August 8, 1904.]
doubtful debts, de-
duoting all expenses
and interest paid and duc
2,103,008.73
3,520,374.81
$3,52,374.81
$10,000,000,00
10,000,000,00
SILVER RESERVE FUND.
$7,000,000,00
STERLING RESERVE FUND.
To balance
By balance 31st December, 19 3......
To balance
By balance 31st December, 19-3 By transfer from profit and loss account
CHINA OVERLAND TRADE REPORT.
•
AUDITOR.
The accounts now presented have been audited by Mr. W. H. Potta, who, being eligible, offers himself for re-election.
DODWELL & Co., Ltd.,
General Managers.
1 he accounts are as follows :-
BALANCE-SHEET. 31st May, 1904. LIABILITIES.
6,500,000.00 To capital 9,900 ordinary shares
600,000.00
C.
of $10, of which $4 per share paid
39,600.00
$7,000,000.00
100 founders' shares of $10
fully paid
1,000.00
To sundry creditors
To unclaimed dividends
UNITED ASBESTOS ORIENTAL
AGENCY, LIMITED.
EIGHTH ANNUAL MEETING.
The eighth ordinary annual meeting of the shareholders in the above Company was held at the offices of the general managers, Messrs. Dodwell & Co.. Queen's Buildings, on the 5th inst.
Mr. E. S. Whealler occupied the chair, and there were in present:--Messrs. G. H. Med- hurst, W. H. Wickham. J. W. C. Bonnar. Thos. Skinner and S. R. Edwards (Secretary). The SECRETARY having read the notice con- vening the meeting.
The CHAIRMAN said: -Gentlemen: I don't think there is very much occasion for me to make any extensive remarks. Last year I told you we presented the best report we had ever had. This year we have just managed to ex- ceed that report. We are able to place the same amount to reserve fund and carry forward a slightly larger amount than we did last year. I don't think there is anything to be said in connection with these accounts. We believe that the stock has been carefully valued, and we believe that the Company is in a very sound position. As for the future, shipping is bad. but we hope that with ordinary good fortune we may be able to maintain our dividends. We hope so. If any gentleman has any questions to ask. I shall be pleased to answer them.
No questions being asked.
Mr. WHEALLER move the adoption of the report and accounts embracing the payment of a dividend of 15 per cent. on ordinary stock, with a further dividend of 7 per cent, a payment of $29.70 in respect of each of the hundred founders' shares, the addition of $6,000 to the reserve fund, and the carrying forward of $480.23 to new account.
Mr. WICKHAM seconded the resolution, and took the opportunity of congratulating the general managers on the results of the year's working.
|
The motion was carried unanimously. Mr. BONNAR moved that Mr. W. Hutton Potts be re-elected auditor of the company
for the current year.
Mr. MEDHURST seconded, and the proposition was agreed to nem con.
To reserve fund
To profit and loss account balance
ANKETS.
By lunch ladiator as por last account... By value of furniture and fittings
us per last account By since expended
By less written off
$ C. 200.00 272.75
$472.75 272.75
By unexpired portion of insurance policies By value of material on hand Ry sundry debtors
By cash in current account and on deposit
with the H. & S. B. C.
By cash in hands of general maungers
40,60 1.00 10,377.89 489.10 14,000,00 20,360 23
$85,827.52
$ 3,000.0
C.
t
200,00
101
paid Mr. Boyd his salary thereunder for 22 months; it alleged no reason but its own will ® for seeking to terminate the contract. The Court found for the plaintiff in the sum of U.B. gold $500 as salary for June, 1904. Defendant to pay the costs of the suit.
Mr. Platt said that he intended to ask leave to appeal against the judgment.
His Honour said that notice of appeal mu‹t be lodged before 8 p.m. on the 27th July.
"
KOWLOON DOCKS.
WORK IN HAND.
Since the launch of the Shanghai the building yard at the Kowloon Docks has had rather a quiet appearance. The new Star" ferry is well advanced in construction, her hull being completed and the deck fitting work in hand. The Star Ferry Co. at present have four vessels 011 the Hongkong-Kowloon ferry. When this one is ready for service the Com- pany intend to run boats half an hour later on Saturday, and on other days if there be a sufficient demand.
The hull of the new steamer for the U.S. Geodetic Department is almost completed. The vessel, measuring 144ft. between perpendiculars, is a very good model, but hardly up to the 33,845.63 standard of the Geodetic s.s. Pathfinder, a 292.09 clipper-bowed craft. The Pathfinder went into 12,396.02 No. 3 dock at Kowloon on 3rd inst. She has 38.891.20
undergone extensive repairs at the hands of the Dock Company, and is now to complete the overhaul with a bottom scraping.
202.65
$85,827.52
PROFIT AND LOSS ACCOUNT 31st May, 1904.
