August 5, 1896.1]
CHINA OVERLAND TRADE REPORT.
alance sheet for the half-year ending 30th | HONGKONG, CANTON AND MACAO 1896.
The net profits for that period, including $812,780.12, balance brought forward from last ccount, after paying all charges, deducting interest paid and due, and making provision for bad and doubtful accounts, amount to $1,470 795.36.
The directors recommend the transfer of $250,000 from the profit and loss account to credit of reserve fund which fund will then stand at $6,000,000.
After making this transfer and deducting remunera- tion to directors there remains for appropriation $1,203,796.86, out of which the directors recommend dividend of one pound and five shillings per share, which will absorb $444,444.44.
The difference in exchange between 46, the rate at which the dividend is declared, and 28. 24d., the rate of the day, amounts to $461,216.94.
The balance $800,134.98 to be carried to new profit and loss account.
AUDITORS.
The accounts have been audited by Mr. F. Hen- derson and Mr. C. S. Sharp, the latter acting in the abance of Mr. 8. G. Bird.
A. MCCONACHIE,
Chairman.
Hongkong, 30th July, 1896. Abstract of Assets and Liabilities, 30th June, 1898.
Paid-up capital Reserve fund
LIABILITĪZI.
Marine insurance account.
Notes in circulation
Current account----
Silver
$43,428,286.22
Gold, £6,815,097.145.2d.mx57,191,148.11
Fixed deposits ---
Silver
..$36,286,777.44
Gold, £2,770,788.98.10d.—25,088,824.82
Bills payable (including drafts on London Bankers and short sight drawings on London offios against bills receivable and bullion shipments) Profit and loss account
Cash
ASSETE.
Ballion in hand and in tranzit Indian and Colonial securities
Investments, vix.:—
£250,000.0.0 22 per cent.
Consola lodged with the
Bank of England as a
special London reserve. $1,900,000.00 £651,050.0.0 Consols and
other sterling securities 5,896,301.89
Bills discounted, loans, and credits Bills receivable
Bank premises.......
Dead stook
C.
C.
52,409,687.26 5,869,757.57 8,892,234.11
|
STEAMBOAT COMPANY, LD.
The ordinary half-yearly meeting of the shareholders in the above Company was held at the office of the Company, 18, Bank Buildings, on the 31st July. Hon. É. R. Belilios presided, and there were also present. Hon. J. J. Bell- Irving, Messrs. F.A. Gomes, J. Kramer, N. A. Siebs (Directors), T. Arnold (Secretary), Capt. A. Tillett, Messra, A. A. da Cruz, E. J. Moses, F. E. C. Georg, JR. Michael, 8. H. Michael, G. H. Potts, J. 8. Perry, D. W. Craddock, D. E. Brown, W. D. Graham, C. H. Thompson, Woo Hon, and Chun Chai.
.:
-107
may wish to put regarding the matters now before the meeting.
No questions being asked, the report and accounts were thereupon unanimously adopted on the proposition of the CHAIRMAN seconded by Mr. BROWN.
The CHAIRMAN-The other business, gentle-> men, is the re-election of the retiring directors, Mr. N. A. Siebs and the Hon. J. J. Bell-Irving. Mr. GEORG-I beg to propose that the retir- ing directors be re-elected.
Mr. POTTS seconded.
Carried unanimously,
The retiring auditors, Messrs. A. O'D. Gour- din and F. Henderson. were unanimously re- elected on the proposition of Capt. TILLET seconded by Mr. J. Ř. MICHAEL.
The CHAIEMAN-That is all the business, gentlemen. Dividend warrants will be ready to-morrow morning at 10 o'clock. I thank you for your attendance.
HONGKONG GOLF, CLUB.
85
BEST SCORE CUP FOR JULY. 103 18
98. 12 86 98 4 94
•
Rev. J. Vallings Mr. C. H. Grace Mr. C. E. Hume
THE CAPTAIN'S CUPS. The Captain's Cup for August was easily won by Mr. Vallings, his score being excep tionally good, taking into consideration the heavy state of the lies. This is the first com- petition in which the hurdle hazards have played apart, and possibly they may account for the large number of entries and few returns.
