marcu at noon-
THE HONGKONG ROPE MANU. FACTURING CO., LIMITED.
The following is the report for presentation to the shareholders at the eleventh ordinary Annexed we beg to submit to shereholders the usual general mee ing, to be held at the office of the statement of accounts for the year ending 31st December,neral Managers, on Saturday, 231d March, at
12.30 p.m. 1894.
The gross profit, including the balance from last year Mr. LEE YOU ME seconded the resolution, amounts to $3,81440, and after writing off $13,500 for depreciation of ste mers there remaiųs $18,814.10, which which was carried.
it is proposed to deal with as follows, viz. :— Mr. CHOW LUI WEE (of the Man On Insu-To pay a dividend of 7 per cent
$17,500.00 rance Company) proposed, and Mr. SEE FONG To carry forward to next year's account....... 1,314.40 CHUN seconded, that Mr. W. Hatton Potts and The result is disappointing compared with last year's, Mr. J. H. Cox be elected auditors and that but has been brought about by two causes, viz., the Messrs. Deloitte, Dever, Griffiths & Co. be elected accident to the 8.8. Zafiro, which struck on a rock while leaving the harbour on 14th November laat, causing a auditors in London at the same remuneration as loss of two months' revenue to the Company, and the before.
prevalence of the plague in Hongkong, which neces sitated a further loss of là days' quarantine at Manila to The result of this combination of adverse circumstances has each steamer during the greater part if the year. been that while the earnings of the steamers decreased their expenses increased, thus fully accounting for the falling off this year.
The resolution was carried. The CHAIRMAN-I have to thank you for your attendance bere to-day and I have the pleasure to inform you that the dividend warrants will be ready on Monday. That is all the business,
The cold at Yokohama on Thursday night, 21st February, was probably, the Japan Gasette says, the most intense experienced in Yokohama for many a long day-perhaps for many long years. In the Y. U. C. the lemonade was frozen solid in the bottles. The "boy," who has been there nearly a quarter of a century, never remem bers seeing anything similar.
CONSULTING COMMITTEE.
We have to record with deep regret the death of Mr. the appointment of Mr. N. A. Siebs. In accoraanes with H. Hoppius, whose place at the Board has been filled, by the Articles of Association Messrs. Gillies, Moses, Siebs. and Shewan all retire, but offer themselves for re-election.
AUDITORS.
The accounts have been audited by Messrs. J. H. Cox. and T. 1. Rose (acting for Mr. Arnold). Mesara. Cox
and Arnold are eligible for re-election,
SHEWAN & Co., General Managers. Hongkong, 28th February, 1895.
Annexed we have the pleasure to lay before share- hoidere the usual annual statement of accounts made up to the 31st December, 1894.
per cont
$6,000,00 27,000.00
The gross profit including the balance brought for. ward from last year amounts to $46,152.02, and after writing off $10,000 for depreciation of plant and machinery there remains $38,153.02, which it is pro- posed to appropriate as follows: to place to reserve fund.. 10 pay a dividend of 18 To carry forward to next year's account...... 4,162.03 Owing to the heavy demand for the Company's rope created by the war in the North the factory was for the. first time in its existence kept steadily going through. out the year, with the exception of a few days in the summer when work was stopped by the plague. The usual clean up took place at the end of the year, when machinery and plant were thoroughly overhauled and put in first class order and condition.
CONSULTING COMMITTEE.
Messrs. Gillies, Moses, Lewis, and Shewan retire, but In accordance with the articles of association offer themselves for re-election.
AUDITOES.
The accounts have been audited by Messrs. F. Henderson and T. I. Rose (soting for Mr. Arnold). Messrs. Henderson and Arnold are recommended for re-election.
SHEWAN & Co., General Managers- Hongkong, 28th February, 1895.
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