October 7, 1899.J
even with
their alleged advantages they cannot ́ran ns out of the trade of which we were the pioneers and to meet the development of which we have from time to time bailt steamers of a special class at great expense, and the General Managers and Consulting Committee are quite agreed that the policy pursued will eventually result to the benefit of our Company. With reference to the accident to the Haiching I should mention that under the terms of the contract we are legally advised there is no claim against the builders, and the actual cost of the repairs is far too small to admit of a claim under our insurance policies. The long delay in completing the voyage after the acoid. ent added considerably to the cost of the steamer As indicated in my remarks to you last year. there has been a steady increase in the coast trade generally, but the demand for tonuage for rice, &c., to Tamsui, referred to in the reports, was quite exceptional, practically the result of short crops in Tamsui, not likely to occur to sach an extent again. In conclusion I may state there is fortunatoly every hope of a decline in the price of coal, a very important item in our working accounts. Before moving the adoption of the report and accounts I shall be pleased to answer any questions.
|
CHINA OVERLAND TRADE REPORT.
hands until about half-past two, but you were aware of the fact that I was doing my utmost to get signatures, because you were canvassing yourselves.
The CHAIRMAN-I beg your pardon.
Mr. MORRIS-I have it on good authority that you were canvassing and some of my friends signed for you. You must not lead the share. holders here to believe that the thing was sprung on you yesterday,
The CHAIRMAN-No, I knew perfectly well the thing was coming, but you made a statement that the thing was not having proper considera- tion.
Mr. MORRIS-You knew perfectly well it was being discussed. If the matter was con- sidored it seems strange to me that I should get your reply slightly after four, and I know my letter reached you slightly after two. You had already considered the probability of putting in such a thing.
The CHAIRMAN-Will you put it as amendment F
my
an
Mr. MOEBIS-I shall put it as an amend. ment. I propose that a dividend of $3 per share shall be given, and that
are qui'e
The CHAIRMAN-I think you wrong. My proposal should come first and your proposal afterwards.
Mr. J. H. Cox observed that the Chairman's
resolution should be seconded first.
The CHAIRMAN-I beg to propose that the report and accounts as presented be adopted.
Mr. MORRIS-I once again propose that a dividend of $3 a share be given, and that a balance.-
Mr. GILLIES-I have pleasure in seconding the adoption of the report and statement of accounts.
Mr. MORRIS-Once again I propose that a dividend of $3 per sbare be given to sharehold- ers, which will absorb $60,000, and the balance shall be carried to the depreciation fund.
Mr. ARNOLD-I have no objection to second the proposal. It seems to me the only possible excuse for the non-payment of the dividend would be that the money has been lost between 30th June and present date. If you can assure us of the fact that the money is still intact, then
will second Mr. Morris's proposal.
Mr. MORRIS-Mr. Chairman, you made no reference there to the letter that i put in from a number of shareholders asking you to con- sider the payment of a dividend of $3 per share and writing the balance off depreciation account. I think that was worthy of some consideration. We do not ask you for a dividend from the reserve fund: we, simply ask you for a dividend from the profits. We bave a very good reserve fund of $197,000 to meet every possible demand that can be made upon the company, and there are many poor families befe dependent upon this company for the dividends for their live lihood. I certainly should be very glad if I could receive proper support in this matter. I think it is worthy of consideration. As to the opposition you refer to, we have seeu the dire results of opposition in other companies bere. which after runuing five years and losing a tra- mendous amount of money for the shareholders resulted in the end in their making greater con- cessions than they would have had to do in the first instance. However, I do not wish to refer to that. I am chiefly here to see if it is not possible to induc you to give us a $3 dividend. I think we can well afford to do it. The Five voted for the amendment, the remainder company is in a good position. You state here
voting for the motion, which was carried. (reading from the report) that the steamers The CHAIRMAN (addressing Mr. Morris) - are maintained in their usual efficiency. You I quits appreciate the feeling with which you have written your steamers down to a compar-proposed the amendment, and I am sorry that atively low estimate, and taking it on the whole our position is a very sound one indeed, and there is nothing to prevent your giving us a 53 dividend. I shall be very glad to put it to the meeting as a proposition, if I can receive any support from the shareholders. My requi- sition which came in the other day-(The CHAIRMAN-Yesterday)-
-was signed by 3,141 shareholders. I did not bother you to come and look up the list of shareholders. Had I done so, I should no doubt have got a good many more to subscribe. My time is a little bit too valuable for that, but perhaps in future I may have to do so. I will put it in the form of a proposition if you like.
The CHAIRMAN-If you like, Mr. Morris, Mr. MORRIS-I shall be very happy to pro- pose that if any gentleman will second.
|
The CHAIRMAN-The money is intact. The amendment and the motion were put to the meeting.
we are unable to comply with it. You must remember that we also are shareholders.
Mr. MORRIS-I did not forget that fact. Mr. WHEALLER-I beg to propose that Messrs. C. H. Thompson, C. A. Tomes, E. Shel. lim, and Hon. J. J. Keswick be re-elected to the Consulting Committee.
As
Mr. MORBIS-Before putting that proposi- tion, I would like to make a few remarks. you attach so much importance to this opposi tion, I wish to propose as an amendment that our Consulting Committee shall be constituted into a Board of Directors. They would re- present our interests far better were they in such a position.
