April 6, 1908.
that I was perfectly right and| entitled to it, especially as I emphasised the meeting that as the increase was passed in July it did not necessarily, mean that the in- grease should take place from that date. However, the amount has been debited up to me. Mr. Reip-I don't wish to say anything more except that it is very unsatisfactory that this amount, nearly 86,000, should not be available for division among the shareholders instead of being owing to the Company by yourself. I see from the detailed balance sheet that the various items under Sundry Debtors are not shown, as in the published accounts, which bears out what I said and what Mr. Potts has written to me about.
The CHAIRMAN-Quite sọ. We don't care to publish individual accounts in the balance sheet; there is no real advantage to be gained by it. Are there any more questions ?
Mr. OSBORNE-There is this ques ion of your indebtedness. I quite agree with Mr. Reid that the matter of this six months' back pay should have been arranged between yours ›lf and Mr. Ch'an A Fook.
The CHAIRMAN-Mr. Ch'an A Fook would not agree to it.
Mr. OSBORNE—It has created a lot of dis- cussion.
The CHAIRMAN-Yes, that is the unfor- tuuate part of the business-that we cannot both be of the same mind.
Mr. OSBORNE-Had not this thing better, be arranged now between yours if and Mr. Ch'an A Fook?
The CHAIRMAN-No, I will pay it and finish. Mr. CH'AN A FOOK-I was acting under the advice of the firm's solicitors that we are not entitled to draw the six months' back pay be- cause the vote was taken at the date of the meeting, and it was supposed we were only entitled to it from the date at which the resolution was confirmed. That is the advice of the firm's solicitors.
Mr. RED-It seems to me there is a differ. ence of opinion between the two general managers. One general manager debits you with this half year's salary while you consider yourself entitled to it.
The CHAIRMAN-I do, and always have, and did from the moment it was granted.
Mr. REID That is a point that should have been settled.
The CHAIRMAN-It is settled now. going to pay.
I am
Mr. REID-In that case I think it is unsatis- factory to you.
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❘
CHINA OVERLAND TRADE REPORT.
LD. CAMPBELL, MOORE & CO.,
The 17th annual ordinary meeting of share- holders in the satove Company was held on the 31st alt, in the offlocs, 29 Qu on's Rond Central. Mr. A. Fuckcera Arculli (chairman) presided, and there were also present Messrs. J. W. Os orne, G. Murray Bain,' A. OD. Gourdin, A. G. Stoker, H. P. Mádar. Max Michael, A. A. de Roz, O. el Arculli V. P. Musso and A. A. Souza (secretary).
The SECRETARY read the notice calling the meeting.
The CHAIRMAN said the report and statement of accounts had been in shareholders' hands for some days and he presumed they had no objec tion to tak them as read. They spoke for themselves, and although not re favourable as the year before, they might fairly be considered as satisfactory. They had under arrangement with the Committee of the Hongkong Club started a bair-dressing saloon in their new premises a fortnight ago. The directo s hoped that it would not only be a convenience for the members of the Club but would also be found profitable to the shareholders of this Company, Before proposing the adoption of the report and accounts, he would be pleased to answer any qu stions. The e was one thing not in the report which he desired to bring to the of the shareholders, Their head notice barber, who had served the Company for 15 years, had drawn the attention of the directors to the fact that it was the usual thing in Japan, when an employee had wo:ked so long for his employer, that the latter should start him in business. It was impossible for them to do that but he had been such a valuable zervant of the Company that the direc ors were of opinion that they might grant him a bonus of $100 or $150. He should also mention that of the outstanding accounts, which had been put into the hands of Mr. d'Almada, about one quarter had been collected.
Mr. MURRAY BAIN asked if the proposed bonus was charged to the accounts.
The CHAIRMAN --No.
Mr. MURRY BAIN said that in that case if they were to take the sense of the meeting ou the proposal the report and accoun's should first be passed.
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The CHAIRMAN made the motion accordingly. Mr. STOKES seconded and the motion was agreed to.
The CHAIRMAN then moved the re-election of Mr. A O'D. Gourdin as auditor.
Mr. MURRAY BAIN seconded, and the motion was agreed to.
Mr. OSBORNE moved that a bonus of $150 be granted to the head barber in recognition of his long services.
Mr. GOURDIN-Is that to set up business and work in opposition to us?
Mr. GOURDIN-Did he suggest this bonus of 8150 ?
