March 4, 1896.]
CHINA OVERLAND TRADE REPORT.
LIABILITIES.
$
By capital-
8,879 shares at $50 each (fully paid-up) By mortgage to Hongkong Land Investment
443,950.00
and Agency Co., Limited
:...... 500,000.00
By rundry creditors.
29,502.41
By profit and loss account
8,175.38
Arrow Erica Meteor. Princess She
H, M.
$. 12 50 15 12 50 25 12 52 50
12 54 27
$981,627.79
12 55 21 1 4 21 ] 4 43 1 12
PROFIT AND Loss Accourt, roR THE SIX MONTHS
Ending 31st December, 1895.
To Crown rent ...................
Dr.
To directors' and auditors' fees
To rates and taxes
To fire insurance
$ 0. 365.90 1,650.00 2,564.26 760.93 4,698.60
To repairs and renewals
To interest account
To legal expenses
17,307.72 220.54
To furniture account (calls against forfeited shares written off furniture account as re- commended in last report)
To suspense account (debts prior to 1895)
written off
To balance
Cr.
By balance from 80th June, 1895
By sale of old furniture
By profit on Hotel working account for six
months onding 31st December, 1895
By rents of shops and offices
By dividends on shares).
1,000.00
4,288.58 8,175.38
$41,031.91
C.
$ 5,668.38 333.50
Payne Dart. Ladybird Stella
1 16 16 The crew of the Ladybird were observed to fondle the buoy as they went round, but they continued the race for sport. Stella here gave up, Petrel and Seabreeze having already done BO. The wind had increased to a moderate gale, and Arrow and Princess further reduced their canvas, Arrow being now under mainsail and jib. Erica, Meteor, and She still held on to whole canvas, but were sailing a little free. They also took in water a little freely, too. In the second beat up to Lyemun the order became Arrow, Erics, Meteor, She, Princess, Dart, Payne, Ladybird.
In the run down, Arrow gained; on the others considerably, her large spread of muslin being very useful off the wind. Off the Docks the wind was stronger than ever, and the waves were getting up, but, as it was all running now, this was not of so much importance. When off 24,234.56 Blackhead's Point Princess went past She into 10,527.97 fourth place, and a grand race finished as
follows:-
242.50
$41,031.91
ROYAL HONGKONG YACHT CLUB.
COMMODORE'S CUP RACE.
A race for a very handsome cup presented by the Commodore of the Club, Commodore Boyes, R.N., was sailed on Sunday, the 1st of March, in perfect racing weather. The course was from the Police Pier, Kowloon, round mark boat off Lyemun, Kowloon Rock, No. 1 Dock Buoy, mark boat off Lyemun, and Kowloon Rock (leaving all to port), finishing off the Police Pier (15 miles), and the following boats crossed the line a few seconds after gun fire at 11.15- Arrow.
6.5 rating Liout. Carey allowed
Mr. T. Lammert 5 mins. Dr. Lowson 54
Meteor 1.6 Princess... 1.5
Erics
Dart
Ladybird.. 1.5
Payne
11
Mr. J. Hastings ti
་་
"
+1
1.5
1
1.5
17
Mr. A. Denison 54 Mr. A. H. Barlow G
1
"
1.6
A
Stella
1.6
Petrel
1.4
She...... 1.1
N
15
1
Seabreeze. 1.1 Spankadillo
Royal Engineers 8 Capt. Sterling II Mr. M. Jones 13 Mr. C. H. Galo 13 Lieut. Paley
16
Lt. R. Dawson 26 The start was the best of the season, the boats crossing all along the line within 20 seconds after gun fire, with a good east wind. Princess, Dart, and Stella had a reef down, but the others carried full sail, but shortly after the start the Arrow hauled down her topsail and Ladybird tied down a reef. A few minutes after the start Erica was observed to show in front, with She in close company, Princess and Meteor being not far behind. Arrow went rather heavily at first, but the wind and waves increasing she very soon began to walk through the fleet. Off North Point some of the boats began to feel that a reef would not be amiss, but the heavy weights de cided to risk whole sail. At Quarry Bay Arrow had got into second place, but Erica still held her own with her, and kept pride of place, rounding the Iyemun mark boat with a lead of over a minute from Arrow, with She and Princess about two minutes behind Arrow and Meteor close up to the Princess. In the run down to Kowloon Rock Arrow closed up ou Erica and Meteor passed both She and Princess, the latter running away from She. At the Rock the wind was а little stronger and Erica nearly gybed into the wark, but she paid off just in time. Meteor tried to gybe, but no doubt scared at her sister ship's performance refused and took the bit in her teeth and made for Kowloon city. How ever, she was brought about and put on her course with little loss of time, but sufficient for Princess to pass her. A quick reach, during which Arrow got into first place, brought the boats down to the No. 1 Dock Buoy, which was rounded by
Actual time Corrected time
H. M. 8. H Mi 8. 2 13 59 2 13 59
2 12 20 2 20:38 2 13
Arrow Erica Meteor Princess
2 15 1
17
2
1 10 31
50
2 26 8
She
2 26 40
2 42 40
2 42 40
Dart. Payne
Ladybird
2.36 10 2 34 49 2 44 00 2 37 30 The cup was thus won by Erica, with Meteor second, and She third.
