There being no questions, the CHAIRMAN moved the adoption of the report and accounts.
Mr. GRANVILLE SHAEP seconded. Carried
The meeting then terminated.
The following is the report -
COMMITTEE.
CHINA OVERLAND TRADE KUPOET
1998, was 141,548, of whom 9,545 were not during the twelve months ending 30th June,
Chinese.
ACCOUNTS.
5. The balance in the hands of the Honorary Treasurer on the 30th June, 1898, was $2.74223, The last annual meeting was held on the ceipts and disbursements. There is also a sum as appears from the following account of re- 14th January, 1898,
of $12,520.86 on fixed deposit to the credit of the City Hall fund with the Hongkong and Shanghai Bauking Corporation, which the Com- mittes look upon as a reserve fund only to be drawn upon in case of emergency. Owing to the increased cost of living the employés of the City Hall have applied to have an increase in their wages and this item will therefore in future be somewhat larger than it has been in former years.
There have been no changes in the Commit tes since the last annual meeting, and it still consists of, the Honourable J. J, Bell-Irving (Chairman), and of Messrs. H. L. Dalrymple, HN. Mody, B. Layton, and N. A. Siebs.
· THE STATE OF THE BUILDING...
The architects, Messrs. Palmer and Turner, state that having had all the beams both of floors and ceilings carefully inspected the build- ing is now in a sound condition. At the inspec- tion of the building held in October and Novem. bor last a large quantity of the woodwork in the. turrets on the roof and in the verandahs! required to be removed, while a considerable number of joists and the door wood-frames in the basement had also to be changed, as well as nine China fir purlins in the main roof. The removal of the hardwood beams in the Eastern'| verandah necessitated a replaying of the marble tiles and the renewal of the ceiling beneath. As a considerable
..sum
was expended in reforming the
gallery of the Theatre, the income of the City Hall and during the latter part of 1898 has been restricted owing partly to these alterations, the Confilttes donsidered it wise to postpone the colour washing of the outside of the building, which they had intended to carry out in 1898, until this year. The Committee hope that the alterations in the Theatre, which were proposed by the Amateur Dramatic Club and which have been carried into effect with their financial assistance, will be appreciated by the frequenters of the Theatre.
During the twelve months from 1st July, 1897, to 80th June, 1898, the Theatre was ong. aged by the Hongkong Amateur Dramatid Club, The Philharmonic Society, the Smoking Concert Club, and the Amateur Dramatic Club ofH.M.S. Powerful, as well as by the Brough Company, the Pollard Liliputian Company, and others. As in former years the St. Andrew's Hill and other rooms have been put at the dis posal of educational and charitable establish ments for examinations, prize distributions, and bazaars, free of charge."
The receipts for the twelve months ending the 30th June, 1898, were soidewhat higher than
those in the previous financial year; but as above sisted the receipts during the latter half of 1898 have been small, while the expenses connected
with the alterations in the Theatre will have to be borne out of the receipts for the current year
THE LIBRARY!
The proprietors of the Government Guette. the Daily Press, the China Mail, the Hongkong Telegraph, and O'Extremo Oriente have to be thanked for continuing to supply their journals gratis for the use of those frequenting the Library, while Mes-rs. E Neidhart, H. A Allen, H. U. Jeffries, J. Hewit the Revd. W. Campbell, Dr. W. Doberck, and F. G. Figg have also kindly contributed books and periodicals of, some value. Eighty-two volumes were added to the shelves by the Hongkong Government during the twelve monthe ending 30th June, 1898, but a large proportion of these being educational works printed in Chinese or other Asiatic languages are of little interest to the majority of those visiting the library. The number of visitors during the twelve months was 5,912-
MUBRUM.
$1,310.81
ADCOUNT SHEWinh Receipts and ExpenDITURN”
FROM 1ST JULY, 1897, to 80th June, 1898. To balance in hands of Hon. Treasurer on 30th
June, 1897, as shown in last report To receipts from Theatre, St. Andrew's Hall, To rent of Chamber of Commerce
Ball Room, &c., đo. To Government Grant for 1893 To interest on current account in Hongkong and
Shanghai Bank to 30th June, 1898
By wages for 12 months By repairs and alterations By gas... By electric light
By museum and office expenses By insurance premis
By water..... By Government fire brigade By balance...
321.84 313.35 701.00 1 22.75
balance sheet, you will no doubt have. tained for the future. On reference the large decrease in the amount of payable, which is occasioned by our withdrawing a similarly large sum from the amount investe on mortgage. Ont of the sum of $2,989,400.78 entirely developed and revenue earning, and invested in properties, more than two millions is of the balance, about 4 lacs will be yielding rentals within the next few months. I may also mention that your directors, carrying out their intention as I stated to you at the last annual meeting, have not increased the coff pany's interest in entirely undeveloped perties during the period under review. The whole of the company's properties have been kept in i
good and substantial condition, which accounts for the somewhat heavy amount expended in repairs. Before moving the adop tion of the report, I shall be pleased' to give any further information.
