1
February 27, 1896.]
for our shareholders.
CHINA OVERLAND TRADE REPORT.
(Applause). We are hereby voted to the Board as an addition to their also bearing in mind that it may at any time fees for the past half year, and that the direc- be very useful to have funds in hand to enable tors be hereby requested to take steps for the us to take advantage of opportunities for exten-altering of the articles of association to put sions or developments which we may consider into effect the first part of the resolution." desirable. (Applause). Before proposing the (Applause). I shall be happy if any gentleman adoption and passing of the accounts I shall will second this resolution. be happy to answer to the best of my ability any questions that you may desire to ask.
Mr. HUMPHREYS-I do not think, Mr. Chairman, that any questions need be asked→→
The CHAIRMAN-Excuse me, Mr. Hum phreys; I believe you are not a shareholder. and therefore you are not in order.
Mr. HUMPHREYS-Not in order? The CHAIRMAN-I believe you are not a shareholder.
Mr. HUMPHREYS-I am a shareholder. . I am one of the largest shareholders you have in your books.
The CHAIRMAN—You are not on the register, Mr. Humphreys.
Mr. HUMPHREYS-Oh, well. I'll sit down. but as a matter of fact I am one of the largest shareholders in the colony.
*
The CHAIRMAN-I cannot allow you to speak.
Mr. HUMPHREYS-I do not intend to add in any way to your difficulties, but I only want to compliment you upon the success. ful result of the half year's working, and to make a suggestion which I think would be of great benefit to the shareholders of the Dock Company in the future in reference to the
matter which-
The CHAIRMAN-I must call you to order, Mr. Humphreys, under the circumstances, as you are not on the register as a shareholder.
Mr. HUMPHREYS-Are you quite sure of that?
The CHAIRMAN—Well, the list is here, if you will kindly come and look over it. I shall be very happy to hear you if--
Mr. HUMPHREYS→İ am quite willing to take your word for it, but I came here this afternoon not in any way to say anything but in praise of the manner in which the work of the Dock Company has been conducted for the half year, and I, in common no doubt with the shareholders, am very jubilant with the result. I have only one word more, and-
The CHAIRMAN-Mr. Humphreys - Mr. HUMPHREYS (laughing) -- You wou't let me bring it in.
All the shareholders now joined in the mirth provoked by Mr. Humphreys, who was pro- ceeding to speak when
The CHAIRMAN remarked-I must ask you to sit down, Mr. Humphreys.
Mr. HUMPHREYS-Well, I'll sit down. The CHAIRMAN-As there are no questions apparently, I beg to propose the adoption of the report and accounts as presented to the meeting.
Mr. RICHARDSON-Gentlemen, I have very much pleasure in seconding the motion. At the same time I would like to congratulate the directors and the staff upon the very efficient way in which they have worked for us, as is witnessed in the magnificent report before us. (Applause).
Carried.
Mr. MODY-I beg to second the resolution. The directors fully deserve this increase. They have shown an excellent report for the past half year, and as you know the labourer is worthy of his hire," and that saying we must take into consideration. (Applause).
I
The CHAIRMAN-Before putting this resolu- tion to the meeting, gentlemen. I would merely like to remark that the fees paid to the directors have been somewhat inadequate. am speaking for myself-I am not answerable for my colleagues about that. There has been an excessive amount of work thrown upon the directors for a long time past, and I think it was a matter which the directors themselves could not bring forward-did not desire to bring forward, I am very klan te tud Mr. Stokes and Mr. Mody bringing forward this proposal. Unless any gentleman has any remark to make about this resolution I will pint it to the meeting.
The resolution Was put and carried пnanimonsly.
The CHAIRMAN-On behalf of the directors and myself I have to thank you for your very good opinion. I hope wo shall be able to show very good reports to justify what you have done. (Applause).
Mr. BECKER-Gentlemen. I beg to proposa that the appointment of Hou, J. J. Bell-Irving as director be confirmed.
Mr. HUGHES-I beg to second. Carried.
Mr. ARNOLD-I have very much pleasure in proposing the re-election of the rotiring direc tors, Messrs. St. C. Michaelson and J. H. Lewis.
Mr. VERNON-I beg to second.
Carried.
Mr. PARFITT-I beg to propose that Messrs. Thomas Arnold and S. G. Bird be re-elected as auditors.
Mr. MITCHELL-I have much pleasure in seconding the resolution.
Carried.
The CHAIRMAN-That concludes the business of the meeting, gentlemen. I am very much obliged to you for your attendance. Dividend warrants will be ready to-morrow. I am very happy to state that the first mouth's working
|
the month of January--has been a particular. | ly good one-not a record one, but parti- cularly good one, and wehave a nice lot of work in hand. (Applause). I hope the next re- port will be as favourable as this oue. (Ap. plause).
177
found necessary to increase the quarters for the staff at the Cosmopolitan Dock and this increased accom- modation is nearly completed,
The plant and tools at all the Company's establish- ments have been maintained in a thorough state of efficiency.
DIRECTORS.
