128
It has been found desirable to build new quarters for the staff at Kowloon Docks: the buildings are now being erected.
The machinery and workshops at the Company's establishments have been maintained in a proper state of efficiency.
GEO. B. DODWELL,
Chairman.
CAPITAL ACCOUNT.
30th June, 1895.
Aberdeen.
ASSETS.
To value of Aberdeen Dooks, as per last
statement.
Kowloon.
To value of Kowloon Docks,
as per last statement ... Loss amount since written
off
Cosmopolitan Dock.
$
1,100,865,40
35,000.00
To value of Cosmopolitan Dock, as per
last statement
Tug, launches, and lighters.\
To value of Fame
To value of 10 steam launches, 1 steam
lighter, and boats, an
per last statement..
24,000.00
Less amount since
written off...... $5,000.00
Less proceeds of
1 launch sold... 3,750.00
8,750.00
To sundry debtors
༤ན ་ན་
To cost of material on hand
30th June, 1895.
LIABILITIES.
By shareholders for 12,500 shares of $125
oach fully paid-up..
By Admiralty loan £20,000 0.0
Less repayments
5,563 5.6 £14,136.14.6@2/11
By Admiralty loan exchange adjustment
at credit of this account
By sundry creditors....
By balance of profit brought
forward from last account
By profit
$ 22,761.72 309,751.67
$
100,000.00
311,058.88 21,453.71
15,250.00 133,745.86 712,351.43
$
1,562,500.00
8,401.14
sum
August 15, 1895.
the meeting I shall be very glad to auswer any questions from any of you in regard to it.
outstanding,
The CHAIRMAN-I shall have to trouble you only once more, for the confirmatory meeting, which must be held within three weeks, After that we will have to go to the Court for its approval. I am much obliged to you, gentle- men, for your attendance.
This concluded the proceedings.
HONGKONG GOLF CLUE.
CAPTAIN'S CUP.
The monthly competition for the above was held from 3rd to 5th August in the Happy Valley and resulted in a win for the scratch player, Dr. J. A. Lowson. This is the first oc casion for some time back that a scratch player has won a handicap prize and Dr. Lowsou is to be congratulated on his success. the sweepstakes:
CUP.
Dr. J. A. Lowson Lieut. L. Saunderson, R.B. Mr. C. Palmer Captain W. V. Eccles, R.B. Mr. G. Stewart Captain A. G. Ferguson,
84
He also wing
*J08
84
11
86
11
87
88
90
R.B....
93
SWEEPSTAKES.
84
scr. 84
91
6
85
Captain W. V. Eccles, R. B. Mr. C. Palmer
90
3
87
98
11
87
Captain A. G. Ferguson, R.B.
107
14
Dr. J. A. Lowson Mr. G. Stewart
THE HONGKONG WEEKLY PRESS AND
accumulated losses of past years; and even when we had done so pur annual profits would
There being no questions, the CHAIRMAN pro. still show a very small percentage as the return
the present capital of $765.000 odd. To posed-"That the capital of the Company be on get rid of this debit balance and to bring down reduced from $1,000,000, divided into 20,000 the capital to a reasonable figure commensurate shares of $50 each to $200,000, divided into with the moderate earnings of the Company two 20,000 shares of $10 each, and that such reduc. courses were open to us. One was to liquidate tion be effected by cancelling capital which has o.the present Company and start a fresh one, the been lost or is unrepresented by available assets other was simply to reduce the capital by a cer- to the extent of $40 per share on each of the tain amount and write down the assets according-14,117 shares which have been issued and are now and by reducing the nominal ly. The second course was adopted, as it seemed to us less complicated and to promise to be amount of all the shares in the Company's less expensive in point of legal charges. Our capital from $50 to $10 per share."
Mr. MORRIS seconded. proposal now is to reduce the present nominal
Carried unanimously. capital from $1,000,000 to $200,000, by re- 1,065,865 40 ducing, first, the present paid-up capital of 14.117 shares at $50 each (equal to $705,850) to 14,117 shares at $10 ach (equal to $141,170). writing off the difference of $564,680 from the assets, including the balance at debit of profit and loss account, which will then disappear, leaving that account square; and, second, by issuing 5,888 new shares at $10 (equal to $58,830). It will, of course, seem to you a very large to write off from our assets, but you must remember that a great deal of money was, I do not say unnecessarily, but was certainly sunk in experiments which form no tangible asset now; still more perhaps was spent in the beginning on plant and machinery which it was $2,359,725.28 afterwards found impossible to utilise in any way, and what was spent on useful and profitable .works at Green Island has naturally depreciated in value in course of time by ordinary wear and tear, for which no provision was made in the accounts. You must not forget, too, in estimating the value of our assets, that we 138,051.53 do not own but only lease the ground at Green Island, and the assets which princi- pally represent all the monies sunk as capital 323,259.22 consist of grinding and milling machineries which would sell for little or nothing if not wanted for our purposes, and of the bricks and mortar composing the kilns and the houses for 332,513.39
the staff, which it would be difficult to sell for $2,359,725.28 anything. Taking into onsideration, therefore, not only natural depreciation from wear and tear, but the. still greater depreciation in c. realisable value of the property we own, I do not think that in writing down the assets. to a figure somewhere about $200,000 we are 743,878.11
than A fair valuation upon
Anping, 4th August. 17,021.02 placing less
We do not for a moment contend that 1,465.14 them.
