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November 4, 1899.]
THE NORTH-CHINA INSURANCE. CO., LIMITED.
The eighth ordinary general meeting of the shareholders of the North-China Insurance Co., Limited, was held at Shanghai on the 20th October. There were present:—Mr. A. McLeod (Chairman); Messrs. W. D. Little, E. Davis, D. Brand, C. Holliday (Directors); W. G. Bayne (Secretary); and F. E. Haskell, C..M. Dyce, J. M. Young, W. H. Anderson, H. A. J. Macray, W. Meyerink, A, Zickermann, G. Butler, E. Jenner Hogg, P. F. Lavers, J. Stenhouse, J. F. Rodewald, J. Hall, E. Whee- ley, and E. U. Smith.
Bome
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The Chairman said-The chief business we have to transact this afternoon is the presenta- tion and passing of the report and accounts for the past year, the declaration of dividend and the election of directors and auditors. The accounts have been in your hands for some few days and I presume you will agree to allow them to be taken as read. The directors regret that they are not so satisfactory as they had wished, but the past year has been notorious for being a bad one for underwriters, and we, in common with others, have suffered, from this cause.
The profits would have been somewhat larger, but that they have been entrenched upon by claims from the under- writing accounts of 1895 and 1896, for which the provision made at the time, owing to severe losses, proved inadequate. The prospects for the future are encouraging, and our new system of having the annual meeting six months earlier than formerly enables us to form a better idea of what lies before us. We have to thank our friends here and in London, at home, for the generous support they have accorded to us under somewhat adverse circum- stances during the past few years. This has been appreciated by the directors and we trust they will continue it. The rates of premia between Europe and the East are somewhat low; much as some advance is to be desired, there is no indication of a general movement towards advance in this direction. In other directions there are some signs of advances being made and this company will do everything in its power to foster this. The directors have carefully gone into the matter of the question of charges at the various branches. The changes which have recently been made will enable a considerable saving to be made in the near future. In June of this year we received a favourable offer for the present Company's pro- porty, which stands in our books at Tls, 50,000. We received an offer of Tls. 125,000. The amount will be written off from the property account during the coming year and the balance we propose to place to the credit of the reserve fund. At the termination of his agreement with the Company Mr. Ross decided to retire from the Company's service. Mr. Bayne, who had been for many years in the branch at Yoko- hama, and whose connection with the company dates back to 1868, was selected to fill his place, and has been in charge of the company's busi. ness here since the 1st of June of this year. Mr. L. K. Davis has been appointed acting agent in Yokohama, and, as far as we have ascertained yet, the business has gone on very smoothly and satifactorily. The direc- tors have had to deplore the death of their late Chairman, Mr. E. H. Lavers, who was conect- ed with the company since its inception and for many years acted as Chairman, His death is a very severe loss to the company and you will equally regret it. We also regret the absence of Mr. Hearn, who has taken no active part in the management of the company's affairs for some the time past. In order to all some of the vacan- cies that have occurred the directors gave seri- ons consideration as to whom they should ask to take a seat at the board, and unanimously came to the conclusion that it would be well for the company to ask Mr. W. Meyerink, of Messrs. Meyerink & Co., to join us. I am hap- py to say that he has consented to take his seat at the board, subject to your approval this after noon, I do not know that there is anything more I can say, but before asking you to pass the report and accounts I shall be happy to answer any questions,
Mr. G. Butler-What remuneration, as a total sum, is given to the directors P.
The Chairman-It comes in a resolution by and by.
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CHINA OVERLAND TRADE REPORT,
Mr. G. Butler-But for the past year? The Chairman--Tls. 4,500,
Mr. G. Butler-That is divided amongst all? The Chairman-Yes.
Mr. G. Butler-It used to be more. The Chairman Yes, 6,000 taels. The direc- tors voluntarily asked for it to be lowered. I. beg to propose that the report and accounts be adopted and passed.
Mr. G. Brand seconded, and it was carried unanimously,
The Chairman-I beg to propose that a final share dividend of 5 per cent on the paid-up capital and a bonus of 10 per cent on contri- butory pemiums be distributed, both payable at the exchange of 2/74 per tael.
Mr. W. D. Little seconded and it was carried unanimously
Messrs. McLeod, Brand, Davis, Hearn, Holli- Mr. J. M. Young-I beg to propose that day, and Little be re-elected directors of the company, and that Mr. W. Meyerink be elected 4,500 per annum. as director, and that their remuneration be Tls.
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388
BUILDINGS.—A new iron chimney' has been erected in replace the old brick chimney, which, besides being too short to give the required draught for the furnaces, was found to be off The cost of this work, Tls. 6,700 in included in the perpendicular and consequently unsafe. working account against "up-keep of building", repairs and renewals."
EXTENSIONS.—A further area of 85 orlangs has been taken into cultivation during the year Chinese under lease--the total ares now opened -29 orlongs by the company and 56 orlongs by is 1,848.75 orlongs, of which 372.50 orlongs are leased to Chinese cane-growers.
