July 21, 1900.]
THE UNITED ASBESTOS ORIENTAL AGENCY, LD.
The following is the report for presentation to shareholders at the fourth ordinary annual meeting, to be held at the offices of Messrs. Dodwell & Co., Limited, Queen's Building, on Wednesday, the 25th day of July, at 3 o'clock.
Gentlemen, The General Managers have now the pleasure to lay before the shareholders the accompanying statement of accounts for the year ended 31st May, 1900.
ACCOUNTS.
The balance at the credit of profit and loss account after writing off $2,067.85 for depre- ciation, and including $6,991 brought forward from last year is $15,979.34 which it is proposed to appropriate as follows:-
Amount voted to Mr. A. Anderson at
last annual meeting.
To place to reserve fund
To pay a dividend at the rate of 15 per cent. per annum on ordinary shares.
On 819,800 for six months
$1,485.00
ending 30th November,
1899
On $39,600 for six months
ending 31st May, 1900 2,970.00 To General Managers remuneration. To pay further dividend of 30 cents per share on 9,900 ordinary shares
pay $29.70 per share on 100 founders'
To
$1,000.00 2,000.00
shares To amount carried forward to new ac-
count
4,455.00
$15,979.34
CHINA OVERLAND TRADE REPORT.
| INDO-CHINA STEAM NAVIGATION | receive very little development. The state
China at the present time is exceedingly COMPANY.
and foreigners appear to be in no little situation certainly calls for combined action both to their property and their lives. The the part of the Powers, but whether an effectual remedy of this nature will be prompty applied remains to be seen. It is to be hoped that our Government will insist on efficient protection being extended to the interests of British subjects
The following is the report of the proceed ings at the nineteenth ordinary general meeting of the Indo-t hina Steam Navigation Company, Limited, held on Thursday, 7th June, at the Offices of the Company, 29, Cornhill, London, E.C.
Board of Directors, presided.
Mr. JAMES MACANDEEW, Chairman of the
The CHAIRMAN: The Secretary will read the notice convening the meeting.
The SECRETARY (Mr, A. G. WELLS) read the notice.
The CHAIRMAN congratulated the Share holders on the satisfactory accounts which had
been laid before them. It is true that the earn- ings of the steamers do not quite reach the total of the previous year, which was an exceptionally good one; but still they are satisfactory and have enabled us to carry forward an increased amount to next year. One reason contributing to this favourable result is that this time there is no loss by exchange to be debited to revenue account. On the contrary, this account has shown some profit, which has been added to 2.000.00 exchange reserve account, where it will be a provision for any future adjustment that may be needed. Having carried forward so large a 2,970.00
sum as £27,588 to the following year, the ques- tion has been asked why we do not increase the 2.970.00
dividend and so distribute a larger amount the shareholders. There are two reasonNS among 584.34
for that first, we cannot always count upon a continuance of the present returns. We must be prepared to take bad years with good, and we generally find that after a time of brisk trade a reaction comes, which has to be provided for. Secondly, and this reason has more particularly influenced us, there is the liability we have incurred on shipbuilding ac count, for a portion of which this reserve is set apart. The increase in the tonnage of the fleet has led to the increased amount written off for depreciation. This provision is very carefully attended to, and the cost of our vessels stands now at not more than 10 guineas a ton, which I think a very moderate figure taking old and new together, It has been absolutely necessary to make additions to the fleet that we may be in a position to meet the new demands for tonnage which are continually arising in (hina. To- wards this end we have commenced a new vessel, 40,600.00 now building on the Clyde, which will carry over 5,000 tons, and have secured to other com- 8,075.33 paratively new vessels of smaller size, about 15,979.34 2,500 tons, which will prove very serviceable on the coast. The traffic all over the China
During the year it was found necessary to make a call of $2 per share in order to meet the growing requirements of the Company's busi ness, and we trust the result of the twelve months' working will be satisfactory te the shareholders. The accounts now presented have been audited by Mr. W. H. Potts, who, being eligible, offers himself for re-election.
AUDITOR.
DODWELL & Co., LTD., General Managers.
BALANCE SHEET, 31st May, 1900.
To capital 9,900 ordinary shares
LIABILITIES,
of $10, of which $4 per share
paid
$39,600.00
fully paid
1,000.00
100 founders' shares of $10
To bills payable
To sandry creditora
To profit and loss account, balance
$6,750.00
ASSETS.
By value of launch Gladiator as
per last account
Less written off
1,750.00
By value of furniture, fittings as
per
last account
400,00
Since expended...
217.85
617.85
Less written off
317.85
By value of material on hand
By sundry debtors
By cash in bank
By cash in hands of General Managers..
By unexpired portion of insurance policies
$ 0.
4,964.24
0.