Hon. J. J. Bell-Irving has been invited to the vacant Mr. J. J. Keswick having left the colony, the
confirmed at this meeting. seat on the Board. The appointment requires to be
In accordance with clause 60 of the articles of association, Messrs. Michaelsen and Lewis retire by rotation, but being eligible offer themselves for re- election.
Mr. J. Kramer has been appointed Chairman for the year 1896.
AUDITORS
The accounts have been audited by Messrs. Thos. Arnold and S. G. Bird. The directors recommend these gentlemen for re-election.
GEO. B. DonWELL, Chairman.
CAPITAL ACCOUNT, JULY TO DECEMBER, 1895.
31st Dec., 1895.
Aberdeen.
ASSETS.
To value of Aberdeen Docks, as per last
statemout
Kowloon.
To value of Kowloon Docks, as per last statement Less amount since written off
To
Amount paid balance of cost
No. 2 Dock extension Amount paid on account of
18 new houses
Cosmopolitan Dock. value of Cosmopolitan Dock, as per last state.nent Less aimount since written off
Amount paid on account of new fitting shop and plant added
Amount paid on account of
new European quarters.
$1,065,865.40 65,865.40
$1,000,000.00
1,884.06
29,000.00
$
100,000.00
1,030,884.06
311,058.88 61,058.88
250,000.00
16,219.46
1,000.00
267,219.46
Tug, Launches, and Lighters. To value of Fame as per last
account
Less amount since written off
21.453.71 6,453.71
To value of 11 steam launches, 1 steam
lighter, and boats..
To sundry debtors...
current account
To Hongkong and Shanghai Bank; cash on To cost of material on hand
The following is the report of the Board of|| Directors:-
31st Dec., 1895.
LIABILITIES.
By shareholders for 12,500 shares of $125
cach fully paid-up By Admiralty loan £20,000.00.0
Lese repayments - 6;362:15.9-
£13,637. 4.3 @ 2 14
To the shareholders of The Hongkong and By Admiralty loan exchange adjustment at Whampoa Dock Company, Limited.
Gentlemen,The directors have now to fulmit to you their report, with a statement of acquits for the half-year ended 31st December last.
The total receipts for the six nuhths are $1,252,282.24, and the net profft, after paying interest $402,713.90 due and all charges, amounts to
to which has to be added the balance brought forward from last account ..............
and from this have to be "fledarted-
Directors' fecs
$3,500.00 Auditors' fees
500.00
credit of this account. By sundry creditors
By balance of profit brought for-
ward from last account. By profit..
15,000.00
2$,250,00 104,677.40
92,722.01 782,420.52
$2,421,173.45
1,562,500.00
128,350.23
8,485.10 233,863.83
$ 85,260.40 402,713.90
487,974.30-
$2,421,173.43
REVENUE ACCOUNT.
To cost of labour, material, and working expenses at the Company's three establish- menta
0.
$5,260.40
$487,974.30
$1st Dec, 1895.
813,966.74
To interest
10,987.71
To-fire insurance
1,283.98
To Crown rent
1,460.55
To office expenses, salaries, stationery, and
rent of head office To drawing office expenses and salaries.. To telegrams To legal expenses
17,826.24
3,246.00
663.47
Mr. STOKES-Gentlemen, there is a matter which I should like to bring to your notice and which deserves special attention. It is the As far remuneration paid to our directors. as I can ascertain we have not increased their fees since 1869, and considering the tremendous lot of extra work that we are doing and the volume of business that is passing through our hands, I think we ought to consider the remuneration we pay to our directors. Other companies have increased the payment to directors owing to two or three reasons, one being. the
great fall in exchange and the depreciation of the Mexican dollar. I therefore think that no shareholder here can have any other opinion than that our direc- tors have worked very hard for us in the past and are now working in onr interest, and have a lot of special work in hand which a great many of us do not know of, but which happen to
During the half year the lengthening of No. 2 know is not paid for in the way it ought to be. Dock has been completed, and good progress has Leen. Therefore I have very great pleasure in submit-made in the erection of the new quarters for the staff: ting the following proposal:"That the fees of The new machine shop at the Cosmopolitan Dock the directors be increased from $1,000 to $2,000 | has been finished, and the new overhead travelling each per annum, and that the sum of $3,500 be crane has been erected and is at work. It has been
4.000.00
$483,974 30 leaving available for appropriation
The directors recommend that a divided for the half year of 8 per cent, or $125,000.0, and a bonus To profit of 4 per cent. or $62,500.00, equalling together $187,500.00, be paid to the shareholders, a bums of $20,000.00 to contributing shareholders, a bonus of $22,000.00 to the European staff of the Company, that $200,000.00 be passed to reserve fund, and the balance $34,474.30 carried to new account.
L
1st July to 31st Dec., 1895. By gross earnings of the Company's throw
establishments By towage net varnings By transfer fees By bonus on promin, &c,
153.65
402,713.90
$1,252,232.24
1,247,632.71
4,285.34 98.00 266.19
$1,252,282.24
1 gr di an
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