272
which had unfortunately arisen. They could transfer the money by special resolution. If it was necessary to alter the Articles of Associa- tion they would do so, but he did not think it would be necessary.
Mr. HOWARD-I see in this report that some of the steamers were withdrawn from the Formosa line. At what time were they with- drawn?
The CHAIRMAN-At different times as oc- casion required.
Mr. HOWARD-I never heard; before the 30th of June ?
The CHAIRMAN-Yes, long before. Mr. HOWARD-Why did you not put some of the steamers on the Manila line ?
The CHAIRMAN-I do not think that is a proper question, Mr. Howard, but at the same time I do not mind telling you that in past years we have practically had the monopoly of the Foochow and Formosa line when we might have been interfered with by very powerful neigh- bours. As long as we had the prospect of continuing our prosperous trade it would have been very bad form to run in opposition to these companies.
THE HONGKONG WEEKLY PRESS AND
that you have been passing through troublous times, but perhaps things are working, and from my own knowledge things are working more satisfactorily for yon, and with this prosperity before us let us hope to see every. thing working smoothly and comfortably for all concerned. Mr.Howard suggested a bonus to shareholders. I think myself that would be a suicidal policy. I would not kill the goose that lays the golden eggs. I was one of the shareholders who moved last year for the pay- ment of $8 per share of a dividend. I then saw you were in a perfectly fit state to do it, but I think it would not be to the advantage of share- holders to take from the present reserve fund. said before, I can only hope we will see better times, and the Consulting Committee will do their utmost.
Mr. DAVIS seconded, and the motion was carried unanimously.
On the motion of Mr. DAVIS, seconded by Mr. JOSEPH, Messrs. J. H. Cox and W. H. Gaskell were appointed auditors.
Shanghai branch ---
[October 6, 1900.
|
Cash in hand, in course of collection, Yokohama branch
and on fixed deposit
Cash in hand, in course of collection, Interest accrued, but not yet payable
and on fixed deposit
Furniture at head office and branches...... Sundry debtors
LIABILITIES.
....\.............. $2,0£0,000,00
Capital subscribed Paid-up $25 on 24, 10 shares Reserve fund Exchange fluctuation account Dividends outstanding. Sundry creditors Profit and loss account
To losses.
WORKING ACCOUNT.
To charges, survey fees, &c.
68,056.54
21,592.80
12,791.04
5,216.69
22,730.70
$2,290,486.10
4.
600,000,00 900,000.00
4,285.50
148,233.97
167,104,05
476,862.64
$2,296,486.16
$ 0.
694,800,08 256,214,62
22,522,50
476,862.64
To directors' and auditors' fees at head
office and branches
To profit and loss account
$1,449,899:84
By premia, less re-insurances, return pre-
mia and commissions
By transfer fees By interest
The CHAIRMAN-That concludes the busi: ness of the meeting, gentlemen. I have listened with much interest to the questions by Mr. Ho- Mr. HOWARD-Then you go on losing money. ward and the remarks from Mr. Morris. As The CHAIRMAN-It does not follow that if regards the form of presenting the accounts we had had a steamer on the Manila line we and carrying forward a debit balance we will would not have had opposition. It is not good take counsel and, if necessary, we will call an ex- policy to put a steamer on one line when it be-traordinary general meeting. As regards the comes profitable and then change it when times prospects of the company, I think they are are bad. There is a lot of give and take in this very good indeed, and should the six months' world. Generally, I think the policy you ad. working fairly justify the payment of an in- vocate is a very bad one.
terim dividend I think the Consulting Com- To balance on 31st August, 1900 mittee will recommend It, considering that we have been without one for two years.
Mr. HOWARD-When you come to have a loss of from $20,000 to $30,000 on these Formosa steamers I think it is time we were seeing about a change. In addition to the commission of 5 per cent. on the gross earnings of the company. do you charge 24 per cent. for paying the com. pany's own money for wages, coal and repairs to steamers?
The CHAIRMAN-No, we are allowed 24 per cent. on disbursements.
Mr. HOWARD-Áre wages disbursements? The CHAIRMAN-I can assure you that we do not take advantage of the Articles of Association to charge commission on everything paid out.
Mr. HOWARD-The Articles of Association say here distinctly that a statement of income and expenditure will be laid before the meeting. Is that anything like a statement of expenditure?
The CHAIRMAN-L'ertainly,
5
Mr. HOWARD-No, it is not. Do you charge per cent. commission on the freight and passage money collected by your agents at the coast porta? The CHAIRMAN-We simply get 5 per cent, on the total freight out of Hongkong; we get no other commission.
Mr. HOWARD-In view of the loss of $65,000 for the year, with opposition still going on, don't you think the time has come for a reduction of your commission ?
The
The CHAIRMAN-Most certainly not. more firm the opposition the harder the work.
Mr. HOWARD Will you tell me how much your commission amounted to last year?
The CHAIRMAN-I do not think you are en- titled to that information. By giving that in- formation we would be giving competitors a clue as to what freights are out of Hongkong.
Mr. HOWARD-We want to know.
The CHAIRMAN-I do not think you are entitled to that, Mr. Howard.
