198
PROFIT AND, Loss AccouNT.
0.
Frohange...
Hepairs and maintenance of buildings and
machinery
109.34
1,457.19
Written off buildings and machinery as de-
preciation for 18:4
10,000.00
Transferred from bad and doubtful debts
socount...
Consulting committee......................
Auditors
Balance
Balance from 1893..
Interest
Balance of working account
Cost of land
THE HONGKONG WEEKLY PRESS AND
[March 14, 1895.
vernment, being second instalment due on account of THE NEW BALMORAL GOLD MINING the Hotel Company's interest in the Praya reclama.
tion.
BUSINESS.
The business done by the hotel has been somewhat larger than during the corresponding half of 1803.
The gross receipts, apart from the rents of shops 140.70 and offices, show an increase of about 8 per cont, 1,000.00
The gross revenue to date of the present half year 300.00 (1895) shows an improvement on that for the same. 36,152.02 months of last year.
MANAGEMENT. $49,15,25
C.
122.60
The late manager Mr. R. Tucker, delivered up charge of the hotel on the 22nd December last.
His five years agreement did not expire until the 30th April, 1895, but the directors considered it best in the interests of the hotel 223.52 to pay him off as soon as a new manager could be 48,813.13 obtained.
The agreement of the present manager, Mr. E. J. $49,159.25 Richardson, expires on the 20th June next.
DIRECTORS.
CO., LIMITED.
The General Manager of the New Balıporal Gold Mining Co., Limited, has received advices dated 7th February per Menmuir,
month had not allowed the mining manager time The pressure of work during the preceding
to devote his attention to all points, but he gave his best energies to the most important of them, viz, Balmoral, Queen, and Eureka, in order that sufficient stone may be obtained as cheaply as possible to keep the battery in constant work. This was expected to result very shortly after the Eureka mine had been cleared of water!
Balmoral.—A considerable amount of surface work has been done with a view to getting the mine into proper working order in the shortest time. The winze was too small for the require- ments and was being out down, supplies of good
Messrs. Ho Tung and W. Parfitt retire by rotation. Mr. Ho Tung does not offer himself for re-election; Mr. Parfitt does. The directors have invited Mr. R. C. Wilcox to a seat on the board, which appointment re-gold bearing stone being met with in this and quires confirmation by the shareholders.
AUDIT. The accounts have been audited by Messrs, W. H. Potts and W. H. Gaskell, who offer themselves for re- election.
Ho Tuxo, Chairman.
Hongkong, 12th March, 1895.
BALANCE SHEET 31ST DECEMBER, 1894. ASSETS.
BALANCE SHEET.
$ 0. $20,000.00
Value of factory, machinery, &c.
as per last statement Less depreciation 1894.......
G.
110,000.00 ....... 10,000.00
Value of rope, hemp, &c., in godowns
100,000.00 39,618.12
Value of rope consigned
$16,314.59
Less advances on same
15,9-8.57
30,326.02
Insurance premis account 1895
1,075.84
Hongkong and Shanghai Banking Corpora-
tion
18,456.78
Cash in hand
1,152.13
Cash at factory
25.00
To Hotel property-
To marine lot No. 5.
21,256,17
and remaining por
$231,910.06
435,573.04
$ c.
Capital, 3,000 shares at $50 paid.up
Reserve fund........ ................
150,000.00 30.000.00
Less $25 on 922 shares
forfeited
23,050.00
412,523.01
Due General Managers
3,203.18
Bundry creditors
12,554.86
Balange of profit and loss account
36,152.02
Sundry debtors
tion of marine lot
No. 3, as per last report
...
To remaining portion of marine
lot No. 7, as per last report 408,157.26 7,049.92 To Praya Reclamation
$231,910.06 To furniture, as per last report. $87,757.91 Since added..
497.40
THE HONGKONG HOTEL COMPANY, To stock, wines, and provisions
LIMITED.
The following is the report of the directors to presented at the ordinary meeting of share. holders, to be held at the Company's hotel, at noon on Saturday next :-
In accordance with section 53 of the articles of associa- tion, the directors have now to submit to the sha ebolders thair half-yearly report for the six months ending 31st December, 1894.
ACCOUNTS.
The profit and loss account of the Company shows a redit balance of $576.92, including $2,765/31 brought forward from last account, as compared with a. debit Balance of $10,379.17 on 31st December, 1883. The amount received from rents of shops and offices is practically the same as for the half-year ending 30th June, 1894.
The profit of the hotel, as distinct from that of the Company, for the six months amoun's to $5,714,06, against a profit for the same half year of 1893 of $2,381.16.
"2
The profit on the "board and lodging account for the half-year is $14,731.60, against a profit on the same account for July to December, 1893, of $12,333.43.
The "bar and wine room accounts" show a surplus $9,662.58, against $6,692.08 for the same period of the previous year.
The "billiards account" shows a diminished profit to the extent of $882.47, with considerably loss gross receipts. Which the directors find it difficult to explain satisfactorily, The takings from this source of revenue will require saraful watching by the management in future.
The gross earnings of the steam launch also show a heavy falling off, upwards of 30 per cent. This is likewise difficult to explain, assuming that the subordinates in charge of the launch collections during the period under review paid in to the hotel office all the money they
received.
Balaries and wages for the six months amounted to ),784.13, against $9,909.02 for the second half of 1893.
Repairs and sundry expenses accounts show balances at debit much about the same as last year.
HOTEL COMPANY'S ACCOUNT.
The very large interest charge on mortages and de. beatures differs but very little from tost of previous half years. It will be noted that the whole of this charge has been debited to the profit and lose ao. ❤ount of the Company.
