Page
June 18, 1896.]
STATEMENT OF Accounts to]APRIL 30TH, 1898.
LIABILITIES.
$.
C.
Capital
30,000 shares each $8 paid-up....... 240,000.00
፡
Bills payable
6,846.31
Sundry creditors
4,777.78
Suspense account
Balance of profit and loss account
ASSETS.
Plant, cost of as per last sccount.. $179,158.60.
Les amount provided for de-
preciation
Cost of plant sinos added.
Property, cost of land and buildinge
10,000.00
169,158.60 -10,240.98
Installation material, stock of............
Stores and coal, stock of
Tools, &c., on hand
Furniture, cost of
Insurance, value of unexpired; portions of
policies
Sundry debtors
Hongkong and Shanghai Bank, cash with
20.00 32,119,23
$283,763.32
$
C.
179,399.58 60,607.35
17,137.98 5,620.23 1,519.55 551.10
CHINA OVERLAND TRADE REPORT.
THE SHERIDan consolIDATED MINING AND MILLING COMPANY, LIMITED.
The adjourned fourth annual general meet- ing of this Company was held at the Shanghai Club on the 2nd June. Mr. Alex. McLeod presided and shareholders representing 5,498 shares were present. The notice convening the meeting having been read by Mr. T. Wood, the Secretary,
The Chairman said that although they could not congratulate themselves upon the report being a very brilliant one, still it showed a very great improvement upon that of last year. On turning to the working account it would be seen that the charges for conduoting the busi- ness of the Company had decreased by something like Tls. 9,150. In 1894 they amounted to Tls. 44,485, and in 1895, Tls, 35,111. The fire insurance had been reduced from Tls. 8,305.91 2,800 to Tls. 1,770, and there had been 10,521.62 another large saving in taxes, which had been reduced from Tls. 9,422 in 1894 to $283,763.32
Tls. 5,368 in 1895. The interest account was larger, but it included the full payment of the debenture interest and also
- 100.00
WORKING ACCOUNT.
DIR.
$
To salaries and wages
To com!
To installation material
To stores
To office expanses
To rent and taxes
To charges
To repairs
To insurance
To stationery
To tools
To auditors' fees.
To medical attendance
To bad debta....
some
501
that. He proposed that the report and ac- counts, as presented, be accepted and passed.
Mr, E. J. Hogg seconded, and the resolution was unanimously carried.
Upon the proposition of Mr. Kinnear, seconded by Mr. J. M. Ringer, the following were re-elected as directors: Messrs. G. J. Mor rison, A. McLeod; G. Galles, E. J. Hogg, and J. D. Thorburn.
At the instance of Mr. C. J. Dudgeon, seconded by Mr. J. Buchanan, Mr. G. W. Noël
was re-elected auditor.
The proceedings then terminated.
The following is the directors' report:
are pleased to be able to say that there is some int
The directors, in presenting their report, for 1895, provement in the position of the Company's affairs as compared with the previous year. Good work has been done at the mines, and both Mr. J. A. Por ter and. Mr. W. A. Akers report favourably upon the prospects for the future, though the low price of silver necessarily continues to tell heavily against all silver mining companies.
The Smuggler Union Co. remitted in due course the money required for interest on loans and deber tires for last year, and this has been paid in full. Royalty for the year, which was paid at the rate of 74 per cent, on net earnings, the price of silver hav 18,593.08 rather heavy charges which the Smugglering ranged under 70 cents per oz., amounts to Tls. 11,202.57 Co. had disbursed for the Company, and 18,678.17, against last year The.. 18,013.84.
9;£72.16 which had to be liquidated.
A new lease has been made to the Smuggler The receipts Union Mining Co. for five years from the 1st day 5,579.78 showed an
excess of Tls. 12,100 odd, Tls. 2,000.00
of June, 1896, with a sliding scale for royalty re- 7,800 arising from tolls from the Humbolt gulated by the market price of silver. 1,317.38 1,265.40 and sale of supplies. The royalty was nearly Tls. 670 more, and exchange account showed & credit of Tls. 3,600, as against a debit balance 226.55 in 1894. The result of the whole year's working was that in place of the excessive debit balance of Tls. 25,800 in 1894, at the end of 1895 there was only a small balance of Tls 4,500 to the bad
728.03 369.75
145.38 100.00 75.00 78.72
To ampunt carried to profit and loss account. 24,093.92 to write off. That amount included two pay.
Cr.
By gross earnings of the Company. By interest..:
By serip and transfer fees
PROFIT AND Loss AccoUNT.
Dr.
To amount carried forward to next account...
Cr.
By amount brought forward from
last account
$16,106.82
Less amount provided for de-
preciation of plant..
10,000.00
ments which they would not during the current $75,196.76 year be called upon to meet; there was a sum of Tls..2,700 which they paid the estate of the late
818.30 39.50
$75,190.76
$. o.
32,119.23
$32,119.23
By balance of working account brought down 24,093.92 6,106.82 By profit on sale of forfeited shares
1,918.49
$32,119.23
The agreement with Mr. W. A. Akers, the Com pany's manager, terminated on the 31st December, 1895, and Mr. J. A. Porter, President of the Smuggler Union Mining Co., has kindly under- taken to protect the Company's interests in America. The directors all retire at the general meeting in accordance with the articles of association.
