172
THE HONGKONG WEEKLY PRESS AND
activity has prevailed at all the docks and we have been once more fairly busy. I hope this stato of affairs will continue and that at the end of the present half-year we shall have every reason to look back to it with satisfaction. In conclusion I wish to record once more the directors' great appreciation of the services rendered by our esteemed chief manager and our staff (applause)-in having carried on their duties in such an efficient way at all times during the six months, and I have no doubt that shareholders will cordially join in this award of thanks. (Applanse). Before moving the adoption of the report and accounts I shall be glad to answer to the best of my ability any question that shareholders may wish to put.
Mr. MICHAEL-I would like to ask the di- rectors whether it is intended to sub-divide the shares in order to make them marketable for
small investors,
The CHAIRMAN-I may say, in auswer to Mr. Michael's question, that nothing has been decided as yet. Some shareholders made a pro. posal to me some time ago with regard to such à scheme and, without expressing any opinion on it on behalf of myself and colleagues, I sim- ply pointed out that the present was not an op- portune time for taking up the subject. I ex- plained why I thought so and they waro satisfied and agreel to let the matter stand over for the present. I hope you will be satisfied
with this answer of mine.
Mr. MICHAEL-Thanks.
There were no other questions and the CHAIR. MAN proposed the adoption of the report and the passing of the accounts.
Mr. C. S. SHAKP-Mr. Chairman, in rising to second the adoption of the report and ac- counts now befor." us, I have but little to say, as the remarks you have just made have dealt so fully with them. We cannot always expect to have such record years as of late, but although the accounts do not show quite as good results as those we have recently been accustomed to, 1 feel sure that shareholders generally must consider them eminently satis- factory, and I think he must indeed be hard to please who is not satisfied with the figures now before ns, the considerable writings off and addition to reserve fund
and the handsome retarn to shareholders,
I am glad to see the Board is determined to keep pace with the times by keeping the Com- pany provided with an establishment quite up to date, thus enabling it to tackle the heavier élass of work nowadays so often called for and to carry out repairs, &c., with that expedition now so necessary in these days of hurry, and I feel sure that these additious will contribute to
sustain the high reputation this Company already so deservedly enjoys for the quality of the work turned out by it and the despatch with which such work is done. You have referred to the heavy stocks of material figuring in the acconuts, and though these may, no doubt, entail some loss in the way of interest, I think it is only in the nature of things that a Company such as this professing to be well equipped for any work that may turn up must carry such heavy stocks and on this occasion, as you point out, we bare some reason for congratulation that these bave been laid in at 80 much better rates of exchange than now possible.
the Honourable the Colonial Secretary to Mr. Gillies, dated 31st July, 1897, No. 1227,"
Mr. Lewis-I beg to second that resolution. Carried.
The CHAIRMAN-That is all the business of the meeting, gentlemen. Dividend warrants will be ready to-morrow. I thank you for your attendance.
HONGKONG HOTEL COMPANY, LIMITED.
(August 26, 1897.
The prospects of the company have improved all round, and I see no reason why it should not look for a season of prosperity after its long experience of adversity. But your directors do not intend to relax their efforts in the direction of economy and the prevention of loss by carelessness, waste, or peculation, nor do they consider that there remains nothing more to achieve now that the Company's stock has been lifted from a nominal quotation of $7 per share to par. (Applause.) I do not think there is anything further for me to add, gentlemen, but I shall be glad to answer any questions.
No questions were asked, and the CHAIRMAN proposed the adoption of the report and passing
of the accounts.
The ordinary half-yearly meeting of the shareholders in the Hougkong Hotel Co., Ltd., was held on Saturday, at noon, in the Hotel. Mr. R. C. Wilcox presided and there were also
Mr. G. C. Cox-Mr. Chairman, I have much present: Messrs. W. Parfitt and E. Osborne (Directors). C. Mooney (Secretary), U. J. Gon-pleasure in seconding the adoption of the report salves. G. C. Cox, A. Coutts, H. Buck, W. Low, and accounts. I think all the shareholders will Capt. Goddard, C. Palmer. W. H. Potts, F. agree with me in considering the report a highly Henderson, Ho Fook, Lo Cheung Shiu, Fat gratifying one. (Applanse.) Tak. Han Chenk Tien, Ip Che Fong, Leung Carried. Tit Shan, Ho Yam Nam, Chan Chan Nan and Wong Kam Fuk.
Mr. Ho Fook proposed the re-election of the
The SECRETARY read the notice convening retiring directors, Messrs R. C. Wilcox and
the meeting.
The CHAIRMAN.-Gentlemen, the report and statement of accounts having been in your bands for more than a week, I propose, with The result of the working of the Company's your permission, to take them as read.
business will, I trust, be considered satisfactory. There was a very substantial increase in the those of the same period of last year, and the net profits last half-year as compared with
profits of the first six months of 1896 showed a
per aunum, more
will
Parfitt.
Mr. HART BUCK seconded. Carried.
Mr. A. Courts proposed the re-election of anditors. Messrs W. H. Potts and W. II. Gaskel as
Mr. PALMER seconded. Carried.
