304
The question as to the time to be adopted at the two western treaty ports, viz :—Pakhoi and Hoihow, is a matter of comparatively small importance to the trade of this Colony, and might well be left to the decision of the Imperial Maritime Customs.
THE HONGKONG WEEKLY PRESS AND
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[October 22, 1904.
£5,450 17 7
to be gained by waiting His Excellency has By London branch-Balance, vis, ordered that this Colony shall adopt the time of
Cash at bankers.... fritish Government secu- 120 deg. East Longitude on and from Sunday, the
rities 30th October,
A notification to this effect will appear in the Newspapers and Government Gazette.-I. have,
F. H. MAY, Colonial Secretary. The Secretary, Chamber of Commerce.
The Committee of this Chamber are unable | &o. to endorse the statement made that Zone time is unpopular with navigators: so far as their information goes this is certainly not the case-- rather the reverse, as it involves no alteration of time between ports.
It might be of interest were I to add that the Foreign Telegraph Companies have already adopted a universal official time in their stations in China and Hongkong.
The Harbour Master suggests that the Macao Government should be consulted, and doubtless they would like to be. My Committee have little hesitation in thinking that they will readily see advantages in agreeing to the change, more partionlarly as the owners of the projected Macao-Canton railway will be anxious to take advantage of any scheme which will tend to render easy the connection of their Railway with the trunk lines running into Canton.
In conclusion I am to point out that as the only argument to be brought against the scheme is that it is a change from the existing order of things, and as the advantages in favour of its adoption by Hongkong are very real. the Com- mittee trust His Excellency the. Governor will readily give his consent to the proposed change of time being officially adopted in the Colony. -I have, &c..
A. R. LowE, Secretary.
Hon. F. H. May. C.M.G., Colonial Secretary.
Colonial Secretary's Office, Hongkong, 24th August, 1904. SIR,-I am directed to thank you for your full and interesting letter of the 11th instant on the subject of zone time and to inform you that His Excellency the Governor, who is in favour of adopting Zone time for Hongkong. has 'ad- dressed the Governor of Macao and the Secretary of State on the subject.—I have, &o.,
F. H. MAY, Colonial Secretary. The Secretary, Chamber of Commerce.
Colonial Secretary's Office, Hongkong, 27th September, 1904. SIE, With reference to my letter of the 24th August I am directed to inform you that the Secretary of State for the Colonies has approved of the adoption of the time of 120 deg. East Longitude for Hongkong and that the Governor of Macao has stated that the adoption of the same time for that Colony would not be inconvenient.
2. I am now to inquire whether the Com- mittee of the Chamber of Commerce have any suggestion to make as to the date upon which the time of Hongkong should be advanced by the 23 minutes and 18 seconds necessary to effect the change.—I have, &c.
F.H. MAY, Colonial Secretary. The Secretary, Chamber of Commerce.
Hongkong General Chamber of Commerce
Hongkong, 11th October 1904. SIB, I am directed to acknowledge the receipt of your letter of 27th ultimo (No. 7748/40/C.O.D.) notifying this Chamber that the proposal to adopt Zone Time has been approved of by the Secretary of State for the Colonies and I am requested to thank you for your courtesy in asking the opinion of my Committee as to the date when the change in time should be made in this Colony.
The Committee desired me to suggest that the 1st January next appeared to them a con. venient date on which to advance the local time, but should His Excellency the Governor prefer to make the change at an earlier date there would be no objection to this course being adopted, as it does not appear necessary to give any long notice of the contemplated change.- I have, &c.
A. R. LowE. Secretary. Hon. F. H. May, C.M.G.. Colonial Secretary,
Colonial Secretary's Office,
14th October, 1904.
SIE-I am directed to acknowledge your letter of 11th October, and in reply I am to inform you that as uo advantage would appear
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NORTH CHINA INSURANCE CO.,
LIMITED.
The report of this company, for presentation to the first ordinary general meeting of share- holders, at Shanghai, on 25th instant, read, us follows:-
The directors beg to submit, for the informa- tion of shareholders, the annexed duly audited statement of the working account for 1903 to the 30th June 19.14, and of the reconstructed company's accounts from 1st January to the 30th June, 1904.
1903-An interim dividend of 4 per cent., aggregating taels 41,025.64, was declared on the 2nd May last, and after deducting this amount from the balance of the working account, there remains a sum of taels 261,167.37 which the directors recommend should be up- propriated in the following manuer :---
A final dividend of 4 per cent. on the 1903
paid-up capital.
A bonus of 10 per caut. upon contributory
premiums.
Taels 95,309.17 to the credit of the resírva fund raising that fund to Taels 800,000. And the balance to b.transferred to liab lity account, closing the account for 1903.
1904. The balance at credit of working account to the 30th June am unts to Taels 217,199.30.
JAPANESE SECURITIES.-The securities men- tioned in the balance Sheet are deposited with the Government of Japan to comply with the law of that country.
DIRECTORS. In accordance with the pro- visions of the articles of association, the directors all retire, but being eligible, offer themselves for re-election.
