4648
show considerable margins of profit if realised. Gentlemen, altogether prospects for the future at present appear promising. I shall now be pleased to answer any questions.
No questions were asked.
The CHAIRMAN-There being no questions, I beg to move the adoption ofthe report and statement of accounts.
THE HONGKONG WEEKLY PRESS AND
AUDITORS,
The accounts have been audited by Messrs. F. Henderson and J. C. Peter, who now retire but offer themselves for re-election.
J. J. BELL-IRVING, Chairman,
Hongkong, 9th January, 19≥2,
The accounts are as follows:-
BALANCE SHEET.
LIABILITIES,
Mr. B. U. WILCOX said-Mr. Chairman and gentlemen, I am sure the shareholders present have all listened with much gratification to the statement just given of the financial | 81st Dec., 1901. position and future prospects of the Company. Paid-up capital The report may well be considered satisfactory, qualisation of dividend fund
Accounts payable for though it does not announce the wonderful Balance of profit and loss ao.
results achieved in 1900, it does record a hand- some profit on the working, with which the most exacting should be content. It is true the profit on sales of property is small compared with that of 1900, but it is greater than we have been accustomed to, and there is a sub. stantial increase in the interest earned on investments, which is a good feature, showing sound development. The explanation afforded to the meeting as to the employment of some sixteen lakhs of dollars in the develop. ment of properties shows that we may look for a large increase in earnings when these properties are completed and let, an amount probably sufficient to fully make up for any falling off in profits from sales of properties in the future. Though the land boom has now subsided, values of property are in most cases, I believe, fully maintained, and there seems no reason to fear any slump except perhaps in a few isolated instances where properties were unduly inflated by Chinese speculators. Of the numerous houses now in course of erection many are let in advance and those which are not let quickly find tenants. I should of course like to have seen-as no doubt you all would- another addition to our reserve for equalisation of dividends of say a quarter of a million dollars, bringing it up to a million, but, as I have said, we must not look for speedy repetitions of phenomenal years, and we should be well content with the good things laid up for us in the times of plenty. Much credit is due to the management for the excellent results attained, and which are the fruits of special knowledge, great foresight, and careful calculation. I have great pleasure, Mr. Chairman, in seconding the adoption of the report and statement of accounts.
The motion was adopted.
Mr. BENJAMIN-I beg to propose the con- firmation of Mr. H. P. White's appointment as a Director in place of Mr. J. H. Lewis.
Mr. Go08MANN seconded, and the motion was carried.
Mr. Ho TUNG-I bag to propose the re- election as Directors of Messrs. A. Haupt and H. P. White, who retire by rotation.
Mr. TOMLIN seconded, and the motion was agreed to..
Mr. DANN-I beg to move that Messrs. F. Henderson and J. C. Peter be re-elected Auditors. Mr. Ray seconded, and the motion was agreed
to.
The CHAIRMAN-Gentlemen, that is all the business.
The following is the report: 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, 1901.
|
count
Less interim dividend paid
ASSETS.
81st Dec., 1901, Cash Amount advanced on mortgage. Amount invested in property. Furniture account
Accounts receivable
$ 0. 680,877.04 300,000.00
0.
.5,000,000.00 750,000.00 933,412.31
380,877.04 $7,004,239.35
65.12 .8,737,057.79 3,932,523.85 8,674.29 54,288.8)
$7,064,289.35
ક
0.
300,000.00
PROFIT AND LOSS ACCOUNT. Dr. 30th June, 1901. To interim dividend of 6 per cent. for the
half-year.. 1
31st Dec.
To charges account.....
To repairs to house property To advertising
To fire insurance
To balance to be appropriated as follows:-
Directors' fees
Managing directors' fees Auditors' fees
Final dividend of 6 per cent.
for the half-year Balance to be carried to new
account
1st Jan., 1901. By undivided profits, 1900 31st Dec.
$ 7,500 00 64,072.00 1,000,00
300,000.00
8,305.04
Cr.
$219,747.12 31,106.94
By interest on mortgages. Less-Interest on loans payable
By rents... By commission. By sorip fees
By profit on sales of property
29,022.17 13,799.76 ⚫ 406.90 6,999.35
[January 27, 1902.
about $4,500: in view or the fact that our in- come from rents is now a fixed one; your Directors have deemed it advisable to provide in some measure for this contemplated outlay and therefore recommend the payment of a divid- end at $1,60 per share and the carrying forward of a larger balance than usual. Before moving the adoption of the report, I shall be pleased to answer any question.
There were no questions.
The CHAIRMAN-There being no questions, I beg to propose the adoption of the report.
Mr. C. W. DICKSON seconded and the reports wore adopted.
The CHAIRMAN—The next business, gentle- men is the confirmation of the appointment of Hon. J. J. Bell Irving as Director.
