February 26, 1898.J
CHINA ÖVERLAND TRADE REPORT.
Mr. GRANVILLE SHARP proposed the re- election of Messrs F. Henderson and W. H. Potts as auditors.
Mr. GEORG seconded. Carried.
The CHAIRMAN-That concludes the business of the meeting. I have only to inform you that dividend warrants will be posted this afternoon.
HONGKONG HOTEL CO., LIMITED.
The ordinary meeting of shareholders in the Hongkong Hotel Co., Limited, was held at the Hotel on 21st Feb. at noon. Mr. W. Parfitt presided and there were also present: Messrs. R. C. Wilcox, E. Osborne (Directors), C. Mooney (Secretary), E. Georg, W. H. Gaskell, T. Howard, D. Macdonald, Capt. F. D. God- dard, Ho Tung, S. A. Joseph, J. Fredericks, Wong Kam Fuk, Lo Chung Shin, &c.
The SECRETARY read the notice calling the meeting.
per
̈report that we have made further additions to the Chinese houses at Kowloon. A very few years ago, the land on which these houses stand, and which comprises 19,248 square feet, was waste ground yielding nothing. It is now bringing in a nett yearly rental of $4,800, which, capitalised at 8 per cent, makes the pro- perty worth $60,000. The company owns 126,553 feet of ground adjoining these houses, and it will be the policy of your Board to develop this portion of your property in a similar manner, so that should the necessity arise, it can be utilised towards the repayments of the debentures, and this too without seriously interfering with the Company's business. The assets of the company, I may again remind you, stand in our balance sheet at a very low figure -the buildings and other moveable property at less then the cost of replacing them, whilst the land figures at considerably below its market value to-day. With regard to the company's indebtedness, outside of debentures, the amount of which has gradually increased of late years,
The CHAIRMAN-Gentlemen, as the report the whole of the money, I may mention, has and accounts have been in your hands since been spent in new buildings and other additions Thursday last I will, with your permission, take to the company's assets, all of which are of a them as read. The half year we are now re- remunerative character. You will notice a large viewing has been, on the whole, a fairly satis- sum has been spent in repairs and improvements factory one for the Hotel. The following de- during the past year, and it has been suggested partments show increased receipts as compared that some explanation of this may be with those for the corresponding six months of advisable in view of the statement in 1896:Board and lodging (monthly) an increase our report for 1895 that $25,000 was estimated of 23 per cent.; board and lodging (daily), 25 to cover the expenditure for the following year, cent.; meals to persons not resident in the Hotel, and that no exceptional outlay would be neces- 26 per cent.; wine room and bars 48 per cent. sary for some time to come. The explanation On the other hand the wages account shows a is, that the $25,000 applied more especially to considerable increase, as also do the coal and wharves, and on reference to what I stated at fire insurance bills. It is satisfactory to note our meetings in 1896 and 1897, you will find the much improved receipts from the sale of that my remarks on the subject of repairs ren- liquors, i ut unfortunately the laying down cost dered this more clear. Since then, however, it of these articles has increased at a higher rate bas been found necessary to overhaul the go. than that of the additional sales. In August down roofs very extensively, and rebuild that last we paid to Government the fourth instal- of No. 10 godown. Also owing to ravages of ment due on the land now in course of reclama- white ants, which caused during past years tion in front of the hotel building, and there serious damage to cargo, We have had to remains only a sum of $2,746.62 payable on cement the floor and at the same time to raise this account. The hotel is now, I am pleased the level of A/B godown. Many of these so- to say, fairly well provided with furniture of all called repairs might properly be charged to kinds, and I trust it may not be again necessary the first cost of the buildings, inasmuch as to spend in any one year on renewals as much they are the outcome of converting rough as has been absolutely necessary during 1897. coal-sheds into godowns suitable for the ac-The exterior of the building is in need of commodation of valuable goods. The item for repairs with such perishable property as wooden wharves, tramways, launches and lighters must of necessity always occupy a prominent position in, our annual expenditure, but we hope, for some time at least, to keep it at very much less than during the last few years, and should you approve a continuance of the policy of transfer ring $15,000 annually from working account towards repairs-the balance at credit of depre- ciation and repairs account will, I anticipate, show a satisfactory increase. It does not occur to me to make any further remarks, but before moving the adoption of the report and accounts I shall be pleased to answer any ques- 'tion that you may wish to ask,
There being no questions, the CHAIRMAN proposed the adoption of the report and passing of the accounts.
Mr. WILCOX-I beg to second the adoption of the report and accounts. I am sure we bave all heard with very much interest the lengthy speech of the Chairman, and are gratified to find that the prospects of the company are so good. Shareholders, I am sure, will join with me in satisfaction at the increased dividend. (Hear, hear.) We hope it may go on and improve, but I am sure we do not wish to see it increase at the expense of the welfare of the company. (Hear, hear.) The fund for repairs and renewals ought to be kept up, and I think that that is the best plan for putting the company on a firm, sound basis, so that we may not be suddenly surprised at a demand for a very heavy sum in the shape of repairs. I have great pleasure in seconding the report.
Carried:
Mr Họ Foox proposed that Messrs. A. J. Raymond, G. D. Böning, and D. Gubbay be confirmed as Directors.
Mr. WILCOX seconded. Carried.
