June 3, 1901.]
although our scale of pay is considerably higher | than the average market rate, and although every boat is manned with two coxswains, we are not able to attract suitable men, principally on account of their having to navigate through the most crowded part of the harbour, where, in consequence of the absence of a fairway, the risk of collision and consequent, loss of certifi- cate is great and the strain upon their nerves such as would I think severely test the average European, and muder the circumstances I think it speaks well for them that during the past twelve months these heavy double-ended boats, making 200 trips a day, had only 3 collisions costing $175. We have considered the feasi- bility of Eurocans or Manilamen as coxswains, but the expeuse of Europeans would involve the disappearance of a very large proportion of profits, and their employment is therefore out of the question. The Manilaman no doubt makes an excellent helmsman on board ship where he has but to steer by the compass or under ลด officer's direction, but it is doubtful whether he would do any better than the Chinaman ou the ferryboats, whilst his presence there would undoubtedly create friction with the craw, and as we do not consider the steering sufficiently bad to justify dangerous experiments, we prefer, at all events for the present, not to discard the Chinaman until he has proved himself to be as worthloss as his critics pronounce him to be. However, to facilitate their getting alongside without accident, we have fixed guide and buffer piles to the Ice House Street pier, the expense of which is large, on account of the length of piles, but we think it is money well spent and that the arrangements will enable the boats to berth more quickly and without bumping, and also lessen the wear and tear hitherto caused by warping them into position. With regard to the two old boats, Evening Strand Rising Star, the former will be sold when a suitable offer is forthcoming. The latter is used as a reserve boat, taking the place of others when under repair, but as she is msuitable and too small for the service, we propose replacing her with another double- onder which we anticipate can be paid for without calling up additional capital. I there- fore propose the adoption of the reports and acoounts.
|
CHINA OVERLAND TRADE REPORT.
825,845.55 last year, being an increase of 86,494.09.
The amount at credit of profit and loss Account after paying for repairs is $43,455.13 which, with the approval of shareholders, it is proposed to appropriate as follows:--- Directors and auditor's fees Dividend of 12 per cont. Write off Boats
19
92
•
**
11
Goodwill Turnstiles
Ice House Street Pier Transfer to Reserve Fund .... Carry forward to new account
CAPITAL.
$1,000.00 14,883.00 5,231.00 *. 4,000.00
207 67 1,359.06 16,0 0.00 774.4"
PROFIT AND LOSS ACCOUNT
To repairs and altertions to, boats.................. > To balanos appropriated as follows-
Directors' and auditor's fees $1,000,00 Dividend of 12 per cent. . 14,889.00 Written of boste takutan *** Written of goodwill..................
5,291,00€
459
77.000.00
Written off turnstiles
201.67
Written off Ica House Street
pier
1,859.06
Transferred to reserve fund... Caried to now secount
16,000,00
$774,40
48,455 13
$40,120.22
894.95
$43,455.13 By balance from last account
By special resolution of 23rd May, 1900, the capital of the company was increased by 10,000 shares of $10 each-$10,000 of which 9,610 were taken up.
share, the amount paid up being $2.50 and $1.50 They were issued at a premium of $6 per
premium-84 per share.
BOATS.
The Northern Star and Southern Star were delivered last October and November respec- tively and are giving every satisfaction.
ICE HOUSE STREET PIER.
ment for the Company's exclusive use.
This pier has been rented from the Govern
Gulde and buffer piles have been driven on the eastern side to facilitate the boats getting alongside and the deck railed off to separate third class from other passengers, with turnstiles for all classes, the cost of these alterations amounting to $5,359.06.
DIRECTORS.
Mr. P. Sachse having left the colony, his place has been taken by Mr. N. A. Siebs, the appointment of whom requires confirmation.
AUDITOR.
Mr. W. H. Potts has audited the accounts now presented, and offers himself for re-election.
C. P. CHAT/2, Chairman. Hongkong, 24th May, 1901.
BALANCE SHEET.
30th April, 1901. LIABILITIES.
To capital.
10,000 shares as $10 each fully
paid up Now capital (9,610 shares at $10 each, $21 paid up.........
count
loss account.