The CHAIRMAN-I must tell you and all the shareholders combined that it is very unsatis factory to me. I am thoroughly dissatisfied with it. However, the resolution has been put before the meeting that the report and accounts be adopted. It has been seconded by Mr. Osborne. Those gentlemen who are in favour of same please signify in the usual way by a
Mr. OSBORNE-No; it is to prevent im shows of hands. It is carried unanimiously. That is all the business before the meet-going into opposition business, ing, gentlemen. Dividend warrants will le ready. on Tuesday on application at this office.
be They will not sent out. thank you for your attendance. I hope at the next yearly meeting you will have a new general manager, in fact, two new general managers, who will be able to pay you a better dividend, but I very much doubt it. I don't think, Mr. Reid, on the part of the share. holders, you have done the Company any good, Mr. Tillett did the same thing a year ago. It cost them about $3,000. You only hold 25 shares. Mr. Ch'an A Fook and myself hold two-thirds of the shares. I person lly am the largest shareholder in this Company.
Mr. OSBORNE—But cannot we settle the mat-
ter now?
The CHAIRMAN-It is settled. Mr. Reid only holds 25 shares.
Mr. REID-Twenty shares.
Mr. OSBORNE—This thing s! ould have been ́settled between yourself and Mr. Ch'an A Fook.
The meeting then ended.
Mr. OSBORNE-No; but both Mr. Arculli and myself recommend this sum.
Mr. MURRAY BAIN seconded, and the motion was agreed to unanimously.
This was all the business.
The report of the board of directors to the meeting of shareholders above is as follows:-
+
Gentlemen,-The directors have the pleasure to lay before you the accounts for the twelve months ending 31st December, 1902, showing a credit balance of $5,336.68 which, with your approval, your directors propose to deal with as follows:~~
To pay a dividend of 25 per cent. To pay directors' fees
To write off fixture and furniture
Locounta
To place to reserve fund account To carry forward to next year's account
The 8.8. Glenogle (Captain Warner) has been chartered by Messrs. Ssang Talk and Co 49, China Street, Rangoon, during the busy sessộn, for the run from Rangoon, via Penang,continuo so. Singapore and Hongkong, to Amoy and Swatow, and back again.
$3 000,00 60% 0
5.
month. The directors, hope that advantageous to the Company.
The accounts have boɑn audited O'D. Gourdin, who offers himself for re-election
A. FUCKKIKA-AROULLI,
Chairman.
Hongkong, 25th March, 1903.
The accounts ŭře na followE 2100
મું
STATEMENT OF ACCOUNTS From Ist January to 31st December; 1908.
To Stock---
ASSETS.
Value of stock on hand
To Accounts Receivable—
Due from customers To Cash-
Amount on hand
To Chartered Bank-
In current account
To Furniture and Fixtures
8,131.83
461,00
6,303,60
As per last account Recommended to be written
off at last meeting
Since added...
.$903.65
305.65
-500,00
.178.46
678.45
$75.00
$5.00
8.79
€87.98
To Loan Account-
As per
last account Since collected
To Buspense Account-
Unexpired fire premium
By Capital-
LIABILITIES,
"1,200 shares paid up at $10 each By accounts Payable
Due to aundry creditors By Reserve Fund-
As per last account
....... 13,000
815.80
..$1,500,00
As authorised at last meeting ..... 1,000,00
By unclaimed dividends and bonus.......... By balance at credit of profit and foss
To charges... To wages
WORKING ACCOUNT.
To Reserve Fund-
As passed at last meeting..
To Dividend-
25 per cent. on $12,00) as passed at last
meeting
To Bonas--
To auditor's fees monthly audits during
19.2
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To rent
To insurance.......
To stationery
To Bad Debts-
1899 1930
2,5 0.00 34.90 5,386.68
$20,687.28
2,534.51
9,498.28
司
1,000,00
3,000,0J
25 per cent. on $13.00
$13/100
as passed at last
meeting
3,000
To directors' fees.
400,00
300,00
3,120,00
21.47
238,00
$461,00
72.63
19.1
140,0
1902
41.95
721.00
To Furniture and Fixtures - --
Written off as passed at last meeting To balance.......
305.65
5,836.08
9,418.84
By balance brought forward from last
account
7,998.66
By interest
170.41
By sales and shop returns.
.832,610.32
21,238,32
$29,416.84
Less cost of stock
By transfer fees
It is stated that in order to encourage the development of Russian commercial intercourse with China and Japan by sen, it is proposed to lower the freight rates between Odessa, and the various ports of the Far East.
A new Company has been formed to build a hotel in Peking. The Company which will be 178.45′ registered in Hongkong under British Joint- 10 000 stock laws, has already secured a valuable site 558.23 close to the Water Gate adjoining the Station, on the east side of the Canal between the Gate 85,396.69 | and Legation Street Exclusive of reception rooms the new hotel will contain something
The plans are already | like forty rooms, ¦ in hand, and things are so advanced tha
excavation of the foundations - will begun forthwith.
During this year business has been pretty steady and there is every prospect that it will For the convenience of the patrons, a branch has been opened in the Hong. kong Club annexe daring the early part of this
No comments yet.
Private notes are available after approval.