VOWNANV?
236
THE HONGKONG WEEKLY. PRESS AND
UNION INSURANCE SOCIETY OF CANTON, LIMITED.
years represented the Chamber on the Legisla- tive Council, has done so with great vigour and ability, never losing sight of its interests, and ready at all times to use his utmost energies in its behalf. It is therefore with much satis- Laction that I now bag to propose that Mr. Thomas Henderson Whitehead be again no- minated by this Chamber for appointment to the seat in the Legislative Council he has so worthily filled for the past six years.
Mr. DODWELL-I feel it an honour to be allowed to second the nomination of Mr. White- head to represent this Chamber in the Legisla- tive Council of this colony. At the time of the last election for the post, one of the mem- bers of this Chamber said that Mr. Whitehead's profession did not give that wide experience and education in men and affairs which were needed, and that the inelastic and narrow hori- son which the board of the ledgers furnished were not calculated to give a banker that knowledge of affairs which the representative of the Chamber and of the mercantile interests should have. (A laugh.). But, gentlemen, I think you will agree with me that the work done by Mr. Whitehead in the past six years has amply dissipated any such fears, fears which were not entertained by the majority which then elected him; and I think we owe Mr. White- head our heartiest thanks for the courageous as well as the able manner in which he has carried
The following is the report for presentation to the shareholders at the twenty-third ordinary meeting to be held at the Society's offices at noon on Thursday, 8th October:-
The directors have now to submit to the share. holders a report of the business of the Society for the year 1895, and for the six months ending the 30th June, 1896.
1895. The pet. premium collected for the year, after deducting returns and reinsurances, amounts to $1,588,229.25. After providing for a bonus of 20 per cent. on contributions paid in April last, there $613,500.65 as per annexed statement. remains at credit of working account a balance of
From this sum the directors recommend the pay- ment of a second bonus of 5 per cent. cn contribu tions, a dividend of $15 per share, equivalent to 30 per cent. on the paid up capital of $50 per share, and an addition to the reserve fund of $150,000, raising the reserve to $1,200,000. The balance remaining of $247,950.00 they propose to carry forward and thus close the account for the year 1895.
1896.-The position of the Society for the present year, as far as it can be ascertained, is as follows:- Balance of working account to the 30th June as
per annexed statement,
$748,585.30 Add estimate of premium to
September,
DIRECTORS.
*
30th
420,000,00
$1,168,585.30 434,000.00
$ 681,585.30
Since the last general meeting Mr. A. G. Wood and Mr. D. R. Sassoon have resigned their seats and Mr. A. Ross, Mr. H. Stolterfoht, and Mr. C. S. Sharp have joined the Board.
out his duties as our representative. (Applause.) Estimate of losses to pay, Under our present circumstances, the post is a very thankless and unenviable one; our repre- sentative must devote a great deal of his time and much energy and thought to the fulfilment of his duties, and he must be prepared to accept more kicks and cuffs than thanks, and in ad- dition must submit to much hostile criticism even from his own supporters. But this has ever been the lot of progressives, and I am glad to feel that in Mr. Whitehead we have a re- presentative who, in spite of all these draw. backs, will devote his time and energy and ex. perience to the duties of the post, and who will, without fear or favour, at all times do his utmost to protect the interests which he represents. (Applause.) I again beg to second the nomina- tion of Mr. Whitehead." (Loud applause.)
In accordance with clause 86 of the articles of association, Mr. N. A. Siebs and Mr. R. L Richardson retire, but offer themselves for re- election.
AUDITORS.
Messrs. J. H. Cox and W. Hutton Potts retire, but offer themselves for re-election.
H. L. DALRYMPLE,
Chairman.
Hongkong, 21st September, 1896.
1895
WORKING ACCOUNT, 1895
ON 30TH JUNE, 1896. Dr.
To net premium from 1st July to 31st De-
cember, 1895 To interest
September 24, 1896.
BALANCE SHEET ON 30T JUNE
To capi'al 10,000 shares
$2,500,000 upon which $50. called and paid up To reserve fund.
To unclaimed bonus and dividend To exchange fluctuation secount
To investment fluctuation account being the increase in market value of securities
To working account, 1895, balanco To working account, 1896, balance. To sundry creditors
Cr.
By cash on current account with the Hong- kong and Shanghai Banking Corporation By cash on deposit, viz.—
Hongkong and Shanghai
Banking Corporation Chartered Bank of India,
Australia, and China Mercantile Bank of India,
Limited
$213,000.00
96,000,00
450
613,5 748 369,445.99
$4,002,786.78
32,936.32
50,000.00
359,000.00
By cash on mortgage, viz. :—
In Hongkong
$490,034.28 In Shanghai.................................... 468,965.52
By cash invested in debentures, viz.:—
Kowloon Hongkong and
Wharf and Godown Co., Limited
Shanghai Land Investment
Company, Limited
Shanghai and Hongkew
$ 52,500,00
60,689.66
Wharf Company, Limited. 199,172.41 Shanghai Municipal Loan
45,517.24.
