1
August 13, 1904.]
30th June, 1904.
LIABILITIES.
By shareholders for 50,000 shares of
$30 each, fully paid up...
Less repayments... 14,694 19 5
CHINA OVERLAND TRADE REPORT.
Value of coal, and spare gear
Value of furniture
2,500,000.00
Value of shares in public companies
Loans on mortgage
Value of Chinese bonds
Cash with the Hongkong and Shanghai
Banking Corporation
21,730 04
750.00 642,040.69
1.0.34.43
356,000.00
149,829.08
110
corresponding period of this year to 123,019 cubic feet. During the first quarter of the current year 118,182 cubic feet of timber were sold—an amount practically equal to the fetal quantity shipped for that period. He had systematically prospected and had proved the 1,438.67 value both of the leased and the freehold land. 11,903.26
Mr. Spurling, in the course of a short discussion. 7,076.79
pointed out that the original Borneo company $2,365,249.78 | took a considerable time to turn the corner.
The motion was adopted.
C.
By admiralty loan... £20,000 0 0
£5,305 0 7 at 17 1-16
By marine insurance account
By sundry oreditors
66,791.18 | Interet accrued to date 25,500.00 Premia on marine policies unexpired ..1,718,214.74 | Sundry debtors
By balance of profit brought
forward from last account... 425,340.69 By profit...
539,446.98
REVENUE ACCOUNT.
964,787.67 30th June, 19 4. LIABILITIES.
Amount of capital, 80,000 shares of $15 $5,275,293.59 each, fully paid up
Amount at credit of depreciation and in-
surance fund
1,20,000.00
601,600,00
30th June, 1904.
$ c.
To interest
To Crown rent
45,491.69 3,083.35
Amount at credit of equalisation of divi-
dend fund
250,000.00
Amount at credit of investment fluctua
To fire insurance
3,5.8.75
tion account
157,555.07
Unclaimed dividends
37 894.67
Sundry creditors
4.867 50 16,461.36
13,473-12
2,103.86
529,30
8,000.00
To office expenses, salaries, stationery and
rent of head office
To drawing office expenses and salaries
To telegrams.
a legal expenses
To marine insurance account
To subscription to Russo-Japanese war
fund
To profit...
Amount at credit of profit an 1 loss account 136,362.85
$2,365.249.78
$ C. 35.203.58
PROFIT AND LOSS ACCOUNT, 1,000.03 th June, 19 4.
Dr. 530,446.98 To amount paid for repairs to ste imers
'lo amount paid for electric light installa-
tion for 8.8. Honam
establishments, and profit on sale of Fame 623,845,52
To directors' and auditors' fees Balance to be appropriated, viz. Dividend at 10 per cent. on
$1,200.000
8,028 64 4,750,00
$654,551.12
1st Jan, to 30th June, 1904.
C.
By net earnings of the company's three
$121,000.00
By owage, net earnings
782.10
By dredger, uet earnings
By bonus on insurance premia, &c.
29,622,27 301.23
To be carried forward to new
account
16,362 85
2654,551.12
136.362.85
$184,315.07
Cr.
By amount brought forward from last ac
ount..
$
$1.538.86
By net earnings of steuners
By interest oa investments
5,075.41 41.635.80
31st Dec.. 1903.
HONGKONG, CANTON AND MACAO | 3th June, 19 4.
STEAM-BOAT CO., LD.
The report of the board of directors to the ordinary half-yearly meeting of shareholders, to be held at the office of the company on Tuesday. the 16th instant, is as follows:
The directors beg to submit to the share. holders the report and statement of accounts for the half-year ending 30th June last. After paying running expenses, salaries. premia of insurance, repairs and all other out-goings, there remains, including $41,531.86 brought forward from last account, and $33,000 transferred from the depreciation fund to partially meet the cost of repairs incurred during the half-year, the sum of $136,362.85 at credit of profit and loss account. From this amount the Directors recommend that a dividend for the half-year of 10 per cent, on capital or $120,000 be paid to shareholders, leaving a balance of $16.362.85 to be carried forward to new account. Dulness of trade and increased competition. necessitating still further cutting of rates since the date of last report, account for the poor result of the steamers' working during the period under review. The direct West River service from Hongkong, which had been suspended since the year 1900. was resumed in April last. The usual overhaul and repairs have been effected during the half-year and the steamers are all in good running order. An electric light installation has been furnished to the Honam at a cost of $8.028.64. The Company has recently acquired, jointly with the China Navigation Company, another valuable riverside property at Canton, the cost of which is included in the accounts now presented. Mr. C. Michelau, the Hon. C. W. Dickson and Mr. C. A. Tomes resigned their seats at the Board upon leaving the Colony, and Mr. A. Haupt, the Hon. W. J. Gresson. and the Hon. R. Shewan, were nominated by the directors to fill the vacancies subject to confirmation by the share- holders at this meeting. In accordance with the Articles of Association, Messrs. H. Schubart and E. R. Fuhrmann retire from the Board by rotation, but being eligible, offer themselves for re-election. The retiring auditors, Messrs. A.O.'D. Gourdin and W. H. Potts, also offer themseves for re-election. The accounts as follows:-
ASSETS.