To trade expenses, salaries, commissions. lamch working rent, alvertising To anditor's foe
To bad debts To depreciation for year ending 31st May
To balance carried to new account
By balance from last account By profit on sales By transfer fees By interest
3 18,083.83
C.
100.00
The new hopper, built for the Dock Co.'s own use, is now about finished.
Her seams are caulked and pitched, so a cost of tar is about all she requires before taking the water.
The recently launched Shanghai, the largest steamer ever turned out at this Colony,) built 272.75 to order of the China Navigation Co., for the Lower Yangtsze trade, is alongside getting her engines fitted. This work is proceeding with $68,975.39 i all possible expedition.
156.58
20,369,23
119.44 68,231.22 15.00
The river steamer Chanwai is being recop pered on the slips. The Triumph, a fairly sized deep-water freighter, is also on the slips for a cleaning. The China Navigation s.s. Chihli, 609.73 looking very trim, was floated out. of No. 2 dock on the morning of the 3rd inst. The $68,975.39 | Glenogle lay alongside for repair. The Leviu- than, of course, monopolises the accommodation of No. 1 dock.
THE AMERICAN-CHINA DEVELOPMENT COMPANY.
ALLEGED WRONGFUL DISCHARGE OF AN
OFFICIAL.
In the U.S. Consular Court at Shanghai Mr. W. P. Boyd brought an action against the American-China Development Co. (Hankow-Canton Railway) to recover the sum him as salary for the month of June. It of gold $500, which plaintiff alleged was dus to appeared from the evidence that the plaintiff was appointed by the Board of Commissioners in August 1902 as secretary to the Board and
MECHANICAL IMPROVEMENTS.
The recent mechanical improvements in the electrical line are working very satisfactorily. The new power house, situated near the main entrance, covers an area of 6,500 square feet. Steam appliances are everywhere being super- seded. The new plant. when quite completed. will be capable of supplying over 1,000 horse- power. The various workshop machines are driven by motors, ranging in power from about eight to twenty horse-power. These motors are they were in vogue a great waste of power supplied from distributing switchboards. Before resulted from the necessity of working all the machines in a shop when only one, perhaps, was required. The new dynamos came from
This concluded the business, the Chairman | also secretary to the Engin3er-in-Chief at | home, but the boilers were made at the Docks.
announcing that dividend warrants were now ready.
The report for presentation to the shareholders of this company is as follows:-
The General Managers have now the pleasure to lay before the shareholders the accompanying statement of accounts for the year ended 31st May, 1904.
ACCOUNTS.
The balance at the credit of profit and loss account after writing off $429.33 for deprecia- tion and bad debts and including $110.44 brought forward from last year. is 820,360.23 which it is proposed to appropriate as follows To place to reserve fand
P
To pay a dividend of 15 per cent. on
ordinary shares
To General Managers' remuneration To pay a further dividend of 7 per
cent. on ordinary shares To pay $29.70 per share on 100
founders' shares To carry forward to new account
a salary of gold $500 per month for the The Dock employees are very proud of their period of five years. In May the American-machinery; they point out such features as the to the Board of Commissioners in Shanghai China Development Co. cabled from New York | large 20-ton cranes; the band-saw outting through cold iron; and the new machine for in accordance with this advice the Commis. iustruoting them to discharge the plaintiff, and. rolling large ship and boiler plates
A new sioners ceased to pay the plaintiff any salary
galvanising shop is being constructed. The after May 31st. Plaintiff denied the right of
Docks are illuminated at night by numerous arc lamps. the Board to dismiss him. The Company took up the position that the Board of Commis- sioners exceeded their authority in making the appointment, but the Court held that full power was given by the Company to make such an appointment. His Honour in his judgment went on to say that the contract $6,000.00 | with Mr. Boyd provided in plain terms for what reasons it might be abrogated. None of these 5,940.00 bad been set up or alleged, but on the contrary 2.000.00 the testimony of the Acting Agent was that no complaint had been made of the manner in 2.970.00 which Mr. Boyd had performed his duties. Mr. Kingsford testified that he thought the only 2,970.00 reason the company desired "Mr. Boyd's 480.23 discharge was to curtail expenses. It seemed that the defendant company acknowledged its $20,360.23 liability under this contract of employment and '
On the Resolution embodying the Vote of £3,044,200 for personnel in regard to ship- building and repairs in dockyards and Naval yards at home and abroad, Mr. Buchanan inquired, in the House of Commons on the 30th June, whether the Naval programme was going to be modified in any way, and if so, in what direction. Sir C. Dilke thought the House ought to be informed with regard to the provi- sion for coaling accommodation in Weihaiwei, and whether there was any change in the use to be made of that porte Mr. Pretyman, said it was intended to keep 6,000 tons of cond: at. Wei, haiwei for the supply of the Fleet in the event of trouble breaking out. No change in the Naval: programme: already announced, was con- templated. The Resolution was agreed
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