September 21, 1903.1
HONGKONG COTTON SPINNING, WEAVING AND DYEING CO., LD.
ANNUAL MEETING.
The ordinary annual meeting of shareholders in the Hongkong Cotton Rpinning, Weaving and Dyeing Co., Ld. was held at the offices of the general muagers, Messrs. Jardine, Mathe- son & Co., on the 14th inst.
Hon. C. W. Dickson (chairman) presided, and there were also present Sir Paul Chater and Mr. A. G. Wojd (consulting committee). Messrs. R. C. Wilcox, J. R. Michael, K McK, Ross, W. J. Gres op. C. H. Ross, Ho Fook. Lo Cheung Shia, Ho Kom Tong, A. Shaw (manager), A. Brooke Smith (secretary), and
others,
severe
The notice calling the meeting been read, The CHAIRMAN said-Gentlemen,-The re- port and statement of accounts now before you having been in your hands for some days, I propose, with your assent, to take as read The result shown is not gó satisfactory as was at one time anticipated, owing mainly to a visitation of plague, which during April, May, and June claimed as victims a number of our most experienced operatives. The loss of those hands who had been at the mill since its commencement, interfered greatly with the production and is still to some extent handi- capping the out-turn. Low exchange during the greater part of the year and the high price of cotton have also worked to our detriment. Our yarns, however, continue to be in good demand and, given normal conditions, I hope we may be able to show a better result during the current year. The erection of the 5,000 spindles referred to at our last meeting was completed early this year, bat, owing to the plague, we have not yet benefited to the fullest extent from this addition. Since the beginning of May a number of our operatives have been accommodated in the quarters specially built for them and I am glad to say that so far the health of the occupants has realised expecta- tions. Every precaution is, of course, being taken to keep the building in a sanita y con- dition. In view of the expenditure on accouut of these quarters and on additional plant the proposal to write $35,000 off property account will doubtless commend itself to you. Before moving the adoption of the report and accounts I shall be pleased to answer any questions relating to them you may desire to put.
There were no questions.
The CHAIRMAN proposed that the report and accounts as presented be adopted and passed. Mr. R. C. WILCOX seconded, and the motion was agreed to.
On the motion of Mr. Ho Fook, seconded by Mr. McK. Ross, the appointment of Mr. A. G. Wood in place of Mr A. Haupt was confirmed, and with Sir Paul Chater he was re-elected to the consulting committee.
Mr. GRESSON sproposed and Mr. C. H. Ros8 seconded, that Mr. W. Hutton Potts be re- elected auditor.
The motion was agreed to.
The CHAIRMAN That is all the business, gentlemen. Dividend warrants will be ready on application to-morrow morning. Thank you for your attendance,
DOUGLAS STEAM-SHIP CO., LD.
The following is the report for pres-ntation to the shareholders at the twentieth ordinary general meeting, to be held at the Offices of the Company, on the 26th September, at
noon :-
After paying all running expenses, premia of insurance, remuneration of consulting com- mittee and auditors' fees, there remains a net profit, including $43,180.93 profit on sale of the 8.8. Formosa of $112,781,60, and with the consent of shareholders, it is proposed to appropriate this amount as follows
per cent. on the
To pay a dividend of capital of the company, absorbing $60,000.00, to transfer $11,100.98 to reserve fund, which will then stand at $185,000.00, and write off the balance of $41,680.67 from the values of the company's properties on the 30th June last."
to
The steamer Formosa was sold in June last at a fairly good price considering her age, and that she was now too small for, general purposes.
CHINA OVERLAND TRADE REPORT.
CANTON, LD.
217
During nearly the whole period under review | UNION INSURANCE SO JEY OF conditions of trade together with increasing we have had to contend with very depressed
competition, but we are pleased to report that the company still commands the esteem of ship- pers, and with a revival of trade, are quite con-
The following is the report for presentation fident of maintaining our position on the coast.
All the steamers of the company have under-meeting to be held at the Society's Offi·es at to the shareholders at the thirtieth ordinary gone the n-ual annual Government survey, noon on the 8th October :- and are in efficient condition.
The amounts appearing as freights due and acconols receivable on 30th June have since been collected.
CONSULTING COMMITTEE.
Since last meeting, the Hon. C. S. Sharp and Hon. R. G. Shewan have resigned, the vacancies being filled by Messrs A. G. Wood and C. A. Tomes. The committed now consists of the Hou, C. W. Dickson, Messrs. C. H. Thompson, A. G. Wood and C. A. Tomes, who all retire in terms of articles of association, bat, being eligible, offer themselves for re-election.
AUDITORS.
The present accounts have been audited by Messrs W. H. Potts and A. R. Lowe, who retire, but, being eligibl, offer themselves for re-election.
DOUGLAS LAPRAIK & Co.,
General Managers.
The accounts are as follows:- BALANCE-SHEET for the year ended 30th June, 1903. LIABILITIES
$ C.
