176
Carried.
Mr. E. J. HUGHES proposed the re-election of Messrs. St. C. Michaelsen and N. A. Sieba as Directors.
[February 27,
1896.
THE HONGKONG WEEKLY PRESS AND under $1.50 per share. However, gentle- | liberal dividends than some of us would have we propose to carry to the new account. I men, the account is now closed, and I am liked. As you
have pointed out, it is now hope, gentlemen, that later on in this meeting sure you will all join with me in hoping that some years since the profits have contributed our recommendations will have your approval. the Company may long be spared ย repeti to the Reserve Fund, but I hope the time is You will notice from the accounts that "sun. tion of such a series of misfortunes as we had now not far distant when it may be possible dry creditors" has been reduced by nearly during the year now under notice, to give you to again add something to this, the backbone 390,000. Since the 31st December an idea of which, I may remark that our loss of an Insurance Company. It is satisfactory to say that the whole of our loans, with the ex- am glad ratio to premia in 1894 was 91.62 per cent. to see the 1895 Accounts so far shape well add ception of the Admiralty loan, have been paid against an average of 30.33 per cent. for I trust the hopes you have expressed as to the off. (Applause). The cost of material in hand the previous five years.. I turn now with much ultimate result of that year's working may be has increased by some $70,000. This item has more pleasure to our working account of fully verified. I think the prospects on the had much consideration from the Acting the past year, which shows a balance of whole are very good, and with the improved Manager and the Board, but as explained to $235,664.14 carried forward to its credit, a sum rates under the new tariffs and ordinary im-you at our last meeting, we find it absolutely which compares favourably with former accounts.munity from fires I hope we shall soon see a necessary, in order to prevent delay, which Bearing in mind, however, that as it is impos- return of the old prosperity of the Company. would cause dissatisfaction to our various sible to estimate at this early stage what our (Applause.) I have much pleasure in seconding customers, to carry a large stock of the profit will amount to when all of our risks have the resolution.
materials most likely to be needed. In addition run off for the year 1895, which will not be until
to this I would mention we have a considerable 31st December next, the Directors do not deem
amount of new work in hand, and that it it advisable to declare more than the usual
is the cost of the material ordered for this interim dividend, $3.00 per share, but they trust
new work that has brought about the in- that with ordinary fortune they may this time
crease in this item. Our interest account has next year be in a position to meet you with
been reduced by some $6,000, and we hope that a satisfactory balance sheet, showing such
in the future very little will be required under results as will enable your Directors to declare
this heading. At our last meeting, in reply the customary final dividend of $3.00 per
to a shareholder, I said that we believed we had. share, as well as making an addition to our Re.
written down our property to what we considered serve Fund, which has not been increased since
to be a safe value; this past half-year we have the year's working of 1892. You will again
made additions to our property, costing us some notice an advance in our premia income,
$61,000, and we have not advised that any por- although the net gain is not much owing to
tion of this should be written off. We have our reinsurances being somewhat heavier.
gone on steadily increasing the tools which we
satisfactory working of our business; some of these are already set up and in working order and others will be here shortly. As I said be- fore, gentlemen, the policy of the directors is to maintain the establishments in a thorough state of efficiency and fit to undertake all the work that is likely to come to us. The new quar- ters for our staff at Kowloon are in course of erection, and we hope will be ready for occupation in another six months' time. The additions for the same Cosmopolitan Dock will be ready in a month or
As
Mr. MEHTA seconded. Carried.
Mr. BURDER proposed the re-election of Messrs. J. H. Cox and W. H. Potts as Auditors.
Mr. JORDAN second. Carried.
The CHAIRMAN-I thank you for your at tendance. That is all the business before us. Dividend warrants will be posted on Monday
next.
you are no doubt aware, tariffs have recently HONGKONG AND WHAMPOA DOCK require, and which we find so necessary for the
been formed here, at Shanghai, and at other ports in China, and we trust shortly to see the more- ment extended in other quarters. In consequence of these tariffs much of our business is being
done at net rates, and therefore the increase in our premia is really larger than it would appear to be you compare the figures with previous
years. Luterest account marks a falling off of $3,481.39, as you will observe, but of this up- wards of $200 was caused through extra- ordinary repairs to the Company's properties in order to comply with the new sanitary by laws. The low rates of interest now ruling on deposits and mortgages have naturally affected our revenue from these sourers to some extent,
but not so much, I
um afraid. as will be
the case in the current year. Charges and commissions show an increase mainly on account of more business than usual coming from our Agencies. The losses for 185 compare favour. ably with former accounts, but these have been increased by about $18,700 since the end of the year, of which sum, however, some $7.100 will fall on the current year's account. At the request of the Directors Mr. Tomlin inspected our Manila Agency's business in Mareli last,
and later on Mr. Coughtrio visited our Agencies at Shanghai. Chefoo, Tientsin, Nagasaki. Kobe. and Yokohama, as well as Foochow, Amoy, and Swatow on his return voyage, and I am pleased to inform you that they found your interests well cared for. With regard to our loans on mortgages, the Company's surveyors, Messrs. Palmer and Turuer. report on them favourably with but one or two trifling exceptions, where properties may have temporarily depreciated in value. I think that I have now touched upon all subjects interest Lo you except to mention that owing to ill-health we have granted our Secretary. Mr. Coughtrie, a year's leave, and have appointed Mr. Tomlin Acting Secretary during his absence; but before proposing the adoption of the report and statement of accounts I shall be happy to answer any question relating to them that you may
wish to put to me.
of
The CHAIRMAN-If there are no questions. gentlemen, I propose the adoption of the report and passing of the accounts.