Mr. LEIGH-I beg to propose the confirma- tion of the appointment of Hon. J. J. Bell Irving as Director in place of Hon. J. J. Keswick.
Mr. GoOSMANN seconded, and the motion was agreed to.
Mr. HAUPT-I beg to propose the re-election of Hon. C. P. Chater and Mr. C. 8. Sharp as Directors.
Mr. LEIGH seconded, and the motion was agreed to.
Mr. GooSMANN-I beg to move to re-election of Mr. Fullarton Henderson as Auditor.
Mr. GRACA seconded, and the motion was adopted.
The CHAIRMAN-That is all the business, gentlemen.
The following is the report :
The net profits for the year, including the amount brought forward from the previous year, amount to $40,609,87. From this amount an interim dividend of $150 per share has al- ready been paid, and after writing off director's - and auditor's fees, it is now proposed to pay a final dividend of $1.60 per share, making a total dividend for the twelve months of $3.10 per share, and to carry forward the balance of $ 0.
$1,309.87 to credit of new profit and loss 40,151.01 account.
880,877,04
$781,105.22
DIRECTOR.
Hon. J. J. Keswick having retired, Hon. J. J. Bell-Irving has been appointed in his 188,840,16 217,180.84 stead, and this appointment now requires con-
9,237.90 firmation.
841.00 275,554.31
AUDIT.
Hon. C. P. Chater and Mr. C. 8. Sharp retire $731,105.23 by rotation, but offer themselves for re-election. The accounts have been audited by Mr. Fullarton Henderson, who now retires but offers himself for re-election.
THE WEST POINT BUILDING
CO.,
LD.
The thirteenth ordinary meeting of Share- holders in the West Point Building Co., Ld. was held on, the 23rd inst. in the Company's offices, Victoria Buildings. Hon C. P. Chater, C.M.G., (Chairman) presided and there were also present Hon J. J. Bell Irving, Messrs. C. S. Sharp, A. J. Raymond, (Directors), Mowbray S. Northcote (Acting Secretary), J. Goosmann, A. Haupt, R. K. Leigh, N. Mody, C. W. Dick- son, and Graça.
The notice calling the meeting having been read,
The CHAIRMAN said-Gentlemen, The re- port and accounts having been in your hands for some days, I will with your permission lake them as read. The profit for the year, in- The net profits for that period, including cluding the amount brought forward from the $10,151.01 balance brought forward from last previous account, amounted to $40,609.87 as account, after paying all oharges, amount to against $41,612 47 for 1990. A glance at the debit $8680,877.04. From this amount an interim side of profit and loss account will at once explain dividend of $6 per share has already been paid. this slight decrease, revealing as it does an It is now proposed to pay a final dividend of increase in the amount paid for insurance of $6 per share making a total dividend of 12 per $1,200 and in repairs to property of $1,600. cent. per annum on the capital, and after writ-The enhanced value of property made it imper- ing off directors' and auditors' fees there ative for our own protection that there should remains a balance of $8,805.04 to be carried be a re-valuation for insurance purposes, which forward to the credit of a new profit and loss accounts for the increased charge for premis. Turning to the item for repairs, the increase here is mainly due to our having had to replace several of the beams carrying the verandahs to the property in Des Voeux Road West, in all cases iron girde s having been substituted for the old wooden beams, and I regret to have to in- form you that our architects deem it neces sary to make a like change to all the houses in this street, which it is estimated will cost us
account.
DIRECTORS.
Mr. J. H. Lewis having resigned his seat, Mr. H. P. White was invited to join the board in his place, and this now requires confirmation. Messrs. A. Haupt and H. P. White now retire by rotation but offer themselves for re-election.
MOWBRAY S. NORTHCOTE, Acting Secretary to the Hongkong Land Investment & Agency Co., Ld.,
General Agents for the West Point Building Co., Ld. Hongkong, 10th January, 1902. The accounts are as follows:-
BALANCE-SHEET, To 31st December, 1901.
LIABILITIES.
Capital Accounts payable Balance of profit and loss account $40,609.87 18,750.00 Less interim dividend paid
Cost of property Cash
Accounts receivable
91st Dec.
ASSETS...
625,000.00 724.56
21,859.87
$6.17,584.49
611,830.80
2,508;63
C
33,250.00
$647,584.48
PROFIT AND LOSS ACCOUNT. Dr. 30th June, 1901. To interim dividend of $1.50 for half-year 18,750.00 To fire insurance To charges account To Crown rent and rates To repairs to property
To commission to agents To balance to be appropriated as follows :---- Directors' fees....................... Auditor's fees
Dividend of $1.60 per share Balance to be carried to new ac-
count
$500.00 50.00 20,000.00
1,309.87
8,247,75
429.95
7,298.38
2,788 50 2,114.84
21,859.87
$56,482.79
迎風
Gold Pp
No comments yet.
Private notes are available after approval.