38
write off plant and furniture, $15,475.10; to carry forward to next account, $5,762.15- $36,124.05. We trust this will meet with your approval. We have thought it necessary to provide what may be considered a full allowance for depreciation, but, seeing that during the first few years of the Company's working nothing was available from the earnings for this purpose, we are now only providing for an average allowance over the years since the Company began operations. The final call of $2 per share was made on 9th August last to provide funds for the cost of the new machinery, &c., and same has been paid to date on 29,140 shares, leaving calls on 860 shares still to come in. Should these not be paid shortly the Board will deal with the shares thus in arrear. The new machinery arrived from England in safety, and was started work- ing in October last. This addition of our plant has been giving satisfaction and provides us with sufficient power to enable us to cope with probable demand for some time to come. We now have a considerable quantity of work in the way of extensions, &c., which we find will employ all the spare funds at our disposal, and without indulging in any too sanguine anticipa- tions I can safely say that the prospects for the future look encouraging.
No questions were asked.
per
(July 9, 1898.
On the West River in the Canton province a trade has still to be built up, the first essays being ou a small scale. There is, however en- couragement to persevere, especially with the passenger traffic, and vessels better adapted to the shallow water met with in the upper reaches of the River are about to be specially built for the purpose.
LIABILITIES.
THE HONGKONG WEEKLY PRESS AND thirty vessels. The only unsatisfactory feature of the accounts was the loss on exchange, but this was entirely beyond the directors' control; and the loss would probably be larger in the current year, owing to the lower rate of ex- change which had prevailed since January. In spite, however, of this loss the balance of profit amounted for the past year to £26,164, which enabled them to pay a dividend of 5 cent. and to carry forward about the same amount as they brought forward-£1,370. The new vessel which it was proposed to put on the Calcutta trade would take the place of another boat, which was too small for the service. They had given careful attention to the requirements of tonnage for the inland waters of China, which were to be opened under recent agreements be- tween the British and Chinese Governments, especially in the region of the Yangtsze river, and proper steps would be taken when necessary. It was, however, likely to be slow work, some of the Mandarins and other classes in China By steamships, halks, ferry not looking with much favour on the opening He thought the only
of the inland waters.
matter he had to allude to further was that of the Row Shing. He could only say that it was still under the consideration of the Chinese authorities. During the past year their direc- tors had been frequently in communication with the Foreign Office, and be trusted that ere long
The CHAIRMAN proposed the adoption of the the matter would be finally settled. report and passing of accounts.
Mr. EZEKIEL seconded,
Carried.
Mr. STOKES proposed the re-election of the retiring Directors, Hou. C. P. Chater and Hon. J. J. Bell-Irving.
Mr. POLISH WALLA seconded. Carried.
Mr. STOKES proposed the re-election of Messrs. G. Stewart and A. Coutts as auditors.
Mr. A LUN seconded. Carried.
The CHAIRMAN-That is all the business before us, gentlemen. Dividend warrants will be ready on Saturday. hope the current year will be more successful than the one just closed.
Mr. W. Keswick seconded the motion, which was adopted.
The retiring director (Mr. William L. Wat. son) and the auditors (Messrs. Turquand, Youngs and Co.) having been re-elected, a vote of thanks to the chairman and staff terminated the proceedings.
The following is the report presented to. the meeting.
BALANCE SHEET, AT 31ST DECEMBER, 1897.
£ To share capital:-Authorised £1,200,000, first issue 60,000 each £10, whereof 49,589 subscribed and fully paid up To balance of underwriting account
To aundry creditors in London and thina... To loans
To bills payable.
To exchange reserve account To balance from revenue account
boats, &c...
ASSETS,
Loss depreciation written
off for this year.
£ a. d. 681,684 7 5
495,890 0 4 109,283 4.0
4,728 8 1
51,770 0 0
84,000 0 0
4,919 411 26,164 17 0
£725,755 14 4
£
43,352 3 4
[This includes the value of steamer Kow Shing, claimed from the Chinoso Go- vernment.]
By coals and provisions on board ships and
in godowns.
By office furniture
By aundry debtors in London and China,
Agents' balances, freights, &o.. By cash in London and China
REVENUE ACCOUNT.
Dr.
To general charges, telegrams, directors'
and auditors' fees
To exchange account. To depreciation account-
On steamships, &o... On office furnituro
To interest account
5. d.
638,332 4 1
9,018 0 1
80 0 0-
73,829 13 1 4,497 17 1
£725,755 14 4
£ 8. d
4,766 611 3,085 10 9
43,352 3 4 10 0 0
43,362 3 4 4,583-12 7 26,18417 0
£81,982 19 7
The board of directors submit herewith theirre- port and statement of accounts for the
year 1897. They are glad to say that their anticipations To balance-transferred to balance sheet of an improved result for the year's working: have been fully realized, and the board is enabled, after providing for the usual deprecia- tion on the fleet, to recommend a dividend of 5 per cent., and to carry forward a balance of INDU-CHINA STEAM NAVIGATION | £1,370 7s. Od. to the next year.
CO., LIMITED.
