January 19, 1901.]
On the motion of Mr. DANN, seconded by Mr. ExaktTM, Messrs. F. Henderson and W. E. Potts were re-elected auditors.
· The CHAIRMAN—That is all the business, gentlemen. I am much obliged to you for your attendance. Dividend warrants will be ready to-morrow morning,
THE WANCHAI WAREHOUSE AND STORAGE COMPANY, LIMITED.
The tenth ordinary annual meeting of share. holders in the above company was held at the offices of the general managers (Messrs. Meyer and Co) No. 5, Queen's Road Central, on Mon- day. Mr. J. G. Schroter presided, and there were also present Messrs. C. Schroter, O. von der Heyde, F. Henderson, H. Oldenburg, H. E. Krol, M. 8. Northcote, S. A. Beth, and Kwok Lum
:
The notice convening the meeting was read. The CHAIRMAN said-Gentlemen, with your permission I shall take as read the report with the accounts for the past year which has been in your hands since a few days, and I may refrain from adding any explanatory remarks as there is no new item in the accounts and everything is drawn up on the old lines. I am pleased to add that our archi- tects, Messrs. Palmer and Turner, who again made a careful survey of our property, report that the buildings are generally taken in a fair state of repairs and that they did not suffer from the severe typhoon of November last, except some small damage to colourwash and plaster. The wharf is naturally most exposed to wear and tear and some repairs are being done by the lessees, who, I think, looked after the premises in a satisfactory manner. The pier lease, which I mentioned last time, has now been executed by the Government, and been received by me; it is made out for the term of 50 years but the annual rental is fixed only for the first 25 years. The amount is $480 as pre- viously stated, but for the present this charge will be borne by our tenants. Before moving the adoption of the report and accounts, I shall be glad to answer any questions.
No questions being asked, the report was adopted, on the motion of the CHAIRMAN, seconded by Mr. NOвTHCOTE.
On the motion of Mr. von DER HEYDE, seconded by Mr. KROL, Mr. F. Henderson was re-elected anditor.
The CHAIRMAN-That is all the business, gentlemen. Thank you for your attendance; warrants will be ready to-morrow.
THE HONGKONG LAND INVEST- MENT AND AGENCY
CO., LIMITED.
The following is the twelfth report of the board of directors of the above company to the ordinary meeting of shareholdors, to be held at the company's offices, Victoria Build- ings at noon, on Thursday, 24th inst,
Gentlemen,The directors have now to sub- mit to you a general statement of the affairs of the Company, and balance sheet for the year ending 31st December, 1900.
The net profits for that period, including $2,352.94 balance brought forward from last account, after paying all charges, amount to 81,113,804.12. From this amount an interim dividend of $3 per share being at the rate of 12 per cent. per annum on the then paid-up apital of $2,500.00 has already been paid. It is now proposed to pay a final dividend of $6 per share being also at the rate of 12 per cent. per annum on the increased paid-up capital of 85,000,000, and after writing off directors' and auditors fees and a bonus to the office staff there remains the sum of $540,151 01, from which it is proposed to place $500,000 to the equalisation of dividend fund and carry for ward the balance of $40,151.01 to credit of new profit and loss account.
DIRECTORS. Messrs. A. J. Raymond and D. M. Moses now retire by rotation, but offer themselves for re-election.
Mr. J. H. Lewis was appointed director in place of Mr. Lee Bing (deceased), and this now requires confirmation.
|
CHINA OVERLAND TRADE REPORT.
AUDITORS.
The accounts have been audited by Mr. F. Henderson and Mr. R. T. Wright in the ab- sence of Mr. J. C. Peter. offer themselves for re-election.
Messra. Henderson and Peter now retire, but
U. W. DICKSON, Chairman.
Hongkong, 10th January, 1901.
BALANCE SHEET.
LIABILITIES.
31st Doc., 1900. Paid-up capital Equilisation of dividend fund Accounts payable Balance of profit and loss ac- Less interim dividend paid
count
ASSETS.
31st Doc., 1900. Cash... Amount advanced on mortgage Amount invested in property Furniture account...... Accounts recoivablo
BALANCE SHEET TO 31ST DECEMBER, 1900. 31st Dec., 1900. LIABILITIES. Paid-up capital Accounts payable
Balance of profit and loss account $41,612,4743003 Less interim dividend paid 18,750:00
625,000.00 1,128.78
22,862,47
$648,091.25
31st Dec., 1900. L'ost of property Cash
ASSETS.
611,830.80
37,160.45
$648,991.25
Dr.
PROFIT AND LOSS ACCOUNT."
To interim dividend of $1.50 for half-year 18,750.00
-- 963,804.12 | To Crown ront and rates
$ 2,138.42 3,1 9,503.00
8
0.
4,099,950.00 250,000.00 364,094.56
30th June, 1900.
$ 0. 1,113,804.12 150,000.00
To fire insurance.
2,002,75
To charges........
