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February 9, 1903. j
a new phase in Chinese crime, though 8.dly familiar in the West,
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The Chih Pao states that it is sa'd in Peking! the Government intend to eurol 20 or 31 battalions of Mahommedau troops, as they are mach hardier in servio, than the Chiness.
The Customs Taot i has notifi-d all Consuls that foreigners holding land outside the foreign Bottlement: must report the same to the Chi- nese authorities a: d have it duly surveyed aud registered.
The Government, fiuding the resources of taxation becoming limited, is considering a proposal mile by one official to tax secondary wives at the rate of Tls. 103 a pi-co. It seems hardly probable that even desperate straits will bring thi to pass. however. What a pity it is that some official does not suggest the practical remedy of reducing Court expenses!
The Mahommedan anti-footbinding Society started in the west of the city, aro circulating their regulations and gaining adherents.
Tae Bassins bave applied to the Chinese to expa t salt to Vladivostock, and the Vicoroy was instructed to arrange the matter. The local salt merchants are much excited over the order, which is the first ever received by China
for salt.
The natives are not particularly grḍeful for the introduction of good cash here, as the ex- change is only some 75) to the dollar and they find the purchasing power of the Mexican limited accordingly.
KOWLOON LAND AND BUILDING
COMPANY, LD. .
The fourteenth annual meeting of share- holders in the above Company was held on the 2nd just, in the offices, Victoria Buildings. Mc. E. Jones Hughes (cha rmau) presided, and there were also present Messrs. T. H. Reid, J. N. Goosmano, J. H. Cox (lirectors). A. Shelton Hooper (secretary), F. E. C. Georg, Mowbray 8. Northcote, J. C. Peter, nud E. B. Shepherd.
The SECRETARY having read the notice calling the meeting,
The CHAIRMAN said-Gentlemen, I will, with your permission, treat the report and accounts as read, I am sure you will observe with pleasure that our net profits for the past year were $14,519,44 against $11,150.29 the previous year, which has enabled your directors to recommend a dividend of $2.30, being 50 cents more than that paid in 1991, and carry forward over one thousand dollars to the cr dit of profit and loss account. The prop rty has been well kept up and this year it is proposed to thoroughly do up the interior of Kuntsford Terrace, and to lay a new water main and pro- vile each house with a separate meter and so avoid, we hop, the many complain's made by the tenants of an inadequate supply of water. The rents of most of the houses have been raised from 1st January, and the increase will go towards the rather large outlay in im provements in the Company's property. Before moving the adoption of the report and accounts I shall bo pleased to auswer any question referring to them.
There were no questions a ked. The CHAIRMAN-formally moved the adoption of the report and acconuts.
Mr. GEORG seconded, and in doing so said— I must congr.talate the Company ou the substantial progress it has made The rents, as you said, Mr. Chairman, hayo increased aud are further increasing this year, so we may expect an equally good if not better report uext year than in the present year. Ihive great. pleasure in seconding the adoption of the report.
The motion was agreed to.
Mr. GEORG moved the confirmation of Mr. T. H. Reid's appointment to the board of directors in succession to Mr. F. Henderso, resigned.
Mr. PETER seconded, and the motion was agreed to.
Mr. GEORG moved the re-elec ioa of Mes rs. Reid and Goosmann as directors.
Mr. PETER seconded, aud the motion was agreed to.
CHINA OVERLAND TRADE REPORT.
103
Mr. NORTHCOTE seconded, and the motion | retire, but being eligible offer themselves for was agreed to.
re-election
This was all the business.
AUDITORS,
In the absence of Messrs. Henderson and
The CHAIRMAN thanked the sh reholders for their attendance and stated that dividend | Raske'l, the accounts have been andited by Mr. warrants would be ready on the 3rd înst,
Mr. SHEPHERD moved the re-election of Messrs. Peter and T. Arnold as auditors.
HONGKONG ICE CO., LD.
The annual meeting of the Hongkong Ica Co., L., was held on the 4th inst. in the offices of Messrs. Jardine, Matheson & Cp.. general Inagers. Hon. C. W. Dickson (ehairman) presided, and there were present Messrs. W. Parlan (manager). E. Morriss (secretary), J. Barton. Capt.in G. C. Anderson, Messrs. A. Rodger, J. C. Peter, C. H. Ross, W. A. Cruickshank. K. McK. Rois. B. Layton. Ho Fook, and others.
