272
DOUGLAS STEAMSHIP
COMPANY, LD.
!
The following is the report for presentation to the shareholders at the eighteenth ordinary general meeting to be held at the offices of the Company, on Saturday, the 28th September, at
noon :
With regard to the debit balance of last year, to meet which a sum equivalent was to be transferred from the reserve fund to credit of profit and loss account, the General Managers, after taking counsel's opinion, found that the Articles of Association did not permit a transfer from reserve fund to moet losses, except only such sum as had been expended in upkeep, maintenance and repairs of steamers during the year.
The sum, therefore, of $57,288.31, which was the amount expended on this account during that year, has been transferred from reserve fund to the credit of profit and loss account.
$100,208,26
After paying all running expenses, premia of insurance, remuneration to the consulting committee and auditors' fees, there remains a net profit of $101,087.78; arrived at as follows:--- Profil on working for the year Add amount transferred from the reserve fund, being cost of repairs, upkeep and maintenance of steamers during the year ended June 30th, 1900
Deduct debit balance brought for
ward from 39th Jane, 1900
Net profit...
57,288.31
$166,496.57
65,-108.79
$101,087.78
The reserve
fund therefore is now $173,699.07, after the transfer of the above sum of 857,288.31.
The net profit, as above, it is, with the approval of shareholders, proposed to appro- priate as follows:-
P
To write off, $41,087.78 from the book values of the Company's property on 3 th June last, and to pay a dividend of 6 per cent. on the capital of the Company, which will absorb a further $60,000.00.
The General Managers and Consulting Com- mittee venture to hope that the result will be considered satisfactory, in view of the low and pâremunerative rates which have continued to rule on cargo to and from the coast and Formosa, coupled with the high price of fuel.
During the year, several of the Company's steamers have been chartered at times to the Government, to which fact is due a very large part of the profit now shown.
A keen competition is still carried on by the steamers of the Osaka Shosen Kaisha, who have, in addition to their steamers running to For- mosa placed a regular boat on the Foochow line, thereby cutting into the Company's trade with that port. The General Managers have from time to time approached the mange- ment of this line, with the view of advancing rates on the coast and at Tamsui, but up to the present no satisfactory arrangement has been come to.
The steamers of the, Company have been maintained in a state of thorough efficiency, and are in first-class order.
The amounts appearing as freights due, and accounts receivable on 30th Jane, have all been collected, with the exception of a sum of $13,727.16, still due from the late Amoy Agents, which is gradually being reduced, and against which the Company, has ample security.
CONSULTING COMMITTEE.
Since the last general meeting, the Hon. JJ Keswick, and Mr. J. A. Mackay have resigned their seats, and the Hon. J. J. Bell- Irving and Mr. C. H. Thompson have been mvited to fill the respective vacancies on the board. The committee now consists of Messrs. H. Showan, C. S. Sharp, C. H. Thompson, and the Hon. J. J, Bell-Irving, who all retire in terms of the Articles of Association, but, being
e, offer themselves for re-election. eligible,
AUDITORS.
Mr. J. H. Cox having resigned bis position
auditor
Mr. W. H. Potts has been asked fill the vacancy. The present accounts have Been audited by W. H. Gaskell and W. H.
THE HONGKONG WEEKLY PRESS AND Potts who retire, but offer themselves for re- election.
DOUGLAS LAPRAIK & CO.,
General Managers.
and loss account:-
The following are the balance-sheet and profit
BALANCE-SHEET.
For the year ended 30th June, 1901.
LIABILITIES,
...
C
Capital account:-20,000 shares at $50... 1,000,000.00 Reserve fund
173,899.07 Underwriting account of the Company. 62 915.88 Sundry accounts payable
47,088.41 Unpaid dividends
36.00 Unpaid bonus
138.00 101,087.78
Profit and loss account
ASSETS.
Value of the Co.'steamers Hailong, Formoen, Hai- Jan, Thules, Hainhm, and Haiching
Value of buoys and moorings at Swatow, Amoy, Tamsui and Hongkong. steam- launch and wharf at Hong- kong..
Loans in mortgage ....
8 1.054,203.16
58.970.44
Hongkong and Shanghai Banking Cor-
paration
Value of coal in stork
Freights due 30th June. 1901
Sundry accounts receivable from agen-
cies, &e. Cash in hand
C.
