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516
THE HONGKONG WEEKLY PRESS
coal
which, who
10 are popularly known as " barons," agree to fir absolutely the wholesale emmense price of coal, always securing an rise just before the winter sets in, so that there is no such thing as free trade and open competition in this industry. Further, combinations in United States have been combing the Western millers, the New York
AND
BALANCE SHEET FOR YEAR ENDING 31st March, 1899. (Incorporating Singapore balance to 28th February, 1899) 31st March, 1899.
Dr. LIABILITIES.
To capital~200,000 shares at
£1 each Less uncalled capital on 150,000 share, at 58. 2d. per share
To reserve
To unpaid dividends :--
Brisbane...... Singapore
200,000 0 0
8. d.
38,750 0 0
181,250=0·0
icemen, Boston fish dealers, manufacturers of sewer pipes, copper miners, makers of lamps, pot-To sundry creditors ters, glass, hoop-iron; shot. rivets, candy, starch, sugar, preserved fruits, glucose, chairs, vapour, stoves, lime, rubber, screws, chains, harvesting machinary, pins, salt, hardware, type, brass tubing, silk, and wire. In these trades freedom. To proât and loss account of production and sale has been partically or wholly destroyed, and in some instances heary penalties imposed for violations of rules which in Republican America have instituted a system which we would only expect to find under the Caliphs of Bagdad; though for that matter we need go no further than Hongkong and Cantoa to find examples of the sam› kind of thing in a lesser degree.
To balance of liability under contract for.
electric plant.
No doubt these huge combinations or mono- polies will eventually bring about their own downfall, as already laws are being enacted for their curtailment and suppression, and some say that the natural outcome of it will be socialism and that all industries which have reached the Ring and Trust stage are ripe for socialisation, as what is done in the interests of a few shareholders in the way of combination can be equally turned to account in the interest of the community at large.
But when compared to these gigantic cone- piracies, John Chinaman's puny attempt at the same game appears Indioroas indeed.—1 am, sir, your truly.
ANTI-MONOPOLY
Canton, 12th June, 1899..
THE RAUB AUSTRALIAN GOLD MINING CO, LIMITED.
The following is the annual report :
The Directors have the pleasure to present herewith the balance sheet and profit and loss socount for the year ending the 31st March, 1999, the Singapore accounts incorporated therein being closed on the 28th February. The figures now presented show the steady progress and satisfactory results that have been realised by the work of the past year.
A visit has lately been paid to Raub and Singapore by myself as Chairman of the Comp. any, and the directors are throughly satisfied with the efficient manner in which the mines have been and still are being worked.
Very good work has been done in connection with the electrical installation; but some un- avoidable delay has occurred in connection with the supply of iron pipes for the water- power-owing to strikes, etc, in England-and which will hamper the completion of this work till their final arrival on the ground. A further delay has also occured on account of the amount of sickness amongst the native labour, conse- quent on the clearing of the dense jungle, eto, in connection with the necessary preliminary work.
Several offers have been made by subsidiary companies to develop on specified terms portions of the Company's concession, and the directors have accepted the offer of the Queensland Raub Syndicate to lease a a portion of the concession on terms which, after very careful considera- tion, have been approved of and recommended by the Singapore directors.
The annual report of the manager, Mr. Bibby, has been received, and is now issued to the shareholders, and special attention is in- vited to this, as giving the fullest and latest details of all the work done during the year.
In accordance with the Articles of Associa. tion, all the Directors-Messrs. De Burgh Persze, Robert Philp, George Frederick Scott, and James Forsyth, and the Auditor, Mr. T. A. Bond retire, but are eligible for re-election, and offer themselves accordingly.
It will devolve upon the meeting to fix the auditor's remuneration.
(Signed) De Burgh Persse,
Chairman,
Brisbane, 29th April, 1899,
31 March, 1899
Cr.
ASSETS.
By mining property (nominal) By machinery (ino uding
value of new stampers, eto., in transit to mines) By plant
By tools, implements, and
stores
By railway
By buildings... By quarts hoppers By timber By fuel
By furniture-Raub and Sia-
gapore
By electric plant and installa
tion (including plant id course of erection) and £1,500 suspense paid by London agents
£ 8. d.
10,628 1 2 737 19 8
1,491 8 2,537 9 0 1,274 2 0 109 7 0 181 16 3
1,015 17 6
117 12 0
16,692 7 0
By estimated value of 40th crushing, viz. 2,944 oza. from 2,484 tons of stone By balance to credit of dividend accounts---
Brisbage
£18312 Ó 155 13 6
Singapore
By cash balance—
Loudon
Singapore-Fixed deposit By current accounts-Kaub, Singapore, and Brisbane
2,739 2 4 3,383 12 8
996 3 8
PROFIT AND Loss.
31st March, 1899. To directors' and auditor's fees, salaries,
and charges-Brisbane
4,873 10 10 956 -5.3
163 12 0 165 13 6
6,050 0 0 11,118 611
£184,667 8 6
€ 4. d
181,684 17 6
34,845 19 5
10,598 8 0
[June 24, 1899.
