March 8 1897 1
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the work
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for the while if we we have 87
cannot hope from these addressed the arently slow progress we shall continue to ind. It is some two years since this section was com
although we have the assurance Government that no unnecessary delay has d we cannot but feel that we have cause satisfied with the present state of the more so as there does not appear to be poot of a definite date for its comple- With regard to the suggested half yearly ropriation of $6,000, this sum, in the opinion of the Board, is necessary to meet the ex-notes. The account of furniture, statures when again issued would thereby
nye wear and tear of furniture, cutlery,
&c., and the general upkeep of building. | The expenses in connection with these items will vary from year to year and in order to equalise the charge on each half year's working we think it desirable to deal with the matter in | this way. During the past eighteen months we have been able to spend $32,645 out of earnings on much needed improvements, including new boilers, pumping machinery, &o., and recently we have purchased a complete refrigerating plant which should enable us to economise on our foe bill and, what is of greater importance, to materially improve our victualling during the hot months. I have nothing further to add, gentlemen, except to congratulate you on the improved aspect of the Company's affairs and to warn you that although so large a sum has been spent on improvements there still remains much to be done to put the Hotel in really first class order. Nothing has so far been spent on the exterior of the building, the repairs and colour- washing of which cannot be much longer deferred, and the older portion of the Hotel will also require constant repairs. Your Directors, however, will continue to spare no effort to again place the Company upon & dividend paying basis and they have reason to feel hopeful of the future. (Applause.) If any gentleman has any question to ask I shall be happy to reply.
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Rents
CHINA OVERLAND TRADE REPORT
cumstances, may be considered satisfactory. Government securities belonging, the Bank are much larger this year. The whole amount is held in London, as we find it necessary, in After mature cousid order to facilitate our financial operations, to propose to acquire the money keep a fairly large sum available in London issue of new shares in the
It would of and to do so it suits our purpose better and is fully paid-up. more economical to keep such sum in Govern- borrow on debentures solel ment securities earning interest than to leave paid-up shares—depending the money idle or next to idle in the hands tures-but we have thought th of our London Bankers. Our note issue, sacrifice that the shareholders wo though small, continues to be appreciated by the introduction of new shares (of and keeps out very well in the hands of the ever, they themselves would have the public; in fact, our oredit is such that we would be compensated by the firmer basis on could easily circulate a far larger amount of which the company would stand; and that de
held tionery, and stamps has been reduced by in the same high esteem as are the about $1,700. Eastern markets generally are Now with regard to the accounts, I will make going through rather trying times, the position some comments on their salient points. of silver not having improved since December, shows a gross increase over last year of some 1895, and the future being very uncertain. The Tis. 30,000; so do fire insurance, water, repairs, world's production of gold in 1896 was not so taxes, to the extent about Tls. 24,000. The large as in 1895 and therefore the tendeney increase in fire insurance, etc., comes about towards the appreciation of gold (which we naturally from added buildings; and _from" hoped had been arrested) still exists and may higher value we have to set on former buildings, ultimately cause our local exchanges to drop to since to replace them, in case of accident, would a lower level. The famine and now the plague cost more money. We shall have to face, too, in in India are seriously affecting our trade with the future an increase in the item of taxes by the that country, while the rebellion in the Philip higher assessment now placed on our land. Ad pines and the continued unsettled state of Forvertising comes a good deal higher than it did mosa have both helped to limit the volume of last year, Tls. 630 as against Tla. 174. This transactions with those countries. It is to be arises partly from an 1895 item paid this year, hoped, however, that all these are simply passing but mainly from the charge re debentures and evils and that trade all round will improve! shares. Agency and directors' fees are now put With these remarks, gentlemen, I now beg to on the footing assigned in the articles of move that the accounts and report be adopted association. Interest is the amount paid on. and that a dividend of 2s. 6d. per share be paid. our borrowings, less what we have earned on There being no questions, the adoption of the mortgages. Legal expenses are Tls. -1,200, report and accounts was proposed by Mr. Stop against Tls. 357, for which the cost of the TERFOHT and seconded by Mr. KWANG HING debenture and trust deed has largely to account. LOONG,
The result of the working account is an increase over last year in the balance passed to profit and loss of Tls. 21,205. Profit and loss account now shows the profit arising from the sale of Fogg's estate, say Tls. 30,983,54, Coming to our assessments the several estates stand at their actual cost; and it may be interesting to you to know that since we took them over we have spent some Tls. 564,000 in building and that buildings now being erected or in im- mediate contemplation will require about Tls, 200,000. Our mortgages exceed those at the end of the last year by Tls. 266,517; and this is a business in which we are glad to employ as much as we can of the funds at our com mand. The reserve fund we propose to increase, as the report tells you, by about the amount gained on Fogg's estate. A glance at the accounts will show that this is not a cash reserve, but an undivided profit, put to separate account, and employed in the busi- ness of the Company. In conclusion,
the posses I may congratulate you on sion of what have proved to be valuable properties. The increasing importance of the Settlement is favouring you greatly; and while we do not propose to, so to say, rack-rent our tenants, we do seek, and do easily obtain, reasonable additions to our rent rolls; and I may say that we look for further improvement under this head from leases in the course of expiring.