There is very little of interest to report, but 1,160.55 you could put down to-morrow a new factory the situation becomes more strained every day. such as we have got over there for 20,000, but Heavy demands for money are being made upon 18,635.93 we must consider that the plant is not new, re- the richer class of people and, with the army at 616.78quires constant upkeep, that the depreciation his back, Lin appears able to exact whatever he 150.00 on such works as kilus, which require constant re-choses to ask. Many of the wealthy merchants 39,751.67 lining, is very great, and that the earning power are leaving the island and the prospects for trade of the factory is certainly utterly incommen-are poor in the extreme. Seven Chinese, sup- $1,096,259.80 surate with a capital of over $700,000. After posed to be spies employed by the Japanese, were this resolution has been passed and confirmed, executed here a few days ago, and their heads
We trust it will be in due course,
are exposed on bamboos at the entrance of the shall have to apply for the sanction of the Auping Creek. H.M.S. Redbreast keeps guard 1,092,330.28
3,011.16 Supreme Court to the reduction, but as the until the return of H.M.S. Rainbow, expected 138.00 Company's creditors are very fow, and as their from Amoy in a few days. The weather has 750.36 security is in no wise affected by the reduction, been fine for some time, aud, so far, the ships which is merely on paper and not an actual cash stationed here have had very little trouble. The return of capital, it is not anticipated that any barometer, as a rule, gives ample warning of the objections will arise there. The next point 1 approach of a storm and this enables the guard bave to touch upon is the question of new ship to run to the Pescadores or Amoy until shares. The Company's present indebtedness the bad weather has passed. ontside of the debentures, which are now being paid off as they fall due, is about $40,000, and to provide fuuds to pay this off and save An extraordinary meeting of the Green Island the interest we are at present paying on it, as Cement Co. was held on Monday at the offices of well as to obtain about $20,000 more for work-
On Monday afternoon, 5th inst. a foreign lady Messrs. Shewan and Co., the General Managers, ing capital, the cost of a new kiln and extra Mr. R. Shewan presided and there were also pre-grinding machinery (both of which it is advis and gentleman went for a short sail down the ent-Messrs. J. Orange, and Geo. Fenwick able to add to our plant, as the former will re- Yung river and landed a short distance below (Directors), A. G. Morris, R. K. Leigh, S. S.duce the cost of manufacture, while the latter Ningpo ou the opposite side. They went a short Benjamin, G. H. Potts, E. S. Kelly, C. A. will improve the quality of our cement), it is distance inland and sat down in the shade of an Tomes, R. C. Wilcox, C. H. Grace, and A. G. proposed to raise new capital to the extent of ice-house, but they had not been there for long Stokes.
nearly $60,000 by the issue of 5,883 new shares, when the lady became alarmed at the appearance The notice calling the meeting having been which will of course be first offered to shareholders of a villainous looking Chinaman who was watch- read,
in proportion to their holdings of old shares.ing them intently, so she and her companion decided to retaru to the boat! As they were The CHAIRMAN said-Gentlemen, before put-when in the opinion of the Consulting Com
way to the river side, how- ting the resolution just read to the meeting Imittee the proper time has arrived for the issue making their will endeavour to state briefly aud clearly the of such new shares. If not all taken by share ever, the Chinaman began to shout, and soon a crowd of field labourers who reasons which have actuated the committee iu holders, the remainder will be disposed of as the collected recommending these changes. The Company, I Consulting Committee and General Managers followed the retreating foreigners, abusing If this scheme be carried out the them and using the vilest language. The am glad to say, has at last begun to pay its way. think fit. and we hope its business may continue to im- total paid-up capital of the Company will stand gentleman made the lady go on in front, while prove, but at its present rate of progress it at $200,000, in 20,000 shares of $10 each, and on he kept a few paces behind. On this the leader would be a matter of several years before that basis I trust it will not be long before we of the mob, which by this time had become a we could make enough to wipe out the can give you a fairly remunerative returu as very large one, began to throw stones and clods balance of $78,000 at present standing at dividend, which at present it is quite out of our of earth at the gentleman, who received several the debit of profit and loss account, being the power to do. Before putting the resolution to nasty knocks, but fortunately the foreigners
30th June, 1895.
REVENUE ACCOUNT.
To cost of labour, material, and working expenses at the Company's three establishments,
To interest
To fire insurance
To Crown rent
To office expenses, salaries, stationery,
and rent of head office...
To drawing office expenses and salaries... To telegrams
To legal expenses
To profit
1st January to 30th June, 1895.
By gross earnings of the Company's three
establishments
By towage not earnings
By transfer fees
By bonus on premia, &c.......
$
3.279.70
C.
$1,096,259.80
GREEN ISLAND CEMENT CO., LIMITED.
as I
THE SITUATION IN SOUTH
: FORMOSA,
FROM OUR CORRESPONDENT.]
ATTACK ON FOREIGNERS IN NINGPO.
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