signally characterise his staff we may look rer confidence to the future. fore moving the adoption of the nd passing of the accounts, I shall be answer any questions shareholders may
THE HONGKONG WEEKLY PRESS AND
bonus of 4 per cent. or $62,500 together equal- ling $187,500 be paid to the sharehold bonus of $20,000 to contributing sharehold a bonus of $20,500 to the European staff of the Company, that $43,475.95. be written from the value of Kowloon Docks, $17,779.68 from Cos- mopolitan Docks, that $200,000 be passed to reserve fund, and the balance $104,104.71 be carried to new account.
uestions having been asked, the CHAIR- proposed the adoption of the report and passing of the accounts.
Mr E. S. WREALLER-Mr. Chairman and gentlemen, I have great pleasure in seconding the proposal. You have expressed the pleasure it gives the Directors to meet us with such a report it is even more pleasant for us as share- holders to receive so good an account and to ee to your proposal as to the division of the profit, and this especially so as you tell us that the account does not include a large portion of the profit on the loans recently issued by the Bank, which will augment future profits, and thus assist in the maintenance of a steady dividend. It is especially astisfactory to hear of your confidence of attaining a position which will enable the dividend to be maintained alike in bad years and in good; nothing will do more to maintain the Bank in its present proud position, and nothing is more likely to result in the gradual and per- manent enlargement of the dividend. You have referred to the increased competition in the Bank's business; that is a complaint we are all suffering from, but we may look forward to increased trade compensating for the increased competition. At any rate, I think we may have every confidence that the Hongkong Bank with its numerous and influential sup- porters, its growing resources, and its able management-both here and at the numerous branches-will in the future as in the past not only hold its own, but enjoy the lion's share of the trade of the Far East and long continue to be the leading bank. (Applause.) With these remarks, gentlemen, I beg to second the adop- tion of the report and statement of accounts for the past half-year. (Applause.)
Carried.
Mr. RAY proposed the re-election of Mr. N. A. Siebs and Hon. J. J. Bell-Irving ou the Board of Directors, and the confirmation of the appointment of Mr. C. Beurmann, in room of Mr. J. Kramer, who resigned on leaving the colony, and of Mr. B. L. Richardson as Directors,
Mr. J. H. LEWIS-I beg to second Mr. Ray's proposition.
Carried.
Mr. P. SACHSE proposed the re-election of Messrs. F. Henderson and C. 8. Sharp as auditors.
Mr. G, STEWART seconded. Carried.
The CHAIRMAN-That is all the business, gentlemen. I thank you for your attendance. Dividend warrants will be issued on Monday morning.
HONGKONG AND WHAMPOA DOCK
LIMITED.
CO.,
The following is the report of the Board of Directors of the Hongkong and Whampoa Dock Co., Limited, to the ordinary yearly meet- ing of shareholders, to be held at the offices of the Company, on Monday next:--
To the shareholders of the Hongkong and Whampoa Dock Company, Limited.
Gentlemen,-The directors have now to sub- mit to you their report, with a statement of accounts for the half-year ended 31st Dec. last. The total receipts for the six months
are $1,597,777.79, and the net pro- fit, after paying interest due and all charges, amounts to
|
$443,891.21
The business of the Company having largely increased during the last few years, it has been found necessary to provide greater facilities at the Kowloon establishment; therefore steps are now being taken to acquire more land to the north-west of our present boundary in order to give the additional space required,
The Slip No. I underwent a careful inspec- tion last month, when it was found that all the woodwork under water had been destroyed by the teredo, so that the whole of it must be renewed. The estimated cost of this repair. will amount to about $25,000 and the time to complete the work and have the slip ready for service will be about six months.
During the year a few new machines of a modern type have been added to the saw mill and engineering establishments which enabled us in a measure to overtake the pressure of work on hand.
The docks, workshops, and engineering plant have been maintained in the highest state of efficiency, and are all in excellent working order.
DIRECTORS.
Mr. J. Kramer have left the colony, Mr. C. Beurmann has been invited to the vacant seat on the Board. The appointment requires to be confirmed at this meeting.
In accordance with clause 60 of the articles
of association, Messrs. Siebs and Van Buren retire by rotation, but being eligible offer themselves for re-election.
31st Dec 1896 By sha
esch fully pal By reserve fund By Admiralty loan
Less repayn
£19.
[February Ma
By Admiralty loan exchan credit of this account By sundry creditors By balance of profit brought for-
156,969.13 .......................................: 443,891.21
ward from last account By profit.
