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246
question as to whether the Volunteer Re- serve Association, in contradistinction to
be the Volunteer Corp, should called upon to do any drill, I have to say it is not contemplated, it is not proposed, to do any drill. What is proposed is that they should make themselves efficient shots. I think there remains nothing for me to do but to thank you, gentlemen, for coming to this meeting and taking an interest in this subject.
On the motion of Mr. HEWETT, a vote of thanks was awarded His Excellency for the steps he had taken to awaken interest in the Volunteering movement in Hongkong.
The meeting then dispersed.
DOUGLAS STEAMSHIP CO.,
ANNUAL MEETING.
LD.
The twenty-first ordinary meeting of the Douglas Steamship Co., Ld., was held on the 28th ult. at the offices of the Company. Mr. H. P. White (chairman) presided, and there were also present Hon R. hewan, Mr. A. G. Wood (directors), Mr. T. F. Hough, J. E. Gomes. Mr. Chun King Yue, Mr. Chan You Ting, and Mr. E G. Remedios (secretary).
The SECRETARY having read the notice calling the meeting.
one of
The CHAIRMAN said-Gentlemen, -The re- port and accounts having been in your hands for some days will, with your permission, following the usual custom, take them as read. It is a matter of regret that the accounts do not show a better result, but shareholders must bear in mind that the year 1903 was particular depression in the shipping trade of the world, which rendered competition more keen thau ever. The outbreak of the war benefited us in a measure, but not to the extent we could have hoped, as although the regular ste mers of the competing line were withdrawn from their usual runs, for transport services, their places were immediately filled by specially chartered steamers, so that competition in the Coast and Formosa trades was still rigorously kept up.
I am glad, however, to be able to st te that during the latter part of the period under review the actual trade of the Company showed a slight improvement on the working of the last few
years, improvement that
an sincerely trust will be maintained. What effect the ultimate outcome of the war will have on trade in the East, and on our trade
We
in particular, is difficult to forecast, but without being unduly sanguine, we venture to think we may look for better times, which, if they come, the Company is in a sound position to take advantage of. In the circumstances the general managers and consulting committee, after due consideration, have decided to declare a dividend of 4 per cent, out of the profits of the year's working, apportioning the balance to depreciation as set forth in the report. As regards the present year's working, the earnings so far have been fairly satisfactory, in spite of delays on account of typhoons and typhoon warnings. All the steamers of the Company are at present fairly well employed, and we have hope that at the next general meeting we shall be in a position to present a more favourable balance sheet. Before proposing the adoption of the report and accounts, I shall be pleased to answer any questions that shareholders may wish to put.
There being no questions,
The CHAIRMAN moved the adoption of the report and accounts.
Mr. T. F. НOUGH-Mr. Chairman and gentlemen, I have looked through the report, and considering the year's working that it deals with, I think the shareholders will consider it satisfactory. I have followed your remarks, sir, with a certain amount of interest, and I am glad to hear that you hold out such hopeful I beg to second the
views for the future. motion.
The motion was agreed to. Mr. T. F. HOUGH proposed the re-election of Hon. W. J. Gresson, Hon. R. Shewan, Messrs. C. H. Thompson and A. G. Wood as the consulting committee.
Mr. J. E. GOMES seconded, and the motion was agreed to.
The CHAIRMAN moved that Messrs. W. H. Potts and A. R. Lowe be re-elected auditors.
Mr.T. HOUGH seconded, and the motion was agreed to.
THE HONGKONG WEEKLY PRESS AND
The ChairMAN-That is all the business, gentlemen.
WILLIAM
POWELL, LD.
ANNUAL MEETING.
The third ordinary general meeting of the shareholders in William Powell, Ld., was held on the 27th ult. in the Company's premises at 28. Queen's Road Central. Mr. W. H. Gaskell (chairman) presided, and there were also present Messra. E. H. Hinds (director). A. G. Stokes, T. Arnold, G. H. Dann, A. G. Ward, J. W. C. Bonnar, Arnold, R. G. Heckford (manager), H. P. Smith (auditor), aud E. A. M. Williams (secretary).
The SECRETARY having read the notice ca'l- ng the meeting.
The CHAIRMAN said-Gentlemen, - The report and statement of accounts having been in your hands for some time, with your permission I will follow the usual course and take them as read. It is gratifying to your directors to again be able to place before you a satisfac- tory roport on the year's working of the Company. On perusing the accounts you will observe that we have now arrived at B 12
per cent. dividend for the year. while at the same time we have been able to write off from the profits the balance of goodwill, to provide for the deterioration of stock on hand, and to set
[October 3, 1904. therefore, to move that the directors' remune- ration be increased from $1,000 to $2,000 in all per annum.
Mr. T. ARNOLD-I think the remarks Mr. Dann has made will be endorsed by the general body of the shareholders. At any rate, I for one thoroughly agree with everything that has been said, and I have much pleasure in second- ing the motion. At the same time I think the general body of shareholders will regret the ill health which obliges Mr. Heckford to give up control of the business.
The motion was agreed to unanimously.
