472
It is anticipated that the net results of the new season's working will be more favourable than those of the season under review.
on
ACCOUNTS - Working A ccount for the season shows a profit of Tls, 33.462 29, which is trans- ferred to Profit and Loss Account; the latter account, after deducting interest on debentures and the Manager's Commission of 2 per cent. the Working Account profit, shows an available balance of Tls. 26,219.18, which the Directors propose to divide as follows:- A Dividend to Sharehol lers of 5 per cent. (Tls 2.50 per share) ...
Depreciation from Plant and Building-Klompong
To write off
Estate
To write off Depreciation from
Buildings-Gula Estato
Carrying forward ..
+
Tls. 17,500.00
5,308.91
THE HONGKONG WEEKLY PRESS AND
Cr.
By balance, brought forward 30th September, 19 3... Leag-Amount transferred to
sinsing fund
By transfer fees
By working account
Dr.
Tls.
Tls. 91,574.54
6.539.78
LIABILITIES AND ASSETS.
To capital account To Russo-Chinese Bank overdraft current
account
To debenture account To acceptances and billa due
css -Stocka held against same
1,775.18 | To sundry credit ra 1,635.09 To debenture sinking fund To loan account
Tls. 26,219.18
DIRECTORS.Sir Charles Dudgeon resigned his seat on leaving Shanghai, the vacancy being filled by the appointment of Mr. F. Anderson, who retires at the annual meeting, but, being eligible, offers himself for re-election.
AUDITOR.The accounts have been audited by Mr. Chas. H. King, acting on behalf of Mr. G. R Wingrove owing to the latter's illness.
Mr. G. R. Wingrove offers himself for re-election.
Shanghai, 6th December, 1904.
WILLIAM D. LITTLE,
Chairman. LEONARD KERR,
Secretary.
THE INTERNATIONAL COTTON MANUFACTURING CO., LD.
The report to be presented at the ninth annual meeting of shareholders at Shanghai on 21st December, was as follows:
Your directors have now to place before you the accounts of the company for the year ending the 30th September, 1904, which have been duly audited and show a net profit of Tls. 14.228.71. The War in the North com- bined with tightness of money and high cost of cotton have greatly interfered with the pro- fitable working of the Mill.
Debenture Trust Fund.-This fund (in- cluding accrued interest) now stands at Tls. 31,669.87, to which has to be added 25 per cent. of the year's profit, viz: Tis. 3,557.18, making in all Tls 35,227.54, say 26 par cent. of the amount of Debentures issued.
Your Directors propose that the
sum of Tls. 31,669.87, now standing at the credit of Debenture Sinking Fund, be transferred to profit and loss, making it Tls. 13,933.34, and that this be disposed of as follows—
Tls. Write off property account for depre-
17,323.20 Write off plantaccount for depreciation 52,543.24 Write off furniture account for depre-
ciation
ciation
Place to a reserve fund Carrying forward to new account
437.61 50,000.00
13,629.29
Tls. 133,933.34 Directors. Mr. Scott retires by rotation bat, being eligible, offers himself for re-election.
Auditors. Your Directors regret to have to record the death of Mr. R. F. Eastlack, who has been an auditor of the Company since its for
mation.
Mr. A. R. Leake audited the accounts now presented, and offers himself for election.
J. L. Scorr, Chairman.
To profit and loss account
Cr.
By cargo boat
88,034.76 16.44 57,524.10
Tla.
Gap.
[December 26, 1904..
Another terminus there would confer ne lasting benefit upon Peak residents, who could at most only hope for a temporary reduction of rates arising out of the competition between the two ompanies. The shareholders of both would suffer, and the Government and the Colony generally would not benefit at all. We are at present
Taols 145,575.30 | Degotiating with the authorities for permission to extend our line to Queen's Road. If success- ful in obtaining their assant we shall be not only in a stronger position to meet the threaten- 628,800.00ed opposition. but we shall be better able to cater for the wants of our season ticket holders 258,189.89 and the public generally, At the same time. 134,000.00
we are of opinion that the extension of the line to Queen's Road will prove remunerative, as there will be every likelihood of our receiving 64,418,03 much greater support in the way of casual 31.669.87 traffic. I have no further remarks to make, 80,000.00 but if any shareholder has any questions 102,213.47
to ask I shall be pleased to answer them.
1,729.21 1,729.24
Taels 1,299,311.26
By property account 30th Sept. 329, 15.08
Additions during year
By plant and machinery 30th
September, 1903 Additions during year
By ginning mill plant By furniture account
Additions during year
Cotton by products (waste and
8,008.12
678,921.84 3,621.40
5,172.14 265.47
By sundry debtors
By unexpired fire premia By stocks on hand-
Cotton
109,068.31
Yarn
178,860.14
122,042.00
56,818.14
11,826.62
24,335.69 829,19
21,559.01
6,539,78 1,571.03
seeds)
Sundry mill stores Coal....
By debenture trust fund 30th
September, 1903
Paid trustees 25 per cent.
profit, 19 3........ Acerned interest thereon
Tis. 21.)