The eighth Club race, postponed from last week on account of the weather, was sailed off at the same time and resulted in a win for Erica, with Meteor second, and Princess third in the first class, She being first in the second class.
The cup was presented to the winner, Mr. Denison, by Miss Boyes, on the Victor Emanuel after the race, in the presence of the Commodore and a large number of the members of the Club. This is the third Commodore's cup won by Mr. Denison since the formation of the Club in 1891.
195
debit balance there. I regret that the balance of the 1894 account only admits of the payment of the usual bonus to contributing shareholders and a dividend at $9.05 per share, as against $14 for 1893. On the other hand, I am glad to see the 1895 account shows a balance at credit of $260,712.64, which will doubtless be considered satisfactory by the shareholders. Until all the risks run off on 31st December next it is of course impossible to estimate, even approximately, the final result of the year's working, but if losses are not above the averago a favourable account may be expected. As compared with previous years our premia income shows a large de- crease, which is accounted for by the closing of agencies in the United Kingdom and the cur- tailment of risks in Calentta owing to the low rates ruling there. The interest account also shows a falling off, caused by the reduction in the rate of Bank deposits, and the con- sequent lowering of interest on mortgages. Several large mortgages were paid off last May and the money reinvested in debentures and placed on fixed deposit with the local banks. The interest received from these two sources si somewhat low, but we consider it desirable for the Company to always have a large amount of assets which are easily realizable. It is very gratifying to the Consulting Committee and to the General Managers to be able to show a decrease of over $50,000 in charges account. This makes the present ratio of expenses to premium as moderate as it was ten years ago. The outlook for the future is brighter than it has been for many years past, for since our last meeting tariffs materially increasing rates have been agreed to bere and at many of our agencies. The major portion of our business is now written on absolutely net terms, and I think it is only a question of time until the bonus system is done away with altogether. We are adopt- ing a most conservative policy with regard to all our risks at every agency, and with the view of making a closer investigation your Committee have decided to send the Acting Secretary on tour of inspection on Mr. Veitch's return in April. Since the 31st December several fires have cccurred here. at Shanghai, Kobe, Yokohama, and Singapore, entailing a loss to the Company of $18,300 nearly all of which falls on the 1895 account. Before moving the adoption of the report and decounts, I khall be pleased to answer any ques tion that may be asked.
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There were no questions and the CHAIRMAN moved the adoption of the report and accounts, Mr. J. 'D. HUMPHREYS-Mr. Chairman
The ninth Club race will he sailed on Sunday, and gentlemen. I have very much pleasure the 8th March, weather permitting.
HONGKONG FIRE INSURANCE
CO., LIMITED.
The twenty-seventh ordinary meeting of the shareholders in the Hongkong Fire Insurance Company, Limited, was held at the offices of the General Managers, Messrs. Jarline. Matheson, & Co., on the 27th Feb.. at noon. Hon. J. J. Bell-Irving presided, and there were also present Hon. C. P. Chater, Messrs. S. G. Pird, J. H. Lewis, M. D. Ezekiel, A. Bess (Cousulting Committee), R. H. R. Burder (Acting Boere- tary), J. D. Humphreys, H. Humphreks, G. C. Anderson, P. Jordan J. R. Michael. (4. H. Petts, V. II. Deacon, C. Palmer, G. L. Tullu, L. K. Davis, K. A. Chinoy, B. Byramje, J. M. G. Pereira, Lo Chun Sin, and Ho Fook.
The ACTING SECRETARY read the notice calling the meeting.
The CHAIRMAN-Gentlemen, the report and accounts having been in your hands for three weeks I will with your permission take them as read. Owing to the closing of the agencies in the United Kingdom, the report has been issued much earlier than has been customary in previous years. The accounts, too, ive been rendered in a slightly different form and now show the actual amounts disbursed for losses, charges, and commissions. These changes, I feel confident, will be appreciated by the shareholders. I regret that the 189-1 account shows such an unfavourable result, due mainly to expenses in connection with the final closing of the agencies in the United Kingdom. would have been even worse than it is had it The result not been for an unexpected gain in exchange on remittances made to London to pay off the large
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in
seconding the adoption of the report and the statement of accounts as presented to tho meeting. I think that after the very full statement which has been made by the Chairman there is very little for the seconder to add; but at the same time it will perhaps be only right to draw attention to two or three points which might perhaps be otherwise overlooked. In respect of the 1894 account and the low di- vidend for the result of the working of that year, thing else; everything suffered for two or three e must expect to suffer in common with every- ears, and there was a system-I might say, to se an expression that comes first to me- which I believe has ceased. I know it has there was a sort of cutthroat business
ceased, and that is a thing that will not come again.
Under the able direction of the General Managers, Messrs. Jardine, Matheson and Co, who have succeeded in almost every- thing they undertake, there is no reason to doubt that when those causes of loss are re- moved they will do as well as possible with your business, and that you will have the sympathy and a fair share of-the support of the entire community in China. But as to the 1895 account, the result for that year's working is simply phenomenal. result, and if it had been possible under the It is a magnificent articles of association-I looked into the point and found it was not I feel quite sure that if it had been possible for the General Managers to have recommended an interim dividend for 1895 to supplement the dividend which they have just declared for 1894, they would- But if we have had very much pleasure in doing so. do hot get it now we shall get it by and by. (Applause.) We know it is there, and that it is all right, and as for
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