[September 28, 1901.
plaintiffs were handed by the defendants. short delivery note showing that there was, a balance then in the hands of the Godown Company. In handing the plaintiffs that short delivery note, Mr. Hays submitted that the Godown Company showed themselves to have knowledge of a contract between themselves and the plaintiffs, and the c nsideration for that contract was the godown rent. After this contract was entered into, nothing more was done for some considerable time-not till 20th January, 1900, when Mr. Rosselet sent his shroff to the Godown Company with the short. delivery note, to ask for the delivery of the remaining twelve cases of ale. The shroff was informed that the ale had been sold some time $1,385,163.14 previously by auction. Mr. Hays submitted that the ale was wrongfully sold, that the Godown Company had committed a breach of trust of a bailee, because they were the bailees of these cases for a consideration they recognised. Mr. Rosselet was the owner of the cases of beer, and was the person entitled to them. The Godown Company, however, deliberately sold the twelve cases without giving him any nolice whatever of their intention to sell them or any reason for so selling them. Mr. Rosselet unfortunately lost the short deli- very note and it was not again found till the spring of this year, when the plaintiffs again wrote to the Godown Company and asked for delivery of the twelve cases of ale. The defen. 66,575.82 dants, in reply, referred the plaintiffs to the 936 91 Nippon Yusen Kaisha, who on application being made to them, referred the plaintiffs back $1,585,163.14 | to the Godown Company. Subsequently Mr. Rossslet pnt the matter in the hands of his solicitors,
1.113.173.60) 60,500,00
65.337.63 990 60 78,619,18
PROFIT AND LOSS.ACCOUNT. For the year ended 30th June, 1901. To balance of profit and loss account (30th
June, 1900)
C.
65,408.79
To remuneration to General Managers for
office expenses, for 12 months
10.000.00
To remuneration to t'onsulting Committoo
for 12 months
To auditors' fees
To exchange accont
To balance
By reserve fund account, amount trans- ferred, being cost of repairs, up-keep and maintenance of steamers during the year ended 30th June, 1900 By coal account
By interest on mortgages account By general interest account. By bonuses received
By profit on running the Company's
steamers during the year
SUPREME COURT.
Thursday, 26th September.
2,000,00
600.0'
918.43
101,087.78
$180,015.00
$ 0. 27,288.31
2.301.35
13,790.33 1,042.85
Mr. J. Rosselet, sole partner in the firm of Rosselet & Company, was called and gave ovidence in support of his claim. He was after- wards cross-examined by Mr. Deacon.
After hearing arguments his Lordship de- cided to reserve judgment.
QUEEN VICTORIA MEMORIAL
FUND.
SUBSCRIPTION LIST.
Amount already subscribed
Chan Tung Shang
Chin Wah Hong Opium Farm
$30,170 60
2,000
600
Yan Wo Co.
500
548.37
Shing Wo Co...
500
Yuen Fat Hong
500
115,043.79
Hop Hing Hong
509
Yee On Firm
500
$180,015.00
Kwong Mow Tai
300
Fung Wa Chin
300
Ho Fook
300
Yuen Lai Chuen
300
Wing Kee & Co.
300
Lau Wai Chuen
300
Hon. Wei Yuk
200
Loo Koon Ting
200
Choa Chee Bee
200
200
200
20
200
Co...
200
.200
150
150
15).
150
150
150
150
IN SUMMARY JURISDICTION.
BEFORE HIS HONOUR T. SERCOMBE SMITH (ACTING PUISNE JUDGE).
ROSSELET & co. v. GODOWN CO. In this case the plaintiffs, J. Rosselut & Company, merchants in this city, sued the defendants, the Hongkong and Kowloon Wharf & Godown Company, Ld., Praya Central; for the sum of $276 damages for the non-delivery by. the plaintiffs, in January, 1900, of 12 cases of Bass & Company, Ld.'s, pale ale, the property of the plaintiffs, at $23 per case. Mr. F. B. Deacon, solicitor (Messrs. Deacon & Hastings), appeared for the defendant firm, and Mr. J. Hays, solicitor (Messrs. Johnson, Stokes & Master) for the plaintiffs.
Mr. Hays read the pleadings of the plaintiff and defendant firns, and briefly stated the case. The Sadu Maru arrived here with 30 cases of beer and stout from London consigned to the plaintiffs. They were placed in the godowns, and in due course the consignee went to the shipowners, the Nippon Yuson Kaisho, with his bill of lading, and asked them to endorse it. They did so, and the consignee then went to the Godown Company and handed in the bill of lading. Shortly afterwards an application was made by the plaintiffs for the delivery of the cases, and eighteen were taken away- twelve first and six afterwards-leaving twelve cases in the godown. On 26th August the
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1,000
100
100
100
100
100
100
100
100
100
曲角
100
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