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The SECRETARY having read the notice calling the meetin
•
The
The CHAIRMAN said - There has been no special feature in connection with the year's working, and in the accounts row submitted to you there does not appear to me to hɩ anything upon which I can usefully comment. Company in common with others, though per- haps to a less ex'eot, has to face increased expenditure arising from the decline in the geld value of the dollar, but nevertheless the result for the year is fully equal to that for 1901. I hop you approrg of the appropriation recommend,d. You will ag ee, I think, that a continuance of the policy of writing down your property is desirable so that we may be able as hereto ore to at any time replace obsolete or time-worn plant and thus ensure being in a strong posi ion to compete with any opposition that may arise. It may also be found necessary to add to our refrigerating plant in order to keep aca with increasing demand. revenus from cold storage has been disappoint- ing. and with low exchanga necessitating higher prices for produca purchased in gold currency I cannot say that the prospects of improvement in this direction are very bright. With these remarks, gentlemen, I beg o more the adoption of the report and accounts as now presented.
Captain ANDERSON secondol the motion. and it was agreed to.
:
Our
W. Hutton Potts and Mr. A. O'D. Gourdin. Mr. Gaskell and Mr. Potts offer themselves for re-election.
HART Brck. Chairman. Hugkong, 20th January, 1903.
The accounts are as follows ;-
BALANCE-SHEET
For the year ending 31st December, 1902.
LIABILITIES
Capital account, 100,000 shares at $10
earli
Permanent reserve fund Fand for enalisation of dividen is
Unclaimed dividends Sundry creditors
Profit and loss account: →
Amount carried
from last year
For the year 1902
forward
ASSETS.
$18,539.18 92,865.31
Amount invested in property Amount invested on mortgago Renta dud and accounts receivable Office furniture
Fire insurance premia unexpired Cash in hand
Dr.
$ C.
1,000,000.00 2*, 00.00 50,0 0,01 1,250,50 59,833.15
111,404.19
$1,422,488.14
$ c. 916,855.01 492 573.93
TROFIT AND LOSS ACCOUNT.
charges
To goner Torowi rent
To fire insurance To repairs
To allowance to general managers to cover office rent and salaries of secretary and eler's
To balance
Cr.
By amount carried forward from 1901.. By rents
By interest
By commission account
M.. PETER moved the re-election of Mr. T. By transfer fecs Arnold's auditor,
Mr. BARTON seconded, and the motion was agreed to.
This was all the business,
HUMPHREYS ESTATE AND FINANCE CO., LD.
+-
The following is the report of the directors for the year ending the 31st December. 1902, prosented to the shareholders at the se enteenth ordinary aunnal general mosting of the Company, held at the offiers of the Company, 33 and 4, Queen's Road Centril, at Doon on the 7th February :
GENTLEMEN, -The directors now beg to submit to you their report and statement of accounts for the year in ling 31st December, 1902.
The net profit for that period
amounts to
To which has to be added the balance brought forward from last account..
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9,547.54 500.00 2,855.50
56.11
$1,427.499.14
$ C
1.855.99
1.990.05
2.161337
2.427.09
4,000.00
... 1 1,4 4.49
$123,841,89
C.
18.539.18
71,116,17
33.522.45
171.09
493,00
$1 3,841.89
HONGKONG, CANTON, AND MACAO STEAM-BOAT CO., LD.
The following is the r-port of the board of directors to the ordinary half-year'y meeting of shareholders held at the office of the Company, ou Saturday at noon : ~
The lirectors beg to submit to the share- holders the raport and statement of accounts · for the half-year ending 31st December last,
After paying running expenses, salaries; premia of insurance, repairs and all other out- goings there romains, including $44,013.29- brought forward, from last account, the sum of $245,704.14 at credit of profit and loss account From this amount the directors recommend that a dividend for the half-year of 10 per cent, on expital or $120,000, be paid to shareholders, that $40,000 he wri ten off the book vaine of 18.539.18 | steamars and that $25,000 be placed at credit of depreciation and insurane fund, laving a $111,404,49 | balines of 8.8,704,14 to be carried forward to
892,865.31
And from this have to be deducted - Remuneration to directors,
5 per cent, commission ou net profits Bemur eration to Geral Managers. 5 per cent. commissi a оц net profits
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$4,643.26
4,643.26
9,286.52
Leaving availa 1 · for appropriation $102,117 97 The directors recommend that a, dividend of 90 cents or nine per cent, on the paid-up capital b; paid to the shireholders, and ibe balance of $1,117.97 be carried to new profit and loss
accouut.
DIRECTORS.
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new accounts
With the appropriation recommended above the depreciation and insurane; fund will stand at $638,000.
There is nothing of special interest to report in connection with the working of the steamers during the six months under review. The a w steamer Kinshan in c: ursa of coustraction by the Dock Company has been launche and, it is expected, will be running during the current half year.
Toe Company has acquired jointly with the Chins Navigation Company another valuable wharf site at Canton in proximity to the ole previously purchased.
Mr. Hanpt resigned bis seat at the bord upon leaving the Colony, and Mr. C, Michelau In accordance with rule 76 of the Articles of | was dominated by the directors to dll the Association Messrs. J. S. Van Buren, C. Ewens, | vacaudy, subject to o nfirmation by the shara- Hon. C. S. Sharp, H. W. Slade and Ho Tung holders at this me ting.
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