182
a competitor but a friend of this Company, I qui e agree with Major Brown in what he says, so far as he goes, but if he knew a little more about the fire insurance business I am sure he would be perfectly satisfied that my appointment was not an undersirable one.
THE HONGKONG WEEKLY PRESS AND
which I shall preside, I wish to express my sincere good wishes for the Company's continued prosperity. Before moving the adoption of the report and accounts, I shall be pleased to give any further information in regard to the report which any shareholder may desire.
Mr. C. PALMER-I think it is unnecessary to say anything on such an excellent report. beg to second the Chairman's proposal that the report and accounts be adopted and passed.
The motion was agreed to
The ordinary business of the meeting w.s then reamed, and on the motion of Mr. WILCOX, seconded by Mr. ROACH, Messrs. J.I H. Cox and W. Hutton Potts were re-elected auditors for the ensuing year.
The CHAIRMAN-That is all the business Mr. A. S. Anton-1 beg to propose the before the meeting, gentlemen, and I have to confirmation of the appointment of Messrs thank you for your attendance. Dividend war-H. P. White and A. Ross to the seats on the rants will be posted this afternoon.
Consulting Committee rendered vacant by the resignations of Mr. Lewis and Mr. Mackay, and that the retiring members, the Hon. C. P. Chater, Messrs. Raymond, Maitland, White and Ross, be re-elected to serve until the next annual meeting.
HONGKONG FIRE IN URANCE .CO, LD.
The thirty-third ordinary general meeting of the above Company was held on the 6th iust. at offices of the General Managers, Messrs. Jar- dine, Matheson & Co. Hon. J. J. Bell Irving (Chairman) presided, and there were also present Hon. C. P. Chater, C.M.G., F. Maitland, H P. White, and A. Ross (Consulting Committee), G. T. Veitch (Secretary) W. E. Clarke, R. Chatterton Wilcox, J. J. Leiria, S. S. Benjamin. E. C. Emmet J. R. Michael, A. S. Anton, K. A. Chinoy, J. A Chinoy, G. L. T mlin. J. McK. Ross, Ho Fook, Lo Cheug Shu, M. S. Northcote, C. Palmer, Chen Sam, W. Parlane, W. A. Cruickshank, H. Kissock, R. K. Leigh, T. Arnold, and G. C. Anderson.
The SECRETARY having read the notice calling the meeting,
Mr. Ho Fook seconded, and the motion was agreed to.
Mr. J. J. LEIRIA-I beg to propose the re- election of Messrs. W. H. Potts and Fullarton Henderson as auditors.
Mr. MS. NORTHCOTE seconded, and the motion was agreed to.
The CHAIRMAN-Gentlemen, that is every- thing. Dividend warrants will, as usual, be issued to-morrow.
HONGKONG HOTEL COMPANY, LD
The following is the report of the board of directors to be presented at the ordinary meet-
ing of shareholders, to te held at the Company's Hotel, at noon, on Tuesday, the 11th March:-
Gentlemen,-In accordance with Section 56 of the Articles of Association, the directors beg now to submit to the shareholders their report for the half-year ended the 31st December, 1991.
ACCOUNTS.
The CHAIRMAN said:-Gentlemen, the report and accounts having been in your possession for some time, with your permission, we will adopt the usual custom and take them as read. It is hardly necessary for me to say much with regard to the result of the working of the 1900 account; The profit on working account amounted for it speaks for itself. In our last report, you will the six months to $88,550.33, as compared with have noticed the balance at credit of the Work-$75,148.53 for the corresponding period of 1900, ing Account on the 31st December, 1900, was showing an increase of $13,401.80, or about 18 $341,020.82, with a 12-months' risks to run off; per cent. we were exceedingly fortunate in escaping any
The profit and loss account, including a credit heavy losses, the result being that the balance balance of $10,417.30 brought forward from for present appropriation is the largest, I think, 30th June, 1991, shows a credit balance of in the annals of the Company, and we are enabled | $94,477.49.
་
To pay a final dividend of 12 per cent. for the half-year, absorbing
To add to the reserve fund To set aside against against re-
pairs and renewals...
To write off from valuo of
furniture and fixtures
To write off from value of steam-
launch To carry
account
ASSETS.
(March 10, 1002.
Value of land and buildings as per last report:
Marine Lot No. 5 and remain- ing portion of Marine Lot No. 3 Remaining portion of Marine
Lot No. 7.... Praya reclamation
Value of furniture and fixtures
as per last report Less written off, as recom.
mended in last report
Since added.
$ C.
372,045.60
368,108.20 21,291.77
$105,980.65
10,000.00
$95,980.65 *2,446.96
761,445 57
98,427.61
Stock of linen, crockery, and glassware, &c. 42,662.93 Stock of wines, provisions, household sun-
dries, and stationery.. Shares in public companies Licenses attaching to 1902 Steam-launch..
Hongkong and S'hai Banking Corporation Hongkong and Shanghai Banking Corpora
tion, No. 2 account Accounts receivable Cash in hand
35,'36.25 7 039.81 923.20 13,100.00 52,566.31
941.00 21,665.12
249.96
$1,034,151.76
PROFIT AND LOSS ACCOUNT.
