January 26, 1903.]
this
them during the past year, and it can be presumed that the opening of the spring season will again see a resumption of profitable trade. Nothing perhaps indicates the growing importance and prosperity of a port more than the increase in vine of land. This, as everybody is aware, has been considerable here, and the people who acquired property in or near the settlement a few years ago would be very loth to part with it now for a good many times the amount of the original cost. Several new firms have started during the year and indicates a further expansion of trade. The Customs jetty is nearly always full of cargǝ and enquiries from the examining staff of the Castoms elicit the news that they are always in fall employment, and one need only pay the examining shed a visit to find out the truth of thi stat meat. A cisal glance along the band will show that the passenger traffic still shows returas, as it is seldom that there is not a steamer in port discharging or loading a living freight.
CORRESPONDENCE.
[We do not hold ourselves responsible for the opinions expressed by our correspondents.]
MR. C. BONE'S DEPARTURE.
**
TO THE EDITOR OF THE “DAILY PRESS,
Hongkong, 21st January. SIR,-On the eve of my departure for England it is my duty to publicly express my thanks to all those who have done anything in any way to assist in the building and furnishing of the Eailors' and Soldiers' Home in Arsenal Street, Our well-wishers have been many; their kind. nesses have teen not a few. Further do I on behalf of the committee thank those who assisted us last week with the view to the paying off of the debt incurred by the additional storey to the Home. Lastly I must record the debt of gratitude we owe to Mr. G. Stewart, who so kindly brought our Home to the notice of the Navy League and obtained therefrom the sum of $100, and to the Hon. F. H. May, C.M.G., and Mrs. May for the sum of $70 banded me as the result of the variety entertainment which they initiated and carried through so successfully. Indeed the generous support given to the Home from the first by Mr. and Mrs. May has very greatly assisted us, and to me personally it has been at times nothing less than an inspiration.—Yours, etc.,
C. BONE.
CHINA PROVIDENT LOAN AND
· MORTGAGE CO., LD.
i
The sixth ordinary general meeting of share holders of the China Provident Loan and Mortgage Co., Ld., was held at the offices of the general managers, Des Voeux Road, on the 17th inst. Hon. R. Shewan presided, and there were also present Messrs. Ù. Klinck, A. G. Ward, T. Tomlin J. H. Lewis, T. H Reid, G. Murray Bain, Hamilton Sharp, Fang Wa Chun, Chow Hing Kee, and Sui Un.
|
The CHAIRMAN said-Gentlemen, the printed report and accounts have been in your hands for some days, so with your permission we will follow the usual course and take them as read. You will see from the accounts that 27,800 shares, which remained unplaced this tim› last January, have all been taken up since then, and that the paid-up capital of the Com- pany now reaches $1,000,000. We have, therefore, to pay a dividend on this amount although we did not get the full benefit of it during the whole year, and although we are straining a point to do so, we recommend declar. ing the usual dividend of 8 per cent. and so keep it uniform with those of previous years. I have no doubt that you will agree with me that in the interests of all bona-fide investing shareholders, it is advisable to maintain an even rate of dividend-(hear, hear)—and as far as possible avoid fluctuations which only play into the hands of outside speculators, whose opera. tions are not for the benefit of his company. I regret that it only leaves a mere $1,000 to put to reserve fund, but if we do as well in proportion this year, we should have a sub- stantial amount leftover for reserve after paying 8 per cent. again next time. We do not
CHINA OVERLAND TRADE REPORT.
overook the importance of building up a reserve fond, as we cannot always expect the asme immanity from losses that we have hitherto enjoyed, and we ought to have a good reserve to meet such contingencies. (Hear, hear). In the past year we had to call in or foreclose one or two loans, but we suffered no loss, our margins | being ample and we trust this may always be the case.
There is nothing, I think, in the accounts that requires explanation. Interest paid, commissions, etc., are considerably higher than in the previous year, and we shall endeavour to keep these down in fature but the more we borrow, the more we can lend, and, of course, with increased business we must expect an increase in these items. Before I move the adoption of the report and accounts, I shall be pleased to hear any remarks from shareholders.
There being no questions,
The CHAIRMAN formally moved the adoption of the report and accounts.
Mr. TOMLIN seconded, and the motion was agreed to.
Mr. REID moved the re-election of Messrs. Van Buren, Chow Hing Kee, Chow Tung Shang, and J. H. Lewis to the Consulting Committee.
Mr. KLINCK seconded, and the motion was agreed to.
Mr. WARD proposed the re-election of Messrs. W. H. Potts and A. O'D. Gourdin as auditors, Mr. MURRAY BAIN seconded, and the motion was agreed to.
I
warrants would be ready this morning.
The CHAIRMAN intimated that dividerd
This was all the business.
THE NATIONAL BANK OF CHINA, LD.
ANNUAL MEETING,
The twelfth ordinary annual general meeting
of shareholders in the National Bank of China, Ld., was held at the offices of the Bank at noon on the 21st inst. Mr. C. Ewons (chairman) pre- sided and the others present included Messrs. J. Lauts, Chea Tung Shan, Chan Kit Shan (directors). Hon. G. W. F. Playfair (Chief Manager), Fang Wa Chün, R. C. Wilcox. E. Kadoorie, H. C. Wilcox, E. W. Terrey, and H. Pinckney.