Mr. Geo. Noel having left Shanghai for England, the accounts have been audited by Mr. John Graham.
Mr. Noel offers himself for re-election.
A. MCLEOD, Acting Chairman -
FOR THE YEAR 1895.
}
The following is the report of Mr. H. M. Hillier, Commissioner of Customs, on the trade of Kowloon last year :-
LOCAL.
$ C. Mr. Waters on account of a promissory note 74,834.96 he held of the Company's, and without in any way jeopardising the interests of the Company they had been able to dispense with the services of THE KOWLOON CUSTOMS REPORT Mr. Akers, who had been receiving a salary of G. $3,000 a year, so that, although the prospects were not brilliant, they were encouraging, and the directors looked forward to being able to show something to the good instead of a debit balance at the end of the present year.
The advices from Mr. Porter-who had kindly con-
The aggregate value of the trade passing sented to look after their interests in America through the Kowloon Stations during 1895 without remuneration-were that everything was very considerably in excess of the total was going on satisfactorily, and he looked for for the year preceding. The figures for 1895 ward to paying the Company a considerably are Hk. Tls. 50,385,194, as compared with Hk. larger royalty this year than last.
If any
Tls. 40,687,681, & difference of Hk. Tls. 9,697,513,
Chairman) would be pleased to answer them. shareholders had any questions to ask he (the or nearly 24 per cent. Of this, the greatest pro- portion, some 61 millions. of taels, is attribut Mr. A. J. How said he thought the Chairman able to foreign importations; but a closer would have given some particulars with regard examination of the returns reveals the fact, not to the lease the Company had made with the altogether welcome, that upwards of 44 millions Smuggler Company, which he believed took of taels represent the value of foreign rice im- effect from the 1st of June this year, for five ported to replace short crops. Native exports years. As far as one could judge from the come next, with an increase of about 3 millions; details in the accounts it would seem to give com- paratively insignificant results for the benefit something under half a million of taels. Prices
and native imports show an improvement
of Sheridan shareholders. He had the very highest respect for the gentlemen managing the ruled higher, and this will have to be allowed for of both native and foreign goods have generally Smuggler Company, but an examination of in weighing the importance of the figures; but the accounts would show what a very insigni- when all allowances are made, there remains an ficant sum the Smuggler Company paid for improvement, which adds to the confirmation of the property at $400,000, and taking the royalty of greater prosperity to the merchant. An what was still a very valuable property. Valuing the general opinion that the year has been one paid as Tls. 18,000 and deducting the taxes of event which caused considerable sensation at Tls. 5,000, and fire insurance, it gave a return
the time was the strike of coolies in Hongkong, to the shareholders of about 3 per cent. The in consequence of the enforcement of the regis cost, of the mill, which cost about G. $150,000 28th March some 3,000 men went on strike and Smuggler Company also had the use, free of tration of coolie lodging-houses. On the and it seemed strange that they should not pay remained idle for about a week, with serious. the insurance on it. No doubt the directors detriment to the discharge and shipment of were doing their best, but for all that the posi- cargo by foreign vessels in Hongkong, and tion was a very unsatisfactory one.
doubtless indirectly influencing the junk traffic besides-as, for instance, when one shipload of kerosine was lost to the market by being taken to Japan, its discharge being impossible in Hongkong. The long drought caused a failure of the rice crops, an alarming scarcity of water, and, it is supposed, brought about a severe epi- demic of fever of a malarious type, which pre- vailed during the loffer half of the year, claim- ing a great many victims among the natives and causing serious illness, at least, to several foreigners.
MANAGER'S REPORT.
Hongkong, 1st June, 1896. To the Directors of the Hongkong. Electric
Company, Limited, Gentlemen,-As stated in my last report the number of incandescent lamps installed and connected on the 30th April, 1895, was about 2,300, equivalent to 3,740 lamps of 8-
candle power.
I now have to report that the number of lamps installed and connected to the Company's mains on the 30th April, 1896, amounted to 3,070, equivalent to about 5,150 lamps of 8-candle
power.
In addition to the 75 are lamps supplied to the Government for street lighting, 7 are lamps have been erected for lighting H. M. Naval Yard, but these were not brought into use until the 1st May, 1896.
The plant and machinery have been main- tained in good working order.—I remain, gentlemen, your obedient servant,
W. H. WICKHAM, Manager.
It is reported that the Royal Dutch Oil Company, producers of the well-known Crown Langkat Oil, has declared a dividend for 1895 of 44 per cent. Shares have hence risen to over 500 per cent. premium,
The Chairman quite agreed that the position was not a pleasant one, and he was sorry Mr. How had not suggested some means by which better arrangements could be made, The Smuggler Company said they Lad spent an and repairs, which, if they did not buy the pro- enormous amount of money in improvements porty, the Sheridan shareholders would get the | benefit of. If anybody offered Tls. 400,000 for the mine he should be inclined to accept the offer, but at present there did not seem a prospect of
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