Mr. C. S. SHARP-I have much pleasure in seconding the adoption of the Report and Accounts. I think on the whole we have reason to be content with the Report and Accounts now before us. The high ratio of loss experienced for 1894 is fortunatoly one which has seldom occurred in the history of this Company, but it serves to bring home the possibilities which may at times have to be faced in a business such us this, and which are sometimes rather apt to be overlooked. It also justifies the conservative policy of the Board in appropriating during good years a considerable proportion of the profits for the purpose of building up the Reserve Fund, though thus leaving perhaps less
|
CO., LIMITED.
holders in the Hongkong and Whampoa Dock The urinary yearly meeting of the share-
Company Limited. was held on the 25th G. B. Dodwell presided, and there were also February at the offices, 14, Praya Central. Mr.
present Hon. J. J. Bell-Irving. Messrs. J. Kramer, St. C. Michaelsen. J. H. Lewis, N. À. Siehs. J. S. Van Buren (Directors), R. Cooke (Acting General Manager), T. I. Rose (Acting Secretary). Hon. A. McConachie, Messrs. Arnold, B. Byramjee, H. Crawford, L. K Davis, H. M. S. H. Esmail, F. Henderson, E. Jones Hughes, J. D. Humphreys, P. Jordan, H. N. Mody, R. Mitchell, A. W. Becker, W. Parfitt, A. (r. Stokes, R. L. Richardson, C. A.
Tomes, G. Stewart, J. Y V. Vernon, and W. H. Wickham.
The ACTING SCRETARY read the notice couveuing the meeting.
50.
purpose at
The No. 2 Dock at Kowloon has been
At
lengthened from 320 feet to 371 feet. Cosmopolitan Dock a new machine shop has been built and a new overhead travelling crane has been erected. Both of these were much needed. Our policy of keeping the Aberdeen Docks open and in working order has again been rewarded; our profits on this establishment have been very satisfactory, and we have been able to accept work which would otherwise have had to go past us. At our last meeting I promised that the directors would take into consideration the suggestion to subdivide our shares. As opinions on this subject varied considerably it was decided to issue a circular asking the shareholders to give the benefit of their opinion, with the result that 120 shareholders, representing 7,326 only 20 shareholders, representing 1,262 shares, shares, were against the sub-division, whilst
Us
were in favour of it. The directors have
any
further
in this matter.
The CHAIRMAN.-Gentlemen, the report and accounts having been in your hands for take them as read. At our last meeting I was some days past I will, with your permission,
able to congratulate you on the accounts then before you showing a record half year. It affords me much pleasure, gentlemen, to preside again at a time when our accounts show still better results than we have ever yet been able to place before you. (Applause). The last half year has indeed been a very busy one for all con- nected with the Company; it has been a case of almost night and day work for our staff and therefore deemed it undesirable to proceed for our machinery, and our resources have at With regard to the construction of another (Applause.) times been strained to their utmost. The altera- tions and extensions and improvements of our large dock I may say that your Board have docks and plant, which have been continuously made a proposal to Her Majesty's Government, going on for years past, have enabled us to bring but that no reply has yet been received. The negotiations are therefore only in their pre- about these good results; it is only by a continuation of this policy of keeping our liminary stage, and your directors deem it in establishments well abreast of the times that the interests of the shareholders to refrain from we can hope to give satisfaction to our
making public any particulars. You may, how- many customers, (Applause). During the ever, rest assured that when any desirable period our accounts cover, companies similar to arrangement can be made you will at once (Applause.) ours at the northern ports have been quite be taken into full confidence. unable to cope with all the work offering, and Amongst our recommendations is one for a in consequence of this a great many vessels bonus of $22,000 to be paid to the foreign have been sent to Hongkong for docking and staff of the Company. We are glad to be able repairs, and the excellent report we are able to
to give practical illustration of our appreciation of the work that has been done by the staff; place before you to-day may, in a large measure, be attributed to this cause. (Applause.) If
there have been heavy calls upon them, and their you will turn to your reports, gentlemen, you services have been willingly and cheerfully given. will find that we have available for appropriation (Applause). We are asking you to sanction the large sum of $483,974,30. We recommend
our placing $200,000 to reserve fund. that a dividend for the half year of 8 per cent.,
reason for this step may be briefly stated. We equal to $125,000), and a bonus 4 per cent. which believe that the past twelve months' business will absorb $62,500, in all $187,500, be paid to
has been of an exceptional character, and that wo cannot look forward to any prolonged con- the shareholders; that a bonus of $20,000] be distributed pro rula to contributing share-tinuation of such. Our object therefore is to holders, that a bonus of $22,000 be paid to the foreign staf of the Company, and that $200,000 be passed to the reserve fund, leaving us with a balance of 251,474.30, which
Our
provide during our good times against any in- activity which we are likely to experience in the future, and, with such a fund at our back, we hope to be able to maintain a steady dividend
No comments yet.
Private notes are available after approval.