138:00
19.2.
The net premium collected for the year, after deducting returns and reinsurances, amounts to $4,024,793.61. After providing for a bonus of 20 per cent. on contributions paid in May last, there remains at credit of working account a balance of $968,815.93 as per annexed statement.
From this sum the directors recommend the payment of a dividend of $32 per share, equivalent to 32 per cent, on the paid-up capital of $100 per share, and an addition to the reserve fund of $150,000 raising the reserve to $1,750,000. The balance remaining of 8498,815,9 they propose to carry forward to underwriting suspense-account to close the account for the year 1902.
1903.
The balance to the credit of this year's account amounted on the 30th June, 1903, to $1,959,926.54 as per annexed statement,
DIRECTORS.
Since the last general meeting the Hoa. C. Cap'tal account:-20,000 shares at $50... 1,000,000.00
8. Sharp, Mr. G. Balloch, Mr. G, H. Medhurst Reserve fund
173,899.07
and the Hon. R. Shewan have resigned their Underwriting account of the Company... 80,935.68 seats on leaving the Colony; and Mr. A. G. Sundry accounts payable
47,127.19 Wood, Mr. H. W. Slade, Mr. E. S. Whealler Unpaid dividends
189,00 and Mr. C. A. Tomes have joined the Board. Unpaid bonus Profit and loss account
In accordance with clanse 86 of the articles 112,781.60
of association Mr. N. A. Siebs and Mr. A. G., $1,415,070.54 | Wood retire, but offer themselves for re-election.
AUDITORS. Mr. J. H. Cox having resigned, the Board appointed Mr. A. R. Lowe to audit the present
ASSETS.
Value of the Co.'s Steam- ers-Haitan, Haiching, Haimun, Hailoong, For mosa, and Thales, as per last report... Less amount writ.
A
ten off as resolved at last general meeting Less book-value of 8.8. Formosa now Hold
$37,000.00
70,000,00
Va'ue of buoys and moorings at Swatow, Amoy, Tamsni & Hongkong, steam launch and wharf at Hongkong, Less sale of mat-
as per last report....
erial
$ 122.82 Less amount writ-
ten off as resolved at last general meeting
$1,020,000.00
$ C.
107,000,00
913,000,00
5,936.06
6,058.88
accounts.
Messrs. W. Hutton Potts and A. R. Lowe retire, but offer themselves for re-eletion.
A. G. Wood, Chairman.
Hongkong, 17th September, 1903.
The accounts are as follows:-
WORKING ACCOUNT, 1902. On 30th June, 192. To working account, balance on 3 th
June, 1902...
Dr.
Cr.
46,115.34 By agency commissions
192,500,00 By head (ffice, branches and agency
1
0.
1,672,433.78
52,174.23
To net premium from 1st July to 31st
December, 1902
To interest.,
1,461,89),83 186,672.40
$3,320,497.01
$
0.
64, 314.73
191,800.67
14.813.65 1,739,381.30 2,945.46
338 526,27 968,815,93
$3,320,497,01
Loans on mortgage Hongkong and Shanghai Banking Cor-
poration
Freights due on 30th June, 1903. Sundry
152,670.70
55,686.78
At
52,667.39 2,430.39
$1,415, 70.54
accounts receivable from agencies, &c............................ wiri Cash in hand....
PROFIT AND LOSS ACCOUNT
To dividend paid for year ending 30th
"For the year ended 30th June, 1903. $
June, 1952
To amount written off for depreciation for
year ended 3th June, 1902] To exchange account To auditors' fees
To remuneration to consulting committee
for 12 months
To remuneration to general managers for
office expen es, for 12 months To balance
By balance of profit and loss account, 30th
June, 1902
By coal account
By gener 1 interest account By interest on mortgages account By bonuses received
61,000.00
chargea
By remuneration for half-year ending 31st December, 192, to directors, committees and auditors
By losses and claims paid............................ By exchango
By bonus on contributions account, 1932 (declared 18th April, 19.3) 2) per
By balance.
cent..
Dr.
WORKING ACCOUNT, 1908.
To net premium from 1st January to
2,674,734.44
93,895.48
$3,718,629.92
42,936.06 1,002.52
600.00
On 30th June, 1903.
2,000.00
30th June, 193... To interest....
10,000.00 112,781.60
$229,320.18
0.
54 953.8$
11,938.75
102,936.08 By head office, branches and agency
1,344.06
chargea 1,262.31 By remuneration for half-year ending 30th June, 1908, to directors, com- mittees and auditors
214,691.11
17,415.15
522,470.08
$1,178.20
1,959,928,54
By profit on sale of 8.8. Formosa.... By profit on running the company's steamers
"during the year..............
326.:9 43,180.93
Or
By agency commissions..
By losses and claims paid... By exchange.... 68,331.08 By balance
$229,320.18
MO
$2,768,629,92
No comments yet.
Private notes are available after approval.