*
No questions being asked the CHAIRMAN proposed the adoption of the report.
mau usSHLI
6,895.64
Mr. SHEWAN, in seconding, said-With 600.00 report and accounts like the present" which 1,200 00 show an improvement'all round and do therekea
dividend, our feelings as shareholders are 45.87!
worked upon, that there is nothing left. for
·9,962.88 na to do but to offer our cordial congri- tulations to the management for sncheia $3,348.00 pleasing result. (Hear, Hear. A bigger divi- 1,281.37 dend, in the classical language of a well-known 1,091.68 advertisement "touches the spot and leaves no room for criticism. It only proves to all of us that the company is one of the safest and most convenient forms of investment in the 80.60 colony. The shares may not be liable to lány 2,742.23 sudden rise in value, but on the other hand they are proof against any sudden fall, and I know of no shares which so appeal to a nervous investor, who, if he wants a good return wants still more security, and he can, gut both of these requirements in the sharës- of this Company. For the past few yekre, progress has been slow but constant.– The in- come from inferest has fallen off, but that is not such a bad sign, for it shows that more pany, but I notice that the total receipts för capital has gone into the business of the com- rents and interest amount to some $13,000, or
9,952.82
J. J. BELL-IRVING, Chairman.
THE HONGKONG LAND INVEST
MENT AND AGENOY CO.,
LIMITED.
meeting of shareholders in the Hongkong Land On the 26th January the eleventh ordinary Investment and Agency Company, Limited, was held at the company's offices, Victoria Baildings, for the purpose of receiving the report of the directors with statement of accounts for the year ended December 31st last. The chair was occupied by the Hon. J. J. Bell-Irving, who was supported by the Hon. C. P. Chater, Messra 4 J. Raymond, D. Gubbay, N. A. Siebs, A Haupt, Lee Sing (directors), and A. Shelton Messrs. C. S. Sharp, J. Goosman, R. Shewan Hooper (secretary). There were also present J. H. Lewis, K. A. Chinoy, S. A. Seth, P Jordan, C. T. Veitoh, J. M. Michael, G. C. Turner. Anderson, WH Purcell, JH. Cor, and A.
The SECRETARY read the notice convening the meeting.
say about 6 per cent., more than in 1897, and surely that is a really substantial improvement? Profits on sales of property may seem to us a rather precarious source of income, but I believe there is still a good deal of pro perty undeveloped and available for sale which with the growth of the colony must greatly appreciate in value. Altogether it
of this colony, and none of us have any fears seems to me that the future of the company is still assured if it depends on the prosperity about that. I heartily.congratulate the direc tors-and more particularly the managing directors and the secretary for the good position they have got the Company into. (Applause.)
On the motion of Mr. GoOSMAN, seconded by Mr. SHARP, Messrs. Raymond and Haupt were re-elected directors.
Mr. LEWIS, Messrs. Henderson and Peter were On the motion of Mr. VEITOH, seconded by
re-elected auditors.
This was all the business,
The following is the report of the Board of Directors.
mit to you a general statement of the affairs of Gentlemen, The directors have now to sub- the Company, and balance sheet for the year ending 31st December, 1898.
The CHAIRMAN said-Gentlemen: I will with your permission; take the report and so in presenting a report which they hope will be counts as read. Your directors have pleasure deemed satisfactory to the shareholders. The gross profits for the past year amounted to Directing your attention in the first instance to $918,866.00 as against $252,702,24 for 1897. our revenus derived from interest account, you will observe a falling off to the extent of about 25 per cent compared with that of the previous year, brought about by the large decrease in the amount we have usually had employed in mortgage advances. Our rent account has in- oreased from $1-7,897.19 in 1897 to $166,717.52 for the year under review. The result" is accounted for by the fact that, in addition to the revenue we have collected from purchases during the year, several properties have been developed which previously had been unyield. ing, but it must not be overlooked that the revenue from rents has been necessarily some What diminished by our having sold some of our properties. The profit on these sales has however, added materially to the improved re sulls of the year's working. Such prout you will observe amounts to $68,952.71, and it is principally on this account that your directors Jubilee Midal presented by the Go- have been enabled to recommend the payment ent His found a place next to the Plague of whyger dividend than heretofore, a dividend retire by rotation, but
Messy A. J Raymond medal. The number of visitors to the Museum - they Mave every
hope may be main- l ́election,
A considerable number of articles on loan in Museum were withdrawn owing to their owners leavily the colony. Mr. G. C. Ander m2 Rev. J. Bddublat, Hon. E. R. Belilios 8. Long, and Messrs. J. A. Bowen uwn. A. Cattaneo, Ching San Hang H. Hifindner, A. M. Marshall, R. G MoEwen Ng Ring Fuk Tong, J. A. dok Remedios, P. I de Rosario, and Edward E. Staindeld have thanked for valuable contributions, in! oluding wild swan, a badger, a civet cat, PEHORSA and¶ variouk Jukkes and birds.
-
The net profits for that period, including $57,856.26 balance brought forward from last account, after paying all charges, amount to 3328,454.93 From this amount an interfin dividend of $2 per share has already been valid, and it is now proposed to pay a fínál dividend: of $3 per share, making a total dividend of ten per cent. per annum on the paid-up capital, and after writing off directors and editors FRE there remains a balance of $67,854,63 tổ bộ cát- ried forward to the credit of a new profit and loss account.
DIRECTORS
A. Hant HOW Malvos for re-
1
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