February 27, 1904.)
HONGKONG AND WHAMPOA DOCK CO., LD.
ANNUAL MEETING.
The ordinary yearly meeting of the above Company was held on the 22nd inst, in the Com pany's offices, Queen's Buildings. Hon. Sir Paul Chater, C.M.G. (chairman), presided, and there were also present Mr. N. A, Siebs, Hon. C. W. Dickson, Messrs. E. Goetz, A. Haupt, J. H. Lewis, E. S. Whealler, D. E. Brown, J. 8. Van Buren, and E. W. Tilden (Directors), W. B. Dixon, T. I. Rose (Secretary), A. V. Apcar, G. M. Bain, P. Brewitt, Hart Buck, H. F. Carmichael, Chow Hing Ki, Chau Siu Ki, W. E. Clarke, H. M. 8. H. Esmail, E. Georg, David Haskel, E. A. Hewett, Ho Fook, Ho Kom Tong, Ho Tung, H. Hum phreye, W. C. Jack, E. S. Joseph, J. J. Leiria, Lo Cheung Shiu, Donald Macdonald, A. W. Marshall, J. R. Michael, S. J. Michael, R. Mitchell, E. J. Moses, W. Parlane, T. H. Reid, A. Rodger, H. Schubart, T. Skinner, E. A. Snowin, and Wong Tso.
The SECRETARY having read the notice calling the meeting,
CHINA OVERLAND TRADE REPORT.
This was all the business.
163
Mr. HART BUCK-Mr. Chairman, before the meeting closes I think the shareholders would like to express their thanks to the general manager and the staff for the good work that they have done for the shareholders. (Applause). Dividend warrants will be ready to-day (Tueɛday).
HONGKONG FIRE INSURANCE CO., LIMITED.
to the shareholders at the thirty-fifth ordinary The following is the report for presentation general meeting, to be held at the offices of the general managers, on Saturday, the 5th March,
at noon.
1902 Account. This account shows a profit of $195,396.52, which sum, subject to the approval of the shareholders, it is proposed to deal with as
follows, viz:-
Dividend of $22.50 per share... $181,000.00 Addition to reserve fund... 15,396,52
$195,396.52
1903 Account. The balance at credit of this account is $371,110.48.
made by the Company's surveyors, the general Mortgages. From the reports and valuations managers and consulting committee are satisfied that the properties held by the Company form ample security for the advances made.
bers, the Hon. Sir Paul Chater, C.M.G., Messrs" Consulting Committee. The present mem- F. Maitland, A. J. Raymond, and J. H. Lewis, retire, but offer themselves for re-election.
Auditors.--The accounts have been audited by Messrs. W. Hutton Potts and R. Chatterton Wilcox, and their re-election is recommended.
Extensions to the foundry and joiners' shop On the motion of Mr. Ho Foor seconded by have been found necessary in order to cope with | Mr. CARMICHAEL, Messrs. T. Arnold and the increasing work in those departments. H. U. Jeffries were re-elected anditors. Additions to the working plant in the shipyard have also been made to allow for the increased size of plating both for new work and for repairs, and further additions in this branch are in contemplation: The plate-bending rolle now being erected are electrically driven and will be capable of dealing with the largest plates now in use. With reference to the electric power extension at Kowloon, referred to at the last meeting, the old engine-house has been re-roofed, and extensive fines laid to connect the boilers to the existing chimney. The condensing plant has been fixed, and capacious piping for same is being laid. The machine motors and columns for electric lighting throughout the Yard have been received and the engines and dynamos have been shipped and are due at an early date. Other extensive and unexpected electrical work, chiefly to H. M. 8. Glory, has interfered with the progress of the electrical work at Kowloon,mittee have pleasure in submitting to the share- The general managers and consulting_com- but as the refit of that vessel--which has been holders the thirty-fifth annual report of the carried out with despatch and will be completed within the date given-is now nearly finished, our
Company. electric installation will proceed rapidly. Turn- The CHAIRMAN said-Gentlemen,-The re-ing to another branch of our business, that of port and statement of accounts having been in shipbuilding, I stated at the last meeting that your hands for some time, I propose, with your we had secured an order for the construction of Banction, to follow the usual course and take a steamboat for the West River trade, and this them as read. At the last half-yearly meeting I was, as you are all aware, successfully launched was in a position to congratulate you on the the other day, and will be completed in advance result of the working, which compared favour of her due date. We have also entered into a ably with those of the two previous half-years, contract to build a boat for the Yangtsze trade, It is with great pleasure, gentlemen, I find and more recently we have received an order myself able to announce a continuance of this from the Government of the Philippines for a prosperity, and to lay before you figures which survey steamer for the Geodetic Department, show a still further and substantial advance. the latter deliverable in eight and a half months. The net profit for the six months ended 31st Oar manager at the Kowloon Docks, Mr. Wil December, 1903, amounted to $514,396.34, to son, has been granted 9 months' leave from which has to be added the sum of $314,293.70 March next, and Mr. R. Mitchell has been brought forward from last account, and after selected to act in his place. Mr. Mitchell will deducting directors' and auditors' fees, there also, on taking over Mr. Wilson's duties, remov remains for appropriation $817,940.04, as the drawing office to Kowloon, as it has been compared with $662,395.13 in the previous considered advisable to make a trial of this half-year. Subject to your concurrence, change. Prospects for the current half-year the Board propose to deal with the balance are, I am glad to say, of a satisfactory character. 88 follows: To pay a