THE INTERNATIONAL COTTOV MANUFACTURING COM. PANY, LD.
On the 13th June an extraordinary general meeting of the shareholders in this company was held at the officus, No. 4. Kiukiang Road, Shanghai, “to receive and consider a State: ment of the Accounts and Balance Sheet of the Company as made up to the 31st day of March, 1899, including a Statement of the financial position of the Company as on the 30th of September, 1899." Mr. E. A. Probst, Chair- man, presided..
The Chairman Gentlemen, I will ask your permission to take the report which has been in your hands for some days as read. With regard to the accounts, your Directors feel greatly disappointed at having to come before you with such a bad result as a net loss of Tls. 79,319.35. The report deals fully with the various items of the accounts and I need not take up your time by again going over
over the same ground. Over and above the investiga- tion made by Mr. Leake of the accounts to the 30th of September last, your Directors have employed him on the accounts to the 31st of March with a view of introducing a more effl- cient system of book-keeping and one consistent with the working of a Cotton Mill; that is, and none other, the work which Mr. Leake has been asked to do. We have to record with regret the death of one of our auditors Mr. T. Wood; the vacancy thus caused has to be filled, and according to the Articles of Asso- ciation the appointment until the next annual general meeting lies with the Directors, and we propose to appoint Mr. A. R. Leake. I wish to say a word or two,as to the future. The loss of Tls. 79,900 odd is a nasty one, but for all 319 6 6 that I cannot see any cause for pauio; we are now working on a paying basis, we are able to sell our yarn by forward contract and I trust that by the 30th of September our loss may be Of considerably reduced. if not wiped out. course with the provision we shall have to make for depreciation there can be no question, of a dividend this year, but when it is considered that our loss only means about Tls. 9} për share and our shares are quoted as low as Tls. 65, or Tis. 35 below par, I think they are worth hold- ing on to. This being an extraordinary general meeting merely to consider the accounts as pre- sented for the six months to the 31st of March, it would not be in order for me put forward a resolution asking you to pass the accounts; that according to the Articles of Association can only be done once a year at the annual general meeting when the accounts for the year are pre- sented to you. But I shall be pleased to auswer any questions concerning the accounts any shareholders may wish to put.
7,118 18 1
£184,567 8 6
lo wages and expenses at Raub, including Cost of Singapore office, and directors' fees
To tools, implements, and stores. To fuel
10 timber
To depreciation-
Machinery and plant Buildings
Kailway and quartz hoppers Furniture (Raub and s'pore)
To dividends—
No. 6 dividend of ls. per
sharo No. 7 dividend of 18. per
share
To balance
31st March, 1899.
By gold account :- By balance
£ s. d. 549 7 2
136 6 0
277 8 0
22 4 0
-
10,000 0 0
10,000 0 0
£
8. d.
661 5 5
18,735 .4 2 609 13 2 2,447 12 10 634 50
.985 5 2
20,000 0 0 11,118 811
£56,091 10 8
£d
5,096 17 4
Some discussion ensued, turning mainly on the arrangements made at the time the mauage- ment was transferred from the American Trad- ing Company, but it did not lead up to any thing.
Mr. H. Morriss said he thought the share- holders would not like to take advantage of the offer of the Directors to forego their fees, and therefore he begged to propose that the Dire otors be voted their fees. as usual. Would any. body second the resolution ?
Mr. R. E. Toeg seconded, and the resolution was agreed to unanimously,
Net proceeds of 13,768 oz. of gold from 14,259 ions of stone (including value
The Chairman said the Directors would take of 4uth crushing), after payment of
the vote with great appreciation as a mark of Royalty, cost of transit, insurance, sta. 49,994 15 4 confidence in the Board, which he was sure
£53,091 12 ́8
A Chinese flower boy was charged with stabbing another boy with a knife. According to the story of complainant the parties were having some words when defendant took out a knife and stabbed complainant in the back and in the abdomen. Complainant had to be taken to the hospital in consequence. Defendant snid complainant struck him several times; they were separated and then complainant rushed at him again, and fell against a knife which he bad in his hand. His Worship, in sentencing defendant to four months with hard labour, said he had bad a narrow escape of being charged with inflicting serious injury upon complainant,"
would not be misplaced.
The proceedings then concluded.
The following is the report presented to the meeting -
In compliance with their Circular of 18th. April, the Directors now beg to submit the audited Accounts for the six months ending the 31st March, 1899, and regret to say that the Profit and Loss Account shows a net loss of Tls. 79,319.35.
As stated in the aforementioned Circular cer tain omissions in the Accounts to the 30th Sep- tember, 1898, had been discovered, and in consequence the Directors thought it wise to engage the services of Mr. A. B. Leaks, Char- tered Accountant, to thoroughly examine the books for the six months ending the 30th Neps tember, 1898.
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