180
THE KONGKONG WEEKLY PRESS AND
existing at the time of reconstruction (dating I think this is all I need say, but before propos. back as far as 1895) were then known to being the adoption of the accounts will be glad to doubtful. Although we could not then arrive give any further information regarding them at the actual amounts that would even- desired by any shareholder. tualy have to be written off, we made ample provision to cover a far as possible losses of ad- vances to contractors and labourers existing at that date. Conducted as the Company's opera- tions now are, we think the chances of further losses on this account are rather remote; but we nevertheless think it is a prudent course to make the provision now set aside. If any shareholder has any questions, I shall be pleased to answer them to the best of my ability.
There were no questions, and the CHAIRMAN proposed the adoption of the report and accounts as presented.
Mr. WICKHAM seconded, and the motion was agreed to.
Mr. WICKHAM proposed the confirmation of the appointment of Mr. C. S. Sharp to the Consulting Committee.
Mr. LEUNG seconded, and the motion was agreed to.
Mr. WICKHAM proposed the re-election of Mr. F. Henderson as auditor.
Mr. BAPTISTA seconded, and the motion was agreed to.
The CHAIRMAN-That is all the business,
gentlemen. I thank you for your attendance. Dividend warrants will be ready on application on Monday morning.
GEO. FENWICK AND CO., LD.
The thirteenth ordinary general meeting of shareholders in Geo. Fenwick & Co., Limited, was held in the Hongkong Hotel, on the 3rd inst. Mr. W. Parlane (chairman) presided, and there were present-Messrs. A. Rodger (director), W. G. Winterburn (manager), R. C. Wilcox, J. I. Andrews, and J. Rodger.
The MANAGER having read the notice calling the meeting,
The CHAISMAN said, Gentlemen, with your permission we will take the accounts as read. It gives your directors much pleasure to meet you with such a favourable balance- sheet, especially as during the latter half of the year we were not fully employed; and I regret to say this slackness still continues, but even now we are not worse off than others in the same trade. Referring to the balance-sheet, and to the assets, you will notice that the land and buildings now stand at $70,0 0. Siuce 1896, when the book value of this item stood at $94,000, it has by yearly writing down reached its present figure; but we do not intend to reduce it any further in the future as, owing to the recent rise in land values, and from the price lately paid for the adjoining lot, the market value should be something over twice its book value. The plant I can personally certify to be written down to a figure it would fetch even if brought to a forced sale. The stock has as usual been valued by an independant valuator and certified as correct. The engine, boilers, &c., in stock, were made in dull times in order to keep our workmen together, and stand at their acutal cost to us. The debtors are the usual out- standing accounts at the end of the year, and those still uncollected are considered good. Passing to profit and loss account, we regret the necessity of writting off $.1075 as a " bad debt "; this principally consists of an account due to us for work done for the late Canton Electric Light Co., some two years ago; and after being | in the hands of our solicitor for a year is now more than doubtful. I have now to tell you that owing to the shortly expected Wanchai reclamation, the present premises of the Com- pany will become unsuitable for our business, as besides removing our premises from the sea frontage, the reclaimed land will be cut into sections by streets. It is therefore our intention when a suitable piece of land is procurable, to move from our present site; and I am glad to say that we have little doubt but that we can make gnitable financial arnangements for the purpose, but I need hardly say that this will require a heavy expenditure and consequently it is neces sary that we should husband our resources. We therefore, subject to your approval, have added $15,000 to the reserve fund, which now stands at the satisfactory figure of $60,000. During uine months of the year our Mr. Andrew most effi- ciently acted as General Manager. Mr. Winter- burn has now returned and resumed his duties.
There were no questions, and the CHAIRMAN moved the adoption of the report and accounts
Mr. R.C. WILCOX, in secouding, said—I am sure 1 shareholders will agree with me that the report is most satisfactory, and I hope we may continue to have as good reports whether we remain where we are or whether the works may have to be removed to some more convenient place.
The motion was agreed to.
On the motion of Mr. J. RODGER, seconded by Mr. J. I. ANDREW. Mr. Parlane unanimously re-elected a ‹irector.
was
Mr. R. C. WILCOX proposed and Mr. J. RODGER seconded that Mr. T. Arnold be re- elected auditor.
The motion was agreed to.
The CHAIRMAN-Gentlemen, that is all the business. Dividend warrants will be posted to-day. I thank
yon your attendance.
for
The following are the report and statement of accounts:--
The directors have now to submit to the shareholders a statement of accounts for the year ending 31st December, 1901.
The net profit for the year amounts to $36,519.81, to which has to be added $13,706.52 brought forward from last year's account. After payment of directors and auditor, it is proposed to pay a dividend of 15 per cent., or $22,500 to shareholders, to transfer to reserve fund $15,000, and to carry forward $11,576.33 to next year's account.
During the year we have put through a fair amount of work; the machinery and launches are in good repair and some new improved tools have been added.
DIRECTORS.
Mr. W. Parlane, according to the articles, retires, but offers himself for re-election.
AUDITOR.
*
The accounts have been audited by Mr. Thomas Arnold, who offers himself for re-
election.
W. PARLANE, Chairman. Hongkong, 25th February, 1902.
STATEMENT OF ACCOUNTS
ASSETS.
the 12 months ending 31st December, 1901.
