February 5, 1896.]
Messrs. D. R. Sassoon, R. M. Gray, and St. C. Michaelsen retire in rotation and being eligible for re-election offer themselves accordingly.
Mr. R. Shewan has been invited to join the Board, which appointment requires confirmation at this meeting.
AUDITOR“,
The accounts have been audited by Mr. F. Henderson and Mr. S. G. Bird, who offer themselves for re-election.
J. KRAMER, Chairman. Hongkong, 30th January, 1896.
CHINA OVERLAND TRADE REPORT.
THE WEST POINT BUILDING CO., LIMITED,
The ordinary meeting of shareholders in the West Point Building Company, Limited, was held at the offices, Victoria Buildings, Queen's Road Central, on the 3rd February. Hon. C. P. Chater presided, and there were also pre- sent Hon. J. J. Bell-Irving, Messrs. M. D. Ezekiel (Directors), A. Shelton Hooper (Secretary), E. A. Hardoon, C. Inchbald, A. B. Johnson, P. Jordan, H. N. Mody, G. H. Potts, M. S. Silas Sassoon, C. S. Sharp, and J. Y. V.
ABSTRACT OF Åssets and Liabilities, 31st DeceMBER, 1895. | Veruon.
Notes in circulation
LIABILITIES.
Paid.up capital
Reserve fund
Marine insurance account
Current account:-
Gold...
£3,369,300
$42,465,660,28 31,556,126.24
Silver
کے
Fixed deposits:-
Silver
$40,132,175.38 Gold, £3,114,908.13 11— 29,172,066.76
Bills payable (including drafts on London Banker and short sight drawings on London office against bills receivable and bullion shipments) Profit and loss account
Cash
ASSETS.
Bullion in hand and in transit Indian and Colonial Securities nvestments, viz. :—
£250,000.0.0 22 per cent.
Consols lodged with the
Bank of England as a
special London reserve $1,900,000.00 £517,050.0.0 Consols and
other sterling securities 4,342,614,63
Bills discounted, loans and credits
Bills receivable
Bank premises.
Dead stock
C.
$10,000,000.00 5,500,000.00 250,000.00
74,021,786.52
69,304,242,14
17,231.920.47 1,514,365.48
$187,148,406.68
$ C. $30,825,540.75 7,246,031.43
The SECRETARY read the notice convening the meeting.
The CHAIRMAN-Gentlemen,
with your 9,326,092.07 permission we will take the report and accounts for the past year, which have been in your hands for some days, as read. You will observe that the profits shown for the period under review amount to $8.944.78, as against $9.612.07 for the previous year, and our gross returns show a decrease of $4,721.83. This is accounted for by the fact that in the previous year the Govern- ment rented the whole of the vacant floors during the time of the plague for the sum of $7,343,52, in addition to which several of the tenants vacated their premises in many instances on account of their business necessities. In the first month of 1895 the gross rental of the floors which were let amounted to about $1,670 per month, in August to $1,400, but since then, when a recovery set in. the number of floors let has risen considerably. and to-day the gross monthly rentals amount to 3,313,306,64 | $1,899, leaving only 87 floors out of a total of 292 to be let, and these we have every hope of fill- ing very shortly. But the large number of tene- ments similar to our own which are still to be let in the colony has necessitated our considerably reducing the rent of each floor to what we had anticipated, and to what we had commenced to 6,742.614.63 let them for, but your directors decmed it advis 53,855,449.90
able to get tenants at comparatively low rents 84,073,291.22
991,932,09 rather than keep the property vacant Turning 100,000.00 to the expenses for working the Company, there is an increase of about $400 for the amount $187,148,406.68 | paid for rates and a decrease in commission to agents of about $200. For the coming year there will be a considerable increase under the head of fire insurance owing to the new increased tariff agreed upon by the Insurance Companies and the increase of the insurable value of the premises on account of extra cost of building materials, etc., but as against this I am pleased to inform you that the amount to be paid as interest on your mortgages will be frery much lessened, as your directors have made arrange. ments for mortgaging the property at a lower rate of interest than formerly, which we have no doubt you will deem satisfactory. It does not occur to me to make any further remarks, but I shall be pleased to answer any questions any shareholder may desire to ask.
PROFIT AND Loss Account, 31st December, 1895.
To amounts written off:---
Remuneration to directors
To dividend account:-
Dr.
£1 5. per sb. on 80,000 shares=£100,000
@ 4 6.
Difference in exchange between 4 6, the
To dividend adjustment account:-
rate at which the dividend is declared, and 2/1, the rate of the day
To transfer to reserve fund
To balance carried forward to next half-year
Cr.
By balance of undivided pro-
fits, 30th June, 1895..... $ 312,217.02
By amount of net profits for
the six months ending 31st December, 1895, after mak- ing provision for bad and doubtful debts, deducting all expenses and interest paid and due
1,202,148.46
$
c.
13,000.00
444,444.44
492,140.92 250,000.00 312,780.12
$1,514,365.48
$
C.