dividend for the Bafore proposing the adoption of the Report half-year of 12 per cent. and a bonus of and Accounts, I shall be pleased to answer any 2 per cent, to shareholders, absorbing $350,000, | questions or give any further information with- to write $42,599.35 from the value of Hung-in my power. (Applause). hom Docks, and to carry forward to new account the balance of $425,340.69. I trust,
The CHAIRMAN formally made the motion. gentlemen, these recommendations will meet with your approval. Considering the state of Mr. HENRY HUMPHREYS-Mr. Chairman trade generally, I think this result may fairly and gentlemen,- I have seconded the adoption be regarded as satisfactory. The tonnage of of the report and statement of accounts of this merchant vessels actually docked during the Company so often that I am beginning to half-year shows a decline of some 10 per cent. regard myself as one of the permanent institu- compared with the previous six months, as wil tious of the Dock Company. (Laughter.) be noted from the following figures:-412,658 | My father did it before
me, BO suppose it raus tons against 462,648 tons. The tonnage of in the family. There are times, gentlemen, British warships docked was 44,179 tons when dividends are scarce and bonuses are against 40,042 tons, and foreign warships, conspicuous by their absence, that the seconding 19,111 tons against 40,499 tona. The decline of the address of the chairman is a proceeding in the number of foreign men-of-war docked of no little personal risk, but I think there is was no doubt due in great measure to the un- no fear on this occasion. We have had a good settled relations existing between Russia and half-year and next half-year will probably be Japan. As a set-off against the reduced dock- better still. I congratulate the Board of ing tonnage figures, the occupation of No. 1 Directors on the improvement in the Company's Dock by H.M.S Amphitrite for 39 days and affairs, and I think the thanks of the share- that of the No. 2 Dook by the steamer holders are due especially to Sir Paul Chater Pembrokeshire for eight weeks, may be for the good work done on the sub-committee The difficulties experienced in and for bis consenting to act as chairman for fulfilling our docking arrangements for the another term. (Applause.) I was glad larger ships alluded to at previous meetings to hear from his remarks just now that still continue, as evidence of which fact I may the drawing office is to be shifted to mention that during the docking of the Kowloon, I have no practical knowledge Amphitrite, three large vessels had to be refused, of the working of the Dock Company viz., the merchant steamers Siberia and Tremont myself, but I have been informed by those who and the French cruiser Chateaurenault, thus ought to know, and they tell me that this is the emphasising the urgent need of further Dock only dock company in the world where the sccommodation. Whilst on this subject, I drawing office is in one place and the works in should remark that the question of lengthening another. It seems to me essential that the the No. 1 Dook to which I referred on the last people responsible for making the designs occasion we met, has been found unnecessary owing to the fact, since discovered, that the propeller shafts of the Sibèria and Korea can be drawn in-board, and those vessels consequently be accommodated. Considerable improvements and additions to our plant and machinery have been carried out during the interval including the bedding in concrete and gearing up of the machines and providing flooring for the vast area of the filting shop, together with On the motion of Mr. HEWETT seconded by similar work to the new brassfitters' shop Mr. LEIRIA, Messrs. D. E. Brown and Haupt and the adjoining engine works and tool stores. were re-elected directors,
noted.
There being no questions,
should be on the spot to see that their designs are properly carried out. With these few re- marks I have much pleasure in seconding the adoption of the report and accounts.
The motion was agreed to.
On the motion of Mr. J. R. MICHAEL. seconded by Mr. HASKELL, the appointment of Messrs. Whealler, Haupt, and Tilden as directors was confirmed.
Dr.
The accounts are as follows :-
BALANCE-SHEET. 31ST DECEMBER, 1903.
LIABILITIES.
Capital subscribed Amount paid-up. Reserve fand Uncollected dividends Accounts payable Working account, 1902
Net profit... Working account, 1903
Cr.
0.
$2,000,000.00
400,000.00 ..1,154,891.96
5,601.55
44,781.01
195,396.52
Amount brought forward from below... 371,116.48
ASSETS.
Cash, on current account with Hongkong and Shanghai Banking Corporation... Cash in hands of general managers ..... Fixed deposits :-
Shanghai $
50,000.00
Hongkong and
Banking Corporation Chartered Bank of India,
Australia, and China Mercantile Bank of India,
Limited
Mortgages
In Hongkong In Shanghai... In Yokohama
Japanese Government deposit
Consolidation bonds Imperial bonda War bonds
Investments :-
$2,171,721.55
64,357.60
483.96
50,000.00
25,000.00
125,000.00
$1,180,820.37 370,720.40 25,723.39
-1,677,266.16
$29,104.00 66,510.36 26,865.23
122,476.59
$29,749.33
60,000.00
Chinese Imperial Government
loin, 1886... Hongkong & Kowloon Wharf and Godown Company,
Limited, debentures Shanghai Land Investment
Company, Ld., debentares 27,688.20 Shanghai Club debentures ... 13,389.33 Hongkong Hotel Company,
Limited, debentures
5 shares in the China Fire In- surance Company, Limited
50,000.00
875.00
180,043.86
PANDUAN 340BON COMAND CONVENÇÃO
Steam fire engines......................... Accounts receivable
500.00
$101,585.88
$3,171,721.55
No comments yet.
Private notes are available after approval.