May 6, 1899 ]-
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was called for the special purpose of supporting
the
Municipal Council by an expression of public opinion. We
aro glad to hear that the efforts of the authorities concerned have been successful, and we look forward to the extension as practically an established "fact. I would like to call your attention to the 'mail services. The attempt to effect some change in the present day of departure of the mail steamers has, so far, had no result. I understand, however, that the North German Lloyd intend, in October next to inaugurate a fortnightly service from Shanghai, their steamers leaving every alter. nate Saturday. With regard to the subject of the British postal rates we addressed a letter, as you will observe in the appendix, to the Post- master-Master in Hongkong, on the 7th of Feb. last, asking for information, but so far have re- ceived no reply. The report refers to the re- signation of Mr. Alford, who for three years so worthily filled the post of Chairman. Mr. Dudgeon assumed office for a short period, when he also resigned on the eve of his departure for home. The Chamber has been unfortunate in losing almost simultaneousely the services of two such able and hard working members of your Committee. I need not detain you fur- ther the report deals fully with our work during the past year, and with the correspondence attached will, I trust, be found interesting.
A. S. WATSUN & 00., LIMITED.
The following is the report of the general managers for the year ending the 31st December, 1898, for presentation to the share- holders at the fourteenth annual ordinary general meeting of the Company, since its registration, to be held at the Hongkong Dis pensary, on Monday, 8th May, at noon:-
Gentlemen,We now beg to lay before you a statement of the Company's business, with a balance sheet for the year ending the 31st December 1898.
The net profits of the Company for the twelve months under review, after paying all charges, including general management, and providing for all bad and doubtful debts, and with the addition of $9.239.01 brought forward from last year, amount to
$106,693.24
From this there has been written off for depreciation of furni- ture, fittings, utensils of trade, machinery, and buildings.
11,375.89
Leaving an available balance of... $95,317.35
We
e paid an Interim Dividend of 5 per cent. in Nov. last, absorbing $30,000.00 And we now propose to pay a fur-
ther dividend of 6 per cent. (making 11 per cent, for the year) which will absorb..
To place to the credit of Perman- ent Reserve Fund a sum of.... To carry forward to 1899 Ac-
count
STHINK
36,000.00
25,000.00
4,317.35
$65,318.9
Permanent Reserve Fund, with the addition of $25,000 as above, will stand at $125,000. Reserve Fund to meet contingencies or for the equalisation of Dividends remains at $25,000 as heretofore.
The Company's accounts in London have been audited by Messrs. Hopps, Banhart and Warmington, Chartered Accountants, and those at the Head Office by Mr. Francis Maitland.
The business of the Company continues to be
a progressive and satisfactory character.
JOHN D. HUMPHREYS & SON, General Managers. Hongkong, 27th April, 1899.
CHINA OVERLAND TRADE REPORT:HT
Permanent reserve fand Reserve fund to meet contingen- cles, or for the equalization of dividends
$100,000.00
*26,000.00
Unclaimed dividends Security deposits from staff Proft and loss, forward
from 1897
Profit and loss, remain- ing balanos 1898 After writing off $11,875.89 for de preciation as per pro-
$ 9,289.01
at and loss account 80,078.84 Lees interim dividend
of 5 per cent. paid in November, 1898 $30,000.00 Less amount unclaimed
at 31st Dec., 1898... 4,409.50
ASSETS.
$95,817.35
125.000,00 4,406.00 12,750.00
25,590,50 roug
Totál stocks in tradé..... Good debts due from customers Good 'debts dus from sundry debtors in Lon-
don and Hongkong Cash in hand Cash at bankers
ལ་
$10,452.60 40,618.38
Fire insurance premia unexpired Shipments of goods afoat Investments in public companies--
North Chins Insurance Co., Limited........ Hongkong Fire Insurance Co., Limited La Constancia Cigar Factory, Manila
Section A of inland let No. 17 and
the buildings thereon Kowloon inland lots Nos. 540, 550
and 551
Inland lot No. 18 and the build.
inga thereon
.