S C. 100,000.00
24,025.00
To unclaimed dividends To balance of profit and loss account To accounts payable
Mr. B. C. WILCOX in seconding the motion said he had great pleasure in doing so. He did not think it was necessary to add much to what had been already said, to which they had listened with very much interest, beyond expressing their great catisfaction with the report and the results which had been achieved during the past year. He thought, however, To reserve fund as per last ac- something might be said in addition concern- ing the necessity for great care in steering. To transferred from profit and Of course the difficulty in obtaining labour was very great, and he thought the Board were wise in continuing to employ Chiness. But something might be done to break down the monopoly which seemed to exist among the Chinese in that direction, but how it was to be done they did not know at present. The subject might. however, engage the attention of those in shipping circles. With regard to the reserve fund, he thought every shareholder would endorse the course which had been By final payment for Northern * Star and Southern Star...... adopted, for the reserve fund should be steadily built up to cover the cost of the new boat. . As to the goodwill, that was an unrealisable asset, and be would like to see it written off and ¦ disappear altogather from the balance sheet. He thought that was all he had to say, and he would be very pleased to second the report.
On the motion of Mr. MACKENZIE, sɔcɔnded by Mr. REID, the appointment of Mr. Sieba us a director was confirmed.
Mr. RAYMOND proposed, and Mr. RAY seconded, that Mr. W. H. Potts be re-elected anditor for the coming year.
This was carried.
The CHAIRMAN: That is all the basineen, gentlemen. Dividend warrants will bɔ postod this afternoon.
The following in the report :-
The directers have the pleasure to submit to shareholders their report with a statement of accounts for the year ending 30th April, 1901.
ACCOUN18.-
i
The nett earnings of the boats after paying i llworking expenses were $32,929.64 as againmt
ARSETS.
By value of boats as per last i
account*..
Less written off
By value of goodwill as per last
account Less written off
**
4,000
16,000
$ 90,205.00
6.
53,026.00
$143,231,00 5.23..00
...................................... $10,000.00 4,000.00
By accounts rcoeirable By Hongkong and Shanghai Bank By Hongkong and Shanghai Bank No. 3
socount
By value of turnstiles sa per
Jast account Since expended
$0.
0.
124,025.00
By net earnings of bosts ............................................................. 82,329.64 By interest
090.13 By premium on 9,6:0 shares at $1 each- 14'415,00 By scrip fees
112,00 By additional premium on 239 shares taken
up after the due date
To balance
729.50
$19,120.22
RESERVE FUND.
20,000.60
$20,000.00
4,000.00
By balance from laat account
By transfer from proft and loss account... 16,000.00 $20,000,00
REVIEW.
A Year in China, 1899-1900. By CLIVE BIGHAM,
C.M.G. London: Macmillan & Co.
•
THE author, who was attached to the British Legation at Peking for twelve months, was enabled to see more of China in that period than many of the European residents in that country see of it in a lifetime. In the short period of a year, Mr. Bigham, travelled overland from Canton to Peking; he visited Szechuen and returned to the capital by the old trade routes; then he journeyed through Manchuria and crossed to Vladivostook and went south to Corea and arrived back in China to take an active part in Admiral Seymour's gallant attempt to relieve the beleaguered legations. When his retirement from the Chira sɔrvice was due, Mr. Bigham returned to Europe by means of the Siberian railway. The anthor modestly prefaces his work with the statement that the book only purports to be a record of the personal experiences and impressions gained during nearly eighteen months' stay in the Far East. Part of this time was spent in travel, part in diplomacy and part in fighting. The author also takes the opportunity of thanking those 20.000.00❘ who so kindly assisted him whon travelling. 66 75 The book, although written on subjects which 29,261.50 the majority of our readers will be well ac- quainted with, is one of the most interesting and most readable we have seen for some time. There is nothing stilted in the author's style- his reminiscences flow as free as if he were ver bally relating them. It requires no effort, as is the case with not a few books on China, to grasp at once the writer's meaning. Itis a book of travel affording most pleasant reading, which the reader will peruse from beginning to end. Mr. Bigham does not pose as an authority on any subject he refers to, and he obviously has availed himself of many of the recognized writers on China, His book is a series of impronions made in transit, and although in instances his 6,000.00 | ideas are somewhat wide of the mark, yet, 864.13 on the whole, they are just and fairly 23,096.77 accurate. The author's own personality is displayed in several of his interviews with the Chinese, and it is to be regretted that Mr. Bigham is not attached permanently to the China Consular Service. He prehensive grasp of the character," and
774.40
$174,127.65
0.
138,000.00
66.75
*****4429 140 408, -
1 000,00 1,207.67
Less written off
$3,307.67 207.67
2,000.00
By cost of alterations to Ios
1899, at the
Houst Street pior
Lone written off
5,350.05 1,350.08
By cash in hand
$174,127,65
diplomacy moné adapt
Mr. Bigl
the author mitted
favo
siends
to it.
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