Mr. HOWARD-I submit I am entitled to it. The CHAIRMAN-If the shareholders wish it I will answer it.
Mr. HOWARD-Taking into consideration that the shareholders had no dividend last year, and knowing that there still remains large reserve and insurance funds, are you prepared to give the shareholders a bonus of $3 per share from reserve fund?
The CHAIRMAN-Certainly not.
No more questions being asked, the CHAIR- MAN proposed the adoption of the report and
accounts.
Mr. GILLIES seconded and the motion was carried, Messrs. Howard and Joseph dissenting. Mr. MORRIS proposed that the Hon. J. J. Keswick, Messrs. J. A. Mackay, R. Shewan and C. S. Sharp be re-elected the Consulting Committee. He said-These gentlemen that are now on your Consulting Committee are all men interested in shipping. I feel now that they will look after the interests of this company to the best of their ability. You have stated
Mr. MORRIS-There is a prospect of that? The CHAIRMAN-There is a prospect.
CHINA TRADERS' INSURANCE COMPANY, LIMITED.
The following is the report for presentation to the shareholders at the Thirty-fourth Ordin- ary Meeting, to be held on Tuesday, the 23rd
October, at noon.
The directors have now to lay before the shareholders the accompanying statement of accounts for the year ended 30th April last.
the working account shows a balance at credit The net premia amount to $1,150,004.06 and of $476,862.64, which sum the directors recom- mend be appropriated in the following man-
ner: -
A dividend of 16 per cent. to
shareholders (34 per share) $ 96,000,00 A dividend of 15 per cent. on contributions, payable to all contributors of business whe- ther shareholders or not To be carried to new account
DIRECTORS.
125,000.00 255,862.64
$476,862.64
rotation and offer themselves for re-election.
Messrs. A. Haupt and P. Sachse retire by
AUDITORS.
The annexed accounts have been audited by themselves for re-election. Messrs T. Arnold and H. U. Jeffries, who offer
A. J. RAYMOND, Chairman.
Hongkong, 29th September, 1900.
1,150,004:06 97,171.16 168.67
By amount brought forward from last year 202,555.95
$1,449,899.84
RESERVE FUND,
900,000,00
$900,000.00
By balance on 31st August, 1899
900,000,00
$900,000.00
CANTON INSURANCE OFFICE, LIMITED.
The following is the report for presentation to the shareholders at the Nineteenth Ordinary General Meeting, to be held at the offices of the General Agents, on Saturday, the 13th October, at noon:—
The General Agents and Consulting Com- mittee beg to submit to the shareholders the final accounts for the year 1899 and an estimate of the present year's working to the 30th vltimo.
1899 ACCOUNT.
The result of the year's working is a credit balance of $182,053.70, out of which and with the approval of the shareholders it is proposed to pay a dividend of 24 per cent ($12 per Share) to shareholders, the balance 862,053.70 to be carried to the current year's account.
1900 ACCOUNT.
This account shows an estimated balance at credit of $597,492.
CONSULTING COMMITTEE.
Owing to the lamented death of Mr. H, L. Dalrymple, who had been a member of the Consulting Committee for 27 years, and the resignation of Mr. E. Shellim, Messrs. J. H. Lewis and D. M. Moses were invited to and accepted the seats rendered vacant. These appointments require the confirmation of share- holders. The Hon. C. P. Chater, C.M.G., Messrs. D. Gillies, F. Maitland, J. H. Lewis and D. M. Moses retire, but offer themselves for re-election. 55,996,18 295,000.00
STATEMENT OF ACCOUNT, FOR THE YEAR ENDING 30TH APRIL, 1900.
ASSETS.
Cash in hand Fixed deposits with banks Invested in mortgages of properties :-
In Hongkong..
$622,500,00 153,287.66 7,000.00
In Shanghai
In Melbourne
Bonds of Chinese Imperial Government loan, 1886, 142 bonds at Tls, 250=Tls. Hongkong and Kowloon Wharf and Go-
85,500
down Co., Limited, debentures Shanghai Waterworks Co., Ld., debentures Shanghai and Hongkew Wharf Co., Lim-
ited, debentures............... London branch :-----
Cash in hand
AUDITORS.
The accounts have been audited by Messrs. Fullarton Henderson and W. H. Potts, whose re-election is recommended. -
JARDINE, MATHESON & Co.)
General Agents,
Canton Insurance Offo, Limited.
Hongkong 1st October, 1900.
STATEMENT OF ACCOUNT FOR THE YEAR UNDING
31er DECEMBEn, 1899.
782,787.66
46,192.41
150,000.0
5,479.45
50,273.97
LIABILITIES.
Capital subscribed. Capital
$2,500,000.00
Reserve fund
Outstanding dividends.
* 4,154.09
40,996.61
Outstanding bonus -
601,044.38
| Accounts payable
119,334.40
$165,921.52 Indian Government securities 364,726.25 Fixed deposits with banks... 90,000.00 Remittances in tranzitu.
Australasian branches :---
Cash in hand, in course of collection,
and on fixed deposit
Amount paid-up.
Balance of working account, 1899
500,000,00 1,150,000.00
1907.85
49,722.50
182,058.70
$1,886,837.55
דש
!
No comments yet.
Private notes are available after approval.