February 2, 1898.1
those of you who apply at the office to-morrow morning will receive dividend warrants. I may also state that dividend warrants. will be posted to all those outside the colony whose addresses are known.
KOWLOON LAND AND BUILDING COMPANY, LIMITED.
The tenth ordinary meeting of shareholders in the Kowloon Land and Building Co., Ltd., was held on 20th Jan, at the Company's Offices, Victoria Buildings. Mr. F. Henderson presided, The others present were :~
Messrs. J. H. Cox, J. [ Goosmann, and E. Jones Hughes (Directors), A. Shelton Hooper (Secretary), E. George, P. Jordan, H. Holmes, and M. S. Northcote.
The SECRETARY read the notice convering the meeting
The CHAIRMAN-Gentlemen, there is really very little to say in regard to the report which is now before you of the Company. The houses in Knutsford Terrace have been occupied fully throughout the year, and those in Canton Villas have been decupied from the time of their com- pletion. As the neighbourhood seems to be a popular one we are in hopes that this state of things will bontinue The houses have been kept in proper repair without any extraordinary expenditure. With the completion of the three new houses that constitue Canton Villas the development of the Company must be con- sidered now
as completed. The formation of the land does not admit of any further extensions. The proposed dividend, as you will have noticed, is $1, as against 80 cents last year, I may mention, gentlemen, that the rents that we are receiving for the Canton Villas are quite equal to what was expected when the balance of money in hand was in- vested in these properties. I will be happy to answer any questions in reference to the report.
Mr. HOLMES-Mr. Chairman and gentlemen, the only remark I would like to make is a query of the last statement made by the Chairman as to the further development of the property. I think that is quite an open question, and that the property in after years may be open to great development. do not say at the present time, but in after years.
The CHAIRMAN-Mr Holmes, the remarks were made entirely with reference to the present condition of things.
Mr HOLMES-Quite so.
The CHAIRMAN-If it so happens that the British Government obtains a scientific frontier in Kowloon there may be some startling develop- ments in Kowloon, but I do not think it would be safe to take that into account.
Mr HOLMES-Just so.
CHINA OVERLAND TRADE REPORT.
The CHAIRMAN-Gentlemen, I will, - with. | your permission, take the report and accounts as read. In presenting the same your directors are pleased to be able to point out that the balance at credit of profit and loss account has increased to $17,061,06, as against $13,039.10|in the previous year, thereby enabling them to recommend a dividend of $1.25 per share, which. is an increase of 35 cents per share over last year, a result which you, no doubt, will deem satisfactory. The rent account has increased from $27,863,23 to $30,665.72, and we have saved about $800 in interest and $500 in repairs, but there has been an increase of $400 in insurance. The whole of the property is in good condition, and we trust before long the property may be entirely occupied. Should any shareholders wish for any further information I shall be glad to answer any questions which may be put.
Mr. EDE-How many houses remain un- occupied ?
1
The CHAIRMAN-There are altogether 98 Houses: 74 houses are wholly occupied and we are getting $2,085 a month from them. 24 houses are partially occupied, the floors vacant numbering 26, and there are three floors in each house. There are no whole houses vacant, but there are altogether 26 floors which if occupied at the rentals the adjoining floors are fetching would be $398 a month more.
The CHAIRMAN then moved the adoption of the report and accounts,
Mr. SHEWAN-I have much pleasure in As I notice my seconding the resolution. landlord has the honour of a seat on the Board and has just raised my rent 10 per cent. I have no doubt that he is advising similar action on the part of this Company. (Laughter).
Carried.
Mr. Ross moved the confirmation of the appointment of Mr. A. J. Raymond as Director,
Mr. Rose seconded. Carried. :
Mr. EDE moved the re-election as Directors of the Hons. C. P. Chater and J.J. Bell-Irving.
Mr. SASSOON seconded.
Carried.
Mr. LEIGH proposed the re-election of Mr. F. Henderson as auditor.
Mr. JORDAN Seconded. Corried.
J
The CHAIRMAN-The dividend warrants will be ready co-morrow morning. I thank you for your attendance.
THE HONGKONG IÇE COMPANY, LIMITED.
4
The following is the seventeenth annual re- No further questions being asked, the CHAIR-port for presentation to the shareholders at the MAN proposed the adoption of the report and meeting to be held on Saturday, 5th February, passing of accounts.
Mr. HOLMES séconded, Carried.
Mr. GEORG-Mr. Chairman; I beg to pro-
at noon,
The General Managers have pleasure in sub- mitting to the shareholders a statement of the
Company's accounts for the year 1897,
Including $1,769.13 brought forward from
pose the re-election of Messrs. E. Jones Hughes and J. H. Cox as directors for the ensuing year.last year and after deducting $10,000 paid on
Mr. HOLMES seconded. Carried.
Mr. GEORG-I have also much pleasure in proposing the re election of Messrs. Thos.
Arnold and W. H. Gaskell as auditors.