8716
mended, leaving $74,600.86 to go forward, which is deemed ample to meet all claims appertain ing to those years. The working account 1898 is much more satisfactory, for not only do the net premia show an increase of $80,788 16, but the balance at credit is $275,918.95 as against 8226,512,92, and the estimated claims on known i losses and casualties are about $117,000. against about $163,000 the previous year. The claims already paid on this account amount to $281,459.80 or 47.23 per cent. of the net premis earned against $280,154:62 or 54.38 per cent. Your directors recommend carrying" forward the whole of the $275,918,85 at the credit of this account, as it would be unsound policy otherwise to deal with any portion of it at present in view of our outstanding risks, which, however, are less than they were this time last year, notwithstanding the 69,726.85 steady increase in the premis income. The percentage of expenses to uet premia is 17.18 $1,138,294.64 | per cent, against 17.83 per cent. last year. A considerable reduction has taken place in the balance at credit of exchange and investment 654,813.07 fluctuation account, amounting to $26128:46 143,812.50 which as the report states is owing to the depression at the end of last year of some of 10,985.57
the Association's investments principally in the sterling investments. But that it was tempor 51,010.98 ary only is indicated by the revaluation we have. 3,716.03 recently made of those investments, and which 81,158.88 according to the lastest available quotations have recovered to the extent of $13,000—or 50 per cent. of the sum written off on the 31st December last. Your directors are satisfied that upon that date all the assets of the association were fully worth what they stand at in the balance sheet, Of the 8186,711.48 due by agencies, premia in course of col leotion, and sundry outstandings, about -234,000.000 | $150,000 have since been received. It is of course too early in the year to say anything $1,188,294.54 | about our prospects for 1899, but so far as we have gone we have reason to be satisfied. Rates of premia show some signs of improvement and Lariffs have been arranged for certain classes, of 11,375.89 business and it is to be hoped that the recent gales in the Atlantio and elsewhere, resulting as they have done in the loss of so many fine steamers and sailing vessels, will have the effect of improving rates and putting a stop to the “ rate cutting" which has been carried on by underwriters for some years past, I don't know that I have anything more to say but if any share.. holder desires to put any questions I shall be pleased to answer them to the best of my ability. Mr. Wilck-Have there been any steps taken to improve the rates P
$62,000.00
23,000.00
149,000.00
Dr. Profit and Loss.
To depreciation account To balance
Or. CONTRA
By balanos forward from 1897 By not profits in Hongkong, China, Manila,
and London for 1898
4,243.56
0.
95,317.85
$106,693.24
4
1
9,239.01 97,454.23
$106,699.34
THE YANgtse insURANCE ASSOCIATION LIMITED.
3
The annual meeting of the above Company was held at the head office, Shanghai on the 25th April, Mr. J. M. Young presiding. There were also present Messrs. H. J. Buch, E. B. Skottowe, Brodie Clarke, and J. S. Fearon (Directors), C. W. Hay, J. Henningsen, R. Inglis, M. Wolff, J. P. Roberts, W. Lunt, R. W. Mustard, Paul Brunst, F. Gove, C. W. Wrightson, A, Riya, C. Wilok, G. A. Mat- thews, J. Liddell, E. P. Wickham, L. Vander Stegen, and W. 8. Jackson (Secretary).
The notice convening the meeting having
been read.
}
"
The Chairman-There are some indications of rates improving. I can hardly say they have improved yet, but we see indications that at- tempts are being made by the powerful com panies at home, who seem to be getting tired of will succeed in securing better rates. cutting rates down very low and we hope they
No more questions being asked.
The Chairman moved the adoption of the re-
port and accounts as presented by the directors for the 12 months ending December 31st, 1898. Mr. H. J. Such seconded and the resolution was agreed to.
The Chairman next proposed that a dividend of ten per sent, vis. $6 per share, on the paid up capital be declared, payable at either the Char- ter Bank of Australia, India, and China or the Hongkong and Shanghai Banking Corporation to shareholders registered on the 15th of April
1899.
Mr. Brodie Clarke seconded and the resolu
tion was adopted.
Mr. C. W. Hay moved and Mr. J. Henning. en seconded the re-election of the Board until the next ordinary meeting of shareholders:
Carried.
The Chairman said-Gentlemen, the minutes of the last ordinary general meeting held on the 22nd of April last year having been printed and circulated in the usual way may, I presume, be taken as read, and with your permission the report and accounts to the 31st December, 1898, that have been in your hands for some time, will also be taken as read, but before proposing the
It was proposed by Mr. Wolff and seconded adoption and passing of the report and accounts by Mr. P. Brunat that Mr. Augustus White I should like to make a few remarks with re-be re-elected auditor for the ensuing year. ference to the same. The year 1897, I am This having been carried, the meeting ter- sorry to say, has left us no profit, the running minated. 600,000.00 | off of the risks still opan at the date of the last annual meeting continning as unfortunate as I then explained our previous experience of that year had been. Fortunately a substantial | balance had been carried forward from former Tears, amounting on 31st December,, 1838, to $122,600,86 out of which the payment of dividend of 10 per cent, on the paid up capital, or. 36
BALANCE SHEET,: 31st. Dzarumień, 1898.
Capital account..
LIABILITIES.
$38,788.54
$4,841.65
and general liabilities in the
Loval and general liabilities In
London
Mortgage on inland lot No. 16 and the build.
thereo
hal Bank loan socount.. Sh4MKnila, and Tondon
78,610.19
,900.00
Twenty-four Filipinos who were sent as pri soners to Spain nineteen months ago and were on their way back to Manila by the Branish steamer Leo XIII elected to remain at Singa- pore for the present, being afraid, the Fres Fresq says, lest they should be made prisoners by the Americans if they went on to Manila,
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