$154
THE HONGKONG WEEKLY PRESS AND
* HONGKONG AND WHAMPOA DOCK | To cost of new machines for saw
CO., LIMITED.
10 The following is the report of the bourd of todirectors of the Hongkong & Whampoa Dock
Co., Limited, to the ordinary half-yearly meet- by wing of the shareholders, to be held at the offices of the Company, Queen's Buildings, Hongkong, auson:Monday, 21st August, at 3 p.m. -
To the shareholders of the Hongkong and Whampoa Dock Company, Limited.
Gentlemen;-The directors have now to sub. mit to you their report, with a statement of accounts for the half-year ended 30th June last
The net profit for the six months, mafüfter paying interest due and all
charges, amounts to
.$803,247.78
to which has to be added the balance dress brought forward from last account 92,194 75
and from this have to be deducted- Zum 34Directors' fees
mill
To cost of new hydraulic plant with compound surface con- densing engines, do.............. To cost of new patent bydraulic
Asuger
To cost of new double ended
punching
machine
· with
|August 19, 1899,
The Profit and Loss Account, including a credit balance of 8822.28, brought forward from 31st December, 1898, shows a credit balances of $91,448,85.
The directors propose to deal with this sum as follows:-
8,697.00
26,899.69
5,730.00
oranes, &c.
..$36,0 0:00
8,400.00
To cost of new machlues for en-
gine shop
4,270.00
1,272,936.36
To write oft from value of Furniture
and Fixtures
15,000.00
To set aside against Repairs and
Renewals
10,000,00
To transfer to Reserve Fund
15,000.00
Less received from Colonial Treasurer refund of differ- ence between the amount deposited by the company and the actual cost of the dral.age works at Hung- hom marine lot No. 2
Cosmopolitan.
To value of Cosmopolitan Dock,
as per last statement Less amount since written off
478.25
$895,442.53
325,345.10 25,845.10
$7,000.00 750.00
3000,000.00
7,750.00
To amount paid on account of
1.ew workshops
1,314.00
To amount paid on accout of
new godowns
500.00
To pay a Dividend of 6 per cent, for
the half year, absorbing...
„Ave #Auditors' fees............
Międeaving available for appropriation $887.692.53 The directors recommend that a dividend for the half-year of 8 per cent. or $125,000, and a bonus of 12 per cent. or $187,500, aggregating $312,500, be paid to the shareholders, a bonus of $20,000 to contributing shareholders, that the Mesum of $100,000 be added to the Reserve Fund, 45, that $72,458.61 be written from the value of the ForKowloon Docks, $12,429,50 from the Cosmopoli
tan Dock, $1,500 from the Steam Launches, and ke« the balance $365,804.42 be carried forward to bentha new account.
The six months now under review have been -the busiest in the annals of the Company, as we have dooked a much larger tonnage, executed an je fiimmense amount of repairs, and constructed a
largely increased number of new vessels.
To amount paid on account of
extension to fitting shop To amout paid on account of
sea wall and reclamation To cost of new machines for blacksmiths and boiler shops
1,500.00
137.50
8,978.00
Tug, launches, and lighters. To value of Fame as per last account To value of 14 steam-lau chas, steam-lighter and boats, as per las titatement.. Less amount since written off
39,500.00 5,000.00
To Humphreys estate and fi a ce company
6 per cent, mortgage debentures... To Hongkong and Shanghai Baik, cash 01
current account
To sundry debtors
-
To cost of matorial on ha d
The returns given are very interesting as Thewing the large extension of business that has taken place; in fact, it has been a period of un- pocedented activity. Furthermore, gratifying evidences are now being afforded on every handy
that in the near future the construction of new vessels will form as important department of the Company's business.
est The reconstruction and improvements on the thedooks and workshops referred to at our last azy yearly meeting have not progressed so far as
we anticipated, chiefly on account of our hands foes having been so full of other business; however, part of the works are practically completed and wwe bope to have the remainder well advanced ssby this time next year.
Panic The Hon. J. J. Bell-Irving having left the
80th June, 1899.
LIABILITIES.
shareholder for 12,500 shares of $125 each fully paid up By reserve fud .. By Admiralty loan Less repayments
To carry forward to new account ** 15,448.85
$91,448.85
The directors think it no more than prudent to carry forward the sum named ($15,448.85) in 1,272,458,61 order to ensure a fair chance of at least as good a final dividend at the end of the year as the one now being recommended.
312,429.50
15,000.00
34,500.00
100,000,00
160,033.08 219,850.54
In this connection it should not be forgotten that, in the past, the second half of the year bas always been very much less profitable to the Company than the first six months.
ISSUE OE SHARES,
3,121 New Shares of $50 each were issued in April last at a premium of somewhat over $25
The per share.
value of the shares par ($156,050) has been added to Capital, and the amount of preminm ($80,526.50) written off Property Account.