**
persors
The sum of $28,050, being the amount of allotment and first calls paid up on 922 forfeited shares, has been removed from the capital account and the value of
hotel property written down to that extent. The sum of $2,600 on account of calls has been col- Jeated during the half-year from various whose shares have been forfeited. The sum of $1,000 was received in a similar way prior to 30th June last. These two amounts now stand at credit of profit and loss account, but the directors recommend that they should be written off “furniture account" during the Legal expenses $518 are chiefly in connection with recovery of calls on shares and trade debta,
eurrent half-year.
To steam launch To cash
To shares...
To lienses attaching to 1595 To Hongkong Bank To sundry debtors
By capital-
LIABILITIES.
8,879 shares at $50 each
By Hongkong Hotel Co., Limited, 300 (6 per
cent.) debentures at $500 each By Hongkone Land Investment and Agency
Co., Limited
By sundry creditors.. By balance
C.
other workings. The mine was looking more promising day by day, and at any time a rich vein might be struck. The formation of the gold deposit remains still very patoby, and rich stone is occasionally met with, bat in small quantities.
Queen. The reef is now somewhat larger, and the bulk of the stone next ornshed will be got the from this mine, The boiler is now on ground, and the poppet-heads will next be taken in hand.
Grant. The upper level is now being worked from the Queen shaft, the drive from which has been continued through the boundary. Fair stone is being obtained.
Eureka. Here work has been pushed forward; poppet-heads are now erected, winding engine been set in position, and the boiler is ready for 827,730.22 | fitting up steam as soon as the connections are made. In a few days the pump would be in position, and the mine was expected to be in working condition in about a week..
88,255.31 9,919.84 2,500.00
Battery. Several repairs and alterations to 1,667.38 defects which were brought to light by the first 11,474.10 orushing had to be effected, but these have been
642.50 properly carried out.
11,560.77
15,326.06
$989,076.27
$ C.
443,950.00 150,000.00 350,000.00 24,549.35 576.92.
$969,076.27
PROFIT AND LOSS ACCOUNT, FOR THE SIX MONTHS ENDING 31ST DECEMBER, 1894. $ c. To Crown rent To directors' and auditors' fees To salaries and commissions..
To fire insurance
To legal expenses
To interest on loans and debentures To balance
By balance from last account. By profit on Hongkong Hotel for six months ending 31st Decem- ber, 1894
By less bad debts
By add rent of shops
and offices
$ 2,765.31
$ 5,714.06 830.74
$ 4,883.32
10,487.04.
15,870.36
By bonus and dividends from local offices... By received against forfeited shares to 31st
"December, 1894
THE SHANGHAI CARGO BOAT COMPANY, LIMITED.
The following is the report of the directors for the year ended 31st December, 1894, pre- sented to the shareholders at the first annual general meeting held at the office of the agents, Messrs. Wheelock & Co., Shanghai, on the 4th inst. :-
In accordance with the resolution passed at the extraordinary general meeting of shareholders held on the 21st May last, steps were taken by the direc- tors to reconstitute the Shanghai Cargo Boat Co. as a limited liability company, and all necessary legal requirements having been complied with, this com 365.89 pany was duly registered under the Hongkong Com- 900.00 panies' Ordinances on the 26th June, 1894, as a 1,354.13 company limited by shares, and at the same time 833.49 advantage was taken of this reconstruction to give effect to the wishes of the shareholders of altering 508.00
the denomination of the shares from Tls. 200 to Tls. 16,657.54
576.92 100, each shareholder receiving two shares in the pre- sent company for every share held in the old company. In accordance with the requirements of the Hong- kong Ordinances the statutory meeting of shareholders in the new company was held on the 23rd October last.
$21,225.97
S C.
18,135.67 490.30
2,600.00
$21,225.97
The Kobe Herald says:-In agreement with with the representation of the Lower Houre the Government intended to bring in a budget for the establishment of an iron foundry this session, but the intention has been dropped owing to pressure of business in connection with war affairs. A committee will, however, be appointed early in April next for the investigation of mat ters in connection with the proposed undertaking with a view to laying the matter before the
The sum of $5,493 was paid last month to the Go- | House next session,
In presenting the annexed accounts for 1894, the directors are much pleased at being able to report a still further increase in the company's earnings, the final result showing a balance at credit of working account of Tls: 64,895.27.
An interim dividend to 30th June of 71 per cent. was paid in August, absorbing Tle. 13,000 and pay. ments have since been made amounting Tls. 7,045,23 on adcount of new lighters, Tls. 5,825.28 being final pay- ment for the hopper barges (which are now fully paid for), and Tis. 1,720 for two new boats. The balance now standing at credit of profit and loss is Tle. 40,389.12, which with the consent of the sharabolders the directors propose to appropriate as follows:-
A dividend of 7 per cent. (making 16 per Tls.
cent, for year)
15,000.00 Amount to be placed to reserve fund........ .10,000,00 Balance to be carried forward.....
20,859.12
From the amount to be brought forward the directors. propose to pay, say Tls. 19,000 towards their share of the new tugboat which has just been built in conjunction with the Co-operative Cargo Boat Company of Shanghai, Limited, and which they trust will prove a great acquisi tion to the company.
The directors, acting on the suggestion of the shareholders, have had the boats surveyed and valued by Mr. B. W. Croal, the Company's Surveyor, and have now taken the opportunity of writing down the plant to something like its true value. By doing this the sum of Tls. 47,046.29 has been written off reserve fund for the estimated depreciation of the stock, the
No comments yet.
Private notes are available after approval.