The CHAIRMAN-You will have to alter the Articles of Association.
Mr. MORRIS-These can be altered. The CHAIRMAN-I do not propose to alter them. This is outside the basiness of the meet- ing, and I call you to order.
Mr. MORRIS-If you rule that it is to be so, I shall take other means to arrunge it. I want you distinctly to understand that it is not that I am against any of the members of the Board, but I only wish to strengthen your position.
The CHAIRMAN-Before you put it, I would like to reply to the remark that your requisi- tion has not received proper attention. As you are aware, your requisition came in after twelve o'clock, and it was mail day. It was circulated among the members of the Consulting Com- mittee, and they quite agreed with me that it. was inexpedient to accede to your request. We did not arrive at the conclusion not to recom. mend a dividend until we had taken the whole position from every point of view into considera- tion. We cannot dwell upon what led us to continue our opposition to the Japanese steamers. They came with the intention of putting us off the line altogether. However, I think
you will The CHAIRMAN-That concludes the busi- agree with me we will simply be jeopardisingness of the meeting, gentlemen. I trust at the our own position if we discuss that matter pab. next meeting we shall have a much more lioly. If you like to pat it as an amendment it favourable report to put before you. is open to you.
Mr. MORRIS-With reference to your state- ment that the requisition did not reach you until after twelve o'clock, it did not reach your
Captain CLARKE seconded the resolution. Carried, Mr. Morris voting against it. Mr. BAILEY proposed the re-election of Messrs. Cox and Gaskell as auditors.
Mr. JORGE seconded. Carried.
Second Lieut. T. D. Jackson, King's Own Regiment, is promoted to be Lieutenant, vice S. R. Fletcher, deceased. ·
299
CANTON INSURANCE OFFICE: LIMITED.
The following is the Report for presentation to the Shareholders at the eighteenth ordinary General meeting, to be held at the Offices of the General Agents, on Saturday, 14th October, at noon:-
The General Agents and Consulting Com mittee beg to submit to the Shareholders the Final Accounts for the year 1898 and an Esti- mate of the present year's workingį to the 80th ultimo.
1898 Account.-The result of the year's working is a credit balance of $137,387.50 out of which and with the approval of the share holders, it is proposed to pay a dividend of 22 per cent., ($11 per share) to shareholders the balance $27,387,50 to be carried to the current year's account.
1899 Account.-l'his account shows an estim- ated balance of credit of $481,457.00;
1.
Consuling Committee:-Messrs. F. Maitland and E. Shellim were invited to and accepted the seats rendered vacant by the departure from the colony of Messrs. S. G. Bird and D. Gab. bay. These appointments require the con firmation of shareholders. Mesars. Dalrymple, Gillies, The Hon. C. P. Chater, CM:G., F. Maitland, and E. Shellim retire, but offer them. selves for re-election.
Auditors. The accounts have been audited by Messrs. Fullerton Henderson and W. H. Potts, whose re-election is recommended;
JARDINE MATHESON & Co., General Agents,
Canton Insurance Office, Limited. Hongkong, 2nd October, 1899.
STATEMENT OF ACCOUNT FOR THE YEAR'ENDING BIST DECEMBER, 1899.
LIABILITIES
Capital subscribed
.$2,500,000.00
500,000.00 1,160,000:00
Amount paid-up Reserve fund Outstanding dividends Outstanding boous Balance of working account, 1898
ASSETS. Cash, on current account with Hongkong &
Shanghai Banking Corporation Fixed deposits,———
H'kong & Shanghai Banking Corporation Chartered Bank of India, Australia & hina Mercantile Bank of India, Limited Yokohama Specie Bank, Limited Mortgages
Hongkong and Kowloon Wharf and Godown
Co., Limited, debentures Shanghai and Hongkew Wharf and Godown
Co., Limited, debenturos Hongkong High-Level Tramway Co., Ltd.,
debentures
2,724.00 916.90 137,387.50
$1,791,027.40
Humphrey Estate and Finance Co., Limited,
debentures
89,455164
100,000.00
25,000.00
50,000.00
30,000 no
741,778.68
94,000.00
68,864.57
15,000,00
10,000.00
62,980,70
Chinese Imperial Government loan,1888 Interest accrued but not yet payable United States bonds, (1 per cent. loan, 1925): 476,872.74
WORKING ACCOUNT, 1898.
28,576,32
$1,791,027.40
To amount brought forward from last account 5,824.50 To net premis received, leas' return and re
insurances To exchange To interest
To transfer fees
By losses and claims paid
....................... 1,284;792.0€ 5,608,69 108,775.30 50.00
By charges, including directors', auditors'
and survey fees, agents' expenses, de. By balance as above By commissiona
$1,404,446.1 3
1,050,543.04
97,273,27: 119,243.33 137,387.60
We have compared the above statements with books, voucher" and securities, and found the fame
FULLERTON HENDERSON, W. HUTTON POTTE, 2- Hongkong, 21st September, 1899.
ESTIMATE OF Working AccounT TO THE, 80TH SEPTEMBER, 1899.
Dr.
To premis, less re-insurances To interest, received and accrued. To exchange To transfer fees
1,641,800.00
73,000 20° 30452.00%
5.00
No comments yet.
Private notes are available after approval.