February 25, 1899.] -
To remuneration to Consulting Committee
and auditors
To balance as above
CHINA OVERLAND TRADE REPORT.
Working account, 1898:—
5,833.33
Balance at credit
225,622.40
$298,667.86
E. boi.ds Hongkong and Kowloon Wharf
ASSETS.
0.
Cash at bankers
By balance from last accourt
Add-Sundry premia since received
-288,875.16 9,792.70
Fixed deposits at banks ::
Ilongkong & Shanghai Bank
ing orporation
$140,000.00
$298,667.86
1
Chartered ank of India, Aus-
tralia and China
60,000.00
WORKING ACCOUNT, 1898.
To losses and claime paid
$ 0. 82,496.14
Mercantile Bank of India, Ld. National ank of bina, Ld.
50.000.00
15,000.00
To charges
To commissions
24,488.88 35,83 .39
Investments:-
To fire brigade expenses
To balance as above
363.75 206,540.66
(hi ese Imperial Gover me, t
..8100,557.75
$439,720.82
C.
323,750.25
115,032.10 857.47 81.00
Co., Limited debertures Shanghai and Hongkew Wharf
o., debentures
49,877,-40
41,617.07
Shanghai Waterworks Co.,
Limited debentures
8,472.22
$439.720.82
Loans on mortgage:-
On properties in Hongkong
Du properties in Shai gbai
O properties in Amoy
$897,661.38
55,383.84 20,000.00
Inland lot No. 685 :—
Assigned by mortgagor
By net premia received, less returns and re-
insurances
By interest
By exchange
By transfer fees
CHINA FIRE INSURANCE CO.,
LIMITED.
The following is the report for presentation to the shareholders at the thirtieth ordinary meeting, to be held at the Company's offices on Monday, 13th March, at noon:-
The Directors have now the pleasure to sub. mit their annual report and statement of the Company's accounts made up to 31st December last.
1897. The balance at
credit of Working ac-
count as per last report
was
Add premia since re-
ceived..
Deduct claims paid in
1896
$237,802.90
aid Godown Co., Limited debe: tures
103,152.50 Hougko: glub debo, tares.. 50,000.00 Shanghai Land Investme t
Hogkong Fire J: sura de Co., Limited :—
Four shares
Furniture acoount:-
Office furniture, de..
Accounts receivable:-
Premia due from agencies, in terest due on
deposits and investments, dc.
Dr.
с
22,381.33
265,000.00
353,678.94
973,025.22 20,000 00
522.00
500.00
71,083.15
1,706,188.64
Q.
WORKING ACCOUNT ¡ST JANUARY TO 31ST DECEMBER, 1898
To charges accou t-
Rent, salaries, legal a d survoy- ors' fees, taxes, stampa, sta- tionery, &c.
Directors ad auditors' fees
3,366.10
$241,169.00
..$ 54,366,25
5,451.65
59,817.90
$181,351.10
To fire brigades account :-
Dedact retura premia,
&c., &c.
Balance of profit.......
It is proposed to apportion this sum as follows: $120,000 to shareholders as dividend for the year, at the rate of $6 per share; $4,37 as bonus to contributors of pretia; and the balance, $56,972.10, to the credit of Extra Reserve Fund Account, which the Directors trust will meet with approval.
To commission account:-
Agents' commissio18.
Contributions at agencies, do
&o.
165
review from the day the final call was 120,485.20❘ paid is just 9 months, and when you con- sider that of that time much was necessarily $1,706,188.64 | lost in getting our funds safely and profitably invested, you will agree with us that for the first few months of the company's exist euce it has done very well to gross such an income as nearly $34,000. For a first year when there are generally very heavy pre- liminary expenses to be faced, our expenditure for legal and other charges cannot Lut he deemed moderate, nothing whatever having been spent for promotion money, underwriting, While on this subject I may mention that as it is not the intention to fill up the vacancy on the consulting committee, caused by the death of Mr. Wong Hoi-chow the fee will be pro- portionately reduced. Tarning to the accounts, I see nothing in them which requires explanation or comment except perhaps the item of sundry creditors and sundry. debtors, amounts against which have since been respectively collected and paid off. When we met here in June last, I said we had $105,000 lent out on provident loans, and $325.00) on short loans, and you will see from the accounts that, as we anticipated, our loans ou the provident system have in- creased to $334,589 on 31st December, while wo bave had to correspondingly reduce our loans on goods, &c., which we only resorted to in order to keep our funds employed. To-day our provident loans amount to $380, 72.89 with about $7,500 more promised, so it is quite ap- parent that this system of borrowing bus become popular and that to meet the demand for such accommodation our present resources are quite insufficient. In the present state of the money. market in this colony, we do not think it ad- visable to attempt a further issue of capital at present and we see no oɔurse open to us but to appeal to all our shareholders and friends to do. their best to place our 6 per cent debenture bonds with the public. To those who study safety for their investments these bond, should certainly offer favourable induces ments as the security offered is first olass for besides our capital, which is intact, they have a further guarantee