March 28, 1903;]
build, this year, two more brick kilns, one ipekiln and order another mixing pan, ich we estimate will cost altogether something under $10,000. You must baar in mind that besides the damage by storms, we lost at least two months' work, and under such | circumstances yon will see we could hardly | expect better resul's than those now shown. I know of nothing else that I can usefully add, and now beg. to move that the rport and accounts as presented to this mesting be adopted and passed. When this has been seconded, I shall be glad to hear any remarks from shareholders. (Applause)
Mr. MURRAY BAIN-I have great pleasure in seconding the adoption of the report and the passing of the accounts.
There were no other remarks, and the CHAIRMAN put the proposition, which was agreed to unanimously.
Mr. J. R MICHAEL moved the re-election of the Consulting Committee-Hou. Sir Paul Chater, Hou. C. W. Dickson, M. C. Ewens and Dr. J. W. Noble.
Mr. T. H. REID seconded, and the motion was agreed to without opposition.
Mr. F. A. HEWET moved the re-election of the auditors, Mr. T. Arnold and Mr. W. H. Potts, and the proposal, which was seconded by by Mr. J. ORANGE, was carried nem, coa.
The CHAIRMAN-That is all the business, gentlemen. I am much obliged to you for your attendance.
Mr. J. R. MICHAEL-I beg to propose a vote of thanks to the general managers for the very satisfactory accounts they have submitted to the shareholders. (Applause.)
The CHAIRMAN-Thank you.
HUMPHREYS ESTATE AND FINANCE CO., LD.
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agreed to unanimously...
The motion was put to the meeting
The CHAIRMAN—That, gentlemen, is a business of the meeting. - It is not have a confirmatory meeting, the involving no change in the articlen ciation.
· CHINA OVERLAND TRADE REPORT. much greater amonut of damage could be inflicted on the Company by a single fire than would be possible in the case of your Chinese pro- parties. We have paid during the past six ye.ra upwards of $2,0J0 to the insurance companies, and received in return for fire damage $30. During the next six years the fire premiums will probably amount to $40,000 and I think you will agree that with ordinary luck we may be able to build up a very substantial insurance reserve fand out of premiums alone. Before putting the resolutions to the vote, I shall be holders at the fourth ordinary general mee
The report for presentation to the sha pleased to answer any questions or hear any-to be held at the offices of the Company, at thing shareholders may have to say, but I may mention that it is not the intention of the board
on Saturday, the 28th inst., is as follows to giro effect to the resolutions, nul-es (a
Gentlemen,-Annexed we beg to submit to` majority of at least two-thirds of the share-
you a statement of the accounts of the Company holders present are in favour.
to the 31st December, 1902
Capt. CLARKE—Mr. Chairmau. I think the
directors should have tie power they ask for to make this improvement in the condition of the Company, but I believe at least, I have heard to-day-that the fire instance companies are reducing their rates. I have only heard it as rnmonr; I don't know whether it is true.
Mr. HUMPHREYS-I think that applies in Kowloon only,
these resolution if passed, do not necessarily The CHAIRMAN –Of course, Captain Clarke,
take effect. The point is that it gives the directors the power to carry out the resolutions f they consider it necessy. The fire insurance companies might consider it advisable to put up their rates again, and it would be a strong position for the Company to be able to carry these resolutions into effect,
WATKINS, LIMITED.
PROFIT AND LOSS ACCOUNT.
Including the balance carried forward from last year, the amount of this account shows Bad and d. abtful debts writ•`
4
ten off Amounts written off for de-
[preciation ...
..$15,381,06
$1,706,85
2,601.11
4,307 P6
From which sum your general mana
Leaving the sum of $11,058.10
gers propose 10 pay · 10 per cent, divi- dond for the year 1902, absorbing | $10,000,00
Forwarded to new account.), $1,053,10 EQUALISATION OF DIVIDEND. The balance at credit of this fund stands $4,802.57. that the
Capt. CLARKE-I quite agree directors should have that pow.r, but there is one question I should like to ask: What means have the Goverṇinent over on the Kowloon side for extinguishing fires-what appliances have they got? I understand they have no fire engines at all.
the Praya. Of cours, all the houses in Kowloon are near the Praya.
Capt. CLARKE--Then they have not a single fire engine in Kowloon?
Mr. HUMPAREYS-They have the marine An extraordinary general me-ting of share-engines, which are handy iù case of a fire near holders in the above Company was held at noon on Thursday at the offices of the general managers, Messrs. J. D. Humphreys & Son, 38, Queen's Road Central. Mr. Hart Buck (chair- man) prasided and the others present were Messrs. A. H. Mancell, C. Ewens, A. G. Wood, H. Humphreys, Ho Fook, Ho Tung. Captain Clarke, and Mr. J. L. Cotton (secretary).
