SUPREME COURT. ›
Tuesday, 20th May,
IN CRIMINAL JURI:DICTION.
4
THE HONGKONG WEEKLY PRESS AND
per cent dividend if adequate provision were made for writing off, but in view of the fact that the current year's profils will be augmented by $15,000 premiun on new capital, which was called up to pay for the Polar Star, and that $15,000 will be available for writing BEFORE HIS HONOUR W. MEIGH GOODMAN off, we feel that we may properly recommend the same dividend as last year. As regards (CHIEF JUSTICE.)
future prospec's, although the decrease in traffic which I have referred to and which was due principally to the withdrawal of troops and the absence of so many men-of-war at the docks, is disappointing, I think the continued growth of Kowloon gives promise of increase in the normal traffic; and having, we hope, reached the limit of our expenditure any increase that does take place will be all profit. If shareholders have any questions, I shall be glad to answer them to the best of my ability.
A SÉRIOUS CRIME.
Nand Singh, an Indian, was charged with having assaulted a Chinaman with intent to
commit an unnatural crime.
He pleaded not guilty. ·
The following jury was empanelled :---Messrs. F. W. White, E. Fischer, W. J. G. Whiley, A. V. da Silva, Y. M. do R. Zavier, David Benjamin, A. M. MoDongall.
The Hou. A. G. Wise, Acting Attorney- General, conducted the prosecution, instructed by Mr. H. L. Dennys, of Messrs. Dennys and Bowley.
After evidence had been given, The jury returned an unanimous verdict of
guilty.
Sentence of four years' hard labour was passed,
POST OFFICE SERVANT'S OFFENCE. Ho Kau alias Ho Kai was charged with having on 22nd April, while employed in the Post Office, stoleu and opened certain correspondence.
He pleaded not guilty, and the jury which
had served in the foregoing case was re-sworn.
After hearing the evidence, the jury returned a verdict of guilty,
Sentence of three years' hard labour was passed.
The Court adjourned.
1
THE STAR FERRY CO.,
LIMITED.
Mr T. H. REID-I should like to ask one
question. if I am in order. With regard to the subject of a fairway across the Harb a-, perhaps the secretary will tell us if the Government has been approached on this matter and whether the Harbour Master holds out any prospect of a fairway being established between the two ferry-wharves from Hongkong to Kowloon. I believe the question was ouce referred to in one of the reports.
The SECRETARY- The Government has
been written to and the Harbour Master been approached, and members of the Council, Mr. Chater and Mr. Bell Irving, have both ap- proached the Governm nt; we tried about a year ago to get this thing, but from what the Government tell us, there is not the slightest hope of our getting it. The Government will not move in the matter at all
The CHAIRMAN-There being no further question, I beg to move the adoption of the report and accounts.
Captain CLARK seconded, and the motion was agreed to.
Mr. W. H. RAY-I beg to move the appoint-
The fourth annual general meeting of the Star Ferry Co., Ld., was held on the 20th inst. atment of Messrs. A. J. Raymond and D. M. Moses as directors and the re-appointment of Mr. Siebs the Company's offices, No. 2, Connaught Road.
Mr. T. H. REID seconded, and the motion Mr. N. A. Biebs (chairman) presided and others
was agreed to. present were Messrs. D. M. Moses and A. J. Raymond (directors), Captain Clark, Messrs. J. J. L. Montiero, W. H Ray, R. R. Robarts, T. H. Reid, J. Hooper, and E. Osborne (Secretary).
The SECRETARY having read the notice caling the meeting,
The CHAIRMAN said-Gentlemen, the report and accounts having been with you for some days I will, with your permission, take them as read. The result of the year's working has not been so profitable as we' anticipated, and the nett earnings were, you will see from the report, some $4,000 less than the previous year: This was due in the first place to a falling off in traffic, the number of 1st and 2nd class passengers having decreased by 190,258, whilst 3rd class increased by only 195,313, and in the second place to the greater cost of running double-enders in place of the small, economical boats formerly employed. These double-enders are about three times the size of the old launches, they burn nearly twice as much coal, require larger crews, more stores, and are in every respect more expensive to work and maintain. *Perhaps, gentlemon, we were a little previous in discarding the old boats, perhaps we should have done better to consider your dividends a little more and the public convenience a little less; but, acting as we did in providing a fro- quent, regular service of comfortable boats, wo considered that, whilst giving the public better value for their money, we are also studying the interests of shareholders, and though, for the moment, results are not quite up to expectations, I still think we acted wisely, and for this reason, that had we continued with the former unsuitable boats we should probably not be in sole possession of the traffio to-day, and therefore, in building double-enders and thus forestalling opposition, I think we acted in your best interests. As o the raising of the first class fare from 10 to 15 cents, this was necessary to meet the increased expenditure and decreased revenue that I have ready referred to, and as the rise, only affects sionals not regular, travellers, in that the rohaling a punch-ticket can journey formerly, we consider the change the circumstances: In regard ta, the balance available for ould not permit of a 12
ustified
distribution
Captain CLARK-I beg to propose the re- lee- tion of Mr. Potts as auditor for the ensuing year. Mr. J. HOOPER seconded, and the motion was agreed to.
