t
March 26, 1904]
CHINA OVERLAND TRADE REPORT.
in
While the inability for the second year succession to pay any return to shareholders is matter of regret to the general agents, yet you will doubtless regard the result of work ing for 1903 as not unsatisfactory, the profit made representing as it does 144 per cent. on the capital of the company. There is still unfortunately a rather considerable sum at debit of profit and loss, which must be covered before we again reach a dividend paying stage, but if present prospects hold, there is good ground for hoping that this will be achieved before another year's accounts are submitted to you.
I beg formally to move that the report and accounts as presented be adopted and passed.
Mr. G. H. Porrs seconded, and the motion was agreed to.
Mr. J. C. PETER moved that the consulting committee be re-elected.
part of the year, in organising the present (amalgamated) company, and this matter ret quired the very careful attentionof the manage- ment for some months. The accounts now before you bave had to bear an excep- tional charge. Under the agreement for amalgamation, dated 21st October. 1902. it was arranged that the present company should complete the existing ontracts of the Borneo Hardwood Co. Ld., and that the profit, if any, on the said contracts should be equally divided between the present com- pany and the Borneo Hardwood Co; the latter company retaining all liability for non- fulfilment and for loss on the said contracts. The estimated profit on these contracts amounted to 314,448.40, and half this eum ($7,224.20) has been deducted from profit on sales of timber, etc., which amounted to $92,753.72, reducing this sum to $85,529.52 (the amount shown in the accounts). The contracts referred to are now ended; consequently, this is a charge that will not occur again, and we shall, in future, retain the whole of the profit on all transactions that pass through the Company's hands. We hope you will approve our recommendation as to the disposal of the sum at credit of working account, i.e. the payment of a dividend of 5 per cent. to LUZON SUGAR REFINING CO., LD. shareholders, absorbing $27,600, writing $4,000 off launches and lightars, $4,502.04 off timber concessions, and also writing off the whole of the preliminary expenses, amounting to $9,991.60. The various properties have been well maintained and are all in good order, and I am glad to be able to say that, so far, the operations for the current year are quite satisfactory. Before proposing the adoption of the report and accounts I shall be glad to answer any questions you may like to put.
No questions were put.
The report and accounts, as presented by the CHAIRMAN and seconded by Mr. W. PARIANE, were adopted.
It was proposed by Mr. J. BASTON, seconded by Hon. GERSHOM STEWART, and carried that the Consulting Committee be re-elected.
Mr. W. H. GASKELL seconded, and the motion was agreed to.
Mr. F. SMYTH moved that Messrs. T. Arnold and W. H. Potts be re-elected auditors.
Mr. J. R. MICHAEL seconded, and the motion was agreed to.
This was all the business.
ANNUAL MEETING.
The annual meeting of the Luzon Sugar Refining Co., Ld., was held on the 24th inst, in the offices of the general agents. Messrs. Jardine, Matheson & Co. Hon. C. W. Dickson presided. and there were also present Messrs. J. H. Lewis and A. G. Wood (consulting committee), P. A. Barlow, G. H. Potts, E. J. Moses, W. J. Gresson, C. H. Ross, Ho Fook, J. M. Graça and J. Barton (secretary).
The notice calling the meeting having been read,
The CHAIRMAN said-Gentlemen,-As in- dicated in the report now before you, there has been no work done at the refinery during last year, circumstances with which you are already
and the accounts now submitted show only an conversant continuing to render this impossible;
increased debit balance by the addition of fire insurance, interest and such minimum expendi ture as was necessary to keep the machinery and buildings in a satisfactory condition. The out. look, I regret to say, is no more promising than it was a year ago. It is difficult, under prevailing circumstances, to shape any other course than that being pursued, although it is obvious that this cannot go on indefinitely; but I may say CHINA SUGAR REFINING CO., LD. Į that if any reasonable offer for the property
It was proposed by Mr. A. W. VAN GIBB, seconded by Mr. J. W. C. BONNAR, and carried, that Mr. W. Hutton Potts be re-elected auditor of the Company for the present year.
The CHAIRMAN stated that dividend warrants would be ready for issue on Monday, the 21st inst,, on application at the office of the Company With the usual vote of thanks to the chair the
meeting terminated.
ANNUAL MEETING.
were received, I should not hesitate to at once put it before you for your favourable considera- I beg to formally move the adoption of the report and accounts as presented.
Mr. BARLOW seconded, and the motion was carried.
#
Mr. G. H. POTTS moved the re-election of the consulting committee.
The annual meeting of the China Sugar Refining|tion. Co., Ld, was held on the 24th inst. in the offices of the general agents, Messrs. Jardine, Matheson &Co. Hon. C. W. Dickson presided, and there were also present Hon. Sir Paul Chater, C.M.G., Messrs. R. C. Wilcox, A. G. Wood and E. Shellim (consulting committee). Messrs. W. H. Gaskell, J. C. Peter, J. R. Michael. F. Smyth, A. Rod- ger, A. Bain, S. J. Michael. T. F. Forrest, G. H. Potts, Ho Fook, Lo Cheung Shiu, and J. Barton (secretary).