The notice calling the meeting having been read,
I
71
home capital to Hongkong. To return to our. accounts, gentlemen, the figures are nearly the same as last year, with the exception of a slight increase in accounts and a slight decrease in our borrowings in London against security (loans payable). We have been able to hold the annual meeting earlier this year than hitherto, and will continue to do so in future, as we have arranged that our London office shall close their books on 30th November instead of 31st December. I have now to more that the report and accounts be adoped.
Mr. TERREY seconded, and the motion was agreed to unanimously.
The CHAIRMAN said-Gentlemen, in sub- mitting to you the report and accounts for the past year, which, with your permission will, as nsual, be taken as read. I would point out that, notwithstanding the abnormal depression of the past twelve months, our profits are nearly as much as last year, but owing to the heary decline in exchange it takes nearly $12,000.00 more than we paid last year to pay the same dividend in sterling. While on the subject of exchange it may be as well to mention that the time appears to be approaching when it be
may advisable to bring our shares more into line with the present ratio between gold and silver, Le, either by placing the shares entirely on a silver basis, if such is possible, or else by reduc. ing the sterling amount of the shares to their proper equivalent of silver. I merely mention the matter now so that shareholders may have time to consider it; nothing can be done in that respect without calling an extraordinary general meeting, and it is not proposed to call such a meeting at present, but as I said before, the time is probably approaching when it may be advisable to do so. The unfortunate fraud on the part of our compradore in Yokohama is much to be deplored, and as he hung himself in gaol it was hopeless to discover how he made away with the proceeds of his defalcations, and therefore the only proper course was to at once write it off from reserve, as we have done. I should, however, mention that this agency has now been withdrawn. I can hardly close with- out referring to the burning question of an ever-dropping silver currency. With the prob- able adoption of a gold basis in Singapore it is high, time that Hongkong should carefully reconsider its position. I know that there is s great deal to be said upon both sides of the ques- tion, and there are strong vested interests still in favour of continuing on a silver basis, but if the inhabitants of Hongkong were polled to-morrow I believe that four out of fire Europeans would vote for a fixed standard. Until we have a fixed standard we can never expect to attract,
The next item of business was the confirmation of the appointment as a director of Mr. J. T. Lants, and on the motion of the CHAIRMAN, seconded by Mr. KWAN TONG KUK, the appointment was duly confirmed.
Mr. R. C. WILCOX proposed the re-election of Mr. Ewens as a director, and this was Reconded by Mr. No CHIH MI and agreed to.
The CHAIRMAN—As regards the vacancy on the London Committee the directors think that in the meantime two members of the Commit- tee in London are sufficient, and if agreeable to you I would put it in the form of a motion.
Mr. KADOORIE-I quite agree with the sug- gestion of the Chairman, and shall be very happy to second it if it is put in the form of a resolution.
The CHAIRMAN-Then I beg to formally move that the London Committee be restricted to two in the meantime, and that the re-election of the third director is not necessary,
Mr. KADOOBIE seconded the motion, which was carried withont opposition.
On the proposition of Mr. WAI KEE SANG, seconded by Mr. CHAN HEE, it was agreed that Mr. R. C. Wilcor and Mr. A. R. Lowe, chartered accountants, be elected auditors to act
jointly or severally at a remuneration of 8300 each, or $100 for a single audit. It was further decided that Messrs. Deloitte, Dever, Griffiths and Co, chartered accountants, be re-elected auditors in London at the same remunerationed before.
This was all the business.
HONGKONG LAND INVESTMENT AND AGENCY CO., LD.
The following is the fourteenth report of the board of directors to the ordinary meeting of shareholders, to be held at the Company's offices, Victoria Buildings, at noon on 26th January:
The net profits for the year ending 31st December, 1902, including $8,305.04 balance brought forward from last account, after paying all charges, amount to $732,640.76. From this amount an interim dividend of $6 per share has already been paid. It is now proposed to pay a final dividend of $6 per share, making a total dividend of 12 per cent. per annum on the capital, and after writing off directors' and auditors' fees there remains a balance of $51,707.26 to be carried forward to
the credit of a new profit and loss account.
DIRECTORS,
Mr. A. Haupt and Mr. H. P. White having resigned their seats, Mr. C. Michelan aud Mr. J. H. Lewis were invited to join the board in their place, and this now requires confirmation.
Messrs. N. A. Siebs and D. M. Moses now retire by rotation, but offer themselves for re-election.
AUDITORS.
In the absence of Mr. F. Henderson, the accounts have been audited by Mr. T. Arnold in conjunction with Mr. J. C. Peter, who now retire but offer themselves for re-election.
C. W. DICKSON, Chairman. Hongkong, 12th January.
The accounts are as follows:-
BALANCE-SHEET. 31st Dec. 19.2. LIABILITIES. Capital Equalisation of dividend fund.. Accounts payable Balance of profit and loss ao-
count
Less interim dividend paid
O..
732,640.76 300,0.4.00
5,000,000,00 750,000,00 1,504,008,19
432,640.76
$7,886,649.95
No comments yet.
Private notes are available after approval.