of half a million dollars still nuculled. The safety of their money is therefore as fully assured us any loan could well be, while a return of a clean 6 per cent. is not to be despised and is just about double what could be got for the same money at home. We have not sold many of these bonds hitherto, but we feel that the time has now come for us to make a greater effort to do so, as our business is increasing. and with the certainty of a greater and greater demand during the present year, we must put ourselves in a position to cope with it. I hope that not only you who have come here to day but all of our shareholders will lay these considerations to heart, and heartily assist us to get more of these bonds placed. An important point about which we have been asked is the valuation of the properties we ad- vance against, and I take this opportunity of assuring shareholders that this is very carefully done and that we take the greatest care when arranging a loan to see that we have a proper margin which we can fall back on in the event of the borrower failing to pay his monthly instalment on its due date. So far, I am glad to say, we have had no difficulty in this respect. You must bear in mind, too, that every monthly payment by reducing the creases the margin in hand, a star which is as satisfactory I think as any lender could wish for. Furthermore, real estate as you all know has risen during the past year and is still steadily rising. You may rest aa- sured that everything is being done with a dus regard to prudence and the protection of the capital you have invested in this company. It half-yearly dividends and if we continue as we has been suggested that we should pay interim
are doing I see no reason why we should not follow the suggestion. I shall be pleased to answer any questions,
$32,434.39 7,400.00
39,8 4.39
26,038.28
421.99
To losses accou. t, 1898-
Claims paid after deduction of re-insura: ces 17,922.95 To amount written off:—
Furniture account
To balance
Cr.
60.00 120,486.20
$358,763.81
$
Premium received after deduction of re-
i surances
By interest account :-
1898. The balance at credit of Working Ry premium account: Account at the close of this year was $1. 0,4-6.20. which is considerably smaller than usual, due to the numerous losses which have occurred at agencies, but it is hoped that the account will not suffer any further serious diminution.
DIRECTORS,
On bis return to the colony, Mr. A. Mo- Conachie was invited to resume his sea! at the Board, which shareholders will be asked to confirm.
Messrs. Sharp and Bearmann retire by rotation, and, being eligible, the former gentle- man offers himself for re-election, but not Mr. Beurmann, owing to his approaching departure from the colony.
AUDITORS.
Messrs. J. H. Cox and W. Hutton Potts have audited the annexed accounts and offer them.
selves for re-election.`
SECRETARY.
Amount at credit, includi gi terest due
o deposits and investments, do By tra sfer fee accourt-
Amount at credit
C.
259,813.54
98,758.14
194.19
$358,763.8.
CHINA PROVIDENT LOAN AND MORTGAG. CO., LTD.
The se ond ordinary annual meeting of share holders in the China Provident Loan and Mort- gage Co., Ltd., was held on 17th Feb at the Com- pany's ffice, No 9, Praya Central. Mr. R. Shewan presided. The other gentlemen present were-Messrs. J. H. Lewis, J. S. van Bureu, Chau Tung Shan and Chow Hing Kee (‹, on- Owing to the unsatisfactory state of Mr. salting Committee), C. Ewens (Solicitor), A. Ba. Coughtrie's health, the Board granted him bington (Secretary), C. A. Tomes, T. E. Davis, leave of absence last Summer on a medical. Kliuck. E. J. Kelly, A. H. Hewitt, H. certificate, and at the meeting the Directors Wicking, G. Murray Bain, F. J. Jorge. F. N. intend to submit to the shareholders a proposal Chow Hong Wa, Siu Un, Au Young Ping Co. Guttierez, E. W. Terry, Fung Wa Chuen, to grant him a retaring allowance of £400 per
N. A. SIEBS, Chairman.
annum.
نده
Capital account
0.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said-Gentlemen, in the BALANCE SHEET, 31st DECEMBER, 1898.
ordinary course of events we should not have LIABILITIES.
come before you till three months later, but this 400,000.00 being the first year of the company we thought 1,000,000.00 that shareholders would like to know a little sooner how we are getting on. Accordingly 56,972.10
we now pressut acconuts to 31st December last, which, having been in your hands for some time, I will, with your permission, dispense with the 128,730.34 formality of reading. The period under
Reserve fund
Extra reserve fund
Transferred from 1897
Accounts payable: -
Dividend for 1897
Bonus for 1897 and sundries.
$120,000,00 8,730.34
No questions being asked, the CHAIRMAN proposed the adoption of the report and accounts.
Mr. DAVIS seconded, Carried.
Mr. MUREAY BAIN proposed the re-election of Messrs. J. H. Lewis, J. S. Van Buren; Chow Hing Kee and Chau Ting Shaug to the Con- sulting Committee.
:
No comments yet.
Private notes are available after approval.