February 14, 1903.]
whether in the form of a cheque or otherwise. as a token of the shareholders' esteem and confidence. Shall I make a formal motion to this effect, Mr. Chairman, or leave the matter ❘ in your hands?
The CHAIRMAN-I think I may safely say on behalf of the members of the Board that we all endorse everything you have said on the subject, and are very pleased that such a pro: posal has come from the shareholders in a body.,
Mr. MICHAEL -Then I bag to propose that a handsome souvenir bə given to the secretary, Mr. Arnold, whether in the form of a cheque or otherwise, as the directors may think fit for the valuable services rendered the Company. I hope somebody will second that,
Mr. STOKES-I have much pleasure in seconding that.
The CHAIRMAN-I think you may safely leave the matter in the hands of the directors.
Mr. MICHAEL-Certainly.
1
The CHAIRMAN-I take it, gentlemen, as there are no dissentients, you have all agreed to this proposal? (Appl‹use).
Mr. ARNOLD -Gentlemen, I am very much obliged to you for what has been proposed by Mr. Michael and agreed to by you. It has come very unexpectedly to me, and I had no idea that any such motion would have bee,a brought forward. I can only say that as long as I continue in the service of this Company no efforts will be spared on my part to merit the continuance of your approval.
The procedings then terminated.
An extraordinary meeting of the shareholders
was afterwards held to consider a resolution in relation to the articles of association.
The CHAIRMAN—This extraordinary meeting has been called in order to ppt before you a resolation to alter the articles of aassociation so as to admit of there being a maximum of nine instead of as at present seçen directors, a change which your Board unanimously consider to be in the best interests of the Company and which they recommend. I beg to propose that the articles of association be altered in the manner following-(a) In Article (79) the word
nine"
shall be substituted for the word (b) in Article (88) the words “nine shall be substituted for the words seven thousand.“
56
seven;
thousand
Mr. SILVA seconded, and the motion was carried unanimously.
The CHAIRMAN-The confirmatory meeting will be held later on. I thank you, gentlemen, for your attendance.
HONGKONG rope MANUFAC-
TURING CO., LD.
The annual meeting of the above Company was held on the 7th inst. in the offices of the general managers, Messrs. Shewan, Tomes & Co. Hoa, R. Shewan (chairman) presided, and there were also present Messrs. D. E. Brown, J. H. Lewis, A. J. Raymond (directors), Fung Wa Chun, C. A. Tomes, A. Babington, T. Arnold, and R. Henderson (8 cretary).
The SECRETALY having read the notice calling the meeting,
!
1
!
The CHAIRMAN said---Gentlemen, with your permission we will follow the usual custom and take the report and accounts as read. The result of the year's work differs little from that of the previous 12 months, sales of rope being still curtailed by the high price of hemp. Our turnover in consequence was the smallest we have had during the past five years, aud as tocks of rope accumulated we had to shut down the factory at intervals in order to work them
off.
CHINA OVERLAND TRADE REPORT.
i19
These are, however, but the ordinary fluctua- ¡C. W. Dickson and Messrs. C. Michelan tions of trade which we have to expect. We have and J. H. Lewis have been invited by the bad oar good years a: d must not complain when directors to the vacant seats at the Board. the lean ones come, and there is no reason that I These appointments require to be confirmed by can see why we should not still look forward | the shareholders at this ʼn esting. In accordance with confidence to the future. If there are any with clauses 78 and 85 of the Articles of questions, I shall be pleased to answer them Association, Messrs. N. A. Eiebs and G. H. before moving the adoption of the report and Medhurst retire by rotation, but being elig.ble, offer them elves for re-election. The Honour- able R. Shewan resigned his seat at the Board in November last, Sir Paul Chater has been appoint› d Chairman for the year 1903.
acconuta.
There were no questions, and
The CHAIRMAN formally made the motion Mr. ARNOLD seconded, and the motion was agreed to.
Mr. FUNG WA CHUN moved the re-election of Messrs. Raymond, Brown and Lewis to the cousalting committee.
Mr. ARNOLD seconded, and the motion w.s agreed to.
Mr. Lewis moved the re-election of Messrs. T. Arnold and W. H. Potts as anditors.
Mr. BROWN seconded, and the motion was agreed to.
This was all the business.
HONGKONG AND WHAMPOA
DOCK CO., LD.
The following is the report of the board of ¦ directors of the Hougkong and Whampoa Dock Company, Limited, to the ordinary yearly meel ng of shareholders, to be held at the offices of the Company, Queen's Buildings, Victoria, Hongkong, on Monday, the 23rd February, at noon :--
Gentlemen, The directors have now to sub. mit to you their report, with a statement of acx nuts for the half-year on led 31st December. 1902.
The pet profit for the six months, after paying interest due and all charges, amonuts to
$363,614. 5
AUDITORS.