For the six months ending 31st December, 1901.
Dr.
To bad debts and refunds To rates. ....................
To half-year's interest
($225,000 at 3 per cent,) To fire insurance
To Crown rent
on debentures
To directors' and anditors' fees
To balance, to be appropriated as follows:-
To pay a dividend of 12 per cent. for the half-year, ab- sorbing
Cr.
To write off lurniture and fix-
tares
To set aside. against repairs
and renews la..
To write off steam-launch... To place to reserve fund To carry forward to new ac-
count
C.
72,000,00
$ 0. 80.47 2,832.38
6,750 00 1,754.77 478.89 3,200.00
5,000.00
10,000.00
2,100.00
5,000,00
377.49
94,477.40
$109,574.00
8
C.
By balance from 30th June, 1901 $119,407.30
Less dividend at 12
per cent... Less transfer to re-
Berve fund
Less set aside for
$72,000,00
17,000.00
$72,0,0.00 5,000.00
repairs & renewals 10,000,00 Less written off fur-
niture and fixtures 10,000.00
100,000.00
10,107.30
$3 010.00
6,120.00
9,130.00
511,00
63.00
469.59
442.78
10,000.00 | By rents of shops and offices,
new buildings
5,0.0.00 By rents of shops and offices, old
buildings.
2,100.00
forward to Dew
By dividend on shares
377.49
$94,477.49
By scrip and transfer fees By bad debts recovered..
By interest account..
DIRECTORS.
Mr. W. Parfitt retires by rotation, but offers himself for re-election.
AUDIT.
to recommend fax your approval the payment! The directors propose to apportion this sum of a dividend of $35 per share, the addition of as follows: $31,579.48 to the reserve fund, which will then stand at the substantial figure of $1,134 971. also a bonus to contributing shareholders of $4 215.33. This resuit will doub less be as much a source of satisfaction to yourselves as it is to the Consult ng Committee and General Managers, ad, although we should have liked to recommend a somewhat smaller dividend the Company's Articles of Association do not admit of our so doing, which for some reasons is per- haps to be regretted. Now, as regards last year's working, you will note a satisfactory increase in the premium and interest accounts as compared with 1900. On the other hand, the losers shew a considerable increase, but, as I have already stated, that year was a very fortunate one indeed for the Company. Not withstanding these heavy losses, however, the balance carried forward is only $7,321 less The accounts have been audited by Messrs. than in 1900. The Company suffered some- W. H. Potts and H. U. Jeffries, but the ap- what severely by the disastrous conflagration pointment of the latter needs confirmation by at Foochow, in July last, and losses in the shareholders. They offer themselves for Yokohama have been larger than usual. In re-election. Hongkong, owing to the want of an adequate supply of water, due to the prolonged drought. fires, which in the ordinary course would probably have been promptly extinguished by our efficient Fire Brigade, have in some instances got such hold before water from the harbour could be brought to bear, that losses have been heavier than would have been the case had the hydrants been available at the outset. The losses pail, as per account on 31st December, were $75,929.94, in addition to which further claims paid and outsland- ing to date amount to nearly $35,000. As regards our mortgages, these you will notice show an increase of $85.357 as com- pared with the previous year. Our surveyors, in their reports on the various properties mortgaged to the Company, state that, in every instances, there is ample margin against the amount advanced, It does not occur to me to make further remarks regarding the position, but, as this is probably the last meeting at
R. CHATTERTON WILCOX,
Chairman. Hongkong, 28th Februry, 1902.
The accounts are as follows:-
Capital--
BALANCE-SHEET, 31st December, 1901, LIABILITIES.
$
C.
By profit on hotel working account for the
six months ending 31st December, 191 88,550.33
REPAIR
$109,574.00
AND RENEWALS ACCOUNT.
$ C.
9,485.21
514.79
$10,000.00
Dr. To payment on account of repairs and re- newals during the half-year ending 31st December, 1901
To balance
Cr.
By transfer from profit and loss account as recommended in last report.......
c.
10,000.00
$10,000.00
The death is announced of Mr. Luiz M. 12,000 shares at $50 each (fully paid up) 600,000.00 Xavier, one of the best-known residents of 1,000 mortgage debentures,
authorised, issued at $500 $ c. each Less 550 ditto, not issued
500,000.00 275, 00.00
Accounts payable Unclaimed dividends Balance at credit of repairs and renewals
account Reserve fund Suspense account Profit and loss account..
Bangkok. Mr. Xavier was born in Bangkok in 1840. He received his early education at the Christian Brothers' School in Singapore, and 225,000.00
was then sent to a school at Arras in France. 22,780.15 The greater part of his life's work was done in 9:1.00 the Government service. He acted as interpre
ter for the late King of Siam, who had a great regard for him and treated him as a confidential 90,000.00 friend. He also helped to draft many of the 94,477.49 Treaties. From 1873 to 1830 he was in the Treasury, which he reorganised, and where he $1,034,151.78 | acted as Deputy Minister. Mr. Xavier was
Consul for Portugal for many years,
514.79 433.33
No comments yet.
Private notes are available after approval.