Mr. Ho TUNG proposed that Messra A. Ross and C. S. Sharp be re-elected directors for the ensuing year.
Mr. Go08MANN seconded. Carried.
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colour washing and painting and the work will be probably taken in hand at the commence- ment of the next dry season. The receipts during the current half year hare so far been maintained, and the Directors hope that the profits to the Company may exceed those of former years, notwithstanding the fact that at the present time the difference between the purchase and selling prices of so many articles is so much less than it was in the days of a more favourable exchange. Before proposing the adoption of the report and accounts, I shall be pleased to reply to any questions which any shareholder present may wish to put.
No questions being asked, the CHAIRMAN moved the adoption of the report and accounts.
Mr. Ho TUNG seconded.
Carried unanimously.
Capt. GODDARD proposed and Mr. JOSEPH seconded the re-election as Directors of Messrs. Parfitt and Osborne.
Carried.
Mr. GEORG proposed the re-election of the auditors, Messrs. W. H. Potts and W. H. Gaskell.
Mr. MACLONALD seconded. Carried.
The CHAIRMAN-Dividend warrants will be delivered to those who apply at the Secretary's office on and after to-morrow morning. That is all the business, gentlemen.
Capt. GODDARD-I beg to propose a vote of thanks to the directors for the substantial re- port we have this time. I think it is the best report the shareholders have had presented to them for several years. I consider the directors are to be commended for their wise policy in writing 10 per cent. off the furniture account instead of paying a larger dividend. The Hotel is now. in a better state than it has been for eight or nine years. I have been a shareholder for a longer time than that, and had no dividend until 1897; and I hope we will now continua to pay six per cent, and justify the shares remaining at pár value.
Mr. Ho TUNG-I beg to second the vote of thanks, and concur in everything that
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Capt. Goddard has said. Speaking from experience, I can safely say that the direc-. tors of this Company are not merely direc tors in name. They are practically the man- agers and bave been so for three or four years. I fully confirm what Capt. Geddard has said of the wisdom of writing down the furniture ac- count. I know it has Lot been written down for many years, and much of the furniture is of a perishable nature. We know that if the Hotel continues in its present flourishing 'con- steadily increasing dividend, and I hope that dition we can look forward to a gradually but
a time will soon come when I will be able to propose a bonus for the directors. (Applause).
dard, and Mr. Ho Tung, on behalf of myself The (HAIRMAN-I have to thank Capt. God- and my colleagues, for the kind vote of thanks they have proposed and which you have passed
in our favour.
THE NATIONAL BANK (F CHINA, LIMITED.
The following is the report of the directors to the seventh ordinary annual general meeting of shareholders to be held at the offices of the Bank, Victoria Buildings, Hongkong, on Satur- day, 12th March, 1898, at noon :- To the Shareholders, the National Bank of
China, Limited.
Gentlemen, The directors, in submitting to you the accounts and balance sheet for the year ending 31st December, 1897, regret that the position does not enable them to declare the usual dividend. the heavy fluctuations in ex change during the past year being the cause of this unsatisfactory result. The balance of $4,523.23 is carried forward to the next account.
The last of the unpaid shares having now been forfeited, the amount at credit of capital account is $2,157,493.32.
The various sums received on shares partly paid and thus forfeited, amounting in all to $175.560, have been utilized during the past seven years to wipe out bad debts principally incurred at the starting of the Bank here and in Yokohama and Shanghai.
Objections to these appropriations bave now been raised by several London shareholders and, in accordance with suggestions received from professional advisers in London, your directors have decided to replace the sums utilized for balancing bad debts by transferring the balance remaining at credit of forfeited shares account,
viz:
together with the balance at credit
of Reserve Fund
in all
$27.496.64
82,000.00
$109,496.64
to a new account called Capital Reserve Fund," and propose to bring this account, out of future earnings, to a total of $175,560, ie., the amount received for forfeited shares.
Mr. Gillies and Mr. Chow Tung Shang retire in rotation from the head office board, and the right Hon. C. B. Stuart Wortley, Q.C., M.P., from the London Committee, and being eligible for re-election, offer themselves accordingly.
Mr. Stolterfoht having left the colony, Mr. Lauts, of Lauts, Wegener & Co., has accepted the vacant seat, and you will please confirm the nomination.
The accounts at the head office have been audited by Messrs. J. H. Cox and W. Hutton Potts, and in London by Messrs. Deloitte, Dever, Griffiths & Co., chartered accountants.- Your obedient servant,
D. GILLIES, Chairman. Hongkong, 9th February, 1898.
BALANCE SHEET, 31ST DECEMBER, 1897.
$ (apital, 750 fully paid founder's shares of Capital, partly paid, £323,624 (at par of 38 ) 2,157,493.32
£1 each (at par of 38.) ·
5,000.00 Capital reserve fund:-
LIABILITIES.
Transfer from reserve fund .: 82,0 0,00 Balance of forfeited shares ac-
count
Notes in circulation...
27,496.64
109,496.84 455,165,00 1,289 691.95 1,102,709.03
2,750,383.81 4,523.23
Fixed deposits and current accounts.. Bills for collection and branch balances Drafts, acceptances and endorsements (bills
rediscounted)
Balance of profit and loss account
$7,874,448.38
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