February 19, 1898.]
our capable and well-trained staff. Concurring fully with the recommendations of the Directors, regarding the appropriation of our profits, have much pleasure in seconding the adoption of the report and statement of accounts for the past year. (Applause).
Carriod.
Mr. EDGAR proposed the re-election of Messrs. G. B. Dodwell, R. Shewan, and R. L. Richard- son as Directors, and the confirmation of the appointment of Mr. Armin Haupt to Director- ate, in room of Mr. St. C. Michaelthesen, who resigned his seat on leaving the colony.
Mr. C. PALMER seconded. Carried..
Mr. WHEALLER proposed the re-election of Mr. F. Henderson and Mr. C. S. Sharp as auditors.
Mr. G. C. Cox seconded. Carried.
The CHAIRMAN-1 think that concludes the business of the meeting, gentlemen. Dividend warrants will be issued on Monday,
Mr. LEWIS-Gentlemen, before we leave, I think we should express our appreciation of the very satisfactory report placed before us. I am sure you will all join with me in a hearty vote of thanks to the Board of Directors, the Chief Manager, and the staff geuerally for the care and ability which has brought about such very happy results. (Applause.)
The CHAIRMAN-Mr. Lewis and gentlemen, on behalf of my co-Directors and myself, the Chief Manager and the staff generally, I beg to thank you for your cordial vote of thanks.
HONGKONG AND WHAMPOA DOCK CO. LIMITED.
CHINA OVERLAND TRADE REPORT.
AUDITORS,
G. Bird being absent on leave. The Directors The accounts have been audited by Messrs. Thos. Arnold and Fullarton Henderson, Mr. 8. recommend Messrs, Thos. Arnold and 8. G. Bird for re-election.
J. H. LEWIS, Chairman.
CAPITAL ACCOUNT, Julr to DECEMBER, 1897. 31st Deo, 1897.
$
ASSETS. Aberdeen.
To value of Aberdeen Docks, as per last
statement
Kowloon.
To value of Kowloon Dooks, as
per last statement... Less amount since written off
To amount paid for extension of Hunghom marine lot No 1.. To amount paid for Bunghom marine lot No. 2 bought at
auction
To amount paid on account for removal of hill on the new extension to Kowloon marine] lot No. 27, and filling in fore- shore of extension to Hung- hom marine lot Nos. 1 & 2...
To amount paid for electric light
wiring and fittings and water- service 16 new houses at Hunghom
To amount (paid for extension
to moulding shop
To cost of new machines
Cosmopolitan.
To value of Cosmopolitan Dock
as per last statement... Less amount since written off
The following is the report of the Board of Directors of the Hongkong & Whampoa Dock Co., Limited, to the ordinary 'yearly meeting To final payment new sea wall of shareholders, to be held at the offices of the Company, No. 14, Praya, Hongkong, on Mon- day, the 21st February, at noon :—
To the Shareholders of the Hongkong and
Whampoa Dock Company, Limited. Gentlemen,-The Directors have now to sub. mit to you their report, with a statement of ac- counts for the half-year ended 31st December last.
The total receipts for the six months are $1,190,573.69, and the net profit, after paying in- terest due and all charges, amounts to $268,435.48 to which has to be added the balance
brought forward from last account 95,790.92
and from this have to be deducted-
Directors' Fees.. 87,000.00 Auditors' Fees
500.00
and reclamation
$ 1,130,427.08
5,427.08
1,125,000.00
To amount paid for new wharf. To final payment, extension of
European quarters, and build- ing boundary wall... To amount paid for new slip Te amount paid on account of
new work-shops
To cost of new machines
10,477 50
60,250.00
6,502.98
2,541.78
15,241.00 825.00
6.
100,000.00
1,220,838.26
1st July to 31st Dec., 1897.
establishments
By transfer fees By gross earnings of the Company's three By towage net earnings
By bonus on premis, to..
· 127
1,188,180.89
1,595.625
95.00
762.18
$1,190,573.69
THE HONGKONG AND KOWLOON WHARF AND GODOWN CO., LIMITED.
The following is the report for presentation to shareholders at the eleventh ordinary annual meeting, to be held at the Company's office,.. No. 4, Praya Central, at noon on the 22nd February
l'he Directors have now to submit to share- holders their report with a statement of accounts for the year ended 31st December, 1897.
ACCOUNTS.
The gross revenue derived from wharfage, landing, &c., amounted in 1897 to $898,749,95 as against $339,114.91 the previous year, showing an increase of $59,635.04 and the profit on working was $126,445.28 as compared with $106,554.08 in 1896 being an increase $19,891.20.
of
The balance at credit of profit and loss after paying interim dividend of 2 per cent. and including $10,119.41 brought forward from last year is $75,704.02 which it is proposed to ap- propriate as follows:
Directors' and auditors' fees Final dividend of 3 per cent.
$ 6,500.00
30,000.00
Transfer to Depreciation and
Repairs Account ..
