Meich 18, 1889.
Company, and utilise a part of it in the mean- time by building another godown for hemp, &c. This explains the item of $30,504.30 in the balance sheet. The item of $4,658.28 additional | machinery, simply completes the extensions decided upon in the previous year. The other items are the usual ones, and require no explana- tion, but if any shareholder bas any questions to ask, I shall be glad to answer them to the best of my ability.
No questions were asked, and the report and statement of accounts were adopted, on the motion of the CHAIRMAN seconded by Mr. | FUNG WAH CHUEN.
Messrs. Gillies, Lewis, Raymond, and Shewan were re-elected directors, in the motion of Mr. HENDELSON, seconded by Mr. FUNG WAH CHUEN.
Messrs. T. Arnold and F. Henderson were re-elected auditors on the motion of Mr. GIL LIES, seconded by Mr. RAYMOND,
The CHAIRMAN said that this was all the business, and that dividend warrants would be ready to-day.
CHINA AND MANILA STEAMSHIP
COMPANY, LIMITED.
On the 16th March the 16th ordinary general mee ing of shareholders in the above Company was held at the Company's Office, No. 9, Praya Central. Mr. R. Shewan occupied the chair, and there were also present Messrs. N. A. Siebs, D. Gillies. J. H. Lewis (directors), W. H. Gas- kell, A. Babington, J. McGregor Forbes, A. P. Baretto, W. Stopani (secretary), and Fung Wab Chuen.
The SECRETARY read the notice convening the meeting.
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CHINA OVERLAND TRADE REPORT.
instance, are just about double what they were when this company was started; coals cost fifty per cent more, and stores from home with the fall in exchange have doubled their cost in dol- lars. It follows that to pay our old dividends we must earu nearly double as much freight and passage money as we used to do, and this is no easy matter, especially with increased com- petition on the line. However, with the advent of a strong and stable Government in the Philip. pines, capital and enterprise must be attracted thither, and Hongkong will doubtless reap the benefit in renewed activity and increase of trade between the two places. I do not think there is anything in the accounts that requires special comment or explanation. In addition to the dividend we propose to place $5,000 to reserve fund, in accordance with the Articles of Association, leaving $407.27 to be carried forward to tuis year. The amount at credit of underwriting account is very little more than for the previous year, as a claim in consequence of a fire on board the Esmeralda just about absorbed the premia for the year. The items against sundry creditors and sundry debtors have since been respectively paid off and collected, while the funds at the Bank aud invested in shares on 3 st December last have now been reduced by further payments on account of cost of new steamer. There is nothing else that occurs to me to remark upon, but if there are any points that are still not clear to you I shall be glad if you will mention them before I proceed to move the adoption of the report and accounts.
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No questions being asked, the report and ao- counts were adopted, on the motion of the CHAIRMAN, seconded by Mr. Lewis,
Messrs. Gillies, Siebs, Lewis, aud Shewan were re-elected on the Consulting Com. mittee; on the motion of Mr. McGREGOR FORBES, Seconded by Mr FUNG WAR CHUEN.
Messrs. J. H. Cox and Thos. Arnold were re- elected auditors, on the motion of Mr. BABETTO,
This was all the business.
GEO. FENWICK & CO., LIMITED.
The aunual meeting of Geo. Fenwick and Co., Limited, was held on Saturday at the Hongkong Hotel. There were present Messrs. A. Rodger (Chairman), W. Parlane (Director), W. G. Win- terburn (Manager), R. Ù. Wilcox, and G. C. Cox
The MANAGER read the notice convening the meeting.
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a-dozen of the other. Of course the money is used by the Company and it does not matter very much.
Mr. Wilcox-Of course if you are using the money it does not matter very much, but I should like to see the reserve fund acoumula- tive. It is always a good thing to have a good, substantial reserve.
The CHAIRMAN—We will attend to that next year. Of course it is all the same.
Mr. PARLANE-The amount carried for- ward is only a couple of hundred dollars over last year's sum. We can use the amount car- ried forward for anything that is necessary. The reserve fund cannot be used for any pur
рове.
The CHAIRMAN-I beg to propose the adop- tion of the report and accounts.
Mr. WILCOX-Mr. Chairman, I have much pleasure in seconding the adoption of the report and accounts. I think they are very satisfac- tory, considering that, as the Chairman, has said, the profit had to be made in one portion of the year. Of course this interruption to business caused by the bostilities in the Philip pines was quite unforeseen and unpreventible. I hope we shall have as good a year this year as we had in 1897, which was a very good year, but in any case I do not think shareholders will have any reason to grumble at the dividends ́or the results. I have great pleasure in seconding the report.
The motion was carried.
On the motion of Mr. Cox, seconded by Mr. WILCOX, Mr. Rodger was re-elected a director for the ensuing year.
Mr. Thos. Arnold was re-elected auditor, on the motion of Mr. PARLANE, seconded by Mr. Cox.
The CHAIRMAN-Gentlemen, that is all the business. I thank you for your attendance. Dividend warrants will be sent out on Monday.
CHINA SUGAR REFINING CO.,
LIMITED..