The CHAIRMAN-That concludes the business of the meeting gentlemen. I thank you for your attendance. It remains for me to say that dividend warrants will not be ready until 30th inst. A notice will be sent to all shareholders asking them to send in their scrip for verifion- tion on and after the 22nd inst., and the divid- end warrants will be issued on application to the Secretary, after verification of the scrip, on and after 30th inst. This delay has been rendered necessary owing to there having been several changes in the office of Secretary, and the long interval that has elapsed since a dividend was paid to the shareholders. Ism sorry there should be any delay, but you will recognise its neces-
sity, I am sure. Holders of old scrip are also informed that old certificates will be cancelled and new ones issued in exchange. This notice
will be sent out to all the shareholders.
Mr. Ho Fook-Before leaving I beg to propose a hearty vote of thanks to the Board and staff for having brought the Company to a dividend-paying stage.
Captain GODDARD-I have much pleasure in that in the matter of two years the shares have seconding that resolution. I think, considering gone up from 87 a share to $50, par valne, it shows that the company is in a very satisfactory state, and it is all owing to the untiring efforts of the Directors that this satisfactory result has been brought about. The Hotel is better furnished. Letter provided, and the rooms are kept better lighted than they have ever been. The music room, reading room, and smoking room are very great benefits in the hotel, both to I am pleased to second this vote of thanks resident boarders and also for transient guests.
tors fully deserve it. proposed by Mr. Ho Fook.
great increase on those of the corresponding half of 1895, a pretty reliable indication that the improvement has been steady. It is with profound satisfaction that the directors have at length felt at liberty to declare a dividend, equal to six per cent
specially as they are also in a position to carry forward રી balance that practically ensure their ability to recommend a not less appropriation for the current half-year As you are aware, gentlemen, this half is our lean one, and for the first three months its working has hitherto almost invariably resulted in a debit balance. I am very glad, therefore, to be able to inform you that the month of July showed a very decided improvement over the corresponding month of last year, and we have through the rest of the half-year. We have reason to think this improvement will extend
continued our policy of writing down the valne of furniture, which is still very necessary, since much of it is suffering from the infirmity of age, and requires early renewal or re-cover- ing. Coming to the Repairs and Renewal Account, I may mention that the greater part of the $6,000 transferred from Profit and Loss to that account has been expended; but this has been due to several extraordinary and exceptional outlays during the half-year that will not have to be repeated, and some of which will enable a saving to be effected, as for instance through the alterations made resulting in the acquisition of dry and well- ventilateЛl store-rooms, which will obviate the necessity of paying godown hire and prevent deterioration of the stores. The sanitary con- The Admir-dition of the building has also been improved by the admission of light and air, securing a free current where ventilation was formerly obstructed by nseless partitions and plaster walls. I may add that during the six months a music room, reading room, and smoking room, have been provided, for which some new furniture and appointments had to be
pur- chased. Those rooms are, however, necessary adjuncts of a first class hotel, and they are much appreciated by the guests. The bar receipts, as stated in the report, have shown a satisfuc- tory increase, but those from billiards have fallen off somewhat. We hope, however, that when Pedder's Wharf is constructed, and the stream of traffic from the harbour again flows past the Hotel, we shall experience a revival of custom in both these departments. The work time next month. The fact seems to be that as of reclamation on the forshore has latterly the two successors of Woo did not understand The CHAIRMAN-Referring to the remarks made greater progress, though its visible anything about business or railway traffic I have just made I have now pleasure in pro-effects are still very disappointing. In this management, they have been making a worse posing the following resolution:
That seaward extension of their property the Com-mess of an already bad state, and have therefore this Company do accept the terms for pur-pany will possess a valuable asset. Only one persuaded the Viceroy to allow Woo Jim-pah chasing a further extension to Hung Hom small call remains to be paid, and we shall to try to restore order out of chaos.-N. C. Marine Lot No. 1, contained in the letter of then cease to make provision for these payments, Daily News.
alty Loan, in consequence of the drop in exchange, is the only unsatisfactory feature I have noticed in the accounts, and it will be indeed a good thing when this ceases to appear. It would almost look as if it were well to have the money remitted in sterling to London and placed on fixed deposit there, even though earn- ing only the lower rate of interest current there, and thus once and for all have done with the vexed matter of exchange. In conclusion, I feel only too sure that shareholders will heartily concur in the remarks you have made in appreciation of the services of our chief manager and staff generally. (Applause.) We must all feel our interests have been indeed well served by them. (Applause.) I beg to second the adoption of the report and accounts.
Carried.
*
I think the Direc-
The CHAIRMAN-Gentlemen, on behalf of
my fellow Directors and myself, I return our heartiest thanks for the compliment you have paid us. I can assure you that in the future, as in the past, no effort will be spared to promote the welfare of the business of the Company.
There is a rumonr in native official circles to the effect that Woo Jim-pal, ex-compradcre of the Hongkong and Shanghai Bank at Tientsin, and who was deposed from his managership of the Tientsin-Shanhaikuan Railway last winter through the denunciation of a number of Cen sors, will be reinstated in his old post some
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