January 28, 1901.]
CHINA OVERLAND TRADE REPORT- year's amount, to the very handsome figure of up capital to $5,000,000 by the capitalisation $1,113,804.12, which I cannot doubt will give of the reserve fund and the making of the final great satisfaction to all shareholders. Such a call. This change in the company's position result is in a great measure to be attributed to can only work for good, and your Directors the judicious investment made in property in were glad to meet the wishes of the shareholders desirable and improving districts at dates both as expressed at our last annual meeting with as anterior to and during those embraced within much promptness as the legal formalities would the period of the report now before you. You admit of. The shares of the company now will observe in looking into the accounts that present a more attractive aspect for investment there has been an appreciable improvement in purposes, being without a liability on them, and the total of rents collected, which amount to 1 consider that altogether the status of the $245,398.27, as against $195,501.90 in the pre-company has been improved. I take this op vions year, but such figures are not always portunity of saying that your Directors readily a safe basis of comparison as they must recognise the zealous services of the staff, and necessarily vary by the sale of some properties you will no doubt willingly endorse the decision and the development of others which become to make available to them the small bonus rent bearing. All I need remark on this item which you will see stated in the accounts. In in the accounts is that our rent roll is very conclusion, gentlemen, it only remains for me satisfactory indeed having regard to the points to say that your Directors are well satisfied which I have mentioned. Your directors feel, with the healthy position of the company's however, that in the interest of shareholders affairs generally. The mortgages have all an they should take steps to prevent, so to say a ample margin on them, and the buildings on feast one year and a famine the next, and they the company's property are always retained in therefore hope you will think well of their a high state of repair, and altogether there is proposal to augment the Equalization of every reason to look for the continued prosperi- Dividend Fund" by the substantial sum of half ty of the company, and also there is ground for a million dollars, by which it will be brought up encouragement to your Directors to hope that to $750,000, and I hope future years will see when they meet you again at the next annual this fund grow to a figure which will be a con- meeting they will be able to again lay before you tinuous guarantee of annual steady returns, an account which you will regard as satisfac The item of commission in the accounts is as tory. Your Directors have to regret the death yet only of moderate amount, but its gradual of Mr. Lee Sing, one of their colleagues, who increase is a satisfactory feature, there arising since the formation of the company took a $12,000 from this source last year as against keen interest in its affairs. Before proposing $8,000 the year previous. I will now ask you, the adoption of the report and accounts I will gentlemen, to refer to the interest account. be glad to afford any further information with This account like that of rentals must continue regard to them which any shareholder may to show very fluctuating figures, and as a mere desire. glance at the statement does not fully disclose
44
Mr. C. S. SHARP said-I have much pleasure why this should be the case some explanation in seconding the resolution you have just pro- from me will no doubt be acceptable. In the posed for the adoption of the report and passing first place. let me draw your attention to the of accounts. I feel sure that all present have smount out on mortgage, when the accounts listened with the closest attention to the very were closed, which reached the large sum of interesting remarks you have just made with $3,119,503, on which the item of interest, viz., reference to the accounts, as well as to the com- 826,104.09, conveys the impression that the pany's position generally. A report and state return on these advances is exceedingly smallment of accounts such as we have now before and unremunerative. The explanation is that us need no words from me to commend them to these mortgages have been made all at very the acceptance of the shareholders, as I feel different pericde, some large just before the assured that all must consider the results shown, accounts were closed, others earlier, so as well as the appropriation proposed, entirely that interest which could possibly ac satisfactory. It is true that the present accounts cumulate in the time would necessarily be show a very considerable item representing proportionately small. In further elucidation what we may call exceptional profit, obtained of the question I would mention that very through the sale of certain of the company's large amounts of our advances have in the properties, and we cannot in the ordinary course past been made by borrowed money for which of things expect to see this recur often, but we had to pay and the Company's profit was whether the company's properties are sold or the difference between what we paid for the not, and the increased values of these actually money and what we received. Now you will realised, and shown in the accounts, I think be interested to know that the properties which we all know that the profits are there all the Company owns are such as not only to show the same in the improved, and improving good value for the money invested in them, values since these were acquired by the com- but also that at to day's valnation there would pany. Personally I have sufficient confidence be a satisfactory margin of profit on them. in the future of property here to anticipate I will ask you, gentlemen, to take my assuran thing but a decline in value for ance that such is the satisfactory position of many a day to come. Apart, however, from every property we have. You will understand the exceptional profits now shown we