337,323.20
682,543.21 15,000.00
Mr. G. MURRAY BAIN, in seconding the motion, said:-I think the Chairman has covered all the ground, and mentioned pretty well all the points in the minds of shareholders at present. Perhaps the last said about these points in the meantime the better, and we shall find later on how the cat jumps." The motion was carried unanimously.
ELECTION OF OFFICERS.
The CHAIRMAN moved that the Hon. W, J. Gresson, and Messrs. J. Orange and Scott Harston be re-elected members of consulting 5,437.61 committee for the ensuing year. Mr. J. A. 19,433.33 TARRANT seconded the motion, which was
4,834 66
carried.
202,877.95
31,669.87
Tacls 1.299, 41,26
Mr. J. ORANGE moved, and Mr. J. A. Jupp seconded, that Messrs. G. H. Potts and W. H. Gaskell be re-elected anditors. The motion was agreed to.
This concluded the business.
HONGKONG NAVY LEAGUE.
The
annual meeting of members and associates of the Hongkong Branch of the. Navy League was held in the old Chamber of Commerce room at the City Hall on Dec. 19. There were present Mr. H. E. Pollock, K.C. (President), the Hon. Gershom Stewart, Col. Western, and Messrs. G. Piercy, C. Mooney, C. B. Hayward, E. W. Mitchell, R. C. Wilcox, D. Layton, T. P. Cochrane, Lo Cheung Ip, D. R. Law, W. E. Claret, N Mumford, HONGKONG HIGH LEVEL TRAM- W. H. T. Davies, $. A. Joseph. M. J. Stabb,
* Less-Yarn paid for not delivered.
WAYS CO., LD.
The twentieth ordinary general meeting of shareholders of this Company was held at the Company's registered office, Alexandra Build- ings, on the 13th inst. There were present Messrs. Henry Humphreys (Chairman), J. A. Jupp, J. Orange, A. Moir, J. A. Tarrant, J. M. Wong, G. Murray Bain, W. H. Gaskel, C. Ewens and the Hon. W. J. Gresson,
A. I abington, P. C. Potts and A. R. Lowe (Secretary).
REPORT AND STATEMENT OF ACCOUNT.
In moving the adoption of the report the PRESIDENT Said:-The report and statement have been in your hands for some time past. As you will have seen from that report, it is nearly two years since I last had the pleasure of addressing you.. As you will ascertain from the report, there has been a considerable change in the officers of the League during the past year and eleven months. I am sorry there are not more members and associates present here this afternoon, but perhaps I hope it is so state.--that may be taken as a sign that the members.
and associates are satisfied with the manner in
REPORT AND STATEMENT OF ACCOUNTS.
In moving the adoption of these the CHAIRMAN with your permission, to follow the usual said Gentlemen.-I propose.
course and take the report and ment of accounts as read. The traffic re-
ceipts for the twelve months ending 30th November, 1904. show an improvement of $5,657.13 and the net profits for the same compared period an increase of $4.924.25 as with the preceding year, a result which cannot The
on
made
which the business of the League has been conducted since we last he'd a general meeting. My experience in Hongkong is, that a full and crowded meeting is a sure sign that some disturbance
occur, or that is going to
1 should some points are to be brought forward but be gratifying to shareholders. possibility, however, of a new Tramway being like to say a few words on matters of importance constructed to the Peak in the near future in connection with the branch. As stated in in direct competition with our own
line paragraph three of the report, the shooting the to be continues compels us to husband our resources to the
a high level in understand the Ocean in utmost. Your general managers and consulting | China fleet, and
particular has Committee have therefore considered it ex-
véry
firing. good pedient notwithstanding the increased profits [The speaker here read an extract from the to reduce the dividend from $20 to $15 a share Narol and Military Record of the 10th Novem-
ber last, wherein was given an and to place the unusually large sum of $ 0,000 to reserve fund. If this policy be pursued for of the firing, under most difficult conditions, another two years (about the earliest period in and as similar to the nature of firing. in case which any opposition line could be opened for of actual warfare as practica would allow, traffic) this Company will have a reserve fund of H.M. ships Glory. Albion. Ocen, Ven- of about $100,000, and with its small capital, geance and Centurion.] On the whole, the and a reserve almost equal to its capital, will be report speaks of the very great progress made, in a very sound position, aud strong enough to and I think it is a most satisfactory account of meet almost any contingency that may arise. It is to be hoped, however, that the Government will insist on the new Tramway having its Peak Taels 145,575.30 terminus at some spot other than in the im- mediate vicinity of our own station at Victoria
The accounts are as follows:-
PROFIT AND LOSS ACCOUNT As on 20th September, 1904.
Tis. 42,674.14
Tis.
Less-Rent on Chinese houses 4,612.31
Dr.
To interest account
To directors' fees
To anditor's fees...
To balance, brought forward
30th Sentember, 1903 Profit, 30th September, 1904.
88,034 76 14,228 71
38,061.83 4,500.00 750.00
102.263.47
account
the practice which was held on the 21st Septem- ber last by the Commander-in-Chief, Admiral Noel Our report deals a'so with the visit to the Far East of the Navy League Envoy, Mr. H. F. Wyatt. In his lecture at the City Hall,
No comments yet.
Private notes are available after approval.