The notice calling the meeting having been read,
The CHAIRMAN said-Gentlemen, you have been called together to coɛsider what has Low become a very important question to this Com- pany, viz., that of fire insurance; and to pass, if you approve, the resolutions in conuection therewith, which your general managers nd directors have adopted subject to your confirma. tion I shall be glad to have the opinions and votes of shareholdors present on the matter, but before doing so, it would be as well to place before you as concisely as possible the reasons which influenced your Board in coming to their decision. As you are doubtless aware, the fire in- *surance companies haro lately raised their rates all round 25 per cent. With the new rates in force, some of your Chinese property will give you a net return of less than 6 per cent, per annum, and you may the more readily under; staud the position whu I tell you, that in some cases the annual premiums now charged are equivalent to two months' gross rentals. If insurance companies refused to take risks on Chinese stocke-in-trade, there is no reason why the rates on Chinese property should not be as low or lower than on European properties, but I suppose that contingency is remote one. What we have to face is the fact that existing premiums on Chi- nese property in the Colony constitute so great, a burden as to render most of it unremunerative at present rentals. The quese tion arises, therefore, whether this fire insurance incubus is not ont of all proportion to the risks run. Comparatively speaking the risks are small Our Chinese properties are scattered that no single fire is likely to inflict a ater loss on us than $409, and to effect this hole book would, have to be burnt to the ound, a state of affairs which happily seldom urs. * Your directors are in favour of taking the fire risk on your Chinese property and half that on your European, properties, as the rates on the latter are very much lower, and a
80
The CHAIRMAX-Who; the Government? Capt. CLAI KE—Yes.
The CHAIRMAN-I believe not.
Capt, CLARKR-It is a fine state of affairs to trust to the floating fire-engines; it seems to mlik- trusting to rotten reeds. I have soen here in Hongkong, on the occasion of a fire in Wellington Street, the floating fire-engine take forty-five minutes before she got the order to leave th site of that fire to go to an- other on a steamer in the harbour. In taking the risk on your pr. parties, I thick it would be as well to consider what appliances there are over in Kowloon for extinguishing fires.
The CHAIRMAN-Of course, Captain Clarke, as I told you iu my opening speech, during the lest six years we paid over $20,00) to the fire insurance companies, and we have only received $30 for fire damage, so I think you might estimate the risk to a certain extent by that, At the same time, I think it would be advisable for us to see that there is a sufficient fire
brigade in Kowloon.
Capt. CLARKE-It might be adisable to bring to the notice of the Government the inadequacy of the fire extinguishing appliances in Kowlcon.
The CHAIRMAN-We will make enquiries und do what is best,
Capt. CLARK-Thank you.
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The CHAIRMAN-There being no farther questions, I beg to propose the fellowing resolutions: (1) That the Company may underwrite the whole or any part of the fire risks on all or any of its properties as the directors may from time to time determine. (2.) That the sum of $200,000 now standing to the credit of permanent reserve fund be trans- ferred to the credit of an “insurance reserve fund," and that this fund shall be credited with the same premiums on the properties underwritten by the Company as if they had been insured with other Companies, and that all losses by fire shall be met out of the same fund. Will someone kindly second that?
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AUDITOR.
The accounts have been audited by Mr. W. Hutton Potts.
G. A. WATKINS, General Managers, CH'AN A FOLK,
Hongkong, 2nd March, 1203.
VICTORIA GAOL IN. 1902. /
ANNUAL REPORT.
The annual report of Mr. F. J. Badeley on Victoris Goal is published in the Garelte. We make the following extracts :-
The number of prisoners committed to the Goal under sentences from the ordinary Courts was 5.786, besides 149 soldiers and sailors sen- fenced by the Military and Naval Authorities, There were 53 prisoners admitted for debt, making a total of 5,988.
The corresponding numbers for the preceding year were respectively 4,858, 182, 29 and 8, making a total of 5,077.
The percentage of prisoners admitted with previous convictions recorded against them to the total number of admissions was 11'3 as compared with a percentage of 13 37 for the year 1901.
The daily average number of prisoners confined in the Gaol during the year was 576 as against 499 in 1901. The accommodation of the Gaol was given in 1900 as 570. Daring 1902, and especially in May, when for several days there were 749 prisoners, the Gaol was vory much overcrowded. During the latter part of the year a number of prisoners were located in the corridors, coll accommodation being insufficient.
There were 6 deaths and 3 executions during the year, and 35 prisoners released on medical grounds.
There were 84 juveniles admitted to thọ Gaok during the year, 64 of whom were . sentenced to be detained for 49 hours and to be whipped, the remainder were sentenced to various terms of imprisonment.
There were 1,971 punishments for bresch prison discipline, being an average of 343 per prisoner, as compared with 2,411 with average per prisoner of 483 for the preceding year. There were eight cases in which corporal punishment w.s awarded during {the~ your, seven of which were (with the birch,rod) sentenced by the Assistant Superintendent alone and one with the cat-o'-nine-tails sentenced by the same officer in enjunction with a Justics of the Peace.
Notwithstanding the overcrowded Capt. CLARKE-Ï bare great pleasure in the Gaol during the year, the seconding the motion. It will give the directors of reports per prisoner has beet the same powers as shipowners have in under-record and speaks well for the 'writing the value of their ships.
discipline throughɛut the prison.
No comments yet.
Private notes are available after approval.