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130
The CHAIRMAN said Gentlemen,
the
On
THE HONGKONG WEEKLY PRESS AND
LIMITED.
ANNUAL MEETING.
The twenty-third annual meeting of the Hong kong Ice Company was held on the 10th inst. in the General Manager's offices, Pedder Street, st 12.30 p.m. The Hon. C. W Dickson was in tho chair, and Duncan Clarke, W. Parlane (Manager), W. W. Dixon, Barton, Lewis. May, Rodger, Mooney, Smyth, K. McK. Ross, Ho Tung, Ho Fook, Lo heung bin, and Peter Dow, Secretary.
The SECRETARY having read the notice convening the meeting.
The CHAIRMAN said,-Gentlemen, I proposet in accordance with custom, to take the repor, and accounts as read. An appreciable increase
report and statement of accounts have been THE HONGkong ice comPANY, in your hands for the past ten days, so with your permission I will take them as read, The credit side of profit and loss you will note that rents and interest show a falling-off as compared with the previous year. The decrease in rents is accounted for by the fact that 1902 rent account included a sum of $4,000 extrested security for non-fulfilment of a lease contract, and the decrease in interest is apparent in the there were present Messrs smaller amount now invested on mortgage. The sum of $200,000 formerly under the heading of permanent reserve fund has been transferred to insurance reserve food in accordance with s special resolution passed at an extraordinary general meeting held on the 26th March, 1903. This amount has been increased during the year by the addition of $607,31, which represents the value of expired risks underwritten by the company. The increase to insurance reservs fund would have been much larger had it not been that many of our old policies did not expire until 31st December last. During the year your directors were offered and accept- ed a large property in. Kowloon at a nominal price over and above the amount for which it was mortgaged to the company. This property when developed will be one of the finest in Kowloon. Building operations covering about half the ground acquired will be com. menced this month. The block of fourteen houses on K I.L. 573 will be completed in about two weeks' time. Eight of these are already let, and we do not anticipate any difficulty in letting the r mainder. During the year we have been compelled by order of the Sanitary Board under the Public Health Ordinance, 1902, to expand a sum of $7,842 in structural alterations to certain of our buildings in Kowloon. With some reluctance we have charged this amount to property account, I say with reluctance be. cause the improvements to the buildings are of
a doubtful character and the rents have not been enhanced thereby. On the contrary the rent has been slightly diminished. The Sanitary Board may continue to compel property-owners to pull down the backs of their buildings in order to provide more window area, but it is doubtful whether they will ever be able to prevent the Chinese from keeping the windows constantly closed and thus rendering all the costly improvements null and void. No princi- ple is more firmly established in onr constitution or has flene b-en upheld by he English Courts than the principle that without com- pensation a violation of the rights of property will not be permitted even for the general good; yet we find that in the new Health Ordinance nearly ll the provisions of the English Acts for compensation have been omitted. The Bill is retrospective aud its affect therefore is to legalise confiscation. It has proved a burden to both landlord and tenant, and has oused a serious decline in the value of Chinese sabu ban property. engendering a feeling of insecurity in regard to it which cannot but be harmful to the best interests of the community. If any shareholder has any questions to ask I shall be pleased to answer them.
There being no questions,
The CHAIRMAN pu the foru al resolution to the meating.
Captain CLARKE seconded, and the motion was agreed to.
Mr. E.8. JOSEPH moved the re-election of the existing board, of which Messre. J. S. Van Buren, C. Ewens, H. W. Slade, A. G. Wood, and Ho Tung were the reiring members.
Mr. H. HUMPHREYS moved the re-election of the auditors, Messrs. W. H. Gaskell and W. Hutton Potts.
Mr. A. 8. MANCELL seconded, and the motion was agreed to.
This was all the business.
On the 29th ult,, in the Yokohama District Court. the hearing was to take place of a libel action instituted by Mr. Geo. Syme Thomson, representative of Messrs. Dodwell & Co., against the editor and publisher of the Yokohama Shimpo in connection with a libellous publica. tion in that paper issued on the 4th December last. The hearing was, however, indefinitely postponed through the application of the de- fendant's counsel. The action was first filed on the 7th December last.
in the quantity of ice disposed of during the year has brought about the improved working result shown in the accounts now before you, which I doubt not you will regard as satis- factory. The low exchange which was current during a considerable part of the year led to the charging of an increased price to consumers taking mall supplies from the depot, but with an improvement in rates the old tariff, after a short period, was gladly reverted t
•
Revenue from cold storage also shows a slight increase but at th rates charged the company does no more than cover expenses, and pay for depreciation of plant. In order to ensure keeping pace with increasing demand it has been thought desirable to discard an obsolete machine, and to instal in its place a modern plaut capable of producing three imes the quantity of ice. This will entail an expenditure of about $75,000, a portion of which appears in the balance sheet now before you under the h ɔad, And now, gentlemen. ing of extensiou account. with regard to the suggested appropriation of the year's profit, you are all aware of
which need scarcely say that we do not intend the competition
threatens, and I
be deprived of any portion of our business without a strenuous effort to retain it. The advisability under such circumstances of placing to contingent account a sum hereafter applied in such quent developments may necessitate will I hope commend itself to you. There are remarks to add, but if any shareholder wishes to ask any questions, I will be pleased to answer them.
to
to be manner as subse-
no other
There being no questions, the CHAIRMAN proposed the adoption of the report and accounts. Mr. Ho TUNG seconded, and it was carried. On the motion of Mr. CLARK, seconded by Mr. RODGER, Mr. T. Arnold was re-elected The CHAIRMAN-Thank you, gentlemen. Dividend warrants will be ready to-morrow.
auditor.
