226
net profit of $41.622.62, which, with the consent of shareholders, it is proposed to appropriate az follows:-
"To pay a dividend of per cent. on the capi tal of the
will absorb company, which $40,000,00, and to write off the balance of $1.662.62 from the values of the company's pro perties on the 30th June last."
A condition of abnormal depression in the ship ping trade of the Far East prevailed during the greater portion of the period under review, and a large number of vessels otherwise unemployed were forced to seek employment on the coast,
rendering competition more keen than ever.
In the last few months, however, a marked change for the better has been noticeable, and it is hoped that this will continue.
All the steamers of the company have been maintained in a state of thorough efficiency and are in first-class order.
The amounts appearing as freights due and accounts receivable on 30th June have since been collected.
CONSULTING COMMITTEE.
Since last meeting, the Hon. C. W. Dickson and Mr. C. A. Tomes have resigned, the vacancies being filled by the Hon. W. J. Gresson and the Hon. R Shewan. The Committee now consists of the Hon. W. J. Gresson, the Hon. R. Shewan, Mr. C. H. Thompson and Mr A. G. Wood, who all retire in terms of the articles of association. but being eligible, offer themselves for re-elec- tion.
AUDITORS.
The accounts for the six months ended 31st December, 1903, were audited by Messrs. W. H. Potts and A. R. Lowe, and for the final six months ended 30th June, 1904, by Messrs. A. R. Lowe and F. Maitland, the latter acting for Mr. Potts. Messrs. Lowe and Potts now retire, but offer themselves for re-election.
DOUGLAS LAPRAIK & Co.. General Managers.
The accounts are as follows:-
BALANCE-SHE T.
For the year ended th June, 1904.
LIABILITIES.
Capital account:-
2,000 shares at $59
Reserve fund
Underwriting account of the company
Sundry acco. nts payable
Unpaid dividend
Unpaid bonus
Profit and loss account
*
ASSETS.
$ c.
1,000,0-0,0
185.000.00 $5,4 9.19
4,353.36 415 00 138.00 41,66 .62
$1,359,028.17
913,000.00
Value of the Co.'s steamers :----
Haitan, Haiching, Haimun,
Hailoong, and Thales, as per $ 0. last report
Less amount written off as re-
solved at last general meeting 38.00 1.00
Value of buoys and moorings
at Swatow, Amoy, Tamsui and Hongkong, steam launch and wharf at Hongkong, as per last report
☺
THE HONGKONG WEEKLY PRESS AND
By coal account at Hongkong,
pr fit
1.132.95
1,248.41 2,921.21 15,657.46
24.958. 8
By general interest account .
interest on mortgages account By profit on running the company's
teamers during the year
.
CT. By agency commissiona
[September 24, 1904.
By heal office, branches and agency
charges
By remuneration for half-year ending 3h Juue, 1904. to d rectors, com- mittees and auditors
fy losses and claims paid
$167,5-6.96 By exch inge...
UNION INSURANCE SOCIETY OF CANTON, LTD.
-:0:-
The Report for presentation to the share- holders at the thirty-first ordinary meeting to he held at the Society's offices at noon on Thurs- day, 20th October, is as follows:-
The directors have now to submit to the shareholders a report of the basiness of the society for the year 1903, and for the six months ending the 30th June, 1904.
19 3. The net premium collected for the year, after deducting returns and reinsurances, amounts to $4.256,781.38. After providing for a bonus of 20 per cent, on contributions paid in May last, there remains at credit of working | account a balance of $1.178,122.86.
From this sum the directors recommend the payment of a dividend of $35 per share, equivalent to 35 per cent. on the paid up capital of $100 per share, and an addition to the reserva fund of $100,000, raisin · the reserve to $1,850,000. They further. recommend the establishment of a sterling reserve in addition to the present silver reserve, and propose to set aside for this pur- pose £20,000, which at exchange 18.10d,” will absorb a further 2'8.181.82. The balance remaining of $509,941.04 they propose to carry forward to underwriting suspense account to close the account for the year 1903.
The balance to the credit of this year's account amounted on the 30th June, 1904, to $2,078,997.41.
DIRECTORS
Since the last general meeting Mr. C. A. Tomes has resigned his seat on leaving the Colony, and Mr. A. Forbes, of Messrs. Bradley & Co.. has joined the Board.
In accordance with clause R6 of the articles of association Mr. H. W. Slade and Mr. E. S. Whealler retire, hut offer themselves for re- election.
AUDITORS.
In the absence of Mr. W. H. Potts, the Board appointed Mr. F. Maitland to audit the present accounts in his place. Messrs. W. Hutton Potts and A. R. Lowe retire, but offer themselves for re-election.
A. G. WOOD.
Chairman.
The accounts are as follows:-
WORKING ACCOUNT, 1903. On 30th June, 1901,
875,000.00
Dr.
To wor ing account, balance on 30th June, 1903, Lrought forward (sterling portion converted at 1s. 8d.)...... Less difference in exchange (due to conversion of sterling portion of above at Is. 10d.)
