June 13, 1904.]
are useful for navigation and that are now made the vehicle for much of the deleterious sewage of the town. The rise and fall of the tide assists in carrying off the sewage, but the fall of the tide exposes the mud and filth of the bottom to the sun in such a way as probably to produce illness. The ultimate hope of the introduction of the sewerage system into the city is that the esteros not useful for navigation may be filled, and that those which are useful for navigation may be, as the term is, canalized, that is, dredg- ed out and have their banks walled so that the coming and going of the tides shall only cleanse the water without exposing the filthy bottom. A comprehensive sewer system would take much away from the esteros and would leave them to discharge only the useful function of cheap transportation.
CHINA OVERLAND TRADE REPORT.
The report of the Company reads as follows:-
Annered we beg to lay before shareholders the annual statement of accounts. These accounts are in two sets, one closed on 31st July last owing to the reduction of capital and consequent re-adjustment, and
the other brought to the end of the usual financial year in February.
Again we have to record disappointment on account of unforeseen delay and unexpected expense in installing the improved machinery at Canton. The new work is, however, now almost quite complete, two of the new engines are running, and we are beginning to realise some profit at last. Business is less satisfactory at Kowloon, as, although the plant is in fine order and complete, we have not at present the field there we should like to have, and the time
THE CHINA, LIGHT AND POWER and attention of the Superintendent has been
CO., LĐ.
ANNUAL MEETING.
The third ordinary annual meeting of share holders in the China Light and Power Company, Limited, was held on 9th inst, at the offices of the Company, 14, Des Voeux Road. Mr. C. A. Tomes presided, and there were also present Hon. Sir Paul Chater, C.M.G., Mr. H. P. White, Dr. J. W. Noble (consulting committee). Messrs. A. G. Gordon, A. Babington. Fung Wa Chun, and R. Henderson (secretary).
The SECRETARY having read the notice con- vening the meeting,
The CHAIRMAN said-Gentlemen.-Unless a request is made to do so we shall save time by omitting, as usual, the reading of the report. The Company has made considerable advance since the last meeting, and we hope for steady progress now towards a dividend" basis.
The Chinese demand for the light in Canton is as active as we could wish, and we have all the new instalment work in hand to which we can
conveniently attend. The number of skilled wiramen is limited and all we have are fully occupied, and others are taken on as fast as they become educated. The large fire in the Canton native city in February was unfortunate for us, as besides the destruction of poles, wires, transformers, etc., our revenue was curtailed for some months. Of the three main engines lately ordered one is in position, and was started in April and is doing very well, and the second is nearly ready; the smaller one for the day load is now, running, and relieves the strain pre- riously borne by the main engine, and will give a more satisfactory and economical supply of current. Almost all the foreign residents in Shameen are customers of the Company, and in the native city the wiremen are entering the official district and the houses of the well-to-do gentry. The revenue from the Kowloon plant increases slowly, but profitable business is bound to come in time as there can
be no doubt about the future importance and develop- ment of the peninsula. The accounts are very fully set forth in the printed sheet. All im portant capital expenditure we trust has come to a stop for some time to come. On line and installations further outlay must continue as business grows, but this should be partly met by revenue and we hope to expend nothing further for the present on buildings or ma- chinery. Depreciation was amply provided for in the account of July 31st last, so nothing has been allowed on this score in the February account. Arrangements are still in progress about the new shares, and we have received applications for some 10 per cent. of the autho rised new issue. If any shareholder should want a portion he has only to apply, as it is desirable the Company's floating indebtedness should be reduced.
No questions being asked,
The CHAIRMAN proposed and Sir PAUL CHATEE seconded that the report and accounts be adopted.
The motion was agreed to.
On the motion of Mr. FUNG WA CHUN, seconded by Mr. A. BABINGTON, Hon. Sir Paul Chater, Dr. J. W. Noble and Mr. H. P. White were re-elected to the consulting com. mittee.
Mr. GORDON proposed, Dr. NOBLE seconded, and it was agreed that Messrs. W. H. Potts and A. O'D. Gourdin be re-elected auditors.
This was all the business.
Sundry debtors ... ... . Cash in hand.
Balance of profit and loss account.
443
11,154.41 6,658.55
150,000,00
$563,174.67
PROFIT AND LOSS ACCOUNT. 31st July, 1903 to 29th February, 1904.
Auditors' fees
Consulting committee's fees Interest Charges Exchange
Balance carried forward
Balance of Canton working account Balance of Kowloon working account Balance outside contracts account.
BALANCE-SHEET.
$
C.
116.67
875,00
16,763.59
1,617.37
87.41 3,739.03
$23,199.07
0.
9,543.81 3,676.55
9,978.71
$23,199.07
31st July, 1903 to 29th February, 1934.
LIABILITIES.
so occupied with the new Canton installation it has not been exploited as it should be. The Company has been rather shorthanded in its technical staff and many changes have had to be made. A new electrician for Canton arrived Capital, authorised 30,000 shares at $10 in January last and one for Kowloon is now on the way, and this reinforcement of employees should prove ample.