The seventeenth ordinary general meeting of the Indo-China Steam Navigation Co., Limited, was held at the offices of the company, 29. Cornhill, on 9th June. The Chairman of the board of directors (Mr. J. MacAndrew) pre- sided,
was
Although there has been no material increase; in the local trade, circumstances have caused better rates of freight to prevail during some portion of the year. The increased tonuage added to the fleet in 1896, and which only camel into full work during the past year, has also to be taken into account, the newer vessels natur- ally commanding some preference.
There have been fully the usual number of minor claims upon Underwriting Account, but no total loss; and the account now stands in a very satisfactory position, with a balance at credit of £109,283. Up to the present time in 1898 no serious disaster has occurred.
Exchange Account has again been unfavour ably affected by a fall in rates, and it has been necessary to provide for a loss of £3,086. Since the commencement of this year a further gradual decline has taken place which will render additonal provision necessary in the current season. The Board have therefore charged the above loss to Revenue, and left Exchange Reserve at the same figure at which it stood in last account,
The Chairman said in moving the adoption of the report he was very pleased to be able to show the shareholders better results for the year 1897, during which the earnings of the steamers had considerably exceeded their antici- pations, and they were able to propose a dividend which, although not equal to the best they had paid, was, at all events, a very fair return on the company's capital. The improvement might be attributed chiefly to the diminished com- petition for carrying the local traffic and also to the movements of rice in China, by which means the deficiency in one province was made good by the surplus in auother, There had been no material increase in the local trade, but trade with neighbouring countries, such 88 Siam, Tonkiu, and Japan, decidedly on the increase. The internal trade of China had not exhibited any very great ten. dency to expand, but this was not surprising in view of the political difficulties with which that country had been contending and of the uncer- tainty which had thus been engendered. If, however, half of the railway schemes which had been talked about were brought into operation, they could not fail to give a great stimulus to trade, although it would be a work of consider able time, of course. The first months of the current year showed an undiminished movement in cargo, and they might therefore expect a rea- sonable return on their shares. The balance-
The Board have been giving their attention sheet exhibited a material reduction in the to the requirements of tonnage for the inland amount of outstanding loans and bills pay-waters of China, which are to be opened under able. The balance of the underwriting recent agreements between our own and the account amounted to 109,283-ample pro- Chinese Government, especially in the region vision, he thought, for any disaster which they connected with the Yangtze River. When might reasonably apprehend. As regarded the further information is procured as to the pro- profit and loss account, the depreciation of spects of trade, and the depth of water that steamers was somewhat larger owing to the may be counted upon, steps will be taken to additions to the fleet, which now numbered provide some suitable craft for this extension.
No steamer has been added to the fleet during 1897. A dontract has been entered into for a new vessel of greater size for the Calcutta trade, which will be ready in January. The Board have also recently purchased the steamer Ebani, a comparatively new vessel, which they are now despatching to China, and which it is expected will prove very serviceable for the coasting trade.
Cr.
£ 8. d 1,380 16 3
By balance brought forward from 1896 By net earnings of steamers for the year... 80,575 10 10 By transfer fees....
6 12 6
£81,962 19 7
BOYD AND CO., LIMITED.. The seventh annual general meeting of the shareholders in the above company was held in the Board Room, Pootung, Shanghai, on the 28th June. Mr. John Prentice, chairman, presided and there were also present Mr. C. W. Hay and Mr. J. Johuston (directors), Messrs. J. M. Young, J. D. Thorburn, Drummond Hay, J. Ferrier, Alan Stewart, J. Tullock, W. H. Beatty, W. H. Poate, C. Buchanan, and J. H. Osborne (secretary),
The Chairman, in rising to move the adop- tion of the report and accounts for the year ending 30th April last, said-To begin with, gentlemen, it will be interesting to you to note that there are 6,441 shares represented at this meeting. The report and accounts have been in your hands for some days and with your permis- sion we will take them as read. During the past year you will see we have got through a very considerable amount of work, and you will notice in the report that the directors con- gratulate the shareholders on the continned suc- cess of the concern. The balance to the credit of profit and loss account this year is Tls. 196,285.40, showing an increase over last year of over Tls. 16,000, which I think, gentlemen, can be considered very satisfactory. "It is with one expection the best we have had and shows. The Tai Sang and Wing Sang have had their an enormous increase on the first year's work- engines altered from compound to triple ex-ing, and it is an increase which we hope will go pansion, with new boilers so arranged as to on. It is a legitimate increase and we hope year afford considerable additional stowage capacity by year we shall continue to show an increase. with reduced consumption of fuel.
The amount for appropriation is Tls. 193,985.40 and with your approval we propose to divide it as follows (1) to place to reserve fund Tls. 30,000,5(2) to maintenance and depreciation ac- count Tis. 15,000, (3) to pay a dividend on the ordinary shares of 15 per cent., which will absorb Tls. 117,000, (4) to pay a dividend of Tis. 117 on each founder's share, absorbing Tls. 23,400, and (5) to carry forward to new account Tls. 8,585,40. This, gentlemen, is the second ocession on which the founders have earned a
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