Mr. JOHNSON-Mr. Chairman and gentle- men, it is gratifying to hear that the rentals have increased to $1,899 for January. and I hope they will go on increasing at the same rate. if possible, and that the ground floors facing the sea will be tenanted. I think the policy of getting in tenants at a low rate so as to warm the places a good one. It is also gra- 1,514,385.48|tifying to hear that the interest on the mort- gages is going to be reduced from seven to six per cent., but I do not think you told us the date from which that decrease would take place. The CHAIRMAN--As soon as the money is available from the mortgagees.
$1,514,305.48
C.
RESERVE FUND.
To balance.....
$ 5,750,000.00
$5,750,000.00
$5,500,000.00
By balance, 30th June, 1895 By transfer from profit and loss account
250,000.00
Mr. JONHSON-From the mortgages; that will be soon.
The CHAIRMAN-In the course of a month or six weeks.
Mr. JOHNSON-With these few remarks I $5,750,000.00 have much pleasure in seconding the adoption
of the report. Carried.
At Bangkok on the 10th January a Mr. de Souza, of the Japan-Siam Trading Co., shot Mr. Stephen Janez, a reporter on the Siam Free Press, wounding him slightly in the leg. The occasion of the shooting was that Mr. de Souza suspected Mr. Jansz of being concerned in the writing of certain anonymous letters that had been circulated about him. Mr. de Souza reported to the Portuguese Consul what he had done and was thereupon put on heavy bail.
Mr. JORDAN proposed and Mr. SASSOON seconded the re-election of Hon. C. P. Chater and Hou. J. J. Bell-Irving as directors.
Carried.
Mr. MODY proposed the confirmation of the election of Mr. M. D. Ezekiel as a director.
Mr. SHARP seconded.
Carried.
The CHAIRMAN-Gentlemen, as there are only three directors of this Company and as the articles require three to form a quorum of
111
the Board, it is the desire of my colleagues and myself that the shareholders should appoint fourth director, for, in case of the absence of one of us, no Board can be held. The articles pre clude the Board from adding to its number and it can only appoint a shareholder to fill a casual vacancy; it is therefore necessary for the appointment to be made in a general meeting. I therefore propose that the number of the Board be increased from three to four, and I have much pleasure in proposing Mr. Inchbald as a director of this Company.
Mr. SHARP-I have very much pleasure in seconding that.
Carried.
Mr. VERNON proposed the re-election of Mr. Fullerton Henderson as auditor.
Mr. POTTS seconded. Carried.
The CHAIRMAN-The dividend warrants will be ready to-morrow morning, and those of you who apply here will have them delivered. thank you for your attendance.
THE KOWLOON LAND AND BUILD. ING COMPANY, LIMITED.
df
The seventh ordinary general meeting shareholders in the Kowloon Land and Building Company, Limited, was held on the 30th Jan. at the offices, Victoria Buildings. Mr. Fullerton Henderson presided, and there were also present Messrs. J. H. Cox, J. Goosmann, E. Jones Hughes (Directors). A. Shelton Hooper (Secre tary). F. E. C. Georg, J. R. Michael, M. S. Northcote, G. H. Potts, and A. G. Stokes.
The CHAIRMAN-The report and statement of accounts for 1895 which have been presented here have. I dare say, already had your con- sideration. It does not appear that any special remarks are required. The Kowloon houses have all been fully occupied throughout the year, and in every case an advance has to some extent been obtained in the results. The pro- perty is now in a very good state of repair, and it does not seem likely that, in the near future at least, any extraordinary expenditure will be required to maintain its present condition. In accordance with what seemed to be the desire of the bulk of the shareholders it has been de- termined to develop the property with further building, and though Hongkong at the moment seems to have reached one of its periodical desires to rush into bricks and mortar, I think the time is not unfavourable, but al though of course building might be overdone, I think a reaction will set in a little afterwards. Besides, things in general in Kowloon seem to tend decidedly towards improvement all round The roads are better; a good supply of water has been laid on; gas is obtainable; and what' is still more important, Kowloon has, in the opinion of the general public, increased in favour as a place of residence. According to the plans before you it has been decided to build three houses at a cost of $18,000. scheme was before the directors to build five smaller houses, but after consideration it was decided that the larger houses would give a better result, and I think the directors will find these expectations realised. In thinking of this extension it should be borne in mind that the land to the east of the Kowloon territory where we intend to build was not only non- productive, but it was also saddled with heavy taxes, and we must further remember in con- nection with this that this Society was started as a building company, and its bounden duty is to build. I do not think there is anything more I can add to these rather few remarks. If there are any questions you want me to answer before asking you to accept the report I shall be happy to do so. I may mention, gentlemen, that to provide funds for the cost of these buildings ten thousand debentures of the Wharf Company have been sold, and the balance will be sold as funds are required.
An alternative
There were no questions, and the CHAIRMAN moved the adoption of the report and accounts.
Mr. GEORG seconded. Carried.
Mr. MICHAEL 1roposed .the re-election of Messrs. Cox and Hues as directors.
Mr. G. H. Porrs seconded. Carried.
No comments yet.
Private notes are available after approval.