February 24, 1902.]
Investments--
Chinese Imperial Govern-
Wharf and Godown Com- pany, Limited, debentures Shanghai Land Investment Company, Ld., debentures Shanghai Club debentures... Hongkong Hotel Company, Ld., debentures ................................. 5 shares in the China Fire Insurance Company, Ld...
Steam fire engines
Accounts receivable.............
To balance as above
CHINA OVERLAND TRADE REPORT.
The accounts are as follows:-
BALANCE-SHEET. 31st December, 1901. LIABILITIES.
Capital account Reserve fund
H'kong & S'hai Bank'g Corp. $190 000.00
c.
400,000.00 1,000,000,00 91,341.55
128,204.25
237,319.21
$1,856,865.01
c.
66,995.22
315,000.00
ment loan, 1886
$31,502.09
Hongkong and
Kowloon
60,000.00
Extra reserve fund.
27,586.20
Accounts payable-
G.
13,333.33
Dividend for 1900.
Bonus for 1900 and sundries
120,000.00 8,204.25
5,000.00
Working account. '901-
375.00
Balance at credit
182,796.62
500.00 240,220.24
ASSETS.
$2,193,183.15
Cash at bankers
Fixed deposits at banks-
WORKING ACCOUNT, 1900.
C.
To losses and claims paid.......................
20.614.30
Chartered Bank of 1. A. & C.
To return premia
11,077.00
Mercantile Bank of India, Ld.
75,000,00 50,000,00
To remuneration to consulting committee
and auditore.....
6,500.00
Investments-
315,794.81
$354,986.11
Chinese Imp. Govt. E. Bonds Hk. & K'loon Wh, & Godn.
Co., Ld., debentures Hongkong Club debentures
$90,634.93
103,152.50
50,000.00
0.
Hongkong Hotel Co., Ld.,
341,020.82
debentures
50,000.00
S'hai Land Investment Co.,
Ld., debentures
49,677.40
$354,986.11
Shanghai Waterworks Co.,
Ld., debentures
8,172.22
WORKING ACCOUNT, 1901,
$
C
To losses and claims paid...
75,920.94
Loans on mortgage-
To charges
24,560.13
To commissions
34,610.43
*7,541.6d
To fire brigade expenses
248.64
To balance as above
333,699.10
$469,048.24
Rural Building Lots, Nos. 42 and 84—
Assigned by executor of mortgagor Hongkong Fire Ins. Co., Ld--
Four shares
$ 330,936.37 135 066.80 2,937. 7 108.00
:Furniture account-
C.
Office furniture, &c.
720.00
Accounts receivable-
Premia due from agencies, interest due on deposits and investments, &c. ...
$469,049.24
By balance from last account....
Add sundry premia since received... ...... 13,965.29
By net premia received, less returns and
re-insurances ********
By interest
By exchange
By transfer fees
CHINA FIRE INSURANCE CO., LD.
The following is the report for presentation to the shareholders at the thirty-tbird ordinary meeting, to be held at the Company's Offices, on Thursday, the 6th March, at 11.30 a.m. :-
The directors have now the pleasure to submit their annual report and statement of the com- pany's accounts made up to 31st December last.
1900.- The balance st
credit of working account as per last report was
Add premia since re-
On properties in Hongkong$1,039,80 1,00 On properties in Shanghai..
Dr.
WORKING ACCOUNT.
352,187.05
-1,067,311.66 7,500.00
522,00
46,599.08 $1,56,865.01
1st January to 31st December; 1901.
To charges account-
Rent, salaries, legal and sur-
veyors' fees, taxes, stamps, stationery, &c.
Directors' and anditors' fees
To commission account-
Agents' commissions.
To fire brigades' account—
Contributions at agencies, &c.
To losses account, 1901-
$25,312.44 7,400.00
Claims paid after deduction of re-insur-
ances
To amount written off-
Furniture account To balance
C.
139
per cent. on the increased capital, which will require Tls. 116,928,00, it will be necessary to take Tls. 2,855.24 from reserve fund special account, which was provided for the equalisa- tion of dividends.
Capital. The issue of Tls. 650,000 in July last was entirely taken up with the exception of Tls. 1,200. This was dus to the decease of one of the shareholders and the absence from Shang- hai of another, but the directors hope to be able to arrange this small matter within the next
month.
Debentures. In July an issue of Tls. 100,000 5 per cent. debentures was made in payment of a portion of the purchase money of one of the estates. At the same time a further issue of Tls. 250,000 6 per cent. debentures was com. menced and the whole sum was taken up within a couple of months at from 2 per cent. to 3 per cent. premium. This encouraged the directors to complete the issue of the Tis: 2,000,000 now authorised. The issue of Tis. 400,000 began on 1st January, 1902, and within five days Tis. 560,000 was applied for at 3 per cent. to 31 per cent, premium.
