1
272
THE HONGKONG WEEKLY PRESS AND
and staff for the satisfactory report and ac- counts now in our hands. During the past year the company has had to contend with an addi- tional charge ou the working of the steamers, namely, the increased cost of coal. about 6 per cent. on the capital-no small matter. It is therefore gratifying to see that even with this increased burden our dividend of 12 per cent. is maintained. As trade in China expands I am looking forward to even better returns.
The CHAIRMAN thanked Mr. Bailey for his
remarks.
UNION INSURANCE SOCIETY OF CANTON, LIMITED.
The following is the report for presentation to the shareholders at the twenty-fifth ordinary meeting to be held at the Society's Offices at noon on Thursday, 20th October :-
The Directors have now to submit to the Shareholders a report of the business of the Society for the year 1897, and for the six months ending the 30th June, 1898.
1897.-The net premium collected for the year, after deducting returns and reinsurances, amounts to $1,925,714.80. After providing for a bonus of 20 per cent. on contributions paid in May last, there remains at credit of work. ing account a balance of $415,933.85 as per annexed statement.
From this sum the Directors recommend the payment of a dividend of $17 per share, equi- valent to 34 per cent. on the paid up capital of $50 per share, and an addition to the Reserve Fund of $40,000, raising the $1,300,000. The balance remaining of $205,933,85 they propose to carry forward and thus close the account for the year 1897.
reserve
to
1898.--The position of the Society for the present year, as far as it can be ascertained, is as follows:-
Balance of working account to the 30th Jane as per annexed state- ment
Adn estimate of premium to 30th
September
By agency commissions By agency charges Ry head office charges By Shanghai charges By London charges By Yokohama charges By Melbourne charges By Singapore charges.
Cr.
Ly remuneration for half-year ending 30th
June, 1898, to directors, committees, and auditors
By losses and claims paid
By exchange By balance
24,548.79 10.080. 2
47,613 34
19,302,05
57,296.89
7,320.79 14,149.71
6,602.25
10,093.19
318,344.82
165.59
874,132.12
$1,389,849.65
BALANCE SHEET, on 30th June, 1898. Dr. To capital 10,000 shares of 250–$2,500,004 To reserve fund
upon which $50 per share called and paid up
To unclaimed bonus and dividend To exchange fluctuation account
To investment fluctuation account being the
increase in market value of securities To working account, 1897, balance To working account, 1898, balance To sundry creditors ....
Cr.
By cash on current account with the Hong- kong and Shanghai Banking Corporation By cash on deposit, viz :-
Hongkong and Shanghai Bank-
ing Corporation Chartered Bank of India, Aus-
tralia and China Mercantile Bank of India, Ld. National Bank of China, Id
By cash on mortgage, viz :
In Hongkong In Shanghai
By cash invested in debentures, viz. :--
Hongkong and Kowloon Wharf
and Godown 0, Limited Shanghai Land Investment
Company, Limited
$
500,000.00
1,260,000.00 18,369.87 663,948,43
217,919.32
415,933.85
874,132.12
372,921.38
$4,321,224.97
$ 6.
31,900.88
October 1, 1898.
To be carried to New Account
$129,342.63
$296,342.63
The Directors regret the unfortunate result of the year's working, which is entirely due to con- tinued reduction in rates and to the abnormal number of total losses and heavy casualties ' amongst the regular liners and other first class steamers engaged in the Eastern trades. They are pleased to be able to add that the present year has commenced favourably, the premium income being well maintained, whilst losses to date are below the average.
DIRECTORS.
Messrs. G. D. Böning, and St. C. Michaelsen retired from the Board on leaving the colony; Messrs. P. Sachse, and A. Haupt accepted in- vitations from the Directors to fill the vacancies, and their appointment will be submitted for the coufirmation of shareholders.
Messrs. C. Beurmann and P. Sachbe retire by rotation and offer themselves for re-election.
AUDITORS.
The annexed accounts have heen audited by Messrs. T. Arnold and W. H. Potts, the last named gentleman acting in the absence of Mr. H. U. Jeffries. Messrs. Arnold and Jeffries, offer themselves for re-election.
C. BEORMANN, Chairman. Hongkong, 28th September, 1898.
STATEMENT OF ACCOUNT FOR THE YEAR ENDED 30TH APRIL, 1898.
Cash in hand
ASSETS.
Fixed deposita with banks..
Invested in mortgages of properties
Bonds of Chinese Imperial Govt loan, 1886 Hongkong and Kowloon Wharf and Godown
Co., Limited, debeatures
$213,000.00
$
C.
96,000.00
44,073.58
50,000.00 20,000.00
200,000.00
827,293.74
379,000.00
51,187.85
$496,887.98 559,999-99
150,000.00
1,050,887.97
Shanghai Waterworks Co., Ltd., debentures Shanghai & Hongkew Wharf Co., debentures London branch :---
5,545.93
50,916.19
Cash in hand
$38,786.93
$52,500.00
Indian Government securities 350,137.20
Remittances in transitú
3,843.59
302,707.72
$ 874,132.12
32,640.00
Shanghai and Hongkow Wharf
Company, Limited.
