1.59
fire might inflict a most serious loss and much inconvenience which insuranse could not cover, so that now every prosution has been adopted to prevent a resurrance of last year's experienos. I may also mention that all the new workshops being put up at Kowloon are as far as possible fireproof and have an iron roof. The proposed new dook at Kowloon remains in the same position as it did at our last half yearly meeting. We addressed the Colonial Government in February, 1899, with regard to a site for the dock, but so far we have received no answer to our application. A large amount of repairs have passed through our hands during the past six months and the number of new vessels which have been con- structed at our works considerably exceed that of any former year, and it is in a great measure due to the zeal and ability of our European staff that the work has been got through in a creditable and satisfactory manner; therefore, in appreciation of their good services we are recomended that they receive a bonus of $25,000. I have pleasure in informing you that we have entered on another six months under rather favourable auspices, the returns from January being very satisfactory and those of February give promise of being the same. Before propos- ing the adoption of the report and passing the statament of accounts, I shall be happy to answer to the best of my ability my questions you may desire to ask.
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THE HONGKONG WEEKLY PRESS AND
[March 8, 1900.
To amount written off property account To balance to be appropriated, vis. :--
To amount of bad debta written off
for the Brst time, propose to give a bonus to our European staff, and trust it will meet with your approval. We have been fully employed during the year principally on heavy contracts, and the completion of those now in hand will keep as employed well on towards the sad of the year. Amongst these contracts I may men. tion that we are now erecting the sorew pile To balance to be carried forward
wharf for the]H, K. C, and M. Steamboat Com. pany. Altogether we have every reason to be confident of the future, and trust that the enhanced dividend we now propose to pay will be continued. I need not detain you longer, but before proposing the adoption of the re- ports and accounts I will be glad to give any further information regarding them.
There being no questions, the report and statement of accounts were adopted, on the mo- tion of the CHAIRMAN, seconded by Mr. Han
DERSON.
On the motion of Mr. CHAMpean, seconded by Mr. J. RODGBE, Mr. W. PARLANE was re-elected a director.
Mr. T. ARNOLD was re-elected auditor, on the motion of Mr. MEHTA, seconded by Mr. ANDREWS.
The CHAIRMAN announced that dividend warrants would be posted that afternoon.
*
The following is the report for presentation to the shareholders,
The directors beg to submit to the share- No questions being asked the CHAIRMAN pro-holdors a statement of accounts for the year posed the adoption of the report ani statement ending 31st December, 1899. of accounts.
Mr. A. G. WOOD, in seconding, congratula- ted the directors and shareholders on the satis factory statement put before them. It was very satisfactory to learn that not content with doing so well in the past the directors were hoping to do better in the future. He was sure the shareholders would endorse the proposal to pay a bonus to the European stuff.
The motion was carried.
On the motion of Mr. LEIRIA, seconded by Mr. HENDERSON, the appointment of the Hon. J. J. Keswick as a director was confirmed.
Messrs. N. A. Siebs and A Haupt were re- elected directors, on the motion of Mr. MURRAY BAIN, seconded by Mr. E. CHAMPEAN.
-
Messrs. T. Arnold and F. Henderson were re-elected auditors, on the motion of Mr. SLADE, seconded by Mr. PARFITT.
This was all the business,
GEORGE FENWICK AND COMPANY,
LIMITED.
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The net profit for the year amounts to $31,335.21. to which has to be added $17,576.63 brought forward from last year's account. After payment of directors and auditor, it is pro- psed to pay a dividend of 15 per cent. or $22,500 to shareholders, to transfer $10,000 to reserve fund, and to carry forward $15.261.84 to next year's account.
DIR LOTORS,
Mr. Wm. Parlane, according to the articles, retires at this time, but offers himself for election.
AUDITOR.
The accouuts have been audited by Mr. Tho- mas Arnold, who offers himself for re-election.
WM. PARLANE, Chairman.
Auditor's fees Directors' feer Dividend of 15 per cent. on
$15,00 Carried to reserve fund
to new account.........................
6,900,00 526.14
150.0 1,000,00
32,540.00 10,000.00
13,261.84
48,911,84
$283,090.00
17,676.63 284,437.16
840)
21.44
10.76
$282,080.0
By amount brought forward from last year's
nooount
By gross earnings By transfer fees.. By interest account
By bonus from insurance company
THE CHINA-borneo coO, LIMITED.
The first ordinary yearly meeting of share- holders of the above company was held at the offices of the company, No. 4, Queen's Buildings / (Messrs. Gibb, Livingstone, and Co.) on the 28th ult. Mr. A. G. Wood presided, and there were also present the Hon. C. P. Chater and Mr. E. Osborne, consulting committee, Mr. J. Wheeley, manager; and Messrs G. M. Bain, H. L. Dalrymple, and W. H. Wickham.