This recent issue of shares are those still re- maining unallotted from the creation of new shares which was sanctioned by a special resolu- tion of shareholders passed on the 19th January and confirmed on the 5th February, 1891.
Paragraph No. 6 of the above-mentioned special resolution requires that all moneys re.. ceived from premiums on the new shares shall be written off the Hotel property account.
ISSUE OF DEBENTURES.
1,000 mortagage debentures of $500 each, 1,415,899.07 bearing interest at 6 per cent. per annum were
issued by the Hotel Company on 1st July last.
$3,619,680.80
$
0.
1,562,500.00 800,000.00
£20,000 0 0 9.407 2 0
£.0,59.18.0 at Is. il 3/16d. 109,640.0 252,097.47
By sundry creditora By balance of profit brought for-
ward from last account
By profit
92,194.75 803,247.78
895,442.53
$3,619,680.80
colony, Mr. E. 8. Whealler has been appointed 30th June, 1899. REVENUE ACCOUNT, Chairman for the current year.
E. S. WHEALLER, Chairman.
Hongkong, 10th August, 1899,
12
kengrané Capital Account, January to June, 1899.
3
30th June, 1899.
ASSETS.
Aberdeen.
To value of Aberdeen Dooks, as per last
statement
Kowloon.
To value of Kowloon Docks a
Meu per last-statement
Less amount since written off
amount paid Colonial Govern- ment premium for land to adjust boundries of Hunghom smarine lot No. 1.
To Crown rent
To fre insura!.ce
To office expenses, salaries, stationery and
rent of bead office
To drawing office expenses a ‚d salaries
To telegrams
To legal expense 8......
$ C.
To profit...
100,000.00
$ 1,189,955 94 69,955.94
1,120,000.00
+
1st Jan. to 30th June, 1899.
By net earnings of the Company's three
$ O 2,721.84 1,877.11
27,143 5,884.15 1,878.58
2,229.00
803,247.78
They are all payable off ten years from date of issue. The company holds 550 of the dëbon- tures, as will be seen by reference to the list of assets in the balance sheet, and the remainder have been sold.
LOAN FROM HONGKONG AND SHANGHAI
BANKING CORPORATION,
The loan of $500,000 from the above Institu- tion was paid off on 30th June last. The funds necessary to do this were provided by the sums realised from the issue of new shares by the sale of part of the issue of debenture bonds.
STEAM LAUNCH.
A new launch is now being built for the company, as the present one is very old, requir ing constant repairs, and is much too small and slow for the work required of her.
COST OF FURNITURE AND REPAIRS, The expenditure on the above items has been heavy, and the directors fear will continue so, bearing in mind the kind of trade the hotel com- pany is engaged in.
BUSINE89.
Continues satisfactory, considering we are now passing through the, comparatively speak- 844,981.07|ing, lean half of the year.
0.
837,602.26
75.11 6,456.02
126.00 721.68
$844,981.07
THE HONGKONG HOTEL CO., LIMITED.
The following is the report of the board of directors to be presented at the ordinary meet- ing of shareholders, to be held at the hotel at noon on Monday next:-
establishments
By interest....
By towage net earnings
By transfer fees
By bonus on premia, &c.
495.00
Luce c
To amount paid on account of
removal of hill on the new extension: Kowloon marine lot No. 27
8,407.27
amount paid on account of new blacksmith's shop......................... mount paid on secount of boller shop and ship-building yazd improvements--
41,895.00
18,832.00
meunt paid on, account of
dock, cost of 2 new pumps, and fitting
paid on account
No: 1 dock
23,708.00
4,018.00
ong account of
to.
railway
machiner for
5,883.00
1,202.00
:
Gentlemen,-In accordance with Section 53 of the articles of association, the directors have now to submit to the shareholders their half- yearly report for the six months ended the 30th June, 1899,
ACCOUNTS.
The Profit on Working Account amounted for the six months to $99,302.62, as compared with $71,057.10. for the corresponding period of
· 1898, being an increase of $28,245.52.
DIRECTORS,
Messrs. E. Osborne and W. Parfitt retire by rotation, but offer themselves for re-election.
AUDIT.
The accounts have been audited by Messrs. W. H. Potts and W. H. Gaskell, who are re- commended for re-election,
W. PARFITT, Chairman. Hongkong, 14th August 1899.
BALANCE SHEET, 30TH JUNE, 1899.
* · LIABILITIES.
Capital-
8,879 shares at $50 (fully paid)
per
last report 8,121,shares at 350 (fully paid)
issued in April last, being unallotted shares of the is-
443,950.00
sus authorised in 1891...... 156,050.00' 12,000 shares— .
600,000.00
1,000 mortgage debentures at $500 each 500,000,00 27,077.97 Accounts payable
Unclaimed dividends.
$40.50
893.36 15,000.00
Balance at credit of repairs and renewalso ve
account... Reserve fund Profit and loss account
91,448.85
$1,236,289.5%
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