AUDITORS The accounts have been audited by Messrs. Hayter and King, the former filling te vacancy caused by the resignation of Mr. Wrightson, and the latter acting in the absence of Mr. Wingrove through indisposition. Messrs. Wingrove and Hayter offer their services to the shareholders for the ensuing year.
Dr.
The accounts are as follows:-
BALANCE-SHEFT.
For the year ended 30th June, 1904.
To capital account :-
10,000 shares at £5-£50,000.0.0 at
28, 6 11-16d.. To reserve fund
To working account, 1903:
Amount brought forward Tnolx
from below
To deduct ---
|
Indian Government securi.
ties
Colonial Government èecu-
rities Chinese Government 5 per
cent. loan of 1898
Chinese Imperial Railway 5 per cent. loan of 1899 English Railway securities Indian Railway soourities Canadian Pacific Railway 5 per cent. mortgage dë. bentures Furniture accounts-Lon-
don and Manchester femia outstanding, bills receivable, policy stamps and drafts in course of collection
Lo-s-Due to sundries
19,685 6 6
18,994 0 11
26,980 17 4
10,944 14 7.
4,700 0 0 5.28 16 1 18,718 11 0
5,546 5 0
213 0 0
6,201 13 8
£122,600 11 8
15,022 9 2
By balances at branches By furniture af head office and branches... By sundry debiors
Dr.
842,048.07 89,985.80
1,989.80
37,012.87
Taels 1,731,442.13
WORKING ACCOUNT, 1903.
THels.
717.716.92
70,225.36
83.00
Taela 797,025.28
Taels. 12,129.05
To net piemin To interest...
10 transfer and certificate foes
Cr.
By agency commissions
By charges at head office, branches and
agencies
By directors' and auditors' fees By income tax
By depreciation furniture account.. By losses and claims
By balance carried forward.
Dr.
To net premia By interest
141,439.47 4,900,00 11,302 74 203.53 324,857,52 302,193.01
Taels 797,025.28
WORKING ACCOUNT, 1904.
Taels.
370,048.51
33,180.89
32.1.0-
Taels 473,26130
Taels.
By transfor and certificate foes...
Cr.
By agency commissions By reconstruction charges
By charges at head office, branches and
agencies.
By directors' and auditors' fees By income tax
By losses and claims
By exchange account
By balance carried forward.
Taels.
391, 38.70 704.690.83
W. H. POATE,
4,640.01 5,881.60
75,314.00
2,450.00
2,671.80
73,643.35
21,491,34 217,199:30
Taels 403,261.40-
B. C. T. GRAY, Acting Secretary.
WILLIAM D. LITTLE; Directors.
JAS, N. JAMESON,
Meser. H. W. G, Hayter and Chas. H. King auditors, gave the usual certificate.
302,193.01
Interim share dividend ..... 41,025.64
To working account, 1904-
261,167.37
UNION INSURANCE SOCIETY OF
217,109.30
138,540.67 5.821.45 10,152.65 2,831.16
Į
Amount brought forward from below To liability account for 1902 and previous
yours To sundry creditors To return of capital unpaid Tu dividends uncollected..
Cr.
Taels 1,731,442.13
Taels.
By cash on current accounts in Shanghai By Chinese Imperial Government loan of
1886 (E. issue)
By Shanghai Municipal loans By Shanghai Land Investment Co.'s
per cent. debentures..
By Shanghai Land Investment Co.'s 6 er
cent. debentures..........
By Shanghai Waterworks Co.'s 5 per cent.
debentures
By Shanghai Waterworks Co.'s 8 per cent.
debentures
By hanghai and Hongkew Wharf Co.'s
6 per cent. debentures.
By Shanghai Mutual Telephone Co.. Ld.. By mortgages on property in Shanghai . By Japanese Goverument 5 per cent, yen
loan of 1895.
By Jup nese Government 4 per cent. sterl-
·ing loan of 1839 .. By Loudon frechold premises
32,188,18
15,750,0 10,810.50
6,814.48 69,863.49
9,600.00
21,070.00
CANTON, LIMITED.
The 31st ordinary meeting of the Union In- surance Society of Canton, Ld., was held at the Head Office, 1, Queen's Buildings, on the 20th inst. Mr. A. G. Wood presided, and there were present:-Messrs. N. A. Siebs, H. W Slade, E. S. Whealler, A. Forbes (Directors), C. Montague Ede (Acting Secretary, A. B. Rouse, C. M. G. Burnie, H. J. M. Carvalho, J. A. Carvalho, R. C. Wilcox, A. G. Morris. G. H. Potts, G. T. Veitch, G. W. F. Playfair, W. H. Gaskell, W. A. Cruickshank, A. Ahmet, E. H. Hinds, W. Melchers, G. H. Rogge, Hon. Gershom Stewart, O. Struckmeyer and others. The SECRETARY read the notice convening the meeting.
The CHAIRMAN said:-Gentlemen,-The 10,:89.76 report was published on the 20th September, '4 0.01 j and no doubt you bave all made yourselves ao- 113,000,00 quainted with its contents. I therefore propose, with your permission, to follow the usual 11,815.58 procedure and take it as read. I think I may 70,182.25 | f irly say that the figures presented to you are 299,591.79 very satisfactory. The premium income for
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