The following is the report for presentation to the shareholders at the twenty-first annual general meeting, to be held at the offices of the general agents, at noon on Thursday, 23rd March:-
The general agents beg to submit to share- holders their report on the company's business for the year 1898, with a statement of accounts to the 31st December last.
The General Agents and Consulting Commit- tee recommend the following appropriation of the profits, viz, :
Interin dividend of $5 per share
paid 26th August, To apply to Reduction of Property
Account.
...$ 100,000.00
75,00 1,00
The CHAIRMAN said :—Gentlemen, the printed report and accounts have been in your hands for some time past and need not be read now. Daring the year under review we have parted with the 8.8. Zafiro, which was a good loat for the company in her day. but latterly had be-seconded by Mr. SIEBS. come rather a weight on our minds, as her small carrying capacity placed her at a great disadvantage in competition with the other boats on the line. We were very glad indeed when the opportunity presented itself of dispos- ing of the boat at a favourable price, and have every confidence that her successor, which we hare named the Diamante, will prove well adapted to the requirements of the line and en ble us to retain the position we have always occupied in the Mauila trade. As the ust re- salt of the sale is that we have got rid of an old boat of small capacity for one of the most mod- The CHAIRMAN said-Gentlemen, the report
The refineries were profitably employed dur- ern type and large carrying capacity, both as and statement of accounts have been in youring the year, and inclusive of $19.753.31 brought regards cargo and passengers, we hare not bands for some days, so with your permission forward from 1897, the net gain on working shown any actual profit in dollars in the profit we will take them as read. Your Directors and
amounts to $614,260.15, of which sum $100,00 and loss a count, bat have writen off the dif-
Manager hope that you will consider the results
was paid as an interim dividend on the 26th ference from the book value of the Esmeralda
of the year's working and the division of profits August last. and Diamante, which, after payment of the final satisfactory. I am sorry to say we had rather instalment of the cost of the Diamante, will a slack time during the months of April and then stand at a little more than $3 0,000— May, caused by political troubles and the war
■ very safe and moderate valuation for two such in the Philippines, but since the month of June stamers. Against this we propose to raise the we bare bad work enough on hand to keep capital to $300,000, by the issue of 1,000 shares all the departments fully employed. The new of 850 each in payment of a scrip dividend, the machinery and tools added during the year, and last instalment paid on the Diamante having other improvements now in use at the works. used up all our funds and left nothing available enable your Company to take larger jobs on for a dividend in cash. We trust this proposal hand than they were in a position to do former. will meet the views of shareholders. The simplest | ly, and you will be glad to learn that we are and best way would be to pass the dividend now turning the work out quicker and at a less this year, but we find there is a strong feeling cost. I do not think I need say anything re- in favour of a dividend in some shape or formgarding the accounts, as they are very clearly being paid, and this is the only shape it can take detailed in the statement laid before you. The under the circumstances. Owing to the war European staff deserve a word of praise for the between the United States and Spain and sub- good services they have rendered the Company sequent political troubles in the Philippines, during the year. I am pleased to say that the the year was a troublesome one for this Com- returns for the months of January and Febra- pany, and we are pleased to have come out of ary have been very good. You will be pleased it so well. At present, as you know, affairs are to learn that at present all the departments are in a very unsettled state over there; no produce fully employed, and our prospects for the first is coming down from the country to the ship-ha.f of the year are very promising. I think, ping ports, and cargo is consequently very scarce. On the other hand labour for loading and dis- charging and boat hire, etc., is almost unobtain able and when procurable only at exorbitant rates. Prospects for the present year cannot therefore be termed very bright just now, but of course this state of things will not last for ever. You must, however, bear in mind that with the general rise in the cost of living which has taken place in this colony onr steamers' run- ning expenses have correspondingly advanced. Wages of captains, officers, and engineers, for
gentlemen, that is all I can say that will inter- est you, but before proposing the adoption of the report and statement of accounts, I shall be pleased to answer to the best of my ability any questions you may think fit to ask.
Mr. WILCOX-I see, Mr. Chairman, you are transferring $3,000 to the reserve fund and car rying forward the large balance of $19,576.63, You do not think it advisable to place more to the reserve fund, I suppose ?
The CHAIRMAN-Well, we talked that over and we thought it was six of the one and half.
To apply to Equalization of Dividend
Fund.
Bonus to Staff,
tinal dividend of $12 per share, Carry forward to next account,
160,000.00 12,000.00 240,000.00. 27/360.15
$ 614,360.15
CONSULTING COMMITTEE.
The Consulting Committee consists of the Honourable E. R. Eelilios, Mesars. F. A. Gomes, David Gubbay, A. Haupt, and A. G. Wood, who offer themselves for re-election. Mr. A. G. Wood was invited to join the Board in place of Mr. C. S. Sharp, who resigned owing to his intended departure from the colony,
AUDITORS.
The accounts have been audited by Messrs. Thomas Arnold and Fullerton Henderson, who offer themselves for re-election.
JARDINE, MATHESON & Co.,
General Agents. Hongkong, 11th March, 1899.
Balance Sheet—Oné Yxan—ro 3ier Dzonában, 1898. CAPITAL AND LIABILITIES. Paid-up capital Equalisation of dividerd fund Sandry creditors..
2,000,000.00 140,000.00
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