Australasian branches :-
550,000.00
Shanghai Municipal loan
166,480.00 40,400.00
Cash in band, in course of collection, and
on fixed deposit
134,811.04
Yokohama branch :-
292,020.00
Estimate of losses to pay
8 1,424.132.12 5000,000.00
ment Guaranteed Rail-
924,132.12
DIRECTORS,
Since the last general meeting Mr. G. B. Dod. well has resigned his seat and Mr. E. S. Wheal. ler has joined the Board
In accordance with clause 86 of the Articles of Association, Mr. H. L. Dalrymple and Mr. N. A. Siebs retire, but offer themselves for re-election. AUDITORS
Messrs. J. H. Cox and W. Hutton Potts re- tire, but offer themselves for re-election.
C. S. SHARP, Chairman. Hongkong, 24th September, 1898.
WORKING ACCOUNT, 1897, ON 30TH JUNE, 1898.
Dr.
By amount at debit of branches, and agencies 422,645.66 By amount invested in London, viz. :
In Consola, India Govern-
ways and other securities £124,001 5 10 Deposited in banks
39,000 0 0
3 per cent. rupee paper,
Rs. 250,000 0°0=£15,500 00
By amount invested in Melbourne, viz.:
Ia Government Treasury
bonds and other securities £13,884 15 0 Deposited in banks
By bills receivable
Cash in hand and in course of collection Interest accrued, but not yet payable Furniture at head office and branches Sundry debtors.
Paid-up $25 on 24,000 shares
2,000 0 0
£15,834 15 0
163,896.07
13,149.54
To losses
To charges, sarvoy fees, &c
1,210,52
112,953.75
$4,321,294.bt
By bills remitted to London agency, 30th
June account
14,006.03
11,020.25
6,215,59
54,714.83
$1,942,552.75
£163,001 5 10
1,687,129.31
Capital subscribed
Reserve fund
160,431.27
Dividends outstanding
Exchange fluctuation account
Sundry creditors
Profit and loss account
LIABILITIES.
$2,000,000
$ 0.
600,000.00 1,000,000.00 19,658.82 124,322.64 2,228.66 198,342.63
CHINA TRAD: RS' INSURANCE CO., LIMITED.
The following is the report for presentation to the shareholders at the thirty-second ordin- ry meeting, to be held on Tuesday, 11th Octo- her, at noon :—
$
C.
To working account, balance on 30th June,
By sundry debtors
1897
674,784.53
To net premium from 1st July to 31st De
cember, 1897
698,198.45
To interest
112,889.87
$1,685,872.85
Cr.
By agency commissions...
By agency charges
By head office charges
$ • 30,679.17 16,037.26 56,367.00 16,788.92
69,618.69
By Yokohama charges
7,826.41
By Melbourne charges
By Singapore charges
11,476.20 5,487.22
By remuneration for half-year ending 31st
December, 1897, to directors, committees,
and auditors
By losses and claims paid
10,498.47 783,333.70
ity exchange
By bonus on contributions account 1897 (de. clared 20th April, 1898), 20 per cent...
By balance
By Shanghai charges
By Loudon charges.
218.74
26*,620.02 415,933,85
$1,685,872.85
WORKING ACCOUNT, 1898, ON 20TH JUNE, 1898 Dr.
*
с
Tu net premium from 1st January to 30th
June, 1898
To interest
1,831,472.19 58,177.46
$1,389,649.65
The Directors have now to lay before the shareholders the accompanying statement of
ccounts for the year ended 30th April last.
The uet premia amount to $1,012,521.95 and he Working Account shews a balance at credit of $196,342.63.
The Directors recommend that the sum of $100,000.00 be transferred from the Reserve Fund increasing the balance of Working Ac- Sonat to $296,342.63 and that this amount be apportioned in the following manner :- A dividend of 12 per cent. to share-
holders ($3 per share)
$ 72,000.00 A dividend of 15 per cent. on con- tributions, payable to all con. tributors of business whether shareholders or not..
WORKING ACCOUNT.
To directors' and auditors' fees-head office
and brauches
To balance to profit and loss account
By premia, less re-insurances, return premis
and commissions
By interest
Fy transfer feos
by amount brought forward from last year.
1,942,552.75
0.
992,227.38 254,853.16
22,423.20 196,342.83
$1,465,846.37
$ 0. 1,012,521.95 101,407.17
110.00 351,807.25
$1,465,846.37
RESERVE FUND.
C.
1,000,000.00 1,000,000.00
To balance on 31st July, 1898 By balance on 31st July, 1897
: OLIVERS FREEHOLD MINES,
LIMITED.
We
We have received the following report from the General Managers of work done on the Olivers Freehold Mines properties during the month of August:-
Eureka Mine drive at 150 ft. level North.- This drive has been extended a further distance of 20 feet during the month, making a total of 168 feet to date; reef 24 inches wide of fair quality.
300 feet level North.-Work in this drive was $ 95,000.00 * only carried on during the first eight days of the
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