seem to that now as heretofore, the company has a large have a steady and growing revenue from our sum of money invested in properties still more regular source of income in the increasing undeveloped, which yield nothing in the way rent roll, which should provide a good return of interest or rental, and also in pro- on our capital, and this will no doubt shortly perties in course of development, which will show further increase as the various proper begin, each in its season, to give us a return ties now being developed commence to be- on our outlay, some sooner and some later. come revenue bearing, but, even with this in In illustration of my meaning it will, for prospect, I feel sure that all will cordially ap example, interest you to know that at the prove of the proposed setting aside of half a time of closing our books to the 31st December million from the past year's profits, which will last, we had property undeveloped of say, thus provide the certainty of a steady and good $1,600,000, in round figures, but in the course return on our investment for some considerable of the current year I hope that property time to come. I observe that a very consider will be developed to the value of say $700,000, able amount of money is now out on mortgage, and become capable of yielding us revenue. I and, if I may venture to express an opinion on trouble you with these particulars so that you this point, personally I should like to see every may realise that our investments are good not favourable opportunity taken to reduce this only for to-day, but for the future, and I may portion of the Company's business, and to in- say that our system hitherto has been to make rest the money in what I may call the Com every property we bought bear its own charges pany's more legitimate business of land invest- for interest, &c., so that whatever profit wement and property-owning, I am glad to see realize either on ita sale or on its yield that in this period of the Company's prosperity of revenue when developed, is a return on the board is remembering the staff, and I feel its individual bona-fide cost to the company, assured that the proposal as to this will meet I do not think there is anything I need further with the hearty approval of the shareholders. say with regard to mortgages, interest, rentals, Messrs. Raymond and Moses were re-elected need or matters cognate to the company's accounts directors, on the motion of Mr. LEIGH, seconded
generally and I will therefore turn to a very by Mr. Ho Foox. important phase in the history of the Land The appointment of Mr. J. H. Lewis,
ment Co., vis, the increase of the paid director in place of Mr. Lee Sing (deceased)
T
seconded by Mr. WILCOX. was confirmed, on the motion of Mr. JORDAN
by Mr. RAM, Messrs. F. Henderson and J. C. On the motion of Mr. BENJAMIN, seconded Peter were re-elected auditors.
the business of the meeting. The dividend The CHAIRMAN-Gentlemen, that concludes warrants will be ready to-morrow on applica- tion. I am very much obliged to you for your attendance.
thanks was acccrded the directors for their On the motion of Mr. RUSTOMJEE, a vots of services.
WEST POINT BUILDING CO.,
LIMITED.
in the above company was held at the Com- The twelfth ordinary meeting of shareholders pany's offices, Victoria Buildings, on Thursday morning. The chair was ocupied by the Hon. C. P. Chater, C.M.G., and there were also pre- sent the Hon. J. J. Keswick, Messrs. C. 8. Sharp, A. J. Raymond (Directors), A. Shelton Hooper (Secretary), J. H. Lewis, C. W. Dick- son, Paul Jordan, R. K. Leigh, (Capt.) Tillet, J. M. Googman, and M S. Northcote.
The SECRETARY read the notice conyening the meeting.
The CHAIRMAN said-Gentlemen, the report and accounts with your permission we will take as read. The net earnings of the Company for the year under review were $41,265.24, as against $23,412.29 the previous year, this large difference being accounted for by having no interest to pay for any mortgage loan, as our capital is fully paid up and thereby gives us a certain amount which we are able to lend out at in- terest, and I am pleased to inform you that the property is well leased for a term of years at s vood rental, but your directors have taken the precaution to lease it in such a way that in case it is advisable to sell the property without a lease, the said lease can be cancelled. The directors feel confident that in the absence of any very exceptional expenditure being called for in the nature of typhoon repairs, etc., the return for this year will be quite as good and perhaps a little better than the previous one. Before proposing the adoption of the report and accounts, I shall be pleased to answer any question any shareholder may wish to put. balance-sheet were passed, on the motion of the There being no questions the report and CHAIRMAN, seconded by Mr. LEWIS.
Messrs. Raymond and Sharp were re-elected directors on the motion of Mr. JORDAN, 8e- conded by Captain TLLET,
On the motion of Mr. DICKSON, seconded by Mr. GOOSMAN, Mr. F. Henderson was re- elected auditor.
The CHAIRMAN-That is all the business before us. Dividend warrants will be ready to- morrow. Thank you for your presence.
HUMPHREYS ESTATE AND FINANCE CO., LIMITED.
The following is the report of the directors for the year ending the 31st December, 1900, for presentation to the shareholders at the fif- teenth ordinary annual general meeting of the Company, to be held at the registered offices of the Company, $8 and 40, Queen's Road Central, at noon on Monday, the 28th inst. To the shareholders of Humphreys Estate and Finance Company, Limited.
Gentlemen,—The directors now beg to sub- mit to you their report and a statement of o counts for the year ending 31st December, 1900. The net profit for that period amounts
to t
$291,557.63 To which has to be added the balance
brought forward from last account 4,873.83
$236,431.46
And from this have to be deducted-- Remuneration to directors $11,577.88- Remuneration to General
Managers
11,577.88
Leaving available for appropriation
The directors recommen
$1 or ten per paid to the shareholde
23.15546
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