3 th June, 1904. Value of steamers Honam, Powan, Heung- shan, Lungshan, iths of Fatshan and Kinshan, and frd of Sainam, Nanning, Tak Hing, Lintan and Sanui. Value of lighters Sun Lee and Wo Lee Value of wharves, hulks, and moorings Value of properties at Canton, Wachow
d Kongkan..
SIL
941,500.00 i 8,750,00 84,200.00
138,398.77
By transfer fees
By amount transferred from depreciation
and insurance fund
DEPRE IATION AND INSURANCE 3 th June, 1904.
Dr.
To amount transferred to profit and loss To balance
account.
Cr.
31st Dec., 19.3. By amount at oredit
EQUALISATION OF DIVIDEND 3 th June, 19 4.
Dr. To balance 31st Dec., 19 3. By amount at credit
Cr.
C.
95.00
33,000.00
81:4,345 7
FUND. $ C.
33,000.00 600,000.00
$633,000,00
C
633,00 1,00 FUND.
$
C.
$
0
NORTH BORNEO TRADING CO., LD.
CORRESPONDENCE.
WOODMAN: SPARE THOSE TREES !
W
TO THE EDITOR OF THE DAILY PRE88”
Hongkong, 10th August. Sia-I am glad to see from your sensible article of this morning on the subject that you strongly oppose the policy of our new Superin- tendent of the Botanical and Afforestation Department, Mr. Duan, in cutting down the forests of pines which have been planted and cared for by his predecessors in office, to whom, in my opinion, we should be for ever grateful for having done so much to beautify and transform this once barren rock.
Apart from the possible health-preserving qualities of pine forests and their influence in producing increased rainfall, as a resident of some years standing in the Colony the very idea of destroying acres of these trees for the sake of a few piltry dollars makes me shudder, and I feel sure the late Superintendent of the Department. Mr. Ford, would hardly believe what was contemplated if he were informed of it.
I trust, however, that the matter may be taken up in the proper quarter and that Mr. Dunn may be prevented from rendering null and void in a few weeks the results of patient work for twenty years. - Yours, etc.,
COMMON SENSE.
ALLEGED EXCESSIVE STALL RENTS.
TO THE EDITOR OF THE "DAILY PRESS.
*
Hongkong, 9th August. SIR.-Will you kindly permit me, through the medium of your columns, to draw His Ex- cellency the Governor's, attention to the almost 250,000.00 prohibitive cost of food in this Colony? This is due in a large measure to the extortionate 250,00..00 rentals exacted by the Government from beef, pork, fish and other stall-holders in the Central Market. The inevitable consequence of this unjust exaction is to create a demand for inflat- ed prices by the stall-holders, who urge, and not wholly without reason, that their charges havO risen correspondingly with the rents they are made to pay. H.E. will, no doubt, see that all this entails on the poorer classes, especially the Chinese, the endurement of a very unnecessary hardship. The matter has been ventilated time after time in the local Press, without any result, and it is only quite recently that the efforts of a Food Commission appointed by the Government to make investigations came to an ignominious end. Trusting, therefore, that His Excellency will consider the master and introduce measures to meet a much-needed relief in this direction. I remain, Yours, &c.,
TAXPAYER.
TREE FELLING: ANOTHER PROTEST.
The seventh ordinary general meeting was held last month at Home. Mr. A. J. Scrution, who presided, moved the adoption of the report. He stated that the company were still making satisfactory progress, although not to so great an extent as in the previous year. A consider able rise had taken place in the value of the rubber trees which the company had planted. These had increased in number and utility, and the company were certainly doing well in that respect. The timber sales had shown a considerable advance, and prices had increased. Now that matters in China were settling down the company were doing better business. The latest accounts which had been received from Borneo showed that the company's land and timber were going up in value. Mr. C. P. Bennett, who seconded the motion, dealt in detail with various small changes which had taken place in the items of the accounts during the year. He stated that the cash in London was £2.600 more than it was last year, because SIR-I am very pleased to see that you since then a call had been received. The cash have brought this matter to the notice of the in Borneo was £1,525 less because of the extra Public, and trust that one of our energetic will stock carried forward there. The trading members on the Legislative Council account showed an increase in gross profit of endeavour to get this felling of trees stopped st about £350. He then proceeded to read a once. I believe Mr. Dunn has not yet started number of long letters from the manager in to fell the trees near Government House or in Borneo. In the course of these Mr. Altman the vicinity of the Peak Road, which is, I sup- stated that he had every confidence that the pose, the reason that more people have not demands of the Chinese markets would be good noticed it. Only those who ride or walk over and far in excess of the company's output, even the Wong-nei-cheong Gap and down through if it were quadrupled. The shipments of timber Aberdeen village have an idea of what destruc. from Borneo during the first four months of, tion (it cannot be called anything else) has 1903 amounted to 63,185 cubic feet, and for the been going on. At Home, at any rate in my
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TO THE EDITOR OF THE DAILY PRESS."
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