Tobruary 25, 1897-
0. Dr. Noble, Gladiator, 820, Hing; Humbug $190. Captain Red Fire $175, Hon. F H May keful Jõe, $220, MF. Kennedy: Little Owl, 855 Hill; Glentilt, $40, Mr. Hill, Enery Awking, $100, Mr. A. H. Reunio tter, $55, Mr. Kannedy, Polo, $300, Mr. Hastings; Sperber 330, MIK inedy: Chestnuts, $15, Mr. TamHo; Chin chin, $25, Mr. Thomson; Arthurlie, $145, Mr. Hill; Dumterlie, $30, Mr. Kennedy, Exile, $30, Mr. Wah Hing Bokowpun, $50, Mr. Kennedy; Crozton, 205, Mr. Kennedy; Nar- cissna, $35, Mr. Kennedy; Cumshaw, $60, Mr. Hastings. In addition to these ponies others without names were sold. The following were bought in at the prices named-Flaneur, $15; Terses, $10; Grey Leg, $100, Competitor, $120, Dacapo, $200; Kartush, $115, Sun- flower, $145, Landsturm, $30; Query, $25; The Rogue, $50; an Australian horse, $150.
HONGKONG AND WHAMPOA DOCK
CO.,
LIMITED.
The ordinary yearly meeting of the share holders in the Hongkong and Whampoa Dock Company, Limited, was held at the offices of the Company, Praya Central, on the 22nd Feb. at noon. Mr. St. C. Michaelsen presided and there were also present Messrs. J. H. Lewis, N. A. Siebs, J. S. Van Buren, Hon. J. J. Bell-Irving, C. Beurmann (Directors), D. Gillies (Chief Manager), T. I, Rose (Secretary), V. H. Deacon (Solicitor), Paul Jordan, H. Wicking, J. R. Michael, G. C. Anderson, T. Arnpli, G. H. Potts, R. Mitchell, G. Murray Bain, F. Dodwell, G. C. Cox, W. Parfitt, Fullerton Henderson, C. A. Tomes, C. S. Sharp, H. Humphreys, E. 8. Whealler, and M. H. Michael. |
The SECRETARY read the notice convening the meeting.
The CHAIRMAN-Gentlemen, the report and accounts having been in your hands for some time I will, with your permission, take them as read. It affords your Directors great pleasure in meeting you again to-day with such very favourable results. Though the last half year has not been a record oge as far as the net result is concerned, the latter must nevertheless be considered highly satisfactory. We are in a position to again propose a dividend of 8 per cent. and a bonus of 4 per cent. together absorbing $187,500, and to re- commend a bonus of $20,000 to contributing shareholders, a bonus of $20,500 to our foreign employés, representing 15 per cent. on their salaries, that a sum of about $61,000 be written off from the value of our Kowloon and Cos- mopolitan establishments, to place a further sum of two lachs to the credit of the reserve fund, thus increasing the latter to $600,000, and to carry forward the balance of $104,104.71 to new account. As you will see, we are thus dealing with an available total amount of $593,360.34 in a manner I trust in every respect satisfactory to share holders. The gross earnings for the last half year are the largest on record, exceeding those of the preceding six months by about $120,000. At the same time the cost of labour, material, and
working expenses of the Company's establishments are greater by some $240,000, labour showing an approximate increase of 866,133 and material $173,866. This disparity can, however, be easily explained, being accounted for partly by the lack of large vessels with ex- tensive repairs, which on several former occasions have left us such handsome returns repairs of that kind generally resulting in larger profits than those of small vessels under going the usual overhaul for wear and fear-and partly by many of the new vessels constructed by the Company leaving but a small profit, in some instances none; and as the amount of the bills rendered for building new vessels during the
I under review was over $275,000 it forms, bservo, ↑ large portion of our gross Furthermore I may mention that to And to retain the work in in several instances been ler profits. However, consider
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CHINA OVERLAND TRADE REPORT.
establis
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different basis, and these may fin of the miralty. making any giving you any full will be furnished with as soon as we are in a freely about it I may found a paragraph in one of the just to hand by last mail stating Powerful could not be placed in East. In reply to this I wish to ste have already been in correspondence Commander-in-Chief on the Station to this matter and have advised him that Powerful and Terrible could be taken No. 1 dook at Kowloon, there being water and ample accommodation. Ing necessary enlargement of our works at Ko already alluded to, I shall have a resolu propose to you later on, which I meet with your approval. Regarding Articles of Association which were remodelled in 1869 with various subsequent additions and alterations, it has been found on many occasions that they are no longer up to date and proved to be defective in many respects. Your Directors therefore have under contemplation a revision of them and as soon as the necessary alterations. have been made they will be submitted for your approval. This undertaking will of course have to be carried out by the advice of the Company's solicitor. In concluding my remarks, I am very glad to be able to state that our prospec of work in the future continue to be very promising, and I have pleasure in saying that the returns for the month of January are very favourable and we have also every reason to hope that the returns for February will be equally good. Before proposing the adoption of the report and accounts, I shall be pleased answer to the best of my ability any questions that shareholders may desire to ask.