There being no questions, the CHAIRMAN proposed the adoption of the report and accounta.
Captain GODDARD seconded.
Carried.
Mr. Cox proposed the re-election of the retiring directors, Messrs. E. Osborne and B. C. Wilcox.
Mr. HO TUNG seconded.. Carried.
Mr. CHAN CHAN NAM proposed the re-election of Messrs. W. H. Potts and W. H. Gaskell as auditors.
Mr. WÔNG KAM FOOK seconded. Carried.
Captain GODDARD-May I ask when the refrigerating plant will be at work?
The CHAIRMAN-In about one month's time. Captain GODDARD-And what is its capacity for ice-making.
The CHAIRMAN-Its capacity for ice-making is 3 owt a day, but we shall not use it for that. We hope we shall not want ice, because every- thing will be cooled by the refrigerator. We shall want only just sufficient ice for the hotel. That concludes the business, gentlemen. I thank you for your attendance.
NATIONAL BANK OF CHINA, LIMITED.
The sixth ordinary annual general meeting of the National Bank of China, Limited, was held at the Bank premises on Saturday. Mr. Stolterfoht presided and there were also pre- Bent Mr. D. Gillies, Mr. Kwan Hoi Chuen and Mr. Chan Kit Shan (Directors), and nume-
shareholders..
The CHAIRMAN-Gentlemen, your Directors In submitting to you the accounts and report for past year are happy to state that steady pro 88 continues notwithstanding the ex- lingly keen and increasing competition in business in the Far East. From the now presented to you, you will see es pay the same dividend, ie, Directors propose placing eserve, carrying forward $2,599.92 t. – On comparing the items in you will yourselves be able to note the progress made, which, under the oir
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Carried.
Mr. LEE CHIN HING proposed that Messrs. Stolterfoht and Kwan Hoi Chuen be re-eleted Directors in Hongkong and that Mr. Wotton be re-elected a member of the London Committee.
Mr. Woo YIK TAI seconded. Carried.
Yr. SEE FUNG CHUN proposed that Mr. J. H. Cox and Mr. W. Hutton Potts be re-elected auditors for the ensuing year at a remuneration of $200 each, and that Messrs Deloitte, Dever, Griffiths and Co. be re-elected auditors in London at a remuneration of 25 guineas.
Mr. TZE YAM seconded. Carried.
THE SHANGHAI LAND INVEST- MENT COMPANY, LIMITED. The annual general meeting of the Shanghai Land Investment Co., Limited, was held at the Company's offices, Shanghai, on the 22nd February. Mr, H. R. Hearn presided, and there were present Messrs. C. J. Dudgeon, E. J. Hogg, and A. McLeod (directors), H. 8. Wilkinson (legal adviser), and a large number of shareholders, representing in all 4,460 shares. The Chairman said-Gentlemen the report and accounts have been in your hands for some days and, testifying as they do to the growing prosperity of your company, your directors hope they have been read and examined with approval. With your permission we will now take them as read. I must first bring to your notice a clerical error in the report. The amount due for the final dividend, if carried, should have been stated as Tls. 47,566 instead of Tls. 48,50C, and the amount to be carried forward as Tls. 2,108.92 instead of Tls. 1,108.92, The report briefly describes what has been doing during the year in respect of the several estates, and I therefore think I need not enlarge upon this, but I am ready to answer as best I may any questions put to me in regard to them. A matter, however, I have specially to refer to, and that is the question of the increase of capital. At our last annual meeting, you will remember, you were gond enough to authorise your directors to issue a further million of debentures. We have not yet availed our- selves of that authority, but the increasing scope of the company's operations demands more money. Our present capital and borrow ings on debentures are fully and remun eratively employed, We want further funds for the buildings now going up, or projected,
And our tenants should not feel aggrieved at this, since it is notorious that the price of land, of labour, of material, is much higher than it was. We are continning build as fast as we can see our way to, and I may mention that the houses built since we started number 172 foreign and 1,293 Ch Before proposing a resolution as to the and accounts I shall be pleased to answer any questions or to listen to any comments in r of them. I beg to propose “That the rep accounts as presented be accepted
Mr. E. Jenner Hogg seconded, and the lution was carried unanimously
adopted
beaut
and
Upon the motion of the Chairman, seconded by Mr. A. McLeod, the following resolution was
lented That the dire to pay a final dividend for the year 1896 of 5 per cent, on the paid up capital to on the register at this date.”
Proposed by Mr. -- C. Bois, and Mr. E. Davis, Mr. A. MoLeod director and at the instance seconded by Mr. Young, Mr. C. re-elected auditor.
No comments yet.
Private notes are available after approval.