The CHAIRMAN-That is all the business, gentlemen. Thank you for your attendance. Dividend warrants will be ready to-morrow, and can be bad on application.
A. S. WATSON & CO., LIMITED.
The following is the report of the general managers for the year ending 31st December, 1901, for presentation to the shareholders at the seventeenth annual ordinary general meet- ing of the Company (since its registration) to be held at the offices of the Company on Friday, the 30th May, at 11 am. :-
Gentlemen, We beg to lay before you a statement of the Company's business, with a balance sheet for the year ending the 31st December, 1901.
The net profits of the Company for the twelve months under review, after paying all charges, including the salary of the general managers, and providing for all bad and doubt- ful debts, amount to...
...$104,774.46
To which has to le added the balance brought forward from the previous year
[May 24, 190
And we now propono to pay a further dividend of 6 per cent. (making 11 per cent, for the year); which will absorb .......... $38,000,00
To write off furniture, utensils of
|
fittings,
trade, cargo lighter, machinery, and building: additions
***
|
To carry forward to 1902 account
30,0:0.00
4,723,61
100,723.61
$100,723.61
The net profits for the year were incresed by au amount of $19,625.37 acoraing from the sale of Section A of Kowloon Inland Lot No. 55) and Kowloon Inland Lot No. 551, and were decreased by an amount of $6,217.96 extraordinary expenditure which we had to incar in connection with the plague outbreak last year.
The business of the Company generally continues to be of a sa isfactory and progressive character, but the drop in sterling exchange that has taken place this year naturally tends to lessen profits.
CONSULTING COMMITTEE. The existing committee consists of Hon. C. P. Chater, Messrs. C. Ewens, E. Osborne, and
H. P. White.
AUDITOR.
The Company's accounts at the head office have been audited by Mr. Francis Maitland, who offers himself for re-election.
JOHN D. HUMPHREYS & JON, General Managers. Hongkong, 17th May, 1902.”
.
The accounts are as follows:-
PALANCE-SHEET. 31st December, 1901,
LIABILITIES.
Capital account. Permanent reserve fund Reserve fund to meet contin- gencies, or for the equalisa- tion of dividends
Local and general liabilities in
the East
$600,000,00 250,000,00
25,000,00
..$144,050.43
55,848.02
Local and general liabilities in
London...
875,000,00
199.898.45
$55,000.00
Mortgage on section E of in- land lot No. 19 and the build- ings thereon Mortgage on marine lot No. 2
C and the buildings thereon 140,000.00
Bills payable, Hongkong and Manila Unclaimed dividends Security deposits from staff Profit and loss, for-
ward from 1900 Profit and loss, net
balance, 1901
$3,687.87
J
104,774.46
Less interim dividend of 5 par cent. paid in December, 1901 $30,000.00 Loss amount 1111-
claimed at 31st December, 1901
Total stocks in trade
-$108,462.33
Good debts due from customers
195,000.00
168,605.22
5,949.70 12,700,00
6,767,00
23,293.00
851920
$1,542 382.70
ASSETS.
.1,041,810:57 184445.06
21,484.59
$16,416.83
10,289.47
26,706.30 5,617.04
1200.00
$60,000.00
Good debts due from sundry debtors Cash in band
3,687.87
2
Cash at bankers...
$108,462.33
From this there has to be deducted-- General managers' com-
mission of 5 per cent. on the net profits for the year as per Article 80 of the Company's Articles of Association $5,238.72 Remuneration of consult- ing committee as per Article 92
2,500,00
Leaving an available balance of
We paid an interim dividend of 5 per cent. in December last, ab- sorbing
DE
146
$30,000.00
Fire insurance premia unexpired. Investments in public companies
North China Insurance Co., Limited H'kong Fire Insurance Co., Limited Section E of inland lot No. 19
and the buildings thereon Marine lot No. 2 °C and the
buildings thereon Remaining portion of Kowloon inland lot No. 550 and the buildings being erected there- San Jacinto land and buildings,
150,000.00
on 7,738.72
$100,723.61 ||
7,000,00
Manila
31,284.51
Property at Iloilo, Philippine
Islands
12,834.64
542.822.70
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Private notes are available after approval.