The CHAIRMAN said-The report and ac- counts have now been in your hands for some: them as read. At this first meeting of the days and with your permission we will take
congratulating the shareholders on the success. reconstituted company I have much pleasure in
fal fresh start the company is making and on- the fair prospects it has before it. It is not in my province to refer to what has taken place The company base been fully employed duration, but I say that it is mainly due to the ex- during the time the old company was in liquid- ing the year. The property is in fair condition. cellent manner in which the affairs have been The plant and staff efficient, and the outlook managed by the liquidator here and the active hopeful.
assistance rendered him by the Manager in Sandakan that we are meeting here to-day, and it is a satisfaction that the present company is re-retaining the services of Mr Wheeley here and Mr Darby in Sandakan. There are one or two iteme in the account to which I wish to refer be. fore proceeding to other matters. The capital of the company now stands at about $117,000, the increase being accounted for by the disposal of the 4')4 shares that appear in the accounts as unallotted. The amount 88.760 that appears under liabilities as a provision for contingen- cies is a provision for contingencies that may arise in connection with the re-construction of the company, and will have to be dealt with in accordance with the terms of the agreement of the reconstruction. The company's liabilities have now been reduced, and are ouly those that are current in the ordinary way of business. The company's'business during 1899, we think, shows a satisfactory result, and we are pleased to say that the prospects for the current year bid fair to be quite as satisfactory. The com pany being reconstructed and the new capital subscribed at so recent a date (at quite the close of 1899) it is considered the best policy to strengthen our position by carrying forward the whole amount standing at credit of profit and loss account and to pay no dividend,” and we hope you will approve of ear decision in this matter. I shall be pleased to answer any ques- tions that may come before this meeting.
Á ES ETS.
Value of land and building there-
oa as per last statement Less amount written off for depre-
ciation
Value of plant and office furniture
as per last statement Added during the year..
Less amount transferred
to stock
३ 625.0 Less amount written off
8,85-1.30
for depreciation
Value of stock in trade
Work in progress ...
$82,000.00
3,(K0,00
28,400.00
10,578.39
38,978.89
9.885.89
Current account with the Hongkong and
Shanghai Banking Corporation Cash i hand... Sundry debt.rs
0.
77,000.00
29,693.00 76,259.52 109,322.66
10,420.24 139.90
7,542.40
$314,279.76
The eleventh ordinary general meeting of shareholders in the above company was held in the Hongkong Hotel on the 27th ult.. Mr. W. Parlane presiding. There were also present -Messrs. A Rodger (director), W. G. Winter. bura (manager), G. Champean, H. Hyndman, jan., J. Rodger, J. J. Andrew, W .H. Purcell, R. M. Mehta, F. Henderson, and R. H. Potts. The CHAIRMAN said-Gentlemen, the report and accounts having been in your hands for some time, it is unnecessary for me to read them. I trust you will consider them satis- faotory. You will note we have written off more than usual from both property and plant account. This we think prudent, as some of our buildinga especially are rather old, and it is only in the expectation that the Praya Reclamation wili shortly be extended eastwards, that keeps us from rebuilding, as in that case we would require to move towards the water. The work in progress stands at nearly $110,000, principally accounted for by material and labour expended on two large steel stern-wheel steamers we are at present building, which should be completed during the present year. The first of the two should be launched next month the engines and boilers are also well advanced and the General | Manager is confident they will be ready to con. tract time. I may add that the figures given 88 work in progress are the net cost of it to us, so that if the work turns ont remunerative,
Profit and Loss Account, Sirr Decumann, 1899. the benent from it will come into the present To cost of labour, material and working ex- year's profits. In the profit and loss account
po:.ses there is an unfortunatə item of some $500 of | To'stlarios bad debts. This is nearly wholly accounted for by the improbability of our recovering an account for work done' at a cement factory at Wan- chai. You will also note, that, taking a leaf from | the book of some of our big brothers, we this year,
LIABILITIES
Amount of ospital 6,000 shares at 325 nach Reserve fund
fully paid up
Amount received in advance on account of
contracts i hind Bundry creditors
Balance of profit and loss account...
To bonus to Europe in staff..................
To crown rent and taxes. To fire i surs†:00
To low exchange
To dividend account of 1897 elaimad
To ɑmouat written off plant account
18^,000.0
30,000/10
78,851.
2,517.92 48,911.34
$810,279.76
There being no questions, the report and accounts were adopted, on the motion of the CHAIRMAN, seconded by Mr. WICKHAM,
The Hon. C, P. Chater and Mr. A. G. Wood were re-elected consulting committee, on the mo- tion of Mr. Dalrymple, seconded by Mr. MURRAY BAIN.
Mr. F. Henderson was re-elected anditor, on the motion of Mr. Murray Bain, seconded by Mr. WICKHAM.
This was all the business.
Vice-Admiral Sir Compton E Domville will 204,514.75 | succeed Sir E. H. Seymour in command of the 11,715.59 | British fleet in Chius. He commanded B Fleet 985.00 during last naval manœuvres, and is now Ad- 1,147.20 miral Superintendent of Reserves. His fag- Bor ship will be the Glory, now completing at 13.68 Portsmouth, which will replace the Centurion 8,800.39 on the China Station.
$55.50
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