ight and
As method of doing work
however not only costly but in many cases un satisfactory, your Directors think that the time has come, not only for making further additions to our machine shops, but also to an enlarge ment of our whole establishment at Kowloon, and by so doing we hope to save not only much time and labour but subsequently to enter on a more extensive sphere of business. I just mentioned that the work had been going on almost constantly night and day, and you will therefore understand that the capacity of our staff has again been heavily taxed. Their services were, however, in every instance given most willingly and cheerfully, and the heartiest thanks of all of us are therefore due to every one, from the highest to the lowest, and I have no doubt that you will most cordially approve of the bonus of 15 per cent. to be given to them in recognition of their incessant work and labour, as they fully deserve it. Turn- ing to the accounts once more, you will, I have no doubt, agree with me that it is good policy to go on writing off fair amounts and thus further strengthen our position, though our book values have already been brought down to a satisfactorily low level. Our three establish- ments, after writing off the $61,255.63 as pro- posed, stand at $1,425,000, certainly a very moderate figure for such complete and magni- ficent establishments. Our stock of material is less than six months ago by about $100,000, but with our ever increasing business it is absolutely necessary to always keep a large stock on hand, so as to be able to meet all wants and needs of the many vessels that come to us. As a rule, our stock has been valued at the end of each year by one expert, but this time we had the work done by two, so as to be quite sure of the correctness and value of the stock, and you will be pleased to know that the report of the two valuators appointed by us proves that the amount shown in our books is actually less than the cost price. Interest account, you Mr. WICKING-Mr. Chairman, I should like will be glad to notice, appears for the first time to make one or two remarks. I hear from on the credit side of our revenue account; the Singapore that the Company there is putting amount is still small, but in subsequent reports down very extensive machinery and further it will be greater. In connection herewith I plant. I think it is most desirable that as much may mention that it has been suggested to speed as possible should be exercised in the get- employ our funds which we do not use in the ting on with the extension of our workshops. ordinary run of our business in a better paying The machine shop at Kowloon is one of the way than leaving them on fixed deposit account. most perfect on this side of the Suez Canal, However, our present deposit of $200,000 runs but I think the foundry and the blacksmith's off some time in June; when that time draws near shop are by no means what they should be in your directors will fully discuss the advisability comparison with the other shops. At Ginga- of investing the amount at our disposal in some pore they are doing so much that it is highly way that will yield a better return. "We have not desirable that the improvements here should be discussed this point recently; therefore I speak made with as much haste as possible. The for myself only when I say that on principle I Belgic is lying here waiting for repairs which am against any investment of funds of a public the Company are unable to do, because they company like the Dock Company in ahares. We cannot supply a new shafting and it was neces may eventually, however, place some of the-sary to send to England for it. This money on mortgage; anyhow, the matter will unsatisfactory and should be remedied as soon in due course receive the fullest attention of as possible. your Directors. As stated in the report, it was found on inspection that the wood under water of No. 1 slip was completely destroyed and that the whole of it must be renewed. One need hardly be surprised at this, as the wood of the slip in question was laid more than 20 years ago and it could not be expected to last for a longer period. The slip has done very good service during all these years and we can there- fore well afford the necessary outlay on it.
Mr-WICKING-I am very glad to hear you The repairs will be finished in about six say so. Your explanation is very satisfact months and the slip will then be just as
The CHAIRMAN I beg to propose the adop good as new, especially so as in the reconstruction of the report and accounts as prese tion we shall use a better class of timber that
Mr. WICKING will suffer less from the action of the sea water. remark ? The new houses for the European foremen at Kowloon are nearly completed and will add materially to the health and comfort of the staff, so that we hope to have less sickness and fewer invalids than in the past. On a former occasion you were informed that our proposals for the construction of a new dry dook at Hunghom were not favourably received by the Lords Commissioners of the Admiralty who decided hat under all the oiroumstances the case the terms of the Dock Company inadmissible. I must say that we had work
proposals most carefully and
them in every respect very acting parties, but that may l opinion: We have, however, kunder fresh proposa on a somewhat
The CHAIEMAN-In reply I may say that the directors have had in contemplation further extensions to the machine shop, as I have stated in my speech. As you have referred to the foundry and the blacksmith's shop I may say they will be rebuilt in a certain time and no doubt every improvement will be made. I as sure you that we have it in view to be in future quite up to date in all our establishments,
Eămake one-more
The CHAIRMAN Certainly. Mr. WICKING-In your remarks you you were not in favour of investing funds of the Company in loca my opinion many of the as safe as any bank in this or in any world, and it in a well two of
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