*958,999.78
357,879.31
By amount at debit of branches and agencies 212,329.48 By amount invested in London, viz.
In Consols, India Govern- ment Guaranteed Rail- ways and other securities £109,551.13.1 Deposited in Banks
36,000. 0.0
£145,551.18.1
1,318,203.66 498,840.48-
3) per cent. rupos paper, Rs. 818,437.50 By amount invested in Melbourne, vir:—
In Government Treasury Bonds and other securi- ties....
Deposited in Banks
£ 7,015.18.2
10,000. 0.0
£17,015.18.2
By bills remitted to London agency, 30th
June acconut
154,106.34 16,623,85
$
By bills receivable
683,236.15
699,681,91 97,512.26
$1,480,430.32
By sundry debtors.....................
Cr.
$ 0.
24,008.90
14,140.22
28,718.20
16,769.00
58,440.73
The CHAIRMAN then took a show of hands and declared the resolution to be carried unanimously.
Hon. T. H. WHITEHEAD-Mr. Chairman and . To working account, balance on 30th June, gentlemen, I desire to express my sincere thanks both to Mr. McConachie and Mr. Dodwell for the very kind words which they have used under the circumstances. I am well aware and conscious that in the past six years I have made many mistakes and that my short- comings have been great and numerous, but with the experience I have/gained I shall en- deavour to the best of my ability to do every- thing that is possible to promote the trade and commerce of this important port in the interests the colony. I feel very greatly and very ach appreciate this renewed mark of con- Adence that you have expressed in me, and I heartily thank you for the honour which you have done to the banking institution which I have the privilege to represent in the colony. (Loud applause.)
The CHAIRMAN--That is all the business gentlemen. I have to thank you for your at- tendance.
THE UNITED ASBESTOS ORIENTAL AGENCY, LIMITED.
The statutory meeting of shareholders in the United Asbestos Oriental Agency, Limited, was held on the 16th September at the Hongkong Hotel. Mr. G.(B. Dodwell presided, and amongst those present were-Messrs. A. Anderson, D. Gillies, J. P. Dowling, Thomas Skinner, W. Parlane, F. Dodwell, A. O'D. Gourdin, and G. H. Medhurst.
The CHAIRMAN said this was simply a statu- tory meeting called in accordance with section 38 of the Companies Ordinance, 1865. The whole of the shares had been applied for and the business started on a satisfactory basis. The first instalment of stock arrived at the beginning of June and agencies would be started in Singa. pore and Japan. If any shareholders desired any information it would be freely accorded by the General Managers, Messrs. Dodwell, Carlill & Co. That was: all the business before the meeting and he thanked the shareholders pre- sent for their attendance,
By agency commissions By agency charges By head office charges By Shanghai charges By London charges By Yokohama charges By Melbourne charges By remuneration for half-year ending. 31st December, 1895, to directors, committees, and auditors
-
By losses and claims paid By exchange
1895 By bonus on contribution account
(declared 29th April, 1896) 20 per cent, By balance
WORKING Account, 1896. ON 30TH JUNE, 1896.
Dr.
10,784.72 11,661.02
14,809.31 439,995.15 234.80
247,367.62 813,500.65
743.78
153,123.78
$4,002,786.78
THE DOUGLAS STEAMSHIP COMPANY, LIMITED
The following is the report for presentation to the shareholders at the thirteenth ordinary, general meeting, to be held at the offices of the Company, on Saturday, the 26th September
The General Managers have now to submit to the shareholders their report on the thirteenth year's working of the Company, ended 30th June, 1896. After paying all running
expenses; premia of insurance, remuneration to consulting committee and auditors' fees, there remains a net profits of $255,327.09, and, with the consent of the share $1,480,430.32 holders, it is proposed to appropriate this amount
To net premium from 1st January to 30th
June, 1896... To interes!
By agency commissions By agency charges By head office charges By Shanghai charges By London charges By Yokohama charges By Melbourne charges.
C.
943,505.35 50,545.75
$994,051.10
CT.
$
By remuneration for half-year ending 30th June, 1896, to directors, committees, and auditors
By losses and claims paid By exchange By balance
as follows:-
To write off $43,721.50 from the value of the Company's property (excepting the Haimun) on 30th June last, being the equivalent of 8 per cent thereon and to pay a dividend of 12 per cent. on the capit l of the Company, which will absorb a further $120,000.00, to tranfer $50,000.00 to the cred the reserve fund, and carry forward to next year account the balance of $41,605.59
During the period under review there has been some troublesome competition, especially 15,175.19 Formosa line, but the Company still maintains
8,477.87 position in the esteem of shippers genera 29,309.25
meet opposition and fulfil temporary red 15,898.53
the steamers Continental and Cosmopolit were char 14,749.50
for short periods.
7,668.07 12,555.16
The new steamer Haimun ar
and immediately commenc
line: she is splendidly ada
9,916.35 | a valuable acquisition to the 101,287.67 The steamers have been mai
428.21 state of efficiency, the Namoa .748,585.30
very extensive overhaul
In usual course it in pearing
$994,051.10
30th June have
due and
Fince
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