September 4, 1905.) .
quarrel. As the cake shops must have pork. lard for the preparation of the inevitable noon- cakes for the coming full-moon festivals, the people in these establishments are slaughtering pigs to supply their own want and retailing the lean-portions to the people.
THE TYPHOON.
CHINA OVERLAND TRADE REPORT.
COMPANIES.
HONGKONG HOTEL CO., LD.
ME TING OF SHAREHOLDERS.
The ordinary half-yearly meeting of the shareholders of the Hongkong Hotel Company. Ltd., was held on Sep. 2nd at the Company's | Hotel. Mr. W. Parfitt, Chairman of Directors, On August 30th a typhoon came to Hong-presided. and there were also present: Messrs. kong from the E.SE. All the previous day E. Osborne (director). W. H. Potts, Wm. the Tamar had the typhoon signal hoisted: Taylor, L. S. Lewis. J. E. Chapman, J. A. Jupp, Ho Kom Tong, Chau Chan Nam, E. S. on August 30th it was a drum surmounted by an inverted cone.
Kadoorie. Sam Kee, Captain W. E. Clarke, Captain F. D. Goddard with Mr. C. Mooney (secretary).
The waters of the harbour afforded an awe.
inspiring spectacle, big waves with white crests racing towards the Bund, amid clouds of spray. Breaking against the retaining wall, some of them threw gallons of water clean across the Praya, often splashing the upper windows of the hongs facing the sea. In the tumbling troughs observable between the Douglas S.S. Co 's wharf and the Club, plenty of flotsam was observable, spars, planking, an oil drum, and an up urned wherry, being notic d in a hurried scanning of the seascape. A fierce wind with driven sleet swept the Praya, and it was no day for loitering the
on
waterfront. The matshed at the Queen's Statue Wharf was partly de-roofed, and collapsed, but was pre- vented from straying by the sturdy lamp post round which it was built. The lamppost will require straightening. Except for two or three steamers straining at anchor, the harbour was deserted. Junks and sampons had all disappeared; and there were no signs of the Kowloon ferry boats. One steam launch dis- appeared under the eyes of anxious watchers at tiffin time; but it was very mis'y, and she might have turned about and run before the gale, perhaps to the windward of Stonecutters Island. No launch could be later heard of as missing. A small dinghy was smashed to matchwood further down the Praya. It had either been forgotten by somebody, or had blown from some vessel on the other side.
In the city, broken glass was much in evi- dence, and on the higher levels broken limbs of trees were in many places scattered about. In Ice House Street the front portion of Mee Chung's studio was blown down."
SUBSEQUENT REPORTS OF DAMAGE. Since our last issue, farther details are to
hand of damage caused by the part of the typhoon that swept Hongkong. Many roads have been blocked in the New Territory, and a few on the higher levels, by trees which have beeu torn up by the roots. A number of tele graph poles and matsheds have also been blown down. The time-worn grandstand of the Hung. kong Football Club at Happy Valley is now a heap of ruins. A large sampan sank close to Jardine's wharf. The mast shows above water. At the Water Police Station at Taimchatsoi, one of the stays of the flagstaff gave way about four o'clock on Wednesday afternoon, and it was found 'necessary to lower the typhoou signals to prevent the staff from snapping.
.
Many of the matsheds at the corner of MacDonnel and Austin Roads, Kowloon, also at Blackhead's Point cams to grief, while the Star Ferry matshed on the other side was blown away. Mr. Lemm's small wooden summer house at Hunghom also collapsed before the force of the gale.
At Kowloon City the front portion of the verandah of the police station was blown down, while on this side, from the Star Ferry Wharf to Connaught Road, considerable damage has been done to the road by the wash of the sea.
While the typhoon was at its height a matshed in the Shamsuipo district caught fire, it is supposed by the ignition of some dry grass in the cookhouse. To stay the flames was a ma'ter of impossibility, and it was with the greatest difficulty that a sty full of pigs could be released before they were enveloped in fames. The damage caused by the fire is estimated at $15, and no, Duce had been effected.
The Chinese Government is reported to have set its face against the practice of purchasing military appointments. All officers must in future be trained men. We suggest that the Board of War should be composed of officers, instead of more literati.
159
beg to submit their report for the half-year ended 30th June, 1905.
ACCOUNTS,
The profit on working account amon! to $114,540.90 as compared with $95,077:67 For the corresponding period of 1904, being an increase of $19,463.23.
The profit and loss account, including the sum of $3,554.92 brought forward from 31st December, 1904, shows a credit balance of $105, 264, which your directors propose to apportion as follows:-
To pay a dividend of 10 per cent. $60,000,00 To transfer to
repairs and renewals account To write off from value of
electric installation
To carry forward to new account
VALUE OF PROPERTY.
30,0 10,00
5,000.00 10,126.40
$105.126.40
The company's land and building. property has been, quite recently, re-valued by Messrs. Palmer and Turner, and the property account written up by the amount of the additional value ($549,975.78), the reserve fund being credited with an equivalentum.