Rev. J. R. Vallings 89 14 75 Mr. J. M. T. Thomson... 93 12
113 Mr. E. M. Knor ... Mr. F. J. Badeley ... Mr. C. E. Hume Mr. E. A. Ram
The CHAIRMAN said-Gentlemen, as you have now had the report and accounts before you for some time, I would propose that they be taken as read. When we last met I ventured to predict that, with a cheaper coal contract, we would show an even better result of the steamers' working than that attained for the previous half year, and I am glad to say that that pre- diction has been amply verified by a substantial increase of $17,000, while as compared with the corresponding six months of 1895 an improve- ment of 845,000 is shown. The repairs account 10,000,000.00 has been somewhat heavy, for the reason ex- 5,750,000.00 plained in the report. In the early part of the 250,000.00 half year, in consequence of the sudden deve- 9,092,856.67lopment of a flaw in one of the paddle shafts of the Honam, that steamer had to be laid up for over a month to have a spare shaft fitted, and 100,614,432.33 advantage was taken of this lengthy lay-up to have considerable other repairs effected, which in the ordinary course would have stood over until next docking. With regard to the other 61,375,402.20❘ shaft, I may say that your directors, acting upon the advice of experts, deemed it prudent to make arrangements changing that one also. 14,825,365.24 A new shaft was consequently ordered from 1,470,795.36 | England, the cost of which is included in the accounts now before you, but the expense of $203,878,851.86 fitting it will attach to the current half year. Besides this, there will be the usual annual dooking and repairs of the Powan and Heung- shan and an overhaul of the White, Cloud, bnt with the substantial amount carried for- ward I trust that not only will all these expenses be met, but that at the end of the year we shall be able to do something fur- ther towards writing down the book values of our steamers. The opening of the West River is still a matter of the future; but I may 7,796,301,89 say that the result of the journey to Wachowfu 61,108,194.80 made by Captain Clarke has been the acquisi- 71,727,698.41 | tion of much valuable information which will 974,977.82 be of great use to us when this long talked-of 100,000.00
event comes about. Good progress has been made with the two small steamers now being built for us by the Dock Company and we hope to see them usefully employed before the end of the year. With the refund of four lakhs of capital you will observe that there has been a corresponding diminution of the item in- terest on investments," the Company only having had the use of these funds for about six weeks in the early part of the year. The difference in our interest account consequent 481.215.94 upon this return of capital will be some 250,000.00 $25,000 a year. The condition of our invest- 300,134.98 ments continues satisfactory. During the half year a realisation was effected, showing $1,470,795.36
a profit of nearly $19,000, which is included in the profit and loss account. The remain- consider ing investments stand at what we safe values, while the amount at credit of investment fluctuation account is practically the same as that of last half year. With regard to the item "property foreclosed," this is scarcely the sort of asset that your directors care to hold for a lengthened period, and I am glad to say that arrangements have been made 1,470,795.36 whereby it will be expunged from our books shortly without loss to the Company. Before $1,470,795.86 concluding, I must express the regret felt by the Board, which doubtless will be shared by many of those present, at the news which we have recently received of the death of our Commodore, Captain Lefavour, an old and faithful servant of the Company. It does not occur to me to say anything more gentlemen, 5,750,000.00 beyond mentioning the fact that the current half year has opened well, and I would therefore now propose the adoption of the report and $6,000,000.00 accounts; but before doing so I shall be pleased to answer any questions which shareholders
$208,378,851.86
Profit and Lose Account, 80th June, 1896.
To amounts wri.ten off ¿---
Remuneration to directors
Tö dividend account :—
.......
21 5 per share on 80,000 shares.
£100,000 at 48. 6d.
Ta dividend adjustment account :---
Difference in exchange between 46. 6d., the rate at which the dividend is de- clared, and 2a. 2jd., 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, 81st December, 1895.8 312,780.12
To amount of net profits for
the six months ending 30th
June, 1896, after making provision for bad and doubt- ful debts, deducting all ex- penses and interest paid and dne
1,168,015.34
Reserve Fund.
To balance..
.........
By balance, 31st December, 1895 By transfer from profit and loss account
15,000.00
444,444.44
$
C
6,000,000.00
$6,000,000.00
8
C.
250,000.00
**
CAPTAIN'S CUP.
278887
81
24 89
105
16
89
94 4
90
102
11
91
29 Entries.
POOL.
Mr. C. E. Hume Mr. W. A. Duff Mr. C. A. Tomes Mr. C. H. Grace
94
90
108
12
96
113 15 110 12
98
...
Several others no return.
*****
JAPAN TIDAL WAVE KELIEF FUND. Subscriptions already acknowledged $3,983 Mr. Thomson
G. W. F. P.
C. Duncan
Hongkong Telegraph..... C. P.
25
20
10
45
5
$4,088
The Treasurer of the Japan Tidal Wave Relief Fund informs us that the sum of $4,000 was remitted to the Committee of the Kobe Relief Fund on the 31st July by wire.
CORRESPONDENCE.
[We do not hold ourselves responsible for the opinions expressed by our correspondents.]
THE RECENT TYPHOON.
TO THE EDITOR OF THE "DAILY PRESS. SIR,It might be interesting if some of your readers would state what were the greatest oscillations of the barometer observed by them during the past storm. Here, near the summit of Mount Kellett, I observed, the aneroid needle on one occasion to vibrate through two-tenths of an inch, and several times over an interval of more than one-tenth, minor oscillations being of course very frequent. So violent and sudden were the alterations of pressure that they affected the drums of the ear, producing for the moment the same feeling as one experiences when going up and down the steepest part of. the trainway.
The lowest point touched by the barometer- here was 27.1, which point the needle once reached for an instant during a furions but the lowest point at which it remained at steady was 27.25. The typhoon, which the barometer began to rise consisted chiefly in a succession of terrific squalls, changed
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