Mr. Go08MAN seconded. Carried.
The CHAIRMAN-Dividend warrants will be ready to-morrow on application at the office here. I am much obliged to you, gentlemen, for your attendance. Thank you.
WEST POINT BUILDING CO.,
*
LIMITED.
The ordinary general meeting of the share- holders in the West Point Building Company, Limited, was held on 28th Jan. at the Company's offices, Victoria Buildings. Hon. C. P. Chater presided and there were also present Hon. J. J. Bell-Irving, Messrs. C. S. Sharp, "A. J. Raymond (Directors), A. Shelton Hooper (Secretary), N. J. Ede, T. I. Rose, R: ̃K. Leigh, R. Shewan, Paul Jordan, T. Goosmane, K. MUK. Ross, J.C. dos Remedios, and M. B. Sassoon.
The SECRETARY read the notice convening the meeting.
28th July last as an interim dividend of $2.00 per share, the balance at credit of Profit & Loss is $53,940.52 which it is recommended should be appropriated as follows
A final dividend of $5.50 per share, $27,500.00 To write off Property Account, ... 25,000.00 To carry forward,
Property account
Extension aceount.
Invested in :--
ASSETS.
77,000.00 82,786.26
Hongkong Fire Insurance Co's share. Canton Insurance Office's share China Fire Insurance Co.'s share
225.00
150.00
92.50
10,000.00
30,000.00 .803.91
Debentures of Hongkong & Kowloon Wharf,
and Godown Co, Limited....... Mortgage on property Cash on hand
Hongkong & Shanghai Bank,--current account: 8,948.32 Outstanding accounts Hongkong & Shanghai Bank, deposit account 30,000,00 Accounts receivable Ice on hand
Coal on hand
1,941.10 1,508 76
180.00"
100.00
$188,535.94
LIABILITIES.
0.
125,000.00 7,187 17 2,408.25 53,940.52
Capital account Accounts payable Ammonia regerve account Profit and loss account
$188,535.94
PROFIT AND Loss Account, To salaries, wages, and general trade expenses 23,409.57 To value of one share in the Canton Insurancs
Office, Limited, written: down from $175-to' $150...
To general managers, commission
To auditor's fee
25:00 2,000.00.
100.00
-25,534 57
To interim dividend of 8 per cent. paid enì
28th July, 1897. To balance
By balance brought forward from last year By receipts for ice during the year, value of
stock in hand, &............
By rents received (less Crown rents and taxes
paid)
By interest.
By transfer fees.
By unclaimed dividends, written off under clause 107 of the Articles of Association
10,000.00 53,940.52
$80,475.00*
1,769.13
82,290.87
1,487.01
8,41-3.55
18.00-
506.18
$89,475.09
DAIRY FARM COMPANY, LTD,
The first ordinary yearly meeting of the shareholders in the Dairy Farm Company was held on 31st January in the Company's Depôt, Wyndham Street,' Dr. Noble presided and there well also present:-Captain Tillett, Captain Burnie, Mr. G. Sharp (Directors), Messrs. J. Walker (Manager), W. H. Potts (Secretary), and J. M. E. Machado:
The SECRETARY read the notice convening the meeting.
The CHAIRMAN-The accounts and report having been in your hands for some days, I will with your permission take them as read. As stated in the report, the herd is now in good health and condition, after the late epidemic of foot-and-mouth disease, which made its appear- auce for the first time in the colony (and in China, so far as we are able to ascertain) in fatal like the rinderpest which proved 80 November last. Fortunately, this disease was not disastrous in 1896 and our herd being divided, and at' three stations, the supply of milk was 1,410,52 not entirely out off, as it was during the visitation of .rinderpest, at which time we $53,940,52 | had but one station in use (Pokfulum), which place was declared an infected area, and closed up for a time. The trouble we have to face at present is the enhanced price of grain and fodder; bran, a large item, having increased over 100 per cent. Our herd has been largely We have purchased and steadily increased. cattle with our profits instead of paying dividends, thus greatly strengthening the posi- tion of the Company. The proceeds of the call recently made have also been applied to the purchase of stock, and we trust you will approve of the policy we have adopted. I beg to propose that the report as printed be adopted,
Mr. MACHADO seconded. Carried.
The amount to be provided for the extension to the works will be somewhat larger than the original estimate owing to the increased cost of building, and the lower exchange at which payment has now to be made for plant from England, delay having been experienced in obtaining delivery of the new machinery, con- sequent upon the general dislocation of the engineering trade at home.
With this in view the General Managers re- commend that the amount above mentioned should be written off Property Account. The buildings for the new plant are now in course of erection, to better accommodate which a small extension of land has been acquired from the Government at a moderate cost.
JARDINE, MATHESON & CO.,
General Managers." Hongkong, 26th January, 1898.
Mr. MACHADO proposed the re-election of Mr. G. Sharp and Captain Tillett as Directors.
Mr, WALKER seconded. Carried;
No comments yet.
Private notes are available after approval.