15,000,00
287,599.47 7,599.47
Write off launches
1,625.00
11
11
lighters
2,200.00
260,000.00
"}
?1
West Point Wharf
4,000.00
11
90
West Point Godown...
6,570.51
1,000.00 420 00
Carry forward to new account
9,808.51
$75,704.02
630.53 2,046.72
12,283.00 4,723.16
281,103.41
Tug, launches, and lighters. To value of Fame as per last account......... To value of 15 steam launches,
15,000.00
steam lighter and boats, as per last account.
Less amount since written off
55,633.12 6,633.12
50,000.00
$364,226.40
To Humphreys' Estate and Finance Company
B
per cent. mortgage debentures
To sundry debtors
100,000.00 135,709.50
To cost of material on hand
1,003,560.76
7,500,00
2,906,213
leaving available for appropriation $356,726.40 The Directors recommend that a dividend for the half year of 8 per cent., or $125,000, and a bonus of 4 per cent., or $62,500, aggregating $187,500, be paid to the shareholders, a bonus of $20,000 to contributing shareholders, that $35,838-26 be written from the value of Kow- loon Docks, $6,103.41 from Cosmopolitan Docks, and the balance $107,284.73 be carried to the new account. >
The further extension of our property on the North-West boundary, Hung-Hom, referred to in the last report has been granted by the Government, and good progress is being made with the filling in of the foreshore.
The general business of the Company con- tinues to expand, and to meet this development, considerable extensions to workshops and addi- tions to machinery at the Kowloon and Cosmopoli. tan establishments have been found necessary; some of these improvements are now finished and preparations have been made for completing the remainder as quickly as practicable.
DIRECTORS.
In accordance with clause 60 of the articles of association, Mr. J. H. Lewis, and the Hon. J. J. Bell-Irving retire, but being eligible offer themselves for re-election.
Mr. St. C. Michaelsen having resigned, Mr. A. Haupt has been invited to the vacant seat on the Board; this appointment requires to be coa- firmed at this meeting.
Mr. J. H. Lewis has been appointed Chairman for the year 1898,
31st Dec, 1897.
LIABILITIES.
By shareholders for 12,500 shares of $125-
each fully paid up By reserve fund By Admiralty loan.. Less ro-payments
£20,000 0 0
8,106 0 0
1,562,500.00 700,000.00
£11,894 0 0 @ 1/112_120,192.00
By sundry creditors By balance of profit brought for- By profit,
ward from last account...
31st Dec., 1897.
95,790.92 288,435.48
REVENUE ACCOUNT. To cost of labour, material, and working ex-
159,293.53
384,226.40
$2,906,211.93
BUSINESS.
The Company's business during 1897 shewed further steady development. Imports from Europe were 18,012 tons less than the previous year, but this falling off was more than counterbalanced by improvement in other dir- ections.
The aggregate amount of cargo handled during 1897 was 546,410 tons against 506,551 in 1896 and of coal 146,119 tons against 108,250 tons.
BUILDINGS.
The four new godowns at West Point re- ferred to in last report were completed in February and have contributed materially to the year's profits.
The old godown at West Point has been pulled down and is being replaced by two others of similar design to the existing ones.
A further addition of eight Chinese houses has been made at Kowloon making 28 in all -the whole of which are leased till 31st Decem- ber, 1900.
LLUNCHES.
The new Heron was completed in May and has proved to be a very serviceable boat and another tag to replace the Hongkong is under construction.
LIGHTERS.
Three of the small open boats which were too old for further service have been disposed of.
WHARVES.
The repairs to No. 2 wharf were completed in December. The ferry wharf has been lengthened 25 feet to accommodate the new from the Government mains, for the supply of double ended ferry boats and a water service fresh water to vessels lying alongside, has been 6,631.00 laid to all the wharves.
6,147.00
penses of the Company's 3 establishments 880,629.55 To final payment reconstruction of No. I slip To final payment new chimney for engine
and boiler-shops
To interest ... Torown rent... To fire insurance
To Admiralty loan exchange adjustment ac-
count...
To office expenses, salaries, stationery, and
rent of head office
To telegrams............ To drawing office expenses and salaries
To legal expenses To profit
484.02 2,090.76 1,877.LI
DIRECTORS.
Mr. M. D. Ezekiel, Mr. P. Sachse, and Mr. D. R. Sassoon having resigned on leaving the 272.62 colony their places have been taken respectively. by Mr. A. J. Raymond, Mr. G. D. Böning, and 20,988.18 Mr. D. Gubbay and the appointments of these
3,088.00 gentlemen require confirmation.
711.57 -218.00 268,435.48
$1,190,573.69
Mr. A. Ross and Mr. C. S. Sharp retire in rotation according to the articles of association, but being eligible offer themselves for re-election.
AUDITORS,
Messrs. F. Henderson and W. H. Potts have audited the accounts now presented, and the
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