The accounts bare been audited by Messrs. Thomas Arnold and H. U. Jeffries, the latter acting for Mr. Fullarton Henderson, who is absent from the Coleny. Messre, Arnold and 1.enderson are eligible for re-election.
D. E. BROWN,
Hongkong, 10th February, 19 3.
The accounts are as follows: —
CAPITAL ACCOUNT.
31st Dec. 1902.
ASSETS.
Aberdeen.
Chairman.
To value of Aberdeen Docks, as per lust
statement
Kowloon.
To vaine of Kowloon Docks,
as per last statement $1,018,004.85 ess amount since written off
Toja monnt paid on account of removal of hill on the new extension, Kowloon marine lot No. 27.. Te amount paid on account of two new houses for European foremen
To amount paid on account of new fitting shop To amount paid completing new hydraulic and com- pressed air installations
to which has to be i dded the balance
brought for ard from last account 263,392.69 | To amount paid for fire ser.
and from this have to be deducted-
Directors' fees... Auditors' fees
129,504.85
1,788,5.00
$
C.
100,000.00
3,333.70
7,080.64
29,530,00
11,015.00
$627,006.84
$10,000.00 750.00
10,750.60
vice extension To amount paid on account of office extensions To amount paid on account of converting spar shed into atores
1,085.00
2,021.00
1,516.00
10,005.20
8,039,00
30,831.00
To
cost of new machine tools
for boiler shop
2,615.00
11.07
314.00
279.00
1,006, 420.54
leaving available for appropriation 616,256,81
The directors recommend that a dividend for the half-year of 10 per cent. or $234,1-0, and a bonus of 2 per cent, or $50,000, in all $300,000 be paid to the shureholders, and a bonus of $20.00 to contributing shareholders; that! $75, 00 be written from the value of Kowloon Docks, $15,00 from the Cosmopolitan Docs. $1400 from the floating plant and the balance, $196,256 84, be carried to the new account, ●
The engine works building proper is com pleted. The equipment of electric power has bee started by the fitting of three powerful electrical y driven cranes which have been at work for some time and have greatly facilitated the erection and transporting of the machinery for the Kinshan and other work. The new powerfni twin-screw tug Robert Cooke was put iuto service on 1st January. The river steamer Kishan has been successfully launched and the engines and boilers are uow on board. The dredger Canton River, bas thoroughly repaired in the hall and a large quantity of new machinery for the dredge at consilerable cost has been fitted. She is in first-class condition and is now let to Messis. Butterfield & Swire and at work at their new dock entrance. The repairs to the new forge hammer thrown down by the landslip in July have been completed and the hill has been cleared behind to prevent a recurrence.
been
The directors recommend the inauguration of a provident fund for the benefit of the Company's European staff and have made, subject to the approval of shareholders, an offer on the following lines:-The staff to contribute 3 per per cent. of their salaries, on which the Company w.uld allow interest at the rate of 5 per cent, per nunum, aud to further add to the fund a similar contri ution.
DIRECTORS.
At the present high price of Manila hemp it is of earse hard work for us to compete with the inferior Japaness article, which is greatly adulterated with other fibres, but nevertheless we have done so and have even sold a fair quanti ty in Japan itself, the quality of our rope being admittedly much superior and worth a higher figure. Since the beginning of this year the Manila hemp market has weakened and we hope to see lower prices for the raw material in future. The high cost of this has, however, not been the only factor against as It must be borne in mind that the shipping trade last year was and still is in a very depressed conditiou, a state of things that has a corresponding effect | A, Haupt having left the Colony and MEX on the demand for such an article as rope. P. White having resigned his seat, the Hig
The Honourabls J. J. Boll-Irving and
To amount paid on account of removing hili at back of new forge
To amount paid for new plant
for shipbuilding yard.
i amount paid on account of new electric installa- tion
for coppersmith shop ... To cost of new machine tools
lo cost of new machine tools
for awmill
To cost of now machine tools
for engine shop
Cosmopolitan.
To value of Cosmopolitan Dock, as per last state- ment Loss amount «ince written
off..
To amount paid on secount of four new honses for European foremou
340,678.02
31,676.02
39,000.00
!
6,797.70
315,707.70
Tugs, Dredger, I aunchos · nd Lighters. To value of Fame, as per
last account
Te value of Robert Cooke
o value of dredger Cantou
Ricer, as per last seconut Add cost of reconstruction
To value of steam launches,
stosin lighters, barges and boats, as por inst account ..
1 uss amonut since written
of...
15,000,00
138,720.00
50,040,00 85.700.00
175,780.00
110,755.90
8,255.99
102,200.00
new
6,966.00
160,468,00
439,003.00
Add cost of оде
launch, less one launch soki
To sumdry debtors
To vaine of material ox hand
3.9,331.70 1,601,243 08
*$1,761,902.02
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