The financial measures authorised by the special meeting in August last have been partly carried out. three-fourths of the approved issue, but the new Debentures have been taken to
shares up to the end of the financial year were not in request. Since that date application has ments are being made for placing more. been made for some part of them, and arrange-
Consulting Committee.-Mr. J. H. Lewis having left the Colony Mr. H. P. White was invited to join the Consulting Committee. In accordance with the Articles of Association, the Hon. Sir Paul Chater, C.M.G., Dr. J. W. Noble, and Mr. H. P. White retire but offer themselves for re-election.
$ C.
each issued 15,000 shares at $10 each... 150,000.00 Debentures, at 8 China Provident Loan & Mortgage Co., Ld. 116,285.55
per cent.
150,000,00
Sundry creditors..... Company's bankers
Balance of profit and loss account
Kowloon-
Land
ASSETS.
Buildings and machinery. Since expended.
Furniture Since expended.
54,167.78
73,031.32
3.739.03
$547,223.68
C.
32,770.18
.$140,000.0J 418.50
140,418.50
248.00 17.00
266.00
Lines Since expended
20,000.00
5,678.58
Materials, stores, fuel, &c. in stook
valued at .....
25,678.58
55,675.44
Buildings and machinery.... Since expended....
135,500.00
51,288.04
188,780.04.
Since expended..
303.72 29.96
338.68
C.
Lines
15,100.00
57,053.76
83.33 625.00
Since expended..
11,451891
26,551.91
Materials, stores, fuel, &c., in stock
8,070.94
valued at
35,828.73
4,762,70
Proportion of premis on current fire insur-
172.00
ance policies....
422.96
60,319.07 Sundry debtors.....
39,538.02
Cash in hand...
2,954.65
$547,223.68
Auditors.-The accounts have been audited
by Messrs. W. H. Potts and A. O'D. Gourdin, Canton who are recommended for re-election.
PROFIT AND LOSS ACCOUNT. 28th February, 1903, to 31st July, 1903. Balance brought forward
Auditors' fees Consulting committee's fees Interest
Exchange Charges
Amount written off as depreciation Balance of Canton working account Balance of Kowloon working account
Balance applied to reduction of capital in accordance with the special resolutions passed on the 27th June, 903, and con. firmed on the 13th July, 1903
BALANCE-SHEET.
5,711.54 13,201.66
$150,000.00
C.
150,000.00
$150,000.00
28th February, 1903, to 31st July, 1903.
LIABILITIES.
Capital 15,000 shares at $20 each fully paid 300,000.00 China Provident Loan & Mortgage Co., Ld. 168,591.07 Sundry creditors
17,951.15 Company's bankers.
76,632.45
Kowloon-
Land
ASSETS.
Buildings and machinery. Less depreciation...
Furniture
ROYAL HONGKONG GOLF CLUB.
The following cards were returned at the monthly meeting held at Happy Valley from the 4th to the 6th June, 1904:-
CAPTAIN'S CUP.
The Bishop of Victoria... 88 12 76 Mr. J. Rodgers
90 12 78
0.
Mr. T. S. Forrest
76 +
3
79
Mr. A. Boyd
97
18
79
Mr. J. Johnstone
85
5
80
Mr. W. D. Kraft
96 15
81
Dr. Drew, R.N.
92
10
82
Mr. W. W. G. Ross
95
13
82
97
14
6
86
15 86
140,000.00 248.00
Mr. T. C. Gray
Mr. C. A. Parker, R.N. 92 Mr. R. T. Sayle
Mr. A. Boyd Mr. J. Rodgers Mr. T. 8. Forrest Mr. J. Johnstone Mr. W. D. Kraft
+ | | | | | | | |
1200
$563,174.67
0.
32,770.18
101
$149,491.70 9,491.70
38 entries.
POOL.
93
S
18
=
75
Furniture
Lines
Less depreciation
27,970.08 7,970.08
90 12 76 + 3
78
79
20,000.00
85
M
Materials, stores, fuel, &c. in stock
valued at
80 96 15 81
5
38,225.16
Dr. Drew, R.N, ́ ́
92
10 = 82
Canton-
Mr. W. W. G. Ross
95
13 -
82
Buildings and machinery
Mr. T. C. Gray
97
14 83
135,500.00
Mr. J. Stodard
97
12
85
Mr. C. A. Parker, H.N... 92
*
86
34 entries.
303.72
15,100.00
13,436.91
Less depreciation....
Furniture Less depreciation
Lines
170,220.45 34,720.45
306.95 3.23
22,233,61 Less depreciation
7,133.61
Materials, stores, fuel, &c. in stock
1 Jued at Proportion of premia on agrrent fire insur-
ance policies
...............
The little naval launch Alexander, built by Messrs. Fenwick & Co., Hongkong, for the Admiraity, is now on her way to Weihaiwei. Such
& small vessel will find deep-water 777.74' steaming unpleasant.
No comments yet.
Private notes are available after approval.