NEW CONCESSION.-The total area of this opment of which some progress has been made property is now about 3,500 acres, in the devel- during the past year, a sum of $5,000 having building coolie lines; it is intended to continas. been spent in clearing jungle, digging canals, and this work on a larger scale so soon as it is found possible to submit a definite soheme for con- sideration by the shareholders. The total cost of the new concession is Tla. 12,128.89; after dednoting the Tls. 7,300 realised from the sale Mr. G. Butler-I should like to ask whether of the outlying blook referred to in the last the contributions to premia by the different dir-report, the amount standing at the debit of this ectors amount to the remuneration they receive account is Tls. 4,828.89. per annum ?
Mr. J. F. Rodewald seconded.
Mr. E. Jenner Hogg-I think that is a most improper question to ask, and I propose that the Chairman shall not reply. I do not think any shareholder that comes to this meeting has a right to question the private affairs of other shareholders.
Mr. G. Butler-As a shareholder in this Company I think I have a perfect right to en- quire as to whether the board contribute as much as they receive.
Mr. E. Jenner Hogg-I do not care what the reply. answer is. I say that the Chairman should not
The Chairman-I think I may say that my Butler, answer would be perfectly satisfactory to Mr.
Mr. G. Butler-I have not the slightest doubt that the answer would be saisfactory. I think I have a perfect right to ask the question,
The Chairman-I may say that it is a very much larger sum.
Mr. G. Butler-Thank you, that is quite sufficient, sir.
The resolution was then carried unanimously. Mr. E. Jenner Hogg-I beg to propose that Messrs. White and Wrightson be re-elected auditors to the company.
unanimously.
Mr. C. M. Dyce seconded and it was carried
The meeting closed with a vote of thanks to the Chairman.-N. C. Daily News.
THE PERAK SUGAR CULTIVATION CO., LIMITED,
The following is the report for the fourteenth annual general meeting to be held at the offices of the company, Shanghai, on Tuesday, 7th November :-
1898-1899, the directors are able to congratulate IN presenting their report for the season the shareholders on the great improvement which has taken place, during the past year in the finanical position of the company.
CROP. The area oropped between lat Sop- tember 1898 and 31st August 1899-the twelve months under reveiw-has been 1,274.25 erlongs (1,698.5 acres) which have produced pisals 54,920 (3,269 tons) of sugar, making an average of piouls 43 per orlong (1.9 tons per acre): the proportion of No, 1 sagar has been 80 per cent. last year, the best previous record. The average of the whole output, as against 78.6 per cent. price realised has been $6 not per pical, as against $5.83 per pioul last year.
MOLASSES AND Rux-The quantity of mo- lasses sold, a sompared with previous years, has been very small, there having been pratically no demand for this product: on the other hand, considerably larger quantity of ram has been made, the prices realised having been higher than usual.
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the season have been unimportant, the amount PLANT,—The additions to the plant during
appearing under this heading in the balance sheet having been applied to the cost of new eune punt. There have been no additions in the factory, which has worked well thronghent |
the season.
Crop 1899-1900.-The area planted for the new season now commencing is 1,297.75 orlongs, of which 214.25 orlongs are under lease, to Chinese. The whole ontpat has been sold mn- der forward contracts at an average net prios of $6.25 per pioul, a slight advance on the previous year's average.
ACCOUNTS. The working account for the twelve months shows a profit of Tls. 90,020.71, which is transferred to profit and loss account: this moconut, after deducting interest on deben- tures and the interim dividend of per cent. paid on 17th April, shows a credit balance of Tl. 78,189,60, from which has to be deducted manager's commission and bunus to the staff, amounting to Tls. 4,500.00, leaving an available ablance of Tis. 73,689.60); which it is proposed to divide as follows ;-
▲ final dividend to sharehold.
ers of 7 per cent., making a total of 121 per cent. for the year
REL
To write off depreciation. say 10 per cent.. from plant, buildings, launch and furni- tare...
To place to reserve Carrying forward
Tls. 18,750.00
Tla. 14,178.89
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85,000 00 5,765.77
Tls. 73,689.60
Directors.—Mr. C. J. Dudgeon resigned his seat on the board on his departure for Anderson, whose appointment as director Europe, the vacancy being filled by Mr. F.
requires the confirmation of the shareholders.
Mr. J. H. MoMiobael, at present on special leave of absence, retires in rotation as required by the articles of association, but offers himself for reelection.
AUDITOR.-Mr. G. B. Wingrove again offers himself for re-election.
W. V. DRUMMOND, Chairman.
Shanghai, 27th October 1899.
PUNJOM MINING CO., LIMITED.
The following is the report of Mr. Bailey the manager, for the month of September:
TANKONG.
Adit levels.-A little ore approximately 180 tons, of very low grade, was stoped here.
Level No. 1. (50 foot level) Stope No. 1- This stope continued to give us good ore and to look well ahead as it is worked. It has opened up ore bodies that developements at level No. 1 did not indicate or suggest the existence of.
Stope No. 2. This stope continues to give us all the ore the mine is equipped to handle in connection with other work doing.
Only side stopes here from drives from No. 1 crosscnt have as yet been worked, leaving the ore between the top of the level and the adit levels as yet untouched.
Level No. 2. (100 foot level) South drive from crossout No. 1.-Driven 6 feet, making a total of 59 feet from crosscut, on the lode, which continues fairly well defined and of low grade.
No comments yet.
Private notes are available after approval.