Value of land and buildings as
per last report Less amount written off book
value of above
Value
of machinery, plant, launches and office furniture, as per last report.... Added during the year
Amount depreciated
Value of stock-in-trade
Written off
Value of work in progress.... Cash on hand
$
ૐ 73,000.00
3,000.00
C.
C,
70.000.00
[March 10, 1902.
By balance of last year's account
By gross earning]. By interest account
By transfer fees
By bonus from Insurance Company By dividend account By exchange account
C.
$ 13,706.52 228,070.15
455.25
15,00
60.8
23.00
9,69
$2411,340.37
PUNJOM MINING COMPANY,
LD.
The fifth ordinary annual meeting of sbare. holders in this Company was held at the offices, 13, Beaconsfield Arcade, on the 4th inst. Mr. R. C. Wilcox (chairman) presided, and, amongst those present were Messrs. T. Howard, W. K. Hughes (directors), A. R. Ezekiel, D. Gillies, T. F. Hough, Ellis Kadoorie, J. M. E. Machado, H. A. Meyer, M. Michael, W. Par- lane, S. A. Joseph, F. E. C. Georg, E. S. Joseph, A. G. tokes, G. C. Anderson, J, R. Michael, K. Edulji, and W. H. Gaskell (secre- tary).
The notice convening the meeting having been read,
are
on
The CHAIRMAN said-With your permission, gentlemen, I propose to follow the usual course and take the report and accounts for the year 1901 as read. The report contains so full a summary of the work done and progress made that little remains for me to add, I will, how- ever, supplement it with a few particulars and explanations which will perhaps be of interest as calculated to make the present position of I should first the Company a little clearer. mention, in connection with the accounts, that concentrates to the estimated value of $5,000 have been shipped to England for treatment, this asset will be credited when and accounts of the out-turn
received. Then, with regard to the 134 ounces of gold referred to in paragraph 2 of the report, these, with about 26 ounces from a former crushing, value about $1,400, are still in Pang- gong office safe, and will be entered in the accounts whep shipped. In explanation of its retention there I may explain that gold has to be sent under escort, the cost of which is too great to admit of it being despatched in small quantities. I would, while this subject, also like to make a slight correc- tion in some figures in the same paragraph of the report. The 3 dwts. 17 graios mentioned there ought to be 3 dwts. 20 4.7 grains, a mistake having been made in converting decimals into grains. Since the report was drawn up we have advices from the Mines stating that the ground is being cleared for the sinking of the new shaft, which has been named the Kladi shaft, and 19 feet of the first track 50 have already been sunk. The for the new tramway to connect the Swah
with the mine
mill is well advanced, and will be completed by the time the rails are received. These with the rolling stock have 76,645.00 been landed at Singapore and are now probally 22,193.73
well on their way to Panjom, but transport to 1,013.68
the mines is necessarily slow, as the river is 24,648.30 shallow, and the rails have to be carried in small 1,259.21 boats. I am glad to say the tramway has not only arrived, but it is paid for, and will be in working order, I hope, by the end of March. 16,433.61
This brings me to the financial position of the We are not $251,666.53 Company. Well, gentlemen,
far as funds
are too flourishing but
have we
of concerned,
upwards $32,000 to receive from unpaid calls, and 45,000.00 theso, we trust, will now be paid up without
3,418.85 3,021.35 further solicitation. If we receive this money 50,226.33 we shall be able to carry on until we get crush- ings from Swab, and then we hope to be able to $251,666.53 meet current expenses out of earnings, with something to spare. Probably the outlook for $ C. this Company was never brighter. I confess I 15,225.00 have something approaching a horror of that 1,483.97 cheerful optimism that sees nothing but the rosy 1,128.33 side of any enterprise, and my experience of mines 16,284.78 and mining has taught me to expect nothing 1,075.66 until you get it, for in mining, as in lotteries, the prizes are few and the blanks many. That has been our experience. How far that was the fault of the mines or of the management at We have, Punjom I leave others to determine. however, had some prizes, for from 1893 to 1896 23,336 ounces of smelted gold were won from 46,149 tons of ore.
But we do now appear- I say advisedly appear to be on the threshold of
$35,256.27 8,784.53
$43,990.80 4,767.80
85,161.98 8,516 98
39,223.00
Cash with the Hongkong and Shanghai
Banking Corporation Cash with the Chartered Bunk of I. A. & C. Cost of 1 Union Insurance Society of Can- Sundry debtors................ ........
ton's share.......
LIABILITIES.
Capital, 6,000 shares at $25 cach, fully
paid up Reserve fund Bills payable, drafts waiting maturity Sundry creditors Balance of profit
245.00
C.
150,000.00
PROFIT AND LOSS ACCOUNT.
To cost of labour, material, and working
expenses...
To salaries..
To Crown rent and taxes To insurance ...
o amount written off, sundry debtors To depreciation To balance, profit appropriated as under :---
Dividend of 15 per cent. on
$150,000
Directors' fees.
Auditor's fee.
Carried to reserve fund Balance to new account..
156,916.30
C. $ 22,500.00
1,000.00
150.00 15,000.00
11,576.23
50,226.33 $242,340.37
80
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