5,000.00
$69,618.91 seas with the neighbouring countries (of Tonquin, Siam, The Straits, Java, Japan and the Philippine Islands) has increased of late so as to necessitate additional steamers for working these lines. Hitherto we have paid for our ves- sels out of revenue, and by means of temporary loans, the latter now reduced to a small sum. But there is still the resource of adding some- what to our capital, there being an unappro priated balance of over 10,000 shares of our first issue which can be allotted, should it become ne- 40,062.46 cessary, at par, and which may be regarded as a 89.44 good investment looking to the dividends lately 7,749.69 paid. 16,390.70 26.62
300.00
PROFIT AND LOS ACCOUNT, MAY 31 r, 1900. To trade expenses, salaries, commissions,
launch working, rent advertising
To interest.
To auditor's fee
To depreciation for year ending 31st May To balance carried to new account
By balance from last account By profit on sales
By transfer fees
0.
15,979.34
in China.
t
has been referred by the British and Chinese The Kow Shing case, now six years old,
Governments to the arbitration of Mr. Choate, the American Ambassador to this country. We could not have a better or more able man than Mr. Choate to decide upon the merits of the
case.
mation that might be asked for, the Chairman
After offering to supply any further infor concluded by moving "That the Report of the Directors and the Accounts for 1899, be ap- proved and passed.”
Mr. WILLIAM KESWICK, M.P,, seconded the motion, which was carried unanimously.
The CHAIRMAN then moved -“ That - the dividend of six per cent, and the bonus of two per cent. as recommended in the report, be and are hereby declared payable on the Och inst,” which was seconded by Mr. WILLIAM PATER- SON and carried unanimously.
The CHAIRMAN : Two of our Directors retire on the present occasion, Mr. THOMAS REID and Mr. WILLIAM PATERSON. Mr.REID has been a Director since the commencement of prevented from attending on the present occa the Company. I am sorry to say that he is sion by a severe illness; however, we still hope for the benefit of his services. I therefore beg
to move-
That the retiring Directors, Messrs. THOMAS REID and W. PATERSON be and here- by are re-elected.”
Mr. KESWICK: `I beg to second the resolution. The motion was then put and carried.
46
Mr. F. B. EASTWOOD: I beg to move, That the Auditors, Messrs. TUEQUAND, YOUNGS and Co. be and hereby are re-elected for the ensuing year."
Mr. E. SAWER: I have great pleasure in seconding that.
The motion was also agreed to.
Mr. Carlson: I wish to point out to you the great difficulty we labour ander in the East with regard to the transfer of shares. We have to send our shares home to London to be trans. ~ ferred, and unless you are resident at Hong- kong you cannot have them transferred in I wish to ask if there is anything your name. in the Articles of Association that would prevent Hongkong from becoming a general place for the transfer of shares for the Eastern ports? I am sure if there was any place where the shares conld be transferred there, the East, and you would have an opportunity the shares would immediately go up to par in
of issuing the balance of them.
The CHAIRMAN : The answer to that is that the fault does not lie with the Directors, with the Company, or with the Articles of Associa tion, but with the law of the land. An Act has Act, which applies to the Colonies merely, and been passed, called the Colonial Registration the law is that any transfer of shares, which occurs beyond the limits of the Colony in which the Company has a register, must be transferred at the headquarters of the Company. That is the law and we cannot remedy it at all; we should be very glad to do so if we could.
Mr. CARLSON: Thank you.
A new steamer is being built in Shanghai to meet requirements for the river trade from $69,618.91 Hankow to Ichang. A further extension of the line to hungking, higher up the Yang. tsze, is more problematical, the difficulties of $
navigation being very great, and some of Her 31,476.83
Majesty's surveying officers are understood to 242.51
50.00 have reported unfavourably upon it. I regret
Mr. F. W, KITCHING: I don't think we 2,067.85 to say that, according to the newspapers, one of ought to separate without passing a cordial vote our steamers has lately been atttacked on the of thanks to the Chairman and the management, for their continued successful care of the Com- Yangtze by Chinese pirates disguised as pas- $49,816.03 sengers, but as yet it is impossible to say what pany's interests. It must be a matter of con- mischief has been done. The West River trade gratulation to all, that the Board has been 6,991.00 referred to in the last two Reports is still car-again able to give the same good dividend and 42.805.09 ried on, though not with very "brilliant results. bonus as they did last year.
20.00 There is a good passenger traffic, but that in goods is not so considerable. If the obstacles put in our way by the Chinese authorities were removed the results would be better. The Cus toms regulations promulgated for the inland navigation of China really amount to a prohibi- tion. Until steamers are free to take up cargo and passengers wherever they can get them, in- stead of at a few fixed points, this trade will
$
0.
$49,816.03
Lead has greatly increased in price as a result of the war in hina, and there is said to be a combination of American and Japanese mer- chants to corner the article in view of the necessities of the occasion.—Kobe Chronicle.
'
Mr. SAWEE: I have very great pleasure in seconding that, and if I am not out of order I should like to ask a question. Now that the divi- dend payments of the Company are getting up to so satisfactory an amount, would it not be possible to pay an interim dividend instead of an annual one? I merely ask that as a question.
The resolution was then put and carried by acclamation.
No comments yet.
Private notes are available after approval.