The notice calling the meeting having been read,
The CHAIRMAN said-Gentlemen,-I assume you will have no objection to taking the report as read. There is no special feature in con- nection with the working of the refineries during last year to which I could usefully refer. The difficulties attending our uncertain currency are, of course, still with us, but these I am sure you already fully appreciate. A higher level of exchange cheapened purchases of raw sugar and enabled us to secure greater margins on sales made in silver, the volume of which it will be of interest to you to know Fluctu- shows a very encouraging increase. ations in price were much less severe than we had been accustomed to for some time previously, and now that the pernicious system of bounties is a thing of the past, it is not unreasonable to suppose that when the still large stock of bounty fed sugars are worked off, speculation in the article will be determined by factors which can be more
Mr. E. J. MOSES seconded, and the motion was agreed to.
Mr. C. H. Ross moved the re-election of the auditor. Mr. T. Arnold.
Mr. J. C. PETER seconded, and the motion was agreed to.
This was all the business.
WATKINS, LIMITED.
The following is the report of the general managers, to be presented at the ordinary annual meeting of shareholders held ut the Company's office at noon. on the 26th March-
Gentlemen,-We beg to submit to you our report, and a statement of the accounts of the Company for the year ended the 31st December,
1903.
PROFIT AND LOSS ACCOUNT.
After providing for all bad and doubtful debts, and including the $1.053.10 carried for- ward from last year, the balance at credit of this account amounts to $15,442.22. From which has to be deducted the following sums written off as depreciation, viz. :- From plant and machines, readily gauged. It has From furniture and fixtures, been deemed prudent to write down our From steam launch,
stock and forward purchases of raw sugar to a
point which should ensure the present year not being saddled with unduly high cost, a course
/
which I feel sure will have your approval. Leaving available the sum of
|
243
DIVIDEND. From the above amount
your general managers propose to pay the same dividend as last year, namely, 10 per cent., absorbing $10000, and to carry forward the balance of $1,042.22 to the current year's account.
EQUALISATION OF DIVIDEND FUND. The amount at credit of this fund remains as before, $4,802.57.
AUDITOR,
The accounts have again been audited by Mr. W. Hutton Potts.
BALANCE-SHEET, 31st December, 1903. LIABILITIES.
$ 0. Capital-10,000 shares @@ $10'fully paid-up 100,000.00 Equalisation of dividend fund...
4,862.57 371.60 Dividends unclaimed at date
Guaranty Trust Company of New York... 11,947.19 Bills payable. Loans payable Accounts payable Loan on mortgage
Profit and loss account
ASSETS.
Aorated water plant, as per last
report
Less written off
Steam launch, as per last report Less written off
Furniture and fixtures, as per
last report New shop fixtures, &c., since
added
Less written off
Building Fixed deposits
Cash
27,841.21
6,160,00
16,179,85
23,720.00
11,042,22
$200,564.64
$ 9,000.00 2,000.00
7,000.00
7.000.00 700.00
6,300.00
1,700.00
15,377.18
17,077.18
1,700.00
15,377.18
22.720.00
2,200.00
371.60
524.42
1,570.49
936.67
14,136.44
90,210.14
$36,681.52 2,636,18
39,217.70
$200,564.64
National Bank of China, Limited Hongkong & Shanghai Banking Corporation
Licences attaching to 1904 Stock, &o., with branches... Stock on hand Accounts receivable:
Dr.
Trade accounts Sundry debtors
PROFIT AND LOSS ACCOUNT.
To amounts written off for depreciation :-
From aerated water plant......$2,000.00 From stean launch...
700.00/ From furniture and fixtures... 1,700.00
To balance
Cr.
By balance forward from last year. By net profits for the year 1903,-less bad
and doubtful debts written off..
C
4,400.00 11,042.22
$15,442.22
C.
,053.10
14,389.12
$15,422.22
CAMPBELL, MOORE, AND CO., LD.
The following is the report of the board of directors to the eighteenth ordinary meeting of shareholders, to be held at the Company's office, No. 29, Queen's Road Central, on the 31st March, at noon :—
Gentlemen,-The directors have the pleasure to lay before you the accounts for the twelve months ending 31st December, 1903, showing a credit balance of $6,923.51, which, with your approval, your directors propose to deal with as follows
fixture
and
To pay a dividend of 30 per cent.... $3,600.00 To pay directors' fees ...
600.00
126.58 2,000.00
To
off write furniture accounts
To place to reserve fund account... To carry forward to next year's
account
596.93
$6,923.51
The business continues steady and there is every probability that a similar result may be looked forward.
$2,000.00 1,700.00
700.00 The accounts have been audited by Mr. A. O'D. Gourdin, who offers himself for re- election.
4,400.00
$11,042.22
A. F. ARCULLI, Chairman.
Hongkong, 24th March, 1904.
No comments yet.
Private notes are available after approval.