Wills's Estate No. 1.-The increase shown in the capital account of this estate is due to the purchase of a plot of land and buildings on the North Soochow Road adjoining the Western boundary of the estate, and which rounds off and improves the property. A portion of the pur- chase money has been paid since the accounts | for the year have been closed.
Chwong Hong Estate No 2.-Two houses are in course of building for the two Portuguese Clubs, and are expected to be finished in April
next.
Little's Estate No. 4.-The difference in capital account of this estate is accounted for by alterations made in the U. S. Consulate building to make it suitable for a hong and dwelling-house.
Hanbury Road Estate No. 5.-The slight in- crease in the capital account is due to some im- provements carried out during the year.
Jinkee Estate No. 6.-The development of this estate has been carried on and it is hoped that some further building may be done this year,
Hongkew Creek Estate No. 8.-An oppor- 35,712.44
tunity baring occurred of purchasing some 23,465.91 more land which rounds off and materially in- crea es the value of this property, the directors 328.63
took advantage of it. The operation is not quite completed, financially, and some further 69,548.19 payments will take place during the current
year.
Estate No. 9.-The addition to capital is due to interest and taxes.
..$217,196.46
80.00 237,319.21
$36,454.31
ceived
833.69
Cr.
-$218,030.15 | By premium account-
Deduct claims paid in
1901 ... Deduct return premis,
&o., &c,
$21,256.68
Premiums received after deduction of
re-insurances
256,569.51
By interest account-
Amount at credit, including interest due
9,854.93
31,111.61
.$186,918.54
on deposits and investments, &c. By transfer fee account-
Amount at credit
Balance of profit
as
109,697.38
187.42
$366,454.31
SHANGHAI LAND INVESTMENT
CO.,
LD.
It is proposed to apportion this sum follows:-$120,000 to shareholders as dividend for the year, at the rate of $6 per share; $207 as bonus to contributors of premis; and the balance, $66,711.54 to the credit of extra reserve fund account, which will then stand at
The following is the report of directors for $91,341.55 as shown in the annexed balance-presentation at the thirteenth annual meeting sheet,
1901. The balance at credit of working account at the close of this year was $237,319.21, which is a satisfactory increase as compared with the previous report.
DIRECTORS.
Mr. P. Witkowski resigned his seat on the return of Mr. E. Goetz to the Colony, and the latter gentleman was invited to rejoin the board. This appointment will require the confirmation of shareholders.
Messrs. H. W. Slade and R. Shewan retire by rotation, and offer themselves for re-election
AUDITORS.
Messrs. J. II. Cox and W. Hutton Potts hare audited the annexed accounts and offer thom- selves for re-election.
C. S. SHARP, Chairman.
of shareholders, to be held on the 21st February, 19 2, at 4.30 p.m. :---
The directors have the pleasure to present their thirteenth annual report and a state- ment of the Company's counts for the year 1901, and they feel confident they will meet with the shareholders' approval, showing as they do a continued increase in the prosperity of the Company.
The working account for the year shows a balance at credit of Tls. 187,871.31.
|
Broadway Estate No. 10.-Building opera tions have been commenced from which & favourable return is looked for.
Yangtsze-poo Estate No. 11.-This property was mortgaged to the Company and the mortgage | had to be foreclosed. It is situated between the Yangtsze-poo Road and the river, and at the price it stands at in the Company's books the directors look upon it as a good investment, as they feel that the time is not far distant when land must rise in value in that locality.
Kiangse Road Estate No. 12.-This estate was bought in June last from Mr. Thorne, and though the return is only moderate at present, the directors consider it will eventually becom one of the most valuable assets of the Company.
Pao Shan Estate No. 13.-This property lies between Range Road and the New Rifle Range. At the prices recently and at present ruling for land in this locality the directors consider it will prove a profitable investment.
Yangteze-poo Estate No. 14-Is situated on the Yangtsze-poo Road at the corner of Mac- gregor Road. It is hoped that building opera- tions may be commenced within the next year or two to advantage.
DIRECTORS,
During the year it was considered advisable to increase the directorate to its full number, and Mr. Dudgeon was invited to rejoin the Board. Mr. Wrightson retired on his depar- ture for home and Mr. C. R. Burkill was appointed to succeed him. Mr. Hogg relires by rotation, but offers himself for re-election.
An interim dividend at the rate of 6 per cent. was paid in July, and after deducting this, there remains at credit of profit and loss account the sum of Tls. 126,248.52. From this balance there must be deducted Tls, 12,175.76 (being interest on undeveloped estates), leaving an amount of Tls. 114,072.76 available for dividend. As, how. I for re-election. ever, the directors recommend a dividend of 6
AUDITOR.
Mr. Wingrove retires, but also offers himself
E. JENNEE HOGG, Chairman.
No comments yet.
Private notes are available after approval.