228.62
5,810.92
To repairs to buildings
1,109.28
$6,578,748.69
To commission to agents
2,171.85
To balance to be appropriated as follows :-
Directors' fees
64
$500.00
Auditor's fed
***-50,00
Dividend of $1.75 per share
21,875.00
3,421,763.71
Balance to be carried to new ac
3,674.20
count
437.17
· 31,669.26
23,862.47
$1,578,748.68
·$52,444.89
1st Jan., 1900.
Cr.
By balance brought forward
847.23
31st Dec.. 1900.
$ C.
By rents
50,844.75
By interest
1,138.91
150,000,00
By scrip fees...
114.00
31,915.72
$52,444.89
12,181.71
1,020,30
7,297.19
PROFIT AND LOSS ACCOUNT,
Dr.
June, 30th 1900.
To interim dividend of 6 per cent. for the
half-year 31st Dec., 1900.
To repairs to house property To charges account To advertising To fire insurance To balance to be appropriated as follows: Directors' fees
$7,500.00 111,145.11 Managing directors' fees.
1,000.00 Final dividend of 6 per cent.
for the half-year
300,000.00 Equalisation of dividend fund 500,000.00 Bonus to office staff...
4,008.00
Auditors' fees.
Balance to be carried to new
account
1st Jan., 1900.
Cr.
By undividend profits, 1899 .............. 31st Dec., 1900.
40,151.01
063.804.12
$1,166,219.04
$. 0. 2,352.04
By interest on mortgages $126,104.09 Less--Interest on loans payable 24,635-18
By renta
By commission
By scrip fees
By profit on sales of property
11,463.91 245,393.27 12,575 29 347.00 804,076.63
THE WEST POINT BUILDING CO., LIMITED.
The following is the twelfth report of the general agente of the above company to the ordinary meeting of shareholders, to be held at the company's offices, Victoria Buildings, at 11.30 a.m., on Thursday, 24th inst.
Gentlemen, The general agents now submit to you a statement of the affairs of the com- pany, and balance sheet for the year ending 31st December, 1900.
SUPREME COURT.
Friday, 11th January.
IN SUMMARY JURISDICTION
BEFORE HIS HONOUR T. SERCOMBE SMITH (ACTING PUISNE JUDGE),
KWONG TAK CHLUNG V. SCULFORT AND CO.
This was an action for the cost of repairs to a pinuace lost in the recent typhoon. Mr. H. W. Looker (Messrs. Deacon and Hastings) appeared for the plaintiff, and Mr. G. K. He Brutton (Messrs. Mounsey and Brutton) for the defendants.
His Lordship delivered judgment to-day as follows:-On or about 20th December, 1899, Messrs. Sculfort and Co. sent a pinnace to the Kwong Tak Cheung ship carpenter and launch builder's firm to be repaired. $1,166,219.04 According to the evidenco. the contract was that the pinuace was to be repaired by the Kwong Tak Cheung firm in respect of the woodwork, engines, bottom and deck, etc., and that when the repairs had been done, payment was to be made by Soulfort and Co. The time limit and the price were not fixed. Having found the contract to be as stated, the first point to be decided is whether that contract is an entire or an apportionable contract, that is, whether everything to be done by the Kwong Tak Cheung firm must be performed before payment was due from Sculfort and Co., or whether the repairs required to be done by the Kwong Tak Cheang firm were so distinct that, if some were performed with- out the others, the Kwong Tak Cheung firm had the right of obtaining payment pro tanto from Soulfort and Co. The contract is, in my opinion, an entire contract, under which it was a condition precedent to payment that the repairs should be done. The object of the repairs was obviously to render the pinnaos fit for service, and, unless that object was achieved, the repairs contracted for had not been executed. No objection has been taken to the prices charged, but it is alleged in defence that the repairs charged for have not been executed. It is clear from the e dence that, in April, 1900, the pinnace had not been repaired so as to be fit for service, and it is common ground that, in April, 1900, after an unsuccessful trial trip, a list of repairs was sent to the Kwong Tak Cheung by Soulfort and Co. Later, the Kwong Tak Cheung sent the following letter to Beulfort and Co.
The net profits for the year, including the amount brought forward from the previous year, amount to $41,612.47. From this amount an interim dividend of $1.50 per share has al- ready been paid, and after writing off directors' and auditor's fees, it is now proposed to pay a final dividend of $1.75 per share, making a total dividend for the twelve months of $3.25 per share, and to carry forward the balance of $437.47 to credit of new profit and loss account.
DIRECTORS.
Messrs. A. J.Raymond and C. S. Sharprotire by rotation, but offer themselves for re-election. Mr. A. G. Wood having retired, Mr. C. S. Sharp has been appointed in his stead, and this appointment now requires confirmation.
AUDIT.
The accounts have been audited by Mr. Fullarton Henderson who now retires but offers himself for re-election.
A. SHELTON HOOPER. Hongkong, 10th January, 1901.
ovi:
Hongkong, 5th June, 1900. DEAR SIR-I beg to advise you that the
......
No comments yet.
Private notes are available after approval.