178
HONGKONG AND WHAMPOA
DOCK
LIMITED.
The ordinary yearly meeting of shareholders in connection with the above company was held on Monday, the 25th ult. The Hon. J. J. Kes- wick presided and there were also present Messrs. D. E. Brown, A. Haupt, J. H. Lewis, R. Shewan, N. A. Siebs, J. 8. Van Buren, P. Witkowski (directors), D. Gillies (Chief Mana- ger), Thos. I. Rose (Secretary), G. Murray Bain, K. A. Chinoy, H. M. S. H. Esmail, D. Haskell, Ho Fook, H. Humphreys, S. H. Michael, Thos. Skinner, C. S. Sharp, and W. H. Wickham.
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THE HONGKONG WEEKLY PRESS AND
manager
There being no questions the CHAIRMAN proposed the adoption of the report and ac counts.
[March 2, 1901. respect. By way of giving you some idea of the ↑ 850 each, and these resolutions were duly con- manner we are capable of handling vessels of❘ firmed at a subsequent meeting held on the 21st large tonnage, I would call your attention to the day of January last The object in passi the andocking and docking of two amongst the resolutions, as has already been explained to largest vessels in the British Navy. On Thurs you, is to eventually increase the capital to day, the 14th February, H.M.S. Terrible, 14,200 $2,500,000 in 50,000 shares of $50 each, and wo tous, was taken out of dock, and within two trust the alteration will be fully approved and hours H.M.8. Goliath, 12,950 tons, was appreciated by the shareholders. I take this op- placed in the same dock and the shores ready portunity of expressing our high estimation of for setting up. The despatch in this instance I the seal and attention given by the staff to the have been informed would with difficulty be interests of the Company. As you are all aware surpassed by any docking establishment in the there is always a great deal of night work world. However, being well aware of the necessary at the docks in order to give as little absolute necessity for another dock of large de detention as possible to ships when under repair, mensions to meet the wants of the many vessels and although night work under any circum- of great tonnage now in course of construction "stances is most tiring and laborious, more parti- The notice convening the meeting was read. for the Pacific trade, the Board of Directors cularly in this o imate, yet the best services of The CHAIRMAN said-Gentlemen: The re- then immediately resolved to proceed with the our staff in this respect are at all times given port and statement of accounts having been in construction of another dock without any willingly and ungrudgingly. I have also your hands for some days, we will, with your financial help, and to rely entirely on the pleasure in informing you that our returns for permission, take them as read. It affords your shareholders to provide the funds that might January and February are very satisfactory and Directors great pleasure indeed to be able to be required, and an application was made to the our prospects for the curront six months aro place before you a report which may justly be Colonial Government for the land necessary. most encouraging. Bofore closing these considered highly satisfactory in every respect, After waiting for about two years we were in-remas. gentlemeu, I regret to have to the result of our net profit being not far short formed that the site selected would be given to intimate to you that our worthy chief of the record half-year of the Company. This the Company, but at a high promium, and on a
has informed the directors has been due in a great measure to the improved lease of 75 years only; and fur:her that the of hi desire to retire in Juno next, efficiency of our establishment, which has British Navy must have the pre-emptive right and inquish thə unique position which recently been augmented by the introduction of to the use of the Company's docks, for which, ho has so long occupied as the controlling a number of new machines of the most modern however, there would be no consideration beyond head of the Hongkong and Whampoa Dook type that have greatly facilitated and increased payment of the ordinary tariff rates! With Co. Mr. Gillies' connection with the Company the outturn of work. At the same time it is regard to the lease, the term of 75 years only dates from 1864, and during that long period he but right to mention that a considerable portion was considered too short and unreasonable in has devoted his life and energies to the Com- of our plant has been occupied in the constrno-view of the vast amount of local capital invested pany's service, and with what conspicuous tion of new vessels, the net returns of which | in dock property, and that nearly the whole of success the present position of the Com- are not quite se favourable as with repair our present land is already held from the pany abundantly testifies. I am sure overy- work, so that our percentage of profit on Government on leases of 999 years. Again, one present will unite in wishing Mr. Gillies the gross earnings for the six months is as to pre-emptive rights, the Directors had health and happiness in the Old Country where, not so large as in some previous reports. no option but to reluctantly object, as on
while taking his well-earned repose, we may be You will have observed that the amount many occasions this prerogative would neces- sure he will still watch with keen interest the available for appropriation is $879,649 23, and sarily upset the Company's permanent develop:nont of the Company to whose interests the Board recommends that this amount be arrangements for the regular docking of he has so long given his undivided care. (Ap. distributed as follows:-That a dividend and mail steamers on the due dates, and lead to plause.) Before proposing the adoption of the bonus of $375.000, making $30 a share, be paid much friction with regular constituents. Of report and passing the statement of accounts I to the shareholders, a bonus of $20,000 to con- course the Dock Company would always use shall be happy to answer any questions you may tributing shareholders and one of $25,000 to every endeavour to receive H.M. ships into any desire to ask. the European staff; that $202,892.03, or about of their docks on the shortest notice, and to 5 per cent., be written off the value of the docks,strain their resources in that direction in every steam launches and material on hand, and the way consistent with their public obligations. I balance, $256,757.20, carried to the new account. may say that the negotiations are still pending, The