46,115.34
Less amount written off as re-
solved at last general meeting 3,630.67
42,44.67
Loans on mortgage
246,000.00
Hongkong and Shanghai Banking Corpor-
ation
61,157.45
Freights due on 30th June, 1904
77,620.43
To net premium from 1st July to 31st
December, 1903.....
Sundry accounts receivable from agencies,
To interest
55,471.22 To exchange
2,616.08
1,727.82
$1,359,028,17
Cr.
&c.
Coal account, stock in hand
Cash in hand
PROFIT AND LOSS ACCOUNT. For the year ended 30th June, 1904.
To dividend paid for year ending 30th June,
1903
By agency commi-siona,
By head office, branches and agency
charges
By remuneration for half-year ending 31st December, 1903, to directors, committees and auditors
By bonus on contributions account 1903,
(declared 15th April, 1904)
$
C.
1,959,926.54
112,991,06
1,846,942.48 1,582,046.94
197,299.64 925.51 $3,627,211.57
$ C. 67,171.96
+
By b lance
220,814.34
14,574.45 1,839,859.05
306,677.91 1,178,122.86
$3,627,214.57
$
C.
00,000,00
To reserve account, amount transferred as
resolved at last general meeting
11,100.93
By losses and claims paid.
To amount written off for depreciation for
year ended 30th June, 1903
41,680.67
To exchange account.
522.74
By balance...
To auditors' fees...
600.00
To remuneration to consulting committee
for 12 months
2,000.00
To remuneration to general managers for
office expenses, for 12 months
10,000.00
On 30th June, 1904.
To balance...
41,662,62 | Dr.
$
C.
$167,566.96
To net premium from 1st January to 30th
June, 1904 To interest...
C.
112,781.60
By balance of profit and loss account, 30th
June, 1903. By coal account at Amoy, profit $ 15.46
WORKING ACCOUNT, 1904.
Dr.
BALANCE SHEET. On the 3 th June, 1904.
To capital 10,000 shir s of $250 each
$2,500,000 upon which $10 per share called and paid up To reserve fund
To unclaimed bonns and diy dend To exchange fluctuation account To investmen: fluctuation account To working account, 1903, balance To working accunnt, 1901, balance To reinsurance fund, £81,86 «. 8. 9d.
underwriting suspense account, £30,876. 5×, 8d.... To undry creitors
To
Cr.
By cash on current account with the Hongkong a Shangri Banking Corporation
By cash on deposit wi h banks in Hong kang. Shanghai, and · ingupore By cash invested in mortgages, deben- tures and other securities in Hong- kung. Shanghai, and singaporė By amount investe in London, viz.:
Deposited in banks... £66,000 0 0 Invested in sterling secu-
rities
Inverted in rupee paper
243,147 10 5
X,450 00
(Market value at date) .. £317,597 10 5
C
€ 593.03
221,91-,82
16,259 09 620,585,37 553.86
2,076,947.41
$2,999,938.38
1,000,000,00 1,750,000.00
42,357.01 320.269.01 52,430.27
1,178,122.86 2,078.097.41 893 110.23
336,8 2.18 264,642 34
$7,916,811,31
.
$ 0.
52,946.21
6-47, 68.08
2,431,174.43
By amount invested in Melbourne, viz.: - Deposited in banks £2,000 00 Invested in sterling secu-
rities
15,793 36
(Market value at date).. £17,793 36
By amount invested in Yokoham, viz :- Deposited is bauka.. Yon 1 1,000,00 Japanese securities held to
conform with insurance law passed in 1903
3,464,750.23
194,147,36
1:0,0 100,00
Yen 1,000,00
210,018.18
By amount at debit of branches and
agencies
By bills receivable By sundry debtors
7. 0,135,09 6257.61 100,403.22
*$7.916,811,31
HONGKONG STEAM WATER- BOAT CO., LD.
At the meeting of the proprietors of this con- cern, held on the 22nd inst., there were present Mr. Chau Siu Ki and Mr. Francisco Tse Yat, consulting committee; Mr. J. W. Kew, Manager. and Messrs. G. C. Moron, W. S. Bailey, J. B: Paterson, E. S. Joseph, Kwan Fong Kuk, and Chia Chung How, shareholders.
The MANAGER read the notice convening the meeting and the resolutions for the acquirement of Messrs. Lane & Crawford's kindred business, already extensively advertised.
Mr. CHAU SIU KI proposed that the resolu- tions be passed. Mr. G. C. Moxon seconded. Agreed unanimously.
The CHAIRMAN thanked the members for their attendance and said that a confirmatory meeting would be held in due course, of which notice would be given. in the papers.
It is notified that His Excellency the Governor has been pleased to direct the with- drawal of the Proclamation No. 6 of 1904, declaring Amoy to be a place or port at which an infections or contagious disease prevails.
In our announcement concerning the promo- tion of a Bill for a new tramway up the Peak, we omitted to mention the well-known fact that the promoter is Mr. Alexander Findlay Smith. Mr. Smith is in England at present, engaged, $2,909,938.38 we understand, on provisional arrangements
for the construction of the tramway.
2,887,866.57 112,071.81
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