31st Dec., 1896. REVENUE ACCOUNT. To cost of labour, material, and working expenses at the Company's three establish To fire insurance .............
ments
To Crown rent
reat of head ofice
330:87 14,780.15
600,860.84
$2,706,979:08
..... 1,127,508.56-
To office expenses, salaries, stationery, and To drawing office expenses and salaries; To telegrams To legal expenses To profit...
1st July to 31st Dec., 1896.
By gross earnings of the Company's three
establishments By interest
By towage net earnings .................... By transfer fees....
By bonus on premis, &o.
1,298.98 1,043.55
452.92
3,026.50
476.07
180.00
891:21
1,597,777.79
1,592,643.02
216,60 4,410.42 187.00
820.75
$1,597,777.79
Mr. St. C. Michaelsen has been appointed | HONgkong fire INSURANCE CÒ., Chairman for the year 1897.
AUDITORS.
The accounts have been audited by Messrs. Thomas Arnold and Fullarton Henderson, Mr. S. G. Bird baving left the colony on leave of absence. The Directors recommend Messrs. T. Arnold ́and S. G. Bird for re-election.
ST. C. MICHAELSEN, Chairman,
}
CAPITAL ACCOUNT, July to DecENDER; I£96. $ 31st Dec., 1896.
Aberdeen.
ASSETS.
To value of Aberdeen Docks, as per last.
statement
Kowloon.
To value of Kowloon Docka,
as per last statement
Less amount since written off
Amount paid for extension of Kowloon Marine Lot No. 27 Amount paid during past six months on account of 16 new houses Amount paid repairing ty-
phoon damage to boiler- shop
0.
100,000.00
$1,074,602.31 **
24,602.31
1,050,000.00
9,639.00
43,035.21
1,560.74
Value of new machines added during past six months
14,241.00
Cosmopolitan Dock. To value of Cosmopolitan Dook,
as por last statement ... Less amount since written off
Amount paid on account of new sea wall and exten- sion, during past 6 months Amount paid on account of
now European quarters. Value of new machines
added during past 6 months
Tug, Launches, and Lighters. To value of "Fame" as per last account
LIMITED.
The following is the report for presentation to the shareholders at the twenty-eighth ordinary general meeting, to be held at the offices of the General Managers on the 26th February:
The General Managers and consulting com- mittée have pleasure in laying before the share- holders the twenty-eighth annual report of the Company.
1895 Acecunt.—This account, which is now finally closed, shows a profit of $216,879.93, which sum, with the approval of the consulting committee, it is proposed to deal with as follows:-
Bonus to contributing shareholders, $19,191.93. Addition to reserve fund,..
Dividend of $22 per share,
21,688.00
176,000.00
$216,879.99
1,118,475,95
1898 Account. The balance at credit of this account is $304,817.76.
Mortgages.-The General Managers and con- sulting committee are satisfied, from the valua- tions made by the Company's surveyors in Hongkong and Shanghai, that the properties held by the Company are good for the advances made.
Consulting Committee. Mr. 8. G. Bird having left the colony, Mr. F. Maitland
appoint nominated to the vacant seat,
andresent
ment requires to be confirmed. members. Mesars. Chater, Lewis, Ezekiel, Ross, and Maitland, retire but offer themselves for re-election.
Auditors.-The accounts have been audited by Messrs. Fullerton Henderson and A. Coxon, whose re-election is recommended.
JARDINE MATHESON & CO
fanag
*Hongkong Fire Hongkong, 11th February
275.489.98. 25,489.98
250,000.00
8,009.68
500.00
9,270.00
267,779.68
15,000,00
To value of 12 steam launches,
1 steam lighter, and boats
as per last account
$600,860.34
Less amount since written off
31,486.00 1,486.00
BALANCE
30,000.00
Dr. Capital subsc
$7,000.00 500.00
To fixed deposit with Hongkong and Shang-
hai Bank
200,000.00
Reserve fund
To 5 shares China Fire Insurance Company,
Limited
189.00
Accounts payabl
7,500,00❘
To Hongkong and Shanghai Bank, cash-on
current account.
Working 20count,
36,457.63
Net profit
leaving available for app
The 1 the half year of 8.
opriation $593,360.34 nd that a dividend for cent or $125,000 and a
To sundry debtors.... To cost of material on hand
117,071.28
Working account, 1896
822,025:54
Amount brought forward fro
706,079.08
to which has to be added the balance brought forward from last account... 156,969.13
and from this have to be deducted-
Directors fees Auditors' fees
Amount paid-up
Uncollected dividends
1T, DEORMAN
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