80
RESERVE FUND.
$
To balance
By balance, 80th June, 1897 By transfer from profit and loss account..
C.
THE HONGKONG WEEKLY PRESS AND
The CHAIRMAN-Thank you very much, 8,000,000.00 Captain Tillett. We will take that suggestion into consideration, and perhaps putting a strong $8,000,000.00 face to the opposition may end beneficially to
the Company.
7,000,000,00 1,000,000 00
$8,000,000 00
HONGKONG, CANTON, AND MACAO STEAMBOAT CO., LIMITED.
The ordinary half-yearly meeting of share- holders in the Hongkong, Canton, and Macao Steamboat Co., Limited, was held on 29th Jan., at the office of the Company, Bank Buildings. Hon. E. R. Belilios presided and there were also present:Hon. J. J. Bell-Irving, Messrs. F. A. Gomes, N. A. Siebs, C. Beurmann (Direc- tors), Thos, Arnold (Secretary), J. Goosmann, A. Tillett, E. H. Joseph, J. R. Michael, W. G. Winterburn, S. H. Michael; A. Haupt, P. Jor- dan, Hart Back, W. E. Clarke, J. H. Cox, E. 8. Joseph, A. Denison, W. S. Bailey, D. Gillies, C. S. Sharp, A. A. da Cruz, E. J. Moses, J. M. E. Machado, and H. M. H. Nemazee.
The SECRETARY read the notice convening the meeting.
28
that
1
There being no questions, the CHAIRMAN
(February 2, 1898:
proposed the adoption of the report and ac ready, as mentioned, a large sum invested a
counts.
Captain TILLETT seconded. Carried.
Hon. J. J. BELL-IRVING proposed the re election as auditors of Messrs. A. O'D. Gourdin and F. Henderson.
Mr. J. H. Cox seconded. Carried.
The CHAIRMAN-That is all the business before you, gentlemen. Thank you for your 'attendance. Dividend warrants will be ready
on Monday morning at ten o'clock,
HONGKONG LAND INVESTMENT
AND AGENCY CO., LI D. The tenth ordinary meeting of shareholders in the Hongkong Land Investment and Agency Co., Ltd., was held on 28th Jan. in the Com pany's Offices, Victoria Buildings. Hon. J. J. Bell-Irving presided. The others present were
-Hon. C. P. Chater, Messrs. N. A. Siebs, D. Gubbay, A. Haupt, A. J. Raymond, Li Sing (Directors), A. Shelton Hooper (Secretary, N.-J. Ede, C. §. Sharp, J. H. Cox, T. I. Rose, J. N. Goosmann, R. K. Leigh, G. Murray Bain, P. Jordan, F. Henderson. J. C. dos Remedios, J. M. E. Machado, S. A. Seth,
The SECRETARY read the notice calling the meeting.
The CHAIRMAN-Gentlemen, the report and accounts having been in your hands for some days, I will with your permission take them as read. There is very little for me to add to what is stated in the report. The result of the half-year's working may, I think, be con- sidered fairly satisfactory, regard being had to the fact that the price of coal, which con- stitutes one principal item of expenditure, has been, during the past six months, more than
The CHAIRMAN said-Gentlemen, I propose, double what it was in the corresponding period with your permission, to take the report and of 1896. We had a cheap contract for the accounts, which have been in your hands for Company's requirements to run until the end of
some days, as read. On reference to the a- the year, but, unfortunately for us, it was not counts, you will observe that the gross profits carried through, and we had to buy in the open earned for the year under review amounted to market at current rates. This, naturally, to a $252,702.24 as against $253,379.43 for the pre- certain extent upset our calculations,
vious year.
Our rent account shows a sub- it was not practicable to suddenly advance stantial increase, whilst commission account and freights sufficiently to meet the extra the profit arising from sales of properties give expense. However, I am glad to say an improved. return on the figures appearing in we are able to recommend the usual half-yearly previous reports. Interest account necessarily dividend, leaving some $37,000 to be carried has decreased on account of the large reduction forward. At our last meeting, speaking in in the amount invested in mortgages and the regard to the West River trade, said that interest paid on the increased sum standing at your Directors did not look for much profit from loans payable. The total amount advanced on that source for some time to come; in fact we mortgages, you will observe, is about two lakes rather feared that there would be some loss in less than in the former years, whilst our invest the early days of the trade, but I am glad to sayments in properties are increased by over three that we have so far covered expenses, and in the event of no opposition from other steamship companies the trade promises to prove remuner ative in the future. In conjunction with the other companies interested we are asking H.M. Minister to use his influence with the Chinese Government to bring about the open- ing of shorter routes from Canton to the West River than the one now authorised. and when this matter has been settled the question of building larger steamers for the trade will engage the attention of your Board. The usual repairs have been effected during the half-year, and I had hoped to be able to say that no very heavy expenditure in that direction in the near future was anticipated. Un fortunately, however, since the report now before you was issued, the Powan has met with an accident which will entail considerable expense, a portion of which will be recoverable under our policies. Our investment accounts remain in a good sound condition, the mort gages shewing an ample margin on the sums advanced, while the shares stand well within their market value. It does not occur to me that there is anything else to touch upon, but before proposing the adoption of the report and accounts I shall be pleased to answer any questions in connection therewith which share holders may wish to ask.