The CHAIRMAN-I have to thank you, Mr. Dann and gentlemen, on behalf of myself and my co-director, Mr. Hinds, for the vote of thanks you have passed to us and the management staff, and also for the increased emoluments to the directors. We are much obliged to you, and we shall continue to employ our best endeavours on behalf of the Company, which we hope to see continue in a prosperous condition. (Hear, bear.) There is nothing further before the meeting. Dividend warrants may be had now on application. That is all the business.
The meeting then dispersed.
CANTON INSURANCE OFFICE, LD.
The report for presentation to the share. holders at the twenty-third ordinary general meeting to be held on October 21st reads as follows-
The general agents and consulting committee beg to submit to the shareholders the final accounts for the year 1903.
aside a small sum-$3,00 -towards maintain. ing a steady dividend. The amount carried forward to new account is $588.28 as against $4.757.42 brought forward from last year; but in respect of this I wish to say that we carry forward less this year, having nothing
1903 Account.The result of the year's work- further to provite for goodwill. We have stilling is a credit balance of $145,494 34, out of pursu-d our policy of writing down our stock which, and with the approval of the shareholders, on hand, bringing it to the lowest possible lay it is proposed to pay a dividend of 34 per cent. ing down cash; as the Company progresses the ($17 per share), to add $100,000 to the reserve provision necessary in this direction diminishes fund, raising the latter to $1,400,000, place year by year. Since we last met we have moved $25,000 to the credit of re-insurance fund, and into our new premises in Des Voeux Road and to carry forward the balance of $150,494.34 to find them most suitable to our requirements. I
the current year's account. am pleased to be able to tell you that we have commenced our new financial year satisfactorily, the takins for the months of July and August exceeding those months of last year. manager. Mr. Heckford, owing to ill health, wishes to leave for home six months prior to the expiry of his agreement, to which your directors have consented. been engaged. I do not think there is anything A new manager has already further to add to my remarks, but I shall be pleas d to give any information or answer any questions shareholders may wish.
There being no questions,
Our
The CHAIRMAN formally moved the adoption of the report and accounts.
Mr. A. G. STOKES seconded, and the motion was agreed to.
The CHAIRMAN-During the year, owing to the departure of Mr. T. H. Reid and Mr. Clement Drew for home, Mr. E. H. Hinds and myself were invited to join the Board. Our appointment now requires to be confirmed.
Mr. T. ARNOLD moved the confirmation of the appointment as directors of Messrs. Gaskell and Hinds.
1904 Account.-To date the working of the office compares favourably with that of the previous year.
CONSULTING COMMITTEE.
Since the last meeting Mr. J. H. Lewis has resigned his seat. To meet this vacancy Mr. H. P. White was nominated, and his appoint- The present members, the Hon. Sir Paul ment requires the confirmation of shareholders. Chater, C.M.G., Messrs. D. E. Brown, F. Maitland, H. P. White, and E. Shellim, retire,
but offer themselves for re-election.
AUDITORS,
The accounts have been audited by Messrs. W. H. Potts and R. Chatterton Wilcox, and their re-election is recommended.
JARDINE, Matheson & Co., General Agents.
'The accounts are as follows :-
STATEMENT OF ACCOUNT for the year ending 31st December, 1903.
Capital subscribed
Amount paid-up. Reserve fund Re-insurance fund.
LIABILITIES.
Mr. A. G. WARD seconded, and the motion was agreed to.
Mr. J. W. C. BONNAR moved the re-election | Outstanding dividends of Mr. H. P. Smith as auditor.
Mr. J. ARNOLD seconded, and the motion was agreed to.
Mr. SMITH-I thank you, gentlemen, for deserve it. your confidence, and I hope to prove that I
Mr. G. H. DANN-Before the closing of the
meeting, gentlemen, I have much pleasure in proposing a vote of thanks to the directors and staff for the very careful manner in which The they have looked after our interests. figures in the report which we have just adopted speak so well for themselves that any however, say this: that for a company to have further comment seems superfluous. I will, arrived at the results obtained after so short a time has elapsed since its formation shows that much foresight and care have been exercised by those in control. I observe that the directors, fees are $1,000 in all. That is, I think, inade quate, considering the time and attention the directors devote to the working of the Company. In proposing our thanks to the Board, I beg,
a.
$2,500,000.00
500,000.00 .1,300,001.00
Balance of working account, 1903
ASSETS.
56,739.01 8,996,00 445,491,34
$2,311,229,35
0.
Cash, on current account with Hongkong
and Shanghai Banking Corporation .. 11,657.54 Fixed deposits, with banks in Hongkong 225,000,00 Mortgages and debentures, in Hongking,
1,489,361.86 Chinese Imperial Government loan, 1886
and Shanghai
48,268.50 United States bonds (4 per cent. loan, 1925) 400,000.00 117,850.55 Japanese Government bonds.
19,190.90 Accounts receivable
$2,311,229.35
WORKING ACCOUNT, 1903. To amount brought forward from last ac--
count... To net premia received, less returns and
re-insuranceB.........2+004824
To interest
To busfer for
0.
110,551,96
1,696,920.18 151;188.28 79,00
$1,958,739.12
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