HONGKONG & KOWLOON STEAM
LAUNCH CO., LD.
WINDING UP.
[February 18, 1904.
HONGKONG AND WHAMPOA DOCK CO., LD,
The following is the report of the board of directors of the Hongkong and Whampoa Dock Co., Ld., to the ordinary yearly meeting of
shareholders, to be held at the offices of the Company, Queen's Buildings, Victoria, Hong- kong, on Monday, the 22nd February, at noon.
The directors have now to submit to you their report, with a statement of accounts for the half-year ended 31st December, 1903. The net profit for the six months,
$514,396.34
after paying interest due and all
charges, amounts to to which has to be added the balance
brought forward from last account 314,293.70
$828,690,04
$10,000,00
and from this have to be deducted-
Directors' fees... Auditors' fees
750.00
40,750.00
leaving availible for appropriation $317,940.04
The directors recommend that a dividend for the half-year of 12 per cent, or $300,000, and a bonus of 2 per cent, or 850,000, in all 8350,00, be paid to the shareholders; that $42,599.35 be written from the value of Kowloon Docks, and the balance $425,340.69 be carried to the new account. The fitting and brass shop machinery has been fixed up, and a capacious building for stores and tools erected. Extensions have been found necessary to the foundry and joiner's shop bu ldings, and additions to plant in the ship-yard. The ondensing plant, motors, c., for the electric drive, and the standards for yard light- ing, are on the spot. The engines and dynamos are shipped and may be expected shortly.
The dredger Canton River has again been employed excavating the foreshore in front of Kowloon Dockyard to provide berths for ships under repairs, and is now under charter to Messrs. Butterfield and Swire for work at Canton.
DIRECTORS,
Messrs. G. H. Medhurst and C. Michelau having left the Colony, Messrs. E. S. Whealler and A. Hanpt have been invited by the directors to the vacant seats at the Board. Mr. E. W. Tilden has been invited to join the Board, These appointments require to be co firmed by
the Shareholders at this meeting.
In accordance with clauses 78 and 85 of the Articles of Association, Messrs. D. E. Brown and A. Haupt retire by rotation, bat being eligible offer themselves for re-election
Sir Paul Chater, Kt.. C. M.G., has been re-appointed chairman for the year 1904.
AUDITORS.
The accounts have been audited by Messrs. Thomas Arnold and H. U. Jeffries. The direc- tors recommend Messrs. Arnold and Jeffries for ra-election.
The accounts are as follows:-
CAPITAL ACCOUNT. July to December, 19 3.
Aberdeen.
31st Dec., .903.
ASSETS.
An extraordinary general meeting of the above company was held at the office of Messrs. To value of Aberdeen Docks as per last Ewens & Harston, solicitors, No. 36, Queen's
Road Central, Hongkong, on the 11th inst. For shareholders to form & quorum, bat eventually some considerable time there were not enough three were gathered together for the transaction of the company's business. The three gentle. men were Messrs. Tang Cheuk Hing, Yei Min Chai, and. Ho Kwan Seung.
Mr. Ho KWAN SEUNG, in the absence. the company, proposed that Mr. Tang Cheuk of Mr. Ng Lau Tong, managing director of
Hing be requested to take the chair.
Mr. YEI MIN CHAI seconded and the pro- posal was agreed to.
statement
100,000.00
C.
Kowloon. To value of Kowloon Docks,
as per last statement 1,886,579.30 Less amount since written off 36,579.39
To amount paid on account of removal of hill on the new extension, Kowloon marine lot No. 27
To working expenses of dred- gor Canton River dredg- ing foreshore near wharf and shipbuilding depart- ment
$1,850,000.00
74.25
10,107.16
To amount paid on account of two new houses for European foremen ........
7,057.59 To amount paid on account of
new fitting and brass shops 54,928.00
After Mr. YEI MIN CHAI had read the notice convening the meeting the CHAIRMAN ар volun- proposed that the Company be wound tarily under the provisions of the Companies' To amount paid on account Ordinances of Hongkong and that Mr. Tang Kwai Pok of Hongkong be appointed liquid- ator for the purpose of such winding up.
Mr. Ho KWAN SEUNG seconded and the motion was carried.
That was all the business.
of removing hill at back of new forge
To amount paid on account of now electric installation To amount paid on account of new hydraulic and compressed air installation
449.00
3,937.00
2,595.68
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