Captain TILLET There is no question, sir, which I should like to ask, but I would like to throw out a suggestion for the consideration of the directors as to whether it would not be sound policy to adopt a somewhat stiffer back in dealing with the native, opposition. Of course we should have to acrifice a certain amount in the way of dividends in future, but still it might pay in the long run. I merely throw it out as a suggestion to be taken into consideration.
lacs. The profits for the past year were somewhat reduced by the necessarily increased expenditure in repairs to property and fire insurance premia, the former having increased from about $8,000 to $12,000, and the latter from $3,400 to $5,800. Our total assets now amount to $4,809,290.75, being about ten lacs in excess of our paid up capital and reserve fund; and it is on this difference that the interest is payable by us as thewn in the profit and loss account. Out of the sum of 24 lacs invested in property, eight to nine lacs represent the value of land which is being developed, and as I stated to you last year, it consequently yields no return for the time being; a large portion of this class of property is land reclaimed and in course of reclamation, and some of it in a sufficiently advanced state to allow buildings to be erected thereon almost immediately, plans for which are now in course of preparation, and on completion of the buildings our revenue from the rents will be largely increased. The principal purchases during the past year have been in land situate in the neighbourhood of Bowen Road and Kennedy Road, where we are erecting European houses of a class for which there is much enquiry, and which we have no doubt will yield a satisfactory return. We have also acquired land from the Government in Taiping- shan whereon will be built Chinese houses and shops, for which there is a demand in that locality. The whole of the Company's buildings are in a good condition and satisfactorily rented, the returns from which have recently improved, and your Directors look forward to a further increasing revenue therefrom. Before leaving the matter of the investment in property, I would particularly beg to draw your attention to the fact that it must be a few years before their development is complete, and therefore our profits (by writing off the interest
*
and Crown rent on same, whilst the properties themselves are unyielding) must necessarily be curtailed, and the policy adopted by your Direc tors of carrying forward the substantial sum we do, instead of dividing it, will, we hope and believe, meet with your approval. Having al undeveloped properties it is not at present the intention of your Directors to acquire a further interest in properties wholly undeveloped unless they are obtainable on most favourable terms. Our mortgages all show, in the opinion of your Directors, most satisfactory margins, and in many cases the margins have been increased by the mortgagors against any wish on our part to reduce the advances.
The CHAIRMAN-There being no questions, I beg to move the adoption of the report and accounts as presented:
Mr. C. 8. SHARP I beg to second the proposal just submitted for the adoption of the I feel sure we have all report and accounts. listened with much interest to the remarks you hare just made on the Company's affairs. I am very glad to see the Company going in more for what I may call its legitimate business, .e., property-owning as against money-lending, and I think this course is one. which much commend itself to the general body of shareholders. Personally I should like for this reason to see a further decrease in the amount appearing under the head of amounts advanced on mortgage and a corresponding further increase in the "Amount invested in property " whenever opportunities can be found for making suitable property purchases. No doubt many may feel a shade of disap- pointment that our collective returns. are not of a more progressive character, but though revenue from interest falls off the great and promising feature is the considerable and steady increase of recent years in the amounts re- turned in "Rent Account," the figures being olose on $128,000 last year as against only. about $75,000 for 1895. Also, as you have just shown us, a very considerable sum is invested in property still in course of development, and therefore not revenue-bearing. We must, therefore, rest content for the present, in the certain hope, as I may say, of much better figures for the future when these properties are finally brought up to the revenue-bearing point, In this connection it seems highly satisfactory to learn that a portion of our reclaimed land is at last so far advanced as to allow of building operations being taken in hand at a very early date. We all know, too, what a fine property the Company will have in its recent purchases in the neighbourhood of the Bowen and Kennedy Roads, which promises to become a favourite and populous locality for European residences. Personally, I think property in Hongkong has a bright. future before it. The tendency seems to be ever onwards, and judging by the signs around us the demand for houses, the marked activity, more especially of late, in developing and building going on on every hand, we appear to have arrived at the commencement of an era of renewed progress and prosperity, in which I cannot help feeling confident this Company; with all its advantages of ample resources, good credit, and able direction, will reap a rich and ever-increasing harvest. We can thus look forward with the best of confi dence to the future. (Applause.)
Carried
+
Mr. EDE-I have much pleasure in proposing that Messrs. A. J. Raymond, A. Gubbay, and A. Haupt be confirmed as Directors of the Company.
Mr. LEIGH seconded.“ Carried
Mr. ROSE-I have much pleasure in pro- posing the re-election of Messrs. Siebs and Gubbay as directors.
Mr. J. H. Cox seconded.. Carried.
Mr. MURRAY BAIN-I have much pleasure
in proposing the re-election as auditors of Messrs. Fullarton Henderson and Coutts.
Mr. GOOSMANN seconded. Carried,
The CHAIRMAN-Gentlemen, that eoncludes. the business of the meeting. I have to thank you for your attendance. I may mention that
No comments yet.
Private notes are available after approval.