amount we propose to write off is certainly and we are hopeful that the Dock Company a very large one, but having in view the fuc- may yet be put in possession of the land re- tuations our business is subject to, our liability quired on terms and conditions that will be to heavy loss from typhoons, and the contin- equitable and satisfactory. Your Directors have gency of keen competition in the future, your been devoting their careful attention to the in- directors feel it incumbent upon them to safe- troduction of electric motive power into our guard the future of the company and place it workshops so as to be thoroughly in step with in the best position possible to compete with the most approved modern practice. Each active opposition. Writing down our stock of year more and more machinery is thrown material has never appeared in any former into the scrap heap to make room for new report; it has been done now, however, on and improved types, but still in many work the recommendation of the two experts who shops, our own among them, antiquated have checked and valued our stock in trade, and unprofitable methods of transmitting power and we feel confident that all shareholders are left in service. Even the most modern who take an interest in the perman methods of workshop production, in which tools ent prosperity of the company will are worked up to the power limit, are some approve of their suggestion, more particn- times seen to be worked side by side with belted larly as the scantlings of modern ships have transmission of power, which makes it quite undergone such radical changes that sizes of impossible to realise fully the value of the new material which were useful 15 to 20 years ago system by not giving the operator the utmost are now unsuitable; having a quantity of such freedom of speed control of machine and tool. on hand we find the difficulty of working it off The electric motor-drives provide suitable and increases every year. The necessity for expan- quickly adjusted speed ranges under all of the sion in our workshops and greater facilities for ordinary starting loads of workshop appliances. dooking the larger type of vessels is being more This has in England and America increased acutely felt every day. At the present moment from 25 to 50 per cent. compared with the old we have a large number of vessels booked for and fired speed conditions with belts and gears, our No. 1 dock, with further engagements ex and being convinced of the utility and advan- tending over the next two months, and in some tages of electric drives, your Directors decided cases vessels have been obliged to seek for dock to have the system introduced as a motive ing accommodation at other ports. In the year power for the various machines in the new 1895 negotiations were opened with the Com-workshops being erected at Kowloon, besides mander-in-Chief on the China Station for the construction of another dock which would be uvailable for the ships of H. M. Navy on terms analogous to those entered into with the Gov ernment in 1883 for the pre-emptive use of all our docks, but after considerable correspondence, on the 22nd February, 1898, Commodore Holland informed the Directors that the Lords Commissioners of the Admiral- ty had decided not to accept the offers This the Directors much regretted, as for thirty-general meeting was held for the purpose of seven years the Hongkong and Whampoa Dock Company had dry-docked the vessels of the British Navy withont fail or accident and the Company would have much appreciated the continued confidence of the Admiralty in this
as an illuminant throughout the yard and shops An electric lighting plant has already been installed at the Cosmopolitan Dock. The Aberdeen Docks have been well employed during the six months and have helped very much to relieve the pressure of docking work from the two other establishments. The returns from this establishment for the six months, I am pleased to say, are most satisfac tory. On the 31st December an extraordinary
passing certain resolutions to alter the Articles of Association for the sub-division of the exist ing shares in the capital; namely that the 1,500 fully paid up shares of $125 each be sub-divided into 31,250 fully paid up shares of
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Mr. HENRY HUMPHREYS seconded. He
said:-Before seconding the adoption of the report and accounts, I should like to thank the Directors for having given practical effect to a suggestion I made at a meeting of this Company just one year ago with regard to issuing bonus scrip to shareholders. I think the thanks of the shareholders are also due to the Directors and the staff for another magni- ficent report. The policy of writing down assets must commend itself to shareholders, but I must confess, for my part, I would prefer to see anything written down rather than stock of material on hand. If there is any loss or depre-i ciation under that heading it should surely come under profit and loss account and be deducted from earnings. If there is no loss, writing down stock below its cost price might open the door to leakage or lead to undercharging for work done by the Company. However, it the Directors are satisfied, I am sure the share- holders, who have every confidence in the Directors, will be also. I think every share- holder will be sorry to hear that nothing has been done so far in the matter of the new dock which is so badly wanted. I gather from your remarks, Mr. Chairman, that the delay is in no way due to the Directors, who have worked hard to obtain the necessary site, but to the extravagant demands made on behalf of the British Navy. The attitude of the authori- ties in this matter can only give rise to wonder and dismay, for no one should expect to get anything for nothing in mercantile transactions, as the authorities in this case seem to do, and, in my opinion in taking up a position cal- calated to retard the necessary expansion of the docking facilities of this port and thus drive away shipping, they are accepting a grave responsibility and one which might have a most serious effect on the commercial prosperity of this colony. I don't think I can say any more than you did, Mr. Chairman, about Mr. Gillies, I am sure every shareholder will be sorry hear he is leaving us and we all wish him God- speed. With these few remarks, I have much pleasure in seconding the adoption of the report and accounts.
The motion was carried unanimously.
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