INCREASE OF CAPITAL,
The directors propose, later on, to recommend to shareholders the advisability of doubling the present capital of 86,000,000, by transferring that sum from the reserve fund to capital
account.
ISSUE OF NEW CAPITAL.
to obtain the sanction of the shareholders to the issue of additional new cipital which they hope can be floated at a high premium.
The Secretary having read the notice con- vening the meeting, the CHAIRMAN said:- Gentlemen, As the report and accounts have now been in your hands for some days I will, with your permission, take them as read. The business of the hotel during the six months under review bas. I am glad to be able to say, beeu fairly good; several of the departments showing an improvement in earnings. The direc'ors anticipate unusually heavy expenditure in the old buildings and hydraulic lifts during the coming year and consider that the sum proposed to be put aside for that purpose not more than sufficient. With regard to the doubling of the present capital of $600,000, which the directors propose later on to recom mend to shareholders, this action is prompted by the wish of the board to make the apparently As there is urgent need of additional-funds high dividends paid of late years bear a truer to repay the overdraft due to the Hongkong proportion to the actual earning power of the and Shanghai Banking Corporation, and to company's assets of the present day. The value complete the payments for the new building of the assets for some time past has appeared on on the r. clamation, known as "Hotel Max- the books as very much below their real valuesions," the directors desire, at an early dat?, for earning profits, hence the dividends paid on such a small capital as the figures show may have appeared remarkable high. The directors have good reason to think that a large number of those who patronise the hotel consider that such apparently fat profits must necessarily mean somewhat unreasonably high charges by the hotel company for its wares, and they hope that if the increase of capital should be carried out, which would probably result in a reduction of the rate of dividend, this impression on the part of the public may be removed. Share- holders will notice from the accounts that since their last meeting Kowloon Farm lot No. 3, Section A, has been purchased. land is being utilised as a vegetable garden and the directors feel confident that the improve ment in the quality of the vegetables in a very few months time will warrant the ex- penditure. The paragraph in our printed report as to the urgent need of funds to repay the overdraft to the Hongkong and Shanghai Banking Corporation may the directors fear, led to a false impression that the bank has been pressing the company for repayment. I wish to tell shareholders most emphatically that such is not the case.
anyone
has
This
The bank bas not called for repayment, but the directors consider that in the interest of the hotel company it would be better that new capital from shareholders should take the place of a large overdraft. If any questions to ask I will be pleased to answer them.
There being no questions the CHAIRMAN said-I beg to propose the adoption of the report and accounts.
Mr. Lewis, I havə much pleasure in second. ing that.
The motion was carried unanimously. Mr. POTTS proposed and Mr. CHAPMAN seconded the re-election of Mr. W. Parfitt as director, which was approved.
On the motion of Mr. JUPP, seconded by Caplain CLARKE, Messrs H. U. Jeffries and
A. R. Lowe were re-elected auditors.
The CHAIRMAN-Dividend warrants will be
ready on Monday; thank you for your atten-
dance.
Captain GoddARD-I beg to propose a vote of thanks to the directore, manager and staff of the Hongkong Hotel for the excellent report they have issued for the past six months (applause).
The CHAI & MAN.-Gentleman, I thank you for your vote of thanks.
The report read as follows:-- Gentlemen,-In accordance with section 56 of the articles of association, the directors new.
REPAIRS AND RENEWALS ACCOUNT.
It will be noticed that it is proposed to place the large sum of $30,000 to the above account.
This is considered necessary to meet the cost of ext nsive repairs to the old buildings which are urgently needed, and possible red wal of the hydraulic lifts which are by no means equal to the requirements of the present day.
DIRECTORS.
Mr. W. Parfitt retires by rotation, but offers himself for re-election.
AUDIT.
The accounts have been audited by Messrs. H. U. Jeffries and J. E Bingham (the latter in the absence of Mr. A. R. Loire, CA) who offer themselves for re-election.
W. PARFITT,
Hongkong, 29th August, 1905.
Accounts are as follows:-
'BALANCE-SHEET, 3th June, 195.
LIABILITIER.
Capital -
Chairman.
C.
12,000 shares at $10 each (fully paid-up) 600,000.00 1,000 mortgage debentures $ C.
(6 per cent.)
500,000.00 Lesa 268 mortgage deben e
tures held by the company 134,000,00
Reserve fund; as per last
account Since added, being ineralse in value of property as per contra
Sundry creditors
Unclaimed dividends
366,008.00
100,000.00
548,975.78
648,975.78
26,556.00
3,107.00
160,366.05
1,807.92
105,126.40
$1,911,999.15
0.
C.
Hongkong and Shanghai Banking Cor
poration (current account) Repairs and renewals, balance sa per
statement..
Profit and loss account, balance as per
statement...
ASSETS.
Value of Marine Lot No. 5 and
remaining portion <f Marine Lot No. 3...... Remaining portion of Marine
Lot No. 7
As per last account... Add increase in valus.
Praya reclamation (Marine Lot No. 288) cost of land, as per last account
372,045.60
